Search results for: foreign exchange operations
3818 Does Stock Markets Asymmetric Information Affect Foreign Capital Flows?
Authors: Farid Habibi Tanha, Mojtaba Jahanbazi, Morteza Foroutan, Rasidah Mohd Rashid
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This paper depicts the effects of asymmetric information in determining capital inflows to be captured through stock market microstructure. The model can explain several stylized facts regarding the capital immobility. The first phase of the research involves in collecting and refining 150,000,000 daily data of 11 stock markets over a period of one decade in an effort to minimize the impact of survivorship bias. Three micro techniques were used to measure information asymmetries. The final phase analyzes the model through panel data approach. As a unique contribution, this research will provide valuable information regarding negative effects of information asymmetries in stock markets on attracting foreign investments. The results of this study can be directly considered by policy makers to monitor and control changes of capital flow in order to keep market conditions in a healthy manner, by preventing and managing possible shocks to avoid sudden reversals and market failures.Keywords: asymmetric information, capital inflow, market microstructure, investment
Procedia PDF Downloads 3193817 The Direct Drivers of Ethnocentric Consumer, Intention and Actual Purchasing Behavior in Malaysia
Authors: Nik Kamariah Nikmat, Noor Hasmini Abdghani
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The Malaysian government had consistently revived its campaign for “Buy Malaysian Goods” from time to time. The purpose of the campaign is to remind consumers to be ethnocentric and patriotic when purchasing product and services. This is necessary to ensure high demand for local products and services compared to foreign products. However, the decline of domestic investment in 2012 has triggered concern for the Malaysian economy. Hence, this study attempts to determine the drivers of actual purchasing behavior, intention to purchase domestic products and ethnocentrism. The study employs the cross-sectional primary data, self-administered on household, selected using stratified random sampling in four Malaysian regions. A nine factor driver of actual domestic purchasing behavior (culture openness, conservatism, collectivism, patriotism, control belief, interest in foreign travel, attitude, ethnocentrism and intention) were measured utilizing 60 items, using 7-point Likert-scale. From 1000 questionnaires distributed, a sample of 486 were returned representing 48.6 percent response rate. From the fit generated structural model (SEM analysis), it was found that the drivers of actual purchase behavior are collectivism, cultural openness and patriotism; the drivers of intention to purchase domestic product are attitude, control belief, collectivism and conservativeness; and drivers of ethnocentrism are cultural openness, control belief, foreign travel and patriotism. It also shows that Malaysian consumers scored high in ethnocentrism and patriotism. The findings are discussed in the perspective of its implication to Malaysian National Agenda.Keywords: actual purchase, ethnocentrism, patriotism, culture openness, conservatism
Procedia PDF Downloads 3183816 United against Drugs: Divergent Counternarcotic Strategies of US Government Agencies in Afghanistan
Authors: Anthony George Armiger II
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This paper focuses on the counternarcotic strategies of US government agencies in Afghanistan from 2001-2014. Despite a heavy US presence in the country, Afghanistan currently accounts for 80% of opium production worldwide and remains a key contributor to the global drug market. This paper argues that the divergent counternarcotic strategies of various US government agencies on the ground in Afghanistan are a product of the organizational differences amongst those agencies and that those differences can challenge the implementation of counternarcotics policies in Afghanistan. To gain a more in-depth perspective, this paper analyzes the counternarcotic strategies of two US government agencies in Afghanistan; the United States Department of Defense (DoD) and the Drug Enforcement Administration (DEA). Utilizing the framework of the organizational behavior model of organizational theory, this paper will highlight the varying organizational interests, opinions, standard operating procedures, and routines of both of the government agencies. The paper concludes with implications on counternarcotics, as well as the counterinsurgency in Afghanistan and provides recommendations for future research on foreign policy and counternarcotics.Keywords: Afghanistan, drug policy, organizational theory, United States foreign policy
Procedia PDF Downloads 3753815 The New Universities Law in Saudi Arabia, Bath to Develop the Higher Education in the Kingdom
Authors: Gassrm Alfaleh
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The new Law of Universities has many goals, one of them is how each university can be independent financially and educationally. Another goal is to open doors for foreign universities to open branches in the kingdom. This paper focuses on how these goals can create competition between local and foreign universities. And how this new law can bring significant changes in the Kingdom’s higher education sector. The methodology of this study is to compare the new Saudi law to another legal system, especially in Australia. And how this new law can affect the higher education environment and Saudi culture. It covers the view of other different legal jurisdictions and compares it to this new law. The major findings are that the new law of universities can give a chance to Saudi universities to achieve their goals based on empowerment, quality, and participate in developing the educational and research methods. It may allow universities to start their own resources, permit them to create endowments and companies, and may allow them to create their degrees and programs. It will help those universities to increase the efficiency of spending, developing financial resources, and human capabilities for universities in line with the Kingdom’s Vision 2030. As a result, this paper states whether this new law can improve higher education in the kingdom of Saudi Arabia.Keywords: law, education, Saudi legal system, university
Procedia PDF Downloads 1403814 The Evolution of the Israel Defence Forces’ Information Operations: A Case Study of the Israel Defence Forces' Activities in the Information Domain 2006–2014
Authors: Teemu Saressalo
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This article examines the evolution of the Israel Defence Forces’ information operation activities during an eight-year timespan from the 2006 war with Hezbollah to more recent operations such as Pillar of Defence and Protective Edge. To this end, the case study will show a change in the Israel Defence Forces’ activities in the information domain. In the 2006 war with Hezbollah in Lebanon, Israel inflicted enormous damage on the Lebanese infrastructure, leaving more than 1,200 people dead and 4,400 injured. Casualties among Hezbollah, Israel’s main adversary, were estimated to range from 250 to 700 fighters. Damage to the Lebanese infrastructure was estimated at over USD 2.5bn, with almost 2,000 houses and buildings damaged and destroyed. Even this amount of destruction did not force Hezbollah to yield and while both sides were claiming victory in the war, Israel paid a heavier price in political backlashes and loss of reputation, mainly due to failures in the media and the way in which the war was portrayed and perceived in Israel and abroad. Much of this can be credited to Hezbollah’s efficient use of the media, and Israel’s failure to do so. Israel managed the next conflict it was engaged in completely differently – it had learnt its lessons and built up new ways to counter its adversary’s propaganda and media operations. In Operation Cast Lead at the turn of 2009, Hamas, Israel’s adversary and Gaza’s dominating faction, was not able to utilize the media in the same way that Hezbollah had. By creating a virtual and physical barrier around the Gaza Strip, Israel almost totally denied its adversary access to the worldwide media, and by restricting the movement of journalists in the area, Israel could let its voice be heard above all. The operation Cast Lead began with a deception operation, which caught Hamas totally off guard. The 21-day campaign left the Gaza Strip devastated, but did not cause as much protest in Israel during the operation as the 2006 war did, mainly due to almost total Israeli dominance in the information dimension. The most important outcome from the Israeli perspective was the fact that Operation Cast Lead was assessed to be a success and the operation enjoyed domestic support along with support from many western nations, which had condemned Israeli actions in the 2006 war. Later conflicts have shown the same tendency towards virtually total dominance in the information domain, which has had an impact on target audiences across the world. Thus, it is clear that well-planned and conducted information operations are able to shape public opinion and influence decision-makers, although Israel might have been outpaced by its rivals.Keywords: Hamas, Hezbollah, information operations, Israel Defence Forces
Procedia PDF Downloads 2363813 Performance Evaluation of a Fuel Cell Membrane Electrode Assembly Prepared from a Reinforced Proton Exchange Membrane
Authors: Yingjeng James Li, Yun Jyun Ou, Chih Chi Hsu, Chiao-Chih Hu
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A fuel cell is a device that produces electric power by reacting fuel and oxidant electrochemically. There is no pollution produced from a fuel cell if hydrogen is employed as the fuel. Therefore, a fuel cell is considered as a zero emission device and is a source of green power. A membrane electrode assembly (MEA) is the key component of a fuel cell. It is, therefore, beneficial to develop MEAs with high performance. In this study, an MEA for proton exchange membrane fuel cell (PEMFC) was prepared from a 15-micron thick reinforced PEM. The active area of such MEA is 25 cm2. Carbon supported platinum (Pt/C) was employed as the catalyst for both anode and cathode. The platinum loading is 0.6 mg/cm2 based on the sum of anode and cathode. Commercially available carbon papers coated with a micro porous layer (MPL) serve as gas diffusion layers (GDLs). The original thickness of the GDL is 250 μm. It was compressed down to 163 μm when assembled into the single cell test fixture. Polarization curves were taken by using eight different test conditions. At our standard test condition (cell: 70 °C; anode: pure hydrogen, 100%RH, 1.2 stoic, ambient pressure; cathode: air, 100%RH, 3.0 stoic, ambient pressure), the cell current density is 1250 mA/cm2 at 0.6 V, and 2400 mA/cm2 at 0.4 V. At self-humidified condition and cell temperature of 55 °C, the cell current density is 1050 mA/cm2 at 0.6 V, and 2250 mA/cm2 at 0.4 V. Hydrogen crossover rate of the MEA is 0.0108 mL/min*cm2 according to linear sweep voltammetry experiments. According to the MEA’s Pt loading and the cyclic voltammetry experiments, the Pt electrochemical surface area is 60 m2/g. The ohmic part of the impedance spectroscopy results shows that the membrane resistance is about 60 mΩ*cm2 when the MEA is operated at 0.6 V.Keywords: fuel cell, membrane electrode assembly, proton exchange membrane, reinforced
Procedia PDF Downloads 2913812 Evolution and Obstacles Encountered in the Realm of Sports Tourism in Pakistan
Authors: Muhammad Saleem
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Tourism stands as one of the swiftly expanding sectors globally, contributing to 10% of the overall worldwide GDP. It holds a vital role in generating income, fostering employment opportunities, alleviating poverty, facilitating foreign exchange earnings, and advancing intercultural understanding. This industry encompasses a spectrum of activities, encompassing transportation, communication, hospitality, catering, entertainment, and advertising. The objective of this study is to assess the evolution and obstacles encountered by sports tourism in Pakistan. In pursuit of this objective, relevant literature has been scrutinized, while data has been acquired from 60 respondents, employing a simple random sampling approach for analysis. The survey comprised close-ended inquiries directed towards all participants. Analytical tools such as mean, mode, median, graphs, and percentages have been employed for data analysis. The findings revealed through robust analysis, indicate that the mean, mode, and median tools consistently yield results surpassing the 70% mark, underscoring that heightened development within sports tourism significantly augments its progress. Effective governance demonstrates a favorable influence on sports tourism, with increased government-provided safety and security potentially amplifying its expansion, thus attracting a higher number of tourists and consequently propelling the growth of the sports tourism sector. This study holds substantial significance for both academic scholars and industry practitioners within Pakistan's tourism landscape, as previous explorations in this realm have been relatively limited.Keywords: obstacles-spots, evolution-tourism, sports-pakistan, sports-obstacles-pakistan
Procedia PDF Downloads 543811 Mainstreaming Willingness among Black Owned Informal Small Micro Micro Enterprises in South Africa
Authors: Harris Maduku, Irrshad Kaseeram
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The objective of this paper is to understand the factors behind the formalisation willingness of South African black owned SMMEs. Cross-sectional data were collected using a questionnaire from 390 informal businesses in Johannesburg and Pretoria using stratified random sampling and clustered sampling. This study employed a multinomial logistic regression to quantitatively understand what encourages informal SMMEs to be willing to mainstreaming their operations. We find government support, corruption, employment compensation, family labour, success perception, education status, age and financing as key drivers on willingness of SMMEs to formalize their operations. The findings of our study points to government departments to invest more on both financial and non-financial strategies like capacity building and business education on informal SMMEs to cultivate their willingness to mainstream.Keywords: mainstreaming, transition, informal, willingness, multinomial logit
Procedia PDF Downloads 1533810 Comparison of Adsorbents for Ammonia Removal from Mining Wastewater
Authors: F. Al-Sheikh, C. Moralejo, M. Pritzker, W. A. Anderson, A. Elkamel
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Ammonia in mining wastewater is a significant problem, and treatment can be especially difficult in cold climates where biological treatment is not feasible. An adsorption process is one of the alternative processes that can be used to reduce ammonia concentrations to acceptable limits, and therefore a LEWATIT resin strongly acidic H+ form ion exchange resin and a Bowie Chabazite Na form AZLB-Na zeolite were tested to assess their effectiveness. For these adsorption tests, two packed bed columns (a mini-column constructed from a 32-cm long x 1-cm diameter piece of glass tubing, and a 60-cm long x 2.5-cm diameter Ace Glass chromatography column) were used containing varying quantities of the adsorbents. A mining wastewater with ammonia concentrations of 22.7 mg/L was fed through the columns at controlled flowrates. In the experimental work, maximum capacities of the LEWATIT ion exchange resin were 0.438, 0.448, and 1.472 mg/g for 3, 6, and 9 g respectively in a mini column and 1.739 mg/g for 141.5 g in a larger Ace column while the capacities for the AZLB-Na zeolite were 0.424, and 0.784 mg/g for 3, and 6 g respectively in the mini column and 1.1636 mg/g for 38.5 g in the Ace column. In the theoretical work, Thomas, Adams-Bohart, and Yoon-Nelson models were constructed to describe a breakthrough curve of the adsorption process and find the constants of the above-mentioned models. In the regeneration tests, 5% hydrochloric acid, HCl (v/v) and 10% sodium hydroxide, NaOH (w/v) were used to regenerate the LEWATIT resin and AZLB-Na zeolite with 44 and 63.8% recovery, respectively. In conclusion, continuous flow adsorption using a LEWATIT ion exchange resin and an AZLB-Na zeolite is efficient when using a co-flow technique for removal of the ammonia from wastewater. Thomas, Adams-Bohart, and Yoon-Nelson models satisfactorily fit the data with R2 closer to 1 in all cases.Keywords: AZLB-Na zeolite, continuous adsorption, Lewatit resin, models, regeneration
Procedia PDF Downloads 3873809 A Study on Hierarchy and Popularity of Foreign TV Series with Different Origin Countries among Chinese Audiences from a Uses and Gratification Perspective
Authors: Terigele
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Cultural products are always shelved into different classes of a hierarchy that separates so-called highbrow and lowbrow cultures. This study illustrated that audiences might even construct a hierarchy according to the origin countries when consuming certain products. Chinese audiences now have access to TV series from all around the world thanks to the internet. TV series from different origin countries show some particular features in terms of length, theme, plots, accessibility, seriousness etc. Their audiences were therefore stereotyped because of what they watch. Based on in-depth interviews with 20 participants, this research has following findings: 1) Most popular origin countries of foreign TV series in China are Korea, the United States, the United Kingdom, Japan and European countries in a descending order. Korean TV series are most popular because they are less serious and more accessible compared to others. 2) In the hierarchy of the TV series, European TV series stand on the top followed by British and American TV series. Japanese TV series are also categorized into highbrow class. Korean TV series are at the bottom and always seen as lowbrow cultural products. 3) Most audiences consume TV series from more than one origin countries and have different needs when watching them. Participants reported that they watch European TV series because those TV series are more artistic than their counterparts and of great quality. They watch British and American TV series mainly to improve their English and to learn about the culture. They find Japanese TV series very enjoyable with a large variety of themes and impressive lines. Audiences watch Korean TV series mostly to entertain and kill time. 4) Audiences do care about cultural taste. Especially those who watch European, British and American TV series usually tend to consider audiences who watch nothing but Korean TV series to be shallow. On the other hand, Korean TV series’ audiences seem to care less about the hierarchy of the TV series. Even when they discuss the hierarchy, they tend to accept the judgments with ironies and jokes. Future studies can dig deeply into the genre and content of TV series with different origin countries and also investigate more about the psychology of audiences regarding the gender, age, education, socioeconomic status etc.Keywords: foreign TV series, hierarchy, popularity, uses and gratification
Procedia PDF Downloads 2413808 Magnetoelastically Induced Perpendicular Magnetic Anisotropy and Perpendicular Exchange Bias of CoO/CoPt Multilayer Films
Authors: Guo Lei, Wang Yue, Nakamura Yoshio, Shi Ji
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Recently, perpendicular exchange bias (PEB) is introduced as an active topic attracting continuous efforts. Since its discovery, extrinsic control of PEB has been proposed, due to its scientific significance in spintronic devices and potential application in high density magnetic random access memory with perpendicular magnetic tunneling junction (p-MTJ). To our knowledge, the researches aiming to controlling PEB so far are focused mainly on enhancing the interfacial exchange coupling by adjusting the FM/AFM interface roughness, or optimizing the crystalline structures of FM or AFM layer by employing different seed layers. In present work, the effects of magnetoelastically induced PMA on PEB have been explored in [CoO5nm/CoPt5nm]5 multilayer films. We find the PMA strength of FM layer also plays an important role on PEB at the FM/AFM interface and it is effective to control PEB of [CoO5nm/CoPt5nm]5 multilayer films by changing the magnetoelastically induced PMA of CoPt layer. [CoO5nm/CoPt5nm]5 multilayer films were deposited by magnetron sputtering on fused quartz substrate at room temperature, then annealed at 100°C, 250°C, 300°C and 375°C for 3h, respectively. XRD results reveal that all the samples are well crystallized with preferred fcc CoPt (111) orientation. The continuous multilayer structure with sharp component transition at the CoO5nm/CoPt5nm interface are identified clearly by transmission electron microscopy (TEM), x-ray reflectivity (XRR) and atomic force microscope (AFM). CoPt layer in-plane tensile stress is calculated by sin2φ method, and we find it increases gradually upon annealing from 0.99 GPa (as-deposited) up to 3.02 GPa (300oC-annealed). As to the magnetic property, significant enhancement of PMA is achieved in [CoO5nm/CoPt5nm]5 multilayer films after annealing due to the increase of CoPt layer in-plane tensile stress. With the enhancement of magnetoelastically induced PMA, great improvement of PEB is also achieved in [CoO5nm/CoPt5nm]5 multilayer films, which increases from 130 Oe (as-deposited) up to 1060 Oe (300oC-annealed), showing the same change tendency as PMA and the strong correlation with CoPt layer in-plane tensile stress. We consider it is the increase of CoPt layer in-plane tensile stress that leads to the enhancement of PMA, and thus the enhancement of magnetoelastically induced PMA results in the improvement of PEB in [CoO5nm/CoPt5nm]5 multilayer films.Keywords: perpendicular exchange bias, magnetoelastically induced perpendicular magnetic anisotropy, CoO5nm/CoPt5nm]5 multilayer film with in-plane stress, perpendicular magnetic tunneling junction
Procedia PDF Downloads 4613807 A Linearly Scalable Family of Swapped Networks
Authors: Richard Draper
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A supercomputer can be constructed from identical building blocks which are small parallel processors connected by a network referred to as the local network. The routers have unused ports which are used to interconnect the building blocks. These connections are referred to as the global network. The address space has a global and a local component (g, l). The conventional way to connect the building blocks is to connect (g, l) to (g’,l). If there are K blocks, this requires K global ports in each router. If a block is of size M, the result is a machine with KM routers having diameter two. To increase the size of the machine to 2K blocks, each router connects to only half of the other blocks. The result is a larger machine but also one with greater diameter. This is a crude description of how the network of the CRAY XC® is designed. In this paper, a family of interconnection networks using routers with K global and M local ports is defined. Coordinates are (c,d, p) and the global connections are (c,d,p)↔(c’,p,d) which swaps p and d. The network is denoted D3(K,M) and is called a Swapped Dragonfly. D3(K,M) has KM2 routers and has diameter three, regardless of the size of K. To produce a network of size KM2 conventionally, diameter would be an increasing function of K. The family of Swapped Dragonflies has other desirable properties: 1) D3(K,M) scales linearly in K and quadratically in M. 2) If L < K, D3(K,M) contains many copies of D3(L,M). 3) If L < M, D3(K,M) contains many copies of D3(K,L). 4) D3(K,M) can perform an all-to-all exchange in KM2+KM time which is only slightly more than the time to do a one-to-all. This paper makes several contributions. It is the first time that a swap has been used to define a linearly scalable family of networks. Structural properties of this new family of networks are thoroughly examined. A synchronizing packet header is introduced. It specifies the path to be followed and it makes it possible to define highly parallel communication algorithm on the network. Among these is an all-to-all exchange in time KM2+KM. To demonstrate the effectiveness of the swap properties of the network of the CRAY XC® and D3(K,16) are compared.Keywords: all-to-all exchange, CRAY XC®, Dragonfly, interconnection network, packet switching, swapped network, topology
Procedia PDF Downloads 1203806 True and False Cognates of Japanese, Chinese and Philippine Languages: A Contrastive Analysis
Authors: Jose Marie E. Ocdenaria, Riceli C. Mendoza
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Culturally, languages meet, merge, share, exchange, appropriate, donate, and divide in and to and from each other. Further, this type of recurrence manifests in East Asian cultures, where language influence diffuses across geographical proximities. Historically, China has notable impacts on Japan’s culture. For instance, Japanese borrowed words from China and their way of reading and writing. This qualitative and descriptive employing contrastive analysis study addressed the true and false cognates of Japanese-Philippine languages and Chinese-Philippine languages. It involved a rich collection of data from various sources like textual pieces of evidence or corpora to gain a deeper understanding of true and false cognates between L1 and L2. Cognates of Japanese-Philippine languages and Chinese-Philippine languages were analyzed contrastively according to orthography, phonology, and semantics. The words presented were the roots; however, derivatives, reduplications, and variants of stress were included when they shed emphases on the comparison. The basis of grouping the cognates was its phonetic-semantic resemblance. Based on the analysis, it revealed that there are words which may have several types of lexical relationship. Further, the study revealed that the Japanese language has more false cognates in the Philippine languages, particularly in Tagalog and Cebuano. On the other hand, there are more true cognates of Chinese in Tagalog. It is the hope of this study to provide a significant contribution to a diverse audience. These include the teachers and learners of foreign languages such as Japanese and Chinese, future researchers and investigators, applied linguists, curricular theorists, community, and publishers.Keywords: Contrastive Analysis, Japanese, Chinese and Philippine languages, Qualitative and descriptive study, True and False Cognates
Procedia PDF Downloads 1353805 Brazilian-Italian Comparative Study on EFL Teacher Training
Authors: Tatiana Belmonte dos Santos Rodrigues
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This is a comparative study between the training process of teachers of English as a foreign language in a Brazilian institution and an Italian institution, analyzing the academic curriculum, which includes courses mandatory internship activities, among other curricular aspects, and investigating the motivations that lead pre-service teachers to pursue a teaching career. The two institutions involved in this research are considered the oldest in Brazil, the Federal University of Amazonas, created in 1909, and the oldest in Italy, the University of Bologna, created in 1088. The general problem, or guiding question of this research, therefore, is: What is the role of the academic curriculum in motivating and consolidating the teaching of English as a Foreign Language (EFL) as a professional career? The hypothesis be investigated is that the degree courses of the two institutions apply in their curricula the pedagogical contours described in Shulman (2005), essential for the consolidation of the specificities of professional teacher training, which would lead to the strengthening of motivation pre-service professors to remain in this professional career plan, both for those who have already entered the course with pre-established external or internal motivations and for those who entered without apparent motivation. This is qualitative research (CRESWELL, 2007), with the application of field research, where documental analysis of the academic curriculum was carried out together with interviews with preservice teachers of the two institutions and analysis through interpretivism (MERTENS, 2010). The curriculum was analyzed in the light of Shulman (2005) and the interviewees' motivational discourse were analyzed from the perspective of Lovely (2012)'s discoveries. At the end, the data was crossed to answer the guiding question of the research, generating the proposed comparative study.Keywords: preservice teachers, academic curriculum, motivation, english as a foreign language
Procedia PDF Downloads 683804 The Different Types of French Language in the Processes of Acquisition: Specifically about The Humor
Authors: Akbarnejad Neda
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A foreign language acquisition occurs when we can tell a joke and understand it. Most jokes are told in slang and common language. In the process of foreign language acquisition, an autonomous learner try to learn the standard language. But there is a colossal divergence between the usage of the different types of language in society. Here, we investigate the french slang and common language and examine the accurate perception of their usage. We illuminate the slang language in the french literature that provide considerably different types of language for an autonomous learner. We provide furthermore evidence from the french novels that demonstrate properly the different types of language and give in one sentence its social meanings. For example, the famous Queneau expression « Doukipudonktant » present the impact of slang language in society. The characters in the novel transfer the slang and the common language and their accurate usages. We present that the language of the autonomous learner depends on the language of the text that is read. Because literature is a vehicle of the culture and the expression demonstrate their real significations and usage in the culture, slang and common language have a crucial role in the culture and all of them are manifested in the oral language.Keywords: common language, french, humor, slang language
Procedia PDF Downloads 2353803 Predicting Financial Distress in South Africa
Authors: Nikki Berrange, Gizelle Willows
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Business rescue has become increasingly popular since its inclusion in the Companies Act of South Africa in May 2011. The Alternate Exchange (AltX) of the Johannesburg Stock Exchange has experienced a marked increase in the number of companies entering business rescue. This study sampled twenty companies listed on the AltX to determine whether Altman’s Z-score model for emerging markets (ZEM) or Taffler’s Z-score model is a more accurate model in predicting financial distress for small to medium size companies in South Africa. The study was performed over three different time horizons; one, two and three years prior to the event of financial distress, in order to determine how many companies each model predicted would be unlikely to succeed as well as the predictive ability and accuracy of the respective models. The study found that Taffler’s Z-score model had a greater ability at predicting financial distress from all three-time horizons.Keywords: Altman’s ZEM-score, Altman’s Z-score, AltX, business rescue, Taffler’s Z-score
Procedia PDF Downloads 3703802 Influence of the Popularity of Opera during Risorgimento on Foreign Presence in Italy
Authors: Andrew Wee
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As a result of the Italian Independence Wars starting in 1848, Italy began to change through unification. People gradually moved away from some of their traditional practices and values, such as the long-held belief that women were inferior to men, as part of the Risorgimento. Italians began to take interest in opera as a form of emotional release. As opera became more popular and prominent in their culture, it aided in the dissemination of ideas, especially stimulating the spread of imperialism, in the late 19th century, as Italy began extending its presence to other countries. In order to collect the information needed to analyze Italy’s foreign presence, it was necessary to consult texts concerning the culture of the Risorgimento. These texts included primary sources from operatic composers and contemporary recorded accounts. Letters from Giuseppe Verdi, a leader in opera during the Risorgimento, have been scrutinized for indications of popular attitudes of the time. The cultural context of the Risorgimento is essential to understanding the Italian motives and attitudes towards the outside world. On the more political side, research has also entailed the study of historical data of general laws, policies, and their purposes concerning geopolitical boundaries and foreign affairs, such as Edward Said’s thesis on Orientalism. By establishing these two characteristics of Italy, the paper will thoroughly illustrate Italy’s presence in foreign affairs. Texts have been searched with the intent of using information that reveals Italian attitudes toward exotic countries to determine whether their demeanor was positive or condescending. Motives behind sources have been interpreted in context in order to form a complete picture of the Italian sentiment towards foreigners. Additionally, research pertaining to Italian nationalism and imperialism such as song and literature has been used. The primary form of research has been the division of sources that are culturally based and those that are political in nature. Opera had always been developing since its creation in the 17th century, and in the 19th century, the bel canto movement revolutionized opera and its role in Italian society. This paper uses evidence that popular sentiment was influenced by opera to support the belief that the evolution of opera was as a result of the nationalist sentiment, and in turn fueled the cultural movement known as the Risorgimento. In this way, opera proceeded to affect Italian culture by spreading the idea of imperialism.Keywords: opera, Italian unification, music history, imperialism
Procedia PDF Downloads 3433801 Determinants of Foreign Direct Investment in Tourism: A Panel Data Analysis of Developing Countries
Authors: Malraj Bharatha Kiriella
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The purpose of this paper is to investigate the determinants of tourism foreign direct investment (TFDI) to selected developing countries during 1978-2017. The study used pooled panel data to estimate an econometric model. The findings show that market size and institutional barriers are determining factors for TFDI in countries, while other variables of positive country conditions, FDI-related government policy, tourism-related infrastructure and labor conditions are insignificant. The result shows that institutional effects are positive, while market size negatively affects TFDI inflows. The research is limited to eight developing countries. The results can be used to support government policy on TFDI. The paper makes the following contributions: First, it provides important insight and understanding into the TFDI decision-making process in developing countries. Second, both TFDI theory and evidence are minimal, and an econometric model developed on the basis of available literature has been empirically tested.Keywords: determinants, developing countries, FDI in tourism, panel data
Procedia PDF Downloads 1063800 Spin-Polarized Structural, Electronic, and Magnetic Properties of Co and Mn-Doped CdTe in Zinc-Blende Phase
Authors: A.Zitouni, S.Bentata, B.Bouadjemi, T.Lantri, W. Benstaali, Z.Aziz, S.Cherid, A. Sefir
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Structural, electronic, and magnetic properties of Co and Mn-doped CdTe have been studied by employing the full potential linear augmented plane waves (FP-LAPW) method within the spin-polarized density functional theory (DFT). The electronic exchange-correlation energy is described by generalized gradient approximation (GGA) as exchange–correlation (XC) potential. We have calculated the lattice parameters, bulk modulii and the first pressure derivatives of the bulk modulii, spin-polarized band structures, and total and local densities of states. The value of calculated magnetic moment per Co and Mn impurity atoms is found to be 2.21 µB for CdCoTe and 3.20 µB for CdMnTe. The calculated densities of states presented in this study identify the half-metallic of Co and Mn-doped CdTe.Keywords: electronic structure, density functional theory, band structures, half-metallic, magnetic moment
Procedia PDF Downloads 4643799 Solvent-Aided Dispersion of Tannic Acid to Enhance Flame Retardancy of Epoxy
Authors: Matthew Korey, Jeffrey Youngblood, John Howarter
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Background and Significance: Tannic acid (TA) is a bio-based high molecular weight organic, aromatic molecule that has been found to increase thermal stability and flame retardancy of many polymer matrices when used as an additive. Although it is biologically sourced, TA is a pollutant in industrial wastewater streams, and there is a desire to find applications in which to downcycle this molecule after extraction from these streams. Additionally, epoxy thermosets have revolutionized many industries, but are too flammable to be used in many applications without additives which augment their flame retardancy (FR). Many flame retardants used in epoxy thermosets are synthesized from petroleum-based monomers leading to significant environmental impacts on the industrial scale. Many of these compounds also have significant impacts on human health. Various bio-based modifiers have been developed to improve the FR of the epoxy resin; however, increasing FR of the system without tradeoffs with other properties has proven challenging, especially for TA. Methodologies: In this work, TA was incorporated into the thermoset by use of solvent-exchange using methyl ethyl ketone, a co-solvent for TA, and epoxy resin. Samples were then characterized optically (UV-vis spectroscopy and optical microscopy), thermally (thermogravimetric analysis and differential scanning calorimetry), and for their flame retardancy (mass loss calorimetry). Major Findings: Compared to control samples, all samples were found to have increased thermal stability. Further, the addition of tannic acid to the polymer matrix by the use of solvent greatly increased the compatibility of the additive in epoxy thermosets. By using solvent-exchange, the highest loading level of TA found in literature was achieved in this work (40 wt%). Conclusions: The use of solvent-exchange shows promises for circumventing the limitations of TA in epoxy.Keywords: sustainable, flame retardant, epoxy, tannic acid
Procedia PDF Downloads 1273798 Study of Suezmax Shuttle Tanker Energy Efficiency for Operations at the Brazilian Pre-Salt Region
Authors: Rodrigo A. Schiller, Rubens C. Da Silva, Kazuo Nishimoto, Claudio M. P. Sampaio
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The need to reduce fossil fuels consumption due to the current scenario of trying to restrain global warming effects and reduce air pollution is dictating a series of transformations in shipping. This study introduces, at first, the changes of the regulatory framework concerning gas emissions control and fuel consumption efficiency on merchant ships. Secondly, the main operational procedures with high potential reduction of fuel consumption are discussed, with focus on existing vessels, using ship speed reduction procedure. This procedure shows the positive impacts on both operating costs reduction and also on energy efficiency increase if correctly applied. Finally, a numerical analysis of the fuel consumption variation with the speed was carried out for a Suezmax class oil tanker, which has been adapted to oil offloading operations for FPSOs in Brazilian offshore oil production systems. In this analysis, the discussions about the variations of vessel energy efficiency from small speed rate reductions and the possible applications of this improvement, taking into account the typical operating profile of the vessel in such a way to have significant economic impacts on the operation. This analysis also evaluated the application of two different numerical methods: one based only on regression equations produced by existing data, semi-empirical method, and another using a CFD simulations for estimating the hull shape parameters that are most relevant for determining fuel consumption, analyzing inaccuracies and impact on the final results.Keywords: energy efficiency, offloading operations, speed reduction, Suezmax oil tanker
Procedia PDF Downloads 5263797 Exploring SSD Suitable Allocation Schemes Incompliance with Workload Patterns
Authors: Jae Young Park, Hwansu Jung, Jong Tae Kim
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Whether the data has been well parallelized is an important factor in the Solid-State-Drive (SSD) performance. SSD parallelization is affected by allocation scheme and it is directly connected to SSD performance. There are dynamic allocation and static allocation in representative allocation schemes. Dynamic allocation is more adaptive in exploiting write operation parallelism, while static allocation is better in read operation parallelism. Therefore, it is hard to select the appropriate allocation scheme when the workload is mixed read and write operations. We simulated conditions on a few mixed data patterns and analyzed the results to help the right choice for better performance. As the results, if data arrival interval is long enough prior operations to be finished and continuous read intensive data environment static allocation is more suitable. Dynamic allocation performs the best on write performance and random data patterns.Keywords: dynamic allocation, NAND flash based SSD, SSD parallelism, static allocation
Procedia PDF Downloads 3383796 Navigating through Uncertainty: An Explorative Study of Managers’ Experiences in China-foreign Cooperative Higher Education
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To drive practical interpretations and applications of various policies in building the transnational education joint-ventures, middle managers learn to navigate through uncertainties and ambiguities. However, the current literature views very little about those middle managers’ experiences, perceptions, and practices. This paper takes the empirical approach and aims to uncover the middle managers’ experiences by conducting interviews, campus visits, and document analysis. Following the qualitative research method approach, the researchers gathered information from a mixture of fourteen foreign and Chinese managers. Their perceptions of the China-foreign cooperation in higher education and their perceived roles have offered important, valuable insights to this group of people’s attitudes and management performances. The diverse cultural and demographic backgrounds contributed to the significance of the study. There are four key findings. One, middle managers’ immediate micro-contexts and individual attitudes are the top two influential factors in managers’ performances. Two, the foreign middle managers showed a stronger sense of self-identity in risk-taking. Three, the Chinese middle managers preferred to see difficulties as part of their assigned responsibilities. Four, middle managers in independent universities demonstrated a stronger sense of belonging and fewer frustrations than middle managers in secondary institutes. The researchers propose that training for managers in a transnational educational setting should consider these discoveries when select fitting topics and content. In particular, middle managers should be better prepared to anticipate their everyday jobs in the micro-environment; hence, information concerning sponsor organizations’ working culture is as essential as knowing the national and local regulations, and socio-culture. Different case studies can help the managers to recognize and celebrate the diversity in transnational education. Situational stories can help them to become aware of the diverse and wide range of work contexts so that they will not feel to be left alone when facing challenges without relevant previous experience or training. Though this research is a case study based in the Chinese transnational higher education setting, the implications could be relevant and comparable to other transnational higher education situations and help to continue expanding the potential applications in this field.Keywords: educational management, middle manager performance, transnational higher education
Procedia PDF Downloads 1603795 Control of a Stewart Platform for Minimizing Impact Energy in Simulating Spacecraft Docking Operations
Authors: Leonardo Herrera, Shield B. Lin, Stephen J. Montgomery-Smith, Ziraguen O. Williams
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Three control algorithms: Proportional-Integral-Derivative, Linear-Quadratic-Gaussian, and Linear-Quadratic-Gaussian with the shift, were applied to the computer simulation of a one-directional dynamic model of a Stewart Platform. The goal was to compare the dynamic system responses under the three control algorithms and to minimize the impact energy when simulating spacecraft docking operations. Equations were derived for the control algorithms and the input and output of the feedback control system. Using MATLAB, Simulink diagrams were created to represent the three control schemes. A switch selector was used for the convenience of changing among different controllers. The simulation demonstrated the controller using the algorithm of Linear-Quadratic-Gaussian with the shift resulting in the lowest impact energy.Keywords: controller, Stewart platform, docking operation, spacecraft
Procedia PDF Downloads 503794 Motivation and Attitudes toward Learning English and German as Foreign Languages among Sudanese University Students
Authors: A. Ishag, E. Witruk, C. Altmayer
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Motivation and attitudes are considered as hypothetical psychological constructs in explaining the process of second language learning. Gardner (1985) – who first systematically investigated the motivational factors in second language acquisition – found that L2 achievement is related not only to the individual learner’s linguistic aptitude or general intelligence but also to the learner’s motivation and interest in learning the target language. Traditionally language learning motivation can be divided into two types: integrative motivation – the desire to integrate oneself with the target culture; and instrumental motivation – the desire to learn a language in order to meet a specific language requirement such as for employment. One of the Gardner’s main ideas is that the integrative motivation plays an important role in second language acquisition. It is directly and positively related to second language achievement more than instrumental motivation. However, the significance of integrative motivation reflects a rather controversial set of findings. On the other hand, Students’ attitudes towards the target language, its speakers and the learning context may all play some part in explaining their success in learning a language. Accordingly, the present study aims at exploring the significance of motivational and attitudinal factors in learning foreign languages, namely English and German among Sudanese undergraduate students from a psycholinguistic and interdisciplinary perspective. The sample composed of 221 students from the English and German language departments respectively at the University of Khartoum in Sudan. The results indicate that English language’s learners are instrumentally motivated and that German language’s learners have positive attitudes towards the German language community and culture. Furthermore, there are statistical significant differences in the attitudes toward the two languages due to gender; where female students have more positive attitudes than their male counterparts. However, there are no differences along the variables of academic grade and study level. Finally, the reasons of studying the English or German language have also been indicated.Keywords: motivation and attitudes, foreign language learning, english language, german language
Procedia PDF Downloads 6823793 Escalation of Commitment and Turnover in Top Management Teams
Authors: Dmitriy V. Chulkov
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Escalation of commitment is defined as continuation of a project after receiving negative information about it. While literature in management and psychology identified various factors contributing to escalation behavior, this phenomenon has received little analysis in economics, potentially due to the apparent irrationality of escalation. In this study, we present an economic model of escalation with asymmetric information in a principal-agent setup where the agents are responsible for a project selection decision and discover the outcome of the project before the principal. Our theoretical model complements the existing literature on several accounts. First, we link the incentive to escalate commitment to a project with the turnover decision by the manager. When a manager learns the outcome of the project and stops it that reveals that a mistake was made. There is an incentive to continue failing projects and avoid admitting the mistake. This incentive is enhanced when the agent may voluntarily resign from the firm before the outcome of the failing project is revealed, and thus not bear the full extent of reputation damage due to project failure. As long as some successful managers leave the firm for extraneous reasons, outside firms find it difficult to link failing projects with certainty to managers that left a firm. Second, we demonstrate that non-CEO managers have reputation concerns separate from those of the CEO, and thus may escalate commitment to projects they oversee, when such escalation can attenuate damage to reputation from impending project failure. Such incentive for escalation will be present for non-CEO managers if the CEO delegates responsibility for a project to a non-CEO executive. If reputation matters for promotion to the CEO, the incentive for a rising executive to escalate in order to protect reputation is distinct from that of a CEO. Third, our theoretical model is supported by empirical analysis of changes in the firm’s operations measured by the presence of discontinued operations at the time of turnover among the top four members of the top management team. Discontinued operations are indicative of termination of failing projects at a firm. The empirical results demonstrate that in a large dataset of over three thousand publicly traded U.S. firms for a period from 1993 to 2014 turnover by top executives significantly increases the likelihood that the firm discontinues operations. Furthermore, the type of turnover matters as this effect is strongest when at least one non-CEO member of the top management team leaves the firm and when the CEO departure is due to a voluntary resignation and not to a retirement or illness. Empirical results are consistent with the predictions of the theoretical model and suggest that escalation of commitment is primarily observed in decisions by non-CEO members of the top management team.Keywords: discontinued operations, escalation of commitment, executive turnover, top management teams
Procedia PDF Downloads 3653792 Study on Pressurized Reforming System for the Application of Hydrogen Permeable Membrane Applying to Proton Exchange Membrane Fuel Cell
Authors: Kwangho Lee, Joongmyeon Bae
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Fuel cells are spotlighted in the world for being highly efficient and environmentally friendly. A hydrogen fuel for a fuel cell is obtained from a number of sources. Most of fuel cell for APU(Auxiliary power unit) system using diesel fuel as a hydrogen source. Diesel fuel has many advantages, such as high hydrogen storage density, easy to transport and also well-infra structure. However, conventional diesel reforming system for PEMFC(Proton exchange membrane fuel cell) requires a large volume and complex CO removal system for the lower the CO level to less than 10ppm. In addition, the PROX(Preferential Oxidation) reaction cooling load is needed because of the strong exothermic reaction. However, the hydrogen separation membrane that we propose can be eliminated many disadvantages, because the volume is small and permeates only pure hydrogen. In this study, we were conducted to the pressurized diesel reforming and water-gas shift reaction experiment for the hydrogen permeable membrane application.Keywords: hydrogen, diesel, reforming, ATR, WGS, PROX, membrane, pressure
Procedia PDF Downloads 4273791 Analysis of the Unmanned Aerial Vehicles’ Incidents and Accidents: The Role of Human Factors
Authors: Jacob J. Shila, Xiaoyu O. Wu
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As the applications of unmanned aerial vehicles (UAV) continue to increase across the world, it is critical to understand the factors that contribute to incidents and accidents associated with these systems. Given the variety of daily applications that could utilize the operations of the UAV (e.g., medical, security operations, construction activities, landscape activities), the main discussion has been how to safely incorporate the UAV into the national airspace system. The types of UAV incidents being reported range from near sightings by other pilots to actual collisions with aircraft or UAV. These incidents have the potential to impact the rest of aviation operations in a variety of ways, including human lives, liability costs, and delay costs. One of the largest causes of these incidents cited is the human factor; other causes cited include maintenance, aircraft, and others. This work investigates the key human factors associated with UAV incidents. To that end, the data related to UAV incidents that have occurred in the United States is both reviewed and analyzed to identify key human factors related to UAV incidents. The data utilized in this work is gathered from the Federal Aviation Administration (FAA) drone database. This study adopts the human factor analysis and classification system (HFACS) to identify key human factors that have contributed to some of the UAV failures to date. The uniqueness of this work is the incorporation of UAV incident data from a variety of applications and not just military data. In addition, identifying the specific human factors is crucial towards developing safety operational models and human factor guidelines for the UAV. The findings of these common human factors are also compared to similar studies in other countries to determine whether these factors are common internationally.Keywords: human factors, incidents and accidents, safety, UAS, UAV
Procedia PDF Downloads 2413790 The Effect of Video Games on English as a Foreign Language Students' Language Learning Motivation
Authors: Shamim Ali
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Researchers and teachers have begun developing digital games and model environments for educational purpose; therefore this study examines the effect of a videos game on secondary school students’ language learning motivation. Secondly, it tries to find out the opportunities to develop a decision making process and simultaneously it analyzes the solutions for further implementation in educational setting. Participants were 30 male students randomly assigned to one of the following three treatments: 10 students were assigned to read the game’s story; 10 students were players, who played video game; and, and the last 10 students acted as watchers and observers, their duty was to watch their classmates play the digital video game. A language learning motivation scale was developed and it was given to the participants as a pre- and post-test. Results indicated a significant language learning motivation and the participants were quite motivated in the end. It is, thus, concluded that the use of video games can help enhance high school students’ language learning motivation. It was suggested that video games should be used as a complementary activity not as a replacement for textbook since excessive use of video games can divert the original purpose of learning.Keywords: EFL, English as a Foreign Language, motivation, video games, EFL learners
Procedia PDF Downloads 1763789 Emotional Intelligence Training: Helping Non-Native Pre-Service EFL Teachers to Overcome Speaking Anxiety: The Case of Pre-Service Teachers of English, Algeria
Authors: Khiari Nor El Houda, Hiouani Amira Sarra
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Many EFL students with high capacities are hidden because they suffer from speaking anxiety (SA). Most of them find public speaking much demanding. They feel unable to communicate, they fear to make mistakes and they fear negative evaluation or being called on. With the growing number of the learners who suffer from foreign language speaking anxiety (FLSA), it is becoming increasingly difficult to ignore its harmful outcomes on their performance and success, especially during their first contact with the pupils, as they will be teaching in the near future. Different researchers suggested different ways to minimize the negative effects of FLSA. The present study sheds light on emotional intelligence skills training as an effective strategy not only to influence public speaking success but also to help pre-service EFL teachers lessen their speaking anxiety and eventually to prepare them for their professional career. A quasi-experiment was used in order to examine the research hypothesis. We worked with two groups of third-year EFL students at Oum El Bouaghi University. The Foreign Language Classroom Anxiety Scale (FLCAS) and the Emotional Quotient Inventory (EQ-i) were used to collect data about the participants’ FLSA and EI levels. The analysis of the data has yielded that the assumption that there is a negative correlation between EI and FLSA was statistically validated by the Pearson Correlation Test, concluding that, the more emotionally intelligent the individual is the less anxious s/he will be. In addition, the lack of amelioration in the results of the control group and the noteworthy improvement in the experimental group results led us to conclude that EI skills training was an effective strategy in minimizing the FLSA level and therefore, we confirmed our research hypothesis.Keywords: emotional intelligence, emotional intelligence skills training, EQ-I, FLCAS, foreign language speaking anxiety, pre-service EFL teachers
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