Search results for: stock price crash

Authors: Ajitesh Pal, Arpan Datta Roy, H. K. Pratihari

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The different illegal firearms crudely made by skilled gunsmith from scrap materials are popularly known as country made firearms. Such firearms along with improvised ammunition are clandestinely marketed at the cheaper price without any license to the extremist group, criminal, poachers and firearm lovers. As per National Crime Records Bureau (NCRB), MHA, Govt of India about 80% firearm cases are committed by country made/improvised firearms. The ballistic division of the laboratory has examined a good number of cases. The analysis of firearm cases received for forensic examination revealed that 7.65mm calibre pistols mostly improvised firearm are commonly used in firearm related crime cases. In the present communication, physical parameters and other characteristics features of some 7.65mm calibre pistols have been discussed in detail. The detailed study on country made (CM) firearm will help to prepare a database related to type of material used, origin of the raw material and tools used for inscription. The study also includes to establish the chemistry of propellants & head stamp pattern. The database will be helpful to the firearm examiners, researchers, students pursuing study on forensic science as reference material.

Keywords: improvised pistol, stringent gun law, working mechanism, parameters, database

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Authors: Sally J. Price, Greg F. Walker, Weiyi Liu, Craig R. Bunt

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Plastics, due to their long lifespan, are becoming more of an environmental concern once their useful life has been completed. There are a vast array of different types of plastic, and they can be found in almost every ecosystem on earth and are of particular concern in terrestrial environments where they can become incorporated into the food chain. Hence bioplastics have become more of interest to manufacturers and the public recently as they have the ability to (bio)degrade in commercial and in home composting situations. However, tools in which to quantify how they degrade in response to environmental variables are still being developed -one such approach is texture analysis using a TA.XT Texture Analyser, Stable Microsystems, was used to determine the force required to break or punch holes in standard ASTM D638 Type IV 3D printed bioplastic “dogbones” depending on the thicknesses of them. Manufacturers’ recommendations for calibrating the Texture Analyser are one such approach for standardising results; however, an independent technique using dummy dogbones and a substitute for the bioplastic was used alongside the samples. This approach was unexpectedly more valuable than realised at the start of the trial as irregular results were later discovered with the substitute material before valuable samples collected from the field were lost due to possible machine malfunction. This work will show the value of having an independent approach to machine calibration for accurate sample analysis with a Texture Analyser when analysing bioplastic samples.

Keywords: bioplastic, degradation, environment, texture analyzer

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Authors: Gregory D. Saxton

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Networks are everywhere: lunch ties among co-workers, golfing partnerships among employees, interlocking board-of-director connections, Facebook friendship ties, etc. Each network varies in terms of its structure -its size, how inter-connected network members are, and the prevalence of sub-groups and cliques. At the same time, within any given network, some network members will have a more important, more central position on account of their greater number of connections or their capacity as “bridges” connecting members of different network cliques. The logic of network structure and position is at the heart of what is known as social network analysis, and this paper applies this logic to the study of the stock market. Using an array of data analytics and machine learning tools, this study will examine 17 million Twitter messages discussing the stocks of the firms in the S&P 1,500 index in 2018. Each of these 1,500 stocks has a distinct Twitter discussion network that varies in terms of core network characteristics such as size, density, influence, norms and values, level of activity, and embedded resources. The study’s core proposition is that the ultimate effect of any market-relevant information is contingent on the characteristics of the network through which it flows. To test this proposition, this study operationalizes each of the core network characteristics and examines their influence on market reactions to 2018 quarterly earnings announcement events.

Keywords: data analytics, investor-to-investor communication, social network analysis, Twitter

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Authors: Pascual García, Francisco Ochoa, Jessica Ordoñez

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The links between migration and development have been widely written and analyzed from different perspectives. However, the nexus between entrepreneurship and migration is of recent interest. The different studies related to this have focused on the ventures of ethnic enclaves, or on transnational businesses, which link the community of origin and destination. Beyond this perspective, this work analyzes the return migration, (a few studies until now, but forming part of a theoretical body of migration). As a result of the European crisis started between 2007-2008. Many Ecuadorians who lived in Europe, decided to return to their place of origin. The rise of the price of the oil and commodities presented a better panorama in Ecuador than in Europe. Faced with the magnitude of returnees, the opportunities for entrepreneurship in Ecuador increased (Accumulation of human capital, social capital, learned skills and capital). Thus there is an interest in the possibility of returned migrants in the country to start a business in their place of origin. The following study is the result of this. A survey of 110 returned migrants was carried out in the south of Ecuador and, using a Probit econometric model, we determined that the variables specified as geographic area, sex, education level are not significant, so they are not determinant when undertaking. However, time abroad and skills learned, if they were significant at the time of the decision to start a business.

Keywords: entrepreneurship, development, migration, returned migration

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Authors: Arnold Sanda Layuk

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Fraud in the disclosure of financial statements by management shows that agency conflict is an important issue in the company. The conflict has consequences for the agency costs that must be borne and has an impact on the firm's performance. The effect of agency costs on firm performance is investigated in this study, as well as whether several variables such as corporate governance mechanisms can positively moderate the agency cost and firm performance relationship. The agency cost is measured by the asset utilization ratio and discretionary expenditure ratio. The firm's performance is represented by the return on equity. Data was collected from the manufacturing companies listed on the Indonesia Stock Exchange from 2015 to 2019, then regressed on the panel data using the panel corrected standard error model (PCSE). According to the findings, agency costs are negatively related to firm performance, which supports previous empirical research findings. It also found that the agency cost and firm performance relationship is significantly moderated by board size and ownership concentration as the representatives of corporate governance mechanisms. It suggests that corporate governance can become tools to reduce agency costs and increase firm performance as well. The empirical evidence adds to previous research on agency conflict, particularly in emerging markets. These findings are expected to supplement previous research and provide additional information to shareholders in order to control opportunistic management decisions that affect their investments and discretionary operational expenses.

Keywords: agency cost, corporate governance, asset utilization ratio, firm performance

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Authors: Josiane Yaguibou, Ngoy Kishimba, Issiaka v. Coulibaly, Sabrina Pestilli, Falinirina Razanalison, Hantanirina Andremanisa

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Background: In recent years, Madagascar has faced a significant reduction in donors’ financial resources for the purchase of contraceptive products to meet the family planning needs of the population. In order to ensure the sustainability of the family planning program in the current context, UNFPA Madagascar engaged in a series of initiatives with the ultimate scope of identifying sustainable financing mechanisms for the program. Program intervention: UNFPA Madagascar established a strict collaboration with USAID to engage in a series of joint advocacy and resource mobilization activities with the government. The following initiatives were conducted: (i) Organization of a high-level Round Table to engage the government; (ii) Support to the government in renewing the FP2030 Commitments; (iii) Signature of the Country Compact 2022-2024; (iv) Allocation of government funds in 2022 and 2023 of over 829,222 USD; (v) Obtaining a Matching Fund of 1.5 million USD from UNFPA to encourage the government to allocate resources for the purchase of contraceptive products. Program Implications: The collaboration and the joint advocacy made it possible to (i) have budgetary allocations from the government to purchase products in 2022 and 2023 with a significant reduction in financing gaps; (ii) to convince the government to seek additional financing from partners such as the World Bank which granted more than 8 million USD for the purchase of products; (iii) reduce stock shortages from more than 30% to 15%.

Keywords: UNFPA, USAID, collaboration, contraceptives

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Authors: Wafa Baccouch, Adel Ghith, Xavier Legrand, Faten Fayala

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Textile waste recycling has become a necessity considering the augmentation of the amount of waste generated each year and the ecological problems that landfilling and burning can cause. Textile waste can be recycled into many different forms according to its composition and its final utilization. Using this waste as reinforcement to composite panels is a new recycling area that is being studied. Compared to virgin fabrics, recycled ones present the disadvantage of having lower structural characteristics, when they are eco-friendly and with low cost. The objective of this work is transforming textile waste into composite material with good characteristic and low price. In this study, we used sewing as a method to improve the characteristics of the recycled textile waste in order to use it as reinforcement to composite material. Textile non-woven waste was afforded by a local textile recycling industry. Performances tests were evaluated using tensile testing machine and based on the testing direction for both reinforcements and composite panels; machine and transverse direction. Tensile tests were conducted on sewed and non sewed fabrics, and then they were used as reinforcements to composite panels via epoxy resin infusion method. Rule of mixtures is used to predict composite characteristics and then compared to experimental ones.

Keywords: composite material, epoxy resin, non woven waste, recycling, sewing, textile

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Authors: Riyadh Jamegh, AllaEldin Kassam, Sawsan Sabih

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In modern trends of market, organizations face high-pressure environment which is characterized by globalization, high competition, and customer orientation, so it is very crucial to control and know the weak and strong points of the supply chain in order to improve their performance. So the performance measurements presented as an important tool of supply chain management because it's enabled the organizations to control, understand, and improve their efficiency. This paper aims to identify supply chain performance measurement (SCPM) by using Fuzzy Analytical Hierarchical Process (FAHP). In our real application, the performance of organizations estimated based on four parameters these are cost parameter indicator of cost (CPI), inventory turnover parameter indicator of (INPI), raw material parameter (RMPI), and safety stock level parameter indicator (SSPI), these indicators vary in impact on performance depending upon policies and strategies of organization. In this research (FAHP) technique has been used to identify the importance of such parameters, and then first fuzzy inference (FIR1) is applied to identify performance indicator of each factor depending on the importance of the factor and its value. Then, the second fuzzy inference (FIR2) also applied to integrate the effect of these indicators and identify (SCPM) which represent the required output. The developed approach provides an effective tool for evaluation of supply chain performance measurement.

Keywords: fuzzy performance measurements, supply chain, fuzzy logic, key performance indicator

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Authors: Stephen Olusanmi Akintayo

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Access to safe drinking water remains a major challenge in Nigeria, and where available, the quality of the water is often in doubt. An alternative to the inadequate clean drinking water is being found in treated drinking water packaged in electrically heated sealed nylon and commonly referred to as “sachet water”. “Sachet water” is a common thing in Nigeria as the selling price is within the reach of members of the low socio- economic class and the setting up of a production unit does not require huge capital input. The bacteriological quality of selected “sachet water” stored at room temperature over a period of 56 days was determined to evaluate the safety of the sachet drinking water. Test for the detection of coliform bacteria was performed, and the result showed no coliform bacteria that indicates the absence of fecal contamination throughout 56 days. Heterotrophic plate count (HPC) was done at an interval 14 days, and the samples showed HPC between 0 cfu/mL and 64 cfu/mL. The highest count was observed on day 1. The count decreased between day 1 and 28, while no growths were observed between day 42 and 56. The decrease in HPC suggested the presence of residual disinfectant in the water. The organisms isolated were identified as Staphylococcus epidermis and S. aureus. The presence of these microorganisms in sachet water is indicative for contamination during processing and handling.

Keywords: coliform, heterotrophic plate count, sachet water, Staphyloccocus aureus, Staphyloccocus epidermidis

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Authors: S. Taghavi Kalajahi, A. Koerdt, T. Lund Skovhus

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Cathodic protection (CP) is an electrochemical method to control and manage corrosion in different industries and environments. CP which is widely used, especially in buried and sub-merged environments, which both environments are susceptible to microbiologically influenced corrosion (MIC). Most of the standards recommend performing CP using -800 mV, however, if MIC threats are high or sulfate reducing bacteria (SRB) is present, the recommendation is to use more negative potentials for adequate protection of the metal. Due to the lack of knowledge and research on the effectiveness of CP on MIC, to the author’s best knowledge, there is no information about what MIC threat is and how much more negative potentials should be used enabling adequate protection and not overprotection (due to hydrogen embrittlement risk). Recently, the development and cheaper price of molecular microbial methods (MMMs) open the door for more effective investigations on the corrosion in the presence of microorganisms, along with other electrochemical methods and surface analysis. In this work, using MMMs, the gene expression of SRB biofilm under different potentials of CP will be investigated. The specific genes, such as pH buffering, metal oxidizing, etc., will be compared at different potentials, enabling to determine the precise potential that protect the metal effectively from SRB. This work is the initial step to be able to standardize the recommended potential under MIC condition, resulting better protection for the infrastructures.

Keywords: cathodic protection, microbiologically influenced corrosion, molecular microbial methods, sulfate reducing bacteria

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Authors: Asim Abbasi, Muhammad Sufyan

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The present experiment was carried out to examine the effects of silicon dioxide on tritrophic interaction of cotton, whitefly, and the predator Chrysoperla carnea. Population of whitefly was maintained on silicon treated and non-treated cotton for two generations in greenhouse net cages exposed to outside temperature and luminosity. The cotton was treated with silicon dioxide twice after 15 days intervals with 200 ppm concentration. A stock rearing of the natural predator was developed in the laboratory conditions. In the bioassay eggs of the predator all at the same age were individualized in glass petri plates that will be pierced with a pin to allow aeration and maintained in an incubator at 28 ± 2°C, 70 ± 10% relative humidity and 12h photo phase. Population of whitefly stayed on silicon treated, and non-treated cotton were offered to newly hatched chrysopid larvae until the end of the larval stage, assuring a permanent supply. Feeding preference of C. carnea along with longevity, survival of each instar larvae, pupation, adult emergence, and fecundity was checked. The results revealed that there was no significant difference in the feeding preference of C. carnea among both treatments. Durations of 1st and 2nd larval instar were also at par in both treatments. However overall longevity and adult emergence were a bit lower in silicon treated whitefly treatment. This may be due to the fact that silicon reduces the nutritional quality of host because of reduced whitefly feeding on silicon treated cotton. No significant difference in 1st and 2nd larval instars and then increased larval duration in later instars suggested that the effect of silicon treated host should be checked on more than 1 generation of C. carnea to get better findings.

Keywords: Chrysoperla carnea, silicon, tritrophic, whitefly

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Authors: Ali Reza Ghaffari, Hassan Saghi

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Given the limitation of fossil resources to supply energy to buildings, recent years have seen a revival of interest in new technologies that produce the energy using new forms of energy in many developed countries. In this research, first the potentials of new energies in Iran are discussed and then based on case studies undertaken in a building in Tehran, the effects of utilizing new solar energy technology for supplying the energy of buildings are investigated. Then, by analyzing the data recorded over a four-year period, the technical performance of this system is investigated. According to the experimental operation plan, this system requires an auxiliary heating circuit for continuous operation over a year. Also, in the economic analysis, real conditions are considered and the results are recorded based on long-term data. Considering the purchase and commissioning building, supplementary energy consumption, etc. a comparison is drawn between the costs of using a solar water heater in a residential unit with the energy costs of a similar unit equipped with a conventional gas water heater. Given the current price of energy, using a solar water heater in the country will not economical, but considering the global energy prices, this system will have a return on investment after 4.5 years. It also produces 81% less pollution and saves about $21.5 on environmental pollution cleanup.

Keywords: energy supply, new energies, new technologies, buildings

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Authors: Okolo Chimaobi Valentine, Obidigbo Chizoba

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As a basic physiology need, the threat to sufficient food production is the threat to human survival. Food security has been an issue that has gained global concern. This paper looks at the food security in Nigeria by assessing the availability of food and accessibility of the available food. The paper employed multiple linear regression technique and graphic trends of growth rates of relevant variables to show the situation of food security in Nigeria. Results of the tests revealed that population growth rate was higher than the growth rate of food availability in Nigeria for the earlier period of the study. Commercial bank credit to the agricultural sector, foreign exchange utilization for food and the Agricultural Credit Guarantee Scheme Fund (ACGSF) contributed significantly to food availability in Nigeria. Food prices grew at a faster rate than the average income level, making it difficult to access sufficient food. It implies that prior to the year 2012; there was insufficient food to feed the Nigerian populace. However, continued credit to the food and agricultural sector will ensure sustained and sufficient production of food in Nigeria. Microfinance banks should make sufficient credit available to the smallholder farmer. The government should further control and subsidize the rising price of food to make it more accessible by the people.

Keywords: food, accessibility, availability, security

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Authors: Steve Apell

Abstract:

Transit-oriented development (TOD) is a popular intervention for local governments endeavoring to reduce auto-dependency and the adverse effects of sprawl. At the same time, American households such as the millennial generation, are shifting their residential preferences from the suburbs to the central city. These changes have intensified demand for TOD housing which generates high rents. This leads to displacement of low-income, transit-dependent households by more affluent middle class families. Critics argue that, the effectiveness of TOD might be compromised as newer affluent residents drive more and use transit less. However, there has not been a comprehensive study to test this hypothesis. Using census data ( 1990 – 2012) from six metropolitans areas, this research investigated if block groups within one-mile radius of TOD are gentrifying. Our findings reveal that the price of housing and number of college graduates, increased more in TODs compared to the metropolitan area. Similarly, the percentage of immigrants increased in TOD, while those of blacks and whites declined. Most importantly, TOD residents generally commuted less by car, while transit use increased in some metropolitan areas. TOD in the south of the United States registered higher cost of housing and less transit use. These findings have significant implications for the future of equitable and sustainable transportation policy.

Keywords: commuting, equity, gentrification, mode choice, transit oriented development

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Authors: Kingkan Pongsiri

Abstract:

The study of marketing mix influencing on hotel booking decision making: Japanese senior traveler case aims to study the individual factors that are involved in the decision-making reservation for Japanese elderly travelers. Then, it aims to study other factors that influence the decision of tourists booking elderly Japanese people. This is a quantitative research methods, total of 420 completed questionnaires were collect via a Non-Probability sampling techniques. The study found that the majority of samples were female, 53.3 percent of 224 people aged between 66-70 years were 197, representing a 46.9 percent majority, the marital status of marriage is 212 per cent.50.5. Majority of samples have a bachelor degree of education with number of 326 persons (77.6 percentages) 50 percentages of samples (210 people) have monthly income in between 1,501-2,000 USD. The Samples mostly have a length of stay in a short period between 1-14 days counted as 299 people which representing 71.2 percentages of samples. The senior Japanese tourists apparently sensitive to the factors of products/services the most. Then they seem to be sensitive to the price, the marketing promotion and people, respectively. There are two factors identified as moderately influence to the Japanese senior tourists are places or distribution channels and physical evidences.

Keywords: Japanese senior traveler, marketing mix, senior tourist, hotel booking

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Authors: L. L. Ivy-Yap, H. A. Bekhet

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As the Malaysian residential electricity consumption continued to increase rapidly, effective energy policies, which address factors affecting residential electricity consumption, is urgently needed. This study attempts to investigate the relationship between residential electricity consumption (EC), real disposable income (Y), price of electricity (Pe) and population (Po) in Malaysia for 1978-2011 periods. Unlike previous studies on Malaysia, the current study focuses on the residential sector, a sector that is important for the contemplation of energy policy. The Phillips-Perron (P-P) unit root test is employed to infer the stationary of each variable while the bound test is executed to determine the existence of co-integration relationship among the variables, modeled in an Autoregressive Distributed Lag (ARDL) framework. The CUSUM and CUSUM of squares tests are applied to ensure the stability of the model. The results suggest the existence of long-run equilibrium relationship and bidirectional Granger causality between EC and the macroeconomic variables. The empirical findings will help policy makers of Malaysia in developing new monitoring standards of energy consumption. As it is the major contributing factor in economic growth and CO2 emission, there is a need for more proper planning in Malaysia to attain future targets in order to cut emissions.

Keywords: co-integration, elasticity, granger causality, Malaysia, residential electricity consumption

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Authors: Carolina Nunes, Sónia Ribeiro, Hélio Faustinho, Hélia Sales, Rita Pontes, João Nunes

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Pine resin activity in Portugal was one of the most important and major non-wood forestry, representing a strategic natural resource for Portuguese Bioeconomy and an important social activity for rural regions. Pine forests representing a stock of atmospheric carbon, contributing to greenhouse effect mitigation and social and environmental important services returns. They are important sources of numerous useful products, including not only wood and cellulose but also nonwood products used by the chemical, food, and pharmaceutical industries, as well as for biorefineries. Portuguese pine forest area decreases from 1 million hectares to 400 mil hectares in the last 20 years. Portugal, in 80´s decade, was one of the world´s TOP 3 producers, with a middle annual production of 140 mil tones.year-1. With the pressure of the social desertification, forest fires, phytosanitary problems (e.g. nematode of the pine wood) and the decrease of economic value and competitivity of the Portuguese forest, the actual middle annual production is less than 10 mil tones.year-1 (lesser 92%). This significant decrease representing an annual economic loss of approximately 130-140 million Euros. year⁻¹ for forest primary sector in Portugal. The Biopinus project design new forestry approach and strategic biotechnologies knowledge to increase the economic value of Pine resin in Portugal, with an impact on the growth of the economic value of Pine resin from 1,1 to 1,5 Euros/kg.

Keywords: pine resin, bioeconomy, economic value, biotecnology

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Authors: Wasfi Al Salamat, Shaker Al-Kharouf

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This study aims to examine the determinants of financial stability for 13 commercial banks listed on the Amman stock exchange (ASE) over the period (2007-2016) after controlling for the independent variables: return on equity (ROE), return on assets (ROA), earnings per share (EPS), growth in gross domestic product (GDP), inflation rate and debt ratio to measure the financial stability by three main variables: capital adequacy, non-performing loans and the number of returned checks. The balanced panel data statistical approach has been used for data analysis. Results are estimated by using multiple regression models. The empirical results suggested that there is statistically significant negative effect of inflation rate and debt ratio on the capital adequacy while there is statistically significant positive effect of growth in gross domestic product on capital adequacy. In contrast, there is statistically significant negative effect of return on equity and growth in gross domestic product on the non-performing loans while there is statistically significant positive effect of inflation rate on non-performing loans. Finally, there is statistically significant negative effect of growth in gross domestic product on the number of returned checks while there is statistically significant positive effect of inflation rate on the number of returned checks.

Keywords: capital adequacy, financial stability, non-performing loans, number of returned checks, ASE

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Authors: Funmilayo L. Amao, Amos O. Amao

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It has been observed that majority of the people are living in poor housing quality or totally homeless in urban center despite all governmental policies to provide housing to the public. On the supply side, various government policies in the past have been formulated towards overcoming the huge shortage through several Housing Reform Programmes. Despite these past efforts, housing continues to be a mirage to ordinary Nigerian. Currently, there are various mass housing delivery programmes such as the affordable housing scheme that utilize the Public Private Partnership effort and several Private Finance Initiative models could only provide for about 3% of the required stock. This suggests the need for a holistic solution in approaching the problem. The aim of this research is to find out the problems hindering the delivery of housing in Nigeria and its effects on housing affordability. The specific objectives are to identify the causes of housing delivery problems, to examine different housing policies over years and to suggest a way out for sustainable housing delivery. This paper also reviews the past and current housing delivery programmes in Nigeria and analyses the demand and supply side issues. It identifies the various housing delivery mechanisms in current practice. The objective of this paper, therefore, is to give you an insight into the delivery option for the sustainability of housing in Nigeria, given the existing delivery structures and the framework specified in the New National Housing Policy. The secondary data were obtained from books, journals and seminar papers. The conclusion is that we cannot copy models from other nations, but should rather evolve workable models based on our socio-cultural background to address the huge housing shortage in Nigeria. Recommendations are made in this regard.

Keywords: housing, sustainability, housing delivery, housing policy, housing affordability

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Authors: Sana Masmoudi Mardassi, Yosra Makni Fourati

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Regulators highlight the importance of the Audit Committee (AC) as a key internal corporate governance mechanism. One of the most important roles of this committee is to oversee the financial reporting process. The purpose of this paper is to examine the link between the characteristics of an audit committee and the financial reporting quality by investigating whether the characteristics of audit committees are associated with improved financial reporting quality, especially the Real Earnings Management. In the current study, a panel data from 80 nonfinancial companies listed on the Amsterdam Stock Exchange during the period between 2010 and 2017 were used. To measure audit committee characteristics, four proxies have been used, specifically, audit committee independence, financial expertise, gender diversity and AC meetings. For this research, a linear regression model was used to identify the influence of a set of board characteristics of the audit committee on real earnings management after controlling for firm audit committee size, leverage, size, loss, growth and board size. This research provides empirical evidence of the association between audit committee independence, financial expertise, gender diversity and meetings and Real Earnings Management (REM) as a proxy of financial reporting quality. The study finds that independence and AC Gender diversity are strongly related to financial reporting quality. In fact, these two characteristics constrain REM. The results also suggest that AC- financial expertise reduces to some extent, the likelihood of engaging in REM. These conclusions provide support then to the audit committee requirement under the Dutch Corporate Governance Code rules regarding gender diversity and AC meetings.

Keywords: audit committee, financial expertise, independence, real earnings management

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Authors: Ceren Vardar Acar, Mine Caglar

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In finance, the price of a volatile asset can be modeled using fractional Brownian motion (fBm) with Hurst parameter H>1/2. The Black-Scholes model for the values of returns of an asset using fBm is given as, 〖Y_t=Y_0 e^((r+μ)t+σB)〗_t^H, 0≤t≤T where Y_0 is the initial value, r is constant interest rate, μ is constant drift and σ is constant diffusion coefficient of fBm, which is denoted by B_t^H where t≥0. Black-Scholes model can be constructed with some Markov processes such as Brownian motion. The advantage of modeling with fBm to Markov processes is its capability of exposing the dependence between returns. The real life data for a volatile asset display long-range dependence property. For this reason, using fBm is a more realistic model compared to Markov processes. Investors would be interested in any kind of information on the risk in order to manage it or hedge it. The maximum possible loss is one way to measure highest possible risk. Therefore, it is an important variable for investors. In our study, we give some theoretical bounds on the distribution of maximum possible loss of fBm. We provide both asymptotical and strong estimates for the tail probability of maximum loss of standard fBm and fBm with drift and diffusion coefficients. In the investment point of view, these results explain, how large values of possible loss behave and its bounds.

Keywords: maximum drawdown, maximum loss, fractional brownian motion, large deviation, Gaussian process

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Authors: Wanda Luen-Wun Siu, Xiaowen Zhang

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This paper offered the primary methodical proof on how CSR reporting related to enterprise earnings in listed firms in China in light of most evidence focusing on cross-sectional data or data in a short span of time. Using full economic and business panel data on China’s publicly listed enterprise from 2006 to 2020 over two decades in the China Stock Market and Accounting Research database, we found initial evidence of significant direct relations between CSR reporting and firm corporate performance in both state-owned and privately owned firms over this period, supporting the stakeholder theory. Results also revealed that state-owned enterprises performed as well as private enterprises in the current period. But private enterprises performed better than state-owned enterprises in the subsequent years. Moreover, the release of social responsibility reports had a more significant impact on the financial performance of state-owned and private enterprises in the current period than in the subsequent periods. Specifically, CSR release was not significantly associated with the financial performance of state-owned enterprises on the lag of the first, second, and third periods. But it had an impact on the lag of the first, second, and third periods among private enterprises. Such findings suggested that CSR reporting helped improve the corporate financial performance of state-owned and private enterprises in the current period, but this kind of effect was more significant among private enterprises in the lag periods.

Keywords: China’s listed firms, CSR reporting, financial performance, panel analysis

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Authors: Reyhaneh Soltanshah, Hamid R. Zarandi

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In order to be more efficient in industries that are related to computer systems, software testing is necessary despite spending time and money. In the embedded system software test, complete knowledge of the embedded system architecture is necessary to avoid significant costs and damages. Software tests increase the price of the final product. The aim of this article is to provide a method to reduce time and cost in tests based on program structure. First, a complete review of eleven white box test methods based on ISO/IEC/IEEE 29119 2015 and 2021 versions has been done. The proposed algorithm is designed using two versions of the 29119 standards, and some white-box testing methods that are expensive or have little coverage have been removed. On each of the functions, white box test methods were applied according to the 29119 standard and then the proposed algorithm was implemented on the functions. To speed up the implementation of the proposed method, the Unity framework has been used with some changes. Unity framework can be used in embedded software testing due to its open source and ability to implement white box test methods. The test items obtained from these two approaches were evaluated using a mathematical ratio, which in various software mining reduced between 50% and 80% of the test cost and reached the desired result with the minimum number of test items.

Keywords: embedded software, reduce costs, software testing, white-box testing

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Authors: Jun Wang, Ge Zhang

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Machine learning has been used in many areas today. It thrives at reviewing large volumes of data and identifying patterns and trends that might not be apparent to a human. Given the huge potential benefit and the amount of data available in the financial market, it is not surprising to see machine learning applied to various financial products. While future prices of financial securities are extremely difficult to forecast, we study them from a different angle. Instead of trying to forecast future prices, we apply machine learning algorithms to predict the direction of future price movement, in particular, whether a sector Exchange Traded Fund (ETF) would outperform or underperform the market in the next week or in the next month. We apply several machine learning algorithms for this prediction. The algorithms are Linear Discriminant Analysis (LDA), k-Nearest Neighbors (KNN), Decision Tree (DT), Gaussian Naive Bayes (GNB), and Neural Networks (NN). We show that these machine learning algorithms, most notably GNB and NN, have some predictive power in forecasting out-performance and under-performance out of sample. We also try to explore whether it is possible to utilize the predictions from these algorithms to outperform the buy-and-hold strategy of the S&P 500 index. The trading strategy to explore out-performance predictions does not perform very well, but the trading strategy to explore under-performance predictions can earn higher returns than simply holding the S&P 500 index out of sample.

Keywords: machine learning, ETF prediction, dynamic trading, asset allocation

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Authors: Lo Kar Yin

Abstract:

In view of the increasing speed and quantity of the housing supply, building, and civil engineering infrastructure works triggered by the pandemic across the globe, contractors, professional services providers (PSP), including consultants (e.g., architect, project manager, civil/geotechnical/structural engineer, building services engineer, quantity surveyor/cost manager, etc.) and suppliers have faced tremendous challenges of the fierce market, limited manpower, and resources under contract prices fluctuation and competitive fee and price. With qualitative analysis, this paper is to review the available information from the industry stakeholders with a view to finding solutions for enhancing efficiency, safety, and quality of construction value chain services for public and private organizations/companies’ sustainable growth, not limited to checking the deliverables and data transfer from multi-disciplinary parties. Technology, contracts, and people are the key requirements for shaping the construction industry. With the integration of a modern engineering contract (e.g., NEC) collaborative approach, practical workflows are designed to address loopholes together with different levels of people employment/retention and technology adoption to achieve the best value for money.

Keywords: efficiency, safety, quality, technology, contract, people, sustainable solutions, construction, services, integration

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Authors: Lyton Chithambo

Abstract:

This paper reports the results of an investigation into the extent to which various stakeholder pressures influence voluntary disclosure of greenhouse-gas (GHG) emissions in the United Kingdom (UK). The study, which is grounded on institutional theory, also borrows from the insights of upper echelons theory and examines whether specific managerial (chief executive officer) characteristics explain and moderates various stakeholder pressures in explaining GHG voluntary disclosure. Data were obtained from the 2011 annual and sustainability reports of a sample of 216 UK companies on the FTSE350 index listed on the London Stock Exchange. Generally the results suggest that there is no substantial shareholder and employee pressure on a firm to disclose GHG information but there is significant positive pressure from the market status of a firm with those firms with more market share disclosing more GHG information. Consistent with the predictions of institutional theory, we found evidence that coercive pressure i.e. regulatory pressure and mimetic pressures emanating in some industries notably industrials and consumer services have a significant positive influence on firms’ GHG disclosure decisions. Besides, creditor pressure also had a significant negative relationship with GHG disclosure. While CEO age had a direct negative effect on GHG voluntary disclosure, its moderation effect on stakeholder pressure influence on GHG disclosure was only significant on regulatory pressure. The results have important implications for both policy makers and company boards strategizing to reign in their GHG emissions.

Keywords: greenhouse gases, voluntary disclosure, upper echelons theory, institution theory

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Authors: Nuno M. Pereira

Abstract:

In the last thirty years, European cities have been addressing global climate change and its local impacts by implementing mitigation and adaptation strategies. Lisbon Downtown is no exception with 10 plans under implementation since 2010 with completion scheduled for 2030 valued 1 billion euros of public investment. However, the gap between mitigation and adaptation strategies is not yet sufficiently studied alongside with its nuances- vulnerability and risk mitigation, resilience and adaptation. In Lisbon Downtown, these plans are being implemented separately, therefore compromising the effectiveness of public investment. The research reviewed the common ground of mitigation and adaptation strategies of the theoretical framework and analyzed the current urban development actions in Lisbon Downtown in order to identify potential conflicts and synergies. The empirical fieldwork supported by a sounding board of experts has been developed during two years and the results suggest that the largest public investment in Lisbon on flooding mitigation will conflict with the new Cruise ship terminal and old Downton building stock, therefore increasing risk and vulnerability factors. The study concludes that the Lisbon Downtown blue infrastructure plan should be redesigned in some areas in a trans- disciplinary and holistic approach and that the current theoretical framework on climate change should focus more on mitigation and adaptation synergies articulating the gray, blue and green infrastructures, combining old knowledge tested by resilient communities and new knowledge emerging from the digital era.

Keywords: adaptation, climate change, conflict, Lisbon Downtown, mitigation, synergy

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Authors: Mahnaz Babaei Morad, Mojtaba Zargarzadeh, Behnaz Babaei Morad, Najmeh Salari Nasab

Abstract:

Green roofs and walls are one of the key elements of sustainable design in ecology design of cities. Lack of open space and urban green at different scales from one neighborhood to district is as subject that has become challenge for urban management Use change from green space to other use is familiar for Iranian citizens. The high price of land in this area, it seems only justified reason for municipalities that reduce the green space per capita. In this paper, examines the rooftops of Iranian city as a fifth facade, as well as the opportunity to offset some of the capital's urban spaces that has been removed. Today green roof isn't a matter of taste in the world. Be proportional to the quantity and quality of the architecture become the first concern of urban professionals and ecological approaches such as "sustainable" and "green architecture" is checked. In this paper we review and present examples of green roofs have been executed in Iran over the past decade. Survey some of the urban management policies in leading province in this article constitutes the second dimension. The purpose of this paper is study example of green roof performance in different parts of Iran, along with criteria for sustainable urban development and achieves the policies and components collection of implementation sustainable development , specific of Iranian green roof and monitor the develops ways to it.

Keywords: sustainable development, green roofs, Iran, green architecture

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Authors: Mulatu Kassie Birhanu

Abstract:

Electro-oxidation of glycerol is an important process to convert the less price glycerol into other expensive (essential) and energy-rich chemicals. In this study, nickel was electro-deposited on laboratory-made carbon ceramic electrode (CCE) substrate using electrochemical techniques that is cyclic voltammetry (CV) to prepare an electro-catalyst (Ni/CCE) for electro-oxidation of glycerol. Carbon ceramic electrode was prepared from graphite and methyl tri-methoxy silane (MTMOS) through the processes called hydrolysis and condensation with methanol in acidic media (HCl) by a sol-gel technique. Physico-chemical characterization of bare CCE and modified (deposited) CCE (Ni/CCE) was measured and evaluated by Fourier Transform Infrared spectroscopy (FTIR), Scanning Electron Microscopy (SEM) and X-ray diffraction (XRD). Electro-oxidation of glycerol was performed in 0.1 M glycerol in alkaline media (0.5 M NaOH). High-Performance Liquid Chromatography (HPLC) technique was used to identify and determine the concentration of glycerol, reaction intermediates and oxidized products of glycerol after its electro-oxidation is performed. The conversion (%) of electro-oxidation of glycerol during 9-hour oxidation was 73% and 36% at 1.8V and 1.6V vs. RHE, respectively. Formate, oxalate, glycolate and glycerate are the main oxidation products of glycerol with selectivity (%) of 75%, 8.6%, 1.1% and 0.95 % at 1.8 V vs. RHE and 55.4%, 2.2%, 1.0% and 0.6% at 1.6 V vs. RHE respectively. The result indicates that formate is the main product in the electro-oxidation of glycerol on Ni/CCE using the indicated applied potentials.

Keywords: carbon-ceramic electrode, electrodeposition, electro-oxidation, Methyltrimethoxysilane

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Authors: Selma Sbit, Mohamed Bechir Dadi, Belgacem Chibani Rhaimi

Abstract:

Incorporating Home eNodeB (HeNB) in cellular networks, e.g. Long Term Evolution Advanced (LTE-A), is beneficial for extending coverage and enhancing capacity at low price especially within the non-line-of sight (NLOS) environments such as homes. HeNB or femtocell is a small low powered base station which provides radio coverage to the mobile users in an indoor environment. This deployment results in a heterogeneous network where the available spectrum becomes shared between two layers. Therefore, a problem of Inter Cell Interference (ICI) appears. This issue is the main challenge in LTE-A. To deal with this challenge, various techniques based on frequency, time and power control are proposed. This paper deals with the impact of carrier aggregation and higher order MIMO (Multiple Input Multiple Output) schemes on the LTE-Advanced performance. Simulation results show the advantages of these schemes on the system capacity (4.10⁹ b/s/Hz when bandwidth B=100 MHz and when applying MIMO 8x8 for SINR=30 dB), maximum theoretical peak data rate (more than 4 Gbps for B=100 MHz and when MIMO 8x8 is used) and spectral efficiency (15 b/s/Hz and 30b/s/Hz when MIMO 4x4 and MIMO 8x8 are applying respectively for SINR=30 dB).

Keywords: capacity, carrier aggregation, LTE-Advanced, MIMO (Multiple Input Multiple Output), peak data rate, spectral efficiency

Procedia PDF Downloads 256