Search results for: financial convergence

Authors: Meixia Zhang, Chengjun Ji, Wenxuan Han

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Many wood traits are important functional attributes for tree species, connected with resource competition among species, community dynamics, and ecosystem functions. Large variations in these traits exist among taxonomic categories, but variation in these traits between gymnosperms and angiosperms is still poorly documented. This paper explores the systematic differences in 12 traits between the two tree categories and the potential effects of environmental factors and life form. Based on a database of wood traits for major gymnosperm and angiosperm tree species across China, the values of 12 wood traits and their driving factors in gymnosperms vs. angiosperms were compared. The results are summarized below: i) Means of wood traits were all significantly lower in gymnosperms than in angiosperms. ii) Air-dried density (ADD) and tangential shrinkage coefficient (TSC) reflect the basic information of wood traits for gymnosperms, while ADD and radial shrinkage coefficient (RSC) represent those for angiosperms, providing higher explanation power when used as the evaluation index of wood traits. iii) For both gymnosperm and angiosperm species, life form exhibits the largest explanation rate for large-scale spatial patterns of ADD, TSC (RSC), climatic factors the next, and edaphic factors have the least effect, suggesting that life form is the dominant factor controlling spatial patterns of wood traits. Variations in the magnitude and key traits between gymnosperms and angiosperms and the same dominant factors might indicate the evolutionary divergence and convergence in key functional traits among woody plants.

Keywords: allometry, functional traits, phylogeny, shrinkage coefficient, wood density

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Authors: Taşkın Deniz Yıldız, Mustafa Topaloğlu, Orhan Kural

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The right to operate a fairly long periods of prior periods and after the 3213 Mining Law has been observed to be shortened in Turkey. Permit the realization of business activities (or concession) requested the purchase of the mine operated "found mine" position, as well as the financial and technical capability to have the owner of the right to operate the mines as well as the principle of equality is important in terms of assessing the best way be. In particular, in this context, license fields "negligence" (downsizing) have noted that the current arrangement for all periods. However, in the period after 3213 Mining Act and a permit to operate more effectively within the framework of implementation of negligence is laid down.

Keywords: mining legislation, operation, permit, Turkey

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Authors: Drago Jakovčević, Maja Mihelja Žaja

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This paper provides an analysis of the insurance cycle in the Republic of Croatia and whether they are affected by catastrophic losses on a global level. In general, it is considered that insurance cycles are particularly pronounced in periods of financial crisis, but are also affected by the growing number of catastrophic losses. They cause the change of insurance cycle and premium growth and intensification and narrowing of the coverage conditions, so these variables move in the same direction and these phenomena point to a new cycle. The main goal of this paper is to determine the existence of insurance cycle in the Republic of Croatia and investigate whether catastrophic losses have an influence on insurance cycles.

Keywords: catastrophic loss, insurance cycle, premium, Republic of Croatia

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Authors: Halimi Mohamed Taher, Kordoghli Bassem, Ben Hassen Mohamed, Sakli Faouzi

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Textile and clothing manufacturing industry is based largely on subcontracting system. Choosing the right subcontractor became a strategic decision that can affect the financial position of the company and even his market position. Subcontracting firms in Tunisia are lead to define an appropriate selection process which takes into account several quantitative and qualitative criteria. In this study, a methodology is proposed that includes a Fuzzy Analytic Hierarchy Process (AHP) in order to incorporate the ambiguities and uncertainties in qualitative decision. Best subcontractors for two Tunisian firms are determined based on model results.

Keywords: AHP, subcontractor, multicriteria, selection

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Authors: Zahra Amirhosseini, Mahtab Nameni

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The aim of this study was to investigate the relationship between growth, beta, and Company's cash. We calculate cash as dependent variable and growth opportunity and beta as independent variables. This study was based on an analysis of panel data. Population of the study is the companies which listed in Tehran Stock exchange and a financial data of 215 companies during the period 2010 to 2015 have been selected as the sample through systematic sampling. The results of the first hypothesis showed there is a significant relationship between growth opportunities cash holdings. Also according to the analysis done in the second hypothesis, we determined that there is an inverse relation between company risk and cash holdings.

Keywords: growth, beta, liquidity, company

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Authors: Nawal Yacoub Halim Abdelmasih

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The intersection between development and human rights has been the factor of scholarly debate for a long term. therefore, some of standards, which enlarge from the proper to development to the human rights-based totally method to development, had been adopted to apprehend the dynamics among the two standards. no matter these attempts, the exact relationship among improvement and human rights has not been completely determined but. however, the inevitable interdependence between the two notions and the idea that improvement efforts ought to be undertaken with the aid of giving due regard to human rights ensures has won momentum in recent years. then again, the emergence of sustainable development as a extensively common technique in development dreams and policies makes this unsettled convergence even extra complicated. The vicinity of sustainable improvement in human rights regulation discourse and the function of the latter in making sure the sustainability of development applications name for a scientific observe. as a result, this newsletter seeks to discover the relationship among development and human rights, particularly focusing at the location given to sustainable development principles in international human proper regulation. it'll similarly quest whether or not there is a proper to sustainable improvement diagnosed therein. as a result, the item asserts that the ideas of sustainable improvement are immediately or circuitously diagnosed in diverse human rights contraptions, which affords an affirmative response to the question raised hereinabove. This paintings, therefore, will make expeditions via international and regional human rights devices in addition to case legal guidelines and interpretative hints of human rights bodies to show this speculation.

Keywords: sustainable development, human rights, the right to development, the human rights-based approach to development, environmental rights, economic development, social sustainability human rights protection, human rights violations, workers’ rights, justice, security

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Authors: Taeho Park, Ming Zhou, Sangryul Shim

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With the emergence of the global economy, today’s business environment is getting more competitive than ever in the past. And many supply chain (SC) strategies and operations have significantly been altered over the past decade to overcome more complexities and risks imposed onto the global business. First, offshoring and outsourcing are more adopted as operational strategies. Manufacturing continues to move to better locations for enhancing competitiveness. Second, international operations are a challenge to a company’s SC system. Third, the products traded in the SC system are not just physical goods, but also digital goods (e.g., software, e-books, music, video materials). There are three main flows involved in fulfilling the activities in the SC system: physical flow, information flow, and financial flow. An advance of the Internet and electronic communication technologies has enabled companies to perform the flows of SC activities in electronic formats, resulting in the advent of an electronic supply chain management (e-SCM) system. A SC system for digital goods is somewhat different from the supply chain system for physical goods. However, it involves many similar or identical SC activities and flows. For example, like the production of physical goods, many third parties are also involved in producing digital goods for the production of components and even final products. This research aims at identifying process flows of both physical and digital goods in a SC system, and then investigating all risk elements involved in the physical, information, and financial flows during the fulfilment of SC activities. There are many risks inherent in the e-SCM system. Some risks may have severe impact on a company’s business, and some occur frequently but are not detrimental enough to jeopardize a company. Thus, companies should assess the impact and frequency of those risks, and then prioritize them in terms of their severity, frequency, budget, and time in order to be carefully maintained. We found risks involved in the global trading of physical and digital goods in four different categories: environmental risk, strategic risk, technological risk, and operational risk. And then the significance of those risks was investigated through a survey. The survey asked companies about the frequency and severity of the identified risks. They were also asked whether they had faced those risks in the past. Since the characteristics and supply chain flows of digital goods are varying industry by industry and country by country, it is more meaningful and useful to analyze risks by industry and country. To this end, more data in each industry sector and country should be collected, which could be accomplished in the future research.

Keywords: digital goods, e-SCM, risk analysis, supply chain flows

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Authors: Abdelbasset Tounekti, Kamel Boukhalfa, Tathagata Roy Choudhury, Mohamed Soussi, Santanu Banerjee

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The exceptionally glauconite-rich Miocene strata are superbly exposed throughout the front of the nappes zone of northern Tunisia. Each of the glauconitic fine-grained intervals coincide with the peak rise of third order sea-level cycles during the Burdigalian-Langhiantime. These deposits show coarsening- and thickening-upward glauconitic shale and sandstone, recording a shallowing upward progression across offshore-shoreface settings. Petrographic investigation reveals that the glauconite was originated from the alteration of fecal pellets, and lithoclast including feldspar, volcanic particle, and quartz and infillings with intraparticle pores. Mineralogical analysis of both randomly oriented and air-dried, ethylene-glycolate, and heated glauconite pellets show the low intensity of (002) reflection peaks, indicating high iron substitution for aluminum in octahedral sites. Geochemical characterization of the Miocene glauconite reveals a high K2O and variable Fe2O3 (total) content. A combination of layer lattice and divertissement theories explains the origin of glauconite. The formation of glauconite was facilitated by the abundant supply of Fe through contemporaneous volcanism in Algeria and surrounding areas, which accompanied the African-European plate convergence. Therefore, the occurrence of glauconite in the Miocene succession of Tunisia is influenced by the combination of eustacy and volcanism.

Keywords: glauconite, autogenic, volcanism, geochemistry, chamosite, northern Tunisia, miocene

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Authors: Ioannis N. Sergentanis, Stavroula Papadodima, Maria Tsellou, Dimitrios Vlachodimitropoulos, Sotirios Athanaselis, Chara Spiliopoulou

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Introduction: The aim of this study is the investigation of characteristics of suicide, as documented in autopsies during a five-year interval in the greater area of Attica, including the city of Athens. This could reveal possible protective or aggravating factors for suicide risk during a period strongly associated with the Greek debt crisis. Materials and Methods: Data was obtained following registration of suicide cases among autopsies performed in the Forensic Medicine and Toxicology Department, School of Medicine, National and Kapodistrian University of Athens, Greece, during the time interval from January 2011 to December 2015. Anonymity and medical secret were respected. A series of demographic and social factors in addition to special characteristics of suicide were entered into a specially established pre-coded database. These factors include social data as well as psychiatric background and certain autopsy characteristics. Data analysis was performed using descriptive statistics and Fisher’s exact test. The software used was STATA/SE 13 (Stata Corp., College Station, TX, USA). Results: A total of 162 cases were studied, 128 men and 34 women. Age ranged from 14 to 97 years old with an average of 53 years, presenting two peaks around 40 and 60 years. A 56% of cases were single/ divorced/ widowed. 25% of cases occurred during the weekend, and 66% of cases occurred in the house. A predominance of hanging as the leading method of suicide (41.4%) followed by jumping from a height (22.8%) and firearms (19.1%) was noted. Statistical analysis showed an association was found between suicide method and gender (P < 0.001, Fisher’s exact test); specifically, no woman used a firearm while only one man used medication overdose (against four women). Discussion: Greece has historically been one of the countries with the lowest suicide rates in Europe. Given a possible change in suicide trends during the financial crisis, further research seems necessary in order to establish risk factors. According to our study, suicide is more frequent in men who are not married, inside their house. Gender seems to be a factor affecting the method of suicide. These results seem in accordance with the international literature. Stronger than expected predominance in male suicide can be associated with failure to live up to social and family expectations for financial reasons.

Keywords: autopsy, Greece, risk factors, suicide

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Authors: Anthony Usoro

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In this paper, two classes of bilinear time series model are obtained under certain conditions from the general bilinear autoregressive moving average model. Bilinear Autoregressive (BAR) and Bilinear Moving Average (BMA) Models have been identified. From the general bilinear model, BAR and BMA models have been proved to exist for q = Q = 0, => j = 0, and p = P = 0, => i = 0 respectively. These models are found useful in modelling most of the economic and financial data.

Keywords: autoregressive model, bilinear autoregressive model, bilinear moving average model, moving average model

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Authors: Isabel Schestak, Jan Spriet, David Styles, Prysor Williams

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Breweries and distilleries are well-known for their high water usage. The water consumption in a UK brewery to produce one litre of beer reportedly ranges from 3-9 L and in a distillery from 7-45 L to produce a litre of spirit. This includes product water such as mashing water, but also water for wort and distillate cooling and for cleaning of tanks, casks, and kegs. When cooling towers are used, cooling water can be the dominating water consumption in a brewery or distillery. Interlinked to the high water use is a substantial heating requirement for mashing, wort boiling, or distillation, typically met by fossil fuel combustion such as gasoil. Many water and waste water streams are leaving the processes hot, such as the returning cooling water or the pot ales. Therefore, several options exist to optimise water and energy efficiency of spirit production through heat recovery. Although these options are known in the sector, they are often not applied in practice due to planning efforts or financial obstacles. In this study, different possibilities and design options for heat recovery systems are explored in four breweries/distilleries in the UK and assessed from an economic but also environmental point of view. The eco-efficiency methodology, according to ISO 14045, is applied to combine both assessment criteria to determine the optimum solution for heat recovery application in practice. The economic evaluation is based on the total value added (TVA) while the Life Cycle Assessment (LCA) methodology is applied to account for the environmental impacts through the installations required for heat recovery. The four case study businesses differ in a) production scale with mashing volumes ranging from 2500 to 40,000 L, in b) terms of heating and cooling technology used, and in c) the extent to which heat recovery is/is not applied. This enables the evaluation of different cases for heat recovery based on empirical data. The analysis provides guidelines for practitioners in the brewing and distilling sector in and outside the UK for the realisation of heat recovery measures. Financial and environmental payback times are showcased for heat recovery systems in the four distilleries which are operating at different production scales. The results are expected to encourage the application of heat recovery where environmentally and economically beneficial and ultimately contribute to a reduction of the water and energy footprint in brewing and distilling businesses.

Keywords: brewery, distillery, eco-efficiency, heat recovery from process and waste water, life cycle assessment

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Authors: Rit M., Girard R., Villot J., Thorel M.

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In a scenario of extensive residential housing renovation, stakeholders need models that support decision-making through a deep understanding of the existing building stock and accurate energy demand simulations. To address this need, we have modified an optimization model using open data that enables the study of renovation strategies at both territorial and national scales. This approach provides (1) a definition of a strategy to simplify decision trees from theoretical combinations, (2) input to decision makers on real-world renovation constraints, (3) more reliable identification of energy-saving measures (changes in technology or behaviour), and (4) discrepancies between currently planned and actually achieved strategies. The main contribution of the studies described in this document is the geographic scale: all residential buildings in the areas of interest were modeled and simulated using national data (geometries and attributes). These buildings were then renovated, when necessary, in accordance with the environmental objectives, taking into account the constraints applicable to each territory (number of renovations per year) or at the national level (renovation of thermal deficiencies (Energy Performance Certificates F&G)). This differs from traditional approaches that focus only on a few buildings or archetypes. This model can also be used to analyze the evolution of a building stock as a whole, as it can take into account both the construction of new buildings and their demolition or sale. Using specific case studies of French territories, this paper highlights a significant discrepancy between the strategies currently advocated by decision-makers and those proposed by our optimization model. This discrepancy is particularly evident in critical metrics such as the relationship between the number of renovations per year and achievable climate targets or the financial support currently available to households and the remaining costs. In addition, users are free to seek optimizations for their building stock across a range of different metrics (e.g., financial, energy, environmental, or life cycle analysis). These results are a clear call to re-evaluate existing renovation strategies and take a more nuanced and customized approach. As the climate crisis moves inexorably forward, harnessing the potential of advanced technologies and data-driven methodologies is imperative.

Keywords: residential housing renovation, MILP, energy demand simulations, data-driven methodology

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Authors: Takao Maeda, Tomofumi Tohara, Shigeaki Mishima

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Focusing on the “SME management consultants” in Japan, this study intends (1) to clarify implications as to their self-actualization, motivation and (2) to revitalize SMEs, on which local economies depend. On the basis of these study purposes, the presenters conducted an interview survey of several SME management consultants and SME managers. This survey identified the current circumstances and challenges as follow: SME management consultants are high-level professionals who acquired very difficult national qualifications (examination pass rate 4%) to provide consultation and business analysis for SMEs. Nevertheless, only 20% of the qualified consultants run their business independently, while the rest (80%) are corporate employees as in-house consultants, the majority of whom belong to big companies. They acquired the qualification merely for the purpose of self-development. Therefore, they have few opportunities to demonstrate their expertise inside and outside their companies.On the other hand, the SMEs, which are to receive analysis and consultation from SME management consultants, constitute 99.7% of all industries, and are very important to local communities, for they sustain the economy and provide employment. SMEs used to be supported by the consultants in company management due to their scarce managerial resources compared with big companies. Nowadays, however, SMEs are regarded as the source of Japanese economic dynamism. To have the same degree of managerial skills as big companies, therefore, SMEs now need analysis and consultation by the consultants in more active ways, such as discovering and utilizing their dormant technologies. Partly because SME management consultants have not been fully utilized in Japan, the number of SMEs has been on a long-term downward trend since 1986. Utilizing expertise of the in-house consultants, who have rich experience in their big companies and deep knowledge regarding SMEs obtained through qualification, will potentially lead to revitalization of SMEs and consequently to economic growth in Japan. Through detailed analysis of the interview results, this study revealed short-term and long-term challenges regarding how to utilize SME management consultants. The most urgent issue is to study managerial approaches that will provide the consultants serving in big companies with more “opportunities to demonstrate their expertise.” The long-term issue is to enable the consultants to demonstrate their expertise in financial institutions, or financial supporter of SMEs, to examine farsighted and innovative financing strategy and criteria based on managers’ personalities and their business plans, instead of the conventional financing based on prompt fund collection.

Keywords: small and medium enterprise（SME), SME managemant consultant, self-actualization, motivation

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Authors: Ayelet Gur

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Background: In recent years we are witnessing a welcome trend in which more children/persons with disabilities are living at home with their families and within their communities. This trend is related to various policy innovations as the UN Convention on the Rights of People with Disabilities that reflect a shift from the medical-institutional model to a human rights approach. We also witness the emergence of family centered approaches that perceive the family and not just the individual with the disability as a worthy target of policy planning, implementation and evaluation efforts. The current investigation aims to explore economic, psychological and social factors among households of families of children or adults with intellectual disabilities in Israel and to present policy recommendation. Methods: A national sample of 301 households was recruited through the education and employment settings of persons with intellectual disability. The main caregiver of the person with the disability (a parent) was interviewed. Measurements included the income and expense surveys; assets and debts questionnaire; the questionnaire on resources and stress; the social involvement questionnaire and Personal Wellbeing Index. Results: Findings indicate significant gaps in financial circumstances between households of families of children with intellectual disabilities and households of the general Israeli society. Households of families of children with intellectual disabilities report lower income and higher expenditures and loans than the general society. They experience difficulties in saving and coping with unexpected expenses. Caregivers (the parents) experience high stress, low social participation, low financial support from family, friend and non-governmental organizations and decreased well-being. They are highly dependent on social security allowances which constituted 40% of the household's income. Conclusions: Households' dependency on social security allowances may seem contradictory to the encouragement of persons with intellectual disabilities to favor independent living in light of the human rights approach to disability. New policy should aim at reducing caregivers' stress and enhance their social participation and support, with special emphasis on families of lower socio-economic status. Finally, there is a need to continue monitoring the economic and psycho-social needs of households of families of children with intellectual disabilities and other developmental disabilities.

Keywords: disability policy, family policy, intellectual and developmental disabilities, Israel, households study, parents of children with disabilities

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Authors: Mawong R., Bussracumpakorn C.

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Millions of young people around the world have been affected by COVID-19 to their psychological and social effects. Millennials’ stresses have been shaped by a few global issues, including climate change, political instability, and financial crisis. In particular, the spread of COVID-19 has become laying psychological and socioeconomic scars on them. When end-of-life planning turns into more widely discussed, the stigma and taboos around this issue are greatly lessened. End-of-life planning is defined as a future life plan, such as financial, legacy, funeral, and memorial planning. This plan would help millennials to discover the value and meaning of life. This study explores the attitudes of Thai Millennials toward end-of-life planning as a new normal awareness of life in order to initiate an innovative service concept to fit with their value and meaning. The study conducts an in-depth interview with 12 potential participants who have awareness or action on the plan. The framework of the customer journey map is used to analyze the responses to examine trigger points, barriers, beliefs, and expectations. The findings pointed to a service concept that is suggested for a new end-of-life planning service that is suited to Thai Millennials in 4 different groups, which are 1. Social -Conscious as a socially aware who to donate time and riches to make the world and society a better place, their end-of-life planning value is inspired by the social impact of giving something or some action that they will be able to do after life or during life which provides a variety of choice based on their preference to give to society, 2. Life Fulfillment who make a life goal for themselves and attempt to achieve it before the time comes to their value will be to inspire life value with a customized plan and provide guidance to suggest, 3. Prevention of the After-Death Effect who want to plan to avoid the effects of their death as patriarch, head of the family, and anchor of someone, so they want to have a plan that brings confidence and feel relief while they are still alive and they want to find some reliable service that they can leave the death will or asset, and 4. No Guilty Planning who plan for when they wish to be worry-free as a self-responsible they want to have the plan which is easy to understand and easy to access. The overall finding of the study is to understand the new service concept of end-of-life planning which to improve knowledge of significant life worth rather than death planning, encouraging people to reassess their lives in a positive way, leading to higher self-esteem and intrinsic motivation for this generation in this time of global crisis.

Keywords: design management, end-of-life planning, millennial generation, service design solution

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Authors: Magdalena Musiał-Karg

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The expansion of telecommunication and progress of electronic media constitute important elements of our times. The recent worldwide convergence of information and communication technologies (ICT) and dynamic development of the mass media is leading to noticeable changes in the functioning of contemporary states and societies. Currently, modern technologies play more and more important roles and filter down to almost every field of contemporary human life. It results in the growth of online interactions that can be observed by the inconceivable increase in the number of people with home PCs and Internet access. The proof of it is undoubtedly the emergence and use of concepts such as e-society, e-banking, e-services, e-government, e-government, e-participation and e-democracy. The newly coined word e-democracy evidences that modern technologies have also been widely used in politics. Without any doubt in most countries all actors of political market (politicians, political parties, servants in political/public sector, media) use modern forms of communication with the society. Most of these modern technologies progress the processes of getting and sending information to the citizens, communication with the electorate, and also – which seems to be the biggest advantage – electoral procedures. Thanks to implementation of ICT the interaction between politicians and electorate are improved. The main goal of this text is to analyze electronic voting (e-voting) as one of the important forms of electronic democracy in terms of security aspects. The author of this paper aimed at answering the questions of security of electronic voting as an additional form of participation in elections and referenda.

Keywords: electronic democracy, electronic voting, security of e-voting, information and communication technology (ICT)

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Authors: Xiyang Li, Qi Yu, Lun Zhang

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In the face of natural disasters and other emergency situations, determining the optimal location of rescue centers is crucial for improving rescue efficiency and minimizing impact on affected populations. This paper proposes a method that integrates genetic algorithms (GA) and backpropagation neural networks (BPNN) to address the site selection optimization problem for emergency rescue centers. We utilize BPNN to accurately estimate the cost of delivering supplies from rescue centers to each temporary camp. Moreover, a genetic algorithm with a special partially matched crossover (PMX) strategy is employed to ensure that the number of temporary camps assigned to each rescue center adheres to predetermined limits. Using the population distribution data during the 2022 epidemic in Jiading District, Shanghai, as an experimental case, this paper verifies the effectiveness of the proposed method. The experimental results demonstrate that the BPNN-GA method proposed in this study outperforms existing algorithms in terms of computational efficiency and optimization performance. Especially considering the requirements for computational resources and response time in emergency situations, the proposed method shows its ability to achieve rapid convergence and optimal performance in the early and mid-stages. Future research could explore incorporating more real-world conditions and variables into the model to further improve its accuracy and applicability.

Keywords: emergency rescue centers, genetic algorithms, back-propagation neural networks, site selection optimization

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Authors: C.W. Kan

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Softening applied on textile products based on several reasons. First, the synthetic detergent removes natural oils and waxes, thus lose the softness. Second, compensate the harsh handle of resin finishing. Also, imitate natural fibres and improve the comfort of fabric are the reasons to apply softening. There are different types of softeners for softening finishing of textiles, nonionic softener, anionic softener, cationic softener and silicone softener. The aim of this study is to illustrate the proper application of different softeners and their final softening effect in textiles. The results could also provide guidance note to the students in learning this topic. Acknowledgment: Authors would like to thank the financial support from the Hong Kong Polytechnic University for this work.

Keywords: learning materials, softening, textiles, effect

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Authors: Abraham Castellanos, Christophe Durville, Sophie Echenim

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In this article, a portfolio optimization problem is performed in a Solvency II context: it illustrates how advanced optimization techniques can help to tackle complex operational pain points around the monitoring, control, and stability of Solvency Capital Requirement (SCR). The market SCR of a portfolio is calculated as a combination of SCR sub-modules. These sub-modules are the results of stress-tests on interest rate, equity, property, credit and FX factors, as well as concentration on counter-parties. The market SCR is non convex and non differentiable, which does not make it a natural optimization criteria candidate. In the SCR formulation, correlations between sub-modules are fixed, whereas risk-driven portfolio allocation is usually driven by the dynamics of the actual correlations. Implementing a portfolio construction approach that is efficient on both a regulatory and economic standpoint is not straightforward. Moreover, the challenge for insurance portfolio managers is not only to achieve a minimal SCR to reduce non-invested capital but also to ensure stability of the SCR. Some optimizations have already been performed in the literature, simplifying the standard formula into a quadratic function. But to our knowledge, it is the first time that the standard formula of the market SCR is used in an optimization problem. Two solvers are combined: a bundle algorithm for convex non- differentiable problems, and a BFGS (Broyden-Fletcher-Goldfarb- Shanno)-SQP (Sequential Quadratic Programming) algorithm, to cope with non-convex cases. A market SCR minimization is then performed with historical data. This approach results in significant reduction of the capital requirement, compared to a classical Markowitz approach based on the historical volatility. A comparative analysis of different optimization models (equi-risk-contribution portfolio, minimizing volatility portfolio and minimizing value-at-risk portfolio) is performed and the impact of these strategies on risk measures including market SCR and its sub-modules is evaluated. A lack of diversification of market SCR is observed, specially for equities. This was expected since the market SCR strongly penalizes this type of financial instrument. It was shown that this direct effect of the regulation can be attenuated by implementing constraints in the optimization process or minimizing the market SCR together with the historical volatility, proving the interest of having a portfolio construction approach that can incorporate such features. The present results are further explained by the Market SCR modelling.

Keywords: financial risk, numerical optimization, portfolio management, solvency capital requirement

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Authors: Mario Zgela

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Application of Benford’s Law is very rarely covered in the field of stock market analysis, especially in percentage change of stock market indices. Deutscher Aktien IndeX (DAX) is very important stock market index of Frankfurt Deutsche Börse which serves as underlying basis for large number of financial instruments. It is calculated for selected 30 German blue chips stocks. In this paper, Benford's Law first digit test is applied on 10 year DAX daily percentage changes in order to check compliance. Deviations of 10 year DAX percentage changes set as well as distortions of certain subsets from Benford's Law distribution are detected. It is possible that deviations are the outcome of speculations; and psychological influence should not be eliminated.

Keywords: Benford's Law, DAX, index percentage changes, stock market

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Authors: Paolo Guzzini, Emad Samuel M. Ebeid

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Bridges and Railways are critical infrastructures. Ensuring safety for transports using such assets is a primary goal as it directly impacts the lives of people. By the way, improving safety could require increased investments in O&M, and therefore optimizing resource usage for asset maintenance becomes crucial. Drones4Safety (D4S), a European project funded under the H2020 Research and Innovation Action (RIA) program, aims to increase the safety of the European civil transport by building a system that relies on 3 main pillars: • Drones operating autonomously in swarm mode; • Drones able to recharge themselves using inductive phenomena produced by transmission lines in the nearby of bridges and railways assets to be inspected; • Data acquired that are analyzed with AI-empowered algorithms for defect detection This paper describes the business model behind this disruptive project. The Business Model is structured in 2 parts: • The first part is focused on the design of the business model Canvas, to explain the value provided by the Drone4safety project; • The second part aims at defining a detailed financial analysis, with the target of calculating the IRR (Internal Return rate) and the NPV (Net Present Value) of the investment in a 7 years plan (2 years to run the project + 5 years post-implementation). As to the financial analysis 2 different points of view are assumed: • Point of view of the Drones4safety company in charge of designing, producing, and selling the new system; • Point of view of the Utility company that will adopt the new system in its O&M practices; Assuming the point of view of the Drones4safety company 3 scenarios were considered: • Selling the drones > revenues will be produced by the drones’ sales; • Renting the drones > revenues will be produced by the rental of the drones (with a time-based model); • Selling the data acquisition service > revenues will be produced by the sales of pictures acquired by drones; Assuming the point of view of a utility adopting the D4S system, a 4th scenario was analyzed taking into account the decremental costs related to the change of operation and maintenance practices. The paper will show, for both companies, what are the key parameters affecting most of the business model and which are the sustainable scenarios.

Keywords: a swarm of drones, AI, bridges, railways, drones4safety company, utility companies

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Authors: G. Shahzadi, A. Soulaimani

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This research work aims to identify the physical parameters of the constitutive soil model in the design of a rockfill dam by inverse analysis. The best parameters of the constitutive soil model, are those that minimize the objective function, defined as the difference between the measured and numerical results. The Finite Element code (Plaxis) has been utilized for numerical simulation. Polynomial and neural network-based response surfaces have been generated to analyze the relationship between soil parameters and displacements. The performance of surrogate models has been analyzed and compared by evaluating the root mean square error. A comparative study has been done based on objective functions and optimization techniques. Objective functions are categorized by considering measured data with and without uncertainty in instruments, defined by the least square method, which estimates the norm between the predicted displacements and the measured values. Hydro Quebec provided data sets for the measured values of the Romaine-2 dam. Stochastic optimization, an approach that can overcome local minima, and solve non-convex and non-differentiable problems with ease, is used to obtain an optimum value. Genetic Algorithm (GA), Particle Swarm Optimization (PSO) and Differential Evolution (DE) are compared for the minimization problem, although all these techniques take time to converge to an optimum value; however, PSO provided the better convergence and best soil parameters. Overall, parameter identification analysis could be effectively used for the rockfill dam application and has the potential to become a valuable tool for geotechnical engineers for assessing dam performance and dam safety.

Keywords: Rockfill dam, parameter identification, stochastic analysis, regression, PLAXIS

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Authors: Nathalie Piquemal, Faiçal Zellama, Bathélemy Bolivar, Leyla Sall

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Canada defines itself as a country of immigration and a multicultural nation, ideologically, politically and programmatically (in terms of its integration practices). As such, principles of hospitality may seem, at first glance, incontestable, given the convergence of the views of the majority of Canadian politicians on the need to welcome, each year, a significant number of immigrants and to offer them the hospitality that facilitates their transition to Canadian citizenship. However, immigrants are welcomed in a Canadian societal context in which power and resources are unevenly distributed, resulting in complex social relationships between hosts and newcomers. Qualitative data obtained from newcomers in Winnipeg, Manitoba, Canada, focuses on experiences of hospitality, with special attention to host-guest social and power dynamics, contested policies on foreign credential and micro spaces of belongingin a multicultural context. The act of welcoming a newcomer is inherently shaped by both macropolitical structures and everyday relational practices that can lead to experiences of belonging, marginalisation, empowerment and/or disempowerment depending on economic agenda, humanitarian and humanistic orientations. We first explore the extent to which immigrants experience hospitality in relation to unequal distribution of power and resources as well as cultural discontinuities. We then examine ways in which immigrants have been able to find sanctuaries of hospitality within their own ethnocultural communities. Finally, we discuss the complexity of hospitality in a multicultural context and offer critical insights on host factors that may produce, develop and nurture hospitable environments.

Keywords: migration, hospitality, diversity, culture, race

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Authors: Rosiris Maturo Domingues, Patricia Luissa Masmo, Cibele Cavalheiro Neves, Juliana Dalla Martha Rodriguez

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This article reports the experience of the pedagogical consultants responsible for the curriculum development of Senac São Paulo courses when facing the emergency need to maintain the pedagogical process in their schools in the face of the Covid-19 pandemic. The urgent adjustment to distance education resulted in the improvement of the process and the adoption of new teaching and learning strategies mediated by technologies. The processes for preparing and providing guidelines for professional education courses were also readjusted. Thus, a bank of teaching-learning strategies linked to digital resources was developed, categorized, and identified by their didactic-pedagogical potential, having as an intersection didactic planning based on learning objectives based on Bloom's taxonomy (revised), given its convergence with the competency approach adopted by Senac. Methodologically, a relationship was established between connectivity and digital networks and digital evolution in school environments, culminating in new paradigms and processes of educational communication and new trends in teaching and learning. As a result, teachers adhered to the use of digital tools in their practices, transposing face-to-face classroom methodologies and practices to online media, whose criticism was the use of ICTs in an instrumental way, reducing methodologies and practices to teaching only transmissive. There was recognition of the insertion of technology as a facilitator of the educational process in a non-palliative way and the development of a web curriculum, now and fully, carried out in contexts of ubiquity.

Keywords: technologies, education, teaching-learning strategies, Bloom taxonomy

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Authors: Raymond Treacy, Paul Humphreys, Ronan McIvor, Trevor Cadden, Alan McKittrick

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This study employed event study methodology to examine the role of institutions, resources and dynamic capabilities in the relationship between the Environmental Management System ISO 14001 adoption and firm performance. Utilising financial data from 140 ISO 14001 certified firms and 320 non-certified firms, the results of the study suggested that the UK and Irish manufacturers were not implementing ISO 14001 solely to gain legitimacy. In contrast, the results demonstrated that firms were fully integrating the ISO 14001 standard within their operations as certified firms were able to improve both financial and operating performance when compared to non-certified firms. However, while there were significant and long lasting improvements for employee productivity, manufacturing cost efficiency, return on assets and sales turnover, the sample firms operating cycle and fixed asset efficiency displayed evidence of diminishing returns in the long-run, underlying the observation that no operating advantage based on incremental improvements can be everlasting. Hence, there is an argument for investing in dynamic capabilities which help renew and refresh the resource base and help the firm adapt to changing environments. Indeed, the results of the regression analysis suggest that dynamic capabilities for innovation acted as a moderator in the relationship between ISO 14001 certification and firm performance. This, in turn, will have a significant and symbiotic influence on sustainability practices within the participating organisations. The study not only provides new and original insights, but demonstrates pragmatically how firms can take advantage of environmental management systems as a moderator to significantly enhance firm performance. However, while it was shown that firm innovation aided both short term and long term ROA performance, adaptive market capabilities only aided firms in the short-term at the marketing strategy deployment stage. Finally, the results have important implications for firms operating in an economic recession as the results suggest that firms should scale back investment in R&D while operating in an economic downturn. Conversely, under normal trading conditions, consistent and long term investments in R&D was found to moderate the relationship between ISO 14001 certification and firm performance. Hence, the results of the study have important implications for academics and management alike.

Keywords: supply chain management, environmental management systems, quality management, sustainability, firm performance

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Authors: Aymen Arfaoui, Abdelkader Soumaya, Ali Kadri, Noureddine Ben Ayed

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The Tunisian dorsal backland is located on the Eastern Atlas side of the Maghrebides (North Africa). The analysis of collected field data in the Rouas and Ruissate mountains area allowed us to develop new interpretations for its structural framework. Our kinematic analysis of fault-slip data reveals the presence of an extensional tectonic regime with NE-SW Shmin, characterizing the Mesozoic times. In addition, geophysical data shows that the synsedimentary normal faulting is accompanied by thickness variations of sedimentary sequences and Triassic salt movements. Then, after the Eurasia-Africa plate’s convergence during the Eocene, compressive tectonic deformations affected and reactivated the inherited NW-SE and N-S trending normal faults as dextral strike-slip and reverse faults, respectively. This tectonic inversion, with compression to the transpressional tectonic regime and NW-SE SHmax, continued during the successive shortening phases of the upper Miocene and Quaternary. The geometry of the Rouas and Ruissate belt is expressed as a fault propagation fold, affecting Jurassic and Cretaceous deposits. The Triassic evaporates constitute the decollement levels, facilitating the detachment and deformation of the sedimentary cover. The backland of this thrust belt is defined by NNE-SSW trending imbrication features that are controlled by a basement N-S fault.

Keywords: Tunisian dorsal backland, fault slip data; synsedimentary faults, tectonic inversion, decollement level, fault propagation fold

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Authors: Lianxue Shi

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Urban waterfront rail transit stations exert a dual impact on both the waterfront and the transit station, resulting in a concentration of development elements in the surrounding space. In order to more effectively develop the space around the station, this study focuses on the perspective of the integration of station, city, and people. Taking Chongqing as an example, based on the Arc GIS platform, it explores the vitality of the site from the three dimensions of crowd activity heat, space facilities heat, and spatial accessibility. It conducts a comprehensive evaluation and interpretation of the vitality surrounding the waterfront rail transit station area in Chongqing. The study found that (1) the spatial vitality in the vicinity of waterfront rail transit stations is correlated with the waterfront's functional zoning and the intensity of development. Stations situated in waterfront residential and public spaces are more likely to experience a convergence of people, whereas those located in waterfront industrial areas exhibit lower levels of vitality. (2) Effective transportation accessibility plays a pivotal role in maintaining a steady flow of passengers and facilitating their movement. However, the three-dimensionality of urban space in mountainous regions is a notable challenge, leading to some stations experiencing limited accessibility. This underscores the importance of enhancing the optimization of walking space, particularly the access routes from the station to the waterfront area. (3) The density of spatial facilities around waterfront stations in old urban areas lags behind the population's needs, indicating a need to strengthen the allocation of relevant land and resources in these areas.

Keywords: rail transit station, waterfront, influence area, spatial vitality, urban vitality

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Authors: Ayodele Ajayi, John Ajayi

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This paper investigates the effect of corporate governance with a view to determining the relationship between board size and bank performance. Data for the study were obtained from the audited financial statements of five sampled banks listed on the Nigerian Stock Exchange. Panel data technique was adopted and analysis was carried out with the use of multiple regression and pooled ordinary least square. Results from the study show that the larger the board size, the greater the profit implying that corporate governance is positively correlated with bank performance.

Keywords: corporate governance, banks performance, board size, pooled data

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Authors: Yegnanew A. Shiferaw

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

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

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Authors: Shervin Alaei, Reza Moradi

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Trading in financial markets is subject to risks due to their high volatilities. Here, using an LSTM neural network, and by doing some risk-based feature engineering tasks, we developed a method that can accurately predict trends of the Tehran stock exchange market index from a few days ago. Our test results have shown that the proposed method with an average prediction accuracy of more than 94% is superior to the other common machine learning algorithms. To the best of our knowledge, this is the first work incorporating deep learning and risk factors to accurately predict market trends.

Keywords: deep learning, LSTM, trend prediction, risk management, artificial neural networks

Procedia PDF Downloads 154