Search results for: Financial asset return predictability

Authors: Drago Jakovčević, Maja Mihelja Žaja

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This paper provides an analysis of the insurance cycle in the Republic of Croatia and whether they are affected by catastrophic losses on a global level. In general, it is considered that insurance cycles are particularly pronounced in periods of financial crisis, but are also affected by the growing number of catastrophic losses. They cause the change of insurance cycle and premium growth and intensification and narrowing of the coverage conditions, so these variables move in the same direction and these phenomena point to a new cycle. The main goal of this paper is to determine the existence of insurance cycle in the Republic of Croatia and investigate whether catastrophic losses have an influence on insurance cycles.

Keywords: catastrophic loss, insurance cycle, premium, Republic of Croatia

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Authors: Halimi Mohamed Taher, Kordoghli Bassem, Ben Hassen Mohamed, Sakli Faouzi

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Textile and clothing manufacturing industry is based largely on subcontracting system. Choosing the right subcontractor became a strategic decision that can affect the financial position of the company and even his market position. Subcontracting firms in Tunisia are lead to define an appropriate selection process which takes into account several quantitative and qualitative criteria. In this study, a methodology is proposed that includes a Fuzzy Analytic Hierarchy Process (AHP) in order to incorporate the ambiguities and uncertainties in qualitative decision. Best subcontractors for two Tunisian firms are determined based on model results.

Keywords: AHP, subcontractor, multicriteria, selection

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Authors: A. Fomujong, P. Mobit, A. Ndlovu, R. Teboh

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Purpose: Film’s unique qualities, such as tissue equivalence, high spatial resolution, near energy independence and comparatively less expensive dosimeter, ought to make it the preferred and widely used in radiotherapy centers in low and middle income countries (LMICs). This, however, is not always the case, as other factors that are often maybe taken for granted in advanced radiotherapy centers remain a challenge in LMICs. We explored the unique qualities of film dosimetry that can make it possible for one Institution to benefit from another’s protocols via collaboration. Methods: For simplicity, two Institutions were considered in this work. We used a single batch of films (EBT-XD) and established a calibration protocol, including scan protocols and calibration curves, using the radiotherapy delivery system at Institution A. We then proceeded and performed patient-specific QA for patients treated on system A (PSQA-A-A). Films from the same batch were then sent to a remote center for PSQA on radiotherapy delivery system B. Irradiations were done at Institution B and then returned to Institution A for processing and analysis (PSQA-B-A). The following points were taken into consideration throughout the process (a) A reference film was irradiated to a known dose on the same system irradiating the PSQA film. (b) For calibration, we utilized the one-scan protocol and maintained the same scan orientation of the calibration, PSQA and reference films. Results: Gamma index analysis using a dose threshold of 10% and 3%/2mm criteria showed a gamma passing rate of 99.8% and 100% for the PSQA-A-A and PSQA-B-A, respectively. Conclusion: This work demonstrates that one could use established film dosimetry protocols in one Institution, e.g., an advanced radiotherapy center and apply similar accuracies to irradiations performed at another institution, e.g., a center located in LMIC, which thus encourages collaboration between the two for worldwide patient benefits.

Keywords: collaboration, film dosimetry, LMIC, radiotherapy, calibration

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Authors: Zahra Amirhosseini, Mahtab Nameni

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The aim of this study was to investigate the relationship between growth, beta, and Company's cash. We calculate cash as dependent variable and growth opportunity and beta as independent variables. This study was based on an analysis of panel data. Population of the study is the companies which listed in Tehran Stock exchange and a financial data of 215 companies during the period 2010 to 2015 have been selected as the sample through systematic sampling. The results of the first hypothesis showed there is a significant relationship between growth opportunities cash holdings. Also according to the analysis done in the second hypothesis, we determined that there is an inverse relation between company risk and cash holdings.

Keywords: growth, beta, liquidity, company

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Authors: Taeho Park, Ming Zhou, Sangryul Shim

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With the emergence of the global economy, today’s business environment is getting more competitive than ever in the past. And many supply chain (SC) strategies and operations have significantly been altered over the past decade to overcome more complexities and risks imposed onto the global business. First, offshoring and outsourcing are more adopted as operational strategies. Manufacturing continues to move to better locations for enhancing competitiveness. Second, international operations are a challenge to a company’s SC system. Third, the products traded in the SC system are not just physical goods, but also digital goods (e.g., software, e-books, music, video materials). There are three main flows involved in fulfilling the activities in the SC system: physical flow, information flow, and financial flow. An advance of the Internet and electronic communication technologies has enabled companies to perform the flows of SC activities in electronic formats, resulting in the advent of an electronic supply chain management (e-SCM) system. A SC system for digital goods is somewhat different from the supply chain system for physical goods. However, it involves many similar or identical SC activities and flows. For example, like the production of physical goods, many third parties are also involved in producing digital goods for the production of components and even final products. This research aims at identifying process flows of both physical and digital goods in a SC system, and then investigating all risk elements involved in the physical, information, and financial flows during the fulfilment of SC activities. There are many risks inherent in the e-SCM system. Some risks may have severe impact on a company’s business, and some occur frequently but are not detrimental enough to jeopardize a company. Thus, companies should assess the impact and frequency of those risks, and then prioritize them in terms of their severity, frequency, budget, and time in order to be carefully maintained. We found risks involved in the global trading of physical and digital goods in four different categories: environmental risk, strategic risk, technological risk, and operational risk. And then the significance of those risks was investigated through a survey. The survey asked companies about the frequency and severity of the identified risks. They were also asked whether they had faced those risks in the past. Since the characteristics and supply chain flows of digital goods are varying industry by industry and country by country, it is more meaningful and useful to analyze risks by industry and country. To this end, more data in each industry sector and country should be collected, which could be accomplished in the future research.

Keywords: digital goods, e-SCM, risk analysis, supply chain flows

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Authors: Ioannis N. Sergentanis, Stavroula Papadodima, Maria Tsellou, Dimitrios Vlachodimitropoulos, Sotirios Athanaselis, Chara Spiliopoulou

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Introduction: The aim of this study is the investigation of characteristics of suicide, as documented in autopsies during a five-year interval in the greater area of Attica, including the city of Athens. This could reveal possible protective or aggravating factors for suicide risk during a period strongly associated with the Greek debt crisis. Materials and Methods: Data was obtained following registration of suicide cases among autopsies performed in the Forensic Medicine and Toxicology Department, School of Medicine, National and Kapodistrian University of Athens, Greece, during the time interval from January 2011 to December 2015. Anonymity and medical secret were respected. A series of demographic and social factors in addition to special characteristics of suicide were entered into a specially established pre-coded database. These factors include social data as well as psychiatric background and certain autopsy characteristics. Data analysis was performed using descriptive statistics and Fisher’s exact test. The software used was STATA/SE 13 (Stata Corp., College Station, TX, USA). Results: A total of 162 cases were studied, 128 men and 34 women. Age ranged from 14 to 97 years old with an average of 53 years, presenting two peaks around 40 and 60 years. A 56% of cases were single/ divorced/ widowed. 25% of cases occurred during the weekend, and 66% of cases occurred in the house. A predominance of hanging as the leading method of suicide (41.4%) followed by jumping from a height (22.8%) and firearms (19.1%) was noted. Statistical analysis showed an association was found between suicide method and gender (P < 0.001, Fisher’s exact test); specifically, no woman used a firearm while only one man used medication overdose (against four women). Discussion: Greece has historically been one of the countries with the lowest suicide rates in Europe. Given a possible change in suicide trends during the financial crisis, further research seems necessary in order to establish risk factors. According to our study, suicide is more frequent in men who are not married, inside their house. Gender seems to be a factor affecting the method of suicide. These results seem in accordance with the international literature. Stronger than expected predominance in male suicide can be associated with failure to live up to social and family expectations for financial reasons.

Keywords: autopsy, Greece, risk factors, suicide

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Authors: Tatenda Manomano, Moreblessing Memory Ndonga

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In South Africa and the world over, despite an array of commendable policies to protect the rights of children, the situation on the ground indicates that HIV/AIDS continues to pose increasing challenges on the children’s’ right to education due to the death of their parents. This study sought to validate the home experiences of children that negatively impact on their right to education in South Africa with a case of HIV/AIDS orphans and vulnerable children (OVCs) in Amatole District. The study utilized a qualitative research method in collecting the feelings, views and attitudes of these children to establish the children’s home experiences. An interview guide with semi-structured questions was used to steer the one-on-one in-depth interviews with children from Parkside Primary School, Langa-Liphumile High School and one anonymous school in East London, Eastern Cape Province. 5 learners were purposively selected from each school and subjected to a one-on-one interview with the researcher. The researcher purposively selected one teacher per school, 2 members each from 3 community based organizations (CBOs) who were also subjected to a one-on-one in-depth interview. The findings indicated these negative experiences of the OVCs in their homes such as; attendance to a school was poor; academic performance was low; enrollment in schools was very low and abuse of these children was high. These researchers recommend for psychosocial support for these children to be placed in the schools; integration of HIV/AIDS programmes to target especially the OVCs; social workers should ensure that they regularly do home visits to these OVCs to establish whether the home circumstances these children are still conducive for them. It is hoped that the findings from this paper will be an asset that other researchers, policy makers, the government and NGOs/CBOs will take into consideration for the benefit of OVCs.

Keywords: orphaned and vulnerable children (OVCs), HIV, AIDS, home experiences

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Authors: Anthony Usoro

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In this paper, two classes of bilinear time series model are obtained under certain conditions from the general bilinear autoregressive moving average model. Bilinear Autoregressive (BAR) and Bilinear Moving Average (BMA) Models have been identified. From the general bilinear model, BAR and BMA models have been proved to exist for q = Q = 0, => j = 0, and p = P = 0, => i = 0 respectively. These models are found useful in modelling most of the economic and financial data.

Keywords: autoregressive model, bilinear autoregressive model, bilinear moving average model, moving average model

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Authors: Isabel Schestak, Jan Spriet, David Styles, Prysor Williams

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Breweries and distilleries are well-known for their high water usage. The water consumption in a UK brewery to produce one litre of beer reportedly ranges from 3-9 L and in a distillery from 7-45 L to produce a litre of spirit. This includes product water such as mashing water, but also water for wort and distillate cooling and for cleaning of tanks, casks, and kegs. When cooling towers are used, cooling water can be the dominating water consumption in a brewery or distillery. Interlinked to the high water use is a substantial heating requirement for mashing, wort boiling, or distillation, typically met by fossil fuel combustion such as gasoil. Many water and waste water streams are leaving the processes hot, such as the returning cooling water or the pot ales. Therefore, several options exist to optimise water and energy efficiency of spirit production through heat recovery. Although these options are known in the sector, they are often not applied in practice due to planning efforts or financial obstacles. In this study, different possibilities and design options for heat recovery systems are explored in four breweries/distilleries in the UK and assessed from an economic but also environmental point of view. The eco-efficiency methodology, according to ISO 14045, is applied to combine both assessment criteria to determine the optimum solution for heat recovery application in practice. The economic evaluation is based on the total value added (TVA) while the Life Cycle Assessment (LCA) methodology is applied to account for the environmental impacts through the installations required for heat recovery. The four case study businesses differ in a) production scale with mashing volumes ranging from 2500 to 40,000 L, in b) terms of heating and cooling technology used, and in c) the extent to which heat recovery is/is not applied. This enables the evaluation of different cases for heat recovery based on empirical data. The analysis provides guidelines for practitioners in the brewing and distilling sector in and outside the UK for the realisation of heat recovery measures. Financial and environmental payback times are showcased for heat recovery systems in the four distilleries which are operating at different production scales. The results are expected to encourage the application of heat recovery where environmentally and economically beneficial and ultimately contribute to a reduction of the water and energy footprint in brewing and distilling businesses.

Keywords: brewery, distillery, eco-efficiency, heat recovery from process and waste water, life cycle assessment

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Authors: Rit M., Girard R., Villot J., Thorel M.

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In a scenario of extensive residential housing renovation, stakeholders need models that support decision-making through a deep understanding of the existing building stock and accurate energy demand simulations. To address this need, we have modified an optimization model using open data that enables the study of renovation strategies at both territorial and national scales. This approach provides (1) a definition of a strategy to simplify decision trees from theoretical combinations, (2) input to decision makers on real-world renovation constraints, (3) more reliable identification of energy-saving measures (changes in technology or behaviour), and (4) discrepancies between currently planned and actually achieved strategies. The main contribution of the studies described in this document is the geographic scale: all residential buildings in the areas of interest were modeled and simulated using national data (geometries and attributes). These buildings were then renovated, when necessary, in accordance with the environmental objectives, taking into account the constraints applicable to each territory (number of renovations per year) or at the national level (renovation of thermal deficiencies (Energy Performance Certificates F&G)). This differs from traditional approaches that focus only on a few buildings or archetypes. This model can also be used to analyze the evolution of a building stock as a whole, as it can take into account both the construction of new buildings and their demolition or sale. Using specific case studies of French territories, this paper highlights a significant discrepancy between the strategies currently advocated by decision-makers and those proposed by our optimization model. This discrepancy is particularly evident in critical metrics such as the relationship between the number of renovations per year and achievable climate targets or the financial support currently available to households and the remaining costs. In addition, users are free to seek optimizations for their building stock across a range of different metrics (e.g., financial, energy, environmental, or life cycle analysis). These results are a clear call to re-evaluate existing renovation strategies and take a more nuanced and customized approach. As the climate crisis moves inexorably forward, harnessing the potential of advanced technologies and data-driven methodologies is imperative.

Keywords: residential housing renovation, MILP, energy demand simulations, data-driven methodology

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Authors: Takao Maeda, Tomofumi Tohara, Shigeaki Mishima

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Focusing on the “SME management consultants” in Japan, this study intends (1) to clarify implications as to their self-actualization, motivation and (2) to revitalize SMEs, on which local economies depend. On the basis of these study purposes, the presenters conducted an interview survey of several SME management consultants and SME managers. This survey identified the current circumstances and challenges as follow: SME management consultants are high-level professionals who acquired very difficult national qualifications (examination pass rate 4%) to provide consultation and business analysis for SMEs. Nevertheless, only 20% of the qualified consultants run their business independently, while the rest (80%) are corporate employees as in-house consultants, the majority of whom belong to big companies. They acquired the qualification merely for the purpose of self-development. Therefore, they have few opportunities to demonstrate their expertise inside and outside their companies.On the other hand, the SMEs, which are to receive analysis and consultation from SME management consultants, constitute 99.7% of all industries, and are very important to local communities, for they sustain the economy and provide employment. SMEs used to be supported by the consultants in company management due to their scarce managerial resources compared with big companies. Nowadays, however, SMEs are regarded as the source of Japanese economic dynamism. To have the same degree of managerial skills as big companies, therefore, SMEs now need analysis and consultation by the consultants in more active ways, such as discovering and utilizing their dormant technologies. Partly because SME management consultants have not been fully utilized in Japan, the number of SMEs has been on a long-term downward trend since 1986. Utilizing expertise of the in-house consultants, who have rich experience in their big companies and deep knowledge regarding SMEs obtained through qualification, will potentially lead to revitalization of SMEs and consequently to economic growth in Japan. Through detailed analysis of the interview results, this study revealed short-term and long-term challenges regarding how to utilize SME management consultants. The most urgent issue is to study managerial approaches that will provide the consultants serving in big companies with more “opportunities to demonstrate their expertise.” The long-term issue is to enable the consultants to demonstrate their expertise in financial institutions, or financial supporter of SMEs, to examine farsighted and innovative financing strategy and criteria based on managers’ personalities and their business plans, instead of the conventional financing based on prompt fund collection.

Keywords: small and medium enterprise（SME), SME managemant consultant, self-actualization, motivation

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Authors: Ayelet Gur

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Background: In recent years we are witnessing a welcome trend in which more children/persons with disabilities are living at home with their families and within their communities. This trend is related to various policy innovations as the UN Convention on the Rights of People with Disabilities that reflect a shift from the medical-institutional model to a human rights approach. We also witness the emergence of family centered approaches that perceive the family and not just the individual with the disability as a worthy target of policy planning, implementation and evaluation efforts. The current investigation aims to explore economic, psychological and social factors among households of families of children or adults with intellectual disabilities in Israel and to present policy recommendation. Methods: A national sample of 301 households was recruited through the education and employment settings of persons with intellectual disability. The main caregiver of the person with the disability (a parent) was interviewed. Measurements included the income and expense surveys; assets and debts questionnaire; the questionnaire on resources and stress; the social involvement questionnaire and Personal Wellbeing Index. Results: Findings indicate significant gaps in financial circumstances between households of families of children with intellectual disabilities and households of the general Israeli society. Households of families of children with intellectual disabilities report lower income and higher expenditures and loans than the general society. They experience difficulties in saving and coping with unexpected expenses. Caregivers (the parents) experience high stress, low social participation, low financial support from family, friend and non-governmental organizations and decreased well-being. They are highly dependent on social security allowances which constituted 40% of the household's income. Conclusions: Households' dependency on social security allowances may seem contradictory to the encouragement of persons with intellectual disabilities to favor independent living in light of the human rights approach to disability. New policy should aim at reducing caregivers' stress and enhance their social participation and support, with special emphasis on families of lower socio-economic status. Finally, there is a need to continue monitoring the economic and psycho-social needs of households of families of children with intellectual disabilities and other developmental disabilities.

Keywords: disability policy, family policy, intellectual and developmental disabilities, Israel, households study, parents of children with disabilities

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Authors: Uluhan Berk Ondul

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This article aims to shed light on the new stage of transitional justice in Argentina through examining the representations of the 2x1 decision of the Supreme Court and Santiago Maldonado’s Disappearance in the newspaper, La Nación. The two events hold the key to understanding Argentina’s journey since return to democracy as they are about the same crimes of the dictatorship, namely, the forced disappearance of civilians and the subsequent impunity that follows. In the case of a convicted torturer, The Supreme Court of Argentina ruled on 3rd of May 2017 that the days spent in preventive detention after two years should be counted double for the overall sentence. This court decision was met with severe resistance from the members of the parliament as well as the human rights movement. The second item on the list still continues and divides the country into two camps: (1) those who think that the police force has committed another act of forced disappearance in the case of activist Santiago Maldonado and (2) the others who blame the peronistas (the party and supporters of the ex-president Cristina Fernandez de Kirchner) of using this subject as a means to score political points. As a newspaper known for its proximity to the current administration, La Nación offers an insight to the direction of the country and also demonstrates how the neoliberal mindset works. The results of the study show that the transitional justice process in Argentina is far from being complete as the Promise of Nunca Más is still not a shared value but a political statement.

Keywords: Argentina, Fallo 2x1, impunity, Santiago Maldonado, transitional justice

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Authors: David Ahiamadia, Ramilan Thiagarajah, Peter Tozer

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In Sub Saharan Africa, farm typologies have been used as a practical way to address heterogeneity among farming systems which is mostly done by grouping farms into subsets with similar characteristics. Due to the complexity in farming systems among farm households, it is not possible to formulate policy recommendations for individual farmers. As a result, this study employs a multivariate statistical approach using Principal Component Analysis (PCA) coupled with cluster analysis to reduce heterogeneity in a 615-household data set from the Africa Rising Baseline Evaluation Survey for 25 farming communities in Northern Ghana. Variables selected for the study were mostly socio-economic, production potential, production intensity, production orientation, crop diversity, food security, resource endowments, and climate risk variables. To avoid making some individuals in the subpopulation worse off when aclimate risk intervention is broadly implemented, the findings of the study also account for diversity in climate risk perception among the different farm types identified and their response strategies towards climate risk. The climate risk variables used in this study involve the most severeclimate shock types perceived by the household, household response to climate shock type, and reason for crop failure (i.e., maize, rice, and groundnut). Eventually, four farm types, each with an adequate level of homogeneity in climate risk perception and response strategies, were identified. Farm type 1 and 3 were wealthy with a lower degree of climate risk perception compared to farm type 2 and 4. Also, relatively wealthy farmers used asset liquidation as a climate risk management strategy, whereas poor farmers resorted to engaging in spiritual activities such as prayers, sacrifices, and divine consultations.

Keywords: smallholder, households, climate risk, variables, typologies

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Authors: Anita Kéri

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Satisfying foreign student needs has been in the center of research interest in the past several years. Higher education institutions have been exploring factors influencing foreign student satisfactionto stay competitive on the educational market. Even though foreign student satisfaction and loyalty are topics investigated deeply in the literature, the academic years of 2020 and 2021 have revealed challenges never experienced before. With the COVID-19 pandemic, new factors have emerged that might influence foreign student satisfaction and loyalty in higher education. The aim of the current research is to shed lights on what factors influence foreign student satisfaction and loyalty in the post-pandemic educational era and to reveal if the effects of factors influencing satisfaction and loyalty have changed compared to previous findings. Initial results show that students are less willing to participate in online surveys during and after the pandemic. The return rate of the survey instrument is below 5%. Results also reveal that there is a slight difference in what factors have significant effects on school-related and non-school-related satisfaction and overall loyalty, measured pre- and post-pandemic times. The results of the current study help us determine what factors higher education institutions need to consider when planning the future service affordances for their foreign students that might influence their satisfaction and loyalty.

Keywords: pandemic, COVID-19, satisfacion, loyalty, service quality, higher education

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Authors: S. Aisyah Azizan, M. Syafiq Azmi, Yuki Harada, Yoshinobu Maeda, Takaomi Matsutani

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We introduced an all-optical multi-casting characteristics with wavelength conversion based on a novel all-optical triode using negative feedback semiconductor optical amplifier. This study was demonstrated with a transfer speed of 10 Gb/s to a non-return zero 231-1 pseudorandom bit sequence system. This multi-wavelength converter device can simultaneously provide three channels of output signal with the support of non-inverted and inverted conversion. We studied that an all-optical multi-casting and wavelength conversion accomplishing cross gain modulation is effective in a semiconductor optical amplifier which is effective to provide an inverted conversion thus negative feedback. The relationship of received power of back to back signal and output signals with wavelength 1535 nm, 1540 nm, 1545 nm, 1550 nm, and 1555 nm with bit error rate was investigated. It was reported that the output signal wavelengths were successfully converted and modulated with a power penalty of less than 8.7 dB, which the highest is 8.6 dB while the lowest is 4.4 dB. It was proved that all-optical multi-casting and wavelength conversion using an optical triode with a negative feedback by three channels at the same time at a speed of 10 Gb/s is a promising device for the new wavelength conversion technology.

Keywords: cross gain modulation, multicasting, negative feedback optical amplifier, semiconductor optical amplifier

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Authors: C.W. Kan

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Softening applied on textile products based on several reasons. First, the synthetic detergent removes natural oils and waxes, thus lose the softness. Second, compensate the harsh handle of resin finishing. Also, imitate natural fibres and improve the comfort of fabric are the reasons to apply softening. There are different types of softeners for softening finishing of textiles, nonionic softener, anionic softener, cationic softener and silicone softener. The aim of this study is to illustrate the proper application of different softeners and their final softening effect in textiles. The results could also provide guidance note to the students in learning this topic. Acknowledgment: Authors would like to thank the financial support from the Hong Kong Polytechnic University for this work.

Keywords: learning materials, softening, textiles, effect

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Authors: Abraham Castellanos, Christophe Durville, Sophie Echenim

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In this article, a portfolio optimization problem is performed in a Solvency II context: it illustrates how advanced optimization techniques can help to tackle complex operational pain points around the monitoring, control, and stability of Solvency Capital Requirement (SCR). The market SCR of a portfolio is calculated as a combination of SCR sub-modules. These sub-modules are the results of stress-tests on interest rate, equity, property, credit and FX factors, as well as concentration on counter-parties. The market SCR is non convex and non differentiable, which does not make it a natural optimization criteria candidate. In the SCR formulation, correlations between sub-modules are fixed, whereas risk-driven portfolio allocation is usually driven by the dynamics of the actual correlations. Implementing a portfolio construction approach that is efficient on both a regulatory and economic standpoint is not straightforward. Moreover, the challenge for insurance portfolio managers is not only to achieve a minimal SCR to reduce non-invested capital but also to ensure stability of the SCR. Some optimizations have already been performed in the literature, simplifying the standard formula into a quadratic function. But to our knowledge, it is the first time that the standard formula of the market SCR is used in an optimization problem. Two solvers are combined: a bundle algorithm for convex non- differentiable problems, and a BFGS (Broyden-Fletcher-Goldfarb- Shanno)-SQP (Sequential Quadratic Programming) algorithm, to cope with non-convex cases. A market SCR minimization is then performed with historical data. This approach results in significant reduction of the capital requirement, compared to a classical Markowitz approach based on the historical volatility. A comparative analysis of different optimization models (equi-risk-contribution portfolio, minimizing volatility portfolio and minimizing value-at-risk portfolio) is performed and the impact of these strategies on risk measures including market SCR and its sub-modules is evaluated. A lack of diversification of market SCR is observed, specially for equities. This was expected since the market SCR strongly penalizes this type of financial instrument. It was shown that this direct effect of the regulation can be attenuated by implementing constraints in the optimization process or minimizing the market SCR together with the historical volatility, proving the interest of having a portfolio construction approach that can incorporate such features. The present results are further explained by the Market SCR modelling.

Keywords: financial risk, numerical optimization, portfolio management, solvency capital requirement

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Authors: Mario Zgela

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Application of Benford’s Law is very rarely covered in the field of stock market analysis, especially in percentage change of stock market indices. Deutscher Aktien IndeX (DAX) is very important stock market index of Frankfurt Deutsche Börse which serves as underlying basis for large number of financial instruments. It is calculated for selected 30 German blue chips stocks. In this paper, Benford's Law first digit test is applied on 10 year DAX daily percentage changes in order to check compliance. Deviations of 10 year DAX percentage changes set as well as distortions of certain subsets from Benford's Law distribution are detected. It is possible that deviations are the outcome of speculations; and psychological influence should not be eliminated.

Keywords: Benford's Law, DAX, index percentage changes, stock market

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Authors: Abdul Basit, Amil Daraz, Guoqiang Zhang

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With the increasing demand for wireless communication systems for unlicensed indoor applications, the FCC, in February 2002, allocated unlicensed bands ranging from 3.1 GHZ to 10.6 GHz with fractional bandwidth of about 109 %, because it plays a key role in the radiofrequency (RF) front ends devices and has been widely applied in many other microwave circuits. Targeting the proposed band defined by the FCC for the UWB system, this article presents a UWB bandpass filter with three stop bands for the mitigation of wireless bands that may interfere with the UWB range. For this purpose, two resonators are utilized for the implementation of triple-notched bands. The C-shaped resonator is used for the first notch band creation at 3.4 GHz to suppress the WiMAX signal, while the H-shaped resonator is employed in the initial UWB design to introduce the dual notched characteristic at 4.5 GHz and 8.1 GHz to reject the WLAN and Satellite Communication signals. The overall circuit area covered by the proposed design is 30.6 mm × 20 mm, or in terms of guided wavelength at the first stopband, its size is 0.06 λg × 0.02 λg. The presented structure shows a good return loss under -10 dB over most of the passband and greater than -15 dB for the notched frequency bands. Finally, the filter is simulated and analyzed in HFSS 15.0. All the bands for the rejection of wireless signals are independently controlled, which makes this work superior to the rest of the UWB filters presented in the literature.

Keywords: a bandpass filter (BPF), ultra-wideband (UWB), wireless communication, C-shaped resonator, triple notch

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Authors: Lina Aleassa

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When the EU launched the European Union Global strategy in 2016, state and societal resilience to the EU's East and South was a main priority, and it was a ‘Governing Principle’ when responding to crises, including its migration crisis of 2015. Yet, with the launching of the EU strategic compass in 2022, after the return of high-intensity war, namely the Ukrainian war, the emphasis became on the EU’s own resilience. Consequently, this can be interpreted as a shift from outward building resilience into inward-building resilience. However, this paper argues that the EU effort is not a shift but rather an attempt to balance between building the EU's own resilience and its neighbors’ resilience. Thus, the main question of this paper is about the EU’s balance between building its own resilience and building the resilience of its neighbors in the case of Jordan in response to crises. To answer this question, this article attempts an in-depth analysis considering the case of displacement from Syria and the Ukrainian war focuses on the EU’s approach to building its own resilience and building resilience in its neighborhood through the EU’s refugee cooperation with Jordan, one of the key regional hosts of Syrian refugees. Textual analysis of secondary data of various texts from official European and Jordanian websites, news reports, and scholarly literature on resilience, as well as document analysis of different EU and the EU-Jordan policies, including their bilateral and multilateral agreements, will be examined to trace the EU's effort to maintain a balance between building its own resilience in its neighbor’s resilience.

Keywords: inward approach, outward approach, resilience, Syrian refugee crisis

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Authors: Christopher Coley, Srividya Sheshadri, Rao R. Bhavani

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Empowering marginalized populations, especially women, with greater economic, social, and other leadership roles has been shown to have a profound effect on entire communities. There are discernible links between sustainable development, poverty reduction, and skill training for empowerment; however, one of the major challenges with implementing empowerment programs is to establish an understanding within the community that investing in women’s education carries the potential of high return for everyone. Effective strategies that can both empower women, and overcome the complex social issues normally faced, need to be developed and shared across stakeholders. Amrita University’s AMMACHI Labs, a research lab engaged in women empowerment through Technical Vocational Education and Training (TVET), has launched a new initiative, WE: Sanitation, a project aiming to train women to build their own toilets and promote healthy sanitation practices in rural villages across India. While in some cases, the community has come together and toilets are being built, there has been resistance by the community, especially men, in many places. This paper will explore the experiences of field workers and the initial results of the WE: Sanitation project, including observations on the trends of community dynamics, raise important questions for the direction of development work in general, and especially for sanitation projects in rural India.

Keywords: community-based development, gender dynamics, Indian sanitation, women empowerment, TVET

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Authors: Seyed Esmail Seyedi Bariran, Khairul Salleh Mohamed Sahari

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In robotics literature, the simultaneous localization and mapping (SLAM) is commonly associated with a priori-posteriori problem. The autonomous vehicle needs a neutral map to spontaneously track its local position, i.e., “localization” while at the same time a precise path estimation of the environment state is required for effective route planning and obstacle avoidance. On the other hand, the environmental noise factors can significantly intensify the inherent uncertainties in using odometry information and measurements obtained from the robot’s exteroceptive sensor which in return directly affect the overall performance of the corresponding SLAM. Therefore, the current work is primarily dedicated to provide a diagnostic analysis of six SLAM algorithms including FastSLAM, L-SLAM, GraphSLAM, Grid SLAM and DP-SLAM. A SLAM simulated environment consisting of two sets of landmark locations and robot waypoints was set based on modified EKF and UKF in MATLAB using two separate maps for indoor and outdoor route planning subject to natural and artificial obstacles. The simulation results are expected to provide an unbiased platform to compare the estimation performances of the five SLAM models as well as on the reliability of each SLAM model for indoor and outdoor applications.

Keywords: route planning, obstacle, estimation performance, FastSLAM, L-SLAM, GraphSLAM, Grid SLAM, DP-SLAM

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Authors: Tasir Khan, Yejuan Wan, Kalim Ullah

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Hydrological frequency analysis has been conducted to estimate the minimum flow elevation of the Indus River in Pakistan to protect the ecosystem. The Maximum likelihood estimation (MLE) technique is used to estimate the best-fitted distribution for Minimum Ecological Flows at nine stations of the Indus River in Pakistan. The four selected distributions, Generalized Extreme Value (GEV) distribution, Generalized Logistics (GLO) distribution, Generalized Pareto (GPA) distribution, and Pearson type 3 (PE3) are fitted in all sites, usually used in hydro frequency analysis. Compare the performance of these distributions by using the goodness of fit tests, such as the Kolmogorov Smirnov test, Anderson darling test, and chi-square test. The study concludes that the Maximum Likelihood Estimation (MLE) method recommended that GEV and GPA are the most suitable distributions which can be effectively applied to all the proposed sites. The quantiles are estimated for the return periods from 5 to 1000 years by using MLE, estimations methods. The MLE is the robust method for larger sample sizes. The results of these analyses can be used for water resources research, including water quality management, designing irrigation systems, determining downstream flow requirements for hydropower, and the impact of long-term drought on the country's aquatic system.

Keywords: minimum ecological flow, frequency distribution, indus river, maximum likelihood estimation

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Authors: Ayodele Ajayi, John Ajayi

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This paper investigates the effect of corporate governance with a view to determining the relationship between board size and bank performance. Data for the study were obtained from the audited financial statements of five sampled banks listed on the Nigerian Stock Exchange. Panel data technique was adopted and analysis was carried out with the use of multiple regression and pooled ordinary least square. Results from the study show that the larger the board size, the greater the profit implying that corporate governance is positively correlated with bank performance.

Keywords: corporate governance, banks performance, board size, pooled data

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Authors: Hadi Mohammed

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The introduction of vocational education and training (VET) in correctional institutions as part of prisoner rehabilitation program is to help offenders develop marketable job skills and reduce re-offending thereby increasing the likely hood of successful reintegration back to their community. Offenders who participate in vocational education and training are significantly less likely to return to prison after released and are more likely to find employment after released than offenders who do not received such training. Those who participated in vocational training were 28% more likely to be employed after released from prison than those who did not received such training. This paper examined the effects of vocational training on offender rehabilitation as well as the effects of vocational training on the relationship between reformation and reintegration in Nigerian correctional institution. To address this two research question were formulated to guide the research. A survey research was employed. The participants were 200 offenders in Nigerian correctional institutions. Questionnaire items were administered. Mean, standard deviation and Partial Correlation were used for the data analysis. The findings revealed that vocational training has helped in offender rehabilitation in Nigerian correctional institutions. Similarly there was a moderate significant positive partial correlation between reformation and reintegration, controlling for vocational training, r=0.461, n=221, p<0.005 with moderate level of reformation and being associated with moderate level of reintegration. Based on the findings of the study, it was recommended that Nigerian Correctional Institutions should strengthen their vocational training program for offenders to be properly rehabilitated.

Keywords: correctional institutions, vocational education and training, offender rehabilitation

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Authors: Irina-Ana Drobot

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Teaching English to Engineers is part of English for Specific Purposes, a domain which is under the attention of English students especially under the current conditions of finding jobs and establishing partnerships outside Romania. The paper will analyse the existing textbooks together with the teaching strategies they adopt. Teaching English to Engineering students can intersect with domains such as psychology and cultural studies in order to teach them efficiently. Textbooks for students of ESP, ranging from those at the Faculty of Economics to those at the Faculty of Engineers, have shifted away from using specialized vocabulary, drills for grammar and reading comprehension questions and toward communicative methods and the practical use of language. At present, in Romania, grammar is neglected in favour of communicative methods. The current interest in translation studies may indicate a return to this type of method, since only translation specialists can distinguish among specialized terms and determine which are most suitable in a translation. Engineers are currently encouraged to learn English in order to do their own translations in their own field. This paper will analyse the issue of the extent to which it is useful to teach Engineering students to do translations in their field using cognitive psychology applied to language teaching, including issues such as motivation and social psychology. Teaching general English to engineering students can result in lack of interest, but they can be motivated by practical aspects which will help them in their field. This is why this paper needs to take into account an interdisciplinary approach to teaching English to Engineers.

Keywords: cognition, ESP, motivation, psychology

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Authors: Jerome Nyameh

Abstract:

The most valuable asset in the existence of organization is the employees and their ability in maintain appreciable level of performance which support the goal of the organization and the ability to do that depend largely on the organizational culture and culture has been considered most currently as the factor that relate positively to organizational excellence and sustainable employee’s performance over the period of time An employee engagement program will not go far without first establishing the organizational culture that is required to support sustainability. This means integrating sustainability into the overall employee’s performance, with clear vision, goals and metrics. It means having strong culture and a collaborative governance structure that has been develop as a ways of doing things in the organization for decision making and resource allocation. It requires a rewards and recognition program to support and reinforce sustainability behaviors. With such a culture in place, organization will be able to develop a strategy that fully engages employees, while fully realizing the benefits of their contributions. The study investigated empirically the role of organizational culture building sustainable employee’s performance using Zenith bank PLC a model where organizational culture will build sustainable employees performance strategy for a lasting actualization of organizational was developed. In order to achieve the research objectives of (i) to assess how organizational culture can build sustainable employee’s performance (ii) to analyze the gap that exists between organizational culture and sustainable employee’s performance in the organization, a survey questionnaires of 20 items was administered to sixty respondents. The findings of this study have practical implications for organizational leaders, managers and employees, and their organizations, particularly commercial banks in Nigeria, besides offering scope for further research in the area of organizational culture and sustainable employee’s performance. It will also show a significance and positive relationship that exist between organizational culture and sustainable employee’s performance, as means of building viable organization with cultural uniqueness and excellence performance in the world of competition.

Keywords: organizational culture, sustainable employee’s performance, organizations, Zenith Bank PLC Nigeria

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Authors: Shervin Alaei, Reza Moradi

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Trading in financial markets is subject to risks due to their high volatilities. Here, using an LSTM neural network, and by doing some risk-based feature engineering tasks, we developed a method that can accurately predict trends of the Tehran stock exchange market index from a few days ago. Our test results have shown that the proposed method with an average prediction accuracy of more than 94% is superior to the other common machine learning algorithms. To the best of our knowledge, this is the first work incorporating deep learning and risk factors to accurately predict market trends.

Keywords: deep learning, LSTM, trend prediction, risk management, artificial neural networks

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Authors: Maryam Rasool, Farhan Munir, Fahad Nawaz, Saad Ahmad

Abstract:

A patch antenna operating in the Ultra-Wide Band of frequency (3.1 GHz – 10.6 GHz) is designed with enhanced security from interference from other applications by incorporating the notching technique. Patch antennas in the Ultra-Wide Band are becoming widely famous due to their low power, light weight and high data rate capability. Micro strip patch antenna’s patch can be altered to increase its bandwidth and introduce UWB character in it. The designed antenna is a patch antenna consisting of a conductive sheet of metal mounted over a large sheet of metal called the ground plane with a substrate separating the two. Notched bands are public safety WLAN, WLAN and FSS. Different techniques used to implement the UWB antenna were individually implemented and there results were examined. V shaped patch was then chosen and modified to an arrow shaped patch to give the optimized results operating on the entire UWB region with considerable return loss. The frequency notch prevents the operation of the antenna at a particular range of frequency, hence minimizing interference from other systems. There are countless techniques for introducing the notch but we have used inverted C-shaped slots in the UWB patch to get the notch characteristics as output and also wavelength resonators to introduce notch in UWB band. The designed antenna is simulated in High Frequency Structural Simulator (HFSS) 13.0 by Ansoft.

Keywords: HFSS, Notch, UWB, WLAN

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