Search results for: sharia compliant stocks

Authors: DucTho Le, Duy Kien Dao, Quoc Tinh Bui, Haidang Phan

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The article is concerned with the motion of ultrasonic guided waves in a unidirectional fiber-reinforced composite plate under acoustic sources. Such unidirectional composite material has orthotropic elastic properties as it is very stiff along the fibers and rather compliant across the fibers. The dispersion equations of free Lamb waves propagating in an orthotropic layer are derived that results in the dispersion curves. The connection of these equations to the Rayleigh-Lamb frequency relations of isotropic plates is discussed. By the use of reciprocity in elastodynamics, closed-form solutions of elastic wave motions subjected to time-harmonic loads in the layer are computed in a simple manner. We also consider the problem of Lamb waves generated by a set of time-harmonic sources. The obtained computations can be very useful for developing ultrasound-based methods for nondestructive evaluation of composite structures.

Keywords: lamb waves, fiber-reinforced composite plates, dispersion equations, nondestructive evaluation, reciprocity theorems

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Authors: Rahasanica Nariswari Pratiwi, Maulana Syaiful Haq

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The role of accounting in Islamic Banking is not only as economic reality but also as religious reality. Religious reality constructed by religious value in annual report of Islamic Bank. Thus, the purpose of this paper is to understand and analyze the existence of religious values by form of photographs in annual report, and to analyze the reason of religious values disclosure in annual report. Ontologically, this study is build on a belief that annual report is a communication media to show the ways Islamic Banks express adherence to sharia principle. The research has done by analyzing the photographs in annual report of Bank Syariah Mandiri (BSM), Bank Muamalat Indonesia (BMI), Bank Nasional Indonesia (BNI) Syariah, Bank Rakyat Indonesia (BRI) Syariah, and Bank Central Asia (BCA) Syariah in Indonesia. This study is qualitative research, was carried out within interpretive paradigm using semiotic approach. By employing semiotic analysis, this research showed that annual report of Islamic Bank in Indonesia contained religious value by the form of its photographs. The results of this study also show that photographs in annual report of Islamic Banks in this research contained religious values. Furthermore, this study concludes that Islamic banks actually expressed religious reality and make them different from the other bank’s annual report which focuses only on economic reality. This indicates Islamic Banks obidience existence about responsibility, not only to the stakeholders but also to the society and Allah.

Keywords: Islamic banking, semiotics, accounting, annual report

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Authors: Adji Achmad Rinaldo Fernandes

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Path analysis is an analytical technique to study the causal relationship between independent and dependent variables. In this study, the integration of Clusters in the Ward Linkage method was used in a variety of clusters with path analysis. The variables used are character (x₁), capacity (x₂), capital (x₃), collateral (x₄), and condition of economy (x₄) to on time pay (y₂) through the variable willingness to pay (y₁). The purpose of this study was to compare the Ward Linkage method cluster integration in various clusters with path analysis to classify willingness to pay (y₁). The data used are primary data from questionnaires filled out by customers of Bank X, using purposive sampling. The measurement method used is the average score method. The results showed that the Ward linkage method cluster integration with path analysis on 2 clusters is the best method, by comparing the coefficient of determination. Variable character (x₁), capacity (x₂), capital (x₃), collateral (x₄), and condition of economy (x₅) to on time pay (y₂) through willingness to pay (y₁) can be explained by 58.3%, while the remaining 41.7% is explained by variables outside the model.

Keywords: cluster integration, linkage, path analysis, compliant paying behavior

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Authors: Chapman Eze Nnadozie

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Relational databases constitute a very vital tool for the effective management and administration of both personal and organizational data. Data access ranges from a single user database management software to a more complex distributed server system. This paper intends to appraise the use a programming language extension like structured query language (SQL) to establish links to a relational database (Microsoft Access 2013) using Visual C++ 9 programming language environment. The methodology used involves the creation of tables to form a database using Microsoft Access 2013, which is Object Linking and Embedding (OLE) database compliant. The SQL command is used to query the tables in the database for easy extraction of expected records inside the visual C++ environment. The findings of this paper reveal that records can easily be accessed and manipulated to filter exactly what the user wants, such as retrieval of records with specified criteria, updating of records, and deletion of part or the whole records in a table.

Keywords: data access, database, database management system, OLE, programming language, records, relational database, software, SQL, table

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Authors: Mahdi Momeni

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The arrival of Mysticism to the subcontinent can be generally divided into two periods. The first period, was the Sporadic arrival of Sufis whom were traveling to the subcontinent according to the tradition of disquisition and the second period was; when the Sufi dynasties were sending missionaries and caliphs to guide and promote people from different direction to that land. Among the Sufi dynasty that entered to India in the thirteenth century, two dynasties of Chishti and Suhrawardîya were more successful than other Sufi dynasties. And thus they are very important in the spread of Islam and Mysticism to the subcontinent. Suhrawardiyya dynasty was founded by Sheikh Ziauddin Abu Najib Suhrawardi and was developed and spread by his nephew Sheikh Shahabuddin Suhrawardi Abo hafs Omar. Sheikh Shahabuddin sent many Caliphs and missionaries to India. Among these missionaries were People like Sultan Sakhi Sarwar, Seyyed Noureddin Mobarak Ghaznavi, Sheikh Jalal al-din Tabrizi and Sheikh Zakariya Multani. Since Suhrawardiyya doctrine relies on Asceticism and Sharia, so one of the important elements among Suhrawardiyya missionaries was inviting people to Islam. Accordingly Sheikh Shahab Caliphs had a great role in the spread of Islam and Mysticism in different territories, especially India. Such that it can be pointed out is the the role of Sheikh Baha-ud-din Zakariya Multani, the founder of Suhrawardiyya Dynasty in India. Sheikh Zakaria Multani after working in three areas, establishing monasteries, training managers, having numerous trips to different places, participating to social affairs provided the spread of Islam and Mysticism in subcontinent. This paper studies his role and actions in the subcontinent.

Keywords: islam, sufism, Suhrawardiyya, subcontinent, Multan

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Authors: Vishwa Nath Maurya, Rama Shanker Sharma, Saad Talib Hasson Aljebori, Avadhesh Kumar Maurya, Diwinder Kaur Arora

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Present paper deals with problems of determining the relationship between the variables of corporate governance and financial performance of Islamic banks. Here, we dealt with the corporate governance in the banking sector, where increasing the importance of corporate governance, due to their special nature, as the bankruptcy of banks affects not only the relevant parties from customers, depositors and lenders, but also affect financial stability and then the economy as a whole. Through this paper we dealt to the specificity of governance in Islamic banks, which face double governance: Anglo-Saxon governance system and Islamic governance system. In addition, we focused our attention to measure the impact of corporate governance variables on financial performance through an empirical study on a sample of Islamic banks during the period 2005-2012 in the GCC region. Our present study implies that there is a very strong relationship between the variables of governance and financial performance of Islamic banks, where there is a positive relationship between return on assets and the composition of the Board of Directors, the size of the Board of Directors, the number of committees in the Council, as well as the number of members of the Sharia Supervisory Board, while it is clear that there is a negative relationship between return on assets and concentration ownership.

Keywords: correlation analysis, parametric estimation, corporate governance, financial performance, financial stability, conventional banks, bankruptcy, Islamic governance system

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Authors: Abisola Akinola, Akinsulere Femi

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The stock market has continually been a source of economic development in most developing countries. This study examined the relationship between investors’ ratio analysis and profitability of quoted companies in Nigeria using secondary data obtained from the annual reports of forty-two (42) companies. The study employed the multiple regression technique to analyze the relationship between investors’ ratio analysis (measured by dividend per share and earning per share) and profitability (measured by the return on equity). The results from the analysis show that investors’ ratio analysis, when measured by earnings per share, have a positive and significant impact on profitability. However, the study noted that investors’ ratio analysis, when measured by dividend per share, tend to have a positive impact on profitability but it is statistically insignificant. By implication, investors and other stakeholders that are interested in investing in stocks can predict the earning capacity of listed firms in the stock market.

Keywords: dividend per share, earnings per share, profitability, return on equity

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Authors: Helee Dave

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Globalization has helped in the growth and change of the Indian economy to a great extent. The purchasing power of Indians has increased. IT Infrastructure has considerably improved in India. There is an increase in the usage of smartphones. The smartphones facilitate all sorts of work now a day, from getting groceries to planning a tour; it is just one click away. Similar is the case with equity trading. The traders in equity market can now deal with their stocks through mobile applications eliminating the middle man. The traders do not have an option but to open a dematerialization account with the banks which are compulsory enough irrespective of their mode of transaction that is online or offline. Considering that India is a young country having more than 50% of its population below the age of 25 and 65% of its population below the age of 35; this youth is comfortable with the usage of smartphones. The banking industry is also providing a virtual platform supporting equity market industry. Yet equity trading through online applications is at an infant stage. This paper primarily attempts to understand challenges and opportunities faced by equity trading through mobile apps in India.

Keywords: BPO, business process outsourcing, de-materialization account, equity, ITES, information technology enabled services

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Authors: Jonas Hinker, Lisa Zumholz, Johanna M. A. Myrzik

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Despite strong efforts by the German government to make a transition to higher quality level of building stocks, the rate of renovation continues to remain below the proclaimed level of 2%. As the mandatory standards for residential retrofits are well-balanced in such a way that strict adherence to them guarantees profit from the investment, it becomes difficult to explain the reasons why there are so many people hesitant with their investments. Risks and transaction costs can be understood as socio-technical boundaries and have to be taken into consideration to be able to understand why a worthwhile investment is postponed or rejected. This paper therefore presents a method for investment analyses that is focused on such socio-technical constraints, which helps to reveal the strongest misconceptions of home owners. By depicting sensitivities and risk factors in an integrated and impartial way, such a tool can be utilized by home owners to address reservations and misunderstandings. In the end, this leads to an exploitation of smaller energy efficiency measures that makes up a big demand reduction in the residential sector altogether.

Keywords: energy refurbishment, investment analysis, residential buildings, risk-aware investment strategy

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Authors: Hasan Al Bashar Abul Ulayee, AKM Saifun Nabi, MD Mesbah-Ul-Awal

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Alert system for disaster management is common now a day and can play a vital role reducing devastation and saves lives and costs. An alert in right time can save thousands of human life, help to take shelter, manage other assets including live stocks and above all, a right time alert will help to take preparation to face and early recovery of the situation. In a country like Bangladesh where populations is more than 170 million and always facing different types of natural calamities and disasters, an early right time alert is very effective and implementation of alert system is challenging. The challenge comes from the time constraint of alerting the huge number of population. The other method of existing disaster management pre alert is traditional, sequential and non-selective so efficiency is not good enough. This paper describes a way by which alert can be provided to maximum number of people within the short time bound using parallel processing as well as random selection of selective target audience.

Keywords: alert system, Bangladesh, disaster management, parallel processing, SMS

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Authors: Zahirah Dhurmeea, Iker Zudaire, Heidi Pethybridge, Emmanuel Chassot, Maria Cedras, Natacha Nikolic, Jerome Bourjea, Wendy West, Chandani Appadoo, Nathalie Bodin

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Scientific advice on the status of fish stocks relies on indicators that are based on strong assumptions on biological parameters such as condition, maturity and fecundity. Currently, information on the biology of albacore tuna, Thunnus alalunga, in the Indian Ocean is scarce. Consequently, many parameters used in stock assessment models for Indian Ocean albacore originate largely from other studied stocks or species of tuna. Inclusion of incorrect biological data in stock assessment models would lead to inappropriate estimates of stock status used by fisheries manager’s to establish future catch allowances. The reproductive biology of albacore tuna in the western Indian Ocean was examined through analysis of the sex ratio, spawning season, length-at-maturity (L50), spawning frequency, fecundity and fish condition. In addition, the total lipid content (TL) and lipid class composition in the gonads, liver and muscle tissues of female albacore during the reproductive cycle was investigated. A total of 923 female and 867 male albacore were sampled from 2013 to 2015. A bias in sex-ratio was found in favour of females with fork length (LF) <100 cm. Using histological analyses and gonadosomatic index, spawning was found to occur between 10°S and 30°S, mainly to the east of Madagascar from October to January. Large females contributed more to reproduction through their longer spawning period compared to small individuals. The L50 (mean ± standard error) of female albacore was estimated at 85.3 ± 0.7 cm LF at the vitellogenic 3 oocyte stage maturity threshold. Albacore spawn on average every 2.2 days within the spawning region and spawning months from November to January. Batch fecundity varied between 0.26 and 2.09 million eggs and the relative batch fecundity (mean  standard deviation) was estimated at 53.4 ± 23.2 oocytes g-1 of somatic-gutted weight. Depending on the maturity stage, TL in ovaries ranged from 7.5 to 577.8 mg g-1 of wet weight (ww) with different proportions of phospholipids (PL), wax esters (WE), triacylglycerol (TAG) and sterol (ST). The highest TL were observed in immature (mostly TAG and PL) and spawning capable ovaries (mostly PL, WE and TAG). Liver TL varied from 21.1 to 294.8 mg g-1 (ww) and acted as an energy (mainly TAG and PL) storage prior to reproduction when the lowest TL was observed. Muscle TL varied from 2.0 to 71.7 g-1 (ww) in mature females without a clear pattern between maturity stages, although higher values of up to 117.3 g-1 (ww) was found in immature females. TL results suggest that albacore could be viewed predominantly as a capital breeder relying mostly on lipids stored before the onset of reproduction and with little additional energy derived from feeding. This study is the first one to provide new information on the reproductive development and classification of albacore in the western Indian Ocean. The reproductive parameters will reduce uncertainty in current stock assessment models which will eventually promote sustainability of the fishery.

Keywords: condition, size-at-maturity, spawning behaviour, temperate tuna, total lipid content

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Authors: Mustapha Abdulkadir Gana, Jibrin Attahiru Alhassan, Adamu Musa Baba

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The exponential growth of information sources, resources and the continued Communication Technology (ICT) sophistication of libraries all over the world call for capable and ICT compliant librarians in Nigeria, this article assesses the digital literacy skills of librarians in tertiary institutions in Niger state. The survey research method was applied in the study using a random sampling technique to draw the sample. Fifty-eight copies of the questionnaire were administered while forty-nine copies were completed, returned, and used in the study, which represents 84% of the response rate. Two research questions were answered, and data were analyzed using Statistical Package for the Social Sciences (SPSS). The finding uncovered that the librarians lack the requisite digital literacy skills to access the wealth of digital information resources available. The study recommends some steps to turn around the situations amongst; librarians must be empowered with all necessary digital literacy skills, embark on rigorous training and retraining programs, workshops, conferences, and seminars, there should also be a coherent training policy for the librarians on a sustainable basis to increase their requisite digital literacy skills.

Keywords: digital, information, literacy, skills

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Authors: Syaza Bt. Saifuddin, Rashidi Bin Othman, Muhammad Hafizuddin Akmal Bin Md Hashim, Ismail Bin Jasmani, Noor Hanita Bt. Abdul Majid

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This paper illustrates the background of various concepts, approaches, terminologies used to describe the basic framework of an Islamic Hotel Room design. This paper reviews the theoretical views in establishing a suitable and optimum environment for Muslim as well as non-Muslim guests in hotel rooms while according to shariah. It involves a few research methodologies that requires the researcher to study on a few characteristics needed to create more efficient rooms in terms of social interaction, economic growth and other tolerable elements. This paper intends on revealing the elements that are vital and may contribute for hotels in achieving a more conclusive research on space planning for hotel rooms focusing on the shariah and Muslim guests. Malaysia is an Islamic country and has billion of tourists coming over for business and recreational purposes. Therefore, having a righteous environment that best suit this target user is important in terms of generating the economy as well as providing a better understanding to the community on the benefits of applying these qualities in a conventional resort design.

Keywords: design, Islam, room, shariah compliant hotel

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Authors: Widayat Widayat

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Nowday, in the modern investment era, household behavior on investment is a topic that is quite warm. The development of the modern investment, indicated by the emergence of a variety of investment instruments, such as stocks, bonds and various forms of derivatives, affected on the complexity of choosing an investment, especially for traditional societies. Various studies show that there is more than one factor acting as a behavioral antesenden decide to choose an investment instrument. One of the factors, which contribute in determining the investment option is ethnic. Society with a particular sub-culture tend to prefer investing their particular instrument. This is because they have the values, norms and different social environmental. This article is designed to test the impact of sub-cultures between Osing-Java as moderator, in investing. The study was conducted in Banyuwangi, East Java Province of Indonesia. Data were collected using questionnaires, which is given to the head of the household respondents were selected as samples. Sample of households selected by multistage sampling method. The data have been collected processed using SmartPLS software and testing moderating effects using grouped sample test. The result showed that sub-ethnic and has a significant role in determining the investment.

Keywords: investment behaviour, household, moderating, sub ethnic

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Authors: Guillaume Craveur

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The work presented here shows a study on several parameters identified as influencing dwell times for trains. Three kinds of rolling stocks are studied for this project and the parameters presented are the number of passengers, the allocation of passengers, their priorities, the platform station height, the door width and the train design. In order to make this study, a lot of records have been done in several stations in Paris (France). Then, in order to study these parameters, numerical simulations are completed. The goal is to quantify the impact of each parameter on the dwelling times. For example, this study highlights the impact of platform height and the presence of steps between the platform and the train. Three types of station platforms are concerned by this study : ‘optimum’ station platform which is 920 mm high, standard station platform which is 550 mm high, and high station platform which is 1150 mm high and different kinds of steps exist in order to fill these gaps. To conclude, this study shows the impact of these parameters on dwell times and their impact in function of the size of population.

Keywords: dwell times, numerical tools, rolling stock, platforms

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Authors: Damilohun D. Ayoyo, Anthony Mpiani, Temitope B. Oriola

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The debate on women’s roles in insurgencies and terrorist organizations continues to garner scholarly attention. While some scholars view women insurgents and terrorists as perpetrators, others have argued that they are non-agents and victims. This paper de/reconstructs the notion of ‘women as perpetrators’ of terrorism. Drawing on the narratives of rescued female Boko Haram operatives, and Boko Haram’s tactics for recruiting and deploying women and girls, the paper advances three main arguments. First, the growing social construction of women as perpetrators of terrorism – particularly radical Islamic terrorism – downplays the socio-cultural and structural processes leading to women’s involvement with terrorist organizations. Second, women agency in Boko Haram activities is better understood when grounded in the cultural and structural contexts of Northern Nigeria, Boko Haram’s construction of ‘female,’ and the experiences of female Boko Haram operatives. Third, the mechanisms through which female Boko Haram operatives are recruited and deployed make them more of non-agents and victims than perpetrators of terrorism. The paper draws on the agency-structure approach and argues that the gendered power asymmetries embedded in the cultures and structures of Northern Nigeria –the base of Boko Haram– contribute to the nature and dynamics of women’s involvement in the insurgency. Although the paper does not negate the agency of women in terrorism, it aligns with the studies that consider women insurgents as more victims than perpetrators of terror.

Keywords: Boko Haram, female agency, Northern Nigeria, patriarchy, perpetrator of terror, radical Islamic terrorism, sharia, victim of terror, women insurgents

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Authors: Mojtaba Rezaei, Elham Heydari

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This paper highlights the empirical results of analyzing the correlation between accounting information and systematic risk. This association is analyzed among financial ratios and systematic risk by considering the financial statement of 39 companies listed on the Tehran Stock Exchange (TSE) for five years (2014-2018). Financial ratios have been categorized into four groups and to describe the special features, as representative of accounting information we selected: Return on Asset (ROA), Debt Ratio (Total Debt to Total Asset), Current Ratio (current assets to current debt), Asset Turnover (Net sales to Total assets), and Total Assets. The hypotheses were tested through simple and multiple linear regression and T-student test. The findings illustrate that there is no significant relationship between accounting information and market risk. This indicates that in the selected sample, historical accounting information does not fully reflect the price of stocks.

Keywords: accounting information, market risk, systematic risk, stock return, efficient market hypothesis, EMH, Tehran stock exchange, TSE

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Authors: Lindrianasari Stefanie, Aminah Khairudin

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This study aims to provide empirical evidence regarding the ability of Price to Earnings Ratio and PEG Ratio in predicting future stock returns issuers. The samples used in this study are stocks that go into LQ45. The main contribution is to assign empirical evidence if the PEG Ratio can provide optimum return compared to Price to Earnings Ratio. This study used a sample of the entire company into the group LQ45 with the period of observation. The data used is limited to the financial statements of a company incorporated in LQ45 period July 2013-July 2014, using the financial statements and the position of the company's closing stock price at the end of 2010 as a reference benchmark for the growth of the company's stock price compared to the closing price of 2013. This study found that the method of PEG Ratio can outperform the method of PE ratio in predicting future returns on the stock portfolio of LQ45.

Keywords: price to earnings growth, price to earnings ratio, future returns, stock price

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Authors: Thusitha Mabotuwana, Christopher S. Hall

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Radiologists routinely make follow-up imaging recommendations, usually based on established clinical practice guidelines, such as the Fleischner Society guidelines for managing lung nodules. In order to ensure optimal care, it is important to make guideline-compliant recommendations, and also for patients to follow-up on these imaging recommendations in a timely manner. However, determining such compliance rates after a specific finding has been observed usually requires many time-consuming manual steps. To address some of these limitations with current approaches, in this paper we discuss a methodology to automatically detect finding-specific follow-up recommendations from radiology reports and create a visualization for relevant subsequent exams showing the modality transitions. Nearly 5% of patients who had a lung related follow-up recommendation continued to have at least eight subsequent outpatient CT exams during a seven year period following the recommendation. Radiologist and section chiefs can use the proposed tool to better understand how a specific patient population is being managed, identify possible deviations from established guideline recommendations and have a patient-specific graphical representation of the imaging pathways for an abstract view of the overall treatment path thus far.

Keywords: follow-up recommendations, follow-up tracking, care pathways, imaging pathway visualization

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Authors: Laaziz El Hassan

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The Service Network Design Problem (SNDP) is a tactical issue in freight transportation firms. The existing formulations of the problem for intermodal rail-road transportation were not always adapted to the intermodality in terms of full asset utilization and modal shift reinforcement. The objective of the article is to propose a model having a more compliant formulation with intermodality, including constraints highlighting the imperatives of asset management, reinforcing modal shift from road to rail and reducing, by the way, road mode CO2 emissions. The model is a fixed charged, path based integer nonlinear program. Its objective is to minimize services total cost while ensuring full assets utilization to satisfy freight demand forecast. The model's main feature is that it gives as output both the train sizes and the services frequencies for a planning period. We solved the program using a commercial solver and discussed the numerical results.

Keywords: intermodal transport network, service network design, model, nonlinear integer program, path-based, service frequencies, modal shift

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Authors: Abu Umar Faruq Ahmad, Muhammad Ayub

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Tabarru` (unilateral gratuitous contribution) is thought to be the basic concept that distinguishes Takaful from conventional non-Sharīʿah compliant insurance. The Sharīʿah compliance of its current practice has been questioned in the premise that, a) it is a form of commutative contract; b) it is akin to the commercial corporate structure of insurance companies due to following the same marketing strategies, allocation to reserves, sharing of underwriting surplus by the companies one way or the other, providing loans to the Takaful funds, and resultantly absorbing the underwriting losses. The Sharīʿah scholars are of the view that the relationship between participants in Takaful should be in the form of commitment to donate, under which a contributor makes commitments himself to donate a sum of money for mutual help and cooperation on the condition that the balance, if any, should be returned to him. With the aim of finding solutions to the above mentioned concerns and other Sharīʿah related issues the study seeks to investigate whether the Takaful companies are functioning in accordance with the Islamic principles of brotherhood, solidarity, and cooperative risk sharing. Given that it discusses the cooperative model of Takaful to address the current and future Sharīʿah related and legal concerns. The study proposed an alternative model and considers it to best serve the objectives of Takaful which operates on the basis of ta`awun or mutual co-operation.

Keywords: hibah, musharakah ta`awuniyyah, Tabarru`, Takaful

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Authors: Xinyi Xu

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This study conducts a detailed examination of Asian stock markets over the period from 2008 to 2023, with a focus on the dynamics of cointegration and their relevance for long-term investment strategies. Specifically, we assess the co-movement and potential for pairs trading—a strategy where investors take opposing positions on two stocks, indices, or financial instruments that historically move together. For example, we explore the relationship between the Nikkei 225 (N225), Japan’s benchmark stock index, and the Straits Times Index (STI) of Singapore, as well as the relationship between the Korea Composite Stock Price Index (KS11) and the STI. The methodology includes tests for normality, stationarity, cointegration, and the application of Vector Error Correction Modeling (VECM). Our findings reveal significant long-term relationships between these pairs, indicating opportunities for pairs trading strategies. Furthermore, the research underscores the challenges posed by model instability and the influence of major global incidents, which are identified as structural breaks. These findings pave the way for further exploration into the intricacies of financial market dynamics.

Keywords: normality tests, stationarity, cointegration, VECM, pairs trading

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Authors: Shibly Abdullah

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This paper provides an overview of fundamental philosophical and functional differences in conventional and Islamic accounting. The aim of this research is to undertake a detailed analysis focus on specific illustrations drawn from both these systems and highlight how these differences implicate in recording financial transactions and preparation of financial reports for a range of stakeholders. Accounting as being universally considered as a platform for providing a ‘true and fair’ view of corporate entities can be challenged in the current world view, as the business environment has evolved and transformed significantly. Growth of the non-traditional corporate entity such as Islamic financial institutions, fundamentally questions the applicability of conventional accounting standards in preparation of Shariah-compliant financial reporting. Coupled with this, there are significant concerns about the wider applicability of Islamic accounting standards and framework in order to achieve reporting practices satisfying the information needs generally. Against the backdrop of such a context, this paper raises fundamental question as to how potential convergence could be achieved between these two systems in order to provide users’ a transparent and comparable state of financial information resulting in an alternative framework of financial reporting.

Keywords: accounting, conventional accounting, corporate reporting, Islamic accounting

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Authors: Mahfoud Djebbar

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Stock dilution is a financial phenomenon resulting from the issue of additional shares by a company, or when holders convert their convertibles into new shares (capital increase). This issue and/or conversion enlarge the company’s share base that will result in marginal dilution (loss) for existing shareholders, and a benefit to new ones. Dilution issues have already been addressed in mainstream finance, particularly as far as information disclosure is concerned. However, in Islamic finance, stock dilution problems have not been deeply studied and the subject has not received sufficient attention from shariah-compatible firms, investors, and scholars. In this regard, this paper emphasises the forms, the effects of capital dilution on current shareholders as well as the ways and techniques of compensating them. And since the research in this field, in its Islamic perspective, is still in its infancy, the paper tries to analyse the phenomenon theoretically in detail using numerical examples, and expose some case studies of Shariah-compliant issuers of convertible Sukuk and how they compensate their existing shareholders. Finally, this study shows that the Sukuk issuers compensate old shareholders using the right of shuf’ah as a well known and practiced pre-emptive right in Islamic transactions centuries ago, as well as the ways conventional bond issuers use.

Keywords: compensating shareholders, convertible Sukuk, Islamic financial innovation, Shuf’ah

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Authors: R. Tirado, G. Habert, A. Mailhac, S. Laurenceau

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The rapid development of cities implies significant material inflows and outflows. The construction sector is one of the main consumers of raw materials and producers of waste. The waste from the building sector, for its quantity and potential for recovery, constitutes significant deposits requiring major efforts, by combining different actors, to achieve the circular economy's objectives. It is necessary to understand and know the current construction actors' knowledge of stocks, urban metabolism, deposits, and recovery practices in this context. This article aims to explore the role of local governments in planning strategies by facilitating a circular economy. In particular, the principal opportunities and challenges of communities for applying the principles of the circular economy in the building sector will be identified. The approach used for the study was to conduct semi-structured interviews with those responsible for circular economy projects within local administrations of some communities in France. The results show territories' involvement in the inclusion and application of the principles of the circular economy in the building sector. The main challenges encountered are numerous, hence the importance of having identified and described them so that the different actors can work to meet them.

Keywords: building stock, circular economy, interview, local authorities

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Authors: Yosr Ghozzi

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The Cyber-Physical Systems terminology has been well received by the industrial community and specifically appropriated in educational settings. Indeed, our latest educational activities are based on the development of experimental platforms on an industrial scale. In fact, we built a collaborative learning model because of an international market study that led us to place ourselves at the heart of this technology. To align with these findings, a competency-based approach study was conducted, and program content was revised by reflecting the projectbased approach. Thus, this article deals with the development of educational devices according to a generated curriculum and specific educational activities while respecting the repository of skills adopted from what constitutes the educational cyber-physical production systems and the laboratories that are compliant and adapted to them. The implementation of these platforms was systematically carried out in the school's workshops spaces. The objective has been twofold, both research and teaching for the students in mechatronics and logistics of the electromechanical department. We act as trainers and industrial experts to involve students in the implementation of possible extension systems around multidisciplinary projects and reconnect with industrial projects for better professional integration.

Keywords: education 4.0, competency-based learning, teaching factory, project-based learning, cyber-physical systems, industry 4.0

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Authors: Farah Kanani

Abstract:

Blue Tide Environmental is a company focused on developing a network of used motor oil recycling facilities across the U.S. They initiated the redesign of its recycling plant in Texas, and aimed to establish an updated carbon footprint of re-refined used motor oils compared to an equivalent product derived from virgin stock that is not re-refined. The aim was to quantify emissions savings of a circular alternative to conventional end-of-life combustion of used motor oil (UMO). To do so, they mandated an ISO-compliant carbon footprint, utilizing complex models requiring geographical and temporal accuracy to accommodate the U.S. refinery market. The quantification of linear and circular flows, proxies for fuel substitution and system expansion for multi-product outputs were all critical methodological choices and were tested through sensitivity analyses. The re-refined system consisted of continuous recycling of UMO and thus, end-of-life is considered non-existent. The unique perspective to this topic will be from a life cycle i.e. holistic one and essentially demonstrate using this example of how a cradle-to-cradle model can be used to quantify a comparative carbon footprint. The intended audience is lubricant manufacturers as the consumers, motor oil industry professionals and other industry members interested in performing a cradle-to-cradle modeling.

Keywords: circularity, used motor oil, re-refining, systems expansion

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Authors: Onur Arugaslan, Ajay Samant, Devrim Yaman

Abstract:

Financial advisors and investors seek new assets which could potentially increase portfolio returns and decrease portfolio risk. Cryptocurrencies represent a relatively new asset class which could serve in both these roles. There has been very little research done in the area of the risk/return tradeoff in a portfolio consisting of fixed income assets, stocks, and cryptocurrency. The objective of this study is a rigorous examination of this issue. The data used in the study are the monthly returns on 4-week US Treasury Bills, S&P Investment Grade Corporate Bond Index, Bitcoin and the S&P 500 Stock Index. The methodology used in the study is the application Modern Portfolio Theory to evaluate the risk-adjusted returns of portfolios with varying combinations of these assets, using Sharpe, Treynor and Jensen Indexes, as well as the Sortino and Modigliani measures. The results of the study would include the ranking of various investment portfolios based on their risk/return characteristics. The conclusions of the study would include objective empirical inference for investors who are interested in including cryptocurrency in their asset portfolios but are unsure of the risk/return implications.

Keywords: financial economics, portfolio diversification, fixed income securities, cryptocurrency, stock indexes

Procedia PDF Downloads 59

Authors: Shekar Babu, Amalendu Jyothishi

Abstract:

The New Companies Bill-2013 in India has mandated all the companies with a certain profit to spend on Corporate Social Responsibility (CSR). Despite the Corporate Governance (CG) compliances at the strategic level the firms have to engage in social good. For both the Central Public Sector Enterprises (CPSE) and the private companies in India the need for strategic CSR focus through operational efficiency measures are mandated. In this paper the focus is to find out if the Indian companies understand their responsibility towards the society despite government making CSR mandatory. Analyzing both the CPSEs and Private companies the researchers find out which set of companies behave responsibly towards the society. Does any particular industry group(s) impact the society by disclosing their CSR spending activities. The key financial and non-financial parameters that influence CSR spending were identified and through econometric analysis methodologies (logistic regression and OLS models) the results were analyzed. The innovative methods were developed to identify if the firms operate efficiently and at the same time complying with the new CSR laws. An innovative matrix was developed to explain how companies could operate efficiently and be compliant in parallel how some of the companies can strategically realign their spending by operating efficiently.

Keywords: corporate social responsibility(CSR), corporate governance(CG), India, logit function, ordinary least squares (OLS)

Procedia PDF Downloads 344

Authors: Muhammad Rizwan, Naveed Ahmad, Akhtar Naeem Khan

Abstract:

Seismic behavior factors are evaluated for the performance assessment of low rise reinforced concrete RC frame structures based on experimental study of unidirectional dynamic shake table testing of two 1/3rd reduced scaled two storey frames, with a code confirming special moment resisting frame (SMRF) model and a noncompliant model of similar characteristics but built in low strength concrete .The models were subjected to a scaled accelerogram record of 1994 Northridge earthquake to deformed the test models to final collapse stage in order to obtain the structural response parameters. The fully compliant model was observed with more stable beam-sway response, experiencing beam flexure yielding and ground-storey column base yielding upon subjecting to 100% of the record. The response modification factor - R factor obtained for the code complaint and deficient prototype structures were 7.5 and 4.5 respectively, which is about 10% and 40% less than the UBC-97 specified value for special moment resisting reinforced concrete frame structures.

Keywords: Northridge 1994 earthquake, reinforced concrete frame, response modification factor, shake table testing

Procedia PDF Downloads 163