Search results for: traditional financial systems

Authors: Zeynep Ayfer Bozat

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As traditional innovation has already taken its place in managers’ to do lists; managers and companies have started to look for new ways to go beyond the traditional innovation. Because of its cost, traditional innovation became a burden for companies since they only use inner sources. Companies have intended to use outer innovation sources to decrease the innovation costs and Open Innovation has become a new solution for companies at this point. Crowdsourcing is a tool of Open Innovation and it consists of two words: Outsourcing and crowd. Crowdsourcing aims to benefit from the efforts and ideas of a virtual crowd via Internet technologies. In addition to that, crowdsourcing can help entrepreneurs to innovate and grow their businesses. They can crowd source anything they can use to grow their businesses: Ideas, investment, new business, new partners, new solutions, new policies, data, insight, marketing or talent. Therefore, the aim of the study is to be able to show some possible ways for entrepreneurs to benefit from crowdsourcing to expand or foster their businesses. In the study, the term crowdsourcing has been given in details and these possible ways have been searched and given.

Keywords: crowdsourcing, entrepreneurship, innovation, open innovation

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Authors: P. M. Ikonić, T. A. Tasić, L. S. Petrović, S. B. Škaljac, M. R. Jokanović, V. M. Tomović, B. V. Šojić, N. R. Džinić, A. M. Torbica, B. B. Ikonić

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The aim of the study was to determine how different ripening processes (traditional vs. industrial) influenced the proteolysis in traditional Serbian dry-fermented sausage Petrovská klobása. The obtained results indicated more intensive pH decline (0.7 units after 9 days) in industrially ripened products (I), what had a positive impact on drying process and proteolytic changes in these samples. Thus, moisture content in I sausages was lower at each sampling time, amounting 24.7% at the end of production period (90 days). Likewise, the process of proteolysis was more pronounced in I samples, resulting in higher contents of non-protein nitrogen (NPN) and free amino acids nitrogen (FAAN), as well as in faster and more intensive degradation of myosin (≈220 kDa), actin (≈45 kDa) and other polypeptides during processing. Consequently, the appearance and accumulation of several protein fragments were registered.

Keywords: dry-fermented sausage, Petrovská klobása, proteolysis, ripening process

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Authors: Raquel Pérez Estébanez, Elena Urquía Grande, Martha Ríos Manríquez, Manuela Cañizares Espada

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A fast spread of information and communication technologies (ICT) occurred in low-income countries and communities. ICT use contributes to the development of emerging economies in several ways. Firstly, accounting and financial software empowers sustainable development in line with the SDGs nº8 and 9: economic growth and innovation of emerging countries in the long term. Additionally, ICT tools can help development by saving money, which is critical for micro-entrepreneurs. This research has three objectives: first, to determine the ICT4D factors that explain micro-entrepreneur development in the Democratic Republic of Congo and Mexico; second, to analyze the importance of mobile phones in business transactions; and finally, to analyze comparing the level of ICT and accounting information systems (AIS) in Africa and Latin America. We designed a survey to study the impact of AIS and ICT on microentrepreneurs’ households in both countries. Regarding the samples, the DRC consists of microentrepreneurs from a rural neighborhood in south Ethiopia, whereas the Mexican comprises microentrepreneurs below the poverty level from Celaya (Guanajuato). The survey includes variables about their access to AIS and their ICT adoption level and use. Different multivariate analyses were run. It is interesting to highlight that the countries analyzed, with differences in culture, language, and various idiosyncrasies, have two factors that explain micro-entrepreneur technological development, namely, the training received in using ICT for business and mobile phones ‘use for business management and households. Our findings show that better financial and economic reporting through accounting information systems is key for micro-businesses to promote their sustainability development. The results of this research contribute to the theoretical framework for the DRC and Mexican contexts of ICT and AIS, and let’s compare them with other international studies. This study empirically validates that the use of mobiles and ICT training add to business growth and development impact. Furthermore, the study emphasizes on ICT4D, pointing to a sample of micro-entrepreneurs from the “South Region.”

Keywords: ICT4D, mobile phones, sustainable development, micro-entrepreneurs, Mexico, Democratic Republic of Congo

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Authors: Sumayya S.

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Making cities adaptive and inclusive is one among the inherent goal and challenge for contemporary cities. This is a serious concern when the urban transformations occur in varying magnitude due to visible and invisible factors. One type of visibly invisible factor is ecommerce and its expanding operation that is understood to cause changes to the conventional spatial structure positively and negatively. With the continued growth in e-commerce activities and its future potential, market analysts, media, and even retailers have questioned the importance of a future presence of traditional Brick-and-mortar stores in cities as a critical element, with some even referring to the repeated announcement of the closure of some store chains as the end of the online shopping era. Essentially this raises the question of how adaptive and inclusive the cities are to the dynamics of transformative changes that are often unseen. People have become more comfortable with seating inside and door delivery systems, and this increased change in usage of public spaces, especially the commercial corridors. Through this research helped in presetting a new approach for planning and designing commercial activities centers and also presents the impact of ecommerce on the urban fabric, such as division and fragmentation of space, showroom syndrome, reconceptualization of space, etc., in a critical way. The changes are understood by analyzing the e-commerce logistic process. Based on the inferences reach at the conclusion for the need of an integrated approach in the field of planning and designing of public spaces for the sustainable omnichannel retailing. This study was carried out with the following objectives Monitoring the impact of e commerce on the traditional shopping space. Explore the new challenges and opportunities faced by the urban form. Explore how adaptive and inclusive our cities are to the dynamics of transformative changes caused by ecommerce.

Keywords: E-commerce, shopping streets, online environment, offline environment, shopping factors

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Authors: Eric Sanchis

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Although there does not exist a definitive consensus on a precise definition of a complex system, it is generally considered that a system is complex by nature. The presented work illustrates a different point of view: a system becomes complex only with regard to the question posed to it, i.e., with regard to the problem which has to be solved. A complex system is a couple (question, object). Because the number of questions posed to a given object can be potentially substantial, complexity does not present a uniform face. Two types of complex systems are clearly identified: first-order complex systems and second-order complex systems. First-order complex systems physically exist. They are well-known because they have been studied by the scientific community for a long time. In second-order complex systems, complexity results from the system composition and its articulation that are partially unknown. For some of these systems, there is no evidence of their existence. Vagueness is the keyword characterizing this kind of systems. Autonomy and free will, two mental productions of the human cognitive system, can be identified as second-order complex systems. A classification based on the properties structure makes it possible to discriminate complex properties from the others and to model this kind of second order complex systems. The final outcome is an implementable synthetic property that distinguishes the solid aspects of the actual property from those that are uncertain.

Keywords: autonomy, free will, synthetic property, vaporous complex systems

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Authors: Liang Sun, Yi He

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The origination and development of Chinese traditional villages have a strong link with clan society. Thousands of traditional villages are constituted by one big family who have the same surname. Villages’ basic social relationships are built on the basis of family kinship. Clan power controls family courtyards’ spatial structure and influences their evolvement process. Compared with other countries, research from perspective of clanism is a particular and universally applicable manner to recognize Chinese traditional villages’ space features. This paper takes traditional villages in astern Zhejiang province as examples, especially a single-clan village named Zoumatang. Through combining rural sociology with architecture, it clarifies the coupling relationship between clan structure and village space, reveals spatial composition and evolvement logic of family courtyards. Clan society pays much attention to the patrilineal kinship and genealogy. In astern Zhejiang province, clan is usually divided to ‘clan-branches-families’ three levels. Its structural relationship looks like pyramid, which results in ‘center-margin’ structure when projecting to villages’ space. Due to the cultural tradition of ancestor worship, family courtyards’ space exist similar ‘center-margin’ structure. Ancestor hall and family temple are respectively the space core of village and courtyard. Other parts of courtyard also shows order of superiority and inferiority. Elder and men must be the first. However, along with the disintegration of clan society, family courtyard gradually appears fragmentation trend. Its spatial structure becomes more and more flexible and its scale becomes smaller and smaller. Living conditions rather than ancestor worship turn out to be primary consideration. As a result, there are different courtyard historical prototype in different historic period. To some extent, Chinese present traditional villages’ conservation ignore the impact of clan society. This paper discovers the social significance of courtyard’s spatial texture and rebuilds the connection between society and space. It is expected to promote Chinese traditional villages’ conservation paying more attention to authenticity which defined in the historical process and integrity which built on the basis of social meaning.

Keywords: China, clanism, courtyard, evolvement process, spatial structure, traditional village

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Authors: Fu Jinyu, Lin Jinguan

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This paper introduces a novel approach that unifies two types of models: one is the continuous-time jump-diffusion used to model high-frequency data, and the other is discrete-time GQARCH employed to model low-frequency financial data by embedding the discrete GQARCH structure with jumps in the instantaneous volatility process. This model is named “GQARCH-It\^{o} -Jumps mode.” We adopt the realized range-based threshold estimation for high-frequency financial data rather than the realized return-based volatility estimators, which entail the loss of intra-day information of the price movement. Meanwhile, a quasi-likelihood function for the low-frequency GQARCH structure with jumps is developed for the parametric estimate. The asymptotic theories are mainly established for the proposed estimators in the case of finite activity jumps. Moreover, simulation studies are implemented to check the finite sample performance of the proposed methodology. Specifically, it is demonstrated that how our proposed approaches can be practically used on some financial data.

Keywords: It\^{o} process, GQARCH, leverage effects, threshold, realized range-based volatility estimator, quasi-maximum likelihood estimate

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Authors: Linqing Ma, Huiling Feng, Jihong Liang, Yi Qian

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In China, some villages have survived in the long history of changes and remain until today with their unique styles and featured culture developed in the past. Those ancient villages, usually aged for hundreds or thousands of years, are the mirror for traditional Chinese culture, especially the farming-studying culture represented by the Confucianism. Gaoqian, an ancient village with a population of 3,000 in Zhejiang province, is such a case. With a history dating back to Yuan Dynasty, Gaoqian Village has 13 well-preserved traditional Chinese houses with a courtyard, which were built in the Ming and Qing Dynasty. It is a fine specimen to study traditional rural China. In China, some villages have survived in the long history of changes and remain until today with their unique styles and featured culture developed in the past. Those ancient villages, usually aged for hundreds or thousands of years, are the mirror for traditional Chinese culture, especially the farming-studying culture represented by the Confucianism. Gaoqian, an ancient village with a population of 3,000 in Zhejiang province, is such a case. With a history dating back to Yuan Dynasty, Gaoqian Village has 13 well-preserved traditional Chinese houses with a courtyard, which were built in the Ming and Qing Dynasty. It is a fine specimen to study traditional rural China. Then a repository for the memory of the Village will be completed by doing arrangement and description for those multimedia resources such as texts, photos, videos and so on. Production of Creative products with digital technologies is also possible based a thorough understanding of the culture feature of Gaoqian Village using research tools for literature and history studies and a method of comparative study. Finally, the project will construct an exhibition platform for the Village and its culture by telling its stories with completed structures and treads.

Keywords: ancient villages, digital exhibition, multimedia, traditional culture

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Authors: Maulana Ayoub Ali, Pradeep Kulshrestha

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Laws of any given secular state have a huge contribution in the growth of the Islamic banking system because the system uses conventional laws to govern its activities. Therefore, the former should be ready to accommodate the latter in order to make the Islamic banking system work properly without affecting the current conventional banking system and therefore without affecting its system. Islamic financial rules have been practiced since the birth of Islam. Following the recent world economic challenges in the financial sector, a quick rebirth of the contemporary Islamic ethical banking system took place. The coming of the Islamic banking system is due to various reasons including but not limited to the failure of the interest based economy in solving financial problems around the globe. Therefore, the Islamic banking system has been adopted as an alternative banking system in order to recover the highly damaged global financial sector. But the Islamic banking system has been facing a number of challenges which hinder its smooth operation in different parts of the world. It has not been the aim of this paper to discuss other challenges rather than the legal ones, but the same was partly discussed when it was justified that it was proper to do so. Generally, there are so many things which have been discovered in the course of writing this paper. The most important part is the issue of the regulatory and supervisory framework for the Islamic banking system in Tanzania and in other nations is considered to be a crucial part for the development of the Islamic banking industry. This paper analyses what has been observed in the study on that area and recommends for necessary actions to be taken on board in a bid to make Islamic banking system reach its climax of serving the larger community by providing ethical, equitable, affordable, interest-free and society cantered banking system around the globe.

Keywords: Islamic banking, interest free banking, ethical banking, legal framework

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Authors: Miroslav Čulík, Petr Gurný

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This paper is aimed at the financial assessment of the hard coal mining in a given region by real option methodology application. Hard coal mining in this mine makes net loss for the owner during the last years due to the long-term unfavourable mining conditions and significant drop in the coal prices during the last years. Management is going to shut down the operation and abandon the project to reduce the loss of the company. The goal is to assess whether the shutting down the operation is the only and correct solution of the problem. Due to the uncertainty in the future hard coal price evolution, the production might be again restarted if the price raises enough to cover the cost of the production. For the assessment, real option methodology is applied, which captures two important aspect of the financial decision-making: risk and flexibility. The paper is structured as follows: first, current state is described and problem is analysed. Next, methodology of real options is described. At last, project is evaluated by applying real option methodology. The results are commented and recommendations are provided.

Keywords: real option, investment, option to abandon, option to shut down and restart, risk, flexibility

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Authors: Demmiele Matu Kiiza, Constantine Steven Labongo Loum, Julaina Obika Asinasi

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Background: The use of traditional medicine in Uganda forms the preliminary therapeutic approaches among many people. Traditional medicines have been used in Uganda for many years, not only for the management of pregnancy-related complications but also for the management of other physical and psychological illnesses. Traditional medicines are always considered the first line of treatment by a considerable number of people. This study, therefore, sought to explore the lived experiences of pregnant women by assessing their perceptions of the transitional use of traditional medicine. Methods: Ethnography was used to capture data from an emic perspective. The ethnographic approach involved visiting a few selected pregnant women to observe and participate in the identification of traditional medicines. The ethnographic fieldwork was carried out within a period of three months. In-depth interviews were carried out and audio recorded and later transcribed verbatim. Data was thereafter analyzed thematically. The thematic analysis involved identifying statements made by research participants by transcribing audio and reading through field notes, coding was done, and themes were generated according to commonly mentioned experiences of using traditional medicine. Results: The findings revealed that women performed a ritual of ‘cutting the cord’ by making a small horizontal incision on the belly across the linea Nigra (also known as a pregnancy line) at around six months of pregnancy to avoid producing a baby with an umbilical cord tied around the baby’s neck. They also used crushed egg shells, crushed snail shells and herbs such as pawpaw roots, Entarahompo (crassocephalum vitelline), Ekyoganyanja (Erlangea tomentose), to manage Omushohokye (a term used by the study participants to refer to a situation where women pass out too much water when giving birth, producing a child with mold and oozing out of a milky liquid through the breasts before giving births); prepare for safe delivery and also to manage pregnancy-related complications. The study recommends the implementation of a traditional medicine use policy using a bottom-up approach. Designing and implementing of culturally sensitive maternal healthcare intervention programs and involving village health teams and the elderly in health education.

Keywords: traditional medicine, pregnant women, uganda, perceptions

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Authors: Tappei Yotsumoto, Atsushi Nomura, Kozo Tanigawa, Kenichi Takahashi, Takao Kawamura, Kazunori Sugahara

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In a human tracking system, expanding a monitoring range of one system is complicating the management of devices and increasing its cost. Therefore, we propose a method to realize a wide-range human tracking by connecting small systems. In this paper, we examined an agent deploy method and information contents across the heterogeneous human tracking systems. By implementing the proposed method, we can construct a human tracking system across heterogeneous systems, and the system can track a target continuously between systems.

Keywords: human tracking system, mobile agent, monitoring, heterogeneous systems

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Authors: Michelle Siao-Cing Guo

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Technology is widely adopted to assist instruction and learning across disciplines. Traditional teaching method fails to capture the attention of the generation of digital native and does not accommodate diverse needs of today’s learners. The innovation in technology allows new pedagogical approaches. One approach that converts the traditional learning classroom to a more flexible learning time and space is known as the flipped classroom. This new pedagogy extends and enhances learning and accommodates different learning styles. The flipped classroom employs technology to offer course materials online 24 hours/day and to promote active class learning. However, will Taiwanese students who are used to more traditional instructional methods embrace the flipped classroom using E-learning? Will the flipped approach have an effect on Taiwanese students’ English mastery and learning autonomy? The researcher compares a flipped classroom model using E-learning and the traditional-lecture model. A pre- and post-test and a questionnaire were utilized to examine the effect of the flipped classroom on Taiwanese college students. The test results showed that the flipped approach had a positive effect on learners’ English proficiency level, topical knowledge, and willingness to participate in class. The questionnaire also demonstrates the acceptance of the new teaching model.

Keywords: flipped classroom , E-learning, innovative teaching, technology

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Authors: L. Maiza, A. Cantagrel, M. Forestier, G. Laucoin, T. Regali

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Evaluation of High Frequency Trading (HFT) impact on financial markets is very important for traders who use market analysis to detect winning transaction opportunity. Analysis of HFT data on tobacco commodity market is discussed here and interesting linear relationship has been shown between trading frequency and difference between averaged trading prices above and below considered trading frequency. This may open new perspectives on markets data understanding and could provide possible interpretation of Adam Smith invisible hand.

Keywords: financial market, high frequency trading, analysis, impacts, Adam Smith invisible hand

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Authors: Yosra Mefteh Rekik, Younes Boujelbene

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We introduce in this paper a new conceptual model representing the stock market dynamics. This model is essentially based on cognitive behavior of the intelligence investors. In order to validate our model, we build an artificial stock market simulation based on agent-oriented methodologies. The proposed simulator is composed of market supervisor agent essentially responsible for executing transactions via an order book and various kinds of investor agents depending to their profile. The purpose of this simulation is to understand the influence of psychological character of an investor and its neighborhood on its decision-making and their impact on the market in terms of price fluctuations. Therefore, the difficulty of the prediction is due to several features: the complexity, the non-linearity and the dynamism of the financial market system, as well as the investor psychology. The Artificial Neural Networks learning mechanism take on the role of traders, who from their futures return expectations and place orders based on their expectations. The results of intensive analysis indicate that the existence of agents having heterogeneous beliefs and preferences has provided a better understanding of price dynamics in the financial market.

Keywords: artificial intelligence methods, artificial stock market, behavioral modeling, multi-agent based simulation

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Authors: Meysam Saidi

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While the specific externalities and required regulatory measures in relation to Islamic banking are fairly uncertain, the business is growing across the world. Unofficial data indicate that the Islamic Finance market is growing with annual rate of 15% and it has reached 1.3 $ trillion size. This trend is associated with inherent systematic connection of Islamic financial institutions to other entities and different sectors of economies. Islamic banking has been subject of market development policies in major economies, most notably the UK. This trend highlights the need for identification of distinct risk features of Islamic banking and crafting customized regulatory measures. So far there has not been a significant systemic crisis in this market which can be attributed to its distinct nature. However, the significant growth and spread of its products worldwide necessitate an in depth study of its nature for customized congruent regulatory measures. In the post financial crisis era some market analysis and reports suggested that the Islamic banks fairly weathered the crisis. As far as heavily blamed conventional financial products such as subprime mortgage backed securities and speculative credit default swaps were concerned the immunity claim can be considered true, as Islamic financial institutions were not directly exposed to such products. Nevertheless, similar to the experience of the conventional banking industry, it can be only a matter of time for Islamic banks to face failures that can be specific to the nature of their business. Using the experience of conventional banking regulations and identifying those peculiarities of Islamic banking that need customized regulatory approach can aid to prevent major failures. Frank Knight has stated that “We perceive the world before we react to it, and we react not to what we perceive, but always to what we infer”. The debate over congruent Islamic banking regulations might not be an exception to Frank Knight’s statement but I will try to base my discussion on concrete evidences. This paper first analyzes both theoretical and actual features of Islamic banking in order to ascertain to its peculiarities in terms of market stability and other externalities. Next, the paper discusses distinct features of Islamic financial transactions and banking which might require customized regulatory measures. Finally, the paper explores how a more transparent path for the Islamic banking regulations can be drawn.

Keywords: Islamic banking, regulation, risks, capital requirements, customer protection, financial stability

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Authors: Ahmed Shuhaiber

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The explosion of the World Wide Web and the electronic trend of university teaching have transformed the learning style to become more learner-centred, Which has popularized the digital delivery of mediated lectures as an alternative or an adjunct to traditional lectures. Despite its potential and popularity, virtual lectures have not been adopted yet in Jordanian universities. This research aimed to fill this gap by studying the factors that influence student’s willingness to accept virtual lectures in one Jordanian University. A quantitative approach was followed by obtaining 216 survey responses and statistically applying the UTAUT model with some modifications. Results revealed that performance expectancy, effort expectancy, social influences and self-efficacy could significantly influence student’s attitudes towards virtual lectures. Additionally, facilitating conditions and attitudes towards virtual lectures were found with significant influence on student’s intention to take virtual lectures. Research implications and future work were specified afterwards.

Keywords: E-learning, student willingness, UTAUT, virtual Lectures, web-based learning systems

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Authors: Christoph Schuler, Oriana Ponta

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Public Financial Management (PFM) reforms are promoted by various international organizations such as the International Monetary Fund (IMF) or the World Bank, local development banks and the donor country community to strengthen governance and accountability in developing countries across the world. Reform efforts undertaken are often systematically measured against international best practice by the application of standardized analytical instruments such as the Public Expenditure and Financial Accountability Framework (PEFA) or the Poverty Reduction Action Plan (PARP). While those instruments analyze direct achievements of PFM reforms, the long-term benefits of such reforms for society remain untapped. This gives rise to the question why the concept of impact evaluation with its experimental or quasi-experimental settings in the form of randomized control trials has rarely been applied in the context of PFM reforms. To close this gap, this study provides examples where the concept of impact evaluation can be applied to PFM reforms and thereby shifting the focus from outcome towards a long-term impact. As it is a new approach, this study does not attempt to conduct a fully flagged impact evaluation of a certain PFM reform. However, it will outline, as a form of pre-test the applicability of the impact evaluation methodology in this context, for example, by more closely analyzing the commonly used indicators (for example within PEFA or PARP). This would mean to scrutinize these indicators as to how they were designed and how they are related to the long-term impact, they should be producing. The analysis of PFM reform indicators and their relation to long-term impacts should provide practitioners and scholars alike with new insights on how to strengthen the accountability of public service delivery through successful and sustainable PFM reforms.

Keywords: accountability, impact evaluation, PFM reforms, public financial management

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Authors: Renaud Gaucher

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Research on happiness has developed significantly in the past fifty years and economics and the political science are starting to be influenced by advances in the field. Until recently, finance has stayed outside this movement. The goal of our research is to integrate finance into this movement conceptually. We explain the why, the what and the how of the finance of happiness. We then study the relationship between corporate finance and happiness. We discuss the optimization of the relationship between the financial performance of a firm and the happiness at work of its employees, and the reduction of financial risk by developing goods that foster the happiness of their users. Finally we look at the development of happiness investment funds, that is investment funds founded on happiness research, and the best ways to share risks and earnings to build a happier society.

Keywords: finance, happiness, investment fund, risk

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Authors: François Vallée, Jean-François Toubeau, Zacharie De Grève, Jacques Lobry

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When evaluating the capacity of a generation park to cover the load in transmission systems, traditional Loss of Load Expectation (LOLE) and Expected Energy not Served (EENS) indices can be used. If those indices allow computing the annual duration and severity of load non-covering situations, they do not take into account the fact that the load excess is generally shifted from one penury state (hour or quarter of an hour) to the following one. In this paper, a sequential Monte Carlo framework is introduced in order to compute adjusted LOLE and EENS indices. Practically, those adapted indices permit to consider the effect of load excess transfer on the global adequacy of a generation park, providing thus a more accurate evaluation of this quantity.

Keywords: expected energy not served, loss of load expectation, Monte Carlo simulation, reliability, wind generation

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Authors: Faris A. Uriayer, Mehtab Alam

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The concept of using a hybrid composite by combining two or more different materials to produce bilinear stress–strain behaviour has become a subject of interest. Having studied the mechanical properties of steel-CFRP specimens (CFRP Laminate Sandwiched between Mild Steel Strips), full size steel-CFRP composite reinforcement were fabricated and used as a new reinforcing material inside beams in lieu of traditional steel bars. Four beams, three beams reinforced with steel-CFRP composite reinforcement and one beam reinforced with traditional steel bars were cast, cured and tested under quasi-static loading. The flexural test results of the beams reinforced with this composite reinforcement showed that the beams with steel-CFRP composite reinforcement had comparable flexural strength and flexural ductility with beams reinforced with traditional steel bars.

Keywords: CFRP laminate, steel strip, flexural behaviour, modified model, concrete beam

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Authors: Ahmed R. Althobaiti, Malcolm Munro

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Communication and effective information exchange within technology has become a crucial part of delivering knowledge to students during the learning process. It enables better understanding, builds trust, respect and increase the knowledge between students. This paper examines the communication between undergraduate students and their lecturers during the Traditional lecture and in using the Interactive Electronic Lecture System (IELS). The IELS is an application that offers a set of components, which support the effective communication between students, themselves and their lecturers. Moreover, this paper highlights the communication skills such as sender, receiver, channel and feedback. It will show how the IELS creates a rich communication environment between its users and how they communicate effectively. To examine and check the effectiveness of communication an experiment has been conducted for groups of users; students and lecturers. The first group communicated during the Traditional lecture while the second group communicated by the IELS application. The result showed that there was an effective communication between the second group more than the first group.

Keywords: communication, effective information exchange, lecture, student

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Authors: Rafael Vicente Salar

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Cities are steadily transforming their productive systems based on value-adding strategies, with the aim of becoming more competitive in a globalized economy. This fact is reflected in inner urban spaces which are increasingly accommodating new economic activities related to knowledge, culture, creativity, and tourism, to the detriment of traditional activities. This is the case of the Trafalgar Garment District (TGD), located in Barcelona´s Eixample Dret neighborhood, an economic urban space historically devoted to the garment wholesale trade. This district is currently experiencing the transformation of its traditional economic specialization. In the last 50 years, external and internal factors have caused, firstly, the disintegration of the Catalonian garment regional cluster. This has resulted in the closure of the majority of metropolitan garment workshops. Secondly, this has also caused either the disappearance of wholesale firms or their relocation to more suitable spaces in the metropolitan area. Specifically, the TGD's economic restructuration is related to the attraction of firms related to the lodging industry and the new economy. In addition, some of the wholesale businesses are adopting new management strategies in order to remain in the TGD. These initiatives are thought to allow them, on one hand, to upgrade their products and, on the other, to reconfigure their internal organization in order to be more competitive.

Keywords: Barcelona, garment district, new economy, tourism, garmen wholesale trade

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Authors: Marc S. Paolella, Pawel Polak

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The paper proposes a framework for large-scale portfolio optimization which accounts for all the major stylized facts of multivariate financial returns, including volatility clustering, dynamics in the dependency structure, asymmetry, heavy tails, and non-ellipticity. It introduces a so-called risk fear portfolio strategy which combines portfolio optimization with active risk monitoring. The former selects optimal portfolio weights. The latter, independently, initiates market exit in case of excessive risks. The strategy agrees with the stylized fact of stock market major sell-offs during the initial stage of market downturns. The advantages of the new framework are illustrated with an extensive empirical study. It leads to superior multivariate density and Value-at-Risk forecasting, and better portfolio performance. The proposed risk fear portfolio strategy outperforms various competing types of optimal portfolios, even in the presence of conservative transaction costs and frequent rebalancing. The risk monitoring of the optimal portfolio can serve as an early warning system against large market risks. In particular, the new strategy avoids all the losses during the 2008 financial crisis, and it profits from the subsequent market recovery.

Keywords: comfort, financial crises, portfolio optimization, risk monitoring

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Authors: Shideh Mohseni Movahed, Mansoureh Safari

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Intelligent drug delivery systems (IDDS) are innovative technological innovations and clinical way to advance current treatments. These systems differ in technique of therapeutic administration, intricacy, materials and patient compliance to address numerous clinical conditions that require different pharmacological therapies. IDDS capable of releasing an active molecule at the proper site and at a amount that adjusts in response to the progression of the disease or to certain functions/biorhythms of the organism is particularly appealing. In this paper, we describe the most recent advances in the development of intelligent drug delivery systems.

Keywords: drug delivery systems, IDDS, medicine, health

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Authors: Wenqian Shi, Xie He, Ziyin Huang, Zi Yu

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The dramatic changes in the global economic situation have produced dramatic changes to companies’ supply chain systems. A variety of opportunities and challenges make the traditional manufacturing industry feel pressured, and the manufacturing industry must seek a new way out as soon as possible. This paper presents a case study of the advanced planning and scheduling technology problem encountered by an electrical and electronics manufacturer. The objective is to seek the minimum cost of production planning and order management. Digitalization is applied to the problem, and the results demonstrate that significant production performances can be achieved in the face of the existing production of each link and order management systems to analyze and optimize. This paper can also provide some practical implications in various manufacturing industries. Finally, future research directions are discussed.

Keywords: advanced planning and scheduling, case study, production planning, supply chain optimization

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Authors: Khondokar Farid Ahmmed, Robin Bown

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It is widely recognized that the formal financing of Small and Medium Size Enterprises (SMEs) by Private Commercial Banks (PCBs) is restricted. Due to changing financial market competition, SMEs are now important customers to PCBs in the member countries of the Asian Development Bank (ADB). Various initiatives in enhancing the efficiency of risk assessment of PCBs have failed in increasing financing accessibility in the traditional financing system where information asymmetry is a key constraint. In this circumstance, PCBs need to undertake a holistic approach. Holistic approach refers to methods that attempt to fundamentally change established traditions. To undertake holistic approach, this study intends to find the entire established financing culture between PCBs and SMEs in a new lens beyond the tradition on the basis of two basic questions: “What is the traditional lending culture between PCBs and SMEs” and “What could be potential role of PCBs to develop that culture where focusing on SME financing to PCBs". This study considered formal SME financing in Bangladesh by focusing on SMEs applying for their first loan. Bangladesh is a member country of ADB. The data collection method is semi-structured and we utilized face-to-face interviews with in-depth branch managers, higher officials and owner-managers of SME customers of PCBs and higher officials of SME Foundation and the Bangladesh central bank. Discourse analysis method was used for data analysis on the frame of thematic discussion fully based on participants’ views. The research found that branch managers and loan officers have a high level of power in assessing and financing decision-making. There is a changing attitude in PCB sector in requiring flexible collateral assets. Branch managers (Loan Officers) consider value of business prospect of owner-mangers as complementary of collateral assets. However, the study found the assessment process of business prospect is entirely unstructured and linked with socio-cultural settings that does not support PCBs’ changing manner in terms of collateral requirement. The study redefined and classified collateral assets to include all financing constructs in a structure. The degree of value of the collateral assets determines the degree of business prospects. This study suggested applying an outside classroom-learning paradigm such as “knowledge tour” to enhance the value of the kinds of collateral assets. This is the scope of PCBs in increasing SMEs’ financing eligibility in win-win basis. The findings and proposition could be effective in other ADB member countries and audiences in the field.

Keywords: CCA, financing, information asymmetry, PCA, PCB, financing

Procedia PDF Downloads 186

Authors: Joseph Uche Azubike, Evelyn Ngozi Agbasi, M. I. Ogbonna

Abstract:

The audit committee of the board of directors could no longer handle the enterprise's risks. Therefore, a risk management committee was created to control them. Thus, this study examined how enterprise risk management committee characteristics affected Nigerian exchange-listed banks' financial performance from 2013 to 2022. The study's hypotheses and three objectives were to determine how enterprise risk management committee size, composition, and gender diversity affect Nigerian banks' performance. An ex-post facto study design collected secondary data from bank annual reports. We used descriptive statistics, correlation analysis, and Ordinary least square regression to analyze panel data. Enterprise risk management committee size and composition had both negative and no significant effect on bank financial performance in Nigeria, whereas enterprise risk committee gender diversity has a 10% favorable effect. The report advises that adding more women with relevant knowledge to the risk committee to boost performance and allowing women to be at the lead of such risk management could improve bank performance in Nigeria since they are noted to be thorough in their tasks.

Keywords: bank, committee, enterprise, management, performance, risk

Procedia PDF Downloads 25

Authors: R. B. Ogunrinde, C. C. Jibunoh

Abstract:

In this paper, a spectral decomposition method is developed for the direct integration of stiff and nonstiff homogeneous linear (ODE) systems with linear, constant, or zero right hand sides (RHSs). The method does not require iteration but obtains solutions at any random points of t, by direct evaluation, in the interval of integration. All the numerical solutions obtained for the class of systems coincide with the exact theoretical solutions. In particular, solutions of homogeneous linear systems, i.e. with zero RHS, conform to the exact analytical solutions of the systems in terms of t.

Keywords: spectral decomposition, linear RHS, homogeneous linear systems, eigenvalues of the Jacobian

Procedia PDF Downloads 315

Authors: Jaballah Jamil

Abstract:

KLD (Peter Kinder, Steve Lydenberg and Amy Domini) research & analytics is an independent intermediary of social performance information that adopts an investor-pay model. KLD rating agency does not have an explicit monitoring on the rated firm which suggests that KLD ratings may not include private informations. Moreover, the incapacity of KLD to predict accurately the extra-financial rating of Enron casts doubt on the reliability of KLD ratings. Therefore, we first investigate whether KLD ratings affect investors' perception by studying the effect of KLD rating changes on firms' financial performances. Second, we study the impact of the Enron scandal on investors' perception of KLD rating changes by comparing the effect of KLD rating changes on firms' financial performances before and after the failure of Enron. We propose an empirical study that relates a number of equally-weighted portfolios returns, excess stock returns and book-to-market ratio to different dimensions of KLD social responsibility ratings. We first find that over the last two decades KLD rating changes influence significantly and negatively stock returns and book-to-market ratio of rated firms. This finding suggests that a raise in corporate social responsibility rating lowers the firm's risk. Second, to assess the Enron scandal's effect on the perception of KLD ratings, we compare the effect of KLD rating changes before and after the Enron scandal. We find that after the Enron scandal this significant effect disappears. This finding supports the view that the Enron scandal annihilates the KLD's effect on Socially Responsible Investors. Therefore, our findings may question results of recent studies that use KLD ratings as a proxy for Corporate Social Responsibility behavior.

Keywords: KLD social rating agency, investors' perception, investment decision, financial performance

Procedia PDF Downloads 423