Search results for: behavioural finance

Authors: Ishna Indika Jusi, Rifana Meika

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Terrorism financing method in Indonesia is developing at an alarming rate, to the point, it is now becoming more complex than before. Terrorists traditionally use conventional methods like robberies, charities, and courier services to fund their activities; today terrorists are able to utilize modern methods in financing their activities due to the rapid development in financial technology nowadays; one example is by hacking an illegal Fintech Company. Therefore, this research is conducted in order to explain and analyze the consideration behind the usage of an illegal fintech company to finance terrorism activities and how to prevent it. The analysis in this research is done by using the theory that is coined by Michael Freeman about the reasoning of terrorists when choosing their financing method. The method used in this research is a case study, and the case that is used for this research is the terrorism financing hacking of speedline.com in 2011 by Rizki Gunawan. Research data are acquired from interviews with the perpetrators, experts from INTRAC (PPATK), Special Detachment 88, reports, and journals that are relevant to the research. As a result, this study found that the priority aspects in terms of terrorist financing are security, quantity, and simplicity while obtaining funds.

Keywords: Fintech, illegal, Indonesia, technology, terrorism financing

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Authors: Vivian Polak, Lena Verdeli, Wendy Lou, Caroline Lovett

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Postnatal depression (PND) is a common complication of childbirth that increases the risk of future depressive episodes in women, postpartum depression in partners, as well as social, emotional, behavioural, language, and cognitive problems in offspring. Although psychotherapy, and in particular Group Interpersonal Psychotherapy (IPT-G), has been proven effective in treating PND, it remains largely inaccessible. However, research has indicated that online synchronous group therapy can be equally as effective as in-person therapy and is a more affordable and accessible modality of treatment. This study aimed to ascertain whether delivering IPT-G virtually when compared to treatment as usual, could more effectively reduce depressive and anxiety symptoms, enhance mother-infant attachment, improve the couple relationship, augment social support, improve overall functioning, and enhance the quality of life for women in rural and northern Ontario who are suffering from PND. By bridging the gap in access to mental health services during the postpartum period, this study seeks to improve the well-being of mothers and their families in rural and northern Ontario, Canada. A randomized controlled trial was conducted to determine whether virtual IPT-G plus treatment as usual would be more effective than treatment as usual alone in treating women with PND in Ontario, Canada. Preliminary results indicate that women who received virtual IPT-G had a clinically and statistically significant decrease in overall depressive symptoms compared to their counterparts who received only the treatment as usual. As such, providing online synchronous IPT-G in the perinatal period not only has the potential to improve women's outcomes in the present but also to decrease future health costs, reduce the burden on the educational and justice systems, and decrease the number of disability life years lost to postnatal depression.

Keywords: family wellbeing, group psychotherapy, interpersonal psychotherapy, postnatal depression, virtual psychotherapy

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Authors: Narash Narasimman, Calvin Leong Jia Jun, Raksha Karthik, Paul Englert

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Background: Project Grit, a 12-week youth resilience program implemented by Impart and Spartans Boxing Club, aimed to help at-risk adolescents develop resilience through psychoeducation and mental health techniques for dealing with everyday stressors and adversity. The programme consists of two parts-1.5 hours of group therapy followed by 1 hour of boxing. Due to the novelty of the study, 6 male participants, aged 13 to 18, were recruited to participate in the study. Aim: This case study aims to examine the effectiveness of Project Grit in building resilience among at-risk adolescents. Methods: A case study design was employed to capture the complexity and uniqueness of the intervention, without oversimplifying or generalizing it. A 15-year-old male participant with a history of behavioural challenges, delinquency and gang involvement was selected for the study. Teacher, parent and child versions of the Strengths and Difficulties Questionnaire (SDQ) were administered to the facilitators, parents and participants respectively before and after the programme. Relevant themes from the qualitative interviews will be discussed. Results: Scores from all raters revealed improvements in most domains of the SDQ. Total difficulties scores across all raters improved from “very high” to “close to average”. High interrater reliability was observed (κ= .81). The participant reported learning methods to effectively deal with his everyday concerns using healthy coping strategies, developing a supportive social network, and building on his self efficacy. Themes from the subject’s report concurred with the improvement in SDQ scores. Conclusions: The findings suggest that Project Grit is a promising intervention for promoting resilience among at-risk adolescents. The teleological behaviourism framework and the combination of sports engagement and future orientation may be particularly effective in fostering resilience among this population. Further studies need to be conducted with a larger sample size to further validate the effectiveness of Project Grit.

Keywords: resilience, project grit, adolescents, at-risk, boxing, future orientation

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Authors: Mornay Roberts-Lombard

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Consumers’ perceptions of value are crucial to ensuring their future commitment and behavioral intentions. As a result, service providers, such as Islamic banks, must provide their customers with products and services that are regarded as valuable, stimulating, collaborative, and competent. Therefore, the value provided to customers must meet or surpass their expectations, which can drive customers’ commitment (affective and calculative) and eventually favorably impact their future behavioral intentions. Consequently, Islamic banks in South Africa, as a growing African market, need to obtain a better understanding of the variables that impact Islamic banking customers’ value perceptions and how these impact their future behavioral intentions. Furthermore, it is necessary to investigate how customers’ perceived value perceptions impact their affective and calculative commitment and how the latter impact their future behavioral intentions. The purpose of this study is to bridge these gaps in knowledge, as the competitiveness of the Islamic banking industry in South Africa requires a deeper understanding of the aforementioned relationships. The study was exploratory and quantitative in nature, and data was collected from 250 Islamic banking customers using self-administered questionnaires. These banking customers resided in the Gauteng province of South Africa. Exploratory factor analysis, Pearson’s coefficient analysis, and multiple regression analysis were applied to measure the proposed hypotheses developed for the study. This research will aid Islamic banks in the country in potentially strengthening customers’ future commitment (affective and calculative) and positively impact their future behavioral intentions. The findings of the study established that service quality has a significant and positive impact on perceived value. Moreover, it was determined that perceived value has a favorable and considerable impact on affective and calculative commitment, while calculative commitment has a beneficial impact on behavioral intention. The research informs Islamic banks of the importance of service engagement in driving customer perceived value, which stimulates the future affective and calculative commitment of Islamic bank customers in an emerging market context. Finally, the study proposes guidelines for Islamic banks to develop an enhanced understanding of the factors that impact the perceived value-commitment-behavioral intention link in a competitive Islamic banking market in South Africa.

Keywords: perceived value, affective commitment, calculative commitment, behavioural intention

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Authors: Adebusoye Michael, Anthony Gloria, Fasan Temitope, Jacob Anayo

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Background: The culture of fast food consumption has gradually become a common lifestyle in Nigeria especially among young people in urban areas, in spite of the associated adverse health consequences. The adolescent pattern of fast foods consumption and their perception of this practice, as a risk factor for Non-Communicable Diseases (NCDs), have not been fully explored. This study was designed to assess fast food consumption pattern and the perception of it as a risk factor for NCDs among undergraduates of Federal Polytechnic, Bauchi. Methodology: The study was descriptive cross-sectional in design. One hundred and eighty-five students were recruited using systematic random sampling method from the two halls of residence. A structured questionnaire was used to assess the consumption pattern of fast foods. Data collected from the questionnaires were analysed using statistical package for the social sciences (SPSS) version 16. Simple descriptive statistics, such as frequency counts and percentages were used to interpret the data. Results: The age range of respondents was 18-34 years, 58.4% were males, 93.5% singles and 51.4% of their parents were employed. The majority (100%) were aware of fast foods and (75%) agreed to its implications as NCD. Fast foods consumption distribution included meat pie (4.9%), beef roll/ sausage (2.7%), egg roll (13.5%), doughnut (16.2%), noodles(18%) and carbonated drinks (3.8%). 30.3% consumed thrice in a week and 71% attached workload to high consumption of fast food. Conclusion: It was revealed that a higher social pressure from peers, time constraints, class pressure and school programme had the strong influence on high percentages of higher institutions’ students consume fast foods and therefore nutrition educational campaigns for campus food outlets or vendors and behavioural change communication on healthy nutrition and lifestyles among young people are hereby advocated.

Keywords: fast food consumption, Nigerian polytechnic, risk factors, undergraduate

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Authors: Thomas Yeboah

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In recent times, micro-finance programmes targeting women have become the central means of donor poverty alleviation strategies. In view of the renewed focus on post-Millennium Development Goals (MDGs) poverty reduction strategies, there is the likelihood that funding might increase in the next coming decades to support different initiatives by donor agencies. In this paper, we critically examine the role of microfinance in shaping gender relations and empowerment outcomes of women. It is widely argued that providing and reaching out to women with credit methodologies serves as a means of increasing women’s bargaining power and challenging existing gender subordination thereby releasing them from power structures which dominate their lives. This paper cautions this view and instead show that the mainstream argument surrounding microfinance and gender empowerment is much complex than what the popular rhetoric preaches. Drawing on empirical cases on microfinance literature, we argue that lack of systematic strategy to incorporate men and the wider socio-cultural dynamics within which women’s lives are embedded radically constraints the empowerment potential of microcredit programmes and in some context may lead to unintended consequences for women.

Keywords: microfinance, empowerment, women, men, gender relations

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Authors: Benjamin Bae, Mahdy Elhusseiny, Sherif El-Halaby

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This study investigates the relationship between some cultural factors and the level of dividend payouts of banks in a number of Muslim countries. We examine whether cultural factors play any role in determining dividend payout policy in banks. The results suggest that banks in high masculinity countries tend to pay higher dividends than low masculinity countries. The results also show that banks in high uncertainty avoidance (UA) countries tend to pay lower dividends than high UA countries. Additionally, the results of this study indicate that banks in high long-term orientation (LTO) countries tend to pay lower dividends than low LTO countries. However, two other cultural factors of power distance (PD) and individualism do not have any incremental explanatory power on the dividend payouts. Overall, this research adds to our understanding of the bank’s dividend payout policies. First, evidence on the relationship between the cultural factors and bank’s level of dividend payouts should be useful to investors. Second, the findings of this study provide financial statement users with useful information about the bank’s dividend payout levels. Third, in general, it also adds to the accounting and finance literature on dividends.

Keywords: cultural factor, dividend payout, Hofstede index, bank industry

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Authors: Jayanti Pujari

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The present study attempts to find out the barriers faced by adult women with an Intellectual disability during their training at vocational training centres offered by rehabilitation institutes. As economic independence is the ultimate aim of rehabilitation, this study tries to focus on the barriers which restrict the adult women with intellectual disability in equipping themselves in required skill which can really empower them and help them in independent living. The objectives of the study are (1) To find out the barriers perceived by job coaches during training given to women with intellectual disability (2) To find out the barriers perceived by the parents of women with intellectual disability who are undergoing vocational training and (3) To find out the barriers perceived by the women with intellectual disabilities during the vocational training. The barriers have been operationalised in the present study from three perspectives such as behavioural barriers, competency related barriers and accessibility barriers. For the present study three groups of participants(N=60) have been selected through purposive nonprobability sampling procedure to generate the data. They are( 20) job coaches who are working at vocational centres, (20) parents of women with intellectual disabilities, (20) adult women with intellectual disabilities. The study followed a descriptive research design and data are generated through self developed questionnaire. Three sets of self-developed and face validated questionnaires were used as the tool to gather the data from the three categories of sample. The questionnaire has 30 close ended questions and the respondents have to answer on a three point scale (yes, no, need help). Both qualitative and quantitative analysis was conducted to test the hypothesis. The major findings of the study depict that the 87% of the women with intellectual disability perceived highest barriers related to competency whereas barriers related to behaviour and accessibility are perceived lowest. 92% of job coaches perceived barriers related to competencies and accessibility are highest which hinder the effectiveness of skill development of women with intellectual disability and 74% of the parents of adult women with intellectual disability also opines that the barriers related to competencies and accessibility are highest. In conclusion, it is stressed that there is need to create awareness among the stakeholders about the training and management strategies of skill training and positive behaviour support which will surely enable the adult women with intellectual disability to utilise their residual skill and acquire training to become economically independent.

Keywords: economic independence, intellectual disability, skill development, training barrier

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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: Razan Salem

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Men and women are different, and so their investment behaviors may also vary. To the author’s best knowledge, women's investment behavior and its association with demographic factors have not been explored directly in the behavioral finance literature, however, particularly in respect to the Arab region. Thus, this study extends the literature by focusing on examining the association of demographic factors (age, annual income, and education) with Arab women’s investment behavior. To achieve the study’s aim, the researcher distributed 600 close-ended online questionnaires to a sample of Arab male and female individual investors in both Saudi Arabia and Jordan; using Kruskal-Wallis H Test and the Mann-Whitney U Test to analyze the data. The findings reveal that age, education, and level of income are associated with Arab women’s investment behavior. Educational level and level of income are positively associated with Arab women investment confidence level. On the contrary, age is negatively associated with Arab women financial risk tolerance. According to annual income, Arab women with lower incomes have lower confidence and investment literacy levels. Overall, the study concludes that age, income, and education are important demographic factors that must be considered when investigating the investment behavior of women in the Arab region.

Keywords: Arab region, demographic factors, investment behavior, women investors

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Authors: Mona Maria Mombeck

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Social participation in heterogeneous classrooms is one of the main goals in inclusive education. Children with special educational needs (SEN) and children with learning difficulties, or behavioural problems not diagnosed as SEN, are more likely to be excluded by other children than others. It is proven that the presence of dogs, as well as contact with dogs, increases the likelihood of positive social behaviour between humans. Therefore, animal-assisted pedagogy may be presumed to be a constructive way of inclusive teaching and facing the challenges of social inclusion in school classes. This study investigates the presence of a friendly dog in heterogeneous groups of pupils in order to evaluate the influence of dogs on facets of social participation of children in school. 30 German pupils, aged from 10 to 14, in four classes were questioned about their social participation before and after they were educated for a year in school with animal-assisted-pedagogy, using the problem-concerned interview method. In addition, the post-interview includes some general questions about the putative differences or similarities of being educated with and without a dog. The interviews were analysed with the qualitative-content-analysis using QDA software. The results showed that a dog has a positive impact on the atmosphere, student relationships, and well-being in class. Regarding the atmosphere, the pupils mainly argued that the improvement was caused by taking into account the dog’s well-being, respecting the dog-related rules, and by emotional self-regulation. It can be supposed that children regard the rules concerning the dog as more relevant to them than rules, not concerning the dog even if they require the same behaviour and goal. Furthermore, a dog has a positive impact on emotional self-regulation and, therefore, on pupil’s behaviour in class and the atmosphere. In terms of the statements about relationships, the dog’s presence was mainly seen to provide both a unifying aim and a uniting topic to talk about. The improved well-being was described as a feeling of joy and peace of mind. Moreover, the teacher was evaluated as more friendly and trustworthy after animal-assisted teaching. Nevertheless, animal-assisted pedagogy can, rarely, cause problems as well, such as jealousy, distraction, or concerns about the well-being of the dog. The study could prove the relevance of animal-assisted pedagogy for facing the challenges of social participation in inclusive education.

Keywords: animal-assisted-pedagogy, inclusive education, human-animal-interactions, social participation

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Authors: Sufia Maroof

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This empirical study investigated the web-translations of five Pakistani public offices (FPSC, FIA, HEC, USB, and Ministry of Finance) offering Urdu tab as an option to access information on their official websites. Triangulation of quantitative and qualitative research design informed the researcher of the semantic, lexical and syntactic caveats in these translations. The study hypothesized that majority of the Pakistani population is oblivious of the Supreme Court’s amendments in language policy concerning national and official language; hence, Urdu web-translations of the public departments have not been accessed effectively. Firstly, the researcher conducted an online survey, comprising of two sections, close ended and short answer based questions. Secondly, the researcher compiled corpus of the five selected websites in a tabular form to compare the data. Thirdly, the administrators of the departments had been contacted regarding the methods of translation and the expertise of the personnel involved. The corpus was assessed for TQA after examining the lexical, semantic, syntactical and technical alignment inaccuracies and imperfections. The study suggests the public offices to invest in their Urdu webs by either hiring expert translators or engaging expertise of a translation agency for this project to offer quality translation to public.

Keywords: machine translations, public offices, Urdu translations, websites

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Authors: Manuela Nayantara Jeyaraj, Senuri Sucharitharathna, Chathurika Senarath, Yasanthy Kanagaraj, Indraka Udayakumara

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PostgreSQL is an Object Relational Database Management System (ORDBMS) that has been in existence for a while. Despite the superior features that it wraps and packages to manage database and data, the database community has not fully realized the importance and advantages of PostgreSQL. Hence, this research tends to focus on provisioning a better environment of development for PostgreSQL in order to induce the utilization and elucidate the importance of PostgreSQL. PostgreSQL is also known to be the world’s most elementary SQL-compliant open source ORDBMS. But, users have not yet resolved to PostgreSQL due to the facts that it is still under the layers and the complexity of its persistent textual environment for an introductory user. Simply stating this, there is a dire need to explicate an easy way of making the users comprehend the procedure and standards with which databases are created, tables and the relationships among them, manipulating queries and their flow based on conditions in PostgreSQL to help the community resolve to PostgreSQL at an augmented rate. Hence, this research under development within the context tends to initially identify the dominant features provided by PostgreSQL over its competitors. Following the identified merits, an analysis on why the database community holds a hesitance in migrating to PostgreSQL’s environment will be carried out. These will be modulated and tailored based on the scope and the constraints discovered. The resultant of the research proposes a system that will serve as a designing platform as well as a learning tool that will provide an interactive method of learning via a visual editor mode and incorporate a textual editor for well-versed users. The study is based on conjuring viable solutions that analyze a user’s cognitive perception in comprehending human computer interfaces and the behavioural processing of design elements. By providing a visually draggable and manipulative environment to work with Postgresql databases and table queries, it is expected to highlight the elementary features displayed by Postgresql over any other existent systems in order to grasp and disseminate the importance and simplicity offered by this to a hesitant user.

Keywords: cognition, database, PostgreSQL, text-editor, visual-editor

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Authors: Dorottya Horváth, Andras Lang, Diana Varro-Horvath

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This research activity and study is part of a major research effort to gain an integrative, neuropsychological, and personality psychological understanding of Attention Deficit Hyperactivity Disorder (ADHD) and thus improve the specification of diagnostic and therapeutic care. In the past, the neuropsychology section has investigated working memory, executive function, attention, and behavioural manifestations in children. Currently, we are looking for personality psychological protective factors for ADHD and its symptomatic exacerbation. We hypothesise that secure attachment, adaptive emotion regulation, and high resilience are protective factors. The aim of this study is to measure and report the results of a Hungarian sample of the Cognitive Emotion Regulation Questionnaire for Children (CERQ-k) because before studying groups with different developmental differences, it is essential to know the average scores of groups with neurotypical devel-opment. Until now, there was no Hungarian version of the above test, so we used our own translation. This questionnaire has been developed to assess children's thoughts after experiencing negative life events. It consists of 4-4 items per subscale, for a total of 36 items. The response categories for each item range from 1 (almost never) to 5 (almost always). The subscales were self-blame, blaming others, acceptance, planning, positive refocusing, rumination or thought-focusing, positive reappraisal, putting into perspective, and catastrophizing. The data for this study were collected from 120 children aged 9-14 years. It was analysed using descriptive statistical analysis, where the mean and standard deviation values for each age group, as well as the Cronbach's alpha value, were significant in testing the reliability of the questionnaire. The results showed that the questionnaire is a reliable and valid measuring instrument also on a Hungarian sample. These developments and results will allow the use of a version of the Cognitive Emotion Regulation Questionnaire for children in Hungarian and pave the way for the study of different developmental groups such as children with learning disabilities and/or with ADHD.

Keywords: neurotypical development, emotion regulation, negative life events, CERQ-k, Hungarian average scores

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Authors: Harold Jideofor Nnachetam

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Maintenance management in Nigeria Polytechnic faced many issues due to poor service delivery, inadequate finance, and poor maintenance plan and maintenance backlogs. The purpose of this study is to improve the conventional method practices which tend to be ineffective in Nigeria Polytechnic. The case study was conducted with eight Polytechnics in Nigeria. The selected Polytechnic is based on conventional method practices and its major problems, attempt to implement computerized technology and the willingness of staff to share their experiences. All feedbacks from respondents through semi-structured interview were recorded using video camera and transcribed verbatim. The overall findings of this research indicated; poor service delivery, inadequate financial, poor maintenance planning and maintenance backlogs. There is also need to overcome less man power competencies of maintenance management practices which existed with all eight Polytechnics. In addition, the study also found that the Polytechnics still use conventional maintenance management processes in managing building facility condition. As a result, the maintenance management staff was not able to improve the maintenance management performance at the Polytechnics. The findings are intended to be used for maintenance management practices at Nigeria Polytechnics in order to provide high-quality of building facility with safe and healthy environments.

Keywords: maintenance management, conventional method, maintenance management system, Nigeria polytechnic

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Authors: Leesa Mohanty, Ashok Banerjee

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Better audit quality signifies the financial statements of the auditee firm reflect true and fair view of their actual state of affairs, which reduces information asymmetry between management and shareholders, as a result, helps protect interests of shareholders. This study examines the impact of joint audit on audit quality. It is motivated by the ongoing debate where The Institute of Chartered Accountants of India (ICAI), the regulatory body governing auditors, has advocated the finance ministry and the Reserve Bank of India (RBI) for the mandatory use of joint audit in private banks to enhance the quality of audit. Earlier, the Government of India had rejected the plea by ICAI for mandatory joint audits in large companies stating it is not a viable option for promoting domestic firms. We introduce a new measure of audit quality. Drawing from the domain of text analytics, we use relevant phrases in audit reports to gauge audit quality and demonstrate that joint audit improves audit quality. We also, for robustness, use prevalent proxy for audit quality (Big N Auditor, ratio of audit fees to total fees) and find negative effect of joint audit on audit quality. We, therefore highlight that different proxy for audit quality show opposite effect of joint audit.

Keywords: audit fees, audit quality, Big N. Auditor, joint audit

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Authors: Natasha Yasmin Felles, Gerard Riley

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Background and Aims: Relationship breakdown is typical when one partner lives with an acquired brain injury caused by issues like a stroke. Research has found that the perception of relationship satisfaction decreases following such an injury among non-injured partners. Non-injured partners also are found to experience caregiver stress/burden as they immediately have to take the role of a caregiver along with being a partner of the injured. Research has also found that the perception of a continuous relationship, i.e. the perception of the relationship to be essentially the same as it was before the injury, also changes among those caregiving partners. However, there is a lack of available intervention strategies that can help those partners with both individual and relationship difficulties. The aim of this case study was to conduct a pilot test of an intervention aimed to explore whether it is possible to support a partner to experience greater continuity within the relationship poststroke, and what benefits such a change might have. Method: A couple, where one partner experienced an acquired brain injury poststroke were provided with Integrated Behavioural Couples Therapy for 3-months. The intervention addressed goals identified as necessary by the couple and by the formulation of their individual and relationship difficulties, alongside the goal of promoting relationship continuity. Before and after measures were taken using a battery of six questionnaires to evaluate changes in perceptions of continuity, stress, and other aspects of the relationship. Results: Both quantitative and qualitative data showed that relationship continuity was improved after the therapy, as were the measures of stress and other aspects of the relationship. The stress felt by the person with the acquired brain injury also showed some evidence of improvement. Conclusion: The study found that perceptions of relationship continuity can be improved by therapy and that improving these might have a beneficial impact on the stress felt by the carer, their satisfaction with the relationship and overall levels of conflict and closeness within the relationship. The study suggested the value of further research on enhancing perceptions of continuity in the relationship after an acquired brain injury. Currently, the findings of the study have been used to develop a pilot feasibility study to collect substantive evidence on the impact of the intervention on the couples and assess its feasibility and acceptability, which will help in further developing a specific generalized relationship continuity intervention, that will be beneficial in preventing relationship breakdown in the future.

Keywords: acquired brain injury, couples therapy, relationship continuity, stroke

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Authors: H. C. Chinwenyi, H. D. Ibrahim, F. A. Ahmed

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In modern financial mathematics, valuing derivatives such as options is often a tedious task. This is simply because their fair and correct prices in the future are often probabilistic. This paper examines three different Stochastic Differential Equation (SDE) models in finance; the Constant Elasticity of Variance (CEV) model, the Balck-Karasinski model, and the Heston model. The various Martingales option price valuation formulas for these three models were obtained using the replicating portfolio method. Also, the numerical solution of the derived Martingales options price valuation equations for the SDEs models was carried out using the Monte Carlo method which was implemented using MATLAB. Furthermore, results from the numerical examples using published data from the Nigeria Stock Exchange (NSE), all share index data show the effect of increase in the underlying asset value (stock price) on the value of the European Put Option for these models. From the results obtained, we see that an increase in the stock price yields a decrease in the value of the European put option price. Hence, this guides the option holder in making a quality decision by not exercising his right on the option.

Keywords: equivalent martingale measure, European put option, girsanov theorem, martingales, monte carlo method, option price valuation formula

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Authors: Prashant Verma

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Commercial banks are facing immense pressure, including financial disintermediation, interest rate volatility and digital ways of finance. Retaining an existing customer is 5 to 25 less expensive than acquiring a new one. This paper explores customer churn prediction, based on various statistical & machine learning models and uses under-sampling, to improve the predictive power of these models. The results show that out of the various machine learning models, Random Forest which predicts the churn with 78% accuracy, has been found to be the most powerful model for the scenario. Customer vintage, customer’s age, average balance, occupation code, population code, average withdrawal amount, and an average number of transactions were found to be the variables with high predictive power for the churn prediction model. The model can be deployed by the commercial banks in order to avoid the customer churn so that they may retain the funds, which are kept by savings bank (SB) customers. The article suggests a customized campaign to be initiated by commercial banks to avoid SB customer churn. Hence, by giving better customer satisfaction and experience, the commercial banks can limit the customer churn and maintain their deposits.

Keywords: savings bank, customer churn, customer retention, random forests, machine learning, under-sampling

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Authors: Kalai Lamia, Jilani Faouzi

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Measuring and controlling risk is one of the most attractive issues in finance. With the persistence of uncontrolled and erratic stocks movements, volatility is perceived as a barometer of daily fluctuations. An objective measure of this variable seems then needed to control risks and cover those that are considered the most important. Non-linear autoregressive modeling is our first evaluation approach. In particular, we test the presence of “persistence” of conditional variance and the presence of a degree of a leverage effect. In order to resolve for the problem of “asymmetry” in volatility, the retained specifications point to the importance of stocks reactions in response to news. Effects of shocks on volatility highlight also the need to study the “long term” behaviour of conditional variance of stocks returns and articulate the presence of long memory and dependence of time series in the long run. We note that the integrated fractional autoregressive model allows for representing time series that show long-term conditional variance thanks to fractional integration parameters. In order to stop at the dynamics that manage time series, a comparative study of the results of the different models will allow for better understanding volatility structure over the Tunisia stock market, with the aim of accurately predicting fluctuation risks.

Keywords: asymmetry volatility, clustering, stylised facts, leverage effect

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Authors: Jan-Philipp Schiele, Karsten Schlinkmeier

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Allocation of scarce resources is a core process of traditional project portfolio management. However, with the popularity of agile methodology, established concepts and methods of portfolio management are reaching their limits and need to be adapted. Consequently, the question arises of how the process of resource allocation can be managed appropriately in scaled agile environments. The prevailing framework SAFe offers Weightest Shortest Job First (WSJF) as a prioritization technique, butestablished companies are still looking for methodical adaptions to apply WSJF for prioritization in portfolios in a more goal-oriented way and aligned for their needs in practice. In this paper, the relevant problem of prioritization in portfolios is conceptualized from the perspective of coordination and related mechanisms to support resource allocation. Further, an Action Design Research (ADR) project with case studies in a finance company is outlined to develop a practically applicable yet scientifically sound prioritization method based on coordination theory. The ADR project will be flanked by consortium research with various practitioners from the financial and insurance industry. Preliminary design requirements indicate that the use of a feedback loop leads to better team and executive level coordination in the prioritization process.

Keywords: scaled agility, portfolio management, prioritization, business-IT alignment

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Authors: Olufemi Adedamola Oyedele

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Infrastructure provision in Nigeria is now at its lowest ebb in spite of its being critical to the socio-economic and political development of any nation. This is partly because the policy that will ensure its adequate provisioning is missing and partly because politics is affecting its provision. Policy is the basic principles by which a government is guided. Infrastructural development is the basis for measuring the performance of governments and it is the foundation of good governance. Demand for infrastructural development is higher and resources used in its provision are limited. Ethnic-interest agitation and lobbying for infrastructure provision are common things in multi-ethnic state like Nigeria. Most infrastructures are now decayed and need repair or replacement. Government is the system that organizes, control and sensitizes the people in a society in other for all to have an acceptable level of living. Governments have the power to put in place all measures that they deem fit will make an environment conducive for living for everybody. Infrastructure development in any environment requires needs assessment, feasibility and viability studies and carrying out physical development of the project. The challenge in Nigeria is largely carrying out development where they are not needed but where the people are loyal. There are numerous abandoned projects because they were started due to politics and not because they are feasible. Policies and politics greatly affect infrastructure provisioning in Nigeria and this is the premise of this paper.

Keywords: infrastructure challenges, infrastructure development, policy making, politics, project finance

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Authors: Seyed Reza Alvani, Norzarina Mohd Zaharim

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Diabetes mellitus is one of the chronic, progressive illnesses that has reached a widespread level all over the world and considered an extreme life-threatening condition in South East Asian countries region include Malaysia. Co-morbid psychological factors like diabetes-related distress and low level of psychological well-being are related to high levels of blood sugar and hypo/hyperglycemia complications. As a result, the implementation of any effective psychological interventions among diabetes patients is necessary. One such intervention is cognitive behavioural therapy (CBT) that is approved and suggested by many professionals as an empirically-supported technique of treatment for people how are suffering from diabetes around the world where there is no clear evidence of using this technique in Malaysia. The target of this study was to see whether or not participation in group CBT would end in an improvement of psychological well-being (by decreasing the levels of depression and anxiety) and diabetes-related distress followed by lower level of blood sugar level. The sample of the present study was 60 type 2 diabetes adults (ages 20-65) with HbA1c ≥ 7 from Universiti Sains Malaysia (USM) clinic. All participants were selected by the convenience sampling technique. Participants completed Well-Being Questionaire (W-BQ) and Distress Scale (DDS-17) after signing written consent form. Those participants who were interested to join CBT groups were placed to the experimental groups, and people who were not interested were assigned to the control group. The experimental groups (n = 30) received group CBT, whereas participants in the control group (n = 30) did not receive any kind of psychological intervention. For testing the effect of intervention, mixed between-within ANOVA used. The entire intervention program took three months, and a significant improvement in the level of psychological well-being and decline in the level of diabetes distress observed among participants from experimental group, but not for those in the control group. Additionally, the result of the study suggested that group CBT could help participants in experimental group achieve more acceptable HbA1c levels in comparison with those in the control group. Malaysian Ministry of Health, researcher and governors should give due interest and commitment to psychological care as a pathway to diabetes mitigation among Malaysian adults.

Keywords: cognitive behavioral therapy, diabetes related distress, diabetes type 2, Malaysia, well-being

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Authors: Henda J Thomas, Cornelia PJ Harmse, Cecile Schultz

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Wearables are one of the technologies that will flourish within the fourth industrial revolution and digital transformation arenas, allowing employers to integrate collected data into organisational information systems. The study aimed to investigate whether wearable technology readiness can predict employees’ acceptance to wear wearables in the workplace. The factors of technology readiness predisposition that predict acceptance and positive attitudes towards wearable use in the workplace were examined. A quantitative research approach was used. The population consisted of 8 081 South African Department of Employment and Labour employees (DEL). Census sampling was used, and questionnaires to collect data were sent electronically to all 8 081 employees, 351 questionnaires were received back. The measuring instrument called the Technology Readiness and Acceptance Model (TRAM) was used in this study. Four hypotheses were formulated to investigate the relationship between readiness and acceptance of wearables in the workplace. The results found consistent predictions of technology acceptance (TA) by eagerness, optimism, and discomfort in the technology readiness (TR) scales. The TR scales of optimism and eagerness were consistent positive predictors of the TA scales, while discomfort proved to be a negative predictor for two of the three TA scales. Insecurity was found not to be a predictor of TA. It was recommended that the digital transformation policy of the DEL should be revised. Wearables in the workplace should be embraced from the viewpoint of convenience, automation, and seamless integration with the DEL information systems. The empirical contribution of this study can be seen in the fact that positive attitude emerged as a factor that extends the TRAM. In this study, positive attitude is identified as a new dimension to the TRAM not found in the original TA model and subsequent studies of the TRAM. Furthermore, this study found that Perceived Usefulness (PU) and Behavioural Intention to Use and (BIU) could not be separated but formed one factor. The methodological contribution of this study can lead to the development of a Wearable Readiness and Acceptance Model (WRAM). To the best of our knowledge, no author has yet introduced the WRAM into the body of knowledge.

Keywords: technology acceptance model, technology readiness index, technology readiness and acceptance model, wearable devices, wearable technology, fourth industrial revolution

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Authors: Luke Sniewski, Pante Farvid, Phil Carter, Rita Csako

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Background and Aims: Self-Perceived Problematic Porn Use (SPPPU) refers to individuals who identify as or perceive themselves to be addicted to porn. These individuals feel they are unable to regulate their porn consumption and experience adverse consequences as a result of their use in everyday life. To the author’s best knowledge, this research represents the first study to intervene with pornography use with mindfulness meditation, and aims to investigate the experiences and challenges of men with SPPPU as they engage in a mindfulness meditation intervention. As meditation is commonly characterized by sitting and observing one’s internal experience with non-reaction and acceptance, the study’s principal hypothesis was that consistent practice of meditation would develop the participant’s capacity to respond to cravings, urges, and unwanted thoughts in less reactive, more productive ways. Method: This 12-mixed method research utilised Single Case Experimental Design (SCED) methodology, with a standard AB design. Each participant was randomly assigned to an initial baseline time period between 2 to 5 weeks before learning the meditation technique and practicing it for the remainder of the 12-week study. The pilot study included 3 participants, while the intervention study included 12. The meditation technique used for the study involved a 15-minute guided breathing exercise in the morning, along with a 15-minute guided concentration meditation in the evening. Results: At the time of submission, only pilot study results were available. Results from the pilot study indicate an improved capacity for self-awareness of the uncomfortable mental and emotional states that drove their participants’ pornography use. Statistically significant reductions were also observed in daily porn use, total weekly time spent viewing porn, as well as lowered Pornography Craving Questionnaire (PCQ) and Problematic Pornography Use Scale (PPUS) scores. Conclusion: Pilot study results suggest that meditation could serve as a complementary tool for health professionals to provide clients in conjunction with therapeutic interventions. Study limitations, directions for future research, and clinical implications to be discussed as well.

Keywords: meditation, behavioural change, pornography, mindfulness

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Authors: F. O. Adeosun, I. O. Orubuloye, O. O. Babalola

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Although caesarean section has greatly improved obstetric care throughout the world, in developing countries there is a great aversion to caesarean section. This study was carried out to examine the rate at which pregnant women with pre-eclampsia choose caesarean section over natural birth. A cross-sectional study was conducted among 500 pre-eclampsia antenatal clients seen at the States University Teaching Hospitals in the last one year. The sample selection was purposive. Information on their educational background, beliefs and attitudes were collected. Data analysis was presented using simple percentages. Out of 500 women studied, 38% favored caesarean section while 62% were against it. About 89% of them understood what caesarean section is, 57.3% of those who understood what caesarean section is will still not choose it as an option. Over 85% of the women believed caesarean section is done for medical reasons. If caesarean section is given as an option for childbirth, 38% would go for it, 29% would try religious intervention, 5.5% would not choose it because of fear, while 27.5% would reject it because they believe it is culturally wrong. Majority of respondents (85%) who favored caesarean delivery are aware of the risk attached to choosing virginal birth but go an extra mile in sourcing funds for a caesarean session while over 64% cannot afford the cost of caesarean delivery. It is therefore pertinent to encourage research in prediction methods and prevention of occurrence, since this would assist patients to plan on how to finance treatment.

Keywords: caesarean section, choice, cost, pre eclampsia, prediction methods

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Authors: Andrew Clark

Abstract:

McCauley, Bassler, and Gunaratne show that integration I(d) processes as used in economics and finance do not necessarily produce stationary increments, which are required to determine causality in both the short term and the long term. This paper follows their lead and shows I(d) aluminum cash and futures log prices at daily and weekly intervals do not have stationary increments, which means prior causality studies using I(d) processes need to be re-examined. Wavelets based on undifferenced cash and futures log prices do have stationary increments and are used along with transfer entropy (versus cointegration) to measure causality. Wavelets exhibit causality at most daily time scales out to 1 year, and weekly time scales out to 1 year and more. To determine stationarity, localized stationary wavelets are used. LSWs have the benefit, versus other means of testing for stationarity, of using multiple hypothesis tests to determine stationarity. As informational flows exist between cash and futures at daily and weekly intervals, the aluminum market is efficient. Therefore, hedges used by producers and consumers of aluminum need not have a big concern in terms of the underestimation of hedge ratios. Questions about arbitrage given efficiency are addressed in the paper.

Keywords: transfer entropy, nonstationary increments, wavelets, localized stationary wavelets, localized stationary wavelets

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Authors: Rania F. Ahmed, Sally A. El Awdan, Gehad A. Abdel Jaleel, Dalia O. Saleh, Omar A. H. Ahmed-Farid

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The metabolic syndrome is an important public health concern often related to obesity, improper diet, and sedentary lifestyles and can predispose individuals to the development of many dangerous health conditions, disability and early death. This research aimed to investigate the efficacy of resveratrol (RSV) to reverse the neuro-complications associated with metabolic syndrome experimentally-induced in rats using an eight weeks high fat, high fructose diet (HFHF) model. The corresponding drug treatments were administered orally during the last 10 days of the diet. Behavioural tests namely the open field test (OFT) and the forced swimming test (FST) were conducted. Brain levels of monoamines viz. serotonin, norepinephrine and dopamine as well as their metabolites were assessed. 8-hydroxyguanosine (8-OHDG) as an indicative of DNA-fragmentation, nitric oxide (NOx) and tumor necrosis factor-α (TNF- α) were estimated. Finally, brain antioxidant parameters namely malondialdehyde (MDA), reduced and oxidized glutathione (GSH, GSSG) were evaluated. HFHF-induced metabolic syndrome resulted in decreased activity in the OFT and increased immobility duration in the FST. Furthermore, HFHF-induced metabolic syndrome lead to a significant increase in brain monoamines turn over as well as elevation in 8-OHDG, NOx, TNF- α, MDA and GSSG; and reduction in GSH. Ten days daily treatment with RSV (20 and 40 mg/kg p.o) dose dependently increased activity in the OFT and decreased immobility duration in the FST. Moreover, RSV normalized brain monoamines contents, reduced 8-OHDG, NOx, TNF- α, MDA and GSSG; and elevated GSH. In conclusion, we can say that RSV showed neuro-protective properties against HFHF-induced metabolic syndrome represented by monoamines preservation, prevention of neurodegeneration, anti-inflammatory and antioxidant potentials and could be recommended as a beneficial daily dietary supplement to treat the neuronal side effects associated with HFHF-induced metabolic syndrome.

Keywords: antioxidants, DNA-fragmentation, forced swimming test, HFHF-induced metabolic syndrome, monoamines, nitric oxide (NOx), open field, resveratrol, tumor necrosis factor-α (TNF- α), 8-hydroxyguanosine (8-OHDG)

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Authors: Paramita Nur Kurniati, Stanislaus Riyanta

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In the midst of the heightened usage of electronic money (e-money), Indonesian government expenditure is yet governed through cash-basis transactions. This conventional system brings about a number of potential risks and obstacles to operational conduct, including state financial liquidity issue. Consequently, Ministry of Finance is currently establishing the cashless payment methods for State Budget (APBN). Included in those advance methods is credit card facility as a government expenditure payment scheme. This policy is one of the innovations within the public sector learned from other countries’ best practices. Moreover, this particular method is already prominent within the private-sector realm. Qualitative descriptive analysis technique is implemented to evaluate the contemporary innovation of using government credit card in the path towards cashless society. This approach is expected to generate several benefits for the government, particularly in minimizing corruption within the state financial management. Effective coordination among policy makers and policy implementers is essential for the success of this policy’s exercise, without neglecting prudence and public transparency aspects. Government credit card usage shall be the potent resolution for enhancing the government’s overall public service performance.

Keywords: cashless basis, cashless society, government credit card, public sector innovation

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Authors: Musa M. Umar, S. G. Ado

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The paper examines the activities of the National Programme for food security (NPFS) for averting food insecurity in Nigeria and beyond. The components of the NPFS include site development, outreach, community development and management support. On each site, core activities comprise crop productivity, production diversification and agro-processing. The outreach activities consist of inputs and commodity marketing, rural finance, strengthening research-extension-farmers-inputs linkages, health and nutrition and expansion of site activities. The community development activities include small-scale rural infrastructure, micro-earth dams and community forestry. The overall benefits include food security, improved productivity, marketing and processing, enhanced land and water use, increased animal production and fish catches, improved nutrition, reduction in post-harvest losses and value addition, improved rural infrastructure and diversification of production leading to improved livelihood. The NPFS would poster sustained development of small-holder agricultural and income generation.

Keywords: food-security, community development, post-harvest, production

Procedia PDF Downloads 333