Search results for: conflicting claim on credit of discovery of ridge regression

Authors: Titus Wuyah Yunana

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This study analyzed the impact of commercial agricultural credit scheme on income of beneficiary farmers in Kaduna State using the Net farm income and double difference method. A questionnaire was used to source the data from 306 farmers comprising of 153 beneficiaries and 153 non-beneficiaries. The results indicated that the net farm income of the commercial agricultural credit scheme beneficiaries increases from N15,006,352.00 before scheme to N24,862,585.00 after the first and the second phases of the scheme. There was also an increase in the net farm income of the non-beneficiaries from N9, 670,385.40 to N14, 391,469.00 during the scheme. The double difference method analysis indicated a positive mean income difference value between beneficiaries and nonbeneficiaries after the first and the second phases of the scheme. The study recommends expansion in the number of beneficiaries and efficient allocation and utilization of the resources. The government should also introduce more programs that will assist the farmers to increase their productivity, income and the economy as a whole.

Keywords: agriculture, credit scheme, farmers, income, beneficiary

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Authors: Adewale Oladapo, Carolyn A. Afolami

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Agricultural production should be the major financial contributor to the Nigerian economy; however, the petroleum sector had taken the importance attached to this sector. The situation tends to be more worsening unless necessary attention is given to adequate credit supply among food crop farmers. This research analyses the effect of credit use on the technical efficiency of cassava farmers in Ondo State, Nigeria. Primary data were collected from two hundred randomly selected cassava farmers through a multistage sampling procedure in the study area. Data were analysed using descriptive statistics and stochastic frontier analysis (SFA). Findings revealed that 95.0% of the farmers were male while 56.0% had no formal education and were married. The SFA showed that cassava farmer’s efficiency increased with farm size, herbicide and planting material at 5%,10% and 1% respectively but decreased with fertilizer application at 1% level while farmers’ age, education, household size, experience and access to credit increased technical inefficiency at 10%. The study concluded that cassava farmers are technically inefficient in the use of farm resources and recommended that adequate and workable agricultural policy measures that will ensure availability and efficient fertilizer distribution should be put in place to increase efficiency. Furthermore, the government should encourage youth participation in cassava production and ensure improvement in farmer’s access to credit to increase farmer’s technical efficiency.

Keywords: agriculture, access to credit, cassava farmers, technical efficiency

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Authors: Petr Gurný

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One of the most important tasks in the risk management is the correct determination of probability of default (PD) of particular financial subjects. In this paper a possibility of determination of financial institution’s PD according to the credit-scoring models is discussed. The paper is divided into the two parts. The first part is devoted to the estimation of the three different models (based on the linear discriminant analysis, logit regression and probit regression) from the sample of almost three hundred US commercial banks. Afterwards these models are compared and verified on the control sample with the view to choose the best one. The second part of the paper is aimed at the application of the chosen model on the portfolio of three key Czech banks to estimate their present financial stability. However, it is not less important to be able to estimate the evolution of PD in the future. For this reason, the second task in this paper is to estimate the probability distribution of the future PD for the Czech banks. So, there are sampled randomly the values of particular indicators and estimated the PDs’ distribution, while it’s assumed that the indicators are distributed according to the multidimensional subordinated Lévy model (Variance Gamma model and Normal Inverse Gaussian model, particularly). Although the obtained results show that all banks are relatively healthy, there is still high chance that “a financial crisis” will occur, at least in terms of probability. This is indicated by estimation of the various quantiles in the estimated distributions. Finally, it should be noted that the applicability of the estimated model (with respect to the used data) is limited to the recessionary phase of the financial market.

Keywords: credit-scoring models, multidimensional subordinated Lévy model, probability of default

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Authors: Sadam Elayah

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Background: One of the most critical competencies in advanced dentistry is alveolar ridge preservation after exodontia. The aim of this clinical trial was to assess the impact of autologous concentrated growth factor (CGF) as a socket-filling material and its ridge preservation properties following the lower third molar extraction. Materials and Methods: A total of 60 sides of 30 participants who had completely symmetrical bilateral impacted lower third molars were enrolled. The short-term outcome variables were wound healing, swelling and pain, clinically assessed at different time intervals (1st, 3rd & 7th days). While the long-term outcome variables were bone height & width, bone density and socket surface area in the coronal section. Cone beam computed tomography images were obtained immediately after surgery and three months after surgery as a temporal measure. Randomization was achieved by opaque, sealed envelopes. Follow-up data were compared to baseline using Paired & Unpaired t-tests. Results: The wound healing index was significantly better in the test sides (P =0.001). Regarding the facial swelling, the test sides had significantly fewer values than the control sides, particularly on the 1st (1.01±.57 vs 1.55 ±.56) and 3rd days (1.42±0.8 vs 2.63±1.2) postoperatively. Nonetheless, the swelling disappeared within the 7th day on both sides. The pain scores of the visual analog scale were not a statistically significant difference between both sides on the 1st day; meanwhile, the pain scores were significantly lower on the test sides compared with the control sides, especially on the 3rd (P=0.001) and 7th days (P˂0.001) postoperatively. Regarding long-term outcomes, CGF sites had higher values in height and width when compared to Control sites (Buccal wall 32.9±3.5 vs 29.4±4.3 mm, Lingual wall 25.4±3.5 vs 23.1±4 mm, and Alveolar bone width 21.07±1.55vs19.53±1.90 mm) respectively. Bone density showed significantly higher values in CGF sites than in control sites (Coronal half 200±127.3 vs -84.1±121.3, Apical half 406.5±103 vs 64.2±158.6) respectively. There was a significant difference between both sites in reducing periodontal pockets. Conclusion: CGF application following surgical extraction provides an easy, low-cost, and efficient option for alveolar ridge preservation. Thus, dentists may encourage using CGF during dental extractions, particularly when alveolar ridge preservation is required.

Keywords: platelet, extraction, impacted teeth, alveolar ridge, regeneration, CGF

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Authors: Songul Cinaroglu

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Machine learning regression methods are recommended as an alternative to classical regression methods in the existence of variables which are difficult to model. Data for health expenditure is typically non-normal and have a heavily skewed distribution. This study aims to compare machine learning regression methods by hyperparameter tuning to predict health expenditure per capita. A multiple regression model was conducted and performance results of Lasso Regression, Random Forest Regression and Support Vector Machine Regression recorded when different hyperparameters are assigned. Lambda (λ) value for Lasso Regression, number of trees for Random Forest Regression, epsilon (ε) value for Support Vector Regression was determined as hyperparameters. Study results performed by using 'k' fold cross validation changed from 5 to 50, indicate the difference between machine learning regression results in terms of R², RMSE and MAE values that are statistically significant (p < 0.001). Study results reveal that Random Forest Regression (R² ˃ 0.7500, RMSE ≤ 0.6000 ve MAE ≤ 0.4000) outperforms other machine learning regression methods. It is highly advisable to use machine learning regression methods for modelling health expenditures.

Keywords: machine learning, lasso regression, random forest regression, support vector regression, hyperparameter tuning, health expenditure

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Authors: Eneken Titov, Ly Hobe

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The collaboration between the universities and companies has been a challenging topic for many years, and although we have many good experiences, those seem to be single examples between one university and company. In Ülemiste Smart City in Estonia, the new initiative was started in 2020 fall, when five Estonian universities cooperated, led by the Ülemiste City developing company Mainor, intending to provide charge-free university courses for the Ülemiste City companies and their employees to encourage university-company wider collaboration. Every Ülemiste City company gets a certain number of free educational credit hours per year to participate in university courses. A functional and simple web platform was developed to mediate university courses for the companies. From January 2021, the education credit platform is open for all Ülemiste City companies and their employees to join, and universities offer more than 9000 hours of courses (appr 150 ECTS). Just two months later, more than 20% of Ülemiste City companies (82 out of 400) have joined the project, and their employees have registered for more than in total 3000 hours courses. The first results already show that the project supports the university marketing and the continuous education mindset in general, whether 1/4 of the courses are paid courses (e.g., when the company is out of free credit).

Keywords: education, educational credit, smart city, university-industry collaboration

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Authors: Aida Alemany, Laura Ballester, Ana González-Urteaga

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From 2007 subprime crisis to the recent Eurozone debt crisis the European banking industry has experienced a terrible financial instability situation with increasing levels of CDS spreads (used as a proxy of credit risk). This paper investigates whether volatility transmission channels in European banking markets have changed after three significant crises’ events during the period January 2006 to March 2013. The global financial crisis is characterized by a unidirectional volatility shocks spillovers effect in credit risk from inside to outside the Eurozone. By contrast, the Eurozone debt crisis is revealed to be local in nature with the euro as the key element suggesting a market fragmentation between distressed peripheral and non-distressed core Eurozone countries, whereas retaining the local currency have acted as a firewall. With these findings we are able to shed light on the impact of the different crises on the European banking credit risk dynamics.

Keywords: CDS spreads, credit risk, volatility spillovers, financial crisis

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Authors: Maryam Bakhtyar, Pegah Akrami

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Intuitional insight or mystical cognition is a different insight from common, concrete and intellectual insights. This kind of insight is not achieved by visionary contemplation but by the recitation of God, self-purification, and mystical life. In this insight, there is no distance or medium between the subject of cognition and its object, and they have a sort of unification, unison, and incorporation. As a result, knowledgeable consider this insight as direct, immediate, and personal. The goal of this insight is God, cosmos’ creatures, and the general inner and hidden aspect of the world that is nothing except God’s manifestations in the view of mystics. AS our common cognitions have diversity and stages, intuitional insight also has diversity and levels. As our senses are divided into concrete and rational, mystical discovery is divided into superficial discovery and spiritual one. Based on Islamic mystics, the preferable way to know God and believe in him is intuitional insight. There are two important criteria for evaluating mystical intuition, especially for beginner mystics of intellect and revelation. Indeed, the conclusion and a brief evaluation of Islamic mystics’ viewpoint is the main subject of this paper.

Keywords: intuition, discovery, mystical insight, personal knowledge, superficial discovery, spiritual discovery

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Authors: M. Chumburidze, N. Salia, T. Namchevadze

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This work deal with case processing problems in business. The task of strategic credit requirements management of cases portfolio is discussed. The information model of credit requirements in a binary tree diagram is considered. The algorithms to solve issues of prioritizing clusters of cases in business have been investigated. An implementation of priority queues to support case management operations has been presented. The corresponding pseudo codes for the programming application have been constructed. The tools applied in this development are based on binary tree ordering algorithms, optimization theory, and business management methods.

Keywords: credit network, case portfolio, binary tree, priority queue, stack

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Authors: A. Bolaji Adesoye, Alimi Olorunfemi

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This paper examines the impact of small and medium-scale enterprises (SMEs) credit financing and financial market development and their shocks on the output growth of Nigeria. The study estimated a VAR model for Nigeria using 1970-2013 annual data series. Unit root tests and cointegration are carried out. The study also explores IRFs and FEVDs in a system that includes output, commercial bank loan to SMEs, domestic credit to private sector by banks, money supply, lending rate and investment. Findings suggest that shocks in commercial bank credit to SMEs has a major impact on the output changes of Nigeria. Money supply shocks also have a sizeable impact on output growth variations amidst other financial instruments. Lastly, neutrality of investment does not hold in Nigeria as it also has impact on output fluctuations.

Keywords: SMEs financing, financial development, investment, output, Nigeria

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Authors: Noelia Collado-Rodriguez

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The Mortgage Credit Directive 2014/17/UE should have been transposed the 21st of March of 2016. However, in Spain not only we did not meet the deadline, but currently we just have a preliminary draft of the so-called Mortgage Credit Act. Before we analyze the preliminary draft from the standpoint of the responsible lending principle, we should point out that this preliminary draft is not a consumer law statute. Through the text of the preliminary draft we cannot see any reference to the consumer, but we see references to the borrower. Furthermore, and more important, the application of this statute would not be, according to its text, circumscribed to borrowers who address the credit to a personal purpose. Instead, it seems that the preliminary draft aims to be one more of the rules of banking transparency that already exists in the Spanish legislation. In this sense, we can also mention that the sanctions contained in the preliminary draft are referred to these laws of banking ordination and oversight – where the rules of banking transparency belong –. This might be against the spirit of the Mortgage Credit Directive, which allows the extension of its scope to credits aimed to acquire other immovable property beyond the residential one. However, the borrower has to be a consumer accordingly with the Directive. It is quite relevant that the prospective Spanish Mortgage Credit Act might not be a consumer protection statute; specially, from the perspective of the responsible lending principle. The responsible lending principle is a consumer law principle, which is based on the structural weakness of the consumer’s position in the relationship with the creditor. Therefore, it cannot surprise that the Spanish preliminary draft does not state any of the pre contractual conducts that express the responsible lending principle. We are referring to the lender’s duty to provide adequate explanations; the consumer’s suitability test; the lender’s duty to assess consumer’s creditworthiness; the consultation of databases to perform the creditworthiness assessment; and the most important, the lender’s prohibition to grant credit in case of a negative creditworthiness assessment. The preliminary draft just entitles the Economy Ministry to enact provisions related to those topics. Thus, the duties and rules derived from the responsible lending principle included in the EU Directive will not have legal character in Spain, being mere administrative regulations. To conclude, the two main questions that come up after reading the Spanish Mortgage Credit Act preliminary draft are, in the first place, what kind of consequences might arise from the Mortgage Credit Act if finally it is not a consumer law statute. And in the second place, what might be the consequences for the responsible lending principle of being developed by administrative regulations instead of by legislation.

Keywords: consumer credit, consumer protection, creditworthiness assessment, responsible lending

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Authors: Parisa Golbayani, Dan Wang, Ionut¸ Florescu

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In this work we implement machine learning techniques to financial statement reports in order to asses company’s credit rating. Specifically, the work analyzes the performance of four neural network architectures (MLP, CNN, CNN2D, LSTM) in predicting corporate credit rating as issued by Standard and Poor’s. The paper focuses on companies from the energy, financial, and healthcare sectors in the US. The goal of this analysis is to improve application of machine learning algorithms to credit assessment. To accomplish this, the study investigates three questions. First, we investigate if the algorithms perform better when using a selected subset of important features or whether better performance is obtained by allowing the algorithms to select features themselves. Second, we address the temporal aspect inherent in financial data and study whether it is important for the results obtained by a machine learning algorithm. Third, we aim to answer if one of the four particular neural network architectures considered consistently outperforms the others, and if so under which conditions. This work frames the problem as several case studies to answer these questions and analyze the results using ANOVA and multiple comparison testing procedures.

Keywords: convolutional neural network, long short term memory, multilayer perceptron, credit rating

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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: Autcha Araveeporn

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This paper presents a study about a nonparametric regression model consisting of a smoothing spline method and a penalized spline regression method. We also compare the techniques used for estimation and prediction of nonparametric regression model. We tried both methods with crude oil prices in dollars per barrel and the Stock Exchange of Thailand (SET) index. According to the results, it is concluded that smoothing spline method performs better than that of penalized spline regression method.

Keywords: nonparametric regression model, penalized spline regression method, smoothing spline method, Stock Exchange of Thailand (SET)

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Authors: Xu Wang

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This research builds linear regressions of U.S. macroeconomic condition and volatility measures in the investment grade and high yield Credit Default Swap index spreads using monthly data from March 2009 to July 2016, to study the relationship between different dimensions of macroeconomy and overall credit risk quality. The most significant contribution of this research is systematically examining individual and joint effects of macroeconomic condition and volatility on CDX spreads by including macroeconomic time series that captures different dimensions of the U.S. economy. The industrial production index growth, non-farm payroll growth, consumer price index growth, 3-month treasury rate and consumer sentiment are introduced to capture the condition of real economic activity, employment, inflation, monetary policy and risk aversion respectively. The conditional variance of the macroeconomic series is constructed using ARMA-GARCH model and is used to measure macroeconomic volatility. The linear regression model is conducted to capture relationships between monthly average CDX spreads and macroeconomic variables. The Newey–West estimator is used to control for autocorrelation and heteroskedasticity in error terms. Furthermore, the sensitivity factor analysis and standardized coefficients analysis are conducted to compare the sensitivity of CDX spreads to different macroeconomic variables and to compare relative effects of macroeconomic condition versus macroeconomic uncertainty respectively. This research shows that macroeconomic condition can have a negative effect on CDX spread while macroeconomic volatility has a positive effect on determining CDX spread. Macroeconomic condition and volatility variables can jointly explain more than 70% of the whole variation of the CDX spread. In addition, sensitivity factor analysis shows that the CDX spread is the most sensitive to Consumer Sentiment index. Finally, the standardized coefficients analysis shows that both macroeconomic condition and volatility variables are important in determining CDX spread but macroeconomic condition category of variables have more relative importance in determining CDX spread than macroeconomic volatility category of variables. This research shows that the CDX spread can reflect the individual and joint effects of macroeconomic condition and volatility, which suggests that individual investors or government should carefully regard CDX spread as a measure of overall credit risk because the CDX spread is influenced by macroeconomy. In addition, the significance of macroeconomic condition and volatility variables, such as Non-farm Payroll growth rate and Industrial Production Index growth volatility suggests that the government, should pay more attention to the overall credit quality in the market when macroecnomy is low or volatile.

Keywords: autoregressive moving average model, credit spread puzzle, credit default swap spread, generalized autoregressive conditional heteroskedasticity model, macroeconomic conditions, macroeconomic uncertainty

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Authors: R. H. Fattepur, Sameer R. Fattepur, D. K. Sreekantha

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Dairy Farming is one of the key industries in India. India is the leading producer and also the consumer of milk, milk-based products in the world. In this paper, we have attempted to the replace the human expert system and to develop an artificial expert system prototype to increase the speed and accuracy of decision making dairy farming credit risk evaluation. Fuzzy logic is used for dealing with uncertainty, vague and acquired knowledge, fuzzy rule base method is used for representing this knowledge for building an effective expert system.

Keywords: expert system, fuzzy logic, knowledge base, dairy farming, credit risk

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Authors: Chothmal

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In this paper, we present a route discovery process which uses the signal strength on a link as a parameter of its inclusion in the route discovery method. The proposed signal-to-interference and noise ratio (SINR) based multipath reactive routing protocol is named as SINR-MP protocol. The proposed SINR-MP routing protocols has two following two features: a) SINR-MP protocol selects routes based on the SINR of the links during the route discovery process therefore it select the routes which has long lifetime and low frame error rate for data transmission, and b) SINR-MP protocols route discovery process is multipath which discovers more than one SINR based route between a given source destination pair. The multiple routes selected by our SINR-MP protocol are node-disjoint in nature which increases their robustness against link failures, as failure of one route will not affect the other route. The secondary route is very useful in situations where the primary route is broken because we can now use the secondary route without causing a new route discovery process. Due to this, the network overhead caused by a route discovery process is avoided. This increases the network performance greatly. The proposed SINR-MP routing protocol is implemented in the trail version of network simulator called Qualnet.

Keywords: ad hoc networks, quality of service, video streaming, H.264/SVC, multiple routes, video traces

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Authors: Rajinder Singh, Ram Valluru

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Chain Ladder (CL) method, Expected Loss Ratio (ELR) method and Bornhuetter-Ferguson (BF) method, in addition to more complex transition-rate modeling, are commonly used actuarial reserving methods in general insurance. There is limited published research about their relative performance in the context of Mortgage Insurance (MI). In our experience, these traditional techniques pose unique challenges and do not provide stable claim estimates for medium to longer term liabilities. The relative strengths and weaknesses among various alternative approaches revolve around: stability in the recent loss development pattern, sufficiency and reliability of loss development data, and agreement/disagreement between reported losses to date and ultimate loss estimate. CL method results in volatile reserve estimates, especially for accident periods with little development experience. The ELR method breaks down especially when ultimate loss ratios are not stable and predictable. While the BF method provides a good tradeoff between the loss development approach (CL) and ELR, the approach generates claim development and ultimate reserves that are disconnected from the ever-to-date (ETD) development experience for some accident years that have more development experience. Further, BF is based on subjective a priori assumption. The fundamental shortcoming of these methods is their inability to model exogenous factors, like the economy, which impact various cohorts at the same chronological time but at staggered points along their life-time development. This paper proposes an alternative approach of parametrizing the loss development curve and using logistic regression to generate the ultimate loss estimate for each homogeneous group (accident year or delinquency period). The methodology was tested on an actual MI claim development dataset where various cohorts followed a sigmoidal trend, but levels varied substantially depending upon the economic and operational conditions during the development period spanning over many years. The proposed approach provides the ability to indirectly incorporate such exogenous factors and produce more stable loss forecasts for reserving purposes as compared to the traditional CL and BF methods.

Keywords: actuarial loss reserving techniques, logistic regression, parametric function, volatility

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Authors: Olanike A. Ojo, Akindele M. Ojo, Jacob H. Tsado, Ramatu U. Kutigi

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The study was carried out on analysis of the effect of farmers’ socio-economic factors on the net farm income of catfish farmers in Kwara State, Nigeria. Primary data were collected from selected catfish farmers with the aid of well-structured questionnaire and a multistage sampling technique was used to select 102 catfish farmers in the area. The analytical techniques involved the use of descriptive statistics and multiple regression analysis. The findings of the analysis of socio-economic characteristics of catfish farmers reveal that 60% of the catfish farmers in the study area were male gender which implied the existence of gender inequality in the area. The mean age of 47 years was an indication that they were at their economically productive age and could contribute positively to increased production of catfish in the area. Also, the mean household size was five while the mean year of experience was five. The latter implied that the farmers were experienced in fishing techniques, breeding and fish culture which would assist in generating more revenue, reduce cost of production and eventual increase in profit levels of the farmers. The result also revealed that stock capacity (X3), accessibility to credit (X7) and labour (X4) were the main determinants of catfish production in the area. In addition, farmer’s sex, household size, no of ponds, distance of the farm from market, access to credit were the main socio-economic factors influencing the net farm income of the catfish farmers in the area. The most serious constraints militating against catfish production in the study area were high mortality rate, insufficient market, inadequate credit facilities/ finance and inadequate skilled labour needed for daily production routine. Based on the findings, it is therefore recommended that, to reduce the mortality rate of catfish extension agents should organize training workshops on improved methods and techniques of raising catfish right from juvenile to market size.

Keywords: credit, income, stock, mortality

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Authors: Hyunchul Ahn, William X. S. Wong

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Corporate credit rating prediction is one of the most important topics, which has been studied by researchers in the last decade. Over the last decade, researchers are pushing the limit to enhance the exactness of the corporate credit rating prediction model by applying several data-driven tools including statistical and artificial intelligence methods. Among them, multiclass support vector machine (MSVM) has been widely applied due to its good predictability. However, heuristics, for example, parameters of a kernel function, appropriate feature and instance subset, has become the main reason for the critics on MSVM, as they have dictate the MSVM architectural variables. This study presents a hybrid MSVM model that is intended to optimize all the parameter such as feature selection, instance selection, and kernel parameter. Our model adopts genetic algorithm (GA) to simultaneously optimize multiple heterogeneous design factors of MSVM.

Keywords: corporate credit rating prediction, Feature selection, genetic algorithms, instance selection, multiclass support vector machines

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Authors: Ellis Kofi Akwaa-Sekyi, Jordi Moreno Gené

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Managerial actions which negatively profile banks and impair corporate reputation are addressed through effective internal control systems. Disregard for acceptable standards and procedures for granting credit have affected bank loan portfolios and could be cited for the crises in some European countries. The study intends to determine the effectiveness of internal control systems, investigate whether perceived agency problems exist on the part of board members and to establish the relationship between internal controls and credit risk among listed banks in the European Union. Drawing theoretical support from the behavioural compliance and agency theories, about seventeen internal control variables (drawn from the revised COSO framework), bank-specific, country, stock market and macro-economic variables will be involved in the study. A purely quantitative approach will be employed to model internal control variables covering the control environment, risk management, control activities, information and communication and monitoring. Panel data from 2005-2014 on listed banks from 28 European Union countries will be used for the study. Hypotheses will be tested and the Generalized Least Squares (GLS) regression will be run to establish the relationship between dependent and independent variables. The Hausman test will be used to select whether random or fixed effect model will be used. It is expected that listed banks will have sound internal control systems but their effectiveness cannot be confirmed. A perceived agency problem on the part of the board of directors is expected to be confirmed. The study expects significant effect of internal controls on credit risk. The study will uncover another perspective of internal controls as not only an operational risk issue but credit risk too. Banks will be cautious that observing effective internal control systems is an ethical and socially responsible act since the collapse (crisis) of financial institutions as a result of excessive default is a major contagion. This study deviates from the usual primary data approach to measuring internal control variables and rather models internal control variables in a quantitative approach for the panel data. Thus a grey area in approaching the revised COSO framework for internal controls is opened for further research. Most bank failures and crises could be averted if effective internal control systems are religiously adhered to.

Keywords: agency theory, credit risk, internal controls, revised COSO framework

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Authors: Saheed Olakunle Sanusi, Israel Ajibade Adedeji

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The study analysed the effect of microfinance on the profit level of small and medium scale enterprises in Lagos. The data for the study were obtained by simple random sampling, and total of one hundred and fifty (150) small and medium scale enterprises (SMEs) were sampled for the study. Seventy-five (75) each are microfinance users and non-users. Data were analysed using descriptive statistics, logit model, t-test and ordinary least square (OLS) regression. The mean profit of the enterprises using microfinance is ₦16.8m, while for the non-users of microfinance is ₦5.9m. The mean profit of microfinance users is statistically different from the non-users. The result of the logit model specified for the determinant of access to microfinance showed that three of specified variables- educational status of the enterprise head, credit utilisation and volume of business investment are significant at P < 0.01. Enterprises with many years of experience, highly educated enterprise heads and high volume of business investment have more potential access to microfinance. The OLS regression model indicated that three parameters namely number of school years, the volume of business investment and (dummy) participation in microfinance were found to be significant at P < 0.05. These variables are therefore significant determinants of impacts of microfinance on profit level in the study area. The study, therefore, concludes and recommends that to improve the status of small and medium scale enterprises for an increase in profit, the full benefit of access to microfinance can be enhanced through investment in social infrastructure and human capital development. Also, concerted efforts should be made to encouraged non-users of microfinance among SMEs to use it in order to boost their profit.

Keywords: credit utilisation, logit model, microfinance, small and medium enterprises

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Authors: Nasreddin Ahmed

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Despite the ostensible extant differences amongst world languages’ structures that have culminated in the divergence in orthographic, phonological, morphological, and syntactic systems that each language has, research in cognitive linguistic strives to establish the claim that such differences are merely prima facie of a totalized universal system of signification.Linguists , since Chomsky, have never given up on the attempt to establish linguistic descriptive model that espouses a perspective in which every human language has a slot . Concurring with claim that the so-called rhetorical devices are pervasive phenomena and not literary-specific , the present paper aspires to voice the claim that rhetorical devices not only ubiquitous in all levels of a particular language but also a universal linguistic phenomena. Using illustrations from Arabic and Englishthe paper intend to provide data-supported evidence that human beings are universally using similar rhetorical, albeit given different appellations.

Keywords: language, rhetoric, syntax, stylistics

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Authors: Xuewen Chen, Aizhen Liang, Xiaoping Zhang

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To better understand the spatial variability of soil penetration resistance (SPR) and soil water content (SWC) induced by different tillage and crop rotation in a Mollisol of Northeast China, the soil was sampled from the tillage experiment which was established in Dehui County, Jilin Province, Northeast China, in 2001. Effect of no-tillage (NT), moldboard plow (MP) and ridge tillage (RT) under corn-soybean rotation (C-S) and continuous corn (C-C) system on SPR and SWC were compared with horizontal and vertical variations. The results showed that SPR and SWC spatially varied across the ridge. SPR in the rows was higher than inter-rows, especially in topsoil (2.5-15 cm) of NT and RT plots. SPR of MP changed in the trend with the curve-shaped ridge. In contrast to MP, NT, and RT resulted in average increment of 166.3% and 152.3% at a depth of 2.5-17.5 cm in the row positions, respectively. The mean SPR in topsoil in the rows means soil compaction is not the main factor limiting plant growth and crop yield. SPR in the row of RT soil was lower than NT at a depth of 2.5-12.5 cm. The SWC in NT and RT soil was highest in the inter-rows and least in the rows or shoulders, respectively. However, the lateral variation trend of MP was opposite to NT. From the profile view of SWC, MP was greater than NT and RT in 0-20 cm of the rows. SWC in RT soil was higher than NT in the row of 0-20 cm. Crop rotation did not have a marked impact on SPR and SWC. In addition to the tillage practices, the factor which affects SPR greatly was depth but not position. These two factors have significant effects on SWC. These results indicated that the adoption of RT was a more suitable conservation tillage practices than NT in the black soil of Northeast China.

Keywords: row, soil penetration resistance, spatial variability, tillage practice

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Authors: Liyu Adhi Kasari Sulung

Abstract:

Poverty has been a major problem in Indonesia. Islamic micro finance (IMF) named Baitul Maal Wat Tamwil (Bmt) plays a prominent role to eradicate this. Indonesia as the biggest muslim country has many successful applied products such as worldwide adopt group-based lending approach, flexible financing for farmers, and gold pawning. The Problems related to these models are operation risk management and internal control system (ICS). A proper ICS will help an organization in preventing the occurrence of bad financing through detecting error and irregularities in its operation. This study aims to seek a proper risk management scheme of credit system in Bmt and internal control system’s rank for every stage. Risk management variables are obtained at the first In-Depth Interview (IDI) and Focus Group Discussion (FGD) with Shariah supervisory boards, boards of directors, and operational managers. Survey was conducted covering nationwide data; West Java, South Sulawesi, and West Nusa Tenggara. Moreover, Content analysis is employed to build the relationship among these variables. Research Findings shows that risk management Characteristics in Indonesia involves ex ante, credit process, and ex post strategies to deal with risk in credit system. Ex-ante control consists of Shariah compliance, survey, group leader reference, and islamic forming orientation. Then, credit process involves saving, collateral, joint liability, loan repayment, and credit installment controlling. Finally, ex-post control includes shariah evaluation, credit evaluation, grace period and low installment provisions. In addition, internal control order sort three stages by its priority; Credit process as first rank, then ex-post control as second, and ex ante control as the last rank.

Keywords: internal control system, islamic micro finance, poverty, risk management

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Authors: Mohamed Alsafy, Samir El-Gendy, Ashraf Karkoura, Doha Shokry

Abstract:

The purpose of the current study was to investigate the development of the chicken ovary. One hundred fertilized egg of Alexandria breed of chicken used. The whole embryo has undergone the light microscopic examination at HH20 (E.3), HH21 (E.3.5), HH23 (E.4), HH29 (E.6) and HH34 (E.8). The ovary has undergone the light microscopic examination at HH38 (E.12) and HH42 (E.16), SEM at HH26 (E.5), HH29 (E.6), HH36 (E.10), HH38 (E.12), HH39 (E.13) and HH42 (E.16), TEM at HH38 (E.12) and HH42 (E.16). The genital ridge appeared by a thickening of the coelomic epithelium medioventral surface of the developing mesonephroi at HH20 (E.3). The boundaries of the undifferentiating gonads defined clearly separated from the mesonephroi. The undifferentiated gonads bulged as a distinct organ in the coelomic cavity at HH23 (E.4). At the initial stages of the gonadogenesis, the germinal epithelium was stratified squamous epithelium. The PGCs appeared at the genital ridge at HH21 (E.3.5). The PGCs observed at the dorsal mesentery with few microvilli and showed positive PAS reaction due to the glycogen content in their cytoplasm. The left-right gonadal asymmetry firstly detected by the number of PGCs migrating toward the left gonadal ridge more than the right at HH20 (E.3) and the macroscopic examination of gonadal asymmetry began at HH34 (E.8). The left ovary appeared a smooth rod-shape, its stroma showed lipid droplets, and its parenchyma showed an extensive arrangement of interstitial cords at HH42 (E.16).

Keywords: ovary, Alexandria chicken, light microscopy, SEM, TEM

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Authors: Marija Vicic

Abstract:

The purpose of commercial credit regulation in an unified way under Law on Foreign Exchange Operations in Republic of Serbia allows an easier state monitoring of credit operations performed by non-professionals on foreign exchange market. By broadly defining the term “commercial credits“, the state (i.e. National Bank of Serbia) is given the authority to monitor the performance of all obligations under commercial contracts in which the obligations are not performed simultaneously. In the first part of the paper, the author analyses the economic gist of commercial credits with the purpose of giving an insight into their special treatment. The author examines the term „commercial credits“ given in Law on foreign exchange operations and the difference between financial credits and irregular commercial credits (exports and imports of goods and services deemed to be commercial credits) is particularly highlighted. In the second part, the author emphasizes the specifics of commercial credit contracts, especially the effects of special requests for the parties to these contracts to notify National Bank of Serbia and specific regulations regarding maturity of obligations under these commercial credits and the assignment and compensation of the said contracts.

Keywords: commercial credit, foreign exchange operations, commercial transactions, deferred payment, advance payment, (non) resident

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Authors: Matthew Kostawich, Mohammed Elmorsy, Mohamed Sayed Sifat, Shoukry Shams, Mahmoud Elsaadany

Abstract:

6G communication systems represent the nominal future extension of current wireless technology, where its impact is extended to touch upon all human activities, including medical, security, and entertainment applications. As a result, human needs are allocated among the highest priority aspects of the system design and requirements. 6G communications is expected to replace all the current video conferencing with interactive virtual reality meetings involving high data-rate transmission merged with massive distributed computing resources. In addition, the current expansion of IoT applications must be mitigated with significant network changes to provide a reasonable Quality of Service (QoS). This directly implies a high demand for Human-Computer Interaction (HCI) through mobile computing modules in future wireless communication systems. This article proposes the utilization of a Printed Ridge Gap Waveguide (PRGW) to host the wearable nodes. To the best of our knowledge, we propose for the first time a physical layer analysis within the context of a complete architecture. A thorough study is provided on the impact of the distortion of the guiding structure on the overall system performance. The proposed structure shows small latency and small losses, highlighting its compatibility with future applications.

Keywords: ridge gap waveguide, edge computing module, 6G, multimedia IoT applications

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Authors: Afy Syahidan ACHMAD, Astin NURDIANA, SURYANTINI

Abstract:

In volcanic arc environment we can find multiple volcanic deposits which overlapped with another volcanic deposit so it will complicates source and distribution determination. This problem getting more difficult when we can not trace any deposit border evidences in field especially in high vegetation volcanic area, or overlapped deposit with same characteristics. Main purpose of this study is to solve complex volcanostratigraphy mapping problems trough ridge, valley, and river continuity. This method application carried out in Old Sunda Volcanic, West Java, Indonesia. Using 1:100.000 and 1:50.000 topographic map, and regional geology map, old sunda volcanic deposit was differentiated in regional level and detail level. Final product of this method is volcanostratigraphy unit determination in reconnaissance stage to simplify mapping process.

Keywords: volcanostratigraphy, study, method, volcanic deposit

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Authors: Olubukayo-Opeyemi Oyetayo, Oscar Mendez-Lucio, Andreas Bender, Hans Kiefer

Abstract:

The thermal melting curve of a protein provides information on its conformational stability and could provide cues on its aggregation behavior. Naturally-occurring osmolytes have been shown to improve the thermal stability of most proteins in a concentration-dependent manner. They are therefore commonly employed as additives in therapeutic protein purification and formulation. A number of intertwined and seemingly conflicting mechanisms have been put forward to explain the observed stabilizing effects, the most prominent being the preferential exclusion mechanism. We attempted to probe and summarize molecular mechanisms for thermal stabilization of a monoclonal antibody (mAb) by developing quantitative structure-activity relationships using a rationally-selected library of 120 osmolyte-like compounds in the polyhydric alcohols, amino acids and methylamines classes. Thermal stabilization potencies were experimentally determined by thermal shift assays based on differential scanning fluorimetry. The cross-validated QSAR model was developed by partial least squares regression using descriptors generated from Molecular Operating Environment software. Careful evaluation of the results with the use of variable importance in projection parameter (VIP) and regression coefficients guided the selection of the most relevant descriptors influencing mAb thermal stability. For the mAb studied and at pH 7, the thermal stabilization effects of tested compounds correlated positively with their fractional polar surface area and inversely with their fractional hydrophobic surface area. We cannot claim that the observed trends are universal for osmolyte-protein interactions because of protein-specific effects, however this approach should guide the quick selection of (de)stabilizing compounds for a protein from a chemical library. Further work with a large variety of proteins and at different pH values would help the derivation of a solid explanation as to the nature of favorable osmolyte-protein interactions for improved thermal stability. This approach may be beneficial in the design of novel protein stabilizers with optimal property values, especially when the influence of solution conditions like the pH and buffer species and the protein properties are factored in.

Keywords: thermal stability, monoclonal antibodies, quantitative structure-activity relationships, osmolytes

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