Search results for: fundamental period

Authors: Deniz Ünal Özpalamutcu, Burcu Altman

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Actuaria uses mathematics, statistic and financial information when analyzing the financial impacts of uncertainties, risks, insurance and pension related issues. In other words, it deals with the likelihood of potential risks, their financial impacts and especially the financial measures. Handling these measures require some long-term payment and investments. So, it is obvious it is inevitable to plan the periodic payments with equal time intervals considering also the changing value of money over time. These series of payment made specific intervals of time is called annuity or rant. In literature, rants are classified based on start and end dates, start times, payments times, payments amount or frequency. Classification of rants based on payment amounts changes based on the constant, descending or ascending payment methods. The literature about handling the annuity is very limited. Yet in a daily life, especially in today’s world where the economic issues gained a prominence, it is very crucial to use the variable annuity method in line with the demands of the customers. In this study, the types of annuities with flexible payment are discussed. In other words, we focus on calculating payment amount of a period by adding a certain percentage of previous period payment was studied. While studying this problem, formulas were created considering both start and end period payments for cash value and accumulated. Also increase of each period payment by r interest rate each period payments calculated with previous periods increases. And the problem of annuities (rants) of which each period payment increased with previous periods’ increase by r interest rate has been analyzed. Cash value and accumulated value calculation of this problem were studied separately based on the period start/end and their relations were expressed by formulas.

Keywords: actuaria, annuity, flexible payment, rant

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Authors: Andrei-Marius Sandu

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This study aims to analyze the bovine meat and milk sector for the period 2007-2013. For the period analyzed, it is known that Romania has benefited from EU funding through the National Rural Development Programme 2007-2013. In this programme, there were measures that addressed exclusively the animal husbandry sector in Romania. This paper presents data on bovine production of meat, milk and livestock in Romania, but also data on the price and impact the European Funds implementation had on them.

Keywords: European funds, measures, national rural development programme, price

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Authors: Amar F. Siddique

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The Guwahati city is one of the fastest growing cities of the north-eastern region of India, situated on the South Bank of the Brahmaputra River falls in the highest seismic zone level V. The city has witnessed many high magnitude earthquakes in the past decades. The Assam earthquake occurred on August 15, 1950, of moment magnitude 8.7 epicentered near Rima, Tibet was one of the major earthquakes which caused a serious structural damage and widespread soil liquefaction in and around the region. Hence the study of ground motion characteristics of Guwahati city is very essential. In this present work 1D equivalent linear ground response analysis (GRA) has been adopted using Deep soil software. The analysis has been done for two typical sites namely, Panbazar and Azara comprising total four boreholes location in Guwahati city of India. GRA of the sites is carried out by using an input motion recorded at Nongpoh station (recorded PGA 0.048g) and Nongstoin station (recorded PGA 0.047g) of 1997 Indo-Burma earthquake. In comparison to motion recorded at Nongpoh, different amplifications of bedrock peak ground acceleration (PGA) are obtained for all the boreholes by the motion recorded at Nongstoin station; although, the Fourier amplitude ratios (FAR) and fundamental frequencies remain almost same. The difference in recorded duration and frequency content of the two motions mainly influence the amplification of motions thus getting different surface PGA and amplification factor keeping a constant bedrock PGA. From the results of response spectra, it is found that at the period of less than 0.2 sec the ground motion recorded at Nongpoh station will give a high spectral acceleration (SA) on the structures than at Nongstoin station. Again for a period greater than 0.2 sec the ground motion recorded at Nongstoin station will give a high SA on the structures than at Nongpoh station.

Keywords: fourier amplitude ratio, ground response analysis, peak ground acceleration, spectral acceleration

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Authors: Aditya Sharma

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Profits earned from relative strength strategy of zero-cost portfolio i.e. taking long position in winner stocks and short position in loser stocks from recent past are termed as momentum profits. In recent times, there has been lot of controversy and concern about sources of momentum profits, since the existence of these profits acts as an evidence of earning non-normal returns from publicly available information directly contradicting Efficient Market Hypothesis. Literature review reveals conflicting theories and differing evidences on sources of momentum profits. This paper aims at re-examining the sources of momentum profits in Indian capital markets. The study focuses on assessing the effect of fundamental as well as behavioral sources in order to understand the role of investor behavior in stock returns and suggest (if any) improvements to existing behavioral asset pricing models. This Paper adopts calendar time methodology to calculate momentum profits for 6 different strategies with and without skipping a month between ranking and holding period. For each J/K strategy, under this methodology, at the beginning of each month t stocks are ranked on past j month’s average returns and sorted in descending order. Stocks in upper decile are termed winners and bottom decile as losers. After ranking long and short positions are taken in winner and loser stocks respectively and both portfolios are held for next k months, in such manner that at any given point of time we have K overlapping long and short portfolios each, ranked from t-1 month to t-K month. At the end of period, returns of both long and short portfolios are calculated by taking equally weighted average across all months. Long minus short returns (LMS) are momentum profits for each strategy. Post testing for momentum profits, to study the role market risk plays in momentum profits, CAPM and Fama French three factor model adjusted LMS returns are calculated. In the final phase of studying sources, decomposing methodology has been used for breaking up the profits into unconditional means, serial correlations, and cross-serial correlations. This methodology is unbiased, can be used with the decile-based methodology and helps to test the effect of behavioral and fundamental sources altogether. From all the analysis, it was found that momentum profits do exist in Indian capital markets with market risk playing little role in defining them. Also, it was observed that though momentum profits have multiple sources (risk, serial correlations, and cross-serial correlations), cross-serial correlations plays a major role in defining these profits. The study revealed that momentum profits do have multiple sources however, cross-serial correlations i.e. the effect of returns of other stocks play a major role. This means that in addition to studying the investors` reactions to the information of the same firm it is also important to study how they react to the information of other firms. The analysis confirms that investor behavior does play an important role in stock returns and incorporating both the aspects of investors’ reactions in behavioral asset pricing models help make then better.

Keywords: investor behavior, momentum effect, sources of momentum, stock returns

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Authors: Anna Pudlo

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The EU law encompasses many supranational legal systems (EU law, ECHR, international public law and constitutional traditions common to the Member States) which guarantee the protection of fundamental rights, with partly overlapping scopes of applicability, various principles of interpretation of legal norms and a different hierarchy. In EU law, the prohibition of discrimination on grounds of sexual orientation originates from both the primary and secondary EU legislation. At present, the prohibition is considered to be a fundamental right in pursuance of Article 21 of the Charter, but the Court has not yet determined whether it is a right or a principle within the meaning of the Charter. Similarly, the Court has not deemed this criterion to be a general principle of EU law. The personal and materials scope of the prohibition of discrimination on grounds of sexual orientation based on Article 21 of the Charter requires each time to be specified in another legal act of the EU in accordance with Article 51 of the Charter. The effect of the prohibition of discrimination on grounds of sexual orientation understood as above will be two-fold, for the States and for the Union. On the one hand, one may refer to the legal instruments of review of EU law enforcement by a Member State laid down in the Treaties. On the other hand, EU law does not provide for the right to individual petition. Therefore, it is the duty of the domestic courts to protect the right of a person not to be discriminated on grounds of sexual orientation in line with the national procedural rules, within the limits and in accordance with the principles set out in EU law, in particular in Directive 2000/78. The development of the principle of non-discrimination in the Court’s case-law gives rise to certain doubts as to its applicability, namely whether the principle as the general principle of EU law may be granted an autonomous character, with respect to the applicability to matters not included in the personal or material scope of the Directives, although within the EU’s competence. Moreover, both the doctrine and the opinions of the Advocates-General have called for the general competence of CJEU with regard to fundamental rights which, however, might lead to a violation of the principle of separation of competence. The aim of this paper is to answer the question what is the nature of the prohibition of discrimination on grounds of sexual orientation in EU law (a general principle in EU law, or a principle or right under the Charter’s terminology). Therefore, the paper focuses on the nature of Article 21 of the Charter (a right or a principle) and the scope (personal and material) of the prohibition of discrimination based on sexual orientation in EU law as well as its effect (vertical or horizontal). The study has included the provisions of EU law together with the relevant CJEU case-law.

Keywords: EU law, EU principles, non-discrimination in EU law, Charter of the Fundamental Rights

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Authors: Tatiana A. Kuznetsova, Maxim V. Vechersky, Natalia V. Kostina, Marat M. Umarov, Elena I. Naumova

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One of the main problems of nutrition of phytophagous animals is the insufficiency of protein in their forage. Usually, symbiotic microorganisms highly contribute both to carbohydrates and nitrogen compounds of the food. But it is not easy to utilize microbial biomass in the large intestine and caecum for the animals with hindgut fermentation. So that, some animals, as well hares, developed special mechanism of contribution of such biomass - obligate autocoprophagy, or reingestion. Hares have two types of feces - the hard and the soft. Hard feces are excreted at night, while hares are vigilance ("foraging period"), and the soft ones (caecotrophs) are produced and reingested in the day-time during hares "resting-period". We examine the role of microbial digestion in providing nitrogen nutrition of hare (Lepus europaeus). We determine the ability of nitrogen fixation in fornix and stomach body, small intestine, caecum and colon of hares' gastro-intestinal tract in two main period of hares activity - "resting-period" (day time) and "foraging period" (late-evening and very-early-morning). We use gas chromatography to measure levels of nitrogen fixing activity (acetylene reduction). Nitrogen fixing activity was detected in the contents of all analyzed parts of the gastrointestinal tract. Maximum values were recorded in the large intestine. Also daily dynamics of the process was detected. Thus, during hare “resting-period” (caecotrophs formation) N2-fixing activity was significantly higher than during “foraging period”, reaching 0,3 nmol C2H4/g*h. N2-fixing activity in the gastrointestinal tract can allocate to significant contribution of nitrogen fixers to microbial digestion in hare and confirms the importance of coprophagy as a nitrogen source in lagomorphs.

Keywords: coprophagy, gastrointestinal tract, lagomorphs, nitrogen fixation

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Authors: Aayush Anant, Roshni Thendiyath

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Aridity impacts on agriculture, as well as ecological, human health, and economic activities. In the present study, the effect of climate change on aridity index has been analysed in South Bihar for the past 30 year period by five types of aridity indices as Lang AI, De-Martonne AI, Erinc AI, Pinna combinative AI and UNEP AI. For the study of aridity index, the analysis of rainfall and temperature is significant. Rainfall was analysed for 30 year period from data of 23 gridded stations in for the period 1991-2020. The results show that rainfall pattern was decreasing with respect to previous decades for majority of stations. Trend of maximum, minimum and mean annual temperature has been observed, which shows increasing trend. Structural breakpoint was observed for mean annual temperature data series in year 2004. In period 1991-2004 mean annual temperature was 25.25 ºC, and in period 2005-2020, mean annual temperature was 25.7 ºC. Average aridity index has been calculated by all the above mentioned methods for whole 30 period. Lang AI shows that eastern part of study area is Humid type, and rest all is semi arid. De-Martonne AI also reveals that east part is humid, but rest of the study area is moist sub humid. According to Erinc AI and Pinna, combinative AI shows that whole south Bihar is dry sub humid and semi dry, respectively. UNEP AI shows most of the part as sub humid, and very small part in west is semi arid, while small part of east is humid. Temporal distribution of all the aridity indices shows a decreasing trend. This indicates a decrease in the humid areas in south Bihar for the selected time period.

Keywords: drought, aridity index, climate change, rainfall, temperature

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Authors: Jan Podkowik

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The article discusses issues of mutual relationships of human dignity and personal autonomy. According to constitutions of many countries and international human rights law, human dignity is a fundamental and inviolable value. It is the source of all freedoms and rights, including personal autonomy. Human dignity, as an inherent, inalienable and non-gradable value comprising an attribute of all people, justifies freedom of action according to one's will and following one's vision of good life. On the other hand, human dignity imposes immanent restrictions to personal autonomy regarding decisions on commercialization of the one’s body, etc. It points to the paradox of dignity – the source of freedom and conditions (basic) of its limitations. The paper shows the theoretical concept of human dignity as an objective value among legal systems, determining the boundaries of legal protection of personal autonomy. It is not, therefore, the relevant perception of human dignity and freedom as opposite values. Reference point has been made the normative provisions of the Polish Constitution and the European Convention on Human Rights and Fundamental Freedoms as well as judgments of constitutional courts.

Keywords: autonomy, constitution, human dignity, human rights

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Authors: Anwar Hussain, Ahmed Imran, Farida Faisal, Fatima Sultana

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The present research evaluates a comparative assessment of dividend policy and share price across the South Asian countries including Pakistan, India and Sri-Lanka over the period of 2010 to 2014. Academic writers found that dividend policy and share price relationship is not same in south Asian market due to different reasons. Moreover, Panel Models used = for the evaluation of current study. In addition, Redundant fixed effect Likelihood and Hausman test used for determine of Common, Fixed and Random effect model. Therefore Indian market dividend policies play a fundamental role and significant impact on Market Share Prices. Although, present research found that different as compared to previous study that dividend policy have no impact on share price in Sri-Lanka and Pakistan.

Keywords: dividend policy, share price, South Asian countries, panel data analysis, theories and parameters of dividend

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Authors: Gong Zhang, Hong Cai, Bin Dong, Jifang Tao, Aiqun Liu, Dim-Lee Kwong, Yuandong Gu

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An on-chip refractive index sensor with high sensitivity and large measurement range is demonstrated in this paper. The sensing structures are based on Mach-Zehnder interferometer configuration, built on the SOI substrate. The wavelength sensitivity of the sensor is estimated to be 3129 nm/RIU. Meanwhile, according to the interference pattern period changes, the measured period sensitivities are 2.9 nm/RIU (TE mode) and 4.21 nm/RIU (TM mode), respectively. As such, the wavelength shift and the period shift can be used for fine index change detection and larger index change detection, respectively. Therefore, the sensor design provides an approach for large index change measurement with high sensitivity.

Keywords: Mach-Zehnder interferometer, nanotechnology, refractive index sensing, sensors

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Authors: Swapan Maiti, Dipanwita Roy Chowdhury

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Nonlinear functions are essential in different cryptoprimitives as they play an important role on the security of the cipher designs. Rule 30 was identified as a powerful nonlinear function for cryptographic applications. However, an attack (MS attack) was mounted against Rule 30 Cellular Automata (CA). Nonlinear rules as well as maximum period CA increase randomness property. In this work, nonlinear rules of maximum period nonlinear hybrid CA (M-NHCA) are studied and it is shown to be a better crypto-primitive than Rule 30 CA. It has also been analysed that the M-NHCA with single nonlinearity injection proposed in the literature is vulnerable against MS attack, whereas M-NHCA with multiple nonlinearity injections provide maximum length cycle as well as better cryptographic primitives and they are also secure against MS attack.

Keywords: cellular automata, maximum period nonlinear CA, Meier and Staffelbach attack, nonlinear functions

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Authors: Juan Ignacio Arango, Andres Diaz, Giacomo Barbieri

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In soilless culture, the definition of efficient fertigation strategies is fundamental for the growth of crops. Flexible test-benches able to independently manage groups of crops are key for investigating efficient fertigation practices through experimentation. These test-benches must be able to provide nutrient solution (NS) in a precise, uniform and repeatable way in order to effectively implement and compare different fertigation strategies. This article describes a distribution module for investigating fertigation practices able to control the fertigation dose and frequency. The proposed solution is characterized in terms of precision, uniformity and repeatability since these parameters are fundamental in the implementation of effective experiments for the investigation of fertigation practices. After a calibration process, the implemented system reaches a precision of 1mL, a uniformity of 98.5% at a total cost of 735USD.

Keywords: recision horticulture, test-bench, fertigation strategy, automation, flexibility

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Authors: Weena Eiamprapai

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The growth of Thai society in western style in the middle of Rattanakosin period can be defined as modernization /civilization. These terms had an influence on the development of the country in the reign of King Rama V owing to the governance reform, and cultures influenced by the West. Those were passed on until the reign of King Rama VI. The preference was not only for the renovation of architecture and arts based on Thai customs reflecting the prosperity and beauty of handicrafts but also for the acceptance of westernization. The remain of this acceptance includes the concept of such value as gentlemanly behavior like that in Victorian Era of the United Kingdom, and the support of women’s status. Moreover, the wide spread of modernization leads to the movement to change the country’s governance system from absolute monarchy to democracy by a group of people called Rattanakosin Era (R.E.) 130 party.

Keywords: art, culture, development period, modernization, King Rama VI

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Authors: Vladyslav Povoroznyuk, Oksana Ivanyk, Nataliia Dzerovych

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In the diagnostics of osteoporosis, the gold standard is considered to be bone mineral density; however, X-ray densitometry is not an accurate indicator of osteoporotic fracture risk under all circumstances. In this regard, the search for new methods that could determine the indicators not only of the mineral density, but of the bone tissue quality, is a logical step for diagnostic optimization. One of these methods is the evaluation of trabecular bone quality. The aim of this study was to examine the quality and mineral density of spine bone tissue, femoral neck, and body composition of women depending on the duration of the postmenopausal period, to determine the correlation of body fat with indicators of bone mineral density and quality. The study examined 179 women in premenopausal and postmenopausal periods. The patients were divided into the following groups: Women in the premenopausal period and women in the postmenopausal period at various stages (early, middle, late postmenopause). A general examination and study of the above parameters were conducted with General Electric X-ray densitometer. The results show that bone quality and mineral density probably deteriorate with advancing of postmenopausal period. Total fat and lean mass ratio is not likely to change with age. In the middle and late postmenopausal periods, the bone tissue mineral density of the spine and femoral neck increases along with total fat mass.

Keywords: osteoporosis, bone tissue mineral density, bone quality, fat mass, lean mass, postmenopausal osteoporosis

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Authors: Ghada Chater, Mounir Dhouib

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Zawiyas are mausoleums where saints called 'waly' are buried and where ritual practices of Sufi Islamic movement take place. These funerary monuments have constituted since the medieval period a fundamental component of rural and urban Islamic landscape, especially that of Tunisia.The hypothesis is that these monuments reflect in their architecture the Sufi underlying thought. The paper’s target is to verify the validity of this hypothesis and possibly show the incarnation mode of Islamic Sufi paradigm in the zawiya’s architecture. This study considers the main Zawiya of one of the most important religious brotherhoods in Tunisia, which is Kadiria. A morphological analysis has been conducted and crossed later to a spiritual hermeneutic test. The result of this confrontation was significant: the paradigmatic element of the zawiya, materialized by the esoteric / exoteric dome 'kubba', returns in its geometry and structure to one of the Sufism key concepts: the unity of the creative spirit in the diversity and plurality of evanescent bodies. Thus, the creative act finds its reflection not only in the spirit of the perfect human microcosm (the waly microcosm), but also within the building dedicated to him.

Keywords: architecture, Islam, Sufism, waly, zawiya

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Authors: M. Wisnu Pamungkas, Patrianef Darwis

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Introduction: Critical limb ischemia (CLI) is a vascular disease that has a significant amputation and mortality risk with diabetes mellitus, the most significant risk factor in CLI, is very common among Indonesian. Endovascular intervention (EVI) is preferred in treating CLI because it is noninvasive and effective. Balloon angioplasty and stent angioplasty are the most common method of EVI in Indonesia. This study aims to compare the effectiveness of balloon angioplasty and stent angioplasty on wound healing in CLI. Method: A cross-sectional study enrolled 90 subjects of CLI who underwent endovascular intervention using balloon angioplasty and stent angioplasty from January 2013 to July 2017 in dr. Cipto Mangunkusumo General Hospital, Jakarta. The wound healing period between balloon angioplasty dan stent angioplasty was analyzed using unpaired T-test with p<0,05 considered as statistically significant. Data of intervention method wound healing period, and subjects characteristic data (age, amputation, BMI, smoking habit, DM, occlusion site, and blood profile) were obtained. Result: The wound healing period in balloon angioplasty and stent angioplasty distributed normally. Mean value of wound healing period in balloon angioplasty and stent angioplasty are 84,8+/-2,423 and 59,93 +/- 2,423 days with a mean difference of 25 days. The difference in wound healing period in both groups is statically significant (p<0,05). The amputation event in balloon angioplasty and stent angioplasty is 22 and 16 event with no difference statistically. Conclusion: Stent angioplasty is a better method than balloon angioplasty for wound healing in patients with CLI.

Keywords: critical limb ischemia, endovascular intervention, wound healing, angioplasty

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Authors: Neeraj Kumar, J. P. Narayan

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The effects of multiple Structure-Soil-Structure Interactions (SSSI) on the seismic wave-field is generally disregarded by earthquake engineers, particularly the surface waves which cause more damage to buildings. Closely built high rise buildings exchange substantial seismic energy with each other and act as a full-coupled dynamic system. In this paper, SSI effects on the building responses and the free field motion due to a small city consisting 25- homogenous buildings blocks of 10-storey are quantified. The rocking and translational behavior of building under Rayleigh wave loading is studied for different dimensions of the building. The obtained dynamic parameters of buildings revealed a reduction in building roof drift with an increase in number of buildings ahead of the considered building. The strain developed by vertical component of Rayleigh may cause tension in structural components of building. A matching of fundamental frequency of building for the horizontal component of Rayleigh wave with that for vertically incident SV-wave is obtained. Further, the fundamental frequency of building for the vertical vibration is approximately twice to that for horizontal vibration. The city insulation has caused a reduction of amplitude of Rayleigh wave up to 19.3% and 21.6% in the horizontal and vertical components, respectively just outside the city. Further, the insulating effect of city was very large at fundamental frequency of buildings for both the horizontal and vertical components. Therefore, it is recommended to consider the insulating effects of city falling in the path of Rayleigh wave propagation in seismic hazard assessment for an area.

Keywords: structure-soil-structure interactions, Rayleigh wave propagation, finite difference simulation, dynamic response of buildings

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Authors: L. M. Hayyan ul Haq, Lalu Sabardi

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This research is aimed at exploring an appropriate regulatory model in coherencing a diametrical interest between the state, Adat legal community, and private interests in utilising and optimizing land in Indonesia. This work is also highly relevant to coherencing the obligation of the state to respect, to fulfill and to protect the fundamental rights of people, especially to protect the communal or adat community rights to the land. In visualizing those ideas, this research will use the normative legal research to elaborate the normative problem in land use, as well as redesigning and creating an appropriate regulatory model in bridging and protecting all interest parties, especially, the state, Adat legal community, and private parties. In addition, it will also employ an empirical legal research for identifying some operational problems in protecting and optimising the land. In detail, this research will not only identify the problems at the normative level, such as conflicted norms, the absence of the norms, and the unclear norm in land law, but also the problems at operational level, such as institutional relationship in managing the land use. At the end, this work offers an appropriate regulatory model at the systems level, which covers value and norms in land use, as well as the appropriate mechanism in managing the utilization of the land for the state, Adat legal community, and private sector. By manifesting this objective, the government will not only fulfill its obligation to regulate the land for people and private, but also to protect the fundamental rights of people, as mandated by the Indonesian 1945 Constitution.

Keywords: adat community rights, fundamental rights, investment, land law, private sector

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Authors: S. F. Bayona, J. Nunez, D. Paez

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The diagnostic processes have been consolidated as fundamental tools in the adequate knowledge of organizations and their processes. The diagnosis is related to the interpretation of the data, findings and the relevant information, to determine problems, causes, or the simple state and behavior of a process, without including a solution to the problems detected. The objective of this work is to identify the necessary stages to diagnose the logistic processes in a metalworking company, from the literary revision of different disciplines. A total of 62 articles were chosen to identify, through bibliometric analysis, the most cited articles, as well as the most frequent authors and journals. The results allowed to identify the two fundamental stages in the diagnostic process: a primary phase (general) based on the logical subjectivity of the knowledge of the person who evaluates, and the secondary phase (specific), related to the interpretation of the results, findings or data. Also, two phases were identified, one related to the definition of the scope of the actions to be developed and the other, as an initial description of what was observed in the process.

Keywords: business, diagnostic, management, process

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Authors: Amanda R. R. Oliveira, Caio F. F. C. Cunha, Juan C. L. Junior, Amorim H. P. Junior

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Children deaths are traumatic events that most often can be prevented. The technology of prevention and intervention in cases of infant deaths is available at low cost and with solid evidence and favorable results, however, with low access cover. Weight is one of the main factors related to death in the neonatal period, so the newborns of low birth weight are a population at high risk of death in the neonatal period, especially early neonatal period. This paper describes the development of a model based in neural network analysis to predict the mortality risk rating in the early neonatal period for newborns of low birth weight to identify the individuals of this population with increased risk of death. The neural network applied was trained with a set of newborns data obtained from Brazilian health system. The resulting network presented great success rate in identifying newborns with high chances of death, which demonstrates the potential for using this tool in an integrated manner to the health system, in order to direct specific actions for improving prognosis of newborns.

Keywords: low birth weight, neonatal death risk, neural network, newborn

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Authors: Nellija Titova

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Latvia, Lithuania, and Estonia, as Baltic Countries, have gone throughout transformational changes since 90s leading to the high level of economic development. As countries departing Soviet Union with industrialization policy moved to service economies, the issues of intangibles, human capital, structural capital, and innovation capital have gained impetus. Following the growing demand of practitioners and later academia, intellectual capital as a discipline, which appeared in 90s, became fundamental nowadays. Aim of the paper is to analyze the Baltic companies entering stock markets at Nasdaq Baltic from the perspective of Intellectual Capital. Methodology of the research is based on a longitudinal analysis of the companies using composite ratios of Intellectual Capital and Business performance in the period 2012-2019. Data for 2020 as COVID year) were excluded from the analysis. Findings allow concluding there is a pattern of influence and companies clearly experience the systemic impact of IC on business performance, identifying also time effect investing in intangibles.

Keywords: intellectual capital, impact analysis, longitudinal effect, composite ratios

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Authors: Ragini Trehan, D.K. Srivastava

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In the post-planning era, India’s fiscal transfers from the central to state governments are solely determined by the Finance Commissions (FCs). While in some of the well-established federations such as Australia, Canada, and Germany, equalization serves as the guiding principle of fiscal transfers and is constitutionally mandated, in India, it is not explicitly mandated, and FCs attempt to implement it indirectly by a combination of a formula-based share in the divisible pool of central taxes supplemented by a set of grants. In this context, it is important to measure the extent of equalization that is achieved through FC transfers with a view to improving the design of such transfers. This study uses an index-based methodology for measuring the degree of equalization achieved through FC-transfers covering the period from FC12 to the first year of FC15 spanning from 2005-06 to 2020-21. The ‘Index of Equalization’ shows that the extent of equalization has remained low in the range of 30% to 37% for the four Commission periods under review. The highest degree of equalization at 36.7% was witnessed in the FC12 period and the lowest equalization at 29.5% was achieved during the FC15(1) period. The equalizing efficiency of recommended transfers also shows a consistent fall from 11.4% in the FC12 period to 7.5% by the FC15 (1) period. Further, considering progressivity in fiscal transfers as a special case of equalizing transfers, this study shows that the scheme of per capita total transfers when determined using the equalization approach is more progressive and is characterized by minimal deviations as compared to the profile of transfers recommended by recent FCs.

Keywords: fiscal transfers, index of equalization, equalizing efficiency, fiscal capacity, expenditure needs, finance Commission, tax effort

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Authors: Alipanah Masoud, Sheihkei Iman

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One day old chicken quality has great deal of contributions in increasing daily weight gain as well as economical productivity of broilers production. On the other hand, eggs are kept in different times in layer hens flocks and subsequently are transported to incubation units. In order to evaluate effects of two factors layer hen age and storage period of eggs on one day old broilers weight gain during feeding, eggs for layer hen gathered on 32 weeks old (young hen) and 74 weeks old (older ones) were used. Storage period for samples was set as 1 and 9 days. Data were analysed in completely randomized design in four replicates by software SAS. Results indicated that one day old broiler chickens from young had less weight gain, although they exhibited higher weight gain during next weeks. At the same time, there was no difference between chickens from eggs stored for nine days and those from stored for one day.

Keywords: egg, chicken, hatchability, layer

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Authors: Arpita Saha, Apoorv Jain, Satish Chandra, Indrajit Ghosh

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Level of service at a signal controlled intersection is directly measured from the delay. Similarly, saturation flow rate is a fundamental parameter to measure the intersection capacity. The present study calculates vehicle arrival rate, departure rate, and queue length for every five seconds interval in each cycle. Based on the queue lengths, the total delay of the cycle has been calculated using Simpson’s 1/3rd rule. Saturation flow has been estimated in terms of veh/hr of green/lane for every five seconds interval of the green period until at least three vehicles are left to cross the stop line. Vehicle composition shows an immense effect on total delay and saturation flow rate. The increase in two-wheeler proportion increases the saturation flow rate and reduces the total delay per vehicle significantly. Additionally, an increase in the heavy vehicle proportion reduces the saturation flow rate and increases the total delay for each vehicle.

Keywords: delay, saturation flow, signalised intersection, vehicle composition

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Authors: Jan Van Uden

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The paper reviews classical agency-theory and its contributions to the analysis of complex business negotiations and gives an approach for the modification of the basic agency-model in order to examine the negotiation specific dimensions of agency-problems. By illustrating fundamental potentials for the modification of agency-theory in context of business negotiations the paper highlights recent empirical research that investigates agent-based negotiations and inter-team constellations. A general theoretical analysis of complex negotiation would be based on a two-level approach. First, the modification of the basic agency-model in order to illustrate the organizational context of business negotiations (i.e., multi-agent issues, common-agencies, multi-period models and the concept of bounded rationality). Second, the application of the modified agency-model on complex business negotiations to identify agency-problems and relating areas of risk in the negotiation process. The paper is placed on the first level of analysis – the modification. The method builds on the one hand on insights from behavior decision research (BRD) and on the other hand on findings from agency-theory as normative directives to the modification of the basic model. Through neoclassical assumptions concerning the fundamental aspects of agency-relationships in business negotiations (i.e., asymmetric information, self-interest, risk preferences and conflict of interests), agency-theory helps to draw solutions on stated worst-case-scenarios taken from the daily negotiation routine. As agency-theory is the only universal approach able to identify trade-offs between certain aspects of economic cooperation, insights obtained provide a deeper understanding of the forces that shape business negotiation complexity. The need for a modification of the basic model is illustrated by highlighting selected issues of business negotiations from agency-theory perspective: Negotiation Teams require a multi-agent approach under the condition that often decision-makers as superior-agents are part of the team. The diversity of competences and decision-making authority is a phenomenon that overrides the assumptions of classical agency-theory and varies greatly in context of certain forms of business negotiations. Further, the basic model is bound to dyadic relationships preceded by the delegation of decision-making authority and builds on a contractual created (vertical) hierarchy. As a result, horizontal dynamics within the negotiation team playing an important role for negotiation success are therefore not considered in the investigation of agency-problems. Also, the trade-off between short-term relationships within the negotiation sphere and the long-term relationships of the corporate sphere calls for a multi-period perspective taking into account the sphere-specific governance-mechanisms already established (i.e., reward and monitoring systems). Within the analysis, the implementation of bounded rationality is closely related to findings from BRD to assess the impact of negotiation behavior on underlying principal-agent-relationships. As empirical findings show, the disclosure and reservation of information to the agent affect his negotiation behavior as well as final negotiation outcomes. Last, in context of business negotiations, asymmetric information is often intended by decision-makers acting as superior-agents or principals which calls for a bilateral risk-approach to agency-relations.

Keywords: business negotiations, agency-theory, negotiation analysis, interteam negotiations

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Authors: Denis Ushakov

Abstract:

Fast growing international migration as a factor of labor globalization now is one of the most important trends of world economy and determinant of social-political transformations. Study of fundamental economical reasons for international migration is relevant due to their prognostic, predictable and normative potential, which can be used in conditions of global economic non-stability. This paper analyzes role of natural-resources, financial and labor factors in economic growth of the modern states; studies relationships between stimulating role of natural resources, finance and labor with levels of modern countries’ economy development. Based on achieved results, findings about fundamental reasons of international migration; transformation of labor factor’s role in providing an economical progress of the states; efficiency of positive impact of manufacturing factors (domestic and attracted from international markets) were offered.

Keywords: international migration, migrant, labor productivity, economy efficiency of migration, migration policy

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Authors: Paloma Mendes Saldanha

Abstract:

Access to information is a prerequisite for democracy while also guiding the material construction of fundamental rights. The exercise of citizenship requires knowing, understanding, questioning, advocating for, and securing rights and responsibilities. In other words, it goes beyond mere active electoral participation and materializes through awareness and the struggle for rights and responsibilities in the various spaces occupied by the population in their daily lives. In times of hyper-cultural connectivity, active citizenship is shaped through ethical trust processes, most often established between humans and algorithms. Automated decisions, so prevalent in various everyday situations, such as purchase preference predictions, virtual voice assistants, reduction of accidents in autonomous vehicles, content removal, resume selection, etc., have already found their place as a normalized discourse that sometimes does not reveal or make clear what violations of fundamental rights may occur when algorithmic explainability is lacking. In other words, technological and market development promotes a normalization for the use of automated decisions while silencing possible restrictions and/or breaches of rights through a culturally modeled, unethical, and unexplained trust process, which hinders the possibility of the right to a healthy, transparent, and complete exercise of citizenship. In this context, the article aims to identify the violations caused by the absence of algorithmic explainability in the exercise of citizenship through the construction of an unethical and silent trust process between humans and algorithms in automated decisions. As a result, it is expected to find violations of constitutionally protected rights such as privacy, data protection, and transparency, as well as the stipulation of algorithmic explainability as a fundamental right in the exercise of Brazilian citizenship in the era of virtualization, facing a threefold foundation called trust: culture, rules, and systems. To do so, the author will use a bibliographic review in the legal and information technology fields, as well as the analysis of legal and official documents, including national documents such as the Brazilian Federal Constitution, as well as international guidelines and resolutions that address the topic in a specific and necessary manner for appropriate regulation based on a sustainable trust process for a hyperconnected world.

Keywords: artificial intelligence, ethics, citizenship, trust

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Authors: Mohammad Q. M. Momani

Abstract:

The objective of this study is to examine whether the value relevance of ownership structure changed as the Amman Stock Exchange market conditions changed. Using data from 2005 to 2014, the study finds that the performance of portfolios that contain firms with concentrated ownership structure declines significantly during the post-crisis period. These portfolios exhibit poor performance relative to portfolios that contain firms with dispersed ownership structure during the post-crisis period. The results argue that uninspired performance of the Amman Stock Exchange during the post-crisis period, increased the incentives for controlling shareholders to expropriate. Investors recognized these incentives and discounted firms that were more likely to expropriate.

Keywords: value relevance, ownership structure, portfolio performance, Jordan, ASE

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Authors: Debesh R. Roy

Abstract:

The fundamental issue in understanding the origin and growth mechanism of nanomaterials, from a fundamental unit is a big challenging problem to the scientists. Recently, an immense attention is generated to the researchers for prediction of exceptionally stable atomic cluster units as the building units for future smart materials. The present study is a systematic investigation on the stability and electronic properties of a series of bimetallic (semiconductor-alkaline earth) clusters, viz., BxMg3 (x=1-5) is performed, in search for exceptional and/ or unusual stable motifs. A very popular hybrid exchange-correlation functional, B3LYP as proposed by A. D. Becke along with a higher basis set, viz., 6-31+G[d,p] is employed for this purpose under the density functional formalism. The magic stability among the concerned clusters is explained using the jellium model. It is evident from the present study that the magic stability of B4Mg3 cluster arises due to the jellium shell closure.

Keywords: atomic clusters, density functional theory, jellium model, magic clusters, smart nanomaterials

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Authors: Muluegziabher Semagne Mekonnen

Abstract:

This study was intended to show the irrigation water requirements and evaluation of canal hydraulics steady state conditions to improve on scheme performance of the Meki-Ziway irrigation project. The methodology used was the CROPWAT 8.0 model to estimate the irrigation water requirements of five major crops irrigated in the study area. The results showed that for the whole existing and potential irrigation development area of 2000 ha and 2599 ha, crop water requirements were 3,339,200 and 4,339,090.4 m³, respectively. Hydraulic simulation models are fundamental tools for understanding the hydraulic flow characteristics of irrigation systems. Hydraulic simulation models are fundamental tools for understanding the hydraulic flow characteristics of irrigation systems. In this study Hydraulic Analysis of Irrigation Canals Using HEC-RAS Model was conducted in Meki-Ziway Irrigation Scheme. The HEC-RAS model was tested in terms of error estimation and used to determine canal capacity potential.

Keywords: HEC-RAS, irrigation, hydraulic. canal reach, capacity

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