Search results for: financial losses

Authors: Hamid Goharnejad, Milad Sadeghpoor Moalem, Mahmood Zakeri Niri, Leili Sadeghi Khalegh Abadi

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While there are many benefits to using reservoir dams, their break leads to destructive effects. From the viewpoint of International Committee of Large Dams (ICOLD), dam break means the collapse of whole or some parts of a dam; thereby the dam will be unable to hold water. Therefore, studying dam break phenomenon and prediction of its behavior and effects reduces losses and damages of the mentioned phenomenon. One of the most common types of reservoir dams is embankment dam. Overtopping in embankment dams occurs because of flood discharge system inability in release inflows to reservoir. One of the most important issues among managers and engineers to evaluate the performance of the reservoir dam rim when sliding into the storage, creating waves is large and long. In this study, the effects of floods which caused the overtopping of the dam have been investigated. It was assumed that spillway is unable to release the inflow. To determine outflow hydrograph resulting from dam break, numerical model using Flow-3D software and empirical equations was used. Results of numerical models and their comparison with empirical equations show that numerical model and empirical equations can be used to study the flood resulting from dam break.

Keywords: embankment dam break, empirical equations, Taleghan dam, Flow-3D numerical model

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Authors: Maeng-Hwan Hyun, Dae-Man Do, Young-Bok Choi

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Around the world, there are frequent incidents of natural disasters, such as earthquakes, tsunamis, floods, and snowstorms, as well as man made disasters such as fires, arsons, and acts of terror. These diverse and unpredictable adversities have resulted in a number of fatalities and injuries. If disaster occurrence can be assessed quickly and information such as the exact location of the disaster and evacuation routes can be provided, victims can promptly move to safe locations, minimizing losses. This paper proposes a behavior analysis method based on a nine degrees-of-freedom (9-DOF) sensor that is effective for the emergency rescue evacuation support system (ERESS), which is being researched with an objective of providing evacuation support during disasters. Based on experiments performed using the acceleration sensor and the gyroscope sensor in the 9-DOF sensor, data are analyzed for human behavior regarding stationary position, walking, running, and during emergency situation to suggest guidelines for system judgment. Using the results of the experiments performed to determine disaster occurrence, it was confirmed that the proposed method quickly determines whether a disaster has occurred.

Keywords: behavior analysis, nine degrees of freedom sensor, emergency rescue, disaster

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Authors: C. W. Kan

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Heat setting is a commonly used technique in textile industry for treating synthetic fibers. In this study, we examined the effect of heat-setting process on the dyeing properties of polyester fabric. The heat setting conditions were varied, and these conditions would affect the dyeing results. The aim of this study is to illustrate the proper application method of heat setting process to polyester fabric, and the results could provide guidance note to the students in learning this topic. Acknowledgment: Authors would like to thank the financial support from the Hong Kong Polytechnic University for this work.

Keywords: learning materials, heat setting, polyester, dyeing

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Authors: Amir Hossein Ghaffari Nejad, Forouhar Ferdowsi, Reza Mashhadi

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In the interest-free banking system of Iran, the savings of society are in the form of bank deposits, and banks using the Islamic contracts, allocate the resources to applicants for obtaining facilities and credit. In the meantime, the central bank, with the aim of introducing monetary policy, determines the maximum interest rate on bank deposits in terms of macroeconomic requirements. But in recent years, the country's economic constraints with the stagflation and the consequence of the institutional weaknesses of the financial market of Iran have resulted in massive disturbances in the balance sheet of the banking system, resulting in a period of mismatch maturity in the banks' assets and liabilities and the implementation of a Ponzi game. This issue caused determination of the interest rate in long-term bank deposit contracts to be associated with non-observance of the maximum rate set by the central bank. The result of this condition was in the allocation of new sources of equipment to meet past commitments towards the old depositors and, as a result, a significant part of the supply of equipment was leaked out of the facilitating cycle and credit crunch emerged. The purpose of this study is to identify the most important factors affecting the occurrence of non-confirmatory financial banking behavior using data from 19 public and private banks of Iran. For this purpose, the causes of this non-confirmatory behavior of banks have been investigated using the panel vector autoregression method (PVAR) for the period of 2007-2015. Granger's causality test results suggest that the return of parallel markets for bank deposits, non-performing loans and the high share of the ratio of facilities to banks' deposits are all a cause of the formation of non-confirmatory behavior. Also, according to the results of impulse response functions and variance decomposition, NPL and the ratio of facilities to deposits have the highest long-term effect and also have a high contribution to explaining the changes in banks' non-confirmatory behavior in determining the interest rate on deposits.

Keywords: non-conformity behavior, Ponzi Game, panel vector autoregression, nonperforming loans

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Authors: Aodai Abdul-Illah Ismail

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Even though the dramatic progress that has been made in traffic safety, but still millions of peoples get killed or injured as a result of traffic crashes, besides the huge amount of economic losses due to these crashes. So traffic safety continues to be one of the most important serious issues worldwide, and it affects everyone who uses the road network system, whether you drive, walk, cycle, or push a pram. One of the most important sides that offers promise for further progress in relation to traffic safety is related to risky groups (special population groups) who may have higher potential to be involved in accidents. Traffic safety needs of risky groups are different from each other and also from the average population. Due to the various limitations between these special groups from each other and from the average population, it is not possible to address all the issues –at the same time- raising the importance ranking among the other safety issues. This paper explains a procedure used to identify the most critical traffic safety issues of five risky groups, which include younger, older and female drivers, people with disabilities and school aged children. Multi criteria used in selecting the critical issues because the single criteria is not sufficient. Highway safety professionals were surveyed to obtain the ranking of importance among the risky groups and then to develop the final ranking among issues by applying weight for each of the criteria.

Keywords: traffic safety, risky groups, old drivers, young drivers

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Authors: Safdar Muhammad Usman, Youji Kohda, Katsuhiro Umemoto

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Electronic market place plays an important intermediary role for connecting dealers and retail customers. The main aim of this paper is to design a value co-creation model in used-car auctions. More specifically, the study has been designed in order to describe the process of value co-creation in used-car auctions, to explore the co-created values in used-car auctions, and finally conclude the paper indicating the future research directions. Our analysis shows that economic values as well as non-economic values are co-created in used-car auctions. In addition, this paper contributes to the academic society broadening the view of value co-creation in service science.

Keywords: value co-creation, used-car auctions, non-financial values, service science

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Authors: Kanokwan Chancharoenchai

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Economic growth can be considered as an important element of countries’ development process. For developing countries, like Thailand, to ensure the continuous growth of the economy, the Thai government usually implements various policies to stimulate economic growth. They may take the form of fiscal, monetary, trade, and other policies. Because of these different aspects, understanding factors relating to economic growth could allow the government to introduce the proper plan for the future economic stimulating scheme. Consequently, this issue has caught interest of not only policymakers but also academics. This study, therefore, investigates explanatory variables for economic growth in Thailand from 2005 to 2017 with a total of 52 quarters. The findings would contribute to the field of economic growth and become helpful information to policymakers. The investigation is estimated throughout the production function with non-linear Cobb-Douglas equation. The rate of growth is indicated by the change of GDP in the natural logarithmic form. The relevant factors included in the estimation cover three traditional means of production and implicit effects, such as human capital, international activity and technological transfer from developed countries. Besides, this investigation takes the internal and external instabilities into account as proxied by the unobserved inflation estimation and the real effective exchange rate (REER) of the Thai baht, respectively. The unobserved inflation series are obtained from the AR(1)-ARCH(1) model, while the unobserved REER of Thai baht is gathered from naive OLS-GARCH(1,1) model. According to empirical results, the AR(|2|) equation which includes seven significant variables, namely capital stock, labor, the imports of capital goods, trade openness, the REER of Thai baht uncertainty, one previous GDP, and the world financial crisis in 2009 dummy, presents the most suitable model. The autoregressive model is assumed constant estimator that would somehow cause the unbias. However, this is not the case of the recursive coefficient model from the state space model that allows the transition of coefficients. With the powerful state space model, it provides the productivity or effect of each significant factor more in detail. The state coefficients are estimated based on the AR(|2|) with the exception of the one previous GDP and the 2009 world financial crisis dummy. The findings shed the light that those factors seem to be stable through time since the occurrence of the world financial crisis together with the political situation in Thailand. These two events could lower the confidence in the Thai economy. Moreover, state coefficients highlight the sluggish rate of machinery replacement and quite low technology of capital goods imported from abroad. The Thai government should apply proactive policies via taxation and specific credit policy to improve technological advancement, for instance. Another interesting evidence is the issue of trade openness which shows the negative transition effect along the sample period. This could be explained by the loss of price competitiveness to imported goods, especially under the widespread implementation of free trade agreement. The Thai government should carefully handle with regulations and the investment incentive policy by focusing on strengthening small and medium enterprises.

Keywords: autoregressive model, economic growth, state space model, Thailand

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Authors: Riko Wahyudi, Rezky Lasekti Wicaksono, Ayu Satya Damayanti, Ridhasepta Multi Kenrosa

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Implementing Forest Management Unit (FMU) is considered as the best solution for forest management in developing countries. However, when FMU has been formed, many parties then blame the FMU and assume it is not working on. Currently, there are two main issues that make FMU not be functional i.e. institutional and financial issues. This paper is addressing financial issues to make FMUs in Aceh Province can be functional. A mixed financing scheme is proposed here, both direct and indirect financing. The direct financing scheme derived from two components i.e. public funds and businesses. Non-tax instruments of intergovernmental fiscal transfer (IFT) system and FMU’s businesses are assessed. Meanwhile, indirect financing scheme is conducted by assessing public funds within villages around forest estate as about 50% of total villages in Aceh Province are located surrounding forest estate. Potential instruments under IFT system are forest and mining utilization royalties. In order to make these instruments become direct financing for FMU, interventions on allocation and distribution aspects of them are conducted. In the allocation aspect, alteration in proportion of allocation is required as the authority to manage forest has shifted from district to province. In the distribution aspect, Government of Aceh can earmark usage of the funds for FMUs. International funds for climate change also encouraged to be domesticated and then channeled through these instruments or new instrument under public finance system in Indonesia. Based on FMU’s businesses both from forest products and forest services, FMU can impose non-tax fees for each forest product and service utilization. However, for doing business, the FMU need to be a Public Service Agency (PSA). With this status, FMU can directly utilize the non-tax fees without transferring them to the state treasury. FMU only need to report the fees to Ministry of Finance. Meanwhile, indirect financing scheme is conducted by empowering villages around forest estate as villages in Aceh Province is receiving average village fund of IDR 800 million per village in 2017 and the funds will continue to increase in subsequent years. These schemes should be encouraged in parallel to establish a mixed financing scheme in order to ensure sustainable financing for FMU in Aceh Province, Indonesia.

Keywords: forest management, public funds, mixed financing, village

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Authors: M. Saidi, I. Djefour, F. Ait Medjber, A. Melouane, A. Gacem

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The objective of this research is to study the physical and mechanical properties and durability of self-compacting mortars prepared by substituting a part of cement up to a percentage of 30% pozzolan according to different Blaine specific surface area (SSB1=7000 cm²/g and SSB=9000 cm²/g)). Order to evaluate durability, mortars were subjected to chemical attacks in various aggressive environments, a solution of a mixture of nitric acid and ammonium nitrate (HNO₃ + NH₄NO₃) and a magnesium sulfate salt solution (MgSO₄)) with a concentration of 10%, for a period of one month. This study is complemented by a comparative study of the durability of mortars elaborated with sulphate resistant cement (SRC). The results show that these mortars develop long-term, mechanical and chemical resistance better than mortars based Portland cement with 5% gypsum (CEM 1) and SRC. We found that the mass losses are lowest in mortars elaborated with pozzolanic cement (30% substitution with SSB₂) in both of chemical attack solutions (3.28% in the solution acid and 1.16% in the salt solution) and the compressive strength gains of 14.68% and 8.5% respectively in the two media. This is due to the action of pozzolan which fixes portlandite to form hydrated calcium silicate (CSH) from the hydration of tricalcic silicate (C₃S).

Keywords: aggressive environments, durability, mechanical strengths, pozzolanic cement, self-compacting mortar

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Authors: Shrutika Lakshmi

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Gender inequality has been quite evident particularly in the third world economies in different domains like health, education, marriages and personal freedom. Women’s exercise to personal freedom is driven by their financial standing in third world social milieu. However, even after decades of attempt to achieve a socio-economic standing equal to men, their attempts have failed in registering success.This research has been conducted in the national capital of India New Delhi aiming to reflect upon the gendered relations in society on the category of employed women. This particular category of women have been chosen for the study in order to study the gender relations, subordination of such women in household despite having an economic standing of their own, etc. The methodology used for this study is semi-structured interview along with qualitative analysis. Moreover, with the help of direct interaction with these women, we get insight into the kind of gendered relations prevailing inside the household structure which have their roots in age old customs and stereotype of the social milieu. Most importantly, the highlight of the study remains on the point where the hierarchy remains in the subconscious of these women and they never forget their social standing. It has been interesting to note that how even after contributing to the family income successively, their position remains subjugated in front of their male counterparts and thus, they are not ‘free’ in the real sense of the term. Even after attaining an economically stable position, these women did not enjoy the same comfort and freedom of choice as their male counterparts do, this could be gauged from the fact that when asked about ‘time for one’s own self’ they had no sense of it. This is astonishing in today’s world where every individual works and strives for a better livelihood and quality existence. Such findings reflect upon the reality of our society where women are still subjugated and duty bound towards the household even after having the same economic stand as their male counterparts. The burden of household chores and responsibilities fall solely on the shoulders of a women despite being an employed women even in the present times. Cooperation comes primarily from female members of the household and not from males. And thus, we as a society are far away from gender equity. We still suffer from prejudices and stereotypes which prevent us from giving same respect to women which we keep reserved for the man. Given this scenario, it seems, gender equity is a distant goal which we will have to keep striving for even harder even after decades of feminist struggles all over the world.

Keywords: employed women, subjugation in household, gender hierarchy, financial independence,

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Authors: Abu Umar Faruq Ahmad, Muhammad Ayub

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Tabarru` (unilateral gratuitous contribution) is thought to be the basic concept that distinguishes Takaful from conventional non-Sharīʿah compliant insurance. The Sharīʿah compliance of its current practice has been questioned in the premise that, a) it is a form of commutative contract; b) it is akin to the commercial corporate structure of insurance companies due to following the same marketing strategies, allocation to reserves, sharing of underwriting surplus by the companies one way or the other, providing loans to the Takaful funds, and resultantly absorbing the underwriting losses. The Sharīʿah scholars are of the view that the relationship between participants in Takaful should be in the form of commitment to donate, under which a contributor makes commitments himself to donate a sum of money for mutual help and cooperation on the condition that the balance, if any, should be returned to him. With the aim of finding solutions to the above mentioned concerns and other Sharīʿah related issues the study seeks to investigate whether the Takaful companies are functioning in accordance with the Islamic principles of brotherhood, solidarity, and cooperative risk sharing. Given that it discusses the cooperative model of Takaful to address the current and future Sharīʿah related and legal concerns. The study proposed an alternative model and considers it to best serve the objectives of Takaful which operates on the basis of ta`awun or mutual co-operation.

Keywords: hibah, musharakah ta`awuniyyah, Tabarru`, Takaful

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Authors: Sanjay Tushar Choudhary

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This paper focuses on the thermodynamic analysis of Solid Oxide Fuel Cell (SOFC). In the present work the SOFC has been modeled to work with internal reforming of fuel which takes place at high temperature and direct energy conversion from chemical energy to electrical energy takes place. The fuel-cell effluent is a high-temperature steam which can be used for co-generation purposes. Syn-gas has been used here as fuel which is essentially produced by steam reforming of methane in the internal reformer of the SOFC. A thermodynamic model of SOFC has been developed for planar cell configuration to evaluate various losses in the energy conversion process within the fuel cell. Cycle parameters like fuel utilization ratio and the air-recirculation ratio have been varied to evaluate the thermodynamic performance of the fuel cell. Output performance parameters like terminal voltage, cell-efficiency and power output have been evaluated for various values of current densities. It has been observed that a combination of a lower value of air-circulation ratio and higher values of fuel utilization efficiency gives a better overall thermodynamic performance.

Keywords: current density, SOFC, suel utilization factor, recirculation ratio

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Authors: Stefanie Behncke

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This paper analyses the effects of different macroprudential policy measures that have recently been implemented in Switzerland. Among them is the activation and the increase of the countercyclical capital buffer (CCB) and a tightening of loan-to-value (LTV) requirements. These measures were introduced to limit systemic risks in the Swiss mortgage and real estate markets. They were meant to affect mortgage growth, mortgage risks, and banks’ capital buffers. Evaluation of their quantitative effects provides insights for Swiss policymakers when reassessing their policy. It is also informative for policymakers in other countries who plan to introduce macroprudential instruments. We estimate the effects of the different macroprudential measures with a Differences-in-Differences estimator. Banks differ with respect to the relative importance of mortgages in their portfolio, their riskiness, and their capital buffers. Thus, some of the banks were more affected than others by the CCB, while others were more affected by the LTV requirements. Our analysis is made possible by an unusually informative bank panel data set. It combines data on newly issued mortgage loans and quantitative risk indicators such as LTV and loan-to-income (LTI) ratios with supervisory information on banks’ capital and liquidity situation and balance sheets. Our results suggest that the LTV cap of 90% was most effective. The proportion of new mortgages with a high LTV ratio was significantly reduced. This result does not only apply to the 90% LTV, but also to other threshold values (e.g. 80%, 75%) suggesting that the entire upper part of the LTV distribution was affected. Other outcomes such as the LTI distribution, the growth rates of mortgages and other credits, however, were not significantly affected. Regarding the activation and the increase of the CCB, we do not find any significant effects: neither LTV/LTI risk parameters nor mortgage and other credit growth rates were significantly reduced. This result may reflect that the size of the CCB (1% of relevant residential real estate risk-weighted assets at activation, respectively 2% at the increase) was not sufficiently high enough to trigger a distinct reaction between the banks most likely to be affected by the CCB and those serving as controls. Still, it might be have been effective in increasing the resilience in the overall banking system. From a policy perspective, these results suggest that targeted macroprudential policy measures can contribute to financial stability. In line with findings by others, caps on LTV reduced risk taking in Switzerland. To fully assess the effectiveness of the CCB, further experience is needed.

Keywords: banks, financial stability, macroprudential policy, mortgages

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Authors: Nabil A. Ahmed

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DC-DC converters are necessary to interface low-voltage fuel cell power generation systems to a higher voltage DC bus system. A system and method for generating a regulated output power from fuel cell power generation systems is proposed in this paper, this includes a soft-switching isolated DC-DC converter to reduce the idling and circulating currents. The system incorporates a high-frequency center tap transformer link DC-DC converter using secondary-side soft switching control. Snubber capacitors including the parasitic capacitance of the switching devices and the transformer leakage inductance are utilized to achieve zero-voltage switching (ZVS) in the primary side of the high-frequency transformer. Therefore, no extra resonant components are required for ZVS. The inherent soft-switching capability allows high power density, efficient power conversion, and compact packaging. A prototype rated at 6.5 kW is proposed and simulated. Simulation results confirmed a wide range of soft-switching operation and consequently high conversion efficiency will be achieved.

Keywords: secondary-side, phase-shift, high-frequency transformer, zero voltage, zero current, soft switching operation, switching losses

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Authors: T. Holecki, J. Wozniak-Holecka, P. Romaniuk

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Due to the highly centralized model of financing health care in Poland, local self-government rarely undertook their own initiatives in the field of public health, particularly health promotion. However, since 2017 the possibility of applying for a subsidy to health policy programs has been allowed, with the additional resources to be retrieved from the National Health Fund, which is the dominant payer in the health system. The amount of subsidy depends on the number of inhabitants in a given unit and ranges about 40% of the total cost of the program. The aim of this paper is to assess the impact of newly implemented solutions in financing health policy on the management of public finances, as well as on the activity provided by local self-government in health promotion. An effort to estimate the amount of expenses that both local governments, and the National Health Fund, spent on local health policy programs while implementing the new solutions. The research method is the analysis of financial data obtained from the National Health Fund and from local government units, as well as reports published by the Agency for Health Technology Assessment and Pricing, which holds substantive control over the health policy programs, and releases permission for their implementation. The study was based on a comparative analysis of expenditures on the implementation of health programs in Poland in years 2010-2018. The presentation of the results includes the inclusion of average annual expenditures of local government units per 1 inhabitant, the total number of positively evaluated applications and the percentage share in total expenditures of local governments (16 voivodships areas). The most essential purpose is to determine whether the assumptions of the subsidy program are working correctly in practice, and what are the real effects of introducing legislative changes into local government levels in the context of public health tasks. The assumption of the study was that the use of a new motivation tool in the field of public management would result in multiplication of resources invested in the provision of health policy programs. Preliminary conclusions show that financial expenditures changed significantly after the introduction of public funding at the level of 40%, obtaining an increase in funding from own funds of local governments at the level of 80 to 90%.

Keywords: health care system, health policy programs, local self-governments, public health management

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Authors: Itissam Abuiziah

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In several hydraulic systems, it is necessary to calculate the head losses which depend on the resistance flow friction factor in Darcy equation. Computing the resistance friction is based on implicit Colebrook-White equation which is considered as the standard for the friction calculation, but it needs high computational cost, therefore; several explicit approximation methods are used for solving an implicit equation to overcome this issue. It follows that the relative error is used to determine the most accurate method among the approximated used ones. Steel, cast iron and polyethylene pipe materials investigated with practical diameters ranged from 0.1m to 2.5m and velocities between 0.6m/s to 3m/s. In short, the results obtained show that the suitable method for some cases may not be accurate for other cases. For example, when using steel pipe materials, Zigrang and Silvester's method has revealed as the most precise in terms of low velocities 0.6 m/s to 1.3m/s. Comparatively, Halland method showed a less relative error with the gradual increase in velocity. Accordingly, the simulation results of this study might be employed by the hydraulic engineers, so they can take advantage to decide which is the most applicable method according to their practical pipe system expectations.

Keywords: Colebrook–White, explicit equation, friction factor, hydraulic resistance, implicit equation, Reynolds numbers

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Authors: Vish Putcha, Chandrasekhar Putcha, Siva Hari

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In the current digital era of free trading and pandemic-driven remote work culture, markets worldwide gained momentum for retail investors to trade from anywhere easily. The number of retail traders rose to 24% of the market from 15% at the pre-pandemic level. Most of them are young retail traders with high-risk tolerance compared to the previous generation of retail traders. This trend boosted the growth of subscription-based market predictors and market data vendors. Young traders are betting on these predictors, assuming one of them is correct. However, 90% of retail traders are on the losing end. This paper presents multiple indicators and attempts to derive behavioral patterns from the underlying stocks. The two major indicators that traders and investors follow are technical and fundamental. The famous investor, Warren Buffett, adheres to the “Value Investing” method that is based on a stock’s fundamental Analysis. In this paper, we present multiple indicators from various methods to understand the behavior patterns of stocks. For this research, we picked five stocks with a market capitalization of more than $200M, listed on the exchange for more than 20 years, and from different industry sectors. To study the behavioral pattern over time for these five stocks, a total of 8 indicators are chosen from fundamental, technical, and financial indicators, such as Price to Earning (P/E), Price to Book Value (P/B), Debt to Equity (D/E), Beta, Volatility, Relative Strength Index (RSI), Moving Averages and Dividend yields, followed by detailed mathematical Analysis. This is an interdisciplinary paper between various disciplines of Engineering, Accounting, and Finance. The research takes a new approach to identify clear indicators affecting stocks. Statistical Analysis of the data will be performed in terms of the probabilistic distribution, then follow and then determine the probability of the stock price going over a specific target value. The Chi-square test will be used to determine the validity of the assumed distribution. Preliminary results indicate that this approach is working well. When the complete results are presented in the final paper, they will be beneficial to the community.

Keywords: stock pattern, stock market analysis, stock predictions, trading, investing, fundamental analysis, technical analysis, quantitative trading, financial analysis, behavioral analysis

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Authors: Ofoegbu Ositadinma Edward

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This research paper discusses a web based monitoring system that enables effective monitoring of fuel pump output and sales volume from distributed fuel stations under the domain of a single company/organization. The traditional method of operation by these organizations in Nigeria is non-automated and accounting for dispensed product is usually approximated and manual as there is little or no technology implemented to presently provide information relating to the state of affairs in the station both to on-ground staff and to supervisory staff that are not physically present in the station. This results in unaccountable losses in product and revenue as well as slow decision making. Remote monitoring technology as a vast research field with numerous application areas incorporating various data collation techniques and sensor networks can be applied to provide information relating to fuel pump status in distributed fuel stations reliably. Thus, the proposed system relies upon a microcontroller, keypad and pump to demonstrate the traditional fuel dispenser. A web-enabled PC with an accompanying graphic user interface (GUI) was designed using virtual basic which is connected to the microcontroller via the serial port which is to provide the web implementation.

Keywords: fuel pump, microcontroller, GUI, web

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Authors: Jakob Krause

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Past Financial Crisis has shown that contemporary risk management models provide an unjustified sense of security and fail miserably in situations in which they are needed the most. In this paper, we start from the assumption that risk is a notion that changes over time and therefore past data points only have limited explanatory power for the current situation. Our objective is to derive the optimal amount of representative information by optimizing between the two adverse forces of estimator convergence, incentivizing us to use as much data as possible, and the aforementioned non-representativeness doing the opposite. In this endeavor, the cornerstone assumption of having access to identically distributed random variables is weakened and substituted by the assumption that the law of the data generating process changes over time. Hence, in this paper, we give a quantitative theory on how to perform statistical analysis in non-ergodic systems. As an application, we discuss the impact of a paragraph in the last iteration of proposals by the Basel Committee on Banking Regulation. We start from the premise that the severity of assumptions should correspond to the robustness of the system they describe. Hence, in the formal description of physical systems, the level of assumptions can be much higher. It follows that every concept that is carried over from the natural sciences to economics must be checked for its plausibility in the new surroundings. Most of the probability theory has been developed for the analysis of physical systems and is based on the independent and identically distributed (i.i.d.) assumption. In Economics both parts of the i.i.d. assumption are inappropriate. However, only dependence has, so far, been weakened to a sufficient degree. In this paper, an appropriate class of non-stationary processes is used, and their law is tied to a formal object measuring representativeness. Subsequently, that data set is identified that on average minimizes the estimation error stemming from both, insufficient and non-representative, data. Applications are far reaching in a variety of fields. In the paper itself, we apply the results in order to analyze a paragraph in the Basel 3 framework on banking regulation with severe implications on financial stability. Beyond the realm of finance, other potential applications include the reproducibility crisis in the social sciences (but not in the natural sciences) and modeling limited understanding and learning behavior in economics.

Keywords: banking regulation, non-ergodicity, risk management, semimartingale modeling

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Authors: Tayyaba Zahra, Shehla Gul Bokhari, Asim Khalid Mahmood, Raheela Akhtar, Khizar Matloob

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In Pakistan, dogs are commonly infested with ticks, especially in summers, causing not only dermatological issues but also systemic problems. Persistence of tick infestation often leads to heavy losses. Different acaricides are locally available with variable efficacy; however, recurrence of infestation is commonly reported. The present study was thus designed to compare the efficacy of a novel drug Fluralaner and conventionally used Ivermectin against tick infestation. Dogs positive for tick infestation were randomly divided into 2 groups viz, Groups A and B having 8 dogs each. Ticks were enumerated manually from the whole body of dogs at day 0 before the administration of drugs Dogs in Group A were treated with Fluralaner at day 0, and dogs in Group B were treated with Ivermectin. Post-treatment, ticks were counted again at days 7, 14, 21, 28, and 35. At day 07 of the study, no tick was found on the dogs treated with Fluralaner, while many ticks were present on the dogs treated with Ivermectin showing an efficacy up to 50%. On the consecutive follow-up evaluations, similar results were found for Fluralaner while the efficacy of Ivermectin was further reduced to less than 50%. Furthermore, Fluralaner treated dogs had better RBC counts, PCV, Hgb concentration, LFTs, RFTs post-treatment than the dogs treated with Ivermectin. Statistically, oral Fluralaner proved a more effective drug (P≤0.05)than oral Ivermectin against tick infestation in dogs.

Keywords: fluralaner, ivermectin, dogs, tick infestations

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Authors: Naoum Mylonas, Eugenia Petridou

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Objectives: The objectives of this research are firstly, to develop an integrated model of predicting factors to new ventures performance, taking into account certain issues and specificities related to creative industry and female entrepreneurship based on the prior research; secondly, to determine the appropriate measures of venture performance in a creative industry context, drawing upon previous surveys; thirdly, to illustrate the importance of entrepreneurial orientation, networking ties, environment dynamism and access to financial capital on new ventures performance. Prior Work: An extant review of the creative industry literature highlights the special nature of entrepreneurship in this field. Entrepreneurs in creative industry share certain specific characteristics and intensions, such as to produce something aesthetic, to enrich their talents and their creativity, and to combine their entrepreneurial with their artistic orientation. Thus, assessing venture performance and success in creative industry entails an examination of how creative people or artists conceptualize success. Moreover, female entrepreneurs manifest more positive attitudes towards sectors primarily based on creativity, rather than innovation in which males outbalance. As creative industry entrepreneurship based mainly on the creative personality of the creator / artist, a high interest is accrued to examine female entrepreneurship in the creative industry. Hypotheses development: H1a: Female entrepreneurs who are more entrepreneurially-oriented show a higher financial performance. H1b: Female entrepreneurs who are more artistically-oriented show a higher creative performance. H2: Female entrepreneurs who have personality that is more creative perform better. H3: Female entrepreneurs who participate in or belong to networks perform better. H4: Female entrepreneurs who have been consulted by a mentor perform better. Η5a: Female entrepreneurs who are motivated more by pull-factors perform better. H5b: Female entrepreneurs who are motivated more by push-factors perform worse. Approach: A mixed method triangulation design has been adopted for the collection and analysis of data. The data are collected through a structured questionnaire for the quantitative part and through semi-structured interviews for the qualitative part as well. The sample is 293 Greek female entrepreneurs in the creative industry. Main findings: All research hypotheses are accepted. The majority of creative industry entrepreneurs evaluate themselves in creative performance terms rather than financial ones. The individuals who are closely related to traditional arts sectors have no EO but also evaluate themselves highly in terms of venture performance. Creative personality of creators is appeared as the most important predictor of venture performance. Pull factors in accordance with our hypothesis lead to higher levels of performance compared to push factors. Networking and mentoring are viewed as very important, particularly now during the turbulent economic environment in Greece. Implications-Value: Our research provides an integrated model with several moderating variables to predict ventures performance in the creative industry, taking also into account the complicated nature of arts and the way artists and creators define success. At the end, the findings may be used for the appropriate design of educational programs in creative industry entrepreneurship. This research has been co-financed by the European Union (European Social Fund – ESF) and Greek national funds through the Operational Program "Education and Lifelong Learning" of the National Strategic Reference Framework (NSRF) - Research Funding Program: Heracleitus II. Investing in knowledge society through the European Social Fund.

Keywords: venture performance, female entrepreneurship, creative industry, networks

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Authors: Seba Mohanty, Jitendra Mahakud

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Capital ratio is one of the major indicators of the stability of the commercial banks. Pertinent to its pervasive importance, over the years the regulators, policy makers focus on the maintenance of the particular level of capital ratio to minimize the solvency and liquidation risk. In this context, it is very much important to identify the relationship between capital and risk and find out the factors which determine the capital ratios of commercial banks. The study examines the relationship between capital and risk of the commercial banks operating in India. Other bank specific variables like bank size, deposit, profitability, non-performing assets, bank liquidity, net interest margin, loan loss reserves, deposits variability and regulatory pressure are also considered for the analysis. The period of study is 1997-2015 i.e. the period of post liberalization. To identify the impact of financial crisis and implementation of Basel II on capital ratio, we have divided the whole period into two sub-periods i.e. 1997-2008 and 2008-2015. This study considers all the three types of commercial banks, i.e. public sector, the private sector and foreign banks, which have continuous data for the whole period. The main sources of data are Prowess data base maintained by centre for monitoring Indian economy (CMIE) and Reserve Bank of India publications. We use simultaneous equation model and more specifically Two Stage Least Square method to find out the relationship between capital and risk. From the econometric analysis, we find that capital and risk affect each other simultaneously, and this is consistent across the time period and across the type of banks. Moreover, regulation has a positive significant impact on the ratio of capital to risk-weighted assets, but no significant impact on the banks risk taking behaviour. Our empirical findings also suggest that size has a negative impact on capital and risk, indicating that larger banks increase their capital less than the other banks supported by the too-big-to-fail hypothesis. This study contributes to the existing body of literature by predicting a strong relationship between capital and risk in an emerging economy, where banking sector plays a majority role for financial development. Further this study may be considered as a primary study to find out the macro economic factors which affecting risk and capital in India.

Keywords: capital, commercial bank, risk, simultaneous equation model

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Authors: Parastoo Motallebi, Vahid Niknam, Hassan Ebrahimzadeh, Majid Hashemi

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Wheat, the most strategically important worldwide crop, is widely grown in various countries. Based on international wheat production statistics (FAOSTAT database), the total production of wheat in 2012 was 13.8 in Iran. Fusarium culmorum is one of the principal causative agents of Fusarium crown rot (FCR), an overwhelming disease of wheat and barley which is in the early stages causing yield losses, stand reductions and rotting of root and lower stem tissues. In this study inoculation of two wheat seedlings of the susceptible cultivar Falat and the partially field-resistant cultivar Pishtaz were carried out in greenhouse conditions and root samples were taken for 6 days. The activity of peroxidase (POX) and polyphenoloxidase (PPO) enzymes were analyzed to identify possible relations between resistance and enzymatic activities. Although the POX and PPO activities in both geno types increased, this significant increase was more dominant in Pishtaz. The results showed an earlier elevation in the activity of these defense related enzymes in semi-resistant cv. Pishtaz after inoculation, suggested that the activities of POX and PPO in wheat geno types play an important role in the induction of resistance to this disease.

Keywords: Defense responses, Fusarium culmorum, Wheat

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Authors: Ann Enright

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More than ever, animal shelters need to identify ways to reduce the number of animals entering shelter facilities and the incidence of euthanasia. Managing animal overpopulation using euthanasia can have detrimental health and emotional consequences for the shelter staff involved. There are also community expectations with moral and financial implications to consider. To achieve the goals of reducing animal intake and the incidence of euthanasia, shelter best practice involves combining programs, procedures and partnerships to increase live release rates (LRR), reduce the incidence of disease, length of stay (LOS) and shelter intake whilst overall remaining financially viable. Analysing daily processes, tracking outcomes and implementing simple strategies enabled shelter staff to more effectively focus their efforts and achieve amazing results. The objective of this retrospective study was to assess the effect of implementing the capacity for care (C4C) management model. Data focusing on the average daily number of animals on site for a two year period (2016 – 2017) was exported from a shelter management system, Customer Logic (CL) Vet to Excel for manipulation and comparison. Following the implementation of C4C practices the average daily number of animals on site was reduced by >50%, (2016 average 103 compared to 2017 average 49), average LOS reduced by 50% from 8 weeks to 4 weeks and incidence of disease reduced from ≥ 70% to less than 2% of the cats on site at the completion of the study. The total number of stray cats entering the shelter due to council contracts reduced by 50% (486 to 248). Improved cat outcomes were attributed to strategies that increased adoptions and reduced euthanasia of poorly socialized cats, including foster programs. To continue to achieve improvements in LRR and LOS, strategies to decrease intake further would be beneficial, for example, targeted sterilisation programs. In conclusion, the study highlighted the benefits of using C4C as a management tool, delivering a significant reduction in animal intake and euthanasia with positive emotional, financial and community outcomes.

Keywords: animal welfare, capacity for care, cat, euthanasia, length of stay, managed intake, shelter

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Authors: Weic-Ting Chen, Jo-Ming Tseng

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Ammonium nitrate (AN) has caused many accidents in the world, which have caused a large number of people’s life and serious economic losses. In this study, the safety of the AN production process was discussed deeply, and the influence of incompatible substances was estimated according to the change of their heat value by mixing them with incompatible substances by thermal analysis techniques, and their safety parameters were calculated according to their kinetic parameters. In this study, differential scanning calorimeters (DSC) were applied for the temperature rise test and adiabatic thermal analysis in combination with the Advanced Reactive System Screening Tool (ARSST). The research results could contribute to the safety of the ammonium nitrate production process. Manufacturers can better understand the possibility of chemical heat release and the operating conditions that will cause a chemical reaction to be out of control when storing or adding new substances, so safety parameters were researched for these complex reactions. The results of this study will benefit the process of AN and the relevant staff, which also have safety protection in the working environment.

Keywords: ammonium nitrate, incompatible substances, differential scanning calorimeters, advanced reactive system screening tool, safety parameters

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Authors: Suman Podder

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As Australian ‘Open Banking’ allows customers to share their financial data with accredited Third-Party Providers (‘TPPs’), it is necessary to evaluate whether the regulators have achieved the balance between protecting customer data privacy and promoting data-related innovation. Recognising the need to increase customers’ influence on their own data, and the benefits of data-related innovation, the Australian Government introduced ‘Consumer Data Right’ (‘CDR’) to the banking sector through Open Banking regulation. Under Open Banking, TPPs can access customers’ banking data that allows the TPPs to tailor their products and services to meet customer needs at a more competitive price. This facilitated access and use of customer data will promote innovation by providing opportunities for new products and business models to emerge and grow. However, the success of Open Banking depends on the willingness of the customers to share their data, so the regulators have augmented the protection of data by introducing new privacy safeguards to instill confidence and trust in the system. The dilemma in policymaking is that, on the one hand, lenient data privacy laws will help the flow of information, but at the risk of individuals’ loss of privacy, on the other hand, stringent laws that adequately protect privacy may dissuade innovation. Using theoretical and doctrinal methods, this paper examines whether the privacy safeguards under Open Banking will add to the compliance burden of the participating financial institutions, resulting in the undesirable effect of stifling other policy objectives such as innovation. The contribution of this research is three-fold. In the emerging field of customer data sharing, this research is one of the few academic studies on the objectives and impact of Open Banking in the Australian context. Additionally, Open Banking is still in the early stages of implementation, so this research traces the evolution of Open Banking through policy debates regarding the desirability of customer data-sharing. Finally, the research focuses not only on the customers’ data privacy and juxtaposes it with another important objective of promoting innovation, but it also highlights the critical issues facing the data-sharing regime. This paper argues that while it is challenging to develop a regulatory framework for protecting data privacy without impeding innovation and jeopardising yet unknown opportunities, data privacy and innovation promote different aspects of customer welfare. This paper concludes that if a regulation is appropriately designed and implemented, the benefits of data-sharing will outweigh the cost of compliance with the CDR.

Keywords: consumer data right, innovation, open banking, privacy safeguards

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Authors: Raju Thapa

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Non-Governmental Organizations (NGOs) are conducting activities in Nepal with the overall objective to strengthen peace, progress and prosperity in the society. Based on the research objectives, this study has tried to trace out the reasons behind massive growth of NGOs and the trends that have shaped the handling and functioning of NGOs in the Kailali district. The outcomes of this research are quite embarrassing for NGOs officials. Based on the findings of this research, NGOs are expected to review their guiding principal, integrity and conduct for the betterment of the society.

Keywords: NGO, trends, increasing, conduct, integrity, guiding principle, legal, governance, human resources, public trust, financial, collaboration, networking

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Authors: Asad Ali, Asif Jamal

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The agriculture productivity losses due to microbial pathogens have been a serious issue in Pakistan and rest of the world. Present work was designed to isolate soil borne microorganisms having the antagonistic ability against notorious phytopathogens. From the initial collection of 23 bacterial isolates, two potent strains of Bacillus were screened on the basis of their comparative efficacy against devastating fungal pathogens. The strains AK-1 and AK-5 showed excellent inhibitory indexes against the majority of tested fungal strains. It was noted that both strains of Bacillus showed significant biocontrolling activity against Aspergillus flavus, Fusarium moniliforme, Colletotricum falcatum, Botrytis cinerea, Aspergillus niger, Fusarium oxysporum, Phythopthora capsici and Rhizopus oryzae. The strain AK-1 was efficient to suppress Aspergillus species and Rhizopus oryzae while AK-5 expressed significant antagonistic activity against Fusarium, Botrytis and Colletotricum species. On the basis of in vitro assay, it can be postulated that the Bacillus strains AK-1 and AK-5 can be used as bio-protective agent against various plant diseases. In addition, their applications as natural pesticides could be very helpful to prevent the adverse effects of chemical pesticides.

Keywords: bacillus species, biocontrol agent, biopesticides, phytopathogens

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Authors: N. A. Ahmad Zubairi, H. Takaijudin, K. W. Yusof

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Pesticides have been used widely over the world in agriculture to protect from pests and reduce crop losses. However, it affects the environment with toxic chemicals. Exceed of toxic constituents in the ecosystem will result in bad side effects. The hydrological cycle is related to the existence of pesticides and heavy metal which it can penetrate through varieties of sources into the soil or water bodies, especially runoff. Therefore, proper mechanisms of pesticide and heavy metal removal should be studied to improve the quality of ecosystem free or reduce from unwanted substances. This paper reviews the use of treatment train and its mechanisms to minimize pesticides and heavy metal from agricultural runoff. Organochlorine (OCL) is a common pesticide that was found in the agricultural runoff. OCL is one of the toxic chemicals that can disturb the ecosystem such as inhibiting plants' growth and harm human health by having symptoms as asthma, active cancer cell, vomit, diarrhea, etc. Thus, this unwanted contaminant gives disadvantages to the environment and needs treatment system. Hence, treatment train by bioretention system is suitable because removal efficiency achieves until 90% of pesticide removal with selected vegetated plant and additive.

Keywords: pesticides, heavy metal, agricultural runoff, bioretention, mechanism removal, treatment train

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Authors: Yuya Tanigami, Naoaki Yamanaka, Satoru Okamoto

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Economic losses due to delays in traffic congestion regarding urban transportation networks have become a more serious social problem as traffic volume increases. Platooning has recently been attracting attention from many researchers to alleviate traffic jams, especially on the highway. On highways, platooning can have positive effects, such as reducing inter-vehicular distance and reducing air resistance. However, the impacts of platooning on urban roads have not been addressed in detail since traffic lights may break the platoons. In this study, we propose a platooning method using L2 norm and cosine similarity to form a platoon with highly similar routes. Also, we investigate the sorting method within a platoon according to each vehicle’s straightness. Our proposed sorting platoon method, which uses two lanes, eliminates Head of Line Blocking at the intersection and improves throughput at intersections. This paper proposes a cyber-physical system (CPS) approach to collaborative urban platoon control. We conduct simulations using the traffic simulator SUMO and the road network, which imitates Manhattan Island. Results from the SUMO confirmed that our method shortens the average travel time by 10-20%. This paper shows the validity of forming a platoon based on destination vectors and sorting vehicles within a platoon.

Keywords: CPS, platooning, connected car, vector correlation

Procedia PDF Downloads 75