Search results for: stock indices

Authors: Nasrin Akter, Prem Chhetri, Shams Rahman

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The present study tested Ajzen’s Theory of Planned Behavior (TPB) model to explain the formation of business customers’ intention to use 3PL services in Bangladesh. The findings show that the TPB model has a good fit to the data. Based on theoretical support and suggested modification indices, a refined TPB model was developed afterwards which provides a better predictive power for intention. Consistent with the theory, the results of a structural equation analysis revealed that the intention to use 3PL services is predicted by attitude and subjective norms but not by perceived behavioral control. Further investigation indicated that the paths between (attitude and intention) and (subjective norms and intention) did not statistically differ between 3PL user and non-user. Findings of this research provide an evidence base to formulate business strategies to increase the use of 3PL services in Bangladesh to enhance productivity and to gain economic efficiency.

Keywords: Bangladesh, intention, third-party logistics, Theory of Planned Behavior

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Authors: Gona Ayuba, Isiaka Mohammed, Kotom Mohammed Baba, Mohammed Aabubakar Maikasuwa

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The study examined the technical efficiency and its determinants of cattle fattening enterprises in Kebbi state, Nigeria. Data were collected from a sample of 160 fatteners between June 2010 and June 2011 using the multistage random sampling technique. Translog stochastic frontier production function was employed for the analysis. Results of the analysis show that technical efficiency indices varied from 0.74 to 0.98%, with a mean of 0.90%, indicating that there was no wide gap between the efficiency of best technical efficient fatteners and that of the average fattener. The result also showed that fattening experience and herd size influenced the level of technical efficiency at 1% levels. It is recommended that credit agencies should ensure that credit made available to the fatteners is monitored to ensure appropriate utilization.

Keywords: technical efficiency, determinants, cattle, fattening enterprises

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Authors: Diego Saldo Alves, Marcelo Paveck Ayub

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The quality of accounting information is very important for the decision-making of managers, investors government and other information users. The opinion of the independent audit has a significant influence on the decision-making, especially the investors. Therefore, the aim of this study is to analyze the reasons that companies listed on Brazilian Stock Exchange B3, if they received qualified opinion and disclaimer of opinion of the independent auditors. We analyzed the reports of the independent auditors of 23 Brazilian companies listed in B3 that received qualified opinion and disclaimer of opinion between the years 2012 and 2017. The findings show that the companies do not comply the International Financial Reporting Standard, IFRS, also they did not provide documentation to prove the operations performed, did not account expenses, problems in corporate governance and internal controls.

Keywords: audit, disclaimer of opinion, independent auditors, qualified opinion

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Authors: Jovana Dj. Jovanovic, Svetlana M. Stevovic

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The highest priority of so called, projected passive houses is to meet the appropriate energy demand. Every single material and layer which is injected into a dwelling has a certain energy quantity stored. The passive houses include optimized insulation levels with minimal thermal bridges, minimum of air leakage through the building, utilization of passive solar and internal gains, and good circulation of air which leans on mechanical ventilation system. The focus of this paper is on passive house features, benefits and targets, their feasibility and energy demands which are set up during each project. Numerous passive house-standards outline the very significant role of zero-energy dwellings towards the modern label of sustainable development. It is clear that the performance of both built and existing housing stock must be addressed if the population across the world sets out the energy objectives. This scientific article examines passive house features since the many passive house cases are launched.

Keywords: benefits, energy demands, passive houses, sustainable development

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Authors: Hyun-Woo Cho

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For ensuring the safety of a manufacturing process one should quickly identify an assignable cause of a fault in an on-line basis. To this end, many statistical techniques including linear and nonlinear methods have been frequently utilized. However, such methods possessed a major problem of small sample size, which is mostly attributed to the characteristics of empirical models used for reference models. This work presents a new method to overcome the insufficiency of measurement data in the monitoring and diagnosis tasks. Some quasi-measurement data are generated from existing data based on the two indices of similarity and importance. The performance of the method is demonstrated using a real data set. The results turn out that the presented methods are able to handle the insufficiency problem successfully. In addition, it is shown to be quite efficient in terms of computational speed and memory usage, and thus on-line implementation of the method is straightforward for monitoring and diagnosis purposes.

Keywords: data analysis, diagnosis, monitoring, process data, quality control

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Authors: Jayeola Olabisi, T. Olawale Oladunjoye, Ademola A. Adewumi

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The study empirically examines the relationship that exists between the economic environment and entrepreneurial development in Nigeria. A structured questionnaire is administered on the study and data collected are analysed using Analysis of Variance and Regression. The following variables are indices of determination; Interest Rate (IR); Income Tax (IT). The results of the study show that there is a significant relationship between IR and ED in Nigeria (p < 0.5) with a positive correlation (r=0.526, r2=0.276). Also, there is a significant relationship between IT and ED in Nigeria (p < 0.05), with a positive association (r=0.546; r2=0.299). The study concludes that the emergence of the higher level of the stable economic environment is critical to entrepreneurial development in Nigeria. Therefore, government involvement in public private partnership for infrastructural development, enlargement of productive, judicious and transparent use of funds collected from income tax and affordable interest rate will galvanise the inward sourcing of raw materials that boost entrepreneurial development in Nigeria.

Keywords: interest rate, income tax, business environment and entrepreneurial development

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Authors: Meltem Gurunlu

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One of the central problems in corporate finance is the allocation of funds. This usually takes two forms: allocation of funds across firms in an economy or allocation of funds across projects or business units within a firm. The first one is typically related to the external markets (the bond market, the stock market, banks and finance companies) whereas the second form of the capital allocation is related to the internal capital markets in which corporate headquarters allocate capital to their business units. (within-group transfers, within-group credit markets, and within-group equity market). The main aim of this study is to investigate the nature of capital allocation dynamics by comparing the relevant studies carried out on external and internal capital markets with paying special significance to the business groups.

Keywords: internal capital markets, external capital markets, capital structure, capital allocation, business groups, corporate finance

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Authors: Ene Rosemary Ndidiamaka, Nwangwu Florence Chinyere

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The physiochemical properties of the melon seed oil was studied to determine its potentials as viable feed stock for biodisel production. The melon seed was extracted by solvent extraction using n-hexane as the extracting solvent. In this research, methanol was the alcohol used in the production of biodiesel, although alcohols like ethanol, propanol may also be used. Sodium hydroxide was employed for the catalysis. The melon seed oil was characterized for specific gravity, pH, ash content, iodine value, acid value, saponification value, peroxide value, free fatty acid value, flash point, viscosity, and refractive index using standard methods. The melon seed oil had very high oil content. Specific gravity and flash point of the oil is satisfactory. However, moisture content of the oil exceeded the stipulated ASRTM standard for biodiesel production. The overall results indicates that the melon seed oil is suitable for single-stage transesterification process to biodiesel production.

Keywords: biodiesel, catalyst, melon seed, transesterification

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Authors: Maruska Vizek, Josip Glaurdic, Marina Tkalec, Goran Vuksic

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We empirically explore whether and how taxation affects bilateral real exchange rates in the euro area – relative unit labor costs and relative consumer price indices. We find that employers’ social security contributions and the value added tax changes have the expected effects put forward in the fiscal devaluation literature and simulations. Increases in employers’ contributions appreciate the relative unit labor costs in the short- and the long-run, while value added tax hike appreciates the relative consumer prices. Somewhat surprisingly, for personal income tax increases, we find a short-run depreciating impact on the relative unit labor costs, while increases in employees’ contributions depreciate both measures of real exchange rates in the short-run.

Keywords: sovereign bonds, European Union, developing countries, political determinants

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Authors: D. Cardone

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Past earthquakes have shown that seismic events may incur large economic losses in buildings. FEMA P-58 provides engineers a practical tool for the performance seismic assessment of buildings. In this study, FEMA P-58 is applied to two typical Italian pre-1970 reinforced concrete frame buildings, characterized by plain rebars as steel reinforcement and masonry infills and partitions. Given that suitable tools for these buildings are missing in FEMA P- 58, specific fragility curves and loss functions are first developed. Next, building performance is evaluated following a time-based assessment approach. Finally, expected annual losses for the selected buildings are derived and compared with past applications to old RC frame buildings representative of the US building stock. 

Keywords: FEMA P-58, RC frame buildings, plain rebars, Masonry infills, fragility functions, loss functions, expected annual loss

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Authors: Yuzhi Cai

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In this paper, we introduce a newly developed quantile function model that can be used for estimating conditional distributions of financial returns and for obtaining multi-step ahead out-of-sample predictive distributions of financial returns. Since we forecast the whole conditional distributions, any predictive quantity of interest about the future financial returns can be obtained simply as a by-product of the method. We also show an application of the model to the daily closing prices of Dow Jones Industrial Average (DJIA) series over the period from 2 January 2004 - 8 October 2010. We obtained the predictive distributions up to 15 days ahead for the DJIA returns, which were further compared with the actually observed returns and those predicted from an AR-GARCH model. The results show that the new model can capture the main features of financial returns and provide a better fitted model together with improved mean forecasts compared with conventional methods. We hope this talk will help audience to see that this new model has the potential to be very useful in practice.

Keywords: DJIA, financial returns, predictive distribution, quantile function model

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Authors: Reshma Raskar-Phule, Abhay Shinde, Manesh Konkani, Rohit Nighot, Shrirang Mahajan, Viraj Thorat

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Sustainability in construction projects can be considered from three dimensions - environment, economy and society. Key concepts of sustainable construction include the protection of the natural environment, choice of non-toxic materials, reduction and reuse of resources, waste minimization, and life cycle analysis. The present paper attempts to identify and analyze the use of sustainable construction materials for a new college hostel building in terms of sustainability development indices (SDIs). Low SDI materials, say as composite fiberglass reinforcement (SDI 4074.96), compressed earth blocks (SDI 0.47), and fiber-reinforced doors (SDI 0.13) are the proposed sustainable materials for the hostel building. Indian Green Building Certification (IGBC) is applied for the hostel building and it earns 5 points out of total 16 points for criterion 5 – Building Materials and Resources of IGBC.

Keywords: sustainable development, construction materials, IGBC, hostel building

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Authors: Subhash Chandra Sharma, Mohammad Soleimani

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Selection of the correct lubricant for the top of rail application is a complex process. In this paper, the selection of the proper lubricant for a Top-Of-Rail (TOR) lubrication system based on graph theory and matrix approach has been developed. Attributes influencing the selection process and their influence on each other has been represented through a digraph and an equivalent matrix. A matrix function which is called the Permanent Function is derived. By substituting the level of inherent contribution of the influencing parameters and their influence on each other qualitatively, a criterion called Suitability Index is derived. Based on these indices, lubricants can be ranked for their suitability. The proposed model can be useful for maintenance engineers in selecting the best lubricant for a TOR application. The proposed methodology is illustrated step–by-step through an example.

Keywords: lubricant selection, top of rail lubrication, graph-theory, Ranking of lubricants

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Authors: Lidia Sanchis-Marco, Antonio Rubia

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In this paper we analyze the state-dependent risk-spillover in different economic areas. To this end, we apply the quantile regression-based methodology developed in Adams, Füss and Gropp approach to examine the spillover in conditional tails of daily returns of indices of the banking industry in the US, BRICs, Peripheral EMU, Core EMU, Scandinavia, the UK and Emerging Markets. This methodology allow us to characterize size, direction and strength of financial contagion in a network of bilateral exposures to address cross-border vulnerabilities under different states of the economy. The general evidence shows as the spillover effects are higher and more significant in volatile periods than in tranquil ones. There is evidence of tail spillovers of which much is attributable to a spillover from the US on the rest of the analyzed regions, specially on European countries. In sharp contrast, the US banking system show more financial resilience against foreign shocks.

Keywords: spillover effects, Bank Contagion, SDSVaR, expected shortfall, VaR, expectiles

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Authors: Osamah A. Alsayegh

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This paper contributes to the literature by updating the analysis of the impact of the recent oil prices fall on the renewable energy (RE) industry and deployment. The research analysis uses the Renewable Energy Industrial Index (RENIXX), which tracks the world’s 30 largest publicly traded companies and oil prices daily data from January 2003 to March 2016. RENIXX represents RE industries developing solar, wind, geothermal, bioenergy, hydropower and fuel cells technologies. This paper tests the hypothesis that claims high oil prices encourage the substitution of alternate energy sources for conventional energy sources. Furthermore, it discusses RENIXX performance behavior with respect to the governments’ policies factor that investors should take into account. Moreover, the paper proposes a theoretical model that relates RE industry progress with oil prices and policies through the fuzzy logic system.

Keywords: Fuzzy logic, investment, policy, stock exchange index

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Authors: Shayma Mohammed, Adel Trabelsi

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Radiopharmacy is the art of preparing high-quality, radioactive, medicinal products for use in diagnosis and therapy. Radiopharmaceuticals unlike normal medicines, this dual aspect (radioactive, medical) makes their management highly critical. One of the most convincing applications of modern technologies is the ability to delegate the execution of repetitive tasks to programming scripts. Automation has found its way to the most skilled jobs, to improve the company's overall performance by allowing human workers to focus on more important tasks than document filling. This project aims to contribute to implement a comprehensive system to insure rigorous management of radiopharmaceuticals through the use of a platform that links the Nuclear Medicine Service Management System to the Nuclear Radio-pharmacy Management System in accordance with the recommendations of World Health Organization (WHO) and International Atomic Energy Agency (IAEA). In this project we attempt to build a web application that targets radiopharmacies, the platform is built atop the inherently compatible web stack which allows it to work in virtually any environment. Different technologies are used in this project (PHP, Symfony, MySQL Workbench, Bootstrap, Angular 7, Visual Studio Code and TypeScript). The operating principle of the platform is mainly based on two parts: Radiopharmaceutical Backoffice for the Radiopharmacian, who is responsible for the realization of radiopharmaceutical preparations and their delivery and Medical Backoffice for the Doctor, who holds the authorization for the possession and use of radionuclides and he/she is responsible for ordering radioactive products. The application consists of sven modules: Production, Quality Control/Quality Assurance, Release, General Management, References, Transport and Stock Management. It allows 8 classes of users: The Production Manager (PM), Quality Control Manager (QCM), Stock Manager (SM), General Manager (GM), Client (Doctor), Parking and Transport Manager (PTM), Qualified Person (QP) and Technical and Production Staff. Digital platform bringing together all players involved in the use of radiopharmaceuticals and integrating the stages of preparation, production and distribution, Web technologies, in particular, promise to offer all the benefits of automation while requiring no more than a web browser to act as a user client, which is a strength because the web stack is by nature multi-platform. This platform will provide a traceability system for radiopharmaceuticals products to ensure the safety and radioprotection of actors and of patients. The new integrated platform is an alternative to write all the boilerplate paperwork manually, which is a tedious and error-prone task. It would minimize manual human manipulation, which has proven to be the main source of error in nuclear medicine. A codified electronic transfer of information from radiopharmaceutical preparation to delivery will further reduce the risk of maladministration.

Keywords: automated system, management, radiopharmacy, technical papers

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Authors: Ofelia Loani Elvir Lazo, Roya Yumul, Sevan Komshian, Ruby Wang, Jun Tang

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Background: Monitoring the anti-nociceptive drug effect is useful because a sudden and strong nociceptive stimulus may result in untoward autonomic responses and muscular reflex movements. Monitoring the anti-nociceptive effects of perioperative medications has long been desiredas a way to provide anesthesiologists information regarding a patient’s level of antinociception and preclude any untoward autonomic responses and reflexive muscular movements from painful stimuli intraoperatively.To this end, electroencephalogram (EEG) based tools includingBIS and qCON were designed to provide information about the depth of sedation whileqNOXwas produced to informon the degree of antinociception.The goal of this study was to compare the reliability of qCON/qNOX to BIS asspecific indicators of response to nociceptive stimulation. Methods: Sixty-two patients undergoing general anesthesia with LMA were included in this study. Institutional Review Board(IRB) approval was obtained, and informed consent was acquired prior to patient enrollment. Inclusion criteria included American Society of Anesthesiologists (ASA) class I-III, 18 to 80 years of age, and either gender. Exclusion criteria included the inability to consent. Withdrawal criteria included conversion to endotracheal tube and EEG malfunction. BIS and qCON/qNOX electrodes were simultaneously placed o62n all patientsprior to induction of anesthesia and were monitored throughout the case, along with other perioperative data, including patient response to noxious stimuli. All intraoperative decisions were made by the primary anesthesiologist without influence from qCON/qNOX. Student’s t-distribution, prediction probability (PK), and ANOVA were used to statistically compare the relative ability to detect nociceptive stimuli for each index. Twenty patients were included for the preliminary analysis. Results: A comparison of overall intraoperative BIS, qCON and qNOX indices demonstrated no significant difference between the three measures (N=62, p> 0.05). Meanwhile, index values for qNOX (62±18) were significantly higher than those for BIS (46±14) and qCON (54±19) immediately preceding patient responses to nociceptive stimulation in a preliminary analysis (N=20, * p= 0.0408). Notably, certain hemodynamic measurements demonstrated a significant increase in response to painful stimuli (MAP increased from74±13 mm Hg at baseline to 84± 18 mm Hg during noxious stimuli [p= 0.032] and HR from 76±12 BPM at baseline to 80±13BPM during noxious stimuli[p=0.078] respectively). Conclusion: In this observational study, BIS and qCON/qNOX provided comparable information on patients’ level of sedation throughout the course of an anesthetic. Meanwhile, increases in qNOX values demonstrated a superior correlation to an imminent response to stimulation relative to all other indices.

Keywords: antinociception, bispectral index (BIS), general anesthesia, laryngeal mask airway, qCON/qNOX

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Authors: Elham Koohi, Silvio Jose Gumiere, Hossein Bonakdari, Saeid Homayouni

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Water used in agricultural crops can be managed by irrigation scheduling based on soil moisture levels and plant water stress thresholds. Automated irrigation scheduling limits crop physiological damage and yield reduction. Knowledge of crop water stress monitoring approaches can be effective in optimizing the use of agricultural water. Understanding the physiological mechanisms of crop responding and adapting to water deficit ensures sustainable agricultural management and food supply. This aim could be achieved by analyzing and diagnosing crop characteristics and their interlinkage with the surrounding environment. Assessments of plant functional types (e.g., leaf area and structure, tree height, rate of evapotranspiration, rate of photosynthesis), controlling changes, and irrigated areas mapping. Calculating thresholds of soil water content parameters, crop water use efficiency, and Nitrogen status make irrigation scheduling decisions more accurate by preventing water limitations between irrigations. Combining Remote Sensing (RS), the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning Algorithms (MLAs) can improve measurement accuracies and automate irrigation scheduling. This paper is a review structured by surveying about 100 recent research studies to analyze varied approaches in terms of providing high spatial and temporal resolution mapping, sensor-based Variable Rate Application (VRA) mapping, the relation between spectral and thermal reflectance and different features of crop and soil. The other objective is to assess RS indices formed by choosing specific reflectance bands and identifying the correct spectral band to optimize classification techniques and analyze Proximal Optical Sensors (POSs) to control changes. The innovation of this paper can be defined as categorizing evaluation methodologies of precision irrigation (applying the right practice, at the right place, at the right time, with the right quantity) controlled by soil moisture levels and sensitiveness of crops to water stress, into pre-processing, processing (retrieval algorithms), and post-processing parts. Then, the main idea of this research is to analyze the error reasons and/or values in employing different approaches in three proposed parts reported by recent studies. Additionally, as an overview conclusion tried to decompose different approaches to optimizing indices, calibration methods for the sensors, thresholding and prediction models prone to errors, and improvements in classification accuracy for mapping changes.

Keywords: agricultural crops, crop water stress detection, irrigation scheduling, precision agriculture, remote sensing

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Authors: Rachid Benmoussa, Fatima Ezzahra Essaber, Roland De Guio, Fatima Zahra Ben Moussa

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Implementing green practices in supply chain management is a complex task mainly because ecological, economical and operational goals are usually in conflict. Green practices might thus face companies’ reluctance because managers can consider its implementation obviously as a performance lean degradation. To implement lean and green practices successfully, companies need relevant decision-making tools to highlight the correlation between them. To contribute to this issue, this work tries to answer the following research question: How to use simulation to assess correlation (antagonism or convergence) between lean and green goals? To answer this question, we propose in this paper a based simulation process that measures correlation generally between two variables. So as to prove its relevance, a logistics academic case study is used to illustrate all its stages. It shows, as for example, that Lean goal 'Stock' and Green goal 'CO₂ emission' are not conceptually correlated (linearly).

Keywords: simulation, lean, green, supply chain

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Authors: Leila Khosravi

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A major part of the drinking water in North West of Iran is supplied from Mahabad reservoir 80 km northwest of Mahabad. This reservoir collects water from 750 km-catchment which is undergoing accelerated changes due to deforestation and urbanization. The main objective of this study is to develop a catchment modeling platform which translates ongoing land-use changes, soil data, precipitation and evaporation into surface runoff of the river discharging into the reservoir: Soil and Water Assessment Tool, SWAT, model along with hydro -meteorological records of 1997–2011. A variety of statistical indices were used to evaluate the simulation results for both calibration and validation periods; among them, the robust Nash–Sutcliffe coefficients were found to be 0.52 and 0.62 in the calibration and validation periods, respectively. This project has developed a reliable modeling platform with the benchmark land physical conditions of the Mahabad dam basin.

Keywords: simulation, surface runoff, Mahabad dam, SWAT model

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Authors: Htet Khaing Lin

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This study explores the relationship between a diverse set of variables, encompassing both environmental and socio-economic factors, and poverty levels in the Philippines for the years 2012, 2015, and 2018. Employing Ordinary Least Squares (OLS), Spatial Lag Models (SLM), and Spatial Error Models (SEM), this study delves into the dynamics of key indicators, including daytime and nighttime land surface temperature, cropland surface, urban land surface, rainfall, population size, normalized difference water, vegetation, and drought indices. The findings reveal consistent patterns and unexpected correlations, highlighting the need for nuanced policies that address the multifaceted challenges arising from the interplay of environmental and socio-economic factors.

Keywords: poverty analysis, OLS, spatial lag models, spatial error models, Philippines, google earth engine, satellite data, environmental dynamics, socio-economic factors

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Authors: Mona Rezaei, Habib Honari, Mehrzad Hamidi, Fatemeh Kiani

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Make strong brands has become a priority for many organizations in marketing. Brand is an important indicator of marketing status. Brand Strength is in kept customer, profit, brand development and gain competitive advantage and In fact it is a concept that was created from a consumer perspective. It is assumed that the creation of a strong brand is creating numerous marketing benefits. The purpose of this study was to evaluate the psychometric characteristics of the questionnaire the most strong sports brands in the consumer society. Questionnaire was conducted to a sample of 340 customers of sports brands. Psychometric parameters were determined by using appropriate statistical methods. The results of the factor analysis and Varimax rotation revealed five factors of strong brands. The results confirms that questionnaire structure have acceptable associated to the data and confirmed all indicators of the model. Reliability (859/0) was satisfactory. According to calculated psychometric indices, this questionnaire could be appropriate to assess the most strong sports brands.

Keywords: reliability, strong brand, sport brands, psychometric

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Authors: Uzoma Emmanuel Igboji

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The study investigates the effects of cash flow position on corporate performance in the manufacturing sector of Nigeria, using multiple regression techniques. The study involved a survey of five (5) manufacturing companies quoted on the Nigerian Stock Exchange. The data were obtained from the annual reports of the selected companies under study. The result shows that operating and financing cash flow have a significant positive relationship with corporate performance, while investing cash flow position have a significant negative relationship. The researcher recommended that the regulatory authorities should encourage external auditors of these quoted companies to use cash flow ratios in evaluating the performance of a company before expressing an independent opinion on the financial statement. The will give detailed financial information to existing and potential investors to make informed economic decisions.

Keywords: cash flow, financing, performance, operating

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Authors: Mazarine Roquet, Pierre Dewallef

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The building sector, both residential and tertiary, accounts for a significant share of greenhouse gas emissions. In Belgium, partly due to poor insulation of the building stock, but certainly because of the massive use of fossil fuels for heating buildings, this share reaches almost 30%. To reduce carbon emissions from urban building heating, district heating networks emerge as a promising solution as they offer various assets such as improving the load factor, integrating combined heat and power systems, and enabling energy source diversification, including renewable sources and waste heat recovery. However, mainly for sake of simple operation, most existing district heating networks still operate at high or medium temperatures ranging between 120°C and 60°C (the socalled second and third-generations district heating networks). Although these district heating networks offer energy savings in comparison with individual boilers, such temperature levels generally require the use of fossil fuels (mainly natural gas) with combined heat and power. The fourth-generation district heating networks improve the transport and energy conversion efficiency by decreasing the operating temperature between 50°C and 30°C. Yet, to decarbonise the building heating one must increase the waste heat recovery and use mainly wind, solar or geothermal sources for the remaining heat supply. Fifth-generation networks operating between 35°C and 15°C offer the possibility to decrease even more the transport losses, to increase the share of waste heat recovery and to use electricity from renewable resources through the use of heat pumps to generate low temperature heat. The main objective of this contribution is to exhibit on a real-life test case the benefits of replacing an existing third-generation network by a fifth-generation one and to decarbonise the heat supply of the building stock. The second objective of the study is to highlight the difficulties resulting from the use of a fifth-generation, low-temperature, district heating network. To do so, a simulation model of the district heating network including its regulation is implemented in the modelling language Modelica. This model is applied to the test case of the heating network on the University of Liège's Sart Tilman campus, consisting of around sixty buildings. This model is validated with monitoring data and then adapted for low-temperature networks. A comparison of primary energy consumptions as well as CO2 emissions is done between the two cases to underline the benefits in term of energy independency and GHG emissions. To highlight the complexity of operating a lowtemperature network, the difficulty of adapting the mass flow rate to the heat demand is considered. This shows the difficult balance between the thermal comfort and the electrical consumption of the circulation pumps. Several control strategies are considered and compared to the global energy savings. The developed model can be used to assess the potential for energy and CO2 emissions savings retrofitting an existing network or when designing a new one.

Keywords: building simulation, fifth-generation district heating network, low-temperature district heating network, urban building heating

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Authors: Mehmet Ali Topçu, Aydın Ruşen

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Çinkur is the only plant in Turkey that produces zinc from primary ore containing zinc carbonate from its establishment until 1997. After this year, zinc concentrate coming from Iran was used in this plant. Therefore, there are two different leach residues namely Turkish leach residue (TLR) and Iranian leach residue (ILR), in Çinkur stock piles. This paper describes zinc recovery by sulphuric acid (H2SO4) treatment for each leach residue and includes comparison of blended of TLR and ILR. Before leach experiments; chemical, mineralogical and thermal analysis of three different leach residues was carried out by using atomic absorption spectrometry (AAS), X-Ray diffraction (XRD) and differential thermal analysis (DTA), respectively. Leaching experiments were conducted at optimum conditions; 100 oC, 150 g/L H2SO4 and 2 hours. In the experiments, stirring rate was kept constant at 600 r/min which ensures complete mixing in leaching solution. Results show that zinc recovery for Iranian LR was higher than Turkish LR due to having different chemical composition from each other.

Keywords: hydrometallurgy, leaching, metal extraction, metal recovery

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Authors: Pei-Gi Shu, Yin-Hua Yeh, Chao-Ting Chen

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Using a dataset consisting of 7,120 firm-year observations from the Taiwan stock market over the 2007-2011 sample period, we find a significantly negative relationship between board external connectedness and firm diversification. We propose a learningeffect hypothesis indicating that an externally connected board member’s experiences in other companies directly affect his recommendations regarding the underlying firm’s diversification. The partial correlation between diversification and the performance of firms with externally connected board members is used as a proxy for the learning effect. The empirical results show that the learning effect is asymmetrically embedded in firm diversification, with negative experiences having a greater effect on firm diversification than positive experiences. Externally connected board members are associated with reduced diversification in one firm after they learn that diversification is detrimental to value in other companies. Moreover, the diversification of a firm due to board external connectedness is moderated by the controlling owner’s interest alignment and entrenchment.

Keywords: board, external, connectedness, diversification

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Authors: Miang Hong Ngerng, Noor Diyana Jasme, May Jin Theong

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Volatile market environment is inevitable. Fund managers are struggling to choose the right strategy to survive and overcome uncertainties and adverse market movement. Therefore, finding certainty in the mist of uncertainty future is one of the key performance objectives for fund managers. Current available theoretical results are not practical due to strong reliance on the investment assumption made. This paper is to identify the component that can be forecasted in Ex-ante setting which is the realistic situation facing a fund manager in the actual execution of asset allocation in portfolio management. Partial lease square method was used to generate an index with 10 years accounting data from 191 companies listed in KLSE. The result shows that the index reflects the inner nature of the business and up to 30% of the stock return can be explained by the index.

Keywords: active portfolio management, asset allocation ex-ante investment, asset class, partial lease square

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Authors: Mustafa M. Donma, Orkide Donma

Abstract:

Obesity is a low-grade inflammatory state. Childhood obesity is a multisystem disease, which is associated with a number of complications as well as potentially negative consequences. Gender is an important universal risk factor for many diseases. Hematological indices differ significantly by gender. This should be considered during the evaluation of obese children. The aim of this study is to detect hematologic indices that differ by gender in morbid obese (MO) children. A total of 134 MO children took part in this study. The parents filled an informed consent form and the approval from the Ethics Committee of Namik Kemal University was obtained. Subjects were divided into two groups based on their genders (64 females aged 10.2±3.1 years and 70 males aged 9.8±2.2 years; p ≥ 0.05). Waist-to-hip as well as head-to-neck ratios and body mass index (BMI) values were calculated. The children, whose WHO BMI-for age and sex percentile values were > 99 percentile, were defined as MO. Hematological parameters [haemoglobin, hematocrit, erythrocyte count, mean corpuscular volume, mean corpuscular haemoglobin, mean corpuscular haemoglobin concentration, red blood cell distribution width, leukocyte count, neutrophil %, lymphocyte %, monocyte %, eosinophil %, basophil %, platelet count, platelet distribution width, mean platelet volume] were determined by the automatic hematology analyzer. SPSS was used for statistical analyses. P ≤ 0.05 was the degree for statistical significance. The groups included children having mean±SD value of BMI as 26.9±3.4 kg/m² for males and 27.7±4.4 kg/m² for females (p ≥ 0.05). There was no significant difference between ages of females and males (p ≥ 0.05). Males had significantly increased waist-to-hip ratios (0.95±0.08 vs 0.91±0.08; p=0.005) and mean corpuscular hemoglobin concentration values (33.6±0.92 vs 33.1±0.83; p=0.001) compared to those of females. Significantly elevated neutrophil (4.69±1.59 vs 4.02±1.42; p=0.011) and neutrophil-to-lymphocyte ratios (1.70±0.71 vs 1.39±0.48; p=0.004) were detected in females. There was no statistically significant difference between groups in terms of C-reactive protein values (p ≥ 0.05). Adipose tissue plays important roles during the development of obesity and associated diseases such as metabolic syndrom and cardiovascular diseases (CVDs). These diseases may cause changes in complete blood cell count parameters. These alterations are even more important during childhood. Significant gender effects on the changes of neutrophils, one of the white blood cell subsets, were observed. The findings of the study demonstrate the importance of considering gender in clinical studies. The males and females may have distinct leukocyte-trafficking profiles in inflammation. Female children had more circulating neutrophils, which may be the indicator of an increased risk of CVDs, than male children within this age range during the late stage of obesity. In recent years, females represent about half of deaths from CVDs; therefore, our findings may be the indicator of the increasing tendency of this risk in females starting from childhood.

Keywords: children, gender, morbid obesity, neutrophil-to-lymphocyte ratio

Procedia PDF Downloads 259

Authors: Ichiro Takahashi

Abstract:

One conundrum that macroeconomic theory faces is to explain how an economy can revive from depression, in which the aggregate demand has fallen substantially below its productive capacity. This paper examines an autonomous stabilizing mechanism using an agent-based Wicksell-Keynes macroeconomic model. This paper focuses on the effects of the number of firms and the length of the gestation period for investment that are often assumed to be one in a mainstream macroeconomic model. The simulations found the virtual economy was highly unstable, or more precisely, collapsing when these parameters are fixed at one. This finding may even suggest us to question the legitimacy of these common assumptions. A perpetual decline in capital stock will eventually encourage investment if the capital stock is short-lived because an inactive investment will result in insufficient productive capacity. However, for an economy characterized by a roundabout production method, a gradual decline in productive capacity may not be able to fall below the aggregate demand that is also shrinking. Naturally, one would then ask if our economy cannot rely on an external stimulus such as population growth and technological progress to revive investment, what factors would provide such a buoyancy for stimulating investments? The current paper attempts to answer this question by employing the artificial macroeconomic model mentioned above. The baseline model has the following three features: (1) the multi-period gestation for investment, (2) a large number of heterogeneous firms, (3) demand-constrained firms. The instability is a consequence of the following dynamic interactions. (a) A multiple-period gestation period means that once a firm starts a new investment, it continues to invest over some subsequent periods. During these gestation periods, the excess demand created by the investing firm will spill over to ignite new investment of other firms that are supplying investment goods: the presence of multi-period gestation for investment provides a field for investment interactions. Conversely, the excess demand for investment goods tends to fade away before it develops into a full-fledged boom if the gestation period of investment is short. (b) A strong demand in the goods market tends to raise the price level, thereby lowering real wages. This reduction of real wages creates two opposing effects on the aggregate demand through the following two channels: (1) a reduction in the real labor income, and (2) an increase in the labor demand due to the principle of equality between the marginal labor productivity and real wage (referred as the Walrasian labor demand). If there is only a single firm, a lower real wage will increase its Walrasian labor demand, thereby an actual labor demand tends to be determined by the derived labor demand. Thus, the second positive effect would not work effectively. In contrast, for an economy with a large number of firms, Walrasian firms will increase employment. This interaction among heterogeneous firms is a key for stability. A single firm cannot expect the benefit of such an increased aggregate demand from other firms.

Keywords: agent-based macroeconomic model, business cycle, demand constraint, gestation period, representative agent model, stability

Procedia PDF Downloads 151

Authors: Mike Tsionas

Abstract:

The paper develops new indices of financial stability based on an explicit model of expected utility maximization by financial institutions subject to the classical technology restrictions of neoclassical production theory. The model can be estimated using standard econometric techniques, like GMM for dynamic panel data and latent factor analysis for the estimation of co-variance matrices. An explicit functional form for the utility function is not needed and we show how measures of risk aversion and prudence (downside risk aversion) can be derived and estimated from the model. The model is estimated using data for Eurozone countries and we focus particularly on (i) the use of the modeling approach as an “early warning mechanism”, (ii) the bank- and country-specific estimates of risk aversion and prudence (downside risk aversion), and (iii) the derivation of a generalized measure of risk that relies on loan-price uncertainty.

Keywords: financial stability, banking, expected utility maximization, sub-prime crisis, financial crisis, eurozone, PIIGS

Procedia PDF Downloads 332