Search results for: Korean stock market

Authors: Henry Prihanto Nugroho

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This paper suggests education tourism as an option into developing more sustainable mass tourism. Identifying the potential of education tourism and developing a sustainable packages will have an impact on social economic development in the area. Indonesia especially Yogyakarta can increase their tourism earnings by tapping into this growing market phenomenon. Educational tourism, a growing part in the world tourism market, has attracted great attention because of its direct impact on the community and as an alternative strategy for poverty alleviation. Tourism is considered as one of the main industries and sectors highly contributing to economic development in Indonesia especially in Yogyakarta, this region can be an ideal case for studying the issue of educational tourism in Universitas Gadjah Mada. This paper tries to introduce the educational tourism as an important alternative source of the economy accelerator in the context of Yogyakarta Indonesia. This paper also aims to discuss the education tourism potential at the University of Gadjah Mada, Yogyakarta Indonesia then to create and established an Education Tourism package at Gadjah Mada University. Education Tourism is a means to empower academics, local community, local businesses, and to improve the economic welfare. Methods: Focus group discussions, direct observation, survey and best practice method. Conclusion: There is a positive relationship between attitude, environmental impact, economic impact, and socio-cultural impacts and practice in the field when the potential is seized. The findings incorporate insights into the socio-cultural and economic potential of education tourism and practices related to community development at the University of Gadjah Mada, Yogyakarta Indonesia by creating an Education Tourism Packages that will suit the needs of the tourist. Educational tourism can create sustainable development for local communities, academic society, universities, and stakeholders.

Keywords: education tourism, Gadjah Mada, sustainable, tourism

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Authors: Nessreen Y. Ibrahim

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Designing the future according to realistic analytical study for the futuristic market needs can be a milestone strategy to make a huge improvement in developing countries economics. In developing countries, access to high technology and latest science approaches is very limited. The financial problems in low and medium income countries have negative effects on the kind and quality of imported new technologies and application for their markets. Thus, there is a strong need for shifting paradigm thinking in the design process to improve and evolve their development strategy. This paper discusses future possibilities in developing countries, and how they can design their own future according to specific future models FDM (Future Design Models), which established to solve certain economical problems, as well as political and cultural conflicts. FDM is strategic thinking framework provides an improvement in both content and process. The content includes; beliefs, values, mission, purpose, conceptual frameworks, research, and practice, while the process includes; design methodology, design systems, and design managements tools. In this paper the main objective was building an innovative economic model to design a chosen possible futuristic scenario; by understanding the market future needs, analyze real world setting, solve the model questions by future driven design, and finally interpret the results, to discuss to what extent the results can be transferred to the real world. The paper discusses Egypt as a potential case study. Since, Egypt has highly complex economical problems, extra-dynamic political factors, and very rich cultural aspects; we considered Egypt is a very challenging example for applying FDM. The paper results recommended using FDM numerical modeling as a starting point to design the future.

Keywords: developing countries, economic models, future design, possible futures

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Authors: Thammanoon Raveepong, Craig Wheway

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Originating from a multifaceted research project beginning with the opening of the Green Market at Ban Laow sub-district, Kosum Phisai, Mahasarakham with the support of Kosum Phisai Governor. The project involves key stakeholders related to villagers who have become involved with linking local identity to a more global identity to help ameliorate falling agricultural incomes and casualised work. There have been fifteen formal meetings involving local government stakeholders that took place at the local university, local schools, a public meeting at Ban-Don-Toom and Village meeting shelters. These events hosted 176 local stakeholders consisting of the District Governor, 7 Chairpersons/Heads of the District Development Council, a Health Promotion group, District retired government staff, 4 sub-district local government members, the City Development Council, 2 representatives from Mahasarakham Provincial Culture Council, 4 principles of all local schools, 11 village heads, 15 scholars form local and national universities, 132 villagers and 4 staff from public relation units. The goal of the project was to initiate a variety of local projects including promotion of Local healthy food, farm/homestay accommodation, local uniqueness, Travel guides (in book form and guide youths) and the proposed development of community tourism with the aim to utilise local people and activities to tap into the growing alternative tourism market. This paper aims to document the progress thus far, and the challenges presented working with local communities that have lacked expertise in linking to the global economy to derive economic benefits for their communities.

Keywords: Community-based tourism, community participation, local identity, mahasarakham province

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Authors: Shreyas Kumar, Mili Shangari

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Integrating artificial intelligence (AI) in the cyber insurance sector represents a significant advancement, offering the potential to revolutionize risk assessment, fraud detection, and claims processing. However, this integration introduces a range of regulatory and economic challenges that must be addressed to ensure responsible and effective deployment of AI technologies. This paper examines the multifaceted regulatory landscape governing AI in cyber insurance and explores the economic implications of compliance, innovation, and market dynamics. AI's capabilities in processing vast amounts of data and identifying patterns make it an invaluable tool for insurers in managing cyber risks. Yet, the application of AI in this domain is subject to stringent regulatory scrutiny aimed at safeguarding data privacy, ensuring algorithmic transparency, and preventing biases. Regulatory bodies, such as the European Union with its General Data Protection Regulation (GDPR), mandate strict compliance requirements that can significantly impact the deployment of AI systems. These regulations necessitate robust data protection measures, ethical AI practices, and clear accountability frameworks, all of which entail substantial compliance costs for insurers. The economic implications of these regulatory requirements are profound. Insurers must invest heavily in upgrading their IT infrastructure, implementing robust data governance frameworks, and training personnel to handle AI systems ethically and effectively. These investments, while essential for regulatory compliance, can strain financial resources, particularly for smaller insurers, potentially leading to market consolidation. Furthermore, the cost of regulatory compliance can translate into higher premiums for policyholders, affecting the overall affordability and accessibility of cyber insurance. Despite these challenges, the potential economic benefits of AI integration in cyber insurance are significant. AI-enhanced risk assessment models can provide more accurate pricing, reduce the incidence of fraudulent claims, and expedite claims processing, leading to overall cost savings and increased efficiency. These efficiencies can improve the competitiveness of insurers and drive innovation in product offerings. However, balancing these benefits with regulatory compliance is crucial to avoid legal penalties and reputational damage. The paper also explores the potential risks associated with AI integration, such as algorithmic biases that could lead to unfair discrimination in policy underwriting and claims adjudication. Regulatory frameworks need to evolve to address these issues, promoting fairness and transparency in AI applications. Policymakers play a critical role in creating a balanced regulatory environment that fosters innovation while protecting consumer rights and ensuring market stability. In conclusion, the integration of AI in cyber insurance presents both regulatory and economic challenges that require a coordinated approach involving regulators, insurers, and other stakeholders. By navigating these challenges effectively, the industry can harness the transformative potential of AI, driving advancements in risk management and enhancing the resilience of the cyber insurance market. This paper provides insights and recommendations for policymakers and industry leaders to achieve a balanced and sustainable integration of AI technologies in cyber insurance.

Keywords: artificial intelligence (AI), cyber insurance, regulatory compliance, economic impact, risk assessment, fraud detection, cyber liability insurance, risk management, ransomware

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Authors: Cheong Hyeon Oh, Dongho Nam, Byungsik Kim

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Due to the recent climate change, flood damage caused by local floods and typhoons has frequently occurred, the incidence rate and intensity of wildfires are greatly increased due to increased temperatures and changes in precipitation patterns. Wildfires cause primary damage, such as loss of forest resources, as well as secondary disasters, such as landslides, floods, and debris flow. In many countries around the world, damage and economic losses from secondary damage are occurring as well as the direct effects of forest fires. Therefore, in this study, the Rainfall-Runoff model(S-RAT) was used for the wildfire affected areas in Gangneung and Goseong, which occurred on April 2019, when the stability of vegetation and soil were destroyed by wildfires. Rainfall data from Typhoon Rusa were used in the S-RAT model, and flood discharge was calculated according to changes in land cover before and after wildfire damage. The results of the calculation showed that flood discharge increased significantly due to changes in land cover, as the increase in flood discharge increases the possibility of the occurrence of the debris flow and the extent of the damage, the debris flow height and range were calculated before and after forest fire using RAMMS. The analysis results showed that the height and extent of damage increased after wildfire, but the result value was underestimated due to the characteristics that using DEM and maximum flood discharge of the RAMMS model. This research was supported by a grant(2017-MOIS31-004) from Fundamental Technology Development Program for Extreme Disaster Response funded by Korean Ministry of Interior and Safety (MOIS). This paper work (or document) was financially supported by Ministry of the Interior and Safety as 'Human resoure development Project in Disaster management'.

Keywords: wildfire, debris flow, land cover, rainfall-runoff meodel S-RAT, RAMMS, height

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Authors: Osamu Komori, Shinto Eguchi, Hiroshi Okamura, Momoko Ichinokawa

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The long time-series data on population assessments are essential for global ecosystem assessment because the temporal change of biomass in such a database reflects the status of global ecosystem properly. However, the available assessment data usually have limited sample sizes and the ratio of populations with low abundance of biomass (collapsed) to those with high abundance (non-collapsed) is highly imbalanced. To allow for the imbalance and uncertainty involved in the ecological data, we propose a binary regression model with mixed effects for inferring ecosystem status through an asymmetric logistic model. In the estimation equation, we observe that the weights for the non-collapsed populations are relatively reduced, which in turn puts more importance on the small number of observations of collapsed populations. Moreover, we extend the asymmetric logistic regression model using propensity score to allow for the sample biases observed in the labeled and unlabeled datasets. It robustified the estimation procedure and improved the model fitting.

Keywords: double robust estimation, ecological binary data, mixed effect logistic regression model, propensity score

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Authors: N. Behidj, K. Benyounes, T. Dahmane, A. Allem

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The aim of this study was to investigate the antimicrobial activity of flavonoids isolated from the aerial part of a medicinal plant which is Thymus inodorusby the middle agar diffusion method on following microorganisms. We have Staphylococcus aureus, Escherichia coli, Pseudomonas fluorescens, AspergillusNiger, Aspergillus fumigatus and Candida albicans. During this study, flavonoids extracted by stripping with steam are performed. The yields of flavonoids is 7.242% for the aqueous extract and 28.86% for butanol extract, 29.875% for the extract of ethyl acetate and 22.9% for the extract of di - ethyl. The evaluation of the antibacterial effect shows that the diameter of the zone of inhibition varies from one microorganism to another. The operation values obtained show that the bacterial strain P fluoresces, and 3 yeasts and molds; A. Niger, A. fumigatus and C. albicansare the most resistant. But it is noted that, S. aureus is shown more sensitive to crude extracts, the stock solution and the various dilutions. Finally for the minimum inhibitory concentration is estimated only with the crude extract of Thymus inodorus flavonoid.Indeed, these extracts inhibit the growth of Gram + bacteria at a concentration varying between 0.5% and 1%. While for bacteria to Gram -, it is limited to a concentration of 0.5%.

Keywords: antimicrobial activity, organic extracts, aqueous extracts, Thymus numidicus

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Authors: Kang-Hsien Li

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Along with global industries in using technology to enhance the application, make the study drawn more close to the people’s behavior and produce data analysis, extended out from the mental accounting of prospect theory, this paper provides the marketing and financial applications in the field of exploration and discussions with the future. For the foreseeable future, the payment behavior depends on the form of currency, which affects a variety of product types on the marketing of marketing strategy to provide diverse payment methods to enhance the overall sales performance. This not only affects people's consumption also affects people's investments. Credit card, PayPal, Apple pay, Bitcoin and any other with advances in technology and other emerging payment instruments, began to affect people for the value and the concept of money. Such as the planning of national social welfare policies, monetary and financial regulators and regulators. The expansion can be expected to discuss marketing and finance-related mental problems at the same time, recent studies reflect two different ideas, the first idea is that individuals affected by situational frames, not broad impact at the event level, affected by the people basically mental, second idea is that when an individual event affects a broader range, and majority of people will choose the same at the time that the rational choice. That are applied to practical application of marketing, at the same time provide an explanation in the financial market under the anomalies, due to the financial markets has varied investment products and different market participants, that also highlights these two points. It would provide in-depth description of humanity's mental. Certainly, about discuss mental accounting aspects, while artificial intelligence application development, although people would be able to reduce prejudice decisions, that will also lead to more discussion on the economic and marketing strategy.

Keywords: mental accounting, behavior economics, consumer behaviors, decision-making

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Authors: Devesh Motwani, Ranjana S. Baruah

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The prime incentive behind up gradation of heavy oil is to increase its API gravity for ease of transportation to refineries, thus expanding the market access of bitumen-based crude to the refineries. There has always been a demand for an integrated approach that aims at simplifying the upgrading scheme, making it adaptable to the production site in terms of economics, environment, and personnel safety. Recent advances in nanotechnology have facilitated the development of two lines of heavy oil upgrading processes that make use of nano-catalysts for producing upgraded oil: In Situ Upgrading and Field Upgrading. The In-Situ upgrading scheme makes use of Hot Fluid Injection (HFI) technique where heavy fractions separated from produced oil are injected into the formations to reintroduce heat into the reservoir along with suspended nano-catalysts and hydrogen. In the presence of hydrogen, catalytic exothermic hydro-processing reactions occur that produce light gases and volatile hydrocarbons which contribute to increased oil detachment from the rock resulting in enhanced recovery. In this way the process is a combination of enhanced heavy oil recovery along with up gradation that effectively handles the heat load within the reservoirs, reduces hydrocarbon waste generation and minimizes the need for diluents. By eliminating most of the residual oil, the Synthetic Crude Oil (SCO) is much easier to transport and more amenable for processing in refineries. For heavy oil reservoirs seriously impacted by the presence of aquifers, the nano-catalytic technology can still be implemented on field though with some additional investments and reduced synergies; however still significantly serving the purpose of production of transportable oil with substantial benefits with respect to both large scale upgrading, and known commercial field upgrading technologies currently on the market. The paper aims to delve deeper into the technology discussed, and the future compatibility.

Keywords: upgrading, synthetic crude oil, nano-catalytic technology, compatibility

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Authors: Chengfang Wang, Zichao Wu, Jianying Zhou

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At present, much attention is paid to the development of new industrial parks in the era of inventory planning. Generally speaking, there are two types of development models: incremental development models and stock development models. The former relies on key projects to build a value innovation park, and the latter relies on the iterative update of the park to build a value innovation park. Take the Baiyun Western Digital Park as an example, considering the growth model of value units, determine the evaluation target. Based on a GIS platform, comprehensive land-use status, regulatory detailed planning, land use planning, blue-green ecological base, rail transit system, road network system, industrial park distribution, public service facilities, and other factors are used to carry out the land use within the planning multi-factor superimposed comprehensive evaluation, constructing a value unit evaluation system, and delineating value units based on implementation orientation and combining two different development models. The research hopes to provide a reference for the planning and construction of new domestic industrial parks.

Keywords: value units, GIS, multi-factor evaluation, implementation orientation

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Authors: Bela Lebedeva

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Characteristics of the Web as a channel of information dissemination - accessibility and openness, interactivity and multimedia news - become wider and cover the audience quickly, positively affecting the perception of content, but blur out the understanding of the journalistic work. As a result audience and advertisers continue migrating to the Internet. Moreover, online targeting allows monetizing not only the audience (as customarily given to traditional media) but also the content and traffic more accurately. While the users identify themselves with the qualitative characteristics of the new market, its actors are formed. Conflict of interests is laid in the base of the economy of their relations, the problem of traffic tax as an example. Meanwhile, content monetization actualizes fiscal interest of the state too. The balance of supply and demand is often violated due to the political risks, particularly in terms of state capitalism, populism and authoritarian methods of governance such social institutions as the media. A unique example of access to journalistic material, limited by monetization of content is a television channel Dozhd' (Rain) in Russian web space. Its liberal-minded audience has a better possibility for discussion. However, the channel could have been much more successful in terms of unlimited free speech. Avoiding state pressure and censorship its management has decided to save at least online performance and monetizing all of the content for the core audience. The study Methodology was primarily based on the analysis of journalistic content, on the qualitative and quantitative analysis of the audience. Reconstructing main events and relationships of actors on the market for the last six years researcher has reached some conclusions. First, under the condition of content monetization the capitalization of its quality will always strive to quality characteristics of user, thereby identifying him. Vice versa, the user's demand generates high-quality journalism. The second conclusion follows the previous one. The growth of technology, information noise, new political challenges, the economy volatility and the cultural paradigm change – all these factors form the content paying model for an individual user. This model defines him as a beneficiary of specific knowledge and indicates the constant balance of supply and demand other conditions being equal. As a result, a new economic quality of information is created. This feature is an indicator of the market as a self-regulated system. Monetized information quality is less popular than that of the Public Broadcasting Service, but this audience is able to make decisions. These very users keep the niche sectors which have more potential of technology development, including the content monetization ways. The third point of the study allows develop it in the discourse of media space liberalization. This cultural phenomenon may open opportunities for the development of social and economic relations architecture both locally and regionally.

Keywords: content monetization, state capitalism, media liberalization, media economy, information quality

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Authors: Silas A. Ihedioha

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In this work; it is considered that an investor’s portfolio is comprised of two assets; a risky stock which price process is driven by the geometric Brownian motion and a risk-free asset with Ornstein-Uhlenbeck Stochastic interest rate of return, where consumption, taxes, transaction costs and dividends are involved. This paper aimed at the optimization of the investor’s expected utility of consumption and terminal return on his investment at the terminal time having power utility preference. Using dynamic optimization procedure of maximum principle, a second order nonlinear partial differential equation (PDE) (the Hamilton-Jacobi-Bellman equation HJB) was obtained from which an ordinary differential equation (ODE) obtained via elimination of variables. The solution to the ODE gave the closed form solution of the investor’s problem. It was found the optimal investment in the risky asset is horizon dependent and a ratio of the total amount available for investment and the relative risk aversion coefficient.

Keywords: optimal, investment, Ornstein-Uhlenbeck, utility maximization, stochastic interest rate, maximum principle

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Authors: Sanat Kumar, Rahul Kumar Tiwari

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At this time when society is becoming increasingly aware of the declining reserves of fossil, it has become apparent that biodiesel is destined to make a substantial contribution to the future energy demands of the domestic and industrial economies. In this regard, the significance of biodiesel is technically and commercially viable alternative to fossil-diesel. There are different potential feed stocks for biodiesel production. This paper analyses the performance, combustion and emission characteristics of biodiesel from different feed stocks. Biodiesel fuel is considered as offering many benefits like reduction of greenhouse gas emissions and many harmful pollutants (PM, HC, CO etc.). This paper critically reviews the effect of injection timing on combustion and emission characteristics. An attempt has been carried out to discuss the effect of biodiesel in terms of combustion, emission and performance based up on composition and properties. The results of the study show that different chemical composition leads to variation in its combustion, performance and emission characteristics. Biodiesel produced from different aspired feed stocks reduces the pollutant emission and resistive to oxidation but exhibit poor atomization. As a conclusion many research needs to be carried out to understand the relationship between the types of biodiesel feed stock, performance conclusion and emission.

Keywords: atomization, biodiesel, greenhouse gas, oxidation

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Authors: Kumalbeo Paul Kamani

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Marketing plays a very important role in the success of any firm since it represents the means through which a firm can reach its customers and also promotes its products and services. In fact, marketing aids the firm in identifying customers who the business can competitively serve, and tailoring product offerings, prices, distribution, promotional efforts, and services towards those customers. Unfortunately, in many firms, marketing has been reduced to merely advertisement. For effective marketing, firms must go beyond this often-limited function of advertisement. In the fashion industry in particular, marketing faces challenges due to its peculiar characteristics. Previous research for instance affirms the idiosyncrasy and peculiarities that differentiate the fashion industry from other industrial areas. It has been documented that the fashion industry is characterized seasonal intensity, short product life cycles, the difficulty of competitive differentiation, and long time for companies to reach financial stability. These factors are noted to pose obstacles to the fashion entrepreneur’s endeavours and can be the reasons that explain their low survival rates. In recent times, the fashion industry has been described as a market that is accessible market, has low entry barriers, both in terms of needed capital and skills which have all accounted for the burgeoning nature of startups. Yet as already stated, marketing is particularly challenging in the industry. In particular, areas such as marketing, branding, growth, project planning, financial and relationship management might represent challenges for the fashion entrepreneur but that have not been properly addressed by previous research. It is therefore important to assess marketing strategies of fashion firms and the factors influencing their success. This study generally sought to examine marketing strategies of fashion dealers in Ghana and their critical success factors. The study employed the quantitative survey research approach. A total of 120 fashion dealers were sampled. Questionnaires were used as instrument of data collection. Data collected was analysed using quantitative techniques including descriptive statistics and Relative Importance Index. The study revealed that the marketing strategies used by fashion apparels are text messages using mobile phones, referrals, social media marketing, and direct marketing. Results again show that the factors influencing fashion marketing effectiveness are strategic management, marketing mix (product, price, promotion etc), branding and business development. Policy implications are finally outlined. The study recommends among others that there is a need for the top management executive to craft and adopt marketing strategies that enable that are compatible with the fashion trends and the needs of the customers. This will improve customer satisfaction and hence boost market penetration. The study further recommends that the fashion industry in Ghana should seek to ensure that fashion apparels accommodate the diversity and the cultural setting of different customers to meet their unique needs.

Keywords: marketing, fashion, industry, success factors

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Authors: Karun K. Karki

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Globalization has intensified the transnational movement of people, mainly from the Global South to the Global North. In this context of transnationalism, migration is framed within the national interests required for economic prosperity. More specifically, the competition for the ‘best and the brightest of highly educated immigrants from around the world can be perceived as evidence that countries in the North are competing in the knowledge-based global economy. Canada is not an exception. Since the early 1970s, Canada has successfully admitted, on average, 200,000 to 280,000 immigrants annually for permanent residency, primarily for economic development, family reunification and humanitarian affairs. Among these three components, economic class immigrants are the highest priority in its immigration policy. Although Canada admits highly qualified immigrant professionals with the expectation of easily integrating them, many highly skilled immigrants are marginalized in the labour market due to a myriad of layered structural and institutional barriers that prevent them from working in the professions for which they were trained in their country of origin. More than 67% of highly skilled immigrants are more likely to be in jobs for which they are formally overqualified. The deteriorating employment situation of highly educated immigrants, particularly the immigrants of racialized groups, needs analytical scrutiny of the immigration policy of Canada. In this paper, author examine how the historical legacy of colonialism still continues in Canada’s immigration policymaking and how this legacy has impacted developing countries in the global South. Author argue that the Canadian immigration policy is based on the notion of exploiting/dominating smaller countries and immigrants from these countries. Such colonial policies have systematically ‘Othered’ immigrants based on their race, ethnicity, gender, culture, and linguistic characteristics. Recommendations are made to revisit contemporary immigration and settlement policies to effectively integrate immigrants into Canadian society.

Keywords: colonialism, Canadian immigration policy, racialized immigrants, skilled immigrants

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Authors: Alaa Yehia, Ayatollah Yehia, Sherif Yehia

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There is a recurring issue of low enrollments across many civil engineering departments in postsecondary institutions. While there have been moments where enrollments begin to increase, civil engineering departments find themselves facing low enrollments at around 60% over the last five years across the Middle East. There are many reasons that could be attributed to this decline, such as low entry-level salaries, over-saturation of civil engineering graduates in the job market, and a lack of construction projects due to the impending or current recession. However, this recurring problem alludes to an intrinsic issue of the curriculum. The societal shift to the usage of high technology such as machine learning (ML) and artificial intelligence (AI) demands individuals who are proficient at utilizing it. Therefore, existing curriculums must adapt to this change in order to provide an education that is suitable for potential and current students. In this paper, In order to provide potential solutions for this issue, the analysis considers two possible implementations of high technology into the civil engineering curriculum. The first approach is to implement a course that introduces applications of high technology in Civil Engineering contexts. While the other approach is to intertwine applications of high technology throughout the degree. Both approaches, however, should meet requirements of accreditation agencies. In addition to the proposed improvement in civil engineering curriculum, a different pedagogical practice must be adapted as well. The passive learning approach might not be appropriate for Gen Z students; current students, now more than ever, need to be introduced to engineering topics and practice following different learning methods to ensure they will have the necessary skills for the job market. Different learning methods that incorporate high technology applications, like AI, must be integrated throughout the curriculum to make the civil engineering degree more attractive to prospective students. Moreover, the paper provides insight on the importance and approach of adapting the Civil Engineering curriculum to address the current low enrollment crisis that civil engineering departments globally, but specifically in the Middle East, are facing.

Keywords: artificial intelligence (AI), civil engineering curriculum, high technology, low enrollment, pedagogy

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Authors: Maha Hammami, Olfa Benouda Sioud

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This study investigates the reliability of management earnings forecasts with reference to these two ingredients: verifiability and neutrality. Specifically, we examine the biasedness (or accuracy) of management earnings forecasts and company specific characteristics that can be associated with accuracy. Based on sample of 102 IPO prospectuses published for admission on NYSE Euronext Paris from 2002 to 2010, we found that these forecasts are on average optimistic and two of the five test variables, earnings variability and financial leverage are significant in explaining ex post bias. Acknowledging the possibility that the bias is the result of the managers’ forecasting behavior, we then examine whether managers decide to under-predict, over-predict or forecast accurately for self-serving purposes. Explicitly, we examine the role of financial distress, operating performance, ownership by insiders and the economy state in influencing managers’ forecasting preferences. We find that managers of distressed firms seem to over-predict future earnings. We also find that when managers are given more stock options, they tend to under-predict future earnings. Finally, we conclude that the management earnings forecasts are affected by an intentional bias due to managers’ forecasting preferences.

Keywords: intentional bias, management earnings forecasts, neutrality, verifiability

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Authors: Mohammad Hossein Badamchi

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In Iran as well as other developing countries instituting innovation and entrepreneurship ecosystems by government around the universities is the new imported fashion of modernization and development in the 21st century. In recent decade various statesmen, policy makers, university administrations, economists and development theorists are emphasizing excitingly about the new “start-ups” which are going to solve all economic problems and backwardness of the country. However, critical study of modernization practices in Iran implies that this new trend is suffering from conventional deficiency of modernization planning in 20th century. This article is going to depict the misunderstandings of a situation which we can name “Pseudo-innovation in a closed society” by presenting these 12 paradoxes of this new system, actually happening in Iran: (1) Innovation without freedom? Fiction of innovation in a patriarchal state (2) Entrepreneurship without free market? Fiction of entrepreneurship in a rentier-state. (3) Ecosystem or a state-glasshouse? Is it possible to make and plan an innovation? (4) Innovation; epistemic or practical? How academic innovation could happen abstractly out of context? (5) Risk and Lucre: innovation to protect power and property?! (6) Silicon-valley mirage: what is in common between American-Iranian polity? (7) Information or Communication? ICT startups to restrict the internet (8) The elite paradox: new proletariat of private sector, new governmental clerk or a new path of brain drain? (9) Innovation or commercialization? Revisiting Schumpeterian creative destruction (10) The friendship of Jungle and fire: paradox of public science and market (11) Innovation and revolution: top-down or bottom-up paradox in an Iranian experience (12) Technology instead of civil society: ultimate result of innovation in a closed society. Through explaining these paradoxes we can gradually penetrate the real rationality of Pseudo-innovation ecosystem in a closed society, which can be understood as new-Neopatriarchy reconstruction of traditional patriarchal politics, economy and culture in Iran.

Keywords: innovation, critical sociology, modernisation, Iran, closed society

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Authors: Neha Asthana, Vishal Krishna Prasad

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Collaborative planning and forecasting are the innovative and systematic approaches towards productive integration and assimilation of data synergized into information. The changing and variable market dynamics have persuaded global business chains to incorporate collaborative planning and forecasting as an imperative tool. Thus, it is essential for the supply chains to constantly improvise, update its nature, and mould as per changing global environment.

Keywords: information transfer, forecasting, optimization, supply chain management

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Authors: M. S. Yalfani, J. Kohzadi, P. Ghadimi, S. Sobhani, M. Ghadimi

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The use of oil and water-soluble corrosion inhibitors has been established in Iranian oil and gas production systems for a long time. Imidazoline and its derivatives are being extensively used which are known as conventional corrosion inhibitors. This type of product has shown significant performance and low side effects, so that could monopolize the market of inhibitors in this region. However, the price growth of imidazolines, as well as the development of new lower-cost components with similar or even higher performance than imidazoline, have influenced the exclusive market of imidazoline-based products. During the latest years, pyridine and its derivatives have challenged imidazoline due to their remarkable anticorrosive properties and lower prices as well. Recently, we presented a formulated water-soluble inhibitor based on pyridine - an alkyl pyridine quaternary salt (APQS) - which could successfully pass all lab tests and eventually succeeded in being applied in an offshore sweet oil pipeline. The product was able to achieve high corrosion protection (> 90 %) with the LPR technique at low dosages of 15-25 ppm under severe corrosion conditions. Moreover, the lab test results showed that the APQS molecule is able to form a strong and persistent bond with the metal surface. The product was later nominated to be evaluated through a field trial in an offshore sweet oil pipeline where PH2S < 0.05 psi and CO2 is 6.4 mol%. The three-month trial - extended to six months- resulted in remarkable internal protection obtained by continuous injection of 10 ppm inhibitor, which was as low as 1 mpy measured by both weight loss corrosion coupons and online ER probes. In addition, no side effects, such as tight emulsion and stable foaming, were observed. The residual of the corrosion inhibitor was measured at the end of the pipeline to ensure the full coverage of the inhibitor throughout the pipeline. Eventually, these promising results were able to convince the end user to consider pyridine-based inhibitors as a reliable alternative to imidazoline.

Keywords: corrosion inhibitor, pyridine, sweet oil, pipeline, offshore

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Authors: Quang M. Dinh

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Stigmatogobius pleurostigma is a commercial fish being caught increasingly in the Mekong Delta. Although it plays an important role for food supply, little is known about this species including morphology, distribution and growth pattern. Meanwhile, its population and age structure is unknown. The present study was conducted in the Mekong Delta to provide new data on population parameters of this goby species. The von Bertalanffy growth parameters were L∞= 8.6 cm, K = 0.83 yr⁻¹, and t0 = -0.07 yr⁻¹ basing on length frequency data analysis of 601 individuals. The fish total length at first capture was 3.8 cm; and fishing, natural and total mortalities of the fish population were 2.31 yr⁻¹, 1.17 yr⁻¹, and 3.48 yr⁻¹ respectively. The maximum fish yield (Eₘₐₓ), economic yield (E₀.₁) and yield of 50% reduction of exploitation (E₅₀) rates were 0.704, 0.555 and 0.335 based on the relative yield-per-recruit and biomass-per-recruit analyses. The fish longevity was 3.61 yr, and growth performance was 1.79. Three fish age groups were recorded in this study (0+, 1+ and 2+). The species is a potential aquaculture candidate because of its high growth parameter. This goby stock was overexploited in the Mekong Delta as its exploitation rate (E=0.34) was higher than E₅₀ (0.335). The mesh size of gillnets should be increased and avoid catching fish in June, recruitment time, for future sustainable fishery management.

Keywords: Stigmatogobius pleurostigma, age, population structure, Vietnam

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Authors: Saul Estrin, Ute Stephan, Suncica Vujic

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Background and research question: Gender differences in pay are present at all organisational levels, including at the very top. One possible way for women to circumvent organizational norms and discrimination is to engage in entrepreneurship because, as CEOs of their own organizations, entrepreneurs largely determine their own pay. While commercial entrepreneurship plays an important role in job creation and economic growth, social entrepreneurship has come to prominence because of its promise of addressing societal challenges such as poverty, social exclusion, or environmental degradation through market-based rather than state-sponsored activities. This opens the research question whether social entrepreneurship might be a form of entrepreneurship in which the pay of men and women is the same, or at least more similar; that is to say there is little or no gender pay gap. If the gender gap in pay persists also at the top of social enterprises, what are the factors, which might explain these differences? Methodology: The Oaxaca-Blinder Decomposition (OBD) is the standard approach of decomposing the gender pay gap based on the linear regression model. The OBD divides the gender pay gap into the ‘explained’ part due to differences in labour market characteristics (education, work experience, tenure, etc.), and the ‘unexplained’ part due to differences in the returns to those characteristics. The latter part is often interpreted as ‘discrimination’. There are two issues with this approach. (i) In many countries there is a notable convergence in labour market characteristics across genders; hence the OBD method is no longer revealing, since the largest portion of the gap remains ‘unexplained’. (ii) Adding covariates to a base model sequentially either to test a particular coefficient’s ‘robustness’ or to account for the ‘effects’ on this coefficient of adding covariates might be problematic, due to sequence-sensitivity when added covariates are correlated. Gelbach’s decomposition (GD) addresses latter by using the omitted variables bias formula, which constructs a conditional decomposition thus accounting for sequence-sensitivity when added covariates are correlated. We use GD to decompose the differences in gaps of pay (annual and hourly salary), size of the organisation (revenues), effort (weekly hours of work), and sources of finances (fees and sales, grants and donations, microfinance and loans, and investors’ capital) between men and women leading social enterprises. Database: Our empirical work is made possible by our collection of a unique dataset using respondent driven sampling (RDS) methods to address the problem that there is as yet no information on the underlying population of social entrepreneurs. The countries that we focus on are the United Kingdom, Spain, Romania and Hungary. Findings and recommendations: We confirm the existence of a gender pay gap between men and women leading social enterprises. This gap can be explained by differences in the accumulation of human capital, psychological and social factors, as well as cross-country differences. The results of this study contribute to a more rounded perspective, highlighting that although social entrepreneurship may be a highly satisfying occupation, it also perpetuates gender pay inequalities.

Keywords: Gelbach’s decomposition, gender gap, returns to social entrepreneurship, values and preferences

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Authors: Lopamudra D. Satpathy, Bani Chatterjee, Jitendra Mahakud

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The rapid economic growth in terms of output and investment necessitates a substantial growth of Total Factor Productivity (TFP) of firms which is an indicator of an economy’s technological change. The strong empirical relationship between financial sector development and economic growth clearly indicates that firms financing decisions do affect their levels of output via their investment decisions. Hence it establishes a linkage between the financial factors and productivity growth of the firms. To achieve the smooth and continuous economic growth over time, it is imperative to understand the financial channel that serves as one of the vital channels. The theoretical or logical argument behind this linkage is that when the internal financial capital is not sufficient enough for the investment, the firms always rely upon the external sources of finance. But due to the frictions and existence of information asymmetric behavior, it is always costlier for the firms to raise the external capital from the market, which in turn affect their investment sentiment and productivity. This kind of financial position of the firms puts heavy pressure on their productive activities. Keeping in view this theoretical background, the present study has tried to analyze the role of both external and internal financial factors (leverage, cash flow and liquidity) on the determination of total factor productivity of the firms of manufacturing industry and its sub-industries, maintaining a set of firm specific variables as control variables (size, age and disembodied technological intensity). An estimate of total factor productivity of the Indian manufacturing industry and sub-industries is computed using a semi-parametric approach, i.e., Levinsohn- Petrin method. It establishes the relationship between financial factors and productivity growth of 652 firms using a dynamic panel GMM method covering the time period between 1997-98 and 2012-13. From the econometric analyses, it has been found that the internal cash flow has a positive and significant impact on the productivity of overall manufacturing sector. The other financial factors like leverage and liquidity also play the significant role in the determination of total factor productivity of the Indian manufacturing sector. The significant role of internal cash flow on determination of firm-level productivity suggests that access to external finance is not available to Indian companies easily. Further, the negative impact of leverage on productivity could be due to the less developed bond market in India. These findings have certain implications for the policy makers to take various policy reforms to develop the external bond market and easily workout through which the financially constrained companies will be able to raise the financial capital in a cost-effective manner and would be able to influence their investments in the highly productive activities, which would help for the acceleration of economic growth.

Keywords: dynamic panel, financial factors, manufacturing sector, total factor productivity

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Authors: Nabeel Safdar, Qian Aimin

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Corporate philanthropy is important, as the donations have been considered as a source to improve the image of business entity in modern era of high competition. We used data on annual basis from 2000 to 2014 for 1,248 firms listed at Shanghai and Shenzhen stock exchanges. Results for giving firms reveal that there is curve linear relation of profitability and CP, as profitable firms utilize cash in an efficient way and have fewer amounts of slack resource and tradeoff among stakeholder and agency cost made it more justifiable. We found that more profitability does not mean that the cash flows are available, actually good performing firms or profitable firm also good at cash management. Cash is utilized in an effective way by profitable firms, and have fewer extents of slack resources which generate curvilinear relationship of profitability with Corporate Philanthropy. We found that the trend of Corporate Philanthropy also got affected due to natural disasters. Analysis made by innovation, slack resources and directors salary revealed the positive significant relationship. It is not compulsory that firm should be only profitable for engaging in philanthropy rather they should have abundant slack resources to donate.

Keywords: corporate philanthropy, free cash flows, natural disasters, profitability

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Authors: Astha Sinha, Anjali Kanagali

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The United Kingdom’s withdrawal from the European Union, also termed as “Brexit,” took place on June 23, 2016 and immediately had global repercussions on the stock markets of the world. It is however expected to have a greater impact on the Banking sector in the UK. There is a two-fold effect on the earnings of banks which is being expected. First is of the trading activity and investment banking businesses being hit due to global weakness in financial markets. Second is that the banks having a large presence in the European Union will have to restructure their operations in order to cover other European countries as well increase their operating costs. As per the analysis, banks are expected to face rate cuts, bad loans, and tight liquidity. The directives in the Brexit negotiations on the Markets in Financial Instruments Directive (MiFID) will be a major decision to be taken for the Banking sector. New regulations will be required since most of the regulations governing the financial services industry allowing for the cross-border transactions were at the EU level. This paper aims to analyze the effect of Brexit on the UK Banking sector and changes in regulations that are expected due to the same. It shall also lay down the lessons learnt from the 2008 financial crisis and draw a parallel in terms of potential areas to be focused on for revival of the financial sector of Britain.

Keywords: Brexit, Brexit impact on UK, impact of Brexit on banking, impact of Brexit on financial services

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Authors: Qamar Iqbal

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Companies strive to improve their forecasting methods to predict the fluctuations in customer demand. These fluctuation and variation in demand affect the manufacturing operations and can limit a company’s ability to fulfill customer demand on time. Companies keep the inventory buffer and maintain the stocking levels to reduce the impact of demand variation. A mid-size company deals with thousands of stock keeping units (skus). It is neither easy and nor efficient to control and manage each sku. Inventory classification provides a tool to the management to increase their ability to support customer demand. The paper presents a framework that shows how inventory classification can play a role to increase supply chain responsiveness. A case study will be presented to further elaborate the method both for build-to-order and build-to-forecast manufacturing environments. Results will be compared that will show which manufacturing setting has advantage over another under different circumstances. The outcome of this study is very useful to the management because this will give them an insight on how inventory classification can be used to increase their ability to respond to changing customer needs.

Keywords: inventory classification, supply chain responsiveness, forecast, manufacturing environment

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Authors: Dong Wei, Wu Jinxiu

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As China's urban construction enters a new phase of 'stock optimization,' the key point of urban development has shifted to the development and reuse of existing public space. However, cities still face a series of challenges, such as the shortage of space quantity and insufficient space quality, which indirectly affect urban vitality. A review of the vitality of urban public space will significantly contribute to optimizing the quality of the urban built environment. It firstly analyses the research hotspots of urban vitality at home and abroad, based on a semi-systematic literature review. Then this paper summarizes the theoretical definitions of the vitality of urban public space and sorts out the influencing factors from the perspectives of society, environment, and users. Lastly, the paper concludes with the mainstream quantitative and evaluation methods, such as linear evaluation and integrated evaluation. This paper renders a multi-theoretical perspective to understand the characteristics and evaluation system of the vitality of public space, which helps to acknowledge the dynamic relationship between users, urban environment, and vitality. It also looks forward to providing optimal design strategies for constructing a vigorous public space in future cities.

Keywords: public space, quantification of vitality, spatial vitality, urban vitality

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Authors: Vaidehi Iyer, Konstantin Borozdin

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Time series prediction problems have many important practical applications, but are notoriously difficult for statistical modeling. Recently, machine learning methods have been attracted significant interest as a practical tool applied to a variety of problems, even though developments in this field tend to be semi-empirical. This paper explores application of Long Short Term Memory based Recurrent Neural Networks to the one-step prediction of time series for both trend and stochastic components. Two types of data are analyzed - daily stock prices, that are often considered to be a typical example of a random walk, - and weather patterns dominated by seasonal variations. Results from both analyses are compared, and reinforced learning framework is used to select more efficient between Recurrent Neural Networks and more traditional auto regression methods. It is shown that both methods are able to follow long-term trends and seasonal variations closely, but have difficulties with reproducing day-to-day variability. Future research directions and potential real world applications are briefly discussed.

Keywords: long short term memory, prediction methods, recurrent neural networks, reinforcement learning

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Authors: Maria A. Murtiati, Ancella A. Hermawan

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The objective of this study is to examine whether the firm’s eligibility to get a bank loan is influenced by earnings management. The earnings management is distinguished between accruals and real earnings management. Hypothesis testing is carried out with logistic regression model using sample of 285 companies listed at Indonesian Stock Exchange in 2010. The result provides evidence that a greater magnitude in accruals earnings management increases the firm’s probability to be eligible to get bank loan. In contrast, real earnings management through abnormal cash flow and abnormal discretionary expenses decrease firm’s probability to be eligible to get bank loan, while real management through abnormal production cost increases such probability. The result of this study suggests that if the earnings management is assumed to be opportunistic purpose, the accruals based earnings management can distort the banks credit analysis using financial statements. Real earnings management has more impact on the cash flows, and banks are very concerned on the firm’s cash flow ability. Therefore, this study indicates that banks are more able to detect real earnings management, except abnormal production cost in real earning management.

Keywords: discretionary accruals, real earning management, bank loan, credit worthiness

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Authors: Mohammed Nishat, Ahmad Ghazali

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This study empirically inspects the corporate governance and firm performance, and attempts to analyze the corporate governance and control related variables which are hypothesized to have effect on firm’s performance. Current study attempts to assess the mechanism and efficiency of corporate governance to achieve high level performance for the listed firms on the Karachi Stock Exchange (KSE) for the period 2005 to 2008. To evaluate the firm performance level this study investigate the firm performance using three measures; Return on assets (ROA), Return on Equity (ROE) and Tobin’s Q. To check the link between firm performances with the corporate governance three categories of corporate governance variables are tested which includes governance, ownership and control related variables. Fixed effect regression model is used to examine the relation among governance and corporate performance for 267 KSE listed Pakistani firms. The result shows that governance related variables like block shareholding by individuals have positive impact on firm performance. When chief executive officer is also the board chairperson then it is observed that performance of firm is adversely affected. Also negative relationship is found between share held by insiders and performance of firm. Leverage has negative influence on the firm performance and size of firm is positively related with performance of the firm.

Keywords: corporate governance, agency cost, KSE, ROA, Tobin’s Q

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