Search results for: stock markets

Authors: Ali Kadivar, Kaveh Niayesh

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MVDC markets for green power generations, Navy, subsea oil and gas electrification, and transportation electrification are extending rapidly. The lack of fast and powerful DC circuit breakers (CB) is the most significant barrier to realizing the medium voltage DC (MVDC) networks. A concept of hybrid circuit breakers (HCBs) benefiting from ultrafast disconnectors (UFD) is proposed. A set of mechanical switches substitute the power electronic commutation switches to reduce the losses during normal operation in HCB. The success of current commutation in such breakers relies on the behaviour of elongated, wall constricted arcs during the opening across the contacts inside the UFD. The arc voltage dependencies on the contact speed of UFDs is discussed through multiphysics simulations contact opening speeds of 10, 20 and 40 m/s. The arc voltage at a given current increases exponentially with the contact opening velocity. An empirical equation for the dynamic arc characteristics is presented for the tested UFD, and the experimentally verfied characteristics for voltage-current are utilized for the current commutation simulation prior to apply on a 14 kV experimental setup. Different failures scenarios due to the current commutation are investigated

Keywords: MVDC breakers, DC circuit breaker, fast operating breaker, ultra-fast elongated arc

Procedia PDF Downloads 81

Authors: Ognjen Vukovic

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Chern-Simons equation represents the cornerstone of quantum physics. The question that is often asked is if the aforementioned equation can be successfully applied to the interaction in international financial markets. By analysing the time series in financial theory, it is proved that Chern-Simons equation can be successfully applied to financial time-series. The aforementioned statement is based on one important premise and that is that the financial time series follow the fractional Brownian motion. All variants of Chern-Simons equation and theory are applied and analysed. Financial theory time series movement is, firstly, topologically analysed. The main idea is that exchange rate represents two-dimensional projections of three-dimensional Brownian motion movement. Main principles of knot theory and topology are applied to financial time series and setting is created so the Chern-Simons equation can be applied. As Chern-Simons equation is based on small particles, it is multiplied by the magnifying factor to mimic the real world movement. Afterwards, the following equation is optimised using Solver. The equation is applied to n financial time series in order to see if it can capture the interaction between financial time series and consequently explain it. The aforementioned equation represents a novel approach to financial time series analysis and hopefully it will direct further research.

Keywords: Brownian motion, Chern-Simons theory, financial time series, econophysics

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Authors: B. F. Dada, B. S. Ewulo, M. A. Awodun, S. O. Ajayi

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Aggregate soil carbon distribution and stock in the soil in the form of a carbon pool is important for soil fertility and sequestration. The amount of carbon pool and other nutrients statues of the soil are to benefit plants, animal and the environment in the long run. This study was carried out at Akure North and South Local Government; the study area is one of the 18 Local Government Areas of Ondo State in the Southwest geo-political zone of Nigeria. The sites were divided into Map Grids and geo-referenced with Global Positioning System (GPS). Horizons were designated and morphological description carried out on the field. Pedons were characterized and classified according to USDA soil taxonomy. The local government area shares boundaries with; Ikere Local Government (LG) in the North, Ise Orun LG in the northwest, Ifedore LG in the northeast Akure South LG in the East, Ose LG in the South East, and Owo LG in the South. SOC-pool at Federal College of Agriculture topsoil horizon A2 is significantly higher than all horizons, 67.83 th⁻¹. The chemical properties of the pedons have shown that the soil is very strongly acidic to neutral reaction (4.68 – 6.73). The nutrients status of the soil topsoil A1 and A2 generally indicates that the soils have a low potential for retaining plant nutrients, and therefore call for adequate soil management.

Keywords: soil organic carbon (SOC), horizon, pedon, Akure

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Authors: Ilhan Keskin, Hasan Bulent Kantarci

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In this study, one of the tools of Islamic financing known as “Sukuk” a non-interest bearing investment which has started to be implemented in Turkey and the world as a whole is discussed. In order to increase the vitality and efficiency of the economy, by taking lessons from the recent economic crisis new developments in the banking and investment sector are being expanded. The purpose of all investors is to obtain more revenue through the use of capital. The inability of traditional investment tools to meet the expectations of investors and the interest based financial system where one investor benefits at the expense of another there has been the need for a different, reliable and non-interest bearing financial market that is consistent with the Islamic rule. As a result an alternative and more reliable interest free financing tool “Sukuk” rental certificates covering people who are sensitive to Islamic rules, appeal to all segments, hidden remaining capital that contributes to the economy, reduce disparities in income distribution, common risk sharing system of profit and loss sharing has emerged. Today, for the structural countries by examining the state of the world market economy the applicability, enactment and future issues associated with this attractive kind of Islamic finance namely the “Sukuk” market has been explained.

Keywords: Islamic finance, islamic markets, non-interest bearing, rental certificates

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Authors: B. Marasović, S. Pivac, S. V. Vukasović

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Constructing a portfolio of investments is one of the most significant financial decisions facing individuals and institutions. In accordance with the modern portfolio theory maximization of return at minimal risk should be the investment goal of any successful investor. In addition, the costs incurred when setting up a new portfolio or rebalancing an existing portfolio must be included in any realistic analysis. In this paper rebalancing an investment portfolio in the presence of transaction costs on the Croatian capital market is analyzed. The model applied in the paper is an extension of the standard portfolio mean-variance optimization model in which transaction costs are incurred to rebalance an investment portfolio. This model allows different costs for different securities, and different costs for buying and selling. In order to find efficient portfolio, using this model, first, the solution of quadratic programming problem of similar size to the Markowitz model, and then the solution of a linear programming problem have to be found. Furthermore, in the paper the impact of transaction costs on the efficient frontier is investigated. Moreover, it is shown that global minimum variance portfolio on the efficient frontier always has the same level of the risk regardless of the amount of transaction costs. Although efficient frontier position depends of both transaction costs amount and initial portfolio it can be concluded that extreme right portfolio on the efficient frontier always contains only one stock with the highest expected return and the highest risk.

Keywords: Croatian capital market, Markowitz model, fractional quadratic programming, portfolio optimization, transaction costs

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Authors: Dwi Wijiastutik, Tarjo, Yuni Rimawati

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The purpose of this empirical study is to analyse how to the market reaction and the conservative degree changes on the adoption of International Financial Reporting Standart (IFRS) through Jakarta Islamic Index. The study also has given others additional analysis on the profitability, capital structure and size company toward IFRS adoption. The data collection methods used in this study reveals as secondary data and deep analysis to the company’s annual report and daily price stock at yahoo finance. We analyse 40 companies listed on Jakarta Islamic Index from 2010 to 2014. The result of the study concluded that IFRS has given a different on the depth analysis to the two of variance analysis: Moderated Regression Analysis and Wilcoxon Signed Rank to test developed hypotheses. Our result on the regression analysis shows that market response and conservatism principle is not significantly after IFRS Adoption in Jakarta Islamic Index. Furthermore, in addition, analysis on profitability, capital structure, and company size show that significantly after IFRS adoption. The findings of our study help investor by showing the impact of IFRS for making decided investment.

Keywords: IFRS, earnings response coefficient, conservatism principle

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Authors: Satinder Bhatia

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Limited Liability Partnerships (LLPs) was a concept introduced in India in 2009. Ever since then, there has been a fierce growth in the number of organizations registered as LLPs outpacing the number of registrations as private companies. Among other benefits extended to LLPs, the audit being mandated only for LLPs having a turnover of at least Rs 40 lakhs or capital contribution of Rs 25 lakhs, has been a major attraction. This has resulted in only about 10 per cent of LLPs coming under mandatory audit. Even for such companies, the accounting standards to be followed in the preparation of financial statements have not been specified. The Revised Indian Accounting Standards (Revised IndAS) which are aligned with IFRS to a great extent, may apply to LLPs only under limited conditions. Thus, the veracity of even the audited financial statements of LLPs can be questioned. If in future, these LLPs would like to list on a stock exchange to raise capital, there can be serious hurdles if investors do not find the financial statements to be reliable and consistent. LLPs are generally governed by country-specific rules in the area of accounts and audit. Thus, such rules vary across UK, EU and the USA. Some countries have adopted the IFRS for SMEs and since LLPs can be referred to as SMEs; they would come under the ambit of these IFRS provisions. Besides, as the scope of audit widens to cover qualitative information in addition to quantitative data, audit of LLPs has now acquired a new meaning and a new urgency as demands for at least limited purpose audits are arising from different stakeholders including lenders, suppliers, customers and joint venture partners.

Keywords: audit disclosures, audit quality, guidance for SMEs, non-audit services

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Authors: Isabel Moscol, Carlos J. Díaz, Ciro Rodríguez

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Hip replacement becomes necessary when a person suffers severe pain or considerable functional limitations and the best option to enhance their quality of life is through the replacement of the damaged joint. One of the main components in femoral prostheses is the stem which distributes the loads from the joint to the proximal femur. To preserve more bone stock and avoid weakening of the diaphysis, a short starting stem was selected, generated from the intramedullary morphology of the patient's femur. It ensures the implantability of the design and leads to geometric delimitation for personalized optimization with machine learning (ML) and metaheuristic algorithms. The present study attempts to design a cementless short stem to make the strain deviation before and after implantation close to zero, promoting its fixation and durability. Regression models developed to estimate the percentage change of maximum principal stresses were used as objective optimization functions by the metaheuristic algorithm. The latter evaluated different geometries of the short stem with the modification of certain parameters in oblique sections from the osteotomy plane. The optimized geometry reached a global stress shielding (SS) of 18.37% with a determination factor (R²) of 0.667. The predicted results favour implantability integration in the short stem optimization to effectively reduce SS in the proximal femur.

Keywords: machine learning techniques, metaheuristic algorithms, short-stem design, stress shielding, hip replacement

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Authors: Ozioma Beauty Nwaodu, Adebowale E Salako, Omolara Mabel Akinyemi, Nkechi Uche, Isuama Isu, Uchechi Jane Elechi

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Goats form an integral part of livestock production in the tropics. Meat potential is determined subjectively by resource poor livestock keepers, using hand to measure the rump width (RW). Objective evaluation of meat potential in different breads of goats can overcome problems associated with subjective evaluation. Hence, the objectives were to predict meatiness in Red Sokoto (RS), Sahel and the West African Dwarf (WAD) goats, using product of the body length (BL), wither height (WH) and (RW) and to indicate the inherent size of each breed, using WH: BL ratio. These three parameters were used because they are less environmentally sensitive. A total of 2849 goats were sampled purposefully from the Akinyele and Oranyan markets in Ibadan, Oyo State Nigeria. RS showed no significant difference for BL and WH but different from the RW of both sexes (p < 0.01). Similarly WAD showed no significant difference for the BL and WH, but differed (p < 0.01) between sexes for RW. Using the ANOVA, BL:WH ratio showed no significant difference between the breeds. WAD goats have the highest mean for BL:WH ratio. Western meat livestock is primarily identified using BL:WH. The combinations of these body parameters as indicator for meat type in meat animals showed that WAD goat has more potential to lay down meat, than RS and Sahel.

Keywords: quantitative, morphologial traits, descriptive analysis, goats

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Authors: Yanping He-Ulbricht, Marc Oliver Rieger

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Based on survey data collected from people with Chinese roots living in Germany, this paper examines the impact of assimilation degree and language priming (Chinese or German) on individuals’ perceived fairness of economic and social differences and their attitude towards these. The results show that both the language used and the length of time spent in a foreign culture have a significant impact. Subjects who had spent less than 10 years in Germany demonstrated a higher readiness to accept government intervention in markets with price limits than those who had lived there longer. Subjects who were asked and answered in German perceived the current economic situation as less fair and were also less inclined to accept inequality, even when it leads to a Pareto improvement. While the difference in fairness perception of inequality was a cultural effect, the difference in attitudes towards government intervention was rather a result of learning process. The findings imply that both learning processes of individuals and culture play an important role in perception and preferences regarding social and economic differences.

Keywords: assimilation, bilingualism, cross-cultural comparison, income inequality, language priming, price fairness

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Authors: Haifeng Wang, Haili Zhang

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Most movie recommendation systems have been developed for customers to find items of interest. This work introduces a predictive model usable by small and medium-sized enterprises (SMEs) who are in need of a data-based and analytical approach to stock proper movies for local audiences and retain more customers. We used classification models to extract features from thousands of customers’ demographic, behavioral and social information to predict their movie genre preference. In the implementation, a Gaussian kernel support vector machine (SVM) classification model and a logistic regression model were established to extract features from sample data and their test error-in-sample were compared. Comparison of error-out-sample was also made under different Vapnik–Chervonenkis (VC) dimensions in the machine learning algorithm to find and prevent overfitting. Gaussian kernel SVM prediction model can correctly predict movie genre preferences in 85% of positive cases. The accuracy of the algorithm increased to 93% with a smaller VC dimension and less overfitting. These findings advance our understanding of how to use machine learning approach to predict customers’ preferences with a small data set and design prediction tools for these enterprises.

Keywords: computational social science, movie preference, machine learning, SVM

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Authors: Nadia Adnan, Muhammad Mohsin Raza, Latha Ravindran

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Based on the principles above, the study presents an economic model of food waste for consumers, intermediaries, and producers. We discriminate between purchasing and selling, purchases versus customers consumption, and gross output versus sales for each intermediary. To compensate for waste at each level of the supply chain, agents must charge higher sales prices. The research model can produce more accurate predictions about how actions (public regulations or private efforts) to reduce food waste impact markets, including indirect (cascading) effects. With a formal model, researchers demonstrate the uniqueness of these interaction effects and simulate an empirical model calibrated to market characteristics and waste rates in Saudi Arabia. Researchers demonstrate that the effects of waste reduction differ per commodity, depending on supply and demand elasticities, degree of openness to international commerce, and the beginning rates of food loss and waste at each level of the value chain. Because of the consequential effects related to the supply chain, initiatives to minimize food waste will be strengthened in some circumstances and partially countered in others.

Keywords: food loss, food waste, supply chain management, Saudi Arabia, food supply

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Authors: Albena Ivanova, Jill Kurp, Austin Hampe

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Cereal products in the US contain rich information on the front of the package (FOP) as well as point-of-purchase (POP) summaries provided by the store. These summaries frequently are confusing and misleading to the consumer. This study explores the relationship between perceived quality, objective quality, price, and value in the cold cereal industry. A total of 270 cold cereal products were analyzed and the price, quality and value for different summaries were compared using ANOVA tests. The results provide evidence that the United States Department of Agriculture Organic FOP/POP are related to higher objective quality, higher price, but not to a higher value. Whole grain FOP/POP related to a higher objective quality, lower or similar price, and higher value. Heart-healthy POP related to higher objective quality, similar price, and higher value. Gluten-free FOP/POP related to lower objective quality, higher price, and lower value. Kid's cereals were of lower objective quality, same price, and lower value compared to family and adult markets. The findings point to a disturbing tendency of companies to continue to produce lower quality products for the kids’ market, pricing them the same as high-quality products. The paper outlines strategies that marketers and policymakers can utilize to contribute to the increased objective quality and value of breakfast cereal products in the United States.

Keywords: cereals, certifications, front-of-package claims, consumer health.

Procedia PDF Downloads 125

Authors: Pirom Thangchitpianpol, Suttipong Jumroonrut

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This research investigates the distribution of food demand for animal food and the optimum amount of that food production at minimum cost. The data consist of customer purchase orders for the food of laying hens, price of food for laying hens, cost per unit for the food inventory, cost related to food of laying hens in which the food is out of stock, such as fine, overtime, urgent purchase for material. They were collected from January, 1990 to December, 2013 from a factory in Nakhonratchasima province. The collected data are analyzed in order to explore the distribution of the monthly food demand for the laying hens and to see the rate of inventory per unit. The results are used in a stochastic linear programming model for aggregate planning in which the optimum production or minimum cost could be obtained. Programming algorithms in MATLAB and tools in Linprog software are used to get the solution. The distribution of the food demand for laying hens and the random numbers are used in the model. The study shows that the distribution of monthly food demand for laying has a normal distribution, the monthly average amount (unit: 30 kg) of production from January to December. The minimum total cost average for 12 months is Baht 62,329,181.77. Therefore, the production planning can reduce the cost by 14.64% from real cost.

Keywords: animal food, stochastic linear programming, aggregate planning, production planning, demand uncertainty

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Authors: Davood Karimipour

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Since long ago, Russia has been one of the most influential actors in regional equations in South West Asia. The geographic affinity of its vital interests with Western Asia has caused Moscow to have a high sensitivity to the balance of power in the Middle East, as its role in the Syrian crisis clearly demonstrated the importance. In recent years, Moscow has tried to use the energy diplomacy tool in maintaining the balance of power between the major powers in the region. The paper, based on the qualitative case study method, investigates how Russia’s energy diplomacy plays a role in the balance of regional forces in the Middle East, studying the country’s conduct towards Iran, Saudi Arabia, Turkey, and Israel. The hypothesis presented that Russia, using energy tools, is trying to push the regional powers toward cooperation in order to increase the influence in the region, increase power in global markets, and controlling the US to restore power balance in the region. Its cooperation in the Iranian gas industry, the country’s relations with Saudis in the framework of OPEC, cooperation with the Turkish Kurds and the presence in the Israeli gas industry are an example of these Russian energy diplomacy initiatives in West Asia, which is the common point of the Moscow approach to South West Asia.

Keywords: Russia, balance of power, energy diplomacy, Middle East

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Authors: Luqman Afolabi

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This paper measures the impacts of trade and institutions on environmental quality in Sub-Saharan Africa (SSA). To examine the direction and the magnitude of the effects, the study employs the pooled mean group (PMG) estimation technique on the panel data obtained from the World Bank’s World Development and Governance Indicators, between 1996 and 2018. The empirical estimates validate the environmental Kuznets curve hypothesis (EKC) for the region, even though there have been inconclusive results on the environment – growth nexus. Similarly, a positive coefficient is obtained on the impact of trade on the environment, while the impact of the institutional indicators produce mixed results. A significant policy implication is that the governments of the SSA countries pursue policies that tend to increase economic growth, so that pollutants may be reduced. Such policies may include the provision of incentives for sustainable growth-driven industries in the region. In addition, the governance infrastructures should be improved in such a way that appropriate penalties are imposed on the pollutants, while advanced technologies that have the potentials to reduce environmental degradation should be encouraged. Finally, it is imperative from these findings that the governments of the region should promote their trade relations and the competitiveness of their local industries in order to keep pace with the global markets.

Keywords: environmental quality, institutional quality sustainable development goals, trade

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Authors: Abhimanyu Pati, Krishna Kumar Veluri

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The paper intends to bring out a real life experience encountered during actual implementation of a large scale Tier-1 Enterprise Resource Planning (ERP) system in a multi-location, discrete manufacturing organization in India, involved in manufacturing of auto components and aggregates. The business complexities, prior to the implementation of ERP, include multi-product with hierarchical product structures, geographically distributed multiple plant locations with disparate business practices, lack of inter-plant broadband connectivity, existence of disparate legacy applications for different business functions, and non-standardized codifications of products, machines, employees, and accounts apart from others. On the other hand, the manufacturing environment consisted of processes like Assemble-to-Order (ATO), Make-to-Stock (MTS), and Engineer-to-Order (ETO) with a mix of discrete and process operations. The paper has highlighted various business plan areas and concerns, prior to the implementation, with specific focus on strategic issues and objectives. Subsequently, it has dealt with the complete process of ERP implementation, starting from strategic planning, project planning, resource mobilization, and finally, the program execution. The step-by-step process provides a very good learning opportunity about the implementation methodology. At the end, various organizational challenges and lessons emerged, which will act as guidelines and checklist for organizations to successfully align and implement ERP and achieve their business objectives.

Keywords: ERP, ATO, MTS, ETO, discrete manufacturing, strategic planning

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Authors: Andrey Matyukhin

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Russian official statistics have been showing a steady decline in residential real estate prices for several consecutive years. Price risk in real estate markets is thus affecting various groups of economic agents, namely, individuals, construction companies and financial institutions. Potential use of property derivatives might help mitigate adverse consequences of negative price dynamics. Unless a sustainable price indicator is developed, settlement of such instruments imposes constraints on counterparties involved while imposing restrictions on real estate market development. The study addresses geographical and classification heterogeneity in real estate prices by means of variance analysis in various groups of real estate properties. In conclusion, we determine optimal sample structure of representative real estate assets with sufficient level of price homogeneity. The composite price indicator based on the sample would have a higher level of robustness and reliability and hence improving liquidity in the market for property derivatives through underlying standardization. Unlike the majority of existing real estate price indices, calculated on country-wide basis, the optimal indices for Russian market shall be constructed on the city-level.

Keywords: price homogeneity, property derivatives, real estate price index, real estate price risk

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Authors: A. Elbaz, K. Spang

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Infrastructure projects are often subjected to delays and cost overruns and mistakenly described as unsuccessful projects. These projects have many peculiarities such as public attention, impact on the environment, subjected to special regulations, etc. They also deal with several stakeholders with different motivations and face unique risks. With this in mind we need to reconsider our approach to manage them, define their success factors and implement these success factors. Infrastructure projects are not only lacking a unified meaning of project success or a definition of success factors, but also a clear method to implement these factors. This paper investigates this gap and introduces a concept to implement success factors in an efficient way, taking into consideration the specific characteristics of infrastructure projects. This concept consists of six enablers such as project organization, project team, project management workflow, contract management, communication and knowledge transfer and project documentations. These enablers allow other success factors to be efficiently implemented in projects. In conclusion, this paper provides project managers as well as company managers with a tool to define and implement success factors efficiently in their projects, along with upgrading their assets for the coming projects. This tool consists of processes and validated checklists to ensure the best use of company resources and knowledge. Due to the special features of infrastructure projects this tool will be tested in the German infrastructure market. However, it is meant to be adaptable to other markets and industries.

Keywords: infrastructure projects, operative success factors, project success, success factors, transportation projects

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Authors: Sabiha S. Marine, Nicole Flint, John Rolfe

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The Queensland state government introduced commercial gill net fishing closures in Cairns, Mackay, and Rockhampton in November 2015 to increase the recreational fishing opportunities, nature-based tourism, and economic benefits in these three regional areas. This management change is likely to improve the potential for more desirable stock structures through natural recruitment. Barramundi (Lates calcarifer) is one of the popular target fish for recreational and commercial fishers in Northern Australia. This investigation examines the effects of reduced commercial fishing from both biological and economic perspectives, particularly on the local Barramundi population of the Fitzroy River in Rockhampton, the largest river catchment flowing to the eastern coast of Australia. Data on different parameters of biological and economic aspects have been collated from secondary sources for analysis through a system simulation approach to identify the effectiveness of the commercial netting closures on recreational fishing effort, especially for the Barramundi population. The results have the potential to explain certain consequences of the netting closures in Queensland, which could serve to inform future fisheries management decisions. The study output as a whole will help in the better management of fisheries resources by evaluating recreational fishing opportunities in Queensland, where the potential for increases in recreation is high.

Keywords: Barramundi, bioeconomic model, fishery management, recreational fishing

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Authors: M. Fernández, T. Gómez, J. Fleta

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Although firm innovation is a crucial factor for enhancing their competitive advantage in the current context of globalization, achieving innovations poses a significant challenge because of the degree of expertise required and the associated financial costs. Firms affiliated with business groups can choose whether their purchases of intermediate inputs are domestic (i.e., national source) or from foreign markets (i.e., international source) and whether the supplier firms are affiliated (i.e., internal source) or non-affiliated (i.e., external source). This has led to studies investigating the role of different sources of intermediate inputs in promoting innovation performance. The present study seeks to fill this gap by exploring the relationship between the source of intermediate inputs and innovation performance in firms belonging to Spanish non-MNE groups. For this purpose, we will distinguish among three intermediate input sources, international sourcing, domestic external sourcing, and internal sourcing, as their choice could be induced by different causes and have different consequences. Finally, it is analyzed radical and incremental innovation as innovation performance because they are closely related to the concept of technological development and reflect different innovation behavior. The paper includes a sample of around 4,100 firm-year observations of manufacturing firms (non-MNE) belonging to groups located in Spain between 2006 and 2020.

Keywords: intermediate input source, innovation performance, business group affiliated firms, Spain

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Authors: Tsietsi J. Pilusa, Tumisang G. Seodigeng

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This study evaluates the benefits of advanced waste management practices in unlocking waste-to-energy opportunities within the solid waste industry. The key drivers of sustainable waste management practices, specifically with respect to packaging waste-to-energy technology options are discussed. The success of a waste-to-energy system depends significantly on the appropriateness of available technologies, including those that are well established as well as those that are less so. There are hard and soft interventions to be considered when packaging an integrated waste treatment solution. Technology compatibility with variation in feedstock (waste) quality and quantities remains a key factor. These factors influence the technology reliability in terms of production efficiencies and product consistency, which in turn, drives the supply and demand network. Waste treatment technologies rely on the waste material as feedstock; the feedstock varies in quality and quantities depending on several factors; hence, the technology fails, as a result. It is critical to design an advanced waste treatment technology in an integrated approach to minimize the possibility of technology failure due to unpredictable feedstock quality, quantities, conversion efficiencies, and inconsistent product yield or quality. An integrated waste-to-energy approach offers a secure system design that considers sustainable waste management practices.

Keywords: emerging markets, evaluation tool, interventions, waste treatment technologies

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Authors: Abdelhamid Nechad, Ahmed Maghni, Khaoula Zahir

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Energy transition is one of Morocco's key sustainable development issues and is at the heart of the 2030 National Sustainable Development Strategy. On the one hand, it reflects the Moroccan government's determination to reduce the negative impact of energy consumption on the environment, and on the other, its determination to rely essentially on renewable energies to meet its energy needs. With this in mind, several tools are being implemented, including green bonds designed to finance projects with a high environmental or climate impact. Thus, since 2015, several green bonds have been issued for a cumulative total of $0.4 Billion . This article aims to examine the impact of green bonds on Morocco's energy transition. Through the Granger causality and cointegration test, this article examines the existence of a short- and long-term causal relationship between green bond issuance and investment in renewable energy projects on the one hand, and between green bond issuance and CO₂ emission reductions on the other. The results suggest that there is no short-term causal relationship between green bond issuance and renewable energy investments on one hand and CO₂ emissions reduction on the other hand. However, in the long run, there is a relationship between green bond issuance and CO₂ emissions reduction in Morocco.

Keywords: climate impact, CO₂ emissions, energy transition, green bonds, Morocco

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Authors: Saira Tajdar, Sajad Ahmad

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The pharmaceutical market of Pakistan showed a mixed trend since 1947. In these six decades various local and foreign pharmaceutical companies entered the market with their highly researched based formulas and brands for various diseases. It also created a very competitive market between local and foreign companies and brands. But this intense competition does not clear the picture that whether the customers (Doctors) are preferring/prescribing foreign or local brands more frequently. Previous research has been done in various markets for different brands that whether the customers in that industry prefer foreign or local brands. However, the pharmaceutical industry in this regard has been ignored by the researchers. Generally people don't know that for prescription brands of medicines what the preferences of customers (Doctors) are. Therefore, this study is conducted in two departments of Pharmaceutical industry by selecting the top recommended formulas in those departments that for those formulas whether the customers (Doctors) are prescribing either foreign brands or local brands. Secondary data has been collected from previous studies on the country of origin (COO), ethnocentrism and factors influencing brands preferences from authentic sources. Primary data was also collected through 100 self administered questionnaires from top five hospitals of Peshawar. The results of the study were analyzed through SPSS which shows that in some categories of pharmaceutical products the COO is very important but not for all.

Keywords: customer prescription, country of origin, empirical study, foreign versus local brands, pharmaceutical industry, Pakistan

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Authors: Shital Suresh Borse, Vijayalaxmi Kadroli

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E-commerce industries nowadays implement the latest AI, ML Techniques to improve their own performance and prediction accuracy. This helps to gain a huge profit from the online market. Ant Colony Optimization, Genetic algorithm, Particle Swarm Optimization, Neural Network & GWO help many e-commerce industries for up-gradation of their predictive performance. These algorithms are providing optimum results in various applications, such as stock price prediction, prediction of drug-target interaction & user ratings of similar products in e-commerce sites, etc. In this study, customer reviews will play an important role in prediction analysis. People showing much interest in buying a lot of services& products suggested by other customers. This ultimately increases net profit. In this work, a convolution neural network (CNN) is proposed which further is useful to optimize the prediction accuracy of an e-commerce website. This method shows that CNN is used to optimize hyperparameters of GWO algorithm using an appropriate coding scheme. Accurate model results are verified by comparing them to PSO results whose hyperparameters have been optimized by CNN in Amazon's customer review dataset. Here, experimental outcome proves that this proposed system using the GWO algorithm achieves superior execution in terms of accuracy, precision, recovery, etc. in prediction analysis compared to the existing systems.

Keywords: prediction analysis, e-commerce, machine learning, grey wolf optimization, particle swarm optimization, CNN

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Authors: Martin Hewing, Katharina Hölzle

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Organizations increasingly use environmental stimuli and ideas from users within participatory innovation processes in order to tap new sources of knowledge. The research presented in this article focuses on users who shape the distant edges of markets and currently are not using products and services from a domain– so called potential users. Those users at the peripheries are perceived to contribute more novel information, by which they better reflect shifts in needs and behavior than current users in the core market. Their contributions in collaborative and creative problem-solving processes and how they generate ideas for discontinuous innovations are of particular interest. With an experimental design, we compare ideas from potential and current users and analyze the effects of cognitive distance in collaboration and the utilization of explicit and tacit knowledge. We find potential users to generate more original ideas, particularly when they collaborate with someone experienced within the domain. Their ideas are most obviously characterized by an increased level of surprise and unusualness compared to dominant designs, which is rooted in contexts and does not require technological leaps. Collaboration with potential users can therefore result in new ways to leverage technological competences. Furthermore, the cross-fertilization arising from cognitive distance between a potential and a current user is asymmetric due to differences in the nature of their utilized knowledge and personal objectives. This paper discusses implications for innovation research and the management of early innovation processes.

Keywords: user collaboration, co-creation, discontinuous innovation, innovation research

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Authors: Mohammad Saber Rohi, Saghar Heidari

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In this paper, we studied the pricing problem of American options under a regime-switching model with the possibility of a non-optimal exercise policy (early or late exercise time) which is called an irrational strategy. For this, we consider a Markovmodulated model for the dynamic of the underlying asset as an alternative model to the classical Balck-Scholes-Merton model (BSM) and an intensity-based model for the irrational strategy, to provide more realistic results for American option prices under the irrational behavior in real financial markets. Applying a partial differential equation (PDE) approach, the pricing problem of American options under regime-switching models can be formulated as coupled PDEs. To solve the resulting systems of PDEs in this model, we apply a finite element method as the numerical solving procedure to the resulting variational inequality. Under some appropriate assumptions, we establish the stability of the method and compare its accuracy to some recent works to illustrate the suitability of the proposed model and the accuracy of the applied numerical method for the pricing problem of American options under the regime-switching model with irrational behaviors.

Keywords: irrational exercise strategy, rationality parameter, regime-switching model, American option, finite element method, variational inequality

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Authors: Ojinime E. Ojiakor, Allen N. Adum

Abstract:

We report on bed scenes allurement as entertainment and selling point in Nigeria’s Nollywood movie industry. In recent times, there has been an increase in the portrayal of bed scenes in Nollywood movies. Before now, Nigerian film producers have been very conservative when it comes to showing sex and nudity. This appears to have changed in line with global trends. Movie industries all over the world appear a haven for delectable women who glamorize our screens, not only with their beauty but also their acting skills. At Hollywood, Bollywood, Ghollywood and the like, pretty actresses with sensuous endowments engage in bed scenes which allure the minds of viewers. The idea that, a ravishing beauty on cast is as good as a box office hit apparently drives Nigerian film producers to incorporate bed scenes in their movies. In this era of sex crusade where what sells is sex and maybe a little bit of violence, there is the suggestion that producers believe that if the talent of an actress doesn’t do the trick, the sexiness she exudes is bound to get attention. Against this backdrop, our study examined bed scenes depiction by Nollywood films, in an attempt to establish if their allurement influences the choice of movie and purchase decisions of target markets. We assessed Nollywood films and viewer preference using the mixed method approach. Our findings reveal that bed scenes, as portrayed in Nigerian movies are a significant determinant of which films to watch and which films to purchase among the respondents studied.

Keywords: allurement, bed scenes, nollywood, selling point

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Authors: Bela Sulistyaguna, Yuli Chomsatu Samrotun, Endang Masitoh Wahyuningsih

Abstract:

The purpose of this research was to analyze the influence of company size, liquidity, profitability, leverage, company age, industry type, board of director, board of commissioner, audit committee and public ownership on the corporate social responsibility disclosure. The grand theories of this research are agency theory, stakeholders theory, and legitimacy theory. Analysis of data using multiple linear regression method with SPSS 22.0 for mac. The sample consists of companies listed on the Indonesia Stock Exchange (IDX) and disclosed the Global Reporting Initiative (GRI) sustainability reports from 2013 to 2018. The final sample of this research was 19 companies that obtained by purposive sampling. The results of the research showed that, simultaneously, company size, liquidity, profitability, leverage, company age, industry type, board of director, board of commissioner, audit committee and public ownership has an influence on the corporate social responsibility disclosure. Partially, the results showed that liquidity and leverage has an influence on the corporate social responsibility disclosure. Meanwhile, company size, profitability, company age, industry type, board of director, board of commissioner, audit committee and public ownership has no influence on corporate social responsibility disclosure.

Keywords: corporate social responsibility, CSR disclosure, Indonesia

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Authors: Prama Mukhopadhyay

Abstract:

Starting from transport to food, today’s world platform economy and digital markets have taken over almost every sphere of consumers’ lives. Sellers and buyers are getting connected through platforms, which is acting as an intermediary. It has made consumer’s life easier in terms of time, price, choice and other factors. Having said that, there are several concerns regarding platforms. There are competition law concerns like unfair pricing, deep discounting by the platforms which affect the consumer welfare. Apart from that, the biggest problem is lack of transparency with respect to the business models, how it operates, price calculation, etc. In most of the cases, consumers are unaware of how their personal data are being used. In most of the cases, they are unaware of how algorithm uses their personal data to determine the price of the product or even to show the relevant products using their previous searches. Using personal or non-personal data without consumer’s consent is a huge legal concern. In addition to this, another major issue lies with the question of liability. If a dispute arises, who will be responsible? The seller or the platform? For example, if someone ordered food through a food delivery app and the food was bad, in this situation who will be liable: the restaurant or the food delivery platform? In this paper, the researcher tries to examine the legal concern related to platform economy from the consumer protection and consumer welfare perspectives. The paper analyses the cases from different jurisdictions and approach taken by the judiciaries. The author compares the existing legislation of EU, US and other Asian Countries and tries to highlight the best practices.

Keywords: competition, consumer, data, platform

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