Search results for: inverse participation ratios and implied volatility

Authors: Hamsasew Hankebo Lemago, Dóra Hessz, Tamás Igricz, Zoltán Erdélyi, , Imre Miklós Szilágyi

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Metal oxide inverse opals are a promising class of photocatalysts with a unique hierarchical structure. Atomic layer deposition (ALD) is a versatile technique for the synthesis of high-precision metal oxide thin films, including inverse opals. In this study, we report the synthesis of TiO₂, ZnO, and Al₂O₃ inverse opal and their composites photocatalysts using thermal or plasma-enhanced ALD. The synthesized photocatalysts were characterized using a variety of techniques, including scanning electron microscopy (SEM)-energy dispersive X-ray spectroscopy (EDX), X-ray diffraction (XRD), Raman spectroscopy, photoluminescence (PL), ellipsometry, and UV-visible spectroscopy. The results showed that the ALD-synthesized metal oxide inverse opals had a highly ordered structure and a tunable pore size. The PL spectroscopy results showed low recombination rates of photogenerated electron-hole pairs, while the ellipsometry and UV-visible spectroscopy results showed tunable optical properties and band gap energies. The photocatalytic activity of the samples was evaluated by the degradation of methylene blue under visible light irradiation. The results showed that the ALD-synthesized metal oxide inverse opals exhibited high photocatalytic activity, even under visible light irradiation. The composites photocatalysts showed even higher activity than the individual metal oxide inverse opals. The enhanced photocatalytic activity of the composites can be attributed to the synergistic effect between the different metal oxides. For example, Al₂O₃ can act as a charge carrier scavenger, which can reduce the recombination of photogenerated electron-hole pairs. The ALD-synthesized metal oxide inverse opals and their composites are promising photocatalysts for a variety of applications, such as wastewater treatment, air purification, and energy production. The ALD-synthesized metal oxide inverse opals and their composites are promising photocatalysts for a variety of applications, such as wastewater treatment, air purification, and energy production.

Keywords: ALD, metal oxide inverse opals, photocatalysis, composites

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Authors: Mourad Hrizi

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In this paper, we study the inverse problem of reconstructing an interior interface D appearing in the elliptic partial differential equation: Δu+χ(D)u=0 from the knowledge of the boundary measurements. This problem arises from a semiconductor transistor model. We propose a new shape reconstruction procedure that is based on the Kohn-Vogelius formulation and the topological sensitivity method. The inverse problem is formulated as a topology optimization one. A topological sensitivity analysis is derived from a function. The unknown subdomain D is reconstructed using a level-set curve of the topological gradient. Finally, we give several examples to show the viability of our proposed method.

Keywords: inverse problem, topological optimization, topological gradient, Kohn-Vogelius formulation

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Authors: Boukrida Rafiq

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Democracy is based on the notion that all citizens have the right to participate in the managing of political affairs and that every citizens input is of equal importance. This basic assumption clearly places emphasis on public participation in maintaining a stable democracy. The level of public participation, however is highly contested with many theorists arguing that too much public participation would overwhelm and ultimately cripple democratic systems. On the other hand, others who favor high levels of participation argue that more citizen involvement leads to greater representation. Regardless of these disagreements over the utopian level of participation, there is widespread agreement amongst scholars that, at the very least, some participation is necessary to maintain democratic systems. The ways in which citizens participate vary greatly and depending on the method used, influence political decision making at varying levels. The method of political participation is a key in controlling public influence over political affairs and therefore is also an integral part of maintaining democracy, whether it be "thin" (low levels of participation) or "Robust" (high levels of participation). High levels of participation or "robust" democracy are argued by some theorists to enhance democracy through providing the opportunity for more issues to be represented during decision making. The notion of widespread participation was first advanced by classical theorists.

Keywords: assumption clearly places emphasis, ultimately cripple, influence political decision making at varying, classical theorists

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Authors: Kyugneun Lee, Ikjin Lee

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Parameter estimation with inverse problem often suffers from unfavorable conditions in the real world. Useless data and many input parameters make the problem complicated or insoluble. Data refinement and reformulation of the problem can solve that kind of difficulties. In this research, a method to solve the rank deficient inverse problem is suggested. A multi-physics system which has rank deficiency caused by response correlation is treated. Impeditive information is removed and the problem is reformulated to sequential estimations using Bayesian network (BN) and subset groups. At first, subset grouping of the responses is performed. Feature selection with singular value decomposition (SVD) is used for the grouping. Next, BN inference is used for sequential conditional estimation according to the group hierarchy. Directed acyclic graph (DAG) structure is organized to maximize the estimation ability. Variance ratio of response to noise is used to pairing the estimable parameters by each response.

Keywords: Bayesian network, feature selection, rank deficiency, statistical inverse analysis

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Authors: Rose Mwanza

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This paper investigates security factors influencing primary school pupils’ school participation in Kenya. Schools, communities and the Government all have roles to play in enhancing primary school pupil’s school participation. The effective security system of a country provides the necessary avenues to facilitate improved health services protection of children and allows free movement of the country’s citizens which leads to a conducive atmosphere for school participation. Kenya is a signatory to international commitments and conventions related to security such as the National Policy on Peace Building and Conflict Management, United Nations Development Assistance Framework and Key Security Unity, which enable primary school pupils to participate in education. The paper also looks at the strategies the Government of Kenya has put in place to ensure effective pupil school participation.

Keywords: ethnicity, social media, participation in school, poverty, terrorism

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Authors: Maatoug Hassine, Mourad Hrizi

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In this paper, we consider a geometric inverse source problem for the heat equation with Dirichlet and Neumann boundary data. We will reconstruct the exact form of the unknown source term from additional boundary conditions. Our motivation is to detect the location, the size and the shape of source support. We present a one-shot algorithm based on the Kohn-Vogelius formulation and the topological gradient method. The geometric inverse source problem is formulated as a topology optimization one. A topological sensitivity analysis is derived from a source function. Then, we present a non-iterative numerical method for the geometric reconstruction of the source term with unknown support using a level curve of the topological gradient. Finally, we give several examples to show the viability of our presented method.

Keywords: geometric inverse source problem, heat equation, topological optimization, topological sensitivity, Kohn-Vogelius formulation

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Authors: Xu Wang

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This research builds linear regressions of U.S. macroeconomic condition and volatility measures in the investment grade and high yield Credit Default Swap index spreads using monthly data from March 2009 to July 2016, to study the relationship between different dimensions of macroeconomy and overall credit risk quality. The most significant contribution of this research is systematically examining individual and joint effects of macroeconomic condition and volatility on CDX spreads by including macroeconomic time series that captures different dimensions of the U.S. economy. The industrial production index growth, non-farm payroll growth, consumer price index growth, 3-month treasury rate and consumer sentiment are introduced to capture the condition of real economic activity, employment, inflation, monetary policy and risk aversion respectively. The conditional variance of the macroeconomic series is constructed using ARMA-GARCH model and is used to measure macroeconomic volatility. The linear regression model is conducted to capture relationships between monthly average CDX spreads and macroeconomic variables. The Newey–West estimator is used to control for autocorrelation and heteroskedasticity in error terms. Furthermore, the sensitivity factor analysis and standardized coefficients analysis are conducted to compare the sensitivity of CDX spreads to different macroeconomic variables and to compare relative effects of macroeconomic condition versus macroeconomic uncertainty respectively. This research shows that macroeconomic condition can have a negative effect on CDX spread while macroeconomic volatility has a positive effect on determining CDX spread. Macroeconomic condition and volatility variables can jointly explain more than 70% of the whole variation of the CDX spread. In addition, sensitivity factor analysis shows that the CDX spread is the most sensitive to Consumer Sentiment index. Finally, the standardized coefficients analysis shows that both macroeconomic condition and volatility variables are important in determining CDX spread but macroeconomic condition category of variables have more relative importance in determining CDX spread than macroeconomic volatility category of variables. This research shows that the CDX spread can reflect the individual and joint effects of macroeconomic condition and volatility, which suggests that individual investors or government should carefully regard CDX spread as a measure of overall credit risk because the CDX spread is influenced by macroeconomy. In addition, the significance of macroeconomic condition and volatility variables, such as Non-farm Payroll growth rate and Industrial Production Index growth volatility suggests that the government, should pay more attention to the overall credit quality in the market when macroecnomy is low or volatile.

Keywords: autoregressive moving average model, credit spread puzzle, credit default swap spread, generalized autoregressive conditional heteroskedasticity model, macroeconomic conditions, macroeconomic uncertainty

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Authors: S. S. Sathiesh

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The aim of this project is to study the radiation mechanism synchrotron and Inverse Compton scattering. Theoretically, we discussed spectral energy distribution for both. Programming is done for plotting the graph of Power-law spectrum for synchrotron Radiation using fortran90. The importance of power law spectrum was discussed and studied to infer its physical parameters from the model fitting. We also discussed how to infer the physical parameters from the theoretically drawn graph, we have seen how one can infer B (magnetic field of the source), γ min, γ max, spectral indices (p1, p2) while fitting the curve to the observed data.

Keywords: blazars/quasars, beaming, synchrotron radiation, Synchrotron Self Compton, inverse Compton scattering, mrk421

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Authors: Shay Kee Tan, Kok Haur Ng, Jennifer So-Kuen Chan

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This paper extends the conditional autoregressive range (CARR) model to multivariate CARR (MCARR) model and further to the two-stage MCARR-return model to model and forecast volatilities, correlations and returns of multiple financial assets. The first stage model fits the scaled realised Parkinson volatility measures using individual series and their pairwise sums of indices to the MCARR model to obtain in-sample estimates and forecasts of volatilities for these individual and pairwise sum series. Then covariances are calculated to construct the fitted variance-covariance matrix of returns which are imputed into the stage-two return model to capture the heteroskedasticity of assets’ returns. We investigate different choices of mean functions to describe the volatility dynamics. Empirical applications are based on the Standard and Poor 500, Dow Jones Industrial Average and Dow Jones United States Financial Service Indices. Results show that the stage-one MCARR models using asymmetric mean functions give better in-sample model fits than those based on symmetric mean functions. They also provide better out-of-sample volatility forecasts than those using CARR models based on two robust loss functions with the scaled realised open-to-close volatility measure as the proxy for the unobserved true volatility. We also find that the stage-two return models with constant means and multivariate Student-t errors give better in-sample fits than the Baba, Engle, Kraft, and Kroner type of generalized autoregressive conditional heteroskedasticity (BEKK-GARCH) models. The estimates and forecasts of value-at-risk (VaR) and conditional VaR based on the best MCARR-return models for each asset are provided and tested using Kupiec test to confirm the accuracy of the VaR forecasts.

Keywords: range-based volatility, correlation, multivariate CARR-return model, value-at-risk, conditional value-at-risk

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Authors: Piyaphan Changwatchai

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Global value chain is important for current world economy through foreign direct investment. Multinational enterprises' efficient location seeking for each stage of production lead to global production network and more global value chain participation of several countries. Global value chain participation has several effects on participating countries in several aspects including the environment. The effect of global value chain participation on the environment is ambiguous. As a result, this research aims to study the effect of global value chain participation on countries' CO₂ emission and methane emission by using quantitative analysis with secondary panel data of sixty countries. The analysis is divided into two types of global value chain participation, which are forward global value chain participation and backward global value chain participation. The results show that, for forward global value chain participation, GDP per capita affects two types of pollutants in downward bell curve shape. Forward global value chain participation negatively affects CO₂ emission and methane emission. As for backward global value chain participation, GDP per capita affects two types of pollutants in downward bell curve shape. Backward global value chain participation negatively affects methane emission only. However, when considering Asian countries, forward global value chain participation positively affects CO₂ emission. The recommendations of this research are that countries participating in global value chain should promote production with effective environmental management in each stage of value chain. The examples of policies are providing incentives to private sectors, including domestic producers and MNEs, for green production technology and efficient environment management and engaging in international agreements in terms of green production. Furthermore, government should regulate each stage of production in value chain toward green production, especially for Asia countries.

Keywords: CO₂ emission, environment, global value chain participation, methane emission

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Authors: I. Putu Eka N. Kencana, I. Wayan Mertha

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A variety of research’s evidence suggests that community involvement is one of the vital elements in the development of sustainable tourism. As an entity of the tourism system, local communities are considered have better understanding of their region as well as influenced positively or negatively by the tourism activities in the region. This study elaborates role of community involvement in the development of ecotourism in Kintamani Bali from two perspectives of view, namely participation in the process of initiatives development and participation in the economic benefits of tourism. As one element of social capital form, community participation on the development and management of ecotourism in Kintamani, could be expected maintain its sustainability.

Keywords: community involvement, ecotourism, participation, social capital

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Authors: Funda Kul, İsmail Gür

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Pension scheme providers have to price mortality risk by accurate mortality forecasting method. There are many mortality-forecasting methods constructed and used in literature. The Lee-Carter model is the first model to consider stochastic improvement trends in life expectancy. It is still precisely used. Mortality forecasting is done by mortality index in the Lee-Carter model. It is assumed that mortality index fits ARIMA time series model. In this paper, we propose and use dynamic normal inverse gaussian distribution to modeling mortality indes in the Lee-Carter model. Using population mortality data for Italy, France, and Turkey, the model is forecasting capability is investigated, and a comparative analysis with other models is ensured by some well-known benchmarking criterions.

Keywords: mortality, forecasting, lee-carter model, normal inverse gaussian distribution

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Authors: Laurent Maurin, Mervi Toivanen

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This paper estimates euro area banks’ internal target capital ratios and investigates whether banks’ adjustment to the targets have an impact on credit supply and holding of securities during the financial crisis in 2005-2011. Using data on listed banks and country-specific macro-variables a partial adjustment model is estimated in a panel context. The results indicate, firstly, that an increase in the riskiness of banks’ balance sheets influences positively on the target capital ratios. Secondly, the adjustment towards higher equilibrium capital ratios has a significant impact on banks’ assets. The impact is found to be more size-able on security holdings than on loans, thereby suggesting a pecking order.

Keywords: Euro area, capital ratios, credit supply, partial adjustment model

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Authors: Ethan Petersen

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In this paper, we analyze the volatility of Apple’s stock beginning January 3, 2005 up to October 9, 2014, then focus on a range from 30 days prior to each product announcement until 30 days after. Product announcements are filtered; announcements whose 60 day range is devoid of other events are separated. This filtration is chosen to isolate, and study, a potential cross-effect. Concerning Apple keynotes, there are two significant dates: the day the invitations to the event are received and the day of the event itself. As such, the statistical analysis is conducted for both invite-centered and event-centered time frames. A comparison to the VIX is made to determine if the trend is simply following the market or deviating. Regardless of the filtration, we find that there is a clear deviation from the market. Comparing these data sets, there are significantly different trends: isolated events have a constantly decreasing, erratic trend in volatility but an increasing, linear trend is observed for clustered events. According to the Efficient Market Hypothesis, we would expect a change when new information is publicly known and the results of this study support this claim.

Keywords: efficient market hypothesis, event study, volatility, VIX

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Authors: Océane Grosset, Charles Pézerat, Jean-Hugh Thomas, Frédéric Ablitzer

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This paper presents a method to take into account the fluid-structure coupling into an inverse method, the Force Analysis Technique (FAT). The FAT method, also called RIFF method (Filtered Windowed Inverse Resolution), allows to identify the force distribution from local vibration field. In order to only identify the external force applied on a structure, it is necessary to quantify the fluid-structure coupling, especially in naval application, where the fluid is heavy. This method can be decomposed in two parts, the first one consists in identifying the fluid-structure coupling and the second one to introduced it in the FAT method to reconstruct the external force. Results of simulations on a plate coupled with a cavity filled with water are presented.

Keywords: aeroacoustics, fluid-structure coupling, inverse methods, naval, turbulent flow

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Authors: Najmuddin Rasul

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The purpose of this study is to determine whether media usage and change of citizenship norms influence trends of change of political participation of young voters in Indonesia. The focus of this study is to examine citizenship norms in the context of the development of information and communication technology influence political participation in the context of Indonesia's transition to democracy. The main theoretical framework is media and political participation. For data gathering, 384 young voters between the ages of 17 to 40 years were interviewed in Padang, West Sumatra, Indonesia. The results of this study reveal that gender, age and educational background of respondents did not influence significantly media usage and citizenship norms. The results also show that educational background is not a factor that distinguishes media usage but it becomes differentiating factor in citizenship norms. The results further show that media usage has a significant correlation with citizenship norms and citizenship norms has a significant relationship with political participation. In addition, media usage and citizenship norm significantly influence political participation. The sub-dimensions the citizenship norms (compliance, duty, and engaged citizenship) provides a significant contribution to the sub-dimensions of political participation (traditional political participation, modern political participation, civic political participation). Based on the findings it can be concluded that the political euphoria in the era of transition to democracy has changed pattern of media usage and citizenship norms among the young generation in Indonesia.

Keywords: political participation, media, citizenship norms, democracy, young voters, Indonesia

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Authors: Sajid Ali Khan, Karim Ullah, Usman Ghani

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Community participation is the collaboration of project beneficiaries; voluntarily or because of some incentives or persuasion agree to put effort and work with development projects. Sustainability of projects is the ability to maintain its services, operations, and other benefits during its anticipated time. This study investigated the dynamics of community participation and its contribution to the sustainability of projects. In multiple case-study designs with semi-structured questionnaires and interviews, this study analyzes community participation with the help of individual case analysis followed by cross-case analysis in the RAHA & CDLD developmental project. Finally, the study outcomes are linked with the specified literature in order to comprehend the phenomena. The findings of the study suggest an Analytical framework developed by the current study covering different barriers and enablers to community participation and its implications.

Keywords: community participation, enablers, barriers, project sustainability

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Authors: Auliya Adzillatin Uzhma, Ismu Rini Dwi Ari, I. Nyoman Suluh Wijaya

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Corporate Social Responsibility (CSR) programme in Pantai Harapan Jaya village is cultivation of mangrove and fishery capital distribution, to achieve the goal the CSR programme needed participation from the society in it. Moeliono in Fahrudin (2011) mentioned that participation from society is based by intrinsic reason from inside people it self and extrinsic reason from the other who related to him or from connection with other people. The fundamental connection who caused more boundaries from action which the organization can do called the social structure. The purpose of this research is to know the form of public participation and the density of the villager and people who is participated in CSR programme. This research use Social Network Analysis method by knew the Rate of Participation and Density. The result of the research is people who is involved in the programme is lived in Dusun Pondok Dua and they work in fisheries field. Rate of Participation is 11,61 and that means people involved in 11 or 12 activites of CSR Programme. The rate of participation of CSR Programme is categorized as high rate participation. The density value from the participant is 0.516 it’s mean that 51.6% of the people that participated is involved in the same step of CSR programme.

Keywords: community participation, social network analysis, corporate social responsibility, urban and regional studies

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Authors: D. Remache, M. Semaan, C. Baron, M. Pithioux, P. Chabrand, J. M. Rossi, J. L. Milan

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A good understanding of the mechanical properties of the bone implies a better understanding of its various diseases, such as osteoporosis. Berkovich nanoindentation tests were performed on the human cortical bone to extract its orthotropic parameters. The nanoindentation experiments were then simulated by the finite element method. Different configurations of interactions between the tip indenter and the bone were simulated. The orthotropic parameters of the material were identified by the inverse method for each configuration. The friction effect on the bone mechanical properties was then discussed. It was found that the inverse method using the finite element method is a very efficient method to predict the mechanical behavior of the bone.

Keywords: mechanical behavior of bone, nanoindentation, finite element analysis, inverse optimization approaches

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Authors: O. Vanijajiva, K. Oumaree, N. Ngampak

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This research aims to study the level of perception and participation of Phranakhon Rajabhat University staff and to study the relationship between the levels of perception and participation with the score of University evaluation of quality assurance in education. The respondents were composed of 479 staffs. The tool used in this research is perceived and participation questionnaire of quality assurance in education of Phranakhon Rajabhat University. The results found that the most staffs are female with undergraduate education. Most 2 respondents are revealing educational staffs without academic position. The fact of times to gain knowledge of quality assurance in education is 1-3 times. The perception of knowledge about quality assurance in education is moderate (3.74 ± 0.65) with most respondent are more focus on university activity than quality assurance in education activity. The participation of quality assurance in education activities involved in moderate (3.17 ± 0.88), with most respondents more involved in student affair than quality assurance in education motion. For assessment of the relationship of perception and participation of quality assurance in education are average score (4.31 ± 0.16) showed that the level of perception and participation was associated with university evaluation in very low level (r = -0.103 and -0.121, respectively), while perception and participation are correlated with the moderate level (r = 0.691).

Keywords: quality assurance education, awareness, participation, higher education, Thailand

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Authors: Sudaporn Arundee

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The purposes of this research were to study in three areas: (1) to study political understanding and participating of the constitutional monarchy, (2) to study the level of participation. This paper drew upon data collected from 395 Dusit residents by using questionnaire. In addition, a simple random sampling was utilized to collect data. The findings revealed that 94 percent of respondents had a very good understanding of constitution monarchy with a mean of 4.8. However, the respondents overall had a very low level of participation with the mean score of 1.69 and standard deviation of .719.

Keywords: political participation, constitutional monarchy, management and social sciences

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Authors: Arka Roy, Chandra Prakash Dubey

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Inverse problem generally used for recovering hidden information from outside available data. Vertical component of gravity field we will be going to use for underneath density structure calculation. Ill-posing nature is main obstacle for any inverse problem. Linear regularization using Tikhonov formulation are used for appropriate choice of SVD and GSVD components. For real time data handle, signal to noise ratios should have to be less for reliable solution. In our study, 2D and 3D synthetic model with rectangular grid are used for gravity field calculation and its corresponding inversion for density reconstruction. Fine grid also we have considered to hold any irregular structure. Keeping in mind of algebraic ambiguity factor number of observation point should be more than that of number of data point. Picard plot is represented here for choosing appropriate or main controlling Eigenvalues for a regularized solution. Another important study is depth resolution plot (DRP). DRP are generally used for studying how the inversion is influenced by regularizing or discretizing. Our further study involves real time gravity data inversion of Vredeforte Dome South Africa. We apply our method to this data. The results include density structure is in good agreement with known formation in that region, which puts an additional support of our method.

Keywords: depth resolution plot, gravity inversion, Picard plot, SVD, Tikhonov formulation

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Authors: Naghmeh Sadat Nabavi

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Women´s role in political participation, despite its limitations, is undoubtedly the most essential and effective part of Iran. In all political events throughout Iran's history, women have been pioneers, although they have been limited from getting political positions, even in the parliament. In recent years, movements and protests have been formed by Iranian women to respect natural human rights, especially for women. These movements are accompanied and sometimes guided by female celebrities, the most important of which are actresses. In 2017, this cooperation reached its highest level compared to the past, and the political participation of actresses in support of Hassan Rouhani in the presidential elections brought people who were hesitant to vote to the polls. This type of participation of actresses is seen in the recent protest of #Woman_Life_Freedom in 2022 and 2023 that still continues.

Keywords: political participation, presidential election, actresses, celebrities, social media, women, Iran

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Authors: Pratap Chandra Pati, Prabina Rajib, Parama Barai

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The traditional finance theory neglects the role of sentiment factor in asset pricing. However, the behavioral approach to asset-pricing based on noise trader model and limit to arbitrage includes investor sentiment as a priced risk factor in the assist pricing model. Investor sentiment affects stock more that are vulnerable to speculation, hard to value and risky to arbitrage. It includes small stocks, high volatility stocks, growth stocks, distressed stocks, young stocks and non-dividend-paying stocks. Since the introduction of Chicago Board Options Exchange (CBOE) volatility index (VIX) in 1993, it is used as a measure of future volatility in the stock market and also as a measure of investor sentiment. CBOE VIX index, in particular, is often referred to as the ‘investors’ fear gauge’ by public media and prior literature. The upward spikes in the volatility index are associated with bouts of market turmoil and uncertainty. High levels of the volatility index indicate fear, anxiety and pessimistic expectations of investors about the stock market. On the contrary, low levels of the volatility index reflect confident and optimistic attitude of investors. Based on the above discussions, we investigate whether market-wide fear levels measured volatility index is priced factor in the standard asset pricing model for the Indian stock market. First, we investigate the performance and validity of Fama and French three-factor model and Carhart four-factor model in the Indian stock market. Second, we explore whether India volatility index as a proxy for fearful market-based sentiment indicators affect the cross section of stock returns after controlling for well-established risk factors such as market excess return, size, book-to-market, and momentum. Asset pricing tests are performed using monthly data on CNX 500 index constituent stocks listed on the National stock exchange of India Limited (NSE) over the sample period that extends from January 2008 to March 2017. To examine whether India volatility index, as an indicator of fear sentiment, is a priced risk factor, changes in India VIX is included as an explanatory variable in the Fama-French three-factor model as well as Carhart four-factor model. For the empirical testing, we use three different sets of test portfolios used as the dependent variable in the in asset pricing regressions. The first portfolio set is the 4x4 sorts on the size and B/M ratio. The second portfolio set is the 4x4 sort on the size and sensitivity beta of change in IVIX. The third portfolio set is the 2x3x2 independent triple-sorting on size, B/M and sensitivity beta of change in IVIX. We find evidence that size, value and momentum factors continue to exist in Indian stock market. However, VIX index does not constitute a priced risk factor in the cross-section of returns. The inseparability of volatility and jump risk in the VIX is a possible explanation of the current findings in the study.

Keywords: India VIX, Fama-French model, Carhart four-factor model, asset pricing

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Authors: Fadi Awawdeh

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In this work, we highlight the key concepts in using semigroup theory as a methodology used to construct efficient formulas for solving inverse problems. The proposed method depends on some results concerning integral equations. The experimental results show the potential and limitations of the method and imply directions for future work.

Keywords: identification problems, semigroup theory, methods for inverse problems, scientific computing

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Authors: Hajnalka Szarvas

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The research examines the effectiveness of e-participation tools and methods from a point of view of cultural fitting to the Hungarian community traditions. Participation can have very different meanings depending on the local cultural and historical traditions, experiences of the certain societies. Generally when it is about e-democracy or e-participation tools most of the researches are dealing with its technological sides and novelties, but there is not much said about the cultural and social context of the different platforms. However from the perspective of their success it would be essential to look at the human factor too, the actual users, how the certain DMS or any online platform is fitting to the way of thought, the way of functioning of the certain society. Therefore the paper will explore that to what extent the different online platforms like Loomio, Democracy OS, Your Priorities EVoks, Populus, miutcank.hu, Liquid Democracy, Brain Bar Budapest Lab are compatible with the Hungarian mental structures and community traditions, the contents of collective mind about community functioning. As a result the influence of cultural embeddedness of the logic of e-participation development tools on success of these methods will be clearly seen. Furthermore the most crucial factors in general which determine the efficiency of e-participation development tools in Hungary will be demonstrated.

Keywords: cultural embeddedness, e-participation, local community traditions, mental structures

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Authors: Young-Kwang Lee, Eun-Gu Ji, Min-Joo Kim, Seung-Jae Oh

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The purpose of this study is to develop a social participation activity scale for the elderly. As a result of exploratory factor analysis, confirmatory factor analysis was conducted using maximum likelihood method using bundled items. In conclusion, thirteen items of social participation activity scale seemed appropriate. Finally, convergent validity and discriminant validity were verified on the scale with the fit. The convergent validity was based on the variance extracted value. In other words, the hypothesis that the variables are the same is rejected and the validity is confirmed. This study extensively considered the measurement items of the social participation activity scale used to measure social participation activities of the elderly. In the future, it will be meaningful that it can be used as a tool to verify the effectiveness of services in organizations that provide social welfare services to elderly people such as comprehensive social welfare centers and the elderly comprehensive social welfare centers.

Keywords: elderly, social participation, scale development, validity

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Authors: Avelino Marques, Diamantino Freitas

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Some important electroacoustic systems, like loudspeaker systems, exhibit a nonminimum phase behavior that poses considerable effort when applying advanced digital signal processing techniques, such as linear equalization. In this paper, the position and the number of zeros and poles of the inverse filter, FIR type or IIR type, designed using time domain techniques, are studied, compared and related to the nonminimum phase zeros of system to be equalized. Conclusions about the impact of the position of the system non-minimum phase zeros, on the length/order of the inverse filter and on the delay of the equalized system are outlined as a guide to previously decide which type of filter will be more adequate.

Keywords: loudspeaker systems, nonminimum phase system, FIR and IIR filter, delay

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Authors: Ali Anwar, Hu Qinglei, Li Bo, Muhammad Taha Ali

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In this paper a generic model of perturbed nonlinear systems is considered which is affected by hard backlash nonlinearity at the input. The nonlinearity is modelled by a dynamic differential equation which presents a more precise shape as compared to the existing linear models and is compatible with nonlinear design technique such as backstepping. Moreover, a novel backstepping based nonlinear control law is designed which explicitly incorporates a continuous-time adaptive backlash inverse model. It provides a significant flexibility to control engineers, whereby they can use the estimated backlash spacing value specified on actuators such as gears etc. in the adaptive Backlash Inverse model during the control design. It ensures not only global stability but also stringent transient performance with desired precision. It is also robust to external disturbances upon which the bounds are taken as unknown and traverses the backlash spacing efficiently with underestimated information about the actual value. The continuous-time backlash inverse model is distinguished in the sense that other models are either discrete-time or involve complex computations. Furthermore, numerical simulations are presented which not only illustrate the effectiveness of proposed control law but also its comparison with PID and other backstepping controllers.

Keywords: adaptive control, hysteresis, backlash inverse, nonlinear system, robust control, backstepping

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Authors: Kirill Neverov

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In the paper is considered issues of civic participation in context of changing political landscape of Argentina. Last two years, this South American country faced a drastic change of political course. Pro-peronist, left-oriented administration of Christina Fernandez de Kirchner were replaced by right of center Mauricio Macri's one. The study is focused on inclusive policy in conditions of political transformations. We use network analysis to figure out which actors are involved in participation and to describe connections between them. As a resuflt, we plan to receive map of transactions which form inclusive policy in Argentina.

Keywords: civic participation, Argentina, political transformation, network analysis

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