Search results for: financial ratios

Authors: Nini Johana Marin Rodriguez

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This paper applies DCC, EWMA and OGARCH models to compare the dynamic correlations between exchange rates, oil prices, exchange rates and stock markets to examine the time-varying conditional correlations to the daily oil prices and index returns in relation to the US dollar/local currency for developed (Canada and Mexico) and emerging Latin American markets (Brazil, Chile, Colombia and Peru). Changes in correlation interactions are indicative of structural changes in market linkages with implications to contagion and interdependence. For each pair of stock price-exchange rate and oil price-US dollar/local currency, empirical evidence confirms of a strengthening negative correlation in the last decade. Methodologies suggest only two events have significatively impact in the countries analyzed: global financial crisis and Europe crisis, both events are associated with shifts of correlations to stronger negative level for most of the pairs analyzed. While, the first event has a shifting effect on mainly emerging members, the latter affects developed members. The identification of these relationships provides benefits in risk diversification and inflation targeting.

Keywords: crude oil, dynamic conditional correlation, exchange rates, interdependence, stock prices

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Authors: Chyuan Haur Kao, Hsiang Chen, Yu Sheng Tsai, Chen Hao Hung, Yu Shan Lee

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Dielectric electrolyte-insulator-semiconductor sensing membranes-based biosensors have been intensively investigated because of their simple fabrication, low cost, and fast response. However, to enhance their sensing performance, it is worthwhile to explore alternative materials, distinct processes, and novel treatments. An ISFET can be viewed as a variation of MOSFET with the dielectric oxide layer as the sensing membrane. Then, modulation on the work function of the gate caused by electrolytes in various ion concentrations could be used to calculate the ion concentrations. Recently, owing to the advancement of CMOS technology, some high dielectric materials substrates as the sensing membranes of electrolyte-insulator-semiconductor (EIS) structures. The EIS with a stacked-layer of SiO₂ layer between the sensing membrane and the silicon substrate exhibited a high pH sensitivity and good long-term stability. IGZO is a wide-bandgap (~3.15eV) semiconductor of the III-VI semiconductor group with several preferable properties, including good transparency, high electron mobility, wide band gap, and comparable with CMOS technology. IGZO was sputtered by reactive radio frequency (RF) on a p-type silicon wafer with various gas ratios of Ar:O₂ and was treated with rapid thermal annealing in O₂ ambient. The sensing performance, including sensitivity, hysteresis, and drift rate was measured and XRD, XPS, and AFM analyses were also used to study the material properties of the IGZO membrane. Moreover, IGZO was used as a sensing membrane in dielectric EIS bio-sensor structures. In addition to traditional pH sensing capability, detection for concentrations of Na+, K+, urea, glucose, and creatinine was performed. Moreover, post rapid thermal annealing (RTA) treatment was confirmed to improve the material properties and enhance the multi-analyte sensing capability for various ions or chemicals in solutions. In this study, the IGZO sensing membrane with annealing in O₂ ambient exhibited a higher sensitivity, higher linearity, higher H+ selectivity, lower hysteresis voltage and lower drift rate. Results indicate that the IGZO dielectric sensing membrane on the EIS structure is promising for future bio-medical device applications.

Keywords: dielectric sensing membrane, IGZO, hydrogen ion, plasma, rapid thermal annealing

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Authors: A. Pontrandolfi, G. Enjolras, F. Capitanio

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The study analyses the strategies Italian farmers use to cope with the risks that face their production. We specifically explore the potential and the limitations of the economic tools for climatic risk management in agriculture of the Common Agricultural Policy 2014-2020, that foresees contributions for economic tools for risk management, in relation to farms’ needs, exposure and vulnerability of agricultural areas to climatic risk. We consider at the farm level approaches to hedge risks in terms of the use of technical tools (agricultural practices, pesticides, fertilizers, irrigation) and economic/financial instruments (insurances, etc.). We develop cross-sectional and longitudinal analyses as well as analyses of correlation that underline the main differences between the way farms adapt their structure and management towards risk. The results show a preference for technical tools, despite the presence of important public aids on economic tools such as insurances. Therefore, there is a strong need for a more effective and integrated risk management policy scheme. Synergies between economic tools and risk reduction actions of a more technical, structural and management nature (production diversification, irrigation infrastructures, technological and management innovations and formation-information-consultancy, etc.) are emphasized.

Keywords: agriculture and climate change, climatic risk management, insurance schemes, farmers' approaches to risk management

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Authors: Alhaji M. H. Conteh, Xiangbin Yan, Alfred V. Gborie

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The goal of this study was to increase the awareness of the description and assessments of rice acreage response and to offer mechanisms for agricultural policy scrutiny. The Ordinary Least Square (OLS) technique was utilized to determine the coefficients of acreage response models for the rice varieties. The magnitudes of the coefficients (λ) of both the ROK lagged and NERICA lagged acreages were found positive and highly significant, which indicates that farmers’ adjustment rate was very low. Regarding lagged actual price for both the ROK and NERICE rice varieties, the short-run price elasticities were lower than long-run, which is suggesting a long-term adjustment of the acreage, is under the crop. However, the apparent recommendations for policy transformation are to open farm gate prices and to decrease government’s involvement in agricultural sector especially in the acquisition of agricultural inputs. Impending research have to be centred on how this might be better realized. Necessary conditions should be made available to the private sector by means of minimizing price volatility. In accordance with structural reforms, it is necessary to convey output prices to farmers with minimum distortion. There is a need to eradicate price subsidies and control, which generate distortion in the market in addition to huge financial costs.

Keywords: acreage response, rate of adjustment, rice varieties, Sierra Leone

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Authors: Amr Mohamadien, Ali Imanpour, Sylvester Agbo, Nader Yoosef-Ghodsi, Samer Adeeb

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The fracture toughness resistance curve (e.g., J-R curve and crack tip opening displacement (CTOD) or δ-R curve) is important in facilitating strain-based design and integrity assessment of oil and gas pipelines. This paper aims to present laboratory experimental data to characterize the fracture behavior of pipeline steel. The influential parameters associated with the fracture of API 5L X52 pipeline steel, including different initial crack sizes, were experimentally investigated for a single notch edge bend (SENB). A total of 9 small-scale specimens with different crack length to specimen depth ratios were conducted and tested using single edge notch bending (SENB). ASTM E1820 and BS7448 provide testing procedures to construct the fracture resistance curve (Load-CTOD, CTOD-R, or J-R) from test results. However, these procedures are limited by standard specimens’ dimensions, displacement gauges, and calibration curves. To overcome these limitations, this paper presents the use of small-scale specimens and a 3D-digital image correlation (DIC) system to extract the parameters required for fracture toughness estimation. Fracture resistance curve parameters in terms of crack mouth open displacement (CMOD), crack tip opening displacement (CTOD), and crack growth length (∆a) were carried out from test results by utilizing the DIC system, and an improved regression fitting resistance function (CTOD Vs. crack growth), or (J-integral Vs. crack growth) that is dependent on a variety of initial crack sizes was constructed and presented. The obtained results were compared to the available results of the classical physical measurement techniques, and acceptable matchings were observed. Moreover, a case study was implemented to estimate the maximum strain value that initiates the stable crack growth. This might be of interest to developing more accurate strain-based damage models. The results of laboratory testing in this study offer a valuable database to develop and validate damage models that are able to predict crack propagation of pipeline steel, accounting for the influential parameters associated with fracture toughness.

Keywords: fracture toughness, crack propagation in pipeline steels, CTOD-R, strain-based damage model

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Authors: Andrey Matyukhin

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Russian official statistics have been showing a steady decline in residential real estate prices for several consecutive years. Price risk in real estate markets is thus affecting various groups of economic agents, namely, individuals, construction companies and financial institutions. Potential use of property derivatives might help mitigate adverse consequences of negative price dynamics. Unless a sustainable price indicator is developed, settlement of such instruments imposes constraints on counterparties involved while imposing restrictions on real estate market development. The study addresses geographical and classification heterogeneity in real estate prices by means of variance analysis in various groups of real estate properties. In conclusion, we determine optimal sample structure of representative real estate assets with sufficient level of price homogeneity. The composite price indicator based on the sample would have a higher level of robustness and reliability and hence improving liquidity in the market for property derivatives through underlying standardization. Unlike the majority of existing real estate price indices, calculated on country-wide basis, the optimal indices for Russian market shall be constructed on the city-level.

Keywords: price homogeneity, property derivatives, real estate price index, real estate price risk

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Authors: Raif Parlakkaya, Huseyin Cetin, Duygu Irdiren

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By the development of World Wide Web, the usage rate of Internet has rapidly grown globally; and provided a basis for the emergence of electronic business. As well as other sectors, the banking sector has adopted the use of internet with the developments in information and communication technologies. Due to the public disclosure and transparency principle of Corporate Governance, the importance of information disclosure of banks on their web sites has increased significantly. For the purpose of this study, a Bank Disclosure Attribute Index (BDAI) in Turkey has been constructed through classifying the information disclosure on banks’ web sites into general, financial, investors and corporate governance attributes. All 47 banks in Turkish Banking System have been evaluated according to the index with the aim of providing a comparison between banks. By Chi Square Test, Pearson Correlation, T-Test, and ANOVA statistical tools, it has been concluded that the majority of banks in Turkey have shared information on their web sites adequately with respect to their total index score. Although there is a positive correlation between various types of information on banks’ web sites, there is no uniformity among them. Also, no significant difference between various types of information disclosure and bank types has been observed. Compared with the total index score averages of the five largest banks in Turkey, there are some banks that need to improve the content of their web sites.

Keywords: internet banking, websites evaluation, customer adoption, Turkey

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Authors: Anvesh Gaddam, Amit Agrawal, Suhas Joshi, Mark Thompson

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An increase in surface area to volume ratio with a decrease in characteristic length scale, leads to a rapid increase in pressure drop across the microchannel. Texturing the microchannel surfaces reduce the effective surface area, thereby decreasing the pressured drop. Surface texturing introduces two wetting states: a metastable Cassie-Baxter state and stable Wenzel state. Predicting wetting transition in textured microchannels is essential for identifying optimal parameters leading to maximum drag reduction. Optical methods allow visualization only in confined areas, therefore, obtaining whole-field information on wetting transition is challenging. In this work, we propose a non-invasive method to capture wetting transitions in textured microchannels under flow conditions. To this end, we tracked the behavior of the Poiseuille number Po = f.Re, (with f the friction factor and Re the Reynolds number), for a range of flow rates (5 < Re < 50), and different wetting states were qualitatively demarcated by observing the inflection points in the f.Re curve. Microchannels with both longitudinal and transverse ribs with a fixed gas fraction (δ, a ratio of shear-free area to total area) and at a different confinement ratios (ε, a ratio of rib height to channel height) were fabricated. The measured pressure drop values for all the flow rates across the textured microchannels were converted into Poiseuille number. Transient behavior of the pressure drop across the textured microchannels revealed the collapse of liquid-gas interface into the gas cavities. Three wetting states were observed at ε = 0.65 for both longitudinal and transverse ribs, whereas, an early transition occurred at Re ~ 35 for longitudinal ribs at ε = 0.5, due to spontaneous flooding of the gas cavities as the liquid-gas interface ruptured at the inlet. In addition, the pressure drop in the Wenzel state was found to be less than the Cassie-Baxter state. Three-dimensional numerical simulations confirmed the initiation of the completely wetted Wenzel state in the textured microchannels. Furthermore, laser confocal microscopy was employed to identify the location of the liquid-gas interface in the Cassie-Baxter state. In conclusion, the present method can overcome the limitations posed by existing techniques, to conveniently capture wetting transition in textured microchannels.

Keywords: drag reduction, Poiseuille number, textured surfaces, wetting transition

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Authors: Khaled Alkadamani

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Using the simultaneous equations model, this paper examines the impact of capital requirements on bank risk-taking during the recent financial crisis. It also explores the relationship between capital and risk decisions and the impact of economic instability on this relationship. By analyzing the data of 20 Islamic commercial banks between 2004 and 2014 from four Middle East countries, the study concludes a positive effect of regulatory pressure on bank capital in Saudi Arabia and UAE and a negative effect in Jordan and Kuwait. Moreover, the results show a negative impact of regulatory pressure on bank risk taking in Saudi Arabia, Jordan and UAE. The findings reveal also that banks close to the minimum regulatory capital requirements improve their capital adequacy by increasing their capital and decreasing their risk taking. Furthermore, the results show that economic crisis negatively affects bank risk changes, suggesting that banks react to the impact of uncertainty by reducing their risk taking. Finally, the estimations show a negative correlation between banks profitability and capital adequacy ratio (CAR), implying that as more capital is set aside as a buffer for banks safety; it affects the performance of Islamic banks.

Keywords: bank capital, bank regulation, crisis, Islamic banks, risk taking

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Authors: Sabina Jordan, Marjana Šijanec Zavrl, Miha Tomšič, Friderik Knez

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To determine the possibilities for the implementation of sustainable building indicators in Slovenia, testing of the first version of the indicators, developed in the CARE4CLIMATE project and based on the EU Level(s) framework, was carried out in 2022. Invited and interested stakeholders of the construction process were provided with video content and instructions on the Slovenian e-platform of sustainable building indicators. In addition, workshops and lectures with individual subjects were also performed. The final phase of the training and testing procedure included a questionnaire, which was used to obtain information about the participants' opinions regarding the indicators. The analysis of the results of the testing, which was focused on level 2, confirmed the key preliminary finding of the development group, namely that currently, due to the lack of certain knowledge, data, and tools, all indicators for this level are not yet feasible in practice. The research also highlighted the greater need for training and specialization of experts in this field. At the same time, it showed that the testing of the first version itself was a big challenge: only 30 experts fully participated and filled out the online questionnaire. This number seems alarmingly low at first glance, but compared to level(s) testing in the EU member states, it is much more than 50 times higher. However, for the further execution of the indicators in Slovenia, it will therefore be necessary to invest a lot of effort and engagement. It is likely that state support will also be needed, for example, in the form of financial mechanisms or incentives and/or legislative background.

Keywords: sustainability, building, indicator, implementation, testing, questionnaire

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Authors: Seyed Habib A. Rahmati, Parsa Fallah Sheikhlari, Morteza Musakhani

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This paper studies the structure of financial investment and efficiency on the subway would be created between Hashtgerd and Qazvin in Iran. Regarding ascending rate of transportation between Tehran and Qazvin which directly air pollution, it clearly implies to public transportation requirement between these two cities near Tehran. The railway transportation like subway can help each country to terminate traffic jam which has some advantages such as speed, security, non-pollution, low cost of public transport, etc. This type of transportation needs national infrastructures which require enormous investment. It couldn’t implement without leading and managing funds and investments properly. In order to response 'needs', clear norms or normative targets have to be agreed and obviously it is important to distinguish costs from investment requirements critically. Implementation phase affects investment requirements and financing needs. So recognizing barrier related to investment and the quality of investment (what technologies and services are invested in) is as important as the amounts of investment. Different investment methods have mentioned as follows loan, leasing, equity participation, Line of financing, finance, usance, bay back. Alternatives survey before initiation and analyzing of risk management is one of the most important parts in this project. Observation of similar project cities each country has the own specification to choose investment method.

Keywords: subway project, project investment, project contract, project management

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Authors: Mirza Mujtaba Baig

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Artificial Intelligence (AI) is evolving rapidly, and one of the areas in which this field has influenced is automation. The automobile, healthcare, education, and robotic industries deploy AI technologies constantly, and the automation of tasks is beneficial to allow time for knowledge-based tasks and also introduce convenience to everyday human endeavors. The paper reviews the challenges faced with the current implementations of autonomous self-driving cars by exploring the machine learning, robotics, and artificial intelligence techniques employed for the development of this innovation. The controversy surrounding the development and deployment of autonomous machines, e.g., vehicles, begs the need for the exploration of the configuration of the programming modules. This paper seeks to add to the body of knowledge of research assisting researchers in decreasing the inconsistencies in current programming modules. Blockchain is a technology of which applications are mostly found within the domains of financial, pharmaceutical, manufacturing, and artificial intelligence. The registering of events in a secured manner as well as applying external algorithms required for the data analytics are especially helpful for integrating, adapting, maintaining, and extending to new domains, especially predictive analytics applications.

Keywords: artificial intelligence, automation, big data, self-driving cars, machine learning, neural networking algorithm, blockchain, business intelligence

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Authors: Naci Büyükkaracığan, Hasan Uzun

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Flood is the event which damage to the surrounding lands, residential places, infrastructure and vibrant, because of the streams overflow events from its bed for several reasons. Flood is a natural formation which develops due to its region's climatic conditions, technical and topographical characteristics. However, factors causing floods with global warming caused by human activity are events such as uncontrolled urbanization. Floods in Turkey are natural disasters which cause huge economic losses after the earthquake. At the same time, the flood disaster is one of the most observed hydrometeorological disasters, compared to 30%, in Turkey. Every year, there are around 200 flood-flood disasters and the disaster as a result of financial losses of $ 100 million per year are reported to occur in public institutions. The amount allocated for carrying out investment-project activities for reducing and controlling of flood damage control are around US $ 30 million per year. The existence of a linear increase in the number of flood disasters is noteworthy due to various reasons in the last 50 years of observation. In this study, first of all, big events of the flood in Turkey and their reasons were examined. And then, the information about the work to be done in order to prevent flooding by government was given with examples. Meteorological early warning systems, flood risk maps and regulation of urban development studies are described for this purpose. As a result, recommendations regarding in the event of the occurrence of floods disaster management were issues raised.

Keywords: flood, disaster, disaster management, Türkiye

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Authors: Isalyne Gennaro

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The lack of access to basic sanitation services and improper water infrastructure pollute the environment and expose people to water-borne diseases. In 2014, to address these concerns, the central government of India launched five-years urban development and sanitation programs. The national vision seemed to encourage the use of technologies which recycle and reuse wastewater for achieving open defecation free cities. As we approach 2019, it is time to reflect on these objectives. This research critically looked at the actual scope and limitations of policies and regulations to promote resource-recovery sanitation systems. This study was based on the case of the fast-growing city of Ahmedabad, Gujarat. The analysis examined the actions and priorities, financial and institutional arrangements and technologies promoted at the national, sub-national and local levels. The research work concluded that a paradigm shift is required, from providing infrastructures in a supply-driven manner to creating inclusive planning framework which focuses on local challenges and generates a demand-responsiveness from the potential users targeted.

Keywords: India, public policy, resource-recovery, urban sanitation

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Authors: Faten Fares

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Undoubtedly, the world today faces difficult environmental, financial, and social challenges. In order to change people’s lifestyle to be more sustainable, one must change people’s culture then spaces by focusing on education. Further, the higher education has a key role to play in the move toward a more sustainable world. In the overall analysis, the true sustainable university will make a significant effect. Since the sustainable campus is not only a green built environment, which aims at energy efficiency, water efficiency, waste management, and conserving resources but also it is how to implement green built environment. This implementation takes place while engaging the campus stakeholders (students, academic staff, assistants, workers, and administrators) through educating for sustainability. The main purpose of the research is to develop a tool to assess the sustainable campus and to be a framework for achieving more sustainable campuses. In the case study, the data were analyzed to know existing efforts and capabilities then measure the sustainability performance using the proposal framework at Alexandria University Engineering Campus. Finally, the findings of the research explain that campus is partially adherence with the proposal tool and need to be more sustainable in a formally implemented.

Keywords: sustainability, higher education, sustainable campus, sustainability teaching and research, campus participation culture, environmental improvement

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Authors: Sri Suryaningsum

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The achievement ‘Best Practice Model’ holds by the government on behalf of the success implementation corporate social responsibility program that held on PT. Kaltim Prima Coal which had operation located in the isolated district in Sanggata, it could be the reference for the other companies to improve the social welfare in surrounding area, especially for the companies that have operated in the isolated area in Indonesia. The rule of Kaltim Prima Coal as the catalyst in the development progress to push up the independence of district especially for the district which has located in surrounding mining operation from village level to the regency level, those programs had written in the 7 field program in Corporate Social Responsibility, it was doing by stakeholders. The stakeholders are village government, sub-district government, Regency and citizen. One of the best programs that implement at PT. Kaltim Prima Coal is Regarding Resettlement that was completed based on Asian Development Bank Resettlement Best Practice and International Financial Corporation Resettlement Action Plan. This program contributed on the resettlement residences to develop the isolated and the neglected district.

Keywords: CSR, isolated, neglected, poverty, mining industry

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Authors: Hamed Zolfaghari, Mojtaba Kord

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Project planners and controllers are frequently faced with the challenge of inadequate software for the preparation of automatic project progress reports based on actual project information updates. They usually make dashboards in Microsoft Excel, which is local and not applicable online. Another shortcoming is that it is not linked to planning software such as Microsoft Project, which lacks the database required for data storage. This study aimed to propose a model for the preparation of reports on automatic online project progress based on actual project information updates by the integration of Primavera P6, SQL database, and Power BI for a construction project. The designed model could be applicable to project planners and controller agents by enabling them to prepare project reports automatically and immediately after updating the project schedule using actual information. To develop the model, the data were entered into P6, and the information was stored on the SQL database. The proposed model could prepare a wide range of reports, such as earned value management, HR reports, and financial, physical, and risk reports automatically on the Power BI application. Furthermore, the reports could be published and shared online.

Keywords: primavera P6, SQL, Power BI, EVM, integration management

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Authors: Ryan J. Trefethen, Vincent H. Smith

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This study explores the relationship between national spending on the Medicaid program, and total Medicaid spending and enrollment in Montana, a state that ranks thirty-third in per capita income and thirty-seventh in median household income in the United States. The purpose of the research is to estimate the potential effects that specific changes to national healthcare policy would likely have on funding for the Montana Medicaid Program and enrollees in the program, members of families in poverty whose incomes are low, even though in many cases they have steady jobs. A particular concern is the effect on access to care for children in poverty who tend to be food insecure and, therefore, especially in need of access to health care. The research uses data collected from a variety of government publications, including the Medicaid Financial Management Report, the Medicaid Managed Care Enrollment Report, and the Centers for Medicare and Medicaid Services MSIS State Summaries for fiscal years 2000-2015. These data were examined using econometric analysis, to assess these impacts. The evidence indicates that the changes included in recent congressional legislative initiatives would potentially leave an additional 50,000 to 60,000 Montana residents, five to six percent of the state’s population, in poverty without access to health care. Impacts on children in poverty would potentially be substantial.

Keywords: children, healthcare, medicaid, montana, poverty

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Authors: Raymond K. Jonkers

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The present study investigated approaches and techniques to enhance strategic management governance and decision making within the framework of a performance-based balanced scorecard. The review of best practices from strategic, program, process, and systems engineering management provided for a holistic approach toward effective outcome-based capability management. One technique, based on factorial experimental design methods, was used to develop an empirical model. This model predicted the degree of capability effectiveness and is dependent on controlled system input variables and their weightings. These variables represent business performance measures, captured within a strategic balanced scorecard. The weighting of these measures enhances the ability to quantify causal relationships within balanced scorecard strategy maps. The focus in this study was on the performance of tangible assets within the scorecard rather than the traditional approach of assessing performance of intangible assets such as knowledge and technology. Tangible assets are represented in this study as physical systems, which may be thought of as being aboard a ship or within a production facility. The measures assigned to these systems include project funding for upgrades against demand, system certifications achieved against those required, preventive maintenance to corrective maintenance ratios, and material support personnel capacity against that required for supporting respective systems. The resultant scorecard is viewed as complimentary to the traditional balanced scorecard for program and performance management. The benefits from these scorecards are realized through the quantified state of operational capabilities or outcomes. These capabilities are also weighted in terms of priority for each distinct system measure and aggregated and visualized in terms of overall state of capabilities achieved. This study proposes the use of interactive controls within the scorecard as a technique to enhance development of alternative solutions in decision making. These interactive controls include those for assigning capability priorities and for adjusting system performance measures, thus providing for what-if scenarios and options in strategic decision-making. In this holistic approach to capability management, several cross functional processes were highlighted as relevant amongst the different management disciplines. In terms of assessing an organization’s ability to adopt this approach, consideration was given to the P3M3 management maturity model.

Keywords: management, systems, performance, scorecard

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Authors: Juan C. Duran-Alvarez, Daniel Mejia, Rodolfo Zanella

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Heterogeneous photocatalysis is a promising method to achieve the complete degradation and mineralization of organic pollutants in water via their exhaustive oxidation. In order to take this advanced oxidation process towards sustainability, it is necessary to reduce the energy consumption, referred as the light sources and the post-treatment operations. For this, the synthesis of new nanostructures of low band gap semiconductors in the form of thin films is in continuous development. In this work, thin films of the low band gap semiconductor bismuth oxyiodide (BiOI) were synthesized via the Successive Ionic Layer Adsorption and Reaction (SILAR) method. For this, Bi(NO3)3 and KI solutions were prepared, and glass supports were immersed in each solution under strict rate and time immersion conditions. Synthesis was performed at room temperature and a washing step was set prior to each immersion. Thin films with an average thickness below 100 nm were obtained upon a cycle of 30 immersions, as determined by AFM and profilometry measurements. Cubic BiOI nanocrystals with average size of 17 nm and a high orientation to the 001 plane were observed by XRD. In order to optimize the synthesis method, several Bi/I ratios were tested, namely 1/1, 1/5, 1/10, 1/20 and 1/50. The highest crystallinity of the BiOI films was observed when the 1/5 ratio was used in the synthesis. Non-stoichiometric conditions also resulted in the highest uniformity of the thin layers. PVP was used as an additive to improve the adherence of the BiOI thin films to the support. The addition of 0.1 mg/mL of PVP during the washing step resulted in the highest adherence of the thin films. In photocatalysis tests, degradation rate of the antibiotic ciprofloxacin as high as 75% was achieved using visible light (380 to 700 nm) irradiation for 5 h in batch tests. Mineralization of the antibiotic was also observed, although in a lower extent; ~ 30% of the total organic carbon was removed upon 5 h of visible light irradiation. Some ciprofloxacin by-products were identified throughout the reaction; and some of these molecules displayed residual antibiotic activity. In conclusion, it is possible to obtain highly oriented BiOI thin films under ambient conditions via the SILAR method. Non-stoichiometric conditions using PVP additive are necessary to increase the crystallinity and adherence of the films, which are photocatalytically active to remove recalcitrant organic pollutants under visible light irradiation.

Keywords: bismuth oxyhalides, photocatalysis, thin films, water treatment

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Authors: Oğuz Taşbozan, Celal Erbaş, Şefik Surhan Tabakoğlu, Mahmut Ali Gökçe

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Polyunsaturated fatty acids (PUFAs) and particularly the levels and ratios of ω-3 and ω-6 fatty acids are important for biological functions in humans and recognized as essential components of human diet. According to the terms of many different points of view, the nutritional composition of fish in culture conditions and caught from wild are wondered by the consumers. Therefore the aim of this study was to investigate the chemical composition of cage-cultured and wild sharpsnout seabream which has been preferred by the consumers as an economical important fish species in Turkey. The fish were caught from wild and obtained from cage-cultured commercial companies. Eight fish were obtained for each group, and their average weights of the samples were 245.8±13.5 g for cultured, 149.4±13.3 g for wild samples. All samples were stored in freezer (-18 °C) and analyses were carried out in triplicates, using homogenized boneless fish fillets. Proximate compositions (protein, ash, moisture and lipid) were determined. The fatty acid composition was analyzed by a GC Clarous 500 with auto sampler (Perkin–Elmer, USA). Proximate compositions of cage-cultured and wild samples of sharpsnout seabream were found statistical differences in terms of proximate composition between the groups. The saturated fatty acid (SFA), monounsaturated fatty acid (MUFA) and PUFA amounts of cultured and wild sharpsnout seabream were significantly different. ω3/ω6 ratio was higher in the cultured group. Especially in protein level and lipid level of cultured samples was significantly higher than wild counterparts. One of the reasons for this, cultured species exposed to continuous feeding. This situation had a direct effect on their body lipid content. The fatty acid composition of fish differs depending on a variety of factors including species, diet, environmental factors and whether they are farmed or wild. The higher levels of MUFA in the cultured fish may be explained with the high content of monoenoic fatty acids in the feed of cultured fish as in some other species. The ω3/ω6 ratio is a good index for comparing the relative nutritional value of fish oils. In our study, the cultured sharpsnout seabream appears to be better nutritious in terms of ω3/ω6. Acknowledgement: This work was supported by the Scientific Research Project Unit of the University of Cukurova, Turkey under grant no FBA-2016-5780.

Keywords: Diplodus puntazo, cage cultured, PUFA, fatty acid

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Authors: Doki Naomi Onyeje, Doki Gowon Ama

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The past 4 years have been traumatic for Nigerians, having to deal with a number of complex economic issues with dire consequences for the economy. Households have had to respond variously to some of these problems in peculiar ways, depending, of course, on the nature and character of a particular shock. The type, magnitude, intensity and duration of a particular shock might be the determinant of different household responses. While households’ responses to the Global Financial Crisis and Covid 19 Pandemic have been documented by researchers, other economic shocks have continued to emerge in Nigeria. The dramatic turn of events since coming on board of the new government on May 29th 2023, has introduced a new economic twist that households will have to adjust to. This study, therefore, sets out to examine household responses by disaggregating them by their livelihood sources. A survey of 420 households across North Central Nigeria will be done to generate information on the respective responses. A Multinomial logit regression analysis will be employed to test the hypothesis that livelihood source(s) influences household responses to economic shocks. Consequently, responses from public and private households will be examined. The expected results should be that household responses might have some similarities, but it is expected that some peculiar responses across groups will emerge and these differences will guide for group-specific interventions. The Theatre for Development (TfD) approach will be used to disseminate and propagate results from this study to and among stakeholders for effective policy frameworks.

Keywords: drama, dynamics, economic shocks, household responses, Nigeria

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Authors: Neeraj Gupta, Jitendra Mahakud

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The banking system plays a major role in the Indian economy. Banking system is the payment gateway of most of the financial transactions. Banking has gone a major transition that is still in progress. Recent banking reforms after liberalization in 1991 have led to the establishment of the foreign banks in the country. The foreign banks are not listed in the Indian stock markets and have increased the competition leading to the capture of the significant share in the revenue from the public sector banks which are still the major players in the Indian banking sector. The performance of the banking sector depends on the internal (bank specific) as well as the external (market specific and macroeconomic) factors. Profitability in banking sector is affected by numerous factors which can be internal or external. The present study examines these internal and external factors which are likely to effect the profitablilty of the Indian banks. The sample consists of a panel dataset of 64 commercial banks in India, consisting of 1088 observations over the years from 1998 to 2016. The GMM dynamic panel estimation given by Arellano and Bond has been used. The study revealed that the variables capital adequacy ratio, deposit, age, labour productivity, non-performing asset, inflation and concentration have significant effect on performance measured.

Keywords: banks in India, bank performance, bank productivity, banking management

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Authors: Yousef Rostami Gharainy

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We look at the late financial exhibitions of China and India utilizing a simple growth accounting framework that creates assessments of the commitment of work, capital, training, and aggregate variable profitability for the three parts of agribusiness, industry, and administrations and in addition for the total economy. Our examination consolidates late information updates in both nations and incorporates broad examination of the basic information arrangement. The development records demonstrate a generally square with division in each nation between the commitments of capital gathering and TFP to development in yield every specialist over the period 1980-2007, and an increasing speed of development when the period is separated at 1993. Be that as it may, the size of yield development in China is generally twofold that of India at the total level, and additionally higher in each of the three segments in both sub-periods. In China the post-1993 increasing speed was amassed generally in industry, which contributed about 61 percent of China’s total efficiency development. Interestingly, 48 percent of the development in India in the second sub-period came in administrations. Reallocation of specialists from farming to industry and administrations has contributed 1.3 rate focuses to efficiency development in every nation.

Keywords: China, India, growth accounting framework, work, capital, training, aggregate variable profitability

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Authors: Zeynep Yilmazer Hitit, Patrick C. Hallenbeck

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Fuel reserve requirements due to depletion of fossil fuels have increased interest in biohydrogen since the 1990’s. In fermentative hydrogen production, pure, mixed, and co-cultures can be used to produce hydrogen. Several previous studies have evaluated hydrogen production by pure cultures of Clostridium butyricum or Enterobacter aerogenes. Evaluating hydrogen production by co-culture of these microorganisms is an interestıng approach since E. aerogenes is a facultative microorganism with resistance to oxygen in contrast to the strict anaerobe C. butyricum, and therefore has the ability to maintain anaerobic conditions. It was found that using co-cultures of facultative E. aerogenes (as a reducing agent and H2 producer) and the obligate anaerobe C. butyricum for producing hydrogen increases the yield of hydrogen by about 50% compared to C. butyricum by itself. Also, using different types of microorganisms for hydrogen production eliminates the need to use expensive reducing agents. C. butyricum strain pre-cultured anaerobically at 37 0C for 15h by inoculating 100 mL of GP medium (pH 6.8) consisting of 1% glucose, 2% polypeptone, 0.2% KH2PO4, 0.05% yeast extract, 0.05% MgSO4. 7H2O and E. aerogenes strain was pre-cultured aerobically at 30 0C, 150 rpm for 9 h by inoculating 100 mL of TGY medium (pH 6.8), consisting of 0.1% glucose, 0.5% tryptone, 0.1% K2HPO4, 0.5% yeast extract. All duplicate batch experiments were conducted in 100 mL bottles with different inoculum ratios of Clostridium butyricum and Enterobater aerogenes (C:E) using 5x diluted rich media (GP) consisting of 2 g/L glucose, 4g/L polypeptone, 0.4 g/L KH2PO4, 0.1 g/L yeast extract, 0.1 MgSO4.7H2O. The range of inoculum ratio of C. butyricum to E. aerogenes were 2:1,4:1,8:1, 1:2,1:4, 1:8, 1:0, 0:1. Using glucose as a carbon source aided in the observation of microbial behavior as well as making the effect of inoculum ratio more evident. Nearly all the glucose in the medium was used to produce hydrogen, except at a 1:0 ratio of inoculum (i.e. containing only C. butyricum). Low glucose consumption leads to a higher hydrogen yield due to cumulative hydrogen production and consumption of glucose, but not as much as C:E, 8:1. The lowest hydrogen yield was achieved in 1:8 inoculum ratio of C:E, 71.9 mL, 1.007±0.01 mol H2/mol glucose and the highest cumulative hydrogen, hydrogen yield and dry cell weight were achieved in 8:1 inoculum ratio of C:E, 117.4 mL, 2.035±0.082 mol H2/mol glucose, 0.4 g/L respectively. In this study effect of inoculum ratio on dark fermentative biohydrogen production using C. butyricum and E. aerogenes was investigated. The maximum hydrogen yield of 2.035mol H2/mol glucose was obtained using 2g/L glucose, an initial pH of 6 and an inoculum ratio of C. butyricum to E. aerogenes of 8:1. Results showed that inoculum ratio is an important parameter on hydrogen production due to competition between the two microorganisms in using substrate for growth and production of by-products. The results presented here could be of great significance for further waste management studies using co-culture hydrogen production.

Keywords: biohydrogen, Clostridium butyricum, dark fermentation, Enterobacter aerogenes, inoculum ratio in biohydrogen production

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Authors: Karthik Chamari, Vasudha Rudraraju, Gaurav Chaudhari

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Background: Mantle cell lymphoma (MCL) is one of the mature B cell non-Hodgkin lymphomas (NHL). The course of MCL is moderately aggressive and variable, and it has median overall survival of 8 to 10 years. Ibrutinib, a Bruton’s tyrosine kinase inhibitor, was approved by the United States (US) Food and Drug Administration in November of 2013 for the treatment of MCL patients who have received at least one prior therapy. In this study, we aimed to evaluate whether there has been a change in survival and patterns of second primary malignancies (SPMs) among the MCL population in the US after ibrutinib approval. Methods: Using the National Cancer Institute’s Surveillance, Epidemiology, and End Results (SEER)-18, we conducted a retrospective study with patients diagnosed with MCL (ICD-0-3 code 9673/3) between 2007 and 2018. We divided patients into two six-year cohorts, pre-ibrutinib approval (2007-2012) and post-ibrutinib approval (2013-2018), and compared relative survival rates (RSRs) and standardized incidence ratios (SIRs) of SPMs between cohorts. Results: We included 9,257 patients diagnosed with MCL between 2007 and 2018 in the SEER-18 survival and SIR registries. Of these, 4,205 (45%) patients were included in the pre-ibrutinib cohort, and 5052 (55%) patients were included in the post-ibrutinib cohort. The median follow-up duration for the pre-ibrutinib cohort was 54 months (range 0 to 143 months), and the post-ibrutinib cohort was 20 months (range 0 to 71 months). There was a significant difference in the five-year RSRs between pre-ibrutinib and post-ibrutinib cohorts (57.5% vs. 62.6%, p < 0.005). Out of the 9,257 patients diagnosed with MCL, 920 developed SPMs. A higher proportion of SPMs occurred in the post-ibrutinib cohort (63%) when compared with the pre-ibrutinib cohort (37%). Non-hematological malignancies comprised most of all SPMs. A higher incidence of non-hematological malignancies occurred in the post-ibrutinib cohort (SIR 1.42, 95% CI 1.29 to 1.56) when compared with the pre-ibrutinib cohort (SIR 1.14, 95% CI 1 to 1.3). There was a statistically significant increase in the incidence of cancers of the respiratory tract (SIR 1.77, 95% CI 1.43 to 2.18), urinary tract (SIR 1.61, 95% CI 1.23 to 2.06) when compared with other non-hematological malignancies in post-ibrutinib cohort. Conclusions: Our study results suggest the relative survival rates have increased since the approval of ibrutinib for mantle cell lymphoma patients. Additionally, for some unclear reasons, the incidence of SPM’s (non-hematological malignancies), mainly cancers of the respiratory tract, urinary tract, have increased in the six years following the approval of ibrutinib. Further studies should be conducted to determine the cause of these findings.

Keywords: mantle cell lymphoma, Ibrutinib, relative survival analysis, secondary primary cancers

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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

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Authors: Handie Pramana Putra, Ani Dijah Rahajoe

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The proliferation of smart devices and advancements in mobile communication technologies have permeated various facets of life with the widespread influence of e-commerce. Detecting abnormal transactions holds paramount significance in this realm due to the potential for substantial financial losses. Moreover, the fusion of data flow and control flow assumes a critical role in the exploration of process modeling and data analysis, contributing significantly to the accuracy and security of business processes. This paper introduces an alternative approach to identify abnormal transactions through a model that integrates both data and control flows. Referred to as the Extended Data Petri net (DPNE), our model encapsulates the entire process, encompassing user login to the e-commerce platform and concluding with the payment stage, including the mobile transaction process. We scrutinize the model's structure, formulate an algorithm for detecting anomalies in pertinent data, and elucidate the rationale and efficacy of the comprehensive system model. A case study validates the responsive performance of each system component, demonstrating the system's adeptness in evaluating every activity within mobile transactions. Ultimately, the results of anomaly detection are derived through a thorough and comprehensive analysis.

Keywords: database, data analysis, DPNE, extended data flow, e-commerce

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Authors: Trinh Hoang Hong Hue

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Citizen Participation has been largely considered as an important objective of improving democracy and government decision-making in Vietnam recently. The Public Administration Performance Index Survey data (PAPI) indicated that citizens in provinces that have a higher proportion of male often less participate in local governance than those in provinces that have lower proportion of male. That means Vietnamese women more actively participate at the local governance rather than men. Thus this study will explore factors involving gender differences that impact on citizen participation at the local level. Applying qualitative approach, mainly in-depth interview, this study explores four diverse perspectives on enhancing citizen participation for both women and men at the local governance including civic knowledge; the trust of citizens; suitable policies of local government; and the role of NGOs. Furthermore, this study also points out two crucial reasons that are leading to the gender differences of citizen participation at the local level. Firstly, because Vietnamese women play the main role in family financial management; then they are willing to highly contribute to ‘voluntary contributions’; one of the four sub-dimensions of the concept ‘citizen participation’ of PAPI. Secondly, in Vietnam, women are deeply prone to be interested in the small issues at the local governance; whereas men are much keen on the bigger issues at national and international governance.

Keywords: citizen participation, gender, women, local governance, PAPI, Vietnam

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Authors: Petra Palic, Maruska Vizek

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We provide an in-depth analysis of interdependence of asset returns and volatilities in developed and developing countries. The analysis is split into three parts. In the first part, we use multivariate GARCH model in order to provide stylized facts on cross-market volatility spillovers. In the second part, we use a generalized vector autoregressive methodology developed by Diebold and Yilmaz (2009) in order to estimate separate measures of return spillovers and volatility spillovers among sovereign bond, equity, foreign exchange and commodity markets. In particular, our analysis is focused on cross-market return, and volatility spillovers in 19 developed and developing countries. In order to estimate named spillovers, we use daily data from 2008 to 2017. In the third part of the analysis, we use a generalized vector autoregressive framework in order to estimate total and directional volatility spillovers. We use the same daily data span for one developed and one developing country in order to characterize daily volatility spillovers across stock, bond, foreign exchange and commodities markets.

Keywords: cross-market spillovers, sovereign bond markets, equity markets, value at risk (VAR)

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