Search results for: free market foundation perspective

Authors: Ahmed S. Abdulrasool

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Recently sand wall started to gain more attention as the sand is easy to compact by using vibroflotation technique. An advantage of sand wall is the availability of different additives that can be mixed with sand to increase the stiffness of the sand wall and hence to increase its performance. In this paper, the bearing capacity of circular foundation surrounded by sand wall stabilized with lime is evaluated through laboratory testing. The studied parameters include different sand-lime walls depth (H/D) ratio (wall depth to foundation diameter) ranged between (0.0-3.0). Effect of lime percentages on the bearing capacity of skirted foundation models is investigated too. From the results, significant change is occurred in the behavior of shallow foundations due to confinement of the soil. It has been found that (H/D) ratio of 2 gives substantial improvement in bearing capacity, and beyond (H/D) ratio of 2, there is no significant improvement in bearing capacity. The results show that the optimum lime content is 11%, and the maximum increase in bearing capacity reaches approximately 52% at (H/D) ratio of 2.

Keywords: bearing capacity, circular foundation, clay soil, lime-sand wall

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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: Akif Kutlu, Merve Ermis, Nihal Eratlı, Mehmet H. Omurtag

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The objective of this study is to investigate the forced vibration analysis of a planar curved beam lying on elastic foundation by using the mixed finite element method. The finite element formulation is based on the Timoshenko beam theory. In order to solve the problems in frequency domain, the element matrices of two nodded curvilinear elements are transformed into Laplace space. The results are transformed back to the time domain by the well-known numerical Modified Durbin’s transformation algorithm. First, the presented finite element formulation is verified through the forced vibration analysis of a planar curved Timoshenko beam resting on Winkler foundation and the finite element results are compared with the results available in the literature. Then, the forced vibration analysis of a planar curved beam resting on Winkler-Pasternak foundation is conducted.

Keywords: curved beam, dynamic analysis, elastic foundation, finite element method

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Authors: Galuh Pramesti

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In Indonesia, the rise of the middle class and consumer purchasing power has created a trend of shifting the traditional into a modern retail market. Development of the creative economy as an impact of the global economy has invaded the traditional market, due to low rents and minimum innovation, raising the issue of sustainability and urban resilience for survival of the traditional market. The study aims to understand the current market conditions by examining the challenges, resiliency, and identify the relationship between the traditional market and creative market. Using a single-case study approach as the research methodology, Santa Market has been chosen as the case study. It is a pilot project of collaboration between a traditional market and creative economy in Jakarta, Indonesia. The research was conducted as a qualitative study through in-depth interviews with the market vendors and the market management, besides a desk-based study of the leasing data and spatial analysis. The findings indicate traffic fluctuation as the main challenge. It is related to the tenant’s presence, rental fluctuation, gentrification, infrastructure, and market competition. Thus, the findings on resilience show a different response for creative and traditional markets. The traditional market’s response remained stable with minimum innovation, whereas the creative market relies on technological development. Regarding the relationship, supply and demand have become the main relationship occurring in Santa Market. It is then developed into the context of society and regulation. The conclusion provides recommendations for more solid regulation to protect the market tenants from stakeholder interests that can disrupt market viability, and a critical discussion on the concept of collaboration between traditional and creative markets. There is also a suggestion for further study on relation with the surroundings, to create a holistic study on how the collaboration can work well in the traditional market.

Keywords: creative economy, market sustainability, traditional market, urban resilience

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Authors: M. Meftahi, M. Hoseinzadeh, S. A. Naeini

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Selection of soil bearing capacity is an important issue that should be investigated under different conditions. The bearing capacity of foundation around of soil slope is based on the active and passive forces. On the other hand, due to extension of urban structures, it is inevitable to put the foundations together. Concerning the two cases mentioned above, investigating the behavior of adjacent foundations which are constructed besides soil slope is essential. It should be noted that, according to the conditions, the bearing capacity of adjacent foundations can be less or more than mat foundations. Also, soil reinforcement increases the bearing capacity of adjacent foundations, and the amount of its increase depends on the distance between foundations. In this research, based on numerical studies, a method is presented for evaluating ultimate bearing capacity of adjacent foundations at different intervals. In the present study, the effect of foundation width, the center to center distance of adjacent foundations and reinforced soil has been investigated on the bearing capacity of adjacent foundations beside soil slope. The results indicate that, due to interference of failure surfaces created under foundation, it depends on their intervals and the ultimate bearing capacity of foundation varies.

Keywords: adjacent foundation, bearing capacity, reinforcements, settlement, numerical analysis

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Authors: Susmita Ghosh, Bhaskar Bhowmick

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Market is an important factor for start-ups to look into during decision-making in product development and related areas. Emerging country markets are more uncertain in terms of information availability and institutional supports. The literature review of market uncertainty reveals the need for identifying factors representing the market uncertainty. This paper identifies factors for market uncertainty using Exploratory Factor Analysis (EFA) and confirms the number of factor retention using an alternative factor retention criterion, ‘Parallel Analysis’. 500 entrepreneurs, engaged in start-ups from all over India participated in the study. This paper concludes with the factor structure of ‘market uncertainty’ having dimensions of uncertainty in industry orientation, uncertainty in customer orientation and uncertainty in marketing orientation.

Keywords: uncertainty, market, orientation, competitor, demand

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Authors: Kajori Banerjee, Laxmi Kant Dwivedi

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“Health transition” is defined to be “a process through which high levels of mortality, morbidity and disability are reduced to low levels by influencing cultural, social and behavioural factors”. Life expectancy in India has been on the rise and parallel the burden of disease and disability has also risen noticeably. Borrowing data from Indian Census (2001, 2011), this study identifies the gender-wise burden of disability by calculating disability free life expectancy (DFLE) and life lived with disability (LWD). Sullivan’s method of calculating DFLE using proportion of disabled is used for this purpose. The change in person years lived with disability in the decade 2001-11 is further decomposed using Arriaga’s method into mortality and disability effects (ME and DE) to check the magnitude and direction of contribution of mortality and disability. Nationally, along with DFLE, LWD has amplified too. Despite having the highest life expectancy and DFLE, LWD in Kerala, was highest for both sexes in 2001. But in 2011, the LWD was highest among the males of Orissa and females of Rajasthan. For the overall population, DE is positive for the prime working age groups of 20-40years indicating that there has been an increase in the disability proportion holding mortality constant for 2001-2011. Females exhibit higher positive DE implying greater loss of healthy years due to disability than males. The findings call for an immediate attention to the causes of rising disability burden among the working population, especially females, as this might heavily effect the availability of quality labour force and its relative economic output in the Indian labour market. This also hints at the degrading quality of the elongated life and needs to be given the required attention to enhance the quality of life lead in the Nation.

Keywords: disability-free life expectancy, disability effect, life expectancy, mortality effect

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Authors: Peter Shi

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Algorithmic trading is a rapidly expanding domain within quantitative finance, constituting a substantial portion of trading volumes in the US financial market. The demand for rigorous and robust mathematical theories underpinning these trading algorithms is ever-growing. In this study, the author establishes a new stock market model that integrates the Efficient Market Hypothesis and the statistical arbitrage. The model, for the first time, finds probabilistic relations between the rational price and the market price in terms of the conditional expectation. The theory consequently leads to a mathematical justification of the old market adage: buy-low and sell-high. The thresholds for “low” and “high” are precisely derived using a max-min operation on Bayes’s error. This explicit connection harmonizes the Efficient Market Hypothesis and Statistical Arbitrage, demonstrating their compatibility in explaining market dynamics. The amalgamation represents a pioneering contribution to quantitative finance. The study culminates in comprehensive numerical tests using historical market data, affirming that the “buy-low” and “sell-high” algorithm derived from this theory significantly outperforms the general market over the long term in four out of six distinct market environments.

Keywords: efficient market hypothesis, behavioral finance, Bayes' decision, algorithmic trading, risk control, stock market

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Authors: Fahim Kahlouche, Alaoua Bouaicha, Sihem Chaîbeddra, Sid-Ali Rafa, Abdelhamid Benouali

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A designing of a structure requires its realization on rough or sloping ground. Besides the problem of the stability of the landslide, the behavior of the foundations that are bearing the structure is influenced by the destabilizing effect of the ground’s slope. This article focuses on the analysis of the slope stability exposed to loading by introducing the different factors influencing the slope’s behavior on the one hand, and on the influence of this slope on the foundation’s behavior on the other hand. This study is about the elastoplastic modelization using FLAC 2D. This software is based on the finite difference method, which is one of the older methods of numeric resolution of differential equations system with initial and boundary conditions. It was developed for the geotechnical simulation calculation. The aim of this simulation is to demonstrate the notable effect of shear modulus « G », cohesion « C », inclination angle (edge) « β », and distance between the foundation and the head of the slope on the stability of the slope as well as the stability of the foundation. In our simulation, the slope is constituted by homogenous ground. The foundation is considered as rigid/hard; therefore, the loading is made by the application of the vertical strengths on the nodes which represent the contact between the foundation and the ground. 

Keywords: slope, shallow foundation, numeric method, FLAC 2D

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Authors: Megha Agarwal

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

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

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Authors: Zakir Hossain

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Nowadays reading e-books on laptops, smartphones, and tablets have become a new leisure activity for Vietnamese youth. Since 2011 the copyrighted e-book market began to develop in Vietnam with the participation of five local enterprises. Over the last five years, thousands of e-books were published including the first online early education book series for children from 0 to 6 years old. Research shows that 61% Vietnamese find reading e-books is comfortable, and 45% feel convenient buying books online. More than half of the Vietnamese consider reading online far better than buying printed books, and surprisingly people over age 30 desire reading online while those under 18 prefer reading printed books. Hence with a market of more than 40 million regular internet users including 22 million smartphone users, Vietnam has ample opportunities to develop the e-book market and contribute a great deal to the diversity of the local reading culture which is essential for Building a Lifelong Learning Society, a state ambition of Vietnam by 2020. However, the e-book market in Vietnam is still in its infancy and is growing far too slowly than e-book producers had expected. All five e-book enterprises are facing numerous challenges. While the big profit that e-book technology can bring has been clearly recognised in other countries, e-books in Vietnam only make up less than 1% share of the book market. The objective of the study is to identify the difficulties and barriers to the development of the e-book market in Vietnam through an extensive literature review available in English. The study revealed that illegal e-books due to copyright infringement and an inconvenient payment system to purchase e-books are the major obstacles. The great potential of e-books in Vietnam is a reality but requires government enforcement of copyright protection laws, a new area of focus for the e-book market. Furthermore, Vietnamese readers should change their habits from using free and illegal e-books to develop the e-publishing industry in Vietnam.

Keywords: copyright, e-book, e-book reading, e-publishing, Vietnam

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Authors: Mahmood Mohammed Abdulsattar Aljumaili

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Praise be to Allah and peace and blessings be upon the Messenger of Allah. Islamic banks have not only made a lot of great achievements in a short period, but they imposed themselves in the global market, not to mention the transformation of some conventional interest-based banks to Islamic banks to the large demand on them, this transformation has pushed the Dow Jones Global Foundation to develop a new economic indicator released it (the Dow Jones Islamic market) for those who wish to invest in Islamic financial institutions. The success of Islamic financial institutions today face significant and serious challenges, that embody the serious consequences created by the current events on Islamic banking industry. This modest study, deals with these serious challenges facing the Islamic banking industry, and reflected on the success recorded in the previous period. The study deals with four main topics: The emergence of Islamic banks, the goals of Islamic banks, International challenges facing Islamic banks, internal challenges facing Islamic banks, and finally it touches on, (Basel 1-2) Agreement and its implications for Islamic banks.

Keywords: Islamic banks, Basel 1-2 agreement, most important contemporary challenges, islamic banking industry, Dow Jones Islamic market

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Authors: Zuk Nechemia Turbovich

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This paper introduces DoD, a contextual spiral model that describes the lifecycle of products intended for manufacturing using Personal 3D Printers (P3DP). The study is based on a review of the desktop P3DPs market that shows that the combination of digital connectivity, coupled with the potential ownership of P3DP by home users, is radically changing the form of the product lifecycle, comparatively to familiar lifecycle paradigms. The paper presents the change in the design process, considering the characterization of product types in the P3DP market and the possibility of having a direct dialogue between end-user and product designers. The model, as an updated paradigm, provides a strategic perspective on product design and tools for success, understanding that design is subject to rapid and continuous improvement and that products are subject to repair, update, and customization. The paper will include a review of real cases.

Keywords: lifecycle, mass-customization, personal 3d-printing, user involvement

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Authors: Marcin Adamczak

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The growth of Chinese film market and its dynamic incomparable to any other historical phenomenon has already made China the second world market and potential future leader in 2-3 years period. The growing power of Chines box-office and its future prospects is then the crucial and potentially disturbing factor for persistence of global Hollywood reality. The paper is based on market statistical data. The main findings of the analysis are defining of essential obstacles for the development of Chinese market and its foreign expansion. However, the new strategies employed by the industry (acquisitions of cinema chains abroad, blockbuster made with the involvement of figures from Hollywood star system, coproduction ties within Pacific basin) could be a successful remedy for current shortcomings. The main factor for development will be wider economical framework and maintenance of growth pace. The future state of Chinese film market will be one of the main factors shaping global film culture and film market in following decades of XXI century.

Keywords: production studies, film market, Chinese film market, distribution

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Authors: Cagri Mollamahmutoglu, Aykut Levent, Ali Mercan

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Micro-beams are one of the most common components of Nano-Electromechanical Systems (NEMS) and Micro Electromechanical Systems (MEMS). For this reason, static bending, buckling, and free vibration analysis of micro-beams have been the subject of many studies. In addition, micro-beams restrained with elastic type foundations have been of particular interest. In the analysis of microstructures, closed-form solutions are proposed when available, but most of the time solutions are based on numerical methods due to the complex nature of the resulting differential equations. Thus, a robust and efficient solution method has great importance. In this study, a mixed finite element formulation is obtained for a functionally graded Timoshenko micro-beam resting on two-parameter elastic foundation. In the formulation modified couple stress theory is utilized for the micro-scale effects. The equation of motion and boundary conditions are derived according to Hamilton’s principle. A functional, derived through a scientific procedure based on Gateaux Differential, is proposed for the bending and buckling analysis which is equivalent to the governing equations and boundary conditions. Most important advantage of the formulation is that the mixed finite element formulation allows usage of C₀ type continuous shape functions. Thus shear-locking is avoided in a built-in manner. Also, element matrices are sparsely populated and can be easily calculated with closed-form integration. In this framework results concerning the effects of micro-scale length parameter, power-law parameter, aspect ratio and coefficients of partially or fully continuous elastic foundation over the static bending, buckling, and free vibration response of FG-micro-beam under various boundary conditions are presented and compared with existing literature. Performance characteristics of the presented formulation were evaluated concerning other numerical methods such as generalized differential quadrature method (GDQM). It is found that with less computational burden similar convergence characteristics were obtained. Moreover, formulation also includes a direct calculation of the micro-scale related contributions to the structural response as well.

Keywords: micro-beam, functionally graded materials, two-paramater elastic foundation, mixed finite element method

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Authors: Nesrine Bouzaher, Okba Necira

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The financial aspect of the Algerian economy is part of all sectors that have undergone great changes these two last decades; the goal is to enable economic mechanisms for real growth. Insurance is an indispensable tool for stabilizing these mechanisms. Therefore the national economy needs to develop the insurance market in order to support the investments, externally and internally; it turns out that reinsurance is one of the area which could prove their performance in several markets mainly emerging ones. The expansion of reinsurance in the domestic market is the preoccupation of this work, focusing on factors that could enhance the demand of reinsurance in the Algerian market. This work will be based on an analytical research of the economic contribution of the reinsurance and it’s collusion with insurance; market, then it will be necessary to provide an overview of the product in the national emerging market, finally we will try to investigate on the factors that could enhance the demand in the national reinsurance market so as to determine the potential of Algeria in this area.

Keywords: Algerian reinsurance data, demand trend of Algerian reinsurance, reinsurance, reinsurance market

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Authors: Abdul Azeez Badmus

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The extent to which women are allowed to express their liberty and freedom are varying in human society. Islam’s basic view of women postulates a complimentary function as the creator has created every living thing in pairs based on the foundation of complimentary functions, so the human species is not exceptional. It is also ubiquitous contention whether women should participate in politics or not; the limit to which women should participate in politics is another problem. This paper attempts to suggest a possible solution to the questions mentioned above, to review the level of participation of women in politics since the beginning of Islam and the Quranic injunctions that seem to have allowed or disallowed that. The paper adopts a historical and analytical approach, with special reference to the Quranic, Sunna, juristic opinions, and historical events. The paper advocates for proper reference to the authentic Islamic sources in determining the right and obligations of women in society.

Keywords: politics, right, challenges, Qur’ān, perspective

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Authors: Pichamon Chansuchai

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This paper studied the expanding market opportunity palm oil ASEAN community: case study of Choomporn Palm Oil Cooperative as qualitative research. The purpose is to study and analyze expanding and linking the liberalization of trade in palm oil products under the terms of cooperation and ASEAN countries. Collection data were collected using participatory observation, in-depth interviews, focus groups, government officials, palm oil cooperative, entrepreneurs and farmers to exchange opinions. The study found that of major competitors is Indonesia and Malaysia which as ASEAM members countries has the potential to produce over Thailand. Thailand government must have a policy to increase the competitiveness of the palm oil Thailand. Using grants from the Free Trade Area fund should add value to agricultural products, palm oil and the development of standard products to meet the needs of the member countries. And creating a learning center of the palm oil sector can transfer knowledge, development of palm species, solution process from planting to harvest care privatization process. And the development of palm oil in order to expand market opportunities for Thailand's palm oil has the potential to be competitive in the neighboring countries and the region.

Keywords: palm oil, market, cooperative, ASEAN

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Authors: M. Chavleishvili

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The paper presents the trends of Georgian hazelnut market development and analyses the competitive advantages which will help Georgia to enter international hazelnut market using modern technologies. The history of hazelnut crop development and hazelnut species in Georgia are discussed. For hazelnut supply analysis trends in hazelnut production are considered, trends in export and import development is evaluated, domestic hazelnut market is studied and analysed based on expert interviews and initial accounting materials. In order to achieve and strengthen its position in international market, potential advantages and disadvantages of Georgian hazelnut are revealed, analysis of export and import possibilities of hazelnut is presented. Recommendations are developed based on the conclusions, which are made through identifying the key factors that hinder development of Georgian hazelnut market.

Keywords: hazelnut market, hazelnut export and import, competitiveness of hazelnut

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Authors: Necira Okba, Nesrine Bouzaher

Abstract:

The financial aspect of the Algerian economy is part of all sectors that have undergone great changes these two last decades; the goal is to enable economic mechanisms for real growth. Insurance is an indispensable tool for stabilizing these mechanisms. Therefore, the national economy needs to develop the insurance market in order to support the investments, externally and intern ally; it turns out that reinsurance is one of the area which could prove their performance in several markets mainly emerging ones. The expansion of reinsurance in the domestic market is the preoccupation of this work, focusing on factors that could enhance the demand of reinsurance in the Algerian market. This work will be based on an analytical research of the economic contribution of the reinsurance and it’s collusion with insurance market, then it will be necessary to provide an overview of the product in the national emerging market, finally we will try to investigate on the factors that could enhance the demand in the national reinsurance market so as to determine the potential of Algeria in this area.

Keywords: Algerian reinsurance data, demand trend of Algerian reinsurance, reinsurance, reinsurance market

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Authors: Hana Janáčková

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Housing can be sorted as basic needs of households. Purchase of acceptable ownership housing is important investments for most them. For rental housing households must consider the part of rent expenditure paid in the total household income. For this reason, financial considerations of households in this area depend on the government innervations (public administration) in housing - on housing policy. Market system of housing allocation, whether ownership or tenancy, is based on the fact that housing is a scarce good. The allocation of housing is based on demand and supply. The market system of housing can sometimes have a negative impact on some households, the market is unable to satisfy certain groups of the population that are not able or willing to accept market price. For these reasons, there is a more or less regulation of the market. Regulation is both on the demand and supply side, and the state determines the rules of behaviour for all economic entities of the housing market. This article submits results of analysis of selected regulatory interference of the state in the housing market and assesses their implications deforming the market in the selected region of the Czech Republic. The first part describes tools of supports and the second part discusses deformations and analyses their consequences on the demand side of housing market and on supply side.

Keywords: housing, housing market, microeconomic consequences, deformation

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Authors: Gurli Olsen, Ida Bruheim Jensen

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Internationally, many young adults not in education, employment, or training (NEET) remain in temporary solutions such as labour market measures or other forms of welfare arrangements. These trends have been associated with ineffective labour market measures, an underfunded theoretical foundation for activation work, limited competence among social workers and labour market employees in using ordinary workplaces as job inclusion measures, and an overemphasis on young adults’ personal limitations such as health challenges and lack of motivation. Two competing models have been prominent in activation work: Place‐Then‐Train and Train‐Then‐Place. A traditional strategy for labour market measures has been to first motivate NEETs to sheltered work and training and then to the regular labour market (train then place). Measures such as Supported Employment (SE) and Individual Placement and Support (IPS) advocate for rapid entry into paid work at the regular labour market with close supervision and training from social workers, employees, and others (place then train). None of these models demonstrate unquestionable results. In this web of working life measures, young adults (NEETs) experience a lack of confidence in their own capabilities and coping strategies vis-á-vis labour market- and educational demands. Drawing on young adults’ own experiences, we argue that the Job Demands-Resources (JD-R) Theory can contribute to the theoretical and practical dimensions of activation work. This presentation will focus on what the JD-R theory entails and how it can be fruitful in activation work with NEETs (what and how). The overarching rationale of the JD-R theory is that an enduring balance between demands (e.g., deadlines, working hours) and resources (e.g., social support, enjoyable work tasks) is important for job performance for people in any job and potentially in other meaningful activities. Extensive research has demonstrated that a balance between demands and resources increases motivation and decreases stress. Nevertheless, we have not identified literature on the JD-R theory in activation work with young adults.

Keywords: activation work, job demands-resources theory, social work, theory development

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Authors: Anees Tahir

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Margin financing plays a significant role in Pakistan's stock market (PSX), offering investors the opportunity to maximize profits by borrowing funds from financiers to purchase marginable stocks. However, this financial practice raises several Shariah-related concerns. The study follows legal doctrinal research methodology. It explains and analyzes the law of margin financing prevailing in PSX and compares it with the principles of Shariah. It also examines and investigates the practices of margin financing from the perspective of Shariah. As part of the study, the researcher has conducted structured interviews with the Shariah advisors of the finance industry, academicians, market practitioners, and regulators. Thus, the study analyzes the findings of interviews. This article explores the legal framework and practice of margin financing in Pakistan from a Shariah perspective. The article investigates various issues relating to margin financing, including the fundamental concern of interest-based lending, which contravenes Islamic principles. It also highlights the problematic subject matter of margin financing, often involving non-Shariah compliant securities. Additionally, the article addresses the restriction on proprietary rights and the problematic element of speculation associated with margin financing. To provide a Shariah-compliant alternative, the Securities and Exchange Commission of Pakistan (SECP) introduced Murabahah Shares Financing (MSF) in 2019. However, the focus of the market is still on conventional margin financing. In the opinion of the researcher, the effective implementation of MSF is imperative because in the absence of such an alternative, the faith sensitive investor will remain deprived of a level playing field, and he is unable to get required financing opportunities through a halal and Shariah-compliant manner. This article argues that margin financing in its current form is incompatible with Shariah principles and should be discontinued. It is recommended that the SECP should gradually phase out the use of margin financing and increase reliance on MSF to provide faith-sensitive and committed investors with Shariah-compliant financing options.

Keywords: margin financing, marginable stocks, faith sensitive investor, Murabahah shares financing

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Authors: Yating Yang, Xue Zhang, Chengli Zhao

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Technology capability refers to the comprehensive ability that influences all factors of technological development. Among them, researchers’ resources serve as the foundation and driving force for technology capability, representing a significant manifestation of a country/region's technological capability. Therefore, the cross-border transfer behavior of researchers to some extent reflects changes in technological capability between countries/regions, providing a unique research perspective for technological capability assessment. This paper proposes a technological capability assessment model based on personnel transfer networks, which consists of a researchers' transfer network model and a country/region role evolution model. It evaluates the changes in a country/region's technological capability roles from the perspective of researcher transfers and conducts an analysis using artificial intelligence as a case study based on literature data. The study reveals that the United States, China, and the European Union are core nodes, and identifies the role evolution characteristics of several major countries/regions.

Keywords: transfer network, technological capability assessment, central-peripheral structure, role evolution

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Authors: Kamel Malik Bensafta, Gervasio Bensafta

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The purpose of this paper is to investigate the relationship between oil prices and socks markets. The empirical analysis in this paper is conducted within the context of Multivariate GARCH models, using a transform version of the so-called BEKK parameterization. We show that mean and uncertainty of US market are transmitted to oil market and European market. We also identify an important transmission from WTI prices to Brent Prices.

Keywords: oil volatility, stock markets, MGARCH, transmission, structural break

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Authors: Yu Pu, Chien-Ping Hsiao, Chien-Chang Huang, Chieh-Lun Cheng

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Free radicals can accelerate aging on human skin by causing lipid oxidation, protein denaturation, and even DNA mutation. Substances with the ability of anti-free radicals can be used as functional components in cosmetic products. Research are attracted to develop new anti-free radical components for cosmetic application. This study was aimed to evaluate the microbial metabolites on free radical scavenging ability. Two microorganisms, PU-01 and PU-02, were isolated from soil of hot spring environment and grew in LB agar at 50°C for 24 h. The suspension was collected by centrifugation at 4800 g for 3 min, The anti-free radical activity was determined by DPPH (1,1-diphenyl-2-picrylhydrazyl) scavenging assay. The result showed that the growth medium of PU-01 presented a higher DPPH scavenging effect than that of PU-02. This study presented potential anti-free radical components from microbial metabolites that might be applied in anti-aging cosmetics.

Keywords: anti-ageing, anti-free radical, biotechnology, microorganism

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Authors: João Boaventura Branco De Matos

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Currently, in Brazil, there is a considerable collection of publications on the supplementary health sector, but the vast majority is limited to retrospective examination of the sector. The present contribution starts from the diagnosis of an overwhelming change in the role of the State and its institutions, as well as an accelerated and no less forceful change in the way of producing goods and services, resulting in a clash between these different waves (state and market). This shock produces unique energy, capable of imposing major changes in the most varied sectors. Based on this diagnosis, there was an opportunity to offer the perspective and propositional study of regulatory measures relevant to the best conduct and performance of this sector in the future.

Keywords: private health regulation, state and market, forecasts in Brazilian regulation, political economy

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Authors: Mehrdad Shahrbanozadeh, Gholam Abbas Barani, Saeed Shojaee

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In this study, a finite element (Seep3D model) and an artificial neural network (ANN) model were developed to simulate flow through dam foundation. Seep3D model is capable of simulating three-dimensional flow through a heterogeneous and anisotropic, saturated and unsaturated porous media. Flow through the Shahid Abbaspour dam foundation has been used as a case study. The FEM with 24960 triangular elements and 28707 nodes applied to model flow through foundation of this dam. The FEM being made denser in the neighborhood of the curtain screen. The ANN model developed for Shahid Abbaspour dam is a feedforward four layer network employing the sigmoid function as an activator and the back-propagation algorithm for the network learning. The water level elevations of the upstream and downstream of the dam have been used as input variables and the piezometric heads as the target outputs in the ANN model. The two models are calibrated and verified using the Shahid Abbaspour’s dam piezometric data. Results of the models were compared with those measured by the piezometers which are in good agreement. The model results also revealed that the ANN model performed as good as and in some cases better than the FEM.

Keywords: seepage, dam foundation, finite element method, neural network, seep 3D model

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Authors: Herjuno Bagus Wicaksono, Emma Almira Fauni, Salma Amelia Dina

Abstract:

The Efficient Market Hypothesis (EMH) states that, in an efficient capital market, price fully reflects the information available in the market. This theory has influenced many investors behavior in trading in the stock market. Advanced researches have been conducted to test the efficiency of the stock market in particular countries. Indonesia, as one of the emerging countries, has performed substantial growth in the past years. Hence, this paper aims to examine the efficiency of Islamic stock market in Indonesia in its weak form. The daily stock price data from Indonesia Sharia Stock Index (ISSI) for the period October 2015 to October 2016 were used to do the statistical tests: Run Test and Serial Correlation Test. The results show that there is no serial correlation between the current price with the past prices and the market follows the random walk. This research concludes that Indonesia Islamic stock market is weak form efficient.

Keywords: efficient market hypothesis, Indonesia sharia stock index, random walk, weak form efficiency

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Authors: Quang Dong Dang

Abstract:

This paper examines the possible effects of stock market developments by channels on income and wealth inequality. We use the Bayesian Multilevel Model with the explanatory variables of the market’s channels, such as accessibility, efficiency, and market health in six selected countries: the US, UK, Japan, Vietnam, Thailand, and Malaysia. We found that generally, the improvements in the stock market alleviate income inequality. However, stock market expansions in higher-income countries are likely to trigger income inequality. We also found that while enhancing the quality of channels of the stock market has counter-effects on wealth equality distributions, open accessibilities help reduce wealth inequality distributions within the scope of the study. In addition, the inverted U-shaped hypothesis seems not to be valid in six selected countries between the period from 2006 to 2020.

Keywords: Bayesian multilevel model, income inequality, inverted u-shaped hypothesis, stock market development, wealth inequality

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