Search results for: discharging period

Authors: Ishmael Tingbani

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This paper adopts a contingency theory approach to investigate the relationship between working capital management and profitability using data of 225 listed British firms on the London Stock Exchange for the period 2001-2011. The paper employs a panel data analysis on a series of interactive models to estimate this relationship. The findings of the study confirm the relevance of the contingency theory. Evidence from the study suggests that the impact of working capital management on profitability varies and is constrained by organizational contingencies (environment, resources, and management factors) of the firm. These findings have implications for a more balanced and nuanced view of working capital management policy for policy-makers.

Keywords: working capital management, profitability, contingency theory approach, interactive models

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Authors: Margarita Belousova

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The ultrasonic densitometry (RU patent № 2541038) was used to assess the density of the bone tissue in the jaws of patients after orthodontic treatment. In addition, by ultrasonic densitometry assessed the state of the bone tissue in the region III phalanges of middle fingers in above mentioned patients. A comparative study was carried out in healthy volunteers of same age. It was established a significant decrease of the ultrasound wave speed and bone mineral density after active period of orthodontic treatment. Statistically, significant differences in bone mineral density of the fingers by ultrasonic densitometry in both groups of patients were not detected.

Keywords: intraoral ultrasonic densitometry, bone tissue density of jaws, bone tissue density of phalanges of fingers, orthodontic treatment

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Authors: Prince Ayodeji Yusuph

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Recapitalization process that has recently become an imperative process in the Nigerian Financial industry has implications for the survival of insurance sector, especially on their service delivery efficiency. This study therefore seeks to investigate the problem of inefficiency in the Nigerian Insurance market from the perspective of their cost structures. The study takes advantage of secondary data of financial reports of thirty randomly selected insurance firms which span over a period of ten years and applied transcendental logarithm model to evaluate their performance from the cost structures strategy. The results indicate that only large scale firms enjoy cost saving advantages. Twenty percent firms sampled belong to this category. The result suggests that premium income would contribute to insurance firm’s performance, only when a sound investment decisions are made.

Keywords: transcedental logarithm, cost structures, insurance firms and efficiency, Nigeria

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Authors: Shi-Bo Feng, Sheng-Jie Zhang, Jin Zhou

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The relationship between microbial diversity and algal bloom has received considerable attention for decades. Microbes undoubtedly affect annual bloom events and impact the physiology of both partners, as well as shape ecosystem diversity. However, knowledge about interactions and network correlations among broader-spectrum microbes that lead to the dynamics in a complete bloom cycle are limited. In this study, pyrosequencing and network approaches simultaneously assessed the associate patterns among bacteria, archaea, and microeukaryotes in surface water and sediments in response to a natural dinoflagellate (Alexandrium sp.) bloom. In surface water, among the bacterial community, Gamma-Proteobacteria and Bacteroidetes dominated in the initial bloom stage, while Alpha-Proteobacteria, Cyanobacteria, and Actinobacteria become the most abundant taxa during the post-stage. In the archaea biosphere, it clustered predominantly with Methanogenic members in the early pre-bloom period while the majority of species identified in the later-bloom stage were ammonia-oxidizing archaea and Halobacteriales. In eukaryotes, dinoflagellate (Alexandrium sp.) was dominated in the onset stage, whereas multiply species (such as microzooplankton, diatom, green algae, and rotifera) coexistence in bloom collapse stag. In sediments, the microbial species biomass and richness are much higher than the water body. Only Flavobacteriales and Rhodobacterales showed a slight response to bloom stages. Unlike the bacteria, there are small fluctuations of archaeal and eukaryotic structure in the sediment. The network analyses among the inter-specific associations show that bacteria (Alteromonadaceae, Oceanospirillaceae, Cryomorphaceae, and Piscirickettsiaceae) and some zooplankton (Mediophyceae, Mamiellophyceae, Dictyochophyceae and Trebouxiophyceae) have a stronger impact on the structuring of phytoplankton communities than archaeal effects. The changes in population were also significantly shaped by water temperature and substrate availability (N & P resources). The results suggest that clades are specialized at different time-periods and that the pre-bloom succession was mainly a bottom-up controlled, and late-bloom period was controlled by top-down patterns. Additionally, phytoplankton and prokaryotic communities correlated better with each other, which indicate interactions among microorganisms are critical in controlling plankton dynamics and fates. Our results supplied a wider view (temporal and spatial scales) to understand the microbial ecological responses and their network association during algal blooming. It gives us a potential multidisciplinary explanation for algal-microbe interaction and helps us beyond the traditional view linked to patterns of algal bloom initiation, development, decline, and biogeochemistry.

Keywords: microbial community, harmful algal bloom, ecological process, network

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Authors: Hlamulo Makelane

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

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

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Authors: Sushmita Chaudhuri, Parthiba Basu

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Urbanization leads to habitat degradation and is responsible for the fast disappearance of native butterfly species. Random sampling of rural, suburban and urban sites in an around Kolkata metropolis revealed the presence of 28 species of butterfly belonging to 5 different families in winter (February-March). Butterfly diversity, species richness and abundance decreased with increase in urbanization. Psyche (Leptosia nina of family Pieridae) was the most predominant butterfly species found everywhere in Kolkata during the winter period. The most dominant family was Nymphalidae (11species), followed by Pieridae (6 species), Lycaenidae (5 species), Papilionidae (4 species) and Hesperiidae (2 species). The rural and suburban sites had butterfly species that were unique to those sites. Vegetation cover and flowering shrub density were significantly related to butterfly diversity.

Keywords: butterfly, Kolkata metropolis, Shannon-Weiner diversity index, species diversity

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Authors: Hsiao-Lin Fang

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Every life is precious, and comprehensive care should be provided to individuals who are in the final stages of their lives. Hospice-shared care aims to provide optimal symptom control and palliative care to terminal (cancer) patients through the implementation of shared care, and to support patients and their families in making various physical and psychological adjustments in the face of death. This report examines a 10-year-boy diagnosed with Out-of-Hospital Cardiac Arrest (OHCA). The individual fainted when swimming at school and underwent 31 minutes of cardiopulmonary resuscitation (CPR). While receiving treatment at the hospital, the individual received extracorporeal membrane oxygenation(ECMO) due to unstable hemodynamics. Urgent cardiac catheterization found: Suspect acute fulminant myocarditis or underlying cardiomyopathy with acute decompensation, After the active rescue by the medical team, hemodynamics still showed only mean pressure value. With respect to the patient, interdepartmental hospice-shared care was implemented and a do-not-resuscitate (DNR) order was signed after family discussions were conducted. Assistance and instructions were provided as part of the comfort care process. A farewell gathering attended by the patient’s relatives, friends, teachers, and classmates was organized in an intensive care unit (ICU) in order to look back on the patient’s life and the beautiful memories that were created, as well as to alleviate the sorrow felt by family members, including the patient’s father and sister. For example, the patient was presented with drawings and accompanied to a garden to pick flowers. In this manner, the patient was able to say goodbye before death. Finally, the patient’s grandmother and father participated in the clinical hospice care and post-mortem care processes. A hospice-shared care clinician conducted regular follow-ups and provided care to the family of the deceased, supporting family members through the sorrowful period. Birth, old age, sickness, and death are the natural phases of human life. In recent years, growing attention has been paid to human-centered hospice care. Hospice care is individual holistic care provided by a professional team and it involves the provision of comprehensive care to a terminal patient. Hospice care aims to satisfy the physical, psychological, mental, and social needs of patients and their families. It does not involve the cessation of treatment but rather avoids the exacerbation or extension of the suffering endured by patients, thereby preserving the dignity and quality of life during the end-of-life period. Patients enjoy the company of others as they complete the last phase of their lives, and their families also receive guidance on how they can move on with their own lives after the patient’s death.

Keywords: hospice-shared care, extracorporeal membrane oxygenation (ECMO), hospice-shared care, child patient

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Authors: S. J. Yune, S. Y. Lee, S. J. Im, B. S. Kam, S. Y. Baek

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This study aimed to determine the reliability of clinical performance assessments, having been emphasized by ability-based education, and professors overall assessment methods. We addressed the following problems: First, we try to find out whether there is a difference in what we consider to be the main variables affecting the clinical performance test according to the evaluator’s working period and the number of evaluation experience. Second, we examined the relationship among the global rating score (G), analytic global rating score (Gc), and the sum of the analytical checklists (C). What are the main factors affecting clinical performance assessments in relation to the numbers of times the evaluator had administered evaluations and the length of their working period service? What is the relationship between overall assessment score and analytic checklist score? How does analytic global rating with 6 components in OSCE and 4 components in sub-domains (Gc) CPX: aseptic practice, precision, systemic approach, proficiency, successfulness, and attitude overall assessment score and task-specific analytic checklist score sum (C) affect the professor’s overall global rating assessment score (G)? We studied 75 professors who attended a 2016 Bugyeoung Consortium clinical skills performances test evaluating third and fourth year medical students at the Pusan National University Medical school in South Korea (39 prof. in OSCE, 36 prof. in CPX; all consented to participate in our study). Each evaluator used 3 forms; a task-specific analytic checklist, subsequent analytic global rating scale with sub-6 domains, and overall global scale. After the evaluation, the professors responded to the questionnaire on the important factors of clinical performance assessment. The data were analyzed by frequency analysis, correlation analysis, and hierarchical regression analysis using SPSS 21.0. Their understanding of overall assessment was analyzed by dividing the subjects into groups based on experiences. As a result, they considered ‘precision’ most important in overall OSCE assessment, and ‘precise accuracy physical examination’, ‘systemic approaches to taking patient history’, and ‘diagnostic skill capability’ in overall CPX assessment. For OSCE, there was no clear difference of opinion about the main factors, but there was for CPX. Analytic global rating scale score, overall rating scale score, and analytic checklist score had meaningful mutual correlations. According to the regression analysis results, task-specific checklist score sum had the greatest effect on overall global rating. professors regarded task-specific analytic checklist total score sum as best reflecting overall OSCE test score, followed by aseptic practice, precision, systemic approach, proficiency, successfulness, and attitude on a subsequent analytic global rating scale. For CPX, subsequent analytic global rating scale score, overall global rating scale score, and task-specific checklist score had meaningful mutual correlations. These findings support explanations for validity of professors’ global rating in clinical performance assessment.

Keywords: global rating, clinical performance assessment, medical education, analytic checklist

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Authors: Allagui Mohamed

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The study of the temporal variation of the PM10 and the SO₂ in the area of Sfax during the year of 2008, showed very significant fluctuations of the contents. They depend on the transmitting sources and the weather conditions. The study of the evolutionary behavior of the PM10 and the SO₂ in a situation of the Sirocco revealed the determining influence of the Sahara which was confirmed by its strong enrichment of the atmosphere with particulate matter. The analysis of a situation of breeze of sea highlighted the increase in the contents of the PM10 of agreement with the increase the speed of the marine wind, in particular for the diurnal period, possibly testifying to the enrichment of the aerosol in a considerable maritime component. A situation of anticyclonic winter examined when with it the accumulation of the contents of the PM10 at a rate of 70 μg/m³ showed such concentrations remained weak by comparison with other studies which show contents of about 300 μg/m³.

Keywords: PM10, sea breeze, SO₂, sirocco, anticyclone

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Authors: Elaheh Jooybar, Mohammad J. Abdekhodaie, Marcel Karperien, Pieter J. Dijkstra

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In this study, hyaluronic acid (HA) microgels were developed for the goal of protein delivery. First, a hyaluronic acid-tyramine conjugate (HA-TA) was synthesized with a degree of substitution of 13 TA moieties per 100 disaccharide units. Then, HA-TA microdroplets were produced using a water in oil emulsion method and crosslinked in the presence of horseradish peroxidase (HRP) and hydrogen peroxide (H₂O₂). Loading capacity and the release kinetics of lysozyme and BSA, as model proteins, were investigated. It was shown that lysozyme, a cationic protein, can be incorporated efficiently in the HA microgels, while the loading efficiency for BSA, as a negatively charged protein, is low. The release profile of lysozyme showed a sustained release over a period of one month. The results demonstrated that the HA-TA microgels are a good carrier for spatial delivery of cationic proteins for biomedical applications.

Keywords: microgel, inverse emulsion, protein delivery, hyaluronic acid, crosslinking

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Authors: El Harbi Sana, Ben Afia Neila

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In this paper, we study the relationship between the military effort and pollution. A distinction is drawn between the direct and indirect impact of the military effort (military expenditure and military personnel) on pollution, which operates through the impact of military effort on per capita income and the resultant impact of income on pollution. Using the data of 121 countries covering the period 1980–2011, both the direct and indirect impacts of military effort on air pollution emissions are estimated. Our results show that the military effort is estimated to have a positive direct impact on per capita emissions. Indirect effects are found to be positive, the total effect of military effort on emissions is positive for all countries.

Keywords: military endeavor, income, emissions of CO2, panel data

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Authors: Cesar Ferreira Amorim, Tamotsu Hirata, Runer Augusto Marson

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The purpose of this study was to determine the effect of strength ramp isometric contraction on changes in surface electromyography (sEMG) signal characteristics of the hamstrings muscles. All measurements were obtained from 20 healthy well trained healthy adults (age 19.5 ± 0.8 yrs, body mass 63.4 ± 1.5 kg, height: 1.65 ± 0.05 m). Subjects had to perform isometric ramp contractions in knee flexion with the force gradually increasing from 0 to 40% of the maximal voluntary contraction (MVC) in a 20s period. The root mean square (RMS) amplitude of sEMG signals obtained from the biceps femoris (caput longum) were calculated at four different strength levels (10, 20, 30, and 40% MVC) from the ramp isometric contractions (5s during the 20s task %MVC). The main results were a more pronounced increase non-linear in sEMG-RMS amplitude for the muscles. The protocol described here may provide a useful index for measuring of strength neuromuscular fatigue.

Keywords: biosignal, surface electromyography, ramp contractions, strength

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Authors: Sanjay Narayan Deo, Badam Singh Kushvah

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Bennu(101955) is a half kilometer potentially hazardous near-Earth asteroid. We analyze the influence of Yarkovsky effect and relativistic effect of the Sun on the motion of the asteroid Bennu. The transverse model is used to compute Yarkovsky force on asteroid Bennu. Our dynamical model includes Newtonian perturbations of eight planets, the Moon, the Sun and three massive asteroid (1Ceres, 2Palas and 4Vesta). We showed the variation in orbital elements of nominal orbit of the asteroid. In the presence of Yarkovsky effect, the Semi-major axis of the orbit of the asteroid is decreases by 350 m over one period of orbital motion. The magnitude of Yarkovsky force is computed. We find that maximum magnitude of Yarkovsky force is 0.09 N at the perihelion . We also found that the magnitude of the Sun relativity effect is greater than the Yarkovsky effect on the motion the asteroid Bennu.

Keywords: Bennu, orbital elements, relativistic effect, Yarkovsky effect

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Authors: G. Vasanthi

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The purpose of the study was to analyse the red blood cells and white blood cells during three different menstrual phases between sedentary and sports women. To achieve this purpose, fifteen female sedentary post graduate students (M.A., M.Sc.) and fifteen students of Master of Physical Education and Sports (M.P.Ed.) women who regularly involved in vigouous sports training and participated in sports competition on different games were selected by adopting random sampling method. All the students were hostelers and their age group was between 20 to 22 years. The blood sample were collected during the mid-period of the three different phases to calculate the red blood cells and white blood cells. The data collected were treated statistically by using analysis of variance. The results reveal that the RBC and WBC is found to be significant between sedentary and sports women during the three different menstrual phases.

Keywords: RBC, WBC, menstrual, proliferative, secretary, sedentary women, sports women

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Authors: Igor Velickovski, Aleksandar Stojkov, Ivana Rajkovic

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This paper investigates drivers of shock synchronization using quarterly data for 27 European countries over the period 1999-2013 and taking into account the difference between core (‘the euro area core locomotive’) and peripheral euro area and transition countries (‘the peripheral wagons’). Results from panel error-correction models suggest that core of the euro area has not been strong magnetizer of the shock convergence of periphery and transition countries since the euro inception as a result of the offsetting effects of the various factors that affected the shock convergence process. These findings challenge the endogeneity hypothesis in the optimum currency area framework and rather support the specialisation paradigm which is concerning evidence for the future stability of the euro area.

Keywords: dynamic panel models, shock synchronisation, trade, optimum currency area

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Authors: Md. Aftabuzzaman, Md. Kamruzzaman

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Road-related expenditure and building construction activity are two significant drivers of the Victorian economy. This paper investigates the relationship between building construction activity and road-related expenditure. Data for construction activities were collected from Victorian Building Authority, and road-related expenditure data were explored by the Bureau of Infrastructure and Transport Research Economics. The trend between these two sectors was compared. The analysis found a strong relationship between road-related expenditure and the volume of construction activity, i.e., the more construction activities, the greater the requirement of road-related expenditure, or vice-versa. The road-related expenditure has a two-year lag period, suggesting that the road sector requires two years to respond to the growth in the building sector.

Keywords: building construction activity, infrastructure, road expenditure, Victorian Building Authority

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Authors: Tamriko Pavliashvili

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Marriage is such an important institution of family law, which is an indicator of the development of society. Although a family can be created by the birth of a child between an unmarried couple, marriage is still the main basis for the creation of a family, during which the rights and duties imposed require legal regulation. At present, in the conditions of globalization, there are different types of marriage, although in the main countries, it is still a union of a woman and a man, which involves voluntary cohabitation and assuming and fulfilling the norms and responsibilities established on the basis of the law. Modern society is at the stage where there is a need to create a family, and therefore marriage provides the best opportunity for relationships and existence between people. The mentioned paper about the state institution - marriage gives us the opportunity to get more information about the existing habits, legal norms from the ancient times to the modern period in Georgia, and also through comparison we will see what the differences and commonalities were and are in the marriage law of the countries of the world and Georgia.

Keywords: marriage, family law, the union of man and woman, church law

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Authors: Chiung-Ju Huang

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This study utilizes a frequency domain approach over the period of 1996 to 2013 to examine the causal relationship between governance and economic growth in ten Asian countries, which have different levels of democracy; classified as “Free”, “Partly Free”, and “Not Free” countries. The empirical results show that there is no Granger causality running from governance to economic growth in “Not Free” countries and “Partly Free” countries with the exception of Singapore. As for “Free” countries such as South Korea and Taiwan, there is a one-way causality running from governance to economic growth. The findings of this study indicate that policy makers in South Korea, Taiwan, and Singapore could use governance index to improve their predictions of the future economic growth.

Keywords: economic growth, frequency domain, governance, granger causality

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Authors: Behzad Moeini Sam, Sara Mohammadi Avendi

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The beliefs of the ancient peoples about gods and kings and how to perform rituals played an active part in the ancient civilizations. One of them in the ancient Near Eastern civilizations, which were accomplished, was paying homage to the gods and kings. The reverence posture during the Achaemenid period consisted of raising one right hand with the palm and the extended fingers facing the mouth. It is worth paying attention to the fact that the ancient empires such as Akkadian, Assyrian, Babylonian, and Persian should be regarded as successive versions of the same multinational power structure, each resulting from an internal power struggle within this structure. This article tries to show the reverence gesture with those of the ancient Near East. The working method is to study Darius one in Persepolis and pay homage to him and his similarities to those of the ancient Near East. Thus, it is logical to assume that the Reverence gesture follows the Sumerian and Akkadian ones.

Keywords: Darius, Persepolis, Achaemenid, Proskynesis

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Authors: Shilpi Tyagi, D. K. Nauriyal

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This study investigates the firm level determinants of profitability of Indian drug and pharmaceutical industry. The study uses inflation adjusted panel data for a period 2000-2013 and applies OLS regression model with Driscoll-Kraay standard errors. It has been found that export intensity, A&M intensity, firm’s market power and stronger patent regime dummy have exercised positive influence on profitability. The negative and statistically significant influence of R&D intensity and raw material import intensity points to the need for firms to adopt suitable investment strategies. The study suggests that firms are required to pay far more attention to optimize their operating expenditures, advertisement and marketing expenditures and improve their export orientation, as part of the long term strategy.

Keywords: Indian pharmaceutical industry, profits, TRIPS, performance

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Authors: Prem Singh, Jagdeep Singh

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In an attempt to investigate the performance of single basin solar still for climate conditions of Ludhiana a single basin solar still was designed, fabricated and tested. The energy balance equations for various parts of the still are solved by Gauss-Seidel iteration method. Computer model was made and experimentally validated. The validated computer model was used to estimate the annual distillation yield and performance ratio of the still for Ludhiana. The Theoretical and experimental distillation yield were 4318.79 ml and 3850 ml, respectively for the typical day. The predicted distillation yield was 12.5% higher than the experimental yield. The annual distillation yield per square meter aperture area and annual performance ratio for single basin solar still is 1095 liters and 0.43 liters, respectively. The payback period for micro-stepped solar still is 2.5 years.

Keywords: solar distillation, solar still, single basin, still

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Authors: Eneli Kindsiko, Kulno Türk

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The purpose of the current article is to reveal misconceptions about ICT occupations that keep females away from the field. The study focuses on the three phases in one’s career life cycle: pre-university, university and workplace with the aim of investigating how to attract more females into an ICT-related career. By studying nearly 300 secondary school graduates, 102 university students and 18 female ICT specialists, the study revealed six myths that influence the decision-making process of young girls in pursuing an ICT-related education and career. Furthermore, discriminating conception of ICT as a primarily man’s world is developed before the university period. Stereotypical barriers should be brought out to the public debate, so that a remarkable proportion of possible employees (women) would not stay away from the tech-related fields. Countries could make a remarkable leap in efficiency, when turning their attention to the gender-related issues in the labour market structure.

Keywords: ICT, women, stereotypes, computer

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Authors: Min-Su Song, Haeng-Bok Kil, Eui-Rim Jeong

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This paper proposes a new method to reduce the overhead by pilots for single carrier frequency domain equalization (SC-FDE) transmission. In the conventional SC-FDE transmission structure, the overhead by transmitting pilot is heavy because the pilot are transmitted at every SC-FDE block. The proposed SC-FDE structure has fewer pilots and many SC-FCE blocks are transmitted between pilots. The channel estimation and equalization is performed at the pilot period and the channels between pilots are estimated through linear interpolation. This reduces the pilot overhead by reducing the pilot transmission compared with the conventional structure, and enables reliable channel estimation and equalization.

Keywords: channel estimation, linear interpolation, pilot overhead, SC-FDE

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Authors: Muhammad Yusuf Abduh, Syaripudin, Laksmitha Dyanie, Robert Manurung

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The time profile of moisture content for different fractions (PT-3, PT-7, PT-14, NPT-21) of trisperma seeds (Reutealis trisperma) was determined at a relative humidity of 67% and 27°C for a four months period. The diffusion coefficient of water in the trisperma seeds was determined using an analytical solution of instationary diffusion equation and used to model the moisture content in the seeds. The total oil content of the seeds and the acid value of the extracted oil from the stored seeds were periodically measured for four months. The acid value of the extracted oil from the stored seeds increased for all conditions (1.1 to 2.8 mg KOH/g for PT-3, 1.9 to 9.9 mg KOH/g for PT-7, 3.4 to 11.6 mg KOH/g for PT-14 and 4.7 to 25.4 mg KOH/g for NPT-21). The acid value of trisperma oil and biodiesel that has been stored for four months (27°C, closed container) was also determined. Upon storage, the acid value of trisperma oil and biodiesel only slightly increased from 1.1 to 1.3 mg KOH/g and 0.4 to 0.43 mg KOH/g, respectively.

Keywords: acid value, biodiesel, moisture content, Reutealis trisperma, storage

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Authors: Nur Fareza Mustapha

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Solutions to policy problems need to be curated to the local context, taking into account the trajectory of the local development path to ensure its efficacy. For Kuala Lumpur, rapid urbanization and migration into the city for the past few decades have increased the demand for housing to accommodate a growing urban population. As a critical factor affecting housing affordability, land supply constraints have been attributed to intensifying market pressures, which grew in tandem with the demands of urban development, along with existing institutional constraints in the governance of land. While demand-side pressures are inevitable given the fixed supply of land, supply-side constraints in regulations distort markets and if addressed inappropriately, may lead to mistargeted policy interventions. Given Malaysia’s historical development, regulatory barriers for land may originate from the British colonial period, when many aspects of the current laws governing tenure were introduced and formalized, and henceforth, became engrained in the system. This research undertakes a postcolonial institutional analysis approach to uncover the causal mechanism driving the evolution of land tenure systems in post-colonial Kuala Lumpur. It seeks to determine the sources of these shifts, focusing on the incentives and bargaining positions of actors during periods of institutional flux/change. It aims to construct a conceptual framework to further this understanding and to elucidate how this historical trajectory affects current access to urban land markets for housing. Archival analysis is used to outline and analyse the evolution of land tenure systems in Kuala Lumpur while stakeholder interviews are used to analyse its impact on the current urban land market, with a particular focus on the provision of and access to affordable housing in the city. Preliminary findings indicate that many aspects of the laws governing tenure that were introduced and formalized during the British colonial period have endured until the present day. Customary rules of tenure were displaced by rules following a European tradition, which found legitimacy through a misguided interpretation of local laws regarding the ownership of land. Colonial notions of race and its binary view of native vs. non-natives have also persisted in the construction and implementation of current legislation regarding land tenure. More concrete findings from this study will generate a more nuanced understanding of the regulatory land supply constraints in Kuala Lumpur, taking into account both the long and short term spatial and temporal processes that affect how these rules are created, implemented and enforced.

Keywords: colonial discourse, historical institutionalism, housing, land policy, post-colonial city

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Authors: German Ricci

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The research aims to analyse the symbolic power of the International Monetary Fund (IMF) in its relationship with a borrowing country, drawing upon Pierre Bourdieu’s Field Theory. This theory of power, typical of constructivist structuralism, has been minor used in international relations. Thus, selecting this perspective offers a new understanding of how the IMF's power operates and is structured. The IMF makes periodic economic reviews in which the staff evaluates the Government's performance. It also offers “last instance” loans when private external credit is not accessible. This relationship generates great expectations in financial agents because the IMF’s statements indicate the capacity of the Nation-State to meet its payment obligations (or not). Therefore, it is argued that the IMF is a legitimate actor for financial agents concerned about a government facing an economic crisis both for the effects of its immediate economic contribution through loans and the promotion of adjustment programs, helpful to guarantee the payment of the external debt. This legitimacy implies a symbolic power relationship in addition to the already known economic power relationship. Obtaining the IMF's consent implies that the government partially puts its political-economic decisions into play since the monetary policy must be agreed upon with the Fund. This has consequences at the local level. First, it implies that the debtor state must establish a daily relationship with the Fund. This everyday interaction with the Fund influences how officials and policymakers internalize the meaning of political management. On the other hand, if the Government has access to the IMF's seal of approval, the State will be again in a position to re-enter the financial market and go back into debt to face external debt. This means that private creditors increase the chances of collecting the debt and, again, grant credits. Thus, it is argued that the borrowing country submits to the relationship with the IMF in search of the latter's economic and symbolic capital. Access to this symbolic capital has objective and subjective repercussions at the national level that might tend to reproduce the relevance of the financial market and legitimizes the IMF’s intervention during economic crises. The paper has Argentina as its case study, given its historical relationship with the IMF and the relevance of the current indebtedness period, which remains largely unexplored. Argentina’s economy is characterized by recurrent financial crises, and it is the country to which the Fund has lent the most in its entire history. It surpasses more than three times the second, Egypt. In addition, Argentina is currently the country that owes the most to the Fund after receiving the largest loan ever granted by the IMF in 2018, and a new agreement in 2022. While the historical strong association with the Fund culminated in the most acute economic and social crisis in the country’s contemporary history, producing an unprecedented political and institutional crisis in 2001, Argentina still recognized the IMF as the only way out during economic crises.

Keywords: IMF, fields theory, symbolic power, Argentina, Bourdieu

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Authors: Nada Souissi, Mourad Mroua

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The main purpose of this study is to examine the interaction between financial asset volatility, economic factors and investor's behavioral indicators related to both the company's and the markets stocks for the period from January 2000 to January2020. Using multiple linear regression and Bayesian Networks modeling, results show a positive and negative relationship between investor's psychology index, economic factors and predicted stock market return. We reveal that the application of the Bayesian Discrete Network contributes to identify the different cause and effect relationships between all economic, financial variables and psychology index.

Keywords: Financial asset return predictability, Economic factors, Investor's psychology index, Bayesian approach, Probabilistic networks, Parametric learning

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Authors: Ahmed BenSaïda

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This paper investigates the association between financial technology (FinTech) growth and bank performance in the Gulf Cooperation Council (GCC) region. Application is conducted on a panel dataset containing the annual observations of banks covering the period from 2012 to 2021. FinTech growth is set as an explanatory variable on three proxies of bank performance. These proxies are the return on assets (ROA), return on equity (ROE), and net interest margin (NIM). Moreover, several control variables are added to the model, including bank-specific and macroeconomic variables. The results are significant as all the proxies of the bank performance are negatively affected by the growth of FinTech startups. Consequently, banks are urged to proactively invest in FinTech startups and engage in partnerships to avoid the risk of disruption.

Keywords: financial technology, bank performance, GCC countries, panel regression

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Authors: Byron Baron

Abstract:

Malta is a Mediterranean archipelago presenting a combination of environmental conditions which are less suitable for agriculture. This has resulted in a heavy dependence on agricultural chemicals, as well as over-extraction of groundwater, compounded by concomitant destruction of natural habitat surrounding the land areas used for agriculture. Such prolonged intensive land use has resulted in even greater degradation of Maltese soils. This study was thus designed with the goal of assessing the viability of implementing a sustainable agricultural system based on permaculture practices compared to the traditional local practices applied for intensive farming. The permaculture model was implemented over a period of two years for a number of locally-grown staple crops. The tangible targets included improved soil health, reduced water consumption, increased reliance on renewable energy, increased wild plant and insect diversity, and sustained crop yield. To achieve this in the permaculture test area, numerous practices were introduced. In line with permaculture principles land, tillage was reduced, only natural fertilisers were used, no herbicides or pesticides were used, irrigation was linked to a desalination system with sensors for monitoring soil parameters, mulching was practiced, and a photovoltaic system was installed. Furthermore, areas for wild plants were increased and controlled only by trimming, not mowing. A variety of environmental parameters were measured at regular intervals as well as crop yield (in kilos of produce) in order to quantify if any improvements in crop output and environmental conditions were obtained. The results obtained show a very slight improvement in overall soil health due to the brevity of the test period. Water consumption was reduced by over 50% with no apparent losses or ill effects on the crops. Renewable energy was sufficient to provide all electric power on-site, so apart from the initial investment costs, there were no limitations. Moreover, surrounding the commercial crops with borders of wild plants whilst only taking up less than 15% of the total land area assisted pollination, increased animal visitors, and did not give rise to any pest infestations. The conclusion from this study was that whilst results are promising, more detailed and long-term studies are required to understand the full extent of the implications brought about by such a transition, which hints towards the untapped potential of investing in the available resources on the island with the goal of improving the balance between economic prosperity and ecological sustainability.

Keywords: agronomic measures, ecological amplification, sustainability, permaculture

Procedia PDF Downloads 97

Authors: Martin Bugeja, Helen Spiropolos

Abstract:

Using a sample of U.S. firms during the period 1993-2015, this study examines whether mergers and acquisitions (M&A) impact the compensation of the Chief Financial Officer (CFO) in the bidding and integration phases of M&As. The study finds that after controlling for CEO power, CFOs’ total compensation is higher during M&A years and is driven by higher equity incentives. These results are robust to controlling for self-selection. Furthermore, CFOs receive a greater bonus during the year of acquisition and the year prior. The study also investigates if CFO compensation during M&A years is driven by M&A characteristics and finds that deal size and diversification are positively related to total compensation while completion time is negatively related. The results are robust to a number of sensitivity tests and additional analyses.

Keywords: chief financial officer, compensation, mergers, acquisitions

Procedia PDF Downloads 59