Search results for: fish stock

Authors: Lethamaga Tladi, Ray Kekwaletswe

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This study sought to conceptualise a multi-level framework for the effective use of stock ordering system in small enterprises in a rural area context. The interpretive research methodology has been used to enable the researcher to analyse, in-depth, and the subjective meanings of small enterprises’ employees in using the stock ordering system. The empirical data was collected from 13 small enterprises’ employees as participants through semi-structured interviews and observations. Interpretive Phenomenological Analysis (IPA) approach was used to analyse the small enterprises’ employee’s own account of lived experiences in relations to stock ordering system use in terms of their relatedness to, and cognitive engagement with. A case study of Kgautswane, a rural area in Limpopo Province, South Africa, served as a social context where the phenomenon manifested. Technology-Organisation-Environment Theory (TOE), Technology-to-Performance Chain Model (TPC), and Representation Theory (RT) underpinned this study. In this multi-level study, the findings revealed that; At the organisational level, the effective use of stock ordering system was found to be associated with the organisational performance gains such as efficiency, productivity, quality, competitiveness, and market share. Equally so, at the individual level, the effective use of stock ordering system minimised the end-user’s efforts and time to accomplish their tasks, which yields improved individual performance. The Multi-level framework for effective use of stock ordering system was presented.

Keywords: effective use, multi-dimensions of use, multi-level of use, multi-level research, small enterprises, stock ordering system

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Authors: Yosra Mefteh Rekik

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A computational agent-based model of financial markets stresses interactions and dynamics among a very diverse set of traders. The growing body of research in this area relies heavily on computational tools which by-pass the restrictions of an analytical method. The main goal of this research is to understand how the stock market operates and behaves how to invest in the stock market and to study traders’ behavior within the context of the artificial stock markets populated by heterogeneous agents. All agents are characterized by adaptive learning behavior represented by the Artificial Neuron Networks. By using agent-based simulations on artificial market, we show that the existence of heterogeneous agents can explain the price dynamics in the financial market. We investigate the relation between market diversity and market efficiency. Our empirical findings demonstrate that greater market heterogeneity play key roles in market efficiency.

Keywords: agent-based modeling, artificial stock market, heterogeneous expectations, financial stylized facts, computational finance

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Authors: Joo-min Kim, Gi-wook Shin, Tae-ho Chung, Chul Park, Seong-hyun Kim, Namjung Kim

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Mealworm (Tenebrio molitor) was evaluated to investigate the effect of partial or total replacement of fish meal in diets for olive flounder, Paralichthys olivaceus. Experimental groups of fish with average initial body weight (287.5 ± 7.24 g) were fed each with 4 isonitrogeneous (52% crude protein) diets formulated to include 0, 7, 17 and 27% (diets 1 to 4, respectively) of fish meal substituted with mealworm. After six weeks of feeding trials, fish fed with diet 3 revealed the highest values for live weight gain(42.10), specific growth rates (0.445 ± 0.089) as well as better feed conversion ratio (12.08) compared to the other group with statistically significant manner (p<0.05). Hepatosomatic index was showed no significant difference in diet 3 compared to the control group. An increase in weight gain and other growth associated parameters was observed in diet 3. These results clearly indicate that 17% of fish meal protein in bastard halibut diet can be replaced by mealworm not only without any adverse effect but also the effect of promoting growth performance.

Keywords: mealworm, olive flounder, Paralichthys olivaceus, Tenebrio molitor

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Authors: Dong Hwi Kim, Dharaneedharan Subramanian, So Hyun Park, Ha-Ri Choi, Ji-Hyung Kim, Dong-Hoon Lee, Moon Soo Heo

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The present study was performed to evaluate the use of Bacillus amyloliquefaciens JFP-2 isolated from a traditional fermented sea food, as probiotic bacteria in the diets for Rock-bream, Oplegnathus faciatus. A total of 180 fish (187.4 ± 2.7 g) were divided into two groups, control (C) and probiotic (P) group (90 fish per group) in triplicate. C group was fed with basal diet without probiotic, while P group was fed with B. amyloliquefaciens spores at concentration of 1.4 x 106 colony forming units per gram (CFU/g) of feed. After two months of feeding experiments, P group fish showed significant improvements in body weight (BW), weight gain (WG), specific growth rate (SGR) and food conversion ratio (FCR) compared with C group. Also, bi-weekly assessment of serum protein, glucose, fatty acid profile showed a significant increase in probiotic fed fish than that of control fish group. Similar increase in serum antioxidant and lysozyme activity was found in probiotic fed fish group. Twenty days challenge experiment shows decrease mortality in probiotic fed fish group when compared with that of control group. Hence, these results indicate that the use of B. amyloliquefaciens JFP-2 as a feed supplement, is beneficial to improve the health status of Oplegnathus fasciatus challenged with Vibrio anguillarum.

Keywords: Bacillus amyloliquefaciens, Oplegnathus fasciatus, probiotic feed, rock bream

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Authors: Lucretia Ramnath

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Fishmeal is extensively used for fish farming but is an expensive fish feed ingredient. A cheaper alternate to fishmeal is single cell protein (SCP) which can be cultivated on fermentable sugars recovered from organic waste streams such as pulp and paper mill sludge (PPMS). PPMS has a high cellulose content, thus is suitable for glucose recovery through enzymatic hydrolysis but is hampered by lignin and ash. To render PPMS amenable for enzymatic hydrolysis, the PPMS waspre-treated to produce a glucose-rich hydrolysate which served as a feed stock for the production of fungal SCP. The PPMS used in this study had the following composition: 72.77% carbohydrates, 8.6% lignin, and 18.63% ash. The pre-treatments had no significant effect on lignin composition but had a substantial effect on carbohydrate and ash content. Enzymatic hydrolysis of screened PPMS was previously optimized through response surface methodology (RSM) and 2-factorial design. The optimized protocol resulted in a hydrolysate containing 46.1 g/L of glucose, of which 86% was recovered after downstream processing by passing through a 100-mesh sieve (38 µm pore size). Vogel’s medium supplemented with 10 g/L hydrolysate successfully supported the growth of Fusarium venenatum, conducted using standard growth conditions; pH 6, 200 rpm, 2.88 g/L ammonium phosphate, 25°C. A maximum F. venenatum biomass of 45 g/L was produced with a yield coefficient of 4.67. Pulp and paper mill sludge hydrolysate contained approximately five times more glucose than what was needed for SCP production and served as a suitable carbon source. We have shown that PPMS can be successfully beneficiated for SCP production.

Keywords: pulp and paper waste, fungi, single cell protein, hydrolysate

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Authors: Chih-Hsiang Chang, Fang-Jyun Su

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This paper explores whether stock characteristics influence the herding formation among investors in the US equity market. To extend the research scope of the existing literature, this paper further examines the role that stock risk characteristics play in the US equity market, and the way they influence investors’ decision-making. First, empirical results show that whether general stocks or high-risk stocks, there are no herding behaviors among the investors in the US equity market during the whole research period or during four great events. Moreover, stock characteristics have great influence on investors’ trading decisions. Finally, there is a bidirectional lead-lag relationship of the herding formation between high-risk stocks and low-risk stocks, but the influence of high-risk stocks on the low-risk stocks is stronger than that of low-risk stocks on the high-risk stocks.

Keywords: stock characteristics, herding formation, investment decision, US equity market, lead-lag relationship

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Authors: D. L. David, J. A. Wahedi, Q. T. Zaku

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A study was conducted at River Mayo Ranewo and River Lau, Taraba State Nigeria. The two rivers empty into the Upper Benue Basin. A visual encounter survey was conducted within the two wetlands from June to August, 2014. The fish record was based entirely on landings of fishermen, number of canoes that land fish was counted, types of nets and baits used on each sampling day. Fish were sorted into taxonomic groups, identified to family/species level, counted and weighed in groups. The relative species abundance was determined by dividing the number of species from a site by the total number of species from all tributaries/sites. Fish was preserved in 2% formaldehyde solution and taken to the laboratory, where they were identified. Shannon-Weiner index of species diversity indicated that the diversity was highest at River Mayo Ranewo than River Lau. In the result showed at River Mayo Ranewo, the family Mochokidae recorded the highest (23.15%), followed by Mormyridae (2.64%) and the least was the family Lepidosirenidae (0.04%). While at River Lau the family Mochokidae recorded the highest occurrence of (24.1%), followed by Bagridae (20.20%), and then Mormyridae, which also was the second highest in River Lau, with 18.46% occurrence. There was no occurrence of Malapteruridae and Osteoglossidae (0%) in River Lau, but the least occurrence was the family Gymnarchidae (0.04%). These results indicated that the fish composition were not significantly (p ≤ 0.05) different based on t-test.

Keywords: conservation, diversity index, Lau, Mayo Ranewo, wetlands

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Authors: Shewit Kidane, Abebe Getahun, Wassie Anteneh, Admassu Demeke, Peter Goethals

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We have reviewed major findings of scientific studies on Lake Tana fish resources and their threats. The aim was to provide summarized information for all concerned bodies and international readers to get full and comprehensive picture about the lake’s fish resource and conservation problems. The Lake Tana watershed comprise 28 fish species, of which 21 are endemic. Moreover, Lake Tana is the one among the top 250 lake regions of global importance for biodiversity and it is world recognized migratory birds wintering site. Lake Tana together with its adjacent wetlands provide directly and indirectly a livelihood for more than 500,000 people. However, owing to anthropogenic activities, the lake ecosystem as well as fish and attributes of the fisheries sector are severely degraded. Fish species in Lake Tana are suffering due to illegal fishing, damming, habitat/breeding ground degradation, wastewater disposal, introduction of exotic species, and lack of implementing fisheries regulations. Currently, more than 98% of fishers in Lake Tana are using the most destructive monofilament. Indeed, dams, irrigation schemes and hydropower are constructed in response to the emerging development need only. Mitigation techniques such as construction of fish ladders for the migratory fishes are the most forgotten. In addition, water resource developers are likely unaware of both the importance of the fisheries and the impact of dam construction on fish. As a result, the biodiversity issue is often missed. Besides, Lake Tana wetlands, which play vital role to sustain biodiversity, are not wisely utilised in the sense of the Ramsar Convention’s definition. Wetlands are considered as unhealthy and hence wetland conversion for the purpose of recession agriculture is still seen as advanced mode of development. As a result, many wetlands in the lake watershed are shrinking drastically over time and Cyprus papyrus, one of the characteristic features of Lake Tana, has dramatically declined in its distribution with some local extinction. Furthermore, the recently introduced water hyacinth (Eichhornia crassipes) is creating immense problems on the lake ecosystem. Moreover, currently, 1.56 million tons of sediment have deposited into the lake each year and wastes from the industries and residents are directly discharged into the lake without treatment. Recently, sign of eutrophication is revealed in Lake Tana and most coarsely, the incidence of cyanobacteria genus Microcystis was reported from the Bahir Dar Gulf of Lake Tana. Thus, the direct dependency of the communities on the lake water for drinking as well as to wash their body and clothes and its fisheries make the problem worst. Indeed, since it is home to many endemic migratory fish, such kind of unregulated developmental activities could be detrimental to their stocks. This can be best illustrated by the drastic stock reduction (>75% in biomass) of the world unique Labeobarbus species. So, unless proper management is put in place, the anthropogenic impacts can jeopardize the aquatic ecosystems. Therefore, in order to sustainably use the aquatic resources and fulfil the needs of the local people, every developmental activity and resource utilization should be carried out adhering to the available policies.

Keywords: anthropogenic impacts, dams, endemic fish, wetland degradation

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Authors: Mahmut Ali Gökçe, Oguz Tasbozan, Celal Erbas, Zafer Akpinar, S. Surhan Tabakoglu, Mehmet Celik, Bilge Kaan Tekelioglu

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This study was conducted to investigate proximate compositions and fatty acid profiles of marketable size striped sea bream of obtained from fish cages of aquaculture companies and fishermen. Ten fish samples were used for both groups. The average total weight of farmed and wild samples was 252,75 ± 36,78 g and 193,0 ± 32 g respectively. While the protein level of farmed samples was (23,49±0,15) higher than that of wild fish (21,80±0,18), lipid level was less (1,55±0,08) in farmed group than wild fish samples (2,52±0,07). Amount of Σ SFA was significantly higher in wild group (44,09±0,9) than the farmed (32,79±1,13) group. Total MUFA were 36,38±29,91 in wild and 29,91±1,52 in farmed fish. However, Σ PUFA (27,89±1,53) and EPA+DHA values (15,73±1,63) of farmed samples were significantly higher than the wild (14,06 ±3,67 and 9,7±0,86) counterparts. Σώ3/ώ6 rate was better in farmed group with 2,54±0,84 in comparison with (1,59±0,06) the other group. As a result, it can be speculated that the farmed striped sea bream can be preferred by the consumers. Acknowledgement: This work was supported by the Scientific Research Project Unit of the University of Cukurova, Turkey under grant no FBA-2016-5073.

Keywords: striped sea bream, Litognathus mormyrus, proximate composition, fatty acid profile

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Authors: Van Chung Nguyen

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The purpose of this study is to study the current status of the value chain for fish distribution at Quang Binh Fishing Port with 360 research samples in which the research subjects are fishermen, traders, retailers, and businesses. The research uses the approach of applying the value chain theoretical framework of Kaplinsky and Morris to quantify and describe market channels and actors participating in the value chain and analyze the value-added process of these companies according to market channels. The analysis results show that fishermen directly catch fish with high economic efficiency, but processing enterprises and, especially retailers, are the agents to obtain higher added value. Processing enterprises play a role that is not really clear due to outdated processing technology; in contrast, retailers have the highest added value. This shows that the added value of the fish supply chain at Quang Binh fishing port is still limited, leading to low output quality. Therefore, the selling price of fish to the market is still high compared to the abundant fish resources, leading to low consumption and limiting exports due to the quality of processing enterprises. This reduces demand and fishing capacity, and productivity is lower than potential. To improve the fish value chain at fishing ports, it is necessary to focus on improving product quality, strengthening linkages between actors, building brands and product consumption markets at the same time, improving the capacity of export processing enterprises.

Keywords: Quang Binh fishing port, value chain, market, distributions channel

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Authors: Sofia Stoica

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In this paper, we use historical data to predict the stock price of a tech company. To this end, we use a dataset consisting of the stock prices in the past five years of ten major tech companies – Adobe, Amazon, Apple, Facebook, Google, Microsoft, Netflix, Oracle, Salesforce, and Tesla. We experimented with a variety of models– a linear regressor model, K nearest Neighbors (KNN), a sequential neural network – and algorithms - Multiplicative Weight Update, and AdaBoost. We found that the sequential neural network performed the best, with a testing error of 0.18%. Interestingly, the linear model performed the second best with a testing error of 0.73%. These results show that using historical data is enough to obtain high accuracies, and a simple algorithm like linear regression has a performance similar to more sophisticated models while taking less time and resources to implement.

Keywords: finance, machine learning, opening price, stock market

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Authors: Miriam Sosa, Edgar Ortiz, Alejandra Cabello

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This paper examines the volatility changes and leverage effects of the MILA stock markets and their changes since the 2007 global financial crisis. This group integrates the stock markets from Chile, Colombia, Mexico and Peru. Volatility changes and leverage effects are tested with a symmetric GARCH (1,1) and asymmetric TARCH (1,1) models with a dummy variable in the variance equation. Daily closing prices of the stock indexes of Chile (IPSA), Colombia (COLCAP), Mexico (IPC) and Peru (IGBVL) are examined for the period 2003:01 to 2015:02. The evidence confirms the presence of an overall increase in asymmetric market volatility in the Peruvian share market since the 2007 crisis.

Keywords: financial crisis, Latin American Integrated Market, TARCH, GARCH

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Authors: Vasile Caunii, Andreea D. Serban, Mihaela Ivancia

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The paper presents a new approach in terms of the circular economy of technologies for feeding and aeration of accumulations and water basins for fish farming and aquaculture. Because fish is and will be one of the main foods on the planet, the use of bio-eco-technologies is a priority for all producers. The technologies proposed in the paper want to reduce by a substantial percentage the costs of operation of ponds and water accumulation, using non-polluting technologies with minimal impact on the environment. The paper proposes two innovative, intelligent systems, fully automated that use a common platform, completely eco-friendly. One system is intended to aerate the water of the fish pond, and the second is intended to feed the fish by dispersing an optimal amount of fodder, depending on population size, age and habits. Both systems use a floating platform, regenerative energy sources, are equipped with intelligent and innovative systems, and in addition to fully automated operation, significantly reduce the costs of aerating water accumulations (natural or artificial) and feeding fish. The intelligent system used for feeding, in addition, to reduce operating costs, optimizes the amount of food, thus preventing water pollution and the development of bacteria, microorganisms. The advantages of the systems are: increasing the yield of fish production, these are green installations, with zero pollutant emissions, can be arranged anywhere on the water surface, depending on the user's needs, can operate autonomously or remotely controlled, if there is a component failure, the system provides the operator with accurate data on the issue, significantly reducing maintenance costs, transmit data about the water physical and chemical parameters.

Keywords: bio-eco-technologies, economy, environment, fish

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Authors: Adiaha A. A. Ugwumba, Femi V. Oluwale

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Sizes at maturity (Lₘ₅₀), fecundity, sex ratio, and gonadosomatic indices (GSI) of the reticulate knife fish, Papyrocranus afer, collected from Lekki Lagoon, were investigated. A Total of 1154 specimens with standard lengths of 5.2-75.9 cm (mean = 34.86±17.2cm) and body weight of 7.9-1, 958.8g (mean = 249.12±28.56g) were collected by means of artisanal passive and active gears (traps, long lines, and nets) and examined. Sexes of fish specimens were determined macroscopically and microscopically after dissection. The length at which 50% of the fish population reached sexual maturity (Lₘ₅₀) was considered as length at sexual maturity. Fecundity was determined by total counts of eggs; sex ratio by the proportion of males to females, while GSI was determined as gonad weight expressed as a percentage of total body weight. Results showed that the most frequently caught fish was 34.5cm long, while the sizes at maturity were 49.1cm (males) and 53.4cm (females). Matured specimens had characteristic urinogenital papillae prominent in males but vestigial in females. Sex ratio (1: 0.6; Male: female) was significantly different (X² (1) = 32.21, p < 0.0001). Fecundity was low (mean 49 ± 17 eggs for a fish of 52.86 ±7.53cm); it increased with fish size (r = 0.71). Higher GSI during the rainy season with a peak in July (female: 0.44 ± 0.14 %; male: 0.22 ± 0.01 %) indicated seasonal/annual spawning. Low fecundity and annual spawning underlined the need for sustainable management of this species in Lekki Lagoon.

Keywords: breeding season, fecundity, gonad maturity, Lekki lagoon, Papyrocranus afer, sex ratio

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Authors: Anjum-Zubair, Muhammad, Muhammad Shoaib Alam, Muhammad Samee Mubarik, Iftikhar Ahmad

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The aim of present research was to evaluate the effect of dietary protein (soybean) formulated feed on the growth performance of carp fish seed (Rohu, Mori, Grass, and Gulfam) in ponds under polyculture system. Keeping in view the protein requirements of these four carps, they were fed with formulated feed contains 30% of crude protein. The fingerlings were fed once on daily basis at 5% of their wet body weight. A 90 days experiment was conducted in two cemented ponds situated at Fish Seed Hatchery and Research Centre, Rawal Town, Islamabad, Pakistan. Pond1 contain major carps i.e. Rohu and Mori while pond 2 was stocked with Chinese carps i.e. Grass carp and Gulfam. Random sampling of five individuals of each species was done fortnightly to measure the body weight and total body length. Maximum growth was observed in fingerling of Grass carp followed by Mori, Rohu and Gulfam. Total fish production was recorded as Grass 623.45 gm followed by Mori 260.3 gm, Rohu 243.08 gm and Gulfam 181.165 gm respectively. Significantly results were obtained among these four fish species when the corresponding data was subjected to statistical analysis by using two sample t-test. The survival rate was 100%. Study shows that soybean as plant based protein can be easily used as substitute to fish meal without any adverse effect on fish health and fish production.

Keywords: carps, fry growth, poly culture, soybean meal

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Authors: Lydia Booney Jyrwa, Rabindra Nath Bhuyan

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Chocolate Mahseer (Neolissochilus hexagonolepis) is one of the Mahseer species inhabiting the North-eastern region of India and is a native species to the state of Meghalaya since it can adapt and grow well under the agro climatic conditions of the region. The natural population of this fish has been declining over the years from this part of the country. The natural population of this fish has been declining over the years from this part of the country. The fish is considered as one of the endangered species of the Mahseer group, which is having tremendous scope for culture, sports and tourism. But non-availability of quality seed is a hindrance for the culture of this fish. Thus induced breeding of the fish by hormonal administration with pituitary gland and synthetic hormones is the only reliable method to procure the pure seed of the fish. Chocolate Mahseer was successfully bred at the Hatchery Complex, St. Anthony’s College, Shillong, Meghalaya by using pituitary extract and synthetic hormone viz. ovaprim, ovatide and gonopro-FH. The dose standardized is @ 4mg/kg body weight to both male and female as 1st dose and @ 7.9 mg/kg body weight only to female as 2nd dose for pituitary extract and single dose @ 0.8 ml/kg body weight to female and @ 0.3 ml/kg body weight to male of both ovaprim and ovatide, while a single dose @ 0.9 ml/kg body weight to female and @ 0.3 ml/kg body weight to male of gonopro-FH. The doses are standardized after a series of trial and error experiment performed. The fecundity of the fish was 3500 eggs/ kg body weight. The final hatching percentage achieved was 60%. The survival rate of hatchling was 50% up to fry stage. The use of synthetic hormone and positive response of the fish to the hormone will go in long way for production of quality seed of the fish which in turn help in culture of the species as the fish can be a very good candidate species for the culture in the state. This study will also help in the ranching of the fish in the natural habitat leading to conservation of the species. However, the study should be continued further for the large scale production of seeds.

Keywords: chocolate mahseer, induced breeding, pituitary extract, synthetic hormone

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Authors: Mo-Se Lee, Cheol-Hwi Ahn, Kee-Young Kwahk, Hyunchul Ahn

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Over the past decade, deep learning has been in spotlight among various machine learning algorithms. In particular, CNN (Convolutional Neural Network), which is known as effective solution for recognizing and classifying images, has been popularly applied to classification and prediction problems in various fields. In this study, we try to apply CNN to stock market prediction, one of the most challenging tasks in the machine learning research. In specific, we propose to apply CNN as the binary classifier that predicts stock market direction (up or down) by using a graph as its input. That is, our proposal is to build a machine learning algorithm that mimics a person who looks at the graph and predicts whether the trend will go up or down. Our proposed model consists of four steps. In the first step, it divides the dataset into 5 days, 10 days, 15 days, and 20 days. And then, it creates graphs for each interval in step 2. In the next step, CNN classifiers are trained using the graphs generated in the previous step. In step 4, it optimizes the hyper parameters of the trained model by using the validation dataset. To validate our model, we will apply it to the prediction of KOSPI200 for 1,986 days in eight years (from 2009 to 2016). The experimental dataset will include 14 technical indicators such as CCI, Momentum, ROC and daily closing price of KOSPI200 of Korean stock market.

Keywords: convolutional neural network, deep learning, Korean stock market, stock market prediction

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Authors: Qiang Bu

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This paper compares the explanatory power of sentiment level and sentiment shock. The preliminary test results show that sentiment shock plays a more significant role in explaining stocks returns, including the raw return and abnormal return. We also find that sentiment shock beta has a higher statistical significance than sentiment beta. These finding sheds new light on the relationship between investor sentiment and stock returns.

Keywords: sentiment level, sentiment shock, explanatory power, abnormal stock return, beta

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Authors: Syed Jawad Hussain Shahzad, Muhammad Zakaria, Mobeen Ur Rehman, Saniya Khaild

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This study examines the co-movement between the Pakistan, Indian, S&P 500 and Nikkei 225 stock markets using weekly data from 1998 to 2013. The time-frequency relationship between the selected stock markets is conducted by using measures of continuous wavelet power spectrum, cross-wavelet transform and cross (squared) wavelet coherency. The empirical evidence suggests strong dependence between Pakistan and Indian stock markets. The co-movement of Pakistani index with U.S and Japanese, the developed markets, varies over time and frequency where the long-run relationship is dominant. The results of cross wavelet and wavelet coherence analysis indicate moderate covariance and correlation between stock indexes and the markets are in phase (i.e. cyclical in nature) over varying durations. Pakistan stock market was lagging during the entire period in relation to Indian stock market, corresponding to the 8~32 and then 64~256 weeks scale. Similar findings are evident for S&P 500 and Nikkei 225 indexes, however, the relationship occurs during the later period of study. All three wavelet indicators suggest strong evidence of higher co-movement during 2008-09 global financial crises. The empirical analysis reveals a strong evidence that the portfolio diversification benefits vary across frequencies and time. This analysis is unique and have several practical implications for regional and international investors while assigning the optimal weightage of different assets in portfolio formulation.

Keywords: co-movement, Pakistan stock exchange, S&P 500, Nikkei 225, wavelet analysis

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Authors: Zain Ul Abideen

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The study examines the potentially dark and bright parts of behavioral biases in investors’ investment decisions in the Pakistani equity market. These biases, directly and indirectly, play a comprehensive role in controlling and deciding the investor’s investment decisions. Stock market anomalies are used as a mediator, while financial literacy is used as a moderator to check the mentioned relationship. The sample consisted of investors who have trading experience of more than two years in the stock market. The result indicates that calendar anomalies do not mediate between overconfidence bias and investment decisions. However, the study investigates the mediating role of fundamental and technical anomalies between overconfidence bias and investment decisions. Furthermore, calendar anomalies play a significant role between the disposition effect and investment decisions. Calendar anomalies also mediate between herding bias and investment decisions. Financial literacy significantly moderates between behavioral biases and stock market anomalies. This research would be beneficial for individual and professional investors in their investment decisions. They should be financially literate, consequently less biased and have no market anomalies. Investors in emerging and developed economies can make optimal decisions in their respective stock markets.

Keywords: behavioral biases, financial literacy, stock market anomalies, investment decision

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Authors: Rosyidah, Permata Wulandari

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We investigate the price effect of addition and deletions from the Indonesia Sharia Stock Index (ISSI) and Jakarta Islamic Index (JII). Using event study methodology, we measure abnormal returns for firms over the period June 2019 - to December 2021. Through the sample of 107 additions and 95 deletions, we find evidence to support the theory of Muslim country investment behavior. We find that additions to the Islamic index led to a significant positive stock market reaction and deletions to the Islamic index led to a negative stock market reaction on Jakarta Islamic Index (JII) and there is no significant reaction of addition and deletion on Indonesia Sharia Stock Index (ISSI).

Keywords: abnormal return, abnormal volume, event study, index changes, sharia index

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Authors: Zahra Khoshnood, Reza Khoshnood

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The aim of present study was to monitor the presence of Trichodina sp. in Rainbow trout, Oncorhynchus mykiss collected from various fish farms in the western provinces of Iran during January, 2013- January, 2014. Out of 675 sampled fish 335, (49.16%) were infested with Trichodina. The highest prevalence was observed in the spring and winter followed by autumn and summer. In general, the intensity of infection was low except in cases where outbreaks of Trichodiniasis endangered the survival of fish in some ponds. In light infestation Trichodina is usually present on gills, fins and skin of apparently healthy fish. Clinical signs of Trichodiniasis only appear on fish with heavy infections and cases of moderate ones that are usually exposed to one or more stress factors including, rough handling during transportation from ponds, overcrowdness, malnutrition, high of free ammonia and low of oxygen concentration. Clinical signs of Trichodiniasis in sampled fish were sluggish movement, loss of appetite, black coloration, necrosis and ulcer on different parts of the body, detached scales and excessive accumulation of mucous in gill pouches. The most obvious histopathological changes in diseased fish were sloughing of the epidermal layer, aggregation of leucocytes and melanine-carrying cells (between the dermis and hypodermis) and proliferative changes including hyperplasia and hypertrophy of the epithelial lining cells of gill filaments which resulted in fusion of secondary lamellae. Control of Trichodiniasis, has been achieved by formalin bath treatment at a concentration of 250 ppm for one hour.

Keywords: gill, histopathology, rainbow trout, Trichodina

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Authors: Mohammad Azam

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The purpose of this study is to investigate risk and real excess portfolio returns using inflation adjusted risk-free rates, a measuring technique that focuses on the momentum augmented Fama-French six-factor model and use monthly data from 1994 to 2022. With the exception of profitability, the data show that market, size, value, momentum, and investment factors are all strongly associated to excess portfolio stock returns using ordinary lease square regression technique. According to the Gibbons, Ross, and Shanken test, the momentum augmented Fama-French six-factor model outperforms the market. This technique discovery may be utilised by academics and professionals to acquire an in-depth knowledge of the Pakistan Stock Exchange across a broad stock pattern for investing decisions and portfolio construction.

Keywords: real excess portfolio returns, momentum augmented fama & french five-factor model, GRS-test, pakistan stock exchange

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Authors: Namsoo Kim, So-Hee Son, Jin-Soo Maeng, Yong-Jin Cho, Chong-Tai Kim

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It has been reported that some enzymes such as trypsin and Alcalase 2.4L are tolerant to a medium high pressure of 300 MPa and preparation of protein hydrolyzates under 300 MPa was advantageous with regard to hydrolysis rate and thus production yield compared with the counterpart under ambient pressure.1,2) In this study, nine fish comprising halibut, soft shell clam and carp were hydrolyzed using Flavourzyme 500MG only, and the combination of Flavourzyme 500 mg, Alcalase 2.4 L, Marugoto E, and Protamex under 300 MPa. Then, the effects of single and multiple protease treatments were determined with respect to contents of soluble solid (SS) and soluble nitrogen, sensory attributes, electrophoretic profiles, and HPLC peak patterns of the fish hydrolyzates (FHs) from various species. The contents of SS of the FHs were quite species-specific and the hydrolyzates of halibut showed the highest SS contents. At this point, multiple protease treatment increased SS content conspicuously in all fish tested. The contents of total soluble nitrogen and TCA-soluble nitrogen were well correlated with those of SS irrespective of fish species and methods of enzyme treatment. Also, it was noticed that multiple protease treatment improved sensory attributes of the FHs considerably. Electropherograms of the FHs showed fast migrating peptide bands that had the molecular masses mostly lower than 1 kDa and this was confirmed by peptide patterns from HPLC analysis for some FHs that had good sensory quality.

Keywords: production, fish hydrolyzates, protease treatments, high pressure

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

Abstract:

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: Niki Hayatgheib, SéGolèNe Calvez, Catherine Fournel, Lionel Pineau, Herve Pouliquen, Emmanuelle Moreau

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Furunculosis caused by infection with Aeromonas salmonicida subsp. salmonicida has been a known disease found principally in salmonid aquaculture. Vaccination has been partly successful in preventing this disease, but outbreaks still occur. The application of functional feed additive found to be a promising yield to improve fish health against diseases. In this study, we tested the efficacy of prebiotics and plant essential oils-enriched diet on immune response and disease resistance in vaccinated and non-vaccinated rainbow trout (Oncorhynchus mykiss) against furunculosis. A total of 600 fish were fed with the basal diet or supplement. On 4th week of feeding, fish were vaccinated with an autovaccine. Following 8 weeks, fish were challenged with Aeromonas salmonicida subsp. salmonicida and mortalities were recorded for 3 weeks. Lysozyme activity and antibody titer in serum were measured in different groups. The results of this study showed that lysozyme and circulatory antibody titer in plasma elevated significantly in vaccinated fish fed with additive. The best growth rate and relative percentage survival (62%) were in fish fed with a supplement, while 15% in control fish. Overall, prebiotics and essential oils association can be considered as a potential component for enhancing vaccine efficacy against furunculosis by increasing the growth performance, immune responses and disease resistance in rainbow trout.

Keywords: aeromonas salmonicida subsp. salmonicida, aquaculture, disease resistance, fish, immune response, prebiotics-essential oils feed additive, rainbow trout, vaccination

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Authors: Jelka Pleadin, Greta Krešić, Tina Lešić, Ana Vulić, Renata Barić, Tanja Bogdanović, Dražen Oraić, Ana Legac, Snježana Zrnčić

Abstract:

Fish has been acknowledged as an integral component of a well-balanced diet, providing a healthy source of energy, high-quality proteins, vitamins, essential minerals and, especially, n-3 long-chain polyunsaturated fatty acids (n-3 LC PUFA), mainly eicosapentaenoic acid (20:5 n-3 EPA), and docosahexaenoicacid, (22:6 n-3 DHA), whose pleiotropic effects in terms of health promotion and disease prevention have been increasingly recognised. In this study, the fatty acids composition of three commercially important farmed fish species: sea bream (Sparus aurata), sea bass (Dicentrarchus labrax) and dentex (Dentex dentex) was investigated. In total, 60 fish samples were retrieved during 2015 (n = 30) and 2016 (n = 30) from different locations in the Adriatic Sea. Methyl esters of fatty acids were analysed using gas chromatography (GC) with flame ionization detection (FID). The results show that the most represented fatty acid in all three analysed species is oleic acid (C18:1n-9, OA), followed by linoleic acid (C18:2n-6, LA) and palmitic acid (C16:0, PA). Dentex was shown to have two to four times higher eicosapentaenoic (EPA) and docosahexaenoic (DHA) acid content as compared to sea bream and sea bass. The recommended n-6/n-3 ratio was determined in all fish species but obtained results pointed to statistically significant differences (p < 0.05) in fatty acid composition among the analysed fish species and their potential as a dietary source of valuable fatty acids. Sea bass and sea bream had a significantly higher proportion of n-6 fatty acids, while dentex had a significantly higher proportion of n-3 (C18:4n-3, C20:4n-3, EPA, DHA) fatty acids. A higher hypocholesterolaemic and hypercholesterolaemic fatty acids (HH) ratio was determined for sea bass and sea bream, which comes as the consequence of a lower share of SFA determined in these two species in comparison to dentex. Since the analysed fish species vary in their fatty acids composition consumption of diverse fish species would be advisable. Based on the established lipid quality indicators, dentex, a fish species underutilised by the aquaculture, seems to be a highly recommendable and important source of fatty acids recommended to be included into the human diet.

Keywords: dentex, fatty acids, farmed fish, sea bass, sea bream

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Authors: Saleem Abuleil, Khalid S. Alsamara

Abstract:

Events represent a significant source of information on the web; they deliver information about events that occurred around the world in all kind of subjects and areas. These events can be collected and organized to provide valuable and useful information for decision makers, researchers, as well as any person seeking knowledge. In this paper, we discuss an ongoing research to target stock markets domain to observe and record changes (events) when they happen, collect them, understand the meaning of each one of them, and organize the information along with meaning in a well-structured format. By using Semantic Role Labeling (SRL) technique, we identified four factors for each event in this paper: verb of action and three roles associated with it, entity name, attribute, and attribute value. We have generated a set of rules and techniques to support our approach to analyze and understand the meaning of the events taking place in stock markets.

Keywords: natuaral language processing, Arabic language, event extraction and understanding, sematic role labeling, stock market

Procedia PDF Downloads 364

Authors: Sirwe Ghaderpour, Nasrollah Ahmadifard, Naser Agh, Zakaria Vahabzadeh

Abstract:

Rotifers are used in many hatcheries for feeding the earliest stages of fish larvae and crustaceans due to their small size, slow movements, fast reproduction, and easy cultivation. One of the disadvantages of using rotifers as live prey is their lower content of some nutrients compared to copepods, so it is necessary to increase the amounts of these nutrients by means of enrichment. Minerals are a group of micro-elements, essential to fish, that is lacking in the rotifers, for example, selenium (30 fold) and zinc (5 fold) are present in lower quantities than the minimum amounts found in copepods. In this study, the condensed Isochrysis aff. galbana (T-ISO) and Nannochloropsis oculata were suspended at concentration of 18 × 109 cell mL⁻¹ of water with 20 ppt of salinity. Four different levels (0, 1000, 2000, and 4000 mg L⁻¹) of each Na₂SeO₃ and ZnSO₄.7H₂O separately were prepared, and 1 mL of each stock was poured to the algae enrichment vessels for 1 h simultaneously. After that, the material was centrifuged (at 4000 rpm for 5 min), and the precipitated enriched algae was used for rotifer feeding. The contents of Se, Zn, Cu, and Mn were determined in enriched microalgae and rotifer by Atomic absorption. The highest content of both minerals was observed in 0.4 Zn + 0.4 Se treatment and also rotifer enriched with these enriched microalgae. The enrichment of microalgae with Zn and Se does not affect the content of Cu in the microalgae. Also, the content of Cu in rotifer fed with the enriched microalgae showed the highest Cu content in the treatments than the control. But, the enrichment with both minerals had a negative effect on the content Mn in enriched mixed microalgae except 0.4 Zn + 0.4 Se. The Mn content in enriched rotifer decreased in the treatments than the control except for 0.1 Zn + 0.1 Se. There was no significant effect on rotifer growth in combined enrichment with both minerals (p < 0.05). Overall, rotifers enrichment with Se and Zn mixed microalgae resulted in increasing Se, Zn, and Cu. This will allow Se and Zn microalgae enriched rotifers to be used as the minerals delivery method for fish larvae nutritional requirements.

Keywords: enrichment, larvae, microalgae, mineral, rotifer

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Authors: Fumiko Kojima, Shuji Fujimoto

Abstract:

Anisakiasis is a disease caused by infection with an anisakid larvae, mostly Anisakis simplex. The larvae commonly infect in marine fish and the disease is frequently reported in areas of the world where fish is consumed raw, lightly pickled or salted. In Japan, people have the habit of eating raw fish such as ‘sushi’ or ‘sashimi’, so they have more chance of infection with larvae of anisakid nematodes. There are three sibling species in A. simplex larvae, namely, A. simplex sensu stricto (Asss), A. pegreffii (Ap) and A. simplex C. It was revealed that Ap is dominant among the larvae from fish (Scomber japonics) in the Japan Sea side and Asss is dominant among those of the Pacific Ocean side conversely. Although anisakiasis has happened in Japan among both the Japan Sea side area and the Pacific Ocean side area. The aim of this study was to investigate genetic variations between the siblings (Asss and Ap) and within the same sibling species by random amplified polymorphic DNA (RAPD) technique. In order to investigate the genetic difference among the each A. simplex larvae, we used RAPD technique to differentiate individuals of A. simplex obtained from Scomber japonics fish those were caught in the Japan sea (Goto Islands in Nagasaki Prefecture) and the cost of Pacific Ocean (Kanagawa Prefecture). The RAPD patterns of the control DNA (Genus Raphidascaris) were markedly different from those of the A. simplex. There were differences in amplification patterns between Asss and Ap. The RAPD patterns for larvae obtained from fish of the same sea were somewhat different and variations were detected even among larvae from the same fish. These results suggest the considerable high genetic variability between Asss and Ap and the possible existence of genetic variation within the sibling species.

Keywords: Anisakiasis in Japan, Anisakis simplex, genomic identification, PCR-RAPD

Procedia PDF Downloads 155