Search results for: solvency and financial condition repot
5708 Evidence on the Nature and Extent of Fall in Oil Prices on the Financial Performance of Listed Companies: A Ratio Analysis Case Study of the Insurance Sector in the UAE
Authors: Pallavi Kishore, Mariam Aslam
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The sharp decline in oil prices that started in 2014 affected most economies in the world either positively or negatively. In some economies, particularly the oil exporting countries, the effects were felt immediately. The Gulf Cooperation Council’s (GCC henceforth) countries are oil and gas-dependent with the largest oil reserves in the world. UAE (United Arab Emirates) has been striving to diversify away from oil and expects higher non-oil growth in 2018. These two factors, falling oil prices and the economy strategizing away from oil dependence, make a compelling case to study the financial performance of various sectors in the economy. Among other sectors, the insurance sector is widely recognized as an important indicator of the health of the economy. An expanding population, surge in construction and infrastructure, increased life expectancy, greater expenditure on automobiles and other luxury goods translate to a booming insurance sector. A slow-down of the insurance sector, on the other hand, may indicate a general slow-down in the economy. Therefore, a study on the insurance sector will help understand the general nature of the current economy. This study involves calculations and comparisons of ratios pre and post the fall in oil prices in the insurance sector in the UAE. A sample of 33 companies listed on the official stock exchanges of UAE-Dubai Financial Market and Abu Dhabi Stock Exchange were collected and empirical analysis employed to study the financial performance pre and post fall in oil prices. Ratios were calculated in 5 categories: Profitability, Liquidity, Leverage, Efficiency, and Investment. The means pre- and post-fall are compared to conclude that the profitability ratios including ROSF (Return on Shareholder Funds), ROCE (Return on Capital Employed) and NPM (Net Profit Margin) have all taken a hit. Parametric tests, including paired t-test, concludes that while the fall in profitability ratios is statistically significant, the other ratios have been quite stable in the period. The efficiency, liquidity, gearing and investment ratios have not been severely affected by the fall in oil prices. This may be due to the implementation of stronger regulatory policies and is a testimony to the diversification into the non-oil economy. The regulatory authorities can use the findings of this study to ensure transparency in revealing financial information to the public and employ policies that will help further the health of the economy. The study will also help understand which areas within the sector could benefit from more regulations.Keywords: UAE, insurance sector, ratio analysis, oil price, profitability, liquidity, gearing, investment, efficiency
Procedia PDF Downloads 2385707 Cash Flow Position and Corporate Performance: A Study of Selected Manufacturing Companies in Nigeria
Authors: Uzoma Emmanuel Igboji
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The study investigates the effects of cash flow position on corporate performance in the manufacturing sector of Nigeria, using multiple regression techniques. The study involved a survey of five (5) manufacturing companies quoted on the Nigerian Stock Exchange. The data were obtained from the annual reports of the selected companies under study. The result shows that operating and financing cash flow have a significant positive relationship with corporate performance, while investing cash flow position have a significant negative relationship. The researcher recommended that the regulatory authorities should encourage external auditors of these quoted companies to use cash flow ratios in evaluating the performance of a company before expressing an independent opinion on the financial statement. The will give detailed financial information to existing and potential investors to make informed economic decisions.Keywords: cash flow, financing, performance, operating
Procedia PDF Downloads 3045706 Volatility Spillover and Hedging Effectiveness between Gold and Stock Markets: Evidence for BRICS Countries
Authors: Walid Chkili
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This paper investigates the dynamic relationship between gold and stock markets using data for BRICS counties. For this purpose, we estimate three multivariate GARCH models (namely CCC, DCC and BEKK) for weekly stock and gold data. Our main objective is to examine time variations in conditional correlations between the two assets and to check the effectiveness use of gold as a hedge for equity markets. Empirical results reveal that dynamic conditional correlations switch between positive and negative values over the period under study. This correlation is negative during the major financial crises suggesting that gold can act as a safe haven during the major stress period of stock markets. We also evaluate the implications for portfolio diversification and hedging effectiveness for the pair gold/stock. Our findings suggest that adding gold in the stock portfolio enhance its risk-adjusted return.Keywords: gold, financial markets, hedge, multivariate GARCH
Procedia PDF Downloads 4615705 Nonlinear Evolution on Graphs
Authors: Benniche Omar
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We are concerned with abstract fully nonlinear differential equations having the form y’(t)=Ay(t)+f(t,y(t)) where A is an m—dissipative operator (possibly multi—valued) defined on a subset D(A) of a Banach space X with values in X and f is a given function defined on I×X with values in X. We consider a graph K in I×X. We recall that K is said to be viable with respect to the above abstract differential equation if for each initial data in K there exists at least one trajectory starting from that initial data and remaining in K at least for a short time. The viability problem has been studied by many authors by using various techniques and frames. If K is closed, it is shown that a tangency condition, which is mainly linked to the dynamic, is crucial for viability. In the case when X is infinite dimensional, compactness and convexity assumptions are needed. In this paper, we are concerned with the notion of near viability for a given graph K with respect to y’(t)=Ay(t)+f(t,y(t)). Roughly speaking, the graph K is said to be near viable with respect to y’(t)=Ay(t)+f(t,y(t)), if for each initial data in K there exists at least one trajectory remaining arbitrary close to K at least for short time. It is interesting to note that the near viability is equivalent to an appropriate tangency condition under mild assumptions on the dynamic. Adding natural convexity and compactness assumptions on the dynamic, we may recover the (exact) viability. Here we investigate near viability for a graph K in I×X with respect to y’(t)=Ay(t)+f(t,y(t)) where A and f are as above. We emphasis that the t—dependence on the perturbation f leads us to introduce a new tangency concept. In the base of a tangency conditions expressed in terms of that tangency concept, we formulate criteria for K to be near viable with respect to y’(t)=Ay(t)+f(t,y(t)). As application, an abstract null—controllability theorem is given.Keywords: abstract differential equation, graph, tangency condition, viability
Procedia PDF Downloads 1345704 Accidental U.S. Taxpayers Residing Abroad: Choosing between U.S. Citizenship or Keeping Their Local Investment Accounts
Authors: Marco Sewald
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Due to the current enforcement of exterritorial U.S. legislation, up to 9 million U.S. (dual) citizens residing abroad are subject to U.S. double and surcharge taxation and at risk of losing access to otherwise basic financial services and investment opportunities abroad. The United States is the only OECD country that taxes non-resident citizens, lawful permanent residents and other non-resident aliens on their worldwide income, based on local U.S. tax laws. To enforce these policies the U.S. has implemented ‘saving clauses’ in all tax treaties and implemented several compliance provisions, including the Foreign Account Tax Compliance Act (FATCA), Qualified Intermediaries Agreements (QI) and Intergovernmental Agreements (IGA) addressing Foreign Financial Institutions (FFIs) to implement these provisions in foreign jurisdictions. This policy creates systematic cases of double and surcharge taxation. The increased enforcement of compliance rules is creating additional report burdens for U.S. persons abroad and FFIs accepting such U.S. persons as customers. FFIs in Europe react with a growing denial of specific financial services to this population. The numbers of U.S. citizens renouncing has dramatically increased in the last years. A case study is chosen as an appropriate methodology and research method, as being an empirical inquiry that investigates a contemporary phenomenon within its real-life context; when the boundaries between phenomenon and context are not clearly evident; and in which multiple sources of evidence are used. This evaluative approach is testing whether the combination of policies works in practice, or whether they are in accordance with desirable moral, political, economical aims, or may serve other causes. The research critically evaluates the financial and non-financial consequences and develops sufficient strategies. It further discusses these strategies to avoid the undesired consequences of exterritorial U.S. legislation. Three possible strategies are resulting from the use cases: (1) Duck and cover, (2) Pay U.S. double/surcharge taxes, tax preparing fees and accept imposed product limitations and (3) Renounce U.S. citizenship and pay possible exit taxes, tax preparing fees and the requested $2,350 fee to renounce. While the first strategy is unlawful and therefore unsuitable, the second strategy is only suitable if the U.S. citizen residing abroad is planning to move to the U.S. in the future. The last strategy is the only reasonable and lawful way provided by the U.S. to limit the exposure to U.S. double and surcharge taxation and the limitations on financial products. The results are believed to add a perspective to the current academic discourse regarding U.S. citizenship based taxation, currently dominated by U.S. scholars, while providing sufficient strategies for the affected population at the same time.Keywords: citizenship based taxation, FATCA, FBAR, qualified intermediaries agreements, renounce U.S. citizenship
Procedia PDF Downloads 1945703 The Application and Relevance of Costing Techniques in Service Oriented Business Organisations: A Review of the Activity-Based Costing (ABC) Technique
Authors: Udeh Nneka Evelyn
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The shortcomings of traditional costing system, in terms of validity, accuracy, consistency and relevance increased the need for modern management accounting system. ABC (Activity-Based Costing) can be used as a modern tool for planning, control and decision making for management. Past studies on activity-based costing (ABC) system have focused on manufacturing firms thereby making the studies on service firms scanty to some extent. This paper reviewed the application and relevance of activity-based costing techniques in service oriented business organisations by employing a qualitative research method which relied heavily on literature review of past and current relevant articles focusing on activity-based costing (ABC). Findings suggest that ABC is not only appropriate for use in a manufacturing environment; it is also most appropriate for service organizations such as financial institutions, the healthcare industry, and government organizations. In fact, some banking and financial institutions have been applying the concept for years under other names. One of them is unit costing, which is used to calculate the cost of banking services by determining the cost and consumption of each unit of output of functions required to deliver the service. ABC in very basic terms may provide very good payback for businesses. Some of the benefits that relate directly to the financial services industry are: Identification of the most profitable customers; more accurate product and service pricing; increase product profitability; well-organized process costs.Keywords: profitability, activity-based costing (ABC), management accounting, manufacture
Procedia PDF Downloads 5705702 Stochastic Approach for Technical-Economic Viability Analysis of Electricity Generation Projects with Natural Gas Pressure Reduction Turbines
Authors: Roberto M. G. Velásquez, Jonas R. Gazoli, Nelson Ponce Jr, Valério L. Borges, Alessandro Sete, Fernanda M. C. Tomé, Julian D. Hunt, Heitor C. Lira, Cristiano L. de Souza, Fabio T. Bindemann, Wilmar Wounnsoscky
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Nowadays, society is working toward reducing energy losses and greenhouse gas emissions, as well as seeking clean energy sources, as a result of the constant increase in energy demand and emissions. Energy loss occurs in the gas pressure reduction stations at the delivery points in natural gas distribution systems (city gates). Installing pressure reduction turbines (PRT) parallel to the static reduction valves at the city gates enhances the energy efficiency of the system by recovering the enthalpy of the pressurized natural gas, obtaining in the pressure-lowering process shaft work and generating electrical power. Currently, the Brazilian natural gas transportation network has 9,409 km in extension, while the system has 16 national and 3 international natural gas processing plants, including more than 143 delivery points to final consumers. Thus, the potential of installing PRT in Brazil is 66 MW of power, which could yearly avoid the emission of 235,800 tons of CO2 and generate 333 GWh/year of electricity. On the other hand, an economic viability analysis of these energy efficiency projects is commonly carried out based on estimates of the project's cash flow obtained from several variables forecast. Usually, the cash flow analysis is performed using representative values of these variables, obtaining a deterministic set of financial indicators associated with the project. However, in most cases, these variables cannot be predicted with sufficient accuracy, resulting in the need to consider, to a greater or lesser degree, the risk associated with the calculated financial return. This paper presents an approach applied to the technical-economic viability analysis of PRTs projects that explicitly considers the uncertainties associated with the input parameters for the financial model, such as gas pressure at the delivery point, amount of energy generated by TRP, the future price of energy, among others, using sensitivity analysis techniques, scenario analysis, and Monte Carlo methods. In the latter case, estimates of several financial risk indicators, as well as their empirical probability distributions, can be obtained. This is a methodology for the financial risk analysis of PRT projects. The results of this paper allow a more accurate assessment of the potential PRT project's financial feasibility in Brazil. This methodology will be tested at the Cuiabá thermoelectric plant, located in the state of Mato Grosso, Brazil, and can be applied to study the potential in other countries.Keywords: pressure reduction turbine, natural gas pressure drop station, energy efficiency, electricity generation, monte carlo methods
Procedia PDF Downloads 1055701 Inventory Decisions for Perishable Products with Age and Stock Dependent Demand Rate
Authors: Maher Agi, Hardik Soni
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This paper presents a deterministic model for optimized control of the inventory of a perishable product subject to both physical deterioration and degradation of its freshness condition. The demand for the product depends on its current inventory level and freshness condition. Our model allows for any positive amount of end of cycle inventory. Some useful conditions that characterize the optimal solution of the model are derived and an algorithm is presented for finding the optimal values of the price, the inventory cycle, the end of cycle inventory level and the order quantity. Numerical examples are then given. Our work shows how the product freshness in conjunction with the inventory deterioration affects the inventory management decisions.Keywords: inventory management, lot sizing, perishable products, deteriorating inventory, age-dependent demand, stock-dependent demand
Procedia PDF Downloads 2295700 Stealth Laser Dicing Process Improvement via Shuffled Frog Leaping Algorithm
Authors: Pongchanun Luangpaiboon, Wanwisa Sarasang
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In this paper, a performance of shuffled frog leaping algorithm was investigated on the stealth laser dicing process. Effect of problem on the performance of the algorithm was based on the tolerance of meandering data. From the customer specification it could be less than five microns with the target of zero microns. Currently, the meandering levels are unsatisfactory when compared to the customer specification. Firstly, the two-level factorial design was applied to preliminary study the statistically significant effects of five process variables. In this study one influential process variable is integer. From the experimental results, the new operating condition from the algorithm was superior when compared to the current manufacturing condition.Keywords: stealth laser dicing process, meandering, meta-heuristics, shuffled frog leaping algorithm
Procedia PDF Downloads 3315699 The Relationship between Spindle Sound and Tool Performance in Turning
Authors: N. Seemuang, T. McLeay, T. Slatter
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Worn tools have a direct effect on the surface finish and part accuracy. Tool condition monitoring systems have been developed over a long period and used to avoid a loss of productivity resulting from using a worn tool. However, the majority of tool monitoring research has applied expensive sensing systems not suitable for production. In this work, the cutting sound in turning machine was studied using microphone. Machining trials using seven cutting conditions were conducted until the observable flank wear width (FWW) on the main cutting edge exceeded 0.4 mm. The cutting inserts were removed from the tool holder and the flank wear width was measured optically. A microphone with built-in preamplifier was used to record the machining sound of EN24 steel being face turned by a CNC lathe in a wet cutting condition using constant surface speed control. The sound was sampled at 50 kS/s and all sound signals recorded from microphone were transformed into the frequency domain by FFT in order to establish the frequency content in the audio signature that could be then used for tool condition monitoring. The extracted feature from audio signal was compared to the flank wear progression on the cutting inserts. The spectrogram reveals a promising feature, named as ‘spindle noise’, which emits from the main spindle motor of turning machine. The spindle noise frequency was detected at 5.86 kHz of regardless of cutting conditions used on this particular CNC lathe. Varying cutting speed and feed rate have an influence on the magnitude of power spectrum of spindle noise. The magnitude of spindle noise frequency alters in conjunction with the tool wear progression. The magnitude increases significantly in the transition state between steady-state wear and severe wear. This could be used as a warning signal to prepare for tool replacement or adapt cutting parameters to extend tool life.Keywords: tool wear, flank wear, condition monitoring, spindle noise
Procedia PDF Downloads 3255698 Optimal Tamping for Railway Tracks, Reducing Railway Maintenance Expenditures by the Use of Integer Programming
Authors: Rui Li, Min Wen, Kim Bang Salling
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For the modern railways, maintenance is critical for ensuring safety, train punctuality and overall capacity utilization. The cost of railway maintenance in Europe is high, on average between 30,000 – 100,000 Euros per kilometer per year. In order to reduce such maintenance expenditures, this paper presents a mixed 0-1 linear mathematical model designed to optimize the predictive railway tamping activities for ballast track in the planning horizon of three to four years. The objective function is to minimize the tamping machine actual costs. The approach of the research is using the simple dynamic model for modelling condition-based tamping process and the solution method for finding optimal condition-based tamping schedule. Seven technical and practical aspects are taken into account to schedule tamping: (1) track degradation of the standard deviation of the longitudinal level over time; (2) track geometrical alignment; (3) track quality thresholds based on the train speed limits; (4) the dependency of the track quality recovery on the track quality after tamping operation; (5) Tamping machine operation practices (6) tamping budgets and (7) differentiating the open track from the station sections. A Danish railway track between Odense and Fredericia with 42.6 km of length is applied for a time period of three and four years in the proposed maintenance model. The generated tamping schedule is reasonable and robust. Based on the result from the Danish railway corridor, the total costs can be reduced significantly (50%) than the previous model which is based on optimizing the number of tamping. The different maintenance strategies have been discussed in the paper. The analysis from the results obtained from the model also shows a longer period of predictive tamping planning has more optimal scheduling of maintenance actions than continuous short term preventive maintenance, namely yearly condition-based planning.Keywords: integer programming, railway tamping, predictive maintenance model, preventive condition-based maintenance
Procedia PDF Downloads 4315697 Lipidomic Profiling of Chlorella sp. and Scenedesmus abundans towards Deciphering Phospholipids and Glycolipids under Nitrogen Limited Condition
Authors: J. Singh, Swati Dubey, R. P. Singh
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Microalgal strains can accumulate greatly enhanced levels of lipids under nitrogen-deficient condition, making these as one of the most promising sustainable sources for biofuel production. High-grade biofuel production from microalgal biomass could be facilitated by analysing the lipid content of the microalgae and enumerating its dynamics under varying nutrient conditions. In the present study, a detailed investigation of changes in lipid composition in Chlorella species and Scenedesmus abundans in response to nitrogen limited condition was performed to provide novel mechanistic insights into the lipidome during stress conditions. The mass spectroscopic approaches mainly LC-MS and GC-MS were employed for lipidomic profiling in both the microalgal strains. The analyses of lipid profiling using LC-MS revealed distinct forms of lipids mainly phospho- and glycolipids, including betaine lipids, and various other forms of lipids in both the microalgal strains. As detected, an overall decrease in polar lipids was observed. However, GC-MS analyses had revealed that the synthesis of the storage lipid i.e. triacylglycerol (TAG) was substantially stimulated in both the strains under nitrogen limited conditions. The changes observed in the overall fatty acid profile were primarily due to the decrease in proportion of polar lipids to TAGs. This study had enabled in analysing a detailed and orchestrated form of lipidomes in two different microalgal strains having potential for biodiesel production.Keywords: biofuel, GC-MS, LC-MS, lipid, microalgae
Procedia PDF Downloads 3615696 Experiments on Residual Compressive Strength After Fatigue of Carbon Fiber Fabric Composites in Hydrothermal Environment
Authors: Xuan Sun, Mingbo Tong
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In order to study the effect of hydrothermal environment on the fatigue properties of carbon fiber fabric composites, the experiments on fatigue and residual compressive strength with the center-hole laminates were carried out. For the experiments on fatigue in hydrothermal environment, an environmental chamber used for hydrothermal environment was designed, and the FLUENT was used to simulate the field of temperature in the environmental chamber, it proved that the design met the test requirements. In accordance with ASTM standard, the fatigue test fixture and compression test fixture were designed and produced. Then the tension-compression fatigue tests were carried out in conditions of standard environment (temperature of 23+2℃, relative humidity of 50+/-5%RH) and hydrothermal environment (temperature of 70 +2℃, relative humidity of 85+/-5%RH). After that, the residual compressive strength tests were carried out, respectively. The residual compressive strength after fatigue in condition of standard environment was set as a reference value, compared with the value in condition of hydrothermal environment, calculating the difference between them. According to the result of residual compressive strength tests, it shows that the residual compressive strength after fatigue in condition of hydrothermal environment was decreased by 13.5%,so the hydrothermal environment has little effect on the residual compressive strength of carbon fiber fabric composites laminates after fatigue under load spectrum in this research.Keywords: carbon fiber, hydrothermal environment, fatigue, residual compressive strength
Procedia PDF Downloads 4765695 Growth and Anatomical Responses of Lycopersicon esculentum (Tomatoes) under Microgravity and Normal Gravity Conditions
Authors: Gbenga F. Akomolafe, Joseph Omojola, Ezekiel S. Joshua, Seyi C. Adediwura, Elijah T. Adesuji, Michael O. Odey, Oyinade A. Dedeke, Ayo H. Labulo
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Microgravity is known to be a major abiotic stress in space which affects plants depending on the duration of exposure. In this work, tomatoes seeds were exposed to long hours of simulated microgravity condition using a one-axis clinostat. The seeds were sown on a 1.5% combination of plant nutrient and agar-agar solidified medium in three Petri dishes. One of the Petri dishes was mounted on the clinostat and allowed to rotate at the speed of 20 rpm for 72 hours, while the others were subjected to the normal gravity vector. The anatomical sections of both clinorotated and normal gravity plants were made after 72 hours and observed using a Phase-contrast digital microscope. The percentage germination, as well as the growth rate of the normal gravity seeds, was higher than the clinorotated ones. The germinated clinorotated roots followed different directions unlike the normal gravity ones which grew towards the direction of gravity vector. The clinostat was able to switch off gravistimulation. Distinct cellular arrangement was observed for tomatoes under normal gravity condition, unlike those of clinorotated ones. The root epidermis and cortex of normal gravity are thicker than the clinorotated ones. This implied that under long-term microgravity influence, plants do alter their anatomical features as a way of adapting to the stress condition.Keywords: anatomy, clinostat, germination, lycopersicon esculentum, microgravity
Procedia PDF Downloads 3095694 Conception of a Predictive Maintenance System for Forest Harvesters from Multiple Data Sources
Authors: Lazlo Fauth, Andreas Ligocki
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For cost-effective use of harvesters, expensive repairs and unplanned downtimes must be reduced as far as possible. The predictive detection of failing systems and the calculation of intelligent service intervals, necessary to avoid these factors, require in-depth knowledge of the machines' behavior. Such know-how needs permanent monitoring of the machine state from different technical perspectives. In this paper, three approaches will be presented as they are currently pursued in the publicly funded project PreForst at Ostfalia University of Applied Sciences. These include the intelligent linking of workshop and service data, sensors on the harvester, and a special online hydraulic oil condition monitoring system. Furthermore the paper shows potentials as well as challenges for the use of these data in the conception of a predictive maintenance system.Keywords: predictive maintenance, condition monitoring, forest harvesting, forest engineering, oil data, hydraulic data
Procedia PDF Downloads 1295693 Paralysis from an Ear Infection: A Severe Case of Otitis Externa Leading to Acute Complete Cervical Cord Syndrome
Authors: Rachael Collins, George Lafford
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We report a case of a generally fit and a well 54-year-old gentleman who presented with a two-day history of worsening left-sided otorrhea, headache, neck stiffness, vomiting and pyrexia on the background of a seven-week history of OE. His condition progressed dramatically as he developed symptoms consistent with acute complete cervical cord syndrome with radiological evidence of skull base osteomyelitis, parapharyngeal, retropharyngeal and paravertebral abscesses and sigmoid sinus thrombus. Ultimately he made a significant, although not complete, recovery. This case is unique in demonstrating how OE can develop into a potentially life-threatening condition. It emphasizes the importance of early diagnosis and treatment of OE, the recognition of ‘red flag’ symptoms and highlights the importance of a multi-disciplinary team (MDT) approach when managing complex complications of OE.Keywords: ENT, neurology, otology, MDT
Procedia PDF Downloads 1425692 Veering Pattern in Human Walking in Sighted and Blindfolded Conditions
Authors: Triloki Prasad, Subhankar Ghosh, Asis Goswami
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The information received from visual organ plays an important role in human locomotion and human beings generally veer from the straight line in the absence of visual cue. Since in case of visually impaired persons this support is unavailable they are expected to have a different type of locomotion behaviour than the sighted persons. Higher degree of veering can result in accident or injury during indoor and outdoor activities. Hence, it is important to know the degree of veering that may happen in case of a sighted individual loosing the visual input. The present study was conducted on fifty three volunteers who walked with open and closed eyes, at their comfortable pace, in a grid marked area of 17m by 10m space. The volunteers had to walk in a straight line from a central starting point during three trials and their walking path was marked with a pair of sponge absorbed with three different colours. All volunteers had walked expectedly in straight line during open eye condition but had varied degree of veering during closed eye state. The correlation between the first step side and the side of deviation was not significant in closed eye condition. The number of steps taken in open eye and closed eye condition were significantly different while travelling similar distances. This study reveals that sighted persons become cautious during walking if the visual cue is not available and they reduce the step length so there is increase in step number.Keywords: Closed eye, Open eye, Footprint, Veering
Procedia PDF Downloads 1975691 Consumer Over-Indebtedness in Germany: An Investigation of Key Determinants
Authors: Xiaojing Wang, Ann-Marie Ward, Tony Wall
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The problem of over-indebtedness has increased since deregulation of the banking industry in the 1980s, and now it has become a major problem for most countries in Europe, including Germany. Consumer debt issues have attracted not only the attention of academics but also government and debt counselling institutions. Overall, this research aims to contribute to the knowledge gap regarding the causes of consumer over-indebtedness in Germany and to develop predictive models for assessing consumer over-indebtedness risk at consumer level. The situation of consumer over-indebtedness is serious in Germany. The relatively high level of social welfare support in Germany suggests that consumer debt problems are caused by other factors, other than just over-spending and income volatility. Prior literature suggests that the overall stability of the economy and level of welfare support for individuals from the structural environment contributes to consumers’ debt problems. In terms of cultural influence, the conspicuous consumption theory in consumer behaviour suggests that consumers would spend more than their means to be seen as similar profiles to consumers in a higher socio-economic class. This results in consumers taking on more debt than they can afford, and eventually becoming over-indebted. Studies have also shown that financial literacy is negatively related to consumer over-indebtedness risk. Whilst prior literature has examined structural and cultural influences respectively, no study has taken a collective approach. To address this gap, a model is developed to investigate the association between consumer over-indebtedness and proxies for influences from the structural and cultural environment based on the above theories. The model also controls for consumer demographic characteristics identified as being of influence in prior literature, such as gender and age, and adverse shocks, such as divorce or bereavement in the household. Benefiting from SOEP regional data, this study is able to conduct quantitative empirical analysis to test both structural and cultural influences at a localised level. Using German Socio-Economic Panel (SOEP) study data from 2006 to 2016, this study finds that social benefits, financial literacy and the existence of conspicuous consumption all contribute to being over-indebted. Generally speaking, the risk of becoming over-indebted is high when consumers are in a low-welfare community, have little awareness of their own financial situation and always over-spend. In order to tackle the problem of over-indebtedness, countermeasures can be taken, for example, increasing consumers’ financial awareness, and the level of welfare support. By analysing causes of consumer over-indebtedness in Germany, this study also provides new insights on the nature and underlying causes of consumer debt issues in Europe.Keywords: consumer, debt, financial literacy, socio-economic
Procedia PDF Downloads 2005690 The Effectiveness of Using Dramatic Conventions as the Teaching Strategy on Self-Efficacy for Children With Autism Spectrum Disorder
Authors: Tso Sheng-Yang, Wang Tien-Ni
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Introduction and Purpose: Previous researchers have documented children with ASD (Autism Spectrum Disorders) prefer to escaping internal privates and external privates when they face tough conditions they can’t control or they don’t like.Especially, when children with ASD need to learn challenging tasks, such us Chinese language, their inappropriate behaviors will occur apparently. Recently, researchers apply positive behavior support strategies for children with ASD to enhance their self-efficacy and therefore to reduce their adverse behaviors. Thus, the purpose of this research was to design a series of lecture based on art therapy and to evaluate its effectiveness on the child’s self-efficacy. Method: This research was the single-case design study that recruited a high school boy with ASD. Whole research can be separated into three conditions. First, baseline condition, before the class started and ended, the researcher collected participant’s competencies of self-efficacy every session. In intervention condition, the research used dramatic conventions to teach the child in Chinese language twice a week.When the data was stable across three documents, the period entered to the maintenance condition. In maintenance condition, the researcher only collected the score of self-efficacynot to do other interventions five times a month to represent the effectiveness of maintenance.The time and frequency of data collection among three conditions are identical. Concerning art therapy, the common approach, e.g., music, drama, or painting is to use art medium as independent variable. Due to visual cues of art medium, the ASD can be easily to gain joint attention with teachers. Besides, the ASD have difficulties in understanding abstract objectives Thus, using the drama convention is helpful for the ASD to construct the environment and understand the context of Classical Chinese. By real operation, it can improve the ASD to understand the context and construct prior knowledge. Result: Bassd on the 10-points Likert scale and research, we product following results. (a) In baseline condition, the average score of self-efficacyis 1.12 points, rangedfrom 1 to 2 points, and the level change is 0 point. (b)In intervention condition, the average score of self-efficacy is 7.66 points rangedfrom 7 to 9 points, and the level change is 1 point. (c)In maintenance condition, the average score of self-efficacy is 6.66 points rangedfrom 6 to 7 points, and the level change is 1 point. Concerning immediacy of change, between baseline and intervention conditions, the difference is 5 points. No overlaps were found between these two conditions. Conclusion: According to the result, we find that it is effective that using dramatic conventions a s teaching strategies to teach children with ASD. The result presents the score of self-efficacyimmediately enhances when the dramatic conventions commences. Thus, we suggest the teacher can use this approach and adjust, based on the student’s trait, to teach the ASD on difficult task.Keywords: dramatic conventions, autism spectrum disorder, slef-efficacy, teaching strategy
Procedia PDF Downloads 755689 Description of Geotechnical Properties of Jabal Omar
Authors: Ibrahim Abdel Gadir Malik, Dafalla Siddig Dafalla, Osama Abdelgadir El-Bushra
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Geological and engineering characteristics of intact rock and the discontinuity surfaces was used to describe and classify rock mass into zones based on mechanical and physical properties. Many conditions terms that affect the rock mas; such as Rock strength, Rock Quality Designation (RQD) value, joint spacing, and condition of joint, water condition with block size, joint roughness, separation, joint hardness, friction angle and weathering were used to classify the rock mass into: Good quality (class II) (RMR values range between 75% and 56%), Good to fair quality (class II to III) (RMR values range between 70% and 55%), Fair quality (class III) (RMR values range between 60% and 50%) and Fair to poor quality (Class III to IV) (RMR values, range between (50% and 35%).Keywords: rock strength, RQD, joints, weathering
Procedia PDF Downloads 4105688 Self-Organizing Maps for Credit Card Fraud Detection
Authors: ChunYi Peng, Wei Hsuan CHeng, Shyh Kuang Ueng
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This study focuses on the application of self-organizing maps (SOM) technology in analyzing credit card transaction data, aiming to enhance the accuracy and efficiency of fraud detection. Som, as an artificial neural network, is particularly suited for pattern recognition and data classification, making it highly effective for the complex and variable nature of credit card transaction data. By analyzing transaction characteristics with SOM, the research identifies abnormal transaction patterns that could indicate potentially fraudulent activities. Moreover, this study has developed a specialized visualization tool to intuitively present the relationships between SOM analysis outcomes and transaction data, aiding financial institution personnel in quickly identifying and responding to potential fraud, thereby reducing financial losses. Additionally, the research explores the integration of SOM technology with composite intelligent system technologies (including finite state machines, fuzzy logic, and decision trees) to further improve fraud detection accuracy. This multimodal approach provides a comprehensive perspective for identifying and understanding various types of fraud within credit card transactions. In summary, by integrating SOM technology with visualization tools and composite intelligent system technologies, this research offers a more effective method of fraud detection for the financial industry, not only enhancing detection accuracy but also deepening the overall understanding of fraudulent activities.Keywords: self-organizing map technology, fraud detection, information visualization, data analysis, composite intelligent system technologies, decision support technologies
Procedia PDF Downloads 435687 Impact of Risk Management Practices on Company Performance
Authors: Syed Atif Ali, Farzan Yahya
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This research paper covers the issue of risk management impact on the company performance. Degree of financial leverage (DFL), degree of operating leverage (DOL) and the working capital ratio (WCR) are taken as independent variables which are the representative of risk and the earning price per share (EPS), return on assets (ROA), return on equity (ROE), Sales and Net profits which are the representative of performance. Last 10 years (2004-2013) of Cement sector of Pakistan data is chosen as sample for analyze their relations by multiple regression technique. Through analyses, it is found that WCR impact adequately on the company performance because if company has enough liquidity than it perform its operations smoothly and enhance its performance very well. DFL should be control moderately because enough DFL leads performance of company downward. On the other hand, the DOL should be less because it causes the less profitability for a company from its operations.Keywords: degree of financial leverage (DFL), degree of operating leverage (DOL), working capital ratio (WCR), earning per share (EPS), return on equity (ROE), return on assets (ROA)
Procedia PDF Downloads 4445686 Effect of Reynolds Number on Wall-normal Turbulence Intensity in a Smooth and Rough Open Channel Using both Outer and Inner Scaling
Authors: Md Abdullah Al Faruque, Ram Balachandar
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Sudden change of bed condition is frequent in open channel flow. Change of bed condition affects the turbulence characteristics in both streamwise and wall-normal direction. Understanding the turbulence intensity in open channel flow is of vital importance to the modeling of sediment transport and resuspension, bed formation, entrainment, and the exchange of energy and momentum. A comprehensive study was carried out to understand the extent of the effect of Reynolds number and bed roughness on different turbulence characteristics in an open channel flow. Four different bed conditions (impervious smooth bed, impervious continuous rough bed, pervious rough sand bed, and impervious distributed roughness) and two different Reynolds numbers were adopted for this cause. The effect of bed roughness on different turbulence characteristics is seen to be prevalent for most of the flow depth. Effect of Reynolds number on different turbulence characteristics is also evident for flow over different bed, but the extent varies on bed condition. Although the same sand grain is used to create the different rough bed conditions, the difference in turbulence characteristics is an indication that specific geometry of the roughness has an influence on turbulence characteristics. Roughness increases the contribution of the extreme turbulent events which produces very large instantaneous Reynolds shear stress and can potentially influence the sediment transport, resuspension of pollutant from bed and alter the nutrient composition, which eventually affect the sustainability of benthic organisms.Keywords: open channel flow, Reynolds Number, roughness, turbulence
Procedia PDF Downloads 3965685 The Impact of the Board of Directors’ Characteristics on Tax Aggressiveness in USA Companies
Authors: jihen ayadi sellami
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The rapid evolution of the global financial landscape has led to increased attention to corporate tax policies and the need to understand the factors that influence their tax behavior. In order to mitigate any residual loss for shareholders resulting from tax aggressiveness and resolve the agency problem, appropriate systems that separate the function of management from that of controlling are needed. In this context of growing concerns to limit aggressive corporate taxation practices through governance, this study discusses. Its aims is to examine the influence of six key characteristics of the board of directors (board size, diligence, CEO duality, presence of audit committees, gender diversity and independence of directors), given a governance mechanism, on the tax decisions of non-financial corporations in the United State. In fact, using a sample of 90 non-financial US firms from S&P 500 over a period of 4 years going from 2014 to 2017, the results based on a multivariate linear regression highlight significant associations between these characteristics and corporate tax policy. Notably, larger board, gender diversity, diligence and increased director independence appear to play an important role in reducing aggressive taxation. While duality has a positive and significant correlation with tax aggressiveness, that can be explained by the fact that the manager did properly exploit his specific position within the company. These findings contribute to a deeper understanding of how board characteristics can influence corporate tax management, providing avenues for more effective corporate governance and more responsible tax decision-makingKeywords: tax aggressiveness, board of directors, board size, CEO duality, audit committees, gender diversity, director independence, diligence, corporate governance, united states
Procedia PDF Downloads 545684 Consumer Behavior and the Demand for Sustainable Buildings in an Emerging Market: The Example of Brazil
Authors: Vinícius L. L. Morrone, David Douek, Helder M. F. Pereira, Bernadete L. M. Grandolpho
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This work aimed to identify the relationships between the level of consumer environmental awareness and their search for sustainable properties, as well as to understand the main sustainability structures considered by these consumers during the decision process. Additionally, the paper looked up to the influence environmental awareness and financial status have over the disposition of buyers to pay more for sustainable properties. To achieve these objectives, 318 questionnaires were answered electronically, after being sent to the Green Building Brazil email basis, as to other Real Estate developers client basis. From all the questionnaires answered, 71 were discarded, leaving a total amount of 247 admitted questionnaires to be analyzed. The responses were evaluated based on the theory of consumer decision making, especially on the influence factors of this process. The data were processed using a PLS model, using the R software. The results have shown that the level of consumer environmental awareness effectively affects the consumer’s will of acquiring a sustainable property or, at least, a property with some environmental friendly structures. The consumer’s environmental awareness also positively impacts the importance consumers give to individual environmental friendly structures. Also, as a consumer value to those individual structures raises, it is also observed a raise in his will to buy a sustainable property. Additionally, the impact of consumer’s environmental awareness and financial status over the willingness to pay more for a property with those attributes. The results indicate that there was no relationship between consumers' environmental awareness and their willingness to pay more for a sustainable property. On the other hand, the financial status and the family income of the consumers showed a positive relation with the willingness to pay more for a sustainable property. This indicates that consumers with better financial conditions, which according to the analysis do not necessarily have a greater environmental awareness, are those who are willing to pay more for a sustainable property. Thus, this study indicates that, even if the environmental awareness impact positively the demand for sustainable structures and properties, this impact is not price reflected, due to the price elasticity of the consumption, especially for a category of lower income consumers. This paper adds to the literature in the way it projects some guidelines to the consumer’s decision process in the Real Estate market in emerging economies, as well as it presents some drivers to pricing decisions.Keywords: consumer behavior, environmental awareness, real estate pricing, sustainable buildings
Procedia PDF Downloads 1805683 Calculating Ventricle’s Area Based on Clinical Dementia Rating Values on Coronal MRI Image
Authors: Retno Supriyanti, Ays Rahmadian Subhi, Yogi Ramadhani, Haris B. Widodo
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Alzheimer is one type of disease in the elderly that may occur in the world. The severity of the Alzheimer can be measured using a scale called Clinical Dementia Rating (CDR) based on a doctor's diagnosis of the patient's condition. Currently, diagnosis of Alzheimer often uses MRI machine, to know the condition of part of the brain called Hippocampus and Ventricle. MRI image itself consists of 3 slices, namely Coronal, Sagittal and Axial. In this paper, we discussed the measurement of the area of the ventricle especially in the Coronal slice based on the severity level referring to the CDR value. We use Active Contour method to segment the ventricle’s region, therefore that ventricle’s area can be calculated automatically. The results show that this method can be used for further development in the automatic diagnosis of Alzheimer.Keywords: Alzheimer, CDR, coronal, ventricle, active contour
Procedia PDF Downloads 2555682 Productivity, Labour Flexibility, and Migrant Workers in Hotels: An Establishment and Departmental Level Analysis
Authors: Natina Yaduma, Allan Williams, Sangwon Park, Andrew Lockwood
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This paper analyses flexible working, and the employment of migrants, as determinants of productivity in hotels. Controlling for the institutional environment, by focussing on a single firm, it analyses data on actual hours worked and outputs, on a weekly basis, over an 8 year period. The unusually disaggregated data allows the paper to examine not only inter-establishment, but also intra-establishment (departmental) variations in productivity, and to compare financial versus physical measures. The findings emphasise the complexity of productivity findings, sometimes contrasting evidence for establishments versus departments, and the positive but scale and measure-specific contributions of both the employment of migrants and flexible working, especially the utilisation of zero hours contracts.Keywords: labour productivity, physical productivity, financial productivity, numerical flexibility, functional flexibility, migrant employment, cero-contract employment
Procedia PDF Downloads 3535681 Effect of Sensory Manipulations on Human Joint Stiffness Strategy and Its Adaptation for Human Dynamic Stability
Authors: Aizreena Azaman, Mai Ishibashi, Masanori Ishizawa, Shin-Ichiroh Yamamoto
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Sensory input plays an important role to human posture control system to initiate strategy in order to counterpart any unbalance condition and thus, prevent fall. In previous study, joint stiffness was observed able to describe certain issues regarding to movement performance. But, correlation between balance ability and joint stiffness is still remains unknown. In this study, joint stiffening strategy at ankle and hip were observed under different sensory manipulations and its correlation with conventional clinical test (Functional Reach Test) for balance ability was investigated. In order to create unstable condition, two different surface perturbations (tilt up-tilt (TT) down and forward-backward (FB)) at four different frequencies (0.2, 0.4, 0.6 and 0.8 Hz) were introduced. Furthermore, four different sensory manipulation conditions (include vision and vestibular system) were applied to the subject and they were asked to maintain their position as possible. The results suggested that joint stiffness were high during difficult balance situation. Less balance people generated high average joint stiffness compared to balance people. Besides, adaptation of posture control system under repetitive external perturbation also suggested less during sensory limited condition. Overall, analysis of joint stiffening response possible to predict unbalance situation faced by human.Keywords: balance ability, joint stiffness, sensory, adaptation, dynamic
Procedia PDF Downloads 4515680 Analysing the Behaviour of Local Hurst Exponent and Lyapunov Exponent for Prediction of Market Crashes
Authors: Shreemoyee Sarkar, Vikhyat Chadha
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In this paper, the local fractal properties and chaotic properties of financial time series are investigated by calculating two exponents, the Local Hurst Exponent: LHE and Lyapunov Exponent in a moving time window of a financial series.y. For the purpose of this paper, the Dow Jones Industrial Average (DIJA) and S&P 500, two of the major indices of United States have been considered. The behaviour of the above-mentioned exponents prior to some major crashes (1998 and 2008 crashes in S&P 500 and 2002 and 2008 crashes in DIJA) is discussed. Also, the optimal length of the window for obtaining the best possible results is decided. Based on the outcomes of the above, an attempt is made to predict the crashes and accuracy of such an algorithm is decided.Keywords: local hurst exponent, lyapunov exponent, market crash prediction, time series chaos, time series local fractal properties
Procedia PDF Downloads 1435679 Evaluation Using a Bidirectional Microphone as a Pressure Pulse Wave Meter
Authors: Shunsuke Fujiwara, Takashi Kaburagi, Kazuyuki Kobayashi, Kajiro Watanabe, Yosuke Kurihara
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This paper describes a novel sensor device, a pressure pulse wave meter, which uses a bidirectional condenser microphone. The microphone work as a microphone as well as a sensor with high gain over a wide frequency range; they are also highly reliable and economical. Currently aging is becoming a serious social issue in Japan causing increased medical expenses in the country. Hence, it is important for elderly citizens to check health condition at home, and to care the health conditions through daily monitoring. Given this circumstances, we developed a novel pressure pulse wave meter based on a bidirectional condenser microphone. This novel pressure pulse wave meter device is used as a measuring instrument of health conditions.Keywords: bidirectional microphone, pressure pulse wave meter, health condition, novel sensor device
Procedia PDF Downloads 543