Search results for: Universal Credit

Authors: Alexandru-Ion Marinescu

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There exist a plethora of methods in the scientific literature which tackle the well-established task of credit score evaluation. In its most abstract form, a credit scoring algorithm takes as input several credit applicant properties, such as age, marital status, employment status, loan duration, etc. and must output a binary response variable (i.e. “GOOD” or “BAD”) stating whether the client is susceptible to payment return delays. Data imbalance is a common occurrence among financial institution databases, with the majority being classified as “GOOD” clients (clients that respect the loan return calendar) alongside a small percentage of “BAD” clients. But it is the “BAD” clients we are interested in since accurately predicting their behavior is crucial in preventing unwanted loss for loan providers. We add to this whole context the constraint that the algorithm must yield an actual, tractable mathematical formula, which is friendlier towards financial analysts. To this end, we have turned to genetic algorithms and genetic programming, aiming to evolve actual mathematical expressions using specially tailored mutation and crossover operators. As far as data representation is concerned, we employ a very flexible mechanism – LINQ expression trees, readily available in the C# programming language, enabling us to construct executable pieces of code at runtime. As the title implies, they model trees, with intermediate nodes being operators (addition, subtraction, multiplication, division) or mathematical functions (sin, cos, abs, round, etc.) and leaf nodes storing either constants or variables. There is a one-to-one correspondence between the client properties and the formula variables. The mutation and crossover operators work on a flattened version of the tree, obtained via a pre-order traversal. A consequence of our chosen technique is that we can identify and discard client properties which do not take part in the final score evaluation, effectively acting as a dimensionality reduction scheme. We compare ourselves with state of the art approaches, such as support vector machines, Bayesian networks, and extreme learning machines, to name a few. The data sets we benchmark against amount to a total of 8, of which we mention the well-known Australian credit and German credit data sets, and the performance indicators are the following: percentage correctly classified, area under curve, partial Gini index, H-measure, Brier score and Kolmogorov-Smirnov statistic, respectively. Finally, we obtain encouraging results, which, although placing us in the lower half of the hierarchy, drive us to further refine the algorithm.

Keywords: expression trees, financial credit scoring, genetic algorithm, genetic programming, symbolic evolution

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Authors: Laurent Maurin, Mervi Toivanen

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This paper estimates euro area banks’ internal target capital ratios and investigates whether banks’ adjustment to the targets have an impact on credit supply and holding of securities during the financial crisis in 2005-2011. Using data on listed banks and country-specific macro-variables a partial adjustment model is estimated in a panel context. The results indicate, firstly, that an increase in the riskiness of banks’ balance sheets influences positively on the target capital ratios. Secondly, the adjustment towards higher equilibrium capital ratios has a significant impact on banks’ assets. The impact is found to be more size-able on security holdings than on loans, thereby suggesting a pecking order.

Keywords: Euro area, capital ratios, credit supply, partial adjustment model

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Authors: Xiaoyu Shen, Fang Fang, Chujun Qiu

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Herewith we present a Fourier method for credit risk quantification and allocation in the factor-copula model framework. The key insight is that, compared to directly computing the cumulative distribution function of the portfolio loss via Monte Carlo simulation, it is, in fact, more efficient to calculate the transformation of the distribution function in the Fourier domain instead and inverting back to the real domain can be done in just one step and semi-analytically, thanks to the popular COS method (with some adjustments). We also show that the Euler risk allocation problem can be solved in the same way since it can be transformed into the problem of evaluating a conditional cumulative distribution function. Once the conditional or unconditional cumulative distribution function is known, one can easily calculate various risk metrics. The proposed method not only fills the niche in literature, to the best of our knowledge, of accurate numerical methods for risk allocation but may also serve as a much faster alternative to the Monte Carlo simulation method for risk quantification in general. It can cope with various factor-copula model choices, which we demonstrate via examples of a two-factor Gaussian copula and a two-factor Gaussian-t hybrid copula. The fast error convergence is proved mathematically and then verified by numerical experiments, in which Value-at-Risk, Expected Shortfall, and conditional Expected Shortfall are taken as examples of commonly used risk metrics. The calculation speed and accuracy are tested to be significantly superior to the MC simulation for real-sized portfolios. The computational complexity is, by design, primarily driven by the number of factors instead of the number of obligors, as in the case of Monte Carlo simulation. The limitation of this method lies in the "curse of dimension" that is intrinsic to multi-dimensional numerical integration, which, however, can be relaxed with the help of dimension reduction techniques and/or parallel computing, as we will demonstrate in a separate paper. The potential application of this method has a wide range: from credit derivatives pricing to economic capital calculation of the banking book, default risk charge and incremental risk charge computation of the trading book, and even to other risk types than credit risk.

Keywords: credit portfolio, risk allocation, factor copula model, the COS method, Fourier method

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Authors: Manfred F. Maute, Olga Naumenko, Raymond T. Kong

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Using data from a nationally representative financial panel of Canadian households, this study develops a psychographic segmentation of the customers of a value-expressive credit card service and tests for effects on relational response differences. The variety of segments elicited by agglomerative and k means clustering and the familiar profiles of individual clusters suggest that the face validity of the psychographic segmentation was quite high. Segmentation had a significant effect on customer satisfaction and relationship depth. However, when socio-demographic characteristics like household size and income were accounted for in the psychographic segmentation, the effect on relational response differences was magnified threefold. Implications for the segmentation of financial services markets are considered.

Keywords: customer satisfaction, financial services, psychographics, response differences, segmentation

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Authors: Bi-Huei Tsai

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Previous studies on financial distress prediction choose the conventional failing and non-failing dichotomy; however, the distressed extent differs substantially among different financial distress events. To solve the problem, “non-distressed”, “slightly-distressed” and “reorganization and bankruptcy” are used in our article to approximate the continuum of corporate financial health. This paper explains different financial distress events using the two-stage method. First, this investigation adopts firm-specific financial ratios, corporate governance and market factors to measure the probability of various financial distress events based on multinomial logit models. Specifically, the bootstrapping simulation is performed to examine the difference of estimated misclassifying cost (EMC). Second, this work further applies macroeconomic factors to establish the credit cycle index and determines the distressed cut-off indicator of the two-stage models using such index. Two different models, one-stage and two-stage prediction models, are developed to forecast financial distress, and the results acquired from different models are compared with each other, and with the collected data. The findings show that the two-stage model incorporating financial ratios, corporate governance and market factors has the lowest misclassification error rate. The two-stage model is more accurate than the one-stage model as its distressed cut-off indicators are adjusted according to the macroeconomic-based credit cycle index.

Keywords: Multinomial logit model, corporate governance, company failure, reorganization, bankruptcy

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Authors: Olanike A. Ojo, Akindele M. Ojo, Jacob H. Tsado, Ramatu U. Kutigi

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The study was carried out on analysis of the effect of farmers’ socio-economic factors on the net farm income of catfish farmers in Kwara State, Nigeria. Primary data were collected from selected catfish farmers with the aid of well-structured questionnaire and a multistage sampling technique was used to select 102 catfish farmers in the area. The analytical techniques involved the use of descriptive statistics and multiple regression analysis. The findings of the analysis of socio-economic characteristics of catfish farmers reveal that 60% of the catfish farmers in the study area were male gender which implied the existence of gender inequality in the area. The mean age of 47 years was an indication that they were at their economically productive age and could contribute positively to increased production of catfish in the area. Also, the mean household size was five while the mean year of experience was five. The latter implied that the farmers were experienced in fishing techniques, breeding and fish culture which would assist in generating more revenue, reduce cost of production and eventual increase in profit levels of the farmers. The result also revealed that stock capacity (X3), accessibility to credit (X7) and labour (X4) were the main determinants of catfish production in the area. In addition, farmer’s sex, household size, no of ponds, distance of the farm from market, access to credit were the main socio-economic factors influencing the net farm income of the catfish farmers in the area. The most serious constraints militating against catfish production in the study area were high mortality rate, insufficient market, inadequate credit facilities/ finance and inadequate skilled labour needed for daily production routine. Based on the findings, it is therefore recommended that, to reduce the mortality rate of catfish extension agents should organize training workshops on improved methods and techniques of raising catfish right from juvenile to market size.

Keywords: credit, income, stock, mortality

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Authors: Meiyuan Zheng, Jingwu He, Yuexi Xiong

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A universal multi-function leaf spring main landing gear was designed for light aircraft. The main landing gear combined with the leaf spring, skidding, and wheels enables it to have a good takeoff and landing performance on various grounds such as the hard, snow, grass and sand grounds. Firstly, the characteristics of different landing sites were studied in this paper in order to analyze the load of the main landing gear on different types of grounds. Based on this analysis, the structural design optimization along with the strength and stiffness characteristics of the main landing gear has been done, which enables it to have good takeoff and landing performance on different types of grounds given the relevant regulations and standards. Additionally, the impact of the skidding on the aircraft during the flight was also taken into consideration. Finally, a universal multi-function leaf spring type of the main landing gear suitable for light aircraft has been developed.

Keywords: landing gear, multi-function, leaf spring, skidding

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Authors: Rukhsar Ahmed, Jawed Aziz Masudi

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In the present study, an attempt has been made about the right to an education in Pakistan. The research is the focus in respect of International Law Article 26 of the Universal Declaration of Human Rights. The main motivation behind getting great training is, as a rule, decent resident and afterward being effective in close to home and expert life. We are fragmented without decent instruction since training makes us the right mastermind and right chief. In such a focused world, instruction has turned into a need for people after sustenance, dress and haven. It can give answers for all issues; it advances great propensities and mindfulness about defilement, fear-mongering, and other social issues among us.

Keywords: education, right to education, human right, universal declaration, law

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Authors: Abhinav Singh

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Point Of Sale (POS) malwares have been stealing the limelight this year. They have been the elemental factor in some of the biggest breaches uncovered in past couple of years. Some of them include • Target: A Retail Giant reported close to 40 million credit card data being stolen • Home Depot : A home product Retailer reported breach of close to 50 million credit records • Kmart: A US retailer recently announced breach of 800 thousand credit card details. Alone in 2014, there have been reports of over 15 major breaches of payment systems around the globe. Memory scrapping malwares infecting the point of sale devices have been the lethal weapon used in these attacks. These malwares are capable of reading the payment information from the payment device memory before they are being encrypted. Later on these malwares send the stolen details to its parent server. These malwares are capable of recording all the critical payment information like the card number, security number, owner etc. All these information are delivered in raw format. This Talk will cover the aspects of what happens after these details have been sent to the malware authors. The entire ecosystem of credit card frauds can be broadly classified into these three steps: • Purchase of raw details and dumps • Converting them to plastic cash/cards • Shop! Shop! Shop! The focus of this talk will be on the above mentioned points and how they form an organized network of cyber-crime. The first step involves buying and selling of the stolen details. The key point to emphasize are : • How is this raw information been sold in the underground market • The buyer and seller anatomy • Building your shopping cart and preferences • The importance of reputation and vouches • Customer support and replace/refunds These are some of the key points that will be discussed. But the story doesn’t end here. As of now the buyer only has the raw card information. How will this raw information be converted to plastic cash? Now comes in picture the second part of this underground economy where-in these raw details are converted into actual cards. There are well organized services running underground that can help you in converting these details into plastic cards. We will discuss about this technique in detail. At last, the final step involves shopping with the stolen cards. The cards generated with the stolen details can be easily used to swipe-and-pay for purchased goods at different retail shops. Usually these purchases are of expensive items that have good resale value. Apart from using the cards at stores, there are underground services that lets you deliver online orders to their dummy addresses. Once the package is received it will be delivered to the original buyer. These services charge based on the value of item that is being delivered. The overall underground ecosystem of credit card fraud works in a bulletproof way and it involves people working in close groups and making heavy profits. This is a brief summary of what I plan to present at the talk. I have done an extensive research and have collected good deal of material to present as samples. Some of them include: • List of underground forums • Credit card dumps • IRC chats among these groups • Personal chat with big card sellers • Inside view of these forum owners. The talk will be concluded by throwing light on how these breaches are being tracked during investigation. How are credit card breaches tracked down and what steps can financial institutions can build an incidence response over it.

Keywords: POS mawalre, credit card frauds, enterprise security, underground ecosystem

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Authors: Yuan-Lin Liu, Ye Li, Tian Xia

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Taxi-calling APPs have been used widely, while brought both benefits and a variety of issues for the taxi market. Many countries do not know whether the benefits are remarkable than the issues or not. This paper established a comparison between the basic scenario (2009-2012) and a taxi-calling software usage scenario (2012-2015) to explain the impact of taxi-calling APPs. The impacts of taxi-calling APPs illustrated by the comparison results are: 1) The supply and demand distribution is more balanced, extending from the city center to the suburb. The availability of taxi service has been improved in low density areas, thin market attribute has also been improved; 2)The ratio of short distance taxi trip decreased, long distance service increased, the utilization of mileage increased, and the rate of empty decreased; 3) The popularity of taxi-calling APPs was able to reduce the average empty distance, cruise time, empty mileage rate and average times of loading passengers, can also enhance the average operating speed, improve the taxi operating level, and reduce social cost although there are some disadvantages. This paper argues that the taxi industry and government can establish an integrated third-party credit information platform based on credit evaluated by the data of the drivers’ driving behaviors to supervise the drivers. Taxi-calling APPs under fully covered supervision in the mobile Internet environment will become a new trend.

Keywords: taxi, taxi-calling APPs, credit, scenario comparison

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Authors: Ons Triki, Fathi Abid

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Along with the increase in the use of leasing contracts in corporate finance, multiple studies aim to model the credit risk of the lease in order to cover the losses of the lessor of the asset if the lessee goes bankrupt. In the current research paper, a convertible lease contract is elaborated in a continuous time stochastic universe aiming to ensure the financial stability of the firm and quickly recover the losses of the counterparties to the lease in case of default. This work examines the term structure of the lease rates taking into account the credit default risk and the capital structure of the firm. The interaction between the lessee's capital structure and the equilibrium lease rate has been assessed by applying the competitive lease market argument developed by Grenadier (1996) and the endogenous structural default model set forward by Leland and Toft (1996). The cumulative probability of default was calculated by referring to Leland and Toft (1996) and Yildirim and Huan (2006). Additionally, the link between lessee credit risk and lease rate was addressed so as to explore the impact of convertible lease financing on the term structure of the lease rate, the optimal leverage ratio, the cumulative default probability, and the optimal firm value by applying an endogenous conversion threshold. The numerical analysis is suggestive that the duration structure of lease rates increases with the increase in the degree of the market price of risk. The maximal value of the firm decreases with the effect of the optimal leverage ratio. The results are indicative that the cumulative probability of default increases with the maturity of the lease contract if the volatility of the asset service flows is significant. Introducing the convertible lease contract will increase the optimal value of the firm as a function of asset volatility for a high initial service flow level and a conversion ratio close to 1.

Keywords: convertible lease contract, lease rate, credit-risk, capital structure, default probability

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Authors: Xia Chen, Yulan Wang

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purpose: To compare the accuracy of Haigis, SRK/T, T2, Holladay 1, Hoffer Q, Barrett Universal II, Emmetropia Verifying Optical (EVO) and Kane for intraocular lens power calculation in patients with axial length (AL) ≥ 28 mm. Methods: In this retrospective single-center study, 50 eyes of 41 patients with AL ≥ 28 mm that underwent uneventful cataract surgery were enrolled. The actual postoperative refractive results were compared to the predicted refraction calculated with different formulas (Haigis, SRK/T, T2, Holladay 1, Hoffer Q, Barrett Universal II, EVO and Kane). The mean absolute prediction errors (MAE) 1 month postoperatively were compared. Results: The MAE of different formulas were as follows: Haigis (0.509), SRK/T (0.705), T2 (0.999), Holladay 1 (0.714), Hoffer Q (0.583), Barrett Universal II (0.552), EVO (0.463) and Kane (0.441). No significant difference was found among the different formulas (P = .122). The Kane and EVO formulas achieved the lowest level of mean prediction error (PE) and median absolute error (MedAE) (p < 0.05). Conclusion: The Kane and EVO formulas had a better success rate than others in predicting IOL power in high myopic eyes with AL longer than 28 mm in this study.

Keywords: cataract, power calculation formulas, intraocular lens, long axial length

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Authors: Gona Ayuba, Isiaka Mohammed, Kotom Mohammed Baba, Mohammed Aabubakar Maikasuwa

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The study examined the technical efficiency and its determinants of cattle fattening enterprises in Kebbi state, Nigeria. Data were collected from a sample of 160 fatteners between June 2010 and June 2011 using the multistage random sampling technique. Translog stochastic frontier production function was employed for the analysis. Results of the analysis show that technical efficiency indices varied from 0.74 to 0.98%, with a mean of 0.90%, indicating that there was no wide gap between the efficiency of best technical efficient fatteners and that of the average fattener. The result also showed that fattening experience and herd size influenced the level of technical efficiency at 1% levels. It is recommended that credit agencies should ensure that credit made available to the fatteners is monitored to ensure appropriate utilization.

Keywords: technical efficiency, determinants, cattle, fattening enterprises

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Authors: S. Khalifa, R. Chkoundali

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The specific role of banks in economic development varies, depending on scope. Firstly, the participation of banks in economic development focus around providing credit and services to generate revenues, which are then invested back into a local, national or international community. The specific roles banks play in the economic development of a small community differ from the role banks play in national or international economic development. Although the role can vary, factors such as access to credit and bank investment policies or practices remain constant, no matter the scope of economic development. This paper provides an overview of the economic situation of Africa and its short-term outlook. He referred to the progress made in the implementation of the Medium-Term Strategy (2008-2012) and some major achievements of the Bank, as the speed and flexibility with which she responded to the oil crisis, food and financial.

Keywords: economic growth, bank, Africa, economic development

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Authors: Sean Kinney

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In 1666, Newton created the Law of Universal Gravitation. And in 1915, Einstein improved it to incorporate factors such as time dilation and gravitational lensing. But currently, there is a problem with this “universal” law. The math doesn’t work outside the confines of our solar system. And something is missing; any evidence of what gravity actually is and how it manifest. This paper explores the notion that gravity must obey the law of conservation of energy as all other forces in this universe have been shown to do. Explaining exactly what gravity is and how it manifests itself. And looking at many different implications that would be created are explained. And finally, using the math of Dynamic Gravity to calculate Dark Energy and Dark Matter effects to explain all observations without the need of exotic measures.

Keywords: gravity, dynamic gravity, dark matter, dark energy

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Authors: Zolzaya Badmaavanchig, Shoko Miyamoto

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In recent years, universal design for learning (hereinafter referred to as "UDL"), which aims to establish an inclusive education system and to make all children, regardless of their disabilities, experts in learning, has been attracting attention, and there have been some attempts to incorporate it into regular classrooms where children with developmental disabilities and those who show such tendencies are enrolled. The purpose of this study was to examine the effectiveness and challenges of implementing UDL in Japanese elementary schools based on the previous literature. As a method, we first searched for articles on UDL for learning and UDL in the classroom from 2010 to 2022. In addition, we selected practice studies that targeted children with special educational support needs and the classroom as a whole. In response to the extracted literature, this bridge examined the following five perspectives: (1) subjects and grades in which UDL was practiced, (2) methods to grasp the actual conditions of the children, (3) consideration for children with special needs during class, (4) form of class, and (5) effects of the practice. Based on the results, we would like to present issues related to future UDL efforts in Japanese elementary schools.

Keywords: universal design for learning, regular elementary school class, children with special education needs, special educational support

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Authors: Amir Ikram, Faisal Ijaz, Qin Su

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The empirical study was undertaken to explore the determinants of non-performing loans (NPLs) of small and medium enterprises (SMEs) sector held by the commercial banks. Primary data was collected through well-structured survey questionnaire from credit analysts/bankers of 42 branches of 9 commercial banks, operating in the district of Lahore (Pakistan), for 2014-2015. Selective descriptive analysis and Pearson chi-square technique were used to illustrate and evaluate the significance of different variables affecting NPLs. Branch age, duration of the loan, and credit policy were found to be significant determinants of NPLs. The study proposes that bank-specific and SME-specific microeconomic variables directly influence NPLs, while macroeconomic factors act as intermediary variables. Framework exhibiting causal nexus of NPLs was also drawn on the basis of empirical findings. The results elaborate various origins of NPLs and suggest that they are primarily instigated by the loan sanctioning procedure of the financial institution. The paper also underlines the risk management practices adopted by the bank at branch level to averse the risk of loan default. Empirical investigation of bank-specific microeconomic factors of NPLs with respect to Pakistan’s economy is the novelty of the study. Broader strategic policy implications are provided for credit analysts and entrepreneurs.

Keywords: commercial banks, microeconomic factors, non-performing loans, small and medium enterprises

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Authors: Pál Mészáros

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The aim of this research topic is to examine civil law consequences caused by crimes committed in the digital space. During the commission of certain crimes, not only the rights of one person are violated, but also the rights of an entire institution, for example, if the information system of a university is attacked. The consequences of these crimes committed in the digital space may also be that the victim himself is liable to other third parties, for example, in the event that health data comes into the possession of unauthorized persons, and it can be proved that the service provider's IT system was inadequate. An interesting question may also be the civil liability of credit institutions if someone becomes a victim of fraud but is not expected from him/her to notice the fraud. In such a case, the liability of the credit institution may arise if they do not respond in time in the case of unauthorized bank transactions. Based on the above, the main topic of the research is the civil liability of the victim, or another person or company related to the victim in the case of damages caused by crimes.

Keywords: civil liability, digital crimes, transfer of responsibility, civil law

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Authors: Sean Michael Kinney

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In 1666, Newton created the Law of Universal Gravitation. And in 1915, Einstein improved it to incorporate factors such as time dilation and gravitational lensing. But currently, there is a problem with this “universal” law. The math doesn’t work outside the confines of our solar system. And something is missing; any evidence of what gravity actually is and how it manifests. This paper explores the notion that gravity must obey the law of conservation of energy as all other forces in this universe have been shown to do. Explaining exactly what gravity is and how it manifests itself. And looking at many different implications that would be created are explained. And finally, use the math of Dynamic gravity to calculate Dark Energy and Dark Matter effects to explain all observations without the need for exotic measures.

Keywords: dynamic gravity, gravity, dark matter, dark energy

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Authors: Jose Gay D. Gallego

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This study examined the learning performance in General Psychology of 297 freshmen of the CPSU-Main through the Pre and Post Tests. The instructional intervention via Universal Design for Learning (UDL) was applied to 33% (97 out of 297) of these freshmen as the Treatment Group while the 67% (200) belonged to the Control Group for traditional instructions. Statistical inferences utilized one-way Analysis of Variance for mean differences; Pearson R Correlations for bivariate relationships, and; Factor Analysis for significant components that contributed most to the Universal Design for Learning instructions. Findings showed very high levels of students’ acquired UDL skills. Results in the pre test in General Psychology, respectively, were low and average when grouped into low and high achievers. There was no significant mean difference in the acquired nine UDL components when categorized into seven colleges to generalize that between colleges they were on the same very high levels. Significant differences were found in three test areas in General Psychology in eight colleges whose students in College of teacher education taking the lead in the learning performance. Significant differences were also traced in the post test in favor of the students in the treatment group. This proved that UDL really impacted the learning performance of the low achieving students. Significant correlations were revealed between the components of UDL and General Psychology. There were twenty four significant itemized components that contributed most to UDL instructional interventions. Implications were emphasized to maximizing the principles of UDL with the contention of thoughtful planning related to the four curricular pillars of UDL: (a) instructional goals, (b) instructional delivery methods, (c) instructional materials, and (d) student assessments.

Keywords: universal design for learning, enhanced performance, teaching innovation, technology in education, social science area

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Authors: Dilang Thouk Tharjiath

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This study seeks to examine determinants of access to finance: the case of micro and small enterprises in bonga town. It identifies the sector as the key to unlocking the economic potentials of the country. For the achievement of the objective of the study simple random and stratified sampling has been used to select 179 respondents, primary and secondary data were used, primary data were collected through face to face interview and preparing questionnaire and secondary data were collected through reviewing firms record and reports, quantitative research approach were used and the data obtained were analyzed using descriptive research design. Access to finance is one of the key obstacles of MSE’s not only when starting the business project but also when operating. Identifying the major determinants of access to finance is therefore quite crucial. Based on descriptive result the financiers specially formal financiers tend to grant credit easily for enterprises which are located near to town, having operators with higher educational level, experienced and with a positive attitudes towards or fulfill their lending procedures, and a firm having collateralized asset, prepare business plan, maintain accounting practice ,large and old enough. Finally the study recommended that As Educational level of entrepreneurs has significant effect on access to credit from bank and the managers or owners education level is low in Bonga town the concerned bodies of both the government and non-governmental institutions in collaboration with Bonga town MSE development office are recommended to create awareness and facilitate the provision of additional training for those with lower educational level.

Keywords: credit, entrepreneur, enterprise, manager

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Authors: E. Mike Dison, T. Pathinathan

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Computing with Words (CWW) and Possibilistic Relational Universal Fuzzy (PRUF) are the two concepts which widely represent and measure the vaguely defined natural phenomenon. In this paper, we study the positional alteration of the phrases by which the impact of a natural language proposition gets affected and/or modified. We observe the gradations due to sensitivity/feeling of a statement towards the positional alterations. We derive the classification and modification of the meaning of words due to the positional alteration. We present the results with reference to set theoretic interpretations.

Keywords: appositive, computing with words, possibilistic relational universal fuzzy (PRUF), semantic sentiment analysis, set-theoretic interpretations

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Authors: Humayun Murshed, Shibly Abdullah

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The research conducted in early seventies apparently assumed the existence of a universal decision model for union negotiators and furthermore tended to regard financial information as a ‘neutral’ input into a rational decision-making process. However, research in the eighties began to question the neutrality of financial information as an input in collective bargaining rather viewing it as a potentially effective means for controlling the labour force. Furthermore, this later research also started challenging the simplistic assumptions relating particularly to union objectives which have underpinned the earlier search for universal union decision models. Despite the above developments there seems to be a dearth of studies in developing countries concerning the use of financial information in collective bargaining. This paper seeks to begin to remedy this deficiency. Utilising a case study approach based on two enterprises, one in the public sector and the other a multinational, the universal decision model is rejected and it is argued that the decision whether or not to use financial information is a contingent one and such a contingency is largely defined by the context and environment in which both union and management negotiators work. An attempt is also made to identify the factors constraining as well as promoting the use of financial information in collective bargaining, these being regarded as unique to the organizations within which the case studies are conducted.

Keywords: collective bargaining, developing countries, disclosures, financial information

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Authors: Donna L. Roberts

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The theory of archetypes contends that themes based on universal foundational images reside in and are transmitted generationally through the collective unconscious, which is referenced throughout an individual’s experience in order to make sense of that experience. There is then, a profoundly visceral and instinctive agreement on the gestalt of these universal themes and how they apply to the human condition throughout space and time. The inherent nature of projective tests, such as the Rorschach Inkblot, necessitates that the stimulus is ambiguous and thus elicits responses that reflect the unconscious inner psyche of the respondent. As the development of the Rorschach inkblots was relatively random and serendipitous - i.e., the inkblots were not engineered to elicit a specifically defined response - it would stand to reason that without a collective unconscious, every individual would interpret the inkblots in an individualized and unique way. Yet this is not the case. Instead, common themes appear in the images of the inkblots and their interpretation that reflect this deeper iconic understanding. This study analyzed the ten Rorschach inkblots in terms of Jungian archetypes, both with respect to the form of images on each plate and the commonly observed themes in responses. Examples of the archetypes were compared to each of the inkblots, with subsequent descriptions matched to the standard responses. The findings yielded clear and distinct instances of the universal symbolism intrinsic in the inkblot images as well as ubiquitous throughout the responses. This project illustrates the influence of the theories of psychologist Carl Gustav Jung on the interpretation of the ambiguous stimuli. It further serves to demonstrate the merit of Jungian psychology as a valuable tool with which to understand the nature of projective tests in general, Rorschach’s work specifically, and ultimately the broader implications for our collective unconscious and common humanity.

Keywords: archetypes, inkblots, projective tests, Rorschach

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Authors: Abdul Kader

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This paper attempts to investigate several contributory factors to recent volatility in the Islamic Banking sector of Bangladesh. In particular, the study explores corporate governance, credit management, credit regulations, inept board of directors, using religious sentiment as a means to deceive general people, and the degree of political interference as potential contributory factors. To find the correlation among different variables, semi-structured questionnaires were distributed among the clients, bank managers, some Banking scholars and ex-members of the board of directors of three Islamic Banks in Bangladesh. Later, ten interviews were collected from key informants to gain in-depth information about the present mismanagement of Islamic Banks in Bangladesh. After then, data were analyzed using statistical software and substantiated by secondary sources like newspapers, reports and investigative reports aired in screen media. The paper found a correlation between almost all contributory factors and recent unstable conditions in the Islamic banking sector. After performing regression analysis, this paper found a more significant relationship between some of the contributory factors with Banking volatility than others. For instance, credit management, inept board of directors, depriving customers of proving no profit in the name of business—no interest-- and political interference have a strong significant positive correlation with the present poor condition of Islamic Banking. This paper concludes that while internal management is important in recovering the losses, the government needs to ensure framing better policy for the Islamic Banking system, Central Bank needs to supervise and monitor all Islamic banks meticulously and loan receivers must go through the impartial evaluation and approved by the representatives of the Central Shariah Board. This paper also recommends that there is a need to strengthen the auditing system and improve regulatory oversight of the Islamic Banks in Bangladesh. Policy recommendations that this paper put forward could provide an outline for dealing with the existing challenging condition of Islamic Banks and these could be applied to similar problems in other countries where the Islamic Banking model exists.

Keywords: Islamic bank, volatility in banking sector, shariah law, credit management, political interference

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Authors: Temesgen Yaekob Ergano, Sure Pulla Rao

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The study on financial development and economic growth in Sub-Saharan Africa utilizes System GMM analysis to investigate the relationship between financial development indicators and economic performance in the region. The research findings reveal significant impacts of various financial indicators on economic growth, such as the positive influence of bank liquid reserves to bank assets ratio (R/A), trade openness, and the broad money to total reserves ratio (M/R) on the economic growth of Sub-Saharan Africa. Additionally, the study highlights the negative impact of domestic credit provided to the private sector by banks (D_bank) on economic growth, emphasizing the importance of prudent credit allocation to avoid over-indebtedness and financial crises. These results provide valuable insights for policymakers aiming to foster sustainable economic growth in the region by leveraging financial development effectively.

Keywords: financial development, economic growth, Sub-Saharan Africa, system GMM analysis, financial indicators.

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Authors: Megersa Dugasa Fite

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This paper analyses regulatory and supervisory issues in the Ethiopian micro finance sector, which caters to the needs of those who have been excluded from the formal financial sector. Micro-finance has received increased importance in development because of its grand goal to give credits to the poor to raise their economic and social well-being and improve the quality of lives. The micro-finance at present has been moving towards a credit-plus period through covering savings and insurance functions. It thus helps in reducing the rate of financial exclusion and social segregation, alleviating poverty and, consequently, stimulating development. The Ethiopian micro finance policy has been generally positive and developmental but major regulatory and supervisory limitations such as the absolute prohibition of NGOs to participate in micro credit functions, higher risks for depositors of micro-finance institutions, lack of credit information services with research and development, the unmet demand, and risks of market failures due to over-regulation are disappointing. Therefore, to remove the limited reach and high degree of problems typical in the informal means of financial intermediation plus to deal with the failure of formal banks to provide basic financial services to a significant portion of the country’s population, more needs to be done on micro finance. Certain key regulatory and supervisory revisions hence need to be taken to strengthen the Ethiopian micro finance sector so that it can practically provide majority poor access to a range of high quality financial services that help them work their way out of poverty and the incapacity it imposes.

Keywords: micro-finance, micro-finance regulation and supervision, micro-finance institutions, financial access, social segregation, poverty alleviation, development, Ethiopia

Procedia PDF Downloads 367

Authors: Mahalakshmi Vivekanandan S.

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As per the recent changes happening in the global policies, climate-related changes and the impact it causes across every sector are viewed as green swan events – in essence, climate-related changes can often happen and lead to risk and a lot of uncertainty, but needs to be mitigated instead of considering them as black swan events. This brings about a question on how this risk can be computed so that the financial institutions can plan to mitigate it. Climate-related changes impact all risk types – credit risk, market risk, operational risk, liquidity risk, reputational risk and other risk types. And the models required to compute this has to consider the different industrial needs of the counterparty, as well as the factors that are contributing to this – be it in the form of different risk drivers, or the different transmission channels or the different approaches and the granular form of data availability. This brings out the suggestion that the climate-related changes, though it affects Pillar I risks, will be a Pillar II risk. This has to be modeled specifically based on the financial institution’s actual exposure to different industries instead of generalizing the risk charge. And this will have to be considered as the additional capital to be met by the financial institution in addition to their Pillar I risks, as well as the existing Pillar II risks. In this paper, the author presents a risk assessment framework to model and assess climate change risks - for both credit and market risks. This framework helps in assessing the different scenarios and how the different transition risks affect the risk associated with the different parties. This research paper delves into the topic of the increase in the concentration of greenhouse gases that in turn cause global warming. It then considers the various scenarios of having the different risk drivers impacting the Credit and market risk of an institution by understanding the transmission channels and also considering the transition risk. The paper then focuses on the industry that’s fast seeing a disruption: the automobile industry. The paper uses the framework to show how the climate changes and the change to the relevant policies have impacted the entire financial institution. Appropriate statistical models for forecasting, anomaly detection and scenario modeling are built to demonstrate how the framework can be used by the relevant agencies to understand their financial risks. The paper also focuses on the climate risk calculation for the Pillar II Capital calculations and how it will make sense for the bank to maintain this in addition to their regular Pillar I and Pillar II capital.

Keywords: capital calculation, climate risk, credit risk, pillar ii risk, scenario modeling

Procedia PDF Downloads 115

Authors: Yong Wook Kim

Abstract:

The diversity of students in regular classrooms is increasing due to expand inclusive education and increase multicultural students in South Korea. In this diverse classroom environment, the universal design for learning (UDL) has been proposed as a way to meet both the educational need and social expectation of student achievement. UDL offers a variety of practical teaching methods, one of which is a differentiating instruction. The differentiating instruction has been pointed out resource limitation, organizational resistance, and lacks easy-to-implement framework. However, through the framework provided by the UDL, differentiating instruction is able to be flexible in their implementation. In practice, the UDL and differentiating instruction are complementary, but there is still a lack of research that suggests specific implementation methods that apply both concepts at the same time. This study was conducted to investigate the effects of differentiating instruction strategies according to learner characteristics (readiness, interest, learning profile), components of differentiating instruction (content, process, performance, learning environment), especially UDL principles (representation, behavior and expression, participation) existed in differentiating instruction, and implementation of UDL-based differentiating instruction through the Planning for All Learner (PAL) and UDL Lesson Plan Cycle. It is meaningful that such a series of studies can enhance the possibility of more concrete and realistic UDL-based teaching and learning strategies in the classroom, especially in inclusive settings.

Keywords: universal design for learning, differentiating instruction, UDL lesson plan, PAL

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Authors: Neelam Kumar

Abstract:

Science is stratified, with an unequal distribution of research facilities and rewards among scientists. Gender stratification is one of the most prevalent phenomena in the world of science. In most countries gender segregation, horizontal as well as vertical, stands out in the field of science and engineering. India is no exception. This paper aims to examine: (1) gender and science associations, historical as well as contemporary, (2) women’s enrolment and gender differences in selection of academic fields, (2) women as professional researchers, (3) career path and recognition/trajectories. The paper reveals that in recent years the gender–science relationship has changed, but is not totally free from biases. Women’s enrolment into various science disciplines has shown remarkable and steady increase in most parts of the world, including India, yet they remain underrepresented in the S&T workforce, although to a lesser degree than in the past.

Keywords: gender, science, universal, women

Procedia PDF Downloads 286