Search results for: market segmentation
3559 Reverse Innovation in Subsistence and Developed Markets
Authors: Hailu Getnet
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This study focus on reverse innovation on performance outcomes across developed and subsistence markets context. The subsistence market consists two third of the world population and the largest international market. To date, it has been neglected because of its issues of perceived challenges and seeming unattractiveness compared to the established markets in the west. However, subsistence markets are becoming source of reverse innovation; an innovation that is likely to be adopted first in developing world and successfully traded globally. In response, there is a growing interest on reverse innovation to power the future. Based on the theories of innovation and growing subsistence market literatures, the study propose drivers and outcomes of reverse innovation, a potential similarities and difference in benefiting and challenging firms and consumers in subsistence and developed markets.Keywords: reverse innovation, subsistence market, developing world, developed market
Procedia PDF Downloads 3143558 Bioproducts Market: European Experience and Development Prospects in Georgia
Authors: Tamar Lazariashvili
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The paper examines the market of bioproducts in the world and in Georgia. The experience of European countries in the field of production of bioproducts is shown, the level of interest of the population in these products is presented, and the tendency of the demand for them to grow is evaluated. Objectives. The purpose of the research is to identify modern challenges and develop recommendations for development opportunities based on the analysis of the European and local market of organic products. Methodologies. General and specific methods are used in the research process: comparative analysis, induction, deduction. A desk study has been conducted. Findings. It has been revealed that the production of organic products in Georgia is significantly behind the European requirements, in the market of organic products of Georgia there is a formation of a layer of consumers who are in favor of healthy food and are ready to pay a different price. Conclusions. Based on the analysis of the bioproducts market, appropriate recommendations are proposed, namely, the introduction of innovative technologies; financial and legal support by the state; provision of consulting services on the tax system; Elimination of asymmetric information in the market and others.Keywords: bioproducts market, European experience, production of bioproducts, layer of consumers.
Procedia PDF Downloads 613557 Potassium-Phosphorus-Nitrogen Detection and Spectral Segmentation Analysis Using Polarized Hyperspectral Imagery and Machine Learning
Authors: Nicholas V. Scott, Jack McCarthy
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Military, law enforcement, and counter terrorism organizations are often tasked with target detection and image characterization of scenes containing explosive materials in various types of environments where light scattering intensity is high. Mitigation of this photonic noise using classical digital filtration and signal processing can be difficult. This is partially due to the lack of robust image processing methods for photonic noise removal, which strongly influence high resolution target detection and machine learning-based pattern recognition. Such analysis is crucial to the delivery of reliable intelligence. Polarization filters are a possible method for ambient glare reduction by allowing only certain modes of the electromagnetic field to be captured, providing strong scene contrast. An experiment was carried out utilizing a polarization lens attached to a hyperspectral imagery camera for the purpose of exploring the degree to which an imaged polarized scene of potassium, phosphorus, and nitrogen mixture allows for improved target detection and image segmentation. Preliminary imagery results based on the application of machine learning algorithms, including competitive leaky learning and distance metric analysis, to polarized hyperspectral imagery, suggest that polarization filters provide a slight advantage in image segmentation. The results of this work have implications for understanding the presence of explosive material in dry, desert areas where reflective glare is a significant impediment to scene characterization.Keywords: explosive material, hyperspectral imagery, image segmentation, machine learning, polarization
Procedia PDF Downloads 1343556 Heart Murmurs and Heart Sounds Extraction Using an Algorithm Process Separation
Authors: Fatima Mokeddem
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The phonocardiogram signal (PCG) is a physiological signal that reflects heart mechanical activity, is a promising tool for curious researchers in this field because it is full of indications and useful information for medical diagnosis. PCG segmentation is a basic step to benefit from this signal. Therefore, this paper presents an algorithm that serves the separation of heart sounds and heart murmurs in case they exist in order to use them in several applications and heart sounds analysis. The separation process presents here is founded on three essential steps filtering, envelope detection, and heart sounds segmentation. The algorithm separates the PCG signal into S1 and S2 and extract cardiac murmurs.Keywords: phonocardiogram signal, filtering, Envelope, Detection, murmurs, heart sounds
Procedia PDF Downloads 1353555 Risk Management of Natural Disasters on Insurance Stock Market
Authors: Tarah Bouaricha
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The impact of worst natural disasters is analysed in terms of insured losses which happened between 2010 and 2014 on S&P insurance index. Event study analysis is used to test whether natural disasters impact insurance index stock market price. There is no negative impact on insurance stock market price around the disasters event. To analyse the reaction of insurance stock market, normal returns (NR), abnormal returns (AR), cumulative abnormal returns (CAR), cumulative average abnormal returns (CAAR) and a parametric test on AR and on CAR are used.Keywords: study event, natural disasters, insurance, reinsurance, stock market
Procedia PDF Downloads 3843554 Identifying the Gap between Adaptive Clothing Consumers and Brands
Authors: Lucky Farha, Martha L. Hall
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The current adaptive clothing brands are limited in numbers and specific categories. This study explores clothing challenges for children with Down syndrome and factors that influence their perception of adaptive clothing brands. Another aim of this study was to explore brands' challenges in the adaptive business and factors that influence their perceptions towards the adaptive market. In order to determine the market barriers affecting adaptive target market needs, the researcher applied Technology Acceptance Model. After interviewing and surveying parents/caregivers having children with Down syndrome and current adaptive brands, the results found education as the significant gap in the adaptive clothing market yet to be overcome. Based on the finding, several recommendations were suggested to improve the current barriers in the adaptive clothing market.Keywords: adaptive fashion, disability, functional clothing, clothing needs assessment, down syndrome, clothing challenge
Procedia PDF Downloads 1353553 Business Logic and Environmental Policy, a Research Agenda for the Business-to-Citizen Business Model
Authors: Mats Nilsson
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The European electricity markets have been changing from a regulated market, to in some places a deregulated market, and are now experiencing a strong influence of renewable support systems. Firm’s that rely on subsidies have a different business logic than firms acting in a market context. The article proposes that an offspring to the regular business models, the business-to-citizen, should be used. The case of the European electricity market frames the concept of a business-citizen business model, and a research agenda for this concept is outlined.Keywords: business logic, business model, subsidies, business-to-citizen
Procedia PDF Downloads 4573552 Thermal Image Segmentation Method for Stratification of Freezing Temperatures
Authors: Azam Fazelpour, Saeed R. Dehghani, Vlastimil Masek, Yuri S. Muzychka
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The study uses an image analysis technique employing thermal imaging to measure the percentage of areas with various temperatures on a freezing surface. An image segmentation method using threshold values is applied to a sequence of image recording the freezing process. The phenomenon is transient and temperatures vary fast to reach the freezing point and complete the freezing process. Freezing salt water is subjected to the salt rejection that makes the freezing point dynamic and dependent on the salinity at the phase interface. For a specific area of freezing, nucleation starts from one side and end to another side, which causes a dynamic and transient temperature in that area. Thermal cameras are able to reveal a difference in temperature due to their sensitivity to infrared radiance. Using Experimental setup, a video is recorded by a thermal camera to monitor radiance and temperatures during the freezing process. Image processing techniques are applied to all frames to detect and classify temperatures on the surface. Image processing segmentation method is used to find contours with same temperatures on the icing surface. Each segment is obtained using the temperature range appeared in the image and correspond pixel values in the image. Using the contours extracted from image and camera parameters, stratified areas with different temperatures are calculated. To observe temperature contours on the icing surface using the thermal camera, the salt water sample is dropped on a cold surface with the temperature of -20°C. A thermal video is recorded for 2 minutes to observe the temperature field. Examining the results obtained by the method and the experimental observations verifies the accuracy and applicability of the method.Keywords: ice contour boundary, image processing, image segmentation, salt ice, thermal image
Procedia PDF Downloads 3133551 Financial Literacy and Stock Market Participation: Does Gender Matter?
Authors: Irfan Ullah Munir, Shen Yue, Muhammad Shahzad Ijaz, Saad Hussain, Syeda Yumna Zaidi
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Financial literacy is fundamental to every decision-making process and has received attention from researchers, regulatory bodies and policy makers in the recent past. This study is an attempt to evaluate financial literacy in an emerging economy, particularly Pakistan, and its influence on people's stock market participation. Data of this study was collected through a structured questionnaire from a sample of 300 respondents. EFA is used to check the convergent and discriminant validity. Data is analyzed using Hayes (2013) approach. A set of demographic control variables that have passed the mean difference test is used. We demonstrate that participants with financial literacy tend to invest more in the stock market. We also find that association among financial literacy and participation in stock market gets moderated by gender.Keywords: Financial literacy, Stock market participation, Gender, PSX
Procedia PDF Downloads 1913550 Volatility Transmission between Oil Price and Stock Return of Emerging and Developed Countries
Authors: Algia Hammami, Abdelfatteh Bouri
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In this work, our objective is to study the transmission of volatility between oil and stock markets in developed (USA, Germany, Italy, France and Japan) and emerging countries (Tunisia, Thailand, Brazil, Argentina, and Jordan) for the period 1998-2015. Our methodology consists of analyzing the monthly data by the GARCH-BEKK model to capture the effect in terms of volatility in the variation of the oil price on the different stock market. The empirical results in the emerging countries indicate that the relationships are unidirectional from the stock market to the oil market. For the developed countries, we find that the transmission of volatility is unidirectional from the oil market to stock market. For the USA and Italy, we find no transmission between the two markets. The transmission is bi-directional only in Thailand. Following our estimates, we also noticed that the emerging countries influence almost the same extent as the developed countries, while at the transmission of volatility there a bid difference. The GARCH-BEKK model is more effective than the others versions to minimize the risk of an oil-stock portfolio.Keywords: GARCH, oil prices, stock market, volatility transmission
Procedia PDF Downloads 4293549 Colour Segmentation of Satellite Imagery to Estimate Total Suspended Solid at Rawa Pening Lake, Central Java, Indonesia
Authors: Yulia Chalri, E. T. P. Lussiana, Sarifuddin Madenda, Bambang Trisakti, Yuhilza Hanum
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Water is a natural resource needed by humans and other living creatures. The territorial water of Indonesia is 81% of the country area, consisting of inland waters and the sea. The research object is inland waters in the form of lakes and reservoirs, since 90% of inland waters are in them, therefore the water quality should be monitored. One of water quality parameters is Total Suspended Solid (TSS). Most of the earlier research did direct measurement by taking the water sample to get TSS values. This method takes a long time and needs special tools, resulting in significant cost. Remote sensing technology has solved a lot of problems, such as the mapping of watershed and sedimentation, monitoring disaster area, mapping coastline change, and weather analysis. The aim of this research is to estimate TSS of Rawa Pening lake in Central Java by using the Lansat 8 image. The result shows that the proposed method successfully estimates the Rawa Pening’s TSS. In situ TSS shows normal water quality range, and so does estimation result of segmentation method.Keywords: total suspended solid (TSS), remote sensing, image segmentation, RGB value
Procedia PDF Downloads 4013548 The Arabian Financial Framework in the Pre-Islamic Times: Do We Need a New Paradigm
Authors: Fahad Ahmed Qureshi
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There were abundant renowned financial markets in Pre-Islamic Arabs. Most of those were patterned and settled during pre-particularized sunshine. Those markets were classified either as vernacular markets helping the neighboring clans, or habitual markets that people sojourned to from all articulations of the Arabian Peninsula, such as Okaz near Mecca. Some of those markets had leading significance due to their geographical positions, such as Prime market of Eden, because of their entanglement in international trade i.e. with the markets of Sub-Continent, Abyssinia, Persia and China. Other markets such as Market of Yamamah annex its gist from being situated on the caravan crossroads. Islamic worldview and Islamic epistemology base of Financial Market’s realistic theory, pragmatic model and operative approach is moderately constrained in terms of its growth. The existent situation only parasol the form of accommodative-modification and splendid-methodologies, which due to depleted and decorous endeavor in explaining Islamic financial market theoretically. This is the demand of time that particular studies should be conduct to magnify the devours in developing theoretical framework for Islamic Financial Market.Keywords: Islam, financial market, history, research, product development
Procedia PDF Downloads 4043547 Choice Analysis of Ground Access to São Paulo/Guarulhos International Airport Using Adaptive Choice-Based Conjoint Analysis (ACBC)
Authors: Carolina Silva Ansélmo
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Airports are demand-generating poles that affect the flow of traffic around them. The airport access system must be fast, convenient, and adequately planned, considering its potential users. An airport with good ground access conditions can provide the user with a more satisfactory access experience. When several transport options are available, service providers must understand users' preferences and the expected quality of service. The present study focuses on airport access in a comparative scenario between bus, private vehicle, subway, taxi and urban mobility transport applications to São Paulo/Guarulhos International Airport. The objectives are (i) to identify the factors that influence the choice, (ii) to measure Willingness to Pay (WTP), and (iii) to estimate the market share for each modal. The applied method was Adaptive Choice-based Conjoint Analysis (ACBC) technique using Sawtooth Software. Conjoint analysis, rooted in Utility Theory, is a survey technique that quantifies the customer's perceived utility when choosing alternatives. Assessing user preferences provides insights into their priorities for product or service attributes. An additional advantage of conjoint analysis is its requirement for a smaller sample size compared to other methods. Furthermore, ACBC provides valuable insights into consumers' preferences, willingness to pay, and market dynamics, aiding strategic decision-making to provide a better customer experience, pricing, and market segmentation. In the present research, the ACBC questionnaire had the following variables: (i) access time to the boarding point, (ii) comfort in the vehicle, (iii) number of travelers together, (iv) price, (v) supply power, and (vi) type of vehicle. The case study questionnaire reached 213 valid responses considering the scenario of access from the São Paulo city center to São Paulo/Guarulhos International Airport. As a result, the price and the number of travelers are the most relevant attributes for the sample when choosing airport access. The market share of the selection is mainly urban mobility transport applications, followed by buses, private vehicles, taxis and subways.Keywords: adaptive choice-based conjoint analysis, ground access to airport, market share, willingness to pay
Procedia PDF Downloads 693546 Text Data Preprocessing Library: Bilingual Approach
Authors: Kabil Boukhari
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In the context of information retrieval, the selection of the most relevant words is a very important step. In fact, the text cleaning allows keeping only the most representative words for a better use. In this paper, we propose a library for the purpose text preprocessing within an implemented application to facilitate this task. This study has two purposes. The first, is to present the related work of the various steps involved in text preprocessing, presenting the segmentation, stemming and lemmatization algorithms that could be efficient in the rest of study. The second, is to implement a developed tool for text preprocessing in French and English. This library accepts unstructured text as input and provides the preprocessed text as output, based on a set of rules and on a base of stop words for both languages. The proposed library has been made on different corpora and gave an interesting result.Keywords: text preprocessing, segmentation, knowledge extraction, normalization, text generation, information retrieval
Procedia PDF Downloads 903545 Immigrants in the Polish Labour Market
Authors: Jagoda Przybysz
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The main objective of this paper is to provide a comprehensive description of the immigrants in Poland, especially situation at the labour market. The paper will provide descriptive information on the composition of immigrants in Poland, and how this has changed over time, their socio-economic characteristics, their industry allocation and their labour market outcomes. Then we will investigate various labour market performance indicators (labour force participation, employment, wages and self-employment) for immigrants of different origins based on reached statistics. Individual interviews with immigrants will indicate areas of problems of living in Poland, mostly on labour market. The article shows that immigrants from some ethnic minority groups are more active in selected sectors of labour market. The empirical basis for the work related to the situation on the labor market of foreigners who came to the Poland and live in Lodz. The studies assumed that foreigners work in Poland and operate in different ways being integrated / excluded in varying degrees. Theoretical framework for analysis are: concepts of inclusion and exclusion, the concept of a dual labour market and the concept of social anchors. Completed in the 2014-2016, a pilot study (The forms of individual interviews) with 32 foreigners arrived in the last decade to Lodz. Preliminary studies have enabled the formulation of research issues and have set the future direction of research revealing to the personal experiences of respondents, a group of factors hindering integration and exclusion areas.Keywords: foreigners, immigrants, labour market, migration, Poland
Procedia PDF Downloads 1713544 Financial Portfolio Optimization in Turkish Electricity Market via Value at Risk
Authors: F. Gökgöz, M. E. Atmaca
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Electricity has an indispensable role in human daily life, technological development and economy. It is a special product or service that should be instantaneously generated and consumed. Sources of the world are limited so that effective and efficient use of them is very important not only for human life and environment but also for technological and economic development. Competitive electricity market is one of the important way that provides suitable platform for effective and efficient use of electricity. Besides benefits, it brings along some risks that should be carefully managed by a market player like Electricity Generation Company. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Value at Risk methods for case studies. Performance of optimal electricity sale solutions are measured and the portfolio performance has been evaluated via Sharpe-Ratio, and compared with conventional approach. Biennial historical electricity price data of Turkish Day Ahead Market are used to demonstrate the approach.Keywords: electricity market, portfolio optimization, risk management, value at risk
Procedia PDF Downloads 3083543 Protection towards Investor: Enforcement of the Authorities of Indonesian Financial Services Authority (OJK) during Capital Market Integration
Authors: Muhammad Ilham Agus Salim, Muhammad Ikbal
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The ASEAN Economic Community (AEC) was set up in 2003 with the objectives of creating a single market and production base, enhancing equitable economic development as well as facilitating the integration into the global economy. The AEC involves liberalization and facilitation of trade in goods, skilled labour, services, and investment, as well as protection and promotion of investment. The thesis outlines the AEC Blueprint actions in scope of globalization of investment and capital market. Free flows of investment and freer flows of capital market urge countries in South East Asia to coordinate and to collaborate in securing the interest of public, and this leads to the importance of financial services authorities in ASEAN to prepare the mechanism of guarding the flows of investment. There is no exception, especially for Indonesian Financial Services Authority (OJK) as one of the authorized body in capital market supervision, to enforce its authorities as supervisory body.Keywords: AEC blueprint, OJK, capital market, integration
Procedia PDF Downloads 3093542 The Presence of Investor Overconfidence in the South African Exchange Traded Fund Market
Authors: Damien Kunjal, Faeezah Peerbhai
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Despite the increasing popularity of exchange-traded funds (ETFs), ETF investment choices may not always be rational. Excess trading volume, misevaluations of securities, and excess return volatility present in financial markets can be attributed to the influence of the overconfidence bias. Whilst previous research has explored the overconfidence bias in stock markets; this study focuses on trading in ETF markets. Therefore, the objective of this study is to investigate the presence of investor overconfidence in the South African ETF market. Using vector autoregressive models, the lead-lag relationship between market turnover and the market return is examined for the market of South African ETFs tracking domestic benchmarks and for the market of South African ETFs tracking international benchmarks over the period November 2000 till August 2019. Consistent with the overconfidence hypothesis, a positive relationship between current market turnover and lagged market return is found for both markets, even after controlling for market volatility and cross-sectional dispersion. This relationship holds for both market and individual ETF turnover suggesting that investors are overconfident when trading in South African ETFs tracking domestic benchmarks and South African ETFs tracking international benchmarks since trading activity depends on past market returns. Additionally, using the global recession as a structural break, this study finds that investor overconfidence is more pronounced after the global recession suggesting that investors perceive ETFs as risk-reducing assets due to their diversification benefits. Overall, the results of this study indicate that the overconfidence bias has a significant influence on ETF investment choices, therefore, suggesting that the South African ETF market is inefficient since investors’ decisions are based on their biases. As a result, the effect of investor overconfidence can account for the difference between the fair value of ETFs and its current market price. This finding has implications for policymakers whose responsibility is to promote the efficiency of the South African ETF market as well as ETF investors and traders who trade in the South African ETF market.Keywords: exchange-traded fund, market return, market turnover, overconfidence, trading activity
Procedia PDF Downloads 1593541 Competition in Kenya: The Legal and Institutional Framework and an Appraisal of Key Market Players
Authors: Edwin Njoroge Kimani, Alan M. Munyao
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Despite Kenya’s status as a regional economic powerhouse, it struggles with economic shocks that expose the consumers. This, however, seems not to affect major cooperates such as those in the telecommunication and energy sectors. Through their operations, they have not only been able to fluctuate prices at will but also they have been accused of curtailing their rivals from penetrating the market. This study, through literature review of the legal and institutional framework, reports and publications interrogates the law and uncovers the following; i) failings of the legal framework to define market dominance and abuse of such positions, ii) the participation of the state, iii) the inertia of the government to prosecute corporations that abuse their market dominance, iv) the role of the state as a market player and as a regulator through the Competition Authority of Kenya. This study concludes that the market distortion is as a result of weak legal and institutional framework as well as conflict of interest by the government. Not much has been researched in the field of competition law the greater East Africa. This research is intended to form part of the growing research in the field and inform legal reform.Keywords: competition law, economic power, dominance, Kenya
Procedia PDF Downloads 2163540 Financial Portfolio Optimization in Electricity Markets: Evaluation via Sharpe Ratio
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
Procedia PDF Downloads 3533539 Immigration and Gender Equality – An Analysis of the Labor Market Characteristics of Turkish Migrants Living in Germany
Authors: C. Asarkaya, S. Z. Siretioglu Girgin
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Turkish migrants constitute the largest group among people with migration background living in Germany. Turkish women’s labor market participation is of significant importance for their social and economic integration to the German society. This paper thus aims to investigate their labor market positions. Turkish migrant women participate less in the labor market compared to men, and are responsible for most of the housework, child care, and elderly care. This is due to their traditional roles in the family, educational level, insufficient knowledge of German language, and insufficient professional experience. We strongly recommend that wide-reaching integration policies for women are formulated, so as to encourage participation of not only migrant women but also their husbands, fathers and/or brothers, and natives.Keywords: empowerment, Germany, labor market, migration, Turkish, women
Procedia PDF Downloads 4873538 Internal Capital Market Efficiency Study Based on Improved Cash Flow Sensitivity Coefficient - Take Tomorrow Group as an Example
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Because of the difficulty of financing from the external capital market, the reorganization and merger of private enterprises have formed a family group, seeking the help of the internal capital market to alleviate the capital demand. However, the inefficiency of the internal capital market can damage the effect it should have played, and even hinder the development of enterprises. This paper takes the "Tomorrow Group" as the research object to carry on the case analysis. After using the improved cash flow sensitivity coefficient to measure the efficiency of the internal capital market of Tomorrow Group, the inefficiency phenomenon is found. Then the analysis reveals that the reasons for its inefficiency include that the pyramidal equity structure is conducive to control, the separation of cash flow rights and control rights, the concentration of equity leads to poor balance, the abandonment of real industries and information asymmetry.Keywords: tomorrow group, internal capital market, related-party transactions, Baotou tomorrow technology Co., LTD
Procedia PDF Downloads 1273537 Estimating the Volatilite of Stock Markets in Case of Financial Crisis
Authors: Gultekin Gurcay
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In this paper, effects and responses of stock were analyzed. This analysis was done periodically. The dimensions of the financial crisis impact on the stock market were investigated by GARCH model. In this context, S&P 500 stock market is modeled with DAX, NIKKEI and BIST100. In this way, The effects of the changing in S&P 500 stock market were examined on European and Asian stock markets. Conditional variance coefficient will be calculated through garch model. The scope of the crisis period, the conditional covariance coefficient will be analyzed comparatively.Keywords: conditional variance coefficient, financial crisis, garch model, stock market
Procedia PDF Downloads 2883536 On the Importance of Quality, Liquidity Level and Liquidity Risk: A Markov-Switching Regime Approach
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
Procedia PDF Downloads 3953535 Fama French Four Factor Model: A Study of Nifty Fifty Companies
Authors: Deeksha Arora
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The study aims to explore the applicability of the widely used asset pricing models, namely, Capital Asset Pricing Model (CAPM) and the Fama-French Four Factor Model in the Indian equity market. The study will be based on the companies that form part of the Nifty Fifty Index for a period of five years: 2011 to 2016. The asset pricing model is examined by forming portfolios on the basis of three variables – market capitalization (size effect), book-to-market equity ratio (value effect) and profitability. The study provides a basis to test the presence of the Fama-French Four factor model in Indian stock market. This study may provide a basis for future research in the generalized asset pricing model comprising of multiple risk factors.Keywords: book to market equity, Fama French four factor model, market capitalization, profitability, size effect, value effect
Procedia PDF Downloads 2553534 Legal Disputes of Disclosure and Transparency under Kuwaiti Capital Market Authority Law
Authors: Mohammad A. R. S. Almutairi
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This study will provide the introduction that constitutes the problem cornerstone of legal disputes of disclosure and transparency under Kuwaiti Capital market authority Law No. 7 of 2010. It also will discuss the reasons for the emergence of corporate governance and its purposes in the Capital Market Authority Law in Kuwait. In addition, it will show the legal disputes resulting from the unclear concept of disclosure and interest and will discuss the main reasons in support of the possible solution. In addition, this study will argue why the Capital Market Authority Law in Kuwait needs a clear concept and a straight structure of disclosure under section 100. This study will demonstrate why a clear disclosure is led to a better application of the law. This study will demonstrate the fairness in applying the law regarding the punishment against individual, companies and securities market. Furthermore, it will discuss added confidence between investors and the stock market with a clear concept under section 100. Finally, it will summarize arises problem and possible solution.Keywords: corporate governors, disclosure, transparency, fairness
Procedia PDF Downloads 1363533 The Impact of Bitcoin on Stock Market Performance
Authors: Oliver Takawira, Thembi Hope
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This study will analyse the relationship between Bitcoin price movements and the Johannesburg stock exchange (JSE). The aim is to determine whether Bitcoin price movements affect the stock market performance. As crypto currencies continue to gain prominence as a safe asset during periods of economic distress, this raises the question of whether Bitcoin’s prosperity could affect investment in the stock market. To identify the existence of a short run and long run linear relationship, the study will apply the Autoregressive Distributed Lag Model (ARDL) bounds test and a Vector Error Correction Model (VECM) after testing the data for unit roots and cointegration using the Augmented Dicker Fuller (ADF) and Phillips-Perron (PP). The Non-Linear Auto Regressive Distributed Lag (NARDL) will then be used to check if there is a non-linear relationship between bitcoin prices and stock market prices.Keywords: bitcoin, stock market, interest rates, ARDL
Procedia PDF Downloads 963532 Combined Effect of Heat Stimulation and Delay Addition of Superplasticizer with Slag on Fresh and Hardened Property of Mortar
Authors: Antoni Wibowo, Harry Pujianto, Dewi Retno Sari Saputro
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The stock market can provide huge profits in a relatively short time in financial sector; however, it also has a high risk for investors and traders if they are not careful to look the factors that affect the stock market. Therefore, they should give attention to the dynamic fluctuations and movements of the stock market to optimize profits from their investment. In this paper, we present a nonlinear autoregressive exogenous model (NARX) to predict the movements of stock market; especially, the movements of the closing price index. As case study, we consider to predict the movement of the closing price in Indonesia composite index (IHSG) and choose the best structures of NARX for IHSG’s prediction.Keywords: NARX (Nonlinear Autoregressive Exogenous Model), prediction, stock market, time series
Procedia PDF Downloads 2363531 Untapped Market of Islamic Pension Fund: Muslim Attitude and Expectation
Authors: Yunice Karina Tumewang
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As we have seen, the number of Muslim and their awareness toward financial products and services that conform to Islamic principles are growing rapidly today. Thus, it makes the market environment potentially beneficial for Shari-compliant funds with the expanding prospective client base. However, over the last decade, only small portion of this huge potential market has been covered by the established Islamic asset management firms. This study aims to examine the factors of this untapped market particularly in the demand side. This study will use the qualitative method with primary data through a questionnaire distributed to 500 samples of Muslim population. It will shed light on Muslim attitudes and expectations toward Sharia-compliant retirement planning and pensions. It will also help to raise the awareness of market players to see Islamic pension fund as a promising industry in the foreseeable future.Keywords: Islamic marketing, Islamic finance, Islamic asset management, Islamic pension fund
Procedia PDF Downloads 3323530 Wheat Production and Market in Afghanistan
Authors: Fayiz Saifurahman, Noori Fida Mohammad
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Afghanistan produces the highest rate of wheat, it is the first source of food, and food security in Afghanistan is dependent on the availability of wheat. Although Afghanistan is the main producer of wheat, on the other hand, Afghanistan is the largest importers of flour. The objective of this study is to assess the structure and dynamics of the wheat market in Afghanistan, can compute with foreign markets, and increase the level of production. To complete this, a broad series of secondary data was complied with, group discussions and interviews with farmers, agricultural and market experts. The research findings propose that; the government should adopt different policies to support the local market. The government should distribute the seed, support financially and technically to increase wheat production.Keywords: Afghanistan, wheat, production , import
Procedia PDF Downloads 156