Search results for: Stock Market Indices

Authors: Antonio Davola

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Moving from the evaluations operated by Richard Posner in his judgment on the case Carhart v. Halaska, the paper seeks to analyse the so-called ‘litigation troll’ phenomenon and the development of a damage claims market, i.e. a market in which the right to propose claims is voluntary exchangeable for money and can be asserted by private buyers. The aim of our study is to assess whether the implementation of a ‘damage claims market’ might represent a resource for victims or if, on the contrary, it might operate solely as a speculation tool for private investors. The analysis will move from the US experience, and will then focus on the EU framework. Firstly, the paper will analyse the relation between the litigation troll phenomenon and the patent troll activity: even though these activities are considered similar by Posner, a comparative study shows how these practices significantly differ in their impact on the market and on consumer protection, even moving from similar economic perspectives. The second part of the paper will focus on the main specific concerns related to the litigation trolling activity. The main issues that will be addressed are the risk that the circulation of damage claims might spur non-meritorious litigation and the implications of the misalignment between the victim of a tort and the actual plaintiff in court arising from the sale of a claim. In its third part, the paper will then focus on the opportunities and benefits that the introduction and regulation of a claims market might imply both for potential claims sellers and buyers, in order to ultimately assess whether such a solution might actually increase individual’s legal empowerment. Through the damage claims market compensation would be granted more quickly and easily to consumers who had suffered harm: tort victims would, in fact, be compensated instantly upon the sale of their claims without any burden of proof. On the other hand, claim-buyers would profit from the gap between the amount that a consumer would accept for an immediate refund and the compensation awarded in court. In the fourth part of the paper, the analysis will focus on the legal legitimacy of the litigation trolling activity in the US and the EU framework. Even though there is no express provision that forbids the sale of the right to pursue a claim in court - or that deems such a right to be non-transferable – procedural laws of single States (especially in the EU panorama) must be taken into account in evaluating this aspect. The fifth and final part of the paper will summarize the various data collected to suggest an evaluation on if, and through which normative solutions, the litigation trolling might comport benefits for competition and which would be its overall effect over consumer’s protection.

Keywords: competition, claims, consumer's protection, litigation

Procedia PDF Downloads 232

Authors: Habib Khodaverdiloo, Fatemeh Afrasiabi, Farrokh Asadzadeh, Martinus Th. Van Genuchten

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The soil particle-size distribution (PSD) is known to affect a broad range of soil physical, mechanical and hydraulic properties. Complete descriptions of a PSD curve should provide more information about these properties as opposed to having only information about soil textural class or the soil sand, silt and clay (SSC) fractions. We compared the accuracy of 19 different models of the cumulative PSD in terms of fitting observed data from a large number of Iranian soils. Parameters of the six most promising models were correlated with measured values of the field saturated hydraulic conductivity (Kfs), the mean weight diameter of soil aggregates (MWD), bulk density (ρb), and porosity (∅). These same soil properties were correlated also with conventional PSD parameters (SSC fractions), selected geometric PSD parameters (notably the mean diameter dg and its standard deviation σg), and several other PSD parameters (D50 and D60). The objective was to find the best predictions of several soil physical quality indices and the soil hydraulic properties. Neither SSC nor dg, σg, D50 and D60 were found to have a significant correlation with both Kfs or logKfs, However, the parameters of several cumulative PSD models showed statistically significant correlation with Kfs and/or logKfs (|r| = 0.42 to 0.65; p ≤ 0.05). The correlation between MWD and the model parameters was generally also higher than either with SSC fraction and dg, or with D50 and D60. Porosity (∅) and the bulk density (ρb) also showed significant correlation with several PSD model parameters, with ρb additionally correlating significantly with various geometric (dg), mechanical (D50 and D60), and agronomic (clay and sand) representations of the PSD. The fitted parameters of selected PSD models furthermore showed statistically significant correlations with Kfs,, MWD and soil porosity, which may be viewed as soil quality indices. Results of this study are promising for developing more accurate pedotransfer functions.

Keywords: particle size distribution, soil texture, hydraulic conductivity, pedotransfer functions

Procedia PDF Downloads 279

Authors: A. Jatau, H. M. Bandiya, Q. Majeed, M. A. Yahaya

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An investigation on the insect infestation of stored seeds of cowpea seeds varieties (Sokoto Loacal and Kanannado) was carried out in Sokoto central market, Sokoto. Two insects' species, Callosobrunchus maculatus and Callosobrunchus chinensis were found on the stored seeds with C. maculutus found to be the most prevalent. The rate of infestation of the cowpea seeds by the two insect species were significantly (P< 0.05) higher in Sokoto local than in Kanannado variety. The result shows that kanannado variety is more resistance to cowpea seeds weevils, hence should be used for long storage in Sokoto.

Keywords: insect, infestation, cowpea seeds, grainaries

Procedia PDF Downloads 389

Authors: Raif Parlakkaya, Mustafa Nihat Demirci, Mehmet Nuri Salur

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Environmental pollution has detrimental effects on the quality of our life and its scope has reached such an extent that measures are being taken both at the national and international levels to reduce, prevent and mitigate its impact on social, economic and political spheres. Therefore, awareness of environmental problems has been increasing among stakeholders and accordingly among companies. It is seen that corporate reporting is expanding beyond environmental performance. Primary purpose of publishing an environmental report is to provide specific audiences with useful, meaningful information. This paper is intended to analyze the extent and qualification of environmental disclosures of Turkish publicly quoted firms and see how it varies from one sector to another. The data for the study were collected from annual activity reports of companies, listed on the corporate governance index (BIST-XKURY) of Istanbul Stock Exchange. Content analysis was the research methodology used to measure the extent of environmental disclosure. Accordingly, 2015 annual activity reports of companies that carry out business in some particular fields were acquired from Capital Market Board, websites of Public Disclosure Platform and companies’ own websites. These reports were categorized into five main aspects: Environmental policies, environmental management systems, environmental protection and conservation activities, environmental awareness and information on environmental lawsuits. Subsequently, each component was divided into several variables related to what each firm is supposed to disclose about environmental information. In this context, the nature and scope of the information disclosed on each item were assessed according to five different ways (N.I: No Information; G.E.: General Explanations; Q.E.: Qualitative Detailed Explanations; N.E.: Quantitative (numerical) Detailed Explanations; Q.&N.E.: Both Qualitative and Quantitative Explanations).

Keywords: environmental accounting, disclosure, corporate governance, content analysis

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Authors: Prof. Hao Mao, Phd Qia Wei, Dr.Siwei Cao

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The administrative system is the organisational carrier for managing the operation of the market and the basic guarantee for achieving innovation incentives. This paper takes the reform of provincial administrative institutions in the process of Chinese national intellectual property administrative system reform in 2018 as a quasi-natural experiment to assess the impact of IP administrative system reform on enterprise innovation. The study finds that reducing the independence of some provincial administrative institutions will lead to a reduction in the number of local enterprises' innovations and a decrease in the quality of innovations, which is mainly triggered by a decrease in R&D investment due to a decrease in the strength of subsidy policies. The new round of intellectual property administrative system reform in 2023 elevated the administrative status of China National Intellectual Property Administration (CNIPA), and re-strengthened the top-level design and centralization of IP administration. This paper clarifies the role of the 2018 IP administrative system reform on China's market innovation, provides empirical evidence for the properly handling government market relations and property rights incentives and other institutional designs, and also provides empirical references for further promoting the improvement of national and local IP institutional mechanisms and the implementation of the innovation-driven development strategy in the new round of reform.

Keywords: intellectual property, administrative systems, reform, high-quality innovation

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Authors: Eileen Kim

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As socioeconomic disparities grew in New York during the 1970s, artists represented new values that came with the times. Street art, in particular, was birthed from a distinctly urban, fringe setting to ultimately become one of the most lucrative forms of art today. Examining the economic and psychological reasons behind the rise of street art, this paper delves into the development of the art market as a parallel insight into human behaviors and economic models such as supply and demand. The purpose of this study is to show the role of the increasingly divided socioeconomic classes and the rise of art collecting as an asset-building form. This study concludes that the iconography and market value of street art represented distinct values that came from a series of intertwined social matters such as racial tensions and revolutions in industrial innovation.

Keywords: art industry, cultural representation, ethnicity, markets, public property, social classes, street art

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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 134

Authors: Boulis M. Ibrahim, Iordanis A. Kalaitzoglou

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A micro structural pricing model is proposed in which price components account for learning by incorporating changing expectations of the trading intensity and the risk level of incoming trades. An analysis of European carbon futures transactions finds expected trading intensity to increase the information component and decrease the liquidity component of price changes, but at different rates. Among the results, the expected persistence in trading intensity explains the majority of the auto correlations in the level and the conditional volatility of price changes, helps predict hourly patterns in the bid–ask spread and differentiates between the impact of buy versus sell and continuing versus reversing trades.

Keywords: CO2 emission allowances, market microstructure, duration, price discovery

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Authors: Wali Ullah, Muhammad Nishat

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The study investigates the extent to which the so called Nelson-Siegel model (DNS) and its extended version that accounts for time varying volatility (DNS-EGARCH) can optimally fit the yield curve and predict its future path in the context of an emerging economy. For the in-sample fit, both models fit the curve remarkably well even in the emerging markets. However, the DNS-EGARCH model fits the curve slightly better than the DNS. Moreover, both specifications of yield curve that are based on the Nelson-Siegel functional form outperform the benchmark VAR forecasts at all forecast horizons. The DNS-EGARCH comes with more precise forecasts than the DNS for the 6- and 12-month ahead forecasts, while the two have almost similar performance in terms of RMSE for the very short forecast horizons.

Keywords: yield curve, forecasting, emerging markets, Kalman filter, EGARCH

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Authors: Meron Okbandrias

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The South African formal economy is rule-based economy, unlike most African and Asian markets. It has a highly developed financial market. In such a market, foreign migrants have dominated the small or spaza shops that service the poor. They are highly competitive and capture significant market share in South Africa. This paper analyses the factors that assisted the foreign migrants in having a competitive age. It does that by interviewing Somali, Bangladesh, and Ethiopian shop owners in Cape Town analysing the data through a narrative analysis. The paper also analyses the 2019 South African consumer report. The three migrant nationalities mentioned above dominate the spaza shop business and have significant distribution networks. The findings of the paper indicate that family, ethnic, and nationality based network, in that order of importance, form bases for a relationship-based business network that has trust as its mainstay. Therefore, this network ensures the pooling of resources and abiding by certain principles outside the South African rule-based system. The research identified practises like bulk buying within a community of traders, sharing information, buying from a within community distribution business, community based transportation system and providing seed capital for people from the community to start a business is all based on that relationship-based system. The consequences of not abiding by the rules of these networks are social and economic exclusion. In addition, these networks have their own commercial and social conflict resolution mechanisms aside from the South African justice system. Network theory and relationship based systems theory form the theoretical foundations of this paper.

Keywords: migrant, spaza shops, relationship-based system, South Africa

Procedia PDF Downloads 128

Authors: Xinge Liao, Francesc Xavier Roige Ventura, Dolores Sanchez Aguilera

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With the development of the Internet, the study of tourism behavior has rapidly expanded from the traditional physical market to the online market. Data on the Internet is characterized by dynamic changes, and new data appear all the time. In recent years the generation of a large volume of data was characterized, such as forums, blogs, and other sources, which have expanded over time and space, together they constitute large-scale Internet data, known as Big Data. This data of technological origin that derives from the use of devices and the activity of multiple users is becoming a source of great importance for the study of geography and the behavior of tourists. The study will focus on cultural heritage tourist practices in the context of Big Data. The research will focus on exploring the characteristics and behavior of Chinese tourists in relation to the cultural heritage of Catalonia. Geographical information, target image, perceptions in user-generated content will be studied through data analysis from Weibo -the largest social networks of blogs in China. Through the analysis of the behavior of heritage tourists in the Big Data environment, this study will understand the practices (activities, motivations, perceptions) of cultural tourists and then understand the needs and preferences of tourists in order to better guide the sustainable development of tourism in heritage sites.

Keywords: Barcelona, Big Data, Catalonia, cultural heritage, Chinese tourism market, tourists’ behavior

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Authors: Jolanta Brodowska-Szewczuk

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The article includes the results and conclusions from empirical researches that had been done. The research focuses on the impact of investments made in small and medium-sized enterprises financed from EU funds on the competitiveness of these companies. The researches includes financial results in sales revenue and net income, expenses, and many other new products/services on offer, higher quality products and services, more modern methods of production, innovation in management processes, increase in the number of customers, increase in market share, increase in profitability of production and provision of services. The main conclusions are that, companies with direct investments under this measure shall apply the modern methods of production. The consequence of this is to increase the quality of our products and services. Furthermore, both small and medium-sized enterprises have introduced new products and services. Investments were carried out, thus enabling better work organization in enterprises. Entrepreneurs would guarantee higher quality of service, which would result in better relationships with their customers, what is more, noting the rise in number of clients. More than half of the companies indicated that the investments contributed to the increase in market share. Same thing as for market reach and brand recognition of particular company. An interesting finding is that, investments in small enterprises were more effective than medium-sized enterprises.

Keywords: competitiveness, efficiency, EU funds, small and medium-sized enterprises

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Authors: I. M. Fakai, A. Abdulhamid, I. Sani, F. Bello, E. O. Olusesi

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The phytochemical screening and hepatotoxic effect of Datura metel aqueous seeds extract in Albino Wistar rats were evaluated. Phytochemicals were screened using standard methods. The enzymes activity and liver function indices were also determined using standard methods of analysis. The phytochemicals screening revealed the presence of alkaloid, tannin, glycoside and flavonoid. The organ-body weight decreased significantly (P<0.05) at all the doses of the extract treated groups compared to the control. The activity of alkaline phosphatase decreased significantly (P<0.05) in the liver and increased significantly in the serum at all the doses of the extract treated groups compared to the control. The activity of serum alanine transaminase increased significantly (P<0.05) while there is no significant difference (P>0.05) in the activity liver alanine transaminase at all the doses of the extract treated groups compared to the control. The result also revealed significant increase (P<0.05) in the aspartate transaminase activity in both liver and serum at all doses of the extract treated groups compared to the control. Serum total protein, albumin, globulin, and total bilirubin concentration decreased significantly (P<0.05), while direct bilirubin concentration increased significantly (P<0.05) at all the doses of the extract treated groups compared to the control. The present study therefore revealed that, the present of some phytochemicals in the plant extract attributed the plant to its hepatotoxic effects as revealed in the alteration of marker enzymes and some liver function indices analyzed.

Keywords: datura metel, transaminases, hepatotoxic effect, phytochemicals, rats

Procedia PDF Downloads 445

Authors: Daira Radouane, Naim Boudmagh, Hamada Adel

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The but of this handling is to use the technique of the shearing with a mechanism lapping machine of image: a prism of Wollaston. We want to characterize this prism in order to be able to employ it later on in an analysis by shearing. A prism of Wollaston is a prism produced in a birefringent material i.e. having two indexes of refraction. This prism is cleaved so as to present the directions associated with these indices in its face with entry. It should be noted that these directions are perpendicular between them.

Keywords: non destructive control, aluminium, interferometry, treatment of image

Procedia PDF Downloads 332

Authors: Maia Seturi, Tamari Todua

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Economic growth is seen as the increase in the production capacity of a country. It enables a country to produce more and more material wealth and social benefits. Today, the success of any product on the market is closely related to the issue of branding. The brand is a source of information for a user/consumer, which helps to simplify the choice of goods and reduce consumer risk. The paper studies the role of branding in order to promote Georgian tea brands. The main focus of the research is directed to consumer attitudes regarding Georgian tea brands. The methodology of the paper is based on marketing research. The findings study revealed that the majority of consumers prefer foreign tea brands. The final part of the article presents the main recommendations.

Keywords: marketing research, customer behavior, brand, successful brand

Procedia PDF Downloads 138

Authors: Wah Wah Min

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The relative abundance and diversities of gastropods and crabs were assessed for mangrove areas of Ko Libong, Kantang district, Trang, Thailand in June 2022. Two sample sites (I and II) were studied. The site I was replanted under ecotourism, whereas site II represented the protected natural restored mangroves. This study is aimed to assess faunal diversity and how it could become re-established and resemble to natural restored mangroves. There was one sample plot at each study site with the dimension (10m x 25m) in study site I and (20m x 30m) in site II. The sample was randomly taken from each plot by using a quadrate measuring at (1 m2) in site I and (3m2) in site II; there were four quadrates in total of each site. The species richness (S), Shannon Index (H’) and Evenness Index (J’), vegetative measurements and physico-chemical parameters were calculated for each site. Seventeen gastropod species belonged to 11 families and six crab species under two families, which were collected in both study sites. Overall, in gastropod species, the highest relative abundance of Nerita planospira exhibited (53.45%, category C) with lower population density (1.61 individuals/m2), whichwas observed in study site II and for crab species, Parasesarma plicatum (83.33%, category C) with lower population density (0.33 individuals/m2). The diversity indices of gastropod species at the study site I was calculated higher indicating by (S= 12, H’= 2.27, J’ and SDI=0.91) compared to study site II (S= 7, H’= 1.22, J’ and SDI=0.63, 0.62). For the crabs, (S= 4, H’=1.33, J’ and SDI=0.96, 0.9) in study site I and (S= 2, H’=0.64, J’ and SDI=0.92, 0.67) in site II. Overall, the higher species diversity indices of study site I can be categorized “very equally” with a very good category according to evenness criteria (>0.81). This can be gained by increasing restoration sites through an ecotourism replanting program for achieving the goals of sustainable development for mangrove conservation and long-term studies are required to confirm this hypothesis.

Keywords: biodiversity, ecotourism, restoration, population

Procedia PDF Downloads 127

Authors: Alev Atak

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We study the endogeneity in the cryptocurrency market over the branching ratio of the Hawkes process and evaluate the movement of self-excitability in the financial markets. We consider a semi-parametric self-exciting point process regression model where the excitation function is assumed to be smooth and decreasing but otherwise unspecified, and the baseline intensity is assumed to be a linear function of the regressors. We apply the empirical analysis to the three largest crypto assets, i.e. Bitcoin - Ethereum - Ripple, and provide a comparison with other financial assets such as SP500, Gold, and the volatility index VIX observed from January 2015 to December 2020. The results depict variable and high levels of endogeneity in the basket of cryptocurrencies under investigation, underlining the evidence of a significant role of endogenous feedback mechanisms in the price formation process.

Keywords: hawkes process, cryptocurrency, endogeneity, reflexivity

Procedia PDF Downloads 82

Authors: Bingying Liu, Dandong Ge, Xinlan Zhang, Haoyang Liang

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Over the past two years, a new generation of No-Pile Bike sharing, represented by the Ofo, Mobike and HelloBike, has sprung up in various cities in China, and spread rapidly in countries such as Britain, Japan, the United States and Singapore. As a new green public transportation mode, bike sharing can bring a series of benefits to urban space. At first, this paper analyzes the specific impact of bike sharing on urban space in China. Based on the market research and data analyzing, it is found that bike sharing can improve the quality of urban space in three aspects: expanding the radius of public transportation service, filling service blind spots, alleviating urban traffic congestion, and enhancing the vitality of urban space. On the other hand, due to the immature market and the imperfect system, bike sharing has gradually revealed some difficulties, such as parking chaos, malicious damage, safety problems, imbalance between supply and demand, and so on. Then the paper investigates the characteristics of shared bikes, business model, operating mechanism on Chinese market currently. Finally, in order to make bike sharing serve urban construction better, this paper puts forward some specific countermeasures from four aspects. In terms of market operations, it is necessary to establish a public-private partnership model and set up a unified bike-sharing integrated management platform. From technical methods level, the paper proposes to develop an intelligent parking system for regulating parking. From policy formulation level, establishing a bike-sharing assessment mechanism would strengthen supervision. As to urban planning, sharing data and redesigning slow roadway is beneficial for transportation and spatial planning.

Keywords: bike sharing, impact analysis, improvement strategy, urban space

Procedia PDF Downloads 171

Authors: Fedil Jemal Ahmed

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This conference abstract paper presents a study that aimed to explore the impact of talent management and business skills on performance improvement in mini markets located in Johannesburg and Cape Town, South Africa. Mini markets are small retail stores that play a crucial role in providing essential goods and services to communities. However, due to their small size, they often face significant challenges in terms of resources and management. The study conducted interviews with mini market owners and managers in Johannesburg and Cape Town to understand their approach to talent management, business skills, and their impact on business performance. The results showed that effective talent management practices, including recruitment, training, and retention, along with strong business skills, had a significant positive impact on business performance in mini markets. Furthermore, the study found that the use of technology, such as point of sale systems and inventory management software, can also contribute to business performance improvement in mini markets. The results suggest that mini market owners and managers should prioritize talent management, business skills, and invest in technology to improve their business performance. Comparing the improvements made by mini markets in Johannesburg and Cape Town to those made by others, the study found that the adoption of effective talent management practices and strong business skills were key factors in driving performance improvement. Mini market owners and managers who invested in these areas were better equipped to manage their resources, enhance their customer service, and increase their profitability. When comparing the personal experiences of the fedil jemal who improved their business performance from a small market to a large one, they found that effective talent management practices and strong business skills were crucial in achieving success. Through the adoption of effective talent management practices, the fedil was able to attract and retain top talent, ensuring that the business was managed effectively. Furthermore, the fedil invested in improving their business skills, such as financial management, marketing, and customer service, which helped to increase their revenue and profitability. In terms of technology adoption, the author found that the use of point-of-sale systems and inventory management software were essential in managing their inventory and improving their customer service. By investing in technology, the fedil was able to streamline their operations and enhance their overall business performance. In conclusion, this study provides valuable insights into the importance of talent management, business skills, and technology adoption in improving business performance in mini markets. It highlights the need for mini market owners and managers to prioritize these areas and invest in them to enhance their business performance. The findings of this study have practical implications for mini market owners and managers who are looking to improve their business performance and compete in a highly competitive market. By adopting effective talent management practices, developing strong business skills, and investing in technology, mini market owners and managers can improve their operations and increase their profitability.

Keywords: talent management, business skills, technology adoption, mini markets

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Authors: Jin Sheng

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This paper addresses a promising area of insurance sector to develop in Asia. Captive insurance, which provides risk-mitigation services for its parent company, has great potentials to develop in energy, infrastructure, agriculture, logistics, catastrophe, and alternative risk transfer (ART), and will greatly affect the framework of insurance industry. However, the Asian captive insurance market only takes a small proportion in the global market. The recent supply chain interruption case of Hanjin Shipping indicates the significance of risk management for an Asian company’s sustainability and resilience. China has substantial needs and great potentials to develop captive insurance, on account of the currency volatility, enterprises’ credit risks, and legal and operational risks of the Belt and Road initiative. Up to date, Mainland Chinese enterprises only have four offshore captives incorporated by CNOOC, Sinopec, Lenovo and CGN Power), three onshore captive insurance companies incorporated by CNPC, China Railway, and COSCO, as well as one industrial captive insurance organization - China Ship-owners Mutual Assurance Association. Its captive market grows slowly with one or two captive insurers licensed yearly after September 2011. As an international financial center, Hong Kong has comparative advantages in taxation, professionals, market access and well-established financial infrastructure to develop a functional captive insurance market. For example, Hong Kong’s income tax for an insurance company is 16.5%; while China's income tax for an insurance company is 25% plus business tax of 5%. Furthermore, restrictions on market entry and operations of China’s onshore captives make establishing offshore captives in international or regional captive insurance centers such as Singapore, Hong Kong, and other overseas jurisdictions to become attractive options. Thus, there are abundant business opportunities in this area. Using methodology of comparative studies and case analysis, this paper discusses the incorporation, regulatory issues, taxation and prospect of captive insurance market in Hong Kong, China and Singapore. Hong Kong and Singapore are both international financial centers with prominent advantages in tax concessions, technology, implementation, professional services, and well-functioning legal system. Singapore, as the domicile of 71 active captives, has been the largest captive insurance hub in Asia, as well as an established reinsurance hub. Hong Kong is an emerging captive insurance hub with 5 to 10 newly licensed captives each year, according to the Hong Kong Financial Services Development Council. It is predicted that Hong Kong will become a domicile for 50 captive insurers by 2025. This paper also compares the formation of a captive in Singapore with other jurisdictions such as Bermuda and Vermont.

Keywords: Alternative Risk Transfer (ART), captive insurance company, offshore captives, risk management, reinsurance, self-insurance fund

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Authors: Samatha Ss Sutton, Kaouther Kooli

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In recent years social media influences (SMI) have become integrated into many companies marketing strategies to create buzz, target new and younger markets and further expand social media coverage in business (Lim et al 2017). SMI’s can be defined as online personalities with a substantial number of followers, across one or more social media platforms, with influence on their followers (Lou and Yuan 2018). Recently expenditure on influencer marketing has increased exponentially becoming an important area for marketing opportunities and strategies in the future (Lou and Yuan 2018). In order to market products and brands effectively through SMI’s it is important for business to understand the attributes of SMI that effect purchase intention (Lim et al 2017) of their followers and whether or not these attributes vary across generations so to market effectively to their specific segment or target market. The present study involves quantitative research to understand the attributes by which influence differs across generations namely Generation X and Millennials and its effects on purchase intentions of these generational groups. A survey will be conducted using an online questionnaire. Structural Equation Modelling and Multi group analysis will be applied. The study provides insight to marketers/decision makers on how to use influencers accordingly with their target consumer.

Keywords: social media marketing, social media influencers, attitude towards social media influencers, intention to purchase

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Authors: Ahmed Omar Bali, Sherko Jabar, Hazhar Jalal, Mahdi Sofi-Karim

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For a long while in Iraq, media organizations were owned by political parties, particularly the ruling parties, because media traditional organizations required big capital and human resources. This paper has examined the dynamics of Iraqi media market transformation with emphasizing on factors that help to merge media entrepreneurs and digital media firms which target audience on social media. A qualitative method was adopted in this study using open, in-depth interviews with 19 media entrepreneurs and three managers of media firms. The study revealed that relative freedom and advanced communication technologies have encouraged media entrepreneurs to drive the new media on producing short videos and broadcast them on social media which has become popular among media consumers.

Keywords: media entrepreneur, Iraq, journalists, media technicians, digital media firms, media market

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Authors: Kari Björn

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Introduction of games has expanded the application area of computer-aided learning tools to wide variety of age groups of learners. Serious games engage the learners into a real-world -type of simulation and potentially enrich the learning experience. Institutional background of a Bachelor’s level engineering program in Information and Communication Technology is introduced, with detailed focus on one of its majors, Health Technology. As part of a Customer Oriented Software Application thematic semester, one particular course of “eHealth Business and Solutions” is described and reflected in a gamified framework. Learning a consistent view into vast literature of business management, strategies, marketing and finance in a very limited time enforces selection of topics relevant to the industry. Health Technology is a novel and growing industry with a growing sector in consumer wearable devices and homecare applications. The business sector is attracting new entrepreneurs and impatient investor funds. From engineering education point of view the sector is driven by miniaturizing electronics, sensors and wireless applications. However, the market is highly consumer-driven and usability, safety and data integrity requirements are extremely high. When the same technology is used in analysis or treatment of patients, very strict regulatory measures are enforced. The paper introduces a course structure using gamification as a tool to learn the most essential in a new market: customer value proposition design, followed by a market entry game. Students analyze the existing market size and pricing structure of eHealth web-service market and enter the market as a steering group of their company, competing against the legacy players and with each other. The market is growing but has its rules of demand and supply balance. New products can be developed with an R&D-investment, and targeted to market with unique quality- and price-combinations. Product cost structure can be improved by investing to enhanced production capacity. Investments can be funded optionally by foreign capital. Students make management decisions and face the dynamics of the market competition in form of income statement and balance sheet after each decision cycle. The focus of the learning outcome is to understand customer value creation to be the source of cash flow. The benefit of gamification is to enrich the learning experience on structure and meaning of financial statements. The paper describes the gamification approach and discusses outcomes after two course implementations. Along the case description of learning challenges, some unexpected misconceptions are noted. Improvements of the game or the semi-gamified teaching pedagogy are discussed. The case description serves as an additional support to new game coordinator, as well as helps to improve the method. Overall, the gamified approach has helped to engage engineering student to business studies in an energizing way.

Keywords: engineering education, integrated curriculum, learning experience, learning outcomes

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Authors: Akhtar Nawaz, Sahar Noor, Iftikhar Hussain

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This paper considers advanced hybrid manufacturing planning both push and pull system in which each customer order has a due date by demand forecast and customer orders. We present a tool for model for tool development that requires an absolute due dates and customer orders in a manufacturing supply chain. It is vital for the manufacturing companies to face the problem of variations in demands, increase in varieties by maintaining safety stock and to minimize components obsolescence and uselessness. High inventory cost and low delivery lead time is expected in push type of system and on contrary high delivery lead time and low inventory cost is predicted in the pull type. For this tool for model we need an MRP system for the push and pull environment and control of inventories in push parts and lead time in the pull part. To retain process data quickly, completely and to improve responsiveness and minimize inventory cost, a tool is required to deal with the high product variance and short cycle parts. In practice, planning and scheduling are interrelated and should be solved simultaneously with supply chain to ensure that the due dates of customer orders are met. The proposed tool for model considers alternative process plans for job types, with precedence constraints for job operations. Such a tool for model has not been treated in the literature. To solve the model, tool was developed, so a new technique was required to deal with the issue of high product variance and short life cycles in assemble to order.

Keywords: hybrid manufacturing system, supply chain system, make to order, make to stock, assemble to order

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Authors: F. Pagliara, F. Mauriello

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The objective of this paper is to investigate the relationship between the increase of accessibility brought by high speed rail (HSR) systems and the tourism market in Italy. The impacts of HSR projects on tourism can be quantified in different ways. In this manuscript, an empirical analysis has been carried out with the aid of a dataset containing information both on tourism and transport for 99 Italian provinces during the 2006-2016 period. Panel data regression models have been considered, since they allow modelling a wide variety of correlation patterns. Results show that HSR has an impact on the choice of a given destination for Italian tourists while the presence of a second level hub mainly affects foreign tourists. Attraction variables are also significant for both categories and the variables concerning security, such as number of crimes registered in a given destination, have a negative impact on the choice of a destination.

Keywords: tourists, overnights, high speed rail, attractions, security

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Authors: Jayanta Basak, Somprakash Bandyopadhyay, Parama Bhaumik, Siuli Roy

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To solve the life and livelihood related problems of socially and economically backward rural women in India, several Women Self-Help Groups (WSHG) are formed in Indian villages. WSHGs are micro-communities (with 10-to 15 members) within a village community. WSHGs have been conceived not just to promote savings and provide credit, but also to act as a vehicle of change through the creation of women micro-entrepreneurs at the village level. However, in spite of huge investment and volume of people involved in the whole process, the success is still limited. Most of these entrepreneurial activities happen in small household workspaces where sales are limited to the inconsistent and unpredictable local markets. As a result, these entrepreneurs are perennially trapped in the vicious cycle of low risk taking ability, low investment capacity, low productivity, weak market linkages and low revenue. Market separation including customer-producer separation is one of the key problems in this domain. Researchers suggest that there are four types of market separation: (i) spatial, (ii) financial, (iii) temporal, and (iv) informational, which in turn impacts the nature of markets and marketing. In this context, a large group of intermediaries (the 'middleman') plays important role in effectively reducing the factors that separate markets by utilizing the resource of rural entrepreneurs, their products and thus, accelerate market development. The rural entrepreneurs are heavily dependent on these middlemen for marketing of their products and these middlemen exploit rural entrepreneurs by creating a huge informational separation between the rural producers and end-consumers in the market and thus hiding the profit margins. The objective of this study is to develop a transparent, online communities of purpose among rural and urban entrepreneurs using internet and web 2.0 technologies in order to decrease market separation and improve mutual awareness of available and potential products and market demands. Communities of purpose are groups of people who have an ability to influence, can share knowledge and learn from others, and be committed to achieving a common purpose. In this study, a cluster of SHG women located in a village 'Kandi' of West Bengal, India has been studied closely for six months. These women are primarily engaged in producing garments, soft toys, fabric painting on clothes, etc. These women were equipped with internet-enabled smart-phones where they can use chat applications in local language and common social networking websites like Facebook, Instagram, etc. A few handicraft experts and micro-entrepreneurs from the city (the 'seed') were included in their mobile messaging app group that enables the creation of a 'community of purpose' in order to share thoughts and ideas on product designs, market trends, and practices, and thus decrease the rural-urban market separation. After six months of regular group interaction in mobile messaging app among these rural-urban community members, it is observed that SHG women are empowered now to share their product images, design ideas, showcase, and promote their products in global marketplace using some common social networking websites through which they can also enhance and augment their community of purpose.

Keywords: communities of purpose, market separation, self-help group, social technologies

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Authors: Adriana Radan Ungureanu

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The industrial landscape is changing due to the financial crises, poor availability of raw materials, new discoveries and interdisciplinary collaborations. New ideas shape the change through technologies and bring responses for a better life. The process of change is leaded by big players like states and companies, but they cannot keep their places on the market without the help of the small ones. The main tool of change is technology and the entire developed world dedicated efforts for decades in this direction. Even the expectations are not yet met, the research for finding adequate solutions is far from to be stopped. A relevant example is nanotechnology where most of discoveries still remain into laboratory and could not succeed to find the right way to the market. In front of this situation the right question could be: ”Is it worth investing in nanotechnology in the name of an uncertain future but with very little impact on present?” This paper tries to find a positive answer from a three-dimensional approach using a descriptive analyse based on available database supplied by the European case studies, reports, and literature.

Keywords: Europe, KET’s, nanotechnology, technology

Procedia PDF Downloads 417

Authors: Elhadi Nasr, Ibrahim Ramadan

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Biostratigraphical analyses of well sections from the Maragh Low in the Eastern Sirt Basin has allowed high resolution correlations to be undertaken. Full integration of this data with available palaeoenvironmental, lithological, gravity, seismic, aeromagnetic, igneous, radiometric and wireline log information and a geochemical analysis of source rock quality and distribution has led to a more detailed understanding of the geological and the structural history of this area. Pre Sirt Unconformity two superimposed rifting cycles have been identified. The oldest is represented by the Amal Group of sediments and is of Late Carboniferous, Kasimovian / Gzelian to Middle Triassic, Anisian age. Unconformably overlying is a younger rift cycle which is represented the Sarir Group of sediments and is of Early Cretaceous, late Neocomian to Aptian in age. Overlying the Sirt Unconformity is the marine Late Cretaceous section. An assessment of pyrolysis results and a palynofacies analysis has allowed hydrocarbon source facies and quality to be determined. There are a number of hydrocarbon source rock horizons in the Maragh Low, these are sometimes vertically stacked and they are of fair to excellent quality. The oldest identified source rock is the Triassic Shale, this unit is unconformably overlain by sandstones belonging to the Sarir Group and conformably overlies a Triassic Siltstone unit. Palynological dating of the Triassic Shale unit indicates a Middle Triassic, Anisian age. The Triassic Shale is interpreted to have been deposited in a lacustrine palaeoenvironment. This particularly is evidenced by the dark, fine grained, organic rich nature of the sediment and is supported by palynofacies analysis and by the recovery of fish fossils. Geochemical analysis of the Triassic Shale indicates total organic carbon varying between 1.37 and 3.53. S2 pyrolysate yields vary between 2.15 mg/g and 6.61 mg/g and hydrogen indices vary between 156.91 and 278.91. The source quality of the Triassic Shale varies from being of fair to very good / rich. Linked to thermal maturity it is now a very good source for light oil and gas. It was once a very good to rich oil source. The Early Barremian Shale was also deposited in a lacustrine palaeoenvironment. Recovered palynomorphs indicate an Early Cretaceous, late Neocomian to early Barremian age. The Early Barremian Shale is conformably underlain and overlain by sandstone units belonging to the Sarir Group of sediments which are also of Early Cretaceous age. Geochemical analysis of the Early Barremian Shale indicates that it is a good oil source and was originally very good. Total organic carbon varies between 3.59% and 7%. S2 varies between 6.30 mg/g and 10.39 mg/g and the hydrogen indices vary between 148.4 and 175.5. A Late Barremian Shale unit of this age has also been identified in the central Maragh Low. Geochemical analyses indicate that total organic carbon varies between 1.05 and 2.38%, S2 pyrolysate between 1.6 and 5.34 mg/g and the hydrogen index between 152.4 and 224.4. It is a good oil source rock which is now mature. In addition to the non marine hydrocarbon source rocks pre Sirt Unconformity, three formations in the overlying Late Cretaceous section also provide hydrocarbon quality source rocks. Interbedded shales within the Rachmat Formation of Late Cretaceous, early Campanian age have total organic carbon ranging between, 0.7 and 1.47%, S2 pyrolysate varying between 1.37 and 4.00 mg/g and hydrogen indices varying between 195.7 and 272.1. The indication is that this unit would provide a fair gas source to a good oil source. Geochemical analyses of the overlying Tagrifet Limestone indicate that total organic carbon varies between 0.26% and 1.01%. S2 pyrolysate varies between 1.21 and 2.16 mg/g and hydrogen indices vary between 195.7 and 465.4. For the overlying Sirt Shale Formation of Late Cretaceous, late Campanian age, total organic carbon varies between 1.04% and 1.51%, S2 pyrolysate varies between 4.65 mg/g and 6.99 mg/g and the hydrogen indices vary between 151 and 462.9. The study has proven that both the Sirt Shale Formation and the Tagrifet Limestone are good to very good and rich sources for oil in the Maragh Low. High resolution biostratigraphical interpretations have been integrated and calibrated with thermal maturity determinations (Vitrinite Reflectance (%Ro), Spore Colour Index (SCI) and Tmax (ºC) and the determined present day geothermal gradient of 25ºC / Km for the Maragh Low. Interpretation of generated basin modelling profiles allows a detailed prediction of timing of maturation development of these source horizons and leads to a determination of amounts of missing section at major unconformities. From the results the top of the oil window (0.72% Ro) is picked as high as 10,700’ and the base of the oil window (1.35% Ro) assuming a linear trend and by projection is picked as low as 18,000’ in the Maragh Low. For the Triassic Shale the early phase of oil generation was in the Late Palaeocene / Early to Middle Eocene and the main phase of oil generation was in the Middle to Late Eocene. The Early Barremian Shale reached the main phase of oil generation in the Early Oligocene with late generation being reached in the Middle Miocene. For the Rakb Group section (Rachmat Formation, Tagrifet Limestone and Sirt Shale Formation) the early phase of oil generation started in the Late Eocene with the main phase of generation being between the Early Oligocene and the Early Miocene. From studying maturity profiles and from regional considerations it can be predicted that up to 500’ of sediment may have been deposited and eroded by the Sirt Unconformity in the central Maragh Low while up to 2000’ of sediment may have been deposited and then eroded to the south of the trough.

Keywords: Geochemical analysis of the source rocks from wells in Eastern Sirt Basin.

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Authors: T. Srinivasa Krishna, K. Narendra, K. Thomas, S. S. Raju, B. Munibhadrayya

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The densities, speeds of sound and refractive index of the binary mixture of ionic liquid (IL) 1-Butyl-3-methylimidazolium bis(trifluoromethylsulfonyl)imide ([BMIM][Imide]) and Pyrrolidin-2-one(PY) was measured at atmospheric pressure, and over the range of temperatures T= (298.15 -323.15)K. The excess molar volume, excess isentropic compressibility, excess speed of sound, partial molar volumes, and isentropic partial molar compressibility were calculated from the values of the experimental density and speed of sound. From the experimental data excess thermal expansion coefficients and isothermal pressure coefficient of excess molar enthalpy at 298.15K were calculated. The results were analyzed and were discussed from the point of view of structural changes. Excess properties were calculated and correlated by the Redlich–Kister and the Legendre polynomial equation and binary coefficients were obtained. Values of excess partial volumes at infinite dilution for the binary system at different temperatures were calculated from the adjustable parameters obtained from Legendre polynomial and Redlich–Kister smoothing equation. Deviation in refractive indices ΔnD and deviation in molar refraction, ΔRm were calculated from the measured refractive index values. Equations of state and several mixing rules were used to predict refractive indices of the binary mixtures and compared with the experimental values by means of the standard deviation and found to be in excellent agreement. By using Prigogine–Flory–Patterson (PFP) theory, the above thermodynamic mixing functions have been calculated and the results obtained from this theory were compared with experimental results.

Keywords: density, refractive index, speeds of sound, Prigogine-Flory-Patterson theory

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Authors: Fatemeh Abbasi, Sahand Daneshvar

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Productivity is one of the essential goals of companies to improve performance, which as a strategy-oriented method, determines the basis of the company's economic growth. The history of productivity goes back centuries, but most researchers defined productivity as the relationship between a product and the factors used in production in the early twentieth century. Productivity as the optimal use of available resources means that "more output using less input" can increase companies' economic growth and prosperity capacity. Also, having a quality life based on economic progress depends on productivity growth in that society. Therefore, productivity is a national priority for any developed country. There are several methods for calculating productivity growth measurements that can be divided into parametric and non-parametric methods. Parametric methods rely on the existence of a function in their hypotheses, while non-parametric methods do not require a function based on empirical evidence. One of the most popular non-parametric methods is Data Envelopment Analysis (DEA), which measures changes in productivity over time. The DEA evaluates the productivity of decision-making units (DMUs) based on mathematical models. This method uses multiple inputs and outputs to compare the productivity of similar DMUs such as banks, government agencies, companies, airports, Etc. Non-parametric methods are themselves divided into the frontier and non frontier approaches. The Malmquist productivity index (MPI) proposed by Caves, Christensen, and Diewert (1982), the Hicks–Moorsteen productivity index (HMPI) proposed by Bjurek (1996), or the Luenberger productivity indicator (LPI) proposed by Chambers (2002) are powerful tools for measuring productivity changes over time. This study will compare the Malmquist, Hicks–Moorsteen, and Luenberger indices theoretically and empirically based on DEA models and review their strengths and weaknesses.

Keywords: data envelopment analysis, Hicks–Moorsteen productivity index, Leuenberger productivity indicator, malmquist productivity index

Procedia PDF Downloads 194