Search results for: municipal finance

Authors: Imen Latrous

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Family firm is the most common form of business organization in the world. Many family businesses rely heavily on their own capital to finance their expansion. This dependence on internal funds for their investment may be deliberate to maintain the family dominant position or involuntary as family firms have limited access to external funds. Our understanding of family firm’s choice to fund their own growth using existing capital is somewhat limited. The aim of this paper is to study whether the presence of a controlling family in the company either mitigates or exacerbates external financing constraints. The impact of family ownership on investment–cash flow sensitivity is ultimately an empirical question. We use a sample of 406 Canadian firms listed in Toronto Stock exchange (TSX) over the period 2005–2014 in order to explore this relationship. We distinguish between three elements in the definition of family firms, specifically ownership, control and management, to explore the issue whether family firms are more efficient organisational form. Our research contributes to the extant literature on family ownership in several ways. First, as our understanding of family firm’s investment cash flow sensitivity is somewhat limited in recession times, we explore the effect of family firms on the relation between investment and cash flow during the recent 2007-2009 financial crisis. We also analyse this relationship difference between family firms and non family firms before and during financial crisis. Finally, our paper addresses the endogeneity problem of family ownership and investment-cash flow sensitivity.

Keywords: family firms, investment–cash flow sensitivity, financial crisis, corporate governance

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Authors: Lina Fayed Amin

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The research studied, in the beginning, the related urban concepts such as the urban, development, urban development. As it also deals with the upgrading, urban upgrading, community participation and the role of local administration in development and upgrading projects. Then it studies some regional upgrading & urban development projects in Egypt followed by international projects, and the analysis the strategies followed in dealing with these projects. Afterwards, we state the regional aspects of both Damietta governorate & city, dealing with its potentials & development constraints. Followed by studying the upgrading and urban development projects strategies in reflection to the city’s crucial problems, and the constraints that faced the upgrading & development project. Then, it studied the implementation of the project’s strategies & it provided the financial resources needed for the development project in Damietta city. Followed by the studying of the urban and human development projects in the upgrading of Damietta city, as well as analyzing the different projects &analyzing the results of these projects on the aspects of the city’s needs. Then the research analysis in comparison the upgrading and urban development project in Damietta and the regional upgrading and development projects in Egypt. As well as the comparison between the upgrading and urban development project and the international projects in some Arabic and foreign countries in relation to the goals, problems, obstacles, the community participation, the finance resources and the results. Finally, it reviews the results and recommendations that were reached as a result of studying the similar urban upgrading projects in Egypt and in some Arabic and foreign countries. Followed by the analytical analysis of the upgrading and urban development in Egypt

Keywords: Damietta city, urban development, upgrading mechanisms, urban upgrading

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Authors: Mohammed Fathima Shahanaaz, Shaik Fayazuddin, M. Uday Kiran

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Groundwater quality is deteriorating day by day in different parts of the world due to various reasons, toxic chemicals are being discharged without proper treatment into inland water bodies and land which in turn add pollutants to the groundwater. In this kind of situation, the rural communities which do not have municipal drinking water have to rely on groundwater though it is polluted for various uses. Tannery industry is one of the major industry which provides economy and employment to India. Since most of the developed countries stopped using chemicals which are toxic, the tanning industry which uses chromium as its major element are being shifted towards developing countries. Most of the tanning industries in India can be found in clusters concentrated mainly in states of Tamilnadu, West Bengal, Uttar Pradesh and limited places of Punjab. Limited work is present in the case of tanneries of Warangal. There exists 18 group of tanneries in Desaipet, Enamamula region of Warangal, out of which 4 are involved in dry process and are low responsible for groundwater pollution. These units of tanneries are discharging their effluents after treatment into Sai Cheruvu. Though the treatment effluents are being discharged, the Sai Cheruvu is turned in to Pink colour, with higher levels of BOD, COD, chromium, chlorides, total hardness, TDS and sulphates. An attempt was made to analyse the groundwater samples around this polluted Sai Cheruvu region since literature shows that a single tannery can pollute groundwater to a radius of 7-8 kms from the point of disposal. Sample are collected from 6 different locations around Sai Cheruvu. Analysis was performed for determining various constituents in groundwater such as pH, EC, TDS, TH, Ca+2, Mg+2, HCO3-, Na+, K+, Cl-, SO42-, NO3-, F and Cr+6. The analysis of these constitutes gave values greater than permissible limits. Even chromium is also present in groundwater samples which is exceeding permissible limits People in Paidepally and Sardharpeta villages already stopped the usage of groundwater. They are buying bottle water for drinking purpose. Though they are not using groundwater for drinking purpose complaints are made about using this water for washing also. So treatment process should be adopted for groundwater which should be simple and efficient. In this study rice husk silica (RHS) is used to treat pollutants in groundwater with varying dosages of RHS and contact time. Rice husk is treated, dried and place in a muffle furnace for 6 hours at 650°C. Reduction is observed in total hardness, chlorides and chromium levels are observed after the application RHS. Pollutants reached permissible limits for 27.5mg/l and 50 mg/l of dosage for a contact time of 130 min at constant pH and temperature.

Keywords: chromium, groundwater, rice husk silica, tanning industries

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Authors: Rahmoune Abdelhaq

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Systemic Islamic banking has been in practice for long but started receiving due attention and high popularity since last decade. It has received a warm welcome from all over the world and these banks operating on Islamic principles have been able to get a sizeable business not only in Islamic countries but in non-Islamic countries too. Despite exemplary advancements and achievements, there remains number of controversies over various underlying concepts and practices. This paper basically explores and highlights all those controversies and challenges which are in minds of different school of thoughts and are needed to be addressed and overcome if Islamic banking continues flourishing the way it is at present. The authors have also tried to suggest suitable remedies to overcome these challenges where appropriate. As well, This paper makes an attempt to review major principles surrounding the working of Islamic banking and its historical growth. A brief overview of main differences between the Islamic banking and the conventional banking. In addition, references are particularly made to implications arising from the emergence of e-commerce and the realities that the Islamic Shari’ah law has to consider in adopting the new phenomenon into its banking system. This paper shows, whilst the conventional banking and financial system is based on the principle of rationality and interest, the Islamic financial system is based on morality and social justice which prohibits interest as a means of speculation and injustice. The concepts of e-business such as e-commerce and e-banking are acceptable in Islam as since in Islam anything is halal unless prohibited by Shari’ah, dealing with business by internet is considered as Shari’ah compliant. This paper, therefore, provides the latest thinking of e-business from an Islamic viewpoint, thus creating a reference point and valued information for a future research.

Keywords: Islamic Finance, principles of Islamic banking, Islamic commerce, Shari’ah compliant

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Authors: Delphine Vendryes, Dushyanth Sekhar, Baojia Tong, Matthew Theisen, Chester Curme

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Much of the data that inform the decisions of governments, corporations and individuals are harvested from unstructured documents. Data extraction is defined here as a process that turns non-machine-readable information into a machine-readable format that can be stored, for instance, in a database. In financial services, introducing more automation in data extraction pipelines is a major challenge. Information sought by financial data consumers is often buried within vast bodies of unstructured documents, which have historically required thorough manual extraction. Automated solutions provide faster access to non-machine-readable datasets, in a context where untimely information quickly becomes irrelevant. Data quality standards cannot be compromised, so automation requires high data integrity. This multifaceted task is broken down into smaller steps: ingestion, table parsing (detection and structure recognition), text analysis (entity detection and disambiguation), schema-based record extraction, user feedback incorporation. Selected intermediary steps are phrased as machine learning problems. Solutions leveraging cutting-edge approaches from the fields of computer vision (e.g. table detection) and natural language processing (e.g. entity detection and disambiguation) are proposed.

Keywords: computer vision, entity recognition, finance, information retrieval, machine learning, natural language processing

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Authors: V. Bezverbny

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The actuality of the project deals with stable growing of deviant behavior’ statistics among Moscow citizens. During the recent years the socioeconomic health, wealth and life expectation of Moscow residents is regularly growing up, but the limits of crime and drug addiction have grown up seriously. Another serious Moscow problem has been economical stratification of population. The cost of identical residential areas differs at 2.5 times. The project is aimed at complex research and the development of methodology for main factors and reasons evaluation of deviant behavior growing in Moscow. The main project objective is finding out the links between the urban environment quality and dynamics of citizens’ deviant behavior in regional and municipal aspect using the statistical research methods and GIS modeling. The conducted research allowed: 1) to evaluate the dynamics of deviant behavior in Moscow different administrative districts; 2) to describe the reasons of crime increasing, drugs addiction, alcoholism, suicides tendencies among the city population; 3) to develop the city districts classification based on the level of the crime rate; 4) to create the statistical database containing the main indicators of Moscow population deviant behavior in 2010-2015 including information regarding crime level, alcoholism, drug addiction, suicides; 5) to present statistical indicators that characterize the dynamics of Moscow population deviant behavior in condition of expanding the city territory; 6) to analyze the main sociological theories and factors of deviant behavior for concretization the deviation types; 7) to consider the main theoretical statements of the city sociology devoted to the reasons for deviant behavior in megalopolis conditions. To explore the level of deviant behavior’ factors differentiation, the questionnaire was worked out, and sociological survey involved more than 1000 people from different districts of the city was conducted. Sociological survey allowed to study the socio-economical and psychological factors of deviant behavior. It also included the Moscow residents’ open-ended answers regarding the most actual problems in their districts and reasons of wish to leave their place. The results of sociological survey lead to the conclusion that the main factors of deviant behavior in Moscow are high level of social inequality, large number of illegal migrants and bums, nearness of large transport hubs and stations on the territory, ineffective work of police, alcohol availability and drug accessibility, low level of psychological comfort for Moscow citizens, large number of building projects.

Keywords: deviant behavior, megapolis, Moscow, urban environment, social stratification

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Authors: Feijoo E. Colomine Duran, Carlos E. Peñaloza Corredor

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There modeling component selection financial investment (Portfolio) a variety of problems that can be addressed with optimization techniques under evolutionary schemes. For his feature, the problem of selection of investment components of a dichotomous relationship between two elements that are opposed: The Portfolio Performance and Risk presented by choosing it. This relationship was modeled by Markowitz through a media problem (Performance) - variance (risk), ie must Maximize Performance and Minimize Risk. This research included the study and implementation of multi-objective evolutionary techniques to solve these problems, taking as experimental framework financial market equities Colombia Stock Exchange between 2009-2015. Comparisons three multiobjective evolutionary algorithms, namely the Nondominated Sorting Genetic Algorithm II (NSGA-II), the Strength Pareto Evolutionary Algorithm 2 (SPEA2) and Indicator-Based Selection in Multiobjective Search (IBEA) were performed using two measures well known performance: The Hypervolume indicator and R_2 indicator, also it became a nonparametric statistical analysis and the Wilcoxon rank-sum test. The comparative analysis also includes an evaluation of the financial efficiency of the investment portfolio chosen by the implementation of various algorithms through the Sharpe ratio. It is shown that the portfolio provided by the implementation of the algorithms mentioned above is very well located between the different stock indices provided by the Colombia Stock Exchange.

Keywords: finance, optimization, portfolio, Markowitz, evolutionary algorithms

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Authors: Lin-Han Chiang Hsieh, Hsiao-Yi Lin

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This study aims to determine the impact of the disclosure of flood potential map on housing prices. The disclosure is supposed to mitigate the market failure by reducing information asymmetry. On the other hand, opponents argue that the official disclosure of simulated results will only create unnecessary disturbances on the housing market. This study identifies the impact of the disclosure of the flood potential map by comparing the hedonic price of flood potential before and after the disclosure. The flood potential map used in this study is published by Taipei municipal government in 2015, which is a result of a comprehensive simulation based on geographical, hydrological, and meteorological factors. The residential property sales data of 2013 to 2016 is used in this study, which is collected from the actual sales price registration system by the Department of Land Administration (DLA). The result shows that the impact of flood potential on residential real estate market is statistically significant both before and after the disclosure. But the trend is clearer after the disclosure, suggesting that the disclosure does have an impact on the market. Also, the result shows that the impact of flood potential differs by the severity and frequency of precipitation. The negative impact for a relatively mild, high frequency flood potential is stronger than that for a heavy, low possibility flood potential. The result indicates that home buyers are of more concern to the frequency, than the intensity of flood. Another contribution of this study is in the methodological perspective. The classic hedonic price analysis with OLS regression suffers from two spatial problems: the endogeneity problem caused by omitted spatial-related variables, and the heterogeneity concern to the presumption that regression coefficients are spatially constant. These two problems are seldom considered in a single model. This study tries to deal with the endogeneity and heterogeneity problem together by combining the spatial fixed-effect model and geographically weighted regression (GWR). A series of literature indicates that the hedonic price of certain environmental assets varies spatially by applying GWR. Since the endogeneity problem is usually not considered in typical GWR models, it is arguable that the omitted spatial-related variables might bias the result of GWR models. By combing the spatial fixed-effect model and GWR, this study concludes that the effect of flood potential map is highly sensitive by location, even after controlling for the spatial autocorrelation at the same time. The main policy application of this result is that it is improper to determine the potential benefit of flood prevention policy by simply multiplying the hedonic price of flood risk by the number of houses. The effect of flood prevention might vary dramatically by location.

Keywords: flood potential, hedonic price analysis, endogeneity, heterogeneity, geographically-weighted regression

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Authors: J. Van Engeland, C. Lavigne, S. De Jaeger

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In the light of the transition towards a more circular economy, recovery of products, parts or materials will gain in importance. Additionally, the EU proximity principle related to waste management and emissions generated by transporting large amounts of end-of-life products, shift attention to local recovery networks. The Flemish inter-communal cooperation for municipal solid waste management Meetjesland (IVM) is currently investigating the set-up of such a network. More specifically, the network encompasses the recycling of polyvinyl chloride (PVC), which is collected in separate containers. When these containers are full, a truck should transport them to the processor which can recycle the PVC into new products. This paper proposes a model to optimize the container collection. The containers are located at different Civic Amenity sites (CA sites) in a certain region. Since people can drop off their waste at these CA sites, the containers will gradually fill up during a planning horizon. If a certain container is full, it has to be collected and replaced by an empty container. The collected waste is then transported to a single processor. To perform this collection and transportation of containers, the responsible firm has a set of vehicles stationed at a single depot and different personnel crews. A vehicle can load exactly one container. If a trailer is attached to the vehicle, it can load an additional container. Each day of the planning horizon, the different crews and vehicles leave the depot to collect containers at the different sites. After loading one or two containers, the crew has to drive to the processor for unloading the waste and to pick up empty containers. Afterwards, the crew can again visit sites or it can return to the depot to end its collection work for that day. All along the collection process, the crew has to respect the opening hours of the sites. In order to allow for some flexibility, a crew is allowed to wait a certain amount of time at the gate of a site until it opens. The problem described can be modelled as a variant to the PVRP-TW (Periodic Vehicle Routing Problem with Time Windows). However, a vehicle can at maximum load two containers, hence only two subsequent site visits are possible. For that reason, we will refer to the model as a model for building tactical waste collection schemes. The goal is to a find a schedule describing which crew should visit which CA site on which day to minimize the number of trucks and the routing costs. The model was coded in IBM CPLEX Optimization studio and applied to a number of test instances. Good results were obtained, and specific suggestions concerning route and truck costs could be made. For a large range of input parameters, collection schemes using two trucks are obtained.

Keywords: container collection, crew scheduling, mixed integer linear programming, waste management

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Authors: Aisha M. Memon, Arabella Bhutto, Zahid A. Memon, Adnan Pitafi

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This study aims to identify the existing and non-existing elements in the entrepreneurial ecosystem which include finance, institutions, laws and regulations, human capital, culture, and markets, to measure the level of effectiveness of existing elements and to develop recommendations for improving the ecosystem to facilitate the women entrepreneurs in Jamshoro, Pakistan. The nature of this study is qualitative. Data were drawn from 25 in-depth, semi-structured interviews and a focus group discussion with women entrepreneurs in rural Jamshoro, Pakistan. The findings show the lack of awareness and knowledge among women entrepreneurs about available financial resources, lack of knowledge about laws, an absence of familial and societal support for women in accessing the entrepreneurial ecosystem, the absence of business and innovation enablers in rural areas, communication gaps, and unskilled human capital. The study found that institutions like non-for-profit organizations are playing an active role in the growth of women entrepreneurs. The existing entrepreneurial ecosystem in Jamshoro can be improved through culturally sensitive coordinated approach, interventions aimed at increasing awareness about the resources, promoting an understanding about the laws and regulations, making business enablers more effective, establishing public-private partnerships, and providing the women entrepreneurs easy access to market and financial resources.

Keywords: entrepreneurship, entrepreneurship ecosystem, Pakistan, women entrepreneurs

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Authors: Funmilayo L. Amao, Amos O. Amao

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It has been observed that majority of the people are living in poor housing quality or totally homeless in urban center despite all governmental policies to provide housing to the public. On the supply side, various government policies in the past have been formulated towards overcoming the huge shortage through several Housing Reform Programmes. Despite these past efforts, housing continues to be a mirage to ordinary Nigerian. Currently, there are various mass housing delivery programmes such as the affordable housing scheme that utilize the Public Private Partnership effort and several Private Finance Initiative models could only provide for about 3% of the required stock. This suggests the need for a holistic solution in approaching the problem. The aim of this research is to find out the problems hindering the delivery of housing in Nigeria and its effects on housing affordability. The specific objectives are to identify the causes of housing delivery problems, to examine different housing policies over years and to suggest a way out for sustainable housing delivery. This paper also reviews the past and current housing delivery programmes in Nigeria and analyses the demand and supply side issues. It identifies the various housing delivery mechanisms in current practice. The objective of this paper, therefore, is to give you an insight into the delivery option for the sustainability of housing in Nigeria, given the existing delivery structures and the framework specified in the New National Housing Policy. The secondary data were obtained from books, journals and seminar papers. The conclusion is that we cannot copy models from other nations, but should rather evolve workable models based on our socio-cultural background to address the huge housing shortage in Nigeria. Recommendations are made in this regard.

Keywords: housing, sustainability, housing delivery, housing policy, housing affordability

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Authors: Faheem Ur Rehman, Muhammad Khalil Khan, Miao Qing

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This study investigated the asymmetric links and portfolio strategies between green bonds and the markets of three different cryptocurrencies, i.e., green, Islamic, and conventional, using data from January 1, 2018, to April 8, 2022, and employing asymmetric TVP-VAR model to quantify risk spillovers in the network analysis. In addition, we use the minimum variance, minimum correlation, and minimum connectedness methodologies to assess the portfolio implications. The results of the asymmetric dynamic connectedness index (TCI) model show that by adopting cryptocurrencies for digital finance, risk spillovers are found to be reduced. The findings of net directional connectedness demonstrate that during the study period, green bonds consistently get return spillovers from all other network variables. Positive return spillovers are bigger in magnitude than negative ones. These results imply that the influence of the green bond market on the cryptocurrency markets is decreasing. Positive return spillovers generate higher connectedness values for (HG, BNB, and TRX) coins and persistent net recipients in the specific network. On the other hand, Cardano and ADA coins are persistent net transmitters in the system. XLM and MIOTA's responsibilities shift over time, and there is evidence of asymmetry when both positive and negative returns are considered. According to the pairwise portfolio weights, BNB vs. BTC has the largest portfolio weights in the system, followed by BNB vs. Ethereum, suggesting the best investment strategies in the network.

Keywords: asymmetric TVP-VAR, global sustainable index, cryptocurrency, portfolios

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Authors: Sai Amulya Gollapalli, Dilip A. Patel, Parth Patel K., Lukman E. Mansuri

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Accumulation of moisture is one of the most worrisome aspects of a building. Architects and engineers tend to ignore its vitality during the designing and construction stage. Major fatalities in buildings can be caused by it. People avoid spending a lot of money on waterproofing. If the same mistake is repeated, no deep thinking is done. The quality of workmanship and construction is depleting due to negligence. It is important to do an analysis of the water maintenance issues happening in the current buildings and give a database for all the factors that are causing the defect. In this research, surveys are done with two waterproofing consultants, two client engineers, and two project managers. The survey was based on a matrix that was based on the causes of water maintenance issues. There were around 100 causes that were identified. The causes were categorized into six, namely, manpower, finance, method, management, environment, and material. In the matrices, the causes on the x-direction matched with the causes on the y-direction. 3 Likert scale was used to make a pairwise comparison between causes on each cell. Matrices were evaluated for the main categories and for each category separately. A final ranking was done by the weights achieved, and ‘cracks arriving from various construction joints’ was the highest with 0.57 relative significance, and ‘usage of the material’ was the lowest with 0.03 relative significance. Twelve defects due to water leakage were identified, and interviewees were asked to make a pairwise comparison of them, too, to understand the priorities. When the list of causes is achieved, the prioritization as per the stratification analysis is done. This will be beneficial to the consultants and contractors as they will get a primary idea of which causes to focus on.

Keywords: water leakage, survey, causes, matrices, prioritization

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Authors: Luxi Chen

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The land finance in China in recent years has propelled urban renewals in the name of historical conservation and led to massive gentrification and compulsory relocation. Such inequalities cause insurgence. Drawing on public planning information, ethnographic field notes, and online interview data about Guangzhou's Enninglu Area, this paper aims to present how such insurgence has been contained and put down gradually through depoliticization narratives represented by "improving living conditions," "conserving historical culture," and "public participation”. This paper's findings include that 1) Besides economic growth, maintaining social stability in alignment with the central government are equally important to local government, reveals the latter efforts to mediate the growth coalition, residents, media, and academics so as to reconstruct the interface between state and society; 2) To empower the insurgence, the media and academics use public interests for propaganda, that diverts attention away from its political dimension; 3) In response, the government introduces improved regulations and planning, turning social inequalities into technical inadequacy so as to become the defender of public interests, which justifies the incoming renewal and prevents public questioning. By comparing regime changes among governments, developers, residents, media, and academics caused by renewal policies, this paper presents the depoliticized narrative as a counter-insurgence strategy to contain social conflicts and to boost inner-city renewal.

Keywords: inner city renewal, depoliticization, historical conservation, public participation

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Authors: Bruno C. Schimming, Leandro L. Martins, PatríCia F. F. Pinheiro, Raquel F. Domeniconi, FabríCio S. Oliveira

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The agouti is a wildlife rodent that can be used as an alternative source of animal protein and this species has been raised in captivity in Brazil with the aim of providing meat. Thus, the knowledge of their reproductive biology and morphology of the reproductive organs is important. The objective of this study was to describe the morphology of epididymis in the Azara’s agouti, by light microscopy. Samples of epididymis were obtained from five adult Azara’s agouti (Dasyprocta azarae) during castration surgery performed at the Municipal Zoo of Catanduva, Brazil. Fragments of the epididymal regions (initial segment, caput, corpus and cauda) were collected. The biological samples were immediately fixed in paraformaldehyde for 24 hours, followed by histologic procedures comprising embedding in ParaplastTM (Sigma, St. Louis, MO, USA), sections of 5 µm, and staining with HE and Masson’s trichrome. The epididymis was a highly convoluted tubule that links the testis to the vas deferens. The epithelium lining was pseudostratified columnar surrounded by a periductal stroma. The epithelium contains several cell types: principal, basal, apical, clear, and hallo cells. Principal cells were the most abundant cell type. There were observed also migratory cells named halo cells. The caput epididymis was divided into two different regions: initial segment and caput. The initial segment has a very wide lumen, a high epithelium with conspicuous microvilli and the lumen was wide with exfoliated material. The other region of the caput epididymis, showed a lower epithelium when compared with the initial segment, large amounts of spermatozoa in the lumen, and a cytoplasmic vacuolization. This region presented many narrows cells. Many spermatozoa appeared in the lumen of corpus epididymis. The cauda region had a lower epithelium than the other epididymal regions in the agouti. The cauda epithelium presented plicae protruding into the lumen. Large amounts of spermatozoa are also present in the lumen. Small microvilli uniformly arranged so as to form a kind of “brush border” are observed on the apical surface of the cauda epithelium. The pattern of the epithelium lining the duct of the agouti epididymis does not differ greatly from that reported to other mammals, such as domestic and wildlife animals. These findings can cooperate with future investigations especially those related to rational exploration of these animals. All experimental procedures were approved by the institutional ethics committee (CEUA 796/2015). This study was supported by FAPESP (Grants 2015/23822-1).

Keywords: wildlife, testis excurrent ducts, epididymis, morphology

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Authors: Paul E. Olsen

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Researchers, businesses, and governments study the glass ceiling faced by women and members of minority groups at work, but the experiences of gay men, lesbians, and bisexual men and women with the lavender ceiling have not received similar attention. This qualitative research traces similarities between the lavender ceiling and the glass ceiling. More specifically, it presents a study designed to elucidate the experiences of gay men at work and compare them with those of women and minority group members, as reported in research literature on the glass ceiling. This research asked: 1) What have gay men experienced in the workplace? 2) What experiences have they had with recruitment, mentors, corporate climate, advancement opportunities, performance evaluation, social activities, harassment, and task force and committee assignments? 3) How do these experiences compare with those of women and minorities who have described their experiences with the glass ceiling? Purposeful and convenience sampling were used as participant selection strategies. Participants were diverse in terms of age, education, and industry. Data for this study were collected through semi-structured individual interviews with eight self-identified gay men working in human services, manufacturing, marketing, finance, government, the nonprofit sector, and retail. The gay men in the study described workplace experiences similar to descriptions of the glass ceiling faced by women and minorities. The lavender ceiling parallels the glass ceiling in corporate climates, harassment, mentors, social activities, promotions and performance appraisal, and task force and committee assignments at work. Women and most minorities do not, however, face the disclosure dilemma: Should one reveal his sexual orientation at work?

Keywords: discrimination, diversity, gay and lesbian, human resource

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Authors: Pascal Horni, Sandro Fuchs

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In presence of increasing deficits and public debt among OECD countries, the debate on fiscal disciple and mechanisms to constrain public spending policy heated up and gave rise to the institutionalization of fiscal rules. Considering the notions from political economy literature and the therein advocated axiom of maximization of votes, introduction of institutional mechanisms and rules to govern public spending is likely to be coined by electoral motives. While there exists a series of research concerned with the rise of creative accounting in the presence fiscal rules, implementation of accrual government accounting and its impact on the biting of fiscal rules has to authors’ best knowledge never been explored. This paper serves the illumination of the connection between debt break mechanisms and the adoption of accrual public sector accounting standards such as the IPSAS in the interface of political economy in the Swiss context. By explicitly considering the technical accounting dimension, this paper develops an integrated conceptual view on well-established Public Financial Management (PFM) institutions and elaborates how their interdependencies can co-create value with regard to the contemporary challenge of fiscal sustainability. Derivation of this integrated view follows an explorative approach, taking into account expert interviews with director level staff from cantonal finance administrations and policy documents, as well as literature from both research areas – public sector accounting and political economy.

Keywords: accounting, fiscal rules, International Public Sector Accounting Standards (IPSAS), public financial management

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Authors: Gupta Indu

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This paper aims to examine the relationship between foreign direct investment and globalization. Foreign direct investment plays an important role in globalization. It is dramatically increasing in the age of globalization. It has played an important role for economic growth in this global process. It can provide new markets and marketing channels, cheaper production facilities, access to new technology, products to a firm. FDI has come to play a major role in the internationalization of business. FDI has become even more important than trade. Growing liberalization of the national regulatory framework governing investment in enterprises and changes in capital markets profound changes have occurred in the size, scope and methods of FDI. New information technology systems, decline in global communication costs have made management of foreign investments far easier than in the past. FDI provide opportunities to host countries to enhance their economic development and opens new opportunities to home countries to optimize their earnings by employing their ideal resources. Smaller and weaker economies can drive out much local competition. For small and medium sized companies, FDI represents an opportunity to become more actively involved in international business activities. In the past decade, foreign direct investment has expanded its role by change in trade policy, investment policy, tariff liberalization, easing of restrictions on foreign investment and acquisition in many nations, and the deregulation and privatization of many industries. In present competitive scenario, FDI has become a prominent external source of finance for developing countries.

Keywords: foreign direct investment, globalization, economic development, information technology systems new opportunities

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Authors: Nicolas Plamondon, Stuart Atkinson, Shuzi Zhou

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The insurance industry is usually not the first topic one has in mind when thinking about applications of data science. However, the use of data science in the finance and insurance industry is growing quickly for several reasons, including an abundance of reliable customer data, ferocious competition requiring more accurate pricing, etc. Among the top use cases of data science, we find pricing optimization, customer segmentation, customer risk assessment, fraud detection, marketing, and triage analytics. The objective of this paper is to present an application of the generalized additive model (GAM) on a commercial automobile insurance product: an individually rated commercial automobile. These are vehicles used for commercial purposes, but for which there is not enough volume to apply pricing to several vehicles at the same time. The GAM model was selected as an improvement over GLM for its ease of use and its wide range of applications. The model was trained using the largest split of the data to determine model parameters. The remaining part of the data was used as testing data to verify the quality of the modeling activity. We used the Gini coefficient to evaluate the performance of the model. For long-term monitoring, commonly used metrics such as RMSE and MAE will be used. Another topic of interest in the insurance industry is to process of producing the model. We will discuss at a high level the interactions between the different teams with an insurance company that needs to work together to produce a model and then monitor the performance of the model over time. Moreover, we will discuss the regulations in place in the insurance industry. Finally, we will discuss the maintenance of the model and the fact that new data does not come constantly and that some metrics can take a long time to become meaningful.

Keywords: insurance, data science, modeling, monitoring, regulation, processes

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Authors: Pilar Gamarra Gamarra, Michele Girotto

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In the expanding field of leaders’ ethical behavior research, little attention has been paid to the association between finance leaders’ ethical traits (beyond personality) and ethical leadership, and more importantly, how these ethical characteristics can be predictors of ethical behavior at the leadership level in the financial sector. In this study, we tested a theoretical model based on uponsocial cognitive theory (Bandura, 1986) and the cognitive-developmental model (Piaget, 1932) to examine leaders’ moral identity and moral attentiveness as antecedents of ethical leadership. After the 2008 economic crisis, the marketplace has awakened to the potential dangers of unethical behavior. The unethical behavior of the leaders of the financial sector was identified as guilty of this economic catastrophe. For that reason, it seems increasingly prudent for organizations to have leaders who are cognitively inclined toward ethical behavior. This evidence suggests that moral attentiveness and moral identity is perhaps one way of identifying those kinds of leaders. For leaders who are morally attentive and have a high moral identity, themes of ethics interventions are consistent with their way of seeing the word. As a result, these leaders could become critical components of change in organizations and could provide the energy and skills necessary for these efforts to be successful. Ethical behavior of leader from the financial sector and marketing sectors must be joined to manage the change. In this study, a leader’s moral identity, leader’s moral attentiveness, and self-importance of Ethical Leadership are measured for financial and marketing leaders to be compared to determine the relationship between the three variables in each sector. Other conclusion related to gender, educational level or generation are obtained.

Keywords: ethical leadership, moral identity, moral attentiveness, financial leaders, marketing leaders, ethical behavior

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Authors: Tony R. Walker, N. Devin MacAskill, Andrew Thalhiemer

Abstract:

Sydney Harbour, Nova Scotia has long been subject to effluent and atmospheric inputs of metals, polycyclic aromatic hydrocarbons (PAHs), and polychlorinated biphenyls (PCBs) from a large coking operation and steel plant that operated in Sydney for nearly a century until closure in 1988. Contaminated effluents from the industrial site resulted in the creation of the Sydney Tar Ponds, one of Canada’s largest contaminated sites. Since its closure, there have been several attempts to remediate this former industrial site and finally, in 2004, the governments of Canada and Nova Scotia committed to remediate the site to reduce potential ecological and human health risks to the environment. The Sydney Tar Ponds and Coke Ovens cleanup project has become the most prominent remediation project in Canada today. As an integral part of remediation of the site (i.e., which consisted of solidification/stabilization and associated capping of the Tar Ponds), an extensive multiple media environmental effects program was implemented to assess what effects remediation had on the surrounding environment, and, in particular, harbour sediments. Additionally, longer-term natural sediment recovery rates of select contaminants predicted for the harbour sediments were compared to current conditions. During remediation, potential contributions to sediment quality, in addition to remedial efforts, were evaluated which included a significant harbour dredging project, propeller wash from harbour traffic, storm events, adjacent loading/unloading of coal and municipal wastewater treatment discharges. Two sediment sampling methodologies, sediment grab and gravity corer, were also compared to evaluate the detection of subtle changes in sediment quality. Results indicated that overall spatial distribution pattern of historical contaminants remains unchanged, although at much lower concentrations than previously reported, due to natural recovery. Measurements of sediment indicator parameter concentrations confirmed that natural recovery rates of Sydney Harbour sediments were in broad agreement with predicted concentrations, in spite of ongoing remediation activities. Overall, most measured parameters in sediments showed little temporal variability even when using different sampling methodologies, during three years of remediation compared to baseline, except for the detection of significant increases in total PAH concentrations noted during one year of remediation monitoring. The data confirmed the effectiveness of mitigation measures implemented during construction relative to harbour sediment quality, despite other anthropogenic activities and the dynamic nature of the harbour.

Keywords: contaminated sediment, monitoring, recovery, remediation

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Authors: Saifullahi Umar, Baba Mamman Yarima, Mohammed Bello Usman, Hassan Mohammed

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This study was conducted along with the Hadejia valley project irrigation under the Hadejia-Jama’are River Basin Development Authority (HRBDA) in Jigawa State. The multi-stage sampling procedure was used to select 72 rice farmers operating along with the Hadejia Valley Irrigation Project. Data for the study were collected using a structured questionnaire. The analytical tools employed for the study were descriptive statistics and Farm budget technique. The result shows that 55% of the farmers were between 31-40 years of age, 66.01% were male, and the result also revealed that the total cost of cultivation of an acre of land for rice production during the dry season was N73,900 with input cost accounting for 63.59% of the total cost of production. The gross return was N332,500, with a net return of N258,600 per acre. The estimated benefit-cost ratio of 3.449 indicates the strong performance of the dry season rice production. The leading constraints to dry season rice production were low access to quality extension services, low access to finance, poor quality fertilizers, and poor prices. The study, therefore, concludes that dry season rice production is a profitable enterprise in the study area hence, to productivity the farmers should be linked to effective extension service delivery institutions, expanding their access to productive sources of finances, the government should strengthen fertilizer quality control measures and comprehensive market linkages for the farmers.

Keywords: Auyo, dry season, Hadejia Valley, rice

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Authors: Sarah A. Tobin

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Social justice outcomes, derived from customer satisfaction, serve as a main pathway and conduit for achieving Sustainable Development Goals (SDGs) because they prompt democratizing and socially-inclusive effects that are consistent with Islamic economic values. This paper argues that achieving higher levels of social justice and the SGDs is possible only through the realization of Islamic banking and finance customer satisfaction that aligns with Islamic values in the tradition of the Shari`a (or Islamic law). Through this key manifestation of Shari`a in the banks, social justice aims of achieving SDGs become possible. This paper utilizes a case study of a large-scale survey (N=127) comparing customer satisfaction between a conventional and an Islamic bank in Amman, Jordan. Based on a series of linear regressions, the statistically-significant findings suggest that when overall customer satisfaction is high, customers are more likely to become empowered citizens demanding inclusive, quality services and corruption-free management, as well as attribute their experiences to the Islamic nature of the financial endeavors. Social justice interests and expectations increase (and SDGs are more likely met) when a customer has high levels of satisfaction. The paper concludes with policy recommendations for Islamic financial institutions that enhance customer service experiences for better achieving the social justice aims of the Islamic economy and SDGs, including transparency in transactions, exemplary customer service and follow up, and attending to Islamic values in the aesthetics of bank.

Keywords: customer satisfaction, Islamic economy, social justice, sustainable development goals

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Authors: Jonathan Iworiso

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Forecasting the equity premium out-of-sample is a major concern to researchers in finance and emerging markets. The quest for a superior model that can forecast the equity premium with significant economic gains has resulted in several controversies on the choice of variables and suitable techniques among scholars. This research focuses mainly on the application of Regression Training (RT) techniques to forecast monthly equity premium out-of-sample recursively with an expanding window method. A broad category of sophisticated regression models involving model complexity was employed. The RT models include Ridge, Forward-Backward (FOBA) Ridge, Least Absolute Shrinkage and Selection Operator (LASSO), Relaxed LASSO, Elastic Net, and Least Angle Regression were trained and used to forecast the equity premium out-of-sample. In this study, the empirical investigation of the RT models demonstrates significant evidence of equity premium predictability both statistically and economically relative to the benchmark historical average, delivering significant utility gains. They seek to provide meaningful economic information on mean-variance portfolio investment for investors who are timing the market to earn future gains at minimal risk. Thus, the forecasting models appeared to guarantee an investor in a market setting who optimally reallocates a monthly portfolio between equities and risk-free treasury bills using equity premium forecasts at minimal risk.

Keywords: regression training, out-of-sample forecasts, expanding window, statistical predictability, economic significance, utility gains

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Authors: Wafa Ghonaim

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Though quite fast on growth, Islamic financing at large, and its diverse instruments, is a controversial matter among scholars. This is evident from the ongoing debates on its Shariah compliance. Arguments, however, are inciting doubts and concerns among clients about its credibility, which is harming this lucrative sector. The work here investigates, particularly, some issues related to the Tawarruq instrument. The work examines the issues of linking Murabaha and Wakala contracts, the reselling of commodities to same traders, and the transfer of ownerships. The work affirms that a multi-agent smart electronic market design would facilitate Shariah compliance. The smart market exploits the rational decision-making capabilities of autonomous proxy agents that enable the clients, traders, brokers, and the bank buy and sell commodities, and manage transactions and cash flow. The smart electronic market design delivers desirable qualities that terminate the need for Wakala contracts and the reselling of commodities to the same traders. It also resolves the ownership transfer issues by allowing stakeholders to trade independently. The bank administers the smart electronic market and assures reliability of trades, transactions and cash flow. A multi-agent simulation is presented to validate the concept and processes. We anticipate that the multi-agent smart electronic market design would deliver Shariah compliance of personal financing to the aspiration of scholars, banks, traders and potential clients.

Keywords: Islamic finance, share'ah compliance, smart electronic markets design, multiagent systems

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Authors: Carlson Murray, Ali Lazrak

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Robust experimental evidence of systematic violations of expected utility (EU) establishes that individuals facing risk overweight utility from low probability gains and losses when making choices. These findings motivated development of models of preferences with probability weighting functions, such as rank dependent utility (RDU). We solve for the optimal investing strategy of an RDU investor in a dynamic binomial setting from which we derive implications for investing behavior. We show that relative to EU investors with constant relative risk aversion, commonly measured probability weighting functions produce optimal RDU terminal wealth with significant downside protection and upside exposure. We additionally find that in contrast to EU investors, RDU investors optimally choose a portfolio that contains fair bets that provide payo↵s that can be interpreted as lottery outcomes or exposure to idiosyncratic returns. In a calibrated version of the model, we calculate that RDU investors would be willing to pay 5% of their initial wealth for the freedom to trade away from an optimal EU wealth allocation. The dynamic trading strategy that supports the optimal wealth allocation implies portfolio weights that are independent of initial wealth but requires higher risky share after good stock return histories. Optimal trading also implies the possibility of non-participation when historical returns are poor. Our model fills a gap in the literature by providing new quantitative and qualitative predictions that can be tested experimentally or using data on household wealth and portfolio choice.

Keywords: behavioral finance, probability weighting, portfolio choice

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Authors: H. E. Elzain, S. Y. Chung, V. Senapathi, Kye-Hun Park

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Groundwater is considered a significant source for drinking and irrigation purposes in Miryang city, and it is attributed to a limited number of a surface water reservoirs and high seasonal variations in precipitation. Population growth in addition to the expansion of agricultural land uses and industrial development may affect the quality and management of groundwater. This research utilized multidisciplinary approaches of geostatistics such as multivariate statistics, factor analysis, cluster analysis and kriging technique in order to identify the hydrogeochemical process and characterizing the control factors of the groundwater geochemistry distribution for developing risk maps, exploiting data obtained from chemical investigation of groundwater samples under the area of study. A total of 79 samples have been collected and analyzed using atomic absorption spectrometer (AAS) for major and trace elements. Chemical maps using 2-D spatial Geographic Information System (GIS) of groundwater provided a powerful tool for detecting the possible potential sites of groundwater that involve the threat of contamination. GIS computer based map exhibited that the higher rate of contamination observed in the central and southern area with relatively less extent in the northern and southwestern parts. It could be attributed to the effect of irrigation, residual saline water, municipal sewage and livestock wastes. At wells elevation over than 85m, the scatter diagram represents that the groundwater of the research area was mainly influenced by saline water and NO3. Level of pH measurement revealed low acidic condition due to dissolved atmospheric CO2 in the soil, while the saline water had a major impact on the higher values of TDS and EC. Based on the cluster analysis results, the groundwater has been categorized into three group includes the CaHCO3 type of the fresh water, NaHCO3 type slightly influenced by sea water and Ca-Cl, Na-Cl types which are heavily affected by saline water. The most predominant water type was CaHCO3 in the study area. Contamination sources and chemical characteristics were identified from factor analysis interrelationship and cluster analysis. The chemical elements that belong to factor 1 analysis were related to the effect of sea water while the elements of factor 2 associated with agricultural fertilizers. The degree level, distribution, and location of groundwater contamination have been generated by using Kriging methods. Thus, geostatistics model provided more accurate results for identifying the source of contamination and evaluating the groundwater quality. GIS was also a creative tool to visualize and analyze the issues affecting water quality in the Miryang city.

Keywords: groundwater characteristics, GIS chemical maps, factor analysis, cluster analysis, Kriging techniques

Procedia PDF Downloads 147

Authors: Monsuru Oyenola Popoola, Oladapo Samson Abiola, Wusamotu Alao Adeniji

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The prevalent and incessant abandonment of road construction projects are alarming that it creates several negative effects to social, economic and environmental values of the project. The purpose of this paper is to investigate and determined the various causes and effects of abandoning road construction projects in Nigeria. Likert Scale questionnaire design was used to administered and analysed the data obtained for the stydy. 135 (Nr) questionnaires were completed and retrieved from the respondents, out of 200 (Nr) questionnaires sent out, representing a response rate of 67.5%. The analysis utilized the Relative Importance Index (R.I.I.) method and the results are presented in tabular form. The findings confirms that at least 20 factors were the causes of road projects abandonment in Nigeria with most including Leadership Instability, Improper Project Planning, Inconsistence in government policies and Design, Contractor Incompetence, Economy Instability and Inflation, Delay in remittance of money, Improper financial analysis, Poor risk management, Climatic Conditions, Improper Project Estimates etc. The findings also show that at least eight (8) effect were identified on the system, and these include; Waste of Financial Resources, Loss of economic value, Environmental degradation, Loss of economic value, Reduction in standard of living, Litigation and Arbitration, etc. The reflection is that allocating reasonable finance, developing appropriate and effective implementation plans and monitoring, evaluation and reporting on development project activities by key actors should enhance in resolving the problem of road projects abandonment.

Keywords: road construction, abandonment of road projects, climatic condition, project planning, contractor

Procedia PDF Downloads 275

Authors: Raheel Asif, Michael Frommel

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This paper focuses on analyzing the exchange rate exposure of exporting & domestic firms in (the so far rarely addressed) largest Eastern European transition economies, i.e., Russia and the three EU accession countries, Poland, Hungary, and Czech Republic (CEEC-3). It also controls for possible effects of different exchange rate regimes, Great Financial crisis (2007-08), Russian Financial crisis (2014-15), the formation of EU & turn of year effect. Substantially improving the results from the existing literature on these transition economies, we find for more than 51% of our sample firms in CEEC-3 countries and 29% in Russia shows a significant exchange rate exposure. However, the magnitude and direction of firms’ exposure depends on the particular bilateral exchange rate and differs between CEEC-3 and Russia. We find that share price increases with an appreciation of the domestic currency against the EURO and US Dollar (USD) in CEEC-3; however, the effect is more pronounced for EURO as expected. Whereas, for Russian firms share price increases with a depreciation of the domestic currency against the USD only. Those differences may result from a differing dominance of exposure channels in the respective economies, such as the country-specific export structure, competitiveness channels, and dependence on foreign debt. Finally, the switch from a pegged to a flexible exchange rate regime appears to have a less pronounced effect for the exchange rate exposure of firms in all countries except for USD in Poland and Russia.

Keywords: exchange rate exposure, transition economies, central and eastern Europe, international finance

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Authors: Ahmed Stifi, Sascha Gentes, Fritz Gehbauer

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The construction industry is perhaps one of the oldest industry of the world. The ancient monuments like the egyptian pyramids, the temples of Greeks and Romans like Parthenon and Pantheon, the robust bridges, old Roman theatres, the citadels and many more are the best testament to that. The industry also has a symbiotic relationship with other . Some of the heavy engineering industry provide construction machineries, chemical industry develop innovative construction materials, finance sector provides fund solutions for complex construction projects and many more. Construction Industry is not only mammoth but also very complex in nature. Because of the complexity, construction industry is prone to various tribulations which may have the propensity to hamper its growth. The comparitive study of this industry with other depicts that it is associated with a state of tardiness and delay especially when we focus on the managerial aspects and the study of triple constraint (time, cost and scope). While some institutes says the complexity associated with it as a major reason, others like lean construction, refers to the wastes produced across the construction process as the prime reason. This paper introduces corruption as one of the prime factors for such delays.To support this many international reports and studies are available depicting that construction industry is one of the most corrupt sectors worldwide, and the corruption can take place throught the project cycle comprising project selection, planning, design, funding, pre-qualification, tendering, execution, operation and maintenance, and even through the reconstrction phase. It also happens in many forms such as bribe, fraud, extortion, collusion, embezzlement and conflict of interest and the self-sufficient. As a solution to cope the corruption in construction industry, the paper introduces the integrity as a key factor and build a new integrity framework to develop and implement an integrity management system for construction companies and construction projects.

Keywords: corruption, construction industry, integrity, lean construction

Procedia PDF Downloads 352