Search results for: market capitalization ratio

Authors: Hotlan Siagian, Hatane Semuel, Wilma Laura Sahetapy

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This study aims at examining the effect of market orientation on marketing performance through product adaptation strategy. The population of the research is domestic leather craft companies located in five regions, the center of the leather craft industry in Indonesia, i.e., Central Java, East Java, South Sulawesi, Bali, and West Kalimantan. The respondent consists of a manager level from each company. Data collection used a questionnaire designed with five-item Likert scale. Collected data were analyzed using structural equation modeling (SEM) technique with SmartPLS software version 3.0 to examine the hypotheses. The result of the study shows that all hypotheses are supported. Market orientation affects marketing performance. Market orientation affects product adaptation strategy. Product adaptation strategy influences the marketing performance. The research also has revealed the main finding that product adaptation strategy contributes to a mediating role in the market orientation strategy and marketing performance relationship. The leather craft companies in Indonesia, therefore, may refer to this result in improving their marketing performance.

Keywords: leather craft industry, market orientation, marketing performance, product adaptation strategy

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Authors: Chih-Hsiang Chang, Fang-Jyun Su

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This paper explores whether stock characteristics influence the herding formation among investors in the US equity market. To extend the research scope of the existing literature, this paper further examines the role that stock risk characteristics play in the US equity market, and the way they influence investors’ decision-making. First, empirical results show that whether general stocks or high-risk stocks, there are no herding behaviors among the investors in the US equity market during the whole research period or during four great events. Moreover, stock characteristics have great influence on investors’ trading decisions. Finally, there is a bidirectional lead-lag relationship of the herding formation between high-risk stocks and low-risk stocks, but the influence of high-risk stocks on the low-risk stocks is stronger than that of low-risk stocks on the high-risk stocks.

Keywords: stock characteristics, herding formation, investment decision, US equity market, lead-lag relationship

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Authors: Shraddha Jain Sharma, Ratnalata Gupta

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Predicting stock movements in the financial market is both difficult and rewarding. Analysts and academics are increasingly using advanced approaches such as machine learning techniques to anticipate stock price patterns, thanks to the expanding capacity of computing and the recent advent of graphics processing units and tensor processing units. Stock market prediction is a type of time series prediction that is incredibly difficult to do since stock prices are influenced by a variety of financial, socioeconomic, and political factors. Furthermore, even minor mistakes in stock market price forecasts can result in significant losses for companies that employ the findings of stock market price prediction for financial analysis and investment. Soft computing techniques are increasingly being employed for stock market prediction due to their better accuracy than traditional statistical methodologies. The proposed research looks at the need for soft computing techniques in stock market prediction, the numerous soft computing approaches that are important to the field, past work in the area with their prominent features, and the significant problems or issue domain that the area involves. For constructing a predictive model, the major focus is on neural networks and fuzzy logic. The stock market is extremely unpredictable, and it is unquestionably tough to correctly predict based on certain characteristics. This study provides a complete overview of the numerous strategies investigated for high accuracy prediction, with a focus on the most important characteristics.

Keywords: stock market prediction, artificial intelligence, artificial neural networks, fuzzy logic, accuracy, deep learning, machine learning, stock price, trading volume

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Authors: Seungmin Chee

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This paper investigates which of the two arguments, conservatism or liquidation option, is a true underlying driver of the asymmetric slope coefficient result regarding the association between earnings and returns. The analysis of the relation between earnings and returns in four mutually exclusive settings segmented by ‘profits vs. losses’ and ‘positive returns vs. negative returns’ suggests that liquidation option rather than conservatism is likely to cause the asymmetric slope coefficient result. Furthermore, this paper documents the temporal changes between Basu period (1963-1990) and post-Basu period (1990-2005). Although no significant change in degree of conservatism or value relevance of losses is reported, stronger negative relation between losses and positive returns is observed in the post-Basu period. Separate regression analysis of each quintile based on the rankings of price to sales ratio and book to market ratio suggests that the strong negative relation is driven by growth firms.

Keywords: conservatism, earnings, liquidation option, returns

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Authors: Vishal A. S. Salelkar, Sumitra S. Kandolkar

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Golden ratio (ф) or Golden mean or Golden section, as it is often referred to, is a proportion or a mean, which is often used by architects while conceiving the aesthetics of a structure. Golden Ratio (ф) is an irrational number that can be roughly rounded to 1.618 and is derived out of quadratic equation x2-x-1=0. The use of Golden Ratio (ф) can be observed throughout history, as far as ancient Egyptians, which later peaked during the Greek golden age. The use of this design technique is very much prevalent. At present, architects around the world prefer this as one of the primary techniques to decide aesthetics. In this study, an analysis has been performed to investigate whether the use of the golden ratio while planning a structure has any effects on the seismic behavior of the structure. The structure is modeled and analyzed on ETABS (by Computers and Structures, Inc.) for Seismic requirements equivalent to Zone III (Region: Goa-India) as per Indian Standard Code IS-1893. The results were compared to that of an identical structure modeled along the lines of normal design philosophy, not using the Golden Ratio tools. The results were then compared for Story Shear, Story Drift, and Story Displacement Readings. Improvement in performance, although slight, but was observed. Similar improvements were also observed in subsequent iterations, performed using time-acceleration data of previous major earthquakes matched to Zone III as per IS-1893.

Keywords: ETABS, golden ratio, seismic design, structural behavior

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Authors: P. Kanakasabapathy, S. Radhika

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In the competitive electricity market environment, the profit of the pumped-storage plant in the energy market can be maximized by operating it as a generator, when market clearing price is high and as a pump, to pump water from lower reservoir to upper reservoir, when the price is low. An optimal self-scheduling plan has been developed for a pumped-storage plant, carried out on weekly basis in order to maximize the profit of the plant, keeping into account of all the major uncertainties such as the sudden ancillary service delivery request and the price forecasting errors. For a pumped storage power plant to operate in a real time market successive self-scheduling has to be done by considering the forecast of the day-ahead market and the modified reservoir storage due to the ancillary service request of the previous day. Sliding Window Technique has been used for successive self-scheduling to ensure profit for the plant.

Keywords: ancillary services, BPSO, power system economics, self-scheduling, sliding window technique

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Authors: Marwa Sahnoun, Chokri Abdennadher

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This article comes, very timely, to look at the effectiveness of active labor market policies (ALMP) in improving labor market outcomes. Using panel data estimates for 19 European countries during the period 2000-2012, this article showed the role of institutional factors, especially the role of employment policies implementation based on three variables: the allocation of resources for the implementation of policies, continuity and timing in the implementation of policies to capture their effectiveness on the labor market. Empirical results shows favor effect of training, employment incentives, sheltered employment and rehabilitation and direct job creation on the entire population employment growth. Results shows also that start-up incentives seems to be more effective in increasing employment than other types of policies. Importantly, two aspects are important in terms of implementation: public expenditure on program administration, e.g. (PES) watches the most favorable aspect and the continuity of policies implemented.

Keywords: active labor market policies, implementation, public expenditure on program administration, start-up incentives, training

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Authors: Linda Kauškale, Ineta Geipele

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Due to the rapidly changing external environment, portfolio management strategies became closely interconnected with real estate industry development and macroeconomic development tendencies. The aim of the research is to analyze sustainable real estate market development influencing factors, with particular focus on its economic and management aspects that influences real estate investment decisions as well. Scientific literature and article analysis, data analysis, expert evaluation, and other quantitative and qualitative research methods were used in the research. Developed real estate market sustainability model and index analysis approach can be applied by investors and real estate companies in real estate asset management and can help in risk minimization activities in international entrepreneurship. Future research directions have been identified in the research as well.

Keywords: indexes, investment decisions, real estate market, sustainability

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Authors: Amit K. Singh, Subhankar Sen

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The bifurcation curve of separation in steady two-dimensional viscous flow past an elliptic cylinder is studied by varying the angle of incidence (α) with different aspect ratio (ratio of minor to major axis). The solutions are based on numerical investigation, using finite element analysis, of the Navier-Stokes equations for incompressible flow. Results are presented for Reynolds number up to 50 and angle of incidence varies from 0° to 90°. Range of aspect ratio (Ar) is from 0.1 to 1 (in steps of 0.1) and flow is considered as unbounded flow. Bifurcation curve represents the locus of Reynolds numbers (Res) at which flow detaches or separates from the surface of the body at a given α and Ar. In earlier studies, effect of Ar on laminar separation curve or bifurcation curve is limited for Ar = 0.1, 0.2, 0.5 and 0.8. Some results are also available at α = 90° and 45°. The present study attempts to provide a systematic data and clear understanding on the effect of Ar at bifurcation curve and its point of maxima. In addition, issues regarding location of separation angle and maximum ratio of coefficient of lift to drag are studied. We found that nature of curve, separation angle and maximum ratio of lift to drag changes considerably with respect to change in Ar.

Keywords: aspect ratio, bifurcation curve, elliptic cylinder, GMRES, stabilized finite-element

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Authors: Tariq Aziz, Suresh Kumar, Vikesh Kumar, Sheraz Mustafa, Jhanzeb Marwat

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The paper provides an updated version of volatility spillover among the equity markets of South Asian countries, including Pakistan, India, Srilanka, and Bangladesh. The analysis uses both symmetric and asymmetric Generalized Autoregressive Conditional Heteroscedasticity models to investigate volatility persistence and leverage effect. The bivariate EGARCH model is used to test for volatility transmission between two equity markets. Weekly data for the period February 2013 to August 2019 is used for empirical analysis. The findings indicate that the leverage effect exists in the equity markets of all the countries except Bangladesh. The volatility spillover from the equity market of Bangladesh to all other countries is negative and significant whereas the volatility of the equity market of Sri-Lanka does influence the volatility of any other country’s equity market. Indian equity market influence only the volatility of the Sri-Lankan equity market; and there is bidirectional volatility spillover between the equity markets of Pakistan and Bangladesh. The findings are important for policy-makers and international investors.

Keywords: volatility spillover, volatility persistence, garch, egarch

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Authors: Ioannis P. Panapakidis, Marios N. Moschakis

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The Greek Energy Market is structured as a mandatory pool where the producers make their bid offers in day-ahead basis. The System Operator solves an optimization routine aiming at the minimization of the cost of produced electricity. The solution of the optimization problem leads to the calculation of the System Marginal Price (SMP). Accurate forecasts of the SMP can lead to increased profits and more efficient portfolio management from the producer`s perspective. Aim of this study is to provide a comparative analysis of various machine learning models such as artificial neural networks and neuro-fuzzy models for the prediction of the SMP of the Greek market. Machine learning algorithms are favored in predictions problems since they can capture and simulate the volatilities of complex time series.

Keywords: deregulated energy market, forecasting, machine learning, system marginal price

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Authors: Seyedeh Afsoon Mohseni

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The importance of the approach to the poverty definition is revealed regarding to it’s effect on the nature of planning poverty alleviation programs. This research employs the capability deprivation approach to alleviate rural poverty and seeks to develop herb’s market to alleviate capability poverty with an NGO’s intervene, Komak charity foundation. This research has employed qualitative approach; the data were collected through field observations, review of documents and interviews. Subsequently they were analyses by thematic analysis method. According to the findings, Komak charity can provide the least sustenance of the rural poor and alleviate capability poverty emergence through Herb’s market development of the village. Employing the themes, the market development is planned in two phases of empirical production and product development. Komak charity can intervene as a facilitator by providing micro credits, cooperative and supervising. Furthermore, planning on education and raising participation are prerequisites for the efficiency of the plan.

Keywords: capability poverty, Herb's market development, NGO, Komak charity foundation

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Authors: Pratap Chandra Pati, Prabina Rajib, Parama Barai

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

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

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Authors: Reinhard Neck, Guido Schäfer

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In this paper, we explore the macroeconomic effects of the European Single Market on Austria by simulating the McKibbin-Sachs Global Model. Global interdependence and the impact of long-run effects on short-run adjustments are taken into account. We study the sensitivity of the results with respect to different assumptions concerning monetary and fiscal policies for the countries and regions of the world economy. The consequences of different assumptions about budgetary policies in Austria are also investigated. The simulation results are contrasted with ex-post evaluations of the actual impact of Austria’s membership in the Single Market. As a result, it can be concluded that the Austrian participation in the European Single Market entails considerable long-run gains for the Austrian economy with nearly no adverse side-effects on any macroeconomic target variable.

Keywords: macroeconomics, European Union, simulation, sensitivity analysis

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Authors: Alimshan Faizulayev, Eralp Bektas, Abdul Ghafar Ismail, Bezhan Rustamov

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This paper performs empirical analysis on determinants of profitability in Islamic and Conventional Banks. The main focus of this study is to evaluate and measure of financial performance of Islamic banking firms operating in Egypt, Iran, Malaysia, Pakistan, Turkey, UAE in contrast to Conventional ones in those countries. To evaluate empirically performance of the banks, various financial ratios are employed. We measure performance in terms of liquidity, profitability, solvency, and efficiency. In this work, t-test, F-test, and OLS analysis are used to make hypothesis tests. Our findings reveal that there are similarities and differences in profitability determinants of Islamic and Conventional banking firms. The cost to revenue ratio has inverse relationship with profitability indicators in both banking systems. However, there are differences in financial performances between Conventional Banks and Islamic banks which are found in overall picture of all banks in terms of net income margin.

Keywords: Islamic banking, conventional banking, GDP growth, emerging market economies

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Authors: Abouzar Kaboudian, Ravi Chaithanya Mysa, Boo Cheong Khoo, Rajeev Kumar Jaiman

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The vortex structures observed in the wake of a flexible cylinder can be significantly different from those of a traditional vibrating, spring mounted, rigid cylinder. These differences can significantly affect the VIV characteristics of the flow and subsequently the VIV response of the cylindrical structures. In this work, we present how the aspect ratio of a flexible cylinder can change the vortex structures in its wake. We will discuss different vortex dynamics which can be observed in the wake of the vibrating flexible cylinder, and how they can affect the vibrational response of the cylinder. Moreover, we will study the transition of these structures versus the aspect ratio of the flexible cylinder. We will discuss how these transitions affect the in-line and transverse forces on the structure. In the end, we will provide general guidelines on the minimum acceptable aspect ratio for the offshore riser studies which may have grave implications for future numerical and experimental works.

Keywords: aspect ratio, flexible cylinder, vortex-shedding, VIV

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Authors: Mo-Se Lee, Cheol-Hwi Ahn, Kee-Young Kwahk, Hyunchul Ahn

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Over the past decade, deep learning has been in spotlight among various machine learning algorithms. In particular, CNN (Convolutional Neural Network), which is known as effective solution for recognizing and classifying images, has been popularly applied to classification and prediction problems in various fields. In this study, we try to apply CNN to stock market prediction, one of the most challenging tasks in the machine learning research. In specific, we propose to apply CNN as the binary classifier that predicts stock market direction (up or down) by using a graph as its input. That is, our proposal is to build a machine learning algorithm that mimics a person who looks at the graph and predicts whether the trend will go up or down. Our proposed model consists of four steps. In the first step, it divides the dataset into 5 days, 10 days, 15 days, and 20 days. And then, it creates graphs for each interval in step 2. In the next step, CNN classifiers are trained using the graphs generated in the previous step. In step 4, it optimizes the hyper parameters of the trained model by using the validation dataset. To validate our model, we will apply it to the prediction of KOSPI200 for 1,986 days in eight years (from 2009 to 2016). The experimental dataset will include 14 technical indicators such as CCI, Momentum, ROC and daily closing price of KOSPI200 of Korean stock market.

Keywords: convolutional neural network, deep learning, Korean stock market, stock market prediction

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Authors: Zilin Zhang

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Agent-based simulation has become a popular method of exploring the behavior of all kinds of urban systems. The city clearly is viewed as such a system. Many urban evolution processes, such as the development or the transaction of a piece of land, can be modeled with a set of rules. Such modeling approaches can be used to gain insight into urban-development and land market transactions in the real world. Our work contributes to such type of research by modeling the transactions of lands in a city and its surrounding suburbs. By replicating the demand and supply needs in the land market, we are able to demonstrate the different transaction patterns in three types of residential areas - downtown, city-suburban, and further suburban areas. In addition, we are also able to compare the vital roles of different activation conditions play in generating the various transaction patterns of the land market at the macro level. We use this simulation to loosely test our hypotheses about the nature of activation regimes by the replication of the Zi traders’ model. In the end, we hope our analytical results can be useful for city planners and policymakers to develop rational city plans and policies for shaping sustainable urban development.

Keywords: simulation, agent-based modeling, housing market, city

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Authors: Ferruh Taspinar, Ismail Saracoglu, Emrah Afsar, Eda O. Okur, Gulce K. Seyyar, Gamze Kurt, Betul Taspinar

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Although it is thought that abdominal adiposity is one of the risk factor for postural deviation, such as increased lumbar lordosis, the body mass index is not sufficient to indicate effects of abdominal adiposity on spinal alignment and postural changes. The aim of this study was to investigate the correlation with detailed body composition and spine alignment in healthy young adults. This cross-sectional study was conducted with sixty seven healthy volunteers (37 men and 30 women) whose ages ranged between 19 and 27 years. All participants’ sagittal spinal curvatures of lumbar and thoracic region were measured via Spinal mouse® (Idiag, Fehraltorf, Switzerland). Also, body composition analysis (whole body fat ratio, whole body muscle ratio, abdominal fat ratio, and trunk muscle ratio) estimation by means of bioelectrical impedance was evaluated via Tanita Bc 418 Ma Segmental Body Composition Analyser (Tanita, Japan). Pearson’s correlation was used to analysis among the variables. The mean lumbar lordosis and thoracic kyphosis angles were 21.02°±9.39, 41.50°±7.97, respectively. Statistically analysis showed a significant positive correlation between whole body fat ratio and lumbar lordosis angle (r=0.28, p=0.02). Similarly, there was a positive correlation between abdominal fat ratio and lumbar lordosis angle (r=0.27, p=0.03). The thoracic kyphosis angle showed also positive correlation with whole body fat ratio (r=0.33, p=0.00) and abdominal fat ratio (r=0.40, p=0.01). The whole body muscle ratio showed negative correlation between lumbar lordosis (r=-0.28, p=0.02) and thoracic kyphosis angles (r=-0.33, p=0.00), although there was no statistically correlation between trunk muscle ratio, lumbar and thoracic curvatures (p>0.05). The study demonstrated that an increase of fat ratio and decrease of muscle ratio in abdominal region or whole body shifts the spinal alignment which may adversely affect the spinal loading. Therefore, whole body composition should be taken into account in spine rehabilitation.

Keywords: body composition, lumbar lordosis, spinal alignment, thoracic kyphosis

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Authors: Petra Buzkova, Milos Kopa

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Reliability of the credit default swap market had been questioned repeatedly during the EMU debt crisis. The article examines whether this development influenced sovereign EMU CDS prices in general. We regress the CDS market price on a model risk neutral CDS price obtained from an adopted reduced form valuation model in the 2009-2013 period. We look for a break point in the single-equation and multi-equation econometric models in order to show the changes in relations between CDS market and model prices. Our results differ according to the risk profile of a country. We find that in the case of riskier countries, the relationship between the market and model price changed when market participants started to question the ability of CDS contracts to protect their buyers. Specifically, it weakened after the change. In the case of less risky countries, the change happened earlier and the effect of a weakened relationship is not observed.

Keywords: chow stability test, credit default swap, debt crisis, reduced form valuation model, seemingly unrelated regression

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Authors: Mohammed Ibrahim Girei

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Adamawa state is one the major producers of both crop and animals in Nigeria. Agricultural production serves as the major means livelihood of the people in the state. However, the agricultural activities of the farmers in the state are at subsistence level. However integration of these small scale farmers in local, national and international market is paramount importance. The paper was designed to categorize farmers based on market participation among the cattle farmers in Adamawa state, Nigeria. The multistage sampling procedure was employed. To achieve this procedure, structured questionnaires were used to collect data from 400 respondents. The data were analyzed using the descriptive statistics. The result revealed that the majority of market participants were net sellers (78.51 %) (Sales greater than purchase), net buyers were (purchase greater than sales) 12.95 % and only 9% were autarkic (sales equal purchase). The study recommends that Government should provide more effective security services in cattle farming communities, which is very important as the market participants in the study area were net sellers (producers), it will help in addressing the problem of cattle rustling and promote more investment in cattle industry. There is a need to establish a standard cattle market, veterinary services and grazing reserves in the area so that to facilitate the cattle production and marketing system in the area and to meet up with the challenging of livestock development as a result of rapid human population growth in developing countries like Nigeria.

Keywords: categories, cattle, farmers, market, participation

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Authors: Ernest Nweke

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Mongolia has made giant strides in the development of its auditing and accounting system from Soviet-style to a market-oriented system. High levels of domestic and foreign investment desired by the Mongolian government require that better and improved quality of corporate information and disclosure consistent with international standards be made available to investors. However, the Mongolian Certified Public Accountants (CPA) profession is still developing, and the quality of services provided by accounting firms in most cases do not comply with International Financial Reporting Standards (IFRS) framework approved by the government for use in financial reporting. Against this backdrop, Accounting and audit reforms, liberalization and deregulation, establishment of an efficient and effective professional monitoring and supervision regime are policy necessities. These will further enhance the Mongolian business environment, eliminate incompetence in the system, make the economy more attractive to investors and ultimately lift reporting standards and bring about improved accounting, auditing and disclosure practices among Mongolian firms. This paper examines the fundamental issues in the accounting and auditing environment in Mongolia and investigates the relationship between selected characteristics of Mongolian Stock Exchange (MSE) listed firms (profitability, leverage, firm size, firm auditor size, firm listing age, board size and proportion of independent directors) and voluntary accounting disclosures in their annual reports and accounts. The selected sample of firms for the research purpose consists of the top 20 indexes of the MSE, representing over 95% of the market capitalization. An empirical analysis of the hypothesized relationship was carried out using multiple regression in EViews analytical software. Research results lend credence to the fact that only a few of the company attributes positively impact voluntary accounting disclosures in Mongolian Stock Exchange-listed firms. The research is motivated by the absence of empirical evidence on the correlation between the quality of voluntary accounting disclosures made by listed companies in Mongolia and company characteristics and the findings thereof significantly useful to both firms and regulatory authorities. The concluding part of the paper precisely consists of useful research-based recommendations for listed firms and regulatory agencies on measures to put in place in order to enhance the quality of corporate financial reporting and disclosures in Mongolia.

Keywords: accounting, auditing, corporate disclosure, listed firms

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Authors: Andrea Bellucci, Martina Tofi

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The aim of paper is to analyze business models of bancassurance in Italy for life business. The life insurance business is very developed in the Italian market and banks branches have 80% of the market share. Given its maturity, the life insurance market needs to consolidate its organizational form to allow for the development of non-life business, which nowadays collects few premiums but represents a great opportunity to enlarge the market share of bancassurance using its strength in the distribution channel while the market share of independent agents is decreasing. Starting with the main business model of bancassurance for life business, this paper will analyze the performances of life companies in the Italian market by balance sheet indicators and by main discriminant variables of business models. The study will observe trends from 2013 to 2015 for the Italian market by exploiting a database managed by Associazione Nazionale delle Imprese di Assicurazione (ANIA). The applied approach is based on a bottom-up analysis starting with variables and indicators to define business models’ classification. The statistical classification algorithm proposed by Ward is employed to design business models’ profiles. Results from the analysis will be a representation of the main business models built by their profile related to indicators. In that way, an unsupervised analysis is developed that has the limit of its judgmental dimension based on research opinion, but it is possible to obtain a design of effective business models.

Keywords: bancassurance, business model, non life bancassurance, insurance business value drivers

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Authors: Hui-Chuan Lu

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In a perfect secret-sharing scheme, a dealer distributes a secret among a set of participants in such a way that only qualified subsets of participants can recover the secret and the joint share of the participants in any unqualified subset is statistically independent of the secret. The access structure of the scheme refers to the collection of all qualified subsets. In a graph-based access structures, each vertex of a graph G represents a participant and each edge of G represents a minimal qualified subset. The average information ratio of a perfect secret-sharing scheme realizing a given access structure is the ratio of the average length of the shares given to the participants to the length of the secret. The infimum of the average information ratio of all possible perfect secret-sharing schemes realizing an access structure is called the optimal average information ratio of that access structure. We study the optimal average information ratio of the access structures based on bipartite graphs. Based on some previous results, we give a bound on the optimal average information ratio for all bipartite graphs of girth at least six. This bound is the best possible for some classes of bipartite graphs using our approach.

Keywords: secret-sharing scheme, average information ratio, star covering, deduction, core cluster

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Authors: Juhan Kim, Jinsoo Kim

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South Korea cannot import natural gas in any form other than LNG because of the division of South and North Korea. Further, the high proportion of natural gas in the national energy mix makes this resource crucial for energy security in Korea. Expansion of Panama Canal will allow for reducing the cost of shipping between the Far East and U.S East. Panama Canal expansion can have significant impacts on South Korea. Due to this situation, we review the natural gas optimal portfolio by considering the uniqueness of the Korean Natural gas market and expansion of Panama Canal. In order to assess Korea’s natural gas optimal portfolio, we developed natural gas portfolio model. The model comprises two steps. First, to obtain the optimal long-term spot contract ratio, the study examines the price level and the correlation between spot and long-term contracts by using the Markowitz, portfolio model. The optimal long-term spot contract ratio follows the efficient frontier of the cost/risk level related to this price level and degree of correlation. Second, by applying the obtained long-term contract purchase ratio as the constraint in the linear programming portfolio model, we determined the natural gas optimal import portfolio that minimizes total intangible and tangible costs. Using this model, we derived the optimal natural gas portfolio considering the expansion of Panama Canal. Based on these results, we assess the portfolio for natural gas import to Korea from the perspective of energy security and present some relevant policy proposals.

Keywords: natural gas, Panama Canal, portfolio analysis, South Korea

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Authors: Tahmina Akhter

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In the present work, we make a study of the repercussions of the pandemic generated by Covid-19 in the real estate market, this disease has affected almost all sectors of the economy across different countries in the world, including the real estate markets. This documentary research, basically focused on the years 2021 and 2022, as we seek to focus on the strongest time of the pandemic. We carried out the study trying to take into account the repercussions throughout the world and that is why the data we analyze takes into account information from all continents as possible. Particularly in the US, Europe and China where the Covid-19 impact has been of such proportions that it has fundamentally affected the housing market for middle-class housing. In addition, a risk has been generated, the investment of this market, due to the fact that companies in the sector have generated losses in certain cases; in the Chinese case, Evergrande, one of the largest companies in the sector, fell into default.

Keywords: COVID-19, real estate market, statistics, pandemic

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Authors: M. Benachour, N. Benachour, M. Benguediab

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In this investigation, variation of cyclic loading effect on fatigue crack growth is studied. This study is performed on 2024 T351 and 7050-T74 aluminum alloys, used in aeronautical structures. The propagation model used in this study is NASGRO model. In constant amplitude loading (CA), the effect of stress ratio has been investigated. Fatigue life and fatigue crack growth rate were affected by this factor. Results showed an increasing in fatigue crack growth rates (FCGRs) with increasing stress ratio. Variable amplitude loading (VAL) can take many forms i.e with a single overload, overload band etc. The shape of these loads affects strongly the fracture life and FCGRs. The application of a single overload (ORL) decrease the FCGR and increase the delay crack length caused by the formation of a larger plastic zone compared to the plastic zone due without VAL. The fatigue behavior of the both material under single overload has been compared.

Keywords: fatigue crack growth, overload ratio, stress ratio, generalized willenborg model, retardation, al-alloys

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Authors: Enas R. Shouman

Abstract:

Economic development with population growth is leading to a continuous increase in energy demand. At the same time, growing global concern for the environment is driving to decrease the use of conventional energy sources and to increase the use of renewable energy sources. The objective of this study is to present the market trends of solar energy photovoltaic technology over the world and to represent economics methods for PV financial analyzes on the basis of expectations for the expansion of PV in many applications. In the course of this study, detailed information about the current PV market was gathered and analyzed to find factors influencing the penetration of PV energy. The paper methodology depended on five relevant economic financial analysis methods that are often used for investment decisions maker. These methods are payback analysis, net benefit analysis, saving-to-investment ratio, adjusted internal rate of return, and life-cycle cost. The results of this study may be considered as a marketing guide that helps diffusion of using PV Energy. The study showed that PV cost is economically reliable. The consumers will pay higher purchase prices for PV system installation but will get lower electricity bill.

Keywords: photovoltaic, financial methods, solar energy, economics, PV panel

Procedia PDF Downloads 84

Authors: Eunsup Daniel Shim, Jooh Lee

Abstract:

The US financial crisis of 2008 and subsequent Global Financial Crisis were considered by many economists the worst financial crisis since the Great Depression of the 1930s. As a results, Dodd-Frank Act has passed and aims '(1) to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", (2) to protect the American taxpayer by ending bailouts, (3) to protect consumers from abusive financial services practices, and for other purposes.' The enactment of Dodd-Frank Act, in part, intended to significantly influence accountability on executive compensation especially for the financial institutions. This paper empirically investigates the changes in Financial CEOs’ compensation since the Financial Crisis of 2008. Our findings show that in the post- Financial Crisis period financial leverage is significant factor influencing the CEOs’ total compensation. In addition market based performance such as stock price and market-to-book ratio shows significant positive relationship with CEO compensation. This change can be interpreted an attempt to reduce opportunistic behavior of top executives after the financial crisis and the enactment of the Dodd-Frank Act.

Keywords: financial CEO compensation, firm performance, financial crisis of 2008, dodd-frank act

Procedia PDF Downloads 492

Authors: Bhawat Chiamjinnawat

Abstract:

The agri-food market transformation has implied market growth for the fruit industry in Thailand. This article focuses on analysis of farmer competence and farm resources which affect market strategies used by fruit farmers in Chanthaburi province of Thailand. The survey data were collected through the use of face-to-face interviews with structured questionnaires. This study identified 14 drivers related to farmer competence and farm resources of which some had significant effect on the decision to use either high-value markets or traditional markets. The results suggest that farmers who used high-value markets were better educated and they had longer experience and larger sized business. Identifying the important factors that match with the market transformation provides policy with opportunities to support the fruit farmers to increase their market power. Policies that promote business expansion of agricultural cooperatives and knowledge sharing among farmers are recommended to reduce limitations due to limited knowledge, low experience, and small business sizes.

Keywords: farmer competence, farm resources, fruit industry, high-value markets, Thailand

Procedia PDF Downloads 125