Search results for: risk neutral densities
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 6891

Search results for: risk neutral densities

6771 Selective Separation of Amino Acids by Reactive Extraction with Di-(2-Ethylhexyl) Phosphoric Acid

Authors: Alexandra C. Blaga, Dan Caşcaval, Alexandra Tucaliuc, Madalina Poştaru, Anca I. Galaction

Abstract:

Amino acids are valuable chemical products used in in human foods, in animal feed additives and in the pharmaceutical field. Recently, there has been a noticeable rise of amino acids utilization throughout the world to include their use as raw materials in the production of various industrial chemicals: oil gelating agents (amino acid-based surfactants) to recover effluent oil in seas and rivers and poly(amino acids), which are attracting attention for biodegradable plastics manufacture. The amino acids can be obtained by biosynthesis or from protein hydrolysis, but their separation from the obtained mixtures can be challenging. In the last decades there has been a continuous interest in developing processes that will improve the selectivity and yield of downstream processing steps. The liquid-liquid extraction of amino acids (dissociated at any pH-value of the aqueous solutions) is possible only by using the reactive extraction technique, mainly with extractants of organophosphoric acid derivatives, high molecular weight amines and crown-ethers. The purpose of this study was to analyse the separation of nine amino acids of acidic character (l-aspartic acid, l-glutamic acid), basic character (l-histidine, l-lysine, l-arginine) and neutral character (l-glycine, l-tryptophan, l-cysteine, l-alanine) by reactive extraction with di-(2-ethylhexyl)phosphoric acid (D2EHPA) dissolved in butyl acetate. The results showed that the separation yield is controlled by the pH value of the aqueous phase: the reactive extraction of amino acids with D2EHPA is possible only if the amino acids exist in aqueous solution in their cationic forms (pH of aqueous phase below the isoeletric point). The studies for individual amino acids indicated the possibility of selectively separate different groups of amino acids with similar acidic properties as a function of aqueous solution pH-value: the maximum yields are reached for a pH domain of 2–3, then strongly decreasing with the pH increase. Thus, for acidic and neutral amino acids, the extraction becomes impossible at the isolelectric point (pHi) and for basic amino acids at a pH value lower than pHi, as a result of the carboxylic group dissociation. From the results obtained for the separation from the mixture of the nine amino acids, at different pH, it can be observed that all amino acids are extracted with different yields, for a pH domain of 1.5–3. Over this interval, the extract contains only the amino acids with neutral and basic character. For pH 5–6, only the neutral amino acids are extracted and for pH > 6 the extraction becomes impossible. Using this technique, the total separation of the following amino acids groups has been performed: neutral amino acids at pH 5–5.5, basic amino acids and l-cysteine at pH 4–4.5, l-histidine at pH 3–3.5 and acidic amino acids at pH 2–2.5.

Keywords: amino acids, di-(2-ethylhexyl) phosphoric acid, reactive extraction, selective extraction

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6770 Risk Management Practices In The Construction Industry In Malawi

Authors: Taonga Temwani Chibaka

Abstract:

This qualitative research study was conducted to identify the common risk factors that affect the construction industry in Malawi in the building and infrastructure (civil works) projects. The study then evaluates the possible risk responses that are done to mitigate the various risk factors that were identified. I addition the research also established the barriers to risk management implementation with lastly mapping out as where the identified risk factors fall on which stage of the project and then also map out the knowledge areas that need to be worked on the cases on Malawian construction industry in order to mitigate most of the identified risk factors. The study involved the interviewing the professionals from the construction industry in Malawi where insights and ideas were collected, analysed and interpreted. The key study findings show that risks related to clients group are perceived as most critical followed by the contractor related, consultant related and then external group related factors respectively where preventive measures are the most applied risk response technique where the aim to avoid most of the risk factors from happening. Most of the risk factors identified were internal risks and in managerial category which suggested that risk planning was to be emphasized at pre-contract stage to minimize these risks since a bigger percentage of the risk factors were mapped out at implementation stage. Furthermore, barriers to risk management were identified and the key barriers were lack of awareness; lack of knowledge; lack of formal policies in place; regarded as costly and limited time which resulted in proposing that regulating authorities to purposefully introduce intense training on risk management to make known of this new knowledge area. The study then recommends that organisation should formally implement risk management where policies should be introduced to enforce all parties to undertake this. Risk planning was regarded as paramount and this to be done from pre-contract phase so as to mitigate 80% of the risk factors. Finally, training should be done on all project management knowledge areas.

Keywords: risk management, risk factors, risks, malawi

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6769 Effect of Supply Frequency on Pre-Breakdown and Breakdown Phenomena in Unbridged Vacuum Gaps

Authors: T.C. Balachandra, Habibuddin Shaik

Abstract:

This paper presents experimental results leading towards a better understanding of pre-breakdown and breakdown behavior of vacuum gaps under variable frequency alternating excitations. The frequency variation is in the range of 30 to 300 Hz in steps of 10 Hz for a fixed gap spacing of 0.5 mm. The results indicate that the pre-breakdown currents show an inverse relation with the breakdown voltage in general though erratic behavior was observed over a certain range of frequencies. A breakdown voltage peak was observed at 130 Hz. This was pronounced when the electrode pair was of stainless steel and less pronounced when copper and aluminum electrodes were used. The experimental results are explained based on F-N emission, I-F emission, and also thermal interaction due to quasi-continuous shower of anode micro-particles. Further, it is speculated that the ostensible cause for time delay between voltage and current peaks is due to the presence of neutral molecules in the gap.

Keywords: anode hot-spots, F-N emission, I-F emission, microparticle, neutral molecules, pre-breakdown conduction, vacuum breakdown

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6768 A Review on Disaster Risk Reduction and Sustainable Development in Nigeria

Authors: Kudu Dangana

Abstract:

The occurrences of disaster often call for the support of both government and non-government organization. Consequently, disaster relief remains extremely important in disaster management. However, this approach alone does not proactively address the need to adduce the human and environment impacts of future disasters. Recent thinking in the area of disaster management is indicative of the need for a new paradigm that focuses on reducing the risk of disasters with the involvement and participation of communities. This paper reviews the need for communities to place more emphasis on a holistic approach to disaster risk reduction. This approach involves risk assessment, risk reduction, early warning and disaster preparedness in order to effectively address the reduction of social, economic, and environmental costs of disasters nationally and at the global level.

Keywords: disaster, early, management, warning, relief, risk vulnerability

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6767 Screening Methodology for Seismic Risk Assessment of Aging Structures in Oil and Gas Plants

Authors: Mohammad Nazri Mustafa, Pedram Hatami Abdullah, M. Fakhrur Razi Ahmad Faizul

Abstract:

With the issuance of Malaysian National Annex 2017 as a part of MS EN 1998-1:2015, the seismic mapping of Malaysian Peninsular including Sabah and Sarawak has undergone some changes in terms of the Peak Ground Acceleration (PGA) value. The revision to the PGA has raised a concern on the safety of oil and gas onshore structures as these structures were not designed to accommodate the new PGA values which are much higher than the previous values used in the original design. In view of the high numbers of structures and buildings to be re-assessed, a risk assessment methodology has been developed to prioritize and rank the assets in terms of their criticality against the new seismic loading. To-date such risk assessment method for oil and gas onshore structures is lacking, and it is the main intention of this technical paper to share the risk assessment methodology and risk elements scoring finalized via Delphi Method. The finalized methodology and the values used to rank the risk elements have been established based on years of relevant experience on the subject matter and based on a series of rigorous discussions with professionals in the industry. The risk scoring is mapped against the risk matrix (i.e., the LOF versus COF) and hence, the overall risk for the assets can be obtained. The overall risk can be used to prioritize and optimize integrity assessment, repair and strengthening work against the new seismic mapping of the country.

Keywords: methodology, PGA, risk, seismic

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6766 Evaluation of Aggregate Risks in Sustainable Manufacturing Using Fuzzy Multiple Attribute Decision Making

Authors: Gopinath Rathod, Vinod Puranik

Abstract:

Sustainability is regarded as a key concept for survival in the competitive scenario. Industrial risk and diversification of risk type’s increases with industrial developments. In the context of sustainable manufacturing, the evaluation of risk is difficult because of the incomplete information and multiple indicators. Fuzzy Multiple Attribute Decision Method (FMADM) has been used with a three level hierarchical decision making model to evaluate aggregate risk for sustainable manufacturing projects. A case study has been presented to reflect the risk characteristics in sustainable manufacturing projects.

Keywords: sustainable manufacturing, decision making, aggregate risk, fuzzy logic, fuzzy multiple attribute decision method

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6765 Study the effect of bulk traps on Solar Blind Photodetector Based on an IZTO/β Ga2O3/ITO Schottky Diode

Authors: Laboratory of Semiconducting, Metallic Materials (LMSM) Biskra Algeria

Abstract:

InZnSnO2 (IZTO)/β-Ga2O3 Schottky solar barrier photodetector (PhD) exposed to 255 nm was simulated and compared to the measurement. Numerical simulations successfully reproduced the photocurrent at reverse bias and response by taking into account several factors, such as conduction mechanisms and material parameters. By adopting reducing the density of the trap as an improvement. The effect of reducing the bulk trap densities on the photocurrent, response, and time-dependent (continuous conductivity) was studied. As the trap density decreased, the photocurrent increased. The response was 0.04 A/W for the low Ga2O3 trap density. The estimated decay time for the lowest intensity ET (0.74, 1.04 eV) is 0.05 s and is shorter at ∼0.015 s for ET (0.55 eV). This indicates that the shallow traps had the dominant effect (ET = 0.55 eV) on the continuous photoconductivity phenomenon. Furthermore, with decreasing trap densities, this PhD can be considered as a self-powered solar-blind photodiode (SBPhD).

Keywords: IZTO/β-Ga2O3, self-powered solar-blind photodetector, numerical simulation, bulk traps

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6764 Rapid Separation of Biomolecules and Neutral Analytes with a Cationic Stationary Phase by Capillary Electrochromatography

Authors: A. Aslihan Gokaltun, Ali Tuncel

Abstract:

The unique properties of capillary electrochromatography (CEC) such as high performance, high selectivity, low consumption of both reagents and analytes ensure this technique an attractive one for the separation of biomolecules including nucleosides and nucleotides, peptides, proteins, carbohydrates. Monoliths have become a well-established separation media for CEC in the format that can be compared to a single large 'particle' that does not include interparticular voids. Convective flow through the pores of monolith significantly accelerates the rate of mass transfer and enables a substantial increase in the speed of the separation. In this work, we propose a new approach for the preparation of cationic monolithic stationary phase for capillary electrochromatography. Instead of utilizing a charge bearing monomer during polymerization, the desired charge-bearing group is generated on the capillary monolith after polymerization by using the reactive moiety of the monolithic support via one-pot, simple reaction. Optimized monolithic column compensates the disadvantages of frequently used reversed phases, which are difficult for separation of polar solutes. Rapid separation and high column efficiencies are achieved for the separation of neutral analytes, nucleic acid bases and nucleosides in reversed phase mode. Capillary monolith showed satisfactory hydrodynamic permeability and mechanical stability with relative standard deviation (RSD) values below 2 %. A new promising, reactive support that has a 'ligand selection flexibility' due to its reactive functionality represent a new family of separation media for CEC.

Keywords: biomolecules, capillary electrochromatography, cationic monolith, neutral analytes

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6763 Overview of Risk Management in Electricity Markets Using Financial Derivatives

Authors: Aparna Viswanath

Abstract:

Electricity spot prices are highly volatile under optimal generation capacity scenarios due to factors such as non-storability of electricity, peak demand at certain periods, generator outages, fuel uncertainty for renewable energy generators, huge investments and time needed for generation capacity expansion etc. As a result market participants are exposed to price and volume risk, which has led to the development of risk management practices. This paper provides an overview of risk management practices by market participants in electricity markets using financial derivatives.

Keywords: financial derivatives, forward, futures, options, risk management

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6762 Non-Performing Assets and Credit Risk Performance: An Evidence of Commercial Banks in India

Authors: Sirus Sharifi, Arunima Haldar, S. V. D. Nageswara Rao

Abstract:

This research analyzes the effect of credit risk management practices of commercial banks in India and the relationship with their non-performing assets (NPAs). Required data on credit risk performance was collected through a survey questionnaire from top risk officers of 38 Indian banks. NPA data (period from 2012 to 2016) was collected from Prowess database compiled by the Centre for Monitoring Indian Economy (CMIE). The model was assessed utilizing cross sectional regression method. As expected, the results indicate a negative significant relationship between credit risk management in India banks and their NPA growth. The research has implications for banks given the high level of losses in India and other economies as well, and the implementation of Basel III standards by the central banks. This research would be an evidence on credit risk performance and its relationship with the level of non-performing assets (NPAs) in Indian banks.

Keywords: risk management, risk identification, banks, Non-Performing Assets (NPAs)

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6761 Effect on Occupational Health Safety and Environment at Work from Metal Handicraft Using Rattanakosin Local Wisdom

Authors: Witthaya Mekhum, Waleerak Sittisom

Abstract:

This research investigated the effect on occupational health safety and environment at work from metal handicraft using Rattanakosin local wisdom focusing on pollution, accidents, and injuries from work. The sample group in this study included 48 metal handicraft workers in 5 communities by using questionnaires and interview to collect data. The evaluation form TISI 18001 was used to analyze job safety analysis (JSA). The results showed that risk at work reduced after applying the developed model. Banbu Community produces alloy bowl rubbed with stone. The high risk process is melting and hitting process. Before the application, the work risk was 82.71%. After the application of the developed model, the work risk was reduced to 50.61%. Banbart Community produces monk’s food bowl. The high risk process is blow pipe welding. Before the application, the work risk was 93.59%. After the application of the developed model, the work risk was reduced to 48.14%. Bannoen Community produces circle gong. The high risk process is milling process. Before the application, the work risk was 85.18%. After the application of the developed model, the work risk was reduced to 46.91%. Teethong Community produces gold leaf. The high risk process is hitting and spreading process. Before the application, the work risk was 86.42%. After the application of the developed model, the work risk was reduced to 64.19%. Ban Changthong Community produces gold ornament. The high risk process is gold melting process. Before the application, the work risk was 67.90%. After the application of the developed model, the work risk was reduced to 37.03%. It can be concluded that with the application of the developed model, the work risk of 5 communities was reduced in the 3 main groups: (1) Work illness reduced by 16.77%; (2) Pollution from work reduced by 10.31%; (3) Accidents and injuries from work reduced by 15.62%.

Keywords: occupational health, safety, local wisdom, Rattanakosin

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6760 A Study on Exploring and Prioritizing Critical Risks in Construction Project Assessment

Authors: A. Swetha

Abstract:

This study aims to prioritize and explore critical risks in construction project assessment, employing the Weighted Average Index method and Principal Component Analysis (PCA). Through extensive literature review and expert interviews, project assessment risk factors were identified across Budget and Cost Management Risk, Schedule and Time Management Risk, Scope and Planning Risk, Safety and Regulatory Compliance Risk, Resource Management Risk, Communication and Stakeholder Management Risk, and Environmental and Sustainability Risk domains. A questionnaire was distributed to stakeholders involved in construction activities in Hyderabad, India, with 180 completed responses analyzed using the Weighted Average Index method to prioritize risk factors. Subsequently, PCA was used to understand relationships between these factors and uncover underlying patterns. Results highlighted dependencies on critical resources, inadequate risk assessment, cash flow constraints, and safety concerns as top priorities, while factors like currency exchange rate fluctuations and delayed information dissemination ranked lower but remained significant. These insights offer valuable guidance for stakeholders to mitigate risks effectively and enhance project outcomes. By adopting systematic risk assessment and management approaches, construction projects in Hyderabad and beyond can navigate challenges more efficiently, ensuring long-term viability and resilience.

Keywords: construction project assessment risk factor, risk prioritization, weighted average index, principal component analysis, project risk factors

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6759 Gender Differences in Risk Aversion Behavior: Case Study of Saudi Arabia and Jordan

Authors: Razan Salem

Abstract:

Men and women have different approaches towards investing, both in terms of strategies and risk attitudes. This study aims to focus mainly on investigating the financial risk behaviors of Arab women investors and to examine the financial risk tolerance levels of Arab women relative to Arab men investors. Using survey data on 547 Arab men and women investors, the results of Wilcoxon Signed-Rank (One-Sample) test Mann-Whitney U test reveal that Arab women are risk-averse investors and have lower financial risk tolerance levels relative to Arab men. Such findings can be explained by the fact of women's nature and lower investment literacy levels. Further, the current political uncertainty in the Arab region may be considered as another explanation of Arab women’s risk aversion behavior. The study's findings support the existing literature by validating the stereotype of “women are more risk-averse than men” in the Arab region. Overall, when it comes to investment and financial behaviors, women around the world behave similarly.

Keywords: Arab region, culture, financial risk behavior, gender differences, women investors

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6758 Islamic Credit Risk Management in Murabahah Financing: The Study of Islamic Banking in Malaysia

Authors: Siti Nor Amira Bt. Mohamad, Mohamad Yazis B. Ali Basah, Muhammad Ridhwan B. Ab. Aziz, Khairil Faizal B. Khairi, Mazlynda Bt. Md. Yusuf, Hisham B. Sabri

Abstract:

The understanding of risk and the concept of it occurs associated in Islamic financing was well-known in the financial industry by the using of Profit-and-Loss Sharing (PLS). It was presently in any Islamic financial transactions in order to comply with shariah rules. However, the existence of risk in Murabahah contract of financing is an ability that the counterparty is unable to complete its obligations within the agreed terms. Therefore, it is called as credit or default risk. Credit risk occurs when the client fails to make timely payment after the bank makes complete delivery of assets. Thus, it affects the growth of the bank as the banking business is in no position to have appropriate measures to cover the risk. Therefore, the bank may impose penalty on the outstanding balance. This paper aims to highlight the credit risk determinant and issues surrounding in Islamic bank in Malaysia in terms of Murabahah financing and how to manage it by using the proper techniques. Finally, it explores the credit risk management concept that might solve the problems arise. The study found that the credit risk can be managed properly by improving the use of comprehensive reference checklist of business partners on their character and past performance as well as their comprehensive database. Besides that, prevention of credit risk can be done by using collateral as security against the risk and we also argue on the Shariah guidelines and procedures should be implement coherently by the banking business because so that the risk would be control by having an effective instrument for Islamic modes of financing.

Keywords: Islamic banking, credit risk, Murabahah financing, risk mitigation

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6757 An Overview of Risk Types and Risk Management Strategies to Improve Financial Performance

Authors: Azar Baghtaghi

Abstract:

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

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

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6756 Environment-Specific Political Risk Discourse, Environmental Reputation, and Stock Price Crash Risk

Authors: Sohanur Rahman, Elisabeth Sinnewe, Larelle (Ellie) Chapple, Sarah Osborne

Abstract:

Greater political attention to global climate change exposes firms to a higher level of political uncertainty, which can lead to adverse capital market consequences. However, a higher level of discourse on environment-specific political risk (EPR) between management and investors can mitigate information asymmetry, followed by less stock price crash risk. This study examines whether EPR discourse in discourse in the earnings conference calls (ECC) reduces firm-level stock price crash risk in the US market. This research also explores if adverse disclosures via media channels further moderates the association between EPR on crash risk. Employing a dataset of 28,933 firm-year observations from 2002 to 2020, the empirical analysis reveals that EPR discourse in ECC reduces future stock price crash risk. However, adverse disclosures via media channels can offset the favourable effect of EPR discourse on crash risk. The results are robust to the potential endogeneity concern in a quasi-natural experiment setting.

Keywords: earnings conference calls, environment, environment-specific political risk discourse, environmental disclosures, information asymmetry, reputation risk, stock price crash risk

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6755 The Role of Tax Management Components in Creating Value or Increasing Risk of Tehran Stock Exchange Firms

Authors: Fereshteh Darash

Abstract:

Reflective tax management corresponds to the Agency Theory since it determines the motivation of managers for tax management actions and short-term and long-term consequences. Therefore, selection of tax strategy contributes to the tax and financial position of the firm in the future. The aim of the present research is to evaluate the effect of tax management components on risk-taking of firms listed in Tehran stock exchange by using regression analysis method. Results show that tax effective rate, tax risk and tax planning have no significant effect on the firm's future risk. Results suggest that stakeholders assess the effective tax rate and delay in tax payment in line with their benefits. They tend to accept the higher risk cost for reduction of tax payments and benefits of higher liquidity in current period. Hence, effective tax rate and tax risk have no significant effect on future risk of the firm. Moreover, tax planning yields no information regarding the predictability of the future profits and as a result, it has no significant effect on the future risk of the firm since specific goals of financial reporting are in priority for the stakeholders and regardless of the firm’s data analysis, they take investment decisions and they less intend to purchase the stocks in a rational manner.

Keywords: tax management, tax effective rate, tax risk, tax planning, firm risk

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6754 Neutral Heavy Scalar Searches via Standard Model Gauge Boson Decays at the Large Hadron Electron Collider with Multivariate Techniques

Authors: Luigi Delle Rose, Oliver Fischer, Ahmed Hammad

Abstract:

In this article, we study the prospects of the proposed Large Hadron electron Collider (LHeC) in the search for heavy neutral scalar particles. We consider a minimal model with one additional complex scalar singlet that interacts with the Standard Model (SM) via mixing with the Higgs doublet, giving rise to an SM-like Higgs boson and a heavy scalar particle. Both scalar particles are produced via vector boson fusion and can be tested via their decays into pairs of SM particles, analogously to the SM Higgs boson. Using multivariate techniques, we show that the LHeC is sensitive to heavy scalars with masses between 200 and 800 GeV down to scalar mixing of order 0.01.

Keywords: beyond the standard model, large hadron electron collider, multivariate analysis, scalar singlet

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6753 Risk Issues for Controlling Floods through Unsafe, Dual Purpose, Gated Dams

Authors: Gregory Michael McMahon

Abstract:

Risk management for the purposes of minimizing the damages from the operations of dams has met with opposition emerging from organisations and authorities, and their practitioners. It appears that the cause may be a misunderstanding of risk management arising from exchanges that mix deterministic thinking with risk-centric thinking and that do not separate uncertainty from reliability and accuracy from probability. This paper sets out those misunderstandings that arose from dam operations at Wivenhoe in 2011, using a comparison of outcomes that have been based on the methodology and its rules and those that have been operated by applying misunderstandings of the rules. The paper addresses the performance of one risk-centric Flood Manual for Wivenhoe Dam in achieving a risk management outcome. A mixture of engineering, administrative, and legal factors appear to have combined to reduce the outcomes from the risk approach. These are described. The findings are that a risk-centric Manual may need to assist administrations in the conduct of scenario training regimes, in responding to healthy audit reporting, and in the development of decision-support systems. The principal assistance needed from the Manual, however, is to assist engineering and the law to a good understanding of how risks are managed – do not assume that risk management is understood. The wider findings are that the critical profession for decision-making downstream of the meteorologist is not dam engineering or hydrology, or hydraulics; it is risk management. Risk management will provide the minimum flood damage outcome where actual rainfalls match or exceed forecasts of rainfalls, that therefore risk management will provide the best approach for the likely history of flooding in the life of a dam, and provisions made for worst cases may be state of the art in risk management. The principal conclusion is the need for training in both risk management as a discipline and also in the application of risk management rules to particular dam operational scenarios.

Keywords: risk management, flood control, dam operations, deterministic thinking

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6752 Combined Safety and Cybersecurity Risk Assessment for Intelligent Distributed Grids

Authors: Anders Thorsén, Behrooz Sangchoolie, Peter Folkesson, Ted Strandberg

Abstract:

As more parts of the power grid become connected to the internet, the risk of cyberattacks increases. To identify the cybersecurity threats and subsequently reduce vulnerabilities, the common practice is to carry out a cybersecurity risk assessment. For safety classified systems and products, there is also a need for safety risk assessments in addition to the cybersecurity risk assessment in order to identify and reduce safety risks. These two risk assessments are usually done separately, but since cybersecurity and functional safety are often related, a more comprehensive method covering both aspects is needed. Some work addressing this has been done for specific domains like the automotive domain, but more general methods suitable for, e.g., intelligent distributed grids, are still missing. One such method from the automotive domain is the Security-Aware Hazard Analysis and Risk Assessment (SAHARA) method that combines safety and cybersecurity risk assessments. This paper presents an approach where the SAHARA method has been modified in order to be more suitable for larger distributed systems. The adapted SAHARA method has a more general risk assessment approach than the original SAHARA. The proposed method has been successfully applied on two use cases of an intelligent distributed grid.

Keywords: intelligent distribution grids, threat analysis, risk assessment, safety, cybersecurity

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6751 Stock Characteristics and Herding Formation: Evidence from the United States Equity Market

Authors: Chih-Hsiang Chang, Fang-Jyun Su

Abstract:

This paper explores whether stock characteristics influence the herding formation among investors in the US equity market. To extend the research scope of the existing literature, this paper further examines the role that stock risk characteristics play in the US equity market, and the way they influence investors’ decision-making. First, empirical results show that whether general stocks or high-risk stocks, there are no herding behaviors among the investors in the US equity market during the whole research period or during four great events. Moreover, stock characteristics have great influence on investors’ trading decisions. Finally, there is a bidirectional lead-lag relationship of the herding formation between high-risk stocks and low-risk stocks, but the influence of high-risk stocks on the low-risk stocks is stronger than that of low-risk stocks on the high-risk stocks.

Keywords: stock characteristics, herding formation, investment decision, US equity market, lead-lag relationship

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6750 Resistance to the South African Root-Knot Nematode Population Densities in Artemisia annua: An Anti-Malaria Ethnomedicinal Plant

Authors: Kgabo Pofu, Hintsa Araya, Dean Oelofse, Sonja Venter, Christian Du Plooy, Phatu Mashela

Abstract:

Nematode resistance to the tropical root-knot (Meloidogyne species) nematodes is one of the most preferred nematode management strategies in development of smallholder resource-poor farming systems. Due to its pharmacological and ethnomedicinal applications, Artemisia annua is one of the underutilised crops that have attracted attention of policy-makers in rural agrarian development in South Africa. However, the successful introduction of this crop in smallholder resource-poor farming systems could be upset by the widespread aggressive Meloidogyne species, which have limited management options. The objective of this study therefore was to determine the degree of nematode resistance to the South African M. incognita and M. javanica population densities on A. annua seedlings. Uniform three-week-old seedlings in pots containing pasteurised growing medium under greenhouse conditions were inoculated using a series of eggs and second-stage juveniles of two Meloidogyne species in separate trials. At 56 days after inoculation, treatments were highly significant on reproductive factor (RF) for M. incognita and M. javanica on A. annua, contributing 87 and 89% in total treatment variation of the variables, respectively. At all levels of inoculation, RF values for M. incognita (0.17-0.79) and M. javanica (0.02-0.29) were below unity, without any noticeable root galls. Infection of A. annua by both Meloidogyne species had no significant effects on growth variables. In conclusion, A. annua seedlings are resistant to the South African M. incognita and M. javanica population densities and could therefore be explored further for use in smallholder resource-poor farming systems.

Keywords: ethnomedicial plants, medicinal plants, underutilised crops, plant parasitic nematodes

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6749 Development of Risk-Based Ambient Air Quality Standards in the Russian Federation on the Basis of Risk Assessment Procedures Harmonized with International Approaches

Authors: Nina V. Zaitseva, Pavel Z. Shur, Nina G. Atiskova

Abstract:

Nowadays harmonization of sanitary and hygienic standards of environmental quality with international standards is crucial part of integration of Russia into the international community. Harmonization of Russian and international ambient air quality standards may be realized by risk-based standards development. In this paper approaches to risk-based standards development and examples of these approaches implementation are presented.

Keywords: harmonization, health risk assessment, evolutionary modelling, benchmark level, nickel, manganese

Procedia PDF Downloads 390
6748 How Different Are We After All: A Cross-Cultural Study Using the International Affective Picture System

Authors: Manish Kumar Asthana, Alicia Bundis, Zahn Xu, Braj Bhushan

Abstract:

Despite ample cross-cultural studies with emotional valence, it is unclear if the emotions are universal or particular. Previous studies have shown that the individualist culture favors high-valence emotions compared to low-valence emotions. In contrast, collectivist culture favors low-valence emotions compared to high-valence emotions. In this current study, Chinese, Mexicans, and Indians reported valence and semantic-contingency. In total, 120 healthy participants were selected by ethnicity and matched for age and education. Each participant was presented 45 non-chromatic pictures, which were converted from chromatic pictures selected from International Affective Picture Database (IAPS) belonging to five-categories, i.e. (i) less pleasant, (ii) high pleasant, (iii) less unpleasant (iv) high unpleasant (v) neutral. The valence scores assigned to neutral, less-unpleasant, and high-pleasant pictures differed significantly between Chinese, Indian, and Mexicans participants. Significant effects demonstrated from the two-way ANOVAs, confirmed main significant effects of valence (F(1,117) = 24.83, p =0.000) and valence x country (F(2,117) = 2.74, p = 0.035). Significant effects emerging from the one-way ANOVAs were followed up through Bonferroni’s test post-hoc comparisons (p < 0.01). This analysis showed significant effect of neutral (F(2,119) = 6.50, p =0.002), less-unpleasant (F(2,119) = 13.79, p =0.000), and high-unpleasant (F(2,119) = 5.99, p =0.003). There were no significant differences in valence scores for the less-pleasant and more-pleasant between participants from three countries. The IAPS norms require modification for their appropriate application in individualist and collectivist cultures.

Keywords: cultural difference, affective processing, valence, non-chromatic, international affective picture system (IAPS)

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6747 Density Determination by Dilution for Extra Heavy Oil Residues Obtained Using Molecular Distillation and Supercritical Fluid Extraction as Upgrading and Refining Process

Authors: Oscar Corredor, Alexander Guzman, Adan Leon

Abstract:

Density is a bulk physical property that indicates the quality of a petroleum fraction. It is also a useful property to estimate various physicochemical properties of fraction and petroleum fluids; however, the determination of density of extra heavy residual (EHR) fractions by standard methodologies, (ASTM D70) shows limitations for samples with higher densities than 1.0879 g/cm3. For this reason, a dilution methodology was developed in order to determinate density for those particular fractions, 87 (EHR) fractions were obtained as products of the fractionation of Colombian typical Vacuum Distillation Residual Fractions using molecular distillation (MD) and extraction with Solvent N-hexane in Supercritical Conditions (SFEF) pilot plants. The proposed methodology showed reliable results that can be demonstrated with the standard deviation of repeatability and reproducibility values of 0.0031 and 0.0061 g/ml respectively. In the same way, it was possible to determine densities in fractions EHR up to 1.1647g/cm3 and °API values obtained were ten times less than the water reference value.

Keywords: API, density, vacuum residual, molecular distillation, supercritical fluid extraction

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6746 Cognitive Characteristics of Industrial Workers in Fuzzy Risk Assessment

Authors: Hyeon-Kyo Lim, Sang-Hun Byun

Abstract:

Risk assessment is carried out in most industrial plants for accident prevention, but there exists insufficient data for statistical decision making. It is commonly said that risk can be expressed as a product of consequence and likelihood of a corresponding hazard factor. Eventually, therefore, risk assessment involves human decision making which cannot be objective per se. This study was carried out to comprehend perceptive characteristics of human beings in industrial plants. Subjects were shown a set of illustrations describing scenes of industrial plants, and were asked to assess the risk of each scene with not only linguistic variables but also numeric scores in the aspect of consequence and likelihood. After that, their responses were formulated as fuzzy membership functions, and compared with those of university students who had no experience of industrial works. The results showed that risk level of industrial workers were lower than those of any other groups, which implied that the workers might generally have a tendency to neglect more hazard factors in their work fields.

Keywords: fuzzy, hazard, linguistic variable, risk assessment

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6745 The Impact of Shariah Non-Compliance Risk on Islamic Financial Institutions

Authors: Ibtissam Mharzi Alaoui, Camélia Sehaqui

Abstract:

The success of a bank depends upon its effective risk management. With the growing complexity and diversity of financial products and services, as well as the accelerating pace of globalization over the past decade, risk management is becoming increasingly difficult. thus, all measurement and monitoring functions must be much more vigorous, relevant and adequate. The Shariah non-compliance risk is specific aspect of Islamic finance which ipso facto, deserves particular attention. It affects the validity of all Islamic financial contracts and it turns out to be likely to result in considerable losses on the overall Islamic financial institutions (IFIs). The purpose of this paper is to review the theoretical literature on Shariah non-compliance risk in order to give a clearer understanding of its sources, causes and consequences. Our intention through this work is to bring added value to the Islamic finance industry all over the world. The findings provide a useful reference work for the Islamic banks in structuring (or restructuring) of their own system of shariah risk management and internal control.

Keywords: Shariah non-compliance, risk management, financial products, Islamic finance.

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6744 Analysis of Road Risk in Four French Overseas Territories Compared with Metropolitan France

Authors: Mohamed Mouloud Haddak, Bouthayna Hayou

Abstract:

Road accidents in French overseas territories have been understudied, with relevant data often collected late and incompletely. Although these territories account for only 3% to 4% of road traffic injuries in France, their unique characteristics merit closer attention. Despite lower mobility and, consequently, lower exposure to road risks, the actual road risk in Overseas France is as high or even higher than in Metropolitan France. Significant disparities exist not only between Metropolitan France and Overseas territories but also among the overseas territories themselves. The varying population densities in these regions do not fully explain these differences, as each territory has its own distinct vulnerabilities and road safety challenges. This analysis, based on BAAC data files from 2005 to 2018 for both Metropolitan France and the overseas departments and regions, examines key variables such as gender, age, type of road user, type of obstacle hit, type of trip, road category, traffic conditions, weather, and location of accidents. Logistic regression models were built for each region to investigate the risk factors associated with fatal road accidents, focusing on the probability of being killed versus injured. Due to insufficient data, Mayotte and the Overseas Communities (French Polynesia and New Caledonia) were not included in the models. The findings reveal that road safety is worse in the overseas territories compared to Metropolitan France, particularly for vulnerable road users such as pedestrians and motorized two-wheelers. These territories present an accident profile that sits between that of Metropolitan France and middle-income countries. A pressing need exists to standardize accident data collection between Metropolitan and Overseas France to allow for more detailed comparative analyses. Further epidemiological studies could help identify the specific road safety issues unique to each territory, particularly with regards to socio-economic factors such as social cohesion, which may influence road safety outcomes. Moreover, the lack of data on new modes of travel, such as electric scooters, and the absence of socio-economic details of accident victims complicate the evaluation of emerging risk factors. Additional research, including sociological and psychosocial studies, is essential for understanding road users' behavior and perceptions of road risk, which could also provide valuable insights into accident trends in peri-urban areas in France.

Keywords: multivariate logistic regression, french overseas regions, road safety, road traffic accidents, territorial inequalities

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6743 Relationship between Growth of Non-Performing Assets and Credit Risk Management Practices in Indian Banks

Authors: Sirus Sharifi, Arunima Haldar, S. V. D. Nageswara Rao

Abstract:

The study attempts to analyze the impact of credit risk management practices of Indian scheduled commercial banks on their non-performing assets (NPAs). The data on credit risk practices was collected by administering a questionnaire to risk managers/executives at different banks. The data on NPAs (from 2012 to 2016) is sourced from Prowess, a database compiled by the Centre for Monitoring Indian Economy (CMIE). The model was estimated using cross-sectional regression method. As expected, the findings suggest that there is a negative relationship between credit risk management and NPA growth in Indian banks. The study has implications for Indian banks given the high level of losses, and the implementation of Basel III norms by the central bank, i.e. Reserve Bank of India (RBI). Evidence on credit risk management in Indian banks, and their relationship with non-performing assets held by them.

Keywords: credit risk, identification, Indian Banks, NPAs, ownership

Procedia PDF Downloads 408
6742 Effect of Bank Specific and Macro Economic Factors on Credit Risk of Islamic Banks in Pakistan

Authors: Mati Ullah, Shams Ur Rahman

Abstract:

The purpose of this research study is to investigate the effect of macroeconomic and bank-specific factors on credit risk in Islamic banking in Pakistan. The future of financial institutions largely depends on how well they manage risks. Credit risk is an important type of risk affecting the banking sector. The current study has taken quarterly data for the period of 6 years, from 1st July 2014 to 30 Jun 2020. The data set consisted of secondary data. Data was extracted from the websites of the State Bank and World Bank and from the financial statements of the concerned banks. In this study, the Ordinary least square model was used for the analysis of the data. The results supported the hypothesis that macroeconomic factors and bank-specific factors have a significant effect on credit risk. Macroeconomic variables, Inflation and exchange rates have positive significant effects on credit risk. However, gross domestic product has a negative significant relationship with credit risk. Moreover, the corporate rate has no significant relation with credit risk. Internal variables, size, management efficiency, net profit share income and capital adequacy have been proven to influence positively and significantly the credit risk. However, loan to deposit-has a negative insignificance relationship with credit risk. The contribution of this article is that similar conclusions have been made regarding the influence of banking factors on credit risk.

Keywords: credit risk, Islamic banks, macroeconomic variables, banks specific variable

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