Search results for: financial viability

Authors: Shady Gamal Aziz Shehata

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Difficulty in defining construction quality arises due to perception based on the nature and requirements of the market, the different partners themselves and the results they want. Quantitative research was used in this constructivist research. A case-based study was conducted to assess the structures of positive attitudes and expectations in the context of quality improvement. A survey based on expert opinions was analyzed among construction organizations/companies operating in the construction industry in Pakistan. The financial strength, management structure and construction experience of the construction companies formed the basis of their selection. A good concept is visible at the project level and is seen as the most valuable part of the construction project. Each quality improvement technique was expected to increase the user's profits by improving the efficiency of the construction project. The Survey is useful for construction professionals to evaluate current construction concepts and expectations for the application of quality improvement techniques in construction projects.

Keywords: correlation analysis, lean construction tools, lean construction, logistic regression analysis, risk management, safety construction quality, expectation, improvement, perception

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Authors: Roberto Rosenhaim, Marcos Antonio Crus Moreira, Robson da Cunha, Gerson Gomes Cunha

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This work provides details on the wind speed behavior within cities of Arraial do Cabo and São Pedro da Aldeia located in the Lakes Region of the State of Rio de Janeiro, Brazil. This region has one of the best potentials for wind power generation. In interurban layer, wind conditions are very complex and depend on physical geography, size and orientation of buildings and constructions around, population density, and land use. In the same context, the fundamental surface parameter that governs the production of flow turbulence in urban canyons is the surface roughness. Such factors can influence the potential for power generation from the wind within the cities. Moreover, the use of wind on a small scale is not fully utilized due to complexity of wind flow measurement inside the cities. It is difficult to accurately predict this type of resource. This study demonstrates how fuzzy logic can facilitate the assessment of the complexity of the wind potential inside the cities. It presents a decision support tool and its ability to deal with inaccurate information using linguistic variables created by the heuristic method. It relies on the already published studies about the variables that influence the wind speed in the urban environment. These variables were turned into the verbal expressions that are used in computer system, which facilitated the establishment of rules for fuzzy inference and integration with an application for smartphones used in the research. In the first part of the study, challenges of the sustainable development which are described are followed by incentive policies to the use of renewable energy in Brazil. The next chapter follows the study area characteristics and the concepts of fuzzy logic. Data were collected in field experiment by using qualitative and quantitative methods for assessment. As a result, a map of the various points is presented within the cities studied with its wind viability evaluated by a system of decision support using the method multivariate classification based on fuzzy logic.

Keywords: behavior of winds, wind power, fuzzy logic, sustainable development

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Authors: A. Binnui, O. Kalinowska-Beszczynska, G. Shaw

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It is postulated that innovative deployment of entrepreneurial activities leads to firm's growth. This paper draws upon the key predictions of the core theories on entrepreneurship and innovation to formulate a conceptual framework which can be used to depict the casual chain of events from which entrepreneurs can manage more innovatively and ultimately deliver higher growth which benefits of the regional and national economies. It examines the key firm-based factors extracted from the theories, namely the characteristics of entrepreneurial hi-tech firms, characteristics of innovating firms, and firm growth dynamics that lead to enhanced economic growth. The framework postulates that the key determinants extracted such as entrepreneurial demographics, firm characteristic, skills and competencies, research and development, product/service characteristics, market development, financial of the firm and internationalization might lead to the survival and long term development of high-technology startups.

Keywords: innovative entrepreneurial activities, entrepreneuship, determinants, growth, hi-technology start-upws

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Authors: Ivana Tadić, Željana Aljinović Barać, Nikolina Plazonić

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Living today in turbulent business environment forces companies to distinguish from each other, securing sustainable competitive growth and competitive advantage. The best possible solution is to invest (effort and financial resources) within companies’ different practices of human resource management (HRM), more specifically in employees’ knowledge, skills and abilities. Applying this approach companies will create enviable level of human capital securing its economic growth. Employees become human capital for their employers at the moment when they contribute with their own knowledge and abilities in creating material and non-material value of the company. The main aim of this research is to explore the relations between human capital investments and business excellence of Croatian companies. Furthermore, the differences in the level of human capital investments with regard to several companies’ characteristics (e.g. size of the company, ownership and type of the industry) are investigated.

Keywords: business excellence, Croatian industries, human capital investments, human resource management

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Authors: Elena Samarsky

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According to German national records and willingness to migrate surveys, emigration is much more attractive for better educated citizens employed in white-collar positions, with academics displaying the highest migration rate. The case study of academic migration from Germany is furthermore intriguing due to the country's financial power, competitive labour market and relatively good life-standards, working conditions and high wage rates. Investigation of such mobility challenges traditional economic view on migration, as it raises the question of why people chose to leave their highly-industrialized countries known for their high life-standards, stable political scene and prosperous economy. Within the regional domain, examining mobility of Germans contributes to the ongoing debate over the extent of influence of the EU mobility principle on migration decision. The latter is of particular interest, as it may shed the light on the extent to which it frames individual migration path, defines motivations and colours the experiences of migration action itself. The paper is based on the analysis of the migration decisions obtained through in-depth interviews with German academics employed in the UK. These retrospective interviews were conducted with German academies across selected universities in the UK, employed in a variety of academic fields, and different career stages. Interviews provide a detailed description of what motivated people to search for a post in another country, which attributes of such job are needed to be satisfied in order to facilitate migration, as well as general information on particularities of an academic career and institutions involved. In the course of the project, it became evident that although securing financial stability was non-negotiable factor in migration (e.g., work contract singed before relocation) non-pecuniary motivations played significant role as well. Migration narratives of this group - the highly skilled, whose human capital is transferable, and whose expertise is positively evaluated by countries, is mainly characterised by search for personal development and career advancement, rather than a direct increase in their income. Such records are also consistent in showing that in case of academics, scientific freedom and independence are the main attributes of a perfect job and are a substantial motivator. On the micro level, migration is rather depicted as an opportunistic action addressed in terms of voluntary and rather imposed decision. However, on the macro level, findings allow suggesting that such opportunities are rather an outcome embedded in the peculiarities of academia and its historical and structural developments. This, in turn, contributes significantly to emergence of a scene in which migration action takes place. The paper suggest further comparative research on the intersection of the macro and micro level, and in particular how both national academic institutions and the EU mobility principle shape migration of academics. In light of continuous attempts to make the European labour market more mobile and attractive such findings ought to have direct implications on policy.

Keywords: migration, EU, academics, highly skilled labour

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Authors: Maamar Moumena

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the Follower of the movement of international competition finds that the success of Japanese companies to break into global markets and win a competitive edge and meet the challenges of this competition, due primarily to the adoption of these companies to the modern concept of marketing, and possession of sophisticated marketing systems, with a focus on pricing policy. The institution's ability to produce goods and services be limited unless accompanied by an effective marketing effort. So the satisfaction of the consumer needs efficiently and effectiveness are unwarranted economic and social presence in the market, and ensure the continuity and achieve their goals, and this can only be achieved through marketing activity, where he activity facet which translates the output of the institution and its presence in the form of financial compensation, and that the inclusion of and marketing function within the functions of the institution and awarded each of gravity reflects the extent of their importance in the conduct of the future of the institution, and depending on excellence in performance and a good application of the basic concepts of marketing and primarily make the consumer focus of attention, so the pleasing of the consumer and earn his allegiance reflects the success of an organization.

Keywords: competition, marketing, institution, consumer

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Authors: F. Gökgöz, M. E. Atmaca

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Electricity plays an indispensable role in human life and the economy. It is a unique product or service that must be balanced instantaneously, as electricity is not stored, generation and consumption should be proportional. Effective and efficient use of electricity is very important not only for society, but also for the environment. A competitive electricity market is one of the best ways to provide a suitable platform for effective and efficient use of electricity. On the other hand, it carries some risks that should be carefully managed by the market players. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Markowitz’s Mean-variance, Down-side and Semi-variance methods for a case study. Performance of optimal electricity sale solutions are measured and evaluated via Sharpe-Ratio, and the optimal portfolio solutions are improved. Two years of historical weekdays’ price data of the Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: electricity market, portfolio optimization, risk management in electricity market, sharpe ratio

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Authors: Yung-Chih Kuo, Yung-I Lou

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Cationic solid lipid nanoparticles (CSLNs) with anti-melanotransferrin (AMT) and apolipoprotein E (ApoE) were used to carry antimitotic doxorubicin (Dox) across the blood–brain barrier (BBB) for glioblastoma multiforme (GBM) treatment. Dox-loaded CSLNs were prepared in microemulsion, grafted covalently with AMT and ApoE, and applied to human brain microvascular endothelial cells (HBMECs), human astrocytes, and U87MG cells. Experimental results revealed that an increase in the weight percentage of stearyl amine (SA) from 0% to 20% increased the size of AMT-ApoE-Dox-CSLNs. In addition, an increase in the stirring rate from 150 rpm to 450 rpm decreased the size of AMT-ApoE-Dox-CSLNs. An increase in the weight percentage of SA from 0% to 20% enhanced the zeta potential of AMT-ApoE-Dox-CSLNs. Moreover, an increase in the stirring rate from 150 rpm to 450 rpm reduced the zeta potential of AMT-ApoE-Dox-CSLNs. AMT-ApoE-Dox-CSLNs exhibited a spheroid-like geometry, a minor irregular boundary deviating from spheroid, and a somewhat distorted surface with a few zigzags and sharp angles. The encapsulation efficiency of Dox in CSLNs decreased with increasing weight percentage of Dox and the order in the encapsulation efficiency of Dox was 10% SA > 20% SA > 0% SA. However, the reverse order was true for the release rate of Dox, suggesting that AMT-ApoE-Dox-CSLNs containing 10% SA had better-sustained release characteristics. An increase in the concentration of AMT from 2.5 to 7.5 μg/mL slightly decreased the grafting efficiency of AMT and an increase in that from 7.5 to 10 μg/mL significantly decreased the grafting efficiency. Furthermore, an increase in the concentration of ApoE from 2.5 to 5 μg/mL slightly reduced the grafting efficiency of ApoE and an increase in that from 5 to 10 μg/mL significantly reduced the grafting efficiency. Also, AMT-ApoE-Dox-CSLNs at 10 μg/mL of ApoE could slightly reduce the transendothelial electrical resistance (TEER) and increase the permeability of propidium iodide (PI). An incorporation of 10 μg/mL of ApoE could reduce the TEER and increase the permeability of PI. AMT-ApoE-Dox-CSLNs at 10 μg/mL of AMT and 5-10 μg/mL of ApoE could significantly enhance the permeability of Dox across the BBB. AMT-ApoE-Dox-CSLNs did not induce serious cytotoxicity to HBMECs. The viability of HBMECs was in the following order: AMT-ApoE-Dox-CSLNs = AMT-Dox-CSLNs = Dox-CSLNs > Dox. The order in the efficacy of inhibiting U87MG cells was AMT-ApoE-Dox-CSLNs > AMT-Dox-CSLNs > Dox-CSLNs > Dox. A surface modification of AMT and ApoE could promote the delivery of AMT-ApoE-Dox-CSLNs to cross the BBB via melanotransferrin and low density lipoprotein receptor. Thus, AMT-ApoE-Dox-CSLNs have appropriate physicochemical properties and can be a potential colloidal delivery system for brain tumor chemotherapy.

Keywords: anti-melanotransferrin, apolipoprotein E, cationic catanionic solid lipid nanoparticle, doxorubicin, U87MG cells

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Authors: Moshe Mello, Hilary Rutto, Tumisang Seodigeng

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The nature of tires makes them extremely challenging to recycle due to the available chemically cross-linked polymer and, therefore, they are neither fusible nor soluble and, consequently, cannot be remolded into other shapes without serious degradation. Open dumping of tires pollutes the soil, contaminates underground water and provides ideal breeding grounds for disease carrying vermins. The thermal decomposition of tires by pyrolysis produce char, gases and oil. The composition of oils derived from waste tires has common properties to commercial diesel fuel. The problem associated with the light oil derived from pyrolysis of waste tires is that it has a high sulfur content (> 1.0 wt.%) and therefore emits harmful sulfur oxide (SOx) gases to the atmosphere when combusted in diesel engines. Desulphurization of TPO is necessary due to the increasing stringent environmental regulations worldwide. Hydrodesulphurization (HDS) is the commonly practiced technique for the removal of sulfur species in liquid hydrocarbons. However, the HDS technique fails in the presence of complex sulfur species such as Dibenzothiopene (DBT) present in TPO. This study aims to investigate the viability of photodegradation (Photocatalytic oxidative desulphurization) and adsorptive desulphurization technologies for efficient removal of complex and non-complex sulfur species in TPO. This study focuses on optimizing the cleaning (removal of impurities and asphaltenes) process by varying process parameters; temperature, stirring speed, acid/oil ratio and time. The treated TPO will then be sent for vacuum distillation to attain the desired diesel like fuel. The effect of temperature, pressure and time will be determined for vacuum distillation of both raw TPO and the acid treated oil for comparison purposes. Polycyclic sulfides present in the distilled (diesel like) light oil will be oxidized dominantly to the corresponding sulfoxides and sulfone via a photo-catalyzed system using TiO2 as a catalyst and hydrogen peroxide as an oxidizing agent and finally acetonitrile will be used as an extraction solvent. Adsorptive desulphurization will be used to adsorb traces of sulfurous compounds which remained during photocatalytic desulphurization step. This desulphurization convoy is expected to give high desulphurization efficiency with reasonable oil recovery.

Keywords: adsorption, asphaltenes, photocatalytic oxidation, pyrolysis

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Authors: L.Vaz, L. Ferreira, R. Aparício, J. Pedro, M. Franco

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This article concerns a qualitative analysis, through an interview, regarding “Sustainability Adoption Barriers in SMEs.” To begin with, the article provides a state-of-the-art overview through fifty-seven articles initially extracted from the Scopus database. The articles were analyzed, and four main clusters emerged in the literature: 1) sustainability and small and medium-sized companies; 2) sustainable business models; 3) sustainability practices adoption procedures, and 4) adoption difficulties on sustainability practices. Utilizing interviews as a methodology, the article seeks to strengthen knowledge regarding sustainability practices, their barriers and the sustainable procedures adopted by SMEs in a Portuguese context. The results demonstrate that the literature agrees with this case study, where there are numerous sustainable practices, yet, due to financial, political, cultural, and technological factors, barriers emerge in the adoption process. By comparing the literature findings with the conducted interviews of interior Portuguese SMEs, this article develops a contribution to the scientific community through a captivating, intuitive and motivating way.

Keywords: barriers, practices, business model, green

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Authors: Malaw Ndiaye, Karim Konate

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Smart contracts are computer protocols that facilitate, verify, and execute the negotiation or execution of a contract, or that render a contractual term unnecessary. Blockchain and smart contracts can be used to facilitate almost any financial transaction. Thanks to these smart contracts, the settlement of dividends and coupons could be automated. Smart contracts have become lucrative and profitable targets for attackers because they can hold a great amount of money. Smart contracts, although widely used in blockchain technology, are far from perfect due to security concerns. Since there are recent studies on smart contract security, none of them systematically study the strengths and weaknesses of smart contract security. Some have focused on an analysis of program-related vulnerabilities by providing a taxonomy of vulnerabilities. Other studies are responsible for listing the series of attacks linked to smart contracts. Although a series of attacks are listed, there is a lack of discussions and proposals on improving security. This survey takes stock of smart contract security from a more comprehensive perspective by correlating the level of vulnerability and systematic review of security levels in smart contracts.

Keywords: blockchain, Bitcoin, smart contract, criminal smart contract, security

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Authors: Ada Adoga James

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This paper discussed the concept of community participation and identified tertiary education problems; strategies and methods communities could be involved to reduce conflict witnessed in our tertiary institutions of learning due to government inability to fund education. The paper pointed out that community participation through the use of Parent Teachers Association (PTA), age grade, traditional leaders, village based associations, religious and political organs could be sensitized to raise financial resources. The paper identified different sources of conflicts, the outcome of which causes prolonged academic activities, destruction of lives and properties and in some cased render school environment completely insecure for serious academic activities. It recommends involvement of community participation in assisting government, proper handling of tertiary institutions in management, and more democratic procedure in conflict resolution like cordial relationship between staff, students and trade unions in decision making process.

Keywords: community, conflict resolution, tertiary education, psychology, psychiatry

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Authors: Marcos Centurion-Vicencio

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This study discusses the idea of ‘dominance’ in economic policy and its practical influence over monetary decisions. The discretionary use of repurchase agreements in Brazil over the period 2006-2016 and its effects on the overall price level are the specific issues we will be focusing on. The set of in-depth interviews carried out with public servants at the Brazilian central bank and national treasury, alongside data collected from the National Institution of Statistics (IBGE), suggest that monetary and fiscal dominance do not differ in nature once the assumption of depoliticized central bankers is relaxed. In both regimes, the pursuit of private gains via public institutions affects price stability. While short-sighted politicians in the latter are at the origin of poor monetary decisions, the action of short-sighted financial interest groups is likely to generate a similar outcome in the former. This study then contributes to rethinking monetary policy theory as well as the nature of public borrowing.

Keywords: fiscal and monetary interactions, interest groups, monetary capture, public borrowing

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Authors: Uyen Tran Tu

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The decision on capital structure is one of the most important and sophisticated decisions in financial management in order to improve firm performance. This article would study the two-way impact between capital structure and firm performance. The study use EVIEWS 6.0 software to determine a two-way relationship between the capital structure and firm performance based on two-stage regression (2SLS - Two-Stage Least Squares). The findings are: capital structure has the opposite effect on the business efficiency and vice versa, factors that effect on business efficiency include Size and Opportunities. Factors effects on the capital structure are size; liquidity. These factors also affect the ratio of capital structure (total debt/ total asset) of companies. In particular, liquidity has the opposite effect; and the size of the business has the same impact. The results of the study are in line with the theory and empirical studies presented, and the results of the study are unchanged for all three years 2015-2017.

Keywords: capital structure, firm performance, factors, two-way relationship

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Authors: Iveta Řepková

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The aim of this paper is to estimate the efficiency of the Slovak commercial banks employing the Data Envelopment Analysis (DEA) window analysis approach during the period 2003-2012. The research is based on unbalanced panel data of the Slovak commercial banks. Undesirable output was included into analysis of banking efficiency. It was found that most efficient banks were Postovabanka, UniCredit Bank and Istrobanka in CCR model and the most efficient banks were Slovenskasporitelna, Istrobanka and UniCredit Bank in BCC model. On contrary, the lowest efficient banks were found Privatbanka and CitiBank. We found that the largest banks in the Slovak banking market were lower efficient than medium-size and small banks. Results of the paper is that during the period 2003-2008 the average efficiency was increasing and then during the period 2010-2011 the average efficiency decreased as a result of financial crisis.

Keywords: data envelopment analysis, efficiency, Slovak banking sector, window analysis

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Authors: Lucas Aerre, Wallesson Faria, Roberto Pimentel, Juliana Santos

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An extremely disturbing and irritating element in the lives of people and organizations is the noise, the consequences that can bring us has a lot of connection with human health as well as financial and economic aspects. In order to improve the efficiency of buildings in Brazil in general, a performance standard was created, NBR 15.575 in which all buildings are seen in a more systemic and peculiar way, while following the requirements of the standard. The acoustic performance present in these buildings is one such requirement. Based on this, the present work was elaborated with the objective of evaluating through acoustic measurements the acoustic performance of vertical internal fences that are under the incidence of aerial noise of a building in the city of Brasilia-DF. A short theoretical basis is made and soon after the procedures of measurement are described through the control method established by the standard, and its results are evaluated according to the parameters of the same. The measurement performed between rooms of the same unit, presented a standardized sound pressure level difference (D nT, w) equal to 40 dB, thus being classified within the minimum performance required by the standard in question.

Keywords: airborne noise, performance standard, soundproofing, vertical seal

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Authors: Maulana Ayoub Ali

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Malayan Pilgrims Savings Corporation was introduced in 1963. Six years later, Malaysian Pilgrims Fund Board (Tabung Haji) was formed. The board used to collect funds from pilgrims who expected to perform pilgrimage in the future dates. Money was collected and kept as per given rules and procedures emanated from Islamic sources of law. Twenty years later, the country was ready to run a fully fledged Islamic bank where the Bank Islam Malaysia Berhad (BIMB) came into existence in the year 1983. This paper investigates stages of development of Islamic banking system in Malaysia from 1983 to date. This study discovered that Malaysia had enough time to make Islamic banking system works alongside conventional banking system and for sure, has successfully managed to come up with the comprehensive and workable financial system which accommodates both the conventional and Islamic banking. As a result, Malaysia stands to be the hub of Islamic banking products and services in the world today.

Keywords: Tabung Haji, Islamic Banks, conventional law, Malaysia

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Authors: Ramesh Joshi, Nisha Khatik

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Murraya koenigii (L.) Spreng locally known as “Curry patta” or “Meetha neem” belonging to the family Rutaceae that grows wildly in Southern Asia. Its aromatic leaves are commonly used as the raw material for traditional medicinal formulations in India. The leaves contain essential oil and also used as a condiment. Several monomeric and binary carbazol alkaloids present in the various plant parts. These alkaloids have been reported to possess anti-microbial, mosquitocidal, topo-isomerase inhibition and antioxidant properties. Some of the alkaloids reported in this plant have showed anti carcinogenic and anti-diabetic properties. The conventional method of propagation of this tree is limited to seeds only, which retain their viability for only a short period. Hence, a biotechnological approach might have an advantage edging over traditional breeding as well as the genetic improvement of M. koenigii within a short period. The development of a reproducible regeneration protocol is the prerequisite for ex situ conservation and micropropagation. An efficient protocol for high frequency regeneration of in vitro plants of Murraya koenigii via different explants such as- nodal segments, intermodal segments, leaf, root segments, hypocotyle, cotyledons and cotyledonary node explants is described. In the present investigation, assessment of clonal fidelity in the micropropagated plantlets of Murraya koenigii was attempted using RAPD and ISSR markers at different pathways of plant tissue culture technique. About 20 ISSR and 40 RAPD primers were used for all the samples. Genomic DNA was extracted by CTAB method. ISSR primer were found to be more suitable as compared to RAPD for the analysis of clonal fidelity of M. koenigii. The amplifications however, were finally performed using RAPD, ISSR markers owing to their better performance in terms of generation of amplification products. In RAPD primer maximum 75% polymorphism was recorded in OPU-2 series which exhibited out of 04 scorable bands, three bands were polymorphic with a band range of size 600-1500 bp. In ISSR primers the UBC 857 showed 50% polymorphism with 02 band were polymorphic of band range size between 400-1000 bp.

Keywords: genetic fidelity, Murraya koenigii, aromatic plants, ISSR primers

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Authors: Rabah Iratni, Husain El Hasasna, Khawlah Athamneh, Halima Al Sameri, Nehla Benhalilou, Asma Al Rashedi

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Background: Cancer therapies have witnessed great advances in the recent past, however, cancer continues to be a leading cause of death, with colorectal cancer being the fourth cause of cancer-related deaths. Colorectal cancer affects both sexes equally with poor survival rate once it metastasizes. Phytochemicals, which are plant derived compounds, have been on a steady rise as anti-cancer drugs due to the accumulation of evidences that support their potential. Here, we investigated the anticancer effect of Rhus coriaria on colon cancer cells. Material and Method: Human colon cancer HT-29 cell line was used. Protein expression and protein phosphorylation were examined using Western blotting. Transcription activity was measure using Quantitative RT-PCR. Human tumoral clonogenic assay was used to assess cell survival. Senescence was assessed by the senescence-associated beta-galactosidase assay. Results: Rhus coriaria extract (RCE) was found to significantly inhibit the viability and colony growth of human HT-29 colon cancer cells. RCE induced senescence and cell cycle arrest at G1 phase. These changes were concomitant with upregulation of p21, p16, downregulation of cyclin D1, p27, c-myc and expression of Senescence-associated-β-Galactosidase activity. Moreover, RCE induced non-canonical beclin-1independent autophagy and subsequent apoptotic cell death through activation of activation caspase 8 and caspase 7. The blocking of autophagy by 3-methyladenine (3-MA) or chloroquine (CQ) reduced RCE-induced cell death. Further, RCE induced DNA damage, reduced mutant p53 protein level and downregulated phospho-AKT and phospho-mTOR, events that preceded autophagy. Mechanistically, we found that RCE inhibited the AKT and mTOR pathway, a regulator of autophagy, by promoting the proteasome-dependent degradation of both AKT and mTOR proteins. Conclusion: Our findings provide strong evidence that Rhus coriaria possesses strong anti-colon cancer activity through induction of senescence and autophagic cell death, making it a promising alternative or adjunct therapeutic candidate against colon cancer.

Keywords: autophagy, proteasome degradation, senescence, mTOR, apoptosis, Beclin-1

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Authors: Tarik Bazgour, Cedric Heuchenne, Danielle Sougne

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We examine time variation in the market beta of portfolios sorted on quality, liquidity level and liquidity beta characteristics across stock market phases. Using US stock market data for the period 1970-2010, we find, first, the US stock market was driven by four regimes. Second, during the crisis regime, low (high) quality, high (low) liquidity beta and illiquid (liquid) stocks exhibit an increase (a decrease) in their market betas. This finding is consistent with the flight-to-quality and liquidity phenomena. Third, we document the same pattern across stocks when the market volatility is low. We argue that, during low volatility times, investors shift their portfolios towards low quality and illiquid stocks to seek portfolio gains. The pattern observed in the tranquil regime can be, therefore, explained by a flight-to-low-quality and to illiquidity. Finally, our results reveal that liquidity level is more important than liquidity beta during the crisis regime.

Keywords: financial crises, quality, liquidity, liquidity risk, regime-switching models

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Authors: Norm Josephy, Lucy Kimball, Victoria Steblovskaya

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Hedging of a portfolio of European options under proportional transaction costs is considered. Our discrete time financial market model extends the binomial market model with transaction costs to the case where the underlying stock price ratios are distributed over a bounded interval rather than over a two-point set. An optimal hedging strategy is chosen from a set of admissible non-self-financing hedging strategies. Our approach to optimal hedging of a portfolio of options is based on theoretical foundation that includes determination of a no-arbitrage option price interval as well as on properties of the non-self-financing strategies and their residuals. A computational algorithm for optimizing an investor relevant criterion over the set of admissible non-self-financing hedging strategies is developed. Applicability of our approach is demonstrated using both simulated data and real market data.

Keywords: extended binomial model, non-self-financing hedging, optimization, proportional transaction costs

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Authors: Mohammad Irfan

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The purpose of this paper is to investigate the relationship among the key macroeconomic variables and Islamic stock market in India. This study is based on the time series data of financial years 2009-2015 to explore the consistency of relationship between macroeconomic variables and Shariah Indices. The ADF (Augmented Dickey–Fuller Test Statistic) and PP (Phillips–Perron Test Statistic) tests are employed to check stationarity of the data. The study depicts the long run relationship between Shariah indices and macroeconomic variables by using the Johansen Co-integration test. BSE Shariah and Nifty Shariah have uni-direct Granger causality. The outcome of VECM is significantly confirming the applicability of best fitted model. Thus, Islamic stock indices are proficiently working for the development of Indian economy. It suggests that by keeping eyes on Islamic stock market which will be more interactive in the future with other macroeconomic variables.

Keywords: Indian Shariah Indices, macroeconomic variables, co-integration, Granger causality, vector error correction model (VECM)

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Authors: Myrto Dagkouli-Kyriakoglou

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Southern European countries tend to have a lot of connections in their culture, customs, ideals and attitude towards everyday aspects. On the contrary, all of them demonstrate a lot of differences in their history, political life and economic situation. Nevertheless, the state welfare and its insufficiency to deal with citizens’ needs, is common for the whole region. As the global financial crisis initiated, all of them gradually were affected and established austerity measures. Consequently, there were crucial budget cuts in state welfare and accordingly limited support to the citizens at a time that is most needed as the economic difficulties of the households are rising rapidly. Crisis in connection with austerity measures brought up a housing problem which was hidden for decades with the assistance of the institution of the Southern European family. New or old copying practices concerning housing are already developed and more will rise in order to survive this new era. Expressly, youth is one of the most vulnerable groups in this situation and therefore there is a special focus on the policies that affect their housing as well as their copying practices in connection with the family/kinship strategies.

Keywords: housing, coping practices, Greece, familism

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Authors: Faith Maina

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Slender leaf (Crotalaria brevidens and Crotalaria ochroleuca), African indigenous vegetables, are an important source of nutrients, income and traditional medicines in Kenya. However, their production is constrained by poor quality seed, due to lack of standardized agronomic and storage practices. Factors that affect the quality of seed in storage include the duration of storage, seed moisture, temperature, relative humidity, oxygen pressure during storage, diseases, and pests. These factors vary with the type of storage method used. The aim of the study was to investigate the effect of various storage methods on seed quality of slender leaf and recommend the best methods of seed storage to the farmers in Western Kenya. Seeds from various morphotypes of slender leaf that had high germination percentage (90%) were stored in pots, jars, brown paper bags and polythene bags in Kakamega and Siaya. Other seeds were also stored in a freezer at the University of Eldoret. In Kakamega County average room temperature was 23°C and relative humidity was 85% during the storage period of May to July 2006. Between December and February 2006 the average room temperature was 26°C while relative humidity was 80% in the same county. In Siaya County, the average room temperature was 25°C and relative humidity was 80% during storage period of May to July 2006. In the same county, the average temperature was 28°C and relative humidity 65% during the period of December and February 2006. Storage duration was 90 days for each season. Seed viability and vigour, was determined for each storage method. Data obtained from storage experiments was subjected to ANOVA and T-tests using Statistical Analysis Software (SAS). Season of growth and storage methods significantly influenced seed quality in Kakamega and Siaya counties. Seeds from the long rains season had higher seed quality than those grown during the short rains season. Generally, seeds stored in pots, brown paper bags, jars and freezer had higher seed quality than those stored in polythene bags. It was concluded that in order to obtain high-quality seeds farmers should store slender leaf seeds in pots or brown paper bags or plastic jars or freezer.

Keywords: Crotalaria sp, seed, quality, storage

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Authors: Emma R. Arakelova, Stepan G. Grigoryan, Flora G. Arsenyan, Nelli S. Babayan, Ruzanna M. Grigoryan, Natalia K. Sarkisyan

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Novel nanosize zinc oxide composites of doxorubicin obtained by deposition of 180 nm thick zinc oxide film on the drug surface using DC-magnetron sputtering of a zinc target in the form of gels (PEO+Dox+ZnO and Starch+NaCMC+Dox+ZnO) were studied for drug delivery applications. The cancer specificity was revealed both in in vitro and in vivo models. The cytotoxicity of the test compounds was analyzed against human cancer (HeLa) and normal (MRC5) cell lines using MTT colorimetric cell viability assay. IC50 values were determined and compared to reveal the cancer specificity of the test samples. The mechanistic study of the most active compound was investigated using Flow cytometry analyzing of the DNA content after PI (propidium iodide) staining. Data were analyzed with Tree Star FlowJo software using cell cycle analysis Dean-Jett-Fox module. The in vivo anticancer activity estimation experiments were carried out on mice with inoculated ascitic Ehrlich’s carcinoma at intraperitoneal introduction of doxorubicin and its zinc oxide compositions. It was shown that the nanosize zinc oxide film deposition on the drug surface leads to the selective anticancer activity of composites at the cellular level with the range of selectivity index (SI) from 4 (Starch+NaCMC+Dox+ZnO) to 200 (PEO(gel)+Dox+ZnO) which is higher than that of free Dox (SI = 56). The significant increase in vivo antitumor activity (by a factor of 2-2.5) and decrease of general toxicity of zinc oxide compositions of doxorubicin in the form of the above mentioned gels compared to free doxorubicin were shown on the model of inoculated Ehrlich's ascitic carcinoma. Mechanistic studies of anticancer activity revealed the cytostatic effect based on the high level of DNA biosynthesis inhibition at considerable low concentrations of zinc oxide compositions of doxorubicin. The results of studies in vitro and in vivo behavior of PEO+Dox+ZnO and Starch+NaCMC+Dox+ZnO composites confirm the high potential of the nanosize zinc oxide composites as a vector delivery system for future application in cancer chemotherapy.

Keywords: anticancer activity, cancer specificity, doxorubicin, zinc oxide

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Authors: Shagufta Jahangir, Raisa Jahangir

Abstract:

According to researches the 3rd world youth crave to go to developed countries just merely to get sustainable economic situation. To accomplish their wish they use each and every thing like cross boarder marriages is one of them. The basic and main point of cross boarder marriages is financial sustainability neither cross boarder culture nor cross boarder religion or others. The consequences of this research are that 60% to 70% men of 3rd world do cross boarder marriages just for only economic firmness. Due to this thoughts these men flipside to their native areas with only economic firmness rather social attitudes, moral attitudes behaviors, norms, myths and religion.40% to 50 % men do cross boarder marriages to get firmness even they have families in their native areas.2nd family formation is the easy way to get their desired, according to their eyes. After satisfying their needs they back unaccompanied to their native areas even they leave their offspring. They give precedence to their inhabitant families. This study has been design to find out that economic perspective is the basic phenomena of cross boarder marriages in the 3rd world countries men.

Keywords: cross boarder marriages, moral attitudes, native areas, flipside, norms

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Authors: Tsuu Faith Machingura, Doreen Nkala, Daniel Madzanire

Abstract:

Higher and tertiary Education in Zimbabwe is driven by is a five-pillar Education 5.0 model, which thrusts upon teaching, community engagement, research, innovation and industrialisation. Migration from the previous three-pillar model, the focus of which was on teaching, research and community engagement, to the current one saw universities churning out prolific social entrepreneurs. Apart from examining challenges social entrepreneurs face, the study aimed to identify opportunities that are available for the country as a corollary of the proliferation of social entrepreneurs. A sample of 20 participants comprising 15 social entrepreneurs and five lecturers was purposively drawn. Focus group and face to face interviews were used to gather data. The study revealed that the current higher and tertiary education model in Zimbabwe has stimulated proliferation of social entrepreneurs. It was recommended that a sound financial support system was needed to support new entrepreneurs.

Keywords: social entrepreneurs, education 5.0, innovation, industrialisation

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Authors: Aiswarya Gopal, Kamal Bijlani, Vinoth Rengaraj, R. Jayakrishnan

Abstract:

In the business world, the term “startup” is frequently ringing the bell with the high frequency of young ventures. The main dilemma of startups is the unsuccessful management of the unique risks that have to be confronted in the present world of competition and technology. This research work tried to bring out a game based methodology to improve enough real-world experience among entrepreneurs as well as management students to handle risks and challenges in the field. The game will provide experience to the player to overcome challenges like market problems, running out of cash, poor management, and product problems which can be resolved by a proper strategic approach in the entrepreneurship world. The proposed serious game works on the life cycle of a new software enterprise where the entrepreneur moves from the planning stage to secured financial stage, laying down the basic business structure, and initiates the operations ensuring the increment in confidence level of the player.

Keywords: business model, game based learning, poor management, start up

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Authors: Akhter Hussain Najar

Abstract:

Honey bees are the best insect grown on earth and are taking the lead in the global ecosystem. Life on earth depends upon honey bees pollinating each and every flower in its reign. The global economy is balanced by providing financial attribute due to the use of valuable resources generated from honey bees like honey, royal jelly, bee venom, propolis, bee wax even queens from parent colonies is now in demand. Livelihood stability is also maintained by the rearing of honey bees; beekeeping became a new professional work to be cared for by the experts. Indigenous methodologies are used to rear honey bees. The rearing of honey bees showed variation in different states like Uttar Pradesh, Rajasthan, Haryana, Punjab, Jammu, Kashmir, etc. The production of honey depends upon the area and the availability of crops and the colonies of beekeepers in these states. However, the kind of honey from Jammu and Kashmir, like Accacia and Solai, has different color and odour from the honey generated in the rest of the states. However, the nature and viscosity vary from state to state. But in the last few years, the honey from Jammu and Kashmir has given different shapes when kept at room temperature due to unconditional rainfall during honey peak season in J&K.

Keywords: ecosystem pollen, pollination, honey bee

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Authors: Dzhavidan Zeinalov, Bugra Sen, Firangiz Aslanova

Abstract:

Most text-to-speech models cannot operate well in low-resource languages and require a great amount of high-quality training data to be considered good enough. Yet, with the improvements made in ASR systems, it is now much easier than ever to collect data for the design of custom text-to-speech models. In this work, our work on using the ASR model to collect data to build a viable text-to-speech system for one of the leading financial institutions of Azerbaijan will be outlined. NVIDIA’s implementation of the Tacotron 2 model was utilized along with the HiFiGAN vocoder. As for the training, the model was first trained with high-quality audio data collected from the Internet, then fine-tuned on the bank’s single speaker call center data. The results were then evaluated by 50 different listeners and got a mean opinion score of 4.17, displaying that our method is indeed viable. With this, we have successfully designed the first text-to-speech model in Azerbaijani and publicly shared 12 hours of audiobook data for everyone to use.

Keywords: Azerbaijani language, HiFiGAN, Tacotron 2, text-to-speech, transfer learning, whisper

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