Search results for: endogenous growth theory
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 10731

Search results for: endogenous growth theory

2841 Antecedents of MNE Performance and Managing Firm-Specific and Country-Specific Advantages: An Empirical Study of Optoelectronics Industry in Taiwan

Authors: Jyh-Yi Shih, Chie-Bein Chen, Kuang-Yi Lin, Yu-Wei Huang

Abstract:

Because of the trend toward globalization, Taiwanese companies have gradually focused more on overseas market operations. Overseas market performance has gradually increased as a proportion of Taiwanese companies’ total business revenues. Existing international investment theories cannot explain numerous new phenomena in this domain. Opinions are inconsistent, and contradictory positions exist regarding the antecedents of multinational enterprise (MNE) performance. This study applied contemporary internalization theory to establish and extend approaches adopted by previous relevant studies. In the context of the overseas market, the influence that MNE investment in research and development (R&D) and marketing has on enterprise performance was investigated from the firm-specific advantages (FSAs) and country-specific advantages (CSAs) perspectives. CSAs and internationalization speed were addressed as moderators, and hypotheses regarding how internationalization and performance were achieved through MNE overseas market operation were explored to ensure the completeness of the investigation. The list of enterprises was sourced from the Taiwan Economic Journal. After examining the relevant data, the following conclusions were obtained: (a) The relationship between the level of FSAs in R&D and enterprise performance exhibited an S-shaped curve. (b) The relationship between the level of FSAs in marketing and enterprise performance displayed a U-shaped curve. (c) The extent to which potential CFAs were obtained positively moderated the relationship between enterprise investment in R&D to gain FSAs and MNE performance. (d) Internationalization speed positively moderated the relationship between MNEs and enterprise investment in R&D and marketing to gain FSAs.

Keywords: multinational corporation, firm-specific advantages, country-specific advantages, international speed

Procedia PDF Downloads 376
2840 Improving Pneumatic Artificial Muscle Performance Using Surrogate Model: Roles of Operating Pressure and Tube Diameter

Authors: Van-Thanh Ho, Jaiyoung Ryu

Abstract:

In soft robotics, the optimization of fluid dynamics through pneumatic methods plays a pivotal role in enhancing operational efficiency and reducing energy loss. This is particularly crucial when replacing conventional techniques such as cable-driven electromechanical systems. The pneumatic model employed in this study represents a sophisticated framework designed to efficiently channel pressure from a high-pressure reservoir to various muscle locations on the robot's body. This intricate network involves a branching system of tubes. The study introduces a comprehensive pneumatic model, encompassing the components of a reservoir, tubes, and Pneumatically Actuated Muscles (PAM). The development of this model is rooted in the principles of shock tube theory. Notably, the study leverages experimental data to enhance the understanding of the interplay between the PAM structure and the surrounding fluid. This improved interactive approach involves the use of morphing motion, guided by a contraction function. The study's findings demonstrate a high degree of accuracy in predicting pressure distribution within the PAM. The model's predictive capabilities ensure that the error in comparison to experimental data remains below a threshold of 10%. Additionally, the research employs a machine learning model, specifically a surrogate model based on the Kriging method, to assess and quantify uncertainty factors related to the initial reservoir pressure and tube diameter. This comprehensive approach enhances our understanding of pneumatic soft robotics and its potential for improved operational efficiency.

Keywords: pneumatic artificial muscles, pressure drop, morhing motion, branched network, surrogate model

Procedia PDF Downloads 73
2839 Biomass and Lipid Enhancement by Response Surface Methodology in High Lipid Accumulating Indigenous Strain Rhodococcus opacus and Biodiesel Study

Authors: Kulvinder Bajwa, Narsi R. Bishnoi

Abstract:

Finding a sustainable alternative for today’s petrochemical industry is a major challenge facing by researchers, scientists, chemical engineers, and society at the global level. Microorganisms are considered to be sustainable feedstock for 3rd generation biofuel production. In this study, we have investigated the potential of a native bacterial strain isolated from a petrol contaminated site for the production of biodiesel. The bacterium was identified to be Rhodococcus opacus by biochemical test and 16S rRNA. Compositional analysis of bacterial biomass has been carried out by Fourier transform infrared spectroscopy (FTIR) in order to confirm lipid profile. Lipid and biomass were optimized by combination with Box Behnken design (BBD) of response surface methodology. The factors selected for the optimization of growth condition were glucose, yeast extract, and ammonium nitrate concentration. The experimental model developed through RSM in terms of effective operational factors (BBD) was found to be suitable to describe the lipid and biomass production, which indicated higher lipid and biomass with a minimum concentration of ammonium nitrate, yeast extract, and quite higher dose of glucose supplementation. Optimum results of the experiments were found to be 2.88 gL⁻¹ biomass and lipid content 38.75% at glucose 20 gL⁻¹, ammonium nitrate 0.5 gL⁻¹ and yeast extract 1.25 gL⁻¹. Furthermore, GCMS study revealed that Rhodococcus opacus has favorable fatty acid profile for biodiesel production.

Keywords: biofuel, Oleaginious bacteria, Rhodococcus opacus, FTIR, BBD, free fatty acids

Procedia PDF Downloads 124
2838 Study on the Spatial Evolution Characteristics of Urban Agglomeration Integration in China: The Case of Chengdu-Chongqing Urban Agglomeration

Authors: Guoqin Ge, Minhui Huang, Yazhou Zhou

Abstract:

The growth of the Chengdu-Chongqing urban agglomeration has been designated as a national strategy in China. Analyzing its spatial evolution characteristics is crucial for devising relevant development strategies. This paper enhances the gravitational model by using temporal distance as a factor. It applies this improved model to assess the economic interconnection and concentration level of each geographical unit within the Chengdu-Chongqing urban agglomeration between 2011 and 2019. On this basis, this paper examines the spatial correlation characteristics of economic agglomeration intensity and urban-rural development equalization by employing spatial autocorrelation analysis. The study findings indicate that the spatial integration in the Chengdu-Chongqing urban agglomeration is currently in the "point-axis" development stage. The spatial organization structure is becoming more flattened, and there is a stronger economic connection between the core of the urban agglomeration and the peripheral areas. The integration of the Chengdu-Chongqing urban agglomeration is currently hindered by conflicting interests and institutional heterogeneity between Chengdu and Chongqing. Additionally, the connections between the relatively secondary spatial units are largely loose and weak. The strength and scale of economic ties and the level of urban-rural equilibrium among spatial units within the Chengdu-Chongqing urban agglomeration have increased, but regional imbalances have continued to widen, and such positive and negative changes have been characterized by the spatial and temporal synergistic evolution of the "core-periphery". Ultimately, this paper presents planning ideas for the future integration development of the Chengdu-Chongqing urban agglomeration, drawing from the findings.

Keywords: integration, planning strategy, space organization, space evolution, urban agglomeration

Procedia PDF Downloads 38
2837 No Space for Subculture, No Space for Disruption: Taming Creativity in Urban Development Projects

Authors: Nadine Osbild

Abstract:

Recent urban development projects often try to cater to both high-tech innovation/start-up culture and local culture/sustainable living. In the process, the so-called “creative class” (Florida 2002) has become a focal point for innovative answers to increasing urban pressures. Our paper explores local subculture and art scenes as a place where current innovation policies and alternative approaches to urban future-making collide. We explore the (re-)making of prevalent understanding of creativity in the context of Munich – an economically successful and over-saturated city with a relatively conservative approach to innovation and disruption and no apparent need for the “creative class” remedy. In particular, we investigate the opportunities and manifestations of subculture in three urban development projects that are envisioned as collaborations between innovators and (sub)culturally oriented creativity. Following a co-production STS approach, we observe that these development projects serve as sites where understandings of innovation and creativity are configured and stabilized in keeping with broader socio-political and economic rationalities. What is more, the projects materialize a de-facto split between the two understandings of a “creative scene,” whereby alternative and potentially disruptive forms of creativity become sidelined or even prevented in Munich’s imagination of urban development in the name of innovation and economic growth. Thus taming the unruliness of creativity, Munich also manages to tame the disruptive threats of innovation, ensuring that the innovation-centered modes of future-making still leave socio-economic hierarchies intact while displacing (counter-)visions rooted in the subculture.

Keywords: creative districts, science and technology studies, public engagement, innovation studies

Procedia PDF Downloads 82
2836 The Construction and Representation of Muslim Identity in Bollywood Commercial Films

Authors: Abonti Mehtaz

Abstract:

The utmost controversial issue that Bollywood movies deal with is religious conflicts and the representation of Islam and or Muslims. The main objective of this paper is to examine that, how Muslim identity is constructed in Bollywood commercial films through the representation of Muslims and/or Islam. Two hypotheses are developed for this study, i.e., (1) Bollywood commercial films often portray the stereotypical image of Muslims. (2) The portrayal of Muslims and Islam in Bollywood commercial films is often negative. (3) Bollywood commercial films frequently construct a wrong and fake identity of Muslims through an inappropriate representation of Muslims and Islam. This study employs qualitative research techniques. To examine the hypotheses of this paper, 10 Bollywood commercial films produced in between 2000-2018 are selected purposively such as Fiza (2000), Gadar: Ek Prem Katha (2001), Company (2002), Aamir (2008), Kurbaan (2009), Anwar (2010), My name is Khan (2010), Raanjhanaa (2013), Omerta (2017) and Pari (2018). By conducting textual analyses of the above mentioned Bollywood commercial films, this paper focuses on different approaches of Muslim identity and their construction as well as representation in Bollywood commercial films in the light of scholarly work in film and cultural studies. Though 10 Bollywood commercial films are selected for contextual analysis, other Bollywood films by other directors are also mentioned in order to establish the hypotheses of this study. Framing theory is used to analyze the media contents. Findings of this study show that all hypotheses are accepted. Bollywood commercial films continually represent Islam and Muslims in incorrect ways and by doing so Bollywood commercial films construct a fallacious Muslim identity. Though the sample size of contents can be considered as a limitation of this study, the findings of the study reveal that how Bollywood commercial film is setting agenda to manipulate the image of Muslims and Islam not only in India but all over the world.

Keywords: Bollywood commercial films, Muslim identity, misrepresentation, representation, stereotypical

Procedia PDF Downloads 194
2835 Scientific Development as Diffusion on a Social Network: An Empirical Case Study

Authors: Anna Keuchenius

Abstract:

Broadly speaking, scientific development is studied in either a qualitative manner with a focus on the behavior and interpretations of academics, such as the sociology of science and science studies or in a quantitative manner with a focus on the analysis of publications, such as scientometrics and bibliometrics. Both come with a different set of methodologies and few cross-references. This paper contributes to the bridging of this divide, by on the on hand approaching the process of scientific progress from a qualitative sociological angle and using on the other hand quantitative and computational techniques. As a case study, we analyze the diffusion of Granovetter's hypothesis from his 1973 paper 'On The Strength of Weak Ties.' A network is constructed of all scientists that have referenced this particular paper, with directed edges to all other researchers that are concurrently referenced with Granovetter's 1973 paper. Studying the structure and growth of this network over time, it is found that Granovetter's hypothesis is used by distinct communities of scientists, each with their own key-narrative into which the hypothesis is fit. The diffusion within the communities shares similarities with the diffusion of an innovation in which innovators, early adopters, and an early-late majority can clearly be distinguished. Furthermore, the network structure shows that each community is clustered around one or few hub scientists that are disproportionately often referenced and seem largely responsible for carrying the hypothesis into their scientific subfield. The larger implication of this case study is that the diffusion of scientific hypotheses and ideas are not the spreading of well-defined objects over a network. Rather, the diffusion is a process in which the object itself dynamically changes in concurrence with its spread. Therefore it is argued that the methodology presented in this paper has potential beyond the scientific domain, in the study of diffusion of other not well-defined objects, such as opinions, behavior, and ideas.

Keywords: diffusion of innovations, network analysis, scientific development, sociology of science

Procedia PDF Downloads 294
2834 Demographic Factors Influence on Awareness of Islamic Financing among Micro, Small and Medium Enterprises Entrepreneurs in the North East Region of Nigeria

Authors: Bashir Ahmad, Daneji, Hamidu Aminu, Ahmad, Aliyu Mukhtar, Daneji, Haruna Mohammed

Abstract:

It has been established and universally agreed that vibrant Micro, Small and Medium Enterprises (MSMEs) play significant roles in economic growth and development. In Nigeria, MSMEs are not playing the expected roles. Notable among the plethora of reasons is lack of prompt and sufficient finance. Government and other stakeholders attempted in several ways at different times to provide the required finance to MSMEs but the results were not encouraging and consequently, many failed. In recent past, Islamic financing emerged world over as promising alternative source of financing. However, its awareness among MSMEs entrepreneurs in north east region of Nigeria stands to be questioned. This study explored the 'Demographic Factors Influence on Awareness of Islamic Financing among MSMEs entrepreneurs in the North East Region of Nigeria'. The primary data used in this study were collected through questionnaire. In analyzing the collected data, the study used frequency, percentages, Pearson correlation, ANOVA and test of homogeneity test (Levene’s test) parameters generated from SPSS (version 15). The findings of the study revealed that entrepreneurs’ age, state of origin, religion and educational level influence their MSMEs awareness of Islamic Financing in the north east region of Nigeria. The study recommended that Islamic Financing institutions, government and relevant agencies should do more to enhance the awareness of Islamic financing among MSMEs entrepreneurs in the north east region of Nigeria.

Keywords: awareness, demographic factors, entrepreneurs, Islamic financing

Procedia PDF Downloads 354
2833 Racial and Ethnic Health Disparities: An Investigation of the Relationship between Race, Ethnicity, Health Care Access, and Health Status

Authors: Dorcas Matowe

Abstract:

Inequality in health care for racial and ethnic minorities continues to be a growing concern for many Americans. Some of the barriers hindering the elimination of health disparities include lack of insurance, socioeconomic status (SES), and racism. This study will specifically focus on the association between some of these factors- health care access, which includes insurance coverage and frequency of doctor visits, race, ethnicity, and health status. The purpose of this study will be to address the following questions: is having health insurance associated with increased doctor visits? Are racial and ethnic minorities with health insurance more or less likely to see a doctor? Is the association between having health insurance moderated by being an ethnic minority? Given the current implications of the 2010 Affordable Care Act, this study will highlight the need to prioritize health care access for minorities and confront institutional racism. Critical Race Theory (CRT) will demonstrate how racism has reinforced these health disparities. This quantitative study design will analyze secondary data from the 2015 Behavioral Risk Factor Surveillance System (BRFSS) questionnaire, a telephone survey conducted annually in all 50 states and three US territories by state health departments in conjunction with the Center for Disease Control (CDC). Non-identifying health-related data is gathered annually from over 400,000 adults 18 years and above about their health status and use of preventative services. Through Structural Equation Modeling (SEM), the relationship between the predictor variables of health care access, race, and ethnicity, the criterion variable of health status, and the latent variables of emotional support and life satisfaction will be examined. It is hypothesized that there will be an interaction between certain racial and ethnic minorities who went to see a doctor, had insurance coverage, experienced racism, and the quality of their health status, emotional support, and life satisfaction.

Keywords: ethnic minorities, health disparities, health access, racism

Procedia PDF Downloads 251
2832 The Quasar 3C 47:Extreme Population B Jetted Source with Double-Peaked Profile

Authors: Shimeles Terefe Mengistue, Paola Marziani, Ascensióndel Olmo, Jaime Perea, Mirjana Pović

Abstract:

The theory that rotating accretion disks are responsible for the broad emission-line profiles in quasars is frequently put forth; however, the presence of accretion disk (AD) in active galactic nuclei (AGN) had limited and indirect observational support. In order to evaluate the extent to which the AD is a source of the broad Balmer lines and high ionization UV lines in radio-loud (RL) AGN, we focused on an extremely jetted RL quasar, 3C 47 that clearly shows a double peaked profile. This work presents its optical spectra and UV observations from the HST/FOS covering the rest-frame spectral range from 2000 to 7000 \AA. The fit of the low ionization lines, Hbeta, Halpha and MgII2800 show profiles that are in very good agreement with a relativistic Keplerian AD model. The profile of the prototypical high ionization lines can also be modeled by the contribution of the AD, with additional components due to outflows and emissions from the innermost part of the narrow line regions (NLRs). A prominent fit of the resulting double peaked profiles were found and very important disk parameters of the disk have been determined using the Hbeta, Halpha and MgII2800 lines: the inner and outer radii (both in units of G/mbh, where mbh is the supermassive black hole), an inclination to the line of sight, the emissivity index and the local broadening parameter. In addition, the accretion parameters, /mbh and /lledd are also determined. This work indicates that the line profile of 3C 47 shows the most convincing direct evidence for the presence of a rotating AD in AGN and the broad, double-peaked profiles originate from this AD that surrounds an /mbh.

Keywords: active galactic nuclei, quasars, emission lines, Double-peaked, supermassive black hole

Procedia PDF Downloads 60
2831 Quantification of NDVI Variation within the Major Plant Formations in Nunavik

Authors: Anna Gaspard, Stéphane Boudreau, Martin Simard

Abstract:

Altered temperature and precipitation regimes associated with climate change generally result in improved conditions for plant growth. For Arctic and sub-Arctic ecosystems, this new climatic context favours an increase in primary productivity, a phenomenon often referred to as "greening". The development of an erect shrub cover has been identified as the main driver of Arctic greening. Although this phenomenon has been widely documented at the circumpolar scale, little information is available at the scale of plant communities, the basic unit of the Arctic, and sub-Arctic landscape mosaic. The objective of this study is to quantify the variation of NDVI within the different plant communities of Nunavik, which will allow us to identify the plant formations that contribute the most to the increase in productivity observed in this territory. To do so, the variation of NDVI extracted from Landsat images for the period 1984 to 2020 was quantified. From the Landsat scenes, annual summer NDVI mosaics with a resolution of 30 m were generated. The ecological mapping of Northern Quebec vegetation was then overlaid on the time series of NDVI maps to calculate the average NDVI per vegetation polygon for each year. Our results show that NDVI increases are more important for the bioclimatic domains of forest tundra and erect shrub tundra, and shrubby formations. Surface deposits, variations in mean annual temperature, and variations in winter precipitation are involved in NDVI variations. This study has thus allowed us to quantify changes in Nunavik's vegetation communities, using fine spatial resolution satellite imagery data.

Keywords: climate change, latitudinal gradient, plant communities, productivity

Procedia PDF Downloads 167
2830 Contractual Risk Transfer in Islamic Home Financing: Analysis in Bank Malaysia

Authors: Ahmad Dahlan Salleh, Nik Abdul Rahim Nik Abdul Ghani, Muhamad Firdaus M. Hatta

Abstract:

Risk management has implications on pricing, governance arrangements, business practices and strategy. Nowadays, home financing contract offers more in the risk transfer form to increase bank profit. This is parallel with Islamic jurisprudence method al-Kharaj bi al-thaman (gain accompanies liability for loss) and al-ghurm bil ghunm (gain is justified with risk) that determine the matching between risk transfer and returns. Malaysian financing trend is to buy house. Besides, exists transparency lacking risk transfer issues to the clients because of not been informed clearly. Terms and conditions of each financing also do not reflect clearly that the risk has been transferred to the client, justifying a determination price been made. The assumption on risk occurrence is also inaccurate as each risk is different with the type of financing contract. This makes the Islamic Financial Services Act 2013 in providing standards that transparent and consistent can be used by Islamic financial institution less effective. This study examines how far the level of the risk and obligation incurred by bank and client under various Islamic home financing contract. This research is qualitative by using two methods, document analysis, and semi-structured interviews. Document analysis from literature review to identify profile, themes and risk transfer element in home financing from Islamic jurisprudence perspective. This study finds that need to create a risk transfer parameter by banks which are consistent with risk transfer theory according to Islamic jurisprudence. This study has potential to assist the authority in Islamic finance such as The Central Bank of Malaysia (Bank Negara Malaysia) in regulating Islamic banking industry so that the risk transfer valuation in home financing contract based on home financing good practice and determined risk limits.

Keywords: risk transfer, home financing contract, Sharia compliant, Malaysia

Procedia PDF Downloads 406
2829 Feeling, Thinking, Acting: The Role of Subjective Social Class and Social Class Identity on Emotions, Attitudes and Prosocial Behavior Towards Muslim Immigrants in Belgium

Authors: Theresa Zagers, Rita Guerra

Abstract:

Most research investigating how receiving communities perceive, and experience migration has overlooked the potential role of subjective social class and social class identity in positive intergroup relations and social cohesion of migrants and host societies. The present study aimed to provide insights to understand this relationship and focused on three important features: prosocial behaviour, attitudes and emotions towards Muslim immigrants in Flanders, Belgium. Building on relative deprivation-gratification theory we examined the indirect relationships of subjective social class on prosocial behaviour/intentions, attitudes and emotions via relative deprivation (RD), as well as the moderator role of the importance of social class identity. 431 Belgian participants participated in an online survey study. Overall, our results supported the predicted indirect effect of subjective social class: the lower the subjective social class, the higher the perceptions of relative deprivation, which in turn is related to less prosocial behaviour intentions, and more negative attitudes and emotions towards immigrants. This indirect effect was, however, not moderated by the importance of social class identity. Interestingly, the direct effects of subjective social class showed a different pattern: when bypassing deprivation our results showed higher subjective social class was detrimental for intergroup relations (more negative attitudes and emotions), and that lower subjective social class was positively related to prosocial intentions for those identifying highly with their class identity. Overall, we gained valuable insights in the relationship of subjective social class and the three features of intergroup relations.

Keywords: social class, relative deprivation-gratification, prosocial behavior, attitudes, emotions, Muslim immigrants

Procedia PDF Downloads 46
2828 Evidence of Paternal Protein Provisioning During Male Pregnancy in the Seahorse, Hippocampus Abdominalis

Authors: Zoe M. G. Skalkos, Sam N. Dowland, James U. Van Dyke, Camilla. M. Whittington

Abstract:

Syngnathid fishes (seahorses, pipefishes, and seadragons) are unique because embryos develop on or in the male in a specialised brooding structure. Many seahorse species are endangered or vulnerable, while others are popular in the ornamental fish trade. Seahorses are capable of nutrient provisioning (patrotrophy) of lipids during pregnancy via their fully enclosed brood pouch. Protein is vital for gene regulation and tissue growth during embryogenesis. We tested the hypothesis that protein is paternally transported to developing embryos during pregnancy in the Australian Pot-bellied seahorse, Hippocampus abdominalis. We compared the dry masses and nitrogen content in recently fertilised H. abdominalis embryos and newborns. We calculated an updated patrotrophy index, 1.34, but without a significant difference in dry mass between the two developmental stages. There was, however, a significant increase in total protein content from recently fertilised embryos to neonates. This suggests paternal protein transport is essential for H. abdominalis embryogenesis because protein yolk reserves are depleted by embryonic metabolism, and supplementation is required. This study is the first to provide evidence for paternal protein transport during pregnancy in seahorses. It furthers our understanding of the paternal influence on embryonic development in male pregnancy and how a protein-deficient diet during pregnancy may limit the allocation of resources to embryos, reducing offspring fitness. This research contributes to a deeper understanding of the fundamental reproductive biology of seahorses, which can help improve conservation and farming production outcomes.

Keywords: brood pouch, embryonic provisioning, nitrogen, parentotrophy, paternal investment, reproduction

Procedia PDF Downloads 85
2827 'Get the DNR': Exploring the Impact of an Educational eModule on Internal Medicine Residents' Attitudes and Approaches to Goals of Care Conversations

Authors: Leora Branfield Day, Stephanie Saunders, Leah Steinberg, Shiphra Ginsburg, Christine Soong

Abstract:

Introduction: Discordance between patients expressed and documented preferences at the end of life is common. Although junior trainees frequently lead goals of care (GOC) conversations, lack of training can result in poor communication. Based on a needs assessment, we developed an interactive electronic learning module (eModule) for conducting patient-centred GOC discussions. The purpose of this study was to evaluate the impact of the eModule on residents’ attitudes towards GOC conversations. Methods: First-year internal medicine residents (n=11) from the University of Toronto selected using purposive sampling underwent semi-structured interviews before and after completing a GOC eModule. Interviews were anonymized, transcribed and open-coded using NVivo. Using a constructivist grounded theory approach, we developed a framework to understand the attitudes of residents to GOC conversations before and after viewing the module. Results: Before the module, participants described limited training and negative emotions towards GOC conversations. Many focused on code status and procedure choices (e.g., ventilation) instead of eliciting patient-centered values. Pressure to “get the DNR" led to conflicting feelings and distress. After the module, participants’ approached conversations with a greater focus on patient values and process. They felt more prepared and comfortable, recognizing the complexity of conversations and the importance of patient-centeredness. Conclusions: A novel GOC eModule allowed residents to develop a patient-centered and standardized approach to GOC conversations while improving confidence and preparedness. This resource could be an effective strategy toward attaining a critical communication competency among learners with the potential to enhance accurate GOC documentation.

Keywords: goals of care conversations, communication skills, emodule, medical education

Procedia PDF Downloads 123
2826 The Transition from National Policy to Institutional Practice of Vietnamese English Language Teacher Education

Authors: Thi Phuong Lan Nguyen

Abstract:

The English Language Teacher Education (ELTE) in Vietnam is rapidly changing to address the new requirements of the globalization and socialization era. Although there has been a range of investments and innovation in policy and curriculum, tertiary educators and learners do not engage in the enactment. It is vital to understand the practices at the tertiary education level. The study is to understand the higher education curriculum development policy, both in theory and in practice across four representatives of ELTE institutions in the North of Vietnam. The lecturers’ perceptions about the extent to which the enacted curriculum is aligned with national standards will be explored. Nineteen policy documents, seventy surveys, and twelve interviews with lecturers and instructional leaders across these four Vietnamese Northern ELTE institutions have been analyzed to investigate how the policy shape the practice. The two most significant findings are (i) a low level of alignment between curriculum and soft-skills standards of the graduates required by the Vietnamese Ministry of Education and Training (MOET) and (ii) incoherence between current national policy and these institutions’ implementation. In order to address these gaps, it is strongly recommended that curriculum needs to be further developed, focusing more on the institutional outcomes, MOET’s standards, and the social demands in times of globalization. More importantly, professional development in ELTE is vital for a range of curriculum and educational policy stakeholders. The study helps to develop the English teaching profession in Vietnam in a systematic way, from policymakers to implementers, and from instructors to learners. Its significance lies in its relevance to English teaching careers, particularly within the researcher’s specific context, yet also remains relevant to ELTE in other parts of Vietnam and in other EFL (English as a Foreign Language) countries.

Keywords: curriculum, English language teaching education, policy implementation, standard, teaching practice

Procedia PDF Downloads 223
2825 Modulation of Alternative Respiration Pathyway under Salt Stress in Exogenous Estrogen-Treated Maize Seedlings

Authors: Farideh K. Khosroushahi, Serkan Erdal, Mucip Geni̇şel

Abstract:

Soil salinity is one of the major abiotic stress factors that restricts arable land and reduces crop productivity worldwide. High salt concentration adversely affects plant growth and development inducing water deficit, ionic toxicity, nutrient imbalance, and lead to oxidative stress. Although the stimulating role of mammalian sex hormones on various biological and biochemical processes under normal and stress condition have been proven, there is no study regarding with these hormone's effect on modulation of the alternative respiration pathway and AOX gene expression. In this study, changes in alternative respiration pathway in leaves of maize seedlings under salinity and the possible modulating effect of estrogen on these changes were investigated. Maize seedlings were grown in a hydroponic media for 11 days and then were exposed to salt stress for 3 days after being sprayed estrogen. The data obtained from oxygen consumption revealed that salt stress elevated cellular respiration value in the leaves. In addition, a marked increase was observed at alternative respiration level in salt-stressed seedlings. Compared to salt application alone, supplementation with estrogen resulted in a significant rise in alternative oxidase (AOX) activities. Similarly, while salt stress caused to rise in expressions of AOX gene compared to control seedlings, estrogen application resulted in further activation of these genes’ expression compared to stressed-seedlings alone. These data revealed that mitigating role of estrogen against the detrimental effects of salt stress is linked to modulation of alternative respiration pathway.

Keywords: alternative oxidase, estrogen, Ssalt stress, AOX, maize

Procedia PDF Downloads 198
2824 Optimization of Assembly and Welding of Complex 3D Structures on the Base of Modeling with Use of Finite Elements Method

Authors: M. N. Zelenin, V. S. Mikhailov, R. P. Zhivotovsky

Abstract:

It is known that residual welding deformations give negative effect to processability and operational quality of welded structures, complicating their assembly and reducing strength. Therefore, selection of optimal technology, ensuring minimum welding deformations, is one of the main goals in developing a technology for manufacturing of welded structures. Through years, JSC SSTC has been developing a theory for estimation of welding deformations and practical activities for reducing and compensating such deformations during welding process. During long time a methodology was used, based on analytic dependence. This methodology allowed defining volumetric changes of metal due to welding heating and subsequent cooling. However, dependences for definition of structures deformations, arising as a result of volumetric changes of metal in the weld area, allowed performing calculations only for simple structures, such as units, flat sections and sections with small curvature. In case of complex 3D structures, estimations on the base of analytic dependences gave significant errors. To eliminate this shortage, it was suggested to use finite elements method for resolving of deformation problem. Here, one shall first calculate volumes of longitudinal and transversal shortenings of welding joints using method of analytic dependences and further, with obtained shortenings, calculate forces, which action is equivalent to the action of active welding stresses. Further, a finite-elements model of the structure is developed and equivalent forces are added to this model. Having results of calculations, an optimal sequence of assembly and welding is selected and special measures to reduce and compensate welding deformations are developed and taken.

Keywords: residual welding deformations, longitudinal and transverse shortenings of welding joints, method of analytic dependences, finite elements method

Procedia PDF Downloads 394
2823 Distributing Complementary Food Supplement - Yingyangbao Reducing the Anemia in Young Children in a County of Sichuan Province after Wenchuan Earthquake

Authors: Lijuan Wang, Junsheng Huo, Jing Sun, Wenxian Li, Jian Huang, Lin Ling, Yiping Zhou, Chengyu Huang, Jifang Hu

Abstract:

Backgrounds and Objective: This study aimed to evaluate the impact of highly nutrient-dense complementary food supplement-Yingyangbao, at the time of 3 months after Wenchuan earthquake, on the anemia of young children in a county in Sichuan province. Methods: The young children aged 6-23 months in the county were fed one sachet Yingyangbao per day. Yingyangbao were distributed for 15 months for free. The children entering 6 months age would be included. The length, weight and hemoglobin of the children aged 6-29 months were assessed at baseline (n=257) and Yingyangbao intervention for 6 (n=218) and 15 months (n=253) by cluster sampling. Growth status has not been described in the paper. The analysis was conducted based on 6-11, 12-17, 18-23 and 24-29 months. Results: It showed that the hemoglobin concentration in each group among the 4 groups increased by 4.9, 6.4, 8.0, 9.5 g/L after 6 months and 12.7, 11.4, 16.7, 15.7 g/L after 15 months compared to the baseline, respectively. The total anemia prevalence in each group was significantly lower after 6 and 15 months than the baseline (P<0.001), except the 6-11 months group after 6 months because of fewer Yingyangbao consumption. Total moderate anemia rate decreased from 18.3% to 5.5% after 6 months, and kept decreasing to 0.8% after another 9 months. The hemoglobin concentration was significantly correlated with the amount of Yingyangbao consumption(P<0.001) The anemia rate was significantly different based on the Yingyangbao compliance (P<0.001). Conclusion: It was concluded that Yingyangbao which contains quality protein, vitamins and micronutrients intervened 15 months could be effective for the improvement of anemia of young children. The study provides the support that the application of the complementary food supplements to reduce the anemia of young children in the emergency of natural disaster.

Keywords: young children, anemia, nutrition intervention, complementary food supplements, Yingyangbao

Procedia PDF Downloads 506
2822 Shortening Distances: The Link between Logistics and International Trade

Authors: Felipe Bedoya Maya, Agustina Calatayud, Vileydy Gonzalez Mejia

Abstract:

Encompassing inventory, warehousing, and transportation management, logistics is a crucial predictor of firm performance. This has been extensively proven by extant literature in business and operations management. Logistics is also a fundamental determinant of a country's ability to access international markets. Available studies in international and transport economics have shown that limited transport infrastructure and underperforming transport services can severely affect international competitiveness. However, the evidence lacks the overall impact of logistics performance-encompassing all inventory, warehousing, and transport components- on global trade. In order to fill this knowledge gap, the paper uses a gravitational trade model with 155 countries from all geographical regions between 2007 and 2018. Data on logistics performance is obtained from the World Bank's Logistics Performance Index (LPI). First, the relationship between logistics performance and a country’s total trade is estimated, followed by a breakdown by the economic sector. Then, the analysis is disaggregated according to the level of technological intensity of traded goods. Finally, after evaluating the intensive margin of trade, the relevance of logistics infrastructure and services for the extensive trade margin is assessed. Results suggest that: (i) improvements in both logistics infrastructure and services are associated with export growth; (ii) manufactured goods can significantly benefit from these improvements, especially when both exporting and importing countries increase their logistics performance; (iii) the quality of logistics infrastructure and services becomes more important as traded goods are technology-intensive; and (iv) improving the exporting country's logistics performance is essential in the intensive margin of trade while enhancing the importing country's logistics performance is more relevant in the extensive margin.

Keywords: gravity models, infrastructure, international trade, logistics

Procedia PDF Downloads 192
2821 Effect of Deficit Irrigation on Photosynthesis Pigments, Proline Accumulation and Oil Quantity of Sweet Basil (Ocimum basilicum L.) in Flowering and Seed Formation Stages

Authors: Batoul Mohamed Abdullatif, Nouf Ali Asiri

Abstract:

O. basilicum plant was subjected to deficit irrigation using four treatments viz. control, irrigated with 70% of soil water capacity (SWC), Treatment 1, irrigated with 50% SWC, Treatment 2, irrigated with 30% SWC and Treatment 3, irrigated with 10 % SWC. Photosynthesis pigments viz. chlorophyll a, b, and the carotenoids, proline accumulation, and oil quantity were investigated under these irrigation treatments. The results indicate that photosynthesis pigments and oil content of deficit irrigation treatments did not significantly reduced than that of the full irrigation control. Photosynthesis pigments were affected by the stage of growth and not by irrigation treatments. They were high during flowering stage and low during seed formation stage for all treatments. The lowest irrigation plants (10 % SWC) achieved, during flowering stage, 0.72 mg\g\fresh weight of chlorophyll a, compared to 0.43 mg\g\fresh weight in control plant, 0.40 mg\g\fresh weight of chlorophyll b, compared to 0.19 mg\g\fresh weight in control plants and 0.29 mg\g\fresh weight of carotenoids, compared to 0.21 mg\g\fresh weight in control plants. It has been shown that reduced irrigation rates tend to enhance O. basilicum to have high oil quantity reaching a value of 63.37 % in a very low irrigation rate (10 % SWC) compared to 45.38 of control in seeds. Proline was shown to be accumulated in roots to almost double the amount in shoot during flowering stage in treatment 3. This accumulation seems to have a pronounce effect on O. basilicum acclimation to deficit irrigation.

Keywords: deficit irrigation, photosynthesis pigments, proline accumulation, oil quantity, sweet basil flowering formation, seed formation

Procedia PDF Downloads 403
2820 Cars in a Neighborhood: A Case of Sustainable Living in Sector 22 Chandigarh

Authors: Maninder Singh

Abstract:

The Chandigarh city is under the strain of exponential growth of car density across various neighborhood. The consumerist nature of society today is to be blamed for this menace because everyone wants to own and ride a car. Car manufacturers are busy selling two or more cars per household. The Regional Transport Offices are busy issuing as many licenses to new vehicles as they can in order to generate revenue in the form of Road Tax. The car traffic in the neighborhoods of Chandigarh has reached a tipping point. There needs to be a more empirical and sustainable model of cars per household, which should be based on specific parameters of livable neighborhoods. Sector 22 in Chandigarh is one of the first residential sectors to be established in the city. There is scope to think, reflect, and work out a method to know how many cars we need to sell our citizens before we lose the argument to traffic problems, parking problems, and road rage. This is where the true challenge of a planner or a designer of the city lies. Currently, in Chandigarh city, there are no clear visible answers to this problem. The way forward is to look at spatial mapping, planning, and design of car parking units to address the problem, rather than suggesting extreme measures of banning cars (short-term) or promoting plans for citywide transport (very long-term). This is a chance to resolve the problem with a pragmatic approach from a citizen’s perspective, instead of an orthodox development planner’s methodology. Since citizens are at the center of how the problem is to be addressed, acceptable solutions are more likely to emerge from the car and traffic problem as defined by the citizens. Thus, the idea and its implementation would be interesting in comparison to the known academic methodologies. The novel and innovative process would lead to a more acceptable and sustainable approach to the issue of number of car parks in the neighborhood of Chandigarh city.

Keywords: cars, Chandigarh, neighborhood, sustainable living, walkability

Procedia PDF Downloads 138
2819 The Synthesis, Structure and Catalytic Activity of Iron(II) Complex with New N2O2 Donor Schiff Base Ligand

Authors: Neslihan Beyazit, Sahin Bayraktar, Cahit Demetgul

Abstract:

Transition metal ions have an important role in biochemistry and biomimetic systems and may provide the basis of models for active sites of biological targets. The presence of copper(II), iron(II) and zinc(II) is crucial in many biological processes. Tetradentate N2O2 donor Schiff base ligands are well known to form stable transition metal complexes and these complexes have also applications in clinical and analytical fields. In this study, we present salient structural features and the details of cathecholase activity of Fe(II) complex of a new Schiff Base ligand. A new asymmetrical N2O2 donor Schiff base ligand and its Fe(II) complex were synthesized by condensation of 4-nitro-1,2 phenylenediamine with 6-formyl-7-hydroxy-5-methoxy-2-methylbenzopyran-4-one and by using an appropriate Fe(II) salt, respectively. Schiff base ligand and its metal complex were characterized by using FT-IR, 1H NMR, 13C NMR, UV-Vis, elemental analysis and magnetic susceptibility. In order to determine the kinetics parameters of catechol oxidase-like activity of Schiff base Fe(II) complex, the oxidation of the 3,5-di-tert-butylcatechol (3,5-DTBC) was measured at 25°C by monitoring the increase of the absorption band at 390-400 nm of the product 3,5-di-tert-butylcatequinone (3,5-DTBQ). The compatibility of catalytic reaction with Michaelis-Menten kinetics also investigated by the method of initial rates by monitoring the growth of the 390–400 nm band of 3,5-DTBQ as a function of time. Kinetic studies showed that Fe(II) complex of the new N2O2 donor Schiff base ligand was capable of acting as a model compound for simulating the catecholase properties of type-3 copper proteins.

Keywords: catecholase activity, Michaelis-Menten kinetics, Schiff base, transition metals

Procedia PDF Downloads 378
2818 Isolation and Identification of Probiotic Lactic Acid Bacteria with Cholesterol Lowering Potential and Their Use in Fermented Milk Product

Authors: Preeyarach Whisetkhan, Malai Taweechotipatr, Ulisa Pachekrepapol

Abstract:

Elevated level of blood cholesterol or hypercholesterolemia may lead to atherosclerosis and poses a major risk for cardiovascular diseases. Probiotics play a crucial role in human health, and probiotic bacteria that possesses bile salt hydrolase (BSH) activity can be used to lower cholesterol level of the host. The aim of this study was to investigate whether lactic acid bacteria (LAB) isolated from traditional Thai fermented foods were able to exhibit bile salt hydrolase activity and their use in fermented milk. A total of 28 isolates were tested for BSH activity by plate method on MRS agar supplemented with 0.5% sodium salt of taurodeoxycholic acid and incubated at 37°C for 48 h under anaerobic condition. The results showed that FN1-1 and FN23-3 isolates possessed strong BSH activity. FN1-1 and FN23-3 isolates were then identified for phenotype, biochemical characteristics, and genotype (16S rRNA sequencing). FN1-1 isolate showed 99.92% similarity to Lactobacillus pentosus DSM 20314(T), while FN23-3 isolate showed 99.94% similarity to Enterococcus faecium CGMCC1.2136 (T). Lactobacillus pentosus FN1-1 and Enterococcus faecium FN23-3 were tolerant of pH 3-4 and 0.3 and 0.8% bile. Bacterial count and pH of milk fermented with Lactobacillus pentosus FN1-1 at 37°C and 43°C were investigated. The results revealed that Lactobacillus pentosus FN1-1 was able to grow in milk, which led to decrease in pH level. Fermentation at 37°C resulted in faster growth rate than at 43 °C. Lactobacillus pentosus FN1-1 was a candidate probiotic to be used in fermented milk products to reduce the risk of high-cholesterol diseases.

Keywords: probiotics, lactic acid bacteria, bile salt hydrolase, cholesterol

Procedia PDF Downloads 142
2817 Genotypic Response Differences among Faba Bean Accessions under Regular Deficit Irrigation (RDI)

Authors: M. Afzal, Salem Safer Alghamdi, Awais Ahmad

Abstract:

Limited amount of irrigation water is an alarming threat to arid and semiarid agriculture. However, genotypic response differences to water deficit conditions within species have been reported frequently. Present study was conducted in order to measure the genotypic differences among faba bean accessions under Regular Deficit Irrigation (RDI). Five seeds from each accession were sown in 135 silt filled pots (30 x 24 cm). Experiment was planned under split plot arrangement and replicated thrice. Treatments consisted of three RDI levels (100% (control), 60% and 40% of the field capacity) and fifteen faba bean accessions (two local accessions as reference while thirteen from different sources around the world). Irrigation treatment was started from the very first day of sowing. Plant height, shoot dry weight, stomatal conductance and total chlorophyll contents (SPAD reading) were measured one month after germination. Irrigation, faba bean accessions and the all possible interactions has stood significantly high for all studied parameters. Regular deficient irrigation has hampered the plant growth and associated parameters in decreasing order (100% < 60% < 40%). Accessions have responded differently under regular deficient irrigation and some of them are even better than local accession. A highly significant correlation among all parameters has also been observed. It was concluded from results that above parameters could be used as markers to identify the genotypic differences for water deficit stress response. This outcome encouraged the use of superior faba bean genotypes in breeding programs for improved varieties to enhance water use efficiency under stress conditions.

Keywords: accessions, stomatal conductance, total chlorophyll contents, RDI, regular deficient irrigation

Procedia PDF Downloads 276
2816 Impact of Higher Educational Institute's Culture on Employees' Satisfaction and Commitment in Sultanate of Oman

Authors: Mahfoodh Saleh Al Sabbagh, Amitabh Mishra, Anwar Al Sheyadi

Abstract:

A tremendous transformation is taking place in the state of education in Sultanate of Oman. The vision 2040 for Higher Education focuses on both academic and technical sides of education aims at improving the quality of education as per higher international standards with emphasis on learning and innovation, creativity and scientific research. The objective is to achieve a proficient education system that keeps abreast of the recent development, the essentials of sustainable development and enhancing the national identity. Higher Education Institutes have contributed immensely to the growth of education in Oman, in this context; Business Organization represents the most complex social structure known today due to its dynamic nature. Employees are considered as one of the dynamic resources of the organization and through their commitment and involvement organization becomes competitive. Organization Culture can be promoted to facilitate the achievement of job satisfaction and employees commitment. The purpose of the research is to explore the impact of Higher Educational Institutions Culture on employee satisfaction, and commitment. Based on primary data, the study was conducted in Higher Education Institutions in the Sultanate of Oman. Data was collected through questionnaire consisting of 60 questions related to culture, satisfaction, and commitment. The sample consisted of 330 employees of leading Higher Education Institutes in the Sultanate of Oman. Structural Equation Modeling was carried out on the data through SPSS and AMOS. Results indicate that culture of organization is significantly related with employees’ satisfaction and commitment both in direct and indirect ways. Significant theoretical and practical implications are driven from the outcomes of the study.

Keywords: organization culture, employee satisfaction and commitment, higher education, Sultanate of Oman

Procedia PDF Downloads 295
2815 Migrant Labour in Kerala: A Study on Inter-State Migrant Workers

Authors: Arun Perumbilavil Anand

Abstract:

In the recent years, Kerala is witnessing a large inflow of migrants from different parts of the country. Though initially, the migrants were largely from the districts of Tamil Nadu and mostly of seasonal nature, but at a later period, the state started getting migrants from the far-off states like UP, Assam, Bengal, etc. Higher wages for unskilled labour, large opportunities for employment, the reluctance on the part of Kerala workers to do menial and hard physical work, and the shortage of local labour, paradoxically despite the high unemployment rate in the state, led to the massive influx of migrant labourers. This study takes a multi-dimensional overview of migrant labour in Kerala by encompassing factors such as channels of migration, nature of employment contracts entered into and the corresponding wages and benefits obtained by them. The study also analysed the circumstances that led to the large influx of migrants from different states of India. It further makes an attempt to examine the varying dimensions of living and working environment, and also the health conditions of migrants. The study is based on the empirical findings obtained as a result of the primary interviews conducted with migrants in the districts of Palakkad, Malappuram, and Ernakulam. The study concludes by noting that Kerala will inevitably have to depend on migrant labour and is likely to experience heavy in-migration of labour in future, provided that if the existing socioeconomic and demographic situations persist. Since, this is inevitable, the best way before the state is to prepare well in advance to receive and accommodate such migrant labour to lead a comfortable life in a hassle free environment, so that it would definitely play a vital role in further strengthening and sustaining the growth trajectory of not only Kerala’s economy but also the states of origin.

Keywords: Kerala, labour, migration, migrant workers

Procedia PDF Downloads 236
2814 Effects of Microbial Biofertilization on Nodulation, Nitrogen Fixation, and Yield of Lablab purpureus

Authors: Benselama Amel, Ounane S. Mohamed, Bekki Abdelkader

Abstract:

A collection of 20 isolates from fresh Nodules of the legume plant Lablab purpureus was isolated. These isolates have been authenticated by seedling inoculation grown in jars containing sand. The results obtained after two months of culture have revealed that the 20 isolates (100% of the isolates) are able to nodulate their host plants. The results obtained were analyzed statistically by ANOVA using the software statistica and had shown that the effect of the inoculation has significantly improved all the growth parameters (the height of the plant and the dry weight of the aerial parts and roots, and the number of nodules). We have evaluated the tolerance of all strains of the collection to the major stress factors as the salinity, pH and extreme temperature. The osmotolerance reached a concentration up to 1710mm of NaCl. The strains were also able to grow on a wide range of pH, ranging from 4.5 to 9.5, and temperature, between 4°C and 40°C. Also, we tested the effect of the acidity, aluminum and ferric deficit on the Lablab-rhizobia symbiosis. Lablab purpureus has not been affected by the presence of high concentrations of aluminum. On the other hand, iron deficiency has caused a net decrease in the dry biomass of the aerial part. The results of all the phenotypic characters have been treated by the statistical Minitab software, the numerical analysis had shown that these bacterial strains are divided into two distinct groups at a level of similarity of 86 %. The SDS-PAGE was carried out to determine the profile of the total protein of the strains. The coefficients of similarity of polypeptide bands between the isolates and strains reference (Bradyrhizobium, Mesorizobium sp.) confirm that our strain belongs to the groups of rhizobia.

Keywords: SDS-PAGE, rhizobia, symbiosis, phenotypic characterization, Lablab purpureus

Procedia PDF Downloads 291
2813 Novel Urban Regulation Panorama in Latin America

Authors: Yeimis Milton, Palomino Pichihua

Abstract:

The city, like living organisms, originates from codes, structured information in the form of rules that condition the physical form and performance of urban space. Usually, the so-called urban codes clash with the spontaneous nature of the city, with the urban Kháos that contextualizes the free creation (poiesis) of human collectives. This contradiction is especially evident in Latin America, which, like other developing regions, lacks adequate instruments to guide urban growth. Thus constructing a hybrid between the formal and informal city, categories that are difficult to separate one from the other. This is a comparative study focusing on the urban codes created to address the pandemic. The objective is to build an overview of these innovations in the region. The sample is made up of official norms published in pandemic, directly linked to urban planning and building control (urban form). The countries analyzed are Brazil, Mexico, Argentina, Peru, Colombia, and Chile. The study uncovers a shared interest in facing future urban problems, in contrast to the inconsistency of proposed legal instruments. Factors such as the lack of articulation, validity time, and ambiguity, among others, accentuate this problem. Likewise, it evidences that the political situation of each country has a significant influence on the development of these norms and the possibility of their long-term impact. In summary, the global emergency has produced opportunities to transform urban systems from their internal rules; however, there are very few successful examples in this field. Therefore, Latin American cities have the task of learning from this defeat in order to lay the foundations for a more resilient and sustainable urban future.

Keywords: pandemic, regulation, urban planning, latin America

Procedia PDF Downloads 93
2812 Comparison Study of Capital Protection Risk Management Strategies: Constant Proportion Portfolio Insurance versus Volatility Target Based Investment Strategy with a Guarantee

Authors: Olga Biedova, Victoria Steblovskaya, Kai Wallbaum

Abstract:

In the current capital market environment, investors constantly face the challenge of finding a successful and stable investment mechanism. Highly volatile equity markets and extremely low bond returns bring about the demand for sophisticated yet reliable risk management strategies. Investors are looking for risk management solutions to efficiently protect their investments. This study compares a classic Constant Proportion Portfolio Insurance (CPPI) strategy to a Volatility Target portfolio insurance (VTPI). VTPI is an extension of the well-known Option Based Portfolio Insurance (OBPI) to the case where an embedded option is linked not to a pure risky asset such as e.g., S&P 500, but to a Volatility Target (VolTarget) portfolio. VolTarget strategy is a recently emerged rule-based dynamic asset allocation mechanism where the portfolio’s volatility is kept under control. As a result, a typical VTPI strategy allows higher participation rates in the market due to reduced embedded option prices. In addition, controlled volatility levels eliminate the volatility spread in option pricing, one of the frequently cited reasons for OBPI strategy fall behind CPPI. The strategies are compared within the framework of the stochastic dominance theory based on numerical simulations, rather than on the restrictive assumption of the Black-Scholes type dynamics of the underlying asset. An extended comparative quantitative analysis of performances of the above investment strategies in various market scenarios and within a range of input parameter values is presented.

Keywords: CPPI, portfolio insurance, stochastic dominance, volatility target

Procedia PDF Downloads 152