Search results for: credit spreads

Authors: Amit Kumar Bardhan, Barnali Nag, Chandra Sekhar Mishra

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Microfinance is considered as one of the key drivers of financial inclusion and pro-poor financial growth. Microfinance in India became popular through Self Help Group (SHG) movement initiated by NABARD. In terms of outreach and loan portfolio, SHG Bank Linkage programme (SHG-BLP) has emerged as the largest microfinance initiative in the world. The success of financial inclusion lies in the successful implementation of SHG-BLP. SHGs are generally promoted by social welfare organisations like NGOs, welfare societies, government agencies, Co-operatives etc. and even banks are also involved in SHG formation. Thus, the pro-poor implementation of the scheme largely depends on the credibility of the SHG Promoting Institutions (SHPIs). The rural poor lack education, skills and financial literacy and hence need continuous support and proper training right from planning to implementation. In this study, we have made an attempt to inspect the reasons behind low penetration of SHG financing to the poorest of the poor both from demand and supply side perspective. Banks, SHPIs, and SHGs are three key essential stakeholders in SHG-BLP programmes. All of them have a vital role in programme implementation. The objective of this paper is to find out the drivers and hurdles in the path of financial inclusion through SHG-BLP and the role of SHPIs in reaching out to the ultra poor. We try to address questions like 'what are the challenges faced by SHPIs in targeting the poor?' and, 'what are factors behind the low credit linkage of SHGs?' Our work is based on a qualitative study of SHG programmes in semi-urban towns in the states of West Bengal and Odisha in India. Data are collected through unstructured questionnaire and in-depth interview from the members of SHGs, SHPIs and designated banks. The study provides some valuable insights about the programme and a comprehensive view of problems and challenges faced by SGH, SHPIs, and banks. On the basis of our understanding from the survey, some findings and policy recommendations that seem relevant are: increasing level of non-performing assets (NPA) of commercial banks and wilful default in expectation of loan waiver and subsidy are the prime reasons behind low rate of credit linkage of SHGs. Regular changes in SHG schemes and no incentive for after linkage follow up results in dysfunctional SHGs. Government schemes are mostly focused on creation of SHG and less on livelihood promotion. As a result, in spite of increasing (YoY) trend of number of SHGs promoted, there is no real impact on welfare growth. Government and other SHPIs should focus on resource based SHG promotion rather only increasing the number of SHGs.

Keywords: financial inclusion, inclusive growth, microfinance, Self-Help Group (SHG), Self-Help Group Promoting Institution (SHPI)

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Authors: Auwal Nata'ala

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The Information and Communication Technology (ICT) has had impacts in almost every area human endeavor. From business, industries, banks to none profit organizations. ICT has simplified business process such as sorting, summarizing, coding, updating and generating a report in a real-time processing mode. However, the use of these ICT facilities such as computer and internet has also brought unintended consequences of criminal activities such as spamming, credit card frauds, ATM frauds, phishing, identity theft, denial of services and other related cyber crimes. This study sought to examined cyber-crime and its impact on the banking institution in Nigeria. It also examined the existing policy framework and assessed the success of the institutional countermeasures in combating cyber crime in the banking industry. This paper X-ray’s cyber crimes, policies issues and provides insight from a Nigeria perspective.

Keywords: cyber crimes, e-banking, policies, ICT

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Authors: Raymond Xu, Cindy Jingru Wang

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Social media has become a globally connected and influencing platform. Social media data, such as tweets, can help predict the spread of pandemics and provide individuals and healthcare providers early warnings. Public psychological reactions and opinions can be efficiently monitored by AI models on the progression of dominant topics on Twitter. However, statistics show that as the coronavirus spreads, so does an infodemic of misinformation due to pandemic-related factors such as unemployment and lockdowns. Social media algorithms are often biased toward outrage by promoting content that people have an emotional reaction to and are likely to engage with. This can influence users’ attitudes and cause confusion. Therefore, social media is a double-edged sword. Combating fake news and biased content has become one of the essential tasks. This research analyzes the variety of methods used for fake news detection covering random forest, logistic regression, support vector machines, decision tree, naive Bayes, BoW, TF-IDF, LDA, CNN, RNN, LSTM, DeepFake, and hierarchical attention network. The performance of each method is analyzed. Based on these models’ achievements and limitations, a multi-dimensional AI framework is proposed to achieve higher accuracy in infodemic detection, especially pandemic-related news. The model is trained on contextual content, images, and news metadata.

Keywords: artificial intelligence, fake news detection, infodemic detection, image recognition, sentiment analysis

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Authors: Akindele Ojo, Olanike Ojo, Agatha Oseghale

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The empirical study examined the allocative efficiency of small holder tuber crop farmers in North central, Nigeria. Data used for the study were obtained from primary source using a multi-stage sampling technique with structured questionnaires administered to 300 randomly selected tuber crop farmers from the study area. Descriptive statistics, data envelopment analysis and Tobit regression model were used to analyze the data. The DEA result on the classification of the farmers into efficient and inefficient farmers showed that 17.67% of the sampled tuber crop farmers in the study area were operating at frontier and optimum level of production with mean allocative efficiency of 1.00. This shows that 82.33% of the farmers in the study area can still improve on their level of efficiency through better utilization of available resources, given the current state of technology. The results of the Tobit model for factors influencing allocative inefficiency in the study area showed that as the year of farming experience, level of education, cooperative society membership, extension contacts, credit access and farm size increased in the study area, the allocative inefficiency of the farmers decreased. The results on effects of the significant determinants of allocative inefficiency at various distribution levels revealed that allocative efficiency increased from 22% to 34% as the farmer acquired more farming experience. The allocative efficiency index of farmers that belonged to cooperative society was 0.23 while their counterparts without cooperative society had index value of 0.21. The result also showed that allocative efficiency increased from 0.43 as farmer acquired high formal education and decreased to 0.16 with farmers with non-formal education. The efficiency level in the allocation of resources increased with more contact with extension services as the allocative efficeincy index increased from 0.16 to 0.31 with frequency of extension contact increasing from zero contact to maximum of twenty contacts per annum. These results confirm that increase in year of farming experience, level of education, cooperative society membership, extension contacts, credit access and farm size leads to increases efficiency. The results further show that the age of the farmers had 32% input to the efficiency but reduces to an average of 15%, as the farmer grows old. It is therefore recommended that enhanced research, extension delivery and farm advisory services should be put in place for farmers who did not attain optimum frontier level to learn how to attain the remaining 74.39% level of allocative efficiency through a better production practices from the robustly efficient farms. This will go a long way to increase the efficiency level of the farmers in the study area.

Keywords: allocative efficiency, DEA, Tobit regression, tuber crop

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Authors: Jeevan Jyoti Mohindroo, Umesh Kumar Garg

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The district of Tarntaran is located25 km south of Amritsar city in Punjab State of Northwestern India. It is 5059 Sq. Km in area. It is surrounded by Amritsar in the North, Kapurthala in the East, and Ferozepur in the South and Pakistan in the West. Patti Town is a municipal council of the Tarntaran district of the Indian state of Punjab, located 45 km from Amritsar its geographical coordinates are 310 16' 51" north to 740 51' 25" East Longitude. The town spreads over an area of 50sq. Km. Moisture content is very less in the air, falling within the semiarid region and frequently facing water scarcity as well as water quality problems. The major sources of employment are agriculture, horticulture and animal husbandry engaging almost 80% of the workforce. Water samples are collected from 400 locations in 20 villages on the Patti –Khem Karan highway with 20 samples from each village, and were subjected to analysis of chemical characteristics. The type of water that predominates in the study area is Ca-Mg-HCO3 type, based on hydro-chemical analysis. Besides, suitability of water for irrigation is evaluated based on the sodium adsorption ratio (SAR), residual sodium carbonate, sodium percent and salinity hazard. Other Physico-chemical parameters such as pH, TDS, conductance, etc. were also determined using a water analysis kit. Analysis of water samples for heavy metal analysis was also carried out in the present study.

Keywords: groundwater, chemical classification, SAR, RSC, USSL diagram

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Authors: M. C. Arcuri, L. Gai, F. Ielasi

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Italian Central Guarantee Fund (CGF) has the purpose to facilitate Small and Medium-sized Enterprises (SMEs)’ access to credit. The aim of the paper is to study the evaluation method adopted by the CGF with regard to SMEs requiring its intervention. This is even more important in the light of the recent CGF reform. We analyse an initial sample of more than 500.000 guarantees from 2012 to 2018. We distinguish between a counter-guarantee delivered to a mutual guarantee institution and a guarantee directly delivered to a bank. We investigate the impact of variables related to the operations and the SMEs on Altman Z’’-score and the score consistent with CGF methodology. We verify that the type of intervention affects the scores and the initial condition changes with the new assessment criterions. 

Keywords: banks, default risk, Italian guarantee fund, mutual guarantee institutions

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Authors: Hamideh Rahmani

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The subject matter of ethics is being changed in modern life, which had been an issue for a long time and aimed to define its moral boundaries in human's intellectual and everyday life. This has led to the introduction of notions based on the separation of religion from ethics in recent decades. It is in conflict with the traditional view, which introduces ethics as raised from religion and religion as the most crucial credit for ethics. The purpose of this study is to investigate the elements of secular ethics from the perspective of Mostafa Malekian, seeking to achieve his notions. After examining the strengths of secular ethics parameters from the viewpoint of Malekian, this research found his ethics in his interpretation of the ideal life which he treats as ethics, got a very strong link with his secularist project known as rationality and spirituality. We will analyze, review, and critique his ethics in the following.

Keywords: secular ethics, Mostafa Malakian, global ethics, rationality, spirituality

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Authors: Rishabh Garg

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Traditionally, business parties build trust with a centralized operating mechanism, such as payment by letter of credit. However, the increase in cyber-attacks and malicious hacking has jeopardized business operations and finance practices. Emerging markets, owing to their higher banking risks and bigger presence of digital financing, are looking forward to technology-driven solutions, financial inclusion and innovative working paradigms. Blockchain has the potential to enhance transaction transparency and supply chain traceability. It has captured a vast landscape with 200 million crypto users worldwide. Fintech and blockchain products are popping up across brokerage, digital wallets, exchanges, post-trade clearance, settlement, middleware, infrastructure, and base protocols.

Keywords: blockchain, distributed ledger technology, decentralized applications, ethereum, smart contracts, trade finance

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Authors: Raymond K. Dziwornu

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Lending rate of agriculture loan has persistently been high and attributed to risk in the sector. This study examined how food inflation and agriculture lending rate react to each other in Ghana using vector autoregressive approach. Quarterly data from 2006 to 2018 was obtained from the Bank of Ghana quarterly bulletin and the Ghana Statistical Service reports. The study found that a positive standard deviation shock to food inflation causes lending rate of agriculture loan to react negatively in the short run, but positively and steadily in the long run. This suggests the need to direct appropriate policy measures to reduce food inflation and consequently, the cost of credit to the agricultural sector for its growth.

Keywords: food inflation, agriculture, lending rate, vector autoregressive, Ghana

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Authors: Shabir Ahmad Sofi, Shubham Aggarwal, Sanyam Singhal, Roohie Naaz

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Biometric recognition refers to an automatic recognition of individuals based on a feature vector(s) derived from their physiological and/or behavioral characteristic. Biometric recognition systems should provide a reliable personal recognition schemes to either confirm or determine the identity of an individual. These features are used to provide an authentication for computer based security systems. Applications of such a system include computer systems security, secure electronic banking, mobile phones, credit cards, secure access to buildings, health and social services. By using biometrics a person could be identified based on 'who she/he is' rather than 'what she/he has' (card, token, key) or 'what she/he knows' (password, PIN). In this paper, a brief overview of biometric methods, both unimodal and multimodal and their advantages and disadvantages, will be presented.

Keywords: biometric, DNA, fingerprint, ear, face, retina scan, gait, iris, voice recognition, unimodal biometric, multimodal biometric

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Authors: Benjamin Osae Agyei, Hypolite Bayor

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This present experiment was carried out during the 2012 cropping season, at the Farming for the Future Experimental Field of the University for Development Studies, Nyankpala Campus in the Northern Region of Ghana. The objective of the experiment was to determine the carrot growth and yield responses to poultry manure and N.P.K (15:15:15). Six treatments (Control (no amendment), 20 t/ha poultry manure (PM), 40 t/ha PM, 70 t/ha PM, 35 t/ha PM + 0.11t/ha N.P.K and 0.23 t/ha N.P.K) with three replications for each were laid in a Randomized Complete Block Design (RCBD). Data were collected on plant height, number of leaves per plant, canopy spread, root diameter, root weight, and root length. Microsoft Excel and Genstat Statistical Package (9^th edition) were used for the data analysis. The treatment means were compared by using Least Significant Difference at 10%. Generally, the results showed that there were no significant differences (P>0.1) among the treatments with respect to number of leaves per plant, root diameter, root weight, and root length. However, significant differences occurred among plant heights and canopy spreads. Plant height treated with 40 t/ha PM at the fourth week after planting and canopy spread at eight weeks after planting and ten weeks after planting by 70 t/ha PM and 20 t/ha PM respectively showed significant difference (P<0.1). The study recommended that any of the amended treatments can be applied at their recommended rates to plots for carrot production, since there were no significant differences among the treatments.

Keywords: poultry manure, N.P.K., soil amendment, growth, yield, carrot

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Authors: Susan P. Teru, Jerome Nyameh

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Many contemporary organizations are placing a greater emphasis on business enterprise systems as a means of generating higher levels of economic development. Many business research and literature has also concur that enterprise drive economic development, giving little or no credit to social enterprise, whose profit is reinvest to the community development compare to the business enterprise that share their profit to shareholders. Economic development includes economic policies that affect the beneficiaries of the economic entity. We suggest that producing social enterprise increments may be best achieved by orienting social enterprise entrepreneurs system to promote economic development. To this end, we describe a new approach to the social enterprise process that includes social entrepreneur and the key drivers of economic development at each stage. We present a model of social enterprise that incorporates the main ideas of the paper and suggests a new perspective for thinking about how to foster and manage social enterprise to achieve high levels of economic development.

Keywords: social enterprise, economic development, Nigeria, business and management

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Authors: Nidhi S. Chandra, Veena Agrawal, Debprasad Chattopadhyay

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Background: Hepatitis E virus (HEV) is a major cause of acute viral hepatitis in developing countries. It spreads feco orally mainly due to contamination of drinking water by sewage. There is limited data on the genotypic comparison of HEV isolates from sewage water and humans. The aim of this study was to identify genotype and conduct phylogenetic analysis of HEV isolates from sewage water and humans. Materials and Methods: 14 sewage water and 60 serum samples from acute sporadic hepatitis E cases (negative for hepatitis A, B, C) were tested for HEV-RNA by nested polymerase chain reaction (RTnPCR) using primers designed with in RdRp (RNA dependent RNA polymerase) region of open reading frame-1 (ORF-1). Sequencing was done by ABI prism 310. The sequences (343 nucleotides) were compared with each other and were aligned with previously reported HEV sequences obtained from GeneBank, using Clustal W software. A Phylogenetic tree was constructed by using PHYLIP version 3.67 software. Results: HEV-RNA was detected in 49/ 60 (81.67%) serum and 5/14 (35.71%) sewage samples. The sequences obtained from 17 serums and 2 sewage specimens belonged to genotype I with 85% similarity and clustering with previously reported human HEV sequences from India. HEV isolates from human and sewage in North West India are genetically closely related to each other. Conclusion: These finding suggest that sewage acts as reservoir of HEV. Therefore it is important that measures are taken for proper waste disposal and treatment of drinking water to prevent outbreaks and epidemics due to HEV.

Keywords: hepatitis E virus, nested polymerase chain reaction, open reading frame-1, nucleotidies

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Authors: Rajeshwar Singh

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The presence of multicollinearity is common in handling with several explanatory variables simultaneously due to exhibiting a linear relationship among them. A great problem arises in understanding the impact of explanatory variables on the dependent variable. Thus, the method of least squares estimation gives inexact estimates. In this case, it is advised to detect its presence first before proceeding further. Using the ridge regression degree of its occurrence is reduced but principal components regression gives good estimates in this situation. This paper discusses well-known techniques of the ridge and principal components regressions and applies to get the estimates of coefficients by both techniques. In addition to it, this paper also discusses the conflicting claim on the discovery of the method of ridge regression based on available documents.

Keywords: conflicting claim on credit of discovery of ridge regression, multicollinearity, principal components and ridge regressions, variance inflation factor

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Authors: Li Sheng

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Based on an extended post-Keynesian model, we find that the association between the savings rate and income inequality is negative if savers’ funds are borrowed by spending households for consumption but positive if savings are channeled to investing firms for production. A negative association, such as the one that exists in the U.S., hinges on an income illusion created by an asset bubble and cheap credit. Thus, financial globalization leads consumption and income inequality to diverge, and the divergence is more extreme if lower-income groups have higher debt ratios. A positive association, such as the one that exists in China, relates to liquidity constraints faced by consumers such that consumption inequality closely follows income inequality. Our results imply that income inequality must be reduced in both types of countries to increase savings in deficit economies with negative associations and to reduce savings in surplus economies with positive associations.

Keywords: savings rate, income inequality, financial globalization, global imbalances

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Authors: Meltem Gurunlu

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One of the central problems in corporate finance is the allocation of funds. This usually takes two forms: allocation of funds across firms in an economy or allocation of funds across projects or business units within a firm. The first one is typically related to the external markets (the bond market, the stock market, banks and finance companies) whereas the second form of the capital allocation is related to the internal capital markets in which corporate headquarters allocate capital to their business units. (within-group transfers, within-group credit markets, and within-group equity market). The main aim of this study is to investigate the nature of capital allocation dynamics by comparing the relevant studies carried out on external and internal capital markets with paying special significance to the business groups.

Keywords: internal capital markets, external capital markets, capital structure, capital allocation, business groups, corporate finance

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Authors: Jungeun Cho

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Social finance has received increasing attention as a means to promote the growth of regional economies. Despite the plenty of research discussed their critical role and functions in regional economic development such as the financing and promotion of co-operatives or social enterprises and the offering credit to the financially excluded in the region, however, rarely are efforts made to measure the contribution of social finance in the regional economy. It is essential to establish an evaluation model in order to encourage social finance institutions to perform their supposed role and functions on regional economic development. The objective of this paper is to formulate an evaluation model of the contribution of social finance to the regional economy through an analytic hierarchy process (AHP) approach. This study is expected to provide useful guidelines for social finance institutions’ strategies and the policies of local or central government regarding social finance.

Keywords: social finance, regional economy, social economy, policies of local or central government

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Authors: Esma Hande Alıcı, Gülnur Arabacı

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Antioxidants are compounds or systems that can safely interact with free radicals and terminate the chain reaction before vital molecules are damaged. The anti-oxidative effectiveness of these compounds depends on their chemical characteristics and physical location within a food (proximity to membrane phospholipids, emulsion interfaces, or in the aqueous phase). Antioxidants (e.g., flavonoids, phenolic acids, tannins, vitamin C, vitamin E) have diverse biological properties, such as antiinflammatory, anti-carcinogenic and anti-atherosclerotic effects, reduce the incidence of coronary diseases and contribute to the maintenance of gut health by the modulation of the gut microbial balance. Plants are excellent sources of antioxidants especially with their high content of phenolic compounds. Raphanus raphanistrum L., the wild radish, is a flowering plant in the family Brassicaceae. It grows in Asia and Mediterranean region. It has been introduced into most parts of the world. It spreads rapidly, and is often found growing on roadsides or in other places where the ground has been disturbed. It is an edible plant, in Turkey its fresh aerial parts are mostly consumed as a salad with olive oil and lemon juice after boiled. The leaves of the plant are also used as anti-rheumatic in traditional medicine. In this study, we determined the antioxidant capacity of two different solvent fractions (methanol and ethyl acetate) obtained from Raphanus raphanistrum L. plant leaves. Antioxidant capacity of the plant was introduced by using three different methods: DPPH radical scavenging activity, CUPRAC (Cupric Ion Reducing Antioxidant Capacity) activity and Reducing power activity.

Keywords: antioxidant activity, antioxidant capacity, Raphanis raphanistrum L., wild radish

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Authors: Vinko Vidučić, Ljiljana Vidučić, Damir Boras

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The goals of the research include the determination of the characteristics of SMEs finance in Croatia, as well as the determination of indirect growth rates of the information model of the entrepreneurs` perception of business environment. The research results show that cost of finance and access to finance are most important constraining factor in setting up and running the business of small entrepreneurs in Croatia. Furthermore, small entrepreneurs in Croatia are significantly dissatisfied with the administrative barriers although relatively to a lesser extent than was the case in the pre-crisis time. High collateral requirement represents the main characteristic of bank lending concerning SMEs followed by long credit elaboration process. Formulated information model has defined the individual impact of indirect growth rates of the remaining variables on the model’s specific variable.

Keywords: business environment, information model, indirect growth rates, SME finance

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Authors: Brando Vagenende, Marie-Anne Guerry

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For stochastic matrices of any order, the geometric description of the convex set of eigenvalues is completely known. The purpose of this study is to investigate the subset of the monotone matrices. This type of matrix appears in contexts such as intergenerational occupational mobility, equal-input modeling, and credit ratings-based systems. Monotone matrices are stochastic matrices in which each row stochastically dominates the previous row. The monotonicity property of a stochastic matrix can be expressed by a nonnegative lower-order matrix with the same eigenvalues as the original monotone matrix (except for the eigenvalue 1). Specifically, the aim of this research is to focus on the properties of eigenvalues of monotone matrices. For those matrices up to order 3, there already exists a complete description of the convex set of eigenvalues. For monotone matrices of order at least 4, this study gives, through simulations, more insight into the geometric description of their eigenvalues. Furthermore, this research treats in a geometric and algebraic way the properties of eigenvalues of monotone matrices of order at least 4.

Keywords: eigenvalues of matrices, finite Markov chains, monotone matrices, nonnegative matrices, stochastic matrices

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Authors: Russell Rosen

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American Sign Language (ASL) has been developed and used by signing deaf and hard of hearing (DHH) individuals in the American Deaf community since early nineteenth century. In the last two decades, secondary schools in the US offered ASL for foreign language credit to secondary school learners. The learners who learn ASL as a foreign language are largely American native speakers of English. They not only learn ASL in US schools but also create spaces under certain interactional and social conditions in their home communities outside of classrooms and use ASL with each other instead of their native English. This phenomenon is a transmigration of language from a native social group to a non-native, non-kin social group. This study looks at the transmigration of ASL from signing Deaf community to the general speaking and hearing American society. Theoretical implications of this study are discussed.

Keywords: American Sign Language, Foreign Language, Language transmission, United States

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Authors: I. Erins, J. Erina

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The aim of the present article is to determine the impact of the external and internal factors of bank performance on the profitability indicators of the CEE countries banks in the period from 2006 to 2012. On the basis of research conducted abroad on bank and macroeconomic profitability indicators, in order to obtain research results, the authors evaluated return on average assets (ROAA) and return on average equity (ROAE) indicators of the CEE countries banks. The authors analyzed profitability indicators of banks using descriptive methods, SPSS data analysis methods as well as data correlation and linear regression analysis. The authors concluded that most internal and external indicators of bank performance have no direct effect on the profitability of the banks in the CEE countries. The only exceptions are credit risk and bank size which affect one of the measures of bank profitability–return on average equity.

Keywords: banks, CEE countries, profitability ROAA, ROAE

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Authors: Joseph George, Anne Kotteswara Roa

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Skin disease is one of the most common and popular kinds of health issues faced by people nowadays. Skin cancer (SC) is one among them, and its detection relies on the skin biopsy outputs and the expertise of the doctors, but it consumes more time and some inaccurate results. At the early stage, skin cancer detection is a challenging task, and it easily spreads to the whole body and leads to an increase in the mortality rate. Skin cancer is curable when it is detected at an early stage. In order to classify correct and accurate skin cancer, the critical task is skin cancer identification and classification, and it is more based on the cancer disease features such as shape, size, color, symmetry and etc. More similar characteristics are present in many skin diseases; hence it makes it a challenging issue to select important features from a skin cancer dataset images. Hence, the skin cancer diagnostic accuracy is improved by requiring an automated skin cancer detection and classification framework; thereby, the human expert’s scarcity is handled. Recently, the deep learning techniques like Convolutional neural network (CNN), Deep belief neural network (DBN), Artificial neural network (ANN), Recurrent neural network (RNN), and Long and short term memory (LSTM) have been widely used for the identification and classification of skin cancers. This survey reviews different DL techniques for skin cancer identification and classification. The performance metrics such as precision, recall, accuracy, sensitivity, specificity, and F-measures are used to evaluate the effectiveness of SC identification using DL techniques. By using these DL techniques, the classification accuracy increases along with the mitigation of computational complexities and time consumption.

Keywords: skin cancer, deep learning, performance measures, accuracy, datasets

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Authors: S. J. Hachar

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The goal of this paper is to provide educators an overview of international practices supporting young learners, arming us with adequate information to lead effective change. We will report on research and observations of Service Learning Projects conducted by one South Texas University. The intent of the paper is also to provide readers an overview of service learning in the preparation of teacher candidates pursuing a Bachelor of Science in Elementary Education. The objective of noting the efficiency and effectiveness of programs leading to literacy and oral fluency in a native language and second language will be discussed. This paper also highlights experiential learning for academic credit that combines community service with student learning. Six weeks of visits to a variety of community sites, making personal observations with faculty members, conducting extensive interviews with parents and key personnel at all sites will be discussed. The culminating Service Learning Expo will be reported as well.

Keywords: elementary education, junior achievement, service learning

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Authors: Udeh Anastasia Ifeoma

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The need to develop the rural areas in developing countries where there have been decades of neglect are on the increase. It is against this background that this paper examined the impact of micro finance contribution to Nigeria’s gross domestic product. Time series data for 12-years period 1999-2010 were collated from Central Bank of Nigeria published annual reports. The least squares (LS) regression was used to analyze the data. The result revealed that microfinance activities have negative and non-significant contribution to gross domestic product in Nigeria. The paper recommends that rural poverty is often a product of poor infrastructural facilities; therefore government should make a conscious effort towards industrializing the rural areas thereby motivating the micro finance institutions to locate their offices and extend credit facilities to rural areas thereby improving rural economic growth.

Keywords: microfinance, rural economic growth, Nigeria, developing countries

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Authors: Sandra Rigot, Samira Demaria, Frederic Lemaire

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The starting point of this research is the contemporary capitalist paradox: there is a real scarcity of long term investment despite the boom of potential long term investors. This gap represents a major challenge: there are important needs for long term financing in developed and emerging countries in strategic sectors such as energy, transport infrastructure, information and communication networks. Moreover, the recent financial and sovereign debt crises, which have respectively reduced the ability of financial banking intermediaries and governments to provide long term financing, questions the identity of the actors able to provide long term financing, their methods of financing and the most appropriate forms of intermediation. The issue of long term financing is deemed to be very important by the EU Commission, as it issued a 2013 Green Paper (GP) on long-term financing of the EU economy. Among other topics, the paper discusses the impact of the recent regulatory reforms on long-term investment, both in terms of accounting (in particular fair value) and prudential standards for banks. For banks, prudential and accounting standards are also crucial. Fair value is indeed well adapted to the trading book in a short term view, but this method hardly suits for a medium and long term portfolio. Banks’ ability to finance the economy and long term projects depends on their ability to distribute credit and the way credit is valued (fair value or amortised cost) leads to different banking strategies. Furthermore, in the banking industry, accounting standards are directly connected to the prudential standards, as the regulatory requirements of Basel III use accounting figures with prudential filter to define the needs for capital and to compute regulatory ratios. The objective of these regulatory requirements is to prevent insolvency and financial instability. In the same time, they can represent regulatory constraints to long term investing. The balance between financial stability and the need to stimulate long term financing is a key question raised by the EU GP. Does fair value accounting contributes to short-termism in the investment behaviour? Should prudential rules be “appropriately calibrated” and “progressively implemented” not to prevent banks from providing long-term financing? These issues raised by the EU GP lead us to question to what extent the main regulatory requirements incite or constrain banks to finance long term projects. To that purpose, we study the 292 responses received by the EU Commission during the public consultation. We analyze these contributions focusing on particular questions related to fair value accounting and prudential norms. We conduct a two stage content analysis of the responses. First, we proceed to a qualitative coding to identify arguments of respondents and subsequently we run a quantitative coding in order to conduct statistical analyses. This paper provides a better understanding of the position that a large panel of European stakeholders have on these issues. Moreover, it adds to the debate on fair value accounting and its effects on prudential requirements for banks. This analysis allows us to identify some short term bias in banking regulation.

Keywords: basel 3, fair value, securitization, long term investment, banks, insurers

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Authors: Lia Marchi, Ernesto Antonini

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The impact of industrial sites on people’s living environment both involves detrimental effects on the ecosystem and perceptual-aesthetic interferences with the scenery. These, in turn, affect the economic and social value of the landscape, as well as the wellbeing of workers and local communities. Given the diffusion of the phenomenon and the relevance of its effects, it emerges the need for a joint approach to assess and thus mitigate the impact of factories on the landscape –being this latest assumed as the result of the action and interaction of natural and human factors. However, the impact assessment tools suitable for the purpose are quite heterogeneous and mostly monodisciplinary. On the one hand, green building rating systems (GBRSs) are increasingly used to evaluate the performance of manufacturing sites, mainly by quantitative indicators focused on environmental issues. On the other hand, methods to detect the visual and social impact of factories on the landscape are gradually emerging in the literature, but they generally adopt only qualitative gauges. The research addresses the integration of the environmental impact assessment and the perceptual-aesthetic interferences of factories on the landscape. The GBRSs model is assumed as a reference since it is adequate to simultaneously investigate different topics which affect sustainability, returning a global score. A critical analysis of GBRSs relevant to industrial facilities has led to select the U.S. GBC LEED protocol as the most suitable to the scope. A revision of LEED v4 Building Design+Construction has then been provided by including specific indicators to measure the interferences of manufacturing sites with the perceptual-aesthetic and social aspects of the territory. To this end, a new impact category was defined, namely ‘PA - Perceptual-aesthetic aspects’, comprising eight new credits which are specifically designed to assess how much the buildings are in harmony with their surroundings: these investigate, for example the morphological and chromatic harmonization of the facility with the scenery or the site receptiveness and attractiveness. The credits weighting table was consequently revised, according to the LEED points allocation system. As all LEED credits, each new PA credit is thoroughly described in a sheet setting its aim, requirements, and the available options to gauge the interference and get a score. Lastly, each credit is related to mitigation tactics, which are drawn from a catalogue of exemplary case studies, it also developed by the research. The result is a modified LEED scheme which includes compatibility with the landscape within the sustainability assessment of the industrial sites. The whole system consists of 10 evaluation categories, which contain in total 62 credits. Lastly, a test of the tool on an Italian factory was performed, allowing the comparison of three mitigation scenarios with increasing compatibility level. The study proposes a holistic and viable approach to the environmental impact assessment of factories by a tool which integrates the multiple involved aspects within a worldwide recognized rating protocol.

Keywords: environmental impact, GBRS, landscape, LEED, sustainable factory

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Authors: Benhamza Moussa, Aissaoui Marwa, Touati Mounira, Chaoui Widad

Abstract:

The Guelma-Bouchegouf irrigated area is located in the northeast of Algeria, and it extends about 80 km. It was commissioned in 1996, with an irrigable area of 9250 ha, it spreads on both banks of the Seybouse Wadi and it is subdivided into five autonomous distribution sectors. In order to assess the state of groundwater quality, the results of the chemical analyzes were plotted on the Piper diagram, which shows that the chemical facies are sulfate-calcium chloride and sulfate-calcium with a slight tendency to migrate to chlorinated sulphate - sodium. The predominance of sulphates in the waters of the region is geologically explained by the existence in the Guelma Basin of evaporitic deposits, which are mainly represented by rock salt and gypsum. In addition to this natural origin, we can mention the anthropogenic origin, following the use of chemical fertilizers in the Guelma-Bouchegouf irrigated area. Na⁺ and Mg²⁺ show moderate to significant mineralization of water, closely correlated with very high conductivities. The values of the recorded conductivities vary from 1360 μs / cm (P3) to 4610 μs / cm (P10). These important values are due to dissolved salts on the one hand and the leaching of fertilizers by irrigation water on the other hand. NO₃⁻ and NH₄⁺ show little to significant pollution throughout the study area. Phosphate represents significant pollution, with excessive values far exceeding the allowable standard. With respect to ammonium, 87% of the sampling points present little pollution and 13 % significant pollution. Regarding phosphates, in the form of PO₄³⁻, groundwater in the study area represents significant pollution; all values far exceed the allowable standard.

Keywords: groundwater, organic parameters, standards, Pollution

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Authors: Gladie Lui

Abstract:

The global credit crisis of 2008 aroused renewed interest in the effectiveness of corporate governance mechanisms to safeguard investor interests. In this paper, we measure the effect of the crisis from 2008 to 2009 on the stock performance of 976 Hong Kong-listed companies and examine its link to corporate governance mechanisms. It is evident that the crisis and the economic downturn affected different industries. Empirical results show that firms with an independent board and a high concentration of ownership and management ownership had lower abnormal stock returns, but a lower price volatility during the global financial crisis. These results highlight that no single corporate governance mechanism is fit for all types of financial crises and time frames. To strengthen investors’ confidence in the ability of companies to deal with such swift financial catastrophes, companies should enhance the dynamism and responsiveness of their governance mechanisms in times of turbulence.

Keywords: board of directors, capital market, corporate governance, financial crisis

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Authors: Navdeep Kaur

Abstract:

Corporate Social Responsibility is the process through which the organizations execute their philanthropic visions for social welfare. This paper considers the data of one Public Sector Bank–State Bank of India (SBI) and one Private Sector Bank-Industrial Credit and Investment Corporation of India (ICICI) from the year 2008 to 2016. The study is based on descriptive research design, and secondary data collected from the annual report of respective bank from website and different literature are reviewed. Least Square Method is used for estimating CSR spending for the financial year 2017-18. The analysis shows that these banks are making efforts for the implementation of CSR, but are not spending their 2% share of profits on CSR. There is a need for better CSR activities by the banks, which is possible by concentrating more on the prevailing social issues. The finding reveals that the percentage of profit after tax spends for CSR by SBI is more compare to ICICI. The estimated Spending for CSR for 2017-18 is also more in SBI as compared to ICICI.

Keywords: banking sector, corporate social responsibility in India, financial institution, public sector banks, SBI, ICICI

Procedia PDF Downloads 161