Search results for: stock market anomalies

Authors: K. B. Rajanna, P. Nayana, H. N. Anjanayappa, N. Chethan

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The ‘fringed - lipped’ peninsula carp Labeo fimbriatus is a potential and an abundant fish species in rivers and reservoirs of peninsular India. It contributes a part of the inland fish production and also plays a role in the rural economy in major carp deficient regions of India. The fish is locally called as ‘Kemmeenu’ in Karnataka. Month wise samples were collected from the Vanivilasa Sagar Reservoir fish landing centre and fishing villages around the reservoir. Present investigation on the reproductive biology showed the occurrence of ripe gonads more during October, November, December and January. Thus it is concluded that spawning season coinciding with monsoon season and the size at maturity was found to be 36 and 37 cm total length (M and F). This study will throw light on reproductive biology of fish for captive brood stock development, breeding and rearing of Labeo fimbriatus. Since this fish is commercial important the study would help to take up hatchery production.

Keywords: inland, maturity, peninsula carp, reservoir

Procedia PDF Downloads 254

Authors: Adil Basuki Ahza, Michael Liong, Subarna Suryatman

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Healthy chips now dominating the snack market shelves. More than 80% processed snack foods in the market are chips. This research takes the advantages of twin extrusion technology to produce two types of product, i.e. directly expanded and intermediate ready-to-fry or microwavable chips. To improve the functional quality, the cereal-tuber based mix was enriched with antioxidant rich mix of temurui, celery, carrot and isolated soy protein (ISP) powder. Objectives of this research were to find best composite cassava-sorghum ratio, i.e. 60:40, 70:30 and 80:20, to optimize processing conditions of extrusion and study the microstructural, physical and sensorial characteristics of the final products. Optimization was firstly done by applying metering section of extruder barrel temperatures of 120, 130 and 140 °C with screw speeds of 150, 160 and 170 rpm to produce direct expanded product. The intermediate product was extruded in 100 °C and 100 rpm screw speed with feed moisture content of 35, 40 and 45%. The directly expanded products were analyzed for color, hardness, density, microstructure, and organoleptic properties. The results showed that interaction of ratio of cassava-sorghum and cooking methods affected the product's color, hardness, and bulk density (p<0.05). Extrusion processing conditions also significantly affected product's microstructure (p<0.05). The direct expanded snacks of 80:20 cassava-sorghum ratio and fried expanded one 70:30 and 80:20 ratio shown the best organoleptic score (slightly liked) while baking the intermediate product with microwave were resulted sensorial not acceptable quality chips.

Keywords: cassava-sorghum composite, extrusion, microstructure, physical characteristics

Procedia PDF Downloads 282

Authors: Naim Izet Kajtazi

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Context: Although rare, glomus tumor (i.e., nonchromaffin chemodectomas and paragan¬gliomas) is the most common middle ear tumor, with female predominance. Pre-operative embolization is often required to devascularize the hypervascular tumor for better surgical outcomes. Process: A 35-year-old female presented with episodes of frequent dizziness, ear fullness, and right ear tinnitus for 12 months. Head imaging revealed a right glomus tympanicum tumor. She underwent pre-operative endovascular embolization of the glomus tympanicum tumor with surgical, cyanoacrylate-based glue. Immediately after the procedure, she developed drowsiness and severe pain in the right temporal region. Further investigations revealed a right cerebellar stroke in the posterior inferior cerebellar artery territory. She was treated with intravenous heparin, followed by one year of oral anticoagulation. With rehabilitation, she significantly recovered from her post embolization stroke. However, the tumor was resected at another institution. Ten years later, follow-up imaging indicated a gradual increase in the size of the glomus jugulare tumor, compressing the nearby critical vascular structures. She subsequently received radiation therapy to treat the residual tumor. Outcome: Currently, she has no neurological deficit, but her mild dizziness, right ear tinnitus, and hearing impairment persist. Relevance: This case highlights the complex nature of these tumors, which often bring challenges to the patients as well as treatment teams. The multi-disciplinary team approach is necessary to tailor the management plan for individual tumors. Although embolization is a safe procedure, careful attention and thoughtful anatomic knowledge regarding dangerous anastomosis are essential to avoid devastating complications. Complications occur due to encountered vessel anomalies and new anastomoses formed during the gluing and changes in hemodynamics.

Keywords: stroke, embolization, MRI brain, cerebral angiogram

Procedia PDF Downloads 72

Authors: Loide Sambo

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Achieving energy security has, in the past few decades, become one of the main goals in the security agenda of every country around the world. For Southern African Countries (SAC) the aim is not different, yet these countries face a particular challenge in the pursuit of their energy security. More than just secure enough energy sources to fuel their industrial and societal needs, SAC have as well to ensure that they trade their rich energy resources to the global market in a way that promotes and safeguards their economic development objectives. Considering the relevance of this issue to the SAC, the present paper explores the possibility of these countries to achieve energy security through regional cooperation, under the Southern Africa Development Community (SADC) platform. It discusses the challenges and opportunities for advancing energy security in this region through cooperation. After analyzing the data through the documentary analysis method, it was found that regional cooperation among SAC to improve energy security is not effective since cooperation in the region is still very susceptible to a plethora of challenges, such as political instability, lack of development of infrastructure and expertise, lack of good governance, lack of sense of cohesiveness, and most important lack of political commitment. It was also found that significant commitment on regional cooperation had been centered on the electricity sub-sector due to the region’s huge electricity deficit. Thus less commitment is dedicated to the development and policy harmonization of the other sub-sectors such as the one of natural gas and oil, for instance. Hence, it is recommended that the leadership of the SAC is fully committed to cooperate and harmonize the policies, the strategic plans, as well as the infrastructure concerning to all the natural energy resources and its respective sub-sectors. This would provide the SAC significant leverage to negotiate for the energy market access, ensuring that the region’s energy commodities are traded, while the countries themselves retain enough energy to sustain their economic growth and development, improving, therefore, their energy security.

Keywords: regional cooperation, energy security, economic development, political commitment

Procedia PDF Downloads 250

Authors: Ainur Mukhambetova, Miras Karzhauov, Vyacheslav Ogay

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Introduction: Mesenchymal stem cells (MSCs) have the capacity to be differentiated into several cell lineages and are a promising source for cell therapy and tissue engineering. However, currently most MSCs culturing protocols use media supplemented with fetal bovine serum (FBS), which limits their application in clinic due to the possibility of zoonotic infections, contamination and immunological reactions. Consequently, formulating effective serum free culture medium becomes one of the important problems in contemporary cell biotechnology. Objectives: The aim of this study was to define an optimal serum-free medium for culturing of periosteum derived MSCs. Materials and methods: The MSCs were extracted from human periosteum and transferred to the culture flasks pretreated with CELLstart™. Immunophenotypic characterization, proliferation and in vitro differentiation of cells grown on STEM PRO® MSC SFM were compared to the cells cultured in the standard FBS containing media. Chromosome analysis and flow cytometry were also performed. Results: We have shown that cells were grown on STEM PRO® MSC SFM retained all the morphological, immunophenotypic (CD73, CD90, CD105, vimentin and Stro-1) and cell differentiation characteristics specific to MSCs. Chromosome analysis indicated no anomalies in the chromosome structure. Flow cytometry showed a high expression of cell adhesion molecules CD44 (98,8%), CD90 (97,4%), CD105 (99,1%). In addition, we have shown that cell is grown on STEM PRO® MSC SFM have higher proliferation capacity compared to cell expanded on standard FBS containing the medium. Conclusion: We have shown that STEM PRO® MSC SFM is optimal for culturing periosteum derived human MSCs which subsequently can be safely used in cell therapy.

Keywords: cell technologies, periosteum-derived MSCs, regenerative medicine, serum-free medium

Procedia PDF Downloads 299

Authors: Reginald Anyanwu

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Enzymes are biological molecules that significantly regulate the rate of almost all of the chemical reactions that take place within cells, and have been widely used for products’ innovations. They are vital for life and serve a wide range of important functions in the body, such as aiding in digestion and metabolism. The present study was aimed at finding out the extent to which biological molecules have been utilized by pharmaceutical, food and beverage, and biofuel industries in commercial and scale up applications. Taking into account the escalating business opportunities in this vertical, biotech firms have also been penetrating enzymes industry especially that of food. The aim of the study therefore was to find out how biocatalysis can be successfully deployed; how enzyme application can improve industrial processes. To achieve the purpose of the study, the researcher focused on the analytical tools that are critical for the scale up implementation of enzyme immobilization to ascertain the extent of increased product yield at minimum logistical burden and maximum market profitability on the environment and user. The researcher collected data from four pharmaceutical companies located at Anambra state and Imo state of Nigeria. Questionnaire items were distributed to these companies. The researcher equally made a personal observation on the applicability of these biological molecules on innovative Products since there is now shifting trends toward the consumption of healthy and quality food. In conclusion, it was discovered that enzymes have been widely used for products’ innovations but there are however variations on their applications. It was also found out that pivotal contenders of enzymes market have lately been making heavy investments in the development of innovative product solutions. It was recommended that the applications of enzymes on innovative products should be widely practiced.

Keywords: enzymes, pharmaceuticals, process development, quality food consumption, scale-up applications

Procedia PDF Downloads 142

Authors: Sumaira Zafar, Arjumand Zaidi

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During past few years, several floods have adversely affected the areas along lower Indus River. Besides other climate related anomalies, rapidly increasing urbanization and blockage of natural drains due to siltation or encroachments are two other critical causes that may be responsible for these disasters. Due to flat topography of river Indus plains and blockage of natural waterways, drainage of storm water takes time adversely affecting the crop health and soil properties of the area. Government of Sindh is taking a keen interest in revival of natural drainage network in the province and has initiated this work under Sindh Irrigation and Drainage Authority. In this paper, geospatial techniques are used to analyze landuse/land-cover changes of Larkana district over the past three decades (1980-present) and their impact on natural drainage system. Satellite derived Digital Elevation Model (DEM) and topographic sheets (recent and 1950) are used to delineate natural drainage pattern of the district. The urban landuse map developed in this study is further overlaid on drainage line layer to identify the critical areas where the natural floodwater flows are being inhibited by urbanization. Rainfall and flow data are utilized to identify areas of heavy flow, whereas, satellite data including Landsat 7 and Google Earth are used to map previous floods extent and landuse/cover of the study area. Alternatives to natural drainage systems are also suggested wherever possible. The output maps of natural drainage pattern can be used to develop a decision support system for urban planners, Sindh development authorities and flood mitigation and management agencies.

Keywords: geospatial techniques, satellite data, natural drainage, flood, urbanization

Procedia PDF Downloads 510

Authors: Boularas El-Alia, Arbi Raja, Bachir Bouiadjra Sara, Rezk-Kallah Haciba, Rezkkallah Baghdad

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Objectives : To determine the handling practices of cytotoxic drugs and to describe clinical manifestations expressed by hospital personnel of Sidi Bel Abbes during the year 2014. Methods: Sectional descriptive study conducted in 3 center university hospital units (Hematology, Oncology and Urology) and Gynecology of EHS Sidi Bel Abbes. A questionnaire was administered to hospital workers regulary exposed to cytotoxic drugs. A work-place visit was performed to have an overview about working conditions. The Cytotoxic Contact Index (CCI) was calculated for each nurse on a period of 15 working days. Treatment of the results was done using SPSS software. Results: The survey reveals that 22 men and 58 women are exposed to cytotoxic drugs for an average of 7 years. Many symptoms such as ocular irritation (38,75%), throat irritation (56,25%), headache (68,75%), dizziness (43,75%), nausea (37,5%), metallic taste (30%), were reported with high frequency. Are noted in the offspring, 3 congenital anomalies,2 diaphragmatic hernia and a cleft palate. The Cytotoxic Contact Index (CCI) was higher than 3 among Oncology nurses and higher than 1 for most of the nurses of Hematology and Gynecology service. The wearing of personal protective clothing was not respected by all workers: (22/23) wear gloves and (20/23) wear a mask,(5/23) wear a cap, (2/23) wear glasses. Only 3 nurses have benefited from continuous training on handling cytotoxic drugs. Conclusion: This study shows a high occupational exposure risk to cytotoxic drugs among persons handling these drugs and the necessity to apply rigorously all measures related to personal protection awareness and training of personnel to minimize these exposure.

Keywords: cytotoxic drugs, handling, clinical manifestations, hospital staff

Procedia PDF Downloads 445

Authors: Pravin Mishra, Ajeet K. Jha, Pankaj K. Jha

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This technical note is aimed at providing a brief information on goat breeds, its breeding seasonality and different methods of oestrous synchronization for Nepalese goat farmers. It was observed that, these goats are seasonal breeder and showed oestrous during mainly two season; December- February and March-May. This leads to an irregular supply of goat to market and a wide variations in market price. Oestrus synchronization is only an alternative reproductive tool to overcome this scarcity by enhancing production and productivity. This technique enables goat producers breed their animals within a short pre-determined period and permits breeding round the year. The principle of oestrus synchronisation is based on controlling of the luteal phase of the oestrous cycle. There are two basic mechanisms; one by shortening the luteal life (premature luteolysis) using prostaglandins or its analogues and the other by prolonging the luteal life (simulating the activity of natural progesterone produced by the corpus luteum) using exogenous progesterone source. The former is easy to apply and only effective during breeding season, whereas the latter is advantageous when the reproductive status of the goat flock is unknown. The common hormonal products easily available in Nepal includes; prostaglandins or its analogues (Oviprost® Dinoprost® Lutalyse® and Estrumate®), exogenous progesterone (Fluorogestone acetate® and Controlled Internal Drug Release®, CIDR) devices). However, before practicing the oestrous synchronization protocol, it needs to be validated for oestrous response rate, time to onset of oestrous, duration of oestrous and pregnancy rates at farmer’s field. In conclusion, application of oestrus synchronisation practice enhanced goat production and surplus the goat meat demand in Nepal.

Keywords: goat, Nepal, oestrous, synchronization

Procedia PDF Downloads 153

Authors: Jingwen Shi, Qi Wu

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We study the role played interest rate risk in carry trade return in order to understand the forward premium puzzle. In this study, our goal is to investigate to what extent carry trade return is indeed due to compensation for risk taking and, more important, to reveal the nature of these risks. Using option data not only on exchange rates but also on interest rate swaps (swaptions), our first finding is that, besides the consensus currency risks, interest rate risks also contribute a non-negligible portion to the carry trade return. What strikes us is our second finding. We find that large downside risks of future exchange rate movements are, in fact, priced significantly in option market on interest rates. The role played by interest rate risk differs structurally from the currency risk. There is a unique premium associated with interest rate risk, though seemingly small in size, which compensates the tail risks, the left tail to be precise. On the technical front, our study relies on accurately retrieving implied distributions from currency options and interest rate swaptions simultaneously, especially the tail components of the two. For this purpose, our major modeling work is to build a new international asset pricing model where we use an orthogonal setup for pricing kernels and specify non-Gaussian dynamics in order to capture three sets of option skew accurately and consistently across currency options and interest rate swaptions, domestic and foreign, within one model. Our results open a door for studying forward premium anomaly through implied information from interest rate derivative market.

Keywords: carry trade, forward premium anomaly, FX option, interest rate swaption, implied volatility skew, uncovered interest rate parity

Procedia PDF Downloads 445

Authors: John Akinwumi Makinde

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Nigerian manufacturing industry, particularly the fast moving consumer producing firms play vital roles in Nigerian economy. This sector’s product acceptability is given very little attention along with social media advertising that communicate product information to audience across the globe need to be documented. Procter and Gamble Plc operate in Nigeria with appreciable number of fast moving consumer goods that service Nigerian economy. Social media advertising disposition of the company and product acceptability of the company deserve some elucidations. This study therefore examined the impact of social media advertising on product acceptability of FMCG in Nigerian manufacturing industry, using Procter and Gamble Plc as case study. The study employed the case study type of descriptive survey research design. The population consisted of 235 customers of G&P Plc, which were selected through random sampling method. A total of 235 copies of questionnaires titled 'Social Media Advertising and Product Acceptability (SMA-PA) Questionnaire' was administered and retrieved. Data generated were analysed using frequency distribution and regression analysis at 0.05 level. It was found that social media advertising positively and significantly motivated customers to buy product of P&G Plc (r =.147**, N= 235, p(.000) < .01). Findings also showed that social media advertising has significant impact on product acceptability of FCMG in P&G Plc (F(2,61)=22.250; R2=.629; P(.000) < .05). The study concluded that social media advertising is a determinant factor of consumer decision to accept fast moving consumer goods in Nigerian manufacturing industry. It is recommended that with the growing market of FMCG, there is need to educate the market with the product unique features, standard and quality on social media. Finally, Fast Moving Consumer Goods firms should deploy excellent marketing mix on social media.

Keywords: advertising, fast moving consumer goods, manufacturing industry, product acceptability, social media

Procedia PDF Downloads 315

Authors: Maud Tixier

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Societal issues are at stake for cruises anywhere, whatever the size of the ships and their destinations are. However, the Mediterranean sea is the main region where many operate and the challenges are both social and environmental. The presentation focuses on small ships, accounting for market niches, aimed at more specific cruise passengers and calling at less visited areas. How they cope with the benefit of all stakeholders is a persistent issue of our time.

Keywords: environment, management, social, societal, safety

Procedia PDF Downloads 331

Authors: Michael Wright, Tiago Costa

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The construction industry in SE Asia has been relying on S355 MPa “as rolled” H-beams for many years now. It is an easily sourced, metallurgically simple, reliable product that all designers, fabricators and constructors are familiar with. However, as the Global demand to better use our finite resources gets stronger, the need for an as-rolled S460 MPa H-Beam is becoming more apparent. The Financial benefits of an “as-rolled” S460 MPa H-beam are obvious. The S460 MPa beam which is currently available and used is fabricated from rolled strip. However, making H-beam from 3 x 460 MPa strips requires costly equipment, valuable welding skills & production time, all of which can be in short supply or better used for other purposes. The Metallurgical benefits of an “as-rolled” S460 MPa H-beam are consistency in the product. Fabricated H-beams have inhomogeneous areas where the strips have been welded together - parent metal, heat affected zone and weld metal all in the one body. They also rely heavily on the skill of the welder to guarantee a perfect, defect free weld. If this does not occur, the beam is intrinsically flawed and could lead to failure in service. An as-rolled beam is a relatively homogenous product, with the optimum strength and ductility produced by delivering steel with as fine as possible uniform cross sectional grain size. This is done by cost effective alloy design coupled with proper metallurgical process control implemented into an existing mill’s equipment capability and layout. This paper is designed to highlight the benefits of bring an “as-rolled” S460 MPa H-beam to the construction market place in SE Asia, and hopefully encourage the current “as-rolled” H-beam producers to rise to the challenge and produce an innovative high quality product for the local market.

Keywords: fine grained, As-rolled, long products, process control, metallurgy

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Authors: Mei-Fang Wu, Shu-Li Wang, Feng-Tsung Cheng

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Highly developed technology and highly competitive global market highlight the important role of competitive advantages and operation performances in sustainable company operation. Activity-Based Costing (ABC) provides accurate operation cost and operation performance information. Rich literature provide relevant research with cases study on Activity-Based Costing application, and yet, there is no research studying on cause relationship between key success factors of applying Activity-Based Costing and its specific outcomes, such as profitability or share market. These relationships provide the ways to handle the key success factors to achieve the specific outcomes for ensuring to promote the competitive advantages and operation performances. The main purposes of this research are exploring the key success paths by Key Success Paths approach which will lead the ways to apply Activity-Base Costing. The Key Success Paths is the innovative method which is exploring the cause relationships and explaining what are the effects of key success factors to specific outcomes of Activity-Based Costing implementation. The cause relationships between key success factors and successful specific outcomes are Key Success Paths (KSPs). KSPs are the guidelines to lead the cost management strategies to achieve the goals of competitive advantages and operation performances. The research findings indicate that good management system design may impact the good outcomes of Activity-Based Costing application and achieve to outstanding competitive advantage, operating performance and profitability as well by KSPs exploration.

Keywords: activity-based costing, key success factors, key success paths approach, key success paths, key failure paths

Procedia PDF Downloads 389

Authors: Mohamed Abdalla Saleem

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Around one hundred wells were drilled in the Cyrenaica platform north-east Libya, and almost all of them were dry. Although the drilled samples reveal good oil shows and good source rock maturity. Most of the upper Cretaceous age and the above deposit successions are outcrops in different places. We have a thorough understanding and mapping of the structures related to the Cretaceous and above Cenozoic Era. But the subsurface beneath these outcrops still needs more investigation and delineation. This study aims to give answers to some questions about the tectonic history and the types of structures that are distributed in the area using gravity, magnetic, and well data. According to the information that has been obtained from groups of wells drilled in concessions 31, 35, and 37, one can note that the depositional sections become ticker and deeper southward. The topography map of the study area shows that the area is highly elevated at the north, about 300 m above the sea level, while the minimum elevation (16–18 m) exists nearly in the middle (lat. 30°). South to this latitude, the area is started elevated again (more than 100 m). The third-order residual gravity map, which was constructed from the Bouguer gravity map, reveals that the area is dominated by a large negative anomaly working as a sub-basin (245 km x 220 km), which means a very thick depositional section, and the basement is very deep. The mentioned depocenter is surrounded by four high gravity anomalies (12-37 mGal), which means a shallow basement and a relative thinner succession of sediments. The highest gravity values are located beside the coast line. The total horizontal gradient (THG) map reveals various systems of structures, the first system where the structures are oriented NE-SW, which is crosscut by the second regime extending NW-SE. This second system is distributed through the whole area, but it is very strong and shallow near the coast line and at the south part, while it is relatively deep at the middle depocenter area.

Keywords: cyrenaica platform, gravity, structures, basement, tectonic history

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Authors: Anita Kéri

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Higher education marketing has been a widely researched field in recent years. Due to the increasing competition among higher education institutions worldwide, it has become crucial to target foreign students with effective marketing tools. Online marketing tools became central to attracting, retaining, and satisfying the needs of foreign students. Therefore, the aim of the current study is to reveal how the online marketing tools of a Hungarian university are perceived visually by its first-year foreign students, with special emphasis on the university webpage content. Eye-camera tracking and retrospective think-aloud interviews were used to measure visual perceptions. Results show that freshmen students remember those online marketing content more that has familiar content on them. Pictures of real-life students and their experiences attract students’ attention more, and they also remember information on these webpage elements more, compared to designs with stock photos. This research is novel in the sense that it uses eye-camera tracking in the field of higher education marketing, thereby providing insight into the perception of online higher education marketing for foreign students.

Keywords: higher education, marketing, eye-camera, visual perceptions

Procedia PDF Downloads 101

Authors: Marina Chavleishvili

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Introduction: Today, the study of monopolies, including natural monopolies, is topical. In real life, pure monopolies are natural monopolies. Natural monopolies are used widely and are regulated by the state. In particular, the prices and rates are regulated. The paper considers the problems associated with the operation of natural monopolies in Georgia, in particular, their microeconomic analysis, pricing mechanisms, and legal mechanisms of their operation. The analysis was carried out on the example of the power industry. The rates of natural monopolies in Georgia are controlled by the Georgian National Energy and Water Supply Regulation Commission. The paper analyzes the positive role and importance of the regulatory body and the issues of improving the legislative base that will support the efficient operation of the branch. Methodology: In order to highlight natural monopolies market tendencies, the domestic and international markets are studied. An analysis of monopolies is carried out based on the endogenous and exogenous factors that determine the condition of companies, as well as the strategies chosen by firms to increase the market share. According to the productivity-based competitiveness assessment scheme, the segmentation opportunities, business environment, resources, and geographical location of monopolist companies are revealed. Main Findings: As a result of the analysis, certain assessments and conclusions were made. Natural monopolies are quite a complex and versatile economic element, and it is important to specify and duly control their frame conditions. It is important to determine the pricing policy of natural monopolies. The rates should be transparent, should show the level of life in the country, and should correspond to the incomes. The analysis confirmed the significance of the role of the Antimonopoly Service in the efficient management of natural monopolies. The law should adapt to reality and should be applied only to regulate the market. The present-day differential electricity tariffs varying depending on the consumed electrical power need revision. The effects of the electricity price discrimination are important, segmentation in different seasons in particular. Consumers use more electricity in winter than in summer, which is associated with extra capacities and maintenance costs. If the price of electricity in winter is higher than in summer, the electricity consumption will decrease in winter. The consumers will start to consume the electricity more economically, what will allow reducing extra capacities. Conclusion: Thus, the practical realization of the views given in the paper will contribute to the efficient operation of natural monopolies. Consequently, their activity will be oriented not on the reduction but on the increase of increments of the consumers or producers. Overall, the optimal management of the given fields will allow for improving the well-being throughout the country. In the article, conclusions are made, and the recommendations are developed to deliver effective policies and regulations toward the natural monopolies in Georgia.

Keywords: monopolies, natural monopolies, regulation, antimonopoly service

Procedia PDF Downloads 87

Authors: Josip Visković, Josip Arnerić, Ante Rozga

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Based on the fact that volatility is time varying in high frequency data and that periods of high volatility tend to cluster, the most successful and popular models in modelling time varying volatility are GARCH type models. When financial returns exhibit sudden jumps that are due to structural breaks, standard GARCH models show high volatility persistence, i.e. integrated behaviour of the conditional variance. In such situations models in which the parameters are allowed to change over time are more appropriate. This paper compares different GARCH models in terms of their ability to describe structural changes in returns caused by financial crisis at stock markets of six selected central and east European countries. The empirical analysis demonstrates that Markov regime switching GARCH model resolves the problem of excessive persistence and outperforms uni-regime GARCH models in forecasting volatility when sudden switching occurs in response to financial crisis.

Keywords: central and east European countries, financial crisis, Markov switching GARCH model, transition probabilities

Procedia PDF Downloads 229

Authors: Danuta Szwajca

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Reputation The exponential growth of the Internet and social media (SM) in the recent years has contributed to changing the communication environment, in which stakeholders: customers, investors, business partners, employees, like their users, may post and distribute their opinions about the company and its products. This generates a number of potential threats to the image and reputation of both people and organizations. Social media create new opportunities not only for rapid and interactive communication but also for organizing themselves into strong pressure groups which may effectively affect the decisions of various organized bodies. Companies cannot ignore this fact and should use SM not only as an additional communication marketing channel but in a broader context - as a tool to build and protect their reputation. This article aims to identify the extent, scope, and directions of the use of SM in the activities of companies operating in the Polish market, as well as to identify threats and opportunities generated by the media in the area of reputation management. The results of research presented in the article showed that Polish companies recognize the potential of SM and try to apply them in their marketing efforts. However, his activity is limited only to maintain communication with customers through two portals: Facebook and Twitter. In the approach to the SM as a communication channel, the traditional way of thinking dominates, in which they are treated as just another promotional tool used by two departments: marketing and PR. This approach is called "silo" and is not integrated. This way of using SM does not allow effective building and protecting reputation in the Internet environment. To achieve this goal, the following research methods were used: the critical analysis of literature, analysis of secondary sources in a form of the report from the research conducted by Harvard Business Review Poland together with Capgemini Poland and case study.

Keywords: corporate reputation, reputation management, social media, risk reputation

Procedia PDF Downloads 198

Authors: Mohammed Abaoli Abafogi, Sinem Satiroglu, M. Misir

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The current study has addressed the effect of Hazelnut (Corylus avellana) agroforestry on carbon sequestration. Eight sample plots were collected from Hazelnut (Corylus avellana) agroforestry using random sampling method. The diameter of all trees in each plot with ≥ 2cm at 1.3m DBH was measured by using a calliper. Average diameter, aboveground biomass, and carbon stock were calculated for each plot. Comparative data for natural forestland was used for C was taken from KTU, and the soil C was converted from the biomass conversion equation. Biomass carbon was significantly higher in the Natural forest (68.02Mgha⁻¹) than in the Hazelnut agroforestry (16.89Mgha⁻¹). SOC in Hazelnut agroforestry, Natural forest, and arable agricultural land were 7.70, 385.85, and 0.00 Mgha⁻¹ respectively. Biomass C, on average accounts for only 0.00% of the total C in arable agriculture, and 11.02% for the Hazelnut agroforestry while 88.05% for Natural forest. The result shows that the conversion of arable crop field to Hazelnut agroforestry can sequester a large amount of C in the soil as well as in the biomass than Arable agricultural lands.

Keywords: arable agriculture, biomass carbon, carbon sequestration, hazelnut (Corylus avellana) agroforestry, soil organic carbon

Procedia PDF Downloads 307

Authors: Luyao Zhang, Tianyu Wu, Jiayi Li, Carlos-Gustavo Salas-Flores, Saad Lahrichi

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Recent advances in AI have made algorithmic trading a central role in finance. However, current research and applications are disconnected information islands. We propose a generally applicable pipeline for designing, programming, and evaluating algorithmic trading of stock and crypto tokens. Moreover, we provide comparative case studies for four conventional algorithms, including moving average crossover, volume-weighted average price, sentiment analysis, and statistical arbitrage. Our study offers a systematic way to program and compare different trading strategies. Moreover, we implement our algorithms by object-oriented programming in Python3, which serves as open-source software for future academic research and applications.

Keywords: algorithmic trading, AI for finance, fintech, machine learning, moving average crossover, volume weighted average price, sentiment analysis, statistical arbitrage, pair trading, object-oriented programming, python3

Procedia PDF Downloads 150

Authors: Fiona S. Motswaiso, Kengo Nakamura, Takeshi Komai

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Heavy metals may occur naturally in rocks and soils, but elevated quantities of them are being gradually released into the environment by anthropogenic activities such as mining. In order to address issues of heavy metal water and soil pollution, a distinction needs to be made between natural and anthropogenic anomalies. The current study aims at characterizing the spatial distribution of trace elements and evaluate site-specific geochemical background concentrations of trace elements in the mine soils examined, and also to discriminate between lithogenic and anthropogenic sources of enrichment around a copper-nickel mining town in Selibe-Phikwe, Botswana. A total of 20 Soil samples, 11 river sediment, and 9 river water samples were collected from an area of 625m² within the precincts of the mine and the smelter. The concentrations of metals (Cu, Ni, Pb, Zn, Cr, Ni, Mn, As, Pb, and Co) were determined by using an ICP-MS after digestion with aqua regia. Major elements were also determined using ED-XRF. Water pH and EC were measured on site and recorded while soil pH and EC were also determined in the laboratory after performing water elution tests. The highest Cu and Ni concentrations in soil are 593mg/kg and 453mg/kg respectively, which is 3 times higher than the crustal composition values and 2 times higher than the South African minimum allowable levels of heavy metals in soils. The level of copper contamination was higher than that of nickel and other contaminants. Water pH levels ranged from basic (9) to very acidic (3) in areas closer to the mine/smelter. There is high variation in heavy metal concentration, eg. Cu suggesting that some sites depict regional natural background concentrations while other depict anthropogenic sources.

Keywords: contamination, geochemical baseline, heavy metals, soils

Procedia PDF Downloads 162

Authors: Dilupa Nakandala, Henry Lau

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Ever increasing demand for cost efficiency and customer satisfaction through reliable delivery have been a mandate for logistics practitioners to continually improve inventory management processes. With the cost optimization objectives, this study considers an extended scenario where sourcing from the same echelon of the supply chain, known as lateral transshipment which is instantaneous but more expensive than purchasing from regular suppliers, is considered by warehouses not only to re-actively fulfill the urgent outstanding retailer demand that could not be fulfilled by stock on hand but also for preventively reduce back-order cost. Such extra lateral trans-shipments as preventive responses are intended to meet the expected demand during the supplier lead time in a periodic review ordering policy setting. We develop decision rules to assist logistics practitioners to make cost optimized selection between back-ordering and combined reactive and proactive lateral transshipment options. A method for determining the optimal quantity of extra lateral transshipment is developed considering the trade-off between purchasing, holding and backorder cost components.

Keywords: lateral transshipment, warehouse inventory management, cost optimization, preventive transshipment

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Authors: Domenico Palladino, Nicolandrea Calabrese, Francesca Caffari, Giulia Centi, Francesca Margiotta, Giovanni Murano, Laura Ronchetti, Paolo Signoretti, Lisa Volpe, Silvia Di Turi

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The aim to achieve a fully decarbonized building stock by 2050 stands as one of the most challenging issues within the spectrum of energy and climate objectives. Numerous strategies are imperative, particularly emphasizing the reduction and optimization of energy demand. Ensuring the high energy performance of buildings emerges as a top priority, with measures aimed at cutting energy consumptions. Concurrently, it is imperative to decrease greenhouse gas emissions by using renewable energy sources for the on-site energy production, thereby striving for an energy balance leading towards zero-emission buildings. Italy's predominant building stock comprises ancient buildings, many of which hold historical significance and are subject to stringent preservation and conservation regulations. Attaining high levels of energy efficiency and reducing CO2 emissions in such buildings poses a considerable challenge, given their unique characteristics and the imperative to adhere to principles of conservation and restoration. Additionally, conducting a meticulous analysis of these buildings' current state is crucial for accurately quantifying their energy performance and predicting the potential impacts of proposed renovation strategies on energy consumption reduction. Within this framework, the paper presents a pilot case in Rome, outlining a methodological approach for the renovation of historic buildings towards achieving Zero Emission Building (ZEB) objective. The building has a mixed function with offices, a conference hall, and an exposition area. The building envelope is made of historical and precious materials used as cladding which must be preserved. A thorough understanding of the building's current condition serves as a prerequisite for analyzing its energy performance. This involves conducting comprehensive archival research, undertaking on-site diagnostic examinations to characterize the building envelope and its systems, and evaluating actual energy usage data derived from energy bills. Energy simulations and audit are the first step in the analysis with the assessment of the energy performance of the actual current state. Subsequently, different renovation scenarios are proposed, encompassing advanced building techniques, to pinpoint the key actions necessary for improving mechanical systems, automation and control systems, and the integration of renewable energy production. These scenarios entail different levels of renovation, ranging from meeting minimum energy performance goals to achieving the highest possible energy efficiency level. The proposed interventions are meticulously analyzed and compared to ascertain the feasibility of attaining the Zero Emission Building objective. In conclusion, the paper provides valuable insights that can be extrapolated to inform a broader approach towards energy-efficient refurbishment of historical buildings that may have limited potential for renovation in their building envelopes. By adopting a methodical and nuanced approach, it is possible to reconcile the imperative of preserving cultural heritage with the pressing need to transition towards a sustainable, low-carbon future.

Keywords: energy conservation and transition, energy efficiency in historical buildings, buildings energy performance, energy retrofitting, zero emission buildings, energy simulation

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Authors: Kelly Grani Yuen

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Accounting scandals and auditing frauds are perceived to be driven by aggressive companies and misrepresentation of audit reports. However, local legal systems and law enforcements may affect the services auditors provide to their ‘important’ clients. Under the civil law and common law jurisdictions, the standard setters, the government, and the regulatory bodies treat cases differently. As such, whether or not different forms of legal systems and extent of law enforcement plays an important role in auditor’s Audit Quality is a question this paper attempts to explore. The paper focuses on the investigation in Asia, where Hong Kong represents the common-law jurisdiction, while Taiwan and China represent the civil law jurisdiction. Only the ten reputable accounting firms are used in this study due to the differences in rankings and establishments of some of the small local audit firms. This will also contribute to the data collected between the years 2007-2013. By focusing on the use of multiple regression based on the dependent (Audit Quality) and independent variables (Client Importance, Law Enforcement, and Press Freedom), six different models are established. Results demonstrate that since different jurisdictions have different legal systems and market regulations, auditor’s treatment on ‘important’ clients will vary. However, with the moderators in place (law enforcement and press freedom), the relationship between client importance and audit quality may be smoothed out. With that in mind, this study contributes to local governments and standard setters’ consideration on legal reform and proper law enforcement in the market. Perhaps, with such modifications on the economic systems, collusion between companies and auditors can finally be put to a halt.

Keywords: audit quality, client importance, jurisdiction, modified audit opinions

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Authors: Alexander S. Burnasov, Anatoly V. Stepanov, Maria Y. Ilyushkina

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In the conditions of transition to the digital economy, the digital environment of the city becomes one of the key factors of its tourism attractiveness. Modern digital environment makes travelling more accessible, improves the quality of travel services and the attractiveness of many tourist destinations. The digitalization of the industry allows to use resources more efficiently, to simplify business processes, to minimize risks, and to improve travel safety. The city promotion as a tourist destination in the foreign market becomes decisive in the digital environment. Information technologies are extremely important for the functioning of not only any tourist enterprise but also the city as a whole. In addition to solving traditional problems, it is also possible to implement some innovations from the tourism industry, such as the availability of city services in international systems of booking tickets and booking rooms in hotels, the possibility of early booking of theater and museum tickets, the possibility of non-cash payment by cards of international payment systems, Internet access in the urban environment for travelers. The availability of the city's digital services makes it possible to reduce ordering costs, contributes to the optimal selection of tourist products that meet the requirements of the tourist, provides increased transparency of transactions. The users can compare prices, features, services, and reviews of the travel service. The ability to share impressions with friends thousands of miles away directly affects the image of the city. It is possible to promote the image of the city in the digital environment not only through world-scale events (such as World Cup 2018, international summits, etc.) but also through the creation and management of services in the digital environment aimed at supporting tourism services, which will help to improve the positioning of the city in the global tourism market.

Keywords: competitiveness, digital environment, travelling, Yekaterinburg

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Authors: S. Boulenouar, M. Sefir, M. Benahmed

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All facilities need medication and other pharmaceuticals for their operation. Management and supply is therefore to provide the different services of the facility goods and services in required quantity and quality. The permanent availability of drugs in the facilities is very difficult because most face many difficulties at the inventory management and drug supplies. Therefore, it is necessary for each health facility to know the causes for the malfunction of its management system to cope with them. It is in this context that we have undertaken to conduct this study to know the causes which should be taken into consideration by the concerned authorities to carry out their mission, which is to provide quality health care for the population. In terms of financial resources, the budget for medicines represents a significant part of the budget of the pharmacy. Our study shows that the share of the hospital budget reserved for the drugs procurement represent on average 70% of the budget of the pharmacy. The results show a state of lack of anticancer drugs at Oran teaching hospital. The analysis of the management process allowed us to know the level that the problem of stock-outs of anti-cancer drugs is at. Suggestions were made to that effect to improve the availability for these products and to respond better to the needs of patients.

Keywords: anticancer drugs, health care facility, budget, hospital pharmacist, hospital service

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Authors: Rahile Ozturk, Esra Maltas

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This study aimed to determine the effect of vinclozolin on some biochemical characteristics of Galleria mellonella (Lepidoptera: Pyralidae) which is an economically harmful species damaging the honeycomb in beekeeping. For experimental groups, the eggs obtained from stock were dropped into the mixed feed of vinclozolin at different doses (20, 40 and 60 ppm) and had the larvae fed with this feed. As result of the addition of vinclozolin at concentrations of 20, 40 and 60 ppm, glycogen contents of G. mellonella were determined and a significant reduction in the amount of glycogen was observed with increasing concentration of vinclozolin. In this study, activity of catalase enzyme, particularly effective in defense mechanism, activity of xanthine oxidase involved in nucleotide metabolism and activity of glucose oxidase in the metabolism of carbohydrates were measured. When compared with the results from control groups, the enzyme activities of the larvaes fed with the feed including 20, 40 and 60 ppm of vinclozolin were observed to vary or remain constant. Accordingly, glucose oxidase and catalase activities increased with the increase in amount of vinclozolin in the feed and the activity of xanthine oxidase remained stable.

Keywords: Catalase, Galleria mellonella, glucose oxidase, vinclozolin, xanthine oxidase.

Procedia PDF Downloads 297

Authors: Gaurav Kumar Sinha

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In an era marked by increasing concerns about energy sustainability, this research endeavors to address the pressing challenge of energy consumption in buildings and industries. This study delves into the transformative potential of AWS services in optimizing energy efficiency. The research is founded on the recognition that effective management of energy consumption is imperative for both environmental conservation and economic viability. Buildings and industries account for a substantial portion of global energy use, making it crucial to develop advanced techniques for analysis and reduction. This study sets out to explore the integration of AWS services with big data analytics to provide innovative solutions for energy consumption analysis. Leveraging AWS's cloud computing capabilities, scalable infrastructure, and data analytics tools, the research aims to develop efficient methods for collecting, processing, and analyzing energy data from diverse sources. The core focus is on creating predictive models and real-time monitoring systems that enable proactive energy management. By harnessing AWS's machine learning and data analytics capabilities, the research seeks to identify patterns, anomalies, and optimization opportunities within energy consumption data. Furthermore, this study aims to propose actionable recommendations for reducing energy consumption in buildings and industries. By combining AWS services with metrics-driven insights, the research strives to facilitate the implementation of energy-efficient practices, ultimately leading to reduced carbon emissions and cost savings. The integration of AWS services not only enhances the analytical capabilities but also offers scalable solutions that can be customized for different building and industrial contexts. The research also recognizes the potential for AWS-powered solutions to promote sustainable practices and support environmental stewardship.

Keywords: energy consumption analysis, big data analytics, AWS services, energy efficiency

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Authors: Silke Bustamante, Andrea Pelzeter, Andreas Deckmann, Rudi Ehlscheidt, Franziska Freudenberger

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Against the background of demographic changes and the need for motivated and talented employees, companies have a growing interest in being perceived as an attractive employer and gain a competitive edge in the market for talents. Research indicates that corporate social responsibility plays an important role employer choice. This is assumed to be particularly true for the cohorts of the so-called generations y younger applicants born later. Several studies identified cultural, educational and generational differences in CSR preferences. However, until now literature that links preferences for employers’ responsibility with the individual value orientation of the job applicant is scarce. This paper seeks to close this gap and analyzes the preference structure of 500 German university graduates for CSR-related and non-CSR-related employer attributes contingent on their value orientation. In a first step, we identified 17 CSR related attributes in five CSR dimensions (ecology, community, workplace, governance, and market) as well as 11 traditional attributes such as salary, reputation, personal development etc. based on literature review and focus groups. We then used an adapted Conjoint Analysis framework in order to understand the relative preference of each attribute for each participant. Additionally, we surveyed the value orientation of participants based on the European Social Survey (ESS) 21-item human values scale that allow a differentiation of participants into clusters of value orientation. The results allow us not only to operationalize preferences for CSR and other important employer attributes, but – more importantly – to answer the question how different values structures play together with CSR preferences of potential employees. They hereby allow companies to customize employee directed messages to their respective target group and design their employer brand accordingly.

Keywords: corporate social responsibility, employer attractiveness, employer brand, recruiting, values

Procedia PDF Downloads 288