Search results for: stock prices

Authors: Wanda Luen-Wun Siu, Xiaowen Zhang

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This paper offered the primary methodical proof on how CSR reporting related to enterprise earnings in listed firms in China in light of most evidence focusing on cross-sectional data or data in a short span of time. Using full economic and business panel data on China’s publicly listed enterprise from 2006 to 2020 over two decades in the China Stock Market and Accounting Research database, we found initial evidence of significant direct relations between CSR reporting and firm corporate performance in both state-owned and privately owned firms over this period, supporting the stakeholder theory. Results also revealed that state-owned enterprises performed as well as private enterprises in the current period. But private enterprises performed better than state-owned enterprises in the subsequent years. Moreover, the release of social responsibility reports had a more significant impact on the financial performance of state-owned and private enterprises in the current period than in the subsequent periods. Specifically, CSR release was not significantly associated with the financial performance of state-owned enterprises on the lag of the first, second, and third periods. But it had an impact on the lag of the first, second, and third periods among private enterprises. Such findings suggested that CSR reporting helped improve the corporate financial performance of state-owned and private enterprises in the current period, but this kind of effect was more significant among private enterprises in the lag periods.

Keywords: China’s listed firms, CSR reporting, financial performance, panel analysis

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Authors: Nour Elhouda Abed, Bedj Mimi, Wahid Slimani, Mourad Atif, Abdelhakim Ouzzane, Hocine Irekti, Abdelkader Bekki

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The most frequent system of cereal production in Algeria is fallow-wheat. This is an extensive system that meets only the half needs some cereals and fodder demand. Resorption of fallow has become a strategic necessity to ensure food security in response to the instability of supply and the persistence of higher food prices on the world market. Despite several attempts to replace the fallow by crop cultures, choosing the best crop remains. Today, the agronomic and economic interests of legumes are demonstrated. However, their crop culture remains marginalized because of the weakness and instability of their performance. In the context of improving legumes and cereals crops as well as fallow resorption, we undertook to test, in the field, the effect of rhizobial inoculation of Phaseolus vulgaris in association with Zea Mays. We firstly studied the genetic diversity of rhizobial strains that nodulate P.vulgaris isolated from fifteen (15) different regions. ARDRA had shown 18 different genetic profiles. Symbiotic characterization highlighted a strain that highly significantly improved the fresh and dry weight of the host plant, in comparison to the negative control (un-inoculated) and the positive control (inoculated with the reference strain CIAT 899). In the field, the selected strain increased significantly the growth and yield of P.vulgaris and Zea Mays comparing to the non-inoculated control. However, the mix inoculation (selected strain+ Ciat 899) had not given the best parameters showing, thus, no synergy between the strains. These results indicate the replacing fallow by a crop legume in intercropping with cereals crops.

Keywords: fallow, intercropping, inoculation, legumes-cereals

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Authors: Abimbola Mobolanle Adu, Marcus Tayo Akinlade

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This comprehensive study systematically dissects the intricate interplay between the removal of fuel subsidy and its multifaceted repercussions on Nigeria's educational system. Originating in the 1970s, the fuel subsidy policy initially conceived to curtail fuel costs and faced financial unsustainability. In 2023, President Bola Tinubu's administration announced its cessation. The resultant escalation in petroleum product prices precipitated challenges within the education sector, manifesting as heightened administrative costs, increased student fees, amplified dropout rates, and others. Employing a qualitative research methodology, grounded in Critical Theory, the study draws from diverse secondary sources and employs content analysis to unravel the intricate layers of this issue. Critical Theory provides a lens through which the power dynamics, socio-economic structures, and ideological influences shaping policy decisions can be critically examined, offering a deeper understanding of the multifaceted impact. Findings underscore the imperative for strategic interventions, advocating for investments in technology and the exploration of alternative energy sources. The paper concludes by emphasizing the pivotal role of education, advocating for nuanced policies to alleviate the impact on both private and public educational institutions. In essence, this research contributes nuanced insights into the labyrinthine dynamics between fuel subsidy policies and the educational sector, underscoring the exigency for meticulous interventions to fortify the nation's educational foundation.

Keywords: administration, education, fuel subsidy, policy, multilayered impact

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Authors: Suleh Yusufu Godi, Ado Makama Adamu

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Marketing involves all the legal, physical, and economic services which are necessary in moving products from producer to consumers. The more efficient the marketing functions are performed the better the marketing system for the farmers, marketing agents, and the society at large. Rice marketing ensures the flow of product from producers to consumers in the form, time and place of need. Therefore, this study examined profitability of milled rice marketing in Gombe metropolis, Gombe State. Data were collected using structured questionnaires from ninety randomly selected rice marketers in Gombe metropolis. The data were analyzed using descriptive statistics, farm budget technique and regression analysis. The study revealed the total rice marketing cost incurred by rice marketers to be N6, 610,214.70. This gave an average of N73, 446.83 per marketer and N37.30 per Kilogram of rice. The Gross Income for rice marketers in Gombe metropolis was N15, 064,600.00. This value gave an average of N167, 384.44 per rice marketer or N85.00 per kilogram of rice. The study also revealed net income for all rice marketers to be N8, 454,385.30. This gave an average of N93, 937.61 per rice marketer or N47.70 per Kilogram of rice. The study further revealed a marketing margin, marketing efficiency and return per naira invested on rice marketing to be 39.30%, 150.16% and N0.56, respectively. The result of regression analysis shows that age, sex and cost of transportation are positive and significantly affect marketing margin of rice marketers in Gombe Metropolis. However, the main constraints to rice marketing in Gombe metropolis include inadequate electricity, capital, high transportation cost, instability of prices and low patronage among others. The study recommends provision of adequate electrical power supply in the State especially the State capital and also encouraging rice marketers in Gombe metropolis to form cooperative societies so as to have easy access to credit facilities especially from the formal sources.

Keywords: rice marketers, milled rice, cost and return, marketing margin, efficiency, profitability

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Authors: Lim Poh Im

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This paper examines the current strategic and planning issues in the provision of affordable housing in urban centres in Malaysia from the perspective of sustainability. Sustainability here refers to social sustainability such as the need to address urban poverty and ensure better quality of life; economic sustainability in ensuring that the financial mechanisms are healthy and stable in the long-run, and to a lesser extent, environmental sustainability in reducing pollution related problems and building footprint. The Malaysian affordable housing sector has undergone tremendous transformations since the sixties, transcending from the earlier social housing catering to the poorer strata of the society, to the current state of housing woes plaguing the young urban middle class. The increase in urban land prices and construction costs, coupled with rampant property speculative and manipulative activities have resulted in situations of housing that are largely unaffordable even to the middle income sector of the urban populations. To overcome such scenario, the public as well as private sectors in the recent years, have came up with various intermediate, as well as medium-term policies aimed to curb the burning housing needs of the urban populations. Key strategies include financial intervention in regulating the interests rates, imposing property gain taxes; loosening the requirement for density and other planning requirements, faster approval of projects, compulsory contribution from developers, etc. Some of the policies are commendable, while others are ad-hoc by nature, and are not able to resolve the long-term socio-economic challenges. This paper discusses and examines the issues from the ‘sustainability’ perspective, focusing on key fiscal, land use and planning policies, as well as the more subtle (but important) political and institutional factors shaping the provision of mass housing for the urban populations in Malaysia.

Keywords: affordable housing, urban housing, sustainable housing, planning for urban housing

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Authors: Navid Mohammadzadeh, Huy Truong-Ba, Michael Cholette

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The solar tower (ST) plant is a promising technology to exploit large-scale solar irradiation. With thermal energy storage, ST plant has the potential to shift generation to high electricity price periods. However, the size of storage limits the dispatchability of the plant, particularly when it should compete with uncertainty in forecasts of solar irradiation and electricity prices. The purpose of this study is to explore the size of storage when Rolling Horizon Control (RHC) is employed for dispatch scheduling. To this end, RHC is benchmarked against perfect knowledge (PK) forecast and two day-ahead dispatching policies. With optimisation of dispatch planning using PK policy, the optimal achievable profit for a specific size of the storage is determined. A sensitivity analysis using Monte-Carlo simulation is conducted, and the size of storage for RHC and day-ahead policies is determined with the objective of reaching the profit obtained from the PK policy. A case study is conducted for a hypothetical ST plant with thermal storage located in South Australia and intends to dispatch under two market scenarios: 1) fixed price and 2) wholesale spot price. The impact of each individual source of uncertainty on storage size is examined for January and August. The exploration of results shows that dispatching with RH controller reaches optimal achievable profit with ~15% smaller storage compared to that in day-ahead policies. The results of this study may be applied to the CSP plant design procedure.

Keywords: solar tower plant, spot market, thermal storage system, optimized dispatch planning, sensitivity analysis, Monte Carlo simulation

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Authors: Olga Biedova, Victoria Steblovskaya, Kai Wallbaum

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In the current capital market environment, investors constantly face the challenge of finding a successful and stable investment mechanism. Highly volatile equity markets and extremely low bond returns bring about the demand for sophisticated yet reliable risk management strategies. Investors are looking for risk management solutions to efficiently protect their investments. This study compares a classic Constant Proportion Portfolio Insurance (CPPI) strategy to a Volatility Target portfolio insurance (VTPI). VTPI is an extension of the well-known Option Based Portfolio Insurance (OBPI) to the case where an embedded option is linked not to a pure risky asset such as e.g., S&P 500, but to a Volatility Target (VolTarget) portfolio. VolTarget strategy is a recently emerged rule-based dynamic asset allocation mechanism where the portfolio’s volatility is kept under control. As a result, a typical VTPI strategy allows higher participation rates in the market due to reduced embedded option prices. In addition, controlled volatility levels eliminate the volatility spread in option pricing, one of the frequently cited reasons for OBPI strategy fall behind CPPI. The strategies are compared within the framework of the stochastic dominance theory based on numerical simulations, rather than on the restrictive assumption of the Black-Scholes type dynamics of the underlying asset. An extended comparative quantitative analysis of performances of the above investment strategies in various market scenarios and within a range of input parameter values is presented.

Keywords: CPPI, portfolio insurance, stochastic dominance, volatility target

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Authors: Lyton Chithambo

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This paper reports the results of an investigation into the extent to which various stakeholder pressures influence voluntary disclosure of greenhouse-gas (GHG) emissions in the United Kingdom (UK). The study, which is grounded on institutional theory, also borrows from the insights of upper echelons theory and examines whether specific managerial (chief executive officer) characteristics explain and moderates various stakeholder pressures in explaining GHG voluntary disclosure. Data were obtained from the 2011 annual and sustainability reports of a sample of 216 UK companies on the FTSE350 index listed on the London Stock Exchange. Generally the results suggest that there is no substantial shareholder and employee pressure on a firm to disclose GHG information but there is significant positive pressure from the market status of a firm with those firms with more market share disclosing more GHG information. Consistent with the predictions of institutional theory, we found evidence that coercive pressure i.e. regulatory pressure and mimetic pressures emanating in some industries notably industrials and consumer services have a significant positive influence on firms’ GHG disclosure decisions. Besides, creditor pressure also had a significant negative relationship with GHG disclosure. While CEO age had a direct negative effect on GHG voluntary disclosure, its moderation effect on stakeholder pressure influence on GHG disclosure was only significant on regulatory pressure. The results have important implications for both policy makers and company boards strategizing to reign in their GHG emissions.

Keywords: greenhouse gases, voluntary disclosure, upper echelons theory, institution theory

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Authors: Nuno M. Pereira

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In the last thirty years, European cities have been addressing global climate change and its local impacts by implementing mitigation and adaptation strategies. Lisbon Downtown is no exception with 10 plans under implementation since 2010 with completion scheduled for 2030 valued 1 billion euros of public investment. However, the gap between mitigation and adaptation strategies is not yet sufficiently studied alongside with its nuances- vulnerability and risk mitigation, resilience and adaptation. In Lisbon Downtown, these plans are being implemented separately, therefore compromising the effectiveness of public investment. The research reviewed the common ground of mitigation and adaptation strategies of the theoretical framework and analyzed the current urban development actions in Lisbon Downtown in order to identify potential conflicts and synergies. The empirical fieldwork supported by a sounding board of experts has been developed during two years and the results suggest that the largest public investment in Lisbon on flooding mitigation will conflict with the new Cruise ship terminal and old Downton building stock, therefore increasing risk and vulnerability factors. The study concludes that the Lisbon Downtown blue infrastructure plan should be redesigned in some areas in a trans- disciplinary and holistic approach and that the current theoretical framework on climate change should focus more on mitigation and adaptation synergies articulating the gray, blue and green infrastructures, combining old knowledge tested by resilient communities and new knowledge emerging from the digital era.

Keywords: adaptation, climate change, conflict, Lisbon Downtown, mitigation, synergy

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Authors: Khalid Huwaydi Alshammari

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The paper examined the extent to which it was necessary for the Saudi Arabian Monetary Agency (SAMA), as a central bank, to update the Banking Control Law 1966 (BCL) in order to gain full independence, while ensuring that SAMA would have enough flexibility to develop the banking industry yet make sound decisions with regard to the issuance of new regulations related to banking supervision.Using a comparative study approach, the paper looked to find the best practices around these issues. The Bank of England, which was recently granted full independence, presented a good opportunity for a case study. The perspectives of the World Bank, the International Monetary Fund and commercial banks in Saudi Arabia are examined, including an analysis of their recommendations regarding SAMA regulations on banking supervision. This paper found several issues are important for SAMA as the central bank in a country which is a member of the G20, and which has recently faced unstable oil prices. The paper also discusses conflicts of interest which arose when the Saudi government became a shareholder in commercial banks while simultaneously regulating SAMA through the Ministry of Finance, resulting in a monopoly which disabled free competition in the banking market. The paper recommends further steps for SAMA to develop the banking industry, which is an important arm of Saudi’s economy, and examines the challenges SAMA faces in updating regulations such as the BCL under Sharia law. The author also suggests practical solutions to the difficulties. The paper found these difficulties could be avoiding them if SAMA focuses on Islamic banking product, and fixed the lacks of regulations of the related laws.

Keywords: Saudi Arabian monetary agency, comparative study, banking control law 1966, the bank of England

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Authors: Marc Evenst Jn Jacques, Sophie Bernard

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Electrical and electronic applications, as well as rechargeable batteries, are common in any economy. They also contain a number of important and valuable metals. It is critical to investigate the impact of these new materials or volume sources on the metal market dynamics. This paper investigates the impact of responsible recycling within the European region on metal price volatility. As far as we know, no empirical studies have been conducted to assess the role of metal recycling in metal market price volatility. The goal of this paper is to test the claim that metal recycling helps to cushion price volatility. A set of circular economy indicators/variables, namely, 1) annual total trade values of recycled metals, 2) annual volume of scrap traded and 3) circular material use rate, and 4) information about recycling, are used to estimate the volatility of monthly spot prices of regular metals. A combination of the GARCH-MIDAS model for mixed frequency data sampling and a simple GARCH (1,1) model for the same frequency variables was adopted to examine the potential links between each variable and price volatility. We discovered that from 2010 to 2019, except for Nickel, scrap consumption (Millions of tons), Scrap Trade Values, and Recycled Material use rate had no significant impact on the price volatility of standard metals (Aluminum, Lead) and precious metals (Gold and Platinum). Worldwide interest in recycling has no impact on returns or volatility. Specific interest in metal recycling did have a link to the mean return equation for Aluminum, Gold and to the volatility equation for lead and Nickel.

Keywords: recycling, circular economy, price volatility, GARCH, mixed data sampling

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Authors: Antoine Vikkey Hinson, Menonli Adjobimey, Gemayel Ahmed Biokou, Rose Mikponhoue

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Introduction: Construction industry is a critical concern with regard to Health and Safety Service worldwide. World health Organization revealed that work-related disease and trauma were held responsible for the death of one million nine hundred thousand people in 2016. The aim of this study it was to determine the prevalence and factors associated with the occurrence of work accidents in a construction industry in Benin. Method: It was a descriptive cross-sectional and analytical study. Data analysis was performed with R software 4.1.1. In multivariate analysis, we performed a binary logistic regression. OR adjusted (ORa) association measures and their 95% confidence interval [CI95%] were presented for the explanatory variables used in the final model. The significance threshold for all tests selected was 5% (p < 0.05) Result: In this study, 472 workers were included, and, of these, 452 (95.7%) were men corresponding to a sex ratio of 22.6. The average age of the workers was 33 years ± 8.8 years. Workers were mostly laborers (84.7%), and had declared having inadequate personal protective equipment (50.6%, n=239). The prevalence of work accidents is 50.8%. Collision with a rolling stock (25.8%), cut (16.2%), and stumbling (16.2%) were the main types of work accidents on the construction site. Four factors were associated with contributing to work accidents. Fatigue or exhaustion (ORa : 1.53[1.03 ; 2.28]); The use of dangerous tools (ORa : 1.81 [1.22 ; 2.71]); The various laborers’ jobs (ORa : 4.78 [2.62 ; 9.21]); and seniority in the company ≥ 4 years (ORa : 2.00 [1.35 ; 2.96]). Conclusion: This study allowed us to identify the associated factors. It is imperative to implement a rigorous policy of occupational health and security mostly the continuing training for workers safe, the supply of appropriate work tools and protective

Keywords: prevalence, work accident, associated factors, construction, benin

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Authors: Matteo Rossini, Alberto Portioli Staudacher

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The market competition is moving from the single firm to the whole supply chain one because of increasing competition and growing need for operational efficiencies and customer orientation. Supply chain management allows companies to look beyond their organizational boundaries to develop and leverage resources and capabilities of their supply chain partners. This leads to create competitive advantages in the marketplace and because of this SCM has acquired strategic importance. Lean Approach is a management strategy that focuses on reducing every type of waste present in an organization. This approach is becoming more and more popular among supply chain managers. The supply chain application of lean approach is low diffused. It is not well studied which are the impacts of lean approach principles in a supply chain context. In literature there are only few studies simulating the lean approach performance in single products supply chain. This research work studies the impacts of lean principles implementation along a supply chain. To achieve this, a simulation model of a three-echelon multiproduct product supply chain has been built. Kanban system (and several priority policies) and setup time reduction degrees are implemented in the lean-configured supply chain to apply pull and lot-sizing decrease principles respectively. To evaluate the benefits of lean approach, lean supply chain is compared with an EOQ-configured supply chain. The simulation results show that Kanban system and setup-time reduction improve inventory stock level. They also show that logistics efforts are affected to lean implementation degree. The paper concludes describing performances of lean supply chain in different contexts.

Keywords: inventory policy, Kanban, lean supply chain, simulation study, supply chain management, planning

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Authors: M. Sundaram, H. R. Sanath Kumar, A. Ramprakash

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Energy saving is a key sustainability focus area for the Indian telecom industry today. This is especially true in rural India where energy consumption contributes to 70 % of the total network operating cost. In urban areas, the energy cost for network operation ranges between 15-30 %. This expenditure on energy as a result of the lack of grid power availability highlights a potential barrier to telecom industry growth. As a result of this, telecom tower companies switch to diesel generators, making them the second largest consumer of diesel in India, consuming over 2.5 billion litres per annum. The growing cost of energy due to increasing diesel prices and concerns over rising greenhouse emissions have caused these companies to look at other renewable energy options. Even the TRAI (Telecom Regulation Authority of India) has issued a number of guidelines to implement Renewable Energy Technologies (RETs) in the telecom towers as part of its ‘Implementation of Green Technologies in Telecom Sector’ initiative. Our proposal suggests the implementation of a Programmable Logic Controller (PLC) based ‘optimisation controller’ that can not only efficiently utilize the energy from RETs but also help to conserve the power used in the telecom towers. When there are multiple RETs available to supply energy, this controller will pick the optimum amount of energy from each RET based on the availability and feasibility at that point of time, reducing the dependence on diesel generators. For effective maintenance of the towers, we are planing to implement a SCADA based monitoring system along with the ‘optimization controller’.

Keywords: operation costs, consumption of fuel and carbon footprint, implementation of a programmable logic controller (PLC) based ‘optimisation controller’, efficient SCADA based monitoring system

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Authors: H. Cano, P. Ferrer, N. Garcia, M. Popovic, J. Zapata

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Positive Reinforcement Training is a well-known methodology which has been reported frequently to be used in captive non-human primates. As a matter of fact, it is an invaluable tool for different purposes related with animal welfare, such as primate husbandry and environmental enrichment. It is also essential to perform some cognitive experiments. The main propose of this pilot study was to establish an efficient protocol to train captive olive baboons (Papio anubis). This protocol seems to be vital in the context of a larger research program in which it will be necessary to train a complete population of around 40 baboons. Baboons were studied at the Veterinary Research Farm of the University of Murcia. Temporally isolated animals were trained to perform three basic tasks. Firstly, they were required to take food prices directly from the researchers’ hands. Then a clicker sound or bridge stimulus was added each time the animal acceded to the reinforcement. Finally, they were trained to touch a target, consisted of a whip with a red ball in its end, with their hands or their nose. When the subject completed correctly this task, it was also exposed to the bridge stimulus and awarded with a food price, such as a portion of banana, orange, apple, peach or a raisin. Two protocols were tested during this experiment. In both of them, there were 6 series of 2min training periods each day. However, in the first protocol, the series consisted in 3 trials, whereas in the second one, in each series there were 5 trials. A reliable performance was obtained with only 6 days of training in the case of the 5-trials protocol. However, with the 3-trials one, 26 days of training were needed. As a result, the 5-trials protocol seems to be more effective than the 3-trials one, in order to teach these three basic tasks to olive baboons. In consequence, it will be used to train the rest of the colony.

Keywords: captive primates, olive baboon, positive reinforcement training, Papio anubis, training

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Authors: Yakubu Suleiman, S. A. Musa

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The research was conducted to determine the physical characteristics of banana fruits that influenced consumer preferences for the fruit in Northern Nigeria. Socio-economic characteristics of the respondents were also identified. Simple descriptive statistics and Hedonic prices model were used to analyze the data collected for socio-economic and consumer preference respectively with the aid of 1000 structured questionnaires. The result revealed the value of R2 to be 0.633, meaning that, 63.3% of the variation in the banana price was brought about by the explanatory variables included in the model and the variables are: colour, size, degree of ripeness, softness, surface blemish, cleanliness of the fruits, weight, length, and cluster size of fruits. However, the remaining 36.7% could be attributed to the error term or random disturbance in the model. It could also be seen from the calculated result that the intercept was 1886.5 and was statistically significant (P < 0.01), meaning that about N1886.5 worth of banana fruits could be bought by consumers without considering the variables of banana included in the model. Moreover, consumers showed that they have significant preference for colours, size, degree of ripeness, softness, weight, length and cluster size of banana fruits and they were tested to be significant at either P < 0.01, P < 0.05, and P < 0.1 . Moreover, the result also shows that consumers did not show significance preferences to surface blemish, cleanliness and variety of the banana fruit as all of them showed non-significance level with negative signs. Based on the findings of the research, it is hereby recommended that plant breeders and research institutes should concentrate on the production of banana fruits that have those physical characteristics that were found to be statistically significance like cluster size, degree of ripeness,’ softness, length, size, and skin colour.

Keywords: analysis, consumers, preference, variables

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Authors: Imkongtenla Pongen

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Self Help Groups (SGHs) are socio-commercial instruments in addressing urban poverty and strengthening livelihoods. Being a member of Self Help Group helped in mutual exchanges of ideas, develop risk taking behaviour, learns flexibility in planning of a programme, and interpersonal communication within the group. In the present study, an attempt has been made to examine the functions, characteristics and practices of Self Help Groups and its impact on sustainable development among the Ao Nagas of Alongkima, Nagaland, NorthEast India. They are a tribal group and racially belong to the Mongoloid stock and linguistically to the Tibeto-Burman group. They follow endogamous, patriarchal, and patrilineal system. Major characteristics of Self Help groups in this study are found to be team spirit and group cohesiveness. Such groups are found to be geared towards a number of self-sufficiency based business ventures. The problems faced in normal functioning of the groups are unpunctuality and the inability to attend a meeting by all the members .Participation in such groups has increased women’s influence over the economic resources and decision making in the household, improved self-confidence and living standard, capacity building, self- dependent and self-reliant with no educational and entrepreneurial background, generate savings and hone their skills as motivators and leaders. All these has enhanced her status in every sphere of life in par with the opposite gender. In a nutshell, we can say that what she cannot achieve as an individual, she can achieve as a member of a Self Help Group. Hence, we should try to develop mechanisms to guarantee the sustainability of Self Help Groups which depends on the way they can deal with both internal and external conflicts like globalization and competition from new markets.

Keywords: Ao nagas, microfinance, self help group, women empowerment

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Authors: Carlson Murray, Ali Lazrak

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Robust experimental evidence of systematic violations of expected utility (EU) establishes that individuals facing risk overweight utility from low probability gains and losses when making choices. These findings motivated development of models of preferences with probability weighting functions, such as rank dependent utility (RDU). We solve for the optimal investing strategy of an RDU investor in a dynamic binomial setting from which we derive implications for investing behavior. We show that relative to EU investors with constant relative risk aversion, commonly measured probability weighting functions produce optimal RDU terminal wealth with significant downside protection and upside exposure. We additionally find that in contrast to EU investors, RDU investors optimally choose a portfolio that contains fair bets that provide payo↵s that can be interpreted as lottery outcomes or exposure to idiosyncratic returns. In a calibrated version of the model, we calculate that RDU investors would be willing to pay 5% of their initial wealth for the freedom to trade away from an optimal EU wealth allocation. The dynamic trading strategy that supports the optimal wealth allocation implies portfolio weights that are independent of initial wealth but requires higher risky share after good stock return histories. Optimal trading also implies the possibility of non-participation when historical returns are poor. Our model fills a gap in the literature by providing new quantitative and qualitative predictions that can be tested experimentally or using data on household wealth and portfolio choice.

Keywords: behavioral finance, probability weighting, portfolio choice

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Authors: Avinash Kishore, Suman Chakrabarti

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In September 2013, the parliament of India enacted the National Food Security Act (NFSA) which entitles two-thirds of India’s population to five kilograms of rice, wheat or coarse cereals per person per month at one to three rupees per kilogram. Five states in India—Andhra Pradesh, Chhattisgarh, Tamil Nadu, Odisha and West Bengal—had already implemented somewhat similar changes in the TPDS a few years earlier using their own budgetary resources. They made rice—coincidentally, all five states are predominantly rice-eating—available in fair price shops to a majority of their population at very low prices (less than Rs.3/kg). This paper tries to account for the changes in household consumption patterns associated with the change in TPDS policy in these states using data from household consumption surveys by the National Sample Survey Organization (NSSO). NSS data show improvement in the coverage of TPDS and average off-take of grains from fair price shops between 2004-05 and 2009-10 across all states of India. However, the increase in coverage and off-take was significantly higher in four out of these five states than in the rest of India. An average household in these states purchased three kilos more rice per month from fair price shops than its counterpart in non-treated states as a result of more generous TPDS policies backed by administrative reforms. The increase in consumption of PDS rice was the highest in Chhattisgarh, the poster state of PDS reforms. Households in Chhattisgarh used money saved on rice to spend more on pulses, edible oil, vegetables and sugar and other non-food items. We also find evidence that making TPDS more inclusive and more generous is not enough unless it is supported by administrative reforms to improve grain delivery and control diversion to open markets.

Keywords: public distribution system, social safety-net, national food security act, diet quality, Chhattisgarh

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Authors: Adebayo A. Abimbola, Anifowose O. Joseph, Olanrewaju S. Taiwo

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Green building (GB) practices have the potential to save energy, save money, and improve the quality of human habitat. They can also contribute to water conservation, more efficient use of raw materials, and ecosystem health around the globe. The Intergovernmental Panel on Climate Change (IPCC) singled out the building sector as having the most cost-effective opportunities for reducing carbon emissions—in fact, many building-related opportunities are cost-neutral, or even cost-positive, to the building owner. These benefits have made green building practices the fastest-growing trend in the building industry, but they still represent only a fraction of new construction, and the enormous stock of existing buildings has barely been touched at all. To effectively deliver the kind of (GB) that can become a force for positive change at global, regional and local scales, all workforce sectors need new skills that are both technical and interpersonal in nature. A prominent bottleneck is seen to be education and training. This paper investigates the major gaps in current GB education and training offerings in Nigeria. A questionnaire survey was developed to capture the perception of construction professionals and academics in relevant professions regarding the significance of the identified gaps as it affects GB education and training. Based on Likert scale ranking, research result shows that perception of training in specific technical fields and financial benefits and evaluation are identified as the top gaps in GB training and education offerings. The paper concludes with suggestions and actions that can enhance capabilities of the GB workforce in Nigeria.

Keywords: education and training, gaps, green building, workforce

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Authors: Jyoti Ranjan Sahoo

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Communication is a social phenomenon which mediates to our everyday life and it creates, maintains, builds, circulates, and propagates for a common identity the society. The symbolic forms of communication such as aural, sounds, oral expressions, signs, and language as means of communication are being used in everyday life in helping to identify as construction of social reality. These symbolic forms of communication are treated as the social process in everyday life. Therefore, there is an intrinsic relationship between communication and culture to understand media life for village communities. Similarly, the interface of communication with social life is reflected upon it’s formulation of the notions of social structure and culture. It has been observed that there is an overlapping and new phenomenonal change of media life among marginalized communities in general and village communities in particular. Therefore, this paper is an outcome of decadal stock of literature and an empirical investigation on understanding of communication in a tribal village in India. It has examined the idea of American scientist Edward T. Hall “the culture is communication, and the communication is culture” in village society on understanding media life. Thus, the Harold Innis’s theoretical idea of “communication” has been critically examined in these contexts since author tries to explore and understand the inter-disciplinarity on understanding media life through communication and culture which is embedded in socio-cultural life bearing on epistemological and ontological implications. The paper tries to explore and understand the inter-disciplinary and historical trajectories of communication embedded with other social science disciplines; and also tries to map these studies relevant for the future directions and engagement which would have bearing on epistemological and ontological implications in the field of media and communication.

Keywords: culture, communication, history, media, oral, tradition

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Authors: Bita Mohajernia, R. J. Urbanic

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Mold making techniques have focused on meeting the customers’ functional and process requirements; however, today, molds are increasing in size and sophistication, and are difficult to manufacture, transport, and set up due to their size and mass. Presently, mold weight saving techniques focus on pockets to reduce the mass of the mold, but the overall size is still large, which introduces costs related to the stock material purchase, processing time for process planning, machining and validation, and excess waste materials. Reducing the overall size of the mold is desirable for many reasons, but the functional requirements, tool life, and durability cannot be compromised in the process. It is proposed to use Finite Element Analysis simulation tools to model the forces, and pressures to determine where the material can be removed. The potential results of this project will reduce manufacturing costs. In this study, a light weight structure is defined by an optimal distribution of material to carry external loads. The optimization objective of this research is to determine methods to provide the optimum layout for the mold structure. The topology optimization method is utilized to improve structural stiffness while decreasing the weight using the OptiStruct software. The optimized CAD model is compared with the primary geometry of the mold from the NX software. Results of optimization show an 8% weight reduction while the actual performance of the optimized structure, validated by physical testing, is similar to the original structure.

Keywords: finite element analysis, plastic injection molding, topology optimization, weight reduction

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Authors: Selina Schwaabe

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Community pharmacies deliver high-quality health care and are responsible for medication safety. During the pandemic, accessibility to the nearest pharmacy became more essential to get vaccinated against Covid-19 and to get medical aid. The government's goal is to ensure nationwide, reachable, and affordable medical health care services by pharmacies. Therefore, the density of community pharmacies matters. Overall, the density of community pharmacies is fluctuating, with slightly decreasing tendencies in some countries. So far, the literature has shown that changes in the system affect prices and density. However, a European overview of the development of the density of community pharmacies and its triggers is still missing. This research is essential to counteract against decreasing density consulting in a lack of professional health care through pharmacies. The analysis focuses on liberal versus regulated market structures, mail-order prescription drug regulation, and third-party ownership consequences. In a panel analysis, the relative influence of the measures is examined across 27 European countries over the last 21 years. In addition, the paper examines seven selected countries in depth, selected for the substantial variance in their pharmacy system: Germany, Austria, Portugal, Denmark, Sweden, Finland and Poland. Overall, the results show that regulated pharmacy markets have over 10.75 pharmacies/100.000 inhabitants more than liberal markets. Further, mail-order prescription drugs decrease the density by -17.98 pharmacies/100.000 inhabitants. Countries allowing third-party ownership have 7.67 pharmacies/100.000 inhabitants more. The results are statistically significant at a 0.001 level. The output of this analysis recommends regulated pharmacy markets, with a ban on mail-order prescription drugs allowing third-party ownership to support nationwide medical health care through community pharmacies.

Keywords: community pharmacy, market conditions, pharmacy, pharmacy market, pharmacy lobby, prescription, e-prescription, ownership structures

Procedia PDF Downloads 104

Authors: Vera Marcantonio, Marcello De Falco, Mauro Capocelli, Álvaro Amado-Fierro, Teresa A. Centeno, Enrico Bocci

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Concerns about energy security, energy prices, and climate change led scientific research towards sustainable solutions to fossil fuel as renewable energy sources coupled with hydrogen as an energy vector and carbon capture and conversion technologies. Among the technologies investigated in the last decades, biomass gasification acquired great interest owing to the possibility of obtaining low-cost and CO₂ negative emission hydrogen production from a large variety of everywhere available organic wastes. Upstream and downstream treatment were then studied in order to maximize hydrogen yield, reduce the content of organic and inorganic contaminants under the admissible levels for the technologies which are coupled with, capture, and convert carbon dioxide. However, studies which analyse a whole process made of all those technologies are still missing. In order to fill this lack, the present paper investigated the coexistence of hydrothermal carbonization (HTC), sorption enhance gasification (SEG), hot gas cleaning (HGC), and CO₂ conversion by dielectric barrier discharge (DBD) plasma reactor for H₂ production from biomass waste by means of Aspen Plus software. The proposed model aimed to identify and optimise the performance of the plant by varying operating parameters (such as temperature, CaO/biomass ratio, separation efficiency, etc.). The carbon footprint of the global plant is 2.3 kg CO₂/kg H₂, lower than the latest limit value imposed by the European Commission to consider hydrogen as “clean”, that was set to 3 kg CO₂/kg H₂. The hydrogen yield referred to the whole plant is 250 gH₂/kgBIOMASS.

Keywords: biomass gasification, hydrogen, aspen plus, sorption enhance gasification

Procedia PDF Downloads 56

Authors: Silvia Arrate, Waldo Salud, Eloy París

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The wear of cutting tools is one of the most decisive elements when planning tunneling works, programming the maintenance stops and saving the optimum stock of spare parts during the evolution of the excavation. Being able to predict the behavior of cutting tools can give a very competitive advantage in terms of costs and excavation performance, optimized to the needs of the TBM itself. The incredible evolution of data science in recent years gives the option to implement it at the time of analyzing the key and most critical parameters related to machinery with the purpose of knowing how the cutting head is performing in front of the excavated ground. Taking this as a case study, Metro Line 3 of Guadalajara in Mexico will develop the feasibility of using Specific Energy versus data science applied over parameters of Torque, Penetration, and Contact Force, among others, to predict the behavior and status of cutting tools. The results obtained through both techniques are analyzed and verified in the function of the wear and the field situations observed in the excavation in order to determine its effectiveness regarding its predictive capacity. In conclusion, the possibilities and improvements offered by the application of digital tools and the programming of calculation algorithms for the analysis of wear of cutting head elements compared to purely empirical methods allow early detection of possible damage to cutting tools, which is reflected in optimization of excavation performance and a significant improvement in costs and deadlines.

Keywords: cutting tools, data science, prediction, TBM, wear

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Authors: Mustapha Saidu, Bilyaminu Mohammed

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The study was conducted in Udubo Grazing Reserve between July 2019 and October 2019 to assess forage utilization for pasture-based livestock production in reserve. The grazing land was cross-divided into grids, where 15 coordinates were selected as the sample points. Grids of one-kilometer interval were made. The grids were systematically selected 1 grid after 7 grids. 1 × 1-meter quadrat was made at the coordinate of the selected grids for measurement, estimation, and sample collection. The results of the study indicated that Zornia glochidiatah has the highest percent of species composition (42%), while Mitracarpus hirtus has the lowest percent (0.1%). Urochloa mosambicensis has 48 percent of height removed and 27 percent used by weight, Zornia glochidiata 60 percent of height removed and 57 percent used by weight, Alysicapus veginalis has 55 percent of height removed, and 40 percent used by weight, and Cenchrus biflorus has 40 percent of height removed and 28 percent used by weight. The target is 50 percent utilization of forage by weight during a grazing period as well as at the end of the grazing season. The study found that Orochloa mosambicensis, Alysicarpus veginalis, and Cenchrus biflorus had lower percent by weight which is normal, while Zornia glochidiata had a higher percent by weight which is an indication of danger. The study recommends that the identification of key plant species in pasture and rangeland is critical to implementing a successful grazing management plan. There should be collective action and promotion of historically generated grazing knowledge through public and private advocacies.

Keywords: forage, grazing reserve, live stock, pasture, plant species

Procedia PDF Downloads 63

Authors: Rogelio Omar Corona-Núñez, Alma Mendoza-Ponce

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The Tropical Dry Forest not only is one of the most important tropical ecosystems in terms of area, but also it is one of the most degraded ecosystems. However, little is known about the degradation impacts on carbon stocks, therefore in carbon emissions. There are different studies which explain its deforestation dynamics, but there is still a lack of understanding of how they correlate to carbon losses. Recently different authors have built current biomass maps for the tropics and Mexico. However, it is not clear how well they predict at the local scale, and how they can be used to estimate carbon emissions. This study quantifies the forest net carbon losses by comparing the potential carbon stocks and the different current biomass maps in the Southern Pacific coast in Oaxaca, Mexico. The results show important differences in the current biomass estimates with not a clear agreement. However, by the aggregation of the information, it is possible to infer the general patterns of biomass distribution and it can identify the driving forces of the carbon emissions. This study estimated that currently ~44% of the potential carbon stock estimated for the region is still present. A total of 6,764 GgC has been emitted due to deforestation and degradation of the forest at a rate of above ground biomass loss of 66.4 Mg ha-1. Which, ~62% of the total carbon emissions can be regarded as being due to forest degradation. Most of carbon losses were identified in places suitable for agriculture, close to rural areas and to roads while the lowest losses were accounted in places with high water stress and within the boundaries of the National Protected Area. Moreover, places not suitable for agriculture, but close to the coast showed carbon losses as a result of urban settlements.

Keywords: above ground biomass, deforestation, degradation, driving forces, tropical deciduous forest

Procedia PDF Downloads 158

Authors: Lajmi Azhaar, Yab Mdallelah

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This study examines the Tunisian market in which recent events, notably financial scandals, provide an appropriate framework for studying the impact of corporate governance on the audit report lag. Moreover, very little research has been done to examine this relationship in this context. The objective of this work is, therefore, to understand the factors influencing audit report lag, drawing primarily on agency theory (Jensen and Meckling, 1976), which shows that the characteristics of the board of directors have an impact on the report lag (independence, diligence, and size). In addition, the characteristics of the committee also have an impact on the audit report lag (size, independence, diligence, and expertise). Therefore, our research provides empirical evidence on the impact of governance mechanisms attributes on audit report lag. Using a sample of forty-seven (47) Tunisian companies listed on the Tunis Stock Exchange (BVMT) during the period from 2014 to 2019, and basing on the GMM method of the dynamic panel, multivariate analysis shows that most corporate governance attributes have a significant effect on audit report lag. Specifically, the audit committee diligence and the audit committee expertise have a significant and positive effect on audit report lag. But the diligence of the board has a significant and negative effect on audit report lag. However, this study finds no evidence that the audit committee independence, the size, independence, and diligence of the director’s board are associated with the audit report lag. In addition, the results of this study also show that there is a significant effect of some control variables. Finally, we are contributing to this study by using the GMM method of the dynamic panel. We are also using an emerging context that is very poorly developed and exploited by previous studies.

Keywords: governance mechanisms, audit committee, board of directors, audit report lag

Procedia PDF Downloads 144

Authors: M. Stewart, Ameer Al-Khaykan, J. M. Counsell

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Emissions are a consequence of electricity generation. A major option for low carbon generation, local energy systems featuring Combined Heat and Power with solar PV (CHPV) has significant potential to increase energy performance, increase resilience, and offer greater control of local energy prices while complementing the UK’s emissions standards and targets. Recent advances in dynamic modelling and simulation of buildings and clusters of buildings using the IDEAS framework have successfully validated a novel multi-vector (simultaneous control of both heat and electricity) approach to integrating the wide range of primary and secondary plant typical of local energy systems designs including CHP, solar PV, gas boilers, absorption chillers and thermal energy storage, and associated electrical and hot water networks, all operating under a single unified control strategy. Results from this work indicate through simulation that integrated control of thermal storage can have a pivotal role in optimizing system performance well beyond the present expectations. Environmental impact analysis and reporting of all energy systems including CHPV LES presently employ a static annual average carbon emissions intensity for grid supplied electricity. This paper focuses on establishing and validating CHPV environmental performance against conventional emissions values and assessment benchmarks to analyze emissions performance without and with an active thermal store in a notional group of non-domestic buildings. Results of this analysis are presented and discussed in context of performance validation and quantifying the reduced environmental impact of CHPV systems with active energy storage in comparison with conventional LES designs.

Keywords: CHPV, thermal storage, control, dynamic simulation

Procedia PDF Downloads 217

Authors: Adenike O. Olatunji-Akioye, Emmanual B Farayola

Abstract:

In order to improve the animal protein recommended daily intake of Nigerians, there is an upsurge in breeding of hitherto shunned food animals one of which is the rabbit. Radiography and ultrasonography are tools for diagnosing disease and evaluating the anatomical architecture of parts of the body non-invasively. As the rabbit is becoming a more important food animal, to achieve improved breeding of these animals, the best of the species form a breeding stock and will usually depend on breeding soundness which may be evaluated by assessment of the male reproductive organs by these tools. Four male intact rabbits weighing between 1.2 to 1.5 kg were acquired and acclimatized for 2 weeks. Dorsoventral views of the testes were acquired using a digital radiographic machine and a 5 MHz portable ultrasound scanner was used to acquire images of the testes in longitudinal, sagittal and transverse planes. Radiographic images acquired revealed soft tissue images of the testes in all rabbits. The testes lie in individual scrotal sacs sides on both sides of the midline at the level of the caudal vertebrae and thus are superimposed by caudal vertebrae and the caudal limits of the pelvic girdle. The ultrasonographic images revealed mostly homogenously hypoechogenic testes and a hyperechogenic mediastinum testis. The dorsal and ventral poles of the testes were heterogeneously hypoechogenic and correspond to the epididymis and spermatic cord. The rabbit is unique in the ability to retract the testes particularly when stressed and so careful and stressless handling during the procedures is of paramount importance. The imaging of rabbit testes can be safely done using both imaging methods but ultrasonography is a better method of assessment and evaluation of soundness for breeding.

Keywords: breeding soundness, rabbit, radiography, ultrasonography

Procedia PDF Downloads 112