Search results for: investment casting
1402 The Role of Transport Investment and Enhanced Railway Accessibility in Regional Efficiency Improvement in Saudi Arabia: Data Envelopment Analysis
Authors: Saleh Alotaibi, Mohammed Quddus, Craig Morton, Jobair Bin Alam
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This paper explores the role of large-scale investment in transport sectors and the impact of increased railway accessibility on the efficiency of the regional economic productivity in the Kingdom of Saudi Arabia (KSA). There are considerable differences among the KSA regions in terms of their levels of investment and productivity due to their geographical scale and location, which in turn greatly affect their relative efficiency. The study used a non-parametric linear programming technique - Data Envelopment Analysis (DEA) - to measure the regional efficiency change over time and determine the drivers of inefficiency and their scope of improvement. In addition, Window DEA analysis is carried out to compare the efficiency performance change for various time periods. Malmquist index (MI) is also analyzed to identify the sources of productivity change between two subsequent years. The analysis involves spatial and temporal panel data collected from 1999 to 2018 for the 13 regions of the country. Outcomes reveal that transport investment and improved railway accessibility, in general, have significantly contributed to regional economic development. Moreover, the endowment of the new railway stations has spill-over effects. The DEA Window analysis confirmed the dynamic improvement in the average regional efficiency over the study periods. MI showed that the technical efficiency change was the main source of regional productivity improvement. However, there is evidence of investment allocation discrepancy among regions which could limit the achievement of development goals in the long term. These relevant findings will assist the Saudi government in developing better strategic decisions for future transport investments and their allocation at the regional level.Keywords: data envelopment analysis, transport investment, railway accessibility, efficiency
Procedia PDF Downloads 1451401 Financial Instrument with High Investment Risk on the Warsaw Stock Exchange
Authors: Piotr Prewysz-Kwinto
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The market of financial instruments with high risk is developing very dynamically in recent years and attracts more and more interest of investors. It consists essentially of two groups of instruments, i.e. derivatives and exchange traded product (ETP), and each year new types are introduced and offered to investors. The aim of this paper is to present the principles concerning financial instruments with high investment risk available on the Warsaw Stock Exchange (WSE), because they have quite complex constructions, and to evaluate the development of this market. In order to achieve this aim, statistical data from 2014-2016 was analyzed. The results confirm that the financial instruments with high investment risk available on the WSE constitute a diversified and the most numerous group of financial instruments and attract the most interest of investors. Responsible investing requires, however, a good knowledge of how they work and how they can generate profit to not expose oneself to unexpected losses.Keywords: derivatives, exchange traded products (ETP), financial instruments, financial market, risk, stock exchange
Procedia PDF Downloads 3741400 The Impact of FDI on Economic Growth in Algeria
Authors: Mohammed Yagoub
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The new orientation to the market economy sponsored by the Algeria government in the early Nineties of the last century, and its desire to develop investment mechanisms and the promotion of development recently, the access into a partnership with the European Union, and the forthcoming accession to the World Trade Organization, foreign direct investment makes one of the most important means of opening up to foreign markets and bring technology and interact with globalization, this article we will discuss the impact of FDI on economic growth in the Algerian.Keywords: economic, development, markets, FDI, displacement, globalization
Procedia PDF Downloads 3551399 Human Capital Development, Foreign Direct Investment and Industrialization in Nigeria
Authors: Ese Urhie, Bosede Olopade, Muyiwa Oladosun, Henry Okodua
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In the past three and half decades, aside from the fact that the contribution of the industrial sector to gross domestic product in Nigeria has nose-dived, its performance has also been highly unstable. Investment funds needed to develop the industrial sector usually come from both internal and external sources. The internal sources include surplus generated within the industrial sector and surplus diverted from other sectors of the economy. It has been observed that due to the small size of the industrial sector in developing countries, very limited funds could be raised for further investment. External sources of funds which many currently industrialized and some ‘newly industrializing countries’ have benefited from including direct and indirect investment by foreign capitalists; foreign aid and loans; and investments by nationals living abroad. Foreign direct investment inflow in Nigeria has been declining since 2009 in both absolute and relative terms. High level of human capital has been identified as one of the crucial factors that explain the miraculous growth of the ‘Asian Tigers’. Its low level has also been identified as the major cause for the low level of FDI flow to Nigeria in particular and Africa in general. There has been positive, but slow improvement in human capital indicators in Nigeria in the past three decades. In spite of this, foreign direct investment inflow has not only been low; it has declined drastically in recent years. i) Why has the improvement in human capital in Nigeria failed to attract more FDI inflow? ii) To what extent does the level of human capital influence FDI inflow in Nigeria? iii) Is there a threshold of human capital stock that guarantees sustained inflow of FDI? iv) Does the quality of human capital matter? v) Does the influence of other (negative) factors outweigh the benefits of human capital? Using time series secondary data, a system of equations is employed to evaluate the effect of human capital on FDI inflow in Nigeria on one hand and the effect of FDI on the level of industrialization on the other. A weak relationship between human capital and FDI is expected, while a strong relationship between FDI and industrial growth is expected from the result.Keywords: human capital, foreign direct investment, industrialization, gross domestic product
Procedia PDF Downloads 2261398 Improving Public Sectors’ Policy Direction on Large Infrastructure Investment Projects: A Developmental Approach
Authors: Ncedo Cameron Xhala
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Several public sector institutions lack policy direction on how to successfully implement their large infrastructure investment projects. It is significant to improve strategic policy direction in public sector institutions in order to improve planning, management and implementation of large infrastructure investment projects. It is significant to improve an understanding of internal and external pressures that exerts pressure on large infrastructure projects. The significance is to fulfill the public sector’s mandate, align the sectors’ scarce resources, stakeholders and to improve project management processes. The study used a case study approach which was underpinned by a constructionist approach. The study used a theoretical sampling technique when selecting study participants, and was followed by a snowball sampling technique that was used to select an identified case study project purposefully. The study was qualitative in nature, collected and analyzed qualitative empirical data from the purposefully selected five subject matter experts and has analyzed the case study documents. The study used a semi-structured interview approach, analysed case study documents in a qualitative approach. The interviews were on a face-to-face basis and were guided by an interview guide with focused questions. The study used a three coding process step comprising of one to three steps when analysing the qualitative empirical data. Findings reveal that an improvement of strategic policy direction in public sector institutions improves the integration in planning, management and on implementation on large infrastructure investment projects. Findings show the importance of understanding the external and internal pressures when implementing public sector’s large infrastructure investment projects. The study concludes that strategic policy direction in public sector institutions results in improvement of planning, financing, delivery, monitoring and evaluation and successful implementation of the public sector’s large infrastructure investment projects.Keywords: implementation, infrastructure, investment, management
Procedia PDF Downloads 1461397 Evaluating the Rate of Return to Peach and Nectarine Research in South Africa: 1971-2012
Authors: Chiedza Z. Tsvakirai, Precious M. Tshabalala, Frikkie Liebenberg, Johann F. Kirsten
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Agricultural research conducted by the Agricultural Research Council has played an important role in increasing the productivity and profitability of the South African peach and nectarine industry. However, the importance of this research remains unclear to the industry stakeholders because a rate of return for this research has never been done. As a result, funding for the research at Agricultural Research Council has been waning because it is not clear how much value has been created and how much the industry stands to gain with continued research investment. Therefore, this study seeks to calculate the benefit of research investments in a bid to motivate for an increase in funding. The study utilized the supply response function to do this. The rate of return calculation revealed that agricultural research had a marginal internal rate of return of 55.9%. This means that every R1 invested yields a 56 c increase in value in the industry. Being this high, it can be concluded that investment in agricultural research is worthwhile. Thus justifies for an increase in research funding.Keywords: Benefits of research investment, productivity.
Procedia PDF Downloads 5011396 Creating Legitimate Expectations in International Energy Investments: Role of the Stability Provisions
Authors: Rahmi Kopar
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Legitimate expectations principle is considered one of the most dominant elements of the Fair and Equitable Treatment Standard which is today’s most relied upon treaty standard. Since its utilization by arbitral tribunals is relatively new, the contours of the legitimate expectations concept under investment treaty law have not been precisely defined yet. There are various fragmented views arising both from arbitral tribunals and scholarly writings with respect to its limits and use even though the principle is ‘firmly rooted in arbitral practice.’ International energy investments, due to their characteristics, are more prone to certain types of risks, especially the political risks. Thus, there are several mechanisms to protect an energy investment against those risks. Stabilisation is one of these investment protection methods. Stability provisions can be found under domestic legislations, as a contractual clause, or as a separate legal stability agreement. This paper will start by examining the roots of the contentious concept of legitimate expectations with reference to its application in domestic legal systems from where the doctrine under investment treaty law context was transplanted. Then the paper will turn to the investment treaty law and analyse the main contours of the doctrine as understood and applied by arbitral tribunals. 'What gives rise to the investor’s legitimate expectations?' question is answered mainly by three categories of sources: the general legal framework prevalent in a host state, the representations made by the officials or organs of a host state, and the contractual commitments. However, there is no unanimity among the arbitral tribunals and the scholars with respect to the form these sources should take. At this point, the study will discuss the sources of a stability provision and the effect of these stability provisions found in various legal sources in creating a legitimate expectation for the investor. The main questions to be discussed in this paper are as follows: a) Do the stability provisions found under different legal sources create a legitimate expectation on the investor side? b) If yes, what levels of legitimate expectations do they create? These questions will be answered mainly by reference to investment treaty jurisprudence.Keywords: fair and equitable treatment standard, international energy investments, investment protection, legitimate expectations, stabilization
Procedia PDF Downloads 2081395 Early-Stage Venture Investment Model: Evidence from Saudi Arabia
Authors: Tibah Alharbi, Renzo Cordina, David Power
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Relatively few studies have explored how venture capitalist investors (VCs) make investment decisions and the information they rely on when taking an equity stake in an investee company. In addition, little is known about how much investors monitor start-ups after the decision to invest has been made. The VC scene in the US or European context is understood better than that of developing countries such as those in the Middle East. Although some differences among VC investors have been identified, the reasons behind such differences have not been fully explored – especially in a country such as Saudi Arabia. Therefore, this research seeks to understand the impact of external factors on the VC investor’ behaviour. The unique cultural and legal environments in the Kingdom of Saudi Arabia, the growing VC sector in the country, and the increasing importance attached to start-ups under the Saudi Government’s Vision 2030 program make such an investigation timely. Ascertaining the perceptions of VC investors in such a context will provide a deeper understanding of the determinants of VC investment in a novel setting. Using semi-structured interviews with over 20 participants, the research explores the structure of VC funds, the cycle of the VC investment in a start-up from the sourcing of deals, the screening and evaluation of such deals, the closing of such deals, and finally, the monitoring of such investments before the decision to exit such deals at the appropriate time. The results show some similarities to the VC model, which characterizes such investment in the US and Europe, but several differences emerge given the unique cultural and legal settings within the Kingdom. The results provide an in-depth understanding of the VC investors’ mindset relative to the existing studies in the literature.Keywords: exit, monitoring, start-ups, venture capital
Procedia PDF Downloads 1391394 An Agent-Based Approach to Examine Interactions of Firms for Investment Revival
Authors: Ichiro Takahashi
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One conundrum that macroeconomic theory faces is to explain how an economy can revive from depression, in which the aggregate demand has fallen substantially below its productive capacity. This paper examines an autonomous stabilizing mechanism using an agent-based Wicksell-Keynes macroeconomic model. This paper focuses on the effects of the number of firms and the length of the gestation period for investment that are often assumed to be one in a mainstream macroeconomic model. The simulations found the virtual economy was highly unstable, or more precisely, collapsing when these parameters are fixed at one. This finding may even suggest us to question the legitimacy of these common assumptions. A perpetual decline in capital stock will eventually encourage investment if the capital stock is short-lived because an inactive investment will result in insufficient productive capacity. However, for an economy characterized by a roundabout production method, a gradual decline in productive capacity may not be able to fall below the aggregate demand that is also shrinking. Naturally, one would then ask if our economy cannot rely on an external stimulus such as population growth and technological progress to revive investment, what factors would provide such a buoyancy for stimulating investments? The current paper attempts to answer this question by employing the artificial macroeconomic model mentioned above. The baseline model has the following three features: (1) the multi-period gestation for investment, (2) a large number of heterogeneous firms, (3) demand-constrained firms. The instability is a consequence of the following dynamic interactions. (a) A multiple-period gestation period means that once a firm starts a new investment, it continues to invest over some subsequent periods. During these gestation periods, the excess demand created by the investing firm will spill over to ignite new investment of other firms that are supplying investment goods: the presence of multi-period gestation for investment provides a field for investment interactions. Conversely, the excess demand for investment goods tends to fade away before it develops into a full-fledged boom if the gestation period of investment is short. (b) A strong demand in the goods market tends to raise the price level, thereby lowering real wages. This reduction of real wages creates two opposing effects on the aggregate demand through the following two channels: (1) a reduction in the real labor income, and (2) an increase in the labor demand due to the principle of equality between the marginal labor productivity and real wage (referred as the Walrasian labor demand). If there is only a single firm, a lower real wage will increase its Walrasian labor demand, thereby an actual labor demand tends to be determined by the derived labor demand. Thus, the second positive effect would not work effectively. In contrast, for an economy with a large number of firms, Walrasian firms will increase employment. This interaction among heterogeneous firms is a key for stability. A single firm cannot expect the benefit of such an increased aggregate demand from other firms.Keywords: agent-based macroeconomic model, business cycle, demand constraint, gestation period, representative agent model, stability
Procedia PDF Downloads 1561393 The System Dynamics Research of China-Africa Trade, Investment and Economic Growth
Authors: Emma Serwaa Obobisaa, Haibo Chen
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International trade and outward foreign direct investment are important factors which are generally recognized in the economic growth and development. Though several scholars have struggled to reveal the influence of trade and outward foreign direct investment (FDI) on economic growth, most studies utilized common econometric models such as vector autoregression and aggregated the variables, which for the most part prompts, however, contradictory and mixed results. Thus, there is an exigent need for the precise study of the trade and FDI effect of economic growth while applying strong econometric models and disaggregating the variables into its separate individual variables to explicate their respective effects on economic growth. This will guarantee the provision of policies and strategies that are geared towards individual variables to ensure sustainable development and growth. This study, therefore, seeks to examine the causal effect of China-Africa trade and Outward Foreign Direct Investment on the economic growth of Africa using a robust and recent econometric approach such as system dynamics model. Our study impanels and tests an ensemble of a group of vital variables predominant in recent studies on trade-FDI-economic growth causality: Foreign direct ınvestment, international trade and economic growth. Our results showed that the system dynamics method provides accurate statistical inference regarding the direction of the causality among the variables than the conventional method such as OLS and Granger Causality predominantly used in the literature as it is more robust and provides accurate, critical values.Keywords: economic growth, outward foreign direct investment, system dynamics model, international trade
Procedia PDF Downloads 991392 Parental Investment in Education: A Pathway for the Children's Access to Quality Education
Authors: Tukur Husaini Nahuche
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The parent resources play a vital role in the life of the offspring. It help give children basic necessities of life like food, clothing, and housing. In a like manner financial assets allow parents to move into neighborhood with more affluent school systems, to pay school bills, purchase expensive technologies like personal computer, save money for tutoring books, magazines, journals, Newspapers etc. Making of proper provision in the home environment conducive for learning after school hours and creation of other outdoor activities for them are what necessitate in enhancing and accelerating children’s learning opportunities. Indeed, this paper intends to discuss parental investment in education, parent income resources, parental education, occupation, and income as relatively influencing children’s access to quality education. With the hope that families would provide equal opportunities for children irrespective of their sex, intelligence, subject choice,etc.Keywords: parental investment, children's access, quality education
Procedia PDF Downloads 5451391 Improvement of the Traditional Techniques of Artistic Casting through the Development of Open Source 3D Printing Technologies Based on Digital Ultraviolet Light Processing
Authors: Drago Diaz Aleman, Jose Luis Saorin Perez, Cecile Meier, Itahisa Perez Conesa, Jorge De La Torre Cantero
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Traditional manufacturing techniques used in artistic contexts compete with highly productive and efficient industrial procedures. The craft techniques and associated business models tend to disappear under the pressure of the appearance of mass-produced products that compete in all niche markets, including those traditionally reserved for the work of art. The surplus value derived from the prestige of the author, the exclusivity of the product or the mastery of the artist, do not seem to be sufficient reasons to preserve this productive model. In the last years, the adoption of open source digital manufacturing technologies in small art workshops can favor their permanence by assuming great advantages such as easy accessibility, low cost, and free modification, adapting to specific needs of each workshop. It is possible to use pieces modeled by computer and made with FDM (Fused Deposition Modeling) 3D printers that use PLA (polylactic acid) in the procedures of artistic casting. Models printed by PLA are limited to approximate minimum sizes of 3 cm, and optimal layer height resolution is 0.1 mm. Due to these limitations, it is not the most suitable technology for artistic casting processes of smaller pieces. An alternative to solve size limitation, are printers from the type (SLS) "selective sintering by laser". And other possibility is a laser hardens, by layers, metal powder and called DMLS (Direct Metal Laser Sintering). However, due to its high cost, it is a technology that is difficult to introduce in small artistic foundries. The low-cost DLP (Digital Light Processing) type printers can offer high resolutions for a reasonable cost (around 0.02 mm on the Z axis and 0.04 mm on the X and Y axes), and can print models with castable resins that allow the subsequent direct artistic casting in precious metals or their adaptation to processes such as electroforming. In this work, the design of a DLP 3D printer is detailed, using backlit LCD screens with ultraviolet light. Its development is totally "open source" and is proposed as a kit made up of electronic components, based on Arduino and easy to access mechanical components in the market. The CAD files of its components can be manufactured in low-cost FDM 3D printers. The result is less than 500 Euros, high resolution and open-design with free access that allows not only its manufacture but also its improvement. In future works, we intend to carry out different comparative analyzes, which allow us to accurately estimate the print quality, as well as the real cost of the artistic works made with it.Keywords: traditional artistic techniques, DLP 3D printer, artistic casting, electroforming
Procedia PDF Downloads 1371390 Fabrication and Assessment of Poly (Butylene Succinate)/Poly (ԑ-Caprolactone)/Eucomis autumnalis Cellulose Bio-Composites for Tissue Engineering Applications
Authors: Kumalo F. I., Malimabe M. A., Gumede T. P., Mosoabisane M. F. T.
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This study investigates the fabrication and characterization of bio-nanocomposites consisting of poly (butylene succinate) (PBS) and poly (ԑ-caprolactone) (PCL), reinforced with cellulose extracted from Eucomis autumnalis, a medicinal plant. Bio-nanocomposite films were prepared using the solvent casting method, with cellulose content ranging from 1 to 3 wt%. During the solution casting method, 15 ml of chloroform was used to dissolve an overall mass of 0.5g of each polymer as well as the combination of their bio-nanocomposites. Comprehensive analysis was conducted using FTIR, SEM, TEM, DSC, TGA, and XRD to assess morphological, thermal, and structural properties. Mechanical properties were not investigated due to the thin nature of the films. The results indicated significant improvements in the thermal stability and morphological properties with increasing cellulose content, showcasing the potential of these materials for tissue engineering applications. The use of cellulose extracted from a medicinal plant highlights the potential for sustainable and biocompatible materials in biomedical applications.Keywords: bio-nanocomposites, poly (butylene succinate), poly(ԑ-caprolactone), Eucomis autumnalis, medicinal plant
Procedia PDF Downloads 421389 Linking Remittances and Household Level Development in India: An Analysis of NSSO 64th Round Data
Authors: Rakesh Mishra, Mukunda Upadhyay, Rajni Singh
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This paper attempts to link remittances sent by internal as well as international out-migrants and its domestic preferences of usage in three different dimension of Household level development in India and its states. Investment of remittances in these sectors reveals for mixed choices of preferential among the states from where people have out-migrated. The multivariate analysis implies that among all three indicators of human development, health (Investment in Food and Health) is the one that attracts the major investment followed by capital formation and least on Education. Usage of the remittances has been found to be varying across all the states in India as far as usage in health, capital formation and education are concerned. Orissa, Nagaland, Madhya Pradesh, Jharkhand, Gujarat, D & H Haweli are some of the states and union territory that contributes highest of its international remittances on health, while most of the usage of the internal remittances has second or third preferences of investment on the health except for Uttar Pradesh, D & H Haweli, Arunachal Pradesh and A & N Is. This paper tries to access usage of international remittances as well as internal remittances on the flow of remittances at the micro level and its implications across three basic determinants of Human Development that is Health, Capital formation and Education coupled with the preferences of usage in presence of Several Socio economic and Demographic variable.Keywords: multivariate analysis, household development, remittances, internal and international migration
Procedia PDF Downloads 4411388 Evaluating the Relationship between Overconfidence of Senior Managers and Abnormal Cash Fluctuations with Respect to Financial Flexibility in Companies Listed in Tehran Stock Exchange
Authors: Hadi Mousavi, Majid Davoudi Nasr
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Executives can maximize profits by recognizing the factors that affect investment and using them to obtain the optimal level of investment. Inefficient markets have shortcomings that can impact the optimal level of investment, leading to the process of over-investment or under-investment. In the present study, the relationship between the overconfidence of senior managers and abnormal cash fluctuations with respect to financial flexibility in companies listed in the Tehran stock exchange from 2009 to 2013 were evaluated. In this study, the sample consists of 84 companies selected by a systematic elimination method and 420 year-companies in total. In this research, EVIEWS software was used to test the research hypotheses by linear regression and correlation coefficient and after designing and testing the research hypothesis. After designing and testing research hypotheses that have been used to each hypothesis, it was concluded that there was a significant relationship between the overconfidence of senior managers and abnormal cash fluctuations, and this relationship was not significant at any level of financial flexibility. Moreover, the findings of the research showed that there was a significant relationship between senior manager’s overconfidence and positive abnormal cash flow fluctuations in firms, and this relationship is significant only at the level of companies with high financial flexibility. Finally, the results indicate that there is no significant relationship between senior managers 'overconfidence and negative cash flow abnormalities, and the relationship between senior managers' overconfidence and negative cash flow fluctuations at the level of companies with high financial flexibility was confirmed.Keywords: abnormal cash fluctuations, overconfidence of senior managers, financial flexibility, accounting
Procedia PDF Downloads 1231387 Numerical Solution of Portfolio Selecting Semi-Infinite Problem
Authors: Alina Fedossova, Jose Jorge Sierra Molina
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SIP problems are part of non-classical optimization. There are problems in which the number of variables is finite, and the number of constraints is infinite. These are semi-infinite programming problems. Most algorithms for semi-infinite programming problems reduce the semi-infinite problem to a finite one and solve it by classical methods of linear or nonlinear programming. Typically, any of the constraints or the objective function is nonlinear, so the problem often involves nonlinear programming. An investment portfolio is a set of instruments used to reach the specific purposes of investors. The risk of the entire portfolio may be less than the risks of individual investment of portfolio. For example, we could make an investment of M euros in N shares for a specified period. Let yi> 0, the return on money invested in stock i for each dollar since the end of the period (i = 1, ..., N). The logical goal here is to determine the amount xi to be invested in stock i, i = 1, ..., N, such that we maximize the period at the end of ytx value, where x = (x1, ..., xn) and y = (y1, ..., yn). For us the optimal portfolio means the best portfolio in the ratio "risk-return" to the investor portfolio that meets your goals and risk ways. Therefore, investment goals and risk appetite are the factors that influence the choice of appropriate portfolio of assets. The investment returns are uncertain. Thus we have a semi-infinite programming problem. We solve a semi-infinite optimization problem of portfolio selection using the outer approximations methods. This approach can be considered as a developed Eaves-Zangwill method applying the multi-start technique in all of the iterations for the search of relevant constraints' parameters. The stochastic outer approximations method, successfully applied previously for robotics problems, Chebyshev approximation problems, air pollution and others, is based on the optimal criteria of quasi-optimal functions. As a result we obtain mathematical model and the optimal investment portfolio when yields are not clear from the beginning. Finally, we apply this algorithm to a specific case of a Colombian bank.Keywords: outer approximation methods, portfolio problem, semi-infinite programming, numerial solution
Procedia PDF Downloads 3041386 Managing Information Technology: An Overview of Information Technology Governance
Authors: Mehdi Asgarkhani
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Today, investment on Information Technology (IT) solutions in most organizations is the largest component of capital expenditure. As capital investment on IT continues to grow, IT managers and strategists are expected to develop and put in practice effective decision making models (frameworks) that improve decision-making processes for the use of IT in organizations and optimize the investment on IT solutions. To be exact, there is an expectation that organizations not only maximize the benefits of adopting IT solutions but also avoid the many pitfalls that are associated with rapid introduction of technological change. Different organizations depending on size, complexity of solutions required and processes used for financial management and budgeting may use different techniques for managing strategic investment on IT solutions. Decision making processes for strategic use of IT within organizations are often referred to as IT Governance (or Corporate IT Governance). This paper examines IT governance - as a tool for best practice in decision making about IT strategies. Discussions in this paper represent phase I of a project which was initiated to investigate trends in strategic decision making on IT strategies. Phase I is concerned mainly with review of literature and a number of case studies, establishing that the practice of IT governance, depending on the complexity of IT solutions, organization's size and organization's stage of maturity, varies significantly – from informal approaches to sophisticated formal frameworks.Keywords: IT governance, corporate governance, IT governance frameworks, IT governance components, aligning IT with business strategies
Procedia PDF Downloads 4011385 Grandiose Narcissists’ Adaptive Trade-Offs: Mating, Parental, and Somatic Investment
Authors: Jasmine H. Gagnon
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The present study examined how grandiose narcissists make adaptive trade-offs between mating investment, parenting investment, and somatic investment relative to individuals without narcissistic personalities. A sample of 509 males and females between the ages of 24 and 35 years old (49.31% female) completed a personality inventory assessing Honesty-Humility, Emotionality, Extraversion, Agreeableness, Conscientiousness, and Openness to Experience. In a Latent Profile Analysis (LPA), personality inventory scores were used to classify participants into latent groups. The model of best fit identified one grandiose narcissist group and three groups with non-narcissistic personalities. Covariate analyses revealed that individuals with narcissistic traits made significantly more significant somatic investments in comparison to two of the three non-narcissistic latent groups. No other significant differences between the narcissistic and non-pathological groups were found. Thus, grandiose narcissists trade off parenting and mating investments to make more significant somatic investments. That is, they expend a larger portion of their energetic resources on maintaining their physical health and careers and similar quantities of energetic resources on maintaining relationships with their offspring and potential romantic partners as individuals without narcissistic personalities.Keywords: narcissism, grandiose narcissism, HEXACO, trade-offs, mating, parenting, somatic, dark triad
Procedia PDF Downloads 771384 Investigation of Film and Mechanical Properties of Poly(Lactic Acid)
Authors: Reyhan Özdoğan, Özgür Ceylan, Mehmet Arif Kaya, Mithat Çelebi
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Food packaging is important for the food industry. Bioplastics have been used as food packaging materials. According to the European Bioplastics organization, bioplastics can be defined as plastics based on renewable resources (bio-based) or as plastics which are biodegradable and/or compostable. Poly(lactic acid) (PLA) has an industrially importance of bioplastic polymers. PLA is a family of biodegradable thermoplastic polyester made from renewable resources. It is produced by conversion of corn, or other carbohydrate sources, into dextrose, followed by fermentation into lactic acid through direct polycondensation of lactic acid monomers or through ring-opening polymerization of lactide. The processing possibilities of this transparent material are very wide, ranging from injection molding and extrusion over cast film extrusion to blow molding and thermoforming. In this study, PLA films were prepared by solution casting method. PLAs which are different molecular weights were plasticized with glycerol and the morphology of films was monitored by optical microscopy. Properties of mechanical and film of PLA were researched with the mechanical testing machine.Keywords: biodegradable, bioplastics, morphology, solution casting, poly(lactic acid)
Procedia PDF Downloads 3671383 Examining Motivational Strategies of Foreign Manufacturing Firms in Ghana
Authors: Samuel Ato Dadzie
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The objective of this study is to examine the influence of eclectic paradigm on motivational strategy of foreign subsidiaries in Ghana. This study uses binary regression model, and the analysis was based on 75 manufacturing investments made by MNEs from different countries in 1994–2008. The results indicated that perceived market size increases the probability of foreign firms undertaking a market seeking (MS) in Ghana, while perceived cultural distance between Ghana and foreign firm’s home countries decreased the probability of foreign firms undertaking an market seeking (MS) foreign direct investment (FDI) in Ghana. Furthermore, extensive international experience decreases the probability of foreign firms undertaking a market seeking (MS) foreign direct investment (FDI) in Ghana. Most of the studies done by earlier researchers were based on the advanced and emerging countries and offered support for the theory, which was used in generalizing the result that multinational corporations (MNCs) normally used the theory regarding investment strategy outside their home country. In using the same theory in the context of Ghana, the result does not offer strong support for the theory. This means that MNCs that come to Sub-Sahara Africa cannot rely much on eclectic paradigm for their motivational strategies because prevailing economic conditions in Ghana are different from that of the advanced and emerging economies where the institutional structures work.Keywords: foreign subsidiary, motives, Ghana, foreign direct investment
Procedia PDF Downloads 4241382 A Study of Environmental Investment on the Sustainable Development in United States
Authors: K. Y. Chen, Y. N. Jia, H. Chua, C. W. Kan
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In United States (US), the environmental policy went through two stages that are government control period and market mechanism period. In the government control period in the 1970s, environmental problems in U.S. are treated by mandatory direct control method, including promulgation of laws, formulation of emission standards and mandatory installation of pollution treatment equipment. After the 1980s, the environmental policy in U.S. went into the second stage, in which the government strengthened the incentives and coordination effects of market. Since then, environmental governance had been partially replaced by means of economic regulation of the market. Green Tax Policy and Marketable Pollution Permits are good examples of government's economic interventions. U.S. Federal Government regards environmental industry as high-tech industry which is promoted in this period. Therefore, in the paper, we aim to analyse the effect of environmental investment on the sustainable development in the US. Acknowledgment: Authors would like to thank the financial support from the Hong Kong Polytechnic University for this work.Keywords: United States, public environmental investment, analysis, sustainable development
Procedia PDF Downloads 2411381 Characterization of A390 Aluminum Alloy Produced at Different Slow Shot Speeds Using Assisted Vacuum High-Pressure Die Casting
Authors: Wenbo Yu, Zihao Yuan, Zhipeng Guo, Shoumei Xiong
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Under different slow shot speeds in vacuum assisted high pressure die casting (VHPDC) process, plate-shaped specimens of hypereutectic A390 aluminum alloy were produced. According to the results, the vacuum pressure inside the die cavity increased linearly with the increasing slow shot speed at the beginning of mold filling. Meanwhile, it was found that the tensile properties of vacuum die castings were deteriorated by the porosity content. In addition, the average primary Si size varies between 14µm to 23µm, which has a binary functional relationship with the slow shot speeds. Due to the vacuum effect, the castings were treated by T6 heat treatment. After heat treatment, microstructural morphologies revealed that needle-shaped and thin-flaked eutectic Si particles became rounded while Al2Cu dissolved into α-Al matrix. For the as-received sample in-situ tensile test, microcracks firstly initiate at the primary Si particles and propagated along Al matrix with a transgranular fracture mode. In contrast, for the treated sample, the crack initiated at the Al2Cu particles and propagated along Al grain boundaries with an intergranular fracture mode. In-situ three bending test, microcracks firstly formed in the primary Si particles for both samples. Subsequently, the cracks between primary Si linked along Al grain boundaries in as received sample. In contrast, the cracks in primary Si linked through the solid lines in Al matrix. Furthermore, the fractography revealed that the fracture mechanism has evolved from brittle transgranular fracture to a fracture mode with many dimples after heat treatment.Keywords: A390 aluminum, vacuum assisted high pressure die casting, heat treatment, mechanical properties
Procedia PDF Downloads 2411380 Optimization Model for Support Decision for Maximizing Production of Mixed Fresh Fruit Farms
Authors: Andrés I. Ávila, Patricia Aros, César San Martín, Elizabeth Kehr, Yovana Leal
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Planning models for fresh products is a very useful tool for improving the net profits. To get an efficient supply chain model, several functions should be considered to get a complete simulation of several operational units. We consider a linear programming model to help farmers to decide if it is convenient to choose what area should be planted for three kinds of export fruits considering their future investment. We consider area, investment, water, productivity minimal unit, and harvest restrictions to develop a monthly based model to compute the average income in five years. Also, conditions on the field as area, water availability, and initial investment are required. Using the Chilean costs and dollar-peso exchange rate, we can simulate several scenarios to understand the possible risks associated to this market. Also, this tool help to support decisions for government and individual farmers.Keywords: mixed integer problem, fresh fruit production, support decision model, agricultural and biosystems engineering
Procedia PDF Downloads 4301379 The Impact of Bilateral Investment Treaties on Health-Related Intellectual Property Rights in the Agreement on Trade-Related Aspects of Intellectual Property Rights in the Kingdom of Saudi Arabia and Australia
Authors: Abdulrahman Fahim M. Alsulami
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This paper is dedicated to a detailed investigation of the interaction between the agreement on trade-related aspects of intellectual property rights (TRIPS) and bilateral investment treaties (BITs) in the regulation of health-related intellectual property rights in Australia and the Kingdom of Saudi Arabia. The chosen research object is complex and requires a thorough examination of a set of factors influencing the problem under investigation. At the moment, to the author’s best knowledge’ there is no academic research that would conceptualize and critically compare the regulation of health-related intellectual property rights in these two countries. While there is a substantial amount of information in the literature on certain aspects of the problem, the existing knowledge about certain aspects of the health-related regulatory frameworks in Australia and Saudi Arabia barely explains in detail the specifics of the ways in which the TRIPS agreement interacts with (BITs) in the regulation of health-related intellectual property rights. Therefore, this paper will address an evident research gap by studying an intriguing yet under-researched problem. The paper comprises five subsections. The first subsection provides an overview of the investment climate in Saudi Arabia and Australia with an emphasis on the health care industry. It will cover political, economic, and social factors influencing the investment climate in these countries, the systems of intellectual property rights protection, recent patterns relevant to the investment climate’s development, and key characteristics of the investment climate in the health care industry. The second subsection analyses BITs in Saudi Arabia and Australia in light of the countries’ responsibilities under the TRIPS Agreement. The third subsection provides a critical examination of the interaction between the TRIPS Agreement and BITs in Saudi Arabia on the basis of data collected and analyzed in previous subsections. It will investigate key discrepancies concerning the regulation of health-related intellectual property rights in Saudi Arabia and Australia from the position of BITs’ interaction with the TRIPS Agreement and explore the existing procedures for clarifying priorities between them in regulating health-related intellectual property rights. The fourth subsection of the paper provides recommendations concerning the transformation of BITS into a TRIPS+ dimension in regulating health-related intellectual property rights in Saudi Arabia and Australia. The final subsection provides a summary of differences between the Australian and Saudi BITs from the perspective of the regulation of health-related intellectual property rights under the TRIPS agreement and bilateral investment treaties.Keywords: Australia, bilateral investment treaties, IP law, public health sector, Saudi Arabia
Procedia PDF Downloads 1371378 Predicting Emerging Agricultural Investment Opportunities: The Potential of Structural Evolution Index
Authors: Kwaku Damoah
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The agricultural sector is characterized by continuous transformation, driven by factors such as demographic shifts, evolving consumer preferences, climate change, and migration trends. This dynamic environment presents complex challenges for key stakeholders including farmers, governments, and investors, who must navigate these changes to achieve optimal investment returns. To effectively predict market trends and uncover promising investment opportunities, a systematic, data-driven approach is essential. This paper introduces the Structural Evolution Index (SEI), a machine learning-based methodology. SEI is specifically designed to analyse long-term trends and forecast the potential of emerging agricultural products for investment. Versatile in application, it evaluates various agricultural metrics such as production, yield, trade, land use, and consumption, providing a comprehensive view of the evolution within agricultural markets. By harnessing data from the UN Food and Agricultural Organisation (FAOSTAT), this study demonstrates the SEI's capabilities through Comparative Exploratory Analysis and evaluation of international trade in agricultural products, focusing on Malaysia and Singapore. The SEI methodology reveals intricate patterns and transitions within the agricultural sector, enabling stakeholders to strategically identify and capitalize on emerging markets. This predictive framework is a powerful tool for decision-makers, offering crucial insights that help anticipate market shifts and align investments with anticipated returns.Keywords: agricultural investment, algorithm, comparative exploratory analytics, machine learning, market trends, predictive analytics, structural evolution index
Procedia PDF Downloads 551377 Optimal Allocation of Oil Rents and Public Investment In Low-Income Developing Countries: A Computable General Equilibrium Analysis
Authors: Paule Olivia Akotto
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The recent literature suggests spending between 50%-85% of oil rents. However, there are not yet clear guidelines for allocating this windfall in the public investment system, while most of the resource-rich countries fail to improve their intergenerational mobility. We study a design of the optimal spending system in Senegal, a low-income developing country featuring newly discovered oil fields and low intergenerational mobility. We build a dynamic general equilibrium model in which rural and urban (Dakar and other urban centers henceforth OUC) households face different health, education, and employment opportunities based on their location, affecting their intergenerational mobility. The model captures the relationship between oil rents, public investment, and multidimensional inequality of opportunity. The government invests oil rents in three broad sectors: health and education, road and industries, and agriculture. Through endogenous productivity externality and human capital accumulation, our model generates the predominant position of Dakar and OUC households in terms of access to health, education, and employment in line with Senegal data. Rural households are worse off in all dimensions. We compute the optimal spending policy under two sets of simulation scenarios. Under the current Senegal public investment strategy, which weighs more health and education investments, we find that the reform maximizing the decline in inequality of opportunity between households, frontloads investment during the first eight years of the oil exploitation and spends the perpetual value of oil wealth thereafter. We will then identify the marginal winners and losers associated with this policy and its redistributive implications. Under our second set of scenarios, we will test whether the Senegalese economy can reach better equality of opportunity outcomes under this frontloading reform, by allowing the sectoral shares of investment to vary. The trade-off will be between cutting human capital investment in favor of agricultural and productive infrastructure or increasing the former. We will characterize the optimal policy by specifying where the higher weight should be. We expect that the optimal policy of the second set strictly dominates in terms of equality of opportunity, the optimal policy computed under the current investment strategy. Finally, we will quantify this optimal policy's aggregate and distributional effects on poverty, well-being, and gender earning gaps.Keywords: developing countries, general equilibrium, inequality of opportunity, oil rents
Procedia PDF Downloads 2291376 An Investigation on Energy Absorption Capacity of a Composite Metal Foam Developed from Aluminum by Reinforcing with Cermet Hollow Spheres
Authors: Fisseha Zewdie, Naresh Bhatnagar
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Lightweight and strong aluminum foam is developed by reinforcing Al-Si-Cu alloy (LM24) with Cermet Hollow Spheres (CHS) as porous creating agents. The foam samples were prepared by mixing the CHS in molten LM24 at 750°C, using gravity and stir casting. The CHSs were fabricated using a blend of silicon carbide and stainless-steel powders using the powder metallurgy technique. It was found that CHS reinforcement greatly enhances the performance of the composite metal foam, making it suitable for high impact loading applications such as crash protection and shock absorption. This study examined the strength, density, energy absorption and possible applications of the new aluminum foam. The results revealed that the LM24 foam reinforced with the CHS has the highest energy absorption of about 88 MJ/m3 among all categories of foam samples tested. Its density was found to be 1.3 g/cm3, while the strength, densification strains and porosity were 420 MPa, 34% and 70%, respectively. Besides, the matrix and reinforcement's microstructure, chemical composition, X-ray diffraction, HRTEM and related micrographic analyses are performed for characterization and verifications.Keywords: composite metal foam, hollow spheres, gravity casting, energy absorption
Procedia PDF Downloads 631375 The Superior Performance of Investment Bank-Affiliated Mutual Funds
Authors: Michelo Obrey
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Traditionally, mutual funds have long been esteemed as stand-alone entities in the U.S. However, the prevalence of the fund families’ affiliation to financial conglomerates is eroding this striking feature. Mutual fund families' affiliation with financial conglomerates can potentially be an important source of superior performance or cost to the affiliated mutual fund investors. On the one hand, financial conglomerates affiliation offers the mutual funds access to abundant resources, better research quality, private material information, and business connections within the financial group. On the other hand, conflict of interest is bound to arise between the financial conglomerate relationship and fund management. Using a sample of U.S. domestic equity mutual funds from 1994 to 2017, this paper examines whether fund family affiliation to an investment bank help the affiliated mutual funds deliver superior performance through private material information advantage possessed by the investment banks or it costs affiliated mutual fund shareholders due to the conflict of interest. Robust to alternative risk adjustments and cross-section regression methodologies, this paper finds that the investment bank-affiliated mutual funds significantly outperform those of the mutual funds that are not affiliated with an investment bank. Interestingly the paper finds that the outperformance is confined to holding return, a return measure that captures the investment talent that is uninfluenced by transaction costs, fees, and other expenses. Further analysis shows that the investment bank-affiliated mutual funds specialize in hard-to-value stocks, which are not more likely to be held by unaffiliated funds. Consistent with the information advantage hypothesis, the paper finds that affiliated funds holding covered stocks outperform affiliated funds without covered stocks lending no support to the hypothesis that affiliated mutual funds attract superior stock-picking talent. Overall, the paper findings are consistent with the idea that investment banks maximize fee income by monopolistically exploiting their private information, thus strategically transferring performance to their affiliated mutual funds. This paper contributes to the extant literature on the agency problem in mutual fund families. It adds to this stream of research by showing that the agency problem is not only prevalent in fund families but also in financial organizations such as investment banks that have affiliated mutual fund families. The results show evidence of exploitation of synergies such as private material information sharing that benefit mutual fund investors due to affiliation with a financial conglomerate. However, this research has a normative dimension, allowing such incestuous behavior of insider trading and exploitation of superior information not only negatively affect the unaffiliated fund investors but also led to an unfair and unleveled playing field in the financial market.Keywords: mutual fund performance, conflicts of interest, informational advantage, investment bank
Procedia PDF Downloads 1801374 SME Credit Financing, Financial Development and Economic Growth: A VAR Approach to the Nigerian Economy
Authors: A. Bolaji Adesoye, Alimi Olorunfemi
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This paper examines the impact of small and medium-scale enterprises (SMEs) credit financing and financial market development and their shocks on the output growth of Nigeria. The study estimated a VAR model for Nigeria using 1970-2013 annual data series. Unit root tests and cointegration are carried out. The study also explores IRFs and FEVDs in a system that includes output, commercial bank loan to SMEs, domestic credit to private sector by banks, money supply, lending rate and investment. Findings suggest that shocks in commercial bank credit to SMEs has a major impact on the output changes of Nigeria. Money supply shocks also have a sizeable impact on output growth variations amidst other financial instruments. Lastly, neutrality of investment does not hold in Nigeria as it also has impact on output fluctuations.Keywords: SMEs financing, financial development, investment, output, Nigeria
Procedia PDF Downloads 4021373 Effect of Alloying Elements on Particle Incorporation of Boron Carbide Reinforced Aluminum Matrix Composites
Authors: Steven Ploetz, Andreas Lohmueller, Robert F. Singer
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The outstanding performance of aluminum matrix composites (AMCs) regarding stiffness/weight ratio makes AMCs attractive material for lightweight construction. Low-density boride compounds promise simultaneously an increase in stiffness and decrease in composite density. This is why boron carbide is chosen for composite manufacturing. The composites are fabricated with the stir casting process. To avoid gas entrapment during mixing and ensure nonporous composites, partial vacuum is adapted during particle feeding and stirring. Poor wettability of boron carbide with liquid aluminum hinders particle incorporation, but alloying elements such as magnesium and titanium could improve wettability and thus particle incorporation. Next to alloying elements, adapted stirring parameters and impeller geometries improve particle incorporation and enable homogenous particle distribution and high particle volume fractions of boron carbide. AMCs with up to 15 vol.% of boron carbide particles are produced via melt stirring, resulting in an increase in stiffness and strength.Keywords: aluminum matrix composites, boron carbide, stiffness, stir casting
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