Search results for: future return

Authors: Damien Kunjal, Faeezah Peerbhai

Abstract:

Despite the increasing popularity of exchange-traded funds (ETFs), ETF investment choices may not always be rational. Excess trading volume, misevaluations of securities, and excess return volatility present in financial markets can be attributed to the influence of the overconfidence bias. Whilst previous research has explored the overconfidence bias in stock markets; this study focuses on trading in ETF markets. Therefore, the objective of this study is to investigate the presence of investor overconfidence in the South African ETF market. Using vector autoregressive models, the lead-lag relationship between market turnover and the market return is examined for the market of South African ETFs tracking domestic benchmarks and for the market of South African ETFs tracking international benchmarks over the period November 2000 till August 2019. Consistent with the overconfidence hypothesis, a positive relationship between current market turnover and lagged market return is found for both markets, even after controlling for market volatility and cross-sectional dispersion. This relationship holds for both market and individual ETF turnover suggesting that investors are overconfident when trading in South African ETFs tracking domestic benchmarks and South African ETFs tracking international benchmarks since trading activity depends on past market returns. Additionally, using the global recession as a structural break, this study finds that investor overconfidence is more pronounced after the global recession suggesting that investors perceive ETFs as risk-reducing assets due to their diversification benefits. Overall, the results of this study indicate that the overconfidence bias has a significant influence on ETF investment choices, therefore, suggesting that the South African ETF market is inefficient since investors’ decisions are based on their biases. As a result, the effect of investor overconfidence can account for the difference between the fair value of ETFs and its current market price. This finding has implications for policymakers whose responsibility is to promote the efficiency of the South African ETF market as well as ETF investors and traders who trade in the South African ETF market.

Keywords: exchange-traded fund, market return, market turnover, overconfidence, trading activity

Procedia PDF Downloads 162

Authors: Nithi Sermsiriviboon, Somchai Supattarakul

Abstract:

Dividend initiations are an economically significant event that has important implications for a firm’s future financial capacity. Given that the market’s expectation of a consistent payout, managers of IPO firms must approach the initial dividend decision cautiously. We compare the long run performance of IPO firms that initiated dividends with those of similarly matched non-payers. We found that firms which initiated dividends perform significantly better up to three years after the initiation date. Moreover, we measure investor reactions by 2-day around dividend announcement date cumulative abnormal return. We evidence no statistically significant differences between cumulative abnormal returns (CAR) of IPO firms and cumulative abnormal returns of Non-IPO firms, indicating that investors do not respond to dividend announcement of IPO firms more than they do to the dividend announcement of Non-IPO firms.

Keywords: dividend, initial public offerings, long-run performance, finance

Procedia PDF Downloads 235

Authors: Wale Agbaje

Abstract:

The aim of this research study is to assess the impact of financial statement fraud on profitability of some selected Nigerian manufacturing firms covering (2002-2016). The specific objectives focused on to ascertain the effect of incorrect asset valuation on return on assets (ROA) and to ascertain the relationship between improper expense recognition and return on assets (ROA). To achieve these objectives, descriptive research design was used for the study while secondary data were collected from the financial reports of the selected firms and website of security and exchange commission. The analysis of covariance (ANCOVA) was used and STATA II econometric method was used in the analysis of the data. Altman model and operating expenses ratio was adopted in the analysis of the financial reports to create a dummy variable for the selected firms from 2002-2016 and validation of the parameters were ascertained using various statistical techniques such as t-test, co-efficient of determination (R2), F-statistics and Wald chi-square. Two hypotheses were formulated and tested using the t-statistics at 5% level of significance. The findings of the analysis revealed that there is a significant relationship between financial statement fraud and profitability in Nigerian manufacturing industry. It was revealed that incorrect assets valuation has a significant positive relationship and so also is the improper expense recognition on return on assets (ROA) which serves as a proxy for profitability. The implication of this is that distortion of asset valuation and expense recognition leads to decreasing profit in the long run in the manufacturing industry. The study therefore recommended that pragmatic policy options need to be taken in the manufacturing industry to effectively manage incorrect asset valuation and improper expense recognition in order to enhance manufacturing industry performance in the country and also stemming of financial statement fraud should be adequately inculcated into the internal control system of manufacturing firms for the effective running of the manufacturing industry in Nigeria.

Keywords: Althman's Model, improper expense recognition, incorrect asset valuation, return on assets

Procedia PDF Downloads 160

Authors: Charlotte K. Lee, Henrique R. N. Aguiar, Ralph Smith, James Baldock, Sam Botchey

Abstract:

Background: Femoral neck stress fractures (FNSF) are uncommon, making up 1 to 7.2% of stress fractures in healthy subjects. FNSFs are prevalent in young women, military recruits, endurance athletes, and individuals with energy deficiency syndrome or female athlete triad. Presentation is often non-specific and is often misdiagnosed following the initial examination. There is limited research addressing the return–to–activity time after FNSF. Previous studies have demonstrated prognostic time predictions based on various imaging techniques. Here, (1) OxSport clinic FNSF practice standards are retrospectively reviewed, (2) FNSF cohort demographics are examined, (3) Regression models were used to predict return–to–activity prognosis and consequently determine bone stress risk factors. Methods: Patients with a diagnosis of FNSF attending Oxsport clinic between 01/06/2020 and 01/01/2020 were selected from the Rheumatology Assessment Database Innovation in Oxford (RhADiOn) and OxSport Stress Fracture Database (n = 14). (1) Clinical practice was audited against five criteria based on local and National Institute for Health Care Excellence guidance, with a 100% standard. (2) Demographics of the FNSF cohort were examined with Student’s T-Test. (3) Lastly, linear regression and Random Forest regression models were used on this patient cohort to predict return–to–activity time. Consequently, an analysis of feature importance was conducted after fitting each model. Results: OxSport clinical practice met standard (100%) in 3/5 criteria. The criteria not met were patient waiting times and documentation of all bone stress risk factors. Importantly, analysis of patient demographics showed that of the population with complete bone stress risk factor assessments, 53% were positive for modifiable bone stress risk factors. Lastly, linear regression analysis was utilized to identify demographic factors that predicted return–to–activity time [R2 = 79.172%; average error 0.226]. This analysis identified four key variables that predicted return-to-activity time: vitamin D level, total hip DEXA T value, femoral neck DEXA T value, and history of an eating disorder/disordered eating. Furthermore, random forest regression models were employed for this task [R2 = 97.805%; average error 0.024]. Analysis of the importance of each feature again identified a set of 4 variables, 3 of which matched with the linear regression analysis (vitamin D level, total hip DEXA T value, and femoral neck DEXA T value) and the fourth: age. Conclusion: OxSport clinical practice could be improved by more comprehensively evaluating bone stress risk factors. The importance of this evaluation is demonstrated by the population found positive for these risk factors. Using this cohort, potential bone stress risk factors that significantly impacted return-to-activity prognosis were predicted using regression models.

Keywords: eating disorder, bone stress risk factor, femoral neck stress fracture, vitamin D

Procedia PDF Downloads 181

Authors: Badli Shah Mohd Yusoff, Khairur Rijal Jamaludin, Rozetta Dollah

Abstract:

The emerging of reverse logistics and product recovery management is an important concept in reconciling economic and environmental objectives through recapturing values of the end of life product returns. End of life products contains valuable modules, parts, residues and materials that can create value if recovered efficiently. The main objective of this study is to explore and develop a model to recover as much of the economic value as reasonably possible to find the optimality of return acquisition and sorting to meet demand and maximize profits over time. In this study, the benefits that can be obtained for remanufacturer is to develop demand forecasting of used products in the future with uncertainty of returns and quality of products. Formulated based on a generic disassembly tree, the proposed model focused on three reverse logistics activity, namely refurbish, remanufacture and disposal incorporating all plausible means quality levels of the returns. While stricter sorting policy, constitute to the decrease amount of products to be refurbished or remanufactured and increases the level of discarded products. Numerical experiments carried out to investigate the characteristics and behaviour of the proposed model with mathematical programming model using Lingo 16.0 for medium-term planning of return acquisition, disassembly (refurbish or remanufacture) and disposal activities. Moreover, the model seeks an analysis a number of decisions relating to trade off management system to maximize revenue from the collection of use products reverse logistics services through refurbish and remanufacture recovery options. The results showed that full utilization in the sorting process leads the system to obtain less quantity from acquisition with minimal overall cost. Further, sensitivity analysis provides a range of possible scenarios to consider in optimizing the overall cost of refurbished and remanufactured products.

Keywords: core acquisition, end of life, reverse logistics, quality uncertainty

Procedia PDF Downloads 302

Authors: F. Calderón-Vega, A. D. García-Soto, C. Mösso

Abstract:

Recorded significant wave heights sometimes exhibit large uncommon values (outliers) that can be associated with extreme phenomena such as hurricanes and cold fronts. In this study, some extremely large wave heights recorded in NOAA buoys (National Data Buoy Center, noaa.gov) are used to investigate their effect in the prediction of future wave heights associated with given return periods. Extreme waves are predicted through a time-dependent model based on the so-called generalized extreme value distribution. It is found that the outliers do affect the estimated wave heights. It is concluded that a detailed inspection of outliers is envisaged to determine whether they are real recorded values since this will impact defining design wave heights for coastal protection purposes.

Keywords: GEV model, non-stationary, seasonality, outliers

Procedia PDF Downloads 194

Authors: Ya-Hui Lee, Ching-Yi Lu, Chien Hung, Hsieh

Abstract:

The purpose of this study is to explore the difference between state-owned-enterprise employees and the civil servants regarding their future-oriented thinking and retirement planning. The researchers investigated 687 middle age and older adults (345 state-owned-enterprise employees and 342 civil servants) through survey research, to understand the relevance between and the prediction of their future-oriented thinking and retirement planning. The findings of this study are: 1.There are significant differences between these two professions regarding future-oriented thinking but not retirement planning. The results of the future-oriented thinking of civil servants are overall higher than that of the state-owned-enterprise employees. 2. There are significant differences both in the aspects of future-oriented thinking and retirement planning among civil servants of different ages. The future-oriented thinking and retirement planning of ages 55 and above are more significant than those of ages 45 or under. For the state-owned-enterprise employees, however, there is no significance found in their future-oriented thinking, but in their retirement planning. Moreover, retirement planning is higher at ages 55 or above than at other ages. 3. With regard to education, there is no correlation to future-oriented thinking or retirement planning for civil servants. For state-owned-enterprise employees, however, their levels of education directly affect their future-oriented thinking. Those with a master degree or above have greater future-oriented thinking than those with other educational degrees. As for retirement planning, there is no correlation. 4. Self-assessment of economic status significantly affects the future-oriented thinking and retirement planning of both civil servants and state-owned-enterprise employees. Those who assess themselves more affluently are more inclined to future-oriented thinking and retirement planning. 5. For civil servants, there are significant differences between their monthly income and retirement planning, but none with future-oriented thinking. As for state-owned-enterprise employees, there are significant differences between their monthly income and retirement planning as well as future-oriented thinking. State-owned-enterprise employees who have significantly higher monthly incomes (1,960 euros and above) have more significant future-oriented thinking and retirement planning than those with lower monthly incomes (1,469 euros and below). 6. The middle age and older adults of both professions have positive correlations with future-oriented thinking and retirement planning. Through stepwise multiple regression analysis, the results indicate that future-oriented thinking and retirement planning have positive predictions. The authors then present the findings of this study for state-owned-enterprises, public authorities, and older adult educational program designs in Taiwan as references.

Keywords: state-owned-enterprise employees, civil servants, future-oriented thinking, retirement planning

Procedia PDF Downloads 366

Authors: Saad Bin Nasir

Abstract:

This research will examine the impact of corporate governance on firm performance in family and non-family owned firms in Pakistan. For the purpose of this research, corporate governance mechanisms which included are board size, board composition, leadership structure, board meetings are taken as independent variable and firm performance taken as dependent variable and it will be measured with return on asset and return on equity. Firm size and firm’s age will be taken as control variables. Secondary data will collect from audited annul reports of companies and panel data regression model will applied, to check the impact of corporate governance on firm performance.

Keywords: board size, board composition, Leadership Structure, board meetings, firm performance, family and non-family owned firms

Procedia PDF Downloads 372

Authors: Muhammad Ahsan

Abstract:

The effective decommissioning of oil and gas fields and related assets is one of the most important challenges facing the oil and gas industry today and in the future. Decommissioning decisions can no longer be avoided by the operators and the industry as a whole. Decommissioning yields no return on investment and carries significant regulatory liabilities. The main objective of this paper is to provide an approach and mechanism for the estimation of emissions associated with decommissioning of Oil and Gas fields. The model uses gate to gate approach and considers field life from development phase up to asset end life. The model incorporates decommissioning processes which includes; well plugging, plant dismantling, wellhead, and pipeline dismantling, cutting and temporary fabrication, new manufacturing from raw material and recycling of metals. The results of the GHG emissions during decommissioning phase are 2.31x10-2 Kg CO2 Eq. per Mcf of the produced natural gas. Well plug and abandonment evolved to be the most GHG emitting activity with 84.7% of total field decommissioning operational emissions.

Keywords: LCA (life cycle analysis), gas field, decommissioning, emissions

Procedia PDF Downloads 185

Authors: Chandranath Chatterjee, Amina Khatun, Bhabagrahi Sahoo

Abstract:

With the changing climate, precipitation events are intensified in the tropical river basins. Since these river basins are significantly influenced by the monsoonal rainfall pattern, critical impacts are observed on the agricultural practices in the downstream river reaches. This study analyses the crop damage and associated flood risk in terms of net benefit in the paddy-dominated tropical Indian delta of the Mahanadi River. The Mahanadi River basin lies in eastern part of the Indian sub-continent and is greatly affected by the southwest monsoon rainfall extending from the month of June to September. This river delta is highly flood-prone and has suffered from recurring high floods, especially after the 2000s. In this study, the lumped conceptual model, Nedbør Afstrømnings Model (NAM) from the suite of MIKE models, is used for rainfall-runoff modeling. The NAM model is laterally integrated with the MIKE11-Hydrodynamic (HD) model to route the runoffs up to the head of the delta region. To obtain the precipitation-derived future projected discharges at the head of the delta, nine Global Climate Models (GCMs), namely, BCC-CSM1.1(m), GFDL-CM3, GFDL-ESM2G, HadGEM2-AO, IPSL-CM5A-LR, IPSL-CM5A-MR, MIROC5, MIROC-ESM-CHEM and NorESM1-M, available in the Coupled Model Intercomparison Project-Phase 5 (CMIP5) archive are considered. These nine GCMs are previously found to best-capture the Indian Summer Monsoon rainfall. Based on the performance of the nine GCMs in reproducing the historical discharge pattern, three GCMs (HadGEM2-AO, IPSL-CM5A-MR and MIROC-ESM-CHEM) are selected. A higher Taylor Skill Score is considered as the GCM selection criteria. Thereafter, the 10-year return period design flood is estimated using L-moments based flood frequency analysis for the historical and three future projected periods (2010-2039, 2040-2069 and 2070-2099) under Representative Concentration Pathways (RCP) 4.5 and 8.5. A non-dimensional hydrograph analysis is performed to obtain the hydrographs for the historical/projected 10-year return period design floods. These hydrographs are forced into the calibrated and validated coupled 1D-2D hydrodynamic model, MIKE FLOOD, to simulate the flood inundation in the delta region. Historical and projected flood risk is defined based on the information about the flood inundation simulated by the MIKE FLOOD model and the inundation depth-damage-duration relationship of a normal rice variety cultivated in the river delta. In general, flood risk is expected to increase in all the future projected time periods as compared to the historical episode. Further, in comparison to the 2010s (2010-2039), an increased flood risk in the 2040s (2040-2069) is shown by all the three selected GCMs. However, the flood risk then declines in the 2070s as we move towards the end of the century (2070-2099). The methodology adopted herein for flood risk assessment is one of its kind and may be implemented in any world-river basin. The results obtained from this study can help in future flood preparedness by implementing suitable flood adaptation strategies.

Keywords: flood frequency analysis, flood risk, global climate models (GCMs), paddy cultivation

Procedia PDF Downloads 72

Authors: M. S. Turan, Dimple

Abstract:

Due to implementation of IFRS by several developed and developing countries, India has no option other than to converge their accounting standards with IFRS. There are over 10,000 listed companies required to implement IFRS in India. IFRS based financial information presented by a company is different from the same information provided by Indian GAAPs. In this study, we have brought out and analyzed the effect of IFRS reporting on the financial statements of selected companies. The results reveal that convergence with IFRS brought prominent positive variations in the values of quick ratio, debt/equity ratio, proprietary ratio and net profit ratio, while negative variation is brought in the values of current ratio, debt to total assets ratio, operating profit ratio, return on capital employed and return on shareholders’ equity ratios. It also presents significant changes in the values of items of balance sheet, profit and loss account and cash flow statement.

Keywords: IFRS, reporting standards, convergence process, results

Procedia PDF Downloads 330

Authors: Naveed Ul Hassan, Bilal Aziz, Maryam Mushtaq, Imran Ameen Khan

Abstract:

Equity risk premium (ERP) is the stock return in excess of risk free return. Even though it is an essential topic of finance but still there is no common consensus upon its forecasting. For forecasting ERP, apart from the macroeconomic variables attention is devoted to technical indicators as well. For this purpose, set of 14 technical and 14 macro-economic variables is selected and all forecasts are generated based on a standard predictive regression framework, where ERP is regressed on a constant and a lag of a macroeconomic variable or technical indicator. The comparative results showed that technical indicators provide better indications about ERP estimates as compared to macro-economic variables. The relative strength of ERP predictability is also investigated by using National Bureau of Economic Research (NBER) data of business cycle expansion and recessions and found that ERP predictability is more than twice for recessions as compared to expansions.

Keywords: equity risk premium, forecasting, macroeconomic indicators, technical indicators

Procedia PDF Downloads 304

Authors: Anuj Pathare, Aleksandra Birn-Jeffery

Abstract:

Background: The Anterior Cruciate Ligament(ACL) helps stabilize the knee joint minimizing tibial anterior translation. Anterior Cruciate Ligament (ACL) injury is common in racquet sports and often occurs due to sudden acceleration, deceleration or changes of direction. This mechanism in badminton most commonly occurs during landing after an overhead stroke. Knee biomechanics during dynamic movements such as walking, running and stair negotiation, do not return to normal for more than a year after an ACL reconstruction. This change in the biomechanics may lead to re-injury whilst performing non-steady movements during sports, where these injuries are most prevalent. Aims: To compare if the knee kinetics and kinematics in ACL injury recovered athletes return to the same level as those from an uninjured cohort during standard movements used for clinical assessment and badminton shots. Objectives: The objectives of the study were to determine: Knee valgus during the single leg squat, vertical drop jump, net shot and drop shot; Degree of internal or external rotation during the single leg squat, vertical drop jump, net shot and drop shot; Maximum knee flexion during the single leg squat, vertical drop jump and net shot. Methods: This case-control study included 14 participants with three ACL injury recovered athletes and 11 uninjured participants. The participants performed various functional tasks including vertical drop jump, single leg squat; the forehand net shot and the forehand drop shot. The data was analysed using the two-way ANOVA test, and the reliability of the data was evaluated using the Intra Class Coefficient. Results: The data showed a significant decrease in the range of knee rotation in ACL injured participants as compared to the uninjured cohort (F₇,₅₅₆=2.37; p=0.021). There was also a decrease in the maximum knee flexion angles and an increase in knee valgus angles in ACL injured participants although they were not statistically significant. Conclusion: There was a significant decrease in the knee rotation angles in the ACL injured participants which could be a potential cause for re-injury in these athletes in the future. Although the results for decrease in maximum knee flexion angles and increase in knee valgus angles were not significant, this may be due to a limited sample of ACL injured participants; there is potential for it to be identified as a variable of interest in the rehabilitation of ACL injuries. These changes in the knee biomechanics could be vital in the rehabilitation of ACL injured athletes in the future, and an inclusion of sports based tasks, e.g., Net shot along with standard protocol movements for ACL assessment would provide a better measure of the rehabilitation of the athlete.

Keywords: ACL, biomechanics, knee injury, racquet sport

Procedia PDF Downloads 172

Authors: Hadi Ghasemi, Mark Leonard, Spiliopoulos Spiro, Phil Cummins, Mathew Moihoi, Felix Taranu, Eric Buri, Chris Mckee

Abstract:

In this study the level of seismic hazard in terms of Peak Ground Acceleration (PGA) was calculated for return period of 475 years, using modeled seismic sources and assigned ground-motion equations. The calculations were performed for bedrock site conditions (Vs30=760 m/s). From the results it is evident that the seismic hazard reaches its maximum level (i.e. PGA≈1g for 475 yr return period) at the Huon Peninsula and southern New Britain regions. Disaggregation analysis revealed that moderate to large earthquakes occurring along the New Britain Trench mainly control the level of hazard at these locations. The open-source computer program OpenQuake developed by Global Earthquake Model foundation was used for the seismic hazard computations. It should be emphasized that the presented results are still preliminary and should not be interpreted as our final assessment of seismic hazard in PNG.

Keywords: probabilistic seismic hazard assessment, Papua New Guinea, building code, OpenQuake

Procedia PDF Downloads 553

Authors: Farzad Sharifi, Raziyeh Shamsi

Abstract:

In this paper, we obtain the projection of inefficient units in data envelopment analysis (DEA) in the case of stochastic inputs and outputs using the multi-objective programming (MOP) structure. In some problems, the inputs might be stochastic while the outputs are deterministic, and vice versa. In such cases, we propose molti-objective DEA-R model, because in some cases (e.g., when unnecessary and irrational weights by the BCC model reduces the efficiency score), an efficient DMU is introduced as inefficient by the BCC model, whereas the DMU is considered efficient by the DEA-R model. In some other case, only the ratio of stochastic data may be available (e.g; the ratio of stochastic inputs to stochastic outputs). Thus, we provide multi objective DEA model without explicit outputs and prove that in-put oriented MOP DEA-R model in the invariable return to scale case can be replacing by MOP- DEA model without explicit outputs in the variable return to scale and vice versa. Using the interactive methods for solving the proposed model, yields a projection corresponding to the viewpoint of the DM and the analyst, which is nearer to reality and more practical. Finally, an application is provided.

Keywords: DEA, MOLP, STOCHASTIC, DEA-R

Procedia PDF Downloads 396

Authors: Taha Almarayhe

Abstract:

This study addresses the gap in understanding the effect of environmental, social, and governance (ESG) practices on firm performance within the Middle East and North Africa (MENA) region. Using a sample of 340 publicly traded firms across ten MENA countries (2007–2017) and employing ordinary least squares (OLS) regression, the study evaluates how ESG ratings impact both accounting-based performance measures—such as return on assets (ROA), return on equity (ROE), and earnings per share (EPS)—and market-based measures like Tobin’s Q and dividend yield. Results reveal that ESG ratings positively and significantly influence financial performance, particularly in countries with strong regulatory environments. This research contributes empirical insights to the literature on ESG’s financial impact, particularly by comparing cross-country data within the MENA region. It provides valuable guidance for investors and managers aiming to enhance financial outcomes through sustainable business practices.

Keywords: ESG ratings, financial performance, MENA countries, environmental disclosures

Procedia PDF Downloads 7

Authors: Raman Sharma, S. K. Jain

Abstract:

Aims and Objectives: Fixation of the mesh during laparoscopic total extraperitoneal (TEP) repair of inguinal hernia is thought to be necessary to prevent recurrence. However, mesh fixation may increase surgical complications and postoperative pain. Our objective was to compare the outcomes of nonfixation with fixation of polypropylene mesh by metal tacks during TEP repair of inguinal hernia. Methods: Forty patients aged 18 to72 years with inguinal hernia were included who underwent laparoscopic TEP repair of inguinal hernia with (n=20) or without (n=20) fixation of the mesh. The outcomes were operative duration, postoperative pain score, cost, in-hospital stay, time to return to normal activity, and complications. Results: Patients in whom the mesh was not fixed had shorter mean operating time (p < 0.05). We found no difference between groups in the postoperative pain score, incidence of recurrence, in-hospital stay, time to return to normal activity and complications (P > 0.05). Moreover, a net cost savings was realized for each hernia repair performed without stapled mesh. Conclusions: TEP repair without mesh fixation resulted in the shorter operating time and lower operative cost with no difference between groups in the postoperative pain score, incidence of recurrence, in-hospital stay, time to return to normal activity and complications. All this contribute to make TEP repair without mesh fixation a better choice for repair of uncomplicated inguinal hernia, especially in developing nations with scarce resources.

Keywords: postoperative pain score, inguinal hernia, nonfixation of mesh, total extra peritoneal (TEP)

Procedia PDF Downloads 342

Authors: K. Nagaz, F. El Mokh, M. Masmoudi, N. Ben Mechlia, M. O. Baba Sy, G. Ghiglieri

Abstract:

Field experiments on deficit irrigation (DI) were performed in Médenine, Tunisia on drip-irrigated olive, orange and grapevine orchards during 2013 and 2014. Four irrigation treatments were compared: full irrigation (FI), which was irrigated at 100% of ETc for the whole season; two deficit irrigation (DI) strategies -DI75 and DI50- which received, respectively, 25 and 50% less water than FI; and traditional farming management (FM) - with water input much less than actually needed. The traditional farming (FM) applied 11, 18, 30 and 33% less water than the FI treatment, respectively, in orange, grapevine and table and oil olive orchards, indicating that the farmers practices represent a form of unintended deficit irrigation. Yield was reduced when deficit irrigation was applied and there were significant differences between DI75, DI50 and FM treatments. Significant differences were not observed between DI50 and FM treatments even though numerically smaller yield was observed in the former (DI50) as compared to the latter (FM). The irrigation water productivity (IWP) was significantly affected by irrigation treatments. The smallest IWP was recorded under the FI treatment, while the largest IWP was obtained under the deficit irrigation treatment (DI50). The DI50 and FM treatments reduced the economic return compared to the full treatment (FI), while the DI75 treatment resulted in a better economic return in respect to DI50 and FM. Full irrigation (FI) could be recommended for olive, orange and grapevine irrigation under the arid climate of Tunisia. Nevertheless, the treatment DI75 can be applied as a strategy under water scarcity conditions in commercial olive, orange and grapevine orchards allowing water savings up to 25% but with some reduction in yield and net return. The results would be helpful in adopting deficit irrigation in ways that enhance net financial returns.

Keywords: water productivity, deficit irrigation, drip irrigation, orchards

Procedia PDF Downloads 222

Authors: Zaffar Hayat Nawaz Khan

Abstract:

In the face of growing environmental concerns, the need for sustainable practices has become increasingly urgent. This paper aims to explore the path towards a greener and more resilient future by examining key strategies and initiatives that address environmental challenges. The paper begins by analyzing the current state of the environment, highlighting the various concerns such as climate change, deforestation, pollution, and depletion of natural resources. It emphasizes the need for immediate action and proposes a comprehensive approach to tackle these issues. Furthermore, the paper delves into the concept of resilience and its importance in creating a sustainable future. It discusses the need to build resilient systems and communities that can withstand and adapt to environmental shocks and stresses. The paper highlights the role of innovation, technology, and policy frameworks in promoting resilience and fostering a greener and more sustainable future.

Keywords: environmental concerns, ustainable development, greener future, energy, waste management

Procedia PDF Downloads 78

Authors: Raphael Naryongo, Philip Ngare, Anthony Waititu

Abstract:

This paper deals with numerical simulation of Wishart processes for a single asset risky pricing model whose volatility is described by Wishart affine diffusion processes. The multi-factor specification of volatility will make the model more flexible enough to fit the stock market data for short or long maturities for better returns. The Wishart process is a stochastic process which is a positive semi-definite matrix-valued generalization of the square root process. The aim of the study is to model the log asset stock returns under the double Wishart stochastic volatility model. The solution of the log-asset return dynamics for Bi-Wishart processes will be obtained through Euler-Maruyama discretization schemes. The numerical results on the asset returns are compared to the existing models returns such as Heston stochastic volatility model and double Heston stochastic volatility model

Keywords: euler schemes, log-asset return, infinitesimal generator, wishart diffusion affine processes

Procedia PDF Downloads 376

Authors: Samira Haghbin, Behnam Daryayelaal, Zeinab Amiri

Abstract:

As a result of rapid progress of technology in various industries, the only way to survive in a competitive market of business is to update one's situation along with the said developments. During recent decades, Robotics and automation of the construction operation has emerged as one of the important technologies grabbing the attention of various industries and specially the construction industry. Because of the coming labor shortage of the aging society in the near future, robots will be used in construction fields more than ever. By predicting the condition of Robotics in world's future construction industry, we can make necessary preparations to face with needs imposed by the time and stay ahead. This article takes a library study approach and presents a literature review of existing studies with an aim to investigate the use of robotics in past, present and future of construction industry and make predictions on its' growth and change process. Therefore, to make familiar with this kind of technology and its' requirements in the construction industry, the status of Robotics in construction industry of different countries of the world has been studied and necessary context for its' future progress is expressed. It is hoped that identifying needs and required contexts will facilitate further development of advanced technologies such as robotics industry and lead to more preparation for future.

Keywords: future of robotics, construction industry, construction automation, trends of automation

Procedia PDF Downloads 389

Authors: Nimit Soonsan

Abstract:

Hotel image is a key business issue in today’s hotel market and has been increasingly been recognized as a valuable and inimitable source of competitive advantage by many hotel. The current study attempted to develop and test a relationship of hotel image, overall satisfaction, and future behavior. Based on the above concepts, this paper hypothesizes the correlations among four constructs, namely, hotel image and overall satisfaction as antecedents of future behavior that positive word-of-mouth and intention to revisit. This study surveyed for a sample of 244 international customers staying budget hotel in Phuket, Thailand and using a structural equation modeling identified relationship between hotel image, overall satisfaction and future behavior. The major finding of structural equation modeling indicates that hotel image directly affects overall satisfaction and indirectly affects future behavior that positive word-of-mouth and intention to revisit. In addition, overall satisfaction had significant influence on future behavior that positive word-of-mouth and intention to revisit, and the mediating role of overall satisfaction is also confirmed in this study. Managerial implications are provided, limitations noted, and future research directions suggested.

Keywords: hotel image, satisfaction, word-of-mouth, revisit

Procedia PDF Downloads 239

Authors: Tchapo Tchaga Sophia, Cai Chun

Abstract:

This study measures the efficiency level of corporate governance to improve the quality level of value relevance in the resolution of market value efficiency increase issues, transparency problems, risk frauds, agency problems, investors' confidence, and decision-making issues using IFRS and Corporate Governance Acts (CGA). The final sample of this study contains 3660 firms from ten countries' stock markets from 2010 to 2020. Based on the efficiency market theory and the positive accounting theory, this paper uses multiple econometrical methods (DID method, multivariate and univariate regression methods) and models (Ohlson model and compliance index model) regression to see the incidence results of corporate governance mechanisms on the value relevance level under the influence of IFRS and corporate governance regulations act framework in Africa's stock exchanges for non-financial firms. The results on value relevance show that the corporate governance system, strengthened by the adoption of IFRS and enforcement of new corporate governance regulations, produces better financial statement information when its compliance level is high. And that is both value-relevant and comparable to results in more developed markets. Similar positive and significant results were obtained when predicting future book value per share and earnings per share through the determination of stock price and stock return. The findings of this study have important implications for regulators, academics, investors, and other users regarding the effects of IFRS and the Corporate Governance Act (CGA) on the relationship between corporate governance and accounting information relevance in the African stock market. The contributions of this paper are also based on the uniqueness of the data used in this study. The unique data is from Africa, and not all existing findings provide evidence for Africa and of the DID method used to examine the relationship between corporate governance and value relevance on African stock exchanges.

Keywords: corporate governance value, market efficiency value, value relevance, African stock market, stock return-stock price

Procedia PDF Downloads 56

Authors: Jyothirmayee Pola

Abstract:

Ideally, a test-driven development (TDD) or agile or any other process should be able to define and implement performance, scalability, and reliability (PSR) of the product with a higher quality of service (QOS) and should have the ability to fix any PSR issues with lesser cost before it hits the production. Most PSR test strategies for new product introduction (NPI) include assumptions about production load requirements but never accurate. NPE (New product Enhancement) include assumptions for new features that are being developed whilst workload distribution for older features can be derived by analyzing production transactions. This paper talks about how to shift left PSR towards design phase of release management process to get better QOS w.r.t PSR for any product under development. It also explains the ROI for future customer onboarding both for Service Oriented Architectures (SOA) and Microservices architectures and how to define PSR requirements.

Keywords: component PSR, performance engineering, performance tuning, reliability, return on investment, scalability, system PSR

Procedia PDF Downloads 72

Authors: Michelle Roesler, Ian Glendon, Francis O'Callaghan

Abstract:

This study expands on recent findings and offers a new perspective on recovery from injury and return to work (RTW) after an acute traumatic occupational hand injury. Recovery is a complex medical and psychosocial process. A number of predictor variables were studied simultaneously to identify the bio-psychosocial variables that impede recovery. An unexpected phenomenon to emerge from this study was the high incidence of complications within the hand-injured patient sample. Twenty six percent (n = 71) of the total sample (N = 263) required a second operation due to complications. This warranted further investigation. Results confirmed that complications not only significantly delayed the RTW outcome but also had a profound psychological impact on the individuals affected. Research has found that surgical complications are usually the result of incorrect early assessment and management. A strategic plan needs to be implemented to ensure the optimal level of surgical care is provided for managing acute traumatic hand injuries to avoid such complications.

Keywords: occupational hand trauma, psychological recovery, return to work, psychology

Procedia PDF Downloads 507

Authors: Lemu Abebe Geleta

Abstract:

In this study, it compare the performance of banks and financial services (operational, financial, and market) across four major regions including Asia, Europe, Africa, and North with the extent of sustainability reporting. We examine how the Environment, Social, and Governance score (ESG) and the three pillars such as Return on Assets, Return on Equity, and Tobin's (Q) affect the performance of banks using data collected from 3450 observations across 40 different nations over ten years of (2011-2020). it also consider implications for governance, macroeconomics, and specific bank attributes. The results indicate a negative correlation between ESG and operational performance (ROA), financial performance (ROE), and market performance (TQ). The inclusion of diverse political and economic contexts lends distinctiveness to this paper. the findings hold significant theoretical implications for global scholars and policymakers. The limited correlation between ESG, its pillars, and the performance of banks and financial services underscores managerial shortcomings within these sectors.

Keywords: bank specialization, financial crisis, credit risk, difference-in-differences, herfindahl hirschman index

Procedia PDF Downloads 25

Authors: Fiona Tan, Cheryl Tan, Thomas Wong, Remesh

Abstract:

Background: An increasing number of working adults undergo knee arthroplasty in Singapore. There is limited data concerning Southeast Asian patients returning to work (RTW) following knee replacement surgery. Our aim was to identify and study factors influencing patients' RTW following total knee arthroplasty (TKA) or unicompartmental knee arthroplasty (UKA). Methods: Patients who underwent TKA or UKA between August 2017 to March 2020 in our center were included in this study. Outcomes include RTW and duration prior to RTW. Results: 441 patients underwent TKA (295 women, 146 men, mean age 67.3 years), and 69 underwent UKA (48 women, 21 men, mean age 61.1 years). Patients who underwent TKA returned to work earlier (mean 83.7 ± 27.1 days) compared to UKA (mean 94.4 ± 42.3 days). 90.0% of TKA patients RTW compared to 95.5% who underwent UKA. Of patients who RTW, 94.3% of the TKA group returned to employment of the same nature compared to 92.9% of UKA patients. Patients who RTW were of a younger age (p = 0.03), white-collared workers (p = 0.04), and had independent preoperative ambulatory status (p <0.01). Conclusion: Younger and independently ambulating patients may have a better capacity for rehabilitation and RTW post-arthroplasty surgery.

Keywords: return to work, total knee arthroplasty, unilateral knee arthroplasty, employment

Procedia PDF Downloads 36

Authors: Levente Kovács, Fruzsina Luca Kézér, Ottó Szenci

Abstract:

Prediction of the onset of calving and recognizing difficulties at calving has great importance in decreasing neonatal losses and reducing the risk of health problems in the early postpartum period. In this study, changes of rumination time, reticuloruminal pH and temperature were investigated in eutocic (EUT, n = 10) and dystocic (DYS, n = 8) dairy cows around parturition. Rumination time was continuously recorded using an acoustic biotelemetry system, whereas reticuloruminal pH and temperature were recorded using an indwelling and wireless data transmitting system. The recording period lasted from 3 d before calving until 7 days in milk. For the comparison of rumination time and reticuloruminal characteristics between groups, time to return to baseline (the time interval required to return to baseline from the delivery of the calf) and area under the curve (AUC, both for prepartum and postpartum periods) were calculated for each parameter. Rumination time decreased from baseline 28 h before calving both for EUT and DYS cows (P = 0.023 and P = 0.017, respectively). After 20 h before calving, it decreased onwards to reach 32.4 ± 2.3 and 13.2 ± 2.0 min/4 h between 8 and 4 h before delivery in EUT and DYS cows, respectively, and then it decreased below 10 and 5 min during the last 4 h before calving (P = 0.003 and P = 0.008, respectively). Until 12 h after delivery rumination time reached 42.6 ± 2.7 and 51.0 ± 3.1 min/4 h in DYS and EUT dams, respectively, however, AUC and time to return to baseline suggested lower rumination activity in DYS cows than in EUT dams for the 168-h postpartum observational period (P = 0.012 and P = 0.002, respectively). Reticuloruminal pH decreased from baseline 56 h before calving both for EUT and DYS cows (P = 0.012 and P = 0.016, respectively), but did not differ between groups before delivery. In DYS cows, reticuloruminal temperature decreased from baseline 32 h before calving by 0.23 ± 0.02 °C (P = 0.012), whereas in EUT cows such a decrease was found only 20 h before delivery (0.48 ± 0.05 °C, P < 0.01). AUC of reticuloruminal temperature calculated for the prepartum period was greater in EUT cows than in DYS cows (P = 0.042). During the first 4 h after calving, it decreased from 39.7 ± 0.1 to 39.00 ± 0.1 °C and from 39.8 ± 0.1 to 38.8 ± 0.1 °C in EUT and DYS cows, respectively (P < 0.01 for both groups) and reached baseline levels after 35.4 ± 3.4 and 37.8 ± 4.2 h after calving in EUT and DYS cows, respectively. Based on our results, continuous monitoring of changes in rumination time and reticuloruminal temperature seems to be promising in the early detection of cows with a higher risk of dystocia. Depressed postpartum rumination time of DYS cows highlights the importance of the monitoring of cows experiencing difficulties at calving.

Keywords: reticuloruminal pH, reticuloruminal temperature, rumination time, dairy cows, dystocia

Procedia PDF Downloads 314

Authors: Amit Das

Abstract:

Background and significance of the study: Generally investors and market forecasters use financial statement for investigation while it awakens contribute to investing. The main vicinity of financial accounting and reporting practices recommends a few basic financial performance indicators, namely, return on capital employed, return on assets and earnings per share, which is associated considerably with share prices. It is principally true in case of Indian pharmaceutical companies also. Share investing is intriguing a financial risk in addition to investors look for those financial evaluations which have noteworthy shock on share price. A crucial intention of financial statement analysis and reporting is to offer information which is helpful predominantly to exterior clients in creating credit as well as investment choices. Sound financial performance attracts the investors automatically and it will increase the share price of the respective companies. Keeping in view of this, this research work investigates the impact of financial performance indicators on share price of pharmaceutical companies in India which is listed in the Bombay Stock Exchange. Methodology: This research work is based on secondary data collected from moneycontrol database on September 28, 2015 of top 101 pharmaceutical companies in India. Since this study selects four financial performance indicators purposively and availability in the database, that is, earnings per share, return on capital employed, return on assets and net profits as independent variables and one dependent variable, share price of 101 pharmaceutical companies. While analysing the data, correlation statistics, multiple regression technique and appropriate test of significance have been used. Major findings: Correlation statistics show that four financial performance indicators of 101 pharmaceutical companies are associated positively and negatively with its share price and it is very much significant that more than 80 companies’ financial performances are related positively. Multiple correlation test results indicate that financial performance indicators are highly related with share prices of the selected pharmaceutical companies. Furthermore, multiple regression test results illustrate that when financial performances are good, share prices have been increased steadily in the Bombay stock exchange and all results are statistically significant. It is more important to note that sensitivity indices were changed slightly through financial performance indicators of selected pharmaceutical companies in India. Concluding statements: The share prices of pharmaceutical companies depend on the sound financial performances. It is very clear that share prices are changed with the movement of two important financial performance indicators, that is, earnings per share and return on assets. Since 101 pharmaceutical companies are listed in the Bombay stock exchange and Sensex are changed with this, it is obvious that Government of India has to take important decisions regarding production and exports of pharmaceutical products so that financial performance of all the pharmaceutical companies are improved and its share price are increased positively.

Keywords: financial performance indicators, share prices, pharmaceutical companies, India

Procedia PDF Downloads 305

Authors: Hannah K. M. Tang, Muhammad Ateeq, Mark J. Lake, Badr Abdullah, Frederic A. Bezombes

Abstract:

Based on a theoretical assessment of current literature, virtual reality (VR) could help to treat sporting injuries in a number of ways. However, it is important to obtain rehabilitation specialists’ perspectives in order to design, develop and validate suitable content for a VR application focused on treatment. Subsequently, a one-day observation and interview study focused on the use of VR for the treatment of lower limb musculoskeletal conditions in athletes was conducted at St George’s Park England National Football Centre with rehabilitation specialists. The current paper established the methods suitable for obtaining practitioner’s viewpoints through observation and interview in this context. Particular detail was provided regarding the method of qualitatively processing interview results using the qualitative data analysis software tool NVivo, in order to produce a narrative of overarching themes. The observations and overarching themes identified could be used as a framework and success criteria of a VR application developed in future research. In conclusion, this work explained the methods deemed suitable for obtaining practitioner’s viewpoints through observation and interview. This was required in order to highlight characteristics and features of a VR application designed to treat lower limb musculoskeletal injury of athletes and could be built upon to direct future work.

Keywords: athletes, lower-limb musculoskeletal injury, rehabilitation, return-to-sport, virtual reality

Procedia PDF Downloads 255