Search results for: financial market prediction

Authors: Victor Romanov, Daria Efimenko

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The focus on innovation in modern economy is the main factor in surviving business in a competitive environment. The innovations are based on the search and use of knowledge in a global context. Nowadays consumers and market demand are the main innovation drivers. This leads to build a business as a system with feedback, promptly restructuring production and innovation implementation in response to market demands. In modern knowledge economy, because of speed of technical progress, the product's lifecycle became much shorter, what makes more stringent requirements for innovation implementation on the enterprises of and therefore the possibility for enterprise for receiving extra income is decreasing. This circumstance imposes additional requirements for the replacement of obsolete products and the prompt release of innovative products to the market. The development of information technologies has led to the fact that only in the conditions of partnership and knowledge sharing with partners it is possible to update products quickly for innovative products. Many companies pay attention to updating innovations through the search for new partners, but the task of finding new partners presents some difficulties. The search for a suitable one includes several stages such as: determining the moment of innovation-critical, introducing a search, identifying search criteria, justifying and deciding on the choice of a partner. No less important is the question of how to manage an innovative product in response to a changing market. The article considers the problems of information support for the search for the source of innovation and partnership to decrease the time for implementation of novelty products.

Keywords: partnership, novelty, market feedback, alliance

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Authors: Rodrigo S. Fonseca, Antônio C. P. Veiga

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Aiming at helping people with some movement limitation that makes typing and communication difficult, there is a need to customize an assistive tool with a learning environment that helps the user in order to optimize text input, identifying the error and providing the correction and possibilities of choice in the Portuguese language. The work presents an Orthographic and Grammatical System that can be incorporated into writing environments, improving and facilitating the use of an alphanumeric keyboard, using a prototype built using a genetic algorithm in addition to carrying out the prediction, which can occur based on the quantity and position of the inserted letters and even placement in the sentence, ensuring the sequence of ideas using a Long Short Term Memory (LSTM) neural network. The prototype optimizes data entry, being a component of assistive technology for the textual formulation, detecting errors, seeking solutions and informing the user of accurate predictions quickly and effectively through machine learning.

Keywords: genetic algorithm, neural networks, word prediction, machine learning

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Authors: Hirreche Baghdad Mohamed

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Our research is linked to cultural policies because the initiation to taste and beauty is a matter for all cultural and educational institutions. It's done by a downstream process (programs, actions, lessons, etc.) that begins at a young age in order to inscribe aesthetic values in memories, imaginations, and practices. Preparing future art lovers probably takes a lot of time. Upstream, continuity is ensured by the "cultural industries" which make cultural products available to actors in the "art market" through professional training, production, dissemination, and sales processes. It turns out that the cultural industries borrow from the "classical" industries the same processes and logic: product, production, marketing, diffusion, profit and profits, supply and demand, the market, the creation of wealth, the entrepreneurship. Today, culture has become a product almost like the others. In the cultural industries system, we protect the rights of authors (owners) and the rights of intermediaries (entrepreneurs of culture), and we provide consumers with an accessible product that meets their needs and expectations. We aim to present an inventory and to reveal, through the speeches of the actors themselves, the processes and modes of operation and deployment of the plastic arts market by showing how it is perceived, imagined, and lived in the city of 'Oran from the 2000s to the present day. However, it is possible to clarify this field of research by looking at previous periods; and even to make comparisons with other regions in Algeria in order to give meaning to practices in various contexts.

Keywords: Oran, Algeria, fine art, art market

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Authors: Shu-Hui Chuang, Shao-Chun Chiu, Shu-Hsin Chuang

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While the marketing management literature is regarding the direct benefits of market orientation (MO) on firm value, the impact of such MO-based value co-creation remains largely an unexplored area of research. Thus, the primary objective of this study is to provide some new perspectives in examining how MO can enhance value co-creation for customers and sellers. In particular, drawing from the relational view of the firm and IT literature, we propose that the chain of MO-based co-creation of value and how adopt e-marketing systems between partners can facilitate this chain. Using data on use of the e-marketing system, we empirically validate that the sellers’ integrated MO is critical in increasing the e-marketing adoption, which in turn helps to creation co-creation value for both parties.

Keywords: market orientation, value co-creation, e-marketing system, relational view of the firm

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Authors: Kassaye Balkew Workagegn, Gunnar Klemetsdal, Hans Magnus Gjøen

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In this study, the first objective was to investigate whether non-lethal or non-invasive methods, utilizing body measurements, could be used to efficiently predict fillet weight and fillet yield for a complete diallel cross of three Nile tilapia (Oreochromis niloticus) strains collected from three Ethiopian Rift Valley lakes, Lakes Ziway, Koka and Chamo. The second objective was to estimate heritability of body weight, actual and predicted fillet traits, as well as genetic correlations between these traits. A third goal was to estimate additive, reciprocal, and heterosis effects for body weight and the various fillet traits. As in females, early sexual maturation was widespread, only 958 male fish from 81 full-sib families were used, both for the prediction of fillet traits and in genetic analysis. The prediction equations from body measurements were established by forward regression analysis, choosing models with the least predicted residual error sums of squares (PRESS). The results revealed that body measurements on live Nile tilapia is well suited to predict fillet weight but not fillet yield (R²= 0.945 and 0.209, respectively), but both models were seemingly unbiased. The genetic analyses were carried out with bivariate, multibreed models. Body weight, fillet weight, and predicted fillet weight were all estimated with a heritability ranged from 0.23 to 0.28, and with genetic correlations close to one. Contrary, fillet yield was only to a minor degree heritable (0.05), while predicted fillet yield obtained a heritability of 0.19, being a resultant of two body weight variables known to have high heritability. The latter trait was estimated with genetic correlations to body weight and fillet weight traits larger than 0.82. No significant differences among strains were found for their additive genetic, reciprocal, or heterosis effects, while total heterosis effects were estimated as positive and significant (P < 0.05). As a conclusion, prediction of prediction of fillet weight based on body measurements is possible, but not for fillet yield.

Keywords: additive, fillet traits, genetic correlation, heritability, heterosis, prediction, reciprocal

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Authors: Sonia Rebai, Mohamed Naceur Azaiez, Dhafer Saidane

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In this study, we develop a performance evaluation model based on a multi-attribute utility approach aiming at reaching the sustainable banking (SB) status. This model is built accounting for various banks’ stakeholders in a win-win paradigm. In addition, it offers the opportunity for adopting a global measure of performance as an indication of a bank’s sustainability degree. This measure is referred to as banking sustainability performance index (BSPI). This index may constitute a basis for ranking banks. Moreover, it may constitute a bridge between the assessment types of financial and extra-financial rating agencies. A real application is performed on three French banks.

Keywords: multi-attribute utility theory, performance, sustainable banking, financial rating

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Authors: Konstantinos Kottikas, Vlasis Stathakopoulos, Ioannis G. Theodorakis, Efthymia Kottika

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Theorists have argued that Market Orientation is comprised of two facets, namely the Market Driven and the Market Driving components. The present theoretical paper centers on the latter, which to date has been notably under-investigated. The term Market Driving (MD) pertains to influencing the structure of the market, or the behavior of market players in a direction that enhances the competitive edge of the firm. Presently, the main objectives of the paper are the specification of key antecedents and outcomes of Market Driving behavior. Market Driving firms behave proactively, by leading their customers and changing the rules of the game rather than by responding passively to them. Leading scholars were the first to conceptually conceive the notion, followed by some qualitative studies and a limited number of quantitative publications. However, recently, academicians noted that research on the topic remains limited, expressing a strong necessity for further insights. Concerning the key antecedents, top management’s Transformational Leadership (i.e. the form of leadership which influences organizational members by aligning their values, goals and aspirations to facilitate value-consistent behaviors) is one of the key drivers of MD behavior. Moreover, scholars have linked the MD concept with Entrepreneurship. Finally, the role that Employee’s Creativity plays in the development of MD behavior has been theoretically exemplified by a stream of literature. With respect to the key outcomes, it has been demonstrated that MD Behavior positively triggers firm Performance, while theorists argue that it empowers the Competitive Advantage of the firm. Likewise, researchers explicate that MD Behavior produces Radical Innovation. In order to test the robustness of the proposed theoretical framework, a combination of qualitative and quantitative methods is proposed. In particular, the conduction of in-depth interviews with distinguished executives and academicians, accompanied with a large scale quantitative survey will be employed, in order to triangulate the empirical findings. Given that it triggers overall firm’s success, the MD concept is of high importance to managers. Managers can become aware that passively reacting to market conditions is no longer sufficient. On the contrary, behaving proactively, leading the market, and shaping its status quo are new innovative approaches that lead to a paramount competitive posture and Innovation outcomes. This study also exemplifies that managers can foster MD Behavior through Transformational Leadership, Entrepreneurship and recruitment of Creative Employees. To date, the majority of the publications on Market Orientation is unilaterally directed towards the responsive (i.e. the Market Driven) component. The present paper further builds on scholars’ exhortations, and investigates the Market Driving facet, ultimately aspiring to conceptually integrate the somehow fragmented scientific findings, in a holistic framework.

Keywords: entrepreneurial orientation, market driving behavior, market orientation

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Authors: Umamaheswari Shanmugam, Silvia Ronchi

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Software, artificial intelligence, and machine learning can improve healthcare through innovative and advanced technologies that can use the large amount and variety of data generated during healthcare services every day; one of the significant advantages of these new technologies is the ability to get experience and knowledge from real-world use and to improve their performance continuously. Healthcare systems and institutions can significantly benefit because the use of advanced technologies improves the efficiency and efficacy of healthcare. Software-defined as a medical device, is stand-alone software that is intended to be used for patients for one or more of these specific medical intended uses: - diagnosis, prevention, monitoring, prediction, prognosis, treatment or alleviation of a disease, any other health conditions, replacing or modifying any part of a physiological or pathological process–manage the received information from in vitro specimens derived from the human samples (body) and without principal main action of its principal intended use by pharmacological, immunological or metabolic definition. Software qualified as medical devices must comply with the general safety and performance requirements applicable to medical devices. These requirements are necessary to ensure high performance and quality and protect patients' safety. The evolution and the continuous improvement of software used in healthcare must consider the increase in regulatory requirements, which are becoming more complex in each market. The gap between these advanced technologies and the new regulations is the biggest challenge for medical device manufacturers. Regulatory requirements can be considered a market barrier, as they can delay or obstacle the device's approval. Still, they are necessary to ensure performance, quality, and safety. At the same time, they can be a business opportunity if the manufacturer can define the appropriate regulatory strategy in advance. The abstract will provide an overview of the current regulatory framework, the evolution of the international requirements, and the standards applicable to medical device software in the potential market all over the world.

Keywords: artificial intelligence, machine learning, SaMD, regulatory, clinical evaluation, classification, international requirements, MDR, 510k, PMA, IMDRF, cyber security, health care systems

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Authors: Komlan Sedzro

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We apply the non-parametric, unconditional, hyperbolic order-α quantile estimator to appraise the relative efficiency of Microfinance Institutions in Africa in terms of outreach. Our purpose is to verify if these institutions, which must constantly try to strike a compromise between their social role and financial sustainability are operationally efficient. Using data on African MFIs extracted from the Microfinance Information eXchange (MIX) database and covering the 2004 to 2006 periods, we find that more efficient MFIs are also the most profitable. This result is in line with the view that social performance is not in contradiction with the pursuit of excellent financial performance. Our results also show that large MFIs in terms of asset and those charging the highest fees are not necessarily the most efficient.

Keywords: data envelopment analysis, microfinance institutions, quantile estimation of efficiency, social and financial performance

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Authors: Nurzahidah Haji Jaapar, Anis Husna Abdul Halim, Mohd Faiz Mohamed Yusof, Mohd Dani Muhamad, Sharifah Fadylawaty Syed Abdullah

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The growing size of Muslim is recognised with significant increasing of purchasing power in the market. The realm of trade and business has embedded religious values as the new market segments are emerging in offering food products to meet needs and demands of Muslim consumer. The emergence of new market in food industry, advertising is charged with all sort of negative effects includes promoting controversial unsafety and harmful products, wasteful spending and exploiting women and kids. Therefore, this research attempts to examine between previous examinations of advertising standardisation in ancient era and current practices in the market. This paper is based on content analysis of the literature. The results show that there are a bridge gap between the implementation of practices as the advent in industrial 4.0 in using digital advertising by food industry. Thus, this paper is able to recognize the differences between two era and significant in determining the best practices in advertising by following Islamic principles.

Keywords: Islamic advertising, unethical advertising, ethical advertising, Islamic principles

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Authors: Majdi M. Alomari, Nafesah I. Alshdaifat, Mohammad S. Widyan

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Different countries have introduced different schemes and policies to counter global warming. The rationale behind the proposed policies and the potential barriers to successful implementation of the policies adopted by the countries were analyzed and estimated based on different models. It is argued that these models enhance the transparency and provide a better understanding to the policy makers. However, these models are underpinned with several structural and baseline assumptions. These assumptions, modeling features and future prediction of emission reductions and other implication such as cost and benefits of a transition to a low-carbon economy and its economy wide impacts were discussed. On the other hand, there are potential barriers in the form political, financial, and cultural and many others that pose a threat to the mitigation options.

Keywords: energy models, environmental policy instruments, mitigating CO2 emission, economic wide impact

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Authors: Kalinga Jagoda

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With changing population demographics and consumer preferences, specialty crops present significant opportunities for Ontario agri-businesses to develop niche markets. However, the greater rewards offered by such opportunities come with comparable challenges that are driven by specific productmarket attributes, as well as supply and demand-side factors, including certain risks. Thus, initiatives to promote and support such sectors need to be informed by an understanding of the impact of these product-market and industry specific factors on supply chain development. To this end, this project proposes to map selected specialty crops supply chains, using a suite of tested methodological approaches to evaluate their market potential, considering total supply chain costs, lead times and responsiveness. The project will deliver comprehensive supply chain maps identifying the points of value addition and value capture that are of benefit to key stakeholders for the purposes of developing policy interventions, conducting market appraisals and identifying industry best practices.

Keywords: supply chain management, hazelnut industry, supply chain maps, market opportunity

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Authors: Heesu Kim

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This paper determines the varieties of state roles played in East Asia’s telecommunication market, regarding broadband industry. Technological capacity and the relationship between state and market affect the varieties of state role. In explaining the state’s engagement in the market, technology has always been considered as a necessary and sufficient condition. However technology variable has been useful in only explaining the extent of state’s involvement. This paper contributes by bringing in the political-economic factor, which is the relationship between state and market. This factor aids in distinguishing the varieties of state role played in emerging industries. Interaction between these two variables distinguishes 4 types of state roles played in the broadband industry. These roles are distinguished and characterized by the intensity of state’s intervention and the existence of technological capacity. This paper classifies four types of state role through the case of Singapore, China, Taiwan and Korea’s broadband industrial policy.

Keywords: East Asia, entrpreneurial state, industrial policy, regulatory state, technological capacity

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Authors: Deniz Peksen

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This thesis aims to predict trend movement of closing price of stock and to maximize portfolio by utilizing the predictions. In this context, the study aims to define a stock portfolio strategy from models created by using Logistic Regression, Gradient Boosting and Random Forest. Recently, predicting the trend of stock price has gained a significance role in making buy and sell decisions and generating returns with investment strategies formed by machine learning basis decisions. There are plenty of studies in the literature on the prediction of stock prices in capital markets using machine learning methods but most of them focus on closing prices instead of the direction of price trend. Our study differs from literature in terms of target definition. Ours is a classification problem which is focusing on the market trend in next 20 trading days. To predict trend direction, fourteen years of data were used for training. Following three years were used for validation. Finally, last three years were used for testing. Training data are between 2002-06-18 and 2016-12-30 Validation data are between 2017-01-02 and 2019-12-31 Testing data are between 2020-01-02 and 2022-03-17 We determine Hold Stock Portfolio, Best Stock Portfolio and USD-TRY Exchange rate as benchmarks which we should outperform. We compared our machine learning basis portfolio return on test data with return of Hold Stock Portfolio, Best Stock Portfolio and USD-TRY Exchange rate. We assessed our model performance with the help of roc-auc score and lift charts. We use logistic regression, Gradient Boosting and Random Forest with grid search approach to fine-tune hyper-parameters. As a result of the empirical study, the existence of uptrend and downtrend of five stocks could not be predicted by the models. When we use these predictions to define buy and sell decisions in order to generate model-based-portfolio, model-based-portfolio fails in test dataset. It was found that Model-based buy and sell decisions generated a stock portfolio strategy whose returns can not outperform non-model portfolio strategies on test dataset. We found that any effort for predicting the trend which is formulated on stock price is a challenge. We found same results as Random Walk Theory claims which says that stock price or price changes are unpredictable. Our model iterations failed on test dataset. Although, we built up several good models on validation dataset, we failed on test dataset. We implemented Random Forest, Gradient Boosting and Logistic Regression. We discovered that complex models did not provide advantage or additional performance while comparing them with Logistic Regression. More complexity did not lead us to reach better performance. Using a complex model is not an answer to figure out the stock-related prediction problem. Our approach was to predict the trend instead of the price. This approach converted our problem into classification. However, this label approach does not lead us to solve the stock prediction problem and deny or refute the accuracy of the Random Walk Theory for the stock price.

Keywords: stock prediction, portfolio optimization, data science, machine learning

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Authors: C. F. Popoola, P. Osho, S. B. Babarinde

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This study examined economic indicators as correlates of inward FDI. An exploratory research design was used to obtained annual published data on inflation rate, market size, exchange rate, political instability, human development, and infrastructure from Central Bank of Nigeria, National Bureau of Statistics, Nigerian Capital Market, Nigeria Institute of Social and Economic Research, and UNCTAD. Data generated were analyzed using Pearson correlation, analysis of variance and regression. The findings of the study revealed that market size (r = 0.852, p < 0.001), infrastructure (r = 0.264, p < 0.001), human development (r = 0.154, p < 0.01) and exchange rate ( r= 0.178, p < 0.05) correlate positively with inward FDI, while inflation rate (r = -0.88, p < 0.001), and political instability (r= -0.102, p < 0.05) correlate negatively with inward FDI. Findings also revealed that the economic indicators significantly predicted inward FDI (R2 = 0.913; F(1,19) = 29.40; p < 0.05) for Nigeria. It was concluded that exchange rate, market size, human development, and infrastructure positively related to inward FDI while the high level of inflation and political instability negatively related to inward FDI. Therefore, it was suggested that policy makers and government agencies should readdress steps and design policies that would encourage more FDI into the country.

Keywords: exchange rate, foreign direct investment, human development, inflation rate, infrastructure, market size, political instability

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Authors: Patricia Chinyere Oranefo

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This study examined the effect of sustainability accounting disclosure on financial performance of listed Brewery firms in Nigeria. The dearth of empirical evidence and literature on “governance disclosure” as one of the explanatory variables of sustainability accounting reporting were the major motivation for this study. The main objective was to ascertain the effect of sustainability accounting disclosure on financial performance of listed Brewery firms in Nigeria. An ex–post facto research design approach was adopted for the study. The population of this study comprises of five (5) Brewery firms quoted on the floor of the Nigeria exchange group (NSX) and the sample size of four (4) listed firms was drawn using purposive sampling method. Secondary data were carefully sourced from the financial statement/annual reports and sustainability reports from 2012 to 2021 of the Brewery firms quoted on the Nigeria exchange group (NSX). Panel regression analysis by aid of E-views 10.0 software was used to test for statistical significance of the effect of sustainability accounting disclosure on financial performance of listed Brewery firms in Nigeria. The results showed that economic sustainability disclosure indexes do not significantly affect return on asset of listed Brewery firms in Nigeria. The findings further revealed that environmental sustainability disclosure indexes do not significantly affect return on equity of listed Brewery firms in Nigeria. More so, results showed that Social Sustainability disclosure indexes significantly affect Net Profit Margin of listed Brewery firms in Nigeria. Finally, the result established also that governance sustainability disclosure indexes do not significantly affect Earnings per share of listed Brewery firms in Nigeria. Consequent upon the findings, this study recommended among others; that managers of Brewers in Nigeria should improve and sustain full disclosure practices on economic, environmental, social and governance disclosures following the guidelines of the Global Reporting Index (GRI) as they are capable of exerting significant effect on financial performance of firms in Nigeria.

Keywords: sustainability, accounting, disclosure, financial performance

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Authors: Anees Tahir

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Margin financing plays a significant role in Pakistan's stock market (PSX), offering investors the opportunity to maximize profits by borrowing funds from financiers to purchase marginable stocks. However, this financial practice raises several Shariah-related concerns. The study follows legal doctrinal research methodology. It explains and analyzes the law of margin financing prevailing in PSX and compares it with the principles of Shariah. It also examines and investigates the practices of margin financing from the perspective of Shariah. As part of the study, the researcher has conducted structured interviews with the Shariah advisors of the finance industry, academicians, market practitioners, and regulators. Thus, the study analyzes the findings of interviews. This article explores the legal framework and practice of margin financing in Pakistan from a Shariah perspective. The article investigates various issues relating to margin financing, including the fundamental concern of interest-based lending, which contravenes Islamic principles. It also highlights the problematic subject matter of margin financing, often involving non-Shariah compliant securities. Additionally, the article addresses the restriction on proprietary rights and the problematic element of speculation associated with margin financing. To provide a Shariah-compliant alternative, the Securities and Exchange Commission of Pakistan (SECP) introduced Murabahah Shares Financing (MSF) in 2019. However, the focus of the market is still on conventional margin financing. In the opinion of the researcher, the effective implementation of MSF is imperative because in the absence of such an alternative, the faith sensitive investor will remain deprived of a level playing field, and he is unable to get required financing opportunities through a halal and Shariah-compliant manner. This article argues that margin financing in its current form is incompatible with Shariah principles and should be discontinued. It is recommended that the SECP should gradually phase out the use of margin financing and increase reliance on MSF to provide faith-sensitive and committed investors with Shariah-compliant financing options.

Keywords: margin financing, marginable stocks, faith sensitive investor, Murabahah shares financing

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Authors: Nataša Kalajdžija, Strahinja Kovačević, Davor Lončar, Sanja Podunavac Kuzmanović, Lidija Jevrić

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In order to investigate the relationship between retention and structure, a quantitative Structure Retention Relationships (QSRRs) study was applied for the prediction of retention times of a set of 23 secoestrane derivatives in a reversed-phase thin-layer chromatography. After the calculation of molecular descriptors, a suitable set of molecular descriptors was selected by using step-wise multiple linear regressions. Artificial Neural Network (ANN) method was employed to model the nonlinear structure-activity relationships. The ANN technique resulted in 5-6-1 ANN model with the correlation coefficient of 0.98. We found that the following descriptors: Critical pressure, total energy, protease inhibition, distribution coefficient (LogD) and parameter of lipophilicity (miLogP) have a significant effect on the retention times. The prediction results are in very good agreement with the experimental ones. This approach provided a new and effective method for predicting the chromatographic retention index for the secoestrane derivatives investigated.

Keywords: lipophilicity, QSRR, RP TLC retention, secoestranes

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Authors: Maria Krambia-Kapardis, Elisavet Charalambous

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Corruption has given rise to extensive discussion due to its notorious consequences. It undermines democracy, brings in inequalities and imbalances and weakens governance. With the recent financial turmoil pinpointing that corruption has played a vital part, lessons have to be learned and actions have to be taken. Regulation can be the means for doing so as it advances transparency and accountability, leaving no space for corruption to flourish. Much depends though on the culture of a state and how determined it is to mark the end of corruption.

Keywords: banking regulation, corruption, culture, European Union

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Authors: Nadezhda Kvatashidze

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The conceptual framework of International Financial Reporting Standards determines the basic principles of accounting. The said principles have multiple applications, with professional judgments being one of those. Recognition and assessment of the information contained in financial reporting, especially so the somewhat uncertain events and transactions and/or the ones regarding which there is no standard or interpretation are based on professional judgments. Professional judgments aim at the formulation of expert assumptions regarding the specifics of the circumstances and events to be entered into the report based on the conceptual framework terms and principles. Experts have to make a choice in favor of one of the aforesaid and simulate the situations applying multi-variant accounting estimates and judgment. In making the choice, one should consider all the factors, which may help represent the information in the best way possible. Professional judgment determines the relevance and faithful representation of the presented information, which makes it more useful for the existing and potential investors. In order to assess the prospected net cash flows, the information must be predictable and reliable. The publication contains critical analysis of the aforementioned problems. The fact that the International Financial Reporting Standards are developed continuously makes the issue all the more important and that is another point discussed in the study.

Keywords: conceptual framework, faithful representation, professional judgement, relevance

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Authors: O. Colot, M. Croquet, L. Cultrera, Y. Fandja Collince

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The objective of our research is to evaluate the impact of the allowance for corporate equity (ACE) on the financial structure of Belgian SME in order to highlight the potential existence of a fiscal leverage. To limit the biases linked to the rationing of the capital further to the financial crisis, we compare first the dynamic evolution of the financial structure of the Belgian firms over the period 2006-2015 by focusing on three sub-periods: 2006-2008, 2009-2012 and 2013-2015. We give then an international size to this comparison by including SMEs from countries adjoining Belgium (France, Germany, Netherlands and the United Kingdom) and within which there is no ACE. This comparison allows better understanding the fiscal advantage linked to the ACE of firms evolving in a relatively unstable economic environment further to the financial crisis of 2008. This research is relevant given the economic and political context in which Belgium operates and the very uncertain future of the Belgian ACE. The originality of this research is twofold: the long study period and the consideration of the effects of the financial and economic crisis on the financing structure of Belgian SMEs. The results of this research, even though they confirm the existence of a positive fiscal leverage for the tax deduction for venture capital on the financing structure of Belgian SMEs, do not allow the extent of this leverage to be clearly quantified. The comparative evolution of financing structures over the period 2006-2015 of Belgian, French, German, Dutch and English SMEs shows a strong similarity in the overall evolution of their financing.

Keywords: allowance for corporate equity, Belgium, financial structure, small and medium sized firms

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Authors: Manfred F. Maute, Olga Naumenko, Raymond T. Kong

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Using data from a nationally representative financial panel of Canadian households, this study develops a psychographic segmentation of the customers of a value-expressive credit card service and tests for effects on relational response differences. The variety of segments elicited by agglomerative and k means clustering and the familiar profiles of individual clusters suggest that the face validity of the psychographic segmentation was quite high. Segmentation had a significant effect on customer satisfaction and relationship depth. However, when socio-demographic characteristics like household size and income were accounted for in the psychographic segmentation, the effect on relational response differences was magnified threefold. Implications for the segmentation of financial services markets are considered.

Keywords: customer satisfaction, financial services, psychographics, response differences, segmentation

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Authors: A. Senthil Kumar, V. Murali Bhaskaran

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In the information technology ground, people are using various tools and software for their official use and personal reasons. Nowadays, people are worrying to choose data accessing and extraction tools at the time of buying and selling their products. In addition, worry about various quality factors such as price, durability, color, size, and availability of the product. The main purpose of the research study is to find solutions to these unsolved existing problems. The proposed algorithm is a Multidirectional Rank Prediction (MDRP) decision making algorithm in order to take an effective strategic decision at all the levels of data extraction, uses a real time textile dataset and analyzes the results. Finally, the results are obtained and compared with the existing measurement methods such as PCC, SLCF, and VSS. The result accuracy is higher than the existing rank prediction methods.

Keywords: Knowledge Discovery in Database (KDD), Multidirectional Rank Prediction (MDRP), Pearson’s Correlation Coefficient (PCC), VSS (Vector Space Similarity)

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Authors: Henok Hailemariam, Frank Wuttke

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Collapsible soils are weak soils that appear to be stable in their natural state, normally dry condition, but rapidly deform under saturation (wetting), thus generating large and unexpected settlements which often yield disastrous consequences for structures unwittingly built on such deposits. In this study, a prediction model for the relative subsidence of stressed collapsible soils based on dielectric permittivity measurement is presented. Unlike most existing methods for soil subsidence prediction, this model does not require moisture content as an input parameter, thus providing the opportunity to obtain accurate estimation of the relative subsidence of collapsible soils using dielectric measurement only. The prediction model is developed based on an existing relative subsidence prediction model (which is dependent on soil moisture condition) and an advanced theoretical frequency and temperature-dependent electromagnetic mixing equation (which effectively removes the moisture content dependence of the original relative subsidence prediction model). For large scale sub-surface soil exploration purposes, the spatial sub-surface soil dielectric data over wide areas and high depths of weak (collapsible) soil deposits can be obtained using non-destructive high frequency electromagnetic (HF-EM) measurement techniques such as ground penetrating radar (GPR). For laboratory or small scale in-situ measurements, techniques such as an open-ended coaxial line with widely applicable time domain reflectometry (TDR) or vector network analysers (VNAs) are usually employed to obtain the soil dielectric data. By using soil dielectric data obtained from small or large scale non-destructive HF-EM investigations, the new model can effectively predict the relative subsidence of weak soils without the need to extract samples for moisture content measurement. Some of the resulting benefits are the preservation of the undisturbed nature of the soil as well as a reduction in the investigation costs and analysis time in the identification of weak (problematic) soils. The accuracy of prediction of the presented model is assessed by conducting relative subsidence tests on a collapsible soil at various initial soil conditions and a good match between the model prediction and experimental results is obtained.

Keywords: collapsible soil, dielectric permittivity, moisture content, relative subsidence

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Authors: Santi Mutiara Asih, Sinta Kemala Asih

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Along with the development of tourism in Indonesia, which is increasingly a lot of domestic and foreign public interest in sharia tourism, the Indonesian government is currently developing the program. It was seen that this program would have a good impact, especially for Indonesian tourism. So it is necessary to develop appropriate marketing strategies. Then to develop tourism prospects sharia government could use such a marketing strategy, for instance, marketing mix and Segmenting, Targeting, and Positioning (STP). The marketing mix is a set of marketing tools used by a state or a company to continue achieving its marketing objectives in target market. STP is the most important initial step in identifying customer value. In such away, it is expected from the use of this strategy could make sharia tourism as a market leader in the field of tourism in Indonesia, it also could attract more tourists to visit and increase economic returns.

Keywords: STP, marketing mix, market leader, sharia tourism

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Authors: Safa Ougoujil, Sidi Mohamed Rigar

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Economics is not an exact science. It cannot be from the moment it is a social science that concerns society organization, a human science that depends on the behavior of the men and women who make a part of this society. Therefore, it cannot ignore morality, the instinctive sense of good and evil, the natural order which place us between certain values, and which religion often sheds light on. In terms of finance, the reference to ethics is becoming more popular than ever. This is naturally due to the growing financial crises. Finance is less and less ethical, but some financial practices have continued to do so. This is the case of ethical finance and Islamic finance. After attempting to define the concepts of ethical finance and Islamic finance, in a period when financial innovation seeks to encourage differentiation in order to create more profit margins, this article attempts to expose the particularities, the convergences and the potentialities of development of these two sensibilities.

Keywords: convergences, ethical finance, Islamic finance, potential development

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Authors: Wafa Ghonaim

Abstract:

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

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

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Authors: P. Efstathiou, E. Kouskouni, S. Papanikolaou, K. Karageorgou, Z. Manolidou, Tseroni Maria, A. Efstathiou, V. Karyoti, I. Agrafa

Abstract:

Aim: Aim of this study was to evaluate the reduction on Intensive Care Unit (ICU) microbial flora after the antimicrobial copper alloy (Cu+) implementation as well as the effect on financial-epidemiological operation parameters. Methods: Medical, epidemiological and financial data in two time periods, before and after the implementation of copper (Cu 63% - Zn 37%, low lead) were recorded and analyzed in a general ICU. The evaluated parameters were: the importance of patients' admission (Acute Physiology and Chronic Health Evaluation - APACHE II and Simplified Acute Physiology Score - SAPS), microbial flora's record in the ICU before and after the implementation of Cu+ as well as the impact on epidemiological and ICU's operation financial parameters. Results: During December 2010 and March 2011 and respectively during December 2011 and March 2012 comparative results showed statistically significant reduction on the microbial flora (CFU/ml) by 95% and the use of antimicrobial medicine (per day per patient) by 30% (p = 0,014) as well as patients hospitalization time and cost. Conclusions: The innovative implementation of antimicrobial copper in ICUs contributed to their microbial flora significant reduction and antimicrobial drugs use reduction with the apparent positive effect (decrease) in both patient’s hospitalization time and cost. Under the present circumstances of economic crisis, survey results are of highest importance and value.

Keywords: antimicrobial copper, financial benefits, ICU, cost reduction

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Authors: Yuwaratu Syafira, Wahyu K. Y. Putra, Kusharisupeni Djokosujono

Abstract:

Background/Objective: Body Mass Index (BMI) serves various purposes, including measuring the prevalence of obesity in a population, and also in formulating a patient’s diet at a hospital, and can be calculated with the equation = body weight (kg)/body height (m)². However, the BMI of an individual with difficulties in carrying their weight or standing up straight can not necessarily be measured. The aim of this study was to form a prediction model for the BMI of young adult students of Public Health Faculty of University of Indonesia. Subject/Method: This study used a cross sectional design, with a total sample of 132 respondents, consisted of 58 males and 74 females aged 21- 30. The dependent variable of this study was BMI, and the independent variables consisted of sex and anthropometric measurements, which included ulna length, arm length, tibia length, knee height, mid-upper arm circumference, and calf circumference. Anthropometric information was measured and recorded in a single sitting. Simple and multiple linear regression analysis were used to create the prediction equation for BMI. Results: The male respondents had an average BMI of 24.63 kg/m² and the female respondents had an average of 22.52 kg/m². A total of 17 variables were analysed for its correlation with BMI. Bivariate analysis showed the variable with the strongest correlation with BMI was Mid-Upper Arm Circumference/√Ulna Length (MUAC/√UL) (r = 0.926 for males and r = 0.886 for females). Furthermore, MUAC alone also has a very strong correlation with BMI (r = 0,913 for males and r = 0,877 for females). Prediction models formed from either MUAC/√UL or MUAC alone both produce highly accurate predictions of BMI. However, measuring MUAC/√UL is considered inconvenient, which may cause difficulties when applied on the field. Conclusion: The prediction model considered most ideal to estimate BMI is: Male BMI (kg/m²) = 1.109(MUAC (cm)) – 9.202 and Female BMI (kg/m²) = 0.236 + 0.825(MUAC (cm)), based on its high accuracy levels and the convenience of measuring MUAC on the field.

Keywords: body mass index, mid-upper arm circumference, prediction model, ulna length

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Authors: Nnadi Ezekiel Oluwaseun Ejiofor

Abstract:

This research investigates the effects of poor cost estimation, material cost variations, and payment punctuality on the financial health and execution of construction projects in Nigeria. To achieve the objectives of the study, a quantitative research approach was employed, and data was gathered through an online survey of 74 construction industry professionals consisting of quantity surveyors, contractors, and other professionals. The study surveyed input on cost estimation errors, price fluctuations, and payment delays, among other factors. The responses of the respondents were analyzed using a five-point Likert scale and the Relative Importance Index (RII). The findings demonstrated that the errors in cost estimating in the Bill of Quantity (BOQ) have a high degree of negative impact on the reputation and image of the participants in the projects. The greatest effect was experienced on the likelihood of obtaining future endeavors for contractors (mean value = 3.42), followed by the likelihood of obtaining new commissions by quantity surveyors (mean value = 3.40). The level of inaccuracy in costing that undershoots exposes them to risks was most serious in terms of easement of construction and effects of shortage of funds to pursue bankruptcy (hence fears of mean value = 3.78). There was also considerable financial damage as a result of cost underestimation, whereby contractors suffered the worst loss in profit (mean value = 3.88). Every expense comes with its own peculiar risk and uncertainty. Pressure on the cost of materials and every other expense attributed to the building and completion of a structure adds risks to the performance figures of a project. The greatest weight (mean importance score = 4.92) was attributed to issues like market inflation in building materials, while the second greatest weight (mean importance score = 4.76) was due to increased transportation charges. On the other hand, delays in payments arising from issues of the clients like poor availability of funds (RII=0.71) and contracting issues such as disagreements on the valuation of works done (RII=0.72) or other reasons were also found to lead to project delays and additional costs. The results affirm the importance of proper cost estimation on the health of organization finances and project risks and finishes within set time limits. As for the suggestions, it is proposed to progress on the methods of costing, engender better communications with the stakeholders, and manage the delays by way of contracting and financial control. This study enhances the existing literature on construction project management by suggesting ways to deal with adverse cost inaccuracies and availability of materials due to delays in payments which, if addressed, would greatly improve the economic performance of the construction business.

Keywords: cost estimation, construction project management, material price fluctuations, payment delays, financial impact

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