Search results for: international investment law

Authors: Cristian Păuna

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In the first decades of the 21st century, in the electronic trading environment, algorithmic capital investments became the primary tool to make a profit by speculations in financial markets. A significant number of traders, private or institutional investors are participating in the capital markets every day using automated algorithms. The autonomous trading software is today a considerable part in the business intelligence system of any modern financial activity. The trading decisions and orders are made automatically by computers using different mathematical models. This paper will present one of these models called Price Prediction Line. A mathematical algorithm will be revealed to build a reliable trend line, which is the base for limit conditions and automated investment signals, the core for a computerized investment system. The paper will guide how to apply these tools to generate entry and exit investment signals, limit conditions to build a mathematical filter for the investment opportunities, and the methodology to integrate all of these in automated investment software. The paper will also present trading results obtained for the leading German financial market index with the presented methods to analyze and to compare different automated investment algorithms. It was found that a specific mathematical algorithm can be optimized and integrated into an automated trading system with good and sustained results for the leading German Market. Investment results will be compared in order to qualify the presented model. In conclusion, a 1:6.12 risk was obtained to reward ratio applying the trigonometric method to the DAX Deutscher Aktienindex on 24 months investment. These results are superior to those obtained with other similar models as this paper reveal. The general idea sustained by this paper is that the Price Prediction Line model presented is a reliable capital investment methodology that can be successfully applied to build an automated investment system with excellent results.

Keywords: algorithmic trading, automated trading systems, high-frequency trading, DAX Deutscher Aktienindex

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Authors: Alicja Reuben, Amira Annabi

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In this paper, we explore the relationship between the selection of valuation techniques by investment banks and the banks’ risk perceptions and performance in the context of the theory of performativity. We use inferential statistics to study these relationships by building a unique dataset based on the disclosure of 12 investment banks’ 2012-2015 annual financial statements. Moreover, we create two constructs, namely intensity of use and risk perception. We measure the intensity of use as a frequency metric of how often a particular bank adopts valuation techniques for a particular asset or liability. We measure risk perception based on disclosed ranges of values for unobservable inputs. Our results are twofold: we find a significant negative correlation between (1) intensity of use and investment bank performance and (2) intensity of use and risk perception. These results indicate that a performative process takes place, and the valuation techniques are enacting their environment.

Keywords: language, linguistics, performativity, financial techniques

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Authors: Uche A. Nnawulezi

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This study evolved from the need to look at and evaluate the difficulties in the domestication of International Laws and Human Rights Laws in Nigeria. Essentially, the paper-based its examination on documentary evidence and depended much on secondary sources, for example, textbooks, journals, articles, periodicals and research reports emanating from suggestions of international law experts, jurists and human rights lawyers on the development challenges in domesticating international laws and human rights laws in Nigeria. These data were analyzed by the application of content analysis and careful observation of the current municipal laws which has posed great challenges in the domestication of International laws. This paper might follow the historical backdrop of the practices in the use of International law in Nigeria and should likewise consider the challenges inherent in these practices. The paper suggests that a sustainable domestication of International Laws and its application in Nigerian courts will ensure a better enforcement of human rights within the domestic jurisdiction.

Keywords: international law, human rights, domestication, challenges

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Authors: Tikumporn Rodkhunmuang

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The importance of ‘international law of governance’ is the means and end to deal with international affairs. This research paper seeks to first study the historical development of international law of governance from the classical period of the international legal framework of global governance until the contemporary period of its framework. Second, the international law of governance is extremely turning into the crucial point in its long history because of the changing of China's foreign policies towards ‘One Belt One Road Initiative’. Third, the proposing model of the existing international law of governance within Chinese characteristics will be the new rules and modalities of modern diplomacy and governed international affairs. Methodologically speaking, this research paper is conducting under mixed methods research, which are also included numerical analysis and theoretical considerations. As a result, this research paper is the critical point of the international legal framework of global governance that changing the diplomatic paradigm as well as turning China into a great-power in international politics. So, this research paper is useful for international legal scholars and diplomats for slightly changing their understanding of the rapidly changing their norms from western norms to the eastern norms of international law. Therefore, the outcome of the research is the modern model of China to make a diplomatic relationship with other countries in the global society.

Keywords: global governance, international law, landscape, one belt one road

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Authors: Emma Charlene Lubaale

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The International Criminal Court (ICC) operates based on the principle of complementarity. On the basis of this principle, states enjoy the primary right to prosecute international crimes, with the ICC intervening only when a state with jurisdiction over an international crime is unable or unwilling to prosecute. To ably exercise their primary right to prosecute international crimes domestically, a number of states are taking steps to criminalise international crimes in their national laws. Significant to note, many of the laws enacted are not being applied in the prosecution of the international crimes allegedly committed. Kenya, Uganda and Sudan are some notable states where commission of international crimes is documented. All these states have recently enacted laws on international crimes. Kenya enacted the International Crimes Act in 2008, Uganda enacted the International Criminal Court Act in 2010 and in 2007, Sudan made provision for international crimes under its Armed Forces Act. However, in all these three states, the enacted national laws on international crimes have thus far not featured in any of the proceedings before these states’ courts. Instead, these states have either relied on ordinary crimes to prosecute international crimes or not prosecuted international crimes altogether. This paper underscores the limitations of the enacted laws, explaining why, even with efforts taken by these states to enact national laws on international crimes, these laws cannot be relied on to advance accountability for the international crimes. Notably, the laws in Kenya and Uganda do not have retroactive application. In Sudan, despite the 2007 reforms, the structure of military justice in Sudan has the effect of placing certain categories of individuals beyond the reach of international criminal justice. For Kenya and Uganda, it is concluded that the only benefit that flows from these enactments is reliance on them to prosecute future international crimes. For Sudan, the 2007 reforms will only have the desired impact if reforms are equally made to the structure of military justice.

Keywords: complementarity, national laws, Kenya, Sudan, Uganda, international crimes, limitations

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Authors: K. Y. Chen, H. Chua, C. W. Kan

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In this study, we will analyze Germany’s environmental situation such as water and air quality and review its environmental policy. In addition, we will collect the yearly environmental data as well as information concerning public environmental investment. Based on the data collect, we try to find out the relationship between public environmental investment and sustainable development in Germany. In addition, after comparing the trend of environmental quality and situation of environmental policy and investment, we may have some conclusions and learnable aspects to refer to. Based upon the data collected, it was revealed that Germany has established a well-developed institutionalization of environmental education. And the ecological culture at school is dynamic and continuous renewal. The booming of green markets in Germany is a very successful experience for learning. The green market not only creates a number of job opportunities, but also helps the government to improve and protect the environment. Acknowledgement: Authors would like to thank the financial support from the Hong Kong Polytechnic University for this work.

Keywords: Germany, public environmental investment, environment quality, sustainable development

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Authors: Silas A. Ihedioha

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In this work; it is considered that an investor’s portfolio is comprised of two assets; a risky stock which price process is driven by the geometric Brownian motion and a risk-free asset with Ornstein-Uhlenbeck Stochastic interest rate of return, where consumption, taxes, transaction costs and dividends are involved. This paper aimed at the optimization of the investor’s expected utility of consumption and terminal return on his investment at the terminal time having power utility preference. Using dynamic optimization procedure of maximum principle, a second order nonlinear partial differential equation (PDE) (the Hamilton-Jacobi-Bellman equation HJB) was obtained from which an ordinary differential equation (ODE) obtained via elimination of variables. The solution to the ODE gave the closed form solution of the investor’s problem. It was found the optimal investment in the risky asset is horizon dependent and a ratio of the total amount available for investment and the relative risk aversion coefficient.

Keywords: optimal, investment, Ornstein-Uhlenbeck, utility maximization, stochastic interest rate, maximum principle

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Authors: Nishi Malhotra

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Art has developed as a mode of investment and saving. Art and culture of any nation is the source of foreign direct investment (FDI) generation and growth development. Several intermediaries and skill-building organizations thrive on at and culture for their earnings. Indian art market has grown to Rs. 2000 Crores. Art establishment houses access to privileged information is the main reason for arbitrariness and volatility in the market. The commercialization of art and development of the markets with refinement in the taste of the customers have led to the development of art as an investment avenue. Investors keen on investing in these products can do so, and earnings from art are taxable too, like any other capital asset. This research paper is aimed at exploring the role of art and culture as an investment avenue in India and reasons for increasing volatilities in the art market. Based on an extensive literature review and secondary research, a benchmarking study has been conducted to capture the growth of the art as an investment avenue. These studies indicate that during the financial crisis of 2008-10, the art emerged as an alternative investment avenue. The paper aims at discussing the financial engineering of various art funds and instruments. Based on secondary data available from Sotheby’s, Christies, Bonham, there is a positive correlation between strategic diversification and increasing return in the Art market. Similarly, digitization has led to disintermediation in the art markets and also helped to increase the market base. The data clearly enumerates the growing interest of the Indian investor towards art as an investment option. Much like any other broad asset class, art market too thrives on excess returns provided by diversification. Many financial intermediaries and art funds have emerged, to offer valuable investment planning advisory to a genuine investor. This paper clearly highlights the increasing returns of strategic diversification and its impact on reducing volatility in the art markets. Moreover, with coming up of e-auctions and websites, investors are able to analyse art more objectively. Digitization and commercialization of art have definitely helped in reducing volatility in world art markets.

Keywords: art, investment avenue, diversification, digitization

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Authors: Mas Pertiwi I. G. AG Istri, Sri Kristinayanti Wayan, Oka Aryawan I. Gede Made

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Ability of government to meet the needs of infrastructure investment constrained by the size of the budget commitments for other sectors. Another barrier is the complexity of the process of land acquisition. Public Private Partnership can help bridge the investment gap by including the amount of funding from the private sector, shifted the responsibility of financing, construction of the asset, and the operation and post-project design and care to them. In principle, a construction project implementation always requires the investor as a party to provide resources in the form of funding which it must be contained in a successor agreement in the form of a contract. In general, construction contracts consist of contracts which passed in Indonesia and contract International. One source of funding used in the implementation of construction projects comes from funding that comes from the collaboration between the government and the private sector, for example with the system: BLT (Build Lease Transfer), BOT (Build Operate Transfer), BTO (Build Transfer Operate) and BOO (Build Operate Own). And form of payment under a construction contract can be distinguished several ways: monthly payment, payments based on progress and payment after completed projects (Turn Key). One of the tools used to analyze the feasibility of the investment is to use financial models. The financial model describes the relationship between different variables and assumptions used. From a financial model will be known how the cash flow structure of the project, which includes revenues, expenses, liabilities to creditors and the payment of taxes to the government. Net cash flow generated from the project will be used as a basis for analyzing the feasibility of investment source of project financing Public Private Partnership could come from equity or debt. The proportion of funding according to its source is a comparison of a number of investment funds originating from each source of financing for a total investment cost during the construction period by selected the contract system and several alternative financing percentage ratio determined according to sources will generate cash flow structure that is different. Of the various possibilities for the structure of the cash flow generated will be analyzed by software is to test T Paired to compared the contract system used by various alternatives comparison of financing to determine the effect of the contract system and the comparison of such financing for the feasibility of investment toll road construction project for the economic life of 20 (twenty) years. In this use case studies of toll road contruction project Bali Mandara. And in this analysis only covered two systems contracts, namely Build Operate Transfer and Turn Key. Based on the results obtained by analysis of the variable investment feasibility of the NPV, BCR and IRR between the contract system Build Operate Transfer and contract system Turn Key on the interest rate of 9%, 12% and 15%.

Keywords: contract system, financing, internal rate of return, net present value

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Authors: Renaud Gaucher

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Research on happiness has developed significantly in the past fifty years and economics and the political science are starting to be influenced by advances in the field. Until recently, finance has stayed outside this movement. The goal of our research is to integrate finance into this movement conceptually. We explain the why, the what and the how of the finance of happiness. We then study the relationship between corporate finance and happiness. We discuss the optimization of the relationship between the financial performance of a firm and the happiness at work of its employees, and the reduction of financial risk by developing goods that foster the happiness of their users. Finally we look at the development of happiness investment funds, that is investment funds founded on happiness research, and the best ways to share risks and earnings to build a happier society.

Keywords: finance, happiness, investment fund, risk

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Authors: Nasiru Inuwa, Haruna Usman Modibbo, Yahya Zakari Abdullahi

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The purpose of this paper is to investigate the effects of foreign direct investment (FDI), economic growth on carbon emissions in context of WAIFEM member countries. The Im-Pesaran-Shin panel unit root test, Kao residual based test panel cointegration technique and panel Granger causality tests over the period 1980-2012 within a multivariate framework were applied. The results of cointegration test revealed a long run equilibrium relationship among CO2 emissions, economic growth and foreign direct investment. The results of Granger causality tests revealed a unidirectional causality running from economic growth to CO2 emissions for the panel of WAIFEM countries at the 5% level. Also, Granger causality runs from economic growth to foreign direct investment without feedback. However, no causality relationship between foreign direct investment and CO2 emissions for the panel of WAIFEM countries was observed. The study therefore, suggest that policy makers from WAIFEM member countries should design policies aim at attracting more foreign direct investments inflow as well the adoption of cleaner production technologies in order to reduce CO2 emissions.

Keywords: economic growth, CO2 emissions, causality, WAIFEM

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Authors: Surayyo Shaamirova, Anwar Hasan Abdullah Othman

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This study investigates the co-integration association between the top 10 cryptocurrencies, namely Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Cardano, Litecoin, Stellar, IOTA, and NEO. The study applies Johansen Juselius co-integration test to examine the long-run co-integration and utilize the Engle and Granger casualty test to examine the short-run relationship. The findings of the study show that there is a strong co-integration relationship among the cryptocurrencies; however, in the short run, there is no causal relationship among the crypto currencies. These results, therefore, suggest that there are portfolio diversification opportunities in the cryptocurrencies industry when it comes to long run investment decisions, on the other hand, the cryptocurrencies industry shows the characteristics of efficiency in the short-run. This is an indication of a non-speculation investment in the cryptocurrencies industry in the short term investment.

Keywords: cryptocurrencies, Johansen-Juselius co-integration test, Engle and Granger casualty test, portfolio diversification

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Authors: Jhansi Rani Boda, G. Sunitha

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Worldwide, the financial markets are influenced by several factors such as the changes in economic and political processes that occur in the country and the globe, information diffusion and approachability and so on. Yet, the foremost important factor is the investor’s reaction and perception. For an individual investor, decision-making process can be perceived as a continuous process that has significant impact of their psychology while making investment decisions. Behavioral finance relies on research of human and social recognition and emotional tolerance studies to identify and understand the investment decisions. This article aims to report the research of individual investor’s financial behavior in a historical perspective. This article uncovers the investor’s psychology in investment decision making focusing on the investor’s rationality with an explanation of psychological and emotional factors that affect investing. The results of the study are revealed by means of Graphical visualization.

Keywords: behavioral finance, psychology, investor’s behavior, psychological and emotional factors

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Authors: Thibaut Lauwerier

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This presentation will cover the vision of international organizations on the link between development and education. This issue is very relevant to address the general topic of the conference. 'Educating for development' is indeed at the heart of their discourse. For most of international organizations involved in education, it is important to invest in this field since it is at the service of development. The idea of this presentation is to better understand the vision of development according to these international organizations and how education can contribute to this type of development. To address this issue, we conducted a comparative study of three major international organizations (OECD, UNESCO and World Bank) influencing education policy at the international level. The data come from the strategic reports of these organizations over the period 1990-2015. The results show that the visions of development refer mainly to the neoliberal agenda, despite evolutions, even contradictions. And so, education must increase productivity, improve economic growth, etc. UNESCO, which has a less narrow conception of the development and therefore the aims of education, does not have the same means as the two other organizations to advocate for an alternative vision.

Keywords: development, education, international organizations, poilcy

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Authors: Andrés I. Ávila, Patricia Aros, César San Martín, Elizabeth Kehr, Yovana Leal

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We consider a linear programming model to help farmers to decide if it is convinient to choose among three kinds of export fruits for their future investment. We consider area, investment, water, productivitiy minimal unit, and harvest restrictions and a monthly based model to compute the average income in five years. Also, conditions on the field as area, water availability and initia investment are required. Using the Chilean costs and dollar-peso exchange rate, we can simulate several scenarios to understand the possible risks associated to this market.

Keywords: mixed integer problem, fruit production, support decision model, fruit tree farms

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Authors: Syed Toqueer Akhter, Muhammad Awais

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Pakistan is a country which is gifted by naturally abundant resources these resources are a pioneer towards a prospect and developed country. Pakistan is the fourth largest exporter of the textile in the world and with the passage of time the competitiveness of these exports is subject to a decline. With a lot of International players in the textile world like China, Bangladesh, India, and Sri Lanka, Pakistan needs to put up a lot of effort to compete with these countries. This research paper would determine the impact of Foreign Direct Investment upon technological diffusion and that how significantly it may be affecting on export performance of the country. It would also demonstrate that with the increase in Foreign Direct Investment, technological diffusion, strong property rights, and using different policy tools, export competitiveness of the country could be improved. The research has been carried out using time series data from 1995 to 2013 and the results have been estimated by using competing Econometrics modes such as Robust regression and Generalized least squares so that to consolidate the impact of the Foreign Investments and Technological diffusion upon export competitiveness comprehensively. Distributed Lag model has also been used to encompass the lagged effect of policy tools variables used by the government. Model estimates entail that 'FDI' and 'Technological Diffusion' do have a significant impact on the competitiveness of the exports of Pakistan. It may also be inferred that competitiveness of Textile Sector requires integrated policy framework, primarily including the reduction in interest rates, providing subsides, and manufacturing of value added products.

Keywords: high technology export, robust regression, patents, technological diffusion, export competitiveness

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Authors: Amèdédjihundé H. J. Hounnou, Frédéric Dubas, François-Xavier Fifatin, Didier Chamagne, Antoine Vianou

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This paper presents the techno-economic evaluation of run-of-river small-hydropower plants. In this regard, a multi-objective optimization procedure is proposed for the optimal sizing of the hydropower plants, and NSGAII is employed as the optimization algorithm. Annual generated energy and investment cost are considered as the objective functions, and number of generator units (n) and nominal turbine flow rate (Q_T) constitute the decision variables. Site of Yeripao in Benin is considered as the case study. We have categorized the river of this site using its environmental characteristics: gross head, and first quartile, median, third quartile and mean of flow. Effects of each decision variable on the objective functions are analysed. The results gave Pareto Front which represents the trade-offs between annual energy generation and the investment cost of hydropower plants, as well as the recommended optimal solutions. We noted that with the increase of the annual energy generation, the investment cost rises. Thus, maximizing energy generation is contradictory with minimizing the investment cost. Moreover, we have noted that the solutions of Pareto Front are grouped according to the number of generator units (n). The results also illustrate that the costs per kWh are grouped according to the n and rise with the increase of the nominal turbine flow rate. The lowest investment costs per kWh are obtained for n equal to one and are between 0.065 and 0.180 €/kWh. Following the values of n (equal to 1, 2, 3 or 4), the investment cost and investment cost per kWh increase almost linearly with increasing the nominal turbine flowrate while annual generated. Energy increases logarithmically with increasing of the nominal turbine flowrate. This study made for the Yeripao river can be applied to other rivers with their own characteristics.

Keywords: hydropower plant, investment cost, multi-objective optimization, number of generator units

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Authors: S. Khalifa, R. Chkoundali

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The specific role of banks in economic development varies, depending on scope. Firstly, the participation of banks in economic development focus around providing credit and services to generate revenues, which are then invested back into a local, national or international community. The specific roles banks play in the economic development of a small community differ from the role banks play in national or international economic development. Although the role can vary, factors such as access to credit and bank investment policies or practices remain constant, no matter the scope of economic development. This paper provides an overview of the economic situation of Africa and its short-term outlook. He referred to the progress made in the implementation of the Medium-Term Strategy (2008-2012) and some major achievements of the Bank, as the speed and flexibility with which she responded to the oil crisis, food and financial.

Keywords: economic growth, bank, Africa, economic development

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Authors: Collen Kawiya

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In an effort of reducing post-harvest losses and improving the supply of quality fish products in Malawi, the fish solar tent dryers have been designed in the southern part of Lake Malawi for processing small fish species under the project of Cultivate Africa’s Future (CultiAF). This study was done to promote the adoption of the fish solar tent dryers by the many small scale fish processors in Malawi through the assessment of the economic viability of these dryers. With the use of the project’s baseline survey data, a business model for a constructed ‘ready for use’ solar tent dryer was developed where investment appraisal techniques were calculated in addition with the sensitivity analysis. The study also conducted a risk analysis through the use of the Monte Carlo simulation technique and a probabilistic net present value was found. The investment appraisal results showed that the net present value was US$8,756.85, the internal rate of return was 62% higher than the 16.32% cost of capital and the payback period was 1.64 years. The sensitivity analysis results showed that only two input variables influenced the fish solar dryer investment’s net present value. These are the dried fish selling prices that were correlating positively with the net present value and the fresh fish buying prices that were negatively correlating with the net present value. Risk analysis results showed that the chances that fish processors will make a loss from this type of investment are 17.56%. It was also observed that there exist only a 0.20 probability of experiencing a negative net present value from this type of investment. Lastly, the study found that the net present value of the fish solar tent dryer’s investment is still robust in spite of any changes in the levels of investors risk preferences. With these results, it is concluded that the fish solar tent dryers in Malawi are an economically viable investment because they are able to improve the returns in the fish processing activity. As such, fish processors need to adopt them by investing their money to construct and use them.

Keywords: investment appraisal, risk analysis, sensitivity analysis, solar tent drying

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Authors: Balwinder Singh

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Castings are produced by using aluminum alloy ADC 10 through the process of Ceramic Shell Investment Casting. Experiments are conducted as per the Taguchi L9 orthogonal array. In order to evaluate the effect of process parameters such as mould preheat temperature, preheat time, firing temperature and pouring temperature on surface roughness of ceramic shell investment castings, the Taguchi parameter design and optimization approach is used. Plots of means of significant factors and S/N ratios have been used to determine the best relationship between the responses and model parameters. It is found that the pouring temperature is the most significant factor. The best tensile strength of aluminum alloy ADC 10 is given by 150 ºC shell preheat temperature, 45 minutes preheat time, 900 ºC firing temperature, 650 ºC pouring temperature.

Keywords: investment casting, shell preheat temperature, firing temperature, Taguchi method

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Authors: Rana Nasiri, Hamid Vahidkia

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Recently, most courts in democratic nations were hesitant to consider foreign and international law. Their approach was to steer clear of using foreign sources of law that conflicted with their own government's stance. Numerous legal experts consider turning to foreign and international law unsuitable. However, those who advocate for using external sources of law also believe that relying on foreign and international law will always be in conflict with the importance of national sovereignty. Therefore, the academic discussion revolves around the commonly known broader debate on ‘the counter-majoritarian difficulty’. This article challenges the idea of tension. It suggests that in many democratic nations' legal systems, including those in the U.S., using foreign and international law can help strengthen domestic democratic processes by protecting them from outside economic, political, and legal influences. Citing international law supports domestic democratic processes and regains national sovereignty from various globalization forces. In other words, national courts must consider foreign and international law to uphold their national political institutions and protect their own status in relation to political branches.

Keywords: international law, social science, US, democracy, politics

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Authors: Hanee Ryu

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The supporting policies for renewable energy have been designed to deploy renewable energy technology targeting domestic market. The government encourages market creation through obligations such as FIT or RPS on an energy supplier. With these policy measures, the securing vast market needs to induce technology development. Furthermore, it is crucial that ensuring developing market can make the environment nurture the renewable energy industry. Overseas expansion to countries being in demand is essential under immature domestic market. Extending its business abroad can make the domestic company get the knowledge through learning-by-doing. Besides, operation in the countries to be rich in renewable resources such as weather conditions helps to develop proven track record required for verifying technologies. This paper figures out the factor to hamper the global market entry and build up the strategies to overcome difficulties. Survey conducted renewable energy company having overseas experiences at least once. Based on the survey we check the obstacle against exporting home goods and services. As a result, securing funds is salient fact to proceed to business. It is difficult that only private bank or investment agencies participate in the project under uncertainty which renewable energy development project bears inherently. These uncertainties need public fund such as ODA to encourage private sectors to start a business. Furthermore, international organizations such as IRENA or multilateral development banks as WBG play a role to guarantee the investment including risk insurance against uncertainty. It can also manage excavation business cooperating with developing countries and supplement inadequate government funding involved. With survey results strategies to obtain the order, the international organization places are categorized according to the type of getting a contract. This paper suggests 3 types approaching to the international organization project (going through international competitive bidding, using ODA and project financing) and specifies the role of government to support the domestic firms with running out of funds. Under renewable energy industry environment where hard to being created as a spontaneous market, government policy approach needs to motivate the actors to get into the business. It is one of the good strategies that countries with the low demand of renewable energies participate in the project international agencies order in the developing countries having abundant resources. This provides crucial guidance for the formulation of renewable energy development policy and planning with consideration of business opportunities and funding.

Keywords: exporting strategies, multilateral development banks, promoting in developing countries, renewable energy technologies

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Authors: Roohollah Jamshidpour, Elaheh Ahmadi, Farhad Shah Veisi

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Present research seeks to answer this question: Is there any relationship between corporate governance mechanisms and decision on corporate investments? Percentages of institutional, board of director’s, and stockholder’s ownership are among internal mechanisms of corporate governance relationship of which with investment-based decisions are studied by this research. Information on 103 companies during 1388 (2009)- 1393 (2014). Initially, research variables are identified; next, Rah Avard-e Novin software is used to gather Information. SPSS software is employed to test hypotheses with respect to descriptive and inferential statistics like correlation analysis. Research results show that percentage of institutional stockholders’ ownership has a significant direct relationship with investment decisions. For other cases, no significant relationship is observed between corporate governance mechanisms and investment decisions.

Keywords: corporate governance, company size, free floating stock, institutional investors, major shareholders

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Authors: Ameen Alshugaa, Abul Mansur Masih

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This paper sheds light on the economic impacts of political uncertainty caused by the civil uprisings that swept the Arab World and have been collectively known as the Arab Spring. Measuring documented effects of political uncertainty on regional stock market indices, we examine the impact of the Arab Spring on the volatility of stock markets in eight countries in the Middle East and North Africa (MENA) region: Egypt, Lebanon, Jordon, United Arab Emirate, Qatar, Bahrain, Oman and Kuwait. This analysis also permits testing the existence of financial contagion among equity markets in the MENA region during the Arab Spring. To capture the time-varying and multi-horizon nature of the evidence of volatility and contagion in the eight MENA stock markets, we apply two robust methodologies on consecutive data from November 2008 to March 2014: MGARCH-DCC, Continuous Wavelet Transforms (CWT). Our results indicate two key findings. First, the discrepancies between volatile stock markets of countries directly impacted by the Arab Spring and countries that were not directly impacted indicate that international investors may still enjoy portfolio diversification and investment in MENA markets. Second, the lack of financial contagion during the Arab Spring suggests that there is little evidence of cointegration among MENA markets. Providing a general analysis of the economic situation and the investment climate in the MENA region during and after the Arab Spring, this study bear significant importance for policy makers, local and international investors, and market regulators.

Keywords: Portfolio Diversification , MENA Region , Stock Market Indices, MGARCH-DCC, Wavelet Analysis, CWT

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Authors: Khadija Ali

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Prosecution of sexual violence in international criminal law requires not only an understanding of the mechanisms employed to prosecute sexual violence but also a critical analysis of the factors facilitating perpetuation of such crimes in armed conflicts. The extrapolations laid out in this essay delve into the jurisprudence of international criminal law pertaining to sexual and gender based violence followed by the core question of this essay: Has the entrenchment of sexual violence as international crimes in the Rome Statute been successful to address such violence in armed conflicts?

Keywords: conflict, gender, international criminal law, sexual violence

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Authors: Jiahui Yang, John Quigley, Lesley Walls

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In this paper, the authors develop a stochastic model regarding the investment in supplier delivery performance development from a buyer’s perspective. The authors propose a multivariate model through a Multinomial-Dirichlet distribution within an Empirical Bayesian inference framework, representing both the epistemic and aleatory uncertainties in deliveries. A closed form solution is obtained and the lower and upper bound for both optimal investment level and expected profit under uncertainty are derived. The theoretical properties provide decision makers with useful insights regarding supplier delivery performance improvement problems where multiple delivery statuses are involved. The authors also extend the model from a single supplier investment into a supplier portfolio, using a Lagrangian method to obtain a theoretical expression for an optimal investment level and overall expected profit. The model enables a buyer to know how the marginal expected profit/investment level of each supplier changes with respect to the budget and which supplier should be invested in when additional budget is available. An application of this model is illustrated in a simulation study. Overall, the main contribution of this study is to provide an optimal investment decision making framework for supplier development, taking into account multiple delivery statuses as well as multiple projects.

Keywords: decision making, empirical bayesian, portfolio optimization, supplier development, supply chain management

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Authors: Mohammad Talha, Abdullah Sallehhuddin Abdullah Salim, Abdul Aziz Abdul Jalil, Norzarina Md Yatim

Abstract:

The significant contribution of institutional investors across the globe in socially responsible investment (SRI) is well-documented in the literature. Nevertheless, how the SRI behavior of pressure-resistant, pressure-sensitive and pressure-indeterminate institutional investors remain unexplored extensively. This study examines the moderating effect of institutional investors towards socially responsible investment behavior in the context of emerging economies. This study involved 229 institutional investors in Malaysia. A total of 1,145 questionnaires were distributed. Out of these, 308 (130 pressure sensitive institutional investors and 178 pressure resistant institutional investors), representing a usable rate of 26.9 per cent, were found fit for data analysis. Utilizing multi-group analysis via AMOS, this study found evidence for the presence of moderating effect by a type of institutional investor topology in socially responsible investment behavior. At intentional level, it established that type of institutional investor was a significant moderator in the relationship between subjective norms, and caring ethical climate with intention among pressure-resistant institutional investors, as well as between perceived behavioral controls with intention among pressure-sensitive institutional investors. At the behavioral level, the results evidenced that there was only a significant moderating effect between intention and socially responsible investment behavior among pressure-resistant institutional investors. The outcomes are expected to benefit policy makers, regulators, and market participants in order to leap forward SRI growth in developing economies. Nevertheless, the outcomes are limited to a few factors, and it is believed that future studies shall address those limitations.

Keywords: socially responsible investment, behavior, pressure sensitive investors, pressure insensitive investors, Institutional Investment Malaysia

Procedia PDF Downloads 325

Authors: Aynur Charkasova

Abstract:

The scientific and economic contributions of international students cannot be underestimated. International education continues to be a competitive global industry, and many countries are seeking to recruit the best and the brightest to reinforce scientific innovations, boost intercultural learning, and bring more funding to the universities and colleges. Substantial changes in international educational policies and migration regulations have been made in the hopes of recruiting global talent. This paper explores and compares recruitment strategies, employment opportunities, and a legal path to permanent residency policies related to international students in the United States of America and Canada. This study will utilize the legal information available by the government websites of both countries, peer-reviewed scholarly articles and will highlight which approach promises a better path in recruiting and retention of international students. The findings from the study will be discussed and recommendations will be provided.

Keywords: international students, current immigration policies, STEM, visa reforms for international students

Procedia PDF Downloads 34

Authors: G. Erkomaishvili, M. Kobalava, T. Lazariashvili, N. Damenia

Abstract:

Current state of foreign direct investment (FDI) in Georgia is analyzed and evaluated in the paper, the existing legislative background for regulating investments and stimulating policies to attract investments are shown. It is noted that in developing countries encouragement of investment activity, support and implementation are of the most important tasks, implying a consistent investment policy, investor-friendly tax regime and the legal system, reducing administrative barriers and restrictions, fare competitive conditions and business development infrastructure. The work deals with the determining factor of FDIs and the main directions of stimulation, as well as prospective industries where new investments are needed. Contributing and hindering factors and stimulating measures are analyzed. As a result of the research, the direct and indirect factors attracting FDI have been identified. Facilitating factors to FDI inflow are as follows: simplicity of starting business, geopolitical location, low taxes, access to credit, ease of ownership registration, natural resources, low burden of regulations, low level of corruption and low crime rates. Hindering factors to FDI inflow are as follows: small market, lack of policy for attracting investments, low qualification of the workforce (despite the large number of unemployed people it is difficult to find workers with necessary special skills and qualifications), high interest rates, instability of national currency exchange rate, presence of conflict zones within the country and so forth.

Keywords: foreign direct investment, investor, investment attracting marketing policies, reinvestment

Procedia PDF Downloads 230

Authors: Djehich Mohamed Yousri

Abstract:

The field of political science is one of the sciences in which there is much controversy, in terms of the multiplicity of schools, trends, and goals. This overlap and complexity in the interpretation of the political phenomenon in political science has been linked to other disciplines associated with it, and the science of international relations and the huge amount of theories that have found a wide range and a decisive position after the national tide in the history of Western political thought, especially after the Westphalia Conference 1648, and as a result was approved The new foundations of international politics, the most important of which is respect for state sovereignty. Historical events continued and coincided with scientific, intellectual, and economic developments following the emergence of the industrial revolution, followed by the technological revolutions in all their contents, which led to the rooting and establishment of a comprehensive political system that is more complex and overlapping than it was in the past during the First and Second World Wars. The international situation has become dependent on the digital revolution and its aspirations in The comprehensive transformation witnessed by international political relations after the Cold War.

Keywords: theorizing, international relations, approaches to international relations, political science, the political system

Procedia PDF Downloads 72