Search results for: letter of credit

Authors: Shabir Ahmad Sofi, Shubham Aggarwal, Sanyam Singhal, Roohie Naaz

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Biometric recognition refers to an automatic recognition of individuals based on a feature vector(s) derived from their physiological and/or behavioral characteristic. Biometric recognition systems should provide a reliable personal recognition schemes to either confirm or determine the identity of an individual. These features are used to provide an authentication for computer based security systems. Applications of such a system include computer systems security, secure electronic banking, mobile phones, credit cards, secure access to buildings, health and social services. By using biometrics a person could be identified based on 'who she/he is' rather than 'what she/he has' (card, token, key) or 'what she/he knows' (password, PIN). In this paper, a brief overview of biometric methods, both unimodal and multimodal and their advantages and disadvantages, will be presented.

Keywords: biometric, DNA, fingerprint, ear, face, retina scan, gait, iris, voice recognition, unimodal biometric, multimodal biometric

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Authors: Dilin Chen, Kang Luo, Jian Wu, Chun Yang, Hongliang Yi

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Electrically driven flows (EDF) systems play an important role in fuel cells, electrochemistry, bioseparation technology, fluid pumping, and microswimmers. The core scientific problem is multifield coupling, the further development of which depends on the exploration of nonlinear instabilities, force competing mechanisms, and energy budgets. In our study, two categories of electrostatic force-dominated phenomena, induced charge electrosmosis (ICEO) and ion conduction pumping are investigated while considering polymer rheological characteristics and heat gradients. With finite volume methods, the thermal modulation strategy of ICEO under the thermal buoyancy force is numerically analyzed, and the electroelastic instability turn associated with polymer addition is extended. The results reveal that the thermal buoyancy forces are sufficient to create typical thermogravitational convection in competition with electroconvective modes. Electroelastic instability tends to be promoted by weak electrical forces, and polymers effectively alter the unstable transition routes. Our letter paves the way for improved mixing and heat transmission in microdevices, as well as insights into the non-Newtonian nature of electrohydrodynamic dynamics.

Keywords: non-Newtonian fluid, electroosmotic flow, electrohydrodynamic, viscoelastic liquids, heat transfer

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Authors: Aiman Elragig, Hanan Dreiwi, Dung Ly, Idriss Elmabrook

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This paper highlights a new approach to look at online principle components analysis (OPCA). Given a data matrix X ∈ R,^m x n we characterise the online updates of its covariance as a matrix perturbation problem. Up to the principle components, it turns out that online updates of the batch PCA can be captured by symmetric matrix perturbation of the batch covariance matrix. We have shown that as n→ n0 >> 1, the batch covariance and its update become almost similar. Finally, utilize our new setup of online updates to find a bound on the angle distance of the principle components of X and its update.

Keywords: online data updates, covariance matrix, online principle component analysis, matrix perturbation

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Authors: T. M. Buthelezi, E. O. Olagundoye, R. G. L. Cele

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This article argues that whilst African folklore has mainly been used for entertainment, it also has an educational value that has power to change young people’s attitudes and behavior. The paper is informed by the findings from the data that was generated from 154 university students who were coming from diverse backgrounds. The qualitative data was thematically analysed. Referring to the six steps of the behaviour change model, we found that African Folklore provides relevant cultural knowledge and instills values that enable young people to engage on self-reflection that eventually leads them towards attitudinal changes and behaviour modification. Using the transformative learning theory, we argue that African Folklore in itself is a pedagogical strategy that integrates cultural knowledge, values with entertainment elements concisely enough to take the young people through a transformative phase which encompasses psychological, convictional and life-style adaptation. During data production stage all ethical considerations were observed including obtaining gatekeeper’s permission letter and ethical clearance certificate from the Ethics Committee of the University. The paper recommends that African Folklore approach should be incorporated into the school curriculum particularly in life skills education with aims to change behaviour.

Keywords: African folklore, young people, attitudinal, behavior change, university students

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Authors: Lukman Omobola Adisa

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Spelling is rule bound in a written discourse. It, however, calls into question, when such convention is grossly contravened in a formal setting revered as citadel of learning, despite availability of computer spell-checker, human knowledge, and lexicon. The foregoing reveals the extent of decadence pervading education sector in Nigeria. It is on this premise that this study reviews the effect of spelling on communicative competence of the University of Ibadan Registry Staff. The theoretical framework basically evaluates diverse scholars’ views on communicative competence and how spelling influences the intended meaning of a word/ sentence as a result of undue infringement on grammatical (spelling) rule. Newsletter, bulletin, memo, and letter are four print materials purposively selected while the methodology adopted is content analysis. Similarly, five categories, though not limited to, through which spelling blunders are committed are considered: effect of spelling (omission, addition, and substitution); sound ( homophone); transposition (heading/body: content) and ambiguity (capitalisation, space, and acronym). Subsequently, the analyses, findings, and recommendations are equally looked into. Summarily, the study x-rays effective role(s) plays by spelling in enhancing communicative competence through appropriate usage of linguistic registers.

Keywords: communicative competence, content analysis, effect of spelling, linguistics registers

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Authors: Rochelle Elva

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Faculty in Higher Education today are faced with the challenge of convincing their students of the importance of learning and mastery of skills. This is because most students often have a single motivation -to get high grades. If it appears that this goal will not be met, they lose their motivation, and their academic efforts wane. This is true even for students in the competitive fields of STEM, including Computer Science majors. As educators, we have to understand our students and leverage what motivates them to achieve our learning outcomes. This paper presents a case study that utilizes cognitive psychology’s Expectancy Value Theory and Motivation Theory to investigate the effect of sustained expectancy for success on students’ learning outcomes. In our case study, we explore how students’ motivation and persistence in their academic efforts are impacted by providing them with an unexpected possible path to success that continues to the end of the semester. The approach was tested in an undergraduate computer science course with n = 56. The results of the study indicate that when presented with the real possibility of success, despite existing low grades, both low and high-scoring students persisted in their efforts to improve their performance. Their final grades were, on average, one place higher on the +/-letter grade scale, with some students scoring as high as three places above their predicted grade.

Keywords: expectancy for success and persistence, motivation and performance, computer science education, motivation and performance in computer science

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Authors: Susan P. Teru, Jerome Nyameh

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Many contemporary organizations are placing a greater emphasis on business enterprise systems as a means of generating higher levels of economic development. Many business research and literature has also concur that enterprise drive economic development, giving little or no credit to social enterprise, whose profit is reinvest to the community development compare to the business enterprise that share their profit to shareholders. Economic development includes economic policies that affect the beneficiaries of the economic entity. We suggest that producing social enterprise increments may be best achieved by orienting social enterprise entrepreneurs system to promote economic development. To this end, we describe a new approach to the social enterprise process that includes social entrepreneur and the key drivers of economic development at each stage. We present a model of social enterprise that incorporates the main ideas of the paper and suggests a new perspective for thinking about how to foster and manage social enterprise to achieve high levels of economic development.

Keywords: social enterprise, economic development, Nigeria, business and management

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Authors: Rajeshwar Singh

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The presence of multicollinearity is common in handling with several explanatory variables simultaneously due to exhibiting a linear relationship among them. A great problem arises in understanding the impact of explanatory variables on the dependent variable. Thus, the method of least squares estimation gives inexact estimates. In this case, it is advised to detect its presence first before proceeding further. Using the ridge regression degree of its occurrence is reduced but principal components regression gives good estimates in this situation. This paper discusses well-known techniques of the ridge and principal components regressions and applies to get the estimates of coefficients by both techniques. In addition to it, this paper also discusses the conflicting claim on the discovery of the method of ridge regression based on available documents.

Keywords: conflicting claim on credit of discovery of ridge regression, multicollinearity, principal components and ridge regressions, variance inflation factor

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Authors: Anna Jagielska

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Five years ago, the word ‘gender’ was discussed in Poland exclusively in academic contexts. One year later, it was chosen as the word of the year and omnipresent in the Polish media. The rapid career of this word is due to the involvement of the Polish church hierarchy who strategically brought this term into relation with abortion, pornography and paedophilia. ‘Gender’ is more than a political slogan. It is a symbol of social anxiety and moral panic in Poland which need to be historically considered. The aim of this paper is to present selected rhetorical strategies used by the Polish Catholic clergy who strive to have an impact on the current gender discourse in Poland. In particular, the gender debate, culminated in the pastoral letter of the Bishops' Conference of Poland, will be discussed. The church’s protest against the Council of Europe’s Convention on Preventing and Combating Violence against Women and Domestic Violence will be analyzed and the recent heated debates in Poland on contraception, abortion, in vitro fertilization, and sex education will be mentioned. To provide explanations on the specificity of Polish gender debates the role of the Catholic Church in the fall of communism in Poland as well as the charismatisation of Polish society by Pope John Paul II will be explained. The social constructions of communism and feminism which are manifested in both written and symbolic contracts on gender equality between the Church and the State will be demonstrated. At the end of the paper, theories about the changing role of religion in society will be applied.

Keywords: gender, Poland, religion, catholicism, feminism

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Authors: Li Sheng

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Based on an extended post-Keynesian model, we find that the association between the savings rate and income inequality is negative if savers’ funds are borrowed by spending households for consumption but positive if savings are channeled to investing firms for production. A negative association, such as the one that exists in the U.S., hinges on an income illusion created by an asset bubble and cheap credit. Thus, financial globalization leads consumption and income inequality to diverge, and the divergence is more extreme if lower-income groups have higher debt ratios. A positive association, such as the one that exists in China, relates to liquidity constraints faced by consumers such that consumption inequality closely follows income inequality. Our results imply that income inequality must be reduced in both types of countries to increase savings in deficit economies with negative associations and to reduce savings in surplus economies with positive associations.

Keywords: savings rate, income inequality, financial globalization, global imbalances

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Authors: Johann Van Niekerk

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The disciplines of conducting (instrumental or choral) and of singing presume a willingness toward an open posture and, in many cases, demand it for effective communication and technique. Yet, this very openness, with the "spread-eagle" gesture as an extreme, is oftentimes counterintuitive for musicians and within the trajectory of human evolution. Conversely, it is in this very gesture of "taking up space" that confidence-gaining techniques such as the popular "power pose" are based. This paper consists primarily of a literature review, exploring the topics of physical openness and vulnerability, considering the semiotics of the "spread-eagle" and its accompanying letter X. A major finding of this research is the discrepancy between evolutionary instinct towards physical self-protection and “folding in” and the demands of the discipline of physical and gestural openness, expansiveness and vulnerability. A secondary finding is ways in which encouragement of confidence-gaining techniques may be more effective in obtaining the required results than insistence on vulnerability, which is influenced by various cultural contexts and socialization. Choral conductors and music educators are constantly seeking ways to promote engagement and healthy singing. Much of the information and direction toward this goal is gleaned by students from conducting gestures and other pedagogies employed in the rehearsal. The findings of this research provide yet another avenue toward reaching the goals required for sufficient and effective teaching and artistry on the part of instructors and students alike.

Keywords: conducting, gesture, music, pedagogy, posture, vulnerability

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Authors: Meltem Gurunlu

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One of the central problems in corporate finance is the allocation of funds. This usually takes two forms: allocation of funds across firms in an economy or allocation of funds across projects or business units within a firm. The first one is typically related to the external markets (the bond market, the stock market, banks and finance companies) whereas the second form of the capital allocation is related to the internal capital markets in which corporate headquarters allocate capital to their business units. (within-group transfers, within-group credit markets, and within-group equity market). The main aim of this study is to investigate the nature of capital allocation dynamics by comparing the relevant studies carried out on external and internal capital markets with paying special significance to the business groups.

Keywords: internal capital markets, external capital markets, capital structure, capital allocation, business groups, corporate finance

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Authors: Jungeun Cho

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Social finance has received increasing attention as a means to promote the growth of regional economies. Despite the plenty of research discussed their critical role and functions in regional economic development such as the financing and promotion of co-operatives or social enterprises and the offering credit to the financially excluded in the region, however, rarely are efforts made to measure the contribution of social finance in the regional economy. It is essential to establish an evaluation model in order to encourage social finance institutions to perform their supposed role and functions on regional economic development. The objective of this paper is to formulate an evaluation model of the contribution of social finance to the regional economy through an analytic hierarchy process (AHP) approach. This study is expected to provide useful guidelines for social finance institutions’ strategies and the policies of local or central government regarding social finance.

Keywords: social finance, regional economy, social economy, policies of local or central government

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Authors: R. Setino, I. M. Ambe, J. A Badenhorst-Weiss

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The South African government supply chain management system is not adequately implemented in State Owned Enterprises (SOEs). There are weaknesses in the SOEs SCM enablers, strategies and policies. In addition, top management of SOEs still do not see SCM as strategic enough to deserve their attention, and therefore, there is very little support from top management, thus making it even difficult for SCM practitioners to execute their day to day functions, let alone delivering the letter and spirit of the relevant legislations. Supply chain strategies lack buy in from the top, and as a result senior SCM practitioners has not been involved in the corporate strategy. This has resulted in supply chain and corporate strategies being misaligned. Due to service delivery backlog, high level of corruption and continuous strikes across the country for better services it is inevitable that government leaders be more strategic about how South Africa can use SCM as a tool to improve service delivery. Consequently, there is a need to close the gap between the strategic level dealt by top management and the application of operational SCM concepts: the use of SCM concepts and, therefore, supply chain strategies – should be aligned with the corporate and business strategies in order to ensure the achievement of top level business objectives. This paper aims to explore supply chain practices in State Owned Enterprises (SOEs). The paper based on a conceptual review provides the status, trends and development and suggests a framework for aligning supply chain strategies and organizational strategies in an SOE environment.

Keywords: alignment, strategies, state owned enterprises, supply chain management, South Africa

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Authors: Vinko Vidučić, Ljiljana Vidučić, Damir Boras

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The goals of the research include the determination of the characteristics of SMEs finance in Croatia, as well as the determination of indirect growth rates of the information model of the entrepreneurs` perception of business environment. The research results show that cost of finance and access to finance are most important constraining factor in setting up and running the business of small entrepreneurs in Croatia. Furthermore, small entrepreneurs in Croatia are significantly dissatisfied with the administrative barriers although relatively to a lesser extent than was the case in the pre-crisis time. High collateral requirement represents the main characteristic of bank lending concerning SMEs followed by long credit elaboration process. Formulated information model has defined the individual impact of indirect growth rates of the remaining variables on the model’s specific variable.

Keywords: business environment, information model, indirect growth rates, SME finance

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Authors: Vathsala Kaluarachchi, Oshani Wimalarathna, Charith Vandebona, Gayani Chandrarathna, Lakmal Rupasinghe, Windhya Rankothge

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It is the fundamental function of a monitoring system to allow users to collect and process data. A worldwide threat, the corona outbreak has wreaked havoc in Sri Lanka, and the situation has gotten out of hand. Since the epidemic, the Sri Lankan government has been unable to establish a systematic system for monitoring corona patients and providing emergency care in the event of an outbreak. Most patients have been held at home because of the high number of patients reported in the nation, but they do not yet have access to a functioning medical system. It has resulted in an increase in the number of patients who have been left untreated because of a lack of medical care. The absence of competent medical monitoring is the biggest cause of mortality for many people nowadays, according to our survey. As a result, a smartphone app for analyzing the patient's state and determining whether they should be hospitalized will be developed. Using the data supplied, we are aiming to send an alarm letter or SMS to the hospital once the system recognizes them. Since we know what those patients need and when they need it, we will put up a desktop program at the hospital to monitor their progress. Deep learning, image processing and application development, natural language processing, and blockchain management are some of the components of the research solution. The purpose of this research paper is to introduce a mechanism to connect hospitals and patients even when they are physically apart. Further data security and user-friendliness are enhanced through blockchain and NLP.

Keywords: blockchain, deep learning, NLP, monitoring system

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Authors: Brando Vagenende, Marie-Anne Guerry

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For stochastic matrices of any order, the geometric description of the convex set of eigenvalues is completely known. The purpose of this study is to investigate the subset of the monotone matrices. This type of matrix appears in contexts such as intergenerational occupational mobility, equal-input modeling, and credit ratings-based systems. Monotone matrices are stochastic matrices in which each row stochastically dominates the previous row. The monotonicity property of a stochastic matrix can be expressed by a nonnegative lower-order matrix with the same eigenvalues as the original monotone matrix (except for the eigenvalue 1). Specifically, the aim of this research is to focus on the properties of eigenvalues of monotone matrices. For those matrices up to order 3, there already exists a complete description of the convex set of eigenvalues. For monotone matrices of order at least 4, this study gives, through simulations, more insight into the geometric description of their eigenvalues. Furthermore, this research treats in a geometric and algebraic way the properties of eigenvalues of monotone matrices of order at least 4.

Keywords: eigenvalues of matrices, finite Markov chains, monotone matrices, nonnegative matrices, stochastic matrices

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Authors: Ahmad Sanusi Azmi, Amiruddin Mohd Sobali, Zulhilmi Mohamed Nor, Mohd Yusuf Ismail, Amran Abdul Halim

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The non-Muslim communities’ reactions to the denials of the prophethood of Muḥammad in the ninth century created an impact on the development of Islamic prophetology. Vigorous refutations from non-Muslim community, specifically the Jews, Christians and Brahmins urged Muslims to develop a solid mechanism in defense of the status of their beloved prophet. One of the works that has been recognized as an apparatus to defend the Prophet Muḥammad veracity is al-Dīn wa al-Dawla composed by Ibn Rabban, a physician of the Caliph’s court. This study analyses the novelty of his approaches in exploring Sīra Nabawiyya and defending the prophethood of Muḥammad. The study employed a descriptive, comparative and critical approach where it analyses and extracts the author original approach in explaining the legitimacy of Muḥammad’s prophethood and enlightening the Prophet’s biography. The study in its finding argues that most of Ibn Rabban arguments in this work are actually developed from the foundations of Biblical scripture. His style of interpreting Biblical passages indicates a possible dependence on Ibn al-Layth’s letter. However, the way in which he presents Qur’ānic references seems not to be in accordance with Ibn al-Layth’s perspective. This is where the novelty of his approach is distinguished. As a result, the study also affirms that Ibn Rabban imposes his own standards of selection and interpretation of Qur’ānic verses when he applies it as reference to the Prophet life.

Keywords: Sīra Nabawiyya, Ibn Rabban, al-Dīn wa al-Dawla, Christian, Dalāil Nubuwwa

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Authors: Emma Carr, Jennifer Morrison, Peter Walker

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Background: Due to COVID-19, there was a significant reduction in the number of children being treated under general anaesthetic (GA) within the health board, which led to a backlog of referrals. The referrals were being triaged and added to a waiting list in order of priority -determined by the information given. By implementing a checklist, it is anticipated that at least 70% of referrals will have the majority of the information required to effectively prioritise patients. The gold standard, as defined in ‘Guidelines For The Management Of Children Referred For Dental Extractions Under General Anaesthesia’, indicates that all referrals should mention: (i) Inability of the child to cooperate, (ii) Previously tried anxiety management techniques, (iii) Existence of psychological disorders, (iv) Presence of acute dental infection, (v) Requirement for extractions in multiple quadrants. Method: 130 referrals were examined over three months and compared to the recommended standard. A letter was emailed to referring dentists within Ayrshire & Arran outlining the recommended information to be included within the referral. The second round of data collection was then carried out, which involved an examination of 105 referrals. Results: The first round revealed that only 28% of referrals mentioned at least four defined standards outlined above. Following issuing a checklist to all dentists, this increased to 72%. Conclusion: As many of the children referred for extractions under GA have suffered pain and infection because of dental caries, it is important that delay of treatment is minimised, where possible. The implementation of a standardised checklist has enabled more effective prioritisation of patients.

Keywords: caries, dentistry, general anaesthetic, paediatrics

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Authors: Rashmi Gupta

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Rewarding stimuli capture attention involuntarily as a result of an association process that develops quickly during value learning, referred to as the reward or value-driven attentional capture. It is essential to compare reward with punishment processing to get a full picture of value-based modulation in visual attention processing. Hence, the present study manipulated both valence/value (reward as well as punishment) and motivational salience (probability of an outcome: high vs. low) together. Series of experiments were conducted, and there were two phases in each experiment. In phase 1, participants were required to learn to associate specific face stimuli with a high or low probability of winning or losing points. In the second phase, these conditioned stimuli then served as a distractor or prime in a speeded letter search task. Faces with high versus low outcome probability, regardless of valence, slowed the search for targets (specifically the left visual field target) and suggesting that the costs to performance on non-emotional cognitive tasks were only driven by motivational salience (high vs. loss) associated with the stimuli rather than the valence (gain vs. loss). It also suggests that the processing of motivationally salient stimuli is right-hemisphere biased. Together, results of these studies strengthen the notion that our visual attention system is more sensitive to affected by motivational saliency rather than valence, which termed here as motivational-driven attentional capture.

Keywords: attention, distractors, motivational salience, valence

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Authors: Russell Rosen

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American Sign Language (ASL) has been developed and used by signing deaf and hard of hearing (DHH) individuals in the American Deaf community since early nineteenth century. In the last two decades, secondary schools in the US offered ASL for foreign language credit to secondary school learners. The learners who learn ASL as a foreign language are largely American native speakers of English. They not only learn ASL in US schools but also create spaces under certain interactional and social conditions in their home communities outside of classrooms and use ASL with each other instead of their native English. This phenomenon is a transmigration of language from a native social group to a non-native, non-kin social group. This study looks at the transmigration of ASL from signing Deaf community to the general speaking and hearing American society. Theoretical implications of this study are discussed.

Keywords: American Sign Language, Foreign Language, Language transmission, United States

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Authors: I. Erins, J. Erina

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The aim of the present article is to determine the impact of the external and internal factors of bank performance on the profitability indicators of the CEE countries banks in the period from 2006 to 2012. On the basis of research conducted abroad on bank and macroeconomic profitability indicators, in order to obtain research results, the authors evaluated return on average assets (ROAA) and return on average equity (ROAE) indicators of the CEE countries banks. The authors analyzed profitability indicators of banks using descriptive methods, SPSS data analysis methods as well as data correlation and linear regression analysis. The authors concluded that most internal and external indicators of bank performance have no direct effect on the profitability of the banks in the CEE countries. The only exceptions are credit risk and bank size which affect one of the measures of bank profitability–return on average equity.

Keywords: banks, CEE countries, profitability ROAA, ROAE

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Authors: S. J. Hachar

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The goal of this paper is to provide educators an overview of international practices supporting young learners, arming us with adequate information to lead effective change. We will report on research and observations of Service Learning Projects conducted by one South Texas University. The intent of the paper is also to provide readers an overview of service learning in the preparation of teacher candidates pursuing a Bachelor of Science in Elementary Education. The objective of noting the efficiency and effectiveness of programs leading to literacy and oral fluency in a native language and second language will be discussed. This paper also highlights experiential learning for academic credit that combines community service with student learning. Six weeks of visits to a variety of community sites, making personal observations with faculty members, conducting extensive interviews with parents and key personnel at all sites will be discussed. The culminating Service Learning Expo will be reported as well.

Keywords: elementary education, junior achievement, service learning

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Authors: Udeh Anastasia Ifeoma

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The need to develop the rural areas in developing countries where there have been decades of neglect are on the increase. It is against this background that this paper examined the impact of micro finance contribution to Nigeria’s gross domestic product. Time series data for 12-years period 1999-2010 were collated from Central Bank of Nigeria published annual reports. The least squares (LS) regression was used to analyze the data. The result revealed that microfinance activities have negative and non-significant contribution to gross domestic product in Nigeria. The paper recommends that rural poverty is often a product of poor infrastructural facilities; therefore government should make a conscious effort towards industrializing the rural areas thereby motivating the micro finance institutions to locate their offices and extend credit facilities to rural areas thereby improving rural economic growth.

Keywords: microfinance, rural economic growth, Nigeria, developing countries

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Authors: Sandra Rigot, Samira Demaria, Frederic Lemaire

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The starting point of this research is the contemporary capitalist paradox: there is a real scarcity of long term investment despite the boom of potential long term investors. This gap represents a major challenge: there are important needs for long term financing in developed and emerging countries in strategic sectors such as energy, transport infrastructure, information and communication networks. Moreover, the recent financial and sovereign debt crises, which have respectively reduced the ability of financial banking intermediaries and governments to provide long term financing, questions the identity of the actors able to provide long term financing, their methods of financing and the most appropriate forms of intermediation. The issue of long term financing is deemed to be very important by the EU Commission, as it issued a 2013 Green Paper (GP) on long-term financing of the EU economy. Among other topics, the paper discusses the impact of the recent regulatory reforms on long-term investment, both in terms of accounting (in particular fair value) and prudential standards for banks. For banks, prudential and accounting standards are also crucial. Fair value is indeed well adapted to the trading book in a short term view, but this method hardly suits for a medium and long term portfolio. Banks’ ability to finance the economy and long term projects depends on their ability to distribute credit and the way credit is valued (fair value or amortised cost) leads to different banking strategies. Furthermore, in the banking industry, accounting standards are directly connected to the prudential standards, as the regulatory requirements of Basel III use accounting figures with prudential filter to define the needs for capital and to compute regulatory ratios. The objective of these regulatory requirements is to prevent insolvency and financial instability. In the same time, they can represent regulatory constraints to long term investing. The balance between financial stability and the need to stimulate long term financing is a key question raised by the EU GP. Does fair value accounting contributes to short-termism in the investment behaviour? Should prudential rules be “appropriately calibrated” and “progressively implemented” not to prevent banks from providing long-term financing? These issues raised by the EU GP lead us to question to what extent the main regulatory requirements incite or constrain banks to finance long term projects. To that purpose, we study the 292 responses received by the EU Commission during the public consultation. We analyze these contributions focusing on particular questions related to fair value accounting and prudential norms. We conduct a two stage content analysis of the responses. First, we proceed to a qualitative coding to identify arguments of respondents and subsequently we run a quantitative coding in order to conduct statistical analyses. This paper provides a better understanding of the position that a large panel of European stakeholders have on these issues. Moreover, it adds to the debate on fair value accounting and its effects on prudential requirements for banks. This analysis allows us to identify some short term bias in banking regulation.

Keywords: basel 3, fair value, securitization, long term investment, banks, insurers

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Authors: Lia Marchi, Ernesto Antonini

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The impact of industrial sites on people’s living environment both involves detrimental effects on the ecosystem and perceptual-aesthetic interferences with the scenery. These, in turn, affect the economic and social value of the landscape, as well as the wellbeing of workers and local communities. Given the diffusion of the phenomenon and the relevance of its effects, it emerges the need for a joint approach to assess and thus mitigate the impact of factories on the landscape –being this latest assumed as the result of the action and interaction of natural and human factors. However, the impact assessment tools suitable for the purpose are quite heterogeneous and mostly monodisciplinary. On the one hand, green building rating systems (GBRSs) are increasingly used to evaluate the performance of manufacturing sites, mainly by quantitative indicators focused on environmental issues. On the other hand, methods to detect the visual and social impact of factories on the landscape are gradually emerging in the literature, but they generally adopt only qualitative gauges. The research addresses the integration of the environmental impact assessment and the perceptual-aesthetic interferences of factories on the landscape. The GBRSs model is assumed as a reference since it is adequate to simultaneously investigate different topics which affect sustainability, returning a global score. A critical analysis of GBRSs relevant to industrial facilities has led to select the U.S. GBC LEED protocol as the most suitable to the scope. A revision of LEED v4 Building Design+Construction has then been provided by including specific indicators to measure the interferences of manufacturing sites with the perceptual-aesthetic and social aspects of the territory. To this end, a new impact category was defined, namely ‘PA - Perceptual-aesthetic aspects’, comprising eight new credits which are specifically designed to assess how much the buildings are in harmony with their surroundings: these investigate, for example the morphological and chromatic harmonization of the facility with the scenery or the site receptiveness and attractiveness. The credits weighting table was consequently revised, according to the LEED points allocation system. As all LEED credits, each new PA credit is thoroughly described in a sheet setting its aim, requirements, and the available options to gauge the interference and get a score. Lastly, each credit is related to mitigation tactics, which are drawn from a catalogue of exemplary case studies, it also developed by the research. The result is a modified LEED scheme which includes compatibility with the landscape within the sustainability assessment of the industrial sites. The whole system consists of 10 evaluation categories, which contain in total 62 credits. Lastly, a test of the tool on an Italian factory was performed, allowing the comparison of three mitigation scenarios with increasing compatibility level. The study proposes a holistic and viable approach to the environmental impact assessment of factories by a tool which integrates the multiple involved aspects within a worldwide recognized rating protocol.

Keywords: environmental impact, GBRS, landscape, LEED, sustainable factory

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Authors: Jaime Otavo

Abstract:

Oscar del Barco, a former member of Los Montoneros, an Argentine guerrilla group of the 1970s, published a letter in 2004 that sparked a heated debate in his country about revolutionary violence. Del Barco, on the subject of «No matarás» (Thou shalt not kill) –as this debate was known– wrote to Sergio Schmucler, his addressee, the following: "There is no 'ideal' that justifies the death of a man. The founding principle of any community is 'Thou shalt not kill'. Thou shalt not kill the man because every man is sacred, and every man is all men".In this paper, the «No matarás» debate will be used to problematize two interconnected ideas that, in Colombia, underpinned the use of revolutionary violence by the guerrilla movements that emerged in the 1970s. On the one hand, an anthropological optimism; on the other, a theological scheme of converting violence into justice. Based on this, two arguments are put forward: 1) that revolutionary violence arose from an ethical-political certainty, namely: the confidence in being on the right side of history (because the violent ones were others), but 2) that its persistence over time made visible a tragic element, that is, that the bipolarity between victim and executioner, good and evil, or friend and foe that is inscribed in the class struggle is a false dilemma for in the context of revolutionary violence –as in the context of Greek tragedy–, no one ever has to make a decision, nor can he do so. For this reason, it is maintained that the fundamental aspect about guerrilla violence in Colombia is that it imposed itself as a violence of negativity which not only exceeded the capacity of the extreme left to control its revolutionary praxis but also exploited the link with the political subjectivation to which it aspired, the proletariat as the gravedigger of the bourgeoisie.

Keywords: marxism, social movements, armed struggle, debate thou shalt not kill

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Authors: Olga Colbert

Abstract:

The present work examines the representation of dreaming in Charles Dickens’ novels, particularly Oliver Twist. Dickens showed great interest in the science of dreaming and had ample knowledge of the latest dream theories in the Victorian era, as can be seen in his personal correspondence, most notably in his famous letter to Dr. Thomas Stone on 2/2/1851. This essay places Dickens’ personal writings side by side with his novels to elucidate whether the scientific paradigm about dreaming included in the novel is consistent with the current (in Dickens’ time) scientific knowledge, or whether it is anachronistic or visionary (ahead of his time). Oliver Twist is particularly useful because it contains entire passages pondering on the nature of dreaming, enumerating types of common dreams, and taking a stand on the interference of sensory perception during the dreaming state. The author is particularly intrigued by Dickens’ assumption of the commonality and universality of lucid dreaming as revealed in these passages. This essay places popular Victorian dream theories, such as those contained in Robert Macnish’s The Philosophy of Sleep, side by side with recent dream theory, particularly psychophysiologist Stephen LaBerge’s numerous articles and books on the topic of lucid dreaming to see if Dickens deviated in any way from the reigning paradigm of the Victorian era in his representation of dreaming in his novels. While Dickens puts to great narrative use many of the characteristics of dreaming described by leading Victorian theorists, the author of this study argues, however, that Dickens’ most visionary statements derive from his acute observations of his own dreaming experiences.

Keywords: consciousness, Dickens, dreaming, lucid dreaming, Victorian

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Authors: Gladie Lui

Abstract:

The global credit crisis of 2008 aroused renewed interest in the effectiveness of corporate governance mechanisms to safeguard investor interests. In this paper, we measure the effect of the crisis from 2008 to 2009 on the stock performance of 976 Hong Kong-listed companies and examine its link to corporate governance mechanisms. It is evident that the crisis and the economic downturn affected different industries. Empirical results show that firms with an independent board and a high concentration of ownership and management ownership had lower abnormal stock returns, but a lower price volatility during the global financial crisis. These results highlight that no single corporate governance mechanism is fit for all types of financial crises and time frames. To strengthen investors’ confidence in the ability of companies to deal with such swift financial catastrophes, companies should enhance the dynamism and responsiveness of their governance mechanisms in times of turbulence.

Keywords: board of directors, capital market, corporate governance, financial crisis

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Authors: Navdeep Kaur

Abstract:

Corporate Social Responsibility is the process through which the organizations execute their philanthropic visions for social welfare. This paper considers the data of one Public Sector Bank–State Bank of India (SBI) and one Private Sector Bank-Industrial Credit and Investment Corporation of India (ICICI) from the year 2008 to 2016. The study is based on descriptive research design, and secondary data collected from the annual report of respective bank from website and different literature are reviewed. Least Square Method is used for estimating CSR spending for the financial year 2017-18. The analysis shows that these banks are making efforts for the implementation of CSR, but are not spending their 2% share of profits on CSR. There is a need for better CSR activities by the banks, which is possible by concentrating more on the prevailing social issues. The finding reveals that the percentage of profit after tax spends for CSR by SBI is more compare to ICICI. The estimated Spending for CSR for 2017-18 is also more in SBI as compared to ICICI.

Keywords: banking sector, corporate social responsibility in India, financial institution, public sector banks, SBI, ICICI

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