Search results for: Indonesia sharia stock index

Authors: Pangihutan Panjaitan, Helda Risman, Devindra Oktaviano

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This research is departed from the security issues generated from China’s unilateral claims in the South China Sea conflict. The diplomacy challenges come from Indonesia’s relations with China as well as with ASEAN-member countries involved in the conflict. It is estimated that the conflict in the South China Sea region will become an endless conflict. Comprehensively, Indonesia is implementing a gradual shift in diplomatic approach in creating positive and constructive ties among Indonesia, China, and ASEAN. In line with the rapid-changing world order, the conventional military approach becomes less significant in today’s modern inter-state interactions. This research is conducted in a qualitative literature review to explain how Indonesia’s recent soft diplomacy approach applied in the South China Sea conflict. This type of diplomacy theoretically assumed as one of the most preferred ways to establish mutual trust and confidence among conflicting parties. Maritime issues found its significance in contemporary foreign policy since the world’s most dynamic region has moved to the archipelagic Asia-Pacific. As mentioned by rationalists, every country, including Indonesia, has surely formulated its own prominent national interest, such as the defense aspect. Finally, this research will provide a deep analysis on Indonesia’s centrality in ASEAN as an effective way to ensure Indonesia’s strategic policy in the region well accommodated.

Keywords: soft diplomacy, south China sea, national defense, China

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Authors: Ray Maximillian, Idil Syawfi

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Indonesia’s Exclusive Economic Zone and the infamous China’s nine-dash line are intersected in Natuna waters. Even though from Indonesia perspective, that line does not possess any legal basis, China treat that line as their national boundaries, therefore allowing Chinese fishermen to fish in the area. Under President Joko Widodo leadership, Indonesia which now focusing to suppress illegal fishing cases while emphasizing their maritime sovereignty is facing an imminent threat from China’s presence in Natuna. Tension between these countries spiked after three incident happened on 2016, especially after Indonesian navy shot Chinese fishermen vessel that suspected doing illegal fishing activity. This action seen as an attempt to secure Indonesia’s law enforcement in their waters after several months before such attempt was intervened by Chinese coast guard. Indonesia tries to securitize this issue to justify the shooting they done to Chinese vessels. In the process of securitization, it is imperative to identify the existential threat that leads to implementation of emergency measures which responded by units in the cases. Chinese coast guard presence in Natuna perceived as an existential threat to Indonesia, therefore, responded by shooting to Chinese vessels on the next encounter. This action then responded by Chinese government who said that there is overlapping claim between them and Indonesia in Natuna.

Keywords: China, illegal fishing, Indonesia, natuna, securitization

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Authors: Widhi Hanantyo Suryadinata

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Efforts undertaken by Indonesia and China to shift the strategies and security of renewable energy on a global stage involve approaches through policy construction related to rare minerals processing or value-adding in Indonesia and manufacturing policies through the New Energy Vehicles (NEVs) policy in China. Both policies encompass several practical regulations and policies that can be utilized for the implementation of Indonesia and China's grand efforts and ideas. Policy development in Indonesia and China can be analyzed using a comparative analysis method, as well as employing a pyramid illustration to identify policy construction phases based on the real conditions of the domestic market and implemented policies. This approach also helps to identify the potential integration of policies needed to enhance the policy development phase of a country within the pyramid. It also emphasizes the significance of integration policy to redefine renewable energy strategy and security on the global stage.

Keywords: global renewable energy security, global energy security, policy development, comparative analysis, shifting of global energy security, Indonesia, China

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Authors: Ameen Alshugaa, Abul Mansur Masih

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This paper sheds light on the economic impacts of political uncertainty caused by the civil uprisings that swept the Arab World and have been collectively known as the Arab Spring. Measuring documented effects of political uncertainty on regional stock market indices, we examine the impact of the Arab Spring on the volatility of stock markets in eight countries in the Middle East and North Africa (MENA) region: Egypt, Lebanon, Jordon, United Arab Emirate, Qatar, Bahrain, Oman and Kuwait. This analysis also permits testing the existence of financial contagion among equity markets in the MENA region during the Arab Spring. To capture the time-varying and multi-horizon nature of the evidence of volatility and contagion in the eight MENA stock markets, we apply two robust methodologies on consecutive data from November 2008 to March 2014: MGARCH-DCC, Continuous Wavelet Transforms (CWT). Our results indicate two key findings. First, the discrepancies between volatile stock markets of countries directly impacted by the Arab Spring and countries that were not directly impacted indicate that international investors may still enjoy portfolio diversification and investment in MENA markets. Second, the lack of financial contagion during the Arab Spring suggests that there is little evidence of cointegration among MENA markets. Providing a general analysis of the economic situation and the investment climate in the MENA region during and after the Arab Spring, this study bear significant importance for policy makers, local and international investors, and market regulators.

Keywords: Portfolio Diversification , MENA Region , Stock Market Indices, MGARCH-DCC, Wavelet Analysis, CWT

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Authors: Furry A. Wilis, Dewi Larasati, Suhendri

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Around 96% of architecture firms in Indonesia are classified as small-medium enterprises (SME). This number shows that the SME firms have an important role in architecture, engineering, and construction (AEC) industry in Indonesia. Some of them are still using conventional system (2D based) in arranging construction project documents. This system is fragmented and not fully well-coordinated, so causes many changes in the whole project cycle. Building information modeling (BIM), as a new developed system in Indonesian construction industry, has been assumed can decrease changes in the project. But BIM has not fully implemented in Indonesian AEC industry, especially in SME architecture firms. This article identifies the challenges of implementing BIM in SME architecture firms in Indonesia. Quantitative-explorative research with questionnaire was chosen to achieve the goal of this article. The scarcity of skilled BIM user, low demand from client, high investment cost, and the unwillingness of the firm to switch into BIM were found as the result of this paper.

Keywords: architecture consultants, BIM, SME, Indonesia

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Authors: Viktória Sugár, Attila Talamon, András Horkai, Michihiro Kita

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The dense urban fabric of the Budapest 7th district is known as the former Jewish Quarter. The majority of the historical building stock contains multi-story tenement houses with courtyards, built around the end of the 19^th century. Various rehabilitation and urban planning attempt occurred until today, mostly left unfinished. Present paper collects the past rehabilitation plans, actions and their effect which took place in the former Jewish District of Budapest. The authors aim to assess the boundaries of a complex building stock rehabilitation, by taking into account the monument protection guidelines. As a main focus of the research, structural as well as energetic rehabilitation possibilities are analyzed in case of each building by using Geographic Information System (GIS) methods.

Keywords: geographic information system, Hungary, Jewish Quarter, monument, protection, rehabilitation

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Authors: Kaveh Shahi, Helmi Z. M. Shafri, Ebrahim Taherzadeh

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In remote sensing, shadow causes problems in many applications such as change detection and classification. It is caused by objects which are elevated, thus can directly affect the accuracy of information. For these reasons, it is very important to detect shadows particularly in urban high spatial resolution imagery which created a significant problem. This paper focuses on automatic shadow detection based on a new spectral index for multispectral imagery known as Shadow Detection Index (SDI). The new spectral index was tested on different areas of World-View 2 images and the results demonstrated that the new spectral index has a massive potential to extract shadows effectively and automatically.

Keywords: spectral index, shadow detection, remote sensing images, World-View 2

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Authors: Abderrazek Ben Maatoug, Ibrahim Fatnassi, Wassim Ben Ayed

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In this paper we investigate the issue of market risk quantification for Middle East and North Africa (MENA) Islamic market equity. We use Value-at-Risk (VaR) as a measure of potential risk in Islamic stock market, for long and short position, based on Riskmetrics model and the conditional parametric ARCH class model volatility with normal, student and skewed student distribution. The sample consist of daily data for the 2006-2014 of 11 Islamic stock markets indices. We conduct Kupiec and Engle and Manganelli tests to evaluate the performance for each model. The main finding of our empirical results show that (i) the superior performance of VaR models based on the Student and skewed Student distribution, for the significance level of α=1% , for all Islamic stock market indices, and for both long and short trading positions (ii) Risk Metrics model, and VaR model based on conditional volatility with normal distribution provides the best accurate VaR estimations for both long and short trading positions for a significance level of α=5%.

Keywords: value-at-risk, risk management, islamic finance, GARCH models

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Authors: Guoyu Lin

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This paper explores the role investor sentiment plays in the relationship between analyst forecast dispersion and stock returns. With short sale constraints, stock prices are determined by the optimistic investors. During the high sentiment periods when investors suffer more from psychological bias, there are more optimistic investors. This is the first paper to document that following the high sentiment periods, stocks with the most analyst forecast dispersion are overpriced, earning significantly negative returns, while those with the least analyst forecast dispersion are not overpriced as the degree of belief dispersion is low. However, following the low sentiment periods, both are not overpriced. A portfolio which longs the least dispersed stocks and shorts the most dispersed stocks yields significantly positive returns only following the high sentiment periods. My findings can potentially reconcile the puzzling risk effect and mispricing effect in the literature. The risk (mispricing) effect suggests a positive (negative) relation between analyst forecast dispersion and future stock returns. Presumably, the magnitude of the mispricing effect depends on the proportion of irrational investors and their bias, which is positively related to investor sentiment. During the high sentiment period, the mispricing effect takes over and the overall effect is negative. During the low sentiment period, the percentage of irrational investors is mediate, and the mispricing effect and the risk effect counter each other, leading to insignificant relation.

Keywords: analyst forecast dispersion, short-sale constraints, investor sentiment, stock returns

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Authors: Massimiliano Frezza, Sergio Bianchi, Augusto Pianese

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The relation between stock price volatility and trading volume represents a controversial issue which has received a remarkable attention over the past decades. In fact, an extensive literature shows a positive relation between price volatility and trading volume in the financial markets, but the causal relationship which originates such association is an open question, from both a theoretical and empirical point of view. In this regard, various models, which can be considered as complementary rather than competitive, have been introduced to explain this relationship. They include the long debated Mixture of Distributions Hypothesis (MDH); the Sequential Arrival of Information Hypothesis (SAIH); the Dispersion of Beliefs Hypothesis (DBH); the Noise Trader Hypothesis (NTH). In this work, we analyze whether stock market efficiency can explain the diversity of results achieved during the years. For this purpose, we propose an alternative measure of market efficiency, based on the pointwise regularity of a stochastic process, which is the Hurst–H¨older dynamic exponent. In particular, we model the stock market by means of the multifractional Brownian motion (mBm) that displays the property of a time-changing regularity. Mostly, such models have in common the fact that they locally behave as a fractional Brownian motion, in the sense that their local regularity at time t0 (measured by the local Hurst–H¨older exponent in a neighborhood of t0 equals the exponent of a fractional Brownian motion of parameter H(t0)). Assuming that the stock price follows an mBm, we introduce and theoretically justify the Hurst–H¨older dynamical exponent as a measure of market efficiency. This allows to measure, at any time t, markets’ departures from the martingale property, i.e. from efficiency as stated by the Efficient Market Hypothesis. This approach is applied to financial markets; using data for the SP500 index from 1978 to 2017, on the one hand we find that when efficiency is not accounted for, a positive contemporaneous relationship emerges and is stable over time. Conversely, it disappears as soon as efficiency is taken into account. In particular, this association is more pronounced during time frames of high volatility and tends to disappear when market becomes fully efficient.

Keywords: volume–volatility relationship, efficient market hypothesis, martingale model, Hurst–Hölder exponent

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Authors: Viktória Sugár, Zoltán Laczó, András Horkai, Gyula Kiss, Attila Talamon

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The majority of the building stock of Budapest inner districts was built around the turn of the 19^th and 20^th century. Although the structural stability of the buildings is not questioned, as the load bearing structures are in sufficient state, the secondary structures are aged, resulting unsatisfactory energetic state. The renovation of these historical buildings requires special methodology and technology: their ornamented facades and custom-made fenestration cannot be insulated or exchanged with conventional solutions without damaging the heritage values. The present paper aims to introduce and systematize the possible technological solutions for heritage respecting energy retrofit in case of a historical residential building stock. Through case study, the possible energy saving potential is also calculated using multiple renovation scenarios.

Keywords: energy efficiency, heritage, historical building, renovation

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Authors: Ashneel Ajay Singh, Naoki Suzuki, Kazumi Sakuramoto,

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The North Pacific albacore (Thunnus alalunga) is a temperate tuna species distributed in the North Pacific which is of significant economic importance to the Pacific Island Nations and Territories. Despite its importance, the stock dynamics and ecological characteristics of albacore still, have gaps in knowledge. The stock-recruitment relationship of the North Pacific stock of albacore tuna was investigated for different density-dependent effects and a regime shift in the stock characteristics in response to changes in environmental and climatic conditions. Linear regression analysis for recruit per spawning biomass (RPS) and recruitment (R) against the female spawning stock biomass (SSB) were significant for the presence of different density-dependent effects and positive for a regime shift in the stock time series. Application of Deming regression to RPS against SSB with the assumption for the presence of observation and process errors in both the dependent and independent variables confirmed the results of simple regression. However, R against SSB results disagreed given variance level of < 3 and agreed with linear regression results given the assumption of variance ≥ 3. Assuming the presence of different density-dependent effects in the albacore tuna time series, environmental and climatic condition variables were compared with R, RPS, and SSB. The significant relationship of R, RPS and SSB were determined with the sea surface temperature (SST), Pacific Decadal Oscillation (PDO) and multivariate El Niño Southern Oscillation (ENSO) with SST being the principal variable exhibiting significantly similar trend with R and RPS. Recruitment is significantly influenced by the dynamics of the SSB as well as environmental conditions which demonstrates that the stock-recruitment relationship is multidimensional. Further investigation of the North Pacific albacore tuna age-class and structure is necessary for further support the results presented here. It is important for fishery managers and decision makers to be vigilant of regime shifts in environmental conditions relating to albacore tuna as it may possibly cause regime shifts in the albacore R and RPS which should be taken into account to effectively and sustainability formulate harvesting plans and management of the species in the North Pacific oceanic region.

Keywords: Albacore tuna, Thunnus alalunga, recruitment, spawning stock biomass, recruits per spawning biomass, sea surface temperature, pacific decadal oscillation, El Niño southern oscillation, density-dependent effects, regime shift

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Authors: Guillaume Craveur

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This study highlights the impact of an onboard fire for the evacuation of a rolling stock. Two fires models are achieved. The first one is a zone model realized with the CFAST software. Then, this fire is imported in a building EXODUS model in order to determine the evacuation time with effects of fire effluents (temperature, smoke opacity, smoke toxicity) on passengers. The second fire is achieved with Fire Dynamics Simulator software. The fire defined is directly imported in the FDS+Evac model which will permit to determine the evacuation time and effects of fire effluents on passengers. These effects will be compared with tenability criteria defined in some standards in order to see if the situation is acceptable. Different power of fire will be underlined to see from what power source the hazard become unacceptable.

Keywords: fire safety engineering, numerical tools, rolling stock, evacuation

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Authors: Ferdi Afian, Inne Yuliawati

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Background: The change in causes of death from infectious diseases to non-communicable diseases also occurs in the aviation community in Indonesia. Non-communicable diseases are influenced by several internal risk factors, such as age, lifestyle changes and the presence of other diseases. These risk factors will increase the incidence of heart diseases resulting in the incapacity of Indonesian aviators which will disrupt flight safety. Method: The study was conducted by collecting secondary data. The retrieval of primary data was obtained from medical records at the Indonesian Aviation Health Center in 2016-2017. The subjects in this study were all cases of incapacity in Indonesian aviators medical conditions. Results: In this study, there were 15 cases of aviators in Indonesia who experienced incapacity of medical conditions related to heart and lung diseases in 2016-2017. Based on the secondary data contained in the flight medical records at the Aviation Health Center Aviation, it was found that several factors related to aviators incapacity causing its inability to carried out flight duties. Conclusion: Incapacity of Indonesian aviators medical conditions are most affected by the high value of Body Mass Index (86%) and less affected by high of Uric Acid in the blood (26%) and Hyperglycemia (26%).

Keywords: incapacity, aviators, flight, Indonesia

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Authors: Ernest Nweke, Enkhtuya Bavuudorj

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The Mongolia Stock Exchange (MSE) serves as a vehicle for executing the privatization policy of Mongolian Government as it transitioned from socialist to free market economy. It was also the intention of the Government to develop the investment and securities market through its establishment and to further boost the ailing Mongolian economy. This paper focuses on the contributions of the Mongolian Stock Exchange (MSE) to the industrial and economic development of Mongolia via Corporate fund mobilization for listed companies in Mongolia. A study of this nature is imperative as economic development in Mongolia has been accelerated by corporate investments. The key purpose of the research was to critically analyze the operations of the MSE to ascertain the extent to which the objectives for which it was established have been accomplished and to assess its contributions to industrial and economic development of Mongolia. In achieving this, secondary data on the activities of the MSE; its market capitalization over the years were collected and analyzed vis-à-vis the figures for Mongolia’s macro-economic data for the same time period to determine whether the progressive increase in market capitalization of the MSE has positively impacted on Mongolia’s economic growth. Regression analysis package was utilized in dissecting the data. It was proven that the Mongolian Stock Exchange has contributed positively and significantly to Mongolia’s economic development though not yet to the desired level. Against the findings of this research, recommendations were made to address, the problems facing the MSE and to enhance its performance and ultimately its contributions to industrial and economic development of the Mongolian nation.

Keywords: Corporate Fund Mobilization, Gross Domestic Product (GDP), market capitalization, purchasing power, stock exchange

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Authors: Akbar

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Pros and cons of the capital punishment in Indonesia have been out of the date. The discourse of capital punishment has no relevance to the theory of punishment and theories of cultural relativism. In fact, the provisions of exceptions to the right to life by administering the death penalty against the perpetrators of serious crimes in Indonesia is a narrow perspective that does not pay attention to the development of the punishment of the crime. This thing is aggravated by an error to understand the natural right and legal right where the prohibition of those rights is result from a failure to distinguish the characteristic of the rights and to remember the raison d’être of law. To parse the irrational above, this paper will try to analyze normatively the error referring to the complementary theory between the sources of international law and the sources of municipal law of Indonesia. Both sources of the law above should be understood in the mutually reinforcing relationship enforceability because of false perceptions against those will create the disintegration between international law and municipal law of Indonesia. This disintegration is explicit not only contrary to the integrative theory of international law but also integrative theory of municipal law of Indonesia.

Keywords: capital punishment, municipal law, right to life, international law, the raison d’être of law, complementary theory, integrative theory

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Authors: Godwin Chigozie Okpara, Eugene Iheanacho

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This paper examined the dynamic behavior of stock market development and the growth of Nigerian economy. The variables; market capitalization ratio, turnover ratio and liquidity proxies by the ratio of market capitalization to gross domestic product were sourced and computed from the Nigerian stock exchange fact books and the CBN statistical bulletin of the Central Bank of Nigeria. The variables were tested and found stationary and cointregrated using the augumented Dickey Fuller unit root test and the Johnson cointegration test respectively. The dynamic behavior of the stock market development model was verified using the error correction model. The result shows that about 0.4l percent of the short run deviation is corrected every year and also reveals that market capitalization ratio and market liquidity are positive and significant function of economic growth. In other words market capitalization ratio and liquidity positively and significantly impact economic growth. Market development variables such as turnover ratio and market restriction can exert positive but insignificant impact on the growth of the economy suggesting that securities transaction relative to the size of the securities market are not high enough to significantly engender economic growth in Nigeria. In the light of this, the researchers recommend that the regulatory body as well as the government, should provide a conducive environment capable of encouraging the growth and development of the stock market. This if well articulated will enhance the market turnover and the growth of the economy.

Keywords: market capitalization ratio, turnover ratio, liquidity, unit root test, cointegration

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Authors: Mohammad Q. M. Momani

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The objective of this study is to examine whether the value relevance of ownership structure changed as the Amman Stock Exchange market conditions changed. Using data from 2005 to 2014, the study finds that the performance of portfolios that contain firms with concentrated ownership structure declines significantly during the post-crisis period. These portfolios exhibit poor performance relative to portfolios that contain firms with dispersed ownership structure during the post-crisis period. The results argue that uninspired performance of the Amman Stock Exchange during the post-crisis period, increased the incentives for controlling shareholders to expropriate. Investors recognized these incentives and discounted firms that were more likely to expropriate.

Keywords: value relevance, ownership structure, portfolio performance, Jordan, ASE

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Authors: Andi Triswoyo

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The sacred has been a dominant influence in the human lives. International relations, as the mirror of the human relations in a whole, reflected such cases. Inter-state relations has been predominantly how the sacred played the main roles of. The relations between Indonesia and Palestine could be shot as the sacred-analyzed case of inter-state relations. The intimacy of them could be analyzed comfortably in IR normal perspective, such as realism, liberalism, and Marxism. Hopefully, Religion perspective would make better explanation how Indonesia-Palestine relations had so worth. This paper will use some narrative-explanatory stage to elaborate that cases. Moreover, the sacred can give such alternative analyses to interpret how international relations occurred in this time regard of the rise a new theory of International Relations.

Keywords: the sacred, international relations, Indonesia, Palestine

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Authors: Mojo Mengistu Gelasso

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The tropical forest is considered the most important forest ecosystem for mitigating climate change by sequestering a high amount of carbon. The potential carbon stock of the forest can be influenced by many factors. Therefore, studying these factors is crucial for understanding the determinants that affect the potential for woody carbon storage in the forest. This study was conducted to evaluate the potential for woody carbon stock and how it varies based on plant community types, as well as along altitudinal, slope, and aspect gradients in the Munessa dry Afromontane forest. Vegetation data was collected using systematic sampling. Five line transects were established at 100 m intervals along the altitudinal gradient between two consecutive transect lines. On each transect, 10 quadrats (20 x 20 m), separated by 200 m, were established. The woody carbon was estimated using an appropriate allometric equation formulated for tropical forests. The data was analyzed using one-way ANOVA in R software. The results showed that the total woody carbon stock of the Munessa forest was 210.43 ton/ha. The analysis of variance revealed that woody carbon density varied significantly based on environmental factors, while community types had no significant effect. The highest mean carbon stock was found at middle altitudes (2367-2533 m.a.s.l), lower slopes (0-13%), and west-facing aspects. The Podocarpus falcatus-Croton macrostachyus community type also contributed a higher woody carbon stock, as larger tree size classes and older trees dominated it. Overall, the potential for woody carbon sequestration in this study was strongly associated with environmental variables. Additionally, the uneven distribution of species with larger diameter at breast height (DBH) in the study area might be linked to anthropogenic factors, as the current forest growth indicates characteristics of a secondary forest. Therefore, our study suggests that the development and implementation of a sustainable forest management plan is necessary to increase the carbon sequestration potential of this forest and mitigate climate change.

Keywords: munessa forest, woody carbon stock, environmental factors, climate mitigation

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Authors: Mengistu Gelasso Mojo

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The tropical forest is considered the most important forest ecosystem for mitigating climate change by sequestering a high amount of carbon. The potential carbon stock of the forest can be influenced by many factors. Therefore, studying these factors is crucial for understanding the determinants that affect the potential for woody carbon storage in the forest. This study was conducted to evaluate the potential for woody carbon stock and how it varies based on plant community types, as well as along altitudinal, slope, and aspect gradients in the Munessa dry Afromontane forest. Vegetation data was collected using systematic sampling. Five line transects were established at 100 m intervals along the altitudinal gradient between two consecutive transect lines. On each transect, 10 quadrats (20 x 20 m), separated by 200 m, were established. The woody carbon was estimated using an appropriate allometric equation formulated for tropical forests. The data was analyzed using one-way ANOVA in R software. The results showed that the total woody carbon stock of the Munessa forest was 210.43 ton/ha. The analysis of variance revealed that woody carbon density varied significantly based on environmental factors, while community types had no significant effect. The highest mean carbon stock was found at middle altitudes (2367-2533 m.a.s.l), lower slopes (0-13%), and west-facing aspects. The Podocarpus falcatus-Croton macrostachyus community type also contributed a higher woody carbon stock, as larger tree size classes and older trees dominated it. Overall, the potential for woody carbon sequestration in this study was strongly associated with environmental variables. Additionally, the uneven distribution of species with larger diameter at breast height (DBH) in the study area might be linked to anthropogenic factors, as the current forest growth indicates characteristics of a secondary forest. Therefore, our study suggests that the development and implementation of a sustainable forest management plan is necessary to increase the carbon sequestration potential of this forest and mitigate climate change.

Keywords: munessa forest, woody carbon stock, environmental factors, climate mitigation

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Authors: Mohamad H. Atyeh, Wael Alrashed, Steven Telford

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The main objective of this research is to measure if there have been any notable changes in the trading actives of the Kuwait stock Exchange (KSE) after the privatization process that took place on the 25th of April 2016. The data that are used to test if there is any change in the KSE market performance are the daily indices for the period from the 25th of April 2016 till the 24th of October 2016 (after privatization) and a similar six months period before the date of the privatization from the 24th of October 2015 till the 24th of April 2016. In addition, as a control, the study included a period that is a period parallel to the six months period after the privatization. The results indicate that privatization is associated with lower variability for the majority of variables, but that the observed switch in slope direction is not actually a product of privatization, but rather one of serial correlation.

Keywords: privatization, Kuwait stock exchange (KSE), market capitalization (MCAP), capital markets authority (CMA), Boursa Kuwait securities company (BKSC)

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Authors: Rudi Ryacudu, Edi Artono, Gema Wahyudi Purnama

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Oil and gas consumption in Indonesia is currently on the rise due to its nation economic improvement. Unfortunately, Indonesia’s domestic oil production cannot meet it’s own consumption and Indonesia has lost its status as Oil and Gas exporter. Even worse, our conventional oil and gas reserve is declining. Unwilling to give up, the government of Indonesia has taken measures to invite investors to invest in domestic oil and gas exploration to find new potential reserve and ultimately increase production. Yet, it has not bear any fruit. Indonesia has taken steps now to explore new unconventional oil and gas play including Shale Gas, Shale Oil and Tight Sands to increase domestic production. These new plays require definite parameters to differentiate each concept. The purpose of this paper is to provide ways in defining unconventional hydrocarbon reservoir parameters in Shale Gas, Shale Oil and Tight Sands. The parameters would serve as an initial baseline for users to perform analysis of unconventional hydrocarbon plays. Some of the on going concerns or question to be answered in regards to unconventional hydrocarbon plays includes: 1. The TOC number, 2. Has it been well “cooked” and become a hydrocarbon, 3. What are the permeability and the porosity values, 4. Does it need a stimulation, 5. Does it has pores, and 6. Does it have sufficient thickness. In contrast with the common oil and gas conventional play, Shale Play assumes that hydrocarbon is retained and trapped in area with very low permeability. In most places in Indonesia, hydrocarbon migrates from source rock to reservoir. From this case, we could derive a theory that Kitchen and Source Rock are located right below the reservoir. It is the starting point for user or engineer to construct basin definition in relation with the tectonic play and depositional environment. Shale Play concept requires definition of characteristic, description and reservoir identification to discover reservoir that is technically and economically possible to develop. These are the steps users and engineers has to do to perform Shale Play: a. Calculate TOC and perform mineralogy analysis using water saturation and porosity value. b. Reconstruct basin that accumulate hydrocarbon c. Brittlenes Index calculated form petrophysical and distributed based on seismic multi attributes d. Integrated natural fracture analysis e. Best location to place a well.

Keywords: unconventional hydrocarbon, shale gas, shale oil tight sand reservoir parameters, shale play

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Authors: Nabila Dwi Agustin, Ria Septitis Mentari, Nugroho Adi Sasongko

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Indonesia is experiencing a crisis in the development of defense equipment. Most of Indonesia's defense equipment must import its parts from other countries. Moreover, the area of Indonesia is 2/3 of its territory is the sea areas. For the protection of marine areas, Indonesia relies solely on submarines in monitoring conditions and whether or not intruders enter their territory. In fact, we know the submarine has a large size so that the expenses are getting bigger, the time it takes longer and needs a big maneuver to operate the submarine. Indeed, the submarine can only be operated for deeper seas. Many other countries enter the underwater world of Indonesia but Indonesia could not do anything due to the limitations of underwater monitoring system. At the same time, reconnaissance and monitor for shallow seas cannot be done by submarine. Equipment that can be used for surveillance of shallow underwater areas shall be made. This study reviewed the current research and development initiative of the submarine unmanned vehicle (SUV) or unmanned undersea vehicle (UUV) in Indonesia. This can explore underwater without the need for an operator to operate in it, but we can monitor it from a long distance. UUV has several advantages that size can be reduced as we desired, rechargeable ship batteries, has a detection sonar commonly found on a submarine and agile movement to detect at shallow sea depth. In the sonar sensors consisted of MEMS (Micro Electro Mechanical System), the sonar system runs more efficiently and effectively to monitor the target. UUV that has been developed will be very useful if the equipment is used around the outlying islands and outer from Indonesia especially the island frequented by foreign submarines without us know. The impact of this may not be felt now but it will allow foreign countries to attack Indonesia from within for the future. In addition, UUV needs to be equipped with a anti-radar system so that submarines of other countries crossing borders cannot detect it and Indonesia anti-submarine vessels can take further security measures. As the recommendation, Indonesia should take decisive steps in the state border rules, especially submarines of other countries that deliberately cross the borders of the state. This decisive action not only by word alone but also action as well. Indonesia government should show the strength and sovereignty as the entire society unites and applies the principle of universal peace.

Keywords: submarine unmanned vehicle, submarine, development of defense equipment, the border of Indonesia

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Authors: Tina Vuko, Marija Maretić, Marko Čular

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The aim of this study is to analyze the role and effectiveness of internal mechanism (audit committee) of corporate governance on credit institutions performance in Croatia. Based on research objective, sample of 78 credit institutions listed on Zagreb Stock Exchange, from 2007 to 2012, has been collected and efficiency index of audit committee (EIAC) has been created. Based on the sample and created EIAC, conclusions are as follows: audit committees of credit institutions have medium efficiency, based on EIAC measurement; there is a significant difference in audit committee effectiveness, in observed period; there is no positive relationship between audit committee effectiveness and credit institution performance; there is a significant difference between level of audit committee effectiveness and audit firm type. Future research should contain increased number of elements in EIAC creation and increased sample, for all obligators who need to establish audit committee.

Keywords: corporate governance, audit committee, financial institutions, efficiency index of audit committee

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Authors: Piotr Prewysz-Kwinto

Abstract:

The market of financial instruments with high risk is developing very dynamically in recent years and attracts more and more interest of investors. It consists essentially of two groups of instruments, i.e. derivatives and exchange traded product (ETP), and each year new types are introduced and offered to investors. The aim of this paper is to present the principles concerning financial instruments with high investment risk available on the Warsaw Stock Exchange (WSE), because they have quite complex constructions, and to evaluate the development of this market. In order to achieve this aim, statistical data from 2014-2016 was analyzed. The results confirm that the financial instruments with high investment risk available on the WSE constitute a diversified and the most numerous group of financial instruments and attract the most interest of investors. Responsible investing requires, however, a good knowledge of how they work and how they can generate profit to not expose oneself to unexpected losses.

Keywords: derivatives, exchange traded products (ETP), financial instruments, financial market, risk, stock exchange

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Authors: Masahiro Ohmura, Koh Kakusho, Takeshi Okadome

Abstract:

This paper presents a regression model with autocorrelated errors in which the inputs are social moods obtained by analyzing the adjectives in Twitter posts using a document topic model. The regression model predicts Dow Jones Industrial Average (DJIA) more precisely than autoregressive moving-average models.

Keywords: stock market prediction, social moods, regression model, DJIA

Procedia PDF Downloads 548

Authors: Samson Davoyan, Ashot Davoyan, Ani Khachatryan

Abstract:

The indexes (Global Competitiveness Index, Economic Freedom Index, Human Development Index, etc.) developed by different international and non-government organizations in time and space express the quantitative and qualitative features of different fields of various reforms implemented in different countries. The main objective of our research is to develop new methodology that we will use to create integral index based on many indexes and that will include many areas of reforms. To achieve our aim we have used econometric methods (regression model for panel data method). The basis of our methodology is the development of the new integral index based on quantitative assessment of the change of two main parameters: the score of the countries by different indexes and the change of the ranks of countries for following two periods of time. As a result of the usage of methods for analyzes we have defined the indexes that are used to create the new integral index and the scales for each of them. Analyzing quantitatively and qualitatively analysis through the integral index for more than 100 countries for 2009-2014, we have defined comparative efficiency that helps to conclude in which directions countries have implemented reforms more effectively compared to others and in which direction reforms have implemented less efficiently.

Keywords: development, rank, reforms, comparative, index, economic, corruption, social, program

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Authors: Hamdan Arief Hanif, Rahmat Sidiq

Abstract:

Indonesia is a country of law, the legal system adopted by Indonesia is a civil law system. A major feature of the civil law is the codified legislation. Meanwhile the majority of society Indonesia are Muslims, whilst Islamic law itself having the sources written in Qur'an, Sunnah and the opinion of Muslim scholars, generally not codified in book form of legislation that is easy on the set as a reference. in Indonesia, many scholars have different opinions in decisions so that there is no legal certainty in Muslim civil cases, so the need for legal codification, which, as the source of the judges in deciding a case, especially a case in religious courts. This paper raised the topic of discussion which offers a solution to the application of the codification of the Islamic Law which became the core resources in delivering a verdict against Islamic civil related issue; codification usually called a compilation of Islamic Law. Compilation of Islamic Law is highly recommended as a core reference for the judges in religious courts in Indonesia. This compilation which includes a collection of large number of opinions scholars (book of fiqh) that existed previously and are ripened in deduce in order to unify the existing differences. This paper also discusses how the early formation of the compilation and as the right solution in order to create legal certainty and justice especially for the muslim community in Indonesia.

Keywords: Islamic law, compilation, law applied core, religious court

Procedia PDF Downloads 355

Authors: Ashneel Ajay Singh, Naoki Suzuki, Kazumi Sakuramoto, Swastika Roshni, Paras Nath, Alok Kalla

Abstract:

Albacore tuna (Thunnus alalunga) is one of the commercially important species of tuna in the North Pacific region. Despite the long history of albacore fisheries in the Pacific, its ecological characteristics are not sufficiently understood. The effects of changing climate on numerous commercially and ecologically important fish species including albacore tuna have been documented over the past decades. The objective of this study was to explore and elucidate the relationship of environmental variables with the stock parameters of albacore tuna. The relationship of the North Pacific albacore tuna recruitment (R), spawning stock biomass (SSB) and recruits per spawning biomass (RPS) from 1970 to 2012 with the environmental factors of sea surface temperature (SST), Pacific decadal oscillation (PDO), El Niño southern oscillation (ENSO) and Pacific warm pool index (PWI) was construed. SST and PDO were used as independent variables with SSB to construct stock reproduction models for R and RPS as they showed most significant relationship with the dependent variables. ENSO and PWI were excluded due to collinearity effects with SST and PDO. Model selections were based on R2 values, Akaike Information Criterion (AIC) and significant parameter estimates at p<0.05. Models with single independent variables of SST, PDO, ENSO and PWI were also constructed to illuminate their individual effect on albacore R and RPS. From the results it can be said that SST and PDO resulted in the most significant models for reproducing North Pacific albacore tuna R and RPS time series. SST has the highest impact on albacore R and RPS when comparing models with single environmental variables. It is important for fishery managers and decision makers to incorporate the findings into their albacore tuna management plans for the North Pacific Oceanic region.

Keywords: Albacore tuna, El Niño southern oscillation, Pacific decadal oscillation, sea surface temperature

Procedia PDF Downloads 231