Search results for: agricultural and financial loss

Authors: Arianne V. Julian, Michael R. Umagat, Renato G. Reyes

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Pleurotus ostreatus, which is one of the most widely cultivated mushrooms, is an excellent source of protein and other minerals but inherently contains low calcium level. Calcium plays several vital functions in human health; therefore, adequate daily intake is necessary. Supplementation of growth substrate is a significant approach in mushroom production to improve nutritional content and yield. This study focused on the influence of varying concentrations of Ca supplementation derived from natural sources including agricultural lime, eggshell and oyster shell in rice straw-based formulation for the production of P. ostreatus. The effect of Ca supplementation on the total yield and Ca content were obtained. Results revealed that these natural sources increased both the yield and Ca of P. ostreatus. Mushroom grown in substrate with 8-10% agricultural lime and 6% eggshell powder produced the highest yields while using oyster shell powder did not vary with the control. Meanwhile, substrate supplementation using agricultural lime and eggshell powder in all concentrations have increased Ca in fruiting bodies. However, Ca was not absorbed in the oyster shell powder-supplemented substrate. These findings imply the potential of agricultural lime and eggshell powder in the production of Ca-enriched mushrooms resulting in higher yield.

Keywords: calcium fortification, mushroom production, natural sources, Pleurotus ostreatus

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Authors: Ahmad Dahlan, Aries Indrianto

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Conceptually, mudarabah is the practice of fiqh (jurisprudence) in the bank institutions business that became the basis of the economic development model of modern Islamic financial system. In mudarabah, profit and loss sharing mechanism are integrated between mudarabah on liability side (funding) with mudarabah on the asset side (financing). Islamic (Sharia) Bank is positioned as an intermediary institution like investment manager, although the bank is also involved in direct investment based on bank equity. In practice, mudarabah cannot be done as much as effective at financing because the dominance of debt-financing products. This is a major criticism among experts and Islamic banks practitioners. Ironically, the criticism gets less attention by practitioners of Islamic banks due to many factors. The epistemologies of Islamic banks prioritize shareholder values than stakeholder values, and social culture that has not been ready with the mudarabah totally.

Keywords: two tier mudarabah, intermediary institution, shareholder value, stakeholder value

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Authors: Elijah Cavan

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In Major League Sports (MLB, NBA, NHL, NFL), it is the Front Office Staff (FOS) who make decisions about who plays for their respective team. The FOS bear the brunt of the responsibility for acquiring players through drafting, trading and signing players in free agency while typically contesting with maximum roster salary constraints. The players themselves are volatile assets of these teams- their value fluctuates with age and performance. A simple comparison can be made when viewing players as assets. The problem here is similar to that of optimizing your investment portfolio. The The goal is ultimately to maximize your periodic returns while tolerating a fixed risk (degree of uncertainty/ potential loss). Each franchise may value assets differently, and some may only tolerate lower risk levels- these are examples of factors that introduce additional constraints into the model. In this talk, we will detail the mathematical formulation of this problem as a constrained optimization problem- which can be solved with classical machine learning methods but is also well posed as a problem to be solved on quantum computers

Keywords: optimization, financial mathematics, sports analytics, simulated annealing

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Authors: Victoria Scarratt

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Couples involved in age-gap relationships generally evoke negative stereotypes, opinions, and social disapproval. This research seeks to examine whether financial disparities in age-discrepant relationships cause negative attitudes in study participants. It was hypothesized that an age-gap couple (29 year difference) would receive a greater degree of societal disapproval when the couple also had a large salary gap compared to a similarly aged couple (1 year difference) with a salary gap. Additionally, there would be no significant difference between age-gap couples without a salary-gap compared to a similarly aged couple without a salary gap. To test the hypothesis, participants were given one of four scenarios regarding a couple in a romantic relationship.Then they were asked to respond to nine Likert scale questions. Results indicated that participants perceived age-gap relationships with a salary disparity to be less equitable in regard to a power imbalance between the couple and the financial and general gain that one partner will receive. A significant interaction was also detected for evoking feelings of disgust in participants and how morally correct it is for the couple to continue their relationship.

Keywords: age gap relationships, love, financial disparities, societal stigmas, relationship dynamics

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Authors: M. Nageswara Rao, V. S. N. K. Chaitanya, K. Amarendranath

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This paper presents an optimal allocation and sizing of Distributed Generation (DG) in Radial Distribution Network (RDN) for total power loss minimization and enhances the voltage profile of the system. The two main important part of this study first is to find optimal allocation and second is optimum size of DG. The locations of DGs are identified by Analytical expressions and crow search algorithm has been employed to determine the optimum size of DG. In this study, the DG has been placed on single and multiple allocations.CSA is a meta-heuristic algorithm inspired by the intelligent behavior of the crows. Crows stores their excess food in different locations and memorizes those locations to retrieve it when it is needed. They follow each other to do thievery to obtain better food source. This analysis is tested on IEEE 33 bus and IEEE 69 bus under MATLAB environment and the results are compared with existing methods.

Keywords: analytical expression, distributed generation, crow search algorithm, power loss, voltage profile

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Authors: S. O. Bamigboye, P. M. Tshisikhawe, P. J. Taylor

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Cycads are the most threatened plant species in the world. In South Africa over 70% of cycads are threatened with extinction with 60% of them as a result of bark harvest of these highly endangered species for medicinal purposes. 3 cycads species in South Africa have gone extinct due to bark harvest for medicinal purpose. This practice keeps increasing biodiversity loss within the nation and this has generated concern for conservationists on different way to discover how people go about this practices and how it can be discouraged. Studies have revealed this practice to be common practice in provinces like Kwazulu natal, Eastern cape, Gauteng, Mpumalanga, but studies in the past have not really focused on cycads bark harvest in Limpopo province. In this study we use the indigenous knowledge to discover a particular location within the Soutpansberg Montane (a major biodiversity hotspot in Limpopo Province in South Africa) in Vhembe district in Limpopo province not yet conserved where we have a highly disturbed population of cycads. Several individuals of cycads species have been highly damaged due to bark harvest in this location. We are about proposing that such areas needs attention for conservation to prevent the loss of these species endemic to this particular location. Our study hereby reveals that cycads bark harvest which is a major threat to African cycads is also a common practice in Limpopo Province in South Africa. Rigorous conservation action is required to discourage this practice in order to prevent further biodiversity loss in this region.

Keywords: bark harvest, Cycads, conservation, extinction, Limpopo

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Authors: Kung-Jen Tu

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Many public housing properties developed by local governments in Taiwan in the 1980s have deteriorated severely as these rental apartment buildings aged. The lack of building maintainability considerations during project design phase as well as insufficient maintenance funds have made it difficult and costly for local governments to maintain and keep public housing properties in good shape. In order to assist the local governments in achieving and delivering sustainable public housing, this paper intends to present a developed design evaluation method to be used to evaluate the presented design schemes from property management and financial feasibility perspectives during project design phase of public housing projects. The design evaluation results, i.e. the property management and financial implications of presented design schemes that could occur later during the building operation and maintenance phase, will be reported to the client (the government) and design schemes revised consequently. It is proposed that the design evaluation be performed from two main perspectives: (1) Operation and property management perspective: Three criteria such as spatial appropriateness, people and vehicle circulation and control, property management working spaces are used to evaluate the ‘operation and PM effectiveness’ of a design scheme. (2) Financial feasibility perspective: Four types of financial analyses are performed to assess the long term financial feasibility of a presented design scheme, such as operational and rental income analysis, management fund analysis, regular operational and property management service expense analysis, capital expense analysis. The ongoing Chung-Li Public Housing Project developed by the Taoyuan City Government will be used as a case to demonstrate how the presented design evaluation method is implemented. The results of property management assessment as well as the annual operational and capital expenses of a proposed design scheme are presented.

Keywords: design evaluation method, management fund, operational and capital expenses, rental apartment buildings

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Authors: Stamataki Erofili Nellie, Benardos Andreas

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Winemaking and aging in Greece has been performed so far in special facilities, designed either as above ground or shallow underground buildings. The latter are well-known in Santorini as “canaves,” dating back to the 1700s. Canaves were mainly used for wine storage and aging, although occasionally, they included a winepress to complete there the whole wine production. On the other hand, wine caves are subterranean caves of the same use as canaves in the wine manufacturing industry, but they are excavated at a much greater depth of more than 53 meters or 175 feet. Whereas canaves or a typical wine cellar is around 10 feet deep, with is equivalent to almost 3 meters. This paper discusses the advantages and the disadvantages of creating a wine cave for the vinification of a winery in Greece and the financial investment or risk that has to be taken. The data presented and analysed are given from wineries in Greece and especially from those located in Santorini island. The estimation of the cost for the excavation of the model selected as a wine cave will be compared with the financial budget of the existing premises and facilities above ground in Greek wineries. In order to show whether it is viable for a greek winery to invest in a wine cave.

Keywords: underground space use, subterranean winery, wine cave, underground winery, greece

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Authors: Nidhal Mgadmi, Abdelhafidh Othmani

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This article examines the causal relationship between stock indices and cryptocurrencies during the current war between Russia and Ukraine. The econometric investigation runs from February 24, 2022, to April 12, 2023, focusing on seven stock market indices (S&P500, DAX, CAC40, Nikkei, TSX, MOEX, and PFTS) and seven cryptocurrencies (Bitcoin, Ethereum, Litcoin, Dash, Ripple, DigiByte and XEM). In this article, we try to understand how investors react to fluctuations in financial assets to seek safe havens in cryptocurrencies. We used dynamic causality to detect a possible causal relationship in the short term and seven models to estimate the long-term relationship between cryptocurrencies and financial assets. The causal relationship between financial market indexes and cryptocurrency coins in the short run indicates that three famous cryptocurrencies (BITCOIN, ETHEREUM, RIPPLE) and the two digital assets with minor popularity (XEM, Digibyte) are impacted by the German, Russian, and Ukrainian stock markets. In the long run, we found a positive and significate effect of the American, Canadian, French, and Ukrainian stock market indexes on Bitcoin. Thus, the stability of the traditional financial markets during the current war period can be explained on the one hand by investors’ fears of an unstable business climate, and on the other hand, by speculators’ sentiment towards new electronic products, which are perceived as hedging instruments and a safe haven in the face of the conflict between Ukraine and Russia.

Keywords: causality, stock indices, cryptocurrency, war, Russia, Ukraine

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Authors: Karina Reiter, Stefan Dullinger, Christoph Plutzar, Dietmar Moser

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Due to population growth and changing patterns of production and consumption, the demand for natural resources and, as a result, the pressure on Earth’s ecosystems are growing. Biodiversity mapping can be a useful tool for assessing species endangerment or detecting hotspots of extinction risks. This paper explores the benefits of using the change in trophic energy flows as a consequence of the human alteration of the biosphere in biodiversity mapping. To this end, multiple linear regression models were developed to explain species richness in areas where there is no human influence (i.e. wilderness) for three taxonomic groups (birds, mammals, amphibians). The models were then applied to predict (I) potential global species richness using potential natural vegetation (NPPpot) and (II) global ‘actual’ species richness after biomass appropriation using NPP remaining in ecosystems after harvest (NPPeco). By calculating the difference between predicted potential and predicted actual species numbers, maps of estimated species richness loss were generated. Results show that biomass appropriation for human use can indeed be linked to biodiversity loss. Areas for which the models predicted high species loss coincide with areas where species endangerment and extinctions are recorded to be particularly high by the International Union for Conservation of Nature and Natural Resources (IUCN). Furthermore, the analysis revealed that while the species distribution maps of the IUCN Red List of Threatened Species used for this research can determine hotspots of biodiversity loss in large parts of the world, the classification system for threatened and extinct species needs to be revised to better reflect local risks of extinction.

Keywords: biodiversity loss, biomass harvest, human appropriation of net primary production, species richness

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Authors: Sairoel Amertet, Girma Gebresenbet

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Smart mechatronics systems in agriculture can be traced back to the mid-1980s, when research into automated fruit harvesting systems began in Japan, Europe, and the United States. Since then, impressive advances have been made in smart mechatronics systems. Furthermore, smart mechatronics systems are promising areas, and as a result, we were intrigued to learn more about them. Consequently, the purpose of this study was to examine the smart mechatronic systems that have been applied to agricultural areas so far, with inspiration from the smart mechatronic system in other sectors. To get an overview of the current state of the art, benefits and drawbacks of smart mechatronics systems, various approaches were investigated. Moreover, smart mechatronic modules and various networks applied in agriculture processing were examined. Finally, we explored how the data retrieved using the one-way analysis of variance related to each other. The result showed that there were strongly related keywords for different journals. With the virtually limited use of sophisticated mechatronics in the agricultural industry and, at the same time, the low production rate, the demand for food security has fallen dramatically. Therefore, the application of smart mechatronics systems in agricultural sectors would be taken into consideration in order to overcome these issues.

Keywords: mechatronics, robotic, robotic system, automation, agriculture mechanism

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Authors: Wale Agbaje

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The aim of this research study is to assess the impact of financial statement fraud on profitability of some selected Nigerian manufacturing firms covering (2002-2016). The specific objectives focused on to ascertain the effect of incorrect asset valuation on return on assets (ROA) and to ascertain the relationship between improper expense recognition and return on assets (ROA). To achieve these objectives, descriptive research design was used for the study while secondary data were collected from the financial reports of the selected firms and website of security and exchange commission. The analysis of covariance (ANCOVA) was used and STATA II econometric method was used in the analysis of the data. Altman model and operating expenses ratio was adopted in the analysis of the financial reports to create a dummy variable for the selected firms from 2002-2016 and validation of the parameters were ascertained using various statistical techniques such as t-test, co-efficient of determination (R2), F-statistics and Wald chi-square. Two hypotheses were formulated and tested using the t-statistics at 5% level of significance. The findings of the analysis revealed that there is a significant relationship between financial statement fraud and profitability in Nigerian manufacturing industry. It was revealed that incorrect assets valuation has a significant positive relationship and so also is the improper expense recognition on return on assets (ROA) which serves as a proxy for profitability. The implication of this is that distortion of asset valuation and expense recognition leads to decreasing profit in the long run in the manufacturing industry. The study therefore recommended that pragmatic policy options need to be taken in the manufacturing industry to effectively manage incorrect asset valuation and improper expense recognition in order to enhance manufacturing industry performance in the country and also stemming of financial statement fraud should be adequately inculcated into the internal control system of manufacturing firms for the effective running of the manufacturing industry in Nigeria.

Keywords: Althman's Model, improper expense recognition, incorrect asset valuation, return on assets

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Authors: Muhammad Arifur Rahman, Talukdar M. Waliullah, Takashi Ushimaru

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Nucleophagy selectively degrades nuclear materials, especially nucleolus after nutrient starvation or inactivation of TORC1 kinase in budding yeast. Budding yeast phosphatidate (PA) phosphatase Pah1 that converts PA to diacylglycerol is essential for partitioning of lipid precursors between membrane and storage that is crucial for many aspects of cell growth and development. Pah1 is required for nuclear/ER membrane biogenesis and vacuole function, but whether Pah1 and its activator Nem1/Spo7 protein phosphatase complex are involved in autophagy is largely unknown. Loss of Pah1 causes expansion of the nucleus and fragmentation of the vacuole. Here we show that Pah1 is required for bulk autophagy and nucleophagy after TORC1 inactivation. Loss of Pah1 impaired nucleophagy severely and bulk autophagy to a lesser extent. Loss of the Pah1 activator Nem1-Spo7 protein phosphatase exhibited similar features.

Keywords: autophagy, Nem1/Spo7 phosphatase, Pah1, nucleophagy, TORC1

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Authors: Ramin Shadani

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This study introduces adaptive performance as a key organizational performance dimension and explores the relationship between the dimensions of a learning organization and adaptive performance. A survey was therefore conducted using the dimensions of the Learning Organization Questionnaire (DLOQ), followed by factor analysis and structural equation modeling in order to investigate the dynamics between learning organization practices and adaptive performance. Results confirm that adaptive performance is indeed one important dimension of organizational performance. The study also shows that perceived knowledge and adaptive performance mediate the positive relationship between the practices of a learning organization with perceived financial performance. We extend existing DLOQ research by demonstrating that adaptive performance, as a nonfinancial organizational learning outcome, has a significant impact on financial performance. Our study also provides additional validation of the measures of DLOQ's performance. Indeed, organizations need to take a glance at how the activities of learning and development can provide better overall improvement in performance, especially in enhancing adaptive capability. The study has provided requisite empirical support that activities of learning and development within organizations allow much-improved intangible performance outcomes, especially through adaptive performance.

Keywords: adaptive performance, continuous learning, financial performance, leadership style, organizational learning, organizational performance

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Authors: Marcio Mesquita, Diogo Henrique Morato de Moraes, Henrique Fonseca Elias de Oliveira, Rilner Alves Flores, Mateus Rodrigues Ferreira, Dalva Graciano Ribeiro

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This study aimed to analyze the movement of water in irrigated and non-irrigated rice (Oryza sativa L.) leaves, from the xylem to the stomata, through numerical simulations. Through three-dimensional modeling, it was possible to determine how the spacing of parenchyma cells and the permeability of these cells influence the apoplastic flow and the opening of the stomata. The thickness of the cuticle and the number of vascular bundles are greater in plants subjected to water stress, indicating an adaptive response of plants to environments with water deficit. In addition, numerical simulations revealed that the opening of the stomata, the permeability of the parenchyma cells and the cell spacing have significant impacts on the energy loss and the speed of water movement. It was observed that a more open stoma facilitates water flow, decreasing the resistance and energy required for transport, while higher levels of permeability reduce energy loss, indicating that a more permeable tissue allows for more efficient water transport. Furthermore, it was possible to note that stomatal aperture, parenchyma permeability and cell spacing are crucial factors in the efficient water management of plants, especially under water stress conditions. These insights are essential for the development of more effective agricultural management strategies and for the breeding of plant varieties that are more resistant to adverse growing conditions. Computed fluid dynamics has allowed us to overcome the limitations of conventional techniques by providing a means to visualize and understand the complex hydrodynamic processes within the vascular system of plants.

Keywords: numerical modeling, vascular anatomy, vascular hydrodynamics, xylem, Oryza sativa L.

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Authors: Raymond Yudhi Purba, Levy Olivia Nur, Radial Anwar

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This research presents the design and measurement of a skew planar wheel antenna that is used to visualize the first person view perspective of unmanned aerial vehicles. The antenna has been designed using CST Studio Suite 2019 to have voltage standing wave ratio (VSWR) ≤ 2, return loss ≤ -10 dB, bandwidth ≥ 100 MHz to covering outdoor access point band from 5.725 to 5.825 GHz, omnidirectional radiation pattern, and elliptical polarization. Dimensions of skew planar wheel antenna have been modified using parameter sweep technique to provide good performances. The simulation results provide VSWR 1.231, return loss -19.693 dB, bandwidth 828.8 MHz, gain 3.292 dB, and axial ratio 9.229 dB. Meanwhile, the measurement results provide VSWR 1.237, return loss -19.476 dB, bandwidth 790.5 MHz, gain 3.2034 dB, and axial ratio 4.12 dB.

Keywords: skew planar wheel, cloverleaf, first-person view, unmanned aerial vehicle, parameter sweep

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Authors: M. L. Yeung

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With the surge of divorce rate and male cancer onset/death rates, the phenomenon of divorced wives in the facing cancer death of their ex-husbands is not uncommon in Hong Kong. Yet, there is a dearth of study on the experiences of bereaved-divorced wives in the Hong Kong cultural context. This project fills the knowledge gap by conducting a qualitative study for having interviewed four bereaved ex-wives, who returned to ex-husbands’ end-of-life caregiving and eventually grieved for the ex-spousal’s death. From the perspectives of attachment theory and disenfranchised grief in the Hong Kong cultural context, a ‘double-loss’ experience is found in which interviewees suffer from the first loss of divorce and the second loss of ex-husbands’ death. Traumatic childhood experiences, attachment needs, role ambiguity, unresolved emotions and unrecognized grief are found significant in their lived experiences which alert the ‘double-loss’ is worthy of attention. Extending a family-centered end-of-life and bereavement care services to divorced couples is called for, in which validation on the attachment needs, ex-couple reconciliation, and acknowledgement on the disenfranchised grief are essential for social work practice on this group of clienteles specifically in Hong Kong cultural context.

Keywords: changing family, disenfranchised grief, divorce, ex-spousal death, marriage

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Authors: Sophie Whittle

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Prior to present day, English syntax historically exhibited an inconsistent verb-second (V2) rule, which saw the verb move to the second position in the sentence following the fronting of a type of phrase. There was a high amount of variation throughout the history of English with regard to the ordering of subject and verb, and many explanations attempting to account for this variation have been documented in previous literature. However, these attempts have been contradictory, with many accounts positing the effect of previous syntactic changes as the main motivations behind the decline of V2. For instance, morphosyntactic changes, such as the loss of clitics and the loss of empty expletives, have been loosely connected to changes in frequency for the loss of V2. The questions surrounding the development of non-V2 in English have, therefore, yet to be answered. The current paper aims to bring together a number of explanations from different linguistic fields to determine the factors driving the changes in English V2. Using historical corpus-based methods, the study analyses both quantitatively and qualitatively the changes in frequency for the history of V2 in the Old, Middle, and Modern English periods to account for the variation in a range of sentential environments. These methods delve into the study of information structure, prosody and language contact to explain variation within different contexts. The analysis concludes that these factors, in addition to changes within the syntax, are responsible for the position of verb movement. The loss of V2 serves as an exemplar study within the field of historical linguistics, which combines a number of factors in explaining language change in general.

Keywords: corpora, English, language change, mixed-methods, syntax, verb-second

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Authors: Pattamaphorn Phuangngamphan, Rewadee Anuwattana, Narumon Soparatana, Nestchanok Yongpraderm, Atiporn Jinpayoon, Supinya Sutthima, Saroj Klangkongsub, Worapong Pattayawan

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This research aims to utilize the agricultural waste and plastic waste in Thailand in a study of the optimum conditions for preparing composite materials from water hyacinth and oil palm fiber and plastic waste in landfills. The water hyacinth and oil palm fiber were prepared by alkaline treatment with NaOH (5, 15 wt%) at 25-60 °C for 1 h. The treated fiber (5 and 10 phr) was applied to plastic waste composite. The composite was prepared by using a screw extrusion process from 185 °C to 200 °C with a screw speed of 60 rpm. The result confirmed that alkaline treatment can remove lignin, hemicellulose and other impurities on the fiber surface and also increase the cellulose content. The optimum condition of composite material is 10 phr of fiber coupling with 3 wt% PE-g-MA as compatibilizer. The composite of plastic waste and oil palm fiber has good adhesion between fiber and plastic matrix. The PE-g-MA has improved fiber-plastic interaction. The results suggested that the composite material from plastic waste and agricultural waste has the potential to be used as value-added products.

Keywords: agricultural waste, waste utilization, biomaterials, cellulose fiber, composite material

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Authors: Giles Balbinotti, Lucas Balbinotti, Paula Hembecker

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The management of the productive process project activities, for the conception of future work and for the financial health of the companies, is an important condition in an organizational model that corroborates the management of the human aspects and their variabilities existing in the work. It is important to seek, at all levels of the organization, understanding and consequent cultural change, and so that factors associated with human aspects are considered and prioritized in the projects. In this scenario, the central question of research for this study is placed from the context of the work, in which the managers and project coordinators are inserted, as follows: How is the top management convinced, in the design stages, to take The ‘Ergonomics’ as strategy for the performance and sustainability of the business? In this perspective, this research has as general objective to analyze how the application of the management of the human aspects in a real project of productive process in the automotive industry, including the activity of the manager and coordinator of the project beyond the strategies of convincing to act in the ergonomics of design. For this, the socio-technical and ergonomic approach is adopted, given its anthropocentric premise in the sense of acting on the social system simultaneously to the technical system, besides the support of the Modapts system that measures the non-value-added times and the correlation with the Critical positions. The methodological approach adopted in this study is based on a review of the literature and the analysis of the activity of the project coordinators of an industry, including the management of human aspects in the context of work variability and the strategies applied in project activities. It was observed in the study that the loss of performance of the serial production lines reaches the important number of the order of 30%, which can make the operation with not value-added, and this loss has as one of the causes, the ergonomic problems present in the professional activity.

Keywords: human aspects in production process project, ergonomics in design, sociotechnical project management, sociotechnical, ergonomic principles, sustainability

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Authors: Zidane Abderrezzaq

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In contrast to recent successful developments in macro monetary policies, the modelling, measurement and management of systemic financial stability has remained problematical. Indeed, the focus of most effort has been on improving individual, rather than systemic, bank risk management; the Basel II objective has been to bring regulatory bank capital into line with the (sophisticated) banks’ assessment of their own economic capital. Even at the individual bank level there are concerns over appropriate diversification allowances, differing objectives of banks and regulators, the need for a buffer over regulatory minima, and the distinction between expected and unexpected losses (EL and UL). At the systemic level the quite complex and prescriptive content of Basel II raises dangers of ‘endogenous risk’ and procyclicality. Simulations suggest that this latter could be a serious problem. In an extension to the main analysis we study how liquidity effects interact with banking structure to produce a greater chance of systemic breakdown. We finally consider how the risk of contagion might depend on the degree of asymmetry (tiering) inherent in the structure of the banking system. A number of our results have important implications for public policy, which this paper also draws out.

Keywords: systemic stability, financial regulation, credit risk, systemic risk

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Authors: S. Sambath, P. Palanivel

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Research conducted in the last few decades has proven that an inclusion of Distributed Genaration (DG) into distribution systems considerably lowers the level of power losses and the power quality improved. Moreover, the choice of DG is even more attractive since it provides not only benefits in power loss minimisation, but also a wide range of other advantages including environment, economic, power qualities and technical issues. This paper is an intent to quantify and analyse the impact of distributed generation (DG) in Tamil Nadu, India to examine what the benefits of decentralized generation would be for meeting rural loads. We used load flow analysis to simulate and quantify the loss reduction and power quality enhancement by having decentralized generation available line conditions for actual rural feeders in Tamil Nadu, India. Reactive and voltage profile was considered. This helps utilities to better plan their system in rural areas to meet dispersed loads, while optimizing the renewable and decentralised generation sources.

Keywords: distributed generation, distribution system, load flow analysis, optimal location, power quality

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Authors: Anne C. Okwedadi, Samson Ng’ambi, Ian Jefferson

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Collapsible soils go through radical rearrangement of their particles when triggered by water, stress or/and vibration, causing loss of volume. This loss of volume in soil as seen in foundation failures has caused millions of dollars’ worth of damages to public facilities and infrastructure and so has an adverse effect on the society and people. Despite these consequences and the several studies that are available, more research is still required in the study of soil collapsibility. Discerning the pedogenesis (formation) of soils and investigating the combined effects of the different geological soil properties is key to elucidating and quantifying soils collapsibility. This study presents a novel laboratory testing regime that would be undertaken on soil samples where the effects of soil type, compactive variables (moisture content, density, void ratio, degree of saturation) and loading are analyzed. It is anticipated that results obtained would be useful in mapping the trend of the combined effect thus the basis for evaluating soil collapsibility or collapse potentials encountered in construction with volume loss problems attributed to collapse.

Keywords: collapsible soil, geomorphological process, soil collapsibility properties, soil test

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Authors: Alimshan Faizulayev, Eralp Bektas, Abdul Ghafar Ismail, Bezhan Rustamov

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This paper performs empirical analysis on determinants of profitability in Islamic and Conventional Banks. The main focus of this study is to evaluate and measure of financial performance of Islamic banking firms operating in Egypt, Iran, Malaysia, Pakistan, Turkey, UAE in contrast to Conventional ones in those countries. To evaluate empirically performance of the banks, various financial ratios are employed. We measure performance in terms of liquidity, profitability, solvency, and efficiency. In this work, t-test, F-test, and OLS analysis are used to make hypothesis tests. Our findings reveal that there are similarities and differences in profitability determinants of Islamic and Conventional banking firms. The cost to revenue ratio has inverse relationship with profitability indicators in both banking systems. However, there are differences in financial performances between Conventional Banks and Islamic banks which are found in overall picture of all banks in terms of net income margin.

Keywords: Islamic banking, conventional banking, GDP growth, emerging market economies

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Authors: H. Florianová, J. Nešleha

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Financial derivatives are considered to be risky investment instruments which could possibly bring another financial crisis. As prevention, European Union and its member states have released new legal acts adjusting this area of law in recent years. There have been several cases in history of capital markets worldwide where it was shown that legislature may affect behavior of subjects on capital markets. In our paper we analyze main events on selected European stock exchanges in order to apply them on three chosen markets - Czech capital market represented by Prague Stock Exchange, German capital market represented by Deutsche Börse and Polish capital market represented by Warsaw Stock Exchange. We follow time series of development of the sum of listed derivatives on these three stock exchanges in order to evaluate popularity of those exchanges. Afterwards we compare newly listed derivatives in relation to the speed of development of these exchanges. We also make a comparison between trends in derivatives and shares development. We explain how a legal regulation may affect situation on capital markets. If the regulation is too strict, potential investors or traders are not willing to undertake it and move to other markets. On the other hand, if the regulation is too vague, trading scandals occur and the market is not reliable from the prospect of potential investors or issuers. We see that making the regulation stricter usually discourages subjects to stay on the market immediately although making the regulation vaguer to interest more subjects is usually much slower process.

Keywords: capital markets, financial derivatives, investors' behavior, regulation

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Authors: Volkan Ayik

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Loosening as a result of torque loss in bolted joints is one of the most encountered problems resulting in loss of connection between parts. The main reason for this is the dynamic loads to which the joints are subjected while the vehicle is moving. In particular, vibration-induced loads can loosen the joints in any size and geometry. The aim of this study is to study an improved method due to road-induced vibration in heavy commercial vehicles for estimating the vibration performance of bolted joints of the components connected to the chassis, before conducting prototype level vehicle structural strength tests on a proving ground. The frequency and displacements caused by the road conditions-induced vibration loads have been determined for the parts connected to the chassis, and various experimental design scenarios have been formed by matching specific components and vibration behaviors. In the studies, the performance of the torque, washer, test displacement, and test frequency parameters were observed by maintaining the connection characteristics on the vehicle, and the sensitivity ratios for these variables were calculated. As a result of these experimental design findings, tests performed on a developed device based on Junker’s vibration device and proving ground conditions versus test correlation levels were found.

Keywords: bolted joints, junker’s test, loosening failure, torque loss

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Authors: Abhishek Ranga

Abstract:

The study examined the effect of accounting choice and level of disclosure on the firm’s implied cost of equity in Indian environment. For the study accounting choice was classified as aggressive or conservative depending upon the firm’s choice of accounting methods, accounting policies and accounting estimates. Level of disclosure is the quantum of financial and non-financial information disclosed in firm’s annual report, essentially in note to accounts section, schedules forming part of financial statements and Management Discussion and Analysis report. Regression models were developed with cost of equity as a dependent variable and accounting choice, level of disclosure as an independent variable along with selected control variables. Cost of equity was measured using Edward-Bell-Ohlson (EBO) valuation model, to measure accounting choice Modified-Jones-Model (MJM) was used and level of disclosure was measured using a disclosure index essentially drawn from Botosan study. Results indicated a negative association between the implied cost of equity and conservative accounting choice and also between level of disclosure and cost of equity.

Keywords: aggressive accounting choice, conservative accounting choice, disclosure, implied cost of equity

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Authors: Shay Kee Tan, Kok Haur Ng, Jennifer So-Kuen Chan

Abstract:

This paper extends the conditional autoregressive range (CARR) model to multivariate CARR (MCARR) model and further to the two-stage MCARR-return model to model and forecast volatilities, correlations and returns of multiple financial assets. The first stage model fits the scaled realised Parkinson volatility measures using individual series and their pairwise sums of indices to the MCARR model to obtain in-sample estimates and forecasts of volatilities for these individual and pairwise sum series. Then covariances are calculated to construct the fitted variance-covariance matrix of returns which are imputed into the stage-two return model to capture the heteroskedasticity of assets’ returns. We investigate different choices of mean functions to describe the volatility dynamics. Empirical applications are based on the Standard and Poor 500, Dow Jones Industrial Average and Dow Jones United States Financial Service Indices. Results show that the stage-one MCARR models using asymmetric mean functions give better in-sample model fits than those based on symmetric mean functions. They also provide better out-of-sample volatility forecasts than those using CARR models based on two robust loss functions with the scaled realised open-to-close volatility measure as the proxy for the unobserved true volatility. We also find that the stage-two return models with constant means and multivariate Student-t errors give better in-sample fits than the Baba, Engle, Kraft, and Kroner type of generalized autoregressive conditional heteroskedasticity (BEKK-GARCH) models. The estimates and forecasts of value-at-risk (VaR) and conditional VaR based on the best MCARR-return models for each asset are provided and tested using Kupiec test to confirm the accuracy of the VaR forecasts.

Keywords: range-based volatility, correlation, multivariate CARR-return model, value-at-risk, conditional value-at-risk

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Authors: Bikash Ranjan Mishra, Lopamudra D. Satpathy

Abstract:

In the wake of the phenomenal surge in international business in the last decades or more, both the developed and developing economies around the world are in massive competition to attract more and more FDI flows. While the developed countries have marched ahead in the race, the developing countries, especially those of Asian economies, have followed them at a rapid pace. While most of the previous studies have analysed the role of institutional quality in the promotion of FDI flows in developing countries, very few studies have taken an integrated approach of examining the comprehensive impact of institutional quality, globalization pattern and domestic financial development on FDI flows. In this context, the paper contributes to the literature in two important ways. Firstly, two composite indices of institutional quality and domestic financial development for the Asian countries are constructed in comparison to earlier studies that resort to a single variable for indicating the institutional quality and domestic financial development. Secondly, the impact of these variables on FDI flows through their interaction with geographical region is investigated. The study uses panel data covering the time period of 1996 to 2012 by selecting twenty Asian developing countries by emphasizing the quality of institutions from the geographical regions of eastern, south-eastern, southern and western Asia. Control of corruption, better rule of law, regulatory quality, effectiveness of the government, political stability and voice and accountability are used as indicators of institutional quality. Besides these, the study takes into account the domestic credits in the hands of public, private sectors and in stock markets as domestic financial indicators. First in the specification of model, a factor analysis is performed to reduce the vast determinants, which are highly correlated with each other, to a manageable size. Afterwards, a reduced version of the model is estimated with the extracted factors in the form of index as independent variables along with a set of control variables. It is found that the institutional quality index and index of globalization exert a significant effect on FDI inflows of the host countries; in contrast, the domestic financial index does not seem to play much worthy role. Finally, some robustness tests are performed to make sure that the results are not sensitive to temporal and spatial unobserved heterogeneity. On the basis of the above study, one general inference can be drawn from the policy prescription point of view that the government of these developing countries should strengthen their domestic institution, both financial and non-financial. In addition to these, welfare policies should also target for rapid globalization. If the financial and non-financial institutions of these developing countries become sound and grow more globalized in the economic, social and political domain, then they can appeal to more amounts of FDI inflows that will subsequently result in advancement of these economies.

Keywords: Asian developing economies, FDI, institutional quality, panel data

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Authors: Ameen Alshugaa, Farrukh Habib

Abstract:

Shariah (the Islamic law) sanctions a plethora of profit-sharing arrangements for financial transactions. However, when it comes to the practice of Islamic banking, it is felt by the scholars and practitioners that many of these arrangements often fail to compensate different parties of a financial transaction compared to conventional banking, due to the Riba (interest / usury) element. This issue is caused by the parties inability to codify these compensations in any contract so as to avoid Riba. Here, hibah (gift) may be regarded as one of the solutions. In essence, hibah is a unilateral charity contract where a party voluntarily gives away something to another party without any counter value. This paper attempts to analyse theoretical and practical aspects of hibah from the perspective of Islamic law, enunciating its legality and detailing its allowance in Islamic banking. It also discusses several practices evaluating the role of hibah in resolving issues related to Riba. In particular, these practices demonstrate the validity of hibah as a way to distribute revenues and compensate parties in Islamic financial transactions, while achieving competitive advantage over conventional banking, and avoiding the element of Riba.

Keywords: hibah (gift), Islamic Finance, Islamic Law of Contract, profit distribution, Shariah

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