Search results for: Tehran stock exchange

Authors: Rosyidah, Permata Wulandari

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We investigate the price effect of addition and deletions from the Indonesia Sharia Stock Index (ISSI) and Jakarta Islamic Index (JII). Using event study methodology, we measure abnormal returns for firms over the period June 2019 - to December 2021. Through the sample of 107 additions and 95 deletions, we find evidence to support the theory of Muslim country investment behavior. We find that additions to the Islamic index led to a significant positive stock market reaction and deletions to the Islamic index led to a negative stock market reaction on Jakarta Islamic Index (JII) and there is no significant reaction of addition and deletion on Indonesia Sharia Stock Index (ISSI).

Keywords: abnormal return, abnormal volume, event study, index changes, sharia index

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Authors: Souhila Bendenia, Chahrazed Bendenia, Hanaa Merad-Dib, Sarra Merabet, Samia Moulebhar, Sid Ahmed Khantar

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Today, environmental pollution is a major concernworldwide, threateninghumanhealth. Various techniques have been used, includingdegradation, filtration, advancedoxidationprocesses, ion exchange, membrane processes, and adsorption. The latter is one of the mostsuitablemethods, usinghighly efficient materials. In this study, NaX zeolite was modified with Cu or Ni at various rates. Following ion exchange, the samples were characterized by XRD, BET and SEM/EDX. After characterization, the exchanged zeolites were used for adsorption of various pollutants as CO2. Different thermodynamic parameters were studied such as Qst. XRD results show that the most intense peaks characteristic of 13X persist after the exchange reaction for all samples. The SEM images of our samples have uniform and regular crystal shapes. The results show that ion exhange with Cu or Ni affect the textural properties of X zeolites and prove that the exchange zeolites can be used as an adsorbent for depollution.

Keywords: X zeolites (NaX), ion exchange, characterization, adsorption

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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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Authors: Saleem Abuleil, Khalid S. Alsamara

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Events represent a significant source of information on the web; they deliver information about events that occurred around the world in all kind of subjects and areas. These events can be collected and organized to provide valuable and useful information for decision makers, researchers, as well as any person seeking knowledge. In this paper, we discuss an ongoing research to target stock markets domain to observe and record changes (events) when they happen, collect them, understand the meaning of each one of them, and organize the information along with meaning in a well-structured format. By using Semantic Role Labeling (SRL) technique, we identified four factors for each event in this paper: verb of action and three roles associated with it, entity name, attribute, and attribute value. We have generated a set of rules and techniques to support our approach to analyze and understand the meaning of the events taking place in stock markets.

Keywords: natuaral language processing, Arabic language, event extraction and understanding, sematic role labeling, stock market

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Authors: Zhifu Li, Lei Li, Wanting Zhou, Yuanhang He

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This paper proposed a lightweight certificate-less authentication and key exchange protocol (Light-CL-PKC) based on elliptic curve cryptography and the Chinese Remainder Theorem for smart home scenarios. Light-CL-PKC can efficiently reduce the computational cost of both sides of authentication by forgoing time-consuming bilinear pair operations and making full use of point-addition and point-multiplication operations on elliptic curves. The authentication and key exchange processes in this system are also completed in a a single round of communication between the two parties. The analysis result demonstrates that it can significantly minimize the communication overhead of more than 32.14% compared with the referenced protocols, while the runtime for both authentication and key exchange have also been significantly reduced.

Keywords: authentication, key exchange, certificateless public key cryptography, elliptic curve cryptography

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Authors: Anna M. Pretorius

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The emerging markets category for portfolio investment was introduced in 1986 in an attempt to promote capital market development in less developed countries. Investors traditionally diversified their portfolios by investing in different developed markets. However, high growth opportunities forced investors to consider emerging markets as well. Examples include the rapid growth of the “Asian Tigers” during the 1980s, growth in Latin America during the 1990s and the increased interest in emerging markets during the global financial crisis. As such, portfolio flows to emerging markets have increased substantially. In 2002 7% of all equity allocations from advanced economies went to emerging markets; this increased to 20% in 2012. The stronger links between advanced and emerging markets led to increased synchronization of asset price movements. This increased level of stock market integration for emerging markets is confirmed by various empirical studies. Against the background of increased interest in emerging market assets and the increasing level of integration of emerging markets, this paper focuses on the determinants of stock market integration of emerging market countries. Various studies have linked the level of financial market integration with specific economic variables. These variables include: economic growth, local inflation, trade openness, local investment, budget surplus/ deficit, market capitalization, domestic bank credit, domestic institutional and legal environment and world interest rates. The aim of this study is to empirically investigate to what extent trade-related determinants have an impact on stock market integration. The panel data sample include data of 16 emerging market countries: Brazil, Chile, China, Colombia, Czech Republic, Hungary, India, Malaysia, Pakistan, Peru, Philippines, Poland, Russian Federation, South Africa, Thailand and Turkey for the period 1998-2011. The integration variable for each emerging stock market is calculated as the explanatory power of a multi-factor model. These factors are extracted from a large panel of global stock market returns. Trade related explanatory variables include: exports as percentage of GDP, imports as percentage of GDP and total trade as percentage of GDP. Other macroeconomic indicators – such as market capitalisation, the size of the budget deficit and the effectiveness of the regulation of the securities exchange – are included in the regressions as control variables. An initial analysis on a sample of developed stock markets could not identify any significant determinants of stock market integration. Thus the macroeconomic variables identified in the literature are much more significant in explaining stock market integration of emerging markets than stock market integration of developed markets. The three trade variables are all statistically significant at a 5% level. The market capitalisation variable is also significant while the regulation variable is only marginally significant. The global financial crisis has highlighted the urgency to better understand the link between the financial and real sectors of the economy. This paper comes to the important finding that, apart from the level of market capitalisation (as financial indicator), trade (representative of the real economy) is a significant determinant of stock market integration of countries not yet classified as developed economies.

Keywords: emerging markets, financial market integration, panel data, trade

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Authors: Amit Das

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Background and significance of the study: Generally investors and market forecasters use financial statement for investigation while it awakens contribute to investing. The main vicinity of financial accounting and reporting practices recommends a few basic financial performance indicators, namely, return on capital employed, return on assets and earnings per share, which is associated considerably with share prices. It is principally true in case of Indian pharmaceutical companies also. Share investing is intriguing a financial risk in addition to investors look for those financial evaluations which have noteworthy shock on share price. A crucial intention of financial statement analysis and reporting is to offer information which is helpful predominantly to exterior clients in creating credit as well as investment choices. Sound financial performance attracts the investors automatically and it will increase the share price of the respective companies. Keeping in view of this, this research work investigates the impact of financial performance indicators on share price of pharmaceutical companies in India which is listed in the Bombay Stock Exchange. Methodology: This research work is based on secondary data collected from moneycontrol database on September 28, 2015 of top 101 pharmaceutical companies in India. Since this study selects four financial performance indicators purposively and availability in the database, that is, earnings per share, return on capital employed, return on assets and net profits as independent variables and one dependent variable, share price of 101 pharmaceutical companies. While analysing the data, correlation statistics, multiple regression technique and appropriate test of significance have been used. Major findings: Correlation statistics show that four financial performance indicators of 101 pharmaceutical companies are associated positively and negatively with its share price and it is very much significant that more than 80 companies’ financial performances are related positively. Multiple correlation test results indicate that financial performance indicators are highly related with share prices of the selected pharmaceutical companies. Furthermore, multiple regression test results illustrate that when financial performances are good, share prices have been increased steadily in the Bombay stock exchange and all results are statistically significant. It is more important to note that sensitivity indices were changed slightly through financial performance indicators of selected pharmaceutical companies in India. Concluding statements: The share prices of pharmaceutical companies depend on the sound financial performances. It is very clear that share prices are changed with the movement of two important financial performance indicators, that is, earnings per share and return on assets. Since 101 pharmaceutical companies are listed in the Bombay stock exchange and Sensex are changed with this, it is obvious that Government of India has to take important decisions regarding production and exports of pharmaceutical products so that financial performance of all the pharmaceutical companies are improved and its share price are increased positively.

Keywords: financial performance indicators, share prices, pharmaceutical companies, India

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Authors: Sina Ranjbar, Masakiyo Tsunoda, Mikihiko Oogane, Yasuo Ando

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We systematically investigated the exchange anisotropy for ferromagnetic Co70Fe30 and antiferromagnetic PtMn bilayer films. We focused on the relevance between the exchange bias and the composition of the Ptₓ Mn₁₋ₓ (14 < x < 22 and 45 < x < 56 at %) films, and we successfully optimized the composition. The crystal structure of the Ptₓ Mn₁₋ₓ films was FCC for 14 < x < 22 at % and FCT for 45 < x < 56 at % after annealing at 370 ◦C for 6 hours. The unidirectional anisotropy constant (Jₖ) for fcc-Pt₁₅Mn₈₅ (20 nm) and fct-Pt₄₈Mn₅₂ (20 nm) prepared under optimum conditions in composition were 0.16 and 0.20 erg/cm², respectively. Both Pt₁₅Mn₈₅ and Pt₄₈Mn₅₂ films showed a larger unidirectional anisotropy constant (Jₖ) than in other reports. They also showed a flatter surface than that of other antiferromagnetic materials. The obtained PtMn films with a large exchange anisotropy and slight roughness are useful as an antiferromagnetic layer in spintronic applications.

Keywords: antiferromagnetic material, PtMn thin film, exchange anisotropy, composition dependence

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Authors: Jayanta Pokharel, Gokarna Aryal, Netra Kanaal, Chris Tsokos

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Investment in stocks and shares aims to seek potential gains while weighing the risk of future needs, such as retirement, children's education etc. Analysis of the behavior of the stock market returns and making prediction is important for investors to mitigate risk on investment. Historically, the normal variance models have been used to describe the behavior of stock market returns. However, the returns of the financial assets are actually skewed with higher kurtosis, heavier tails, and a higher center than the normal distribution. The Laplace distribution and its family are natural candidates for modeling stock returns. The Variance-Gamma (VG) distribution is the most sought-after distributions for modeling asset returns and has been extensively discussed in financial literatures. In this paper, it explore the other Laplace family, such as Asymmetric Laplace, Skewed Laplace, Kumaraswamy Laplace (KS) together with Variance-Gamma to model the weekly returns of the S&P 500 Index and it's eleven business sector indices. The method of maximum likelihood is employed to estimate the parameters of the distributions and our empirical inquiry shows that the Kumaraswamy Laplace distribution performs much better for stock returns modeling among the choice of distributions used in this study and in practice, KS can be used as a strong alternative to VG distribution.

Keywords: stock returns, variance-gamma, kumaraswamy laplace, maximum likelihood

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Authors: Min Chen, Rubi Gupta

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Understanding and predicting stock market movements is a challenging problem. It is believed stock markets are partially driven by public sentiments, which leads to numerous research efforts to predict stock market trend using public sentiments expressed on social media such as Twitter but with limited success. Recently a microblogging website StockTwits is becoming increasingly popular for users to share their discussions and sentiments about stocks and financial market. In this project, we analyze the text content of StockTwits tweets and extract financial sentiment using text featurization and machine learning algorithms. StockTwits tweets are first pre-processed using techniques including stopword removal, special character removal, and case normalization to remove noise. Features are extracted from these preprocessed tweets through text featurization process using bags of words, N-gram models, TF-IDF (term frequency-inverse document frequency), and latent semantic analysis. Machine learning models are then trained to classify the tweets' sentiment as positive (bullish) or negative (bearish). The correlation between the aggregated daily sentiment and daily stock price movement is then investigated using Pearson’s correlation coefficient. Finally, the sentiment information is applied together with time series stock data to predict stock price movement. The experiments on five companies (Apple, Amazon, General Electric, Microsoft, and Target) in a duration of nine months demonstrate the effectiveness of our study in improving the prediction accuracy.

Keywords: machine learning, sentiment analysis, stock price prediction, tweet processing

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Authors: E. Fathallahi Aghdam, V. Hosseini

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Environmental pollution is not limited to a specific region or country; that is why sustainable development, as a necessary process for improvement, pays attention to issues such as destruction of natural resources, degradation of biological system, global pollution, and climate change in the world, especially in the developing countries. According to the World Health Organization, as a developing city, Tehran (capital of Iran) is one of the most polluted cities in the world in terms of air pollution. In this study, three pollutants including particulate matter less than 10 microns, nitrogen oxides, and sulfur dioxide were evaluated in Tehran using data mining techniques and through Crisp approach. The data from 21 air pollution measuring stations in different areas of Tehran were collected from 1999 to 2013. Commercial softwares Clementine was selected for this study. Tehran was divided into distinct clusters in terms of the mentioned pollutants using the software. As a data mining technique, clustering is usually used as a prologue for other analyses, therefore, the similarity of clusters was evaluated in this study through analyzing local conditions, traffic behavior, and industrial activities. In fact, the results of this research can support decision-making system, help managers improve the performance and decision making, and assist in urban studies.

Keywords: data mining, clustering, air pollution, crisp approach

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Authors: Amir Reza Asnafi, Ehsan Tajabadi, Mohsen Hajizeinolabedini

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The purpose of this study is to identify the concept of knowledge flow in central libraries of Tehran universities in by the pattern of American Productivity & Quality Center (APQC). The present study is an applied and descriptive survey in terms of its purpose and the methodology used. In this study, APQC framework was used for data collection. The study population is managers and supervisors of central libraries’ departments of public universities of Tehran belonging to the Ministry of Science, Research and Technology. These libraries include: Central Libraries of Al-Zahra University, Amir Kabir, Tarbiat Modarres, Tehran, Khajeh Nasir Toosi University of Technology, Shahed, Sharif, Shahid Beheshti, Allameh Tabataba'i University, Iran University of Science and Technology. Due to the limited number of members of the community, sampling was not performed and the census was conducted instead. The study of knowledge flow in central libraries of public universities in Tehran showed that in seven dimensions of knowledge flow of APQC, these libraries are far from desirable level and to achieve the ideal point, many activities in the field of knowledge flow need to be made, therefore suggestions were made in this study to reach the desired level. One Sample t Test in this research showed that these libraries are at a poor level in terms of these factors: in the dimensions of creation, identification and use of knowledge at a medium level and in the aspects of knowledge acquisition, review, sharing and access and also Manova test or Multivariable Analyze of Variance proved that there was no significant difference between the dimensions of knowledge flow between these libraries and the status of the knowledge flow in these libraries is at the same level as well. Except for the knowledge creation aspect that is slightly different in this regard that was mentioned before.

Keywords: knowledge flow, knowledge management, APQC, Tehran’s academic university libraries

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Authors: Lindrianasari Stefanie, Aminah Khairudin

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

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

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Authors: Dora Triki, Irena Vida, Claude Obadia

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Social networks such as e-Forums or dating sites often face the reluctance of key members to participate. Relying on the conation theory, this study investigates this phenomenon and proposes solutions to mitigate the issue. We show that highly experienced e-Forum members refuse to share business information in a peer to peer information exchange forums. However, forums managers can mitigate this behavior by developing a sentiment of belongingness to the network. Furthermore, by selecting only elite forum participants with ample experience, they can reduce the reluctance of key information providers to engage in information exchange. Our hypotheses are tested with PLS structural equations modeling using survey data from members of a French e-Forum dedicated to the exchange of business information about exporting.

Keywords: conation, e-Forum, information exchange, members participation

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Authors: Hung Nguyen

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With the rise of global supply chain network, the choice of supply chain orientation is critical. The alignment between cultural similarity and supply chain information exchange could help identify appropriate supply chain orientations, which would differentiate the stronger competitors and performers from the weaker ones. Through developing a taxonomy, this study examined whether the choices of action programs and manufacturing performance differ depending on the levels of attainment cultural similarity and information exchange. This study employed statistical tests on a large-scale dataset consisting of 680 manufacturing plants from various cultures and industries. Firms need to align cultural practices with the level of information exchange in order to achieve good overall business performance. There appeared to be consistent three major orientations: the Proactive, the Initiative and the Reactive. Firms are experiencing higher payoffs from various improvements are the ones successful alignment in both information exchange and cultural similarity The findings provide step-by-step decision making for supply chain information exchange and offer guidance especially for global supply chain managers. In including both cultural similarity and information exchange, this paper adds greater comprehensiveness and richness to the supply chain literature.

Keywords: culture, information exchange, supply chain orientation, similarity

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Authors: Fajana Sola Isaac

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In the last two decades, we have witnessed an increased interest in exchange rate pass-through (ERPT) in developing economies and emerging markets. This is perhaps due to the acknowledged significance of the pattern of exchange rate pass-through as a key instrument in monetary policy design, principally in retort to a shock in exchange rate in literature. This paper analyzed Exchange Rate Pass-Through by A Model of Oil Prices and Asymmetric Exchange Rate Fluctuations in Selected African Countries. The study adopted A Non-Linear Autoregressive Distributed Lag approach using yearly data on Algeria, Burundi, Nigeria and South Africa from 1986 to 2022. The paper found asymmetry in exchange rate pass-through in net oil-importing and net oil-exporting countries in the short run during the period under review. An ERPT exhibited a complete pass-through in the short run in the case of net oil-importing countries but an incomplete pass-through in the case of the net oil-exporting countries that were examined. An extended result revealed a significant impact of oil price shock on exchange rate pass-through to domestic price in the long run only for net oil importing countries. The Wald restriction test also confirms the evidence of asymmetric with the role of oil price acting as an accelerator to exchange rate pass-through to domestic price in the countries examined. The study found the outcome to be very useful for gaining expansive knowledge on the external shock impact on ERPT and could be of critical value for national monetary policy decisions on inflation targeting, especially for countries examined and other developing net oil importers and exporters.

Keywords: pass through, exchange rate, ARDL, monetary policy

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Authors: Riyadh Jamegh, Alla Eldin Kassam, Sawsan Sabih

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In order to overcome uncertainty conditions and inability to meet customers' requests due to these conditions, organizations tend to reserve a certain safety stock level (SSL). This level must be chosen carefully in order to avoid the increase in holding cost due to excess in SSL or shortage cost due to too low SSL. This paper used soft computing fuzzy logic to identify optimal SSL; this fuzzy model uses the dynamic concept to cope with high complexity environment status. The proposed model can deal with three input variables, i.e., demand stability level, raw material availability level, and on hand inventory level by using dynamic fuzzy logic to obtain the best SSL as an output. In this model, demand stability, raw material, and on hand inventory levels are described linguistically and then treated by inference rules of the fuzzy model to extract the best level of safety stock. The aim of this research is to provide dynamic approach which is used to identify safety stock level, and it can be implanted in different industries. Numerical case study in the dairy industry with Yogurt 200 gm cup product is explained to approve the validity of the proposed model. The obtained results are compared with the current level of safety stock which is calculated by using the traditional approach. The importance of the proposed model has been demonstrated by the significant reduction in safety stock level.

Keywords: inventory optimization, soft computing, safety stock optimization, dairy industries inventory optimization

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Authors: Elham Jafari

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The aim of this study was to evaluate the effectiveness of emotional intelligence training on reducing marital conflict and marital adjustment in married students of the University of Tehran. This research is an applied type in terms of purpose and a semi-experimental design of pre-test-post-test type with the control group and with follow-up test in terms of the data collection method. The statistical population of the present study consisted of all married students of the University of Tehran. In this study, 30 married students of the University of Tehran were selected by convenience sampling method as a sample that 15 people in the experimental group and 15 people in the control group were randomly selected. The method of data collection in this research was field and library. The data collection tool in the field section was two questionnaires of marital conflict and marital adjustment. To analyze the collected data, first at the descriptive level, using statistical indicators, the demographic characteristics of the sample were described by SPSS software. In inferential statistics, the statistical method used was the test of analysis of covariance. The results showed that the effect of the independent variable of emotional intelligence on the reduction of marital conflicts is statistically significant. And it can be inferred that emotional intelligence training has reduced the marital conflicts of married students of the University of Tehran in the experimental group compared to the control group. Also, the effect of the independent variable of emotional intelligence on marital adjustment was statistically significant. It can be inferred that emotional intelligence training has adjusted the marital adjustment of married students of the University of Tehran in the experimental group compared to the control group.

Keywords: emotional intelligence, marital conflicts, marital compatibility, married students

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Authors: Peter Oyelere, Fernando Zanella

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Corporate governance is one of the most discussed and researched issues in recent times in countries around the world, with different countries developing and adopting different governance structures, models and mechanisms. While the Codes of corporate governance have been weaved into the regulatory fabrics of most countries, it is equally critically important that their mechanisms, procedures and practices be transparent, and be transparently communicated to all stakeholders. The Internet can be a very useful and cost-effective tool for the timely and voluntary communication of corporate governance matters to stakeholders. The current paper details the results of an investigation on the extent of which companies listed in the UAE are using the Internet for communicating corporate governance issues, matters and procedures. We surveyed the websites of companies listed on the two UAE Stock Exchanges – the Abu Dhabi Stock Exchange (ADX) and the Dubai Financial Market (DFM) – to find out their level and nature of usage of the Internet for corporate governance disclosures. Regulatory and policy implications of the results of our investigation, as well as other areas for further studies, are also presented in the paper.

Keywords: corporate governance, internet financial reporting, regulation, transparency, United Arab Emirates

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Authors: Masoud Safarishaal

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Detecting the location of pole-to-earth faults is essential for the safe operation of the electrical system of the railroad. This paper aims to use a combination of evolutionary algorithms and neural networks to increase the accuracy of single pole-to-earth fault detection and location on the Tehran railroad power supply system. As a result, the Imperialist Competitive Algorithm (ICA) and Particle Swarm Optimization (PSO) are used to train the neural network to improve the accuracy and convergence of the learning process. Due to the system's nonlinearity, fault detection is an ideal application for the proposed method, where the 600 Hz harmonic ripple method is used in this paper for fault detection. The substations were simulated by considering various situations in feeding the circuit, the transformer, and typical Tehran metro parameters that have developed the silicon rectifier. Required data for the network learning process has been gathered from simulation results. The 600Hz component value will change with the change of the location of a single pole to the earth's fault. Therefore, 600Hz components are used as inputs of the neural network when fault location is the output of the network system. The simulation results show that the proposed methods can accurately predict the fault location.

Keywords: single pole-to-pole fault, Tehran railway, ICA, PSO, artificial neural network

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Authors: Vitus Onyebuchim Onyemailu, Olive Obianuju Okalibe

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The study tried to examine relationship between exchange rate variations on the balance of payments in Nigeria from 1970 to 2012. Using time series on econometric measures such as Granger causality and ordinary least square (OLS), the study found that exchange rate movements especially the depreciation of naira has not contributed significantly on the balance of payments under the year of the study. The granger result conform the Marshall-Lerner short and long run prepositions that exchange rate devaluation enhances balance of payments. On disaggregation exchange rate granger causes current and capital account balances give the Nigeria data from 1970 to 2012. Overall in the long run OLS regression analysis, exchange rate on semi log functional form, exchange rate variation did not record significant effect on balance of payment equation. This height was also maintained in the current or trade balance which does not match the Marshall-Lerner. The capital account balance in reverse reported a significant impact of exchange rate variability on the capital account balance. Finally, on exchange rate determination equation, where many fundamentals were considered including lagged of exchange rate. Thus, the lagged of exchange rate recorded a positive and significant influence on the present exchange rate. This means that players in the financial markets usually out plays authority’s policy’s stances through their speculative tendencies. The work therefore, recommend that effort should be made by the authorities to providing enabling environment for production of goods and services to triumph in order to take advantages of steady devaluation of its currency. This is done by providing infrastructure, provision of science and technology. Thus, when this is done Nigeria would be able to have competitive power against the rest of the world.

Keywords: exchange rate variation, balance of payments, current account, capital account, Marshall-Lerner hypothesis

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Authors: Nikki Berrange, Gizelle Willows

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Business rescue has become increasingly popular since its inclusion in the Companies Act of South Africa in May 2011. The Alternate Exchange (AltX) of the Johannesburg Stock Exchange has experienced a marked increase in the number of companies entering business rescue. This study sampled twenty companies listed on the AltX to determine whether Altman’s Z-score model for emerging markets (ZEM) or Taffler’s Z-score model is a more accurate model in predicting financial distress for small to medium size companies in South Africa. The study was performed over three different time horizons; one, two and three years prior to the event of financial distress, in order to determine how many companies each model predicted would be unlikely to succeed as well as the predictive ability and accuracy of the respective models. The study found that Taffler’s Z-score model had a greater ability at predicting financial distress from all three-time horizons.

Keywords: Altman’s ZEM-score, Altman’s Z-score, AltX, business rescue, Taffler’s Z-score

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Authors: Bengan Simbarashe Manwere

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The entire African continent, comprising 55 countries, holds a 2% share of the global carbon market. The World Bank attributes the continent’s insignificant share and participation in the carbon market to the limited access to electricity. Approximately 800 million people spread across 47 African countries generate as much power as Spain, with a population of 45million. Only South Africa and North Africa have carbon-reduction investment opportunities on the continent and dominate the 2% market share of the global carbon market. On the back of the 2015 Paris Agreement, South Africa signed into law the Carbon Tax Act 15 of 2019 and the Customs and Excise Amendment Act 13 of 2019 (Gazette No. 4280) on 1 June 2019. By these laws, South Africa was ushered into the league of active global carbon market players. By increasing the cost of production by the rate of R120/tCO2e, the tax intentionally compels the internalization of pollution as a cost of production and, relatedly, stimulate investment in clean technologies. The first phase covered the 1 June 2019 – 31 December 2022 period during which the tax was meant to escalate at CPI + 2% for Scope 1 emitters. However, in the second phase, which stretches from 2023 to 2030, the tax will escalate at the inflation rate only as measured by the consumer price index (CPI). The Carbon Tax Act provides for carbon allowances as mitigation strategies to limit agents’ carbon tax liability by up to 95% for fugitive and process emissions. Although the June 2019 Carbon Tax Act explicitly makes provision for a carbon trading scheme (CTS), the carbon trading regulations thereof were only finalised in December 2020. This points to a delay in the establishment of a carbon trading scheme (CTS). Relatedly, emitters in South Africa are not able to benefit from the 95% reduction in effective carbon tax rate from R120/tCO2e to R6/tCO2e as the Johannesburg Stock Exchange (JSE) has not yet finalized the establishment of the market for trading carbon credits. Whereas most carbon trading schemes have been designed and constructed from the beginning as new tailor-made systems in countries the likes of France, Australia, Romania which treat carbon as a financial product, South Africa intends, on the contrary, to leverage existing trading infrastructure of the Johannesburg Stock Exchange (JSE) and the Clearing and Settlement platforms of Strate, among others, in the interest of the Paris Agreement timelines. Therefore the carbon trading scheme will not be constructed from scratch. At the same time, carbon will be treated as a commodity in order to align with the existing institutional and infrastructural capacity. This explains why the Carbon Tax Act is silent about the involvement of the Financial Sector Conduct Authority (FSCA).For South Africa, there is need to establish they equilibrium stability of the CTS. This is important as South Africa is an innovator in carbon trading and the successful trading of carbon credits on the JSE will lead to imitation by early adopters first, followed by the middle majority thereafter.

Keywords: carbon trading scheme (CTS), Johannesburg stock exchange (JSE), carbon tax act 15 of 2019, South Africa

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Authors: Mohammad Parvaresh, Mahdi Babaee, Bahareh Arghand, Davood Nourmohammadi

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Environmental degradation is caused by social inequalities and the inappropriate use of nature and a factor in the violation of human rights. Indeed, the right to a safe, healthy and ecologically-balanced environment is an independent human right. Therefore, the relationship between human rights and environmental protection is crucial for the study of social justice and sustainable development, and environmental problems are a result of the failure to realize social and economic justice. In this regard, 'article 50 of the constitution of the Islamic Republic of Iran as a general principle have many of the concepts of sustainable development, including: the growth and improvement of human life, the rights of present and future generations, and the integrity of the inner and outer generation, the prohibition of any environmental degradation'. Also, Charter on Citizen’s Rights, which was conveyed by the President of the Islamic Republic of Iran, Mr. Rouhani refers to the right to a healthy environment and sustainable development. In this regard in 2013, Tehran Province Water and Wastewater Co. defined a plan called 'Tehran’s Health Line' was includes Western and Eastern part by about 26 kilometers of water transferring pipelines varied 1000 to 2000 mm diameters. This project aims to: (1) Transfer water from the northwest water treatment plant to the southwest areas, which suffer from qualitative and quantitative water, in order to mix with the improper wells’ water; (2) Reducing the water consumption provided by harvesting from wells which results in improving the underground water resources, causing the large settlements and stopping the immigrating slums into the center or north side of the city. All of the financial resources accounted for 53,000,000 US$ which is mobilized by Tehran Province Water and Wastewater Co. to expedite the work. The present study examines the Tehran Health Line plan and the purpose of implementation of this plan to achieve environmental protection, environmental justice and citizenship rights for all people who live in Tehran.

Keywords: environmental justice, international environmental law, erga omnes, charter on citizen's rights, Tehran health line

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Authors: Soodabeh Dehghan, Siavash Hamidzadeh, Naqshbandi Seyyed Salahedin, Ali Mohammad Safania

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The present research with the aim of the relationship between organizational silence and organizational voice with quality of work-life among employees of the sport and youth departments of Tehran Province was done. The statistical population of this research includes all employees of the sport and youth departments of Tehran province, and considering the not very large number of society, the sample and society were considered to be the same, and the sample was considered as the whole number. To measure each of these variables, a questionnaire was used. The research questionnaire was presented in four sections. The results showed that, since the extension of the process of organizational silence is usually done by managers, their attitude and attitudes toward this phenomenon are prioritized and also because silence reduces learning due to lack of knowledge sharing, makes it less effective and makes changes more difficult, it is necessary to take steps to break the silence and to further urge the staff (employees) to express their beliefs (organizational voices) and to share them in the organization's fate individuals, whose beliefs are respected and so called taken into account in the organization, would be dependent on the organization and feel obliged to remain with the organization during the hardships. This affects employees' quality of work life and their satisfaction too much.

Keywords: organizational silence, organizational voice, quality of work life, the sports and youth departments of Tehran province

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Authors: Tahar Tayachi, Ahlam Alrehaili

Abstract:

Purpose: The purpose of this paper is to investigate the relationship between the corporate board characteristics and the dividend policy among firms on the Saudi Stock Exchange. Design/Methodology/Approach: This paper uses a sample of 103 nonfinancial firms over a time period of 4 years from 2015 to 2018. To investigate how corporate governance mechanisms such as board independence, the board size, frequency of meetings, and free cash flow impact dividends, the study uses Logit and Tobit models. Findings: This paper finds that board size, board independence, and frequency of board meetings have no influence on a firm’s decision to pay dividends, while board size has a significantly positive impact on the levels of cash dividends paid to investors. This study also finds that the level of free cash flows has a positively significant influence on both the decision to pay dividends and the magnitude of dividend payouts. Research Limitations/Implications: This paper attempts to study the effectiveness of dividend policy among some firms on the Saudi Stock Exchange. Practical Implications: The findings reveal that board characteristics, which represent one of the crucial mechanisms of corporate governance, were found to be complementary to corporate laws and regulations imposed on the Saudi market in 2015. The findings also imply that capital market authorities should revise their corporate regulations and ensure that protection laws are adequate and strong enough to protect the interests of all shareholders. Originality/Value: This paper is among the few studies focusing on dividend policy in Saudi Arabia. Finally, these findings suggest that the improvements in corporate laws in Saudi Arabia led to such an outcome, and it has become prevalent in dividend policy decisions and behaviors of Saudi firms.

Keywords: agency theory, Tobit, corporate governance, dividend payout, Logit

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Authors: Tchapo Tchaga Sophia, Cai Chun

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This study measures the efficiency level of corporate governance to improve the quality level of value relevance in the resolution of market value efficiency increase issues, transparency problems, risk frauds, agency problems, investors' confidence, and decision-making issues using IFRS and Corporate Governance Acts (CGA). The final sample of this study contains 3660 firms from ten countries' stock markets from 2010 to 2020. Based on the efficiency market theory and the positive accounting theory, this paper uses multiple econometrical methods (DID method, multivariate and univariate regression methods) and models (Ohlson model and compliance index model) regression to see the incidence results of corporate governance mechanisms on the value relevance level under the influence of IFRS and corporate governance regulations act framework in Africa's stock exchanges for non-financial firms. The results on value relevance show that the corporate governance system, strengthened by the adoption of IFRS and enforcement of new corporate governance regulations, produces better financial statement information when its compliance level is high. And that is both value-relevant and comparable to results in more developed markets. Similar positive and significant results were obtained when predicting future book value per share and earnings per share through the determination of stock price and stock return. The findings of this study have important implications for regulators, academics, investors, and other users regarding the effects of IFRS and the Corporate Governance Act (CGA) on the relationship between corporate governance and accounting information relevance in the African stock market. The contributions of this paper are also based on the uniqueness of the data used in this study. The unique data is from Africa, and not all existing findings provide evidence for Africa and of the DID method used to examine the relationship between corporate governance and value relevance on African stock exchanges.

Keywords: corporate governance value, market efficiency value, value relevance, African stock market, stock return-stock price

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Authors: M. Bidi, H. Akhbari, S. Eslami, A. Bakhtiari

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Due to the high potential of solar energy utilization in Iran, development of related technologies is of great necessity. Linear parabolic collectors are among the most common and most efficient means to harness the solar energy. The main goal of this paper is design and construction of a parabolic trough collector to produce hot water and steam in Tehran. To provide precise and practical plans, 3D models of the collector under consideration were developed using Solidworks software. This collector was designed in a way that the tilt angle can be adjusted manually. To increase concentraion ratio, a small diameter absorber tube is selected and to enhance solar absorbtion, a shape of U-tube is used. One of the outstanding properties of this collector is its simple design and use of low cost metal and plastic materials in its manufacturing procedure. The collector under consideration was installed in Shahid Beheshti University of Tehran and the values of solar irradiation, ambient temperature, wind speed and collector steam production rate were measured in different days and hours of July. Results revealed that a 1×2 m parabolic trough collector located in Tehran is able to produce steam by the rate of 300ml/s under the condition of atmospheric pressure and without using a vacuum cover over the absorber tube.

Keywords: desalination, parabolic trough collector, direct steam production, solar water heater, design and construction

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Authors: A. Andreasyan, C. Connors

Abstract:

The Elliptic Curve Digital Signature algorithm-based X509v3 certificates are becoming more popular due to their short public and private key sizes. Moreover, these certificates can be stored in Internet of Things (IoT) devices, with limited resources, using less memory and transmitted in network security protocols, such as Internet Key Exchange (IKE), Transport Layer Security (TLS) and Secure Shell (SSH) with less bandwidth. The proposed method gives another advantage, in that it increases the performance of the above-mentioned protocols in terms of key exchange by saving one scalar multiplication operation.

Keywords: cryptography, elliptic curve digital signature algorithm, key exchange, network security protocol

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Authors: Wee Tong Liaw, Elaine Wong Yee Sing

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The main objective and focus of this study are to establish the significance of a sustained health promoting workplace on stock and portfolio returns focusing on companies listed on the Singapore stock exchange, using a two-factor model comprising of the single factor CAPM and a 'health promoting workplace' factor. The 'health promoting workplace' factor represents the excess returns derived between two portfolios of component stocks that, when combined, would represent a top tier stock market index in Singapore, namely the STI index. The first portfolio represents companies that are independently assessed by the Singapore’s Health Award, SHA, to have a sustained and comprehensive health promoting workplace (SHA-STI portfolio) and the second portfolio represents companies that had not been independently assessed (Non-SHA STI portfolio). Since 2001, many companies in Singapore have voluntarily participated in the bi-annual Singapore HEALTH Award initiated by the Health Promotion Board of Singapore (HPB). The Singapore HEALTH Award (SHA), is an industry-wide award and assessment process. SHA assesses and recognizes employers in Singapore for implementing a comprehensive and sustainable health promotion programme at their workplaces. When using a ten year holding period instead of a one year holding period, excess returns in the SHA-STI portfolio over Non-SHA STI portfolio were consistently being observed over all test periods, during 2001 to 2013. In addition, when applied to the SHA-STI portfolio, results from the Two Factor Model consistently revealed higher explanatory powers across all test periods for the portfolio as well as all the individual component stocks in SHA-STI portfolio, than the single factor CAPM model. However, with respect to attaining higher level of achievement in the Singapore Health Award, this study did not show any incentive for selecting listed companies that have achieved a higher level of award. Results from this study would give further insights to investors and fund managers alike who intend to consider health promoting workplace as a risk factor in their stock or portfolio selection process, in particular for investors who have a preference for STI’s component stocks and with a longer investment horizon. Key micro factors like management abilities, business development strategies and production capabilities that meet the needs of market would create the demand for a company’s product(s) or service(s) and consequently contribute to its top line and profitability. Thereafter, the existence of a sustainable health promoting workplace would be a key catalytic factor in sustaining a productive workforce needed to support the continued success of a profitable business.

Keywords: asset pricing model, company's performance, stock returns, financial risk factor, sustained health promoting workplace

Procedia PDF Downloads 144