Search results for: International Centre for Settlement of Investment Disputes UNCITRAL

Authors: Siri-Orn Champatong

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This research paper was aimed to examine the relationship between visitors’ attitude towards the service marketing mix and visitors’ frequency of visit to Bangpu Recreation Centre. Based on a large and uncalculated population, the number of samples was calculated according to the formula to obtain a total of 385 samples. In collecting the samples, systematic random sampling was applied and by using of a Likert five-scale questionnaire for, a total of 21 days to collect the needed information. Mean, Standard Deviation, and Pearson’s basic statistical correlations were utilized in analyzing the data. This study discovered a high level of visitors’ attitude product and service of Bangpu Recreation Centre, price, place, promotional activities, people who provided service and physical evidence of the centre. The attitude towards process of service was discovered to be at a medium level. Additionally, the finding of an examination of a relationship between visitors’ attitude towards service marketing mix and visitors’ frequency of visit to Bangpu Recreation Centre presented that product and service, people, physical evidence and process of service provision showed a relationship with the visitors’ frequency of visit to the centre per year.

Keywords: frequency of visit, visitor, service marketing mix, Bangpu Recreation Centre

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Authors: Thapthep Paprach, Benya Lertsuwan

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Investment fraud is not a new criminal, but there are still more victims during the Internet of Things era. This kind of criminal has been classified as a national and transnational financial crime problem all over the world. In Thailand, the country has also been attacked by this kind of crime. This research concerns whether the mass media that is supposed to cover news about online investment scams realized and warned Thais about this crime. Thus, this study explores the value of news about investment fraud in terms of frequency. The methodology uses web crawling from the top 5 news agency websites that have the most access. We pull out all information reporting about investment fraud. The findings revealed that the ‘Khaosod’ news agency was the first rank in reporting on investment crime. On the other hand, ‘Matichon’ was the least reported. Thairat news agencies frequently reported such criminals from midnight to very early in the morning, while other news agencies reported during the daytime. The results between the frequency of news reporting about investment fraud and the monthly number of victim reports are not correlated. Although the most cases reported to Thai police were in February 2023, but the most news reported was in January 2023. In conclusion, there might be a negative correlation between the amount of investment fraud news reported and the number of victims.

Keywords: investment fraud, news value, online news report, Ponzi schemes, Romance scam

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Authors: Razan Salem

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Men and women are different, and so their investment behaviors may also vary. To the author’s best knowledge, women's investment behavior and its association with demographic factors have not been explored directly in the behavioral finance literature, however, particularly in respect to the Arab region. Thus, this study extends the literature by focusing on examining the association of demographic factors (age, annual income, and education) with Arab women’s investment behavior. To achieve the study’s aim, the researcher distributed 600 close-ended online questionnaires to a sample of Arab male and female individual investors in both Saudi Arabia and Jordan; using Kruskal-Wallis H Test and the Mann-Whitney U Test to analyze the data. The findings reveal that age, education, and level of income are associated with Arab women’s investment behavior. Educational level and level of income are positively associated with Arab women investment confidence level. On the contrary, age is negatively associated with Arab women financial risk tolerance. According to annual income, Arab women with lower incomes have lower confidence and investment literacy levels. Overall, the study concludes that age, income, and education are important demographic factors that must be considered when investigating the investment behavior of women in the Arab region.

Keywords: Arab region, demographic factors, investment behavior, women investors

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Authors: Hlamulo Makelane

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The study aims at providing new insights regarding research and development (R&D) public and private activities based on the national R&D survey of the past five years. The main question of the study is what role does water R&D plays on water security; to then analyze what lessons could be extracted to improve the security of water through R&D. In particular, this work concentrates on three main aspects of R&D investments: (i) the level of expenditures, (ii) the sources of funding related to water R&D, and (iii) the personnel working in the field, both for the public and private sectors. The nonlinear regression approached will be used for data analysis based on secondary data gathered from the South African nation R&D survey conducted annually by the Centre for science, technology and innovation indicators (CeSTII).

Keywords: water, R&D, investment, public sector, private sector

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Authors: Camille Paldi

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As the Islamic finance industry is growing annually at a rate of 10% to 15% per year, it is imperative that a unique, independent legal framework is established in order to effectively adjudicate Islamic finance disputes. Currently, Islamic finance disputes are being adjudicated in inadequate civil and common law courts and arbitration centers where the contracts in dispute are being transformed from Islamic to conventional transactions. Through case analysis combined with an exploration of the efficacy of existing arbitration centers and dispute resolution methods available to Islamic finance, this paper will seek to reveal that the Islamic finance industry currently lacks an adequate dispute resolution mechanism and facility to adjudicate disputes arising from Islamic finance contracts. Hence, now is the time for the Dubai World Islamic Finance Arbitration Center (DWIFAC) and Jurisprudence Office (DWIFACJO) as the Dispute Resolution Center and Mechanism for the Islamic Finance Industry.

Keywords: Islamic finance, dispute resolution, Dubai world Islamic finance arbitration center, jurisprudence office

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Authors: Dhyaalddin Bahaalddin Noori Zangana

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This study involves the behavior of reinforced sand under a square footing. A series of bearing capacity tests were performed on a small-scale laboratory model, which filled with a poorly-graded homogenous bed of sand, which was placed in a medium dense state using sand raining technique. The sand was reinforced with 40 mm wide household aluminum foil strips. The main studied parameters was to consider the effect of reinforcing strip length, with various linear density of reinforcement, number of reinforcement layers and depth of top layer of reinforcement below the footing, on load-settlement behavior, bearing capacity ratio and settlement reduction factor. The relation of load-settlement generally showed similar trend in all the tests. Failure was defined as settlement equal to 10% of the footing width. The recommended optimum reinforcing strip length, linear density of reinforcement, number of reinforcement layers and depth of top layer of reinforcing strips that give the maximum bearing capacity improvement and minimum settlement reduction factor were presented and discussed. Different bearing capacity ration versus length of the reinforcing strips and settlement reduction factor versus length of the reinforcing strips relations at failure were showed improvement of bearing capacity ratio by a factor of 3.82 and reduction of settlement reduction factor by a factor of 0.813. The optimum length of reinforcement was found to be 7.5 times the footing width.

Keywords: square footing, relative density, linear density of reinforcement, bearing capacity ratio, load-settlement behaviour

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Authors: Evgeni Baratashvili, Giorgi Sulashvili, Malkhaz Sulashvili, Bela Khotenashvili, Irma Makharashvili

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The most investment decision-making principle of regional travel firm's management and its partner is the formulation of the aims of investment programs. The investments can be targeted in order to reduce the firm's production costs and to purchase good transport equipment. In attractive region, in order to develop firm’s activities, the investment program can be targeted for increasing of provided services. That is the case where the sales already have been used in the market. The investment can be directed to establish the affiliate firms, branches, to construct new hotels, to create food and trade enterprises, to develop entertainment enterprises, etc. Economic development is of great importance to regional development. International experience shows that inclusive economic growth largely depends on not only the national, but also regional development planning and implementation of a strong and competitive regions. Regional development is considered as the key factor in achieving national success. Establishing a modern institute separate entities if the pilot centers will constitute a promotion, international best practice-based public-private partnership to encourage the use of models. Regional policy directions and strategies adopted in accordance with the successful implementation of major importance in the near future specific action plans for inclusive development and implementation, which will be provided in accordance with the effective monitoring and evaluation tools and measurable indicators combined. All of these above-mentioned investments are characterized by different levels, which are related to the following fact: How successful tourism marketing service is, whether it is able to determine the proper market's reaction according to the particular firm's actions. In the sphere of regional tourism industry and in the investment decision possible variants it can be developed the some specter of models. Each of the models can be modified and specified according to the situation, and characteristic skills of the existing problem that must be solved. Besides, while choosing the proper model, the process is affected by the regulation system of economic processes. Also, it is influenced by liberalization quality and by the level of state participation.

Keywords: net income of travel firm, economic growth, Investment profitability, regional development, tourist product, tourism development

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Authors: Saeed Delara, Kendra MacKay

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Varying methodologies are considered for pile design for both Russian and Western approaches. Although both approaches rely on toe and side frictional resistances, different calculation methods are proposed to estimate pile capacity. The Western approach relies on compactness (internal friction angle) of soil for cohesionless soils and undrained shear strength for cohesive soils. The Russian approach relies on grain size for cohesionless soils and liquidity index for cohesive soils. Though most recommended methods in the Western approaches are relatively simple methods to predict pile settlement, the Russian approach provides a detailed method to estimate single pile and pile group settlement. Details to calculate pile axial capacity and settlement using the Russian and Western approaches are discussed and compared against field test results.

Keywords: pile capacity, pile settlement, Russian approach, western approach

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Authors: Girma Y. Iyassu Menelik

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The international community has gone through indescribable atrocities resulting from acts of war. These atrocities turned Europe and Africa into a wilderness of bloodshed and crime. In the period 1960- 1970s Africa witnessed unprecedented and well-documented assaults on life and property. This necessitated the adoption, signing and ratification of the International Criminal Court, establishment of the International Court of Justice which is a great achievement for the protection and fulfilling of human rights in the context of international political instability. The ICC came as an important opportunity to advance justice for serious crimes committed in violation of international law. Thus the Rome statute has become a formidable contribution to peace and security. There are concerns that the ICC is targeting African states. However, the ICC cannot preside over cases that are not parties to the Rome statute unless the UN Security council refers the situation or the relevant state asks the court to become involved. The instable international political situation thus deals with criminal prosecutions where amnesty is not permissible or is strongly repudiated. The court has become important justice instruments for states that are unable or unwilling to fulfill their obligation to address legacies of massive human rights violations. The ICJ as a court has a twofold role; to settle legal disputes submitted to it by states, and to give advisory opinions on legal questions referred to it by duly authorized United Nations organs and specialized agencies. All members of the UN are ipso facto parties to the statute of the ICJ. The court gives advisory opinion on any legal question. These courts are the most appropriate fora to pronounce on international crimes and are in a better position to know and apply international law. Cases that have been brought to the courts include Rwanda’s genocide, Liberia’s Charles Taylor etc. The receptiveness and cooperation of the local populations are important to the courts and if the ICC and ICJ can provide appropriate protections for the physical and economic safety of victims then peace and human rights observance can be attained. This paper will look into the effectiveness and impediments of these courts in handling criminal and injustices in international politics as while as what needs to be done to strengthen the capacity of these courts.

Keywords: ICC, international politics, justice, UN security council, violence, protection, fulfilling

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Authors: Seyed Abolhasan Naeini, Saeideh Mohammadi

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Time dependent settlement due to loading on soft saturated soils produces many problems such as high consolidation settlements and low consolidation rates. Also, long term consolidation settlement of soft soil underlying the embankment leads to unpredicted settlements and cracks on soil surface. Preloading method is an effective improvement method to solve this problem. Using vertical drains in preloading method is an effective method for improving soft soils. Applying deep soil mixing method on soft soils is another effective method for improving soft soils. There are little studies on using two methods of preloading and deep soil mixing simultaneously. In this paper, the concurrent effect of preloading with deep soil mixing by vertical drains is investigated through a finite element code, Plaxis2D. The influence of parameters such as deep soil mixing columns spacing, existence of vertical drains and distance between them, on settlement and stability factor of safety of embankment embedded on soft soil is investigated in this research.

Keywords: preloading, soft soil, vertical drains, deep soil mixing, consolidation settlement

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Authors: Ismail Akkaya, Mucip Tapan, Ali Ozvan

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Some of the industrially prefabricated buildings located on clayey soils were damaged due to soil conditions. The reasons of these damages are generally due to different settlement capacity, the different plasticity of soils and the level of ground water. The aim of this study is to determine the source of these building damages by conducting in situ tests. Therefore, pressuremeter test, which is one of the borehole loading test conducted to determine the properties of soils under the foundations and Standart Penetration Test (SPT). The results of these two field tests were then used to accurately obtain the consistency and firmness of soils. Pressuremeter Deformation Module (EM) and Net Limiting Pressure (PL) of soils were calculated after the pressuremeter tests. These values were then compared with the SPT (N30) and SPT (N60) results. An empirical equation was developed to obtain EM and PL values of such soils from SPT test results. These values were then used to calculate soil bearing capacity as well as the soil settlement. Finally, the relationship between the foundation settlement and the damage of these buildings were checked. It was found that calculated settlement values were almost the same as measured settlement values.

Keywords: damaged building, pressuremeter, standard penetration test, low and high plasticity clay

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Authors: Muneerah Jeludin

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The vibrated column has been widely used over the last three decades to improve the performance of soft ground and engineered compacted fill. The main reason for adopting this technique is that it is economically viable and environmental friendly. The performance of granular column with regards to bearing capacity has been well documented; however, information regarding the settlement behavior of granular columns is still limited. This paper aims to address the findings from a laboratory model study in terms of its settlement improvement. A 300 mm diameter and 400 mm high kaolin clay model was used in this investigation. Columns of various heights were installed in the clay bed using replacement method. The results in relation to load sharing mechanism between the column and surrounding clay just under the footing indicated that in short column, the available shaft resistance was not significant and introduces a potential for end braing failure as opposed to bulging failure in long columns. The settlement improvement factor corroborates well with field observations.

Keywords: ground improvement, model test, reinforced soil, foundation

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Authors: Amirreza Attarzadeh

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This paper aims to investigate the relationship between economic variables, e.g., inflation rate, interest rate, trade openness and the growth rate of GDP, with domestic investment. The present study also draws on conceptual economy related theories to verify the negative effect of interest rates on domestic investment. However, trade openness and growth rate had a positive correlation, and the inflation rate may have a positive or negative impact on domestic investment.

Keywords: inflation rate, growth rate of GDP, interest rate and trade openness, domestic investment

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Authors: Mourad Zmami Oussema BenSalha

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The current research aims to assess empirically the reaction of private investment to exchange rate fluctuations in Tunisia using a sample of 548 firms operating in manufacturing industries between 1997 and 2002. The micro-econometric model we estimate is based on an accelerator-profit specification investment model increased by two variables that measure the variation and the volatility of exchange rates. Estimates using the system the GMM method reveal that the effects of the exchange rate depreciation on investment are negative since it increases the cost of imported capital goods. Turning to the exchange rate volatility, as measured by the GARCH (1,1) model, our findings assign a significant role to the exchange rate uncertainty in explaining the sluggishness of private investment in Tunisia in the full sample of firms. Other estimation attempts based on various sub samples indicate that the elasticities of investment relative to the exchange rate volatility depend upon many firms’ specific characteristics such as the size and the ownership structure.

Keywords: investment, exchange rate volatility, manufacturing firms, system GMM, Tunisia

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Authors: Azeb Degife

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Over the past few years, the volume of international investment in agricultural land has increased globally. In recent times, Ethiopian government uses agricultural investment as one of the most important and effective strategies for economic growth, food security and poverty reduction in rural areas. Since the mid-2000s, government has awarded millions of hectares of most fertile land to rich countries and some of the world's most wealthy people to export various kinds of crop, often in long-term leases and at bargain prices. This study focuses on the pros and cons of large-scale agriculture investment Gambella region, Ethiopia. The main results were generated both from primary and secondary data sources. Primary data are obtained through interview, direct observation and a focus group discussion (FGDs). The secondary data are obtained from published documents, reports from governmental and non-governmental institutions. The findings of the study demonstrated that agriculture investment has advantages on the socio-economic and disadvantages on socio-environmental aspects. The main benefits agriculture investments in the region are infrastructural development and generation employment for the local people. Further, the Ethiopian government also generates foreign currency from the agriculture investment opportunities. On the other hand, Gambella people are strongly tied to the land and the rivers that run through in the region. However, now large-scale agricultural investment by foreign and local investors on an industrial scale results deprives people livelihoods and natural resources of the region. Generally, the negative effects of agriculture investment include increasing food insecurity, and displacement of smallholder farmers and pastoralists. Moreover, agriculture investment has strong adverse environmental impacts on natural resources such as land, water, forests and biodiversity. Therefore, an Ethiopian government strategy needs to focus on integration approach and sustainable agricultural growth.

Keywords: agriculture investment, cons, displacement, Gambella, integration approach, pros, socio-economic, socio-environmental

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Authors: Emmanuel Sachikumba, Micheal Msoni, Westone Mafuleka

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Zambia has a good climate with favourable rainfall pattern; this provides sufficient recharge for the surface and groundwater resources. In spite of the sufficient surface and ground water resources, accessibility to water at household levels is problematic both in quality and quantity. The study examined water accessibility as well as water quality at the household level. The research looked at the sources of water for the households and considered the complications of accessibility to water and the available opportunities therein. The investigation involved fifty households and the data was collected by the use of questionnaires (to assess accessibility) and laboratory tests (for ascertaining water quality). In addition to this, government departments such as the health, agriculture, forestry and education as well as the municipal council were interviewed on the topic under study. The study was descriptive in nature where clustered sampling procedures using simple random methods were utilised to select the households which were to participate in the study. The key findings were that; accessibility to water household levels is still a challenge in the settlement as most of the point sources (shallow wells, the stream and the river) were found to be contaminated. In addition to this, it was found that there was no direct relationship between the economic performance of a household and the accessibility to water. The study also observed that there were opportunities for the people in the settlement as they were increasingly getting into the education system, and adult literacy was being encouraged in the settlement. Furthermore, the settlement has groundwater resources which indicate that there can be sufficient water provision for the settlers.

Keywords: accessibility, household, water, settlement

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Authors: P. Vaculík, P. Kaňovský

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The following article presents Technology Centre of Ostrava (TCO) in the Czech Republic. Describes the structure and main research areas realized by the project ENET-Energy Units for Utilization of non-traditional Energy Sources. More details are presented from the research program dealing with transformation, accumulation, and distribution of electric energy. Technology Centre has its own energy mix consisting of alternative sources of fuel sources that use of process gases from the storage part and also the energy from distribution network. The article will focus on the properties and application possibilities SiC semiconductor devices for power semiconductor converter for photo-voltaic systems.

Keywords: SiC, Si, technology centre of Ostrava, photovoltaic systems, DC/DC Converter, simulation

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Authors: Chinelle van der Westhuizen

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The introduction of cryptocurrencies as an alternative payment system have placed governments in a challenging position in relation to the regulatory status of cryptocurrencies and the money laundering activities associated with it. In April 2018, the Australian government amended its Anti-Money Laundering laws to regulate digital currency exchanges in an attempt to regulate money laundering activities and the introduction of ‘know-your-customer’ policies within the digital currency sector. Part one of this paper explores the use of cryptocurrencies for money laundering purposes and its significance to money launderers. Part two studies the efficacy of the current Australian Anti-Money Laundering laws and whether more can be done on a regulatory level. This paper will, therefore, highlight recent court decisions and legislation in terms of money laundering activities within these alternative payment systems in Australia and the United Kingdom. Part three of the paper will further analyze recent case studies by the Australian Transaction Reports and Analysis Centre and the Office for Professional Body Anti-Money Laundering Supervision in the United Kingdom as the regulatory bodies for money laundering activities. The case studies and research will explore the legal disputes and future regulation concerning the use of cryptocurrencies and money laundering on a national as well as international level. This paper intends to highlight that although cryptocurrency is viewed as an innovative global phenomenon and an alternative method of payment, there are a number of legal issues associated with its use that indicate the need for regulatory reform. It is recommended in this paper that the Financial Action Task Force, International Monetary Fund as well as concerned governments have ongoing discussions on these regulatory issues and how to address it appropriately, whether through legislation or universal guidelines. Therefore, the conclusion of this paper will emphasize the benefits of a regulatory regime for money laundering activities within the cryptocurrency space and that the lack of such a regime may be detrimental to countries.

Keywords: cryptocurrency, know-your-customer policy, money laundering, regulation

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Authors: Shoji Katagiri

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This paper is to clarify the relationship between ICT and income inequality. To do so, we develop the general equilibrium model with ICT investment, obtain the equilibrium solutions, and then simulate the model with these solutions for some OECD countries. As a result, generally, during the corresponding periods we confirm that the relationship between ICT investment and income inequality is positive. In this mode, the increment of the ratio of ICT investment to the aggregated investment in stock enhances the capital’s share of income, and finally leads to income inequality such as the increase of the share of the top decile income. Although we confirm the positive relationship between ICT investment and income inequality, the upward trend for that relationship depends on the values of parameters for the making use of the simulations and these parameters are not deterministic in the magnitudes on the calculated results for the simulations.

Keywords: ICT, inequality, capital accumulation, technology

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Authors: I. Khutsishvili, G. Sirbiladze, B. Ghvaberidze

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This work proposes a fuzzy methodology to support the investment decisions. While choosing among competitive investment projects, the methodology makes ranking of projects using the new aggregation OWA operator – AsPOWA, presented in the environment of possibility uncertainty. For numerical evaluation of the weighting vector associated with the AsPOWA operator the mathematical programming problem is constructed. On the basis of the AsPOWA operator the projects’ group ranking maximum criteria is constructed. The methodology also allows making the most profitable investments into several of the project using the method developed by the authors for discrete possibilistic bicriteria problems. The article provides an example of the investment decision-making that explains the work of the proposed methodology.

Keywords: expert evaluations, investment decision making, OWA operator, possibility uncertainty

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Authors: Md. Kausar Alam, Mohammad Yazdi, Peiman Zogh, Ramin Motamed

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The liquefaction-induced ground settlement has caused severe damage to structures in the past decades. However, the amount of building settlement caused by liquefaction is directly proportional to the intensity of the ground shaking. To reduce this soil liquefaction effect, it is essential to examine the influence of peak ground acceleration (PGA). Unfortunately, limited studies have been carried out on this issue. In this study, a series of moderate scale 1g shake table experiments were conducted at the University of Nevada Reno to evaluate the influence of PGA with the same duration in liquefiable soil layers. The model is prepared based on a large-scale shake table with a scaling factor of N = 5, which has been conducted at the University of California, San Diego. The model ground has three soil layers with relative densities of 50% for crust, 30% for liquefiable, and 90% for dense layer, respectively. In addition, a shallow foundation is seated over an unsaturated crust layer. After preparing the model, the input motions having various peak ground accelerations (i.e., 0.16g, 0.25g, and 0.37g) for the same duration (10 sec) were applied. Based on the experimental results, when the PGA increased from 0.16g to 0.37g, the foundation increased from 20 mm to 100 mm. In addition, the expected foundation settlement based on the scaling factor was 25 mm, while the actual settlement for PGA 0.25g for 10 seconds was 50 mm.

Keywords: foundation settlement, liquefaction, peak ground acceleration, shake table test

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Authors: Sara Vora (Hoxha)

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Defamation, invasion of privacy, and cyberbullying have all increased in tandem with the growth of the internet. European international private law may struggle to deal with such transgressions if they occur in many jurisdictions. The current study examines how effectively the legal system of European international private law addresses abuses of personality rights in cyberspace. The study starts by discussing how established legal frameworks are being threatened by online personality rights abuses. The article then looks into the rules and regulations of European international private law that are in place to handle overseas lawsuits. This article examines the different elements that courts evaluate when deciding which law to use in a particular case, focusing on the concepts of jurisdiction, choice of law, and recognition and execution of foreign judgements. Next, the research analyses the function of the European Union in preventing and punishing online personality rights abuses. Key pieces of law that control the collecting and processing of personal data on the Internet, including the General Data Protection Regulation (GDPR) and the e-Commerce Directive, are discussed. In addition, this article investigates how the ECtHR handles cases involving the infringement of personal freedoms, including privacy and speech. The article finishes with an assessment of how well the legal framework of European international private law protects individuals' right to privacy online. It draws attention to problems with the present legal structure, such as the inability to enforce international judgements, the inconsistency between national laws, and the necessity for stronger measures to safeguard people' rights online. This paper concludes that while European international private law provides a useful framework for dealing with violations of personality rights online, further harmonisation and stronger enforcement mechanisms are necessary to effectively protect individuals' rights in the digital age.

Keywords: European international private law, personality rights, internet, jurisdiction, cross-border disputes, data protection

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Authors: Oluwasefunmi Eunice Irewole, Enrique Armas Arévalos

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Agriculture has played a crucial role in the economy and the development of many countries. Moreover, the basic needs for human survival are; food, shelter, and cloth are link on agricultural production. Most developed countries see that agriculture provides them with food and raw materials for different goods such as (shelter, medicine, fuel and clothing) which has led to an increase in incomes, livelihoods and standard of living. This study aimed at analysing the relationship between International competitiveness of agricultural products, with the area, fertilizer, labour force, economic growth, foreign direct investment, exchange rate and inflation rate in Latin America during the period of 1991-to 2019. In this study, panel data econometric methods were used, as well as cross-section dependence (Pesaran test), unit root (cross-section Augumented Dickey Fuller and Cross-sectional Im, Pesaran, and Shin tests), cointergration (Pedroni and Fisher-Johansen tests), and heterogeneous causality (Pedroni and Fisher-Johansen tests) (Hurlin and Dumitrescu test). The results reveal that the model has cross-sectional dependency and that they are integrated at one I. (1). The "fully modified OLS and dynamic OLS estimators" were used to examine the existence of a long-term relationship, and it was found that a long-term relationship existed between the selected variables. The study revealed a positive significant relationship between International Competitiveness of the agricultural raw material and area, fertilizer, labour force, economic growth, and foreign direct investment, while international competitiveness has a negative relationship with the advantages of the exchange rate and inflation. The economy policy recommendations deducted from this investigation is that Foreign Direct Investment and the labour force have a positive contribution to the increase of International Competitiveness of agricultural products.

Keywords: revealed comparative advantage, agricultural products, area, fertilizer, economic growth, granger causality, panel unit root

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Authors: Kemi Olalekan Oduntan

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This paper was carried out in order to empirical, and descriptively analysis how interest rate and foreign exchange rate liberalization influence investment decision in Nigeria. The study spanned through the period of 1985 – 2014, secondary data were restricted to relevant variables such as investment (Proxy by Gross Fixed Capital Formation) saving rate, interest rate and foreign exchange rate. Theories and empirical literature from various scholars were reviews in the paper. Ordinary Least Square regression method was used for the analysis of data collection. The result of the regression was critically interpreted and discussed. It was discovered for empirical finding that tax investment decision in Nigeria is highly at sensitive rate. Hence, all the alternative hypotheses were accepted while the respective null hypotheses were rejected as a result of interest rate and foreign exchange has significant effect on investment in Nigeria. Therefore, impact of interest rate and foreign exchange rate on the state of investment in the economy cannot be over emphasized.

Keywords: interest rate, foreign exchange liberalization, investment decision, economic growth

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Authors: Jyh-Yi Shih, Chie-Bein Chen, Kuang-Yi Lin, Yu-Wei Huang

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Because of the trend toward globalization, Taiwanese companies have gradually focused more on overseas market operations. Overseas market performance has gradually increased as a proportion of Taiwanese companies’ total business revenues. Existing international investment theories cannot explain numerous new phenomena in this domain. Opinions are inconsistent, and contradictory positions exist regarding the antecedents of multinational enterprise (MNE) performance. This study applied contemporary internalization theory to establish and extend approaches adopted by previous relevant studies. In the context of the overseas market, the influence that MNE investment in research and development (R&D) and marketing has on enterprise performance was investigated from the firm-specific advantages (FSAs) and country-specific advantages (CSAs) perspectives. CSAs and internationalization speed were addressed as moderators, and hypotheses regarding how internationalization and performance were achieved through MNE overseas market operation were explored to ensure the completeness of the investigation. The list of enterprises was sourced from the Taiwan Economic Journal. After examining the relevant data, the following conclusions were obtained: (a) The relationship between the level of FSAs in R&D and enterprise performance exhibited an S-shaped curve. (b) The relationship between the level of FSAs in marketing and enterprise performance displayed a U-shaped curve. (c) The extent to which potential CFAs were obtained positively moderated the relationship between enterprise investment in R&D to gain FSAs and MNE performance. (d) Internationalization speed positively moderated the relationship between MNEs and enterprise investment in R&D and marketing to gain FSAs.

Keywords: multinational corporation, firm-specific advantages, country-specific advantages, international speed

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Authors: Manamba Epaphra

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This paper analyzes the causal effect between domestic private investment, public investment, foreign direct investment and economic growth in Tanzania during the 1970-2014 period. The modified neo-classical growth model that includes control variables such as trade liberalization, life expectancy and macroeconomic stability proxied by inflation is used to estimate the impact of investment on economic growth. Also, the economic growth models based on Phetsavong and Ichihashi (2012), and Le and Suruga (2005) are used to estimate the crowding out effect of public investment on private domestic investment on one hand and foreign direct investment on the other hand. A correlation test is applied to check the correlation among independent variables, and the results show that there is very low correlation suggesting that multicollinearity is not a serious problem. Moreover, the diagnostic tests including RESET regression errors specification test, Breusch-Godfrey serial correlation LM test, Jacque-Bera-normality test and white heteroskedasticity test reveal that the model has no signs of misspecification and that, the residuals are serially uncorrelated, normally distributed and homoskedastic. Generally, the empirical results show that the domestic private investment plays an important role in economic growth in Tanzania. FDI also tends to affect growth positively, while control variables such as high population growth and inflation appear to harm economic growth. Results also reveal that control variables such as trade openness and life expectancy improvement tend to increase real GDP growth. Moreover, a revealed negative, albeit weak, association between public and private investment suggests that the positive effect of domestic private investment on economic growth reduces when public investment-to-GDP ratio exceeds 8-10 percent. Thus, there is a great need for promoting domestic saving so as to encourage domestic investment for economic growth.

Keywords: FDI, public investment, domestic private investment, crowding out effect, economic growth

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Authors: Shamshiri Mitra, Abedi Rahim

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This paper investigates corporate investment behavior and its relationship with ownership structure and financial leverage for the listed company of Tehran stock exchange during 2008-2012. The results show that the concentration of ownership has s significant positive effect on corporate investment. The results for the kind of major owners show that institutional ownership had a positive significant effect and state and individual ownership had negative significant effects on the corporate investment but the effect of corporate ownership was not significant. Furthermore the effect of financial leverage was negative and significant.

Keywords: corporate investment behavior, financial leverage, ownership structure corporate investment behavior

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Authors: Zain Ul Abideen

Abstract:

The study examines the potentially dark and bright parts of behavioral biases in investors’ investment decisions in the Pakistani equity market. These biases, directly and indirectly, play a comprehensive role in controlling and deciding the investor’s investment decisions. Stock market anomalies are used as a mediator, while financial literacy is used as a moderator to check the mentioned relationship. The sample consisted of investors who have trading experience of more than two years in the stock market. The result indicates that calendar anomalies do not mediate between overconfidence bias and investment decisions. However, the study investigates the mediating role of fundamental and technical anomalies between overconfidence bias and investment decisions. Furthermore, calendar anomalies play a significant role between the disposition effect and investment decisions. Calendar anomalies also mediate between herding bias and investment decisions. Financial literacy significantly moderates between behavioral biases and stock market anomalies. This research would be beneficial for individual and professional investors in their investment decisions. They should be financially literate, consequently less biased and have no market anomalies. Investors in emerging and developed economies can make optimal decisions in their respective stock markets.

Keywords: behavioral biases, financial literacy, stock market anomalies, investment decision

Procedia PDF Downloads 55

Authors: Sharifullah Ahmed

Abstract:

Residual settlement of cohesionless or non-plastic soil of different strength underlying highway embankment overlain by stronger soil layer highway embankment is studied. A parametric study is carried out for different height of embankment and for different ESAL factor. The sum of elastic settlements of cohesionless subsoil due to axle induced stress and due to self-weight of pavement layers is termed as the residual settlement. The values of residual settlement (Sr) for different heights of road embankment (He) are obtained and presented as design charts for different SPT Value (N60) and ESAL factor. For rigid pavement and flexible pavement in approach to bridge or culvert, the tolerable residual settlement is 0.100m. This limit is taken as 0.200m for flexible pavement in general sections of highway without approach to bridge or culvert. A simplified guideline is developed for design of highway embankment underlain by very loose to loose cohesionless subsoil overlain by a stronger soil layer for limiting value of the residual settlement. In the current research study range of ESAL factor is 1-10 and range of SPT value (N60) is 1-10. That is found that, ground improvement is not required if the overlying stronger layer is minimum 1.5m and 4.0m for general road section of flexible pavement except bridge or culvert approach and for rigid pavement or flexible pavement in bridge or culvert approach. Tables and charts are included in the prepared guideline to obtain minimum allowable height of highway embankment to limit the residual settlement with in mentioned tolerable limit. Allowable values of the embankment height (He) are obtained corresponding to tolerable or limiting level of the residual settlement of loose subsoil for different SPT value, thickness of stronger layer (d) and ESAL factor. The developed guideline is may be issued to be used in assessment of the necessity of ground improvement in case of cohesionless subsoil underlying highway embankment overlain by stronger subsoil layer for limiting residual settlement. The ground improvement is only to be required if the residual settlement of subsoil is more than tolerable limit.

Keywords: axle pressure, equivalent single axle load, ground improvement, highway embankment, tolerable residual settlement

Procedia PDF Downloads 104

Authors: April Hueimin Lu, Liangj-Ju Yao, Jun-Tin Lin, Susan Siru Liu

Abstract:

This paper discusses the application of aerial survey technology and 3D laser scanning technology in the surveying and mapping work of the settlements and slate houses of the old Taiwanese aborigines. The relics of old Taiwanese aborigines with thousands of history are widely distributed in the deep mountains of Taiwan, with a vast area and inconvenient transportation. When constructing the basic data of cultural assets, it is necessary to apply new technology to carry out efficient and accurate settlement mapping work. In this paper, taking the old Paiwan as an example, the aerial survey of the settlement of about 5 hectares and the 3D laser scanning of a slate house were carried out. The obtained orthophoto image was used as an important basis for drawing the settlement map. This 3D landscape data of topography and buildings derived from the aerial survey is important for subsequent preservation planning as well as building 3D scan provides a more detailed record of architectural forms and materials. The 3D settlement data from the aerial survey can be further applied to the 3D virtual model and animation of the settlement for virtual presentation. The information from the 3D scanning of the slate house can also be used for further digital archives and data queries through network resources. The results of this study show that, in large-scale settlement surveys, aerial surveying technology is used to construct the topography of settlements with buildings and spatial information of landscape, as well as the application of 3D scanning for small-scale records of individual buildings. This application of 3D technology, greatly increasing the efficiency and accuracy of survey and mapping work of aboriginal settlements, is much helpful for further preservation planning and rejuvenation of aboriginal cultural heritage.

Keywords: aerial survey, 3D scanning, aboriginal settlement, settlement architecture cluster, ecological landscape area, old Paiwan settlements, slat house, photogrammetry, SfM, MVS), Point cloud, SIFT, DSM, 3D model

Procedia PDF Downloads 139