Search results for: stock return-stock price

Authors: Kevin Smith

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Publicly traded company in the US are legally obligated to host earnings calls that discuss their most recent financial reports. During these calls, investors are able to ask these companies questions about these financial reports and on the future direction of the company. This paper examines whether common institutional owners use these calls as a way to indirectly signal to companies in their portfolio to not take actions that could hurt the common owner's interests. This paper uses transcripts taken from the earnings calls of the six largest health insurance companies in the US from 2014 to 2019. This data is analyzed using text analysis and sentiment analysis to look for patterns in the statements made by common owners. The analysis found that common owners where more likely to recommend against direct price competition and instead redirect the insurance companies towards more passive actions, like investing in new technologies. This result indicates a mechanism that common owners use to reduce competition in the health insurance market.

Keywords: common ownership, text analysis, sentiment analysis, machine learning

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Authors: Nabeel Safdar, Qian Aimin

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Corporate philanthropy is important, as the donations have been considered as a source to improve the image of business entity in modern era of high competition. We used data on annual basis from 2000 to 2014 for 1,248 firms listed at Shanghai and Shenzhen stock exchanges. Results for giving firms reveal that there is curve linear relation of profitability and CP, as profitable firms utilize cash in an efficient way and have fewer amounts of slack resource and tradeoff among stakeholder and agency cost made it more justifiable. We found that more profitability does not mean that the cash flows are available, actually good performing firms or profitable firm also good at cash management. Cash is utilized in an effective way by profitable firms, and have fewer extents of slack resources which generate curvilinear relationship of profitability with Corporate Philanthropy. We found that the trend of Corporate Philanthropy also got affected due to natural disasters. Analysis made by innovation, slack resources and directors salary revealed the positive significant relationship. It is not compulsory that firm should be only profitable for engaging in philanthropy rather they should have abundant slack resources to donate.

Keywords: corporate philanthropy, free cash flows, natural disasters, profitability

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Authors: Astha Sinha, Anjali Kanagali

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The United Kingdom’s withdrawal from the European Union, also termed as “Brexit,” took place on June 23, 2016 and immediately had global repercussions on the stock markets of the world. It is however expected to have a greater impact on the Banking sector in the UK. There is a two-fold effect on the earnings of banks which is being expected. First is of the trading activity and investment banking businesses being hit due to global weakness in financial markets. Second is that the banks having a large presence in the European Union will have to restructure their operations in order to cover other European countries as well increase their operating costs. As per the analysis, banks are expected to face rate cuts, bad loans, and tight liquidity. The directives in the Brexit negotiations on the Markets in Financial Instruments Directive (MiFID) will be a major decision to be taken for the Banking sector. New regulations will be required since most of the regulations governing the financial services industry allowing for the cross-border transactions were at the EU level. This paper aims to analyze the effect of Brexit on the UK Banking sector and changes in regulations that are expected due to the same. It shall also lay down the lessons learnt from the 2008 financial crisis and draw a parallel in terms of potential areas to be focused on for revival of the financial sector of Britain.

Keywords: Brexit, Brexit impact on UK, impact of Brexit on banking, impact of Brexit on financial services

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Authors: Qamar Iqbal

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Companies strive to improve their forecasting methods to predict the fluctuations in customer demand. These fluctuation and variation in demand affect the manufacturing operations and can limit a company’s ability to fulfill customer demand on time. Companies keep the inventory buffer and maintain the stocking levels to reduce the impact of demand variation. A mid-size company deals with thousands of stock keeping units (skus). It is neither easy and nor efficient to control and manage each sku. Inventory classification provides a tool to the management to increase their ability to support customer demand. The paper presents a framework that shows how inventory classification can play a role to increase supply chain responsiveness. A case study will be presented to further elaborate the method both for build-to-order and build-to-forecast manufacturing environments. Results will be compared that will show which manufacturing setting has advantage over another under different circumstances. The outcome of this study is very useful to the management because this will give them an insight on how inventory classification can be used to increase their ability to respond to changing customer needs.

Keywords: inventory classification, supply chain responsiveness, forecast, manufacturing environment

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Authors: H. M. Farghally, N. M. Ahmed, H. T. El-Madany, D. M. Atia, F. H. Fahmy

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Energy is required in almost every aspect of human activities and development of any nation in this world. Increasing fossil fuel price, energy security and climate change have important bearings on sustainable development of any nation. The renewable energy technology is considered one of the drastic approaches taken over the world to reduce the energy problem. The preservation of vegetables by freezing is one of the most important methods of retaining quality in agricultural products over long-term storage periods. Freezing factories show high demand of energy for both heat and electricity; the hybrid Photovoltaic/Thermal (PV/T) systems could be used in order to meet this requirement. This paper presents PV/T system design for freezing factory. Also, the complete mathematical modeling and Matlab Simulink of PV/T collector is introduced. The sensitivity analysis for the manufacturing parameters of PV/T collector is carried out to study their effect on the thermal and electrical efficiency.

Keywords: renewable energy, hybrid PV/T system, sensitivity analysis, ecological sciences

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Authors: Dong Wei, Wu Jinxiu

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As China's urban construction enters a new phase of 'stock optimization,' the key point of urban development has shifted to the development and reuse of existing public space. However, cities still face a series of challenges, such as the shortage of space quantity and insufficient space quality, which indirectly affect urban vitality. A review of the vitality of urban public space will significantly contribute to optimizing the quality of the urban built environment. It firstly analyses the research hotspots of urban vitality at home and abroad, based on a semi-systematic literature review. Then this paper summarizes the theoretical definitions of the vitality of urban public space and sorts out the influencing factors from the perspectives of society, environment, and users. Lastly, the paper concludes with the mainstream quantitative and evaluation methods, such as linear evaluation and integrated evaluation. This paper renders a multi-theoretical perspective to understand the characteristics and evaluation system of the vitality of public space, which helps to acknowledge the dynamic relationship between users, urban environment, and vitality. It also looks forward to providing optimal design strategies for constructing a vigorous public space in future cities.

Keywords: public space, quantification of vitality, spatial vitality, urban vitality

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Authors: Vaidehi Iyer, Konstantin Borozdin

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Time series prediction problems have many important practical applications, but are notoriously difficult for statistical modeling. Recently, machine learning methods have been attracted significant interest as a practical tool applied to a variety of problems, even though developments in this field tend to be semi-empirical. This paper explores application of Long Short Term Memory based Recurrent Neural Networks to the one-step prediction of time series for both trend and stochastic components. Two types of data are analyzed - daily stock prices, that are often considered to be a typical example of a random walk, - and weather patterns dominated by seasonal variations. Results from both analyses are compared, and reinforced learning framework is used to select more efficient between Recurrent Neural Networks and more traditional auto regression methods. It is shown that both methods are able to follow long-term trends and seasonal variations closely, but have difficulties with reproducing day-to-day variability. Future research directions and potential real world applications are briefly discussed.

Keywords: long short term memory, prediction methods, recurrent neural networks, reinforcement learning

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Authors: Bundit Pungnirund

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This research aimed to investigate the relationship between attitude towards marketing mix, brand image and consumer behavior of the passengers of low-cost airlines service. This study employed by quantitative research and the questionnaire was used to collect the data from 400 sampled of the passengers who have ever used the low-cost airline services based in Bangkok, Thailand. The descriptive statistics and Pearson’s correlation analysis were used to analyze data. The research results revealed that the attitude of the marketing mix of the low-cost airline services including product, price, place, promotion and process had related to the consumer behavior on the aspects of duration of service and frequency of service. While, the brand image of the low cost airline including the characteristics of organization, service quality and company identity had related to the consumer behavior on duration of service, frequency of service and cost of service at the significant statistically acceptable levels.

Keywords: brand image, consumer behavior, low-cost airline, marketing mix

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Authors: Maria A. Murtiati, Ancella A. Hermawan

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The objective of this study is to examine whether the firm’s eligibility to get a bank loan is influenced by earnings management. The earnings management is distinguished between accruals and real earnings management. Hypothesis testing is carried out with logistic regression model using sample of 285 companies listed at Indonesian Stock Exchange in 2010. The result provides evidence that a greater magnitude in accruals earnings management increases the firm’s probability to be eligible to get bank loan. In contrast, real earnings management through abnormal cash flow and abnormal discretionary expenses decrease firm’s probability to be eligible to get bank loan, while real management through abnormal production cost increases such probability. The result of this study suggests that if the earnings management is assumed to be opportunistic purpose, the accruals based earnings management can distort the banks credit analysis using financial statements. Real earnings management has more impact on the cash flows, and banks are very concerned on the firm’s cash flow ability. Therefore, this study indicates that banks are more able to detect real earnings management, except abnormal production cost in real earning management.

Keywords: discretionary accruals, real earning management, bank loan, credit worthiness

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Authors: Fatemeh Yazdanmehr, Iulian Nistor

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The scope of the current study is the prediction of water separation in a two-stage industrial crude oil desalting plant. This research study was focused on developing a desalting operation in an existing production unit of one Iranian heavy oil field with 75 MBPD capacity. Because of some operational issues, such as oil dehydration at high temperatures, the optimization of the desalter operational parameters was essential. The mathematical desalting is modeled based on the population balance method. The existing operational data is used for tuning and validation of the accuracy of the modeling. The inlet oil temperature to desalter used was decreased from 110°C to 80°C, and the desalted electrical field was increased from 0.75 kv to 2.5 kv. The proposed condition for the desalter also meets the water oil specification. Based on these conditions of desalter, the oil recovery is increased by 574 BBL/D, and the gas flaring decrease by 2.8 MMSCF/D. Depending on the oil price, the additional production of oil can increase the annual income by about $15 MM and reduces greenhouse gas production caused by gas flaring.

Keywords: desalter, demulsification, modelling, water-oil separation, crude oil emulsion

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Authors: Anirudh Bhaikhel

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The exclusive objective of this paper is to develop a device which can pass on the interpreted result of the sensed information to the interfaced communicable devices to avoid or minimise accidents. This device may also be used in case of emergencies like kidnapping, robberies, medical emergencies etc. The present era has seen a rapid metamorphosis in the automobile industry with increasing use of technology and speed. The increase in purchasing power of customers and price war of automobile companies has made an easy access to the automobile users. The use of automobiles has increased tremendously in last 4-5 years thus causing traffic congestions and thus making vehicles more prone to accidents. This device can be an effective measure to counteract cases of abduction. Risks of accidents can be decreased tremendously through the notifications received by these alerts. It will help to detect the upcoming emergencies. This paper includes the simulation of the communication and sensing device required in automobiles using VHDL.

Keywords: automobiles, communication, component, cyclic redundancy check (CRC), modulo-2 arithmetic, parity bits, receiver, sensors, transmitter, turns, VHDL (VHSIC hardware descriptive language)

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Authors: Mohammed Nishat, Ahmad Ghazali

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This study empirically inspects the corporate governance and firm performance, and attempts to analyze the corporate governance and control related variables which are hypothesized to have effect on firm’s performance. Current study attempts to assess the mechanism and efficiency of corporate governance to achieve high level performance for the listed firms on the Karachi Stock Exchange (KSE) for the period 2005 to 2008. To evaluate the firm performance level this study investigate the firm performance using three measures; Return on assets (ROA), Return on Equity (ROE) and Tobin’s Q. To check the link between firm performances with the corporate governance three categories of corporate governance variables are tested which includes governance, ownership and control related variables. Fixed effect regression model is used to examine the relation among governance and corporate performance for 267 KSE listed Pakistani firms. The result shows that governance related variables like block shareholding by individuals have positive impact on firm performance. When chief executive officer is also the board chairperson then it is observed that performance of firm is adversely affected. Also negative relationship is found between share held by insiders and performance of firm. Leverage has negative influence on the firm performance and size of firm is positively related with performance of the firm.

Keywords: corporate governance, agency cost, KSE, ROA, Tobin’s Q

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Authors: Kiumars Shahbazi, Salah Salimian, Abdolrahim Hashemi Dizaj

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Locating is one of the key elements in success and survival of industrial centers and has great impact on cost reduction of establishment and launching of various economic activities. In this study, streets with unequal length model have been used that is the classic extension of Spoke model; however with unlimited number of streets with uneven lengths. The results showed that the spoke model is a special case of streets with unequal length model. According to the results of this study, if the strategy of enterprises and firms is to select both price and location, there would be no balance in the game. Furthermore, increased length of streets leads to increased profit of enterprises and with increased number of streets, the enterprises choose locations that are far from center (the maximum differentiation), and the enterprises' output will decrease. Moreover, the enterprise production rate will incline toward zero when the number of streets goes to infinity, and complete competition outcome will be achieved.

Keywords: locating, Nash equilibrium, streets with unequal length model, streets with unequal length model

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Authors: Ho-Jun Jo, Wook-Won Kim, Yong-Sung Kim, Jin-O Kim

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The application of ESS (Energy Storage Systems) in the future grids has been the solution of the microgrid. However, high investment costs necessitate accurate modeling and control strategy of ESS to justify its economic viability and further underutilization. Therefore, the reasonable control strategy for ESS which is subjected to generator and usage helps to curtail the cost of investment and operation costs. The rated frequency in power system is decreased when the load is increasing unexpectedly; hence the thermal power is operated at the capacity of only its 95% for the Governor Free (GF) to adjust the frequency as reserve (5%) in practice. The ESS can be utilized with governor at the same time for the frequency response due to characteristic of its fast response speed and moreover, the cost of ESS is declined rapidly to the reasonable price. This paper presents the ESS control strategy to extend usage of the ESS taken account into governor’s ramp rate and reduce the governor’s intervention as well. All results in this paper are simulated by MATLAB.

Keywords: micro grid, energy storage systems, ramp rate, control strategy

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Authors: Khaled A. Madi, Abdulalhakim O. Naji, Hassouna A. Aalaoh, Elmahdi Eldeeb

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Solar energy is one of the cleanest energy sources with no environmental impact. Due to rapid increase in industrial as well as domestic needs, solar energy becomes a good candidate for safe and easy to handle energy source, especially after it becomes available due to reduction of manufacturing price. The main part of the solar inverter system is the inverter where the DC is inverted to AC, where we try to minimize the loss of power to the minimum possible level by the use of microcontroller. In this work, a deep investigation is made experimentally as well as theoretically for a microcontroller based variable frequency power inverter. The microcontroller will provide the variable frequency Pulse Width Modulation (PWM) signal that will control the switching of the gate of the Insulating Gate Bipolar Transistor (IGBT) with less harmonics at the output of power inverter which can be fed to the public grid at high quality. The proposed work for single phase as well as three phases is also simulated using Matlab/Simulink where we found a good agreement between the simulated and the practical results, even though the experimental work were done in the laboratory of the academy.

Keywords: solar, inverter, PV, solar inverter system

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Authors: Quang Minh Dinh, Jian Guang Qin, Sabine Dittmann, Dinh Dac Tran

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The age and population structure the dermal gopy Parapocryptes serperaster were studied using length distributions, otolith and von Bertalanffy model in the Mekong Delta over a whole year through monthly sampling. The sex ratio of P. serperaster was near 1:1, and von Bertalanffy growth parameters were L∞= 25.2 cm, K = 0.74 yr-1, and t0 = -0.22 yr-1. Fish size at first entry to fishery was 14.6 cm, and fishing mortality (1.57 yr-1) and natural mortality (1.51 yr-1) accounted for 51% and 49% of the total mortality (3.07 yr-1), respectively. Relative yield-per-recruit and biomass-per-recruit analyses revealed the levels of maximum exploitation yield (Emax = 0.83), maximum economic yield (E0.1 = 0.71) and the yield at 50% reduction of exploitation (E0.5 = 0.37). Otoliths from 164 female and 196 male gobies were readable, and the otolith morphometry data were used for age identification. The mean age estimated by reading otolith annual rings and by analysing length frequency distribution was consistent. This study shows that the otolith morphometry is a reliable method for aging this goby and possibly also applicable for other tropical gobies. The fishery analysis indicates that this goby stock has not been overexploited in the Mekong Delta.

Keywords: Parapcryptes serperaster, otolith, age, pulation structure, Vietnam

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Authors: K. Matušínská, H. Starzyczná, M. Stoklasa

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The paper deals with behaviour of the segment 50+ in the financial market in the Czech Republic. This segment could be said as the strong market power and it can be a crucial business potential for financial business units. The main defined objective of this paper is analysis of the customers´ behaviour of the segment 50-60 years in the financial market in the Czech Republic and proposal making of the suitable marketing approach to satisfy their demands in the area of product, price, distribution and marketing communication policy. This paper is based on data from one part of primary marketing research. Paper determinates the basic problem areas as well as definition of financial services marketing, defining the primary research problem, hypothesis and primary research methodology. Finally suitable marketing approach to selected sub-segment at age of 50-60 years is proposed according to marketing research findings.

Keywords: population aging in the Czech Republic, segment 50-60 years, financial services marketing, marketing research, marketing approach

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Authors: Yu-Chen Wei, Yang-Cheng Lu, I-Chi Lin

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This study examines the impacts of news sentiment and press freedom on abnormal returns during the earnings announcement in greater China including the Shanghai, Shenzhen and Taiwan stock markets. The news sentiment ratio is calculated by using the content analysis of semantic orientation. The empirical results show that news released prior to the event date may decrease the cumulative abnormal returns prior to the earnings announcement regardless of whether it is released in China or Taiwan. By contrast, companies with optimistic financial news may increase the cumulative abnormal returns during the announcement date. Furthermore, the difference in terms of press freedom is considered in greater China to compare the impact of press freedom on abnormal returns. The findings show that, the freer the press is, the more negatively significant will be the impact of news on the abnormal returns, which means that the press freedom may decrease the ability of the news to impact the abnormal returns. The intuition is that investors may receive alternative news related to each company in the market with greater press freedom, which proves the efficiency of the market and reduces the possible excess returns.

Keywords: news, press freedom, Greater China, earnings announcement, abnormal returns

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Authors: Lin-Lin Liu, Song-Qi Hu, Yin Wang

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Paraffin-based fuels are regarded to be a promising fuel of hybrid rocked motor because of the high regression rate, low price, and environmental friendliness. Graphene Oxide (GO) is an attractive energetic material which is expected to be widely used in propellants, explosives, and some high energy fuels. Paraffin-based fuels with paraffin and GO as raw materials were prepared, and the oxidation process of the samples was investigated by thermogravimetric analysis differential scanning calorimetry (TG/DSC) under oxygen (O₂) and nitrous oxide (N₂O) atmospheres. The oxidation reaction kinetics of the fuels was estimated through the non-isothermal measurements and model-free isoconversional methods based on the experimental results of TGA. The results show that paraffin-based fuels are easier oxidized under O₂ rather than N₂O with atmospheres due to the lower activation energy; GO plays a catalytic role for the oxidation of paraffin-based fuels under the both atmospheres, and the activation energy of the oxidation process decreases with the increase of GO; catalytic effect of GO on the oxidation of paraffin-based fuels are more obvious under O₂ atmospheres than under N₂O atmospheres.

Keywords: graphene oxide, paraffin-based fuels, oxidation, activation energy, TGA

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Authors: Varutorn Tulnawat, Padcharee Phasuk

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This paper investigates the issue of China’s dumping on border trade between Thailand and Laos. From the pass mostly, the border trade goods are traditional textile and garment mainly served locals and tourists which majority of traders is of small and medium size. In the present day the competition is fierce, the volume of trade has expanded far beyond its original intent. The major competitors in Thai-Laos border trade are China, Vietnam and also South Korea. This research measures and compares the efficiency and ability to survive the onslaught of Thai and Laos firm along Thailand (Nong Kai province) and Laos (Vientiane) border. Two attack strategies are observed, price cutting and incense such as full facilitation for big volume order. Data Envelopment Analysis (DEA) is applied to data surveyed from 90 Thai and Laos entrepreneurs. The expected results are the proportion of efficiency and inefficiency firms. Points of inefficiency and suggested improvement are also discussed.

Keywords: border trade, dea, textile, garment

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Authors: F. Gökgöz, M. E. Atmaca

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Electricity plays an indispensable role in human life and the economy. It is a unique product or service that must be balanced instantaneously, as electricity is not stored, generation and consumption should be proportional. Effective and efficient use of electricity is very important not only for society, but also for the environment. A competitive electricity market is one of the best ways to provide a suitable platform for effective and efficient use of electricity. On the other hand, it carries some risks that should be carefully managed by the market players. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Markowitz’s Mean-variance, Down-side and Semi-variance methods for a case study. Performance of optimal electricity sale solutions are measured and evaluated via Sharpe-Ratio, and the optimal portfolio solutions are improved. Two years of historical weekdays’ price data of the Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: electricity market, portfolio optimization, risk management in electricity market, sharpe ratio

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Authors: Marc S. Paolella, Pawel Polak

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The paper proposes a framework for large-scale portfolio optimization which accounts for all the major stylized facts of multivariate financial returns, including volatility clustering, dynamics in the dependency structure, asymmetry, heavy tails, and non-ellipticity. It introduces a so-called risk fear portfolio strategy which combines portfolio optimization with active risk monitoring. The former selects optimal portfolio weights. The latter, independently, initiates market exit in case of excessive risks. The strategy agrees with the stylized fact of stock market major sell-offs during the initial stage of market downturns. The advantages of the new framework are illustrated with an extensive empirical study. It leads to superior multivariate density and Value-at-Risk forecasting, and better portfolio performance. The proposed risk fear portfolio strategy outperforms various competing types of optimal portfolios, even in the presence of conservative transaction costs and frequent rebalancing. The risk monitoring of the optimal portfolio can serve as an early warning system against large market risks. In particular, the new strategy avoids all the losses during the 2008 financial crisis, and it profits from the subsequent market recovery.

Keywords: comfort, financial crises, portfolio optimization, risk monitoring

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Authors: M. Azugama, P. Okoro Ugo Chigozie, A. O. Nnamocha

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Emotional Intelligence constitutes powerful psychological forces that can strongly influence performance in behaviour, interaction and relationship management. Surprisingly how emotions are interpreted and employed in marketing of hospitality experience have had limited comprehension. Marketing of hospitality experiences have important emotional dimensions which the traditional marketing techniques tend to underplay. Guest and host relationship are challenged by mutual hospitableness obligations; suggesting that the commercial practice of delivering satisfactory guest experience has much to gain from traditional understanding of hospitality. By understanding the emotion-based hospitality transaction between guests and hosts, customers’ experiences can be delivered over and against competitor pressure. In this paper, marketing strategies and tactics in hospitality and tourism are principally concerned with adjusting each of the 6P & T elements (i.e. product, place, price and promotion; and adding people, processes and Time in service contexts), to provide a competitive offer (experience) to customers.

Keywords: Emotional intelligence, hospitality and tourism, relationship management, marketing

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Authors: S. Rostampour Yasouri, M. Ghane

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Leptospirosis is one the most important common diseases between human and live stock occurred by different species of Leptospira. This disease has been construed as the native in the northern provinces of Iran and risk of the infection with pathogenic is high. One hundred fifteen samples of water (67), soil (36) and feces of rodents (12) were collected from the rice fields of the suburbs of Tonekabon Township situated in northern part of Iran in 2012. The samples, after passage from membranous filters, were cultured in the liquid and solid EMJH medium and incubated at 30°C for 1 month. Leptospira spp. were isolated using culture technique, and the plates were studied from viewpoint of colony formation, microscopic observations and then identified by phenotyping tests. Finally, the identification of Leptospira genus was verified by PCR technique and 16S rRNA gene sequencing. Of 115 samples totally, 55 samples (47.82%) became positive by use of the culture technique which the positive cases included 47 water samples (70.14%) and 8 soil samples (22.22%), while the isolation was not accomplished from the sample of the rodents feces. Overall, according to these data, Leptospira spp. exists with high frequency in North Iran. Hence, based on foregoing evidence environments in the north of Iran are vehicles of Leptospira spp.

Keywords: EMJH Medium, Leptospira, Northern of Iran, rice fields

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Authors: Ben Nwokenkwo, Michael M. Eze, Felix Ike

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The need to study trends in land values around institutions of higher learning cannot be overemphasized. Numerous studies in Nigeria have investigated the economic, and social influence of the sitting of institutions of higher learning at the micro, meso and macro levels. However, very few studies have evaluated the temporal extent at which such institution influences local land values. Since institutions greatly influence both the physical and environmental aspects of their immediate vicinity, attention must be taken to understand the influence of such changes on land values. This study examines the trend in land values using the Mann-Kendall analysis in order to determine if, between its beginning and end, a monotonic increase, decrease or stability exist in the land values across six institutions of higher learning for the period between 2004 and 2014. Specifically, The analysis was applied to the time series of the price(or value) of the land .The results of this study revealed that land values has either been increasing or remained stabled across all the institution sampled. The study finally recommends measures that can be put in place as counter magnets for land values estimation across institutions of higher learning.

Keywords: influence, land, trend, value

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Authors: Xu Yingqiang, Wang Zhongde

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In the age of stock development, the contradiction between the protection and development of historical blocks in China has become increasingly prominent, among which how to reconcile the contradiction between tourists and local residents and inherit urban culture is an important proposition. Based on this, this paper introduces the theory of " staged authenticity ", combs its development process and related research progress, constructs an analysis and research model of historical blocks based on the theory of " staged authenticity ", and puts forward the protection and renewal strategy of historical blocks from the perspective of " staged authenticity ", which provides theoretical basis for coordinating the tourism-residence contradiction and protecting urban characteristics in the protection and renewal of historical blocks. The research holds that we should pay attention to the important value of "curtain" space, rationally arrange "curtain" and divide "foreground" and "background"; extract "props" from real history and culture to restore the authenticity of "stage" scenes; clever arrangement of tour streamline, so that all scenes are connected in series rhythmically; make the "actors" perform interactively in the "foreground" space, so as to enhance the "audience" sense of scene substitution.

Keywords: historic block, protection and renewal, staged authenticity, curtain

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Authors: Aysun Pınarbaşı, Béla Vizvári

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The countries are the units that procure the vaccines during the COVID-19 pandemic. The delivered quantities are huge. The countries must bear the inventory holding cost according to the variation of stock quantities. This cost depends on the speed of the vaccination in the country. This speed is time-dependent. The vaccinated portion of the population can be approximated by the cumulative distribution function of the Cauchy distribution. A model is provided for determining the minimal-cost inventory policy, and its optimality conditions are provided. The model is solved for 20 countries for different numbers of procurements. The results reveal the individual behavior of each country. We provide an inventory policy for the pandemic period for the countries. This paper presents a deterministic model for vaccines with a demand rate variable over time for the countries. It is aimed to provide an analytical model to deal with the minimization of holding cost and develop inventory policies regarding this aim to be used for a variety of perishable products such as vaccines. The saturation process is introduced, and an approximation of the vaccination curve of the countries has been discussed. According to this aspect, a deterministic model for inventory policy has been developed.

Keywords: covid-19, vaccination, inventory policy, bounded total demand, inventory holding cost, cauchy distribution, sigmoid function

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Authors: Anita Blagojević

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It is well known that the terrorist attacks on the New York City and Washington, D.C. prompted unprecedented international action to enhance international cooperation in the prevention and suppression of terrorism. In the months (and years) after September 11, the world community focused on two main efforts: first, on efforts to bring those responsible for terrorist attacks to justice, and second, on efforts to prevent future terrorist attacks. In that sense, many governments took advantage of these efforts to strengthen their national security. In that process, however, human rights and civil liberties of certain groups of people were alleged. As a consequence, part of the price paid for protecting national security against terrorist attacks was the threat of infringement on people's fundamental rights and freedoms. The aim of this paper is to analyze the role of the European Union and the Council of Europe in finding the answer to the one of the main security dilemma for the present era: how to find the balance between the protection of national security and guarantee of the people's rights and fundamental freedoms?

Keywords: terrorism, antiterrorism, European Union, Council of Europe, human rights

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Authors: Jovana Petrović, Ivana Lončarević, Vesna Tumbas Šaponjac, Biljana Pajin, Danica Zarić

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Pomace, a by-product from fruit processing industry is the potential source of valuable bioactive. Cookies are popular, ready to eat and low price foods; therefore, enrichment of these products is of great importance. In this work, bioactive compounds extracted from cherry pomace, encapsulated in soy and whey proteins, have been incorporated in cookies, replacing 10 (SP10 and WP10) and 15% of wheat flour (SP15 and WP15). Cookie geometry (diameter (D), thickness (T) and spread ratio (D/T)), cookie weight, cookie hardness and cookie surface colour were measured. Sensory characteristics are also examined. The results show that encapsulated cherry pomace bioactives have positively influenced the cookie mass. Diameter, redness (a* value) and cookie hardness increased. Sensory evaluation of cookies, revealed that up to 15% substitution of wheat flour with WP encapsulate produced acceptable cookies similar to the control (100% wheat flour) cookies.

Keywords: cherry pomace, polyphenols, microencapsulation, cookies, physical characteristics

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Authors: Ahmad Rabby

Abstract:

The present study emphasizing the catch trends assessment of Gray eel catfish (Plotosus canius) that was scrutinized on the basis of monthly length frequency data collected from mangrove estuary, Bangladesh during January 2017 to December 2018. A total amount of 1298 specimens were collected to estimate the total length (TL) and weight (W) of P. canius ranged from 13.3 cm to 87.4 cm and 28 g to 5200 g, respectively. The length-weight relationship was W=0.006 L2.95 with R2=0.972 for both sexes. The von Bertalanffy growth function parameters were L∞=93.25 cm and K=0.28 yr-1, hypothetical age at zero length of t0=0.059 years and goodness of the fit of Rn=0.494. The growth performances indices for L∞ and W∞ were computed as Φ'=3.386 and Φ=1.84, respectively. The size at first sexual maturity was estimated in TL as 48.8 cm for pool sexes. The natural mortality was 0.51 yr-1 at average annual water surface temperature as 22 0C. The total instantaneous mortality was 1.24 yr-1 at CI95% of 0.105–1.42 (r2=0.986). While fishing mortality was 0.73 yr-1 and the current exploitation ratio as 0.59. The recruitment was continued throughout the year with one major peak during May-June was 17.20-17.96%. The Beverton-Holt yield per recruit model was analyzed by FiSAT-II, when tc was at 1.43 yr, the Fmax was estimated as 0.6 yr-1 and F0.1 was 0.33 yr-1. Current age at the first capture was approximately 0.6 year, however Fcurrent = 0.73 yr-1 which is beyond the F0.1 indicated that the current stock of P. canius of Bangladesh was overexploited.

Keywords: Plotosus canius, mangrove estuary, asymptotic length, FiSAT-II

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