Search results for: Dow Jones Islamic market

Authors: Ons Triki, Fathi Abid

Abstract:

Along with the increase in the use of leasing contracts in corporate finance, multiple studies aim to model the credit risk of the lease in order to cover the losses of the lessor of the asset if the lessee goes bankrupt. In the current research paper, a convertible lease contract is elaborated in a continuous time stochastic universe aiming to ensure the financial stability of the firm and quickly recover the losses of the counterparties to the lease in case of default. This work examines the term structure of the lease rates taking into account the credit default risk and the capital structure of the firm. The interaction between the lessee's capital structure and the equilibrium lease rate has been assessed by applying the competitive lease market argument developed by Grenadier (1996) and the endogenous structural default model set forward by Leland and Toft (1996). The cumulative probability of default was calculated by referring to Leland and Toft (1996) and Yildirim and Huan (2006). Additionally, the link between lessee credit risk and lease rate was addressed so as to explore the impact of convertible lease financing on the term structure of the lease rate, the optimal leverage ratio, the cumulative default probability, and the optimal firm value by applying an endogenous conversion threshold. The numerical analysis is suggestive that the duration structure of lease rates increases with the increase in the degree of the market price of risk. The maximal value of the firm decreases with the effect of the optimal leverage ratio. The results are indicative that the cumulative probability of default increases with the maturity of the lease contract if the volatility of the asset service flows is significant. Introducing the convertible lease contract will increase the optimal value of the firm as a function of asset volatility for a high initial service flow level and a conversion ratio close to 1.

Keywords: convertible lease contract, lease rate, credit-risk, capital structure, default probability

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Authors: Ana Paula S. Horodenski, Priscila Pelegrini, Salli Baggenstoss

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The brewing industry with artisanal concepts seeks to serve a specific market, with diversified production that has been gaining ground in the national environment, also in the Amazon region. This growth is due to the more demanding consumer, with a diversified taste that wants to try new types of beer, enjoying products with new aromas, flavors, as a differential of what is so widely spread through the big industrial brands. Thus, through qualitative research methods, the study aimed to investigate how is the process of managing the production of a craft brewery in a city in the northern State of Mato Grosso (BRAZIL), providing knowledge of production processes and strategies in the industry. With the efficient use of resources, it is possible to obtain the necessary quality and provide better performance and differentiation of the company, besides analyzing the best management model. The research is descriptive with a qualitative approach through a case study. For the data collection, a semi-structured interview was elaborated, composed of the areas: microbrewery characterization, artisan beer production process, and the company supply chain management. Also, production processes were observed during technical visits. With the study, it was verified that the artisan brewery researched develops preventive maintenance strategies with the inputs, machines, and equipment, so that the quality of the product and the production process are achieved. It was observed that the distance from the supplying centers makes the management of processes and the supply chain be carried out with a longer planning time so that the delivery of the final product is satisfactory. The production process of the brewery is composed of machines and equipment that allows the control and quality of the product, which the manager states that for the productive capacity of the industry and its consumer market, the available equipment meets the demand. This study also contributes to highlight one of the challenges for the development of small breweries in front of the market giants, that is, the legislation, which fits the microbreweries as producers of alcoholic beverages. This makes the micro and small business segment to be taxed as a major, who has advantages in purchasing large batches of raw materials and tax incentives because they are large employers and tax pickers. It was possible to observe that the supply chain management system relies on spreadsheets and notes that are done manually, which could be simplified with a computer program to streamline procedures and reduce risks and failures of the manual process. In relation to the control of waste and effluents affected by the industry is outsourced and meets the needs. Finally, the results showed that the industry uses preventive maintenance as a productive strategy, which allows better conditions for the production and quality of artisanal beer. The quality is directly related to the satisfaction of the final consumer, being prized and performed throughout the production process, with the selection of better inputs, the effectiveness of the production processes and the relationship with the commercial partners.

Keywords: artisanal brewery, production management, production processes, supply chain

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Authors: Szymon Kuczynski, Krystian Liszka, Mariusz Laciak, Andrii Oliinyk, Robert Strods, Adam Szurlej

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Despіte all glоbal ecоnоmіc shіfts and the fact that Natural Gas іs recоgnіzed wоrldwіde as the maіn and the leadіng alternatіve tо оіl prоducts іn transpоrtatіоn sectоr, there іs a huge barrіer tо swіtch passenger vehіcle segment tо Natural gas - the lack оf refuelіng іnfrastructure fоr Natural Gas Vehіcles. Whіle іnvestments іn publіc gas statіоns requіre establіshed NGV market іn оrder tо be cоst effectіve, the market іs nоt there due tо lack оf refuelіng statіоns. The key tо sоlvіng that prоblem and prоvіdіng barrіer breakіng refuelіng іnfrastructure sоlutіоn fоr Natural Gas Vehіcles (NGV) іs Hоme Fast Refuelіng Unіts. Іt оperates usіng Natural Gas (Methane), whіch іs beіng prоvіded thrоugh gas pіpelіnes at clіents hоme, and electrіcіty cоnnectіоn pоіnt. Іt enables an envіrоnmentally frіendly NGV’s hоme refuelіng just іn mіnutes. The underlyіng technоlоgy іs a patented technоlоgy оf оne stage hydraulіc cоmpressоr (іnstead оf multіstage mechanіcal cоmpressоr technоlоgy avaіlable оn the market nоw) whіch prоvіdes the pоssіbіlіty tо cоmpress lоw pressure gas frоm resіdentіal gas grіd tо 200 bar fоr іts further usage as a fuel fоr NGVs іn the mоst ecоnоmіcally effіcіent and cоnvenіent fоr custоmer way. Descrіptіоn оf wоrkіng algоrіthm: Twо hіgh pressure cylіnders wіth upper necks cоnnected tо lоw pressure gas sоurce are placed vertіcally. Іnіtіally оne оf them іs fіlled wіth lіquіd and anоther оne – wіth lоw pressure gas. Durіng the wоrkіng prоcess lіquіd іs transferred by means оf hydraulіc pump frоm оne cylіnder tо anоther and back. Wоrkіng lіquіd plays a rоle оf pіstоns іnsіde cylіnders. Mоvement оf wоrkіng lіquіd іnsіde cylіnders prоvіdes sіmultaneоus suctіоn оf a pоrtіоn оf lоw pressure gas іntо оne оf the cylіnder (where lіquіd mоves dоwn) and fоrcіng оut gas оf hіgher pressure frоm anоther cylіnder (where lіquіd mоves up) tо the fuel tank оf the vehіcle / stоrage tank. Each cycle оf fоrcіng the gas оut оf the cylіnder rіses up the pressure оf gas іn the fuel tank оf a vehіcle wіth 2 cylіnders. The prоcess іs repeated untіl the pressure оf gas іn the fuel tank reaches 200 bar. Mоbіlіty has becоme a necessіty іn peоple’s everyday lіfe, whіch led tо оіl dependence. CNG Hоme Fast Refuelіng Unіts can become a part fоr exіstіng natural gas pіpelіne іnfrastructure and becоme the largest vehіcle refuelіng іnfrastructure. Hоme Fast Refuelіng Unіts оwners wіll enjоy day-tо-day tіme savіngs and cоnvenіence - Hоme Car refuelіng іn mіnutes, mоnth-tо-mоnth fuel cоst ecоnоmy, year-tо-year іncentіves and tax deductіbles оn NG refuelіng systems as per cоuntry, reduce CО2 lоcal emіssіоns, savіng cоsts and mоney.

Keywords: CNG (compressed natural gas), CNG stations, NGVs (natural gas vehicles), natural gas

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Authors: Arkadiusz P. Wójcik, Tetsuya Sato, Shin-Ichiro Shima, Mateusz Malanowski

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Over the last decades, new technologies have significantly changed the way information is transmitted and stored. Renewable energy sources have become prevalent and affordable. Cooperation of the Information and Communication Technology industry and Renewable Energy industry makes it possible to create a next generation, decentralized power grid. In this context, the study seeks to identify the wider benefits to the local Japanese economy as a result of the development of a decentralised electricity market. Our general approach aims to integrate an economic analysis (monetary appraisal of costs and benefits to society) with externalities that are not quantifiable in monetary terms (e.g. social impact, environmental impact). The study also highlights opportunities and sets out recommendations for the citizens of the island and the local government. The simulation is the scientific basis for economic impact analysis. Various types of sources of energy have been taken into account: residential wind farm, residential wind turbine, solar farm, residential solar panels and private solar farms. Analysis of local geographic and economic conditions allowed creating a customized business model. Very often farmers on Awaji Island are using crop cycle. During each cycle, one part of the field is resting and replenishing nutrients. In the next year another part of the field is resting. Portable solar panels could be freely set up in this part of the field. At the end of the crop cycle, portable solar panels would be moved to the next resting part. Because of spacious area, for a single household 500 square meters of portable solar panels has been proposed and simulated. The devised simulation shows that the Rate of Return on Investment for solar panels, which are on the island, could reach up to 37.21%. Supposing that about 20% of households install solar panels they could produce 49.11% of the electric energy consumed by households on the island. The analysis shows that rest of the energy supply can be produced by currently existing one huge solar farm and two wind farms to meet 97.59% of demand on electricity for households on the island. Although there are more than 7,000 agricultural fields on the island, young people tend to avoid agricultural work and prefer to move from the island to big cities, live there in little mansions and work until late night. The business model proposed in this study could increase farmer’s monthly income by ¥200,000 - ¥300,000 (1,600 euro – 2,400 euro). Young people could work less and have a higher standard of living than in a city. Creation of a decentralized electricity market can unlock significant benefits in other industries (e.g. electric vehicles), providing a welcome boost to economic growth, jobs and quality of life.

Keywords: digital twin, Matlab, model-based systems engineering, simulink, smart grid, systems engineering

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Authors: Haouam Djemaa

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This study aimed to identify the possibility for applying fair value accounting by Algerian enterprises coted in capital maket (Algiers stock exchange). To achieve the objectives of this study, we made an interview with preparers of accounting information. The results document that enterprises are aware of fair value accounting in financial reporting because of its ability to provide useful accounting, but it depends on the availability of favorable circumstances for its application and this is what is missing in the Algerian environment.

Keywords: fair value, financial reporting, accounting information, valuation method

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Authors: Farideh Aramideh

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The aim of this essay is to study the light in Zoroastrianism, and Masnavi by Rumi. The use of light goes back to thousand years B.C. the light in the legacy of ancient Iranian wisdom has been used in Mithraism, Zurvanism, Zoroastrianism and Manichaean religion and spirituality has been emanated in the world through the light. Ontology and angelology and the sacredness of fire in Zoroastrianism have been interpreted according to the concept of light. The ruling atmosphere on mazdaism world is the world which is full of light and angels, and light is one of the basis of worldview in ancient Iranian mysticism, especially Zoroastrianism and Manichaean, continued widely in Islamic mysticism, and also it always provokes discussions among scholars and mystics especially Iranian mystics. Light and fire are used as the signs and symbols of God's existence, The Shining lights emanated from the sacred essence of God, knowledge, and mysticism, love, discovering the wisdom and a way to God. Rumi speaks eloquently about light in Masnavi, and by using the light; he could render his readers the fundamental mystic subjects such as the true existence of God, the verity of prophets and saints, intuition of God, spiritual states of union with God and abiding in God, which are the most complicated mystic terms.

Keywords: zoroastrianism, myticims, Masnavi, light

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Authors: Elise Machline

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Policy instruments have been developed worldwide to reduce the energy demand of buildings. Two types of such instruments have been green building rating systems and energy efficiency standards for buildings -such as Green Star (Australia), LEED (United States, Leadership in Energy and Environmental Design), Energy Star (United States), and BREEAM (United Kingdom, Building Research Establishment Environmental Assessment Method). The popularity of the idea of sustainable development has allowed the actors to consider the potential value generated by the environmental performance of buildings, labeled “green value” in the literature. Sustainable performances of buildings are expected to improve their attractiveness, increasing their value. A growing number of empirical studies demonstrate that green buildings yield rental/sale premia, as well as higher occupancy rates and thus higher asset values. The results suggest that green buildings are not affordable to all and that their construction tends to have a gentrifying effect. An increasing number of countries are institutionalizing green strategies for affordable housing. In that sense, making green buildings affordable to all will depend on government policies. That research aims to investigate whether green building fosters inequality in Israel, under the banner of sustainability. The method is comparison (of the market value). This method involves comparing the green buildings sale prices with non-certified buildings of the same type that have undergone recent transactions. The “market value” is deduced from those sources by analogy. The results show that, in Israel, green building projects are usually addressed to the middle to upper classes. The green apartment’s sale premium is about 19% (comparing to non-certified dwelling). There is a link between energy and/or environmental performance and the financial value of the dwellings. Moreover, price differential is much higher than the value of energy savings. This perpetuates socio-spatial and socio-economic inequality as well as ecological vulnerability for the poor and other socially marginal groups. Moreover, there are no green affordable housings and the authorities do not subsidy green building or retrofitting.

Keywords: green building, gentrification, social housing, green value, green building certification

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Authors: Maciej Jedrzejczyk, Karolina Marzantowicz

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Traditional utility value chain is being transformed during last few years into unbundled markets. Increased distributed generation of energy is one of considerable challenges faced by Smart Grid networks. New sources of energy introduce volatile demand response which has a considerable impact on traditional middlemen in E&U market. The purpose of this research is to search for ways to allow near-real-time electricity markets to transact with surplus energy based on accurate time synchronous measurements. A proposed framework evaluates the use of secure peer-2-peer (P2P) communication and distributed transaction ledgers to provide flat hierarchy, and allow real-time insights into present and forecasted grid operations, as well as state and health of the network. An objective is to achieve dynamic grid operations with more efficient resource usage, higher security of supply and longer grid infrastructure life cycle. Methods used for this study are based on comparative analysis of different distributed ledger technologies in terms of scalability, transaction performance, pluggability with external data sources, data transparency, privacy, end-to-end security and adaptability to various market topologies. An intended output of this research is a design of a framework for safer, more efficient and scalable Smart Grid network which is bridging a gap between traditional components of the energy network and individual energy producers. Results of this study are ready for detailed measurement testing, a likely follow-up in separate studies. New platforms for Smart Grid achieving measurable efficiencies will allow for development of new types of Grid KPI, multi-smart grid branches, markets, and businesses.

Keywords: autonomous agents, Distributed computing, distributed ledger technologies, large scale systems, micro grids, peer-to-peer networks, Self-organization, self-stabilization, smart grids

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Authors: Vikrant Gupta, Amrit Goswami

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The fixed income market forms the basis of the modern financial market. All other assets in financial markets derive their value from the bond market. Owing to its over-the-counter nature, corporate bonds have relatively less data publicly available and thus is researched upon far less compared to Equities. Bond price prediction is a complex financial time series forecasting problem and is considered very crucial in the domain of finance. The bond prices are highly volatile and full of noise which makes it very difficult for traditional statistical time-series models to capture the complexity in series patterns which leads to inefficient forecasts. To overcome the inefficiencies of statistical models, various machine learning techniques were initially used in the literature for more accurate forecasting of time-series. However, simple machine learning methods such as linear regression, support vectors, random forests fail to provide efficient results when tested on highly complex sequences such as stock prices and bond prices. hence to capture these intricate sequence patterns, various deep learning-based methodologies have been discussed in the literature. In this study, a recurrent neural network-based deep learning model using long short term networks for prediction of corporate bond prices has been discussed. Long Short Term networks (LSTM) have been widely used in the literature for various sequence learning tasks in various domains such as machine translation, speech recognition, etc. In recent years, various studies have discussed the effectiveness of LSTMs in forecasting complex time-series sequences and have shown promising results when compared to other methodologies. LSTMs are a special kind of recurrent neural networks which are capable of learning long term dependencies due to its memory function which traditional neural networks fail to capture. In this study, a simple LSTM, Stacked LSTM and a Masked LSTM based model has been discussed with respect to varying input sequences (three days, seven days and 14 days). In order to facilitate faster learning and to gradually decompose the complexity of bond price sequence, an Empirical Mode Decomposition (EMD) has been used, which has resulted in accuracy improvement of the standalone LSTM model. With a variety of Technical Indicators and EMD decomposed time series, Masked LSTM outperformed the other two counterparts in terms of prediction accuracy. To benchmark the proposed model, the results have been compared with traditional time series models (ARIMA), shallow neural networks and above discussed three different LSTM models. In summary, our results show that the use of LSTM models provide more accurate results and should be explored more within the asset management industry.

Keywords: bond prices, long short-term memory, time series forecasting, empirical mode decomposition

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Authors: James Barmby

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Canada’s westernmost provinces of British Columbia and Alberta are similar in many respects as they are both reliant on volatile natural resources for major portions of their economies. The two provinces have banded together to develop mutually beneficial trade, investment and labour market mobility rules, but in terms of developing systems of higher education, the two provinces are attempting to align higher education programs to economic development objectives by means that are quite different. In British Columbia, the recently announced initiative, B.C’s Skills for Jobs Blueprint will “make sure education and training programs are aligned with the demands of the labor market.” Meanwhile in Alberta, the province’s institutions of higher education are enjoying the tenth year of their membership in the Campus Alberta Quality Council, which makes recommendations to government on issues related to post-secondary education, including the approval of new programs. In B.C., public institutions of higher education are encouraged to comply with government objectives, and are rewarded with targeted funds for their efforts. In Alberta, the institutions as a system tell the government what programs they want to offer and government can agree or not agree to fund these programs through a ministerial approval process. In comparing the two higher education systems, the question emerges as to which one is more beneficial to the province: the one where change is directed primarily by financial incentives to achieve economic objectives or the one that makes recommendations to the government for changes in programs to achieve institutional objectives? How is institutional autonomy affected in each strategy? Does institutional autonomy matter anymore? In recent years, much has been written in regard to academic freedom, but less about institutional autonomy, which is seen by many as essential to protecting academic freedom. However, while institutional autonomy means freedom from government control, it does not necessarily mean self-government. In this study, a comparison of the two higher education systems is made using recent government policy initiatives in both provinces, and responses to those actions by the higher education institutions. The findings indicate that the economic needs in both provinces take precedence over issues of institutional autonomy.

Keywords: alberta, British Columbia, institutional autonomy, funding

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Authors: Saadan Man, Razidah Othmanjaludin, Madiha Baharuddin

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Nowadays, the pharmaceutical products are produced through the mixing of active and complex ingredient, naturally or synthetically; and involve extensive use of prohibited animal products. This article studies the challenges faced from fiqh perspective in the production of halal pharmaceutical products which frequently contain impure elements or prohibited animal derivatives according to Islamic law. This study is qualitative which adopts library research as well as field research by conducting series of interviews with the several related parties. The gathered data is analyzed from Sharia perspective by using some instruments especially the principle of Maqasid of Sharia. This study shows that the halal status of pharmaceutical products depends on the three basic elements: the sources of the basic ingredient; the processes involved in three phases of production, i.e., before, during and after; and the possible effects of the products. Various fiqh challenges need to be traversed in producing halal pharmaceutical products including the sources of the ingredients, the logistic process, the tools used, and the procedures of productions. Thus, the whole supply chain of production of pharmaceutical products must be well managed in accordance to the halal standard.

Keywords: fiqh, halal pharmaceutical, pharmaceutical products, Malaysia

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Authors: C. M. De Marco Muscat-Fenech, A. M. Grech La Rosa

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Importance has been given to resistance analysis for various types of vessels; however explicit guidelines applied to multihull vessels have not been clearly defined. The purpose of this investigation is to highlight the importance of the vessel’s layout in terms of three axes positioning, the transverse (separation), the longitudinal (stagger) and the vertical (draught) with respect to resistance analysis. A vessel has the potential to experience less resistance, at a particular range of speeds, for a vast selection of hull positioning. Many potential layouts create opportunities of various design for both the commercial and leisure market.

Keywords: multihull, reistance, trimaran, vessels

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Authors: Daniel R. Zeh, Michelle R. Heupel, Mark Hamann, Rhondda Jones, Colin J. Limpus, Helene Marsh

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Marine mammals live in an environment with water temperatures nearly always lower than the mammalian core body temperature of 35 - 38°C. Marine mammals can lose heat at high rates and have evolved a range of adaptations to minimise heat loss. Our project tracked dugongs to examine if there was a discoverable relationship between the animals’ movements and the temperature of their environment that might suggest behavioural thermoregulation. Twenty-nine dugongs were fitted with acoustic and satellite/GPS transmitters in 2012, 2013 and 2014 in Moreton Bay Queensland at the high latitude limit of the species’ winter range in eastern Australia on 30 occasions (one animal was tagged twice). All 22 animals that stayed in the area and had functional transmitters made at least one (and up to 66) return trip(s) to the warmer oceanic waters outside the bay where seagrass is unavailable. Individual dugongs went in and out of the bay in synchrony with the tides and typically spent about 6 hours in the oceanic water. There was a diel pattern in the movements: 85% of outgoing trips occurred between midnight and noon. There were significant individual differences, but the likelihood of a dugong leaving the bay was independent of body length or sex. In Quarter 2 (April – June), the odds of a dugong making a trip increased by about 40% for each 1°C increase in the temperature difference between the bay and the warmer adjacent oceanic waters. In Quarter 3, the odds of making a trip were lower when the outside –inside bay temperature differences were small or negative but increased by a factor of up to 2.12 for each 1°C difference in outside – inside temperatures. In Quarter 4, the odds of making a trip were higher when it was cooler outside the bay and decreased by a factor of nearly 0.5 for each 1°C difference in outside – inside bay temperatures. The activity spaces of the dugongs generally declined as winter progressed suggesting a change in the cost-effectiveness of moving outside the bay. Our analysis suggests that dugongs can thermoregulate their core temperature through the behaviour of moving to water having more favourable temperature.

Keywords: acoustic, behavioral thermoregulation, dugongs, movements, satellite, telemetry, quick fix GPS

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Authors: Nandini Mukhopadhyay

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The prominence of terracotta as a building material in Bengal is well justified by its geographical location. The architectural knowledge system associated with terracotta can be comprehended in the typology of the built structures as they act as texts to interpret the knowledge. The history of Bengal has witnessed the influence of several rulers in developing the architectural vocabulary of the region. This metamorphosis of the architectural knowledge systems in the region includes the Bhakti movement, the Islamic influence, and the British rule, which led to the evolution of the use of terracotta from decorative elements to structural elements in the present-day context. This paper intends to develop an understanding of terracotta as a building material, its use in a built structure, the common problems associated with terracotta construction, and the techniques of maintenance, repair, and conservation. This paper also explores the size, shape, and geometry of the material and its varied use in temples, mosques in the region. It also takes into note that the use of terracotta was concentrated majorly to religious structures and not in the settlements of the common people. And the architectural style of temples and mosques of Bengal is hugely influenced by the houses of the common.

Keywords: terracotta, material, knowledge system, conservation

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Authors: Rasheed Sanusi Adeleke

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Several attempts have been made by scholars, both medieval and contemporary on the impact of Islam on scientific discovery. Lesser attention, however, is always accorded to the historical antecedents of the earlier Muslim scholars, who made frantic efforts towards the discoveries. Islam as a divine religion places high premium on the acquisition of knowledge especially that of sciences. It considers knowledge as a comprehensive whole, which covers both spiritual and material aspects of human life. Islam torches every aspect of human life for the growth, development and advancement of society. Acquisition of knowledge of humanity, social sciences as well as the pure and applied sciences is comprehensively expressed in Islamic education. Not only this, the history portrays the leading indelible roles played by the early Muslims on these various fields of knowledge. That is why Islam has declared acquisition of knowledge compulsory for all Muslims. This paper therefore analyses the contributions of Islam to civilization with particular reference to sciences. It also affirms that Islam is beyond the religion of prayers and rituals. The work is historic, analytic and explorative in nature. Recommendations are also also put forward as suggestions for the present generation cum posterity in general and Muslims in particular.

Keywords: education, development, Islam, development and Islam

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Authors: Nana Katsitadze, Tamar Atanelishvili, Mariam Kutateladze, Alexandre Tushishvili

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In the modern world, tourism has emerged as one of the most powerful economic sectors, and due to its high economic performance, it is attractive to the countries with various levels of economic development. The purpose of the present paper, dedicated to discussing the current problems of tourism development, is to find ways which will contribute to bringing more benefits to the country from the sector. Georgia has been successfully developing leisure tourism for the last ten years, and at the next stage of development business, tourism gains particular importance for Georgia as a means of mitigating the negative socio-economic effects caused by the seasonality of tourism and as a high-cost tourism market. Therefore, the object of the paper is to study the factors that contribute to the development of business tourism. The paper uses the research methods such as system analysis, synthesis, analogy, as well as historical, comparative, economic, and statistical methods of analysis. The information base for the research is made up of the statistics on the functioning of the tourism market of Georgia and foreign countries as well as official data provided by international organizations in the field of tourism. Based on the experience of business tourism around the world and identifying the successful start of business tourism development in Georgia and its causing factors, a business tourism development model for Georgia has been developed. The model might be useful as a methodological material for developing a business tourism development concept for the countries with limited financial resources but rich in tourism resources like Georgia. On the initial stage of development (in absence of conventional centers), the suggested concept of business tourism development involves organizing small and medium-sized meetings both in large cities and in regions by using high-class hotel infrastructure and event management services. Relocation of small meetings to the regions encourages inclusive development of the sector based on increasing the awareness of these regions as tourist sites as well as the increase in employment and sales of other tourism or consumer products. Business tourism increases the number of hotel visitors in the non-seasonal period and improves hotel performance indicators, which enhances the attractiveness of investing in the hotel business. According to the present concept of business tourism development, at the initial stage, development of business tourism is based on the existing markets, including internal market, neighboring markets and the markets of geographically relatively near countries and at the next stage, the concept involves generating tourists from other relatively distant target markets. As a result, by gaining experience in business tourism, enhancing professionalism, increasing awareness and stimulating infrastructure development, the country will prepare the basis to move to a higher stage of tourism development. In addition, the experience showed that for attracting large customers, peculiarities of the field require activation of state policy and active use of marketing mechanisms and tools of the state.

Keywords: hotel industry development, MICE model, MICE strategy, MICE tourism in Georgia

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Authors: Shila Khayambashi

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Iran’s long history of patriarchy, coupled with the devaluation of women’s rights after Iran’s Islamic revolution of 1979, has subjected Iranian women to different forms of domestic abuse. Upon their migration, however, many Iranian women end their abusive relationship by filing for divorce. In many instances, leaving the abusive environment exposes these Iranian women to more dangerous circumstances. Iranian diasporic community has witnessed several domestically-charged fatalities in the past few years after the abused wives either ended their violent marriages or attempted to establish some control in their marital relationships. While the casualties have been reported in Iranian new media and press, the Canadian media failed to pay much attention to any of these cases. In this paper, I examine the post-migratory factors that encourage the abused Iranian women to leave their abusers after years of endurance. Additionally, I indicate the roles of organizational and governmental support for minority women who decide to terminate their violent relationships. I will also explore how the Canadian media outlets circumvent and ignore the cases of these minority victims.

Keywords: women's right, Divorce, Patriarchy, Domestic Abuse

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Authors: Theodore Panton

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As cities in the United States experience critical housing shortages, mass timber presents the opportunity to address this crisis in housing supply while taking advantage of the carbon-positive benefits of sustainably forested wood fiber. Mass timber, however, currently has a low level of adoption in residential multifamily structures due to the risk-averse nature of change within the construction financing, Architecture / Engineering / Contracting (AEC) communities, as well as various agency approval challenges. This study demonstrates how mass timber can be used within the cost and feasibility parameters of a typical multistory residential structure and ultimately address the need for dense urban housing. This study will utilize The Garden District, a mixed-use market-rate housing project in Woodinville, Washington, as a case study to illuminate the potential of mass timber in this application. The Garden District is currently in final stages of permit approval and will commence construction in 2023. It will be the tallest dowel-laminated timber (DLT) residential structure in the United States when completed. This case study includes economic, technical, and design reference points to demonstrate the relevance of the use of this system and its ability to deliver “triple bottom line” results. In terms of results, the study establishes scalable and repeatable approaches to project design and delivery of mass timber in multifamily residential uses and includes economic data, technical solutions, and a summary of end-user advantages. This study discusses the third party tested systems for satisfying acoustical requirements within dwelling units, a key to resolving the use of mass timber within multistory residential use. Lastly, the study will also compare the mass timber solution with a comparable cold formed steel (CFS) system with a similar program, which indicates a net carbon savings of over three million tons over the life cycle of the building.

Keywords: DLT, dowell laminated timber, mass timber, market rate multifamily

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Authors: Nikolaos Souvlakis

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The present paper negotiates the effect of 'the evil eye' on individuals' mental health while at the same time poses the problem of how the evil eye fits into the anthropological arena as a key question that forges a fundamental link between religion, anthropology and mental health professions. It is the argument of the paper that the evil eye is an essential and fundamental human phenomenon and therefore any scholarly field involved in its study must consider the insight it provides into the development of personhood. The study was an anthropological study in the geographical area of Corfu, a Greek Orthodox society uninfluenced by the Ottoman Islamic Culture. The paper aims to deepen our understanding of the evil eye as it analyses the interaction between the evil eye and gaze and how they affect the development of personhood; based on the empirical data collected from the fieldwork. Therefore, the paper adopts a psychoanalytic anthropology approach to facilitate a better understanding of the evil eye through the accounts of individuals’ journeys in the process of their development of personhood. Finally, the paper aims to offer a detailed analysis of the particular element of eye (‘I’) and, more specifically, of ‘the others’, as they relate to the phenomenon of the evil eye.

Keywords: gaze, evil eye, mental health, personhood

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Authors: Angelo Corallo, Maria Elena Latino, Marta Menegoli

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The link between man and food plays, in the social and economic system, a central role where cultural and multidisciplinary aspects intertwine: food is not only nutrition, but also communication, culture, politics, environment, science, ethics, fashion. This multi-dimensionality has many implications in the food economy. In recent years, the consumer became more conscious about his food choices, involving a consistent change in consumption models. This change concerns several aspects: awareness of food system issues, employment of socially and environmentally conscious decision-making, food choices based on different characteristics than nutritional ones i.e. origin of food, how it’s produced, and who’s producing it. In this frame the ‘consumption choices’ and the ‘interests of the citizen’ become one part of the others. The figure of the ‘Citizen Consumer’ is born, a responsible and ethically motivated individual to change his lifestyle, achieving the goal of sustainable consumption. Simultaneously the branding, that before was guarantee of the product quality, today is questioned. In order to meet these needs, Agri-Food companies are developing specific product lines that follow two main philosophies: ‘Back to basics’ and ‘Less is more’. However, the issue of ethical behavior does not seem to find an adequate on market offer. Most likely due to a lack of attention on the communication strategy used, very often based on market logic and rarely on ethical one. The label in its classic concept of ‘clean labeling’ can no longer be the only instrument through which to convey product information and its evolution towards a concept of ‘clear label’ is necessary to embrace ethical and transparent concepts in progress the process of democratization of the Food System. The implementation of a voluntary traceability path, relying on the technological models of the Internet of Things or Industry 4.0, would enable the Agri-Food Supply Chain to collect data that, if properly treated, could satisfy the information need of consumers. A change of approach is therefore proposed towards Agri-Food traceability that is no longer intended as a tool to be used to respond to the legislator, but rather as a promotional tool useful to tell the company in a transparent manner and then reach the slice of the market of food citizens. The use of mobile technology can also facilitate this information transfer. However, in order to guarantee maximum efficiency, an appropriate communication model based on the ethical communication principles should be used, which aims to overcome the pipeline communication model, to offer the listener a new way of telling the food product, based on real data collected through processes traceability. The Citizen Consumer is therefore placed at the center of the new model of communication in which he has the opportunity to choose what to know and how. The new label creates a virtual access point capable of telling the product according to different point of views, following the personal interests and offering the possibility to give several content modalities to support different situations and usability.

Keywords: agri food traceability, agri-food transparency, clear label, food system, internet of things

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Authors: Fawzia Mohammed Idris

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Zakat is an Islamic procedure for wealth distribution as a social protection mechanism for needy people. This study aimed to assess the possibility to expand the share of fund for national health insurance fund from zakat funds allocated for poor people by measuring the reduction of poverty that result from the investing on direct payment to the needy or by covering them in social health insurance. This study used stata regression as a statistical analysis tool and the finding clarified that there is no significant relationship between the poverty rate as the main indicator and, the number of poor people covered by national health insurance on one hand and the number of benefits poor people from the distribution of zakat fund. This study experienced many difficulties regarding the quality and the consistency of the data. The study suggested that a joint mission between national health insurance fund and zakat chamber to conduct study to assess the efficient use of zakat fund allocated to poor people.

Keywords: health finance, poverty, social health insurance, zakat

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Authors: Aleya Ferdausi, Meriel Jones, Anthony Halls

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The Amaryllidaceae genus Narcissus contains secondary metabolites, which are important sources of bioactive compounds such as pharmaceuticals indicating that their biological activity extends from the native plant to humans. Transcriptome analysis (RNA-seq) is an effective platform for the identification and functional characterization of candidate genes as well as to identify genes encoding uncharacterized enzymes. The biotechnological production of secondary metabolites in plant cell or organ cultures has become a tempting alternative to the extraction of whole plant material. The biochemical pathways for the production of secondary metabolites require primary metabolites to undergo a series of modifications catalyzed by enzymes such as cytochrome P450s, methyltransferases, glycosyltransferases, and acyltransferases. Differential gene expression analysis of Narcissus was obtained from two conditions, i.e. field and in vitro callus. Callus was obtained from modified MS (Murashige and Skoog) media supplemented with growth regulators and twin-scale explants from Narcissus cv. Carlton bulb. A total of 2153 differentially expressed transcripts were detected in Narcissus bulb and in vitro callus, and 78.95% of those were annotated. It showed the expression of genes involved in the biosynthesis of alkaloids were present in both conditions i.e. cytochrome P450s, O-methyltransferase (OMTs), NADP/NADPH dehydrogenases or reductases, SAM-synthetases or decarboxylases, 3-ketoacyl-CoA, acyl-CoA, cinnamoyl-CoA, cinnamate 4-hydroxylase, alcohol dehydrogenase, caffeic acid, N-methyltransferase, and NADPH-cytochrome P450s. However, cytochrome P450s and OMTs involved in the later stage of Amaryllidaceae alkaloids biosynthesis were mainly up-regulated in field samples. Whereas, the enzymes involved in initial biosynthetic pathways i.e. fructose biphosphate adolase, aminotransferases, dehydrogenases, hydroxyl methyl glutarate and glutamate synthase leading to the biosynthesis of precursors; tyrosine, phenylalanine and tryptophan for secondary metabolites were up-regulated in callus. The knowledge of probable genes involved in secondary metabolism and their regulation in different tissues will provide insight into the Narcissus plant biology related to alkaloid production.

Keywords: narcissus, callus, transcriptomics, secondary metabolites

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Authors: Mokhlisur Rahman

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Consumers have developed a sense of responsibility in the past decade, reflecting on their purchasing behavior after viewing an advertisement. Consumers tend to buy ideal products that enable them to be judged by their close network in the opinion world. In such value considerations, any information that feeds consumers' desire for social status helps, which becomes capital for educating consumers on the importance of purchasing green products for manufacturing companies. Companies' effort in manufacturing green products to get high conversion demands a good deal of promotion with quality information and engaging representation. Additionally, converting people from traditional to eco-friendly products requires innovative alternatives to replace the existing product. Considering consumers' understanding of products and their purchasing behavior, it becomes essential for the brands to know the extent to which consumers' level of awareness of the ecosystem is to make them more responsive to green products. Another is brand image plays a vital role in consumers' perception regarding the credibility of the claim regarding the product. Brand image is a significant positive influence on the younger generation, and younger generations tend to engage more in pro-environmental behavior, including purchasing sustainable products. For example, Adidas senses the necessity of satisfying consumers with something that brings more profits and serves the planet. Several of their eco-friendly products are already in the market, and one is UltraBOOST DNA parley, made from 3D-printed recycled ocean waste. As a big brand image, Adidas has leveraged an interest among the younger generation by incorporating sustainability into its advertising. Therefore, influential brands' effort in the sustainable revolution through engaging advertisement makes it more prominent by educating consumers about the reason behind launching the product. This study investigates younger consumers' attitudes toward sustainability, brand recognition, exposure to green advertising, willingness to receive more green advertising, purchasing green products, and motivation. The study conducts a market experiment by creating two video advertisements: a sustainable product video advertisement and a non-sustainable product video advertisement. Both the videos have similar content design and the same length of 2 minutes, but the messages are different based on the identical product type college bags. The first video advertisement promotes eco-friendly college bags made from biodegradable raw materials, and the second promotes non-sustainable college bags made from plastics. After viewing the videos, consumers make purchasing decisions and complete an online survey to collect their attitudes toward sustainable products. The study finds the importance of a sense of responsibility to the consumers for climate change issues. Also, it empowers people to take a step, even small, and increases environmental awareness. This study provides companies with the knowledge to participate in sustainable product launches by collecting consumers' perceptions and attitudes toward green products. Also, it shows how important it is to build a brand's image for the younger generation.

Keywords: brand-image, environment, green-advertising, sustainability, younger-consumer

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Authors: Jiraporn Weenuttranon

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The ASEAN Economic Community (AEC) shall be the goal of regional economic integration among ASEAN countries. The goal of establishing AEC is to transform the region into a single market and production base with a highly competitive advantage to make it a stable and prosperous region. However, with the wild range of economic conditions in each country, the implementation of its objectives under the limited resources available in the past showed the weakness of the region. For this reason, the group of countries in the region should allocate its rich potential of the region by collaborating effectively.

Keywords: impact, AEC, influence, direction, politics, Thailand

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Authors: Yogeeta O. Agrawal, Hitendra S. Mahajan, Sanjay J. Surana

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Methotrexate is effective in controlling recalcitrant psoriasis when administered by the oral or parenteral route long-term. However, the systematic use of this drug may provoke any of a number of side effects, notably hepatotoxic effects. To reduce these effects, clinical studies have been done with topical MTx. It is useful in treating a number of cutaneous conditions, including psoriasis. A major problem in topical administration of MTx currently available in market is that the drug is hydrosoluble and is mostly in the dissociated form at physiological pH. Its capacity for passive diffusion is thus limited. Localization of MTx in effected layers of skin is likely to improve the role of topical dosage form of the drug as a supplementary to oral therapy for treatment of psoriasis. One of the possibilities for increasing the penetration of drugs through the skin is the use of Nanostructured lipid Carriers. The objective of the present study was to formulate and characterize Methotrexate loaded Nanostructured Lipid Carriers (MtxNLCs), to understand in vitro drug release and evaluate the role of the developed gel in the topical treatment of psoriasis. MtxNLCs were prepared by solvent diffusion technique using 3(2) full factorial design.The mean diameter and surface morphology of MtxNLC was evaluated. MtxNLCs were lyophilized and crystallinity of NLC was characterized by Differential Scanning Calorimtery (DSC) and powder X-Ray Diffraction (XRD). The NLCs were incorporated in 1% w/w Carbopol 934 P gel base and in vitro skin deposition studies in Human Cadaver Skin were conducted. The optimized MtxNLCs were spherical in shape, with average particle size of 253(±9.92)nm, zeta potential of -30.4 (±0.86) mV and EE of 53.12(±1.54)%. DSC and XRD data confirmed the formation of NLCs. Significantly higher deposition of Methotrexate was found in human cadaver skin from MtxNLC gel (71.52 ±1.23%) as compared to Mtx plain gel (54.28±1.02%). Findings of the studies suggest that there is significant improvement in therapeutic index in treatment of psoriasis by MTx-NLCs incorporated gel base developed in this investigation over plain drug gel currently available in the market.

Keywords: methotrexate, psoriasis, NLCs, hepatotoxic effects

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Authors: Abdolreza Noroozi Chakoli

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This study aims to examine the impact of five effective factors on the success of the managers of distance knowledge sharing centers in Iran. To conduct it, 3 centers, including the National Library and Archives of Iran (NLAI), Scientific Information Database Center (SID), and Islamic World Science Citation Center (ISC), were selected to study the effect of five factors 'infrastructure of information technology', 'experienced staff', 'specialized staff', 'employee public relations' and 'the geographical location of the establishment' on the success of the centers. ANOVA test, Scheffe test, and Pearson's correlation test were used to analyze the data. The findings confirmed the effect of all 5 factors on the success of these centers. However, their effects are not the same on each factor. The results show each of these factors is not only individually but also together affect the success of centers for distance knowledge sharing. Moreover, it was demonstrated that there is a correlation between these factors. The results of this study show what factors determine the success of the centers and their efficiency in distance knowledge sharing in Iran.

Keywords: distance knowledge sharing centers, Iran’s knowledge centers, knowledge sharing centers, staff success

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Authors: Sanpetchuda Krutkrua, Suphawatchara Malanond

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Competition law is not a new thing in Thailand. Thailand first passed the first competition law during the Second World War in order to stop business operator monopolizing food and basic living supplies. The competition law in Thailand has been amended several times during the past eighty years in order to make it suitable for the current economic and social condition. In 2017, Thailand enacted the current Trade Competition Act of B.E. 2560, which contain several changes to the regime in order to enhance a prevention of collusive practices and monopolization through both vertical restraints and horizontal restraints. Section 56 of the Act provides exemptions for the vertical relationship; i.e., the arrangement in form of complementary relationship, between business operators, franchising agreements between franchisor and franchisee, and licensing agreement between licensor and licensee. The key is that such agreements must not be excessive, create monopolization or attempt to monopolize, or cause any impacts the consumers regarding price, quality, quantity of the goods. The goal of the paper is to explore the extent of the exemption under Section 56 and its sequential regulations regarding vertical trade restraints in the case intellectual property licensing. The research will be conducted in form of a comparative analysis on exemptions for collusive practices under the United States Antitrust law and the Thai Competition Act of B.E. 2560. The United Antitrust law, fairly similar to the Thai Competition Act of B.E. 2561, views the intellectual property licensing to have pro-competitive benefits to the market as long as the intellectual property licensing agreement does not harm the competition amongst the business operators that could have or would have been competitors. The United States Antitrust law identifies the relationship between the parties of the agreement whether such agreement is horizontal or vertical or both. Even though the nature of licensing agreements is primarily vertical, the relationship between licensor and licensees can also be horizontal if they could have been potential competitors in the market as well. The United States Antitrust law frowns upon, if not prohibits, the horizontal restraints regarding the intellectual property licensing but does not impose the same restrictions on the vertical trade restraints regarding intellectual property licensing.

Keywords: antitrust, competition law, vertical restraint, intellectual property, intellectual property licensing, comparative law

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Authors: Jihan Mahmoud

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This paper examines the role played by Arabic novelists in revolutionary change in the Arab world, discussing themes of identity, sexuality and fundamentalism as portrayed in a selection of modern and contemporary Arabic novels that are either written in English or translated from Arabic into English. It particularly focuses on the post-Naguib Mahfouz era. Taking my cue from the current political changes in the Arab world, starting with 9/11/ terrorist attacks in the USA and the UK, the ‘Arab Spring’ revolutions, the rise of political Islam and the emergence of Isis, the Islamic state in Iraq and the Levant, the study analyses the differences in the ways contemporary Arab novelists from different Arabic countries represent the interaction between identity, sexual politics and fundamentalist ideas in the Arab world, with a specific focus on the overlap between literature, religion and international politics in the region. It argues that the post-Mahfouz era marked a new phase in the development of the political Arabic novel not only as a force of resistance against political-religious oppression, but as a call for revolution as well. Thus, the Arabic novel reshapes values and prompts future action.

Keywords: Arabic novel, Islam, politics, sexuality

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Authors: Tiron-Tudor Adriana, Ciolomic Ioana, Farcas Teodora

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The mission of a business school is to train students for business careers in which practical skills- based on theoretical knowledge- are needed. These skills include a thorough knowledge of languages, creative skills, and well-founded professional and practical knowledge. With those skills, the graduates are highly competitive in the labour market. The paper objective is to disseminate the results of an international project by revealing how a HEI are prepared for higher vocational training course leading to professional diplomas.

Keywords: vocational education, business schools, international projects, HEI

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Authors: Jocelyn Jones, Louise Southalan, Lindey Andrews, Mandy Wilson, Emma Vieira, Jackie Oakley, Dorothy Bagshaw, Alice V. Brown, Patrick Egan, Duc Dau, Lucy Spanswick

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Working with people experiencing homelessness requires careful use of methods that support them to comfortably share their experiences. This is particularly important for Aboriginal and Torres Strait Islander peoples, the traditional owners of Australia, who have experienced intergenerational and compounding trauma since colonisation. Aboriginal cultures regularly experience research fatigue and distrust in research’s potential for impact. They often view research as an extraction -a process of taking the knowledge that empowers the research team and its institution, rather than benefiting those being researched. Through a partnership between an Aboriginal Community Controlled Organisation and a university research institute, we conducted a community-driven research project with 70-90 Aboriginal people experiencing homelessness in Perth, Western Australia. The project aimed to listen to and advocate for the voices of those who are experiencing homelessness, guided by the Aboriginal community. In consultation with Aboriginal Elders, we selected methods that are considered culturally safe, including those who would prefer to express their experiences creatively. This led us to run a series of Photovoice workshops -an established method that supports people to share their experiences through photography. This method treats participants as experts and is regularly used with marginalised groups across the world. We detail our experience and lessons in using Photovoice with Aboriginal community members experiencing homelessness. This includes the ways the method needed to be moulded to community needs and driven by their individual choices, such as being dynamic in the length of time participants would spend with us, how we would introduce the method to them, and providing support workers for participants when taking photos. We also discuss lessons in establishing and retaining engagement and how the method was successful in supporting participants to comfortably share their stories. Finally, we outline the insights into homelessness that the method offered, including highlighting the difficulty experienced by participants in transitioning from homelessness to accommodation and the diversity of hopes people who have experienced homelessness have for the future.

Keywords: Aboriginal and Torres Strait Islander peoples, photovoice, homelessness, community-led research

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