Search results for: financial time series

Authors: Xinyi Xu

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This study conducts a detailed examination of Asian stock markets over the period from 2008 to 2023, with a focus on the dynamics of cointegration and their relevance for long-term investment strategies. Specifically, we assess the co-movement and potential for pairs trading—a strategy where investors take opposing positions on two stocks, indices, or financial instruments that historically move together. For example, we explore the relationship between the Nikkei 225 (N225), Japan’s benchmark stock index, and the Straits Times Index (STI) of Singapore, as well as the relationship between the Korea Composite Stock Price Index (KS11) and the STI. The methodology includes tests for normality, stationarity, cointegration, and the application of Vector Error Correction Modeling (VECM). Our findings reveal significant long-term relationships between these pairs, indicating opportunities for pairs trading strategies. Furthermore, the research underscores the challenges posed by model instability and the influence of major global incidents, which are identified as structural breaks. These findings pave the way for further exploration into the intricacies of financial market dynamics.

Keywords: normality tests, stationarity, cointegration, VECM, pairs trading

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Authors: Y. Bhatt, N. Ghosh, N. Tiwari

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Acreage response function are modeled taking account of expected harvest prices, weather related variables and other non-price variables allowing for partial adjustment possibility. At the outset, based on the literature on price expectation formation, we explored suitable formulations for estimating the farmer’s expected prices. Assuming that farmers form expectations rationally, the prices of food and biofuel crops are modeled using time-series methods for possible ARCH/GARCH effects to account for volatility. The prices projected on the basis of the models are then inserted to proxy for the expected prices in the acreage response functions. Food crop acreages in different growing states are found sensitive to their prices relative to those of one or more of the biofuel crops considered. The required percentage improvement in food crop yields is worked to offset the acreage loss.

Keywords: acreage response function, biofuel, food security, sustainable development

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Authors: Josip Vasilj, Petar Sarajcev, Damir Jakus

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One of the major difficulties introduced with wind power penetration is the inherent uncertainty in production originating from uncertain wind conditions. This uncertainty impacts many different aspects of power system operation, especially the balancing power requirements. For this reason, in power system development planing, it is necessary to evaluate the potential uncertainty in future wind power generation. For this purpose, simulation models are required, reproducing the performance of wind power forecasts. This paper presents a wind power forecast error simulation models which are based on the stochastic process simulation. Proposed models capture the most important statistical parameters recognized in wind power forecast error time series. Furthermore, two distinct models are presented based on data availability. First model uses wind speed measurements on potential or existing wind power plant locations, while the seconds model uses statistical distribution of wind speeds.

Keywords: wind power, uncertainty, stochastic process, Monte Carlo simulation

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Authors: Muhammad Farhan Ul Moazzam, Tamkeen Urooj Paracha, Ghani Rahman, Byung Gul Lee, Nasir Farid, Adnan Arshad

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The novel coronavirus pandemic disease (COVID-19) affected the whole globe, though there is a lack of clinical studies and its epidemiological features. But as per the observation, it has been seen that most of the COVID-19 infected patients show mild to moderate symptoms, and they get better without any medical assistance due to a better immune system to generate antibodies against the novel coronavirus. In this study, the active cases, serious cases, recovered cases, deaths and total confirmed cases had been analyzed using the geospatial inverse distance weightage technique (IDW) within the time span of 2nd March to 3rd June 2020. As of 3rd June, the total number of COVID-19 cases in Italy were 231,238, total deaths 33,310, serious cases 350, recovered cases 158,951, and active cases were 39,177, which has been reported by the Ministry of Health, Italy. March 2nd-June 3rd, 2020 a sum of 231,238 cases has been reported in Italy out of which 38.68% cases reported in the Lombardia region with a death rate of 18%, which is high from its national mortality rate followed by Emilia-Romagna (14.89% deaths), Piemonte (12.68% deaths), and Vento (10% deaths). As per the total cases in the region, the highest number of recoveries has been observed in Umbria (92.52%), followed by Basilicata (87%), Valle d'Aosta (86.85%), and Trento (84.54%). The COVID-19 evolution in Italy has been particularly found in the major urban area, i.e., Rome, Milan, Naples, Bologna, and Florence. Geospatial technology played a vital role in this pandemic by tracking infected patient, active cases, and recovered cases. Geospatial techniques are very important in terms of monitoring and planning to control the pandemic spread in the country.

Keywords: COVID-19, public health, geospatial analysis, IDW, Italy

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Authors: Marcelo Sifuentes López

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Strategic performance definition and follow-up processes have to be clear in order to provide value in today’s competitive world. Customer expectations must be linked to internal organization strategic objectives leading to profitability and supported by visibility and flexibility among others.By taking a whole picture of the supply chain, the executive, and its team will define the current supply chain situation and an insight into potential opportunities to improve processes and provide value to main stakeholders. A systematic performance evaluation process based on operational and financial indicators defined by customer requirements needs to be implemented and periodically reviewed in order to mitigate costs and risks on time.Supplier long term relationship and collaboration plays a key role using resources available, real-time communication, innovation and new ways to capitalize global opportunities like emerging markets; efforts have to focus on the reduction of uncertainties in supply and demand. Leadership has to promote consistency of communication and execution involving suppliers, customers, and the entire organization through the support of a strategic sourcing methodology that assure the targeted competitive strategy and sustainable growth. As customer requirements and expectations are met, results could be captured in a casual picture like a “selfie”; where outcomes could be perceived from any desired angle by them; or like most “selfies”, can be taken with a camera held at arm's length by a third party company rather than using a self-timer.

Keywords: supply chain management, competitive advantage, value creation, collaboration and innovation, global marketplace

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Authors: Shahin Mirshekari, Mohammadreza Moradi, Hossein Jafari, Mehdi Jafari, Mohammad Ensaf

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This research employs Gaussian Process Regression (GPR) with an ensemble kernel, integrating Exponential Squared, Revised Matern, and Rational Quadratic kernels to analyze pharmaceutical sales data. Bayesian optimization was used to identify optimal kernel weights: 0.76 for Exponential Squared, 0.21 for Revised Matern, and 0.13 for Rational Quadratic. The ensemble kernel demonstrated superior performance in predictive accuracy, achieving an R² score near 1.0, and significantly lower values in MSE, MAE, and RMSE. These findings highlight the efficacy of ensemble kernels in GPR for predictive analytics in complex pharmaceutical sales datasets.

Keywords: Gaussian process regression, ensemble kernels, bayesian optimization, pharmaceutical sales analysis, time series forecasting, data analysis

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Authors: Shivaram P. Arunachalam, Mustafa Y. Sir, Andy Boggust, David M. Nestler, Thomas R. Hellmich, Kalyan S. Pasupathy

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Emergency departments (EDs) provide urgent care to patients throughout the day in a complex and chaotic environment. Real-time location systems (RTLS) are increasingly being utilized in healthcare settings, and have shown to improve safety, reduce cost, and increase patient satisfaction. Radio Frequency Identification Device (RFID) data in an ED has been shown to compute variables such as patient-provider contact time, which is associated with patient outcomes such as 30-day hospitalization. These variables can provide avenues for improving ED operational efficiency. A major challenge with ED financial operations is under-coding of critical care services due to physicians’ difficulty reporting accurate times for critical care provided under Current Procedural Terminology (CPT) codes 99291 and 99292. In this work, the authors propose a framework to optimize ED critical care billing using RFID data. RFID estimated physician-patient contact times could accurately quantify direct critical care services which will help model a data-driven approach for ED critical care billing. This paper will describe the framework and provide insights into opportunities to prevent under coding as well as over coding to avoid insurance audits. Future work will focus on data analytics to demonstrate the feasibility of the framework described.

Keywords: critical care billing, CPT codes, emergency department, RFID

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Authors: Suffian Hadi Ayub, Mohammad Rezal Hamzah, Nor Hafizah Abdullah, Sharipah Nur Mursalina Syed Azmy, Hishamuddin Salim

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The liberalisation of the education industry has exposed the institute of higher learning (IHL) in Malaysia to the financial challenges. Without good financial standing, public institution will rely on the government funding. Ostensibly, this contradicts with the government’s aspiration to make universities self-sufficient. With stiff competition from private institutes of higher learning, IHL need to be prepared at the forefront level. The corporate identity itself is the entrance to the world of higher learning and it is in this uniqueness, it will be able to distinguish itself from competitors. This paper examined the perception of the stakeholders at one of the public universities in the east coast region in Malaysia on the perceived reputation and how the university communicate its preparedness for self-sustainability through corporate identity. The findings indicated while the stakeholders embraced the challenges in facing the stiff competition and struggling market conditions, most of them felt the university should put more efforts in mobilising the corporate identity to its constituencies.

Keywords: communication, corporate identity, market conditions, universities

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Authors: Gianpaolo Ghiani, Emanuela Guerriero, Emanuele Manni, Alessandro Romano

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In this article, we deal with a variant of the classical course timetabling problem that has a practical application in many areas of education. In particular, in this paper we are interested in high schools remedial courses. The purpose of such courses is to provide under-prepared students with the skills necessary to succeed in their studies. In particular, a student might be under prepared in an entire course, or only in a part of it. The limited availability of funds, as well as the limited amount of time and teachers at disposal, often requires schools to choose which courses and/or which teaching units to activate. Thus, schools need to model the training offer and the related timetabling, with the goal of ensuring the highest possible teaching quality, by meeting the above-mentioned financial, time and resources constraints. Moreover, there are some prerequisites between the teaching units that must be satisfied. We first present a Mixed-Integer Programming (MIP) model to solve this problem to optimality. However, the presence of many peculiar constraints contributes inevitably in increasing the complexity of the mathematical model. Thus, solving it through a general purpose solver may be performed for small instances only, while solving real-life-sized instances of such model requires specific techniques or heuristic approaches. For this purpose, we also propose a heuristic approach, in which we make use of a fast constructive procedure to obtain a feasible solution. To assess our exact and heuristic approaches we perform extensive computational results on both real-life instances (obtained from a high school in Lecce, Italy) and randomly generated instances. Our tests show that the MIP model is never solved to optimality, with an average optimality gap of 57%. On the other hand, the heuristic algorithm is much faster (in about the 50% of the considered instances it converges in approximately half of the time limit) and in many cases allows achieving an improvement on the objective function value obtained by the MIP model. Such an improvement ranges between 18% and 66%.

Keywords: heuristic, MIP model, remedial course, school, timetabling

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Authors: M. Khouil, N. Saber, M. Mestari

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In this paper, a different architecture of a collision detection neural network (DCNN) is developed. This network, which has been particularly reviewed, has enabled us to solve with a new approach the problem of collision detection between two convex polyhedra in a fixed time (O (1) time). We used two types of neurons, linear and threshold logic, which simplified the actual implementation of all the networks proposed. The study of the collision detection is divided into two sections, the collision between a point and a polyhedron and then the collision between two convex polyhedra. The aim of this research is to determine through the AMAXNET network a mini maximum point in a fixed time, which allows us to detect the presence of a potential collision.

Keywords: collision identification, fixed time, convex polyhedra, neural network, AMAXNET

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Authors: Ali Hajiesmaeili, Mehdi Rahimi, Ehsan Jaberi, Amir Abbas Hosseini

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The purpose of this study is investigating the influences of logistics performance on organizational performance including both marketing & financial aspects, and showing the financial impacts of selecting the right marketing and logistics priorities in line with their supply chain type, and also giving the practitioners an advance identification of their priorities and participation types of supply chain, and the best combination of their strategies and resources in this regard. We made use of the original model’s questionnaire to gather all expert’s data and also SPSS and AMOS Ver.22 to analyze the gathered data. CFA method was also used to test whether a relationship between observed variables and their underlying latent constructs exists. Supply chain strategy implementation leads to logistics performance improvement, and marketing performance will be affected as well. Logistics service providers should focus on enhancement of supply chain performance, since logistics performance has been considered as a basis of evaluation of supply chain management strategy. Consequently, performance of the organization will be enhanced. This case is the first research made in Iran that analyzes the relationship between Logistics & Organizational performance in Home Appliances and Home Entertainment companies.

Keywords: logistics, organizational, performance, supply chain, strategy

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Authors: Nishi Malhotra

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Art has developed as a mode of investment and saving. Art and culture of any nation is the source of foreign direct investment (FDI) generation and growth development. Several intermediaries and skill-building organizations thrive on at and culture for their earnings. Indian art market has grown to Rs. 2000 Crores. Art establishment houses access to privileged information is the main reason for arbitrariness and volatility in the market. The commercialization of art and development of the markets with refinement in the taste of the customers have led to the development of art as an investment avenue. Investors keen on investing in these products can do so, and earnings from art are taxable too, like any other capital asset. This research paper is aimed at exploring the role of art and culture as an investment avenue in India and reasons for increasing volatilities in the art market. Based on an extensive literature review and secondary research, a benchmarking study has been conducted to capture the growth of the art as an investment avenue. These studies indicate that during the financial crisis of 2008-10, the art emerged as an alternative investment avenue. The paper aims at discussing the financial engineering of various art funds and instruments. Based on secondary data available from Sotheby’s, Christies, Bonham, there is a positive correlation between strategic diversification and increasing return in the Art market. Similarly, digitization has led to disintermediation in the art markets and also helped to increase the market base. The data clearly enumerates the growing interest of the Indian investor towards art as an investment option. Much like any other broad asset class, art market too thrives on excess returns provided by diversification. Many financial intermediaries and art funds have emerged, to offer valuable investment planning advisory to a genuine investor. This paper clearly highlights the increasing returns of strategic diversification and its impact on reducing volatility in the art markets. Moreover, with coming up of e-auctions and websites, investors are able to analyse art more objectively. Digitization and commercialization of art have definitely helped in reducing volatility in world art markets.

Keywords: art, investment avenue, diversification, digitization

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Authors: Francesca di Donato, Sara Trucco

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Green accounting is a growing topic of interest. Indeed, nowadays, most firms affect the environment; therefore, companies are seeking the best way to disclose environmental information. Furthermore, companies are increasingly committed to improving the environment, and the topic is gaining more importance to the public, governments, and policymakers. Green accounting is a type of accounting that considers environmental costs and their impact on the financial performance of firms. Thus, the motivation of the current research is to investigate the state-of-the-art literature on the relationship between green accounting and firm performance since the birth of the topic of green accounting and to investigate gaps in the literature that represent fruitful terrain for future research. In doing so, this study provides a bibliometric literature review of existing evidence related to the link between green accounting and firm performance since 2000. The search, based on the most relevant databases for scientific journals (which are Scopus, Emerald, Web of Science, Google Scholar, and Econlit), returned 1917 scientific articles. The articles were manually reviewed in order to identify only the relevant studies in the field by excluding articles with titles and abstracts out of scope. The final sample was composed of 107 articles. A content analysis was carried out on the final sample of articles; in doing so, a classification system has been proposed. Findings show the most relevant environmental costs and issues considered in previous studies and how green accounting may be linked to the financial and non-financial performance of a firm. The study also offers suggestions for future research in this domain. This study has several practical implications. Indeed, the topic of green accounting may be applied to different sectors and different types of companies. Therefore, this study may help managers to better understand the most relevant environmental information to disclose and how environmental issues may be managed to improve the performance of the firms. Moreover, the bibliometric literature review may be of interest to those stakeholders who are interested in the historical evolution of the topic.

Keywords: bibliometric literature review, firm performance, green accounting, literature review

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Authors: Lai Tzu-Hsuan, Lai Jung-Nien, Lin Jaung-Geng, Kao Shung-Te, Hsuan-Kuang Jung

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Background: Whether acupuncture therapy contributes to preserving residual renal function (RRF) remains largely unknown. This case series evidenced the potential beneficial effects of acupuncture for preserving RRF in five patients with the end-stage renal disease under hemodialysis (HD) treatment. Participants: Five patients on HD receiving eight sessions of weekly 30-min interdialytic acupuncture (Inter-A) with residual urine volume (rUV) and residual glomerular filtration rate (rGFR) recorded once every two weeks were included for analysis. Outcomes: Changes in rUV and rGFR calculated using 24-hour urine collection data were analyzed to assess RRF. Variations in hemoglobin, urea Kt/V and serum albumin levels measured monthly were analyzed to evaluate HD adequacy. Results: After eight Inter-A sessions, mean (standard deviation (SD)) rUV and rGFR increased from 612 (184) ml/day and 1.48 (.94) ml/min/1.73 m2 at baseline to 803(289) ml/day and 2.04(1.17) ml/min/1.73m2 at 2- and 4-week follow-up, respectively. The mean percentage difference increased by 31% in rUV and 38% in rGFR. Routine measurements on HD adequacy also showed improvement. Conclusions: Acupuncture might be an optional add-on treatment for HD population with poor control of water; however, further well-designed controlled trials are warranted.

Keywords: end-stage renal disease, hemodialysis, acupuncture, residual renal function, residual urine volume

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Authors: Zhang Kehan, Du Luona

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Wireless power transfer (WPT) systems have been widely investigated for advantages of convenience and safety compared to traditional plug-in charging systems. The research contents include impedance matching, circuit topology, transfer distance et al. for improving the efficiency of WPT system, which is a decisive factor in the practical application. What is more, coil structures such as spiral circular coil and helical coil with variable distance between two turns also have indispensable effects on the efficiency of WPT systems. This paper compares the efficiency of WPT systems utilizing spiral or helical coil with variable distance between two turns, and experimental results show that efficiency of spiral circular coil with an optimum distance between two turns is the highest. According to efficiency formula of resonant WPT system with series-series topology, we introduce M²/R₋₁ to measure the efficiency of spiral circular coil and helical coil WPT system. If the distance between two turns s is too close, proximity effect theory shows that the induced current in the conductor, caused by a variable flux created by the current flows in the skin of vicinity conductor, is the opposite direction of source current and has assignable impart on coil resistance. Thus in two coil structures, s affects coil resistance. At the same time, when the distance between primary and secondary coils is not variable, s can also make the influence on M to some degrees. The aforementioned study proves that s plays an indispensable role in changing M²/R₋₁ and then can be adjusted to find the optimum value with which WPT system achieves the highest efficiency. In actual application situations of WPT systems especially in underwater vehicles, miniaturization is one vital issue in designing WPT system structures. Limited by system size, the largest external radius of spiral circular coil is 100 mm, and the largest height of helical coil is 40 mm. In other words, the turn of coil N changes with s. In spiral circular and helical structures, the distance between each two turns in secondary coil is set as a constant value 1 mm to guarantee that the R2 is not variable. Based on the analysis above, we set up spiral circular coil and helical coil model using COMSOL to analyze the value of M²/R₋₁ when the distance between each two turns in primary coil sp varies from 0 mm to 10 mm. In the two structure models, the distance between primary and secondary coils is 50 mm and wire diameter is chosen as 1.5 mm. The turn of coil in secondary coil are 27 in helical coil model and 20 in spiral circular coil model. The best value of s in helical coil structure and spiral circular coil structure are 1 mm and 2 mm respectively, in which the value of M²/R₋₁ is the largest. It is obviously to select spiral circular coil as the first choice to design the WPT system for that the value of M²/R₋₁ in spiral circular coil is larger than that in helical coil under the same condition.

Keywords: distance between two turns, helical coil, spiral circular coil, wireless power transfer

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Authors: Nidhin Dani Abraham, T. K. Sri Shilpa

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Asset liability management is an important aspect in banking business. Moreover, the today’s banking is based on BASEL III which strictly regulates on the counterparty default. This paper focuses on prediction and analysis of counter party default risk, which is a type of risk occurs when the customers fail to repay the amount back to the lender (bank or any financial institutions). This paper proposes an approach to reduce the counterparty risk occurring in the financial institutions using an appropriate data mining technique and thus predicts the occurrence of NPA. It also helps in asset building and restructuring quality. Liability management is very important to carry out banking business. To know and analyze the depth of liability of bank, a suitable technique is required. For that a data mining technique is being used to predict the dormant behaviour of various deposit bank customers. Various models are implemented and the results are analyzed of saving bank deposit customers. All these data are cleaned using data cleansing approach from the bank data warehouse.

Keywords: data mining, asset liability management, BASEL III, banking

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Authors: Alfred Quarcoo

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The main purpose of this paper is to examine the causal relationship between energy consumption and economic growth in Sub-Saharan Africa using panel data techniques. An annual data on energy consumption and Economic Growth (proxied by real gross domestic product per capita) spanning from 1990 to 2016 from the World bank index database was used. The results of the Augmented Dickey–Fuller unit root test shows that the series for all countries are not stationary at levels. However, the log of economic growth in Benin and Congo become stationary after taking the differences of the data, and log of energy consumption become stationary for all countries and Log of economic growth in Kenya and Zimbabwe were found to be stationary after taking the second differences of the panel series. The findings of the Johansen cointegration test demonstrate that the variables Log of Energy Consumption and Log of economic growth are not co-integrated for the cases of Kenya and Zimbabwe, so no long-run relationship between the variables were established in any country. The Granger causality test indicates that there is a unidirectional causality running from energy use to economic growth in Kenya and no causal linkage between Energy consumption and economic growth in Benin, Congo and Zimbabwe.

Keywords: Cointegration, Granger Causality, Sub-Sahara Africa, World Bank Development Indicators

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Authors: U. Chattaraj, K. Dhusiya, M. Raviteja

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Perception reaction time of drivers is an outcome of human thought process, which is vague and approximate in nature and also varies from driver to driver. So, in this study a fuzzy logic based model for prediction of the same has been presented, which seems suitable. The control factors, like, age, experience, intensity of driving of the driver, speed of the vehicle and distance of stimulus have been considered as premise variables in the model, in which the perception reaction time is the consequence variable. Results show that the model is able to explain the impacts of the control factors on perception reaction time properly.

Keywords: driver, fuzzy logic, perception reaction time, premise variable

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Authors: T. Pedersen, A. Lindfeldt

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The minimum dwell time is an important part of railway timetable planning. Due to its stochastic behaviour, the minimum dwell time should be considered to create resilient timetables. While there has been significant focus on how to determine and estimate dwell times, to our knowledge, little research has been carried out regarding temporal and running direction variations of these. In this paper, we examine how the minimum dwell time varies depending on temporal factors such as the time of day, day of the week and time of the year. We also examine how it is affected by running direction and station type. The minimum dwell time is estimated by means of track occupation data. A method is proposed to ensure that only minimum dwell times and not planned dwell times are acquired from the track occupation data. The results show that on an aggregated level, the average minimum dwell times in both running directions at a station are similar. However, when temporal factors are considered, there are significant variations. The minimum dwell time varies throughout the day with peak hours having the longest dwell times. It is also found that the minimum dwell times are influenced by weekday, and in particular, weekends are found to have lower minimum dwell times than most other days. The findings show that there is a potential to significantly improve timetable planning by taking minimum dwell time variations into account.

Keywords: minimum dwell time, operations quality, timetable planning, track occupation data

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Authors: Asia Ashfaq, Muhammad Saud

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The present study aims to highlight the socio-economic aspect of international migration by analyzing the effect of remittances sent by adult male children on the well-being of left behind parents. Well-being of left behind parents was operationalized through two indicators as financial security and health-care facilities. For this purpose, quantitative research design was employed and a survey was conducted in three cities i.e. Gujrat, Jhelum and Mirpur. The data was collected from 94 respondents chosen--purposively--on the basis of certain characteristics including demographic profile of the respondents and their male children who must be living abroad. The findings of the study revealed that parents were getting money from their sons regularly. Parents were getting financial assistance from their children for managing their household expenditures, visiting good hospitals and the specialist doctors in case of illness. Lastly, the study concluded that the economic aspect of migration of male children has a significant impact on the health status of left behind parents with the value of correlation (r) =0.241 and level of significance as 0.019. The research study also gives some suggestions and provides future directions for research.

Keywords: international migration, left behind parents, Pakistan, remittances, well-being

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Authors: Chih-Chiang Hua, Yi-Hsiung Fang, Yuan-Jhen Siao

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A bridgeless boost (BLB) power factor correction (PFC) rectifier with hold-up time extension circuit is proposed in this paper. A full bridge rectifier is widely used in the front end of the ac/dc converter. Since the shortcomings of the full bridge rectifier, the bridgeless rectifier is developed. A BLB rectifier topology is utilized with the hold-up time extension circuit. Unlike the traditional hold-up time extension circuit, the proposed extension scheme uses fewer active switches to achieve a longer hold-up time. Simulation results are presented to verify the converter performance.

Keywords: bridgeless boost (BLB), boost converter, power factor correction (PFC), hold-up time

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Authors: Raouf Alizadeh, Kadijeh Hemmati

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The aim of this study is to synthesize several series of hydrogels from combination of a natural based polymer (Quince seed mucilage QSD), a synthetic copolymer contained methoxy poly ethylene glycol -polycaprolactone (mPEG-PCL) in the presence of different amount of multi-walled carbon nanotube (f-MWNT). Mono epoxide functionalized mPEG (mP EG-EP) was synthesized and reacted with sodium azide in the presence of NH4Cl to afford mPEG- N3(-OH). Then ring opening polymerization (ROP) of ε–caprolactone (CL) in the presence of mPEG- N3(-OH) as initiator and Sn(Oct)2 as catalyst led to preparation of mPEG-PCL- N3(-OH ) which was grafted onto propagylated f-MWNT by the click reaction to obtain mPEG-PCL- f-MWNT (-OH ). In the presence of mPEG- N3(-Br) and mixture of NHS/DCC/ QSD, hybrid hydrogels were successfully synthesized. The copolymers and hydrogels were characterized using different techniques such as, scanning electron microscope (SEM) and thermogravimetric analysis (TGA). The gel content of hydrogels showed dependence on the weight ratio of QSD:mPEG-PCL:f-MWNT. The swelling behavior of the prepared hydrogels was also studied under variation of pH, immersion time, and temperature. According to the results, the swelling behavior of the prepared hydrogels showed significant dependence in the gel content, pH, immersion time and temperature. The highest swelling was observed at room temperature, in 60 min and at pH 8. The loading and in-vitro release of quercetin as a model drug were investigated at pH of 2.2 and 7.4, and the results showed that release rate at pH 7.4 was faster than that at pH 2.2. The total loading and release showed dependence on the network structure of hydrogels and were in the range of 65- 91%. In addition, the cytotoxicity and release kinetics of the prepared hydrogels were also investigated.

Keywords: antioxidant, drug delivery, Quince Seed Mucilage(QSD), swelling behavior

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Authors: Ahmadreza Jabalameli, Mohammad Ebrahimpour Borujeni

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This study aims to evaluate the effectiveness of intensive short-term dynamic psychotherapy (ISTDP) on ambiguity tolerance, emotional intelligence and stress coping strategies in financial market traders. The methodology of this study was quasi-experimental, pre-test and post-test with control group. The statistical population of this study includes all students at Jabalameli Information Technology Academy in 2022. Among them, 30 people were selected by voluntary sampling through interviews, and were randomly divided into two experimental and control groups of 51 people. And the components were measured according to McLain Ambiguity Tolerance Questionnaire, Bar-On Emotional Intelligence and Lazarus Stress Coping Strategies. The data were obtained by SPSS software and were analyzed by using multivariate analysis of covariance. The results indicate that intensive short-term dynamic psychotherapy influences the emotional intelligence as well as the ambiguity tolerance of traders.

Keywords: ISTDP, ambiguity tolerance, trading, emotional intelligence, stress

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Authors: Jing Zhang

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Sustainable development in the new energy vehicles field is the requirement of the net zero aim. Green bonds are accepted as a practical financial tool to boost the transformation of relevant enterprises. The paper analyzes the interactions among governments, enterprises of new energy vehicles, and financial institutions by an evolutionary game theory model and offers advice to stakeholders in China. The decision-making subjects of green behavior are affected by experiences, interests, perception ability, and risk preference, so it is difficult for them to be completely rational. Based on the bounded rationality hypothesis, this paper applies prospect theory in the evolutionary game analysis framework and analyses the costs of government regulation of enterprises adopting green bonds. The influence of the perceived value of revenue prospect and the probability and risk transfer coefficient of the government's active regulation on the decision-making agent's strategy is verified by numerical simulation. Finally, according to the research conclusions, policy suggestions are given to promote green bonds.

Keywords: green bonds, new energy vehicles, sustainable development, evolutionary Game Theory model

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Authors: Onur Arugaslan, Ajay Samant, Devrim Yaman

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Financial advisors and investors seek new assets which could potentially increase portfolio returns and decrease portfolio risk. Cryptocurrencies represent a relatively new asset class which could serve in both these roles. There has been very little research done in the area of the risk/return tradeoff in a portfolio consisting of fixed income assets, stocks, and cryptocurrency. The objective of this study is a rigorous examination of this issue. The data used in the study are the monthly returns on 4-week US Treasury Bills, S&P Investment Grade Corporate Bond Index, Bitcoin and the S&P 500 Stock Index. The methodology used in the study is the application Modern Portfolio Theory to evaluate the risk-adjusted returns of portfolios with varying combinations of these assets, using Sharpe, Treynor and Jensen Indexes, as well as the Sortino and Modigliani measures. The results of the study would include the ranking of various investment portfolios based on their risk/return characteristics. The conclusions of the study would include objective empirical inference for investors who are interested in including cryptocurrency in their asset portfolios but are unsure of the risk/return implications.

Keywords: financial economics, portfolio diversification, fixed income securities, cryptocurrency, stock indexes

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Authors: Hukam Chand

Abstract:

Over the past few years, the performance of Indian classical music has been improved a lot due to the technical inclusion of western instruments. Infect, the Indian classical music is all about raags which portray a mood and sentiments expressed through a microtonal scale based on natural harmonic series. And, most of the western instruments are not based on natural harmonic series and the tonal system is the only system which has considerable influence on the Indian classical music. However, the use of western instruments has been growing day by day in one way or the other by the Indian artists due to their quality of harmony. As a result of which, there are some common instruments such as harmonium, violin, guitar, saxophone, synthesizer which are being used commonly by Indian and western artists. On the other hand, a lot of fusion has taken place in the music of both sides due to the similar characteristics in their instruments. For example, harmonium which was originally the western instrument has now acquired an important position in Indian classical music to perform raags. Besides, a lot of suggestions for improving in the Indian music have been given by the artists for technical modification in the western instruments to cater the needs of Indian music through melody approach. Pt. Vishav Mohan Bhatt an Indian musician has developed Mohan Veena (called guitar) to perform raags. N. Rajam the Indian lady Violinist has made a remarkable work on Indian classical music by accompanied with vocal music. The purpose of the present research paper is to highlight the changes in Indian Classical Music through performance by using modified western music instruments.

Keywords: Indian classical music, Western instruments, harmonium, guitar, Violin and impact

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Authors: Hector Carcel Luis Alberiko Gil-Alana

Abstract:

This paper examines the time series behavior of three variables (GDP, Price level of Consumption and Population) in the eight countries that belong to the West African Economic and Monetary Union (WAEMU), which are Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. The reason for carrying out this study lies in the considerable heterogeneity that can be perceived in the data from these countries. We conduct a long memory and fractional integration modeling framework and we also identify potential breaks in the data. The aim of the study is to perceive up to which degree the eight West African countries that belong to the same monetary union follow the same economic patterns of stability. Testing for mean reversion, we only found strong evidence of it in the case of Senegal for the Price level of Consumption, and in the cases of Benin, Burkina Faso and Senegal for GDP.

Keywords: West Africa, Monetary Union, fractional integration, economic patterns

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Authors: Mariam Shalaby, Kayla Krause, Raisha Ismail, Daniel George

Abstract:

Introduction: The Pennsylvania State College of Medicine Refugee Initiative is a student-run organization that works with eleven Syrian and Congolese refugee families. Since 2016, it has used grant funding to make weekly produce purchases at a local market, provide tutoring services, and develop trusting relationships. This case study explains how the Refugee Initiative shifted focus to face new challenges due to the COVID-19 pandemic in 2020. Methodology: When refugees who had previously attained stability found themselves unable to pay the bills, the organization shifted focus from food security to direct assistance such as applying for unemployment compensation since many had recently lost jobs. When refugee families additionally struggled to access hygiene supplies, funding was redirected to purchase them. Funds were also raised from the community to provide financial relief from unpaid rent and bills. Findings: Systemic challenges were encountered in navigating federal/state unemployment and social welfare systems, and there was a conspicuous absence of affordable, language-accessible assistance that could help refugees. Finally, as struggling public schools failed to maintain adequate English as a Second Language (ESL) education, the group’s tutoring services were hindered by social distancing and inconsistent access to distance-learning platforms. Conclusion: Ultimately, the pandemic highlighted that a charity-based arrangement is helpful but not sustainable, and challenges persist for refugee families. Based on the Refugee Initiative's experiences over the past year of the COVID-19 pandemic, several needs must be addressed to aid refugee families at this time, including: increased access to affordable and language-accessible social services, educational resources, and simpler options for grant-based financial assistance. Interventions to increase these resources will aid refugee families in need in Central Pennsylvania and internationally

Keywords: COVID-19, health, pandemic, refugees

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Authors: Laura Roe

Abstract:

This study draws on twelve months of ethnographic fieldwork conducted in 2017 with heroin and poly-substance users in Scotland and explores experiences of time and temporality as factors in continuing drug use. The research largely took place over the year in which drug-related deaths in Scotland reached a record high, and were statistically recorded as the highest in Europe. This qualitative research is therefore significant in understanding both evolving patterns of drug use and the experiential lifeworlds of those who use heroin and other substances in high doses. Methodologies included participant observation, structured and semi-structured interviews, and unstructured conversations with twenty-two regular participants. The fieldwork was conducted in two needle exchanges, a community recovery group and in the community. The initial aim of the study was to assess evolving patterns of drug preferences in order to explore a clinical and user-reported rise in the use of novel psychoactive substances (NPS), which are typically considered to be highly potent, synthetic substances, often available at a low cost. It was found, however, that while most research participants had experimented with NPS with varying intensity, those who used every day regularly consumed heroin, methadone, and alcohol with benzodiazepines such as diazepam or anticonvulsants such as gabapentin. The research found that many participants deliberately pursued the non-fatal effects of overdose, aiming to induce states of dissociation, detachment and uneven consciousness, and did so by both mixing substances and experimenting with novel modes of consumption. Temporality was significant in the decision to consume cocktails of substances, as users described wishing to sever themselves from time; entering into states of ‘non-time’ and insensibility through specific modes of intoxication. Time and temporality similarly impacted other aspects of addicted life. Periods of attempted abstinence witnessed a slowing of time’s passage that was tied to affective states of boredom and melancholy, in addition to a disruptive return of distressing and difficult memories. Abject past memories frequently dominated and disrupted the present, which otherwise could be highly immersive due to the time and energy-consuming nature of seeking drugs while in financial difficulty. There was furthermore a discordance between individual user temporalities and the strict time-based regimes of recovery services and institutional bodies, and the study aims to highlight the impact of such a disjuncture on the efficacy of treatment programs. Many participants had difficulty in adhering to set appointments or temporal frameworks due to their specific temporal situatedness. Overall, exploring increasing tendencies of heroin users in Scotland towards poly-substance use, this study draws on experiences and perceptions of time, analysing how temporality comes to bear on the ways drugs are sought and consumed, and how recovery is imagined and enacted. The study attempts to outline the experiential, intimate and subjective worlds of heroin and poly-substance users while explicating the structural and historical factors that shape them.

Keywords: addiction, poly-substance use, temporality, timelessness

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Authors: Kh. Alaa, Sh. Sarah, J. Khowlah, S. Liyakathunsia

Abstract:

Education has become very important nowadays and with the rapidly increasing number of student, taking the attendance manually is getting very difficult and time wasting. In order to solve this problem, an automated solution is required. An effective automated system can be implemented to manage student attendance in different ways. This research will discuss a unique class attendance system which integrates both Face Recognition and RFID technique. This system focuses on reducing the time spent on submitting of the lecture and the wastage of time on submitting and getting approval for the absence excuse and sick leaves. As a result, the suggested solution will enhance not only the time, also it will also be helpful in eliminating fake attendance.

Keywords: attendance system, face recognition, RFID, process model, cost, time

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