Search results for: capital markets authority (CMA)
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 2998

Search results for: capital markets authority (CMA)

1678 Net Fee and Commission Income Determinants of European Cooperative Banks

Authors: Karolína Vozková, Matěj Kuc

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Net fee and commission income is one of the key elements of a bank’s core income. In the current low-interest rate environment, this type of income is gaining importance relative to net interest income. This paper analyses the effects of bank and country specific determinants of net fee and commission income on a set of cooperative banks from European countries in the 2007-2014 period. In order to do that, dynamic panel data methods (system Generalized Methods of Moments) were employed. Subsequently, alternative panel data methods were run as robustness checks of the analysis. Strong positive impact of bank concentration on the share of net fee and commission income was found, which proves that cooperative banks tend to display a higher share of fee income in less competitive markets. This is probably connected with the fact that they stick with their traditional deposit-taking and loan-providing model and fees on these services are driven down by the competitors. Moreover, compared to commercial banks, cooperatives do not expand heavily into non-traditional fee bearing services under competition and their overall fee income share is therefore decreasing with the increased competitiveness of the sector.

Keywords: cooperative banking, dynamic panel data models, net fee and commission income, system GMM

Procedia PDF Downloads 332
1677 A Historical Overview of the General Implementation of the European Union Market Abuse Directive in the United Kingdom before the Brexit and Its Future Implications

Authors: Howard Chitimira

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The European Union (EU) was probably the first body to establish multinational anti-market abuse laws aimed at enhancing the detection and curbing of cross-border market abuse activities in its member states. Put differently, the EU Insider Dealing Directive was adopted in 1989 and was the first law that harmonised the insider trading ban among the EU member states. Thereafter, the European Union Directive on Insider Dealing and Market Manipulation (EU Market Abuse Directive) was adopted in a bid to improve and effectively discourage all the forms of market abuse in the EU’s securities and financial markets. However, the EU Market Abuse Directive had its own gaps and flaws. In light of this, the Market Abuse Regulation and the Criminal Sanctions for Market Abuse Directive were enacted to repeal and replace the EU Market Abuse Directive in 2016. The article examines the adequacy of the EU Market Abuse Directive and its implementation in the United Kingdom (UK) prior to the British exit (Brexit). This is done to investigate the possible implications of the Brexit referendum outcome of 23 June 2016 on the future regulation of market abuse in the UK.

Keywords: market abuse, insider trading, market manipulation, European Union, United Kingdom

Procedia PDF Downloads 252
1676 Social Technology and Youth Justice: An Exploration of Ethical and Practical Challenges

Authors: Ravinder Barn, Balbir Barn

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This paper outlines ethical and practical challenges in the building of social technology for use with socially excluded and marginalised groups. The primary aim of this study was to design, deploy and evaluate social technology that may help to promote better engagement between case workers and young people to help prevent recidivism, and support young people’s transition towards social inclusion in society. A total of 107 practitioners/managers (n=64), and young people (n=43) contributed to the data collection via surveys, focus groups and 1-1 interviews. Through a process of co-design where end-users are involved as key contributors to social technological design, this paper seeks to make an important contribution to the area of participatory methodologies by arguing that whilst giving ‘voice’ to key stakeholders in the research process is crucial, there is a risk that competing voices may lead to tensions and unintended outcomes. The paper is contextualized within a Foucauldian perspective to examine significant concepts including power, authority and surveillance. Implications for youth justice policy and practice are considered. The authors conclude that marginalized youth and over-stretched practitioners are better served when such social technology is perceived and adopted as a tool of empowerment within a framework of child welfare and child rights.

Keywords: youth justice, social technology, marginalization, participatory research, power

Procedia PDF Downloads 449
1675 Socio-Demographic, Cause, and Benefit of Internal and International Migration: A Case Study of Mazar-i-Sharif, Balkh Province, Afghanistan

Authors: Baqir Khawari

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Migration has a long history in Afghanistan even before, but it has been exacerbated in the last decade. Using actual household data of 1060 in Mazar-i-Sharif, the capital of Balkh province, obtained from a strictly random process, the study examined to evaluate the main causes and benefits of the migration. It is found that the main reasons for internal migration are unemployment and income inequality, in addition to war and poverty as international parameters for migration. Furthermore, the study demonstrated that households receive benefits from their migrants through remittances to increase their income and smooth consumption. Thus, the study suggests that to manage migration in Afghanistan, the government and international organizations should work together for peace and reduction of poverty in Afghanistan otherwise, the crisis of migration will continue in the future as well.

Keywords: migration, remittances, socio-demographic, household, Afghanistan

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1674 Photogrammetry and Topographic Information for Urban Growth and Change in Amman

Authors: Mahmoud M. S. Albattah

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Urbanization results in the expansion of administrative boundaries, mainly at the periphery, ultimately leading to changes in landcover. Agricultural land, naturally vegetated land, and other land types are converted into residential areas with a high density of constructs, such as transportation systems and housing. In urban regions of rapid growth and change, urban planners need regular information on up to date ground change. Amman (the capital of Jordan) is growing at unprecedented rates, creating extensive urban landscapes. Planners interact with these changes without having a global view of their impact. The use of aerial photographs and satellite images data combined with topographic information and field survey could provide effective information to develop urban change and growth inventory which could be explored towards producing a very important signature for the built-up area changes.

Keywords: highway design, satellite technologies, remote sensing, GIS, image segmentation, classification

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1673 Towards a Distributed Computation Platform Tailored for Educational Process Discovery and Analysis

Authors: Awatef Hicheur Cairns, Billel Gueni, Hind Hafdi, Christian Joubert, Nasser Khelifa

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Given the ever changing needs of the job markets, education and training centers are increasingly held accountable for student success. Therefore, education and training centers have to focus on ways to streamline their offers and educational processes in order to achieve the highest level of quality in curriculum contents and managerial decisions. Educational process mining is an emerging field in the educational data mining (EDM) discipline, concerned with developing methods to discover, analyze and provide a visual representation of complete educational processes. In this paper, we present our distributed computation platform which allows different education centers and institutions to load their data and access to advanced data mining and process mining services. To achieve this, we present also a comparative study of the different clustering techniques developed in the context of process mining to partition efficiently educational traces. Our goal is to find the best strategy for distributing heavy analysis computations on many processing nodes of our platform.

Keywords: educational process mining, distributed process mining, clustering, distributed platform, educational data mining, ProM

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1672 Evaluating Data Maturity in Riyadh's Nonprofit Sector: Insights Using the National Data Maturity Index (NDI)

Authors: Maryam Aloshan, Imam Mohammad Ibn Saud, Ahmad Khudair

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This study assesses the data governance maturity of nonprofit organizations in Riyadh, Saudi Arabia, using the National Data Maturity Index (NDI) framework developed by the Saudi Data and Artificial Intelligence Authority (SDAIA). Employing a survey designed around the NDI model, data maturity levels were evaluated across 14 dimensions using a 5-point Likert scale. The results reveal a spectrum of maturity levels among the organizations surveyed: while some medium-sized associations reached the ‘Defined’ stage, others, including large associations, fell within the ‘Absence of Capabilities’ or ‘Building’ phases, with no organizations achieving the advanced ‘Established’ or ‘Pioneering’ levels. This variation suggests an emerging recognition of data governance but underscores the need for targeted interventions to bridge the maturity gap. The findings point to a significant opportunity to elevate data governance capabilities in Saudi nonprofits through customized capacity-building initiatives, including training, mentorship, and best practice sharing. This study contributes valuable insights into the digital transformation journey of the Saudi nonprofit sector, aligning with national goals for data-driven governance and organizational efficiency.

Keywords: nonprofit organizations-national data maturity index (NDI), Saudi Arabia- SDAIA, data governance, data maturity

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1671 Does Operating Cash Flow Really Matter in Value Relevance? A Recent Empirical Analysis on the Largest European Companies

Authors: Francesco Paolone

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This paper investigates the role of Operating Cash Flow (OCF) and accruals in firm valuation analyzing financial statement information from the largest European companies and evaluating their relation to firm market value. Using a dataset of 500 largest European companies in 2018, the study investigates the relative value-relevance of equity, net income and operating cash flow (OCF). Findings show that the cash flow measure has the same explanatory power and intensity as equity and earnings to explain the market value. This study contributes to the debate on the value relevance of OCF incremental to book value and earnings. It also extends the literature, showing that OCF has information content (value relevance) superior to earnings and book value in the main European markets (Bepari et al., 2013). Finally, the study provides a support that accounting method choice may confuse investors, who have reduced confidence in accounting earnings and book value; in other words, nowadays European investors rely more on cash flows instead of accruals numbers.

Keywords: Cash Flow Statement, Value Relevance, Accounting, Financial Statement Analysis

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1670 Social Assistive Robots, Reframing the Human Robotics Interaction Benchmark of Social Success

Authors: Antonio Espingardeiro

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It is likely that robots will cross the boundaries of industry into households over the next decades. With demographic challenges worldwide, the future ageing populations will require the introduction of assistive technologies capable of providing, care, human dignity and quality of life through the aging process. Robotics technology has a high potential for being used in the areas of social and healthcare by promoting a wide range of activities such as entertainment, companionship, supervision or cognitive and physical assistance. However, such close Human Robotics Interactions (HRIs) encompass a rich set of ethical scenarios that need to be addressed before Socially Assistive Robots (SARs) reach the global markets. Such interactions with robots may seem a worthy goal for many technical/financial reasons but inevitably require close attention to the ethical dimensions of such interactions. This article investigates the current HRI benchmark of social success. It revises it according to the ethical principles of beneficence, non-maleficence and justice aligned with social care ethos. An extension of such benchmark is proposed based on an empirical study of HRIs with elderly groups.

Keywords: HRI, SARs, social success, benchmark, elderly care

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1669 Woman, House, Identity: The Study of the Role of House in Constructing the Contemporary Dong Minority Woman’s Identity

Authors: Sze Wai Veera Fung, Peter W. Ferretto

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Similar to most ethnic groups in China, men of the Dong minority hold the primary position in policymaking, moral authority, social values, and the control of the property. As the spatial embodiment of the patriarchal ideals, the house plays a significant role in producing and reproducing the distinctive gender status within the Dong society. Nevertheless, Dong women do not see their home as a cage of confinement, nor do they see themselves as a victim of oppression. For these women with reference to their productive identity, a house is a dwelling place with manifold meanings, including a proof of identity, an economic instrument, and a public resource operating on the community level. This paper examines the role of the house as a central site for identity construction and maintenance for the southern dialect Dong minority women in Hunan, China. Drawing on recent interviews with the Dong women, this study argues that women as productive individuals have a strong influence on the form of their house and the immediate environment, regardless of the male-dominated social construct of the Dong society. The aim of this study is not to produce a definitive relationship between women, house, and identity. Rather, it seeks to offer an alternative lens into the complexity and diversity of gender dynamics operating in and beyond the boundary of the house in the context of contemporary rural China.

Keywords: conception of home, Dong minority, house, rural China, woman’s identity

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1668 An Overview of Risk Types and Risk Management Strategies to Improve Financial Performance

Authors: Azar Baghtaghi

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Financial risk management is critically important as it enables companies to maintain stability and profitability amidst market fluctuations and unexpected events. It involves the precise identification of risks that could impact investments, assets, and potential revenues. By implementing effective risk management strategies, companies can insure themselves against adverse market changes and prevent potential losses. In today's era, where markets are highly complex and influenced by various factors such as macroeconomic policies, exchange rate fluctuations, and natural disasters, the need for meticulous planning to cope with these uncertainties is more pronounced. Ultimately, financial risk management means being prepared for the future and the ability to sustain business in changing environments. A company capable of managing its risks not only achieves sustainable profitability but also gains the confidence of shareholders, investors, and business partners, enhancing its competitive position in the market. In this article, the types of financial risk and risk management strategies for improving financial performance were investigated. By identifying the risks stated in this article and their evaluation techniques, it is possible to improve the organization's financial performance.

Keywords: strategy, risk, risk management, financial performance.

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1667 A Real Time Development Study for Automated Centralized Remote Monitoring System at Royal Belum Forest

Authors: Amri Yusoff, Shahrizuan Shafiril, Ashardi Abas, Norma Che Yusoff

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Nowadays, illegal logging has been causing much effect to our forest. Some of it causes a flash flood, avalanche, global warming, and etc. This comprehensibly makes us wonder why, what, and who has made it happened. Often, it already has been too late after we have known the cause of it. Even the Malaysian Royal Belum forest has not been spared from land clearing or illegal activity by the natives although this area has been gazetted as a protected area preserved for future generations. Furthermore, because of its sizeable and wide area, these illegal activities are difficult to monitor and to maintain. A critical action must be called upon to prevent all of these unhealthy activities from recurrence. Therefore, a remote monitoring device must be developed in order to capture critical real-time data such as temperature, humidity, gaseous, fire, and rain detection which indicates the current and preserved natural state and habitat in the forest. Besides, this device location can be detected via GPS by showing the latitudes and longitudes of its current location and then to be transmitted by SMS via GSM system. All of its readings will be sent in real-time for data management and analysis. This result will be benefited to the monitoring bodies or relevant authority in keeping the forest in the natural habitat. Furthermore, this research is to gather a unified data and then will be analysed for its comparison with an existing method.

Keywords: remote monitoring system, forest data, GSM, GPS, wireless sensor

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1666 Employee Perception of Corporate Social Responsibility and Its Impact on Organizational Performance: Evidence from the UAE

Authors: Sherine Farouk, Fauzia Jabeen

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The purpose of this study is to examine the role played by ethical climate and CSR on organizational performance in public sector organizations. In particular, the research will shed light on the link between formalized ethical procedures and employee responses including corporate social responsibility, and organizational performance among public sector employees. Data was collected from 425 employees working in public sector organizations in Abu Dhabi, the capital of United Arab Emirates. Structural Equation Modeling will be used to test the proposed hypotheses. The paper contributes to the literature by being one of the first to study CSR and ethical climate within a Middle Eastern context, and will offer important implications for theory and practice.

Keywords: corporate social responsibility, ethical climate, organizational performance, United Arab Emirates

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1665 Small Farm Diversification Opportunities in Viticulture-Winemaking Sector of Georgia

Authors: E. Kharaishvili

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The paper analyses the role of small farms in socio-economic development of agriculture in Georgia and evaluates modern concepts regarding the development of the farms of this size. The scale of farms in Georgia is studied and the major problems are revealed. Opportunities and directions of diversification are discussed from the point of increasing the share of Georgian grapes and wine both on domestic and international markets. It’s shown that the size of vineyard areas is directly reflected on the grape and wine production potential. Accordingly, vineyard area and grape production dynamics is discussed. Comparative analysis of small farms in Georgia and Italy is made and the major differences are identified. Diversification is evaluated based on cost-benefit analysis on the one hand and on the other hand, from the point of promoting economic activities, protecting nature and rural area development. The paper provides proofs for the outcomes of diversification. The key hindering factors for the development of small farms are identified and corresponding conclusions are made, based on which recommendations for diversification of the farms of this size are developed.

Keywords: small farms, scale of farms, diversification, Georgia

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1664 On the Allopatry of National College Entrance Exam in China: The Root, Policy and Strategy

Authors: Shi Zhang

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This paper aims to introduce the allopatry of national college entrance examination which allow migrant students enter senior high schools and take college entrance exam where they live, identifies the reasons affect the implementation of this policy in the Chinese context. Most of China’s provinces and municipalities recently have announced new policies regarding national college entrance exams for non-local students. The paper conducts SWOT analysis reveals the opportunities, strength, weakness and challenges of the scheme, so as to discuss the implementation strategies from the perspectives of idea and institution. The research findings imply that the government should take a more positive attitude toward relaxing the allopatry of NCEE policy restrictions, and promote the reform household registration policy and NCEE policy with synchronous operations. Higher education institutions should explore the diversification of enrollment model; the government should issue the authority of universities and colleges to select elite migrant students beyond the restrictions of NCEE. To suit reform policies to local conditions, the big cities such as Beijing, Shanghai and Guangzhou should publish related compensate measures for children of migrant workers access to higher vocational colleges with tuition fee waivered. 

Keywords: college entrance examination, higher education, education policy, education equality

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1663 The Symbolic Power of the IMF: Looking through Argentina’s New Period of Indebtedness

Authors: German Ricci

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The research aims to analyse the symbolic power of the International Monetary Fund (IMF) in its relationship with a borrowing country, drawing upon Pierre Bourdieu’s Field Theory. This theory of power, typical of constructivist structuralism, has been minor used in international relations. Thus, selecting this perspective offers a new understanding of how the IMF's power operates and is structured. The IMF makes periodic economic reviews in which the staff evaluates the Government's performance. It also offers “last instance” loans when private external credit is not accessible. This relationship generates great expectations in financial agents because the IMF’s statements indicate the capacity of the Nation-State to meet its payment obligations (or not). Therefore, it is argued that the IMF is a legitimate actor for financial agents concerned about a government facing an economic crisis both for the effects of its immediate economic contribution through loans and the promotion of adjustment programs, helpful to guarantee the payment of the external debt. This legitimacy implies a symbolic power relationship in addition to the already known economic power relationship. Obtaining the IMF's consent implies that the government partially puts its political-economic decisions into play since the monetary policy must be agreed upon with the Fund. This has consequences at the local level. First, it implies that the debtor state must establish a daily relationship with the Fund. This everyday interaction with the Fund influences how officials and policymakers internalize the meaning of political management. On the other hand, if the Government has access to the IMF's seal of approval, the State will be again in a position to re-enter the financial market and go back into debt to face external debt. This means that private creditors increase the chances of collecting the debt and, again, grant credits. Thus, it is argued that the borrowing country submits to the relationship with the IMF in search of the latter's economic and symbolic capital. Access to this symbolic capital has objective and subjective repercussions at the national level that might tend to reproduce the relevance of the financial market and legitimizes the IMF’s intervention during economic crises. The paper has Argentina as its case study, given its historical relationship with the IMF and the relevance of the current indebtedness period, which remains largely unexplored. Argentina’s economy is characterized by recurrent financial crises, and it is the country to which the Fund has lent the most in its entire history. It surpasses more than three times the second, Egypt. In addition, Argentina is currently the country that owes the most to the Fund after receiving the largest loan ever granted by the IMF in 2018, and a new agreement in 2022. While the historical strong association with the Fund culminated in the most acute economic and social crisis in the country’s contemporary history, producing an unprecedented political and institutional crisis in 2001, Argentina still recognized the IMF as the only way out during economic crises.

Keywords: IMF, fields theory, symbolic power, Argentina, Bourdieu

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1662 Management Directions towards Social Responsibility in Special Population Groups by Airport Enterprises: The Case of Autism

Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki, Simoni K. Lintzerakou

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Air transport links markets and individuals, promoting social and economic development. The review of management direction towards social responsibility and especially for the enhancement of passengers with autism is the key objective of this paper. According to a top-down approach, the key dimensions that affect the basic principles and directions of airport enterprises management towards social responsibility for the case of passengers with autism are presented. Conventional wisdom is to present actions undertaken in improving accessibility for special population groups and highlight the social dimension in the management of transport hubs. The target is to focus on transport hubs serving special groups of passengers such as passengers with autism and highlight good practices and motivate transport infrastructure management authorities and decision makers to promote the social footprint of transport. The highlights and key findings are essential for managers and decision makers to support actions and plans towards management of airport enterprises towards social responsibility, focusing on the case of passengers traveling with Autism Spectrum Disorder (ASD).

Keywords: social responsibility, special groups, airport enterprises, AUTISM

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1661 The Effect of Solid Wastes Disposal at Amokpala Dump Site in Orumba North Local Government Area, Anambra State

Authors: Nwanneka Mmonwuba

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Solid waste disposal to the environment was investigated by analyzing the quality characteristics of waste, air quality, and heavy metal concentration in the soil. The characteristics of waste were analyzed by enumerating the number of houses, hostels, hotels, markets, schools, and industries with the type of waste being discharged or deposited into the dump site. The percentage of waste was estimated with organic ranking first for both wet and dry seasons, 54% and 44%, respectively. The ambient air quality was analyzed using the crown gas monitor analyzer. The analysis showed that the mean concentration of NO₂, SO₂, and Co is 0.74, 0.37, and 47.35 ppm for the wet season and 0.47, 0.35, and 37.65 ppm for the dry season, respectively, and do not conform with the USEPA standard. The chemical analysis of the groundwater sample indicates alkalinity ranging from 7.38 to 9.11. the heavy metals concentration in the soil of cadmium, iron, copper, calcium, and potassium with 0.053, 0.722, 0227, 21.3, and 9.019, respectively, obtained from 0.3 m at the subsurface failed to conform to the NRC (2013) standard. Iron consent in the soil can be corrected using ascorbic acid and soda ash. The permanent reduction of effects is to try relocating people who live very close to the dumpsite, or the dumpsite should be sited elsewhere and replaced with a sanitary landfill.

Keywords: solid waste, groundwater, disposal, dumpsite

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1660 Effect of Supplementation of Hay with Noug Seed Cake (Guizotia abyssinica), Wheat Bran and Their Mixtures on Feed Utilization, Digestiblity and Live Weight Change in Farta Sheep

Authors: Fentie Bishaw Wagayie

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This study was carried out with the objective of studying the response of Farta sheep in feed intake and live weight change when fed on hay supplemented with noug seed cake (NSC), wheat bran (WB), and their mixtures. The digestibility trial of 7 days and 90 days of feeding trial was conducted using 25 intact male Farta sheep with a mean initial live weight of 16.83 ± 0.169 kg. The experimental animals were arranged randomly into five blocks based on the initial live weight, and the five treatments were assigned randomly to each animal in a block. Five dietary treatments used in the experiment comprised of grass hay fed ad libitum (T1), grass hay ad libitum + 300 g DM WB (T2), grass hay ad libitum + 300 g DM (67% WB: 33% NSC mixture) (T3), grass hay ad libitum + 300 g DM (67% NSC: 33% WB) (T4) and 300 g DM/ head/day NSC (T5). Common salt and water were offered ad libitum. The supplements were offered twice daily at 0800 and 1600 hours. The experimental sheep were kept in individual pens. Supplementation of NSC, WB, and their mixtures significantly increased (p < 0.01) the total dry matter (DM) (665.84-788 g/head/day) and (p < 0.001) crude protein (CP) intake. Unsupplemented sheep consumed significantly higher (p < 0.01) grass hay DM (540.5g/head/day) as compared to the supplemented treatments (365.8-488 g/h/d), except T2. Among supplemented sheep, T5 had significantly higher (p < 0.001) CP intake (99.98 g/head/day) than the others (85.52-90.2 g/head/day). Supplementation significantly improved (p < 0.001) the digestibility of CP (66.61-78.9%), but there was no significant effect (p > 0.05) on DM, OM, NDF, and ADF digestibility between supplemented and control treatments. Very low CP digestibility (11.55%) observed in the basal diet (grass hay) used in this study indicated that feeding sole grass hay could not provide nutrients even for the maintenance requirement of growing sheep. Significant final and daily live weight gain (p < 0.001) in the range of 70.11-82.44 g/head/day was observed in supplemented Farta sheep, but unsupplemented sheep lost weight by 9.11g/head/day. Numerically, among the supplemented treatments, sheep supplemented with a higher proportion of NSC in T4 (201 NSC + 99 g WB) gained more weight than the rest, though not statistically significant (p > 0.05). The absence of statistical difference in daily body weight gain between all supplemented sheep indicated that the supplementation of NSC, WB, and their mixtures had similar potential to provide nutrients. Generally, supplementation of NSC, WB, and their mixtures to the basal grass hay diet improved feed conversion ratio, total DM intake, CP intake, and CP digestibility, and it also improved the growth performance with a similar trend for all supplemented Farta sheep over the control group. Therefore, from a biological point of view, to attain the required level of slaughter body weight within a short period of the growing program, sheep producer can use all the supplement types depending upon their local availability, but in the order of priority, T4, T5, T3, and T2, respectively. However, based on partial budget analysis, supplementation of 300 g DM/head /day NSC (T5) could be recommended as profitable for producers with no capital limitation, whereas T4 supplementation (201 g NSC + 99 WB DM/day) is recommended when there is capital scarcity.

Keywords: weight gain, supplement, Farta sheep, hay as basal diet

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1659 Compilation of Islamic Law as Law Applied Religious Courts in Indonesia (Responding to Changes in Religious Courts Authority)

Authors: Hamdan Arief Hanif, Rahmat Sidiq

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Indonesia is a country of law, the legal system adopted by Indonesia is a civil law system. A major feature of the civil law is the codified legislation. Meanwhile the majority of society Indonesia are Muslims, whilst Islamic law itself having the sources written in Qur'an, Sunnah and the opinion of Muslim scholars, generally not codified in book form of legislation that is easy on the set as a reference. in Indonesia, many scholars have different opinions in decisions so that there is no legal certainty in Muslim civil cases, so the need for legal codification, which, as the source of the judges in deciding a case, especially a case in religious courts. This paper raised the topic of discussion which offers a solution to the application of the codification of the Islamic Law which became the core resources in delivering a verdict against Islamic civil related issue; codification usually called a compilation of Islamic Law. Compilation of Islamic Law is highly recommended as a core reference for the judges in religious courts in Indonesia. This compilation which includes a collection of large number of opinions scholars (book of fiqh) that existed previously and are ripened in deduce in order to unify the existing differences. This paper also discusses how the early formation of the compilation and as the right solution in order to create legal certainty and justice especially for the muslim community in Indonesia.

Keywords: Islamic law, compilation, law applied core, religious court

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1658 The Urgency of ASEAN Human Rights Court Establishment to Protect Human Rights in Southeast Asia

Authors: Tareq M. Aziz Elven

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The issue of Human Rights enforcement in Southeast Asia has become the serious problem and attract the attention of international community. Principally, Association of Southeast Asian Nations (ASEAN) has mentioned the Human Rights as one of the focus and be a part of the ASEAN Charter in 2008. It was followed by the establishment of ASEAN Inter-Governmental Commission on Human Rights (AICHR). AICHR is the commission of Human Rights enforcement in Southeast Asia which has a duty, function, and an authority to conduct dissemination and protection of Human Rights. In the end of 2016, however, the function of protection mandated to AICHR have not achieved yet. It can be proved by several cases of Human Rights violation which still exist and have not settled yet. One of case which attracts the public attention recently is human rights violation towards Rohingya in Myanmar. Using the juridical-normative method, the research aims to examine the urgency of Human Rights court establishment in Southeast Asia region which able to issue the decision that binds the ASEAN members or the violating parties. The data shows that ASEAN needs to establish a regional court which intended to settle the Human Rights violations in ASEAN region. Furthermore, the research also highlights three strong factors should be settled by ASEAN for establishing human rights court i.e. the significant distinction of democracy and human rights development among the members, the strong implementation of non-intervention principle, and the financial matter to sustain the court.

Keywords: AICHR, ASEAN, human rights, human rights court

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1657 Encouraging Teachers to be Reflective: Advantages, Obstacles and Limitations

Authors: Fazilet Alachaher

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Within the constructivist perspective of teaching, which views skilled teaching as knowing what to do in uncertain and unpredictable situations, this research essay explores the topic of reflective teaching by investigating the following questions: (1) What is reflective teaching and why is it important? (2) Why should teachers be trained to be reflective and how can they be prepared to be reflective? (3) What is the role of the teaching context in teachers’ attempts to be reflective? This paper suggests that reflective teaching is important because of the various potential benefits to teaching. Through reflection, teachers can maintain their voices and creativeness thus have authority to affect students, curriculum and school policies. The discussions also highlight the need to prepare student teachers and their professional counterparts to be reflective, so they can develop the characteristics of reflective teaching and gain the potential benefits of reflection. This can be achieved by adopting models and techniques that are based on constructivist pedagogical approaches. The paper also suggests that maintaining teachers’ attempts to be reflective in a workplace context and aligning practice with pre-service teacher education programs require the administrators or the policy makers to provide the following: sufficient time for teachers to reflect and work collaboratively to discuss challenges encountered in teaching, fewer non-classroom duties, regular in-service opportunities, more facilities and freedom in choosing suitable ways of evaluating their students’ progress and needs.

Keywords: creative teaching, reflective teaching, constructivist pedagogical approaches, teaching context, teacher’s role, curriculum and school policies, teaching context effect

Procedia PDF Downloads 447
1656 Microalgae Technology for Nutraceuticals

Authors: Weixing Tan

Abstract:

Production of nutraceuticals from microalgae—a virtually untapped natural phyto-based source of which there are 200,000 to 1,000,000 species—offers a sustainable and healthy alternative to conventionally sourced nutraceuticals for the market. Microalgae can be grown organically using only natural sunlight, water and nutrients at an extremely fast rate, e.g. 10-100 times more efficiently than crops or trees. However, the commercial success of microalgae products at scale remains limited largely due to the lack of economically viable technologies. There are two major microalgae production systems or technologies currently available: 1) the open system as represented by open pond technology and 2) the closed system such as photobioreactors (PBR). Each carries its own unique features and challenges. Although an open system requires a lower initial capital investment relative to a PBR, it conveys many unavoidable drawbacks; for example, much lower productivity, difficulty in contamination control/cleaning, inconsistent product quality, inconvenience in automation, restriction in location selection, and unsuitability for cold areas – all directly linked to the system openness and flat underground design. On the other hand, a PBR system has characteristics almost entirely opposite to the open system, such as higher initial capital investment, better productivity, better contamination and environmental control, wider suitability in different climates, ease in automation, higher and consistent product quality, higher energy demand (particularly if using artificial lights), and variable operational expenses if not automated. Although closed systems like PBRs are not highly competitive yet in current nutraceutical supply market, technological advances can be made, in particular for the PBR technology, to narrow the gap significantly. One example is a readily scalable P2P Microalgae PBR Technology at Grande Prairie Regional College, Canada, developed over 11 years considering return on investment (ROI) for key production processes. The P2P PBR system is approaching economic viability at a pre-commercial stage due to five ROI-integrated major components. They include: (1) optimum use of free sunlight through attenuation (patented); (2) simple, economical, and chemical-free harvesting (patent ready to file); (3) optimum pH- and nutrient-balanced culture medium (published), (4) reliable water and nutrient recycling system (trade secret); and (5) low-cost automated system design (trade secret). These innovations have allowed P2P Microalgae Technology to increase daily yield to 106 g/m2/day of Chlorella vulgaris, which contains 50% proteins and 2-3% omega-3. Based on the current market prices and scale-up factors, this P2P PBR system presents as a promising microalgae technology for market competitive nutraceutical supply.

Keywords: microalgae technology, nutraceuticals, open pond, photobioreactor PBR, return on investment ROI, technological advances

Procedia PDF Downloads 157
1655 Managing Climate Change: Vulnerability Reduction or Resilience Building

Authors: Md Kamrul Hassan

Abstract:

Adaptation interventions are the common response to manage the vulnerabilities of climate change. The nature of adaptation intervention depends on the degree of vulnerability and the capacity of a society. The coping interventions can take the form of hard adaptation – utilising technologies and capital goods like dykes, embankments, seawalls, and/or soft adaptation – engaging knowledge and information sharing, capacity building, policy and strategy development, and innovation. Hard adaptation is quite capital intensive but provides immediate relief from climate change vulnerabilities. This type of adaptation is not real development, as the investment for the adaptation cannot improve the performance – just maintain the status quo of a social or ecological system, and often lead to maladaptation in the long-term. Maladaptation creates a two-way loss for a society – interventions bring further vulnerability on top of the existing vulnerability and investment for getting rid of the consequence of interventions. Hard adaptation is popular to the vulnerable groups, but it focuses so much on the immediate solution and often ignores the environmental issues and future risks of climate change. On the other hand, soft adaptation is education oriented where vulnerable groups learn how to live with climate change impacts. Soft adaptation interventions build the capacity of vulnerable groups through training, innovation, and support, which might enhance the resilience of a system. In consideration of long-term sustainability, soft adaptation can contribute more to resilience than hard adaptation. Taking a developing society as the study context, this study aims to investigate and understand the effectiveness of the adaptation interventions of the coastal community of Sundarbans mangrove forest in Bangladesh. Applying semi-structured interviews with a range of Sundarbans stakeholders including community residents, tourism demand-supply side stakeholders, and conservation and management agencies (e.g., Government, NGOs and international agencies) and document analysis, this paper reports several key insights regarding climate change adaptation. Firstly, while adaptation interventions may offer a short-term to medium-term solution to climate change vulnerabilities, interventions need to be revised for long-term sustainability. Secondly, soft adaptation offers advantages in terms of resilience in a rapidly changing environment, as it is flexible and dynamic. Thirdly, there is a challenge to communicate to educate vulnerable groups to understand more about the future effects of hard adaptation interventions (and the potential for maladaptation). Fourthly, hard adaptation can be used if the interventions do not degrade the environmental balance and if the investment of interventions does not exceed the economic benefit of the interventions. Overall, the goal of an adaptation intervention should be to enhance the resilience of a social or ecological system so that the system can with stand present vulnerabilities and future risks. In order to be sustainable, adaptation interventions should be designed in such way that those can address vulnerabilities and risks of climate change in a long-term timeframe.

Keywords: adaptation, climate change, maladaptation, resilience, Sundarbans, sustainability, vulnerability

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1654 Day of the Week Patterns and the Financial Trends' Role: Evidence from the Greek Stock Market during the Euro Era

Authors: Nikolaos Konstantopoulos, Aristeidis Samitas, Vasileiou Evangelos

Abstract:

The purpose of this study is to examine if the financial trends influence not only the stock markets’ returns, but also their anomalies. We choose to study the day of the week effect (DOW) for the Greek stock market during the Euro period (2002-12), because during the specific period there are not significant structural changes and there are long term financial trends. Moreover, in order to avoid possible methodological counterarguments that usually arise in the literature, we apply several linear (OLS) and nonlinear (GARCH family) models to our sample until we reach to the conclusion that the TGARCH model fits better to our sample than any other. Our results suggest that in the Greek stock market there is a long term predisposition for positive/negative returns depending on the weekday. However, the statistical significance is influenced from the financial trend. This influence may be the reason why there are conflict findings in the literature through the time. Finally, we combine the DOW’s empirical findings from 1985-2012 and we may assume that in the Greek case there is a tendency for long lived turn of the week effect.

Keywords: day of the week effect, GARCH family models, Athens stock exchange, economic growth, crisis

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1653 Longitudinal Assessment on the Economic Impacts of Hosting Major Sports Events

Authors: Huei-Fu Lu

Abstract:

Hosting international major sports events (MSEs) has become a globalized strategy for many countries. Most modern countries believe that MSEs can bring the hosting countries with substantial and considerable economic and non-economic benefits; so many cities also input a huge of resources to bid for hosting MSEs. Despite the growing importance of MSEs, limited longitudinal analysis has been carried out to understand and explain the long term economic effects of such events. This paper is to continue the focus of previous literature on the economic effects of hosting MSEs. The study periods are from 1950 to 2014 and the secondary macro-economic data are selected from the countries that have hosted the Asian Games and the Olympic Games (including summer and winter) to precede a longitudinal analysis. A comparison of the real economic growth rate, investment, employment and international trade of hosting countries and the duration of these economic effects are also explored and discussed. Based on the countries’ attributes and locating area, aiming to ascertain whether hosting MSEs is economically worthwhile and whether the economic effects from MSEs are realized as anticipated. The results indicate that hosting MSEs to create positive economic effects like GDP growth or long-term employment may be a myth even for developing countries. However, the empirical findings can provide the sport management or authority with longitudinal and comprehensive elaboration for biding or hosting MSEs in the future.

Keywords: Asian Games, economic effects, major sports events (MSEs), olympic games

Procedia PDF Downloads 328
1652 A Comparative Study of Generalized Autoregressive Conditional Heteroskedasticity (GARCH) and Extreme Value Theory (EVT) Model in Modeling Value-at-Risk (VaR)

Authors: Longqing Li

Abstract:

The paper addresses the inefficiency of the classical model in measuring the Value-at-Risk (VaR) using a normal distribution or a Student’s t distribution. Specifically, the paper focuses on the one day ahead Value-at-Risk (VaR) of major stock market’s daily returns in US, UK, China and Hong Kong in the most recent ten years under 95% confidence level. To improve the predictable power and search for the best performing model, the paper proposes using two leading alternatives, Extreme Value Theory (EVT) and a family of GARCH models, and compares the relative performance. The main contribution could be summarized in two aspects. First, the paper extends the GARCH family model by incorporating EGARCH and TGARCH to shed light on the difference between each in estimating one day ahead Value-at-Risk (VaR). Second, to account for the non-normality in the distribution of financial markets, the paper applies Generalized Error Distribution (GED), instead of the normal distribution, to govern the innovation term. A dynamic back-testing procedure is employed to assess the performance of each model, a family of GARCH and the conditional EVT. The conclusion is that Exponential GARCH yields the best estimate in out-of-sample one day ahead Value-at-Risk (VaR) forecasting. Moreover, the discrepancy of performance between the GARCH and the conditional EVT is indistinguishable.

Keywords: Value-at-Risk, Extreme Value Theory, conditional EVT, backtesting

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1651 Preventing Violent Extremism through Augmenting Community Resilience and Empowering Community Members in Swat

Authors: Dr. Muhammad Idris Idris, Dr. Said Saeed Saeed

Abstract:

Terrorism is the chronic issue of the hour. It is the disciplined practice of vicious activities like assassinating, slaughtering, mutilating, and frightening of the innocents to attain religious, fiscal, and political goals and to question the authority of the government. Leaders of the world promised to transform the planet by empowering community members and building community resilience (CR) against terrorism. This study concentrates to explore building community resilience against terrorism and empowering community members and implement strategies for strengthening community resilience. For data collection a mixed methods methodology will be used. Means, STD deviation, Pearson correlation, and thematic analysis will be employed to analyze the gathered data. The findings of the study will be interpreted and recommendations will be furnished accordingly. Study results will be disseminated to all concerned through conferences and seminar sessions. It is predicted that after the completion, the project team will be in a robust position to start writing the report that concentrates on strengthening community resilience, which is the crucial goal of this project. The publication will contribute effectively to all stakeholders and society, particularly to the lower rungs of social order. Moreover, it is expected that this project will contribute to future research in the domain of community resilience. This project will also reveal the remarkable potential of archival research on community resilience.

Keywords: Violent Extremism, community Role, community resilience, community empowerment, Leadership role

Procedia PDF Downloads 146
1650 Lack of Regulation Leads to Complexity: A Case Study of the Free Range Chicken Meat Sector in the Western Cape, South Africa

Authors: A. Coetzee, C. F. Kelly, E. Even-Zahav

Abstract:

Dominant approaches to livestock production are harmful to the environment, human health and animal welfare, yet global meat consumption is rising. Sustainable alternative production approaches are therefore urgently required, and ‘free range’ is the main alternative for chicken meat offered in South Africa (and globally). Although the South African Poultry Association provides non-binding guidelines, there is a lack of formal definition and regulation of free range chicken production, meaning it is unclear what this alternative entails and if it is consistently practised (a trend observed globally). The objective of this exploratory qualitative case study is therefore to investigate who and what determines free range chicken. The case study, conducted from a social constructivist worldview, uses semi-structured interviews, photographs and document analysis to collect data. Interviews are conducted with those involved with bringing free range chicken to the market - farmers, chefs, retailers, and regulators. Data is analysed using thematic analysis to establish dominant patterns in the data. The five major themes identified (based on prevalence in data and on achieving the research objective) are: 1) free range means a bird reared with good animal welfare in mind, 2) free range means quality meat, 3) free range means a profitable business, 4) free range is determined by decision makers or by access to markets, and 5) free range is coupled with concerns about the lack of regulation. Unpacking the findings in the context of the literature reveals who and what determines free range. The research uncovers wide-ranging interpretations of ‘free range’, driven by the absence of formal regulation for free range chicken practices and the lack of independent private certification. This means that the term ‘free range’ is socially constructed, thus varied and complex. The case study also shows that whether chicken meat is free range is generally determined by those who have access to markets. Large retailers claim adherence to the internationally recognised Five Freedoms, also include in the South African Poultry Association Code of Good Practice, which others in the sector say are too broad to be meaningful. Producers describe animal welfare concerns as the main driver for how they practice/view free range production, yet these interpretations vary. An additional driver is a focus on human health, which participants achieve mainly through the use of antibiotic-free feed, resulting in what participants regard as higher quality meat. The participants are also strongly driven by business imperatives, with most stating that free range chicken should carry a higher price than conventionally-reared chicken due to increased production costs. Recommendations from this study focus on, inter alia, a need to understand consumers’ perspectives on free range chicken, given that those in the sector claim they are responding to consumer demand, and conducting environmental research such as life cycle assessment studies to establish the true (environmental) sustainability of free range production. At present, it seems the sector mostly responds to social sustainability: human health and animal welfare.

Keywords: chicken meat production, free range, socially constructed, sustainability

Procedia PDF Downloads 158
1649 Challenges of Peri-Urban Agriculture in Cities of Developing Countries: A Case Study of Nairobi City Peri-Urban Area

Authors: Aggrey Daniel Maina Thuo

Abstract:

Rapid urban population growth means an increasing demand for urban land, particularly for housing, and also for various other urban uses. This land is not available within cities but in peri-urban areas. The expansion of the cities into the peri-urban areas is creating direct and indirect impacts with those living there facing new challenges and opportunities in meeting their life needs and accommodating the by-products of urbanization. Although urbanization of these areas provides opportunities for employment, better housing, education, knowledge and technology transfer, and ready markets for the agricultural products, increase in population places enormous stress on natural resources and existing social services and infrastructure, therefore causing environmental degradation. This environmental degradation is affecting agriculture for those still holding onto their farms for agricultural purposes. This paper, using a multiple theoretical framework and qualitative research approach, attempts to describe the positive and adverse effects of urbanization on peri-urban agriculture, using the Town Council of Karuri within Nairobi peri-urban areas as a case study.

Keywords: peri-urban agriculture, urbanization, land use, environmental degradation, planning

Procedia PDF Downloads 361