Search results for: Financial Stability

Authors: Andrew R. Winters, Gregor J. Gassner

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A high-order numerical magentohydrodynamics (MHD) solver built upon a non-linear entropy stable numerical flux function that supports eight traveling wave solutions will be described. The method is designed to treat the divergence-free constraint on the magnetic field in a similar fashion to a hyperbolic divergence cleaning technique. The solver is especially well-suited for flows involving strong discontinuities due to its strong stability without the need to enforce artificial low density or energy limits. Furthermore, a new formulation of the numerical algorithm to guarantee positivity of the pressure during the simulation is described and presented. By construction, the solver conserves mass, momentum, and energy and is entropy stable. High spatial order is obtained through the use of a third order limiting technique. High temporal order is achieved by utilizing the family of strong stability preserving (SSP) Runge-Kutta methods. Main attributes of the solver are presented as well as details on an implementation of the new solver into the multi-physics, multi-scale simulation code FLASH. The accuracy, robustness, and computational efficiency is demonstrated with a variety of numerical tests. Comparisons are also made between the new solver and existing methods already present in FLASH framework.

Keywords: entropy stability, finite volume scheme, magnetohydrodynamics, pressure positivity

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Authors: Irit Rutman Halili, Tehila Zvulun, Natali Elgabsi, Revaya Cohen, Shlomo Sarig

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Active sand dunes (ASD) may cause significant damage to field crops and livelihood, and therefore, it is necessary to find a treatment that would enhance ADS soil stability. Biological soil crusts (biocrusts) contain microorganisms on the soil surface. Metabolic polysaccharides secreted by biocrust cyanobacteria glue the soil particles into aggregates, thereby stabilizing the soil surface. Filter cake powder (FCP) is a waste by-product in the final stages of the production of sugar from sugarcane, and its disposal causes significant environmental pollution. FCP contains high concentrations of polysaccharides and has recently been shown to be soil stability enhancing agent in ASD. It has been reported that adding FCP to the ASD soil surface by dispersal significantly increases the level of penetration resistance of soil biocrust (PRSB) nine weeks after a single treatment. However, it was not known whether a similar effect could be obtained by administering the FCP in liquid form by means of spraying. It has now been found that spraying a water solution of FCP onto the ASD soil surface significantly increased the level of penetration resistance of soil biocrust (PRSB) three weeks after a single treatment. These results suggest that FCP spraying can be used as a short-term soil stability-enhancing agent for ASD, while administration by dispersal might be more efficient over the long term. Finally, an additional benefit of using FCP as a soil stabilizer, either by dispersal or by spraying, is the reduction in environmental pollution that would otherwise result from the disposal of FCP solid waste.

Keywords: active sand dunes, filter cake powder, biological soil crusts, penetration resistance of soil biocrust

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Authors: Sana Ansari, Sirus Mohammadi

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In distribution systems, shunt capacitors are used to reduce power losses, to improve voltage profile, and to increase the maximum flow through cables and transformers. This paper presents a new method to determine the optimal locations and economical sizing of fixed and/or switched shunt capacitors with a view to power losses reduction and voltage stability enhancement. General Algebraic Modeling System (GAMS) has been used to solve the maximization modules using the MINOS optimization software with Linear Programming (LP). The proposed method is tested on 33 node distribution system and the results show that the algorithm suitable for practical implementation on real systems with any size.

Keywords: power losses, voltage stability, radial distribution systems, capacitor

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Authors: Seba Mohanty, Jitendra Mahakud

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Capital ratio is one of the major indicators of the stability of the commercial banks. Pertinent to its pervasive importance, over the years the regulators, policy makers focus on the maintenance of the particular level of capital ratio to minimize the solvency and liquidation risk. In this context, it is very much important to identify the relationship between capital and risk and find out the factors which determine the capital ratios of commercial banks. The study examines the relationship between capital and risk of the commercial banks operating in India. Other bank specific variables like bank size, deposit, profitability, non-performing assets, bank liquidity, net interest margin, loan loss reserves, deposits variability and regulatory pressure are also considered for the analysis. The period of study is 1997-2015 i.e. the period of post liberalization. To identify the impact of financial crisis and implementation of Basel II on capital ratio, we have divided the whole period into two sub-periods i.e. 1997-2008 and 2008-2015. This study considers all the three types of commercial banks, i.e. public sector, the private sector and foreign banks, which have continuous data for the whole period. The main sources of data are Prowess data base maintained by centre for monitoring Indian economy (CMIE) and Reserve Bank of India publications. We use simultaneous equation model and more specifically Two Stage Least Square method to find out the relationship between capital and risk. From the econometric analysis, we find that capital and risk affect each other simultaneously, and this is consistent across the time period and across the type of banks. Moreover, regulation has a positive significant impact on the ratio of capital to risk-weighted assets, but no significant impact on the banks risk taking behaviour. Our empirical findings also suggest that size has a negative impact on capital and risk, indicating that larger banks increase their capital less than the other banks supported by the too-big-to-fail hypothesis. This study contributes to the existing body of literature by predicting a strong relationship between capital and risk in an emerging economy, where banking sector plays a majority role for financial development. Further this study may be considered as a primary study to find out the macro economic factors which affecting risk and capital in India.

Keywords: capital, commercial bank, risk, simultaneous equation model

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Authors: Yusuf Abdullahi

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The contribution of entrepreneurship in the economic development cannot be over-emphasized neither it should be underestimated for any reason as this is already a known fact that it plays an important role as a change agent and as a prime mover of economy. In developed or underdeveloped economy, the essence of entrepreneurship is highly significant as this exist in both private as well as public sectors of any economy. The roles of entrepreneurship are worldly acclaimed but yet as laudable as these roles there can be no significant success by any entrepreneur except with availability of finance. Nonetheless, mere availability of finance also cannot guarantee the success of an enterprise but there must be in place appropriate financial strategies for the funding/investment needs of an enterprise. Thus, little has been said when it comes to strategies needed to access various sources of finance. This paper, therefore, establishes appropriate strategies to obtain funds sources of finance by both small and as well as medium enterprises.

Keywords: entrepreneurship, Nigeria, financial strategies, economic development

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Authors: Victoria Adikpe

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The ills of the Nigerian public sector have been identified at various fora to include lack of financial accountability and poor reporting of government performance. With the enthronement of democracy, citizens’ expectations from the government are drifting from the mere provision of public services to efficiency and accountability. One of the major challenges to achieving accountability in Nigeria is the capability of the cash basis of accounting to meet the reporting requirements of policies and programmes of the government. This paper discussed the growing trend in the debate about the adoption of private sector financial management processes in the public sector as part of the public sector reform programmes. The paper does not claim the ultimate superiority of accrual over cash accounting but shows how it will help to further strengthen the quality of government accounting and reporting.

Keywords: cash accounting, accrual accounting, accountability, reporting

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Authors: Flora Babongo, Valerie Chavez

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Inferring causality from observational data is one of the fundamental subjects, especially in quantitative finance. So far most of the papers analyze additive noise models with either linearity, nonlinearity or Gaussian noise. We fill in the gap by providing a nonlinear and non-gaussian causal multiplicative noise model that aims to distinguish the cause from the effect using a two steps method based on Bayesian additive models for location, scale and shape (BAMLSS) and on causal additive models (CAM). We have tested our method on simulated and real data and we reached an accuracy of 0.86 on average. As real data, we considered the causality between financial indices such as S&P 500, Nasdaq, CAC 40 and Nikkei, and companies' log-returns. Our results can be useful in inferring causality when the data is heteroskedastic or non-injective.

Keywords: causal inference, DAGs, BAMLSS, financial index

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Authors: L. Matlawe, E. S. Idemudia

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The stability is an important topic to plan and manage the energy in the microgrids as the same as the conventional power systems. The voltage and frequency stability is one of the most important issues recently studied in microgrids. The objectives of this paper are the modeling and designing of the components and optimal controllers for the voltage and frequency control of the AC/DC hybrid microgrid under the different disturbances. Since the PI controllers have the advantages of simple structure and easy implementation, so they were designed and modeled in this paper. The harmony search (HS) algorithm is used to optimize the controllers’ parameters. According to the achieved results, the PI controllers have a good performance in voltage and frequency control of the microgrid.

Keywords: emotional abuse, employees, mental health, self-concept

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Authors: Arta Jashari, Enver Kutllovci

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Abstract— The purpose of this study is to examine the relationship of recruitment and selection practice and performance in medium service enterprises in Kosovo. A total of 110 managers from public and private sector was analyzed. Our empirical results show that enterprises in Kosovo use recruitment and selection practice and they know how important is to have the right people with skills and knowledge accordingly with the job requirements. The outcome of Pearson correlation analysis provides evidence that recruitment and selection practice, positively and significantly influence the financial performance. Also, our results show a significant relationship between the education of managers and the use of the recruitment and selection practice. From our results we can conclude and suggest that with a good recruiting and selection, the organization will fill with a group of potentially qualified candidates who will be able to fulfill the enterprises objective.

Keywords: Human Resource, Kosovo, Recruitment and Selection, Performance

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Authors: Semra Turkan

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In this paper, we have examined the factors that affect the productivity of Turkey’s Top 500 Industrial Enterprises in 2014. The labor productivity of enterprises is taken as an indicator of productivity of industrial enterprises. When the relationships between some financial ratios and labor productivity, it is seen that there is a nonparametric relationship between labor productivity and return on sales. In addition, the distribution of labor productivity of enterprises is right-skewed. If the dependent distribution is skewed, the quantile regression is more suitable for this data. Hence, the nonparametric relationship between labor productivity and return on sales by quantile smoothing splines.

Keywords: quantile regression, smoothing spline, labor productivity, financial ratios

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Authors: Petra F. A. Dilling, Sinan Caykoylu

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The aim of this study was to shed light on the understanding of the factors determining a company’s disclosure on climate change reporting. The underlying study examines the effect of gender diversity and the mediating effect of female representation in management and on the board of directors and the existence of a dedicated sustainability board committee. To test the study’s objectives, the authors use a global sample of the largest companies and their reporting for the year 2020. The results suggest that corporate female participation has a significant influence on the quality of climate change reporting. In addition, having a dedicated sustainability board committee also significantly impacts the non-financial disclosure of climate change information.

Keywords: climate change, non-financial reporting, governance, board diversity, sustainability, CSR

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Authors: Leyla Yesilbas, M. Sukru Ozcoban, M. Ergenekon Selcuk

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From past to present, there is a constant need for engineering structures such as high-rise buildings, wide-span bridges, airports and stadiums, business towers due to technological developments and increasing population. Because of the large loads transferred from the superstructure to the ground layers in these types of structures, the bearing strength and seating problems usually occur on the floors. In order to solve these problems, piled foundations are used by passing the weak soil layers and transferring the loads from the superstructure to the solid soil layers. Considering the factors such as the characteristics of the building to be constructed, the purpose and location of the building, the basic cost of the pile should be at normal levels. When these requirements are taken into consideration, a new basic system called 'Barette Foundation' has been developed. In this thesis, an application made to provide slope stability with 'Baret Piles' was investigated. In addition, the ground parameters obtained from the field and laboratory experiments were numerically modeled using a PLAXİS 2D finite element software and barette piles. The effects of barette piles on slope stability were investigated by numerical analysis, and the results of inclinometer measurements in the field were compared with numerical analysis results.

Keywords: barette pile, PLAXİS 2D, slope, soil

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Authors: Edmund Kwablah, Anthony Amoah

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The merits associated with Foreign Direct Investment (FDI) inflows to host countries in Sub-Saharan Africa cannot be overemphasized. Against this background, countries have sought to design and implement strategic policies geared towards enhacing FDI and promoting economic growth. In this study, we used the Fully Modified Ordinary Least Squares technique and a panel data for Sub-Saharan African (SSA) countries spanning from 1998 to 2016. We hypothesize that FDI’s effect on economic growth is contingent on some absorptive capacities (e.g., financial market development and economic freedom) of the host country. We used financial market data that accounts for market fragility as a measure of financial market development and economic freedom data which uses the overall score of all the freedom indicators as a measure of economic freedom. Our results suggest that FDI has a statistically positive effect on economic growth when we account for host country’s absorptive capacities. However, a negative relationship will ensue if these absorptive capacities are not accounted for. We recommend that a developing continent like SSA should focus on identifying and building the relevant absorptive capacities that can translate the effect of FDI into a positive growth. This is because an economy with sound absorptive capacities reduces business risk and spur economic growth.

Keywords: FDI, absorptive capacity, economic growth, FMOLS, Fully Modified Ordinary Least Squares, SSA

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Authors: Asmaa Mandour, Ramzia El-Bagary, Asmaa El-Zaher, Ehab Elkady

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Background: An UHPLC (ultra high performance liquid chromatography) method for the simultaneous determination of norfloxacin (NOR), metronidazole (MET) and tinidazole (TNZ) using monolithic column is presented. Purpose: The method is considered an environmentally friendly method with relatively low organic composition of the mobile phase. Methods: The chromatographic separation was performed using Phenomenex® Onyex Monolithic C18 (50mmx 20mm) column. An elution program of mobile phase consisted of 0.5% aqueous phosphoric acid : methanol (85:15, v/v). Where elution of all drugs was completed within 3.5 min with 1µL injection volume. The UHPLC method was applied for the stability indication of NOR in the presence of its acid degradation product ND. Results: Retention times were 0.69, 1.19 and 3.23 min for MET, TNZ and NOR, respectively. While ND retention time was 1.06 min. Linearity, accuracy, and precision were acceptable over the concentration range of 5-50µg mL-1for all drugs. Conclusions: The method is simple, sensitive and suitable for the routine quality control and dosage form assay of the three drugs and can also be used for the stability indication of NOR in the presence of its acid degradation product.

Keywords: antibacterial, monolithic cilumn, simultaneous determination, UHPLC

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Authors: S. Kida

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We consider the flow of an incompressible viscous fluid in a precessing sphere whose spin and precession axes are orthogonal to each other. The flow is characterized by two non-dimensional parameters, the Reynolds number Re and the Poincare number Po. For which values of (Re, Po) will the flow approach a steady state from an arbitrary initial condition? To answer it we are searching the instability boundary of the steady states in the whole (Re, Po) plane. Here, we focus the rapidly rotating and weakly precessing limit, i.e., Re >> 1 and Po << 1. The steady flow was obtained by the asymptotic expansion for small ε=Po Re¹/² << 1. The flow exhibits nearly a solid-body rotation in the whole sphere except for a thin boundary layer which develops over the sphere surface. The thickness of this boundary layer is of O(δ), where δ=Re⁻¹/², except where two circular critical bands of thickness of O(δ⁴/⁵) and of width of O(δ²/⁵) which are located away from the spin axis by about 60°. We perform the linear stability analysis of the steady flow. We assume that the disturbances are localized in the critical bands and make an expansion analysis in terms of ε to derive the eigenvalue problem for the growth rate of the disturbance, which is solved numerically. As the solution, we obtain an asymptote of the stability boundary as Po=28.36Re⁻⁰.⁸. This agrees excellently with the corresponding laboratory experiments and numerical simulations. One of the most popular instability mechanisms so far is the parametric instability, which turns out, however, not to give the correct stability boundary. The present instability is different from the parametric instability.

Keywords: boundary layer, critical band, instability, precessing sphere

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Authors: Beata Jackowska-Zduniak

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We formulate and analyze a mathematical model describing dynamics of the hypothalamus-pituitary-thyroid homoeostatic mechanism in endocrine system. We introduce to this system two types of couplings and delay. In our model, feedback controls the secretion of thyroid hormones and delay reflects time lags required for transportation of the hormones. The influence of delayed feedback on the stability behaviour of the system is discussed. Analytical results are illustrated by numerical examples of the model dynamics. This system of equations describes normal activity of the thyroid and also a couple of types of malfunctions (e.g. hyperthyroidism).

Keywords: mathematical modeling, ordinary differential equations, endocrine system, delay differential equation

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Authors: Suraini Mohd Rhouse, Noor Lela Ahmad, Nek Kamal Yeop Yunus, Rosfizah Md Taib

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This article aims to explore the importance of trust to women entrepreneurs. In particular, the research uses a social constructionist lens to examine ways in which women entrepreneurs construct trust in relation to their various stakeholders. A semi-structured interview was used to gather the data. The findings suggest women highlight the importance of trust in order to establish customer satisfaction that can further develop customer loyalty. In addition, aspect of trust with the employees is seen as vital for building organizational commitment to the business organization. Women also see the trust dimension in terms of their relationships with financial providers in order to gain approval for financial resources. This article contributes to the literature on the value of trust to women’s business environments.

Keywords: qualitative, social constructionist, trust, women entrepreneurship

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Authors: Chuang-Chang Chang, Keng-Yu Ho, Yu-Jen Hsiao, Hsin-Ni Yang

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Using a sample of detailed ownership data of 1,032 listed commercial bank observations in 30 European countries from 2004 to 2010, we explore what categories of shareholder are more likely to use derivatives and how different types of owners affect the bank value. We find that a shift in equity from bank investors to either non-financial companies or institutional investors have increase incentives to use derivatives. Moreover, we have significant evidence that a shift in equity from bank investors to either family or manager shareholders who attend derivative activities will decrease bank value. However, a shift in equity from bank investors to non-financial companies who use derivative instrument will increase the bank value. Our results are also robustness to address for the potential endogeneity problems.

Keywords: derivative usage, ownership structure, bank value

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Authors: Mengyu Lu, Yongsheng Guo

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This study investigates how employee incentives affect employee performance in financing from customers. This study followed a grounded theory approach where data were collected through 29 interviews. Main themes and categories were identified through the coding processes. This study found that casual conditions, including financial barriers, informal finance, business location, customer base and customer relationship, influenced the adoption of customer finance in the case of SMEs. The SMEs build and maintain long-term relationships with customers through personal communications. The SMEs engage and motivate employees in customer communications and business financing strategy through financial incentives programs, including bonuses, salary rises, rewards and non-financial incentives, including training opportunities, extra holiday leave, and flexible working hours. Employee performance was measured through financing contribution and job contribution. As a consequence, customers will be well served by employees and get a better customer experience. SMEs can get benefits such as employee engagement, employee satisfaction and sustainable financing sources. This study gets in sight of employee incentives in improving employee performance in customer finance and makes implications to human capital theories. Suggestions are provided to the decision-makers in businesses as incentive programs improve employee performance that, eventually contributes to overall business performance.

Keywords: SMEs, financing from customers, employee incentives, performance-based measurement

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Authors: Patrick M. Stanton, William R. McCumber

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Using a large dataset of more than 2,400 individual microfinance institutions (MFIs) from 120 countries from 1999 to 2016, this study finds that nearly half of the international MFIs operate as for-profit institutions. Formal institutions (business regulatory environment, property rights, social protection, and a developed financial sector) impact the likelihood of MFIs being for-profit across countries. Cultural differences across countries (power distance, individualism, masculinity, and indulgence) seem to be a factor in the legal status of the MFI (non-profit or for-profit). MFIs in countries with stronger formal institutions, a greater degree of power distance, and a higher degree of collectivism experience better financial and social performance.

Keywords: Hofstede cultural dimensions, international finance, microfinance institutions, non-profite

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Authors: Romuald Temomo Wamba, Robert Wanda

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The issue of creative accounting in the psychological and sociological framework has been a mixed subject for over 60 years. The objective of this article is to ensure the existence of creative accounting in Cameroonian entities on the one hand and to understand the strategies used by audit agents to detect errors, omissions, irregularities, or inadequacies in the financial state; optimization techniques used by account preparers to strategically bypass texts on the other hand. To achieve this, we conducted an exploratory study using a cognitive approach, and the data analysis was performed by the software 'decision explorer'. The results obtained challenge the authors' cognition (manifest latent and deceptive behavior). The tax inspectors stress that the entities in Cameroon do not derogate from the rules of piloting in the financial statements. Likewise, they claim a change in current income and net income through depreciation, provisions, inventories, and the spreading of charges over long periods. This suggests the suspicion or intention of manipulating the financial statements. As for the techniques, the account preparers manage the accruals at the end of the year as the basis of the practice of creative accounting. Likewise, management accounts are more favorable to results management.

Keywords: creative accounting, sociocognitive approach, psychological and sociological approach, cognitive dissonance theory, cognitive mapping

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Authors: Yalemsira Bewuket Gubena

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Excavating a tunnel releases a large amount of pre-existing stress, causing the material to deform by arching or squeezing effect depending on the depth of the tunnel. Shallow tunnels fail by arching, while deep underground tunnels fail by squeezing effect. There have been many failures recorded around the world, among them Ethiopia's biggest hydroelectric power station, Gillgel Gibe II, has been shut down due to a tunnel collapse weeks after its official opening. Nowadays, the country is constructing a new railway route at Awash-Kombolcha-Haragebeya to connect the towns with the ports of neighboring countries. Tunnel 04, having a maximum overburden of 320m is the focus of this study. The stability of the tunnel is analyzed by incorporating a pseudo-static analysis using the two finite element software, and the most favorable supports are selected. Based on the analysis made all three numerical analysis software’s give nearly the same output results. Using Roc support, it is found that the displacement is 0.017, having a strain value of 0.35%, which is less than one exhibiting few stability problems with no squeezing potential where the tunnel can be supported by shotcrete and rockbolt. Therefore, the analysis from Phase 2 and Plaxis 3D shows a displacement of 0.022 and 0.0231m, respectively, after adding 30cm shotcrete and diameter 32 bolt. From the parametric study done, as the value of the young’s modulus decreases, the displacement around the tunnel opening increases.

Keywords: squeezing, finite element method, deformation, support

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Authors: H. R. Kelidari, M. Saeedi, J. Akbari, K. Morteza-Semnani, H. Valizadeh

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Spironolactoe (SP) a synthetic steroid diuretic is a poorly water-soluble drug with a low and variable oral bioavailability. Regarding to the good solubility of SP in lipid materials, SP loaded Solid lipid nanoparticles (SP-SLNs) and nanostructured lipid carrier (SP-SLNs) were thus prepared in this work for accelerating dissolution of this drug. The SP loaded NLC with stearic acid (SA) as solid lipid and different Oleic Acid (OA) as liquid lipid content and SLN without OA were prepared by probe ultrasonication method. With increasing the percentage of OA from 0 to 30 wt% in SLN/NLC, the average size and zeta potential of nanoparticles felled down and entrapment efficiency (EE %) rose dramatically. The obtained micrograph particles showed pronounced spherical shape. Differential Scanning Calorimeter (DSC) measurements indicated that the presence of OA reduced the melting temperature and melting enthalpy of solid lipid in NLC structure. The results reflected good long-term stability of the nanoparticles and the measurements show that the particle size remains lower in NLC compare to SLN formulations, 6 months after production. Dissolution of SP-SLN and SP-NLC was about 5.1 and 7.2 times faster than raw drugs in 120 min respectively. These results indicated that the SP loaded NLC containing 70:30 solid lipid to liquid lipid ratio is a suitable carrier of SP with improved drug EE and steady drug release properties.

Keywords: drug release, lipid nanoparticles, spironolactone, stability

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Authors: Muhammad Ali Khan

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Although most Muslims are aware that Riba is a great sin in Islamic Shariah, they still do not find themselves inclined toward Islamic banking for their financial needs/activities/requirements. The main purpose of this research work is to analyse the general trend of people's views and miss conceptions among them regarding Islamic Banking and therefore suggest promoting Islamic banking. Scholars believe that Islamic finance is more stable than conventional banking because of the nature of its banking practices, which are based on real assets or partnerships. This is why Islamic banking is growing fastly worldwide, particularly in the wake of global financial crisis. Even though the scope of Islamic banking is expanding on a daily basis yet, it is not gaining the popularity it deserves. Islam declares war against Allah and his last messenger Hazrat Muhammad (PBUM) as it is a great sin and strictly forbids all interest-based transactions. Holy Quran revealed, O you who believe, do not eat up the amounts acquired through Riba (interest), doubled and multiplied. Fear Allah, so that you may be successful. Therefore a, true Muslim who believe in Judgement day always make all efforts in their life to avoid gambling and other speculative activities like Riba for themselves and their loved ones. If a Muslim does not fight against Riba to protect himself and his family, then his faith is meaningless. Allah issues warnings at numerous places in the holy Quran regarding Riba and its sin. Thus, Islamic banking is an alternative banking system where banking transactions are based on Islamic principles. The major component of Islamic Banking is Profit and loss sharing (PLS), as well as ensuring economic justice and equity.

Keywords: Islamic banking, Riba, interest, financial crises

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Authors: Simon Oga Egboja, Agi Sunday

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The government of Nigeria have invested so much in our tertiary education but the desire qualitative goals and objectives are yet to be achieved because management at all level are not efficient and effective in implementing the desired educational policies and programmes due to some management challenges. This paper investigates some of the major challenges to effective management of tertiary institution in Nigeria some variable that are important to effective management includes political stability, adequate funding, establishment of information system, recruitment and appointment of qualified teachers and condition of service.

Keywords: effective management includes political stability, adequate funding, establishment of information system, recruitment and appointment of qualified teachers

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Authors: Jason Chen, Jennifer Chen, Shiyu Li

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We examine whether managerial ability (MA), the passing of Sarbanes-Oxley in 2002 (SOX), and corporate operational complexity affect the accuracy of environmental capital expenditure projections of the environmentally sensitive industries (ESI). Prior studies found that firms in the ESI manipulated their projected environmental capital expenditures as a tool to achieve corporate legitimation and suggested that human factors must be examined to determine whether they are part of the determinants. We use MA to proxy for the latent human factors to examine whether MA affects the accuracy of financial disclosures in the ESI. To expand Chen and Chen (2020), we further investigate whether (1) SOX and (2) firms with complex operations and financial reporting in conjunction with MA affect firms’ projection accuracy. We find, overall, that MA is positively correlated with firm’s projection accuracy in the annual 10-Ks. Furthermore, results suggest that SOX has a positive, yet temporary, effect on MA, and that leads to better accuracy. Finally, MA matters for firms with more complex operations and financial reporting to make less projection errors than their less-complex counterparts. These results suggest that MA is a determinant that affects the accuracy of environmental capital expenditure projections for the firms in the ESI.

Keywords: managerial ability, environmentally sensitive industries, sox, corporate operational complexity

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Authors: Lan Zhang, Cailing Zhang

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In recent years, many face anti-spoofing algorithms have high detection accuracy when detecting 2D face anti-spoofing or 3D mask face anti-spoofing alone in the field of face anti-spoofing, but their detection performance is greatly reduced in multidimensional and cross-datasets tests. The rPPG method used for face anti-spoofing uses the unique vital information of real face to judge real faces and face anti-spoofing, so rPPG method has strong stability compared with other methods, but its detection rate of 2D face anti-spoofing needs to be improved. Therefore, in this paper, we improve an rPPG(Remote Photoplethysmography) method(MrPPG) for face anti-spoofing which through color space fusion, using the correlation of pulse signals between real face regions and background regions, and introducing the cyclic neural network (LSTM) method to improve accuracy in 2D face anti-spoofing. Meanwhile, the MrPPG also has high accuracy and good stability in face anti-spoofing of multi-dimensional and cross-data datasets. The improved method was validated on Replay-Attack, CASIA-FASD, Siw and HKBU_MARs_V2 datasets, the experimental results show that the performance and stability of the improved algorithm proposed in this paper is superior to many advanced algorithms.

Keywords: face anti-spoofing, face presentation attack detection, remote photoplethysmography, MrPPG

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Authors: Ahuva Even-Zohar

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Context: Families living in poverty often struggle with poor financial management and accumulating debts. Social workers play a crucial role in assisting these families, but they typically receive no formal training in financial management. Research Aim: The aim of this study was to assess the impact of a voluntary organization called Paamonim on social work students' attitudes toward providing material support and assistance in financial management to families living in poverty. Additionally, the study aimed to evaluate the students' perception of the workshop's contribution and their actual use of the tools acquired during the training. Methodology: The study involved 134 social work students, with 55 in a regular program and 79 in a retraining program. The first stage of the study involved the students receiving an explanation of the research, ensuring confidentiality, and signing informed consent. The students completed two questionnaires: The Student Attitudes Questionnaire and a sociodemographic questionnaire. In the second stage, three months after the workshop, the students completed the questionnaires again, along with a feedback questionnaire. Findings: The study found that there were no significant differences in the students' attitudes toward providing material support and proper financial management to families living in poverty before and after the workshop. However, their attitudes remained positive, at a medium level or higher. The students reported that the workshop provided them with tools to assist families in poverty, and they used these tools to some extent in their practical training. They found the workshop interesting and acknowledged its importance in raising awareness about budget management and enriching their knowledge of money management. The students acknowledged the workshop's effectiveness but mentioned that it was too short. Theoretical Importance: This study highlights the importance of developing programs to help families living in poverty manage their household finances. The workshop enriched the students' knowledge and skills, which are vital for their role as social workers working with families in poverty to rehabilitate their financial situations. Data Collection and Analysis Procedures: The students completed self-report questionnaires before and after the workshop, providing insights into their attitudes and perception about the role of social workers in providing material support for families living in poverty and helping them manage their household finances. Statistical analysis was conducted to compare the students' attitudes pre and post-workshop, and a feedback questionnaire assessed the students' perception of the contribution of the workshop. Question Addressed: This study addressed the question of whether a workshop on financial management can positively impact social work students' attitudes and skills in assisting families living in poverty with their household finances. Conclusion: Despite being short and consisting of only one session, the workshop proved to be valuable in enriching the students' knowledge and providing them with important tools for their role as social workers. The students reported positive attitudes toward providing material support and financial assistance to families in need. The practical recommendation is to continue offering such workshops as part of the social work curriculum to further enhance students' abilities to help families manage their finances effectively.

Keywords: financial literacy, poverty, social work students, workshop

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Authors: Dhaksha Vivekanandan

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DeFi is a network that avoids reliance on financial intermediaries through its peer-to-peer financial network. DeFi operates outside of government control; hence it is important for us to understand its impacts. This study employs a literature review to understand DeFi and its emergence, as well as its implications on transparency, social impact, and regulation. Further, 3 case studies are analysed within the context of these categories. DeFi’s provision of increased transparency poses environmental and storage costs and can lead to user privacy being endangered. DeFi allows for the provision of entrepreneurial incentives and protection against monetary censorship and capital control. Despite DeFi's transparency issues and volatility costs, it has huge potential to reduce poverty; however, regulation surrounding DeFi still requires further tightening by governments.

Keywords: DeFi, transparency, regulation, social impact

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Authors: M. Soltan Rezaee, M. R. Ghazavi, A. Najafi, W.-H. Liao

Abstract:

Generally, different rods in shaft systems can be misaligned based on the mechanical system usages. These rods can be linked together via U-coupling easily. The system is self-stimulated and may cause instabilities due to the inherent behavior of the coupling. In this study, each rod includes an elastic shaft with an angular stiffness and structural damping. Moreover, the mass of shafts is considered via attached solid disks. The impact of the system architecture and shaft mass on the instability of such mechanism are studied. Stability charts are plotted via a method based on Floquet theory. Eventually, the unstable points have been found and analyzed in detail. The results show that stabilizing the driveline is feasible by changing the system characteristics which include shaft mass and architecture.

Keywords: coupling, mechanical systems, oscillations, rotating shafts

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