Search results for: market diffusion

Authors: Wassamon Kun-Amornpong

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When a financial crisis occurs, there will be a law and regulatory reform in order to manage the turmoil and prevent a future crisis. One of the most important regulatory efforts to help cope with systemic risk and a financial crisis is the third version of the Basel Accord. Basel III has introduced some measures and tools (e.g., systemic risk buffer, countercyclical buffer, capital conservation buffer and liquidity risk) in order to mitigate systemic risk. Nevertheless, the effectiveness of these measures in Basel III in adequately addressing the problem of contagious runs that can quickly spread throughout the financial system is questionable. This paper seeks to contribute to the knowledge regarding the role of the Basel Accords in mitigating systemic risk. The research question is to what extent the Basel Accords can help control systemic risk in the financial markets? The paper tackles this question by analysing the concept of systemic risk. It will then examine the weaknesses of the Basel Accords before and after the Global financial crisis in 2008. Finally, it will suggest some possible solutions in order to improve the Basel Accord. The rationale of the study is the fact that academic works on systemic risk and financial crises are largely studied from economic or financial perspective. There is comparatively little research from the legal and regulatory perspective. The finding of the paper is that there are some problems in all of the three pillars of the Basel Accords. With regards to Pillar I, the risk model is excessively complex while the benefits of its complexity are doubtful. Concerning Pillar II, the effectiveness of the risk-based supervision in preventing systemic risk still depends largely upon its design and implementation. Factors such as organizational culture of the regulator and the political context within which the risk-based supervision operates might be a barrier against the success of Pillar II. Meanwhile, Pillar III could not provide adequate market discipline as market participants do not always act in a rational way. In addition, the too-big-to-fail perception reduced the incentives of the market participants to monitor risks. There has been some development in resolution measure (e.g. TLAC and MREL) which might potentially help strengthen the incentive of the market participants to monitor risks. However, those measures have some weaknesses. The paper argues that if the weaknesses in the three pillars are resolved, it can be expected that the Basel Accord could contribute to the mitigation of systemic risk in a more significant way in the future.

Keywords: Basel accords, financial regulation, risk-based supervision, systemic risk

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Authors: Ivana Loncarevic, Biljana Pajin, Ivana Vasiljevic, Milana Lazovic, Danica Mrkajic, Aleksandar Fises, Strahinja Kovacevic

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Biscuits belong to a group of flour-confectionery products that are considerably consumed worldwide. The basic raw material for their production is wheat flour or integral flour as a nutritionally highly valuable component. However, this raw material is also a potential source of contamination since it may contain the residues of biochemical compounds originating from plant and soil protection agents. Therefore, it is necessary to examine the health safety of both raw materials and final products. The aim of this research was to examine the content of undesirable residues of pesticides (mostly organochlorine pesticides, organophosphorus pesticides, carbamate pesticides, triazine pesticides, and pyrethroid pesticides) in 30 different biscuit samples of domestic origin present on the Vojvodina market using Gas Chromatograph Thermo ISQ/Trace 1300. The results showed that all tested samples had the limit of detection of pesticide content below 0.01 mg/kg, indicating that this type of confectionary products is not contaminated with pesticides.

Keywords: biscuits, pesticides, contamination, quality

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Authors: Sudhir Kumar Tewatia, Kanishck Tewatia, Anttriksh Tewatia

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Advancements in soil consolidation are discussed, and further improvements are proposed with particular reference to Tewatia’s Y-Y’ Approach, which is called the Settlement versus Rate of Settlement Approach in consolidation. A branch of calculus named Y-Y' (or y versus dy/dx) is suggested (as compared to the common X-Y', x versus dy/dx, dy/dx versus x or Newton-Leibniz branch) that solves some complicated/unsolved theoretical and practical problems in physical sciences (Physics, Chemistry, Mathematics, Biology, and allied sciences) and engineering in an amazingly simple and short manner, particularly when independent variable X is unknown and X-Y' Approach can’t be used. Complicated theoretical and practical problems in 1D, 2D, 3D Primary and Secondary consolidations with non-uniform gradual loading and irregularly shaped clays are solved with elementary school level Y-Y' Approach, and it is interesting to note that in X-Y' Approach, equations become more difficult while we move from one to three dimensions, but in Y-Y' Approach even 2D/3D equations are very simple to derive, solve, and use; rather easier sometimes. This branch of calculus will have a far-reaching impact on understanding and solving the problems in different fields of physical sciences and engineering that were hitherto unsolved or difficult to be solved by normal calculus/numerical/computer methods. Some particular cases from soil consolidation that basically creeps and diffusion equations in isolation and in combination with each other are taken for comparison with heat transfer. The Y-Y’ Approach can similarly be applied in wave equations and other fields wherever normal calculus works or fails. Soil mechanics uses mathematical analogies from other fields of physical sciences and engineering to solve theoretical and practical problems; for example, consolidation theory is a replica of the heat equation from thermodynamics with the addition of the effective stress principle. An attempt is made to give them mathematical analogies.

Keywords: calculus, clay, consolidation, creep, diffusion, heat, settlement

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Authors: Benbya Hind, Belbaly Nassim

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Markets and communities are often cast as alternative forms of knowledge sharing, but an open question is how and why people dynamically transition between them. To study these transitions, we design a technology that allows geographically distributed participants to either buy knowledge (using virtual points) or request it for free. We use a data-driven, inductive approach, studying 550 members in over 5000 interactions, during nine months. Because the technology offered participants choices between market or community forms, we can document both individual and collective transitions that emerge as people cycle between these forms. Our inductive analysis revealed that uncertainties endemic to knowledge sharing were the impetus for these transitions. Communities evoke uncertainties about knowledge sharing’s costs and benefits, which markets resolve by quantifying explicit prices. However, if people manipulate markets, they create uncertainties about the validity of those prices, allowing communities to reemerge to establish certainty via identity-based validation.

Keywords: knowledge sharing, communities, information technology design, transitions, markets

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Authors: Obokhai Kess Asikhia

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This work explores design concept generation by understanding user needs through observation and interview. The aim is to examine several principles and guidelines in obtaining evidence from observing how users interact with the targeted product and interviewing them to acquire deep insights of their needs. With the help of Quality Function Deployment (QFD), the identified needs of the users while interacting with the product were ranked using the normalised weighting approach. Furthermore, a low fidelity prototype of the alarm clock is developed with a view of addressing the identified needs of the users. Finally, the low fidelity prototype design was evaluated with two design prototypes already existing in the market through a study involving 30 participants. Preliminary results reveal higher performance ratings by the majority of the participants of the new prototype compared to the other existing alarm clocks in the market used in the study.

Keywords: design concept, low fidelity prototype, normalised weighting approach, quality function deployment, user needs

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Authors: A. Elragig, S. Townley, H. Dreiwi

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In this paper we introduce a bacteria-leukocyte model with bacteria chemotaxsis. We assume that bacteria develop a tactic defense mechanism as a response to Leukocyte phagocytosis. We explore the effect of this tactic motion on Turing space in two parameter spaces. A fine tuning of bacterial chemotaxis shows a significant effect on developing a non-uniform steady state.

Keywords: chemotaxis-diffusion driven instability, bacterial chemotaxis, mathematical biology, ecology

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Authors: Vishal Jaunky, Jonas Grafström

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The development of the European Union’s (EU) single economic market and rapid technological change has resulted in major structural changes in EU’s member states economies. The general liberalization process that the countries has undergone together has convinced the governments of the member states of need to upgrade their economic and training systems in order to be able to face the economic globalization. Several signs of economic convergence have been found but less is known about the knowledge production. This paper addresses the convergence pattern of technological innovation in 13 European Union (EU) states over the time period 1990-2011 by means of parametric and non-parametric techniques. Parametric approaches revolve around the neoclassical convergence theories. This paper reveals divergence of both the β and σ types. Further, we found evidence of stochastic divergence and non-parametric convergence approach such as distribution dynamics shows a tendency towards divergence. This result is supported with the occurrence of γ-divergence. The policies of the EU to reduce technological gap among its member states seem to be missing its target, something that can have negative long run consequences for the market.

Keywords: convergence, patents, panel data, European union

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Authors: Hongyan Chen, Megan Jobson, Andrew J. Masters, Maria Gonzalez-Miquel, Simon Halstead, Mayri Diaz de Rienzo

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Ionic liquids offer excellent advantages over conventional solvents for industrial extraction of metals from aqueous solutions, where such extraction processes bring opportunities for recovery, reuse, and recycling of valuable resources and more sustainable production pathways. Recent research on the use of ionic liquids for extraction confirms their high selectivity and low volatility, but there is relatively little focus on how their properties can be best exploited in practice. This work addresses gaps in research on process modelling and simulation, to support development, design, and optimisation of these processes, focusing on the separation of the highly similar transition metals, cobalt, and nickel. The study exploits published experimental results, as well as new experimental results, relating to the separation of Co and Ni using trihexyl (tetradecyl) phosphonium chloride. This extraction agent is attractive because it is cheaper, more stable and less toxic than fluorinated hydrophobic ionic liquids. This process modelling work concerns selection and/or development of suitable models for the physical properties, distribution coefficients, for mass transfer phenomena, of the extractor unit and of the multi-stage extraction flowsheet. The distribution coefficient model for cobalt and HCl represents an anion exchange mechanism, supported by the literature and COSMO-RS calculations. Parameters of the distribution coefficient models are estimated by fitting the model to published experimental extraction equilibrium results. The mass transfer model applies Newman’s hard sphere model. Diffusion coefficients in the aqueous phase are obtained from the literature, while diffusion coefficients in the ionic liquid phase are fitted to dynamic experimental results. The mass transfer area is calculated from the surface to mean diameter of liquid droplets of the dispersed phase, estimated from the Weber number inside the extractor. New experiments measure the interfacial tension between the aqueous and ionic phases. The empirical models for predicting the density and viscosity of solutions under different metal loadings are also fitted to new experimental data. The extractor is modelled as a continuous stirred tank reactor with mass transfer between the two phases and perfect phase separation of the outlet flows. A multistage separation flowsheet simulation is set up to replicate a published experiment and compare model predictions with the experimental results. This simulation model is implemented in gPROMS software for dynamic process simulation. The results of single stage and multi-stage flowsheet simulations are shown to be in good agreement with the published experimental results. The estimated diffusion coefficient of cobalt in the ionic liquid phase is in reasonable agreement with published data for the diffusion coefficients of various metals in this ionic liquid. A sensitivity study with this simulation model demonstrates the usefulness of the models for process design. The simulation approach has potential to be extended to account for other metals, acids, and solvents for process development, design, and optimisation of extraction processes applying ionic liquids for metals separations, although a lack of experimental data is currently limiting the accuracy of models within the whole framework. Future work will focus on process development more generally and on extractive separation of rare earths using ionic liquids.

Keywords: distribution coefficient, mass transfer, COSMO-RS, flowsheet simulation, phosphonium

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Authors: Min Chen, Rubi Gupta

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Understanding and predicting stock market movements is a challenging problem. It is believed stock markets are partially driven by public sentiments, which leads to numerous research efforts to predict stock market trend using public sentiments expressed on social media such as Twitter but with limited success. Recently a microblogging website StockTwits is becoming increasingly popular for users to share their discussions and sentiments about stocks and financial market. In this project, we analyze the text content of StockTwits tweets and extract financial sentiment using text featurization and machine learning algorithms. StockTwits tweets are first pre-processed using techniques including stopword removal, special character removal, and case normalization to remove noise. Features are extracted from these preprocessed tweets through text featurization process using bags of words, N-gram models, TF-IDF (term frequency-inverse document frequency), and latent semantic analysis. Machine learning models are then trained to classify the tweets' sentiment as positive (bullish) or negative (bearish). The correlation between the aggregated daily sentiment and daily stock price movement is then investigated using Pearson’s correlation coefficient. Finally, the sentiment information is applied together with time series stock data to predict stock price movement. The experiments on five companies (Apple, Amazon, General Electric, Microsoft, and Target) in a duration of nine months demonstrate the effectiveness of our study in improving the prediction accuracy.

Keywords: machine learning, sentiment analysis, stock price prediction, tweet processing

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Authors: Zydrunas Kavaliauskas, Aleksandras Iljinas, Liutauras Marcinauskas, Mindaugas Milieska, Vitas Valincius

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The magnetron sputtering deposition method is often used to obtain thin film coatings. The main advantage of magnetron vaporization compared to other deposition methods is the high rate erosion of the cathode material (e.g., copper, aluminum, etc.) and the ability to operate under low-pressure conditions. The structure of the formed coatings depends on the working parameters of the magnetron deposition system, which is why it is possible to influence the properties of the growing film, such as morphology, crystal orientation, and dimensions, stresses, adhesion, etc. The properties of these coatings depend on the distance between the substrate and the magnetron surface, the vacuum depth, the gas used, etc. Using this deposition technology, substrates are most often placed near the anode. The magnetic trap of the magnetrons for localization of electrons in the cathode region is formed using a permanent magnet system that is on the side of the cathode. The scientific literature suggests that, after insertion of a small amount of copper into graphite, the electronic conductivity of graphite increase. The aim of this work is to create thin (up to 300 nm) layers on a graphite surface using a magnetron evaporation method, to investigate the formation peculiarities and microstructure of thin films, as well as the mechanism of copper diffusion into graphite inner layers at different thermal treatment temperatures. The electron scanning microscope was used to investigate the microrelief of the coating surface. The chemical composition is determined using the EDS method, which shows that, with an increase of the thermal treatment of the copper-carbon layer from 200 °C to 400 °C, the copper content is reduced from 8 to 4 % in atomic mass units. This is because the EDS method captures only the amount of copper on the graphite surface, while the temperature of the heat treatment increases part of the copper because of the diffusion processes penetrates into the inner layers of the graphite. The XRD method shows that the crystalline copper structure is not affected by thermal treatment.

Keywords: carbon, coatings, copper, magnetron sputtering

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Authors: Mohammed Ghazwani, Shyma Ali Alshahrani, Zahra Abdu Yousef, Taif Torki Asiri, Ghofran Abdur Rahman, Asma Ali Alshahrani, Umme Hani

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Background and introduction: Piroxicam is a nonsteroidal anti-inflammatory drug characterized by low solubility-high permeability used to reduce pain, swelling, and joint stiffness from arthritis. Hydrotropes are a class of compounds that normally increase the aqueous solubility of insoluble solutes. Aim: The objective of the present research study was to formulate and optimize Piroxicam hydrotropic starch gel using sodium salicylate, sodium benzoate as hydrotropic salts, and potato starch for topical application. Materials and methods: The prepared Piroxicam hydrotropic starch gel was characterized for various physicochemical parameters like drug content estimation, pH, tube extrudability, and spreadability; all the prepared formulations were subjected to in-vitro diffusion studies for six hours in 100 ml phosphate buffer (pH 7.4) and determined gel strength. Results: All formulations were found to be white opaque in appearance and have good homogeneity. The pH of formulations was found to be between 6.9-7.9. Drug content ranged from 96.8%-99.4.5%. Spreadability plays an important role in patient compliance and helps in the uniform application of gel to the skin as gels should spread easily; F4 showed a spreadability of 2.4cm highest among all other formulations. In in vitro diffusion studies, extrudability and gel strength were good with F4 in comparison with other formulations; hence F4 was selected as the optimized formulation. Conclusion: Isolated potato starch was successfully employed to prepare the gel. Hydrotropic salt sodium salicylate increased the solubility of Piroxicam and resulted in a stable gel, whereas the gel prepared using sodium benzoate changed its color after one week of preparation from white to light yellowish. Hydrotropic potato starch gel proposed a suitable vehicle for the topical delivery of Piroxicam.

Keywords: Piroxicam, potato starch, hydrotropic salts, hydrotropic starch gel

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Authors: Vesali Naseh Morteza, Najafi Mohammad Hosein

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The possibility of trading in-game items for real money provides a high economic capacity for online games and turns them into a business model. Nowadays, the market for in-game item purchases and microtransactions or micropayments has been growing increasingly. Since the market should be legal, lawyers and lawmakers around the world have expressed concerns over the legality of online gaming and in-game transactions. The issue is highlighted by the recent emergence of an in-game business model in the name of loot boxes. Similarities between loot boxes gaming and gambling features activities have started a legal debate as to whether loot boxes constitute a form of gambling or whether the game’s use of loot boxes should be considered gambling. Hence, based on the relationship between loot boxes purchasing and problem gambling, the paper investigates the legal effect of the newly emergent phenomenon of loot boxes on online games from the perspective of Iranian law.

Keywords: serious games, loot boxes, online gambling, in-game purchase, virtual items

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Authors: Kwaku Damoah

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The agricultural sector is characterized by continuous transformation, driven by factors such as demographic shifts, evolving consumer preferences, climate change, and migration trends. This dynamic environment presents complex challenges for key stakeholders including farmers, governments, and investors, who must navigate these changes to achieve optimal investment returns. To effectively predict market trends and uncover promising investment opportunities, a systematic, data-driven approach is essential. This paper introduces the Structural Evolution Index (SEI), a machine learning-based methodology. SEI is specifically designed to analyse long-term trends and forecast the potential of emerging agricultural products for investment. Versatile in application, it evaluates various agricultural metrics such as production, yield, trade, land use, and consumption, providing a comprehensive view of the evolution within agricultural markets. By harnessing data from the UN Food and Agricultural Organisation (FAOSTAT), this study demonstrates the SEI's capabilities through Comparative Exploratory Analysis and evaluation of international trade in agricultural products, focusing on Malaysia and Singapore. The SEI methodology reveals intricate patterns and transitions within the agricultural sector, enabling stakeholders to strategically identify and capitalize on emerging markets. This predictive framework is a powerful tool for decision-makers, offering crucial insights that help anticipate market shifts and align investments with anticipated returns.

Keywords: agricultural investment, algorithm, comparative exploratory analytics, machine learning, market trends, predictive analytics, structural evolution index

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Authors: A. Banovcinova, M. Zakova

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Labor market activity and paid employment should be a key factor in protecting individuals and families from falling into poverty and providing them with sufficient resources to meet the needs of their members. However, due to various processes in the labor market as well as the influence of individual factors and often insufficient social capital, there is a relatively large group of households that cannot eliminate paid employment and find themselves in a state of so-called working poverty. The aim of the research was to find out what strategies families use in managing poverty and meeting their needs and which of these strategies prevail in the Slovak population. A quantitative research strategy was chosen. The method of data collection was a structured interview focused on finding out the use of individual management strategies and also selected demographic indicators. The research sample consisted of members of families in which at least one member has a paid job. The condition for inclusion in the research was that the family's income did not exceed 60% of the national median equalized disposable income. The analysis of the results showed 5 basic areas to which management strategies are related - work, financial security, needs, social contacts and perception of the current situation. The prevailing strategies were strategies aimed at increasing and streamlining labor market activity and the planned and effective management of the family budget. Strategies that were rejected were mainly related to debt creation. The results make it possible to identify the preferred ways of managing poverty in individual areas of life, as well as the factors that influence this behavior. This information is important for working with families living in a state of working poverty and can help professionals develop positive ways of coping for families.

Keywords: copying strategies, family, in-work poverty, quantitative research

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Authors: Checkfaith I. Aizebeoje, Temitope O. Lawal, Bolanle A. Adeniyi

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The overuse and abuse of antibiotics in treating zoonotic infections in humans and opportunistic infections in rabbit has contributed to the increase in antimicrobial drug resistance, therefore, an alternative to antibiotics is needed in treating these infections. The study was carried out to determine the antimicrobial activity of lactic acid bacteria (LAB) isolated from rabbit’s faeces against multidrug-resistant (MDR) pathogens isolated from the same rabbit. Twelve faecal samples and twelve swabs from fur samples were randomly collected aseptically from apparently healthy rabbits from Ajibode, Ibadan and University of Ibadan research farm in Ibadan, Oyo state, Nigeria. Lactic acid bacteria and multidrug-resistant pathogens were isolated using appropriate agar media and identified by partial sequencing of the 16SrRNA gene. Antibiotic susceptibility pattern of isolated bacteria and LAB were determined by the agar diffusion method. The antibacterial activity of the LAB against the test pathogens was determined using the agar overlay and agar diffusion methods. The pathogens Myroides gitamensis, Citrobacter rodentium, Acinetobacter johnsonii, Enterobacter oryzendophyticus and Serratia marcescens as well as twenty-eight (28) species of LAB belonging to Acetobacter and Lactobacillus genera were identified and characterized. Lactobacillus plantarum had the highest (60.71%) occurrence of the LAB. Viable cells and cell free supernatant (CFS) of isolated LAB inhibited the growth of the test organisms with the largest zone of inhibition (40 mm) produced by Lactobacillus plantarum against Citrobacter rodentium. This study showed that LAB from rabbit possess considerable antibacterial activity against multidrug-resistant bacteria from the same environment.

Keywords: antibacterial activities, cell-free supernatant, lactic acid bacteria; multidrug-resistant pathogens, rabbits’ faeces

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Authors: Miriam Sosa-Díaz, Faustino Sánchez-Garduño

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In population dynamics the study of both, the abundance and the spatial distribution of the populations in a given habitat, is a fundamental issue a From ecological point of view, the determination of the factors influencing such changes involves important problems. In this paper a mathematical model to describe the temporal dynamic and the spatiotemporal dynamic of the interaction of three populations (pollinators, plants and herbivores) is presented. The study we present is carried out by stages: 1. The temporal dynamics and 2. The spatio-temporal dynamics. In turn, each of these stages is developed by considering three cases which correspond to the dynamics of each type of interaction. For instance, for stage 1, we consider three ODE nonlinear systems describing the pollinator-plant, plant-herbivore and plant-pollinator-herbivore, interactions, respectively. In each of these systems different types of dynamical behaviors are reported. Namely, transcritical and pitchfork bifurcations, existence of a limit cycle, existence of a heteroclinic orbit, etc. For the spatiotemporal dynamics of the two mathematical models a novel factor are introduced. This consists in considering that both, the pollinators and the herbivores, move towards those places of the habitat where the plant population density is high. In mathematical terms, this means that the diffusive part of the pollinators and herbivores equations depend on the plant population density. The analysis of this part is presented by considering pairs of populations, i. e., the pollinator-plant and plant-herbivore interactions and at the end the two mathematical model is presented, these models consist of two coupled nonlinear partial differential equations of reaction-diffusion type. These are defined on a rectangular domain with the homogeneous Neumann boundary conditions. We focused in the role played by the density dependent diffusion term into the coexistence of the populations. For both, the temporal and spatio-temporal dynamics, a several of numerical simulations are included.

Keywords: bifurcation, heteroclinic orbits, steady state, traveling wave

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Authors: R. T. Aggangan, R. J. Cabangon

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Bamboo is getting worldwide attention over the last 20 to 30 years due to numerous uses and it is regarded as the closest material that can be used as substitute to wood. In the domestic market, high quality bamboo products are sold in high-end markets while lower quality products are generally sold to medium and low income consumers. The global market in 2006 stands at about 7 billion US dollars and was projected to increase to US$ 17 B from 2015 to 2020. The Philippines had been actively producing and processing bamboo products for the furniture, handicrafts and construction industry. It was however in 2010 that the Philippine bamboo industry was formalized by virtue of Executive Order 879 that stated that the Philippine bamboo industry development is made a priority program of the government and created the Philippine Bamboo Industry Development Council (PBIDC) to provide the overall policy and program directions of the program for all stakeholders. At present, the most extensive use of bamboo is for the manufacture of engineered bamboo for school desks for all public schools as mandated by EO 879. Also, engineered bamboo products are used for high-end construction and furniture as well as for handicrafts. Development of cheap adhesives, preservatives, and finishing chemicals from local species of plants, development of economical methods of drying and preservation, product development and processing of lesser-used species of bamboo, development of processing tools, equipment and machineries are the strategies that will be employed to reduce the price and mainstream engineered bamboo products in the local and foreign market. In addition, processing wastes from bamboo can be recycled into fuel products such as charcoal are already in use. The more exciting possibility, however, is the production of bamboo pellets that can be used as a substitute for wood pellets for heating, cooking and generating electricity.

Keywords: bamboo charcoal and light distillates, engineered bamboo, furniture and handicraft industries, housing and construction, pellets

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Authors: Julia Hoefer Martí

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While research has consistently found a significant motherhood wage penalty for heterosexual women, where homosexual women are concerned, evidence has appeared to suggest no effect, or possibly even a wage bonus. This paper presents a model of the household with a public good that requires both a monetary expense and a labour investment, and where the household budget is shared between partners. Lower-wage partners will do relatively more of the household labour while higher-wage partners will specialise in market labour, and the arrival of a child exacerbates this split, resulting in the lower-wage partner taking on even more of the household labour in relative terms. Employers take this gender-sexuality dyad as a signal for employees’ commitment to the labour market after having a child, and use the information when setting wages after employees become parents. Given that women empirically earn lower wages than men, in a heterosexual couple the female partner will often do more of the household labour. However, as not every female partner has a lower wage, this results in an over-adjustment of wages that manifests as an unexplained motherhood wage penalty. On the other hand, in homosexual couples wage distributions are ex ante identical, and gender is no longer a useful signal to employers as to whether the partner is likely to specialise in household labour or market labour. This model is then tested using longitudinal data from the EU Standards of Income and Living Conditions (EU-SILC) to investigate the hypothesis that women experience different wage effects of motherhood depending on their sexual orientation. While heterosexual women receive a significant motherhood wage penalty of 8-10%, homosexual mothers do not receive any significant wage bonus or penalty of motherhood, consistent with the hypothesis presented above.

Keywords: discrimination, gender, motherhood, sexual orientation, labor economics

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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: Bita Mashayekhi, Azadeh Maddahi, Arash Tahriri

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The purpose of this paper is developing a model for audit quality, with regard to the contextual and environmental attributes of the audit profession in Iran. For this purpose, using an exploratory approach, and because of the special attributes of the auditing profession in Iran in terms of the legal environment, regulatory and supervisory mechanisms, audit firms size, and etc., we used grounded theory approach as a qualitative research method. Therefore, we got the opinions of the experts in the auditing and capital market areas through unstructured interviews. As a result, the authors revealed the determinants of audit quality, and by using these determinants, developed an Integrated Audit Quality Model, including causal conditions, intervening conditions, context, as well as action strategies related to AQ and their consequences. In this research, audit quality is studied using a systemic approach. According to this approach, the quality of inputs, processes, and outputs of auditing determines the quality of auditing, therefore, the quality of all different parts of this system is considered.

Keywords: audit quality, integrated audit quality model, demand for audit service, supply of audit, grounded theory

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Authors: Melvin Mothoa

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Small Micro and Medium Enterprises are very significant for the development of their market economies. They are the main creators of the new working places, and they present a vital core of the market economy in countries across the globe. Access to finance is identified as crucial for small, micro, and medium-sized enterprises for their growth and innovation. This paper is conceived to propose a perception-based SMME framework to aid in access to financial support. Furthermore, the study will address issues that impede SMMEs in South Africa from obtaining finance from financial institutions. The framework will be tested against data collected from 200 Small Micro & Medium Enterprises in the Gauteng province of South Africa. The study adopts a quantitative method, and the delivery of self-administered questionnaires to SMMEs will be the primary data collection tool. Structural equation modeling will be used to further analyse the data collected.

Keywords: finance, small business, growth, development

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Authors: Piotr Prewysz-Kwinto

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A dynamic development of financial market is accompanied by the emergence of new products on stock exchanges which give absolutely new possibilities of investing money. Currently, the most innovative financial instruments offered to investors are exchange traded products (ETP). They can be defined as financial instruments whose price depends on the value of the underlying instrument. Thus, they offer investors a possibility of making a profit that results from the change in value of the underlying instrument without having to buy it. Currently, the Warsaw Stock Exchange offers many types of ETPs. They are investment products with full or partial capital protection, products without capital protection as well as leverage products, issued on such underlying instruments as indices, sector indices, commodity indices, prices of energy commodities, precious metals, agricultural produce or prices of shares of domestic and foreign companies. This paper presents the mechanism of functioning of ETP available on the Warsaw Stock Exchange and the results of the analysis of statistical data on these financial instruments.

Keywords: exchange traded products, financial market, investment, stock exchange

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Authors: Vithaya Intaraphimol

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This research investigates the effect of financial accounting information and non-financial accounting reports on corporate credibility via strength of board of directors and market environment volatility as moderating effect. Data in this research is collected by questionnaire form non-financial companies listed on the Stock Exchange of Thailand. Multiple regression statistic technique is chosen for analyzing the data. The empirical results find that firms with greater financial accounting information reports and non-financial accounting information reports will gain greater corporate credibility. Therefore, the corporate reporting has the value for the firms. Moreover, the strength of board of directors will positively moderate the financial and non-financial accounting information reports and corporate credibility relationship. Whereas, market environment volatility will negatively moderate the financial and nonfinancial accounting information reports and corporate credibility relationship.

Keywords: corporate credibility, financial and non-financial reports, firms performance, economics

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Authors: The Danh Phan

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House price forecasting is a main topic in the real estate market research. Effective house price prediction models could not only allow home buyers and real estate agents to make better data-driven decisions but may also be beneficial for the property policymaking process. This study investigates the housing market by using machine learning techniques to analyze real historical house sale transactions in Australia. It seeks useful models which could be deployed as an application for house buyers and sellers. Data analytics show a high discrepancy between the house price in the most expensive suburbs and the most affordable suburbs in the city of Melbourne. In addition, experiments demonstrate that the combination of Stepwise and Support Vector Machine (SVM), based on the Mean Squared Error (MSE) measurement, consistently outperforms other models in terms of prediction accuracy.

Keywords: house price prediction, regression trees, neural network, support vector machine, stepwise

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Authors: Mohammad Irfan

Abstract:

The purpose of this paper is to investigate the relationship among the key macroeconomic variables and Islamic stock market in India. This study is based on the time series data of financial years 2009-2015 to explore the consistency of relationship between macroeconomic variables and Shariah Indices. The ADF (Augmented Dickey–Fuller Test Statistic) and PP (Phillips–Perron Test Statistic) tests are employed to check stationarity of the data. The study depicts the long run relationship between Shariah indices and macroeconomic variables by using the Johansen Co-integration test. BSE Shariah and Nifty Shariah have uni-direct Granger causality. The outcome of VECM is significantly confirming the applicability of best fitted model. Thus, Islamic stock indices are proficiently working for the development of Indian economy. It suggests that by keeping eyes on Islamic stock market which will be more interactive in the future with other macroeconomic variables.

Keywords: Indian Shariah Indices, macroeconomic variables, co-integration, Granger causality, vector error correction model (VECM)

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Authors: Rama Seth, Luise Noring, Pratim Majumdar

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Based on an extensive literature review, this paper presents distinct approaches to value, quantify and trade ecosystem services, with particular emphasis on services provided by mangroves and wetlands. Building on diverse monetary and market-based systems for the improved allocation of natural resources, such trading and exchange-based methods can help tackle the degradation of ecosystem services in a more targeted and structured manner than achievable with stand-alone policy and administrative regulations. Using various threads of literature, the paper proposes a platform that serves as the skeletal foundation for developing an efficient global market for ecosystem services trading. The paper bridges a significant research and practice gap by recommending how to establish an equilibrium in the biosphere via trading mechanisms while also discovering other research gaps and future research potential in the domain of ecosystem valuation.

Keywords: environment, economics, mangroves, wetlands, markets, ESG, global capital, climate investments, valuation, ecosystem services

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Authors: Maziyar Nouraee

Abstract:

Electronic markets in recent decades contribute remarkably in business transactions. Many organizations consider traditional ways of trade non-economical and therefore they do trade only through electronic markets. There are different categorizations of electronic markets functions. In one classification, functions of electronic markets are categorized into classes as information, transactions, and value added. In the present paper, effects of the three classes on the two major elements of the supply chain management are measured. The two elements are decrease in the product unit cost and reduction in response time to the customer. The results of the current research show that among nine minor elements related to the three classes of electronic markets functions, six factors and three factors influence on reduction of the product unit cost and reduction of response time to the customer, respectively.

Keywords: electronic commerce, electronic market, B2B trade, supply chain management

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Authors: Ankush Agrawal, Nadia Bhuiyan

Abstract:

The new product development (NPD) literature emphasizes the importance of introducing new products on the market for continuing business success. New products are responsible for employment, economic growth, technological progress, and high standards of living. Therefore, the study of NPD and the processes through which they emerge is important. The goal of our research is to propose a framework of critical success factors, metrics, and tools and techniques for implementing metrics for each stage of the new product development (NPD) process. An extensive literature review was undertaken to investigate decades of studies on NPD success and how it can be achieved. These studies were scanned for common factors for firms that enjoyed success of new products on the market. The paper summarizes NPD success factors, suggests metrics that should be used to measure these factors, and proposes tools and techniques to make use of these metrics. This was done for each stage of the NPD process, and brought together in a framework that the authors propose should be followed for complex NPD projects. While many studies have been conducted on critical success factors for NPD, these studies tend to be fragmented and focus on one or a few phases of the NPD process.

Keywords: new product development, performance, critical success factors, framework

Procedia PDF Downloads 386

Authors: Adriana Duarte, Sandra Sampaio, Catia Ferreira, Jaime I. N. R. Gomes

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With the fashion of faded worn garments the textile industry has moved from indigo and pigments to dyes that are fixed by cationization, with products that can be toxic, and that can show this effect after washing down the dye with friction and/or treating with enzymes in a subsequent operation. Increasingly they are treated with bleaches, such as hypochlorite and permanganate, both toxic substances. An alternative process is presented in this work for both garment and jet dyeing processes, without the use of pre-cationization and the alternative use of “particle-dyes”. These are hybrid products, made up by an inorganic particle and an organic dye. With standard soluble dyes, it is not possible to avoid diffusion into the inside of the fiber unless using previous cationization. Only in this way can diffusion be avoided keeping the centre of the fibres undyed so as to produce the faded effect by removing the surface dye and showing the white fiber beneath. With “particle-dyes”, previous cationization is avoided. By applying low temperatures, the dye does not diffuse completely into the inside of the fiber, since it is a particle and not a soluble dye, being then able to give the faded effect. Even though bleaching can be used it can also be avoided, by the use of friction and enzymes they can be used just as for other dyes. This fashion brought about new ways of applying reactive dyes by the use of previous cationization of cotton, lowering the salt, and temperatures that reactive dyes usually need for reacting and as a side effect the application of a more environmental process. However, cationization is a process that can be problematic in applying it outside garment dyeing, such as jet dyeing, being difficult to obtain level dyeings. It also should be applied by a pad-fix or Pad-batch process due to the low affinity of the pre-cationization products making it a more expensive process, and the risk of unlevelness in processes such as jet dyeing. Wit particle-dyes, since no pre-cationizartion is necessary, they can be applied in jet dyeing. The excess dye is fixed by a fixing agent, fixing the insoluble dye onto the surface of the fibers. By applying the fixing agent only one to 1-3 rinses in water at room temperature are necessary, saving water and improving the washfastness.

Keywords: denim, garment dyeing, worn look, eco-fashion

Procedia PDF Downloads 522

Authors: Min Wei

Abstract:

With the rapid development eco-tourism resources exploitation, the conflict between economy development and ecological environment is increasingly prominent. The environmental protection laws, however, are lack of necessary legal support to use market mechanism and economic means to carry out ecological compensation and promote the environmental protection. In order to protect the sustainable utilization of eco-tourism resources and the benign development of the interests of various stakeholders, protection of ecological compensation balance should be put on schedule. The main role of institutional guarantee in eco-tourism resources' value compensation mechanism is to solve the question 'how to guarantee compensation'. The evaluation of the game model in this paper reveals that interest balance of stakeholders is an important cornerstone to obtain the sustainable development. The findings result in constructing a sustainable development pattern of eco- tourism industry based on tripartite game equilibrium among government, tourism enterprises and tourists. It is important that the social, economic and ecological environment should be harmonious development during the pursuit of eco-tourism growth.

Keywords: environmental protection, ecological compensation, eco-tourism, market mechanism

Procedia PDF Downloads 364