Search results for: local volatility

Authors: Sayed Kifayat Shah, Tang Zhongjun, Arfa Tanveer

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This study explores the significant heatwave effect on stock return and volatility. Using an ARCH/GARCH approach, it examines the relationship between the heatwave of Karachi, Islamabad, and Lahore on the KSE-100 index. It also explores the impact of heatwave on returns of the pharmaceutical and electronics industries. The empirical results confirm that that stock return is positively related to the heat waves of Karachi, negatively related to that of Islamabad, and is not affected by the heatwave of Lahore. Similarly, pharmaceutical and electronics indices are also positively related to heatwaves. These differences in results can be ascribed to the change in the behavior of the residents of that city. The outcomes are useful for understanding an investor's behavior reacting to weather and fluxes in stock price related to heatwave severity levels. The results can support investors in fixing biases in behavior.

Keywords: ARCH/GARCH model, heat wave, KSE-100 index, stock market return

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Authors: Reysand Mae A. Abapial, Christine Claire Z. Agra, Quenna Lyn V. De Guzman, Marielle Arianne Joyce Q. Hojilla, John Joseph A. Tiangco

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The study focused on the assessment of the tourists’ satisfaction on the local gastronomy in Pagudpud, Ilocos Norte as a tourist destination as perceived by 100 tourists visiting the tourist destination, which is determined through convenient random sampling. Mean, percentage frequency and Wilcoxon rank sum test were used in the collection of data. The results revealed that the tourists agree that the local establishments offering local cuisines are accessible in terms of the location, internet visibility and facilities for persons-with-disabilities. The tourist are also willing to pay for the local food because it is attainable, budget-friendly, worthy for an expensive price, satisfies the cravings, reflects the physical appearance of the establishment and its quantity is reasonable based on the price. However, the tourists disagree that the local food completes their overall experience as tourists and it does not have the potential to satisfy all types of tourists. Recommendations for the enhancement of the local cuisine and implications for future research are discussed.

Keywords: gastronomy, local gastronomy, tourist satisfaction, Pagudpud

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Authors: Khan R. Rahaman, Quazi K. Hassan

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Global changes in climate, environment, economies, populations, governments, institutions, and cultures converge in localities. Changes at a local scale, in turn, contribute to global changes as well as being affected by them. Our hypothesis is built on a consideration that temperature does vary at local level (i.e., termed as local warming) in comparison to the predicted models at the regional and/or global scale. To date, the bulk of the research relating local places to global climate change has been top-down, from the global toward the local, concentrating on methods of impact analysis that use as a starting point climate change scenarios derived from global models, even though these have little regional or local specificity. Thus, our focus is to understand such trends over the southern Alberta, which will enable decision makers, scientists, researcher community, and local people to adapt their policies based on local level temperature variations and to act accordingly. Specific objectives in this study are: (i) to understand the local warming (temperature in particular) trend in context of temperature normal during the period 1961-2010 at point locations using meteorological data; (ii) to validate the data by using specific yearly data, and (iii) to delineate the spatial extent of the local warming trends and understanding influential factors to adopt situation by local governments. Existing data has brought the evidence of such changes and future research emphasis will be given to validate this hypothesis based on remotely sensed data (i.e. MODIS product by NASA).

Keywords: local warming, climate change, urban area, Alberta, Canada

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Authors: Muwanga Zake, Johnnie Wycliffe Frank

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Developing communities accommodating institutions of Higher Education (HE) often have no capacity to pay for HE and so do not contribute values and do not participate in Quality Assurance. Only governments, academia, employers and professional organisations determine values, QA and curricula in HE. A gap between the values in HE and those desirable in local communities and environments leads to erroneous conceptions of the purposes of HE, and to graduates who hardly fit into those local communities. Unemployment and under-utilization of local resources are thus expected. As a way to improve and make HE more relevant for local communities and environment, public perceptions, values and needs should be researched and HE courses should relate with local values and environments. Communities should participate in QA.

Keywords: values, quality assurance, higher education, utilization

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Authors: Mirko Klaric

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In different countries, sub-municipal units have different organizational and political positions. In some countries, the role of sub-municipal units is important; in others, it is marginal. That depends on the organization of the local government system in different countries, and the political role of local self-government units, their size, public authorities, and the possibility for managing various local public tasks. This paper attempts to analyze the sub-municipal government as an organizational form of local governance participation of citizens in the local community with a comparative perspective. Secondly, it presents elements that generally format sub-municipal government as a tool for strengthening of democratization processes in local government units. Those elements are crucial for the understanding of the dynamic in relation to local government vs. sub-municipal government. Special focus is put on the sub-municipal government in South-Eastern European countries, which have a common history and institutional framework, with this main question: how can sub-municipal government contribute to strengthening democratic processes in these countries. In centralized countries, the sub-municipal government usually has a reduced role, which relates to managing public tasks connected with local community needs. The purpose of this comparative research methodology is used for analyzing the present organization and role of sub-municipal government in local government systems in Croatia and other significant countries in Europe, with a special focus on the states in South-Eastern Europe and Croatia. Comparative analyses attempt to show that local government systems with bigger local government units have more significant sub-municipal government. On the other hand, local government systems with small local government units don’t have a strong sub-municipal government. Finally, this paper aims to present ideas on how the sub-municipal government can improve decentralization and contribute to better development of the local community and the whole of society.

Keywords: public administration, local government, sub-municipal government, decentralization

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Authors: Khan R. Rahaman, Quazi K. Hassan

Abstract:

Global changes in climate, environment, economies, populations, governments, institutions, and cultures converge in localities. Changes at a local scale, in turn, contribute to global changes as well as being affected by them. Our hypothesis is built on a consideration that temperature does vary at local level (i.e., termed as local warming) in comparison to the predicted models at the regional and/or global scale. To date, the bulk of the research relating local places to global climate change has been top-down, from the global toward the local, concentrating on methods of impact analysis that use as a starting point climate change scenarios derived from global models, even though these have little regional or local specificity. Thus, our focus is to understand such trends over the southern Alberta, which will enable decision makers, scientists, researcher community, and local people to adapt their policies based on local level temperature variations and to act accordingly. Specific objectives in this study are: (i) to understand the local warming (temperature in particular) trend in context of temperature normal during the period 1961-2010 at point locations using meteorological data; (ii) to validate the data by using specific yearly data, and (iii) to delineate the spatial extent of the local warming trends and understanding influential factors to adopt situation by local governments. Existing data has brought the evidence of such changes and future research emphasis will be given to validate this hypothesis based on remotely sensed data (i.e. MODIS product by NASA).

Keywords: local warming, climate change, urban area, Alberta, Canada

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Authors: Zahid Ahmad, Nosheen Imran, Nauman Ali, Farah Amir

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The objective of the study is to forecast the US Dollar and Pak Rupee exchange rate by using time series models. For this purpose, daily exchange rates of US and Pakistan for the period of January 01, 2007 - June 2, 2017, are employed. The data set is divided into in sample and out of sample data set where in-sample data are used to estimate as well as forecast the models, whereas out-of-sample data set is exercised to forecast the exchange rate. The ADF test and PP test are used to make the time series stationary. To forecast the exchange rate ARIMA model and GARCH model are applied. Among the different Autoregressive Integrated Moving Average (ARIMA) models best model is selected on the basis of selection criteria. Due to the volatility clustering and ARCH effect the GARCH (1, 1) is also applied. Results of analysis showed that ARIMA (0, 1, 1 ) and GARCH (1, 1) are the most suitable models to forecast the future exchange rate. Further the GARCH (1,1) model provided the volatility with non-constant conditional variance in the exchange rate with good forecasting performance. This study is very useful for researchers, policymakers, and businesses for making decisions through accurate and timely forecasting of the exchange rate and helps them in devising their policies.

Keywords: exchange rate, ARIMA, GARCH, PAK/USD

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Authors: R. A. Temah, L. A. Nkengla-Asi

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Planning for future disasters sets the stage for a variety of activities that may trigger multiple recurring operations and expose the community to opportunities to minimize risks. Local communities are increasingly embracing the necessity for planning based on local risks, but are also significantly challenged to effectively plan and response to disasters. This research examines basic risk-based disaster planning model and compares it with advanced risk-based planning that introduces the identification and alignment of varieties of local capabilities within and out of the local community that can be pivotal to facilitate the management of local risks and cascading effects prior to a disaster. A critical review shows that the identification and alignment of capabilities can potentially enhance risk-based disaster planning. A tailored holistic approach to risk based disaster planning is pivotal to enhance collective action and a reduction in disaster collective cost.

Keywords: capabilities, disaster planning, hazards, local community, risk-based

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Authors: N. S. B. Ambarini, Tito Sofyan, Edra Satmaidi

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Coastal and marine are two potential natural resource one of the pillars of the national economy. The Indonesian archipelago has marine and coastal which is quite spacious. Various important natural resources such as fisheries, mining and so on are in coastal areas and the sea, so that this region is a unique area with a variety of interests to exploit it. Therefore, to preserve a sustainable manner need good management and comprehensive. To the national and local level legal regulations have been published relating to the management of coastal and marine areas. However, in practice it has not been able to function optimally. Substantially has not touched the problems of the region, especially concerning the interests of local communities (local). This study is a legal non-doctrinal approach to socio-legal studies. Based on the results of research in some coastal and marine areas in Bengkulu province - Indonesia, there is a fact that the system of customary law and local wisdom began to weaken implementation. Therefore harmonization needs to be done in implementing laws and regulations that apply to the values of indigenous and local knowledge that exists in the community.

Keywords: coastal and marine, harmonization, law, local

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Authors: Anocha Rojanapanich

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This research investigates the effect of financial accounting information and non-financial accounting reports on corporate credibility via strength of board of directors and market environment volatility as moderating effect. Data in this research is collected by questionnaire form non-financial companies listed on the Stock Exchange of Thailand. Multiple regression statistic technique is used for analyzing the data. Results find that firms with greater financial accounting information reports and non-financial accounting information reports will gain greater corporate credibility. Therefore, the corporate reporting has the value for the firms. Moreover, the strength of board of directors will positively moderate the financial and non-financial accounting information reports and corporate credibility relationship. And market environment volatility will negatively moderate the financial and nonfinancial accounting information reports and corporate credibility relationship and the contribution of accounting information reports on corporate credibility is generated to the corporate image. That is the corporate image has affected by corporate credibility.

Keywords: corporate credibility, financial and non-financial reports, firms performance, corporate image

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Authors: André Smith, Amr Abdel-Dayem

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This paper presents an overview of the history and development of stereo matching algorithms. Details from its inception, up to relatively recent techniques are described, noting challenges that have been surmounted across these past decades. Different components of these are explored, though focus is directed towards the local matching techniques. While global approaches have existed for some time, and demonstrated greater accuracy than their counterparts, they are generally quite slow. Many strides have been made more recently, allowing local methods to catch up in terms of accuracy, without sacrificing the overall performance.

Keywords: developmental survey, local stereo matching, rectification, stereo correspondence

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Authors: Tayeb Bensattalah, Mohamed Zidour, Mohamed Ait Amar Meziane, Tahar Hassaine Daouadji, Abdelouahed Tounsi

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In this paper, the Differential Transform Method (DTM) is employed to predict and to analysis the non-local critical buckling loads of carbon nanotubes with various end conditions and the non-local Timoshenko beam described by single differential equation. The equation differential of buckling of the nanobeams is derived via a non-local theory and the solution for non-local critical buckling loads is finding by the DTM. The DTM is introduced briefly. It can easily be applied to linear or nonlinear problems and it reduces the size of computational work. Influence of boundary conditions, the chirality of carbon nanotube and aspect ratio on non-local critical buckling loads are studied and discussed. Effects of nonlocal parameter, ratios L/d, the chirality of single-walled carbon nanotube, as well as the boundary conditions on buckling of CNT are investigated.

Keywords: boundary conditions, buckling, non-local, differential transform method

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Authors: Vincent Chumbu

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This study examines the impact of decentralization on development and government in Malawi. Decentralization has been a key element in Malawi's attempts to alter its political system since the early 1990s. This study uses both qualitative and quantitative methods to look into how well devolution promotes local development, improves service delivery, and supports effective governance. The findings suggest that while devolution has resulted in particular improvements in local government or service provision, significant challenges persist. Limited financial decentralization, inadequate local competency, and governmental meddling in local decision-making processes are some of these difficulties. The paper concludes with recommendations for strengthening Malawi's decentralization initiatives to better promote good governance and sustainable development.

Keywords: governance, development, malawi, local government

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Authors: Prompassorn Chunhabunyatip

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The objectives of this research were to study the factors affecting the participation of local people and the obstacles and recommendations towards local people’s participation in illuminated boat procession culture. The study looked at both qualitative, and quantitative data were collected by in-depth interview and analyzed by the descriptive approach. The 296 samplings were a local community who participated in constructing the illuminated boat in each community for 14 communities. The results of this study showed that the factor that encourages local people’s participation in illuminated both procession is the awareness of an importance of cultural uniqueness in the local. The problems and obstacles to the participation in illuminated boat procession include the resources for constructing illuminated both such as bamboos are run out of and price increasing, lack of proper cooperation between local people and government officers and conflict in interests between in local government office. So, the result of this study recommended that the government officers should be taken into account about community participation in the illuminated boat procession culture because without local people, the uniqueness culture of Nakhon Phanom Province would not exist and they would not reach the sustainable tourism goal.

Keywords: illuminated both culture, community participation, sustainable tourism management, Nakhon Phanom province

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Authors: Fauzia Dianawati, Riska W. Purnomo

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Food and agricultural sector become the biggest sector contributing to inflation in Indonesia. Especially in Wonogiri district, red cayenne pepper was the biggest sector contributing to inflation on 2016. A national statistic proved that in recent five years red cayenne pepper has the highest average level of fluctuation among all commodities. Some factors, like supply chain, price disparity, production quantity, crop failure, and oil price become the possible factor causes high volatility level in red cayenne pepper price. Therefore, this research tries to find the key factor causing fluctuation on red cayenne pepper by using ARCH/GARCH method. The method could accommodate the presence of heteroscedasticity in time series data. At the end of the research, it is statistically found that the second level of supply chain becomes the biggest part contributing to inflation with 3,35 of coefficient in fluctuation forecasting model of red cayenne pepper price. This model could become a reference to the government to determine the appropriate policy in maintaining the price stability of red cayenne pepper.

Keywords: ARCH/GARCH, forecasting, red cayenne pepper, volatility, supply chain

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Authors: Karen Lesley Webster, Charles Crothers

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As the population of the Auckland region in New Zealand becomes markedly more super-diverse, the question of fair and effective representation becomes increasingly relevant. This paper explores who stood and who was elected to local office, in the three Auckland triennial local elections, following the 2010 amalgamation of the regions local authorities. It addresses the question of how representative the electoral candidates and elected members of local government in Auckland were of the diverse population they serve. A quantitative analysis of the gender and ethnicity of the Auckland Council candidates and elected members in 2013, 2016, and 2019 triennial elections was undertaken, and the gender and ethnicity compared with that of the Auckland population. Our findings show that under the two-tiered shared governance model established by the Local Government Act (Auckland Council) 2009, electoral candidates have become more ethnically and gender representative of Aucklanders at the local level, while at the regional level, divergence from predominantly New Zealand European, male local representatives is emerging, albeit with less pace. These findings warrant further investigation, but overall, the research presents a cautiously optimistic picture of Auckland local democracy in terms of increasing representational diversity.

Keywords: local government, representation, diversity, gender, ethnicity

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Authors: Bangkit Adhi Nugraha, Bambang Suripto

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On September 2016 Bank Indonesia (BI) release regulation no.18/18/PBI/2016 that permit bank clients for using the FX option call spread USD/IDR. Basically, this product is a combination between clients buy FX call option (pay premium) and sell FX call option (receive premium) to protect against currency depreciation while also capping the potential upside with cheap premium cost. BI classifies this product as a structured product. The structured product is combination at least two financial instruments, either derivative or non-derivative instruments. The call spread is the first structured product against IDR permitted by BI since 2009 as response the demand increase from Indonesia firms on FX hedging through derivative for protecting market risk their foreign currency asset or liability. The composition of hedging products on Indonesian FX market increase from 35% on 2015 to 40% on 2016, the majority on swap product (FX forward, FX swap, cross currency swap). Swap is formulated by interest rate difference of the two currency pairs. The cost of swap product is 7% for USD/IDR with one year USD/IDR volatility 13%. That cost level makes swap products seem expensive for hedging buyers. Because call spread cost (around 1.5-3%) cheaper than swap, the most Indonesian firms are using NDF FX call spread USD/IDR on offshore with outstanding amount around 10 billion USD. The cheaper cost of call spread is the main advantage for hedging buyers. The problem arises because BI regulation requires the call spread buyer doing the dynamic hedging. That means, if call spread buyer choose strike price 1 and strike price 2 and volatility USD/IDR exchange rate surpass strike price 2, then the call spread buyer must buy another call spread with strike price 1’ (strike price 1’ = strike price 2) and strike price 2’ (strike price 2’ > strike price 1‘). It could make the premium cost of call spread doubled or even more and dismiss the purpose of hedging buyer to find the cheapest hedging cost. It is very crucial for the buyer to choose best optimum strike price before entering into the transaction. To help hedging buyer find the optimum strike price and avoid expensive multiple premium cost, we observe ten years 2005-2015 historical data of USD/IDR volatility to be compared with the price movement of the call spread USD/IDR using Garman–Kohlhagen Model (as a common formula on FX option pricing). We use statistical tools to analysis data correlation, understand nature of call spread price movement over ten years, and determine factors affecting price movement. We select some range of strike price and tenor and calculate the probability of dynamic hedging to occur and how much it’s cost. We found USD/IDR currency pairs is too uncertain and make dynamic hedging riskier and more expensive. We validated this result using one year data and shown small RMS. The study result could be used to understand nature of FX call spread and determine optimum strike price for hedging plan.

Keywords: FX call spread USD/IDR, USD/IDR volatility statistical analysis, Garman–Kohlhagen Model on FX Option USD/IDR, Bank Indonesia Regulation no.18/18/PBI/2016

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Authors: Jong Boonpracha

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This paper studied the application of the design of local wisdom learning for providing creative activity for juveniles with exhibit media. The Suan-oui Youth Center has the objectives to design and develop exhibit media that encourage participation and learning of youths on local wisdom of Ratanakosin Island. The research was conducted in three stages: 1) to study the principle of local wisdom learning of cultural heritage at Ratanakosin Island 2) to study exhibit media that encouraged participation and creative activities of youth on local wisdom learning, and 3) to design a youth center that provide media exhibition for local wisdom learning. The research revealed the following: 34.6 percent of respondents wanted to apply local living wisdom in their career and for hobby. At least two kinds of exhibit media effectively provided creative activities for youths. A multi-purpose area, for example, with still pictures, visual symbols, and simulations would increase the level of youths’ interaction and participation.

Keywords: exhibit media, local wisdom, youth center, design

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Authors: Yusuf Abubakar Mamud

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Highlighting the imperatives of local conflicts considering the dangerous dimensions of terrorism they are assuming in Africa has not attracted serious academic and political attention. The discourse about conflict in Africa was discussed within five identified conflict zones in the continent. The threats from these local conflicts are diverse and complex and the acts of terrorism in these local conflicts are driven by certain attitudes and behaviours linked to the African leadership. The paper examined and noted that the current conflict resolution model of the African Union (AU) was robust with requisite institutions to address the trends in local conflicts. However, it was observed that the AU peace and security framework lacked the requisite structural and technical capabilities to proactively address the drivers of local conflicts in Africa. It was found that the persistence of local conflicts in the African region may deny her the opportunities of achievement of the targets envisioned in the Sustainable Development Goals (SDGs). Consequently, the paper called on the international community to support Africa through provision of capacity. It urged the African leaders themselves to develop the political will to ensure that all issues concerning peace and security in the continent were guided by the provisions of the AU Constitutive Act. The need to strengthen the APRM in the light of the current trends in local conflicts was also highlighted.

Keywords: conflicts, local conflicts, terrorism, sustainable development

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Authors: Abderrazek Ben Maatoug, Ibrahim Fatnassi, Wassim Ben Ayed

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In this paper we investigate the issue of market risk quantification for Middle East and North Africa (MENA) Islamic market equity. We use Value-at-Risk (VaR) as a measure of potential risk in Islamic stock market, for long and short position, based on Riskmetrics model and the conditional parametric ARCH class model volatility with normal, student and skewed student distribution. The sample consist of daily data for the 2006-2014 of 11 Islamic stock markets indices. We conduct Kupiec and Engle and Manganelli tests to evaluate the performance for each model. The main finding of our empirical results show that (i) the superior performance of VaR models based on the Student and skewed Student distribution, for the significance level of α=1% , for all Islamic stock market indices, and for both long and short trading positions (ii) Risk Metrics model, and VaR model based on conditional volatility with normal distribution provides the best accurate VaR estimations for both long and short trading positions for a significance level of α=5%.

Keywords: value-at-risk, risk management, islamic finance, GARCH models

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Authors: Thammanoon Raveepong, Craig Wheway

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Originating from a multifaceted research project beginning with the opening of the Green Market at Ban Laow sub-district, Kosum Phisai, Mahasarakham with the support of Kosum Phisai Governor. The project involves key stakeholders related to villagers who have become involved with linking local identity to a more global identity to help ameliorate falling agricultural incomes and casualised work. There have been fifteen formal meetings involving local government stakeholders that took place at the local university, local schools, a public meeting at Ban-Don-Toom and Village meeting shelters. These events hosted 176 local stakeholders consisting of the District Governor, 7 Chairpersons/Heads of the District Development Council, a Health Promotion group, District retired government staff, 4 sub-district local government members, the City Development Council, 2 representatives from Mahasarakham Provincial Culture Council, 4 principles of all local schools, 11 village heads, 15 scholars form local and national universities, 132 villagers and 4 staff from public relation units. The goal of the project was to initiate a variety of local projects including promotion of Local healthy food, farm/homestay accommodation, local uniqueness, Travel guides (in book form and guide youths) and the proposed development of community tourism with the aim to utilise local people and activities to tap into the growing alternative tourism market. This paper aims to document the progress thus far, and the challenges presented working with local communities that have lacked expertise in linking to the global economy to derive economic benefits for their communities.

Keywords: Community-based tourism, community participation, local identity, mahasarakham province

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Authors: Songul Miftakhov

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This study explores political representation and engagement of Eastern and Southeastern Anatolia regions, known to have dense Kurdish population and referred further to as Eastern region, in the Turkish parliament between 1946 and 1980. Traditional local notables had most of the privileges to be represented given their connectedness with political parties. Traditional local notables integrated into right-wing parties considering political and economic aspects. At the same time, they kept control over local political involvement channels. As a result, political representation and presence were monopolized at central, local and civil society levels. One part of Kurdish intellectuals was marginalized from the parliament after addressing issues in Eastern Anatolia and trying to develop solutions apart from the mainstream. Some of them took part in Kurdish oppositional left wing in the 1960s and jounced power of settled notables in 1970s in local administrations or as independent members of the parliament.

Keywords: Kurdish representation, parliament, local nobles, Eastern and Southeastern Anatolia

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Authors: Andrea Paltrinieri, Alberto Dreassi, Stefano Miani, Alex Sclip

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The financial crises caused a collapse in prices of most asset classes, raising the attention on alternative investments such as Sukuk, a smaller, fast growing but often misunderstood market. We study diversification benefits of Sukuk, their correlation with other asset classes and the effects of their inclusion in investment portfolios of institutional and retail investors, through a comprehensive comparison of their risk/return profiles during and after the financial crisis. We find a beneficial performance adjusted for the specific volatility together with a lower correlation especially during the financial crisis. The distribution of Sukuk returns is positively skewed and leptokurtic, with a risk/return profile similarly to high yield bonds. Overall, our results suggest that Sukuk present diversification opportunities, a significant volatility-adjusted performance and lower correlations especially during the financial crisis. Our findings are relevant for a number of institutional investors. Long term investors, such as life insurers would benefit from Sukuk’s protective features during financial crisis yet keeping return and growth opportunities, whereas banks would gain due to their role of placers, advisors, market makers or underwriters.

Keywords: sukuk, zero beta asset, asset allocation, sukuk market

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Authors: Halimah Abdul Manaf, Ahmad Martadha Mohamed, Zainal M. Zan, Nur Rusydina Khadzali

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Strengthening accountability among civil servants has been at the centre of government transformation ever since the country is striving to become a developed nation by the year 2020. One critical area that has become the loci of attention is increasing the accountability of local government by delivering services that are preferred by the communities. This article explores the practices of citizen participation and political accountability in local government in Malaysia. The existing literature has identified a mismatch between the demands of the community and the actual services delivered by the local government. Based upon this framework, this research attempts to examine the linkages between citizen participation and political accountability in selected local governments in Malaysia. This study employs quantitative method involving 1155 respondents who were randomly selected from local government personnel as well as local citizens. The instruments in the questionnaires were adopted from Wang and Wart (2007) who have also studied local government accountability. The findings reveal that respondents are satisfied with the services provided to the community. However, three areas of concerned are the inadequacy of citizens’ participation in programs, immediate actions on complaints as well as the slow response to repair dilapidated basic infrastructures such as roads, park, and recreations. It is recommended that local governments in Malaysia continue to engage the citizens in the decision making process so that the needs and demands of the citizens can be adequately fulfilled.

Keywords: citizen participation, political accountability, local government, Malaysia

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Authors: Marco Barassi, Nicola Spagnolo

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This paper uses a DCC-GARCH model framework to examine mean and volatility spillovers (i.e. causality in mean and variance) dynamics between financial centers and the stock market indexes of the BRICS countries. In addition, tests for changes in the transmission mechanism are carried out by first testing for structural breaks and then setting a dummy variable to control for the 2008 financial crises. We use weekly data for nine countries, four financial centers (Germany, Japan, UK and USA) and the five BRICS countries (Brazil, Russia, India, China and South Africa). Furthermore, we control for monetary policy using domestic interest rates (90-day Treasury Bill interest rate) over the period 03/1/1990 - 04/2/2014, for a total of 1204 observations. Results show that the 2008 financial crises changed the causality dynamics for most of the countries considered. The same pattern can also be observed in conditional correlation showing a shift upward following the turbulence associated to the 2008 crises. The magnitude of these effects suggests a leading role played by the financial centers in effecting Brazil and South Africa, whereas Russia, India and China show a higher degree of resilience.

Keywords: financial crises, DCC-GARCH model, volatility spillovers, economics

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Authors: Kiri Trier, Theresa Treffers

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In the course of continuous volatility like production stops due to the COVID-19 pandemic, video-on-demand player monopolizing the film industry, filmmakers are stuck in traditional, linear content development processes. The industry has to become more agile in order to react quickly and easily to changes. Since content development in agile project management is scientifically–empirically not at all recorded, and a lack beyond the software development in terms of agile methods consists, we examined if the agile manifesto values and principles from the software development can be adapted to the film industry to enable agility and digitalization of content development in the industry. We conducted an online questionnaire with 184 German filmmakers (producers, authors, directors, actors, film financiers) for a first cross-sectional assessment for adaptability of the agile manifesto from the software development to the film industry, factor analysis was used to validate the construct. Our results show that it is crucial to digitalize traditional content development to agile content development end-to-end, with tools, lean processes, new collaboration structures, and holacracy to prepare for any volatility. Overall, we examined the first construct for an agile manifesto for the film industry with four values related to nine own principles. Our findings help to get a better understanding of the agile manifesto beyond the software development as a guideline for implementing agility in the film industry.

Keywords: agile manifesto, agile project management, agility, film industry

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Authors: Pimrawee Rocharungsat

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The study of Phetchaburi Local Food Image in order to Support Tourism aimed 1) to overview Phetchaburi tourism images; and 2) to clarify Phetchaburi local food image. Both quantitative and qualitative analysis were used in this study. Questionnaires were delivered to sample group of 1,489 tourists from 8 districts of Phetchaburi. Results were found that Phetchaburi local food image could be as tool for tourism promotion. Strong place images were within Phetchaburi center city (35%) and in the markets (34.50%). As for satisfaction of local food comparing in descending order of excellent level mean score were its eminence, identity, quality, taste, creativity, and sanitation. Results of prominent images of well-known local food of Phetchaburi were Thai custard dessert, other desserts, palm and sugar palm drink and rice in ice water. The results can be applied as promotional tools for future food tourism in Phetchaburi.

Keywords: food tourism, image, tourist, Phetchaburi province

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Authors: Phusit Phukamchanoad, Thananya Santithammakul, Suwaree Yordchim, Pennapa Palapin

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This research gathered local wisdom towards career building of people in Kamchanoad Community, Baan Muang sub-district, Baan Dung district, Udon Thani province. Data was collected through in-depth interviews with village headmen, community board, teachers, monks, Kamchanoad forest managers and revered elderly aged over 60 years old. All of these 30 interviewees have resided in Kamchanoad Community for more than 40. Descriptive data analysis result revealed that the most prominent local wisdom of Kamchanoad community is their beliefs and religion. Most people in the community have strongly maintained local tradition, the festival of appeasing Chao Pu Sri Suttho on the middle of the 6th month of Thai lunar calendar which falls on the same day with Vesak Day. 100 percent of the people in this community are Buddhist. They believe that Naga, an entity or being, taking the form of a serpent, named “Sri Suttho” lives in Kamchanoad forest. The local people worship the serpent and ask for blessings. Another local wisdom of this community is Sinh fabric weaving.

Keywords: local wisdoms, careers, Kamchanoad Community, career building

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Authors: Chia-Chi Cheng

Abstract:

After the implementation of “the internet plus,” several puzzles emerge as below: why does China impose more regulation and laws on economic development on the Internet? Why does China urge the importance of manufacturing industry? Why does China’s local government passively implement the policy imposed by the central government? What kind of factors can influence China’s local government’s economic preference? In the framework of neo-institutionalism, this research considers China’s local government as changing agents to analyze its preferences and behavior. In general, the interests urged by the local government will decide its preference and behaviors. They will change its counterpart to cooperate if the change will bring more benefits. Thus, they will change its preference and behavior while the external environment alters. While the local government has the same definition on political activity and economic interest, they will prefer to cooperate with the local enterprises in the way of laying symbiont, within the presumption that the institution remains. While the local government has the different positions on political activity and economic interest, they will re-define the existed regulation or create new regulation in the condition of institution vacuum. Sequentially, they will replace the targets, and the policy, which does not fit in the Central government’s policy, will emerge.

Keywords: China, institutional change, government enterprise relationship, e-commercial policy

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Authors: Mubarak Alhajri

Abstract:

This paper addresses certain inherent limitations of local priority hysteresis switching logic. Our main result establishes that under persistent excitation assumption, it is possible to relax constraints requiring strict positivity of local priority and hysteresis switching constants. Relaxing these constraints allows the adaptive system to reach optimality which implies the performance improvement. The unconstrained local priority hysteresis switching logic is examined and conditions for global convergence are derived.

Keywords: adaptive control, convergence, hysteresis constant, hysteresis switching

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