Search results for: capital market financing

Authors: Darrol Stanley, Levan Efremidze, Jannie Rossouw

Abstract:

We investigate the predictability of the USD/ZAR (South African Rand) exchange rate with sample entropy analytics for the period of 2004-2015. We calculate sample entropy based on the daily data of the exchange rate and conduct empirical implementation of several market timing rules based on these entropy signals. The dynamic investment portfolio based on entropy signals produces better risk adjusted performance than a buy and hold strategy. The returns are estimated on the portfolio values in U.S. dollars. These results are preliminary and do not yet account for reasonable transactions costs, although these are very small in currency markets.

Keywords: currency trading, entropy, market timing, risk factor model

Procedia PDF Downloads 260

Authors: Chiara De Amicis, Sonia Falconieri, Mesut Tastan

Abstract:

In this study, we analyze the language employed by Chief Executive Officers (CEOs) and Chief Financial Officers (CFOs) during earnings conference calls from a gender perspective. We find evidences that conference calls held by female CEOs and/or CFOs exhibit a higher level of optimism compared to conference calls held by male CEOs and/or CFOs. Moreover, female managers tend to present and discuss firm performances with less vagueness as compared to their male colleagues. We then observe the market reaction around each earnings conference call: while manager optimism is perceived as a good signal by investors, manager vagueness significantly dampens the market reaction around the call. Whether the gender of the CEO and/or the CFO delivering the conference call affects investors’ perceptions about the firm performance is still an open question. Some evidences show that the language employed by female managers conveys more valuable information for market participants as compared to the language employed by their male counterparts. This study contributes to a growing literature in finance and accounting that uses textual analysis to assess the informativeness of corporate disclosure. To our knowledge, this is the first paper that aims at answering the question whether the gender of firm’s top managers does matter when it comes to assess the informativeness of corporate spoken communication. We believe that our results will be of relevance for future research in the field. Moreover, our evidence may be used in support of the debate if a larger participation by women in the management of companies should be encouraged or not.

Keywords: conference calls, even study, gender, market reaction, textual analysis

Procedia PDF Downloads 189

Authors: Bedilu Tafesse

Abstract:

Conservation of crop genetic resources presents a challenge of identifying specific determinants driving maintenance of diversity at farm and agroecosystems. The objectives of this study were to identify socioeconomic, market and agroecological determinants of farmers’ maintenance of wheat diversity at the household level and derive implications for policies in designing on-farm conservation programs. We assess wheat diversity at farm level using household survey data. A household decision making model is conceptualized using microeconomic theory to assess and identify factors influencing on-farm rice diversity. The model is then tested econometrically by using various factors affecting farmers’ variety choice and diversity decisions. The findings show that household-specific socioeconomic, agroecological and market factors are important in determining on-farm wheat diversity. The significant variables in explaining richness and evenness of wheat diversity include distance to the nearest market, subsistence ratio, modern variety sold, land types and adult labour working in agriculture. The statistical signs of the factors determining wheat diversity are consistent in explaining the richness, dominance and evenness among rice varieties. Finally, the study implies that the cost-effective means of promoting and sustaining on-farm conservation programmes is to target them in market isolated geographic locations of high crop diversity where farm households have more heterogeneity of agroecological conditions and more active family adult labour working on-farm.

Keywords: diversity indices, dominance, evenness, on-farm conservation, wheat diversity, richness

Procedia PDF Downloads 301

Authors: Isabela Romanha de Alcantara, Jose Eustaquio Ribeiro Vieira Filho, Jose Garcia Gasques

Abstract:

Innovation and technology can be determinant factors to ensure agricultural and sustainable growth, as well as productivity gains. Technical change has contributed considerably to supply agricultural expansion in Brazil. This agricultural growth could be achieved by incorporating more land or capital. If capital is the main source of agricultural growth, it is possible to increase production per unit of land. The objective of this paper is to estimate: 1) total factor productivity (TFP), which is measured in terms of the rate of output per unit of input; and 2) the land-saving effect (LSE) that is the amount of land required in the case that yield rate is constant over time. According to this study, from 1990 to 2019, it appears that 87 percent of Brazilian agriculture product growth comes from the gains of productivity; the rest of 13 percent comes from input growth. In the same period, the total LSE was roughly 400 Mha, which corresponds to 47 percent of the national territory. These effects reflect the greater efficiency of using productive factors, whose technical change has allowed an increase in agricultural production based on productivity gains.

Keywords: agriculture, land-saving effect, livestock, productivity

Procedia PDF Downloads 226

Authors: T. Holecki, J. Wozniak-Holecka, P. Romaniuk

Abstract:

Due to the highly centralized model of financing health care in Poland, local self-government rarely undertook their own initiatives in the field of public health, particularly health promotion. However, since 2017 the possibility of applying for a subsidy to health policy programs has been allowed, with the additional resources to be retrieved from the National Health Fund, which is the dominant payer in the health system. The amount of subsidy depends on the number of inhabitants in a given unit and ranges about 40% of the total cost of the program. The aim of this paper is to assess the impact of newly implemented solutions in financing health policy on the management of public finances, as well as on the activity provided by local self-government in health promotion. An effort to estimate the amount of expenses that both local governments, and the National Health Fund, spent on local health policy programs while implementing the new solutions. The research method is the analysis of financial data obtained from the National Health Fund and from local government units, as well as reports published by the Agency for Health Technology Assessment and Pricing, which holds substantive control over the health policy programs, and releases permission for their implementation. The study was based on a comparative analysis of expenditures on the implementation of health programs in Poland in years 2010-2018. The presentation of the results includes the inclusion of average annual expenditures of local government units per 1 inhabitant, the total number of positively evaluated applications and the percentage share in total expenditures of local governments (16 voivodships areas). The most essential purpose is to determine whether the assumptions of the subsidy program are working correctly in practice, and what are the real effects of introducing legislative changes into local government levels in the context of public health tasks. The assumption of the study was that the use of a new motivation tool in the field of public management would result in multiplication of resources invested in the provision of health policy programs. Preliminary conclusions show that financial expenditures changed significantly after the introduction of public funding at the level of 40%, obtaining an increase in funding from own funds of local governments at the level of 80 to 90%.

Keywords: health care system, health policy programs, local self-governments, public health management

Procedia PDF Downloads 149

Authors: A. A. Adebayo, A. O. Ogunkeyede, A. O. Adeigbe

Abstract:

Digital globalisation and yarn of Nigeria society to overcome the digital divide have resulted in contamination of soil by heavy metals (HMs) from e-waste activities at Alaba international market, Lagos, Nigeria. The aim of this research was to determine the concentration of various metals {Cadmium (Cd), Chromium (Cr), Copper (Cu), and Lead (Pb)} and identify their ecological and health risks for the people within the study area. A total of 60 soil samples were collected at Alaba market study area. Two types of samples were collected from each sampling points: topsoil (0-15 cm), subsoil (15 -30 cm). The metal concentration results showed that the soils were heavily contaminated by HMs at topsoil and subsoil. The geoaccummulation and ecological risk indices revealed high pollution level from all studied site. The health risk assessment results suggested that there is high possibility of carcinogenic risk to humans because the carcinogenic risk via corresponding exposure pathways exceeded the safety limit of 10-6 (the acceptable level of carcinogenic risk for human). Furthermore, inhalation of soil particles is the main exposure pathway for Cr to enter the human body for all ages. Children in the vicinity are exposed more to ingestion of Pb since they tend to eat earth (pica) and repeatedly suck their fingers. This study provides basic information to create awareness for a need to introduce pollution control measures and the need to protect the ecosystem and human health within the study area at Alaba international market.

Keywords: contaminated soil, ecological risk, hazard index, risk factor, exposure pathways, heavy metals

Procedia PDF Downloads 248

Authors: Jun Ha Whang

Abstract:

As New York City weathers a swelling 'affordability crisis' marked by rapid transformation in land development and urban culture, much of the associated scholarly debate has turned to questions of the underlying mechanisms of gentrification. Though classically approached from the point of view of urban planning, increasingly these questions have been addressed with an eye to understanding the role of cultural capital in neighborhood valuation. This paper will examine the construction of an artist-specific affordable housing development in the Spanish Harlem neighborhood of Manhattan in order to identify and discuss several cultural parameters of gentrification. This study’s goal is not to argue that the development in question, named Art space PS 109, straightforwardly increases or decreases the rate of gentrification in Spanish Harlem, but rather to study dynamics present in the construction of Art space PS 109 as a case study considered against the broader landscape of gentrification in New York, particularly with respect to the impact of artist communities on housing supply. In the end, what Art space PS 109 most valuably offers us is a reference point for a comparative analysis of affordable housing strategies currently being pursued within municipal government. Our study of Art space PS 109 has allowed us to examine a microcosm of the city’s response and evaluate its overall strategy accordingly. As a base line, the city must aggressively pursue an affordability strategy specifically suited to the needs of each of its neighborhoods. It must also conduct this in such a way so as not to undermine its own efforts by rendering them susceptible to the exploitative involvement of real estate developers seeking to identify successive waves of trendy neighborhoods. Though Art space PS 109 offers an invaluable resource for the city’s legitimate aim of preserving its artist communities, with such a high inclusion rate of artists from outside of the community the project risks additional displacement, strongly suggesting the need for further study of the implications of sites of cultural capital for neighborhood planning.

Keywords: artist housing, displacement, east Harlem, urban planning

Procedia PDF Downloads 156

Authors: Layal Mansour

Abstract:

This paper breaks down Egypt’s financial crisis by constructing a customized financial stress index by including the vulnerable economic indicator “dollarization” as a vulnerable indicator in the credit and exchange sector. The Financial Stress Index for Egypt (FSIE) includes informative vulnerable indicators of the main financial sectors: the banking sector, the equities market, and the foreign exchange market. It is calculated on a monthly basis from 2010 to December 2022, so to report the two recent world’s most devastating financial crises: Covid 19 crisis and Ukraine-Russia War, in addition to the local 2016 and 2022 financial crises. We proceed first by a graphical analysis then by empirical analysis in running under Vector Autoregression (VAR) Model, dynamic causality tests between foreign reserves, dollarization rate, and FSIE. The graphical analysis shows that unexpectedly, Egypt’s economy seems to be immune to internal economic/political instabilities, however it is highly exposed to the foreign and exchange market. Empirical analysis confirms the graphical observations and proves that dollarization, or more precisely debt in foreign currency seems to be the main trigger of Egypt’s current financial crisis.

Keywords: egypt, financial crisis, financial stress index, dollarization, VAR model, causality tests

Procedia PDF Downloads 81

Authors: Ameen Alshugaa, Abul Mansur Masih

Abstract:

This paper sheds light on the economic impacts of political uncertainty caused by the civil uprisings that swept the Arab World and have been collectively known as the Arab Spring. Measuring documented effects of political uncertainty on regional stock market indices, we examine the impact of the Arab Spring on the volatility of stock markets in eight countries in the Middle East and North Africa (MENA) region: Egypt, Lebanon, Jordon, United Arab Emirate, Qatar, Bahrain, Oman and Kuwait. This analysis also permits testing the existence of financial contagion among equity markets in the MENA region during the Arab Spring. To capture the time-varying and multi-horizon nature of the evidence of volatility and contagion in the eight MENA stock markets, we apply two robust methodologies on consecutive data from November 2008 to March 2014: MGARCH-DCC, Continuous Wavelet Transforms (CWT). Our results indicate two key findings. First, the discrepancies between volatile stock markets of countries directly impacted by the Arab Spring and countries that were not directly impacted indicate that international investors may still enjoy portfolio diversification and investment in MENA markets. Second, the lack of financial contagion during the Arab Spring suggests that there is little evidence of cointegration among MENA markets. Providing a general analysis of the economic situation and the investment climate in the MENA region during and after the Arab Spring, this study bear significant importance for policy makers, local and international investors, and market regulators.

Keywords: Portfolio Diversification , MENA Region , Stock Market Indices, MGARCH-DCC, Wavelet Analysis, CWT

Procedia PDF Downloads 286

Authors: J. Wozniak-Holecka, T. Holecki, P. Romaniuk

Abstract:

Spa facilities are being perceived as the ways of healing treatment in Poland and are guaranteed within the public financing. The universal health insurance (National Health Fund, NFZ), and the disability prevention programme held by Social Insurance Institution (ZUS) are the main sources of financing spa facilities. The dominant public payer of spa services is the NFZ. The Social Insurance Institution covers the cost of health treatment realized in spa facilities as medical rehabilitation, in the field of disability prevention. Health services delivered in the spa resorts are characterized by complexity, and the combination of various methods, typical for health prevention, education, balneotherapy, and physiotherapy. Healing with natural methods, believed to enhance the therapeutic effect, is also involved in health spa treatment. Regardless of the type of facility, each form of spa treatment includes health promotion, health education, prevention at all levels, including rehabilitation. The aim of the study was to determine the optimal organization of health education process. Its efficiency strongly depends on the type of service provider and the funding institution (NFZ vs ZUS). It results from the use of different measures of the effectiveness, the quality and the evaluation of the process being assessed by funding institutions. The methods of the study include a comparative and descriptive quantitative and qualitative analysis. In the empirical part, a questionnaire had been developed. It was then distributed among spa personnel, responsible directly for the health promotion, and among patients who are beneficiaries of health services in spa centers. The quantitative part of the study was based on interviews carried with the use of the online survey (CAWI: Computer-Assisted Web Interview), telephone survey (CATI: Computer-Assisted Telephone Interview) and a conventional questionnaire (PAPI: Paper over Pencil Interview). As a result of the conducted research, it was found that the effectiveness of health education activities in spa resort facilities in Poland is higher when the services are organized using structured tools for managerial control. This applies to formalized procedures implemented by one of the dominant payers covering costs of services (ZUS) and involves the application of health education as one of the mandatory elements of treatment, subjected to the process of control during the course of spa therapy and evaluation after it is completed.

Keywords: effectiveness, health education, public health system, spa treatment

Procedia PDF Downloads 140

Authors: Samuel Capintero

Abstract:

Public-private partnerships (PPP) arrangements have emerged all around the world as a response to infrastructure deficits and the need to refurbish existing infrastructure. During the last decade, the Spanish companies have dominated the international market of PPP projects in Latin America, Western Europe and North America, particularly in the transportation sector. Arguably, one of the most influential factors has been the organizational structure of the concessionaire implemented by the Spanish consortiums. The model followed by most Spanish groups has been a bundled model, where the concessionaire integrates the functions of concessionaire, construction and operator companies. This paper examines this model and explores how it has provided the Spanish companies with a comparative advantage in the international PPP market.

Keywords: PPP, project management, concessionaire, concession, infrastructure, construction

Procedia PDF Downloads 374

Authors: Michael Adedotun Oke

Abstract:

In Nigeria, Bamboo is one of the most socioeconomically beneficial farming crops, with yearly investment returns of up to N1.6 million. Growing bamboo is a fantastic long-term investment. It may self-renew for up to 70 years and is durable, long-lasting, and environmentally friendly; through an oral interview with the sellers, usage examples, and visual depiction to support those examples, The paper was able to discuss the different uses for bamboo. The various field observations in Federal Capital Territory, including the electric poles, buildings, paper production, and decoration, from picture frames to room dividing screens, bamboo can make some elegant and exotic decorations for the home, building, furniture, cooking, agriculture, instrument, in construction for flooring, roofing designing, scaffolding, garden planting, even to control erosion and slope stabilization in erosion are observed. The use of it is multiplexed with straightforward man-made technology, in contrast. 'This study wants more innovative practices that will be able to make it lucrative for business purposes and sustainability of the process. Although there are various uses and requirements for growing bamboo successfully, it is advised to receive the proper training and in-depth understanding of the growth and management procedures. Consult an experienced bamboo farmer for help.

Keywords: bamboo, use, Nigeria, socioeconomically

Procedia PDF Downloads 57

Authors: Karolína Vozková, Matěj Kuc

Abstract:

This paper deals with the impact of decrease in interest rates on the performance of commercial and cooperative banks in the Eurozone measured by net interest margin. The analysis was performed on balanced dataset of 268 commercial and 726 cooperative banks spanning the 2008-2015 period. We employed Fixed Effects estimation panel method. As expected, we found a negative relationship between market rates and net interest margin. Our results suggest that the impact of negative interest income differs across individual banking business models. More precisely, those cooperative banks were much more hit by the decrease of market interest rates which might be due to their ownership structure and more restrictive business regulation.

Keywords: cooperative banks, performance, negative interest rates, risk management

Procedia PDF Downloads 175

Authors: Hien T. T. Ho, Tsunemi Watanabe

Abstract:

The regulatory and market pressures on the restriction of nonylphenol and its ethoxylates in textile articles have confronted the textile manufacturers, particularly those in developing countries. This study aimed to examine the tentative behavior of the textile manufacturers in Vietnam from the perspectives of attitude and the perceptions of technical and organizational adaptabilities, risks, benefits, and barriers. Personal interviews were conducted with five technical specialists from four textile firms and one chemical supplier. The environmental regulatory and market situations regarding the chemical use in Vietnam were also described. The findings revealed two main opposing trends of chemical substitution depending on the market orientation of firms that governed the patterns of risk and benefit perception. The indirect influence of perceived adaptabilities on firm tentative behavior through perceived risks was elucidated, which initiated a conceptual model of firm’s behavior combining the organizational-based and the rational-based relationships. The intermediary role of non-governmental textile and garment industrial/ trade associations is highlighted to strengthen private firm’s informative capacity.

Keywords: firm behavior, institutional analysis, organizational adaptation, technical adaptation

Procedia PDF Downloads 160

Authors: Milind Bharambe, Chander Shekhar

Abstract:

India is a vast country with its 1.21 billion population at the dawn of new decade, which accounts for one sixth of the global human capital in the world today. It is well known that health expenditure in India is dominated by private spending. This is an unfortunate consequence of India’s development because of large positive externality associated with health spending, which make health a merit good. This paper has used data from NSSO and Indian Government’s spending on health as reported by Ministry of Health and Family Welfare. Understanding of the dynamism of age-structure of the population would greatly optimize the expenditure on health care services. A country with good public health indicators is bound to possess good human capital which is an asset to the economic growth and indicator of development status of country. The paper tries to present the linkages between the health expenditure incurred by different states at various levels of demographic transition levels and the efficiency in utilization of health expenditure. It also looks into the way in which allocative efficiency health services can be improved. Paper tries to explore the per capita spending on health and how the demographic transition taking place in different states of India affect the required quantity and quality of health services.

Keywords: age structure, demographic transition, health expenditure, morbidity

Procedia PDF Downloads 396

Authors: Jan Cernohorsky

Abstract:

This article aims to assess the evolution of imperfect competition in selected banking markets, in particular in the banking markets of Slovakia, Poland, Hungary, Slovenia and Croatia. Another objective is to assess the evolution of the relationship of imperfect competition and profit development in the banking markets. The article first provides an overview of literature on the topic. It then measures the degree of imperfect competition in individual markets using the Herfindahl-Hirschman Index. The commonly used indicator of total assets was chosen as an indicator. Based on this measurement, the individual banking sectors are categorized into theoretical definitions of the various types of imperfect competition - namely all surveyed banking sectors falling within the theoretical definition of monopolistic competition. Subsequently, using correlation analysis, i.e., the Pearson correlation coefficient, or the Spearman correlation coefficient, the connection between the evolution of imperfect competition and the development of the gross profit on selected banking markets was surveyed. It was found that with the exception of the banking market in Slovenia, where there is a positive correlation; there is no correlation between the evolution of imperfect competition and profit development in the selected markets. This means a recommendation for the regulators that it is not appropriate to rationalize a higher degree of regulation in granting banking licenses on the size of the profits attained in the banking market, as the relationship between the degree of concentration in the banking market and the amount of profit according to our measurements does not exist.

Keywords: bank, banking system, imperfect competition, profitability

Procedia PDF Downloads 280

Authors: Rachel Y. Zhang, Christopher K. Anderson

Abstract:

A critical aspect of revenue management is a firm’s ability to predict demand as a function of price. Historically hotels have used simple time series models (regression and/or pick-up based models) owing to the complexities of trying to build casual models of demands. Machine learning approaches are slowly attracting attention owing to their flexibility in modeling relationships. This study provides an overview of approaches to forecasting hospitality demand – focusing on the opportunities created by machine learning approaches, including K-Nearest-Neighbors, Support vector machine, Regression Tree, and Artificial Neural Network algorithms. The out-of-sample performances of above approaches to forecasting hotel demand are illustrated by using a proprietary sample of the market level (24 properties) transactional data for Las Vegas NV. Causal predictive models can be built and evaluated owing to the availability of market level (versus firm level) data. This research also compares and contrast model accuracy of firm-level models (i.e. predictive models for hotel A only using hotel A’s data) to models using market level data (prices, review scores, location, chain scale, etc… for all hotels within the market). The prospected models will be valuable for hotel revenue prediction given the basic characters of a hotel property or can be applied in performance evaluation for an existed hotel. The findings will unveil the features that play key roles in a hotel’s revenue performance, which would have considerable potential usefulness in both revenue prediction and evaluation.

Keywords: hotel revenue, k-nearest-neighbors, machine learning, neural network, prediction model, regression tree, support vector machine

Procedia PDF Downloads 125

Authors: Amneh Alkurdi, Yasean Tahat, Hamzeh Almuali

Abstract:

Purpose: The primary objective of the present paper is to examine the impact of CG attributes, including the board size, independency, separation and managerial ownership) on firm dividend payouts policy; using a sample of 72 Jordanian listed companies for the period of 2007-2013. Methodology: The study does manually review the sample firm’s annual reports for data collection and use OLS regression to carry out this investigation. Findings: The findings indicate that CG attributes have a strong impact on dividend payouts policy. In particular, board size, independency and separation have had significant associations with dividends payouts indicating that such variables matter when determining on dividends which may mitigate the conflicts between stakeholders’ and managers’ interests. The results also indicate that managerial ownership has had no significant impact on the dividends policy suggesting that managers do not use the strength of their position to influence the dividends policy. Finally, the results show that firm size and profitability have had statistically positive associations with dividend payouts, while this was not the case for firm leverage and growth where significant and positive relationships were documented. Originality/implication: The current paper extends the extant literature in this field by investigating the impact of the board composition on dividends and provides some insights for policy makers in emerging markets.

Keywords: corporate governance, dividends payouts policy, jordan, accounting

Procedia PDF Downloads 186

Authors: Sarah Niklas, Lynne Chester, Mark Diesendorf

Abstract:

Geopolitical tensions, climate change and recent movements favouring a transformative shift in institutional power structures have influenced the economics of conventional energy supply for decades. This study takes a multi-dimensional approach to illustrate the potential of renewable energy (RE) technology to provide a pathway to a low-carbon economy driven by ecologically sustainable, independent and socially just energy. This comparative analysis identifies economic, political and social drivers that shaped the adoption of RE policy in two significantly different economies, Germany and Australia, with strong and weak commitments to RE respectively. Two complementary political-economy theories frame the document-based analysis. Régulation Theory, inspired by Marxist ideas and strongly influenced by contemporary economic problems, provides the background to explore the social relationships contributing the adoption of RE within the macro-economy. Varieties of Capitalism theory, a more recently developed micro-economic approach, examines the nature of state-firm relationships. Together these approaches provide a comprehensive lens of analysis. Germany’s energy policy transformed substantially over the second half of the last century. The development is characterised by the coordination of societal, environmental and industrial demands throughout the advancement of capitalist regimes. In the Fordist regime, mass production based on coal drove Germany’s astounding economic recovery during the post-war period. Economic depression and the instability of institutional arrangements necessitated the impulsive seeking of national security and energy independence. During the postwar Flexi-Fordist period, quality-based production, innovation and technology-based competition schemes, particularly with regard to political power structures in and across Europe, favoured the adoption of RE. Innovation, knowledge and education were institutionalized, leading to the legislation of environmental concerns. Lastly the establishment of government-industry-based coordinative programs supported the phase out of nuclear power and the increased adoption of RE during the last decade. Australia’s energy policy is shaped by the country’s richness in mineral resources. Energy policy largely served coal mining, historically and currently one of the most capital-intense industry. Assisted by the macro-economic dimensions of institutional arrangements, social and financial capital is orientated towards the export-led and strongly demand-oriented economy. Here energy policy serves the maintenance of capital accumulation in the mining sector and the emerging Asian economies. The adoption of supportive renewable energy policy would challenge the distinct role of the mining industry within the (neo)-liberal market economy. The state’s protective role of the mining sector has resulted in weak commitment to RE policy and investment uncertainty in the energy sector. Recent developments, driven by strong public support for RE, emphasize the sense of community in urban and rural areas and the emergence of a bottom-up approach to adopt renewables. Thus, political economy frameworks on both the macro-economic (Regulation Theory) and micro-economic (Varieties of Capitalism theory) scales can together explain the strong commitment to RE in Germany vis-à-vis the weak commitment in Australia.

Keywords: political economy, regulation theory, renewable energy, social relationships, energy transitions

Procedia PDF Downloads 376

Authors: Chih-Hsiang Chang

Abstract:

This study provides insight into the effects of investor sentiment, excess optimism, overconfidence, the disposition effect, and herding formation on momentum profits. This study contributes to the field by providing a further examination of the relationship between psychological factors and momentum profits. The empirical results show that there is no evidence of significant momentum profits in Taiwan’s stock market. Additionally, investor sentiment in Taiwan’s stock market significantly influences its momentum profits.

Keywords: momentum profits, psychological factors, herding formation, investor sentiment

Procedia PDF Downloads 373

Authors: Burcin Basyazici

Abstract:

The history of urban regeneration in Istanbul dates to the 1980s and has been generated by various reasons, from political state-based decisions to cultural migrations and/or translocations and economical private sector-based reasons. However, one of the latest regeneration areas in Fikirtepe that have been still under construction for ten years becomes dissimilar to other regeneration areas in Istanbul. The region is located very close to Kadıkoy's downtown area but was still considered a slum due to its inhabitants -who mostly belong to lower-income immigrants. The process begun in 2011 with the decision of the government, and the settlement has been emptied and demolished also by the government -together with the investors and construction companies. Although there has been much research on the process of deconstruction and the relocation of landlords, there hasn’t been any research on what happened after the regeneration. While many high-rise luxurious gated communities were constructed and inhabited in five years, many constructions have stopped due to the latest economic devastation in Turkey. Then the region stayed as an unfinished construction area with its new upper-income and upper-middle-income residents and old low-income landlords. This situation has also changed the commercial activities in Fikirtepe. While some new retail facilities have been offered for new residents, some of the oldest ones have also survived in new-Fikirtepe. This study aims to investigate the urban everyday life of Fikirtepe with relation to its retail-based regeneration with the help of the theories of Bourdieu called cultural capital and cultural omnivorousness. To achieve this aim, after presenting the historical background of urban regeneration in Istanbul, Bourdieu’s conceptualism of cultural capital, habitus, and the consumption tendencies related to those are introduced and discussed within the scope of the Fikirtepe case. To represent the retail-based regeneration in the area, the current situation of retail premises is mapped by comparing to its pre-situation before urban gentrification. To better understand the change of cultural capital and the consumption tendencies of the new residents, eighteen semi-structured in-depth interviews have been conducted with twelve inhabitants from three different luxurious gated communities and six shop owners containing the new ones after regeneration and old ones before it. The interview questions have been structured to understand the motivation of change and/or inhibition of retail premises and the consumption tendencies of the new residents. In conclusion, the study shows that even though the cultural capital has been changed in Fikirtepe, the new residents also tend to act as culturally omnivorous by referring to Bourdieu's theories on multi-cultural tendencies of the upper-class and upper-middle-class societies, that should be questioned regarding the cultural regeneration in in-town urban regeneration areas in metropoles.

Keywords: bourdieu, cultural omnivorousness, fikirtepe, urban regeneration in istanbul

Procedia PDF Downloads 157

Authors: S. Sansone-Casaburi

Abstract:

The pandemic that the world is going through is causing important changes in the daily life of all cities, which can translate into opportunities to rearrange pending situations. Among others: the town-city relationship and sustainability. On the one hand, the city continues to be the center of attention, and the countryside is assumed as the supplier of food. However, the temporary closure of cities highlighted the importance of the rural environment, and many people are reassessing this context as an alternative for life. Furthermore, the countryside is not simply the home and the center of activity of the people who inhabit it, but rather constitutes the active group of all citizens, both rural and urban. On the other hand, the pandemic is the opportunity to meet sustainable development goals. Sustainable development is understood as the capital to be transferred to future generations made up of three types of wealth: natural capital (environment), human capital (people, relationships, culture), and artificial or built capital, made up of buildings and infrastructure, or by cities and towns. The 'new normal' can mean going back to the countryside, but not to a merely agricultural place but to a sustainable, affordable, and healthy place, which, with the appropriate infrastructures, allows work from a distance, a new post-COVID-19 modality. The contribution of the research is towards the recovery of traditional villages from the perspective of populations that have managed to maintain their vitality with innovative solutions. It is assumed that innovation is a path for the recovery of traditional villages, so we ask: what conditions are necessary for innovation to be successful and sustainable? In the research, several variables were found, among which culture is named, so the objective of this article is to understand Uruena, a town in the province of Valladolid, which with only 182 inhabitants houses five museums and twelve bookstores that make up the first Villa del Libro in Spain. The methodology used is mixed: inductive and deductive and the results were specified in determining the formula of innovative peoples in culture: PIc = Pt + C [E (Aec) + S (pp) + A (T + s + t + enc)]. Where the innovative villages in culture PIc are the result of traditional villages Pt that from a cultural innovation C, integrates into the economic, economic and cultural activities E (Aec); in the social sphere, the public and private actors S (pp); and in the environmental (A), Territory (T), services (s), technology (t) and natural and built spaces (enc). The results of this analysis will focus on determining what makes the structure of innovative peoples sustainable and understanding what variables make up that structure to verify if they can be applied in other contexts and repower abandoned places to provide a solution for people who migrate to this context. That is, learn from what has been done to replicate it in similar cases.

Keywords: culture as innovation, depopulation, sustainability, traditional villages

Procedia PDF Downloads 85

Authors: Alka Obadić

Abstract:

The research concentrates on the role of tourism in generating female employment and on impact of gender discrimination in tourism sector. Unfortunately, in many countries there are still some barriers to the inclusion of women at all hierarchical levels of tourism labor market. Research analysis focuses on EU countries where tourism is a main employer of women. The analysis shows that women represent over third persons employed in the non-financial business economy and almost two thirds in core tourism activities. Women's gross hourly earnings in accommodation and food services were below those of men in the European Union and only countries who recorded increase of gender pay gap from the beginning of crisis are Bulgaria and Croatia. Women in tourism industry are still overrepresented in lower status jobs with fewer opportunities for career progression and are often treated unequally.

Keywords: employment, gender discrimination, tourism, women’s participation

Procedia PDF Downloads 759

Authors: Bua Srikos, Phusit Phukamchanoad

Abstract:

The purpose is to study the model and characteristic of participation of the suitable community to lead to develop permanent water marketing in Bang Noi Floating Market, Bangkonti District, Samutsongkhram Province. A total of 342 survey questionnaires were administered to potential respondents. The researchers interviewed the leader of the community. Appreciation Influence Control (AIC) was used to talk with 20 villagers on arena. The findings revealed that overall, most people had the middle level of the participation in developing the durable Bang Noi Floating Market, Bangkonti, Samutsongkhram Province and in aspects of gaining benefits from developing it with atmosphere and a beautiful view for tourism. For example, the landscape is beautiful with public utilities. The participation in preserving and developing Bang Noi Floating Market remains in the former way of life. The basic factor of person affects to the participation of people such as age, level of education, career, and income per month. Most participants are the original hosts that have houses and shops located in the marketing and neighbor. These people involve with the benefits and have the power to make a water marketing strategy, the major role to set the information database. It also found that the leader and the villagers play the important role in setting a five-physical database. Data include level of information such as position of village, territory of village, road, river, and premises. Information of culture consists of a two-level of information, interesting point, and Itinerary. The information occurs from presenting and practicing by the leader and villagers in the community.All of phases are presented for listening and investigating database together in both the leader and villagers in the process of participation.

Keywords: participation, community, sustainable development, encouragement, tourism

Procedia PDF Downloads 340

Authors: Dalin Si, Azizan Aziz, Bertrand Lasternas

Abstract:

To encourage building owners to purchase electricity at the wholesale market and reduce building peak demand, this study aims to develop models that predict day-ahead hourly electricity consumption and demand using artificial neural network (ANN) and support vector machine (SVM). All prediction models are built in Python, with tool Scikit-learn and Pybrain. The input data for both consumption and demand prediction are time stamp, outdoor dry bulb temperature, relative humidity, air handling unit (AHU), supply air temperature and solar radiation. Solar radiation, which is unavailable a day-ahead, is predicted at first, and then this estimation is used as an input to predict consumption and demand. Models to predict consumption and demand are trained in both SVM and ANN, and depend on cooling or heating, weekdays or weekends. The results show that ANN is the better option for both consumption and demand prediction. It can achieve 15.50% to 20.03% coefficient of variance of root mean square error (CVRMSE) for consumption prediction and 22.89% to 32.42% CVRMSE for demand prediction, respectively. To conclude, the presented models have potential to help building owners to purchase electricity at the wholesale market, but they are not robust when used in demand response control.

Keywords: building energy prediction, data mining, demand response, electricity market

Procedia PDF Downloads 312

Authors: Michiko Miyamoto

Abstract:

The market for "functional foods" and "foods with functional claims" that are effective in maintaining and improving health, has expanded year by year due to the entry of major food and beverage manufacturers following the introduction of the specified health food system in 1991 in Japan. To bring health claims related products or services to the market, it is necessary to let consumers to learn about these products or services; an effective marketing through advertising are important. This research proposes a framework for an effective advertisement medium for the food supplement industry by using survey data of 2,500 people.

Keywords: functional foods, dietary supplements, marketing strategy, structural equation modeling

Procedia PDF Downloads 140

Authors: Pia Moschall, Kathrin Sackmann

Abstract:

Considering a purchasing volume of around two trillion Euros per year, which equals about 14% of the European Union’s gross domestic product, European public authorities have significant market power. Making use of this market power by prioritizing the procurement of green products and services offers a great potential to contribute to the Green New Deal. The market demand that is created by Green Public Procurement (GPP) sets incentives for European producers to design and develop Green Products and Eco-Innovations. However, most procurement still does not consider environmental criteria. The goal of the work is to encourage the adaptation of GPP in the European Union. To this end, the drivers for the adaptation were investigated over different case studies. The paper analyzes good-practice cases from European authorities from 2010 to 2020 that were provided by the European Commission. This analysis was guided by Philipp Mayring’s method of qualitative content analysis, whereby the inductively formed categories led to the identification of nine major drivers. The most important ones are ‘use of official guidelines and standards, ‘political support and requirements as well as ‘market research and involvement.’ Further, the paper discusses mutual dependencies between several drivers and how to exploit them. A supporting infrastructure was identified as a crucial factor for the successful adaption of green public procurement. In the next step, the work aims to examine on which administrative level the single drivers can be implemented most effectively. Practical implications of this research are recommendations on how to create a supporting structure on a municipal, federal and national level, including training for the responsible staff, support tools, as well as guidelines and standards for involved stakeholders.

Keywords: content analysis, green public procurement, public authorities, sustainable procurement

Procedia PDF Downloads 140

Authors: Meeta Ratawa Tiwary

Abstract:

Damaturu is the capital of Yobe State in northeastern Nigeria where civic amenities and facilities are not adequate even after 24 years of its existence. The volatile security and political situations are most significant causes for the same. The basic facility for the citizens in terms of drinking water and electricity are not available. For the drinking water, they have to rely on personal bore holes or the filtered borehole waters available in packaged sachets in the market. The present study is concerned with the environmental impact of indiscriminate disposal of drinking synthetic polythene water sachets in Damaturu. The sachet water is popularly called as ‘pure water’, but its purity is questionable. Increased production and consumption of sachet water has led to indiscriminate dumping and disposal of empty sachets leading to a serious environmental threat. The evidence of this is seen in the amount of disposed sachets littering the streets and also the drainages blocked by ‘blocks’ of water sachet waste. Sachet water gained much popularity in Nigeria because the product is convenient for use, affordable and economically viable. The present study aims to find out the solution to this environmental problem. The field-based study has found some significant factors that cause environmental and socio-economic effect due to this. Some recommendations have been made based on research findings regarding sustainable waste management, recycling and re-use of the non-biodegradable products in society.

Keywords: civic amenities, non-biodegradable, pure water, sustainable environment, waste disposal

Procedia PDF Downloads 413

Authors: Tian Lan

Abstract:

Arbitrageurs participate in a variety of techniques in response to the existence of fluctuating sentiment, resulting in sparse sentiment exposures. This paper found that Commodity Trading Advisor (CTA) funds in the top decile rated by sentiment beta outperformed those in the bottom decile by 0.33% per month on a risk-adjusted basis, with the difference being larger among skilled managers. This paper also discovered that around ten percent of Commodity Trading Advisor (CTA) funds could accurately predict market sentiment, which has a positive correlation with fund sentiment beta and acts as a determinant in fund performance. Instead of betting against mispricing, this research demonstrates that a competent manager can achieve remarkable returns by forecasting and reacting to shifts in investor sentiment.

Keywords: investment sentiment, CTA fund, market timing, fund performance

Procedia PDF Downloads 74

Authors: Mustafa Avsever

Abstract:

Throughout history, states have attached great importance to seas in terms of economic and security. Advanced civilizations have always founded in coastal regions. Over time, human being has tended to trade and naturally always aimed get more and more. Seas by covering 71% of the earth, provide the greatest economic opportunities for access to raw material resources and the world market. As a result, seas have become the most important areas of conflict over the course of time. Coastal states, use seas as a tool for defense zone, trade, marine transportation and power transfer, they have acquired colonies overseas and increased their capital, raw materials and labor. Societies, have increased their economic prosperity, though their navies in order to retain their welfare and achieve their foreign policy objectives. Sometimes they have imposed their demands through the use or threat of limited naval force in accordance with their interests that is gunboat diplomacy. Today we can see samples of gunboat diplomacy used in the Eastern Mediterranean, during Ukraine crisis, in dispute between North Korea and South Korea and the ongoing power struggle in Asia-Pacific. Gunboat diplomacy has been and continues to be applied consistently in solving problems by the stronger side of the problem. The purpose of this article is to examine using navy under the gunboat diplomacy as an active instrument of foreign policy and security policy and reveal the strategic sea areas in which gunboat diplomacy is used effectively in the matrix of international politics in the 21st century.

Keywords: gunboat diplomacy, maritime strategy, sea power, strategic sea lands

Procedia PDF Downloads 430