Search results for: debt to equity ratio

Authors: Norazlan Alias, Mohd. Hasimi Yaacob

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This study examines the impact of governance structure via corporate restructuring decision on selected firm characteristics and performance. Results of selected ratios that represent corporate decision, governance structure and performance in pre and post restructuring are analyzed for some conclusions. This study uses annual data of companies that are consistently listed on the Main Board of Bursa Malaysia and announced completed corporate restructuring. The results show that only debt ratio is significantly different before and after asset restructuring. This study concludes that firms do not view corporate restructuring namely asset restructuring as an opportunity to simultaneous enhance governance structure that could also contribute enhance firm performance and board of directors’ structure subsequent to asset restructuring only has significantly influence on changing capital structure but not on firm performance.

Keywords: board of directors, capital structure, corporate restructuring, performance

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Authors: Elaine Cristina Barboza, Antonio Jaschke Machado

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This paper discusses micrometeorological aspects of the urban climate in three cities in Western São Paulo State: Presidente Prudente, Assis, and Iepê. Particular attention is paid to the method used to estimate the components of the energy balance at the surface. Estimates of convective fluxes showed that the Bowen ratio was an indicator of the local climate and that its magnitude varied between 0.3 and 0.7. Maximum values for the Bowen ratio occurred earlier in Iepê (11:00 am) than in Presidente Prudente (4:00 pm). The results indicate that the Bowen ratio is modulated by the radiation balance at the surface and by different clusters of vegetation.

Keywords: Bowen ratio, medium-sized cities, surface energy balance, urban climate

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Authors: Oguzhan Cepni, Doruk Kucuksarac, M. Hasan Yilmaz

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Changes in the global risk appetite cause co-movement in emerging market risk premiums. However, the sensitivity of the changes in risk premium to the global risk appetite may vary across emerging markets. In this study, how the global risk appetite affects Credit Default Swap (CDS) premiums in emerging markets are analyzed using Principal Component Analysis (PCA) and rolling regressions. The PCA results indicate that the first common component derived by the PCA accounts for almost 76 percent of the common variation in CDS premiums. Additionally, the explanatory power of the first factor seems to be high over the sample period. However, the sensitivity to the global risk factor tends to change over time and across countries. In this regard, fixed effects panel regressions are used to identify the macroeconomic factors driving the heterogeneity across emerging markets. The panel regression results point to the significance of government debt to GDP and international reserves to GDP in explaining sensitivity. Accordingly, countries with lower government debt and higher reserves tend to be less subject to the variations in the global risk appetite.

Keywords: credit default swaps, emerging markets, principal components analysis, sovereign risk

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Authors: Li-Jun Ren, Wei Pan, Li-Li Xu, Shu-Qing An

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This study evaluated whether different matrix composition volume ratio can improve water quality in the experiment. The mechanism and adsorption capability of wetland matrixes (oyster shell, coarse slag, and volcanic rock) and their different volume ratio in group configuration during pollutants removal processes were tested. When conditions unchanged, the residence time affects the reaction effect. The average removal efficiencies of four kinds of matrix volume ratio on the TN were 62.76%, 61.54%, 64.13%, and 55.89%, respectively.

Keywords: hydraulic residence time, matrix composition, removal efficiency, volume ratio

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Authors: Oguzhan Cepni, Doruk Kucuksarac, M. Hasan Yilmaz

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Risk premium of emerging markets are moving altogether depending on the momentum and shifts in the global risk appetite. However, the magnitudes of these changes in the risk premium of emerging market economies might vary. In this paper, we focus on how global risk factor affects credit default swaps (CDS) premiums of emerging markets using principal component analysis (PCA) and rolling regressions. PCA results indicate that the first common component accounts for almost 76% of common variation in CDS premiums of emerging markets. Additionally, the explanatory power of the first factor seems to be high over sample period. However, the sensitivity to the global risk factor tends to change over time and across countries. In this regard, fixed effects panel regressions are employed to identify the macroeconomic factors driving the heterogeneity across emerging markets. There are two main macroeconomic variables that affect the sensitivity; government debt to GDP and international reserves to GDP. The countries with lower government debt and higher reserves tend to be less subject to the variations in the global risk appetite.

Keywords: emerging markets, principal component analysis, credit default swaps, sovereign risk

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Authors: Rong-Tsorng Wang

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In this paper, we derive a pricing formula for catastrophe equity put options (or CatEPut) with non-homogeneous loss and approximated compound distributions. We assume that the loss claims arrival process is a nonhomogeneous Poisson process (NHPP) representing the clustering occurrences of loss claims, the size of loss claims is a sequence of independent and identically distributed random variables, and the accumulated loss distribution forms a compound distribution and is approximated by a heavy-tailed distribution. A numerical example is given to calibrate parameters, and we discuss how the value of CatEPut is affected by the changes of parameters in the pricing model we provided.

Keywords: catastrophe equity put options, compound distributions, nonhomogeneous Poisson process, pricing model

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Authors: Olivier Mesly

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This article examines the likelihood of deception on the part of borrowers wishing to obtain credit from institutional or private lenders. In our first study, we identify five explanatory variables that account for nearly forty percent of the propensity to act deceitfully: a poor credit history, debt, risky behavior, and to a much lesser degree, irrational behavior and disconnection from the bundle of needs, goals, and preferences. For the second study, we remodeled the initial questionnaire to adapt it to the needs of institutional bankers and borrowers, especially those that engage in money on-line peer-to-peer lending, a growing business fueled by the COVID pandemic. We find that the three key psychological variables that help to indirectly predict the likelihood of deceitful behaviors and possible default on loan reimbursement, i.e., risky behaviors, ir-rationality, and dis-connection, interact with each other to form a loop. This study presents two benefits: first, we provide evidence that it is to some degree possible to tighten control over lending practices. Second, we offer a pragmatic tool: a questionnaire, that lenders can use or adapt to gauge potential borrowers’ deceit, notably by combining their results with standard hard-data measures of risk.

Keywords: bundle of needs, default, debt, deception, risk, peer-to-peer lending

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Authors: Pascal Mwenge, Jefrey Pilusa, Tumisang Seodigeng

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The current study investigated the effect of catalyst ratio and methanol to oil ratio on biodiesel production by using central composite design. Biodiesel was produced by transesterification using sodium hydroxide as a homogeneous catalyst, a laboratory scale reactor consisting of flat bottom flask mounts with a reflux condenser, and a heating plate was used to produce biodiesel. Key parameters, including time, temperature, and mixing rate was kept constant at 60 minutes, 60 ^oC and 600 RPM, respectively. From the results obtained, it was observed that the biodiesel yield depends on catalyst ratio and methanol to oil ratio. The highest yield of 50.65% was obtained at catalyst ratio of 0.5 wt.% and methanol to oil mole ratio 10.5. The analysis of variances of biodiesel yield showed the R Squared value of 0.8387. A quadratic mathematical model was developed to predict the biodiesel yield in the specified parameters ranges.

Keywords: ANOVA, biodiesel, catalyst, transesterification, central composite design

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Authors: Ahmed Elreedy, Ahmed Tawfik

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This investigation aims to assess the effect of inoculum to substrate ratio (ISR) and nitrogen to phosphorous balance on simultaneous biohydrogen and methane production from anaerobic decomposition of mono-ethylene glycol (MEG). Different ISRs were applied in the range between 2.65 and 13.23 gVSS/gCOD, whereas the tested N/P ratios were changed from 4.6 to 8.5; both under thermophilic conditions (55°C). The maximum obtained methane and hydrogen yields (MY and HY) of 151.86±10.8 and 22.27±1.1 mL/gCODinitial were recorded at ISRs of 5.29 and 3.78 gVSS/gCOD, respectively. Unlikely, the ammonification process, in terms of net ammonia produced, was found to be ISR and COD/N ratio dependent, reaching its peak value of 515.5±31.05 mgNH4-N/L at ISR and COD/N ratio of 13.23 gVSS/gCOD and 11.56. The optimum HY was enhanced by more than 1.45-fold with declining N/P ratio from 8.5 to 4.6; whereas, the MY was improved (1.6-fold), while increasing N/P ratio from 4.6 to 5.5 with no significant impact at N/P ratio of 8.5. The results obtained revealed that the methane production was strongly influenced by initial ammonia, compared to initial phosphate. Likewise, the generation of ammonia was markedly deteriorated from 535.25±41.5 to 238.33±17.6 mgNH4-N/L with increasing N/P ratio from 4.6 to 8.5. The kinetic study using Modified Gompertz equation was successfully fitted to the experimental outputs (R2 > 0.9761).

Keywords: mono-ethylene glycol, biohydrogen and methane, inoculum to substrate ratio, nitrogen to phosphorous balance, ammonification

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Authors: Lindrianasari Stefanie, Aminah Khairudin

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

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

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Authors: Zahra Hamidi

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Promoting cycling, as an affordable environmentally friendly mode of transport to replace private car use has been central to sustainable transport policies. Cycling is faster than walking and combined with public transport has the potential to extend the opportunities that people can access. In other words, cycling, besides direct positive health impacts, can improve people mobility and ultimately their quality of life. Transport literature well supports the close relationship between mobility, quality of life, and, well being. At the same time inequity in the distribution of access and mobility has been associated with the key aspects of injustice and social exclusion. The pattern of social exclusion and inequality in access are also often related to population characteristics such as age, gender, income, health, and ethnic background. Therefore, while investing in transport infrastructure it is important to consider the equity of provided access for different population groups. This paper proposes a method to evaluate the equity of cycling in a city from Rawls egalitarian perspective. Since this perspective is concerned with the difference between individuals and social groups, this method combines accessibility measures and Theil index of inequality that allows capturing the inequalities ‘within’ and ‘between’ groups. The paper specifically focuses on two population characteristics as gender and ethnic background. Following Rawls equity principles, this paper measures accessibility by bikes to a selection of urban activities that can be linked to the concept of the social primary goods. Moreover, as growing number of cities around the world have launched bike-sharing systems (BSS) this paper incorporates both private and public bikes networks in the estimation of accessibility levels. Additionally, the typology of bike lanes (separated from or shared with roads), the presence of a bike sharing system in the network, as well as bike facilities (e.g. parking racks) have been included in the developed accessibility measures. Application of this proposed method to a real case study, the city of Malmö, Sweden, shows its effectiveness and efficiency. Although the accessibility levels were estimated only based on gender and ethnic background characteristics of the population, the author suggests that the analysis can be applied to other contexts and further developed using other properties, such as age, income, or health.

Keywords: accessibility, cycling, equity, gender

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Authors: Achsania Hendratmi, Puji Sucia Sukmaningrum, Fatin Fadhilah Hasib, Nisful Laila

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The research aimed to know the influence of Capital Adequacy Ratio (CAR), Return on Assets (ROA) and Size of the Financing to Deposit Ratio (FDR) Islamic Banks in Malaysia by using eleven Islamic Banks in Indonesia and fifteen Islamic Banks in Malaysia in the period 2012 to 2016 as samples. The research used a quantitative approach method, and the analysis technique used multiple linear regression. Based on the result of t-test (partial), CAR, ROA and size significantly affect of FDR. While the results of f-test (simultaneous) showed that CAR, ROA and Size significant effect on FDR.

Keywords: capital adequacy ratio, financing to deposit ratio, return on assets, size

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Authors: Keitumetse Gaesirwe

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This study investigated the effect of corporate social responsibility (CSR) on brand equity. Specific objectives include examining the connections between ethics and philanthropic constructs of CSR and brand loyalty in the telecommunication industry in South Africa. A convenience sampling technique was used, and closed-ended questionnaires were administered to 800 research participants across the nine provinces of South Africa. Data collected from the field was analyzed using inferential statistics (Ordinary Least Squares regression and correlation analysis) as well as descriptive statistics. Findings show positive and significant connections between the constructs of CSR and brand loyalty. The implications of the findings indicate that keeping ethical and philanthropy standards can be a source of competitive advantage and guarantee brand loyalty for telecommunication companies in South Africa.

Keywords: CSR, brand awareness, telecommunication industry, COVID-19, South Africa

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Authors: Brian Tung, Yam Wing Siu, Tsun Se Cheong

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Purpose: This research aims to explore how personal and environmental factors, especially the socio-economic changes and behavioral changes fostered by the COVID-19 outbreak pandemic, affect the financial vulnerability of a specific segment of people in financial distress. Innovative research methodology of machine learning will be applied to data collected from over 300 local individuals in Hong Kong seeking counseling or similar services in recent years. Results: First, machine learning has found that too much exposure to digital services and information on digitized services may lead to adverse effects on respondents’ financial vulnerability. Second, the improvement in financial literacy level provides benefits to the financially vulnerable group, especially those respondents who have started with a lower level. Third, serious addiction to digital technology can lead to worsened debt servicing ability. Machine learning also has found a strong correlation between debt servicing situations and income-seeking behavior as well as spending behavior. In addition, if the vulnerable groups are able to make appropriate investments, they can reduce the probability of incurring financial distress. Finally, being too active in borrowing and repayment can result in a higher likelihood of over-indebtedness. Conclusion: Findings can be employed in formulating a better counseling strategy for professionals. Debt counseling services can be more preventive in nature. For example, according to the findings, with a low level of financial literacy, the respondents are prone to overspending and unable to react properly to the e-marketing promotion messages pop-up from digital services or even falling into financial/investment scams. In addition, people with low levels of financial knowledge will benefit from financial education. Therefore, financial education programs could include tech-savvy matters as special features.

Keywords: personal finance, digitization of the economy, COVID-19 pandemic, addiction to digital technology, financial vulnerability

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Authors: Hamidou Diallo, Marianne Guille

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This paper identifies leading triggers of deficient episodes in terms of GDP growth based on a sample of countries at different stages of development over 1994-2017. Using logit models, we build early warning systems (EWS), and our results show important differences between developing countries (DCs) and advanced economies (AEs). For AEs, the main predictors of the probability of entering in a GDP growth deficient episode are the deterioration of external imbalances and the vulnerability of fiscal position while DCs face different challenges that need to be considered. The key indicators for them are first, the low ability to pay their debts, and second, their belonging or not to a common currency area. We also build homogeneous pools of countries inside AEs and DCs. The evolution of the proportion of AE countries in the riskiest pool is marked first, by three distinct peaks just after the high-tech bubble burst, the global financial crisis, and the European sovereign debt crisis, and second by a very low minimum level in 2006 and 2007. In contrast, the situation of DCs is characterized first by the relative stability of this proportion and then by an upward trend from 2006, that can be explained by a more unfavorable socio-political environment leading to shortcomings in the fiscal consolidation.

Keywords: currency area, early warning system, external imbalances, fiscal vulnerability, GDP growth, public debt

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Authors: Fella Lahmar

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This chapter investigates the educational reforms in Algeria, highlighting the challenges and complexities that arise in the context of globalization, equity, and decolonization. While Algeria’s education system historically had a socialist-economic model grounded in Islamic values, contemporary reforms reflect global influences and aspirations for cultural authenticity. The study employed a qualitative approach, utilizing semi-structured interviews with a diverse sample of 15 participants intimately involved in the Algerian education system. Analysis of the data reveals a discrepancy between the educational system’s pedagogical practices and students’ diverse learning needs, implying ramifications for educational equity and social justice. Furthermore, a critical tension was evident between global influences, local cultural authenticity, and the endeavor to decolonize education. In conclusion, the chapter advocates for reforms that prioritize the students’ holistic development and well-being while fostering intrinsic motivation and engagement. This entails re-evaluating curriculum frameworks, assessment strategies, and pedagogies in light of Algeria’s cultural and religious heritage. The chapter also calls for future research to explore methods for innovatively integrating cultural heritage into education in ways to cultivate learners who are both locally grounded and globally aware.

Keywords: impact of globalization on education, parental involvement in education, marketization of education, policy enactment and reform, curriculum overload, holistic approach, shadow education

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Authors: P. Sankar, P. James Daniel Paul, Siddhant Sahu

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A brief review of the empirical studies on the methodology of the stock market decision support would indicate that they are at a threshold of validating the accuracy of the traditional and the fuzzy, artificial neural network and the decision trees. Many researchers have been attempting to compare these models using various data sets worldwide. However, the research community is on the way to the conclusive confidence in the emerged models. This paper attempts to use the automotive sector stock prices from National Stock Exchange (NSE), India and analyze them for the intra-sectorial support for stock market decisions. The study identifies the significant variables and their lags which affect the price of the stocks using OLS analysis and decision tree classifiers.

Keywords: Indian automotive sector, stock market decisions, equity portfolio analysis, decision tree classifiers, statistical data analysis

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Authors: Tudor Deaconescu, Andrea Deaconescu

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The utilization of pneumatic muscles in the actuation of industrial systems is still in its early stages, hence studies on the constructive solutions which include an assessment of their functional performance with a focus on one of the most important characteristics-energy efficiency are required. A quality indicator that adequately reflects the energy efficiency of an actuator is the energy-to-mass ratio. This ratio is computed in the paper for various types and sizes of pneumatic muscles manufactured by Festo, and is subsequently compared to the similar ratios determined for two categories of pneumatic cylinders.

Keywords: pneumatic cylinders, pneumatic muscles, energy-to-mass ratio, muscle stroke

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Authors: Sunil Kumar, Kavita Saini

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Haryana emerged as a state after the separation from Punjab since November, 1966. It had only 7 districts at that time but subsequently their number increased and presents their 21 districts in the state. Age and sex composition occupies very important positions in any discussion on characteristics of a population. Changes in sex ratio largely reflect the underlying socio-economic and cultural patterns of a society in different ways. Child sex ratio in Haryana is continuously decreasing and according to the census child sex ratio found lowest position in the state. Therefore, the aims of this study to examine the spatial- temporal pattern of Child sex ratio during the period 1991-2011 and identify the ‘epicenter’ or core areas of deficit of females in Haryana using tehsil level data during the period 2001-2011. This study is primarily based on the secondary sources and data were collected from the ‘Census of India’ and ‘Statistical Department’ of Haryana. The standard deviation method has been used to see the average value of child sex ratio in the study. The maximum child sex ratio declined is noticed in the district of Mahendergarh, Jhajjar, Rewari and Sonipat. However, the west and south-western part of the state marked with consistently better child sex ratio throughout the period. This is vast contiguous belt running in the north-west to south-east direction from Punjab border to NCT of Delhi and reported a very low child sex ratio. Tehsils which have reported lower child sex ratio than the state average has been called ‘Core Problem Area’ or ‘epicenter’.

Keywords: child sex ratio, core areas, epicenter, Haryana

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Authors: Prajwal Raj Gyawali, Aastha Dahal

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The tension between human rights and loans provided by international development banks with hidden conditions in the pretext of development is a complex issue with significant implications for the rights of citizens in borrowing countries. It is important for all parties involved, including international banks, borrowing countries, and affected communities, to consider and respect human rights in the negotiation and implementation of development projects. Yet, it is rare for human rights actors or communities to have a seat at the negotiation table when loans are finalized. In our research, we conducted negotiation simulations in law schools to examine how international loan negotiations would play out if human rights actors and communities had seats at the table. We ran the negotiation simulations in Bangladesh, Nepal and India. We found that the presence of community groups and human rights actors makes a difference in loan outcomes. While the international development loan was accepted as opposed to rejected by negotiators in three countries, the cultural values of the respective countries played a significant part in terms of the final agreement. We present the findings and their implications for the design of human rights courses in law schools as well as larger policy implications for expanding the participation of actors in international development loan negotiations.

Keywords: law, development, debt, human rights

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Authors: Yiming Jin, Ping Dong

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The third super-harmonic resonance of a pipeline close to the seabed is investigated in this paper. To analyse the vortex-induced vibration (VIV) of the pipeline close to the seabed, the classic Van der Pol equation is extended with a nonlinear item. Then, on the base of the multi-scale method, the frequency-response curves of the pipeline with regard to the third super-harmonic resonance are studied with a series of parameters, such as the mass ratio, frequency, damp ratio and gap ratio. On the whole, the numerical results show that the characters of third super-harmonic resonance are quite from that of primary resonance, though with the same trend that the larger is the mass ratio, the smaller impact the gap ratio has on the frequency-response curves of the third super-harmonic resonance.

Keywords: the third super-harmonic resonance, gap ratio, vortex-induced vibration, multi-scale method

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Authors: Mohammad Ghavami, Reza S. Dilmaghani

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This paper presents an adaptive framework for modelling financial markets using equity risk premiums, risk free rates and volatilities. The recorded economic factors are initially used to train four adaptive filters for a certain limited period of time in the past. Once the systems are trained, the adjusted coefficients are used for modelling and prediction of an important financial market index. Two different approaches based on least mean squares (LMS) and recursive least squares (RLS) algorithms are investigated. Performance analysis of each method in terms of the mean squared error (MSE) is presented and the results are discussed. Computer simulations carried out using recorded data show MSEs of 4% and 3.4% for the next month prediction using LMS and RLS adaptive algorithms, respectively. In terms of twelve months prediction, RLS method shows a better tendency estimation compared to the LMS algorithm.

Keywords: adaptive methods, LSE, MSE, prediction of financial Markets

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Authors: Uyen Tran Tu

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The decision on capital structure is one of the most important and sophisticated decisions in financial management in order to improve firm performance. This article would study the two-way impact between capital structure and firm performance. The study use EVIEWS 6.0 software to determine a two-way relationship between the capital structure and firm performance based on two-stage regression (2SLS - Two-Stage Least Squares). The findings are: capital structure has the opposite effect on the business efficiency and vice versa, factors that effect on business efficiency include Size and Opportunities. Factors effects on the capital structure are size; liquidity. These factors also affect the ratio of capital structure (total debt/ total asset) of companies. In particular, liquidity has the opposite effect; and the size of the business has the same impact. The results of the study are in line with the theory and empirical studies presented, and the results of the study are unchanged for all three years 2015-2017.

Keywords: capital structure, firm performance, factors, two-way relationship

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Authors: A. Falavand Jozaei, A. Ghafouri

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Operation enhancement in an air cooler (heat exchanger) depends on the rate of heat transfer, and pressure drop. In this paper, for a given heat duty, study of the effects of FPI (fin per inch) and fin type (circular and hexagonal fins) on two parameters mentioned above is considered in an air cooler in Iran, Arvand petrochemical. A program in EES (Engineering Equations Solver) software moreover, Aspen B-JAC and HTFS+ software are used for this purpose to solve governing equations. At first the simulated results obtained from this program is compared to the experimental data for two cases of FPI. The effects of FPI from 3 to 15 over heat transfer (Q) to pressure drop ratio (Q/Δp ratio). This ratio is one of the main parameters in design, rating, and simulation heat exchangers. The results show that heat transfer (Q) and pressure drop increase with increasing FPI (fin per inch) steadily, and the Q/Δp ratio increases to FPI = 12 (for circular fins about 47% and for hexagonal fins about 69%) and then decreased gradually to FPI = 15 (for circular fins about 5% and for hexagonal fins about 8%), and Q/Δp ratio is maximum at FPI = 12. The FPI value selection between 8 and 12 obtained as a result to optimum heat transfer to pressure drop ratio. Also by contrast, between circular and hexagonal fins results, the Q/Δp ratio of hexagonal fins more than Q/Δp ratio of circular fins for FPI between 8 and 12 (optimum FPI).

Keywords: air cooler, circular and hexagonal fins, fin per inch, heat transfer and pressure drop

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Authors: Taekyun Kim, Jongho Park, Jinwoong Choi, Sun-Kyu Park

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Recently, the abnormal climate phenomenon has enlarged due to the global warming. As a result, temperature variation is increasing and the term is being prolonged, frequency of high and low temperature is increasing by heat wave and severe cold. Especially for reinforced concrete structure, the corrosion of reinforcement has occurred by concrete crack due to temperature change and the durability of the structure that has decreased by concrete crack. Accordingly, the textile reinforced concrete (TRC) which does not corrode due to using textile is getting the interest and the investigation of TRC is proceeding. The study of TRC structure behavior has proceeded, but the characteristic study of the concrete used in TRC is insufficient. Therefore, characteristic of the concrete by changing mixing ratio is studied in this paper. As a result, mixing ratio with different water-binder ratio has influenced to the strength of concrete. Also, as the water-binder ratio has decreased, strength of concrete has increased.

Keywords: concrete, mixing ratio, textile, TRC

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Authors: Paula Escudeiro, Nuno Escudeiro, Márcia Campos, Francisca Escudeiro

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In today's world, technical and scientific knowledge plays a vital role in education, research, and employment. Deaf students face unique challenges in educational settings, particularly when it comes to understanding technical and scientific terminology. The reliance on written and spoken languages can create barriers for deaf individuals who primarily communicate using sign language. This lack of accessibility can hinder their learning experience and compromise equity in education. To address this issue, the TechWhiz project has been developed as a comprehensive glossary of scientific and technical concepts explained in sign language. By providing deaf students with access to education in their first language, TechWhiz aims to enhance their learning achievements and promote inclusivity while also fostering equity in education for all students.

Keywords: deaf students, technical and scientific knowledge, automatic sign language, inclusive education

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Authors: Megha Agarwal

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The research paper is an effort to compare the earnings based and cash flow based methods of valuation of an enterprise. The theoretically equivalent methods based on either earnings such as Residual Earnings Model (REM), Abnormal Earnings Growth Model (AEGM), Residual Operating Income Method (ReOIM), Abnormal Operating Income Growth Model (AOIGM) and its extensions multipliers such as price/earnings ratio, price/book value ratio; or cash flow based models such as Dividend Valuation Method (DVM) and Free Cash Flow Method (FCFM) all provide different estimates of valuation of the Indian giant corporate Reliance India Limited (RIL). An ex-post analysis of published accounting and financial data for four financial years from 2008-09 to 2011-12 has been conducted. A comparison of these valuation estimates with the actual market capitalization of the company shows that the complex accounting based model AOIGM provides closest forecasts. These different estimates may be derived due to inconsistencies in discount rate, growth rates and the other forecasted variables. Although inputs for earnings based models may be available to the investor and analysts through published statements, precise estimation of free cash flows may be better undertaken by the internal management. The estimation of value from more stable parameters as residual operating income and RNOA could be considered superior to the valuations from more volatile return on equity.

Keywords: earnings, cash flows, valuation, Residual Earnings Model (REM)

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Authors: Eliane Abdo, Olivier Colot

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SMEs are always considered as a national priority due to their contribution to job creation, innovation and growth. Once the start-up phase is crossed with encouraging results, the company enters the phase of growth. In order to improve its competitiveness, maintain and increase its market share, the company is in the necessity even the obligation to develop its tangible and intangible investments. SMEs are generally closed companies with special and critical financial situation, limited resources and difficulty to access the capital markets; their shareholders are always living in a conflict between their independence and their need to increase capital that leads to the entry of new shareholder. The capital structure was always considered the core of research in corporate finance; moreover, the financial crisis and its repercussions on the credit’s availability, especially for SMEs make SME financing a hot topic. On the other hand, financial theories do not provide answers to capital structure’s questions; they offer tools and mode of financing that are more accessible to larger companies. Yet, SME’s capital structure can’t be independent of their governance structure. The classic financial theory supposes independence between the investment decision and the financing decision. Thus, investment determines the volume of funding, but not the split between internal or external funds. In this context, we find interesting to study the hypothesis that SMEs respond positively to the financial theories applied to large firms and to check if they are constrained by conventional solutions used by large companies. In this context, this research focuses on the analysis of the resource’s structure of SME in parallel with their investments’ structure, in order to highlight a link between their assets and liabilities structure. We founded our conceptual model based on two main theoretical frameworks: the Pecking order theory, and the Trade Off theory taking into consideration the SME’s characteristics. Our data were generated from DIANE database. Five hypotheses were tested via a panel regression to understand the type of dependence between the financing methods of 3,244 French SMEs and the development of their investment over a period of 10 years (2007-2016). The results show dependence between equity and internal financing in case of intangible investments development. Moreover, this type of business is constraint to financial debts since the guarantees provided are not sufficient to meet the banks' requirements. However, for tangible investments development, SMEs count sequentially on internal financing, bank borrowing, and new shares issuance or hybrid financing. This is compliant to the Pecking Order Theory. We, therefore, conclude that unlisted SMEs incur more financial debts to finance their tangible investments more than their intangible. However, they always prefer internal financing as a first choice. This seems to be confirmed by the assumption that the profitability of the company is negatively related to the increase of the financial debt. Thus, the Pecking Order Theory predictions seem to be the most plausible. Consequently, SMEs primarily rely on self-financing and then go, into debt as a priority to finance their financial deficit.

Keywords: capital structure, investments, life cycle, pecking order theory, trade off theory

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Authors: Mas Pertiwi I. G. AG Istri, Sri Kristinayanti Wayan, Oka Aryawan I. Gede Made

Abstract:

Ability of government to meet the needs of infrastructure investment constrained by the size of the budget commitments for other sectors. Another barrier is the complexity of the process of land acquisition. Public Private Partnership can help bridge the investment gap by including the amount of funding from the private sector, shifted the responsibility of financing, construction of the asset, and the operation and post-project design and care to them. In principle, a construction project implementation always requires the investor as a party to provide resources in the form of funding which it must be contained in a successor agreement in the form of a contract. In general, construction contracts consist of contracts which passed in Indonesia and contract International. One source of funding used in the implementation of construction projects comes from funding that comes from the collaboration between the government and the private sector, for example with the system: BLT (Build Lease Transfer), BOT (Build Operate Transfer), BTO (Build Transfer Operate) and BOO (Build Operate Own). And form of payment under a construction contract can be distinguished several ways: monthly payment, payments based on progress and payment after completed projects (Turn Key). One of the tools used to analyze the feasibility of the investment is to use financial models. The financial model describes the relationship between different variables and assumptions used. From a financial model will be known how the cash flow structure of the project, which includes revenues, expenses, liabilities to creditors and the payment of taxes to the government. Net cash flow generated from the project will be used as a basis for analyzing the feasibility of investment source of project financing Public Private Partnership could come from equity or debt. The proportion of funding according to its source is a comparison of a number of investment funds originating from each source of financing for a total investment cost during the construction period by selected the contract system and several alternative financing percentage ratio determined according to sources will generate cash flow structure that is different. Of the various possibilities for the structure of the cash flow generated will be analyzed by software is to test T Paired to compared the contract system used by various alternatives comparison of financing to determine the effect of the contract system and the comparison of such financing for the feasibility of investment toll road construction project for the economic life of 20 (twenty) years. In this use case studies of toll road contruction project Bali Mandara. And in this analysis only covered two systems contracts, namely Build Operate Transfer and Turn Key. Based on the results obtained by analysis of the variable investment feasibility of the NPV, BCR and IRR between the contract system Build Operate Transfer and contract system Turn Key on the interest rate of 9%, 12% and 15%.

Keywords: contract system, financing, internal rate of return, net present value

Procedia PDF Downloads 203

Authors: Yiming Jin, Ping Dong

Abstract:

The primary resonance of a pipeline close to a plane boundary is investigated in this paper. Based on classic Van der Pol equation and added a nonlinear item, a new wake oscillator model is proposed to predict the vortex-induced vibration (VIV) of a circular cylinder close to a plane boundary. Then, with the multi-scale method, the approximate solution for the case of the primary resonance is obtained. Besides, to study the characteristic of the primary resonance, the effects of the mass ration, frequency, damp ratio and gap ratio on the frequency-response curves of the pipeline are analysed. On the whole, the trend of the numerical results match up with that of the experimental data well and the mass ration, frequency, damp ratio and gap ratio play an important role in the vortex-induced vibration (VIV) of a circular cylinder close to a plane boundary, especially, the smaller is the mass ratio, the larger impact the gap ratio has on the frequency-response curves of the primary resonance.

Keywords: primary resonance, gap ratio, vortex-induced vibration, multi-scale method

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