Search results for: exchange of enclaves

Authors: K. Mohon Singh

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Cambro-Ordovician (512.5 ± 8.7 Ma) felsic magmatism in the Kyrdem region of Meghalaya plateau, herewith referred to as Kyrdem granitoids (KG), intrudes the low-grade Shillong Group of metasediments and Precambrian Basement Gneissic complex forming an oval-shaped plutonic body with longer axis almost trending N-S. Thermal aureole is poorly developed or covered under the alluvium. KG exhibit very coarse grained porphyritic texture with abundant K-feldspar megacrysts (up to 9cm long) and subordinate amount of amphibole, biotite, plagioclase, and quartz. The size of K-feldspar megacrysts increases from margin (Dwarksuid) to the interior (Kyrdem) of the KG pluton. Late felsic pulses as fine grained granite, leucocratic (aplite), and pegmatite veins intrude the KG at several places. Grey and pink varieties of KG can be recognized, but pink colour of KG is the result of post-magmatic fluids, which have not affected the magnetic properties of KG. Modal composition of KG corresponds to quartz monzonite, monzogranite, and granodiorite. KG has been geochemically characterized as metaluminous (I-type) to peraluminous (S-type) granitoids. The KG is characterized by development of variable attitude of primary foliations mostly marked along the margin of the pluton and is located at the proximity of Tyrsad-Barapani lineament. The KG contains country rock xenoliths (amphibolite, gneiss, schist, etc.) which are mostly confined to the margin of the pluton, and microgranular enclaves (ME) are hosted in the porphyritic variety of KG. Microgranular Enclaves (ME) in Kyrdem Granitoids are fine- to medium grained, mesocratic to melanocratic, phenocryst bearing or phenocryst-free, rounded to ellipsoidal showing typical magmatic textures. Mafic-felsic phenocrysts in ME are partially corroded and dissolved because of their involvement in magma-mixing event, and thus represent xenocrysts. Sharp to diffused contacts of ME with host Kyrdem Granitoids, fine grained nature and presence of acicular apatite in ME suggest comingling and undercooling of coeval, semi-solidified ME magma within partly crystalline felsic host magma. Geochemical features recognize the nature of ME (molar A/CNK=0.76-1.42) and KG (molar A/CNK =0.41-1.75) similar to hybrid-type formed by mixing of mantle-derived mafic and crustal-derived felsic magmas. Major and trace including rare earth elements variations of ME suggest the involvement of combined processes such as magma mixing, mingling and crystallization differentiation in the evolution of ME but KG variations appear primarily controlled by fractionation of plagioclase, hornblende biotite, and accessory phases. Most ME are partially to nearly re-equilibrate chemically with felsic host KG during magma mixing and mingling processes.

Keywords: geochemistry, Kyrdem Granitoids, microgranular enclaves, Northeast India

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Authors: Vitus Onyebuchim Onyemailu, Olive Obianuju Okalibe

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

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

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Authors: A. Andreasyan, C. Connors

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

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

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Authors: Kemi Olalekan Oduntan

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This paper was carried out in order to empirical, and descriptively analysis how interest rate and foreign exchange rate liberalization influence investment decision in Nigeria. The study spanned through the period of 1985 – 2014, secondary data were restricted to relevant variables such as investment (Proxy by Gross Fixed Capital Formation) saving rate, interest rate and foreign exchange rate. Theories and empirical literature from various scholars were reviews in the paper. Ordinary Least Square regression method was used for the analysis of data collection. The result of the regression was critically interpreted and discussed. It was discovered for empirical finding that tax investment decision in Nigeria is highly at sensitive rate. Hence, all the alternative hypotheses were accepted while the respective null hypotheses were rejected as a result of interest rate and foreign exchange has significant effect on investment in Nigeria. Therefore, impact of interest rate and foreign exchange rate on the state of investment in the economy cannot be over emphasized.

Keywords: interest rate, foreign exchange liberalization, investment decision, economic growth

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Authors: Oloyede John Adebayo

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This paper tested a variant of the monetary model of exchange rate determination, called Frankel’s Capital Account Monetary Model (CAAM) based on Real Interest Rate Differential, on the floating exchange rate experiences of three developing countries of Africa; viz: Ghana, Nigeria and the Gambia. The study adopted the Auto regressive Instrumental Package (AIV) and Almon Polynomial Lag Procedure of regression analysis based on the assumption that the coefficients follow a third-order Polynomial with zero-end constraint. The results found some support for the CAAM hypothesis that exchange rate responds proportionately to changes in money supply, inversely to income and positively to interest rates and expected inflation differentials. On this basis, the study points the attention of monetary authorities and researchers to the relevance and usefulness of CAAM as appropriate tool and useful benchmark for analyzing the exchange rate behaviour of most developing countries.

Keywords: exchange rate, monetary model, interest differentials, capital account

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Authors: Yamba Dabone, Tounwendyam Frédéric Ouedraogo, Pengwendé Justin Kouraogo, Oumarou Sie

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Reliable data transport over the Internet is one of the goals of researchers in the field of computer science. Data such as videos and audio files are becoming increasingly large. As a result, transporting them over the Internet is becoming difficult. Therefore, it has been important to establish a method to locally interconnect autonomous systems (AS) with each other to facilitate traffic exchange. It is in this context that Internet Exchange Points (IXPs) are set up to facilitate local and even regional traffic. They are now the lifeblood of the Internet. Therefore, it is important to think about the factors that can characterize IXPs. However, other more quantifiable characteristics can help determine the quality of an IXP. In addition, these characteristics may allow ISPs to have a clearer view of the exchange node and may also convince other networks to connect to an IXP. To that end, we define five new IXP characteristics: the attraction rate (τₐₜₜᵣ); and the peering rate (τₚₑₑᵣ); the target rate of an IXP (Objₐₜₜ); the number of IXP links (Nₗᵢₙₖ); the resistance rate τₑ𝒻𝒻 and the attraction failure rate (τ𝒻).

Keywords: characteristic, autonomous system, internet service provider, internet exchange point, rate

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Authors: Prateep Wajeetongratana

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The objectives of the research were to examine that how management accounting techniques were perceived and used by companies listed on the stock exchange and to investigate similarities or differences of management accounting practices between companies listed on the stock exchange and Thai SMEs. Descriptive and inferential statistics were employed. The finding found that almost all of the companies used traditional management accounting techniques more than advanced management accounting techniques. Four management accounting techniques having no significant association with business characteristic were standard costing, job order costing, process costing. The barriers that Thai SMEs encountered were a lack of proper accounting system and the insufficient knowledge in management accounting of the accountants. The comparison results revealed that both companies listed on the stock exchange and Thai SMEs used traditional management accounting techniques more than advanced techniques.

Keywords: companies listed on the stock exchange, financial budget, management accounting, operating budget

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Authors: Piotr Prewysz-Kwinto

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The market of financial instruments with high risk is developing very dynamically in recent years and attracts more and more interest of investors. It consists essentially of two groups of instruments, i.e. derivatives and exchange traded product (ETP), and each year new types are introduced and offered to investors. The aim of this paper is to present the principles concerning financial instruments with high investment risk available on the Warsaw Stock Exchange (WSE), because they have quite complex constructions, and to evaluate the development of this market. In order to achieve this aim, statistical data from 2014-2016 was analyzed. The results confirm that the financial instruments with high investment risk available on the WSE constitute a diversified and the most numerous group of financial instruments and attract the most interest of investors. Responsible investing requires, however, a good knowledge of how they work and how they can generate profit to not expose oneself to unexpected losses.

Keywords: derivatives, exchange traded products (ETP), financial instruments, financial market, risk, stock exchange

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Authors: Tanawat Hongthai, Dusit Thanapatay

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This paper presents the development of encrypted near field communication (NFC) data exchange format transmission in an NFC passive tag for the feasibility of implementing a genuine product authentication. We propose a research encryption and checking the genuine product into four major categories; concept, infrastructure, development and applications. This result shows the passive NFC-forum Type 2 tag can be configured to be compatible with the NFC data exchange format (NDEF), which can be automatically partially data updated when there is NFC field.

Keywords: near field communication, NFC data exchange format, checking the genuine product, encrypted NFC

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Authors: Emil Danehorn, Ulla Peterson, Marie Oscarsson, Goldina Smirthwaite, Katarina Swahnberg

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Swedish students who choose to study abroad are common, but there has been limited research on exchange students. There are indications that some Swedish exchange students have been exposed to violence, but it is not known if they, already before their semester abroad, are more exposed to violence than students who remain on campus. Our aim was to investigate potential differences in exposure to physical, sexual, and emotional violence between prospective exchange students and campus students and between male and female students in general, as well as to determine any associations between mental health and exposure to violence among students in the total sample. Method: Comparative cross-sectional design using an online survey containing the NorVold Abuse Questionnaire and the General Health Questionnaire 12. A total of 565 participants took part in the study. Results: Prospective exchange students were less exposed to emotional violence compared to campus students. About one-half of all the participating female students had been exposed to sexual violence and about one-third of all the male students had been exposed to physical violence. The results also indicated that exposure to more than one form of violence was associated with poor mental health for students as a group. Conclusion: Prospective exchange students as a group do not report more exposure to physical and sexual violence than campus students but do report less exposure to emotional violence. However, the overall frequency of exposure to violence among the students was high. This highlights the need for proactive efforts for everyone, not least for exchange students who will be staying in a new environment unknown to them.

Keywords: sexual violence, physical violence, emotional violence, exchange students, mental health

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Authors: Mehtap Öztürk, Adem Öğüt, Emine Öğüt

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Leader member exchange is considered as relationship-based approach to leadership. The focal point of this theory is that effective leadership processes occur when leaders and followers are able to develop mature leadership relationships and thus gain access to a variety of benefits these relationships bring. In this context, it can be claimed that the quality of leader member exchange appears to have a strong affect on perceived organizational support and reduce turnover intention. The purpose of this study is to determine the relationship between the levels of leader member exchange, perceived organizational support and turnover intention on the employees of a health institution operating in the province of Konya. A field study based on survey method on 134 physicians who are employees of a health institution operating in the mentioned sample. In accordance with this purpose, it has been observed that there is a negative and statistically significant relationship between leader member exchange and turnover intention. Furthermore, it has been also realized that there is a negative and statistically significant relationship between perceived organizational support and turnover intention.

Keywords: leader member exchange, perceived organizational support, social exchange theory, turnover intention

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Authors: Angrita Denziana, Haninun, Hepiana Patmarina, Ferdinan Fatah

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The aims of the study are to determine the effect of the company's financial performance with Return on Asset (ROA) and Return on Equity (ROE) indicators. The macroeconomic factors with the indicators of Indonesia interest rate (SBI) and exchange rate on stock returns of non-financial companies listed in IDX. The results of this study indicate that the variable of ROA has negative effect on stock returns, ROE has a positive effect on stock returns, and the variable interest rate and exchange rate of SBI has positive effect on stock returns. From the analysis data by using regression model, independent variables ROA, ROE, SBI interest rate and the exchange rate very significant (p value < 0.01). Thus, all the above variable can be used as the basis for investment decision making for investment in Indonesia Stock Exchange (IDX) mainly for shares in the non- financial companies.

Keywords: ROA, ROE, interest rate, exchange rate, stock return

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Authors: Annie Y. N. Cheng

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Since the handover of Hong Kong to China, 'National Identity' has become a vital focus promoted by the HKSAR government. According to the poll by the University of Hong Kong’s Public Opinion Programme (2010 – 2015), young people aged between 18 and 29 have the least and decreasing recognition, an average 5.5%, of their Chinese identity. Past research has shown that student participation in exchange programmes and study tours provides the possibility of new formulations of national identity. Since the Policy Address 2008, the HKSAR government has been actively expanding and exploring the feasibility of Mainland exchange programmes to enhance our youths’ understanding of Chineseness and to strengthen their national identity. Schools have been sponsored or subsidized with the costs of Mainland exchange activities through various grants and channels. Considering the significantly increasing number of Hong Kong youths who have participated in these Mainland exchange programmes and study tours, however, the effectiveness of these activities is understudied. At present, there is the lack of systematic research on the impacts of these activities and the ways in which they influence our students’ perceptions of national identity. Using case study approach, this study aims to examine students’ perceptions of their national identity; and evaluate whether the Mainland exchange programmes or study tours have influences on students’ perceptions of national identity. Results show that the influences on national identity varied which were dependent on the objectives and destinations of the programmes. The findings of this study can provide significant feedback for schools to organize meaningful Mainland exchange activities or study tours and inform policy makers how to formulate effective strategies for promoting such exchange activities.

Keywords: Hong Kong youth, mainland exchange programme, national identity, study tours

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Authors: Mehdi Rostamzadeh

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Genetic Algorithms (GAs) are an adaptive heuristic search algorithm premised on the evolutionary ideas of natural selection and genetic. In this study, we apply GAs for fundamental and technical models of exchange rate determination in exchange rate market. In this framework, we estimated absolute and relative purchasing power parity, Mundell-Fleming, sticky and flexible prices (monetary models), equilibrium exchange rate and portfolio balance model as fundamental models and Auto Regressive (AR), Moving Average (MA), Auto-Regressive with Moving Average (ARMA) and Mean Reversion (MR) as technical models for Iranian Rial against European Union’s Euro using monthly data from January 1992 to December 2014. Then, we put these models into the genetic algorithm system for measuring their optimal weight for each model. These optimal weights have been measured according to four criteria i.e. R-Squared (R2), mean square error (MSE), mean absolute percentage error (MAPE) and root mean square error (RMSE).Based on obtained Results, it seems that for explaining of Iranian Rial against EU Euro exchange rate behavior, fundamental models are better than technical models.

Keywords: exchange rate, genetic algorithm, fundamental models, technical models

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Authors: H. Hammoudi, S. Bendenia, I. Batonneau-Gener, J. Comparot, K. Marouf-Khelifa, A. Khelifa

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X zeolites were prepared by ion-exchange with Cu2+ and/or Zn2+ cations, at different concentrations of the exchange solution, and characterised by thermal analysis and nitrogen adsorption. The acidity of the samples was investigated by pyridine adsorption–desorption followed by in situ Fourier transform infrared (FTIR) spectroscopy. Desorption was carried out at 150, 250 and 350 °C. The objective is to estimate the nature and concentration of acid sites. A comparison between the binary (Cu(x)X, Zn(x)X) and ternary (CuZn(x)X) exchanges was also established (x = level of exchange) through the Cu(43)X, Zn(48)X and CuZn(50)X samples. Lewis acidity decreases overall with desorption temperature and the level of exchange. As the latter increases, there is a conversion of some Lewis sites into those of Brønsted during thermal treatment. In return, the concentration of Brønsted sites increases with the degree of exchange. The Brønsted acidity of CuZn(50)X at 350 °C is more important than the sum of those of Cu(43)X and Zn(48)X. The found values were 73, 32 and 15 μmol g-1, respectively. Besides, the concentration of Brønsted sites for CuZn(50)X increases with desorption temperature. These features indicate the presence of a synergistic effect amplifying the strength of these sites when Cu2+ and Zn2+ cations compete for the occupancy of sites distributed inside zeolitic cavities.

Keywords: acidity, adsorption, pyridine, zeolites

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Authors: Kanhaiya Singh

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Indian corporate sector has been raising resources through various international financial instruments important among them are Global depository receipts (GDRs) and American Depository Receipts (ADRs). The purpose of raising resources through such instruments is multifold such as lower cost of capital, increased visibility of the company, liberal tax environment, increased trading liquidity etc. One of the significant reason is also the value addition of the company in terms of market capitalization. Obviously, the stocks of such companies are cross listed, one in India and other at the International stock exchange. The sensitivity and movements of stock prices on one stock exchange as compared to other may have an impact on the price movement of the particular scrip. If there is any relationship exists is an issue of study. Having this in view this study is an attempt to identify the extent of impact of price movement of the scrip on one stock exchange on account of change in the prices on the counter stock exchange. Also there is an attempt to find out the difference between pre and post cross listed domestic firm. The study also analyses the impact of exchange rate movements on stock prices.

Keywords: ADR, GDR, cross listing, liquidity, exchange rate

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Authors: Wenjin Zhu, Ian E. Jacobs, Henning Sirringhaus

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This project delves into the efficiency of uniaxial alignment and ion exchange doping as methods to optimize the thermoelectric properties of organic polymers. The anisotropic nature of charge transport in conjugated polymers is capitalized upon through the uniaxial alignment of polymer backbones, ensuring charge transport is streamlined along these backbones. Ion exchange doping has demonstrated superiority over traditional molecular and electrochemical doping methods, amplifying charge carrier densities. By integrating these two techniques, we've observed marked improvements in the thermoelectric attributes of specific conjugated polymers such as PBTTT and DPP based polymers. We demonstrate respectable power factors of 172.6 μW m⁻¹ K⁻² in PBTTT system and 41.7 μW m⁻¹ K⁻² in DPP system.

Keywords: organic electronics, thermoelectrics, uniaxial alignment, ion exchange doping

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Authors: Koustav Pal, Indranil Das

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In recent times, perovskite and double perovskite (DP) systems attracts lot of interest as they provide a rich material platform for studying emergent functionalities like near-room-temperature ferromagnetic (FM) insulators, exchange bias (EB), magnetocaloric effects, colossal magnetoresistance, anisotropy, etc. These interesting phenomena emerge because of complex couplings between spin, charge, orbital, and lattice degrees of freedom in these systems. Various magnetic phenomena such as exchange bias, spin glass, memory effect, colossal magneto-resistance, etc. can be modified and controlled through antisite (B-site) disorder or controlling oxygen concentration of the material. By controlling oxygen concentration in SrFe0.5Co0.5O3 – δ (SFCO) (δ ∼ 0.3), we achieve intrinsic exchange bias effect with a large exchange bias field (∼1.482 Tesla) and giant coercive field (∼1.454 Tesla). Now we modified the B-site by introducing 10% iridium in the system. This modification give rise to the exchange bias field as high as 1.865 tesla and coercive field 1.863 tesla. Our work aims to investigate the effect of oxygen deficiency and B-site effect on exchange bias in oxide materials for potential technological applications. Structural characterization techniques including X-ray diffraction, scanning tunneling microscopy, and transmission electron microscopy were utilized to determine crystal structure and particle size. X-ray photoelectron spectroscopy was used to identify valence states of the ions. Magnetic analysis revealed that oxygen deficiency resulted in a large exchange bias due to a significant number of ionic mixtures. Iridium doping was found to break interaction paths, resulting in various antiferromagnetic and ferromagnetic surfaces that enhance exchange bias.

Keywords: coercive field, disorder, exchange bias, spin glass

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Authors: Z. H. Shi, T. J. Dou, H. Zhang, H. X. Huang, N. Zeng

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The contamination of significant quantities of soils and sediments with uranium and other actinide elements as a result of nuclear activity poses many environmental risks. The electrokinetic process is one of the most promising remediation techniques for sludge, sediment, and saturated or unsaturated soils contaminated with heavy metals and radionuclides. However, secondary waste is a major concern for soil contaminated with nuclides. To minimize the generation of secondary wastes, this study used the anion and cation exchange membranes to improve the performance of the experimental apparatus. Remediation experiments of uranium-contaminated soil were performed with different agents. The results show that using acetic acid and EDTA as chelating agents clearly enhances the migration ability of the uranium. The ion exchange membranes (IEMs) used in the experiments not only reduce secondary wastes, but also, keep the soil pH stable.

Keywords: electrokinetic remediation, ion exchange membranes, soil, uranium

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Authors: Nidal H. Abu-Zahra, Subhashini Gunashekar

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Polyurethane foam is functionalized with Sulfonic acid groups to remove lead ions (Pb2+) from drinking water through a action exchange process. The synthesis is based on addition polymerization of the -NCO groups of an isocyanine with the –OH groups of a polio to form the urethane. Toluene-diisocyanateis reacted with Polypropylene glycol to form a linear pre-polymer, which is further polymerized using a chain extender, N, N-bis(2-hydorxyethyl)-2-aminoethane-sulfonic acid (BES). BES acts as a functional group site to exchange Pb2+ ions. A set of experiments was designed to study the effect of various processing parameters on the performance of the synthesized foam. The maximum Pb2+ ion exchange capacity of the foam was found to be 47ppb/g from a 100ppb Pb2+ solution over a period of 60 minutes. A multistage batch filtration process increased the lead removal to 50-54ppb/3g of foam over a period of 90 minutes.

Keywords: adsorption, functionalized, ion exchange, polyurethane, sulfonic

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Authors: Abdelli Soulaima, Belhadj Besma

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The paper examines the choice of the central bank toward the movements of the nominal exchange rate and evaluates its effects on the volatility of the output growth and the inflation. The novel hybrid method of the dynamic stochastic general equilibrium called the DSGE-VAR is proposed for analyzing this policy experiment in a small scale open economy in particular Tunisia. The contribution is provided to the empirical literature as we apply the Tunisian data with this model, which is rarely used in this context. Note additionally that the issue of treating the degree of response of the central bank to the exchange rate in Tunisia is special. To ameliorate the estimation, the Bayesian technique is carried out for the sample 1980:q1 to 2011 q4. Our results reveal that the central bank should not react or softly react to the exchange rate. The variance decomposition displayed that the overall inflation volatility is more pronounced with the fixed exchange rate regime for most of the shocks except for the productivity and the interest rate. The output volatility is also higher with this regime with the majority of the shocks exempting the foreign interest rate and the interest rate shocks.

Keywords: DSGE-VAR modeling, exchange rate, monetary policy, Bayesian estimation

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Authors: Raheel Asif, Michael Frommel

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This paper focuses on analyzing the exchange rate exposure of exporting & domestic firms in (the so far rarely addressed) largest Eastern European transition economies, i.e., Russia and the three EU accession countries, Poland, Hungary, and Czech Republic (CEEC-3). It also controls for possible effects of different exchange rate regimes, Great Financial crisis (2007-08), Russian Financial crisis (2014-15), the formation of EU & turn of year effect. Substantially improving the results from the existing literature on these transition economies, we find for more than 51% of our sample firms in CEEC-3 countries and 29% in Russia shows a significant exchange rate exposure. However, the magnitude and direction of firms’ exposure depends on the particular bilateral exchange rate and differs between CEEC-3 and Russia. We find that share price increases with an appreciation of the domestic currency against the EURO and US Dollar (USD) in CEEC-3; however, the effect is more pronounced for EURO as expected. Whereas, for Russian firms share price increases with a depreciation of the domestic currency against the USD only. Those differences may result from a differing dominance of exposure channels in the respective economies, such as the country-specific export structure, competitiveness channels, and dependence on foreign debt. Finally, the switch from a pegged to a flexible exchange rate regime appears to have a less pronounced effect for the exchange rate exposure of firms in all countries except for USD in Poland and Russia.

Keywords: exchange rate exposure, transition economies, central and eastern Europe, international finance

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Authors: Ogunwole Cecilia Oluwakemi, Wahid Damilola Olanipekun, Omoyele Olufemi Samuel, Timothy Ayomitunde Aderemi

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The issues relating to corporate governance in both locally and internationally managed firms cannot be overemphasized because the lack of efficient corporate governance could orchestrate serious problems in any organization. Against this backdrop, this study examines the nexus between corporate governance and performance of firms from 2012 to 2020, using the case study of the Nigerian stock exchange. Consequently, data was collected from forty (40) listed firms on the Nigerian Stock Exchange. The study employed a fixed effect technique of estimation to address the objective of the study. It was discovered from the study that the influence of corporate governance components such as gender diversity, board independence and managerial ownership led to a significant positive impact on the performance of the firms under the investigation. In view of the above finding, this study makes the following recommendations for the policymakers in Nigeria that anytime the goal of the policymakers is the improvement of performance of the listed firms in the Nigerian stock exchange, board independence and a balance in the inclusion of male and female among the board of directors should be encouraged in these firms.

Keywords: corporate, governance, firms, performance, Nigeria, stock, exchange

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Authors: M. Koray Cetin, Mehmet Mert

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The purpose of the study is to examine impacts on tourism revenues of the exchange rate and country overall security level. There are numerous studies that examine the bidirectional relation between macroeconomic factors and tourism revenues and tourism demand. Most of the studies support the existence of impact of tourism revenues on growth rate but not vice versa. Few studies examine the impact of factors like real exchange rate or purchasing power parity on the tourism revenues. In this context, firstly impact of real exchange rate on tourism revenues examination is aimed. Because exchange rate is one of the main determinants of international tourism services price in guests currency unit. Another determinant of tourism demand for a country is country’s overall security level. This issue can be handled in the context of the relationship between tourism revenues and overall security including turmoil, terrorism, border problem, political violence. In this study, factors are handled for several countries which have tourism revenues on a certain level. With this structure, it is a panel data, and it is evaluated with panel data analysis techniques. Panel data have at least two dimensions, and one of them is time dimensions. The panel data analysis techniques are applied to data gathered from Worldbank data web page. In this study, it is expected to find impacts of real exchange rate and security factors on tourism revenues for the countries that have noteworthy tourism revenues.

Keywords: exchange rate, panel data analysis, security, tourism revenues

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Authors: Eti Mizrahi, Gizem İntepe

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The geographical location of Turkey that stretches from Asia to Europe and Russia to Africa makes it an important logistics hub in the region. Although logistics is a developing sector in Turkey, the stock market representation is still low with only two companies listed in Turkey’s stock exchange since 2010. In this paper, we use the daily values of these two listed stocks as a benchmark for the logistics sector. After modeling logistics stock prices, an empirical examination is conducted between the existing logistics indices and these stock prices. The paper investigates whether the measures of logistics stocks are correlated with newly available logistics indices. It also shows the reflection of the economic activity in the logistics sector on the stock exchange market. The results presented in this paper are the first analysis of the behavior of logistics indices and logistics stock prices for Turkey.

Keywords: forecasting, logistic stock exchange, modeling, Africa

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Authors: Diteboho Xaba, Kolentino Mpeta, Tlotliso Qejoe

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This paper assesses the in-sample forecasting of the South African exchange rates comparing a linear ARIMA model and a SETAR model. The study uses a monthly adjusted data of South African exchange rates with 420 observations. Akaike information criterion (AIC) and the Schwarz information criteria (SIC) are used for model selection. Mean absolute error (MAE), root mean squared error (RMSE) and mean absolute percentage error (MAPE) are error metrics used to evaluate forecast capability of the models. The Diebold –Mariano (DM) test is employed in the study to check forecast accuracy in order to distinguish the forecasting performance between the two models (ARIMA and SETAR). The results indicate that both models perform well when modelling and forecasting the exchange rates, but SETAR seemed to outperform ARIMA.

Keywords: ARIMA, error metrices, model selection, SETAR

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Authors: Faisal Algosair

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We examine the role of monetary policy in the presence of commodity price shocks using a Dynamic stochastic general equilibrium (DSGE) model with price and wage rigidities. The model characterizes a commodity exporter by its degree of export diversification, and explores the following monetary regimes: flexible domestic inflation targeting; flexible Consumer Price Index inflation targeting; exchange rate peg; and optimal rule. An increase in the degree of diversification is found to mitigate responses to commodity shocks. The welfare comparison suggests that a flexible exchange rate regime under the optimal rule is preferred to an exchange rate peg. However, monetary policy provides limited stabilization effects in an economy with low degree of export diversification.

Keywords: business cycle, commodity price, exchange rate, global financial cycle

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Authors: Marija Vicic

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

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

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Authors: Phumlani Msomi, Patrick Nonjola, Patrick Ndungu, James Ramontja

Abstract:

A series of quaternized poly (2.6 dimethyl – 1.4 phenylene oxide)/ polysulfone (QPPO/PSF) blend anion exchange membrane (AEM) were successfully fabricated and characterized for methanol alkaline fuel cell application. Zinc Oxide (ZnO) nanoparticles were introduced in the polymer matrix to enhance the intrinsic properties of the AEM. To confirm successful fabrication, FT-IR spectroscopy and nuclear magnetic resonance (¹H NMR and HMBC ¹⁵N NMR) were used. The membrane properties were enhanced by the addition of ZnO nanoparticles. The addition of ZnO nanoparticles resulted to a higher ion exchange capacity (IEC) of 3.72 mmol.g⁻¹and a 30-fold ion conductivity (IC) increase of the nanocomposite due to no (zero (0)) methanol permeability at 30 °C and increased water uptake. The QPPO/PSF/2% ZnO composite retained over 80 % of its initial IC when evaluated for alkaline stability at room temperature. The maximum power output reached for the membrane electrode assembly (MEA) constructed with QPPO/PSF/2%ZnO is 69 mW.cm⁻², which is about three times more than the parent QPPO membrane. The above results indicate that QPPO/PSF-ZnO is a good candidate as an anion exchange membrane for fuel cell application.

Keywords: anion exchange membrane, fuel cell, zinc oxide, nanocomposite

Procedia PDF Downloads 243

Authors: John Adebayo Oloyhede

Abstract:

This paper examines effect of financial liberalization on the stability of the demand for money function and its implication for exchange rate behaviour of three African countries. As the demand for money function is regarded as one of the two main building blocks of most exchange rate determination models, the other being purchasing power parity, its stability is required for the monetary models of exchange rate determination to hold. To what extent has the liberalisation policy of these countries, for instance liberalised interest rate, affected the demand for money function and what has been the consequence on the validity and relevance of floating exchange rate models? The study adopts the Autoregressive Instrumental Package (AIV) of multiple regression technique and followed the Almon Polynomial procedure with zero-end constraint. Data for the period 1986 to 2011 were drawn from three developing countries of Africa, namely: Gambia, Ghana and Nigeria, which did not only start the liberalization and floating system almost at the same period but share similar and diverse economic and financial structures. Its findings show that the demand for money was a stable function of income and interest rate at home and abroad. Other factors such as exchange rate and foreign interest rate exerted some significant effect on domestic money demand. The short-run and long-run elasticity with respect to income, interest rates, expected inflation rate and exchange rate expectation are not greater than zero. This evidence conforms to some extent to the expected behaviour of the domestic money function and underscores its ability to serve as good building block or assumption of the monetary model of exchange rate determination. This will, therefore, assist appropriate monetary authorities in the design and implementation of further financial liberalization policy packages in developing countries.

Keywords: financial liberalisation, exchange rates, demand for money, developing economies

Procedia PDF Downloads 346