Search results for: financial protection

Authors: Onyinyechi Joy Kingdom

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Mergers and Acquisitions (M&A) have been proposed as a mechanism through which, problems associated with inefficiency or poor performance in financial institution could be addressed. The aim of this study is to examine the proposition that recapitalization of banks, which encouraged Mergers and Acquisitions in Nigeria banking system, would strengthen the domestic banks, improve financial deepening and the confidence of depositors. Hence, this study examines the impact of the 2005 M&A in the Nigerian-banking sector on financial deepening using mixed method (quantitative and qualitative approach). The quantitative process of this study utilised annual time series for financial deepening indicator for the period of 1997 to 2012. While, the qualitative aspect adopted semi-structured interview to collate data from three merged banks and three stand-alone banks to explore, understand and complement the quantitative results. Furthermore, a framework thematic analysis is employed to analyse the themes developed using NVivo 11 software. Using the quantitative approach, findings from the equality of mean test (EMT) used suggests that M&A have significant impact on financial deepening. However, this method is not robust enough given its weak validity as it does not control for other potential factors that may determine financial deepening. Thus, to control for other factors that may affect the level of financial deepening, a Multiple Regression Model (MRM) and Interrupted Times Series Analysis (ITSA) were applied. The coefficient for M&A dummy turned negative and insignificant using MRM. In addition, the estimated linear trend of the post intervention when ITSA was applied suggests that after M&A, the level of financial deepening decreased annually; however, this was statistically insignificant. Similarly, using the qualitative approach, the results from the interview supported the quantitative results from ITSA and MRM. The result suggests that interest rate should fall when capital base is increased to improve financial deepening. Hence, this study contributes to the existing literature the importance of other factors that may affect financial deepening and the economy when policies that will enhance bank performance and the economy are made. In addition, this study will enable the use of valuable policy instruments relevant to monetary authorities when formulating policies that will strengthen the Nigerian banking sector and the economy.

Keywords: mergers and acquisitions, recapitalization, financial deepening, efficiency, financial crisis

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Authors: J-C. Leneveu, A. Chereau, L. Mansart, T. Mesbah, M. Wyka

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Extracting and interpreting information from Big Data represent a stake for years to come in several sectors such as finance. Currently, numerous methods are used (such as Technical Analysis) to try to understand and to anticipate market behavior, with mixed results because it still seems impossible to exactly predict a financial trend. The increase of available data on Internet and their diversity represent a great opportunity for the financial world. Indeed, it is possible, along with these standard financial data, to focus on exogenous data to take into account more macroeconomic factors. Coupling the interpretation of these data with standard methods could allow obtaining more precise trend predictions. In this paper, in order to observe the influence of exogenous data price independent of other usual effects occurring in classical markets, behaviors of Bitcoin users are introduced in a model reconstituting Bitcoin value, which is elaborated and tested for prediction purposes.

Keywords: big data, bitcoin, data mining, social network, financial trends, exogenous data, global economy, behavioral finance

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Authors: Ender Su, Kai Wen Wong, I-Ling Ju, Ya-Ling Wang

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In this study, the systemic risk change of Taiwan’s banking sector is analyzed during the financial crisis. The risk expose of each financial institutions to the whole Taiwan banking systemic risk or vice versa under financial distress are measured by conditional Value-at-Risk (CoVaR) and conditional coherent expected shortfall (CoES). The CoVaR and CoES are estimated by using vector quantile autoregression (MVMQ-CaViaR) with the daily stock returns of each banks included domestic and foreign banks in Taiwan. The daily in-sample data covered the period from 05/20/2002 to 07/31/2007 and the out-of-sample period until 12/31/2013 spanning the 2008 U.S. subprime crisis, 2010 Greek debt crisis, and post risk duration. All banks in Taiwan are categorised into several groups according to their size of market capital, leverage and domestic/foreign to find out what the extent of changes of the systemic risk as the risk changes between the individuals in the bank groups and vice versa. The final results can provide a guidance to financial supervisory commission of Taiwan to gauge the downside risk in the system of financial institutions and determine the minimum capital requirement hold by financial institutions due to the sensibility changes in CoVaR and CoES of each banks.

Keywords: bank financial distress, vector quantile autoregression, CoVaR, CoES

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Authors: Vânia Costa, Nuno De Sá Teixeira, Ana C. Santos, Eduardo Santos

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Financial literacy and numeracy have been regarded as paramount for rational household decision making in the increasing complexity of financial markets. However, financial decisions are often made under sub-optimal circumstances, including cognitive overload. The present study aims to clarify how financial literacy and numeracy, taken as relevant expert knowledge for financial decision-making, modulate possible effects of cognitive load. Participants were required to perform a choice between a sure loss or a gambling pertaining a financial investment, either with or without a competing memory task. Two experiments were conducted varying only the content of the competing task. In the first, the financial choice task was made while maintaining on working memory a list of five random letters. In the second, cognitive load was based upon the retention of six random digits. In both experiments, one of the items in the list had to be recalled given its serial position. Outcomes of the first experiment revealed no significant main effect or interactions involving cognitive load manipulation and numeracy and financial literacy skills, strongly suggesting that retaining a list of random letters did not interfere with the cognitive abilities required for financial decision making. Conversely, and in the second experiment, a significant interaction between the competing mnesic task and level of financial literacy (but not numeracy) was found for the frequency of choice of a gambling option. Overall, and in the control condition, both participants with high financial literacy and high numeracy were more prone to choose the gambling option. However, and when under cognitive load, participants with high financial literacy were as likely as their illiterate counterparts to choose the gambling option. This outcome is interpreted as evidence that financial literacy prevents intuitive risk-aversion reasoning only under highly favourable conditions, as is the case when no other task is competing for cognitive resources. In contrast, participants with higher levels of numeracy were consistently more prone to choose the gambling option in both experimental conditions. These results are discussed in the light of the opposition between classical dual-process theories and fuzzy-trace theories for intuitive decision making, suggesting that while some instances of expertise (as numeracy) are prone to support easily accessible gist representations, other expert skills (as financial literacy) depend upon deliberative processes. It is furthermore suggested that this dissociation between types of expert knowledge might depend on the degree to which they are generalizable across disparate settings. Finally, applied implications of the present study are discussed with a focus on how it informs financial regulators and the importance and limits of promoting financial literacy and general numeracy.

Keywords: decision making, cognitive load, financial literacy, numeracy

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Authors: Nadezhda Kvatashidze

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The International Accounting Standards Board updated the conceptual framework for financial reporting. The main reason behind it is to resolve the tasks of the accounting, which are caused by the market development and business-transactions of a new economic content. Also, the investors call for higher transparency of information and responsibility for the results in order to make a more accurate risk assessment and forecast. All these make it necessary to further develop the conceptual framework for financial reporting so that the users get useful information. The market development and certain shortcomings of the conceptual framework revealed in practice require its reconsideration and finding new solutions. Some issues and concepts, such as disclosure and supply of information, its qualitative characteristics, assessment, and measurement uncertainty had to be supplemented and perfected. The criteria of recognition of certain elements (assets and liabilities) of reporting had to be updated, too and all this is set out in the updated edition of the conceptual framework for financial reporting, a comprehensive collection of concepts underlying preparation of the financial statement. The main objective of conceptual framework revision is to improve financial reporting and development of clear concepts package. This will support International Accounting Standards Board (IASB) to set common “Approach & Reflection” for similar transactions on the basis of mutually accepted concepts. As a result, companies will be able to develop coherent accounting policies for those transactions or events that are occurred from particular deals to which no standard is used or when standard allows choice of accounting policy.

Keywords: conceptual framework, measurement basis, measurement uncertainty, neutrality, prudence, stewardship

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Authors: Ghadeer A.Al-Jabaree, Husam Aldeen Al-Khadash, M. Nassar

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This study aimed at investigating the effect of well-designed corporate governance system on the financial stability of insurance companies listed in ASE. Further, this study provides a comprehensive model for evaluating and analyzing insurance companies' financial position and prospective for comparing the degree of corporate governance application provisions among Jordanian insurance companies. In order to achieve the goals of the study, a whole population that consist of (27) listed insurance companies was introduced through the variables of (board of director, audit committee, internal and external auditor, board and management ownership and block holder's identities). Statistical methods were used with alternative techniques by (SPSS); where descriptive statistical techniques such as means, standard deviations were used to describe the variables, while (F) test and ANOVA analysis of variance were used to test the hypotheses of the study. The study revealed the existence of significant effect of corporate governance variables except local companies that are not listed in ASE on financial stability within control variables especially debt ratio (leverage),where it's also showed that concentration in motor third party doesn't have significant effect on insurance companies' financial stability during study period. Moreover, the study concludes that Global financial crisis affect the investment side of insurance companies with insignificant effect on the technical side. Finally, some recommendations were presented such as enhancing the laws and regulation that help the appropriate application of corporate governance, and work on activating the transparency in the disclosures of the financial statements and focusing on supporting the technical provisions for the companies, rather than focusing only on profit side.

Keywords: corporate governance, financial stability and solvency margin, insurance companies, Jordan

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Authors: Salma Krafessi

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The financial markets have a multifaceted, intricate environment, and enormous volumes of data are produced every day. To find investment possibilities, possible fraudulent activity, and market oddities, accurate anomaly identification in this data is essential. Conventional methods for detecting anomalies frequently fail to capture the complex organization of financial data. In order to improve the identification of abnormalities in financial time series data, this study presents Tucker Decomposition as a reliable multi-way analysis approach. We start by gathering closing prices for the S&P 500 index across a number of decades. The information is converted to a three-dimensional tensor format, which contains internal characteristics and temporal sequences in a sliding window structure. The tensor is then broken down using Tucker Decomposition into a core tensor and matching factor matrices, allowing latent patterns and relationships in the data to be captured. A possible sign of abnormalities is the reconstruction error from Tucker's Decomposition. We are able to identify large deviations that indicate unusual behavior by setting a statistical threshold. A thorough examination that contrasts the Tucker-based method with traditional anomaly detection approaches validates our methodology. The outcomes demonstrate the superiority of Tucker's Decomposition in identifying intricate and subtle abnormalities that are otherwise missed. This work opens the door for more research into multi-way data analysis approaches across a range of disciplines and emphasizes the value of tensor-based methods in financial analysis.

Keywords: tucker decomposition, financial markets, financial engineering, artificial intelligence, decomposition models

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Authors: Tochukwu Timothy Okoli, Devi Datt Tewari

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The high rate of Fintech adoption has not transmitted to greater financial inclusion and development in Africa. This problem is attributed to poor Fintech diversification and usefulness in the continent. This concept is referred to as the Fintech depth of penetration in this study. The study, therefore, assessed its determinants and growth process in a panel of three emergings, twenty-four frontiers and five fragile African economies disaggregated with dummies over the period 2004-2018 to allow for heterogeneity between groups. The System Generalized Method of Moments (GMM) technique reveals that the average depth of Mobile banking and automated teller machine (ATM) is a dynamic heterogeneity process. Moreover, users' previous experiences/compatibility, trial-ability/income, and financial development were the major factors that raise its usefulness, whereas perceived risk, financial openness, and inflation rate significantly limit its usefulness. The growth rate of Mobile banking, ATM, and Internet banking in 2018 is, on average 41.82, 0.4, and 20.8 per cent respectively greater than its average rates in 2004. These greater averages after the 2009 financial crisis suggest that countries resort to Fintech as a risk-mitigating tool. This study, therefore, recommends greater Fintech diversification through improved literacy, institutional development, financial liberalization, and continuous innovation.

Keywords: depth of fintech, emerging Africa, financial technology, internet banking, mobile banking

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Authors: Jude Harrison

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Child protection is a complex and sensitive practice. The core responsibility is the care and protection of children and young people who have been subject to or who are at risk from abuse and neglect. The work involves investigating allegations of harm, preparing for and making representations to the legal system, and case planning and management across a continuum of complicated care interventions. Professionals’ learning for child protection practice is evident in a range of literature investigating multiple learning processes such as university preparation, student placements, professional supervision, training, and other post-qualifying professional development experiences at work. There is, however, very limited research into how caseworkers learn in and through their daily practice. Little is known, therefore, about how learning at work unfolds for caseworkers, the dimensions in which it can be understood or the ways in which it can be best facilitated and supported. Compounding this, much of the current child protection learning literature reflects an orthodox conception of learning as mentalistic and individualised, in which knowledge is typically understood as abstract theory or as technical skill or competency. This presentation outlines key findings from a PhD research study that explored learning at work for statutory child protection caseworkers from an alternative interpretation of learning using a practice theory approach. Practice theory offers an interpretation of learning as performative and grounded in situated experience. The findings of the study show that casework practice is both a mode and site of learning. The study was ethnographic in design based and followed 17 child protection caseworkers via in-depth interviews, observations and participant reflective journaling. Inductive and abductive analysis was used to organise and interpret the data and expand analysis, leading to themes. Key findings show learning to be a sociomaterial property of doing; the social ontological character of learning; and teleoaffectivity as a feature of learning. The findings contribute to theoretical and practical understandings of learning and practice in child protection, child welfare and the professional learning literature more broadly. The findings have potential to contribute to policy directions at state, territory and national levels to enhance child protection practice and systems.

Keywords: adiult learning, workplace learning, child welfare, sociomaterial, practice theory

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Authors: Shubhita Mathur, Ritika Kar Bahal, Priyanka Chauhan, Anil K. Tyagi

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Mycobacterium tuberculosis, the causative agent of human tuberculosis, is a major cause of mortality. Bacillus Calmette-Guérin (BCG), the only licensed vaccine available for protection against tuberculosis confers highly variable protection ranging from 0%-80%. Thus, novel vaccine strains need to be evaluated for their potential as a vaccine against tuberculosis. We had previously constructed a triple gene mutant of M. tuberculosis (MtbΔmms), having deletions in genes encoding for phosphatases mptpA, mptpB, and sapM that are involved in host-pathogen interaction. Though vaccination with Mtb∆mms strain induced protection in the lungs of guinea pigs, the mutant strain was not able to control the hematogenous spread of the challenge strain to the spleens. Additionally, inoculation with Mtb∆mms resulted in some pathological damage to the spleens in the early phase of infection. In order to overcome the pathology caused by MtbΔmms in the spleens of guinea pigs and also to control the dissemination of the challenge strain, MtbΔmms was genetically modified by disrupting bioA gene to generate MtbΔmmsb strain. Further, in vivo attenuation of MtbΔmmsb was evaluated, and its protective efficacy was assessed against virulent M. tuberculosis challenge in guinea pigs. Our study demonstrates that Mtb∆mmsb mutant was highly attenuated for growth and virulence in guinea pigs. Vaccination with Mtb∆mmsb mutant generated significant protection in comparison to sham-immunized animals at 4 and 12 weeks post-infection in lungs and spleens of the infected animals. Our findings provide evidence that deletion of genes involved in signal transduction and biotin biosynthesis severely attenuates the pathogen and the single immunization with the auxotroph was able to provide significant protection as compared to sham-immunized animals. The protection imparted by Mtb∆mmsb fell short in comparison to the protection observed in BCG-immunized animals. This study nevertheless indicates the importance of attenuated multiple gene deletion mutants of M. tuberculosis in generating protection against tuberculosis.

Keywords: Mycobacterium tuberculosis, BCG, MtbΔmmsb, bioA, guinea pigs

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Authors: Huseyin Duran, Yesim Benal Oztekin, Kazim Kubilay Vursavus, Ilker Huseyin Celen

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There are two main approaches to manufacturing, market and usage of plant protection machinery in Turkey. The first approach is called as ‘Product Safety Approach’ and could be summarized as minimum health and safety requirements of consumer needs on plant protection equipment and machinery products. The second approach is the practices related to the Plant Protection Equipment and Machinery Directive. Product safety approach covers the plant protection machinery product groups within the framework of a new approach directive, Machinery Safety Directive (2006/42 / AT). The new directive is in practice in our country by 03.03.2009, parallel to the revision of the EU Regulation on the Directive (03.03.2009 dated and numbered 27158 published in the Official Gazette). ‘Pesticide Application for Machines’ paragraph is added to the 2006/42 / EC Machinery Safety Directive, which is, in particular, reveals the importance of primary health care and product safety issue, explaining the safety requirements for machines used in the application of plant protection products. The Ministry of Science, Industry and Technology is the authorized organizations in our country for the publication and implementation of this regulation. There is a special regulation, carried out by Ministry of Food, Agriculture and Livestock General Directorate of Food and Control, on the manufacture and sale of plant protection machinery. This regulation, prepared based on 5996 Veterinary Services, Plant Health, Food and Feed Law, is ‘Regulation on Plant Protection Equipment and Machinery’ (published on 02.04.2011 whit number 27893 in the Official Gazette). The purposes of this regulation are practicing healthy and reliable crop production, the preparation, implementation and dissemination of the integrated pest management programs and projects for the development of human health and environmentally friendly pest control methods. This second regulation covers: approval, manufacturing, licensing of Plant Protection Equipment and Machinery; duties and responsibilities of the dealers; principles and procedures related to supply and control of the market. There are no inspection procedures for the application of currently used plant protection machinery in Turkey. In this study, content and application principles of all regulation approaches currently used in Turkey are summarized.

Keywords: plant protection equipment and machinery, product safety, market surveillance, inspection procedures

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Authors: Tareq M. Aziz Elven

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The issue of Human Rights enforcement in Southeast Asia has become the serious problem and attract the attention of international community. Principally, Association of Southeast Asian Nations (ASEAN) has mentioned the Human Rights as one of the focus and be a part of the ASEAN Charter in 2008. It was followed by the establishment of ASEAN Inter-Governmental Commission on Human Rights (AICHR). AICHR is the commission of Human Rights enforcement in Southeast Asia which has a duty, function, and an authority to conduct dissemination and protection of Human Rights. In the end of 2016, however, the function of protection mandated to AICHR have not achieved yet. It can be proved by several cases of Human Rights violation which still exist and have not settled yet. One of case which attracts the public attention recently is human rights violation towards Rohingya in Myanmar. Using the juridical-normative method, the research aims to examine the urgency of Human Rights court establishment in Southeast Asia region which able to issue the decision that binds the ASEAN members or the violating parties. The data shows that ASEAN needs to establish a regional court which intended to settle the Human Rights violations in ASEAN region. Furthermore, the research also highlights three strong factors should be settled by ASEAN for establishing human rights court i.e. the significant distinction of democracy and human rights development among the members, the strong implementation of non-intervention principle, and the financial matter to sustain the court.

Keywords: AICHR, ASEAN, human rights, human rights court

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Authors: Razan Salem

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Men and women have different approaches towards investing, both in terms of strategies and risk attitudes. This study aims to focus mainly on investigating the financial risk behaviors of Arab women investors and to examine the financial risk tolerance levels of Arab women relative to Arab men investors. Using survey data on 547 Arab men and women investors, the results of Wilcoxon Signed-Rank (One-Sample) test Mann-Whitney U test reveal that Arab women are risk-averse investors and have lower financial risk tolerance levels relative to Arab men. Such findings can be explained by the fact of women's nature and lower investment literacy levels. Further, the current political uncertainty in the Arab region may be considered as another explanation of Arab women’s risk aversion behavior. The study's findings support the existing literature by validating the stereotype of “women are more risk-averse than men” in the Arab region. Overall, when it comes to investment and financial behaviors, women around the world behave similarly.

Keywords: Arab region, culture, financial risk behavior, gender differences, women investors

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Authors: Natalie Pomerantz, Nicholas Dugan, Molly Richards, Walter Zukas

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The primary research question to be answered for Chemical/Biological (CB) protective clothing, is how to protect wearers from a range of chemical and biological threats in liquid, vapor, and aerosol form, while reducing the thermal burden. Currently, CB protective garments are hot, heavy, and wearers are limited by short work times in order to prevent heat injury. This study demonstrates how to incorporate different levels of protection on a material level and modify fabric composites such that the thermal burden is reduced to such an extent it approaches that of a standard duty uniform with no CB protection. CB protective materials are usually comprised of several fabric layers: a cover fabric with a liquid repellent coating, a protective layer which is comprised of a carbon-based sorptive material or semi-permeable membrane, and a comfort next-to-skin liner. In order to reduce thermal burden, all of these layers were laminated together to form one fabric composite which had no insulative air gap in between layers. However, the elimination of the air gap also reduced the CB protection of the fabric composite. In order to increase protection in the laminated composite, different nonwoven aerosol protective liners were added, and a super repellent coating was applied to the cover fabric, prior to lamination. Different adhesive patterns were investigated to determine the durability of the laminate with the super repellent coating, and the effect on air permeation. After evaluating the thermal properties, textile properties and protective properties of the iterations of these fabric composites, it was found that the thermal burden of these materials was greatly reduced by decreasing the thermal resistance with the elimination of the air gap between layers. While the level of protection was reduced in laminate composites, the addition of a super repellent coating increased protection towards low volatility agents without impacting thermal burden. Similarly, the addition of aerosol protective liner increased protection without reducing water vapor transport, depending on the nonwoven used, however, the air permeability was significantly decreased. The balance of all these properties and exploration of the trade space between thermal burden and protection will be discussed.

Keywords: aerosol protection, CBRNe protection, lamination, nonwovens, repellent coatings, thermal burden

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Authors: A. Kourou, A. Ioakeimidou, E. Bafa, C. Fassoulas, M. Panoutsopoulou

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The role of volunteers in disaster management is of decisive importance and the need of their involvement is well recognized, both for prevention measures and for disaster management. During major catastrophes, whereas professional personnel are outsourced, the role of volunteers is crucial. In Greece experience has shown that various groups operating in the civil protection mechanism like local administration staff or volunteers, in many cases do not have the necessary knowledge and information on best practices to act against natural disasters. One of the major problems is the lack of volunteers’ education and training. In the above given framework, this paper presents the results of a survey aimed to identify the level of education and preparedness of civil protection volunteers in Greece. Furthermore, the implementation of earthquake protection measures at individual, family and working level, are explored. More specifically, the survey questionnaire investigates issues regarding pre-earthquake protection actions, appropriate attitudes and behaviors during an earthquake and existence of contingency plans in the workplace. The questionnaires were administered to citizens from different regions of the country and who attend the civil protection training program: “Protect Myself and Others”. A closed-form questionnaire was developed for the survey, which contained questions regarding the following: a) knowledge of self-protective actions; b) existence of emergency planning at home; c) existence of emergency planning at workplace (hazard mitigation actions, evacuation plan, and performance of drills); and, d) respondents` perception about their level of earthquake preparedness. The results revealed a serious lack of knowledge and preparedness among respondents. Taking into consideration the aforementioned gap and in order to raise awareness and improve preparedness and effective response of volunteers acting in civil protection, the EVANDE project was submitted and approved by the European Commission (EC). The aim of that project is to educate and train civil protection volunteers on the most serious natural disasters, such as forest fires, floods, and earthquakes, and thus, increase their performance.

Keywords: civil protection, earthquake, preparedness, volunteers

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Authors: Julie De Pril, Cécile Godfroid

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Nowadays, achieving double bottom line has become a widely recognized objective for microfinance institutions (MFIs). They would like to be financially sustainable or even profitable while continuing to focus on their social mission. In order to rise their financial performance, MFIs tend to grant financial bonuses to loan officers so that they increase their performance and efficiency. However, as argued by motivation crowding theory, monetary rewards may not have only positive effects but can also erode intrinsic motivation. Since MFIs pursue social objectives in addition to their financial ones, their employees’ intrinsic motivations may include the willingness to help others, like in many non-profit organizations. This is called pro-social motivation in the psychology literature. Particularly, this type of motivation should be highly reflected among microfinance loan officers as a part of their role consists in improving clients’ welfare. Therefore, it seems to be crucial for MFIs to find an equilibrium between the efficiency benefits obtained thanks to the granting of financial incentives and the deterioration of social performance that may result from the reduction of the loan officers’ pro-social motivation. This paper attempts to suggest, with a mathematical model, an optimal incentive scheme MFIs could rely on.

Keywords: loan officers, microfinance, prosocial motivation, rewards

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Authors: Alexandra Lipitakis, Evangelia A. E. C. Lipitakis

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In this article, a class of e-business strategy planning parameters are introduced and their effect on financial and non-financial performance of e-businesses and organizations is investigated. The relationships between these strategic planning parameters, i.e. Formality, Participation, Sophistication, Thoroughness, Synergy and Cooperation, Entropic Factor, Adaptivity, Uncertainty and Financial and Non-Financial Performance are examined and the directions of these relationships are given. A conceptual model has been constructed and quantitative research methods can be used to test the considered eight hypotheses. In the framework of e-business strategy planning this research study clearly demonstrates how strategic planning components have positive relationships with e-business strategy management and performance.

Keywords: e-business management, e-business model, e-business performance assessments, strategy management methodologies, strategy planning, quantitative methods

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Authors: Siti Raihana Hamzah

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This paper elaborates risk shifting in debt financing system as the ultimate cause of the global financial crisis. In contrast, risk sharing in equity financing like sukuk helps the economic system to be better sustained. Nevertheless, some types of sukuk are haunted by the issue of imitation with bonds. The critics on the imitation issue not only have raised doubt on the ability of sukuk to diminish risk shifting behavior but also the ability of this Islamic financial instrument to ensure better future financial stability. Through that, this paper provides discussion on the possibility of sukuk to induce risk shifting and how equity financing may help sukuk to be free from risk shifting. This paper is important in the sense that sukuk receives a significant demand from investors throughout the world. For this instrument to be supportive in the future economic stability, the issue of imitation needs to be identified and addressed. Furthermore, critics cannot be focused on debts and its ability to gauge the financial flux but also to sukuk due to their structures similarity.

Keywords: global financial crisis, debt, risk-shifting, risk sharing, equity, sukuk, bonds

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Authors: Farzad Razavi, Behrooz Taheri, Mohammad Parpaei, Mehdi Mohammadi Ghalesefidi, Siamak Zarei

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As one of the major problems in protecting large-dimension power systems, power swing and its effect on distance have caused a lot of damages to energy transfer systems in many parts of the world. Therefore, power swing has gained attentions of many researchers, which has led to invention of different methods for power swing detection. Power swing detection algorithm is highly important in distance relay, but protection relays should have general requirements such as correct fault detection, response rate, and minimization of disturbances in a power system. To ensure meeting the requirements, protection relays need different tests during development, setup, maintenance, configuration, and troubleshooting steps. This paper covers power swing scheme of the modern numerical relay protection, 7sa522 to address the effect of the different fault types on the function of the power swing blocking. In this study, it was shown that the different fault types during power swing cause different time for unblocking distance relay.

Keywords: power swing, distance relay, power system protection, relay test, transient in power system

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Authors: J.R.S.S. Kumara, M.A.R.M. Fernando, S.Venkatesh, D.K. Jayaratne

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Protection of heritage monuments against lightning has become extremely important as far as their historical values are concerned. When such structures are large and tall, the risk of lightning initiated from both cloud and ground can be high. This paper presents a lightning risk analysis of three giant stupas in Anuradhapura era (fourth century BC onwards) in Sri Lanka. The three stupas are Jethawaaramaya (269-296 AD), Abayagiriya (88-76 BC) and Ruwanweliseya (161-137 BC), the third, fifth and seventh largest ancient structures in the world. These stupas are solid brick structures consisting of a base, a near hemispherical dome and a conical spire on the top. The ancient stupas constructed with a dielectric crystal on the top and connected to the ground through a conducting material, was considered as the hypothesis for their original lightning protection technique. However, at present, all three stupas are protected with Franklin rod type air termination systems located on top of the spire. First, a risk analysis was carried out according to IEC 62305 by considering the isokeraunic level of the area and the height of the stupas. Then the standard protective angle method and rolling sphere method were used to locate the possible touching points on the surface of the stupas. The study was extended to estimate the critical current which could strike on the unprotected areas of the stupas. The equations proposed by (Uman 2001) and (Cooray2007) were used to find the striking distances. A modified version of rolling sphere method was also applied to see the effects of upward leaders. All these studies were carried out for two scenarios: with original (i.e. ancient) lightning protection system and with present (i.e. new) air termination system. The field distribution on the surface of the stupa in the presence of a downward leader was obtained using finite element based commercial software COMSOL Multiphysics for further investigations of lightning risks. The obtained results were analyzed and compared each other to evaluate the performance of ancient and new lightning protection methods and identify suitable methods to design lightning protection systems for stupas. According to IEC standards, all three stupas with new and ancient lightning protection system has Level IV protection as per protection angle method. However according to rolling sphere method applied with Uman’s equation protection level is III. The same method applied with Cooray’s equation always shows a high risk with respect to Uman’s equation. It was found that there is a risk of lightning strikes on the dome and square chamber of the stupa, and the corresponding critical current values were different with respect to the equations used in the rolling sphere method and modified rolling sphere method.

Keywords: Stupa, heritage, lightning protection, rolling sphere method, protection level

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Authors: K. N. Dinesh Babu, R. Ramaprabha, V. Rajini, V. Nagarajan

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In this paper, the various methods of providing restricted earth fault protection are discussed. The proper operation of high and low impedance restricted earth fault (REF) protection for various applications has been discussed. The mal operation of a relay due to improper placement of CTs has been identified and a simple/unique solution has been proposed in this work with a case study. Moreover, it is found that the proper placement of CT in high impedance method will provide the same result with reduced CT. This methododlocy has been successfully implemented in Al Takreer refinery for a 2000 KVA transformer. The outcome of the paper may be included in IEEEC37.91 standard to give the proper guidance for protection engineers to sort out the problems related to mal functioning of REF relays.

Keywords: relay mal operation, transformer, low impedance REF, MATLAB, 64R, IEEE C37.91

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Authors: Justyna Mroczkowska

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Social worker's ability to provide culturally sensitive assistance in child protection is taken for granted; given limited training opportunities and lack of clear guidance, practitioners report working with migrant families more demanding in comparison to working with native families. In this study, the author developed and factor analyzed the Norwegian Cultural Self-Efficacy Scale to describe the level of cultural capability among Norwegian child protection professionals. The study aimed to determine the main influencing factors to cultural efficacy and examine the relationship between self-efficacy and perceived difficulty in working with migrant families. The scale was administered to child protection workers in Norway (N=251), and the reliability of the scale measured by Cronbach's alpha coefficient was .904. The confirmatory factor analysis of social work cultural self-efficacy found support for four separate but correlated subscales: Assessment, Communication, Support Request, and Teamwork. Regression analyses found the experience in working with migrant families, training and support from external agencies, and colleague support to be significant predictors of cultural self-efficacy. Self-efficacy in assessment skills and self-efficacy in communication skills were moderately related to the perceived difficulty to work with migrant families. The findings conclude with previous research and highlight the need for both professional development programs and institutional resources to be provided to support the practitioner's preparation for multicultural practice in child protection.

Keywords: child protection, cultural self-efficacy, cultural competency, migration, resources

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Authors: Anocha Kimkong, Natnichar Kleebbuabarn

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This research work has the objective to analyze the financial status and operational performance of Suan Sunandha Rajabhat University (SSRU) in 3 fiscal years (2011-2013). The tool used is a form to record financial statements and balances of the university. The analysis is based on the calculation that regards the figures in the fiscal year of 2011 as the 100% bases to be compared with the same figures in the fiscal years of 2012 and 2013, which are multiplied by 100 and divided by the base figures. The outcomes are the percentages of each year, which can reflect the rising, stable, and falling trends. The results from the analysis reveal that SSRU’s financial status is getting better because the gross assets, debts and accumulated cash are increasing in the fiscal years of 2012 and 2013. Concerning the operational performance, the university’s incomes and expenses are rising from the fiscal year of 2011. This makes the university’s incomes grow higher than expenses.

Keywords: financial status, operational performance, Suan Sunandha Rajabhat University, balances

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Authors: Anifowose Oluwafemi Dele, Ngah Rohana, Hasni Abdulahi

Abstract:

The economic crisis, which resulted in university funding cuts with an astronomically devastating impact on teaching and research around the world. Sequel to this, Nigerian universities are in disarray due to insufficient government funding and are under pressure to discover new financial streams of Internally Generated Revenue (IGR) to disentangle finance-related teething problems and most tangible means of outsourcing finance inclusively for the creation of more entrepreneurial ventures through the possibilities of prudent IGR management. To the best of our knowledge, one way to address this still-unknown or underappreciated cog is through the strategic use of IGR and the outsourcing of financing for the launch of entrepreneurial ventures. As a result, it is critical to investigate and evaluate financial inclusion through prudently managed IGR to achieve greater financial inclusion for more long-term entrepreneurial ventures. Justifying the need to look inward and devise mechanisms for strong instruments internal fund raising and managing cash inflows to benefit university entrepreneurial ventures to increase the University's IGR for the benefit of the university and its stakeholders. The paper concludes that University Managers must fully accept the use of genuine means of boosting IGR through financial inclusion of in-house funds to aggressively established IGR boosting and the creation of entrepreneurial ventures that could serve as an alternative to inadequate government funding.

Keywords: government funding, university managers, financial inclusion, entrepreneurial venture

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Authors: Ming Chian Yew, Ming Kun Yew, Lip Huat Saw, Tan Ching Ng, Rajkumar Durairaj, Jing Han Beh

Abstract:

This paper analyzes the fire protection performance, char formation and heat release characteristics of the thin film intumescent coatings that incorporate waste eggshell (ES) as a nano bio-filler. In this study, the Bunsen burner and the fire propagation (BS 476: Part 6) tests of coatings were measured. Experiments on the samples were also tested to evaluate their fire behavior using a cone calorimeter according to ISO 5660-1 specifications. On exposure, the samples B, C and D had been certified to be Class 0 due to the fire propagation indexes of the samples were less than 12. Samples B and D showed a significant reduction in total heat rate (B=11.6 MJ/m² and D=12.0 MJ/m²) and uniform char structures with the addition of 3.30 wt.% and 2.75 wt.% ES nano bio-filler, respectively. As a result, ES nano bio-filler composition good to slow down the fire expanding and demonstrate better fire protection due to its positive synergistic effect with flame retardant ingredients on physical and chemical reactions in fire protection.

Keywords: cone calorimeter, eggshell, fire protection, heat release rate, intumescent coating

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Authors: Shamshiri Mitra, Abedi Rahim

Abstract:

This paper investigates corporate investment behavior and its relationship with ownership structure and financial leverage for the listed company of Tehran stock exchange during 2008-2012. The results show that the concentration of ownership has s significant positive effect on corporate investment. The results for the kind of major owners show that institutional ownership had a positive significant effect and state and individual ownership had negative significant effects on the corporate investment but the effect of corporate ownership was not significant. Furthermore the effect of financial leverage was negative and significant.

Keywords: corporate investment behavior, financial leverage, ownership structure corporate investment behavior

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Authors: Yunwei Zhang, Na Li, Yuhong Niu

Abstract:

Bone tissue engineering scaffold was regarded as an important clinical technology of curing bony defect. The patent protection of bone tissue engineering scaffold had been paid more attention and strengthened all over the world. This study analyzed the future development trends of international technologies in the field of bone tissue engineering scaffold and its patent protection. This study used the methods of data classification and classification indexing to analyze 2718 patents retrieved in the patent database. Results showed that the patents coming from United States had a competitive advantage over other countiries in the field of bone tissue engineering scaffold. The number of patent applications by a single company in U.S. was a quarter of that of the world. However, the capability of R&D in China was obviously weaker than global level, patents mainly coming from universities and scientific research institutions. Moreover, it would be predicted that synthetic organic materials as new materials would be gradually replaced by composite materials. The patent technology protections of composite materials would be more strengthened in the future.

Keywords: bone tissue engineering, patent analysis, Scaffold material, patent protection

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Authors: Kyoung-il Do, Byung-seok Lee, Hee-guk Chae, Jeong-yun Seo Yong-seo Koo

Abstract:

In this paper, a Silicon Controlled Rectifier (SCR)-based Electrostatic Discharge (ESD) protection circuit with high holding voltage and high robustness characteristics is proposed. Unlike conventional SCR, the proposed circuit has low trigger voltage and high holding voltage and provides effective ESD protection with latch-up immunity. In addition, the TCAD simulation results show that the proposed circuit has better electrical characteristics than the conventional SCR. A stack technology was used for voltage-specific applications. Consequentially, the proposed circuit has a trigger voltage of 17.60 V and a holding voltage of 3.64 V.

Keywords: ESD, SCR, latch-up, power clamp, holding voltage

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Authors: Manotar Tampubolon

Abstract:

Although the Indonesian human rights protection has increased in recent years, but human rights violations still occur in the industrial sector. Crimes against human rights continue to occur and go unnoticed in spite of the government's legislation on human rights, employment law in addition to an international treaty that has been ratified by Indonesia. The increasing number of garment companies in Bekasi, also give rise to increased human rights violations since the government does not have a commitment to protect it. The Indonesian government and industry owners should pay attention to and protect the human rights of workers and treat them accordingly. This paper will review the human rights violations experienced by workers at garment factories in the context of the law, as well as ideas to improve the protection of workers' rights.

Keywords: human rights protection, human rights violations, workers’ rights, justice, security

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Authors: Evisa Mitrou, Nicholas Tsitsianis, Supriya Shinde

Abstract:

In the age of digitisation and globalisation, businesses have shifted online and are investing in big data analytics (BDA) to respond to changing market conditions and sustain their performance. Our study shifts the focus from the adoption of BDA to the impact of BDA on financial performance. We explore the financial performance of both BDA-vendors (business-to-business) and BDA-clients (business-to-customer). We distinguish between the five BDA-technologies (big-data-as-a-service (BDaaS), descriptive, diagnostic, predictive, and prescriptive analytics) and discuss them individually. Further, we use four perspectives (internal business process, learning and growth, customer, and finance) and discuss the significance of how each of the five BDA-technologies affects the performance measures of these four perspectives. We also present the analysis of employee engagement, average turnover, average net income, and average net assets for BDA-clients and BDA-vendors. Our study also explores the effect of the COVID-19 pandemic on business continuity for both BDA-vendors and BDA-clients.

Keywords: BDA-clients, BDA-vendors, big data analytics, financial performance

Procedia PDF Downloads 95