Search results for: increasing returns

Authors: Birce Boga Bakirli

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In this paper, we investigate ideas on human capital development and management in industries. We structured a model to be able to gather the data from the interviews conducted with worker, specialists and owners of companies. Different aspects of the situation are found in these interviews, and we used the information to model the benefit of the business owners and workers perspectives. These are modelled as a bi-level programming problem. Several instances of the generic cases are solved. The results show the importance of education within and out of the company for workers, and it returns for the company.

Keywords: bi-level programming, corporate strategy, cost tradeoffs, human capital, mixed integer programming, Stackelberg game, supplier relations, strategic planning

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Authors: N. K. Bhute, B. B. Bhosle, D. G. More, B. V. Bhede

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The field experiments were conducted during kharif season of the year 2007-08 at the experimental farm of the Department of Agricultural Entomology, Vasantrao Naik Marathwada Krishi Vidyapeeth, Studies on evaluation of different IPM modules for Bt cotton in relation to yield economics and ICBR revealed that MAU and CICR IPM modules proved superior. It was, however, on par with chemical control. Considering the ICBR and safety to natural enemies, an inference can be drawn that Bt cotton with IPM module is the most ideal combination. Besides reduction in insecticide use, it is also expected to ensure favourable ecological and economic returns in contrast to the adverse effects due to conventional insecticides. The IPM approach, which takes care of varying pest situation, appears to be essential for gaining higher advantage from Bt cotton.

Keywords: yield, economics, ICBR, IPM Modules, Bt cotton

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Authors: Farhad Forouharmajd, Hossein Ebrahimi, Siamak Pourabdian

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Introduction: Prevalent use of cell phones (mobile phones) has led to increasing worries about the effect of radiofrequency waves on the physiology of human body. This study was done to determine different reactions of the temperatures in different depths of brain tissue in confronting with radiofrequency waves of cell phones. Methodology: This study was an empirical research. A cow's brain tissue was placed in a compartment and the effects of radiofrequency waves of the cell phone was analyzed during confrontation and after confrontation, in three different depths of 2, 12, and 22 mm of the tissue, in 4 mm and 4 cm distances of the tissue to a cell phone, for 15 min. Lutron thermometer was used to measure the tissue temperatures. Data analysis was done by Lutron software. Findings: The rate of increasing the temperature at the depth of 22 mm was higher than 2 mm and 12mm depths, during confrontation of the brain tissue at the distance of 4 mm with the cell phone, such that the tissue temperatures at 2, 12, and 22 mm depths increased by 0.29 ˚C, 0.31 ˚C, and 0.37 ˚C, respectively, relative to the base temperature (tissue temperature before confrontation). Moreover, the temperature of brain tissue at the distance of 4 cm by increasing the tissue depth was more than other depths. Increasing the tissue temperature also existed by increasing the brain tissue depth after the confrontation with the cell phone. The temperature of the 22 mm depth increased with higher speed at the time confrontation. Conclusion: Not only radiofrequency waves of cell phones increased the tissue temperature in all the depths of the brain tissue, but also the temperature due to radiofrequency waves of the cell phone was more at the depths higher than 22 mm of the tissue. In fact, the thermal effect of radiofrequency waves was higher in higher depths.

Keywords: mobile phone, radio frequency waves, brain tissue, temperature

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Authors: Regina Connolly, Murray Scott, William DeLone

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Social media are revolutionary technologies that are transforming the way we communicate, the way we collaborate and the way we influence. Companies are making major investments in platforms such as Facebook and Twitter because they realize that social media are an influential force on customer perceptions and behavior. However, to date there is little guidance on what constitutes an effective deployment of social media and there is no empirical evidence that social medial investments are yielding positive returns. This research develops and validates the components of an effective corporate social media platform in order to examine the impact of effective social media on customer intentions and behavior.

Keywords: service quality, social value, social media, IS success, Web 2.0, customer behaviour

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Authors: Yegnanew A. Shiferaw

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Background: commodity price volatility originating from excessive commodity price fluctuation has been a global problem especially after the recent financial crises. Volatility is a measure of risk or uncertainty in financial analysis. It plays a vital role in risk management, portfolio management, and pricing equity. Objectives: the core objective of this paper is to examine the relationship between the prices of agricultural commodities with oil price, gas price, coal price and exchange rate (USD/Rand). In addition, the paper tries to fit an appropriate model that best describes the log return price volatility and estimate Value-at-Risk and expected shortfall. Data and methods: the data used in this study are the daily returns of agricultural commodity prices from 02 January 2007 to 31st October 2016. The data sets consists of the daily returns of agricultural commodity prices namely: white maize, yellow maize, wheat, sunflower, soya, corn, and sorghum. The paper applies the three-state Markov-switching (MS) regression, the standard single-regime GARCH and the two regime Markov-switching GARCH (MS-GARCH) models. Results: to choose the best fit model, the log-likelihood function, Akaike information criterion (AIC), Bayesian information criterion (BIC) and deviance information criterion (DIC) are employed under three distributions for innovations. The results indicate that: (i) the price of agricultural commodities was found to be significantly associated with the price of coal, price of natural gas, price of oil and exchange rate, (ii) for all agricultural commodities except sunflower, k=3 had higher log-likelihood values and lower AIC and BIC values. Thus, the three-state MS regression model outperformed the two-state MS regression model (iii) MS-GARCH(1,1) with generalized error distribution (ged) innovation performs best for white maize and yellow maize; MS-GARCH(1,1) with student-t distribution (std) innovation performs better for sorghum; MS-gjrGARCH(1,1) with ged innovation performs better for wheat, sunflower and soya and MS-GARCH(1,1) with std innovation performs better for corn. In conclusion, this paper provided a practical guide for modelling agricultural commodity prices by MS regression and MS-GARCH processes. This paper can be good as a reference when facing modelling agricultural commodity price problems.

Keywords: commodity prices, MS-GARCH model, MS regression model, South Africa, volatility

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Authors: Albert W. K. Tan

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This research consolidates a comprehensive array of publications from peer-reviewed journals, case studies, and seminar reports focused on reverse logistics and network design. By synthesizing this secondary knowledge, our objective is to identify and articulate key decision factors crucial to reverse logistics network design for e-commerce. Through this exploration, we aim to present a refined mathematical model that offers valuable insights for companies seeking to optimize their reverse logistics operations. The primary goal of this research endeavor is to develop a comprehensive framework tailored to advising organizations and companies on crafting effective networks for their reverse logistics operations, thereby facilitating the achievement of their organizational goals. This involves a thorough examination of various network configurations, weighing their advantages and disadvantages to ensure alignment with specific business objectives. The key objectives of this research include: (i) Identifying pivotal factors pertinent to network design decisions within the realm of reverse logistics across diverse supply chains. (ii) Formulating a structured framework designed to offer informed recommendations for sound network design decisions applicable to relevant industries and scenarios. (iii) Propose a mathematical model to optimize its reverse logistics network. A conceptual framework for designing a reverse logistics network has been developed through a combination of insights from the literature review and information gathered from company websites. This framework encompasses four key stages in the selection of reverse logistics operations modes: (1) Collection, (2) Sorting and testing, (3) Processing, and (4) Storage. Key factors to consider in reverse logistics network design: I) Centralized vs. decentralized processing: Centralized processing, a long-standing practice in reverse logistics, has recently gained greater attention from manufacturing companies. In this system, all products within the reverse logistics pipeline are brought to a central facility for sorting, processing, and subsequent shipment to their next destinations. Centralization offers the advantage of efficiently managing the reverse logistics flow, potentially leading to increased revenues from returned items. Moreover, it aids in determining the most appropriate reverse channel for handling returns. On the contrary, a decentralized system is more suitable when products are returned directly from consumers to retailers. In this scenario, individual sales outlets serve as gatekeepers for processing returns. Considerations encompass the product lifecycle, product value and cost, return volume, and the geographic distribution of returns. II) In-house vs. third-party logistics providers: The decision between insourcing and outsourcing in reverse logistics network design is pivotal. In insourcing, a company handles the entire reverse logistics process, including material reuse. In contrast, outsourcing involves third-party providers taking on various aspects of reverse logistics. Companies may choose outsourcing due to resource constraints or lack of expertise, with the extent of outsourcing varying based on factors such as personnel skills and cost considerations. Based on the conceptual framework, the authors have constructed a mathematical model that optimizes reverse logistics network design decisions. The model will consider key factors identified in the framework, such as transportation costs, facility capacities, and lead times. The authors have employed mixed LP to find the optimal solutions that minimize costs while meeting organizational objectives.

Keywords: reverse logistics, supply chain management, optimization, e-commerce

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Authors: M. A. Ojo, O. A. Ojo, A. I. Odine, A. Ogaji

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The study examined marginal productivity analysis of small scale yam and cassava farmers in Kogi State, Nigeria. Data used for the study were obtained from primary source using a multi-stage sampling technique with structured questionnaires administered to 150 randomly selected yam and cassava farmers from three Local Government Areas of the State. Description statistics, data envelopment analysis and Cobb-Douglas production function were used to analyze the data. The DEA result on the overall technical efficiency of the farmers showed that 40% of the sampled yam and cassava farmers in the study area were operating at frontier and optimum level of production with mean technical efficiency of 1.00. This implies that 60% of the yam and cassava farmers in the study area can still improve their level of efficiency through better utilization of available resources, given the current state of technology. The results of the Cobb-Douglas analysis of factors affecting the output of yam and cassava farmers showed that labour, planting materials, fertilizer and capital inputs positively and significantly affected the output of the yam and cassava farmers in the study area. The study further revealed that yam and cassava farms in the study area operated under increasing returns to scale. This result of marginal productivity analysis further showed that relatively efficient farms were more marginally productive in resource utilization This study also shows that estimating production functions without separating the farms to efficient and inefficient farms bias the parameter values obtained from such production function. It is therefore recommended that yam and cassava farmers in the study area should form cooperative societies so as to enable them have access to productive inputs that will enable them expand. Also, since using a single equation model for production function produces a bias parameter estimates as confirmed above, farms should, therefore, be decomposed into efficient and inefficient ones before production function estimation is done.

Keywords: marginal productivity, DEA, production function, Kogi state

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Authors: Leon C. Prieto, Simone T. A. Phipps

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There is a need to promote social entrepreneurship in order to solve some of the complex problems facing various countries in Africa (poverty, unemployment, crime, HIV, etc.). For example, one possible consequence of the HIV/AIDS crisis in Zimbabwe and elsewhere is a deterioration in the educational opportunities for orphans and other vulnerable children. Given that high returns are associated with education, the loss of education for a large segment of the population would likely worsen the already dire economic consequences of the HIV/AIDS crisis. Using a systems approach, this paper argues that social entrepreneurship can be used as a vehicle to promote national human resource development, which will assist in the alleviation of societal ills on the national level as well as throughout Africa.

Keywords: human resource development, pan-african, social entrepreneurship, social enterprise

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Authors: P. Hajek, J. Stejskal

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The aim of this paper is to analyze the ability to identify and acquire knowledge from external sources at the regional level in the Czech Republic. The results show that the most important sources of knowledge for innovative activities are sources within the businesses themselves, followed by customers and suppliers. Furthermore, the analysis of relationships between the objective of the innovative activity and the ability to identify and acquire knowledge implies that knowledge obtained from a) customers aims at replacing outdated products and increasing product quality; b) suppliers aims at increasing capacity and flexibility of production; and c) competing businesses aims at growing market share and increasing the flexibility of production and services. Regions should therefore direct their support especially into development and strengthening of networks within the value chain.

Keywords: knowledge, acquisition, innovative business, Czech republic, region

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Authors: Hammadi Larbi

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The treatment of wastewater in sewage plants usually results in the formation of a large amount of sludge. These appear at the outlet of the treatment plant as a viscous fluid loaded with a high concentration of dry matter. This sludge production presents environmental, ecological, and economic risks. That is why it is necessary to find many solutions for minimizing these risks. In the present article, the effect of hydrogen peroxide, thermal treatment, and quicklime on the characteristics of the activated sludge produced in urban wastewater plant were evaluated in order to avoid any risk in the plants. The study shows increasing of the dose of H2O2 from 0 to 0.4 g causes an increase in the solubilization rate of COD from 12% to 45% and a reduction in the organic matter content of sludge (VM/SM) from 74% to 36% . The results also show that the optimum efficiency of the heat treatment corresponds to a temperature of 80 ° C for a treatment time of 40 min is 47% and 51.82% for a temperature equal to 100 ° C and 76.30 % for a temperature of 120 ° C, and 79.38% for a temperature of 140 ° C. The treatment of sludge by quicklime gives the optimum efficiency of 70.62 %. It was shown the increasing of the temperature from 80°C to 140°C, the pH of sludge was increased from 7.12 to 9.59. The obtained results showed that with increasing the dose of quicklime from 0 g/l to 1g/l in activated sludge led to an increase of their pH from 7.12 to 12.06. The study shows the increasing the dose of quicklime from 0 g/l to 1g/l causes also an increase in the solubilization of COD from 0% to 70.62 %

Keywords: activated sludge, hydrogen peroxide, thermal treatment, quicklime

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Authors: A. Guechi, M. Chegaar

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This study investigates how AlGaAs/GaAs thin film solar cells perform under varying global solar spectrum due to the changes of environmental parameters such as the air mass and the atmospheric turbidity. The solar irradiance striking the solar cell is simulated using the spectral irradiance model SMARTS2 (Simple Model of the Atmospheric Radiative Transfer of Sunshine) for clear skies on the site of Setif (Algeria). The results show a reduction in the short circuit current due to increasing atmospheric turbidity, it is 63.09% under global radiation. However increasing air mass leads to a reduction in the short circuit current of 81.73%.The efficiency decrease with increasing atmospheric turbidity and air mass.

Keywords: AlGaAs/GaAs, solar cells, environmental parameters, spectral variation, SMARTS

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Authors: S. P. Singh, Priya, Komal Sajwan

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With the increasing spread of organic farming in India, costs, returns, efficiency, and social and environmental sustainability of organic vis-a-vis conventional farming systems have become topics of interest among agriculture scientists, economists, and policy analysts. A study on technical efficiency estimation under these farming systems, particularly in the Ganga River Basin, where the promotion of organic farming is incentivized, can help to understand whether the inputs are utilized to their maximum possible level and what measures can be taken to improve the efficiency. This paper, therefore, analyses the technical efficiency of wheat farms operating under organic and conventional farming systems. The study is based on a primary survey of 600 farms (300 organic ad 300 conventional) conducted in 2021 in two districts located in the Middle Ganga River Basin, India. Technical, managerial, and scale efficiencies of individual farms are estimated by applying the data envelopment analysis (DEA) methodology. The per hectare value of wheat production is taken as an output variable, and values of seeds, human labour, machine cost, plant nutrients, farm yard manure (FYM), plant protection, and irrigation charges are considered input variables for estimating the farm-level efficiencies. The post-DEA analysis is conducted using the Tobit regression model to know the efficiency determining factors. The results show that technical efficiency is significantly higher in conventional than organic farming systems due to a higher gap in scale efficiency than managerial efficiency. Further, 9.8% conventional and only 1.0% organic farms are found operating at the most productive scale size (MPSS), and 99% organic and 81% conventional farms at IRS. Organic farms perform well in managerial efficiency, but their technical efficiency is lower than conventional farms, mainly due to their relatively lower scale size. The paper suggests that technical efficiency in organic wheat can be increased by upscaling the farm size by incentivizing group/collective farming in clusters.

Keywords: organic, conventional, technical efficiency, determinants, DEA, Tobit regression

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Authors: Richard Renou, Laurent Soulard

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Lasers are widely used in glass material processing, from waveguide fabrication to channel drilling. The gradual damage of glass optics under UV lasers is also an important issue to be addressed. Glass materials (including metallic glasses) can undergo a permanent densification under laser-induced shock loading. Despite increased interest on interactions between laser and glass materials, little is known about the structural mechanisms involved under shock loading. For example, the densification process in silica glasses occurs between 8 GPa and 30 GPa. Above 30 GPa, the glass material returns to the original density after relaxation. Investigating these unusual mechanisms in silica glass will provide an overall better understanding in glass behaviour. Non-Equilibrium Molecular Dynamics simulations (NEMD) were carried out in order to gain insight on the silica glass microscopic structure under shock loading. The shock was generated by the use of a piston impacting the glass material at high velocity (from 100m/s up to 2km/s). Periodic boundary conditions were used in the directions perpendicular to the shock propagation to model an infinite system. One-dimensional shock propagations were therefore studied. Simulations were performed with the STAMP code developed by the CEA. A very specific structure is observed in a silica glass. Oxygen atoms around Silicon atoms are organized in tetrahedrons. Those tetrahedrons are linked and tend to form rings inside the structure. A significant amount of empty cavities is also observed in glass materials. In order to understand how a shock loading is impacting the overall structure, the tetrahedrons, the rings and the cavities were thoroughly analysed. An elastic behaviour was observed when the shock pressure is below 8 GPa. This is consistent with the Hugoniot Elastic Limit (HEL) of 8.8 GPa estimated experimentally for silica glasses. Behind the shock front, the ring structure and the cavity distribution are impacted. The ring volume is smaller, and most cavities disappear with increasing shock pressure. However, the tetrahedral structure is not affected. The elasticity of the glass structure is therefore related to a ring shrinking and a cavity closing. Above the HEL, the shock pressure is high enough to impact the tetrahedral structure. An increasing number of hexahedrons and octahedrons are formed with the pressure. The large rings break to form smaller ones. The cavities are however not impacted as most cavities are already closed under an elastic shock. After the material relaxation, a significant amount of hexahedrons and octahedrons is still observed, and most of the cavities remain closed. The overall ring distribution after relaxation is similar to the equilibrium distribution. The densification process is therefore related to two structural mechanisms: a change in the coordination of silicon atoms and a cavity closing. To sum up, non-equilibrium molecular dynamics were carried out to investigate silica behaviour under shock loading. Analysing the structure lead to interesting conclusions upon the elastic and the densification mechanisms in glass materials. This work will be completed with a detailed study of the mechanism occurring above 30 GPa, where no sign of densification is observed after the material relaxation.

Keywords: densification, molecular dynamics simulations, shock loading, silica glass

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Authors: Julio Vicente Cateia

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This study aims to analyze the economic impacts of infrastructure investment in Africa, focusing on the Guinea-Bissau economy. Through a dynamic CGE model, we find that the natural resource revenues (or aid)-funded infrastructure investments generate externalities that increase factor returns. The private investment improvements propagate externalities effects on GDP and job opportunities outcomes. Household income and consumption were positively impacted, though the poorer benefited the most. The income inequality has reduced. However, funding by the mix of debt and direct taxes produces opposite effects. We suggest a potential pro-poor growth agenda in Africa.

Keywords: infrastructure investment, poverty alleviation, CGE modeling, African economies, applied economics

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Authors: Darrol Stanley, Levan Efremidze, Jannie Rossouw

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We investigate the predictability of the USD/ZAR (South African Rand) exchange rate with sample entropy analytics for the period of 2004-2015. We calculate sample entropy based on the daily data of the exchange rate and conduct empirical implementation of several market timing rules based on these entropy signals. The dynamic investment portfolio based on entropy signals produces better risk adjusted performance than a buy and hold strategy. The returns are estimated on the portfolio values in U.S. dollars. These results are preliminary and do not yet account for reasonable transactions costs, although these are very small in currency markets.

Keywords: currency trading, entropy, market timing, risk factor model

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Authors: Tian Lan

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Arbitrageurs participate in a variety of techniques in response to the existence of fluctuating sentiment, resulting in sparse sentiment exposures. This paper found that Commodity Trading Advisor (CTA) funds in the top decile rated by sentiment beta outperformed those in the bottom decile by 0.33% per month on a risk-adjusted basis, with the difference being larger among skilled managers. This paper also discovered that around ten percent of Commodity Trading Advisor (CTA) funds could accurately predict market sentiment, which has a positive correlation with fund sentiment beta and acts as a determinant in fund performance. Instead of betting against mispricing, this research demonstrates that a competent manager can achieve remarkable returns by forecasting and reacting to shifts in investor sentiment.

Keywords: investment sentiment, CTA fund, market timing, fund performance

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Authors: Abul Shamsuddin

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The Islamic stock market indices are constructed by screening out stocks that are incompatible with Islam’s prohibition of interest and certain lines of business. This study examines the effects of Islamic screening on the risk-return characteristics of Islamic vis-a-vis mainstream equity portfolios. We use data on Dow Jones Islamic market indices and FTSE Global Islamic indices over 1993-2013. We observe that Islamic equity indices outperform their mainstream counterparts in both raw and risk-adjusted returns. In addition, Islamic equity indices are more resilient to turbulence in international markets than that of their mainstream counterparts. The findings are robust across a variety of portfolio performance measures.

Keywords: Dow Jones Islamic market index, FTSE global Islamic index, ethical investment, finance

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Authors: Vajihe Fasihi

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With the advancement of technology and the expansion of the Internet, a significant change in lifestyle and consumption can be seen in societies. The increasing number of mobile applications (such as SnappFood) has expanded the scope of using apps for wider access to services to citizens and meets the needs of a large number of citizens in the shortest time and with reasonable quality. First, this article seeks to understand the concept and function of the Internet distribution network on the Iranian society, which was investigated in a smaller sample (students of the Faculty of Social Sciences of the Tehran university ) and uses the semi-structured interview method, and then explores the concept of consumerism. The main issue of this research is the effect of mobile apps, especially SnappFood, on increasing consumption and the difference between real needs and false needs among consumers. The findings of this research show that the use of the mentioned program has been effective in increasing the false needs of the sample community and has led to the phenomenon of consumerism.

Keywords: consumerism economics, false needs, mobile applications, reel needs

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Authors: Aditi Acharya

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Environmental pollution is threatening the environmental and human health in the most drastic way. This paper provides insight about the affects of environmental pollution in the perspective of water pollution. Sewage in drinking water, the increasing contamination of water bodies and water resources and the human beings are the major contributors, increasing the harsh activities of pollution. The research presents information about the sources of pollution, its impacts and control activities to be undertaken to make our environment free from water pollution.

Keywords: environmental pollution, water pollution, nanotechnology, nanomaterials

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Authors: Rodrigo Zeidan

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The paper identifies failures of decision making and corporate governance that allow non-financial companies around the world to develop hedging strategies that lead to hefty losses in the aftermath of the financial crisis. The sample is comprised of 346 companies from 10 international markets, of which 49 companies (and a subsample of 13 distressed companies) lose a combined US$18.9 billion. An event study shows that most companies that present losses in derivatives experience negative abnormal returns, including a number of companies in which the effect is persistent after a year. The results of a probit model indicate that the lack of a formal hedging policy, no monitoring to the CFOs, and considerations of hubris and remuneration contribute to the mismanagement of hedging policies.

Keywords: risk management, hedging, derivatives, monitoring, corporate governance structure, event study, hubris

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Authors: P. Kavuma, J. Mukasa, M. Lusunku

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Background and Problem: The widespread poverty in Africa- together with the negative impacts of climate change-are two great global challenges that call for everyone’s involvement including Architects. This in particular places serious challenges on architects to have additional skills in both Entrepreneurship and Environmental Design (SEED). Regrettably, while Architectural Training in most African Universities including those from Uganda lack comprehensive implementation of SEED in their curricula, regulatory bodies have not contributed towards the effective integration of SEED in their professional practice. In response to these challenges, Nkumba University (NU) under Architect Kavuma Paul supported by the Uganda Chambers of Architects– initiated the SEED integration in the undergraduate Architectural curricula to cultivate SEED know-how and examples of best practices. Main activities: Initiated in 2007, going beyond the traditional Architectural degree curriculum, the NU Architect department offers SEED courses including provoking passions for creating desirable positive changes in communities. Learning outcomes are assessed theoretically and practically through field projects. The first set of SEED graduates came out in 2012. As part of the NU post-graduation and alumni survey, in October 2014, the pioneer SEED graduates were contacted through automated reminder emails followed by individual, repeated personal follow-ups via email and phone. Out of the 36 graduates who responded to the survey, 24 have formed four (4) private consortium agencies of 5-7 graduates all of whom have pioneered Ugandan-own-cultivated Architectural social projects that include: fishing farming in shipping containers; solar powered mobile homes in shipping containers, solar powered retail kiosks in rural and fishing communities, and floating homes in the flood-prone areas. Primary outcomes: include being business self –reliant in creating the social change the architects desired in the communities. Examples of the SEED project returns to communities reported by the graduates include; employment creation via fabrication, retail business, marketing, improved diets, safety of life and property, decent shelter in the remote mining and oil exploration areas. Negative outcomes-though not yet evaluated include the disposal of used-up materials. Conclusion: The integration of SEED in Architectural Training has established a baseline benchmark and a replicable model based on best practice projects.

Keywords: architectural training, entrepreneurship, environment, integration

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Authors: Damien Kunjal, Faeezah Peerbhai

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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

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Authors: Madina Alimova, Margulan Ibraimov, Ayan Tileu

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The paper describes methods for obtaining porous structures with the properties of a silicon-based memristor and explains the electrical properties of porous silicon films. Based on the results, there is a positive shift in the current-voltage characteristics (CVC) after each measurement, i.e., electrical properties depend not only on the applied voltage but also on the previous state. After 3 minutes of rest, the film returns to its original state (reset). The method for obtaining a porous silicon nanofilm with the properties of a memristor is simple and does not require additional effort. Based on the measurement results, the typical memristive behavior of the porous silicon nanofilm is analyzed.

Keywords: porous silicon, current-voltage characteristics, memristor, nanofilms

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Authors: Santi Mutiara Asih, Sinta Kemala Asih

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Along with the development of tourism in Indonesia, which is increasingly a lot of domestic and foreign public interest in sharia tourism, the Indonesian government is currently developing the program. It was seen that this program would have a good impact, especially for Indonesian tourism. So it is necessary to develop appropriate marketing strategies. Then to develop tourism prospects sharia government could use such a marketing strategy, for instance, marketing mix and Segmenting, Targeting, and Positioning (STP). The marketing mix is a set of marketing tools used by a state or a company to continue achieving its marketing objectives in target market. STP is the most important initial step in identifying customer value. In such away, it is expected from the use of this strategy could make sharia tourism as a market leader in the field of tourism in Indonesia, it also could attract more tourists to visit and increase economic returns.

Keywords: STP, marketing mix, market leader, sharia tourism

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Authors: M. Kheirandish, S. Borhani

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In this experiment Polystyrene/Zinc-oxide (PS/ZnO) nanocomposite fibers were produced by electrospinning technique using limonene as a green solvent. First, the morphology of electrospun pure polystyrene (PS) and PS/ZnO nanocomposite fibers investigated by SEM. Results showed the PS fiber diameter decreased by increasing concentration of Zinc Oxide nanoparticles (ZnO NPs). Thermo Gravimetric Analysis (TGA) results showed thermal stability of nanocomposites increased by increasing ZnO NPs in PS electrospun fibers. Considering Differential Scanning Calorimeter (DSC) thermograms for electrospun PS fibers indicated that introduction of ZnO NPs into fibers affects the glass transition temperature (Tg) by reducing it. Also, UV protection properties of nanocomposite fibers were increased by increasing ZnO concentration. Evaluating the effect of metal oxide NPs amount on mechanical properties of electrospun layer showed that tensile strength and elasticity modulus of the electrospun layer of PS increased by addition of ZnO NPs. X-ray diffraction (XRD) pattern of nanopcomposite fibers confirmed the presence of NPs in the samples.

Keywords: electrospininng, nanoparticle, polystyrene, ZnO

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Authors: Flora Babongo, Valerie Chavez

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Inferring causality from observational data is one of the fundamental subjects, especially in quantitative finance. So far most of the papers analyze additive noise models with either linearity, nonlinearity or Gaussian noise. We fill in the gap by providing a nonlinear and non-gaussian causal multiplicative noise model that aims to distinguish the cause from the effect using a two steps method based on Bayesian additive models for location, scale and shape (BAMLSS) and on causal additive models (CAM). We have tested our method on simulated and real data and we reached an accuracy of 0.86 on average. As real data, we considered the causality between financial indices such as S&P 500, Nasdaq, CAC 40 and Nikkei, and companies' log-returns. Our results can be useful in inferring causality when the data is heteroskedastic or non-injective.

Keywords: causal inference, DAGs, BAMLSS, financial index

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Authors: Saeed Jahanbakhsh Asl, Yaghob Dinpazhoh, Masoumeh Foroughi

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Reference evapotranspiration (ET₀) is an important element in the water cycle that integrates atmospheric demands and surface conditions, and analysis of changes in ET₀ is of great significance for understanding climate change and its impacts on hydrology. As ET₀ is an integrated effect of climate variables, increases in air temperature should lead to increases in ET₀. ET₀ estimated by using the globally accepted Food and Agriculture Organization (FAO) Penman-Monteith (FAO-56 PM) method in 18 meteorological stations located in the West of Iran. The trends of ET₀ detected by using the Mann-Kendall (MK) test. The slopes of the trend lines were computed by using the Sen’s slope estimator. The results showed significant increasing as well as decreasing trends in the annual and monthly ET₀. However, ET₀ trends were increasing. In the monthly scale, the number of the increasing trends was more than the number of decreasing trends, in the majority of warm months of the year.

Keywords: climate change, Mann–Kendall, Penman-Monteith method (FAO-56 PM), reference crop evapotranspiration

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Authors: Osman Adiguzel

Abstract:

Shape memory effect is a peculiar property exhibited by certain alloy systems and based on martensitic transformation, and shape memory properties are closely related to the microstructures of the material. Shape memory effect is linked with martensitic transformation, which is a solid state phase transformation and occurs with the cooperative movement of atoms by means of lattice invariant shears on cooling from high-temperature parent phase. Lattice twinning and detwinning can be considered as elementary processes activated during the transformation. Thermally induced martensite occurs as martensite variants, in self-accommodating manner and consists of lattice twins. Also, this martensite is called the twinned martensite or multivariant martensite. Deformation of shape memory alloys in martensitic state proceeds through a martensite variant reorientation. The martensite variants turn into the reoriented single variants with deformation, and the reorientation process has great importance for the shape memory behavior. Copper based alloys exhibit this property in metastable β- phase region, which has DO3 –type ordered lattice in ternary case at high temperature, and these structures martensiticaly turn into the layered complex structures with lattice twinning mechanism, on cooling from high temperature parent phase region. The twinning occurs as martensite variants with lattice invariant shears in two opposite directions, <110 > -type directions on the {110}- type plane of austenite matrix. Lattice invariant shear is not uniform in copper based ternary alloys and gives rise to the formation of unusual layered structures, like 3R, 9R, or 18R depending on the stacking sequences on the close-packed planes of the ordered lattice. The unit cell and periodicity are completed through 18 atomic layers in case of 18R-structure. On the other hand, the deformed material recovers the original shape on heating above the austenite finish temperature. Meanwhile, the material returns to the twinned martensite structures (thermally induced martensite structure) in one way (irreversible) shape memory effect on cooling below the martensite finish temperature, whereas the material returns to the detwinned martensite structure (deformed martensite) in two-way (reversible) shape memory effect. Shortly one can say that the microstructural mechanisms, responsible for the shape memory effect are the twinning and detwinning processes as well as martensitic transformation. In the present contribution, x-ray diffraction, transmission electron microscopy (TEM) and differential scanning calorimetry (DSC) studies were carried out on two copper-based ternary alloys, CuZnAl, and CuAlMn.

Keywords: shape memory effect, martensitic transformation, twinning and detwinning, layered structures

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Authors: Mokhtar Nikgoo

Abstract:

Civil engineering is one of the disciplines that shows the application of science in creating construction and civil engineering. That is, everything that returns to the population of a country, such as dams, airports, roads, bridges, towers, tunnels, telecommunication towers, buildings resistant to earthquakes, floods and fires, power plants and light, cheap and quality materials for construction. And the construction is included in the scope of work of the civil engineer. Civil engineering covers a wide range of tasks. That is, for the construction of buildings, bridges, towers, tunnels, roads, silos, or sewage networks, an efficient civil engineer is needed at the beginning, in addition to complying with the technical and operational aspects, he also works economically. Because being economical is a principle in civil engineering. Is. This field at the undergraduate level has three majors: civil-building, civil-mapping and civil-water.

Keywords: civil engineering, construction, surveying, mapping, pile

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Authors: Zhanbo Cheng, Xueyu Geng

Abstract:

Vegetation slope protection technique is economic, aesthetic and practical. Herbs are widely used in practice because of rapid growth, strong erosion resistance, obvious slope protection and simple method, in which the root system of grass plays a very important role. In this paper, through changing the variables value of grassroots quantity, grassroots diameter, grassroots length and grassroots reinforce layers, the direct shear tests were carried out to discuss the change of shear strength indexes of grassroots reinforced soil under different reinforce situations, and analyse the effects of grassroots characteristics on reinforced soil performance. The laboratory test results show that: (1) in the certain number of grassroots diameter, grassroots length and grassroots reinforce layers, the value of shear strength, and cohesion first increase and then reduce with the increasing of grassroots quantity; (2) in the certain number of grassroots quantity, grassroots length and grassroots reinforce layers, the value of shear strength and cohesion rise with the increasing of grassroots diameter; (3) in the certain number of grassroots diameter, and grassroots reinforce layers, the value of shear strength and cohesion raise with the increasing of grassroots length in a certain range of grassroots quantity, while the value of shear strength and cohesion first rise and then decline with the increasing of grassroots length when the grassroots quantity reaches a certain value; (4) in the certain number of grassroots quantity, grassroots diameter, and grassroots length, the value of shear strength and cohesion first climb and then decline with the increasing of grassroots reinforced layers; (5) the change of internal friction angle is small in different parameters of grassroots. The research results are of importance for understanding the mechanism of vegetation protection for slopes and determining the parameters of grass planting.

Keywords: direct shear test, reinforced soil, grassroots characteristics, shear strength indexes

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