Search results for: financial products
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 7050

Search results for: financial products

6300 Financial Feasibility of Clean Development Mechanism (CDM) Projects in India

Authors: Renuka H. Deshmukh, Snehal Nifadkar, Anil P. Dongre

Abstract:

The research study aims to analyze the financial performance of the companies associated with CDM projects implemented in India from 2001 to 2014 by calculating net profit with and without CDM revenue. Further the study also highlights the Year-wise and sector-wise lending to CDM projects in India as well as in the state of Maharashtra. The study further aims to examine the year-wise trend of Certified Emission Reductions (CER) issued by the CDM projects implemented in Maharashtra from 2001-2014. The study as well analyses the responses of selected corporate with respect to the challenges in implementing and obtaining finance from commercial banks.

Keywords: adaptation costs, internal rate of return, mitigation, vulnerability, CER

Procedia PDF Downloads 348
6299 Measurement of Intellectual Capital in an Algerian Company

Authors: S. Brahmi, S. Aitouche, M. D. Mouss

Abstract:

Every modern company should measure the value of its intellectual capital and to report to complement the traditional annual balance sheets. The purpose of this work is to measure the intellectual capital in an Algerian company (or production system) using the Weightless Wealth Tool Kit (WWTK). The results of the measurement of intellectual capital are supplemented by traditional financial ratios. The measurement was applied to the National Company of Wells Services (ENSP) in Hassi Messaoud city, in the south of Algeria. We calculated the intellectual capital (intangible resources) of the ENSP to help the organization to better capitalize on its potential of workers and their know-how. The intangible value of the ENSP is evaluated at 16,936,173,345 DA in 2015.

Keywords: financial valuation, intangible capital, intellectual capital, intellectual capital measurement

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6298 Survey of Campylobacter Contamination in Poultry Meat and By-Products in Khuzestan Province

Authors: Ali Bagherpour, Masoud Soltanialvar

Abstract:

Campylobacter species are common bacterial pathogens associated with human gastroenteritis which are generally transmitted through foods of animal origin. This study was carried out to determine the prevalence of Campylobacter species in poultry meat and by products in the city of Dezful in Iran. Since April 2012 to July 2013, a total of 400 samples including meat (n = 100), liver (n = 100), gizzard (n = 100), and poultry heart (n = 100), were randomly collected from Dezful industrial poultry abattoir and were experimented in order to investigate presence of Campylobacter species. According to culture test, 251 samples out of 400 samples under study (69%) were contaminated with Campylobacter species. The highest prevalence of Campylobacter species was observed in poultry's liver (78.3%) and then in gizzard (75.8%), heart (65%) and meat (56.7%). The most common isolated Campylobacter were C. jejuni (90.9%) and the rest were C. coli (9.1%). There was a significant difference (P < 0.05) in the prevalence of Campylobacter species between the meat samples taken in the summer (86.7%). The results of this study indicate the importance of edible offal of poultries as the potential source of Campylobacter infections.

Keywords: Campylobacter jejuni, Campylobacter coli, poultry, meat, products

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6297 Organizational Efficiency in the Age of the Current Financial Crisis Strategies and Tracks Progress

Authors: Aharouay Soumaya

Abstract:

Efficiency is a relative concept. It is measured by comparing the productivity obtained in what is intended as standard or objective criteria. The quantity and quality of output achieved and the level of service are also compared to targets or standards, to determine to what extent they could cause changes in efficiency. Efficiency improves when more outputs of a specified quality are produced with the same resource inputs or less, or when the same amount of output is produced with fewer resources. This article proposes a review of the literature on strategies adopted by firms in the age of the financial crisis to overcome these negative effects, and tracks progress chosen by the organization to remain successful despite the plight of firms.

Keywords: effectiveness, efficiency, organizational capacity, strategy, management tool, progress, performance

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6296 Contribution to the Compliance Study of Drugs for Herbal Teas Sold in Pharmacies

Authors: Mahiout Tassadit

Abstract:

As part of the study of a compliance and quality aspect concerning one of the plant-based products: drugs for herbal teas sold in pharmacies, a survey targeting: the general population (100 people of different age groups) as well as dispensary pharmacists (40 pharmacists from rural or urban areas) of the wilaya of Tizi-Ouzou (central Algeria) was carried out followed by a macroscopic and microscopic analysis of 4 samples of the said drugs, the survey carried out using two questionnaires, the data of which were collected and then analyzed, made it possible to estimate the population's use of herbal products and medicinal plants, and the place occupied by herbal medicine in our pharmacies. The second part made it possible to control and evaluate the information present on the packaging of drugs for herbal teas; anomalies concerning the packaging, labeling and composition of these products were noted. As a result, it is more than necessary to establish regulations for this type of product; the community pharmacist again places himself as an essential element for the proper dispensation of these remedies.

Keywords: drugs, herbal teas, macroscopic analysis, microscopic analysis

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6295 Analysis Model for the Relationship of Users, Products, and Stores on Online Marketplace Based on Distributed Representation

Authors: Ke He, Wumaier Parezhati, Haruka Yamashita

Abstract:

Recently, online marketplaces in the e-commerce industry, such as Rakuten and Alibaba, have become some of the most popular online marketplaces in Asia. In these shopping websites, consumers can select purchase products from a large number of stores. Additionally, consumers of the e-commerce site have to register their name, age, gender, and other information in advance, to access their registered account. Therefore, establishing a method for analyzing consumer preferences from both the store and the product side is required. This study uses the Doc2Vec method, which has been studied in the field of natural language processing. Doc2Vec has been used in many cases to analyze the extraction of semantic relationships between documents (represented as consumers) and words (represented as products) in the field of document classification. This concept is applicable to represent the relationship between users and items; however, the problem is that one more factor (i.e., shops) needs to be considered in Doc2Vec. More precisely, a method for analyzing the relationship between consumers, stores, and products is required. The purpose of our study is to combine the analysis of the Doc2vec model for users and shops, and for users and items in the same feature space. This method enables the calculation of similar shops and items for each user. In this study, we derive the real data analysis accumulated in the online marketplace and demonstrate the efficiency of the proposal.

Keywords: Doc2Vec, online marketplace, marketing, recommendation systems

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6294 The Superior Performance of Investment Bank-Affiliated Mutual Funds

Authors: Michelo Obrey

Abstract:

Traditionally, mutual funds have long been esteemed as stand-alone entities in the U.S. However, the prevalence of the fund families’ affiliation to financial conglomerates is eroding this striking feature. Mutual fund families' affiliation with financial conglomerates can potentially be an important source of superior performance or cost to the affiliated mutual fund investors. On the one hand, financial conglomerates affiliation offers the mutual funds access to abundant resources, better research quality, private material information, and business connections within the financial group. On the other hand, conflict of interest is bound to arise between the financial conglomerate relationship and fund management. Using a sample of U.S. domestic equity mutual funds from 1994 to 2017, this paper examines whether fund family affiliation to an investment bank help the affiliated mutual funds deliver superior performance through private material information advantage possessed by the investment banks or it costs affiliated mutual fund shareholders due to the conflict of interest. Robust to alternative risk adjustments and cross-section regression methodologies, this paper finds that the investment bank-affiliated mutual funds significantly outperform those of the mutual funds that are not affiliated with an investment bank. Interestingly the paper finds that the outperformance is confined to holding return, a return measure that captures the investment talent that is uninfluenced by transaction costs, fees, and other expenses. Further analysis shows that the investment bank-affiliated mutual funds specialize in hard-to-value stocks, which are not more likely to be held by unaffiliated funds. Consistent with the information advantage hypothesis, the paper finds that affiliated funds holding covered stocks outperform affiliated funds without covered stocks lending no support to the hypothesis that affiliated mutual funds attract superior stock-picking talent. Overall, the paper findings are consistent with the idea that investment banks maximize fee income by monopolistically exploiting their private information, thus strategically transferring performance to their affiliated mutual funds. This paper contributes to the extant literature on the agency problem in mutual fund families. It adds to this stream of research by showing that the agency problem is not only prevalent in fund families but also in financial organizations such as investment banks that have affiliated mutual fund families. The results show evidence of exploitation of synergies such as private material information sharing that benefit mutual fund investors due to affiliation with a financial conglomerate. However, this research has a normative dimension, allowing such incestuous behavior of insider trading and exploitation of superior information not only negatively affect the unaffiliated fund investors but also led to an unfair and unleveled playing field in the financial market.

Keywords: mutual fund performance, conflicts of interest, informational advantage, investment bank

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6293 Structural Vulnerability of Banking Network – Systemic Risk Approach

Authors: Farhad Reyazat, Richard Werner

Abstract:

This paper contributes to the existent literature by developing a framework that explains how to monitor potential threats to banking sector stability. The study explores structural vulnerabilities at the country level, but also look at bilateral exposures within a network context. The study contributes in analysing of the European banking systemic risk at aggregated level, which integrates the characteristics of bank size, and interconnectedness relative to the size of the economy which ultimate risk belong to, taking to account the concentration ratio of the banking industry within the whole economy. The nature of the systemic risk depends on the interplay of the network topology with the nature of financial transactions over the network, assets and buffer stemming from bank size, correlations, and the nature of the shocks to the financial system. The study’s results illustrate the contribution of banks’ size, size of economy and concentration of counterparty exposures to a given country’s banks in explaining its systemic importance, how much the banking network depends on a few traditional hubs activities and the changes of this dependencies over the last 9 years. The role of few of traditional hubs such as Swiss banks and British Banks and also Irish banks- where the financial sector is fairly new and grew strongly between 1990s till 2008- take the fourth position on 2014 reducing the relative size since 2006 where they had the first position. In-degree concentration index analysis in the study shows concentration index of banking network was not changed since financial crisis 2007-8. In-degree concentration index on first quarter of 2014 indicates that US, UK and Germany together, getting over 70% of the network exposures. The result of comparing the in-degree concentration index with 2007-4Q, shows the same group having over 70% of the network exposure, however the UK getting more important role in the hub and the market share of US and Germany are slightly diminished.

Keywords: systemic risk, counterparty risk, financial stability, interconnectedness, banking concentration, european banks risk, network effect on systemic risk, concentration risk

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6292 Starch Valorization: Biorefinery Concept for the Circular Bioeconomy

Authors: Maider Gómez Palmero, Ana Carrasco Pérez, Paula de la Sen de la Cruz, Francisco Javier Royo Herrer, Sonia Ascaso Malo

Abstract:

The production of bio-based products for different purposes is one of the strategies that has grown the most at European and even global levels, seeking to contribute to mitigating the impacts associated with climate change and to achieve the ambitious objectives set in this regard. However, the substitution of fossil-based products for bio-based products requires a challenging and deep transformation and adaptation of the secondary and primary sectors and, more specifically, in the latter, the agro-industries. The first step to developing a bio-based value chain focuses on the availability of a resource with the right characteristics for the substitution sought. This, in turn, requires a significant reshaping of the forestry/agricultural sector but also of the agro-industry, which has a relevant potential to be deployed as a supplier and develop a robust logistical supply chain and to market a biobased raw material at a competitive price. However, this transformation may involve a profound restructuring of its traditional business model to incorporate biorefinery concepts. In this sense, agro-industries that generate by-products in their processes that are currently not valorized, such as potato processing rejects or the starch found in washing water, constitute a potential raw material that can be used for different bio-applications. This article aims to explore this potential to evaluate the most suitable bio applications to target and identify opportunities and challenges.

Keywords: starch valorisation, biorefinery, bio-based raw materials, bio-applications

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6291 Authentication and Traceability of Meat Products from South Indian Market by Species-Specific Polymerase Chain Reaction

Authors: J. U. Santhosh Kumar, V. Krishna, Sebin Sebastian, G. S. Seethapathy, G. Ravikanth, R. Uma Shaanker

Abstract:

Food is one of the basic needs of human beings. It requires the normal function of the body part and a healthy growth. Recently, food adulteration increases day by day to increase the quantity and make more benefit. Animal source foods can provide a variety of micronutrients that are difficult to obtain in adequate quantities from plant source foods alone. Particularly in the meat industry, products from animals are susceptible targets for fraudulent labeling due to the economic profit that results from selling cheaper meat as meat from more profitable and desirable species. This work presents an overview of the main PCR-based techniques applied to date to verify the authenticity of beef meat and meat products from beef species. We were analyzed 25 market beef samples in South India. We examined PCR methods based on the sequence of the cytochrome b gene for source species identification. We found all sample were sold as beef meat as Bos Taurus. However, interestingly Male meats are more valuable high price compare to female meat, due to this reason most of the markets samples are susceptible. We were used sex determination gene of cattle like TSPY(Y-encoded, testis-specific protein TSPY is a Y-specific gene). TSPY homologs exist in several mammalian species, including humans, horses, and cattle. This gene is Y coded testis protein genes, which only amplify the male. We used multiple PCR products form species-specific “fingerprints” on gel electrophoresis, which may be useful for meat authentication. Amplicons were obtained only by the Cattle -specific PCR. We found 13 market meat samples sold as female beef samples. These results suggest that the species-specific PCR methods established in this study would be useful for simple and easy detection of adulteration of meat products.

Keywords: authentication, meat products, species-specific, TSPY

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6290 Characteristics Flakes Product with Dry Residue of Wild Orenago

Authors: Kosutic Milenko, Filipovic Jelena

Abstract:

Cereals constitute the staple food of the human race. In accordance with the modern nutritionist opinions, cereal products, flakes and snack products are the most common foods in the daily diet, such as ready to eat breakfast cereal, flakes, and snacks. Extrusion technology makes it possible to apply different sources of ingredients for the enrichment of cereal-based flakes or snacks products. Substances with strong antioxidant properties such as wild oregano have a positive impact on human health, therefore attracting the attention of scientists, consumers and food industry experts. This paper investigates the effects of simultaneous addition of dry residue of wild oregano (0.5% and 1%), on the physical and colour properties of corn flakes to obtain new products with altered nutritional properties. Post-hoc Tukey’s HSD test at 95% confidence limit showed significant differences between various samples. Addition of dry residue wild oregano positively influenced physical characteristics (decreased bulk density 30.2%, increased expansion rate 44.9%), influenced of decrease hardness 38.1% and work of compression 40.3% also significantly change the color of flakes product. Presented data point that investigated corn flakes is a new product with good physical and sensory properties due to higher level of dry residue of wild oregano.

Keywords: flakes product, wild oregano, phisical properties, colour, sensory properties

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6289 Statistical Inferences for GQARCH-It\^{o} - Jumps Model Based on The Realized Range Volatility

Authors: Fu Jinyu, Lin Jinguan

Abstract:

This paper introduces a novel approach that unifies two types of models: one is the continuous-time jump-diffusion used to model high-frequency data, and the other is discrete-time GQARCH employed to model low-frequency financial data by embedding the discrete GQARCH structure with jumps in the instantaneous volatility process. This model is named “GQARCH-It\^{o} -Jumps mode.” We adopt the realized range-based threshold estimation for high-frequency financial data rather than the realized return-based volatility estimators, which entail the loss of intra-day information of the price movement. Meanwhile, a quasi-likelihood function for the low-frequency GQARCH structure with jumps is developed for the parametric estimate. The asymptotic theories are mainly established for the proposed estimators in the case of finite activity jumps. Moreover, simulation studies are implemented to check the finite sample performance of the proposed methodology. Specifically, it is demonstrated that how our proposed approaches can be practically used on some financial data.

Keywords: It\^{o} process, GQARCH, leverage effects, threshold, realized range-based volatility estimator, quasi-maximum likelihood estimate

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6288 Predicting Customer Purchasing Behaviour in Retail Marketing: A Research for a Supermarket Chain

Authors: Sabri Serkan Güllüoğlu

Abstract:

Analysis can be defined as the process of gathering, recording and researching data related to products and services, in order to learn something. But for marketers, analyses are not only used for learning but also an essential and critical part of the business, because this allows companies to offer products or services which are focused and well targeted. Market analysis also identify market trends, demographics, customer’s buying habits and important information on the competition. Data mining is used instead of traditional research, because it extracts predictive information about customer and sales from large databases. In contrast to traditional research, data mining relies on information that is already available. Simply the goal is to improve the efficiency of supermarkets. In this study, the purpose is to find dependency on products. For instance, which items are bought together, using association rules in data mining. Moreover, this information will be used for improving the profitability of customers such as increasing shopping time and sales of fewer sold items.

Keywords: data mining, association rule mining, market basket analysis, purchasing

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6287 Production of High Purity Cellulose Products from Sawdust Waste Material

Authors: Simiksha Balkissoon, Jerome Andrew, Bruce Sithole

Abstract:

Approximately half of the wood processed in the Forestry, Timber, Pulp and Paper (FTPP) sector is accumulated as waste. The concept of a “green economy” encourages industries to employ revolutionary, transformative technologies to eliminate waste generation by exploring the development of new value chains. The transition towards an almost paperless world driven by the rise of digital media has resulted in a decline in traditional paper markets, prompting the FTTP sector to reposition itself and expand its product offerings by unlocking the potential of value-adding opportunities from renewable resources such as wood to generate revenue and mitigate its environmental impact. The production of valuable products from wood waste such as sawdust has been extensively explored in recent years. Wood components such as lignin, cellulose and hemicelluloses, which can be extracted selectively by chemical processing, are suitable candidates for producing numerous high-value products. In this study, a novel approach to produce high-value cellulose products, such as dissolving wood pulp (DWP), from sawdust was developed. DWP is a high purity cellulose product used in several applications such as pharmaceutical, textile, food, paint and coatings industries. The proposed approach demonstrates the potential to eliminate several complex processing stages, such as pulping and bleaching, which are associated with traditional commercial processes to produce high purity cellulose products such as DWP, making it less chemically energy and water-intensive. The developed process followed the path of experimentally designed lab tests evaluating typical processing conditions such as residence time, chemical concentrations, liquid-to-solid ratios and temperature, followed by the application of suitable purification steps. Characterization of the product from the initial stage was conducted using commercially available DWP grades as reference materials. The chemical characteristics of the products thus far have shown similar properties to commercial products, making the proposed process a promising and viable option for the production of DWP from sawdust.

Keywords: biomass, cellulose, chemical treatment, dissolving wood pulp

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6286 Realizing the Full Potential of Islamic Banking System: Proposed Suitable Legal Framework for Islamic Banking System in Tanzania

Authors: Maulana Ayoub Ali, Pradeep Kulshrestha

Abstract:

Laws of any given secular state have a huge contribution in the growth of the Islamic banking system because the system uses conventional laws to govern its activities. Therefore, the former should be ready to accommodate the latter in order to make the Islamic banking system work properly without affecting the current conventional banking system and therefore without affecting its system. Islamic financial rules have been practiced since the birth of Islam. Following the recent world economic challenges in the financial sector, a quick rebirth of the contemporary Islamic ethical banking system took place. The coming of the Islamic banking system is due to various reasons including but not limited to the failure of the interest based economy in solving financial problems around the globe. Therefore, the Islamic banking system has been adopted as an alternative banking system in order to recover the highly damaged global financial sector. But the Islamic banking system has been facing a number of challenges which hinder its smooth operation in different parts of the world. It has not been the aim of this paper to discuss other challenges rather than the legal ones, but the same was partly discussed when it was justified that it was proper to do so. Generally, there are so many things which have been discovered in the course of writing this paper. The most important part is the issue of the regulatory and supervisory framework for the Islamic banking system in Tanzania and in other nations is considered to be a crucial part for the development of the Islamic banking industry. This paper analyses what has been observed in the study on that area and recommends for necessary actions to be taken on board in a bid to make Islamic banking system reach its climax of serving the larger community by providing ethical, equitable, affordable, interest-free and society cantered banking system around the globe.

Keywords: Islamic banking, interest free banking, ethical banking, legal framework

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6285 Phenolic-Based Chemical Production from Catalytic Depolymerization of Alkaline Lignin over Fumed Silica Catalyst

Authors: S. Totong, P. Daorattanachai, N. Laosiripojana

Abstract:

Lignin depolymerization into phenolic-based chemicals is an interesting process for utilizing and upgrading a benefit and value of lignin. In this study, the depolymerization reaction was performed to convert alkaline lignin into smaller molecule compounds. Fumed SiO₂ was used as a catalyst to improve catalytic activity in lignin decomposition. The important parameters in depolymerization process (i.e., reaction temperature, reaction time, etc.) were also investigated. In addition, gas chromatography with mass spectrometry (GC-MS), flame-ironized detector (GC-FID), and Fourier transform infrared spectroscopy (FT-IR) were used to analyze and characterize the lignin products. It was found that fumed SiO₂ catalyst led the good catalytic activity in lignin depolymerization. The main products from catalytic depolymerization were guaiacol, syringol, vanillin, and phenols. Additionally, metal supported on fumed SiO₂ such as Cu/SiO₂ and Ni/SiO₂ increased the catalyst activity in terms of phenolic products yield.

Keywords: alkaline lignin, catalytic, depolymerization, fumed SiO₂, phenolic-based chemicals

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6284 Financial Assessment of the Hard Coal Mining in the Chosen Region in the Czech Republic: Real Options Methodology Application

Authors: Miroslav Čulík, Petr Gurný

Abstract:

This paper is aimed at the financial assessment of the hard coal mining in a given region by real option methodology application. Hard coal mining in this mine makes net loss for the owner during the last years due to the long-term unfavourable mining conditions and significant drop in the coal prices during the last years. Management is going to shut down the operation and abandon the project to reduce the loss of the company. The goal is to assess whether the shutting down the operation is the only and correct solution of the problem. Due to the uncertainty in the future hard coal price evolution, the production might be again restarted if the price raises enough to cover the cost of the production. For the assessment, real option methodology is applied, which captures two important aspect of the financial decision-making: risk and flexibility. The paper is structured as follows: first, current state is described and problem is analysed. Next, methodology of real options is described. At last, project is evaluated by applying real option methodology. The results are commented and recommendations are provided.

Keywords: real option, investment, option to abandon, option to shut down and restart, risk, flexibility

Procedia PDF Downloads 549
6283 Optimal Delivery of Two Similar Products to N Ordered Customers

Authors: Epaminondas G. Kyriakidis, Theodosis D. Dimitrakos, Constantinos C. Karamatsoukis

Abstract:

The vehicle routing problem (VRP) is a well-known problem in Operations Research and has been widely studied during the last fifty-five years. The context of the VRP is that of delivering products located at a central depot to customers who are scattered in a geographical area and have placed orders for these products. A vehicle or a fleet of vehicles start their routes from the depot and visit the customers in order to satisfy their demands. Special attention has been given to the capacitated VRP in which the vehicles have limited carrying capacity of the goods that must be delivered. In the present work, we present a specific capacitated stochastic vehicle routing problem which has realistic applications to distributions of materials to shops or to healthcare facilities or to military units. A vehicle starts its route from a depot loaded with items of two similar but not identical products. We name these products, product 1 and product 2. The vehicle must deliver the products to N customers according to a predefined sequence. This means that first customer 1 must be serviced, then customer 2 must be serviced, then customer 3 must be serviced and so on. The vehicle has a finite capacity and after servicing all customers it returns to the depot. It is assumed that each customer prefers either product 1 or product 2 with known probabilities. The actual preference of each customer becomes known when the vehicle visits the customer. It is also assumed that the quantity that each customer demands is a random variable with known distribution. The actual demand is revealed upon the vehicle’s arrival at customer’s site. The demand of each customer cannot exceed the vehicle capacity and the vehicle is allowed during its route to return to the depot to restock with quantities of both products. The travel costs between consecutive customers and the travel costs between the customers and the depot are known. If there is shortage for the desired product, it is permitted to deliver the other product at a reduced price. The objective is to find the optimal routing strategy, i.e. the routing strategy that minimizes the expected total cost among all possible strategies. It is possible to find the optimal routing strategy using a suitable stochastic dynamic programming algorithm. It is also possible to prove that the optimal routing strategy has a specific threshold-type structure, i.e. it is characterized by critical numbers. This structural result enables us to construct an efficient special-purpose dynamic programming algorithm that operates only over those routing strategies having this structure. The findings of the present study lead us to the conclusion that the dynamic programming method may be a very useful tool for the solution of specific vehicle routing problems. A problem for future research could be the study of a similar stochastic vehicle routing problem in which the vehicle instead of delivering, it collects products from ordered customers.

Keywords: collection of similar products, dynamic programming, stochastic demands, stochastic preferences, vehicle routing problem

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6282 Social Security Reform and Management: The Case of Three Member Territories of the Organisation of Eastern Caribbean States

Authors: Cleopatra Gittens

Abstract:

It has been recognized that some social security and national insurance systems in the Eastern Caribbean are experiencing ageing populations and economic and other crises that will present a financial challenge of being unable to pay pension benefits in fifteen to twenty years. This has implications for the fiscal and economic positions of the countries themselves. Hence, organizations would need to address the issue urgently. The study adds to the body of knowledge on social security systems and social security reforms in small island developing states (SIDS). It also makes recommendations for the types of reforms that social security systems in other SIDS can implement given their special circumstances. Secondary research is used to gather financial and other related information on three social security schemes in the Eastern Caribbean. Actuarial and financial reports and other documents of the social security systems are analysed to obtain financial and static data on each of the schemes. The findings show that the three schemes studied are experiencing steady increases in benefit expenditure versus contributions and increasing pensioner to insured ratios. The schemes will deplete their reserves between 2038 and 2050. Two of the schemes have increased their retirement age while the other has not embarked on any reforms. One scheme has made changes to its contribution percentages. Due to their small size, small populations and other unique circumstances, the social security schemes in the identified territories are not likely to be able to take advantage of all of the reform initiatives that the developed world embarked on when faced with similar problems. These schemes will need to make incremental changes that align with the timeframes recommended by the actuarial studies.

Keywords: benefits, pension, small island developing states, social security reform

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6281 Setting the Acceleration Test Conditions for Establishing the Expiration Date of Probiotics

Authors: Myoyeon Kim

Abstract:

The number of probiotics is various from product to product. The product must contain as many bacteria as the number of bacteria that claim because it greatly affects consumers' choices. It is very difficult to determine the number of viable bacteria with tests that proceed during the product development stage because the shelf life of lactic acid bacteria is mostly 18 to 24 months, and product development proceeds much faster than this. To predict the shelf life, a method of checking the number of viable bacteria was studied by shortening the time. The experiment was conducted with a total of 7 products including our products. The ongoing test stored at room temperature, the acceleration test stored at 30°C and 40°C were performed, and the number of bacteria was measured every two weeks. The number of viable bacteria stored at 30°C for 12 weeks was similar to the ongoing test when the shelf life was imminent. If it took more than 12 weeks, the product development schedule was postponed, so acceleration had no meaning. It was found that products stored at 40°C were unsuitable as acceleration test temperatures because the bacteria were almost killed within 4 to 8 weeks.

Keywords: probiotics, shelf-life, acceleration test, lactobacillus

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6280 Impact of Trade Cooperation of BRICS Countries on Economic Growth

Authors: Svetlana Gusarova

Abstract:

The essential role in the recent development of world economy has led to the developing countries, notably to BRICS countries (Brazil, Russia, India, China, South Africa). Over the next 50 years the BRICS countries are expected to be the engines of global trade and economic growth. Trade cooperation of BRICS countries can enhance their economic development. BRICS countries were among Top 10 world exporters of office and telecom equipment, of textiles, of clothing, of iron and steel, of chemicals, of agricultural products, of automotive products, of fuel and mining products. China was one of the main trading partners of all BRICS countries, maintaining close relationship with all BRICS countries in the development of trade. Author analyzed trade complementarity of BRICS countries and revealed the high level of complementarity of their trade flows in connection with availability of specialization in different types of goods. The correlation and regression analysis of communication of Intra-BRICS merchandise turnover and their GDP (PPP) revealed very strong impact on the development of their economies.

Keywords: BRICS countries, trade cooperation, complementarity, regression analysis

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6279 Parabolic Impact Law of High Frequency Exchanges on Price Formation in Commodities Market

Authors: L. Maiza, A. Cantagrel, M. Forestier, G. Laucoin, T. Regali

Abstract:

Evaluation of High Frequency Trading (HFT) impact on financial markets is very important for traders who use market analysis to detect winning transaction opportunity. Analysis of HFT data on tobacco commodity market is discussed here and interesting linear relationship has been shown between trading frequency and difference between averaged trading prices above and below considered trading frequency. This may open new perspectives on markets data understanding and could provide possible interpretation of Adam Smith invisible hand.

Keywords: financial market, high frequency trading, analysis, impacts, Adam Smith invisible hand

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6278 Artificial Intelligence Methods for Returns Expectations in Financial Markets

Authors: Yosra Mefteh Rekik, Younes Boujelbene

Abstract:

We introduce in this paper a new conceptual model representing the stock market dynamics. This model is essentially based on cognitive behavior of the intelligence investors. In order to validate our model, we build an artificial stock market simulation based on agent-oriented methodologies. The proposed simulator is composed of market supervisor agent essentially responsible for executing transactions via an order book and various kinds of investor agents depending to their profile. The purpose of this simulation is to understand the influence of psychological character of an investor and its neighborhood on its decision-making and their impact on the market in terms of price fluctuations. Therefore, the difficulty of the prediction is due to several features: the complexity, the non-linearity and the dynamism of the financial market system, as well as the investor psychology. The Artificial Neural Networks learning mechanism take on the role of traders, who from their futures return expectations and place orders based on their expectations. The results of intensive analysis indicate that the existence of agents having heterogeneous beliefs and preferences has provided a better understanding of price dynamics in the financial market.

Keywords: artificial intelligence methods, artificial stock market, behavioral modeling, multi-agent based simulation

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6277 Value Creation of Public Financial Management Reforms through Their Long-Term Impacts

Authors: Christoph Schuler, Oriana Ponta

Abstract:

Public Financial Management (PFM) reforms are promoted by various international organizations such as the International Monetary Fund (IMF) or the World Bank, local development banks and the donor country community to strengthen governance and accountability in developing countries across the world. Reform efforts undertaken are often systematically measured against international best practice by the application of standardized analytical instruments such as the Public Expenditure and Financial Accountability Framework (PEFA) or the Poverty Reduction Action Plan (PARP). While those instruments analyze direct achievements of PFM reforms, the long-term benefits of such reforms for society remain untapped. This gives rise to the question why the concept of impact evaluation with its experimental or quasi-experimental settings in the form of randomized control trials has rarely been applied in the context of PFM reforms. To close this gap, this study provides examples where the concept of impact evaluation can be applied to PFM reforms and thereby shifting the focus from outcome towards a long-term impact. As it is a new approach, this study does not attempt to conduct a fully flagged impact evaluation of a certain PFM reform. However, it will outline, as a form of pre-test the applicability of the impact evaluation methodology in this context, for example, by more closely analyzing the commonly used indicators (for example within PEFA or PARP). This would mean to scrutinize these indicators as to how they were designed and how they are related to the long-term impact, they should be producing. The analysis of PFM reform indicators and their relation to long-term impacts should provide practitioners and scholars alike with new insights on how to strengthen the accountability of public service delivery through successful and sustainable PFM reforms.

Keywords: accountability, impact evaluation, PFM reforms, public financial management

Procedia PDF Downloads 327
6276 The Finance of Happiness: Thinking Finance from the Science of Happiness Perspective

Authors: Renaud Gaucher

Abstract:

Research on happiness has developed significantly in the past fifty years and economics and the political science are starting to be influenced by advances in the field. Until recently, finance has stayed outside this movement. The goal of our research is to integrate finance into this movement conceptually. We explain the why, the what and the how of the finance of happiness. We then study the relationship between corporate finance and happiness. We discuss the optimization of the relationship between the financial performance of a firm and the happiness at work of its employees, and the reduction of financial risk by developing goods that foster the happiness of their users. Finally we look at the development of happiness investment funds, that is investment funds founded on happiness research, and the best ways to share risks and earnings to build a happier society.

Keywords: finance, happiness, investment fund, risk

Procedia PDF Downloads 189
6275 The Development of Liquid Chromatography Tandem Mass Spectrometry Method for Citrinin Determination in Dry-Fermented Meat Products

Authors: Ana Vulic, Tina Lesic, Nina Kudumija, Maja Kis, Manuela Zadravec, Nada Vahcic, Tomaz Polak, Jelka Pleadin

Abstract:

Mycotoxins are toxic secondary metabolites produced by numerous types of molds. They can contaminate both food and feed so that they represent a serious public health concern. Production of dry-fermented meat products involves ripening, during which molds can overgrow the product surface, produce mycotoxins, and consequently contaminate the final product. Citrinin is a mycotoxin produced mainly by the Penicillium citrinum. Data on citrinin occurrence in both food and feed are limited. Therefore, there is a need for research on citrinin occurrence in these types of meat products. The LC-MS/MS method for citrinin determination was developed and validated. Sample preparation was performed using immunoaffinity columns, which resulted in clean sample extracts. Method validation included the determination of the limit of detection (LOD), the limit of quantification (LOQ), recovery, linearity, and matrix effect in accordance to the latest validation guidance. The determined LOD and LOQ were 0.60 µg/kg and 1.98 µg/kg, respectively, showing a good method sensitivity. The method was tested for its linearity in the calibration range of 1 µg/L to 10 µg/L. The recovery was 100.9 %, while the matrix effect was 0.7 %. This method was employed in the analysis of 47 samples of dry-fermented sausages collected from local households. Citrinin wasn’t detected in any of these samples, probably because of the short ripening period of the tested sausages that takes three months tops. The developed method shall be used to test other types of traditional dry-cured products, such as prosciuttos, whose surface is usually more heavily overgrown by surface molds due to the longer ripening period.

Keywords: citrinin, dry-fermented meat products, LC-MS/MS, mycotoxins

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6274 Yeasts Associated to Spontaneous Date Vinegar Process

Authors: F. Halladj, H. Amellal, S. Benamara

Abstract:

Current consumer trends go towards natural products defined as the products obtained by a traditional manufacturing method. Vinegar is one of those products marketed; it may be industrially obtained by a submerged (fast) or traditional (slow) processes. The latter exhibited a high quality because of its complex microbiological transformations (or two-stage fermentation) by the native must flora. Moreover, although that Acetic acid bacteria have traditionally been considered to play the leading role in vinegar production, some studies have recently highlighted that also yeasts metabolism can affect traditional vinegar chemical properties in a remarkable way. Thus, the aim of this study was to monitor a traditional slow process of vinegar as applied in the south of Algeria using date with hard texture (Degla-Beida variety) to isolate and identify the involved yeasts in order to select them as starter culture. Phenotypic and molecular analysis show that the non-Saccharomyces were the main yeasts species isolated throughout the alcoholic spontaneous fermentation and they included Hanseniaspora guilliermondii and Torulaspora delbrueckii.

Keywords: date vinegar, traditional production, yeasts, Phenotypic, Algeria

Procedia PDF Downloads 431
6273 The Applications of Toyota Production System to Reduce Wastes in Agricultural Products Packing Process: A Study of Onion Packing Plant

Authors: P. Larpsomboonchai

Abstract:

Agro-industry is one of major industries that has strong impacts on national economic incomes, growth, stability, and sustainable development. Moreover, this industry also has strong influences on social, cultural and political issues. Furthermore, this industry, as producing primary and secondary products, is facing challenges from such diverse factors such as demand inconsistency, intense international competition, technological advancements and new competitors. In order to maintain and to improve industry’s competitiveness in both domestics and international markets, science and technology are key factors. Besides hard sciences and technologies, modern industrial engineering concepts such as Just in Time (JIT) Total Quality Management (TQM), Quick Response (QR), Supply Chain Management (SCM) and Lean can be very effective to supportant to increase efficiency and effectiveness of these agricultural products on world stage. Onion is one of Thailand’s major export products which brings back national incomes. But, it also facing challenges in many ways. This paper focused its interests in onion packing process and its related activities such as storage and shipment from one of major packing plant and storage in Mae Wang District, Chiang Mai, Thailand, by applying Toyota Production System (TPS) or Lean concepts, to improve process capability throughout the entire packing and distribution process which will be profitable for the whole onion supply chain. And it will be beneficial to other related agricultural products in Thailand and other ASEAN countries.

Keywords: packing process, Toyota Production System (TPS), lean concepts, waste reduction, lean in agro-industries activities

Procedia PDF Downloads 275
6272 Portfolio Selection with Active Risk Monitoring

Authors: Marc S. Paolella, Pawel Polak

Abstract:

The paper proposes a framework for large-scale portfolio optimization which accounts for all the major stylized facts of multivariate financial returns, including volatility clustering, dynamics in the dependency structure, asymmetry, heavy tails, and non-ellipticity. It introduces a so-called risk fear portfolio strategy which combines portfolio optimization with active risk monitoring. The former selects optimal portfolio weights. The latter, independently, initiates market exit in case of excessive risks. The strategy agrees with the stylized fact of stock market major sell-offs during the initial stage of market downturns. The advantages of the new framework are illustrated with an extensive empirical study. It leads to superior multivariate density and Value-at-Risk forecasting, and better portfolio performance. The proposed risk fear portfolio strategy outperforms various competing types of optimal portfolios, even in the presence of conservative transaction costs and frequent rebalancing. The risk monitoring of the optimal portfolio can serve as an early warning system against large market risks. In particular, the new strategy avoids all the losses during the 2008 financial crisis, and it profits from the subsequent market recovery.

Keywords: comfort, financial crises, portfolio optimization, risk monitoring

Procedia PDF Downloads 525
6271 Tourist Satisfaction: An Experience Study Applied to Tourism Attractions in China

Authors: Min Wei

Abstract:

Objectives: Experience tourism represents an advanced stage of tourism compared with sightseeing tourism and relaxation tourism. Experience tourism reflects the full respect of experience economy to the human natures. This paper chose one of the most popular ocean tourism products in Zhoushan, as a subject and investigated the constructive elements in tourist experience based on the needs of tourists. Methods: This paper started with the influences of tourism product innovation on tourist experience, then proposed a model of the relationship between tourist experience, tourist satisfaction, and the following behavior of tourists, and concluded that tourist experience improves tourist satisfaction and thereby enhances tourist loyalty based on the developmental pathway of experience tourism. To ensure the accuracy of the collected data of the research results, the sample of this questionnaire survey is chosen by the method of occasional sampling, combined with the judgment of the investigators and the convenience of the questionnaire survey, the survey objects are selected from the scenic spots of Putuo Mountain, Zhujiajian, Taohua Island, waiting room of passenger terminal, etc. Before filling in the questionnaire, the author and the respondents have a short communication. On the premise that the respondents can fully understand the purpose and content of the questionnaire, tourists fill in the questionnaire independently and collect it on the spot. Results: The research results of this paper are mainly embodied in the following aspects: it is concluded that there are many constructive factors of tourists' experience in Zhoushan tourism products. Based on Zhoushan tourism products, this paper explores the constructive factors of tourists' experience in Zhoushan tourism products from three aspects: attracting object experience, facility experience and service experience. At present, there are still big differences between Zhoushan tourism products, tourists’ expectations and tourists' experience, mainly in the aspects of transportation, publicity and tour guide service. Corresponding measures should be taken to improve tourists' experience quality and satisfaction. Conclusions: The influence factors of island tourism products are discriminated, and established a structural model of tourist experience, which includes three basic elements: attractions, facilities, and services. This model was further verified by questionnaires and analyses in Putuo Shan, Zhujia Jian, and Taohua Island. Finally, we combined this model and made some suggestions on boost the satisfaction of Zhoushan islands.

Keywords: experience tourism, tourists’ expectations, tourists' experience, tourism products

Procedia PDF Downloads 130