Search results for: market diffusion

Authors: Jerome Joshi

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The paper presents the modelling of financial markets using the Stochastic Pi Calculus model. The Stochastic Pi Calculus model is mainly used for biological applications; however, the feature of this model promotes its use in financial markets, more prominently in high frequency trading. The trading system can be broadly classified into exchange, market makers or intermediary traders and fundamental traders. The exchange is where the action of the trade is executed, and the two types of traders act as market participants in the exchange. High frequency trading, with its complex networks and numerous market participants (intermediary and fundamental traders) poses a difficulty while modelling. It involves the participants to seek the advantage of complex trading algorithms and high execution speeds to carry out large volumes of trades. To earn profits from each trade, the trader must be at the top of the order book quite frequently by executing or processing multiple trades simultaneously. This would require highly automated systems as well as the right sentiment to outperform other traders. However, always being at the top of the book is also not best for the trader, since it was the reason for the outbreak of the ‘Hot – Potato Effect,’ which in turn demands for a better and more efficient model. The characteristics of the model should be such that it should be flexible and have diverse applications. Therefore, a model which has its application in a similar field characterized by such difficulty should be chosen. It should also be flexible in its simulation so that it can be further extended and adapted for future research as well as be equipped with certain tools so that it can be perfectly used in the field of finance. In this case, the Stochastic Pi Calculus model seems to be an ideal fit for financial applications, owing to its expertise in the field of biology. It is an extension of the original Pi Calculus model and acts as a solution and an alternative to the previously flawed algorithm, provided the application of this model is further extended. This model would focus on solving the problem which led to the ‘Flash Crash’ which is the ‘Hot –Potato Effect.’ The model consists of small sub-systems, which can be integrated to form a large system. It is designed in way such that the behavior of ‘noise traders’ is considered as a random process or noise in the system. While modelling, to get a better understanding of the problem, a broader picture is taken into consideration with the trader, the system, and the market participants. The paper goes on to explain trading in exchanges, types of traders, high frequency trading, ‘Flash Crash,’ ‘Hot-Potato Effect,’ evaluation of orders and time delay in further detail. For the future, there is a need to focus on the calibration of the module so that they would interact perfectly with other modules. This model, with its application extended, would provide a basis for researchers for further research in the field of finance and computing.

Keywords: concurrent computing, high frequency trading, financial markets, stochastic pi calculus

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Authors: Brizita Djordjevic, Bojana Vidovic, Milica Zrnic, Uros Cakar, Ivan Stankovic, Davor Korcok, Sladjana Sobajic

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Histamine is a biogenic amine, which is formed by enzymatic decarboxylation from the amino acid histidine. It can be found in foods such as fish and fish products, meat and fermented meat products, cheese, wine and beer. The presence of histamine in these foods can indicate microbiological spoilage or poor manufacturing processes. The consumption of food containing large amounts of histamine can have toxicological consequences. In 62 food products (31 canned fish products, 19 wines and 12 cheeses) from the market of Serbia the content of histamine was determined using enzyme-linked immunosorbent assay (ELISA) test kit according to the manufacturer's instructions (Immunolab GmbH, Kassel, Germany). The detection limits of this assay were 20 µg/kg for fish and cheese and 4 µg/L for wine. The concentration of histamine varied between 0.16-207 mg/kg in canned fish products, 0.03-1.47 mg/kg in cheeses and 0.01- 0.18 mg/L in wines. In all analyzed canned fish products the results obtained for the histamine were below the limits set by European and national legislation, so they can be considered acceptable and safe for the health consumers. The levels of histamine in analyzed cheeses and wines were very low and did not pose safety concerns.

Keywords: cheese, enzyme-linked immunosorbent assay, histamine, fish products, wine

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Authors: Ebrahim Sabermaash Eshghi, Donna Sandsmark

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In changing modern economic conditions of the world, one the most important issues facing managers of firms, is increasing the sales and profitability through sales of newly developed products. This is while purpose of decreasing unnecessary costs is one of the most essential programs of smart managers for more implementation with new conditions in current business. In modern life, condition of misgiving is dominant in all of the industries. Accordingly, in this research, influence of different aspects of presenting products to the market is investigated. This study is done through a Quantitative-Qualitative (Interviews and Questionnaire) approach. In sum, 103 of informed managers and experts of Pars-Khazar Company have been examined through census. Validity of measurement tools was approved through judgments of experts. Reliability of tools was gained through Cronbach's alpha coefficient in size of 0.930 and in sum, validity and reliability of tools were approved generally. Results of regression test revealed that the influence of all aspects of product introduction supported the performance of product, positively and significantly. In addition that influence of two new factors raised from the interview, namely Human Resource Management and Management of product’s pre-test on performance of products was approved.

Keywords: introducing products, performance, home appliances, price, advertisement, production

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Authors: Wenyan Xu, Rundong Wang, Chen Li, Yonghong Hu, Zhonghua Lu

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In the field of quantitative trading, it is common to find patterns in short-term volatile trends of the market. These patterns are known as High-Frequency (HF) risk factors, serving as effective indicators of future stock price volatility. However, in the past, these risk factors were usually generated by traditional financial models, and the validity of these risk factors is heavily based on domain-specific knowledge manually added instead of extensive market data. Inspired by symbolic regression (SR), the task of inferring mathematical laws from existing data, we take the extraction of formulaic risk factors from high-frequency trading (HFT) market data as an SR task. In this paper, we challenge the procedure of manually constructing risk factors and propose an end-to-end methodology, Intraday Risk Factor Transformer (IRFT) to directly predict the full formulaic factors, constants included. Specifically, we utilize a hybrid symbolic-numeric vocabulary where symbolic tokens denote operators/stock features and numeric tokens denote constants. Then, we train a Transformer model on the HFT dataset to directly generate complete formulaic HF risk factors without relying on the skeleton, which is a parametric function using a pre-defined list of operators – typically, the math operations (+, ×, /) and functions(√x, log x, cos x). It determines the general shape of the stock volatility law up to a choice of constants, e.g., f(x) = tan(ax+b) (x is the stock price). We further refine predicted constants(a,b) using the Broyden–Fletcher–Goldfarb–Shanno algorithm (BFGS) as informed guesses to mitigate non-linear issues. Compared to the 10 approaches in SRBench, which is a living benchmark for SR, IRFT gains a 30% excess investment return on the HS300 and S&P500 datasets, with inference times orders of magnitude faster than theirs in HF risk factor mining tasks.

Keywords: transformer, factor-mining language model, highfrequency risk factor collections

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Authors: Yu-Chen Wei, Dan-Leng Wang

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This study examines whether the reputation from media press affect the financial performance and market abnormal returns around the announcement of corporate social responsibility (CSR) award in the Taiwan Stock Market. The differences between this study and prior literatures are that the media reputation of media coverage and net optimism are constructed by using content analyses. The empirical results show the corporation which won CSR awards could promote financial performance next year. The media coverage and net optimism related to CSR winner are higher than the non-CSR companies prior and after the CSR award is announced, and the differences are significant, but the difference would decrease when the day was closing to announcement. We propose that non-CSR companies may try to manipulate media press to increase the coverage and positive image received by investors compared to the CSR winners. The cumulative real returns and abnormal returns of CSR winners did not significantly higher than the non-CSR samples however the leading returns of CSR winners would higher after the award announcement two months. The comparisons of performances between CSR and non-CSR companies could be the consideration of portfolio management for mutual funds and investors.

Keywords: corporate social responsibility, financial performance, abnormal returns, media, reputation management

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Authors: Qinyi Mei, Li-Ping Wang

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MDS matrices are of great significance in the design of block ciphers and hash functions. In the present paper, we investigate the problem of constructing MDS matrices which are both lightweight and low-latency. We propose a new method of constructing lightweight MDS matrices using circulant matrices which can be implemented efficiently in hardware. Furthermore, we provide circulant MDS matrices with as few bit XOR operations as possible for the classical dimensions 4 × 4, 8 × 8 over the space of linear transformations over finite field F42 . In contrast to previous constructions of MDS matrices, our constructions have achieved fewer XORs.

Keywords: linear diffusion layer, circulant matrix, lightweight, maximum distance separable (MDS) matrix

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Authors: Supranee Wattanasin

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The objectives of this research are to find and collect the knowledge in order to transmit the food wisdom of Salaya community. The research is qualitative tool to gather the data. Phase 1: Collect and analyze related literature review on food wisdom including documents about Salaya community to have a clear picture on Salaya community context. Phase 2: Conduct an action research, stage a people forum to exchange knowledge in food wisdom of Salaya community. Learning stage on cooking, types, and benefits of the food wisdom of Salaya community were also set up, as well as a people forum to find ways to transmit and add value to the food wisdom of Salaya community. The result shows that Salaya old market community was once a marketplace located by Mahasawat canal. The old market had become sluggish due to growing development of land transportation. This had affected the ways of food consumption. Residents in the community chose 3 menus that represent the community’s unique food: chicken green curry, desserts in syrup and Khanom Sai-Sai (steamed flour with coconut filling). The researcher had the local residents train the team on how to make these meals. It was found that people in the community transmit the wisdom to the next generation by teaching and telling from parents to children. ‘Learning through the back door’ is one of the learning methods that the community used and still does.

Keywords: transmission, food wisdom, Salaya, cooking

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Authors: Messaouda Belaid, Salima Kebbouche-Gana, Djamila Benaziza

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Our study focuses on determining the antibacterial activity of some honeys from northern Algeria. To test this activity, the agar well diffusion methods was employed. The bacterial strains tested were Staphylococcus aureus, Bacillus subtilis, Streptococcus faecalis, Klebsiella pneumoniae, Escherichia coli, and Pseudomonas aeroginosae. The results showed that all the microbes tested were inhibited by all honey used in this study but Those bacteria that appear to be more sensitive to all honey tested are Staphylococcus aureus and Pseudomonas aeroginosae.

Keywords: honey, antibacterial activity, Northern Algeria, Staphylococcus aureus

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Authors: Tim Giesen, Raphael Adamietz, Pablo Mayer, Philipp Stiefel, Patrick Alle, Dirk Schlenker

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The competitiveness and success of new electrical energy storages such as battery cells are significantly dependent on a short time-to-market. Producers who decide to supply new battery cells to the market need to be easily adaptable in manufacturing with respect to the early customers’ needs in terms of cell size, materials, delivery time and quantity. In the initial state, the required output rates do not yet allow the producers to have a fully automated manufacturing line nor to supply handmade battery cells. Yet there was no solution for manufacturing battery cells in low to medium volumes in a reproducible way. Thus, in terms of cell format and output quantity, a concept for the flexible assembly of battery cells was developed by the Fraunhofer-Institute for Manufacturing Engineering and Automation. Based on clustered processes, the modular system platform can be modified, enlarged or retrofitted in a short time frame according to the ordered product. The paper shows the analysis of the production steps from a conventional battery cell assembly line. Process solutions were found by using I/O-analysis, functional structures, and morphological boxes. The identified elementary functions were subsequently clustered by functional coherences for automation solutions and thus the single process cluster was generated. The result presented in this paper enables to manufacture different cell products on the same production system using seven process clusters. The paper shows the solution for a batch-wise flexible battery cell production using advanced process control. Further, the performed tests and benefits by using the process clusters as cyber-physical systems for an integrated production and value chain are discussed. The solution lowers the hurdles for SMEs to launch innovative cell products on the global market.

Keywords: automation, battery production, carrier, advanced process control, cyber-physical system

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Authors: Katharina Kargel, Frederic Vobbe

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Sexualized violence against children and adolescents using digital media poses particular challenges for practitioners with a focus on crisis intervention (social work, psychotherapy, law enforcement). The technical delimitation of violence increases the burden on those affected and increases the complexity of interdisciplinary cooperation. Urgently needed recommendations for practical action do not yet exist in Germany. Funded by the Federal Ministry of Education and Research, these recommendations for action are being developed in the HUMAN project together with science and practice. The presentation introduces the participatory approach of the HUMAN project. We discuss the application-oriented, casuistic approach of the project and present its results using the example of concrete case-based recommendations for Action. The participants will be presented with concrete prototypical case studies from the project, which will be used to illustrate quality criteria for crisis intervention in cases of sexualized violence using digital media. On the basis of case analyses, focus group interviews and interviews with victims of violence, we present the six central challenges of sexualized violence with the use of digital media, namely: • Diffusion (Ambiguities regarding the extent and significance of violence) , • Transcendence (Space and time independence of the dynamics of violence, omnipresence), • omnipresent anxiety (considering diffusion and transcendence), • being haunted (repeated confrontation with digital memories of violence or the perpetrator), • disparity (conflicts of interpretative power between those affected and the social environment) • simultaneity (of all other factors). We point out generalizable principles with which these challenges can be dealt with professionally. Dealing professionally with sexualized violence using digital media requires a stronger networking of professional actors. A clear distinction must be made between their own mission and the mission of the network partners. Those affected by violence must be shown options for crisis intervention in the context of the aid networks. The different competencies and the professional mission of the offers of help are to be made transparent. The necessity of technical possibilities for deleting abuse images beyond criminal prosecution will be discussed. Those affected are stabilized by multimodal strategies such as a combination of rational emotive therapy, legal support and technical assistance.

Keywords: sexualized violence, intervention, digital media, children and youth

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Authors: Muhammad Awais Kiani, Maryam Kiani

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This abstract explores the confluence of these two domains and highlights the key factors driving success in sales marketing for electronics. The abstract begins by digging into the ever-evolving landscape of consumer electronics, emphasizing how technological advancements and the growth of smart devices have revolutionized the way people interact with electronics. This paradigm shift has created tremendous opportunities for sales and marketing professionals to engage with consumers on various platforms and channels. Next, the abstract discusses the pivotal role of effective sales marketing strategies in the electronics industry. It highlights the importance of understanding consumer behavior, market trends, and competitive landscapes and how this knowledge enables businesses to tailor their marketing efforts to specific target audiences. Furthermore, the abstract explores the significance of leveraging digital marketing techniques, such as social media advertising, search engine optimization, and influencer partnerships, to establish brand identity and drive sales in the electronics market. It emphasizes the power of storytelling and creating captivating content to engage with tech-savvy consumers. Additionally, the abstract emphasizes the role of customer relationship management (CRM) systems and data analytics in optimizing sales marketing efforts. It highlights the importance of leveraging customer insights and analyzing data to personalize marketing campaigns, enhance customer experience, and ultimately drive sales growth. Lastly, the abstract concludes by underlining the importance of adapting to the ever-changing landscape of the electronics industry. It encourages businesses to embrace innovation, stay informed about emerging technologies, and continuously evolve their sales marketing strategies to meet the evolving needs and expectations of consumers. Overall, this abstract sheds light on the captivating realm of sales marketing in the electronics industry, emphasizing the need for creativity, adaptability, and a deep understanding of consumers to succeed in this rapidly evolving market.

Keywords: marketing industry, electronics, sales impact, e-commerce

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Authors: Naser Zouri

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Purpose: Measures of formulate and implementation strategy shows amount of product rate-market based strategic management category such as courtesy, competence, and compliance to reach the high loyalty of financial ecosystem. Despite, it solves the market place error intention to fair trade organization. Finding: Finding shows the ability of executives’ level of management to motivate and better decision-making to solve the treatments in business organization. However, it made ideal level of each interposition policy for a hypothetical household. Methodology/design. Style of questionnaire about the data collection was selected to survey of both pilot test and real research. Also, divide of questionnaire and using of Free Scale Semiconductor`s between the finance employee was famous of this instrument. Respondent`s nominated basic on non-probability sampling such as convenience sampling to answer the questionnaire. The way of realization costs to performed the questionnaire divide among the respondent`s approximately was suitable as a spend the expenditure to reach the answer but very difficult to collect data from hospital. However, items of research survey was formed of implement strategy, environment, supply chain, employee from impact of implementation strategy on reach to better financial consequences and also formulate strategy, comprehensiveness strategic design, organization performance from impression on formulate strategy and financial consequences. Practical Implication: Dynamic capability approach of formulate and implement strategy focuses on the firm-specific processes through which firms integrate, build, or reconfigure resources valuable for making a theoretical contribution. Originality/ value of research: Going beyond the current discussion, we show that case studies have the potential to extend and refine theory. We present new light on how dynamic capabilities can benefit from case study research by discovering the qualifications that shape the development of capabilities and determining the boundary conditions of the dynamic capabilities approach. Limitation of the study :Present study also relies on survey of methodology for data collection and the response perhaps connection by financial employee was difficult to responds the question because of limitation work place.

Keywords: financial ecosystem, loyalty, Malaysian market error, dynamic capability approach, rate-market, optimization intelligence strategy, courtesy, competence, compliance

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Authors: O. P. Yadav

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Ag-N co-doped ZnS and ZnS/Fe2O3 composite nanoparticles have been synthesized by chemical and sol-gel methods. As-synthesized nanomaterial have been characterized by XRD and TEM techniques and their antimicrobial effects were studied using paper disc diffusion technique against gram positive (Staphylococcus aureus) and gram negative (Escherichia coli) bacteria. As-synthesized nanomaterial showed potent antimicrobial activity against studied bacterial strains. Antimicrobial activity of synthesized nanomaterial has also been compared with some commonly used antibiotics.

Keywords: antibiotic, Escherichia coli, nanomaterial, TEM, Staphylococcus aureus

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Authors: Fakhreldin O. Suliman, Alia H. Al-Battashi

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This work explored the interaction of three different imidazoline drugs, naphazoline nitrate (NPH), oxymetazoline hydrochloride (OXY) and xylometazoline hydrochloride (XYL) with two different synthesized cucurbit[n]urils CB[n], cucurbit[7]uril (CB[7]) and cucuribit[8]uril (CB[8]). Three binary inclusion complexes have been investigated in solution and in the solid state. The solid complexes were obtained by lyophilization, whereas the physical mixtures of guests and hosts at a stoichiometric ratio of 1:1 were obtained for each drug. 1HNMR, electrospray ionization mass spectrometry (ESI-MS), and matrix-assisted laser desorption-ionization time-of-flight (MALDI-TOF) mass spectrometry was used to study the complexes prepared in aqueous media. The lyophilized solid complexes were characterized by Fourier transform-infrared spectroscopy (FT-IR), powder X-ray diffractometry (PXRD), thermogravimetric analysis (TGA), and differential scanning calorimetry (DSC). MS, FT-IR and PXRD experimental results established in this work reveal that NPH, OXY and XYL molecules form stable inclusion complexes with the two hosts. The TGA and DSC confirmed the enhancement of the thermal stability of each drug and the production of a thermally stable solid complex. The 1HNMR has shown that the protons of the guests faced shifting in ppm and broadening of their peaks upon the formation of inclusion complexes with the selected CB[n]. The aromatic protons of the guest exhibited the highest changes in the chemical shifts and shape of the NMR peaks, suggesting their inclusion into the cavity of the CB[n]. The diffusion coefficients (D), developed from the diffusion-controlled NMR Spectroscopy (DOSY) measurements, for the complexation of the selected imidazoline drugs with CB[7] and CB[8], were decreased in the presence of hosts compared to the free guests indicating the formation of the guest-host adduct. Furthermore, we conducted molecular dynamic simulations and quantum mechanics calculations on these complexes. The results of the theoretical study corroborate the experimental findings and have also shed light on the mechanism of inclusion of the guests into the two hosts. This study generates initial data for potential drug delivery or drug formulation systems for these three selected imidazoline drug compounds based on their inclusion into the CB[n] cavities.

Keywords: cucurbit[n]urils, imidazoline, inclusion complexes, molecular dynamics, DFT calculations, mass spectrometry

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Authors: Wen-Yu Chen, Chia-Yuan Hsu, Sasinee Vongsrikul

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The present study is to explore the perception of Taiwanese females towards medical tourism in Thailand for the development of applicable marketing strategy, integrating travel motivation and cosmetic surgery trend to attract potential medical tourists from Taiwan. Since previous studies relevant to this research issue are limited, qualitative study is firstly employed by using one focus group interview and in-depth interviews with Taiwanese females. Moreover, the present research collected questionnaires from 290 Taiwanese females to provide greater understanding of research results. The top three factors that affect Taiwanese females’ decision for not going to Thailand for medical tourism are “physicians and nurses cannot speak Chinese”, “low quality of the cosmetic surgery product that I want to do”, and “the county does not have laws to protect medical tourists’ right”. The finding of the empirical part would suggest the area in medical tourism industry which Thailand should promote and emphasizes in order to increase its presence as a hub for cosmetic surgery and attract Taiwanese female market. Therefore, the study contributes to the potential development of marketing strategy for medical tourism, specifically in the area of cosmetic surgery in Thailand while targeting Taiwan market.

Keywords: Thailand, Taiwanese female tourists, medical tourism, cosmetic surgery

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Authors: Dorra Gherib

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This article explores in depth the technological innovations by the Top Managements of banks in the Tunisian banking sector. The framework of this research is based on an amalgamation of four theories related to the decision of adopting technological innovations: The Theory of Reasoned Action (TRA), the Theory of Planned Behaviour (TPB), Technology Acceptance Model (TAM), and Diffusion of Innovation (DI). The result of our qualitative study highlights four variables which influence the attitude of the Top Managements towards the adoption of internet banking: Relative advantage, Perceived Ease of Use, compatibility and Perceived risk.

Keywords: top management, attitude, internet banking, TRA, TAM, TPB, DI

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Authors: H. Hruschka

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This paper presents the first comparison of the performance of the restricted Boltzmann machine and the deep belief net on binary market basket data relative to binary factor analysis and the two best-known topic models, namely Dirichlet allocation and the correlated topic model. This comparison shows that the restricted Boltzmann machine and the deep belief net are superior to both binary factor analysis and topic models. Managerial implications that differ between the investigated models are treated as well. The restricted Boltzmann machine is defined as joint Boltzmann distribution of hidden variables and observed variables (purchases). It comprises one layer of observed variables and one layer of hidden variables. Note that variables of the same layer are not connected. The comparison also includes deep belief nets with three layers. The first layer is a restricted Boltzmann machine based on category purchases. Hidden variables of the first layer are used as input variables by the second-layer restricted Boltzmann machine which then generates second-layer hidden variables. Finally, in the third layer hidden variables are related to purchases. A public data set is analyzed which contains one month of real-world point-of-sale transactions in a typical local grocery outlet. It consists of 9,835 market baskets referring to 169 product categories. This data set is randomly split into two halves. One half is used for estimation, the other serves as holdout data. Each model is evaluated by the log likelihood for the holdout data. Performance of the topic models is disappointing as the holdout log likelihood of the correlated topic model – which is better than Dirichlet allocation - is lower by more than 25,000 compared to the best binary factor analysis model. On the other hand, binary factor analysis on its own is clearly surpassed by both the restricted Boltzmann machine and the deep belief net whose holdout log likelihoods are higher by more than 23,000. Overall, the deep belief net performs best. We also interpret hidden variables discovered by binary factor analysis, the restricted Boltzmann machine and the deep belief net. Hidden variables characterized by the product categories to which they are related differ strongly between these three models. To derive managerial implications we assess the effect of promoting each category on total basket size, i.e., the number of purchased product categories, due to each category's interdependence with all the other categories. The investigated models lead to very different implications as they disagree about which categories are associated with higher basket size increases due to a promotion. Of course, recommendations based on better performing models should be preferred. The impressive performance advantages of the restricted Boltzmann machine and the deep belief net suggest continuing research by appropriate extensions. To include predictors, especially marketing variables such as price, seems to be an obvious next step. It might also be feasible to take a more detailed perspective by considering purchases of brands instead of purchases of product categories.

Keywords: binary factor analysis, deep belief net, market basket analysis, restricted Boltzmann machine, topic models

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Authors: Babatunde Stephen Oladeji, Gloria Asuquo Edet

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The proximate, functional, pasting, and sensory properties of semolina from blends of cassava, maize, and rice were investigated. Cassava, maize, and rice were milled and sieved to pass through a 1000 µm sieve, then blended in the following ratios to produce five samples; FS₁ (40:30:30), FS₂ (20:50:30), FS₃ (25:25:50), FS₄ (34:33:33) and FS₅ (60:20:20) for cassava, maize, and rice, respectively. A market sample of wheat semolina labeled as FSc served as the control. The proximate composition, functional properties, pasting profile, and sensory characteristics of the blends were determined using standard analytical methods. The protein content of the samples ranged from 5.66% to 6.15%, with sample FS₂ having the highest value and being significantly different (p ≤ 0.05). The bulk density of the formulated samples ranged from 0.60 and 0.62 g/ml. The control (FSc) had a higher bulk density of 0.71 g/ml. The water absorption capacity of both the formulated and control samples ranged from 0.67% to 2.02%, with FS₃ having the highest value and FSc having the lowest value (0.67%). The peak viscosity of the samples ranged from 60.83-169.42 RVU, and the final viscosity of semolina samples ranged from 131.17 to 235.42 RVU. FS₅ had the highest overall acceptability score (7.46), but there was no significant difference (p ≤ 0.05) from other samples except for FS₂ (6.54) and FS₃ (6.29). This study establishes that high-quality and consumer-acceptable semolina that is comparable to the market sample could be produced from blends of cassava, maize, and rice.

Keywords: semolina, gluten, celiac disease, wheat allergies

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Authors: Ashkan Zargar, Ali Taheri Mirghaed, Zein Talal Barakat, Alireza Khosravi, Hamed Paknejad

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With the increase of bacterial resistance to the chemical antibiotics, replacing it with ecofriendly herbal materials and with no adverse effects in the host body is very important. Therefore, in this study, the effect of combined essential oil (Thymus vulgaris-Origanum magorana and Ziziphora clinopodioides) on the growth behavior of Yersinia ruckeri, Aeromonas hydrophila and Lactococcus garvieae was evaluated. The compositions of the herbal essential oils used in this study were determined by gas chromatography-mass spectrometry (GC-MS) while, the investigating of antimicrobial effects was conducted by the agar-disc diffusion method, determination of minimum inhibitory concentration (MIC) and minimum bactericidal concentration (MBC), and bacterial growth curves determination relied on optical density (OD) at 630 nm. The main compounds were thymol (40.60 %) and limonene (15.98 %) for Thymus vulgaris while carvacrol (57.86 %) and thymol (13.54 %) were the major compounds in Origanum magorana. As regards Ziziphora clinopodiodes, α-pinene (22.6 %) and carvacrol (21.1 %) represented the major constituents. Concerning Yersinia ruckeri, disc-diffusion results showed that t.O.z (50 % Origanum majorana) combined essential oil was presented the best inhibition zone (30.66 mm) but it was exhibited no significant differences with other tested commercial antibiotics except oxytetracycline (P <0/05). The inhibitory activity and the bactericidal effect of the t.O.z, unveiled by the MIC= 0.2 μL /mL and MBC= 1.6 μL /mL values, were clearly the best between all combined oils. The growth behaviour of Yersinia ruckeri was affected by this combined essential oil and changes in temperature and pH conditions affected herbal oil performance. As regard Aeromonas hydrophila, its results were so similar to Yersinia ruckeri results and t.O.z (50 % Origanum majorana) was the best between all combined oils (inhibition zone= 26 mm, MIC= 0.4 μL /mL and MBC= 3.2 μL /mL, combined essential oil was affected bacterial growth behavior). Also for Lactococcus garvieae, t.O.z (50 % Origanum majorana) was the best between all combined oils having the best inhibition zone= 20.66 mm, MIC= 0.8 μL /mL and MBC= 1.6 μL /mL and best effect on inhibiting bacterial growth. Combined herbal essential oils have a good and noticeable effect on the growth behavior of pathogenic bacteria in the laboratory, and by continuing research in the host, they may be a suitable alternative to control, prevent and treat diseases caused by these bacteria.

Keywords: bacterial pathogen, herbal medicine, growth behavior, fish

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Authors: Hicham Benamirouche, Oum Elkheir Moussi

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The purpose of the study is to examine the dynamics of Algeria’s natural gas exports through the Autoregressive Distributed Lag (ARDL) bounds testing approach with break points. The analysis was carried out for the period from 1967 to 2015. Based on imperfect substitution specification, the ARDL approach reveals a long-run equilibrium relationship between Algeria’s Natural gas exports and their determinant factors (Algeria’s gas reserves, Domestic gas consumption, Europe’s GDP per capita, relative prices, the European gas production and the market share of competitors). All the long-run elasticities estimated are statistically significant with a large impact of domestic factors, which constitute the supply constraints. In short term, the elasticities are statistically significant, and almost comparable to those of the long term. Furthermore, the speed of adjustment towards long-run equilibrium is less than one year because of the little flexibility of the long term export contracts. Two break points have been estimated when we employ the domestic gas consumption as a break variable; 1984 and 2010, which reflect the arbitration policy between the domestic gas market and gas exports.

Keywords: natural gas exports, elasticity, ARDL bounds testing, break points, Algeria

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Authors: Anand Kumar Yadav

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Purpose – The purpose of this paper is to investigate the fluctuation of amplitude ratios of various transmitted and reflected waves. Design/methodology/approach – The reflection and transmission of plane waves on the interface between an orthotropic hygro-thermo-elastic half-space (OHTHS) and a viscous-fluid half-space (VFHS) were investigated in this study with reference to coupled hygro-thermo-elasticity. Findings – The interface, where y = 0, is struck by the principal (P) plane waves as they travel through the VFHS. Two waves are reflected in VFHS, and four waves are transmitted in OHTHS as a result namely longitudinal displacement, Pwave − , thermal diffusion TDwave − and moisture diffusion mDwave − and shear vertical SV wave. Expressions for the reflection and transmitted coefficient are developed for the incidence of a hygrothermal plane wave. It is noted that these ratios are graphically displayed and are observed under the influence of coupled hygro-thermo-elasticity. Research limitations/implications – There isn't much study on the model under consideration, which combines OHTHS and VFHS with coupled hygro-thermo-elasticity, according to the existing literature Practical implications – The current model can be applied in many different areas, such as soil dynamics, nuclear reactors, high particle accelerators, earthquake engineering, and other areas where linked hygrothermo-elasticity is important. In a range of technical and geophysical settings, wave propagation in a viscous fluid-thermoelastic medium with various characteristics, such as initial stress, magnetic field, porosity, temperature, etc., gives essential information regarding the presence of new and modified waves. This model may prove useful in modifying earthquake estimates for experimental seismologists, new material designers, and researchers. Social implications – Researchers may use coupled hygro-thermo-elasticity to categories the material, where the parameter is a new indication of its ability to conduct heat in interaction with diverse materials. Originality/value – The submitted text is the sole creation of the team of writers, and all authors equally contributed to its creation.

Keywords: hygro-thermo-elasticity, viscous fluid, reflection coefficient, transmission coefficient, moisture concentration

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Authors: Mornay Roberts-Lombard

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Consumers’ perceptions of value are crucial to ensuring their future commitment and behavioral intentions. As a result, service providers, such as Islamic banks, must provide their customers with products and services that are regarded as valuable, stimulating, collaborative, and competent. Therefore, the value provided to customers must meet or surpass their expectations, which can drive customers’ commitment (affective and calculative) and eventually favorably impact their future behavioral intentions. Consequently, Islamic banks in South Africa, as a growing African market, need to obtain a better understanding of the variables that impact Islamic banking customers’ value perceptions and how these impact their future behavioral intentions. Furthermore, it is necessary to investigate how customers’ perceived value perceptions impact their affective and calculative commitment and how the latter impact their future behavioral intentions. The purpose of this study is to bridge these gaps in knowledge, as the competitiveness of the Islamic banking industry in South Africa requires a deeper understanding of the aforementioned relationships. The study was exploratory and quantitative in nature, and data was collected from 250 Islamic banking customers using self-administered questionnaires. These banking customers resided in the Gauteng province of South Africa. Exploratory factor analysis, Pearson’s coefficient analysis, and multiple regression analysis were applied to measure the proposed hypotheses developed for the study. This research will aid Islamic banks in the country in potentially strengthening customers’ future commitment (affective and calculative) and positively impact their future behavioral intentions. The findings of the study established that service quality has a significant and positive impact on perceived value. Moreover, it was determined that perceived value has a favorable and considerable impact on affective and calculative commitment, while calculative commitment has a beneficial impact on behavioral intention. The research informs Islamic banks of the importance of service engagement in driving customer perceived value, which stimulates the future affective and calculative commitment of Islamic bank customers in an emerging market context. Finally, the study proposes guidelines for Islamic banks to develop an enhanced understanding of the factors that impact the perceived value-commitment-behavioral intention link in a competitive Islamic banking market in South Africa.

Keywords: perceived value, affective commitment, calculative commitment, behavioural intention

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Authors: Mert Kıranç, Ekrem Duman, Murat Özbilen

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In order to achieve new product development (NPD) activities on time and within budgetary constraints, the NPD managers need a well-designed methodology. This study intends to create an integrated project management methodology for the ones who focus on new product development projects. In the scope of the study, four different management systems are combined. These systems are called as 'Schedule-oriented Stage-Gate Method, Risk Management, Change Management and Earned Value Management'. New product development term is quite common in many different industries such as defense industry, construction, health care/dental, higher education, fast moving consumer goods, white goods, electronic devices, marketing and advertising and software development. All product manufacturers run against each other’s for introducing a new product to the market. In order to achieve to produce a more competitive product in the market, an optimum project management methodology is chosen, and this methodology is adapted to company culture. The right methodology helps the company to present perfect product to the customers at the right time. The benefits of proposed methodology are discussed as an application by a company. As a result, how the integrated methodology improves the efficiency and how it achieves the success of the project are unfolded.

Keywords: project, project management, management methodology, new product development, risk management, change management, earned value, stage-gate

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Authors: Erindi Allaj

Abstract:

This paper studies arbitrage pricing theory in financial markets with transaction costs. We extend the existing theory to include the more realistic possibility that the price at which the investors trade is dependent on the traded volume. The investors in the market always buy at the ask and sell at the bid price. Transaction costs are composed of two terms, one is able to capture the implicit transaction costs and the other the price impact. Moreover, a new definition of a self-financing portfolio is obtained. The self-financing condition suggests that continuous trading is possible, but is restricted to predictable trading strategies which have left and right limit and finite quadratic variation. That is, predictable trading strategies of infinite variation and of finite quadratic variation are allowed in our setting. Within this framework, the existence of an equivalent probability measure is equivalent to the absence of arbitrage opportunities, so that the first fundamental theorem of asset pricing (FFTAP) holds. It is also proved that, when this probability measure is unique, any contingent claim in the market is hedgeable in an L2-sense. The price of any contingent claim is equal to the risk-neutral price. To better understand how to apply the theory proposed we provide an example with linear transaction costs.

Keywords: arbitrage pricing theory,
transaction costs, fundamental theorems of arbitrage, financial markets

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Authors: C. Suphioglu , V. Simbag, J. Markham, C. Coady, S. Belward, G. Di Trapani, P. Chunduri, J. Chuck, Y. Hodgson, L. Lluka, L. Poladian, D. Watters

Abstract:

Advances in science have made quantitative skills (QS) an essential graduate outcome for undergraduate science programs in Australia and other parts of the world. However, many students entering into degrees in Australian universities either lack these skills or have little confidence in their ability to apply them in their biological science units. It has been previously reported that integration of quantitative skills into life science programs appears to have a positive effect on student attitudes towards the importance of mathematics and statistics in biological sciences. It has also been noted that there is deficiency in QS resources available and applicable to undergraduate science students in Australia. MathBench (http://mathbench.umd.edu) is a series of online modules involving quantitative biology scenarios developed by the University of Maryland. Through collaboration with Australian universities, a project was funded by the Australian government through its Office for Learning and Teaching (OLT) to develop customized MathBench biology modules to promote the quantitative skills of undergraduate biology students in Australia. This presentation will focus on the assessment of changes in performance, perception and attitude of students in a third year Cellular Physiology unit after use of interactive online cellular diffusion modules modified for the Australian context. The modules have been designed to integrate QS into the biological science curriculum using familiar scenarios and informal language and providing students with the opportunity to review solutions to diffusion QS-related problems with interactive graphics. This paper will discuss results of pre and post MathBench quizzes composed of general and module specific questions that assessed change in student QS after MathBench; and pre and post surveys, administered before and after using MathBench modules to evaluate the students’ change in perception towards the influence of the modules, their attitude towards QS and on the development of their confidence in completing the inquiry-based activity as well as changes to their appreciation of the relevance of mathematics to cellular processes. Results will be compared to changes reported by Thompson et al., (2010) at the University of Maryland and implications for further integration of interactive online activities in the curriculum will be explored and discussed.

Keywords: quantitative skills, MathBench, maths in biology

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Authors: N. H. Z. Abidin, N. F. M. Mokhtar, S. S. A. Gani

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The influence of diffusion of the thermal or known as Soret effect in a heated Binary fluid model with Coriolis force is investigated theoretically. The linear stability analysis is used, and the eigenvalue is obtained using the Galerkin method. The impact of the Soret and Coriolis force on the onset of stationary convection in a system is analysed with respect to various Binary fluid parameters and presented graphically. It is found that an increase of the Soret values, destabilize the Binary fluid layer system. However, elevating the values of the Coriolis force helps to lag the onset of convection in a system.

Keywords: Benard convection, binary fluid, Coriolis, Soret

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Authors: Alaa Abdellatif, Gabrièle Breda

Abstract:

Background. Advanced therapy medicinal products (ATMPs) are innovative therapies that mainly target orphan diseases and high unmet medical needs. ATMP includes gene therapy medicinal products (GTMP), somatic cell therapy medicinal products (CTMP), and tissue-engineered therapies (TEP). Since legislation opened the way in 2007, 25 ATMPs have been approved in the EU, which is about the same amount as the U.S. Food and Drug Administration. However, not all of the ATMPs that have been approved have successfully reached the market and retained their approval. Objectives. We aim to understand all the factors limiting the market access to very promising therapies in a systemic approach, to be able to overcome these problems, in the future, with scientific, regulatory and commercial innovations. Further to recent reviews that focus either on specific countries, products, or dimensions, we will address all the challenges faced by ATMP development today. Methodology. We used mixed methods and a multi-level approach for data collection. First, we performed an updated academic literature review on ATMP development and their scientific and market access challenges (papers published between 2018 and April 2023). Second, we analyzed industry feedback from cell and gene therapy webinars and white papers published by providers and pharmaceutical industries. Finally, we established a comparative analysis of the regulatory guidelines published by EMA and the FDA for ATMP approval. Results: The main challenges in bringing these therapies to market are the high development costs. Developing ATMPs is expensive due to the need for specialized manufacturing processes. Furthermore, the regulatory pathways for ATMPs are often complex and can vary between countries, making it challenging to obtain approval and ensure compliance with different regulations. As a result of the high costs associated with ATMPs, challenges in obtaining reimbursement from healthcare payers lead to limited patient access to these treatments. ATMPs are often developed for orphan diseases, which means that the patient population is limited for clinical trials which can make it challenging to demonstrate their safety and efficacy. In addition, the complex manufacturing processes required for ATMPs can make it challenging to scale up production to meet demand, which can limit their availability and increase costs. Finally, ATMPs face safety and efficacy challenges: dangerous adverse events of these therapies like toxicity related to the use of viral vectors or cell therapy, starting material and donor-related aspects. Conclusion. As a result of our mixed method analysis, we found that ATMPs face a number of challenges in their development, regulatory approval, and commercialization and that addressing these challenges requires collaboration between industry, regulators, healthcare providers, and patient groups. This first analysis will help us to address, for each challenge, proper and innovative solution(s) in order to increase the number of ATMPs approved and reach the patients

Keywords: advanced therapy medicinal products (ATMPs), product development, market access, innovation

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Authors: Natasha Gabriella, Josef-Peter Schöggl, Alfred Posch

Abstract:

Being a mature industry, pulp and paper industry (PPI) possess strength points coming from its existing infrastructure, technology know-how, and abundant availability of biomass. However, the declining trend of the wood-based products sales sends a clear signal to the industry to transform its business model in order to increase its profitability. With the emerging global attention on bio-based economy and circular economy, coupled with the low price of fossil feedstock, the PPI starts to integrate biorefinery as a value-added business model to keep the industry’s competitiveness. Nonetheless, biorefinery as an innovation exposes the PPI with some barriers, of which the uncertainty of the promising product becomes one of the major hurdles. This study aims to assess factors that affect the diffusion and development of forest biorefinery in the PPI, including drivers, barriers, advantages, disadvantages, as well as the most promising bio-based products of forest biorefinery. The study examines the identified factors according to the layer of business environment, being the macro-environment, industry, and strategic group level. Besides, an overview of future state of the identified factors is elaborated as to map necessary improvements for implementing forest biorefinery. A two-phase Delphi method is used to collect the empirical data for the study, comprising of an online-based survey and interviews. Delphi method is an effective communication tools to elicit ideas from a group of experts to further reach a consensus of forecasting future trends. Collaborating a total of 50 experts in the panel, the study reveals that influential factors are found in every layers of business of the PPI. The politic dimension is apparent to have a significant influence for tackling the economy barrier while reinforcing the environmental and social benefits in the macro-environment. In the industry level, the biomass availability appears to be a strength point of the PPI while the knowledge gap on technology and market seem to be barriers. Consequently, cooperation with academia and the chemical industry has to be improved. Human resources issue is indicated as one important premise behind the preceding barrier, along with the indication of the PPI’s resistance towards biorefinery implementation as an innovation. Further, cellulose-based products are acknowledged for near-term product development whereas lignin-based products are emphasized to gain importance in the long-term future.

Keywords: forest biorefinery, pulp and paper, bio-based product, Delphi method

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Authors: Timothy Kayode Samson, Adedoyin Isola Lawal

Abstract:

The past five years have shown a sharp increase in public interest in the crypto market, with its market capitalization growing from $100 billion in June 2017 to $2158.42 billion on April 5, 2022. Despite the outrageous nature of the volatility of cryptocurrencies, the use of skewed error innovation distributions in modelling the volatility behaviour of these digital currencies has not been given much research attention. Hence, this study models the volatility of 5 largest cryptocurrencies by market capitalization (Bitcoin, Ethereum, Tether, Binance coin, and USD Coin) using four variants of GARCH models (GJR-GARCH, sGARCH, EGARCH, and APARCH) estimated using three skewed error innovation distributions (skewed normal, skewed student- t and skewed generalized error innovation distributions). Daily closing prices of these currencies were obtained from Yahoo Finance website. Finding reveals that the Binance coin reported higher mean returns compared to other digital currencies, while the skewness indicates that the Binance coin, Tether, and USD coin increased more than they decreased in values within the period of study. For both Bitcoin and Ethereum, negative skewness was obtained, meaning that within the period of study, the returns of these currencies decreased more than they increased in value. Returns from these cryptocurrencies were found to be stationary but not normality distributed with evidence of the ARCH effect. The skewness parameters in all best forecasting models were all significant (p<.05), justifying of use of skewed error innovation distributions with a fatter tail than normal, Student-t, and generalized error innovation distributions. For Binance coin, EGARCH-sstd outperformed other volatility models, while for Bitcoin, Ethereum, Tether, and USD coin, the best forecasting models were EGARCH-sstd, APARCH-sstd, EGARCH-sged, and GJR-GARCH-sstd, respectively. This suggests the superiority of skewed Student t- distribution and skewed generalized error distribution over the skewed normal distribution.

Keywords: skewed generalized error distribution, skewed normal distribution, skewed student t- distribution, APARCH, EGARCH, sGARCH, GJR-GARCH

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Authors: Andrew Clark

Abstract:

McCauley, Bassler, and Gunaratne show that integration I(d) processes as used in economics and finance do not necessarily produce stationary increments, which are required to determine causality in both the short term and the long term. This paper follows their lead and shows I(d) aluminum cash and futures log prices at daily and weekly intervals do not have stationary increments, which means prior causality studies using I(d) processes need to be re-examined. Wavelets based on undifferenced cash and futures log prices do have stationary increments and are used along with transfer entropy (versus cointegration) to measure causality. Wavelets exhibit causality at most daily time scales out to 1 year, and weekly time scales out to 1 year and more. To determine stationarity, localized stationary wavelets are used. LSWs have the benefit, versus other means of testing for stationarity, of using multiple hypothesis tests to determine stationarity. As informational flows exist between cash and futures at daily and weekly intervals, the aluminum market is efficient. Therefore, hedges used by producers and consumers of aluminum need not have a big concern in terms of the underestimation of hedge ratios. Questions about arbitrage given efficiency are addressed in the paper.

Keywords: transfer entropy, nonstationary increments, wavelets, localized stationary wavelets, localized stationary wavelets

Procedia PDF Downloads 187