Search results for: market conditions

Authors: Manel Youssef, Lotfi Belkacem

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This paper employs multivariate long memory GARCH models to simultaneously estimate mean and conditional variance spillover effects between oil prices and different financial markets. Since different financial assets are traded based on these market sector returns, it’s important for financial market participants to understand the volatility transmission mechanism over time and across these series in order to make optimal portfolio allocation decisions. We examine weekly returns from January 1, 2003 to November 30, 2012 and find evidence of significant transmission of shocks and volatilities between oil prices and some of the examined financial markets. The findings support the idea of cross-market hedging and sharing of common information by investors.

Keywords: oil prices, stock indices returns, oil volatility, contagion, DCC-multivariate (FI) GARCH

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Authors: O. A. Adeyemi, M. O. Idris, W. A. Oke, O. T. Olorode, S. O. Alayande, A. E. Adeoye

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The purpose of this paper is to investigate the process of capability building at subsidiary level and the challenges to such process. The relevance of external factors for capability development, have not been explicitly addressed in empirical studies. Though, internal factors, acting as enablers, have been more extensively studied. With reference to external factors, subsidiaries are actively influenced by specific characteristics of the host country, implying a need to become fully immersed in local culture and practices. Specifically, in MNCs, there has been a widespread trend in management practice to increase subsidiary autonomy,  with subsidiary managers being encouraged to act entrepreneurially, and to take advantage of host country specificity. As such, it could be proposed that: P1: The degree at which subsidiary management is connected to the host country, will positively influence the capability development process. Dynamic capabilities reside to a large measure with the subsidiary management team, but are impacted by the organizational processes, systems and structures that the MNC headquarter has designed to manage its business. At the subsidiary level, the weight of the subsidiary in the network, its initiative-taking and its profile building increase the supportive attention of the HQs and are relevant to the success of the process of capability building. Therefore, our second proposition is that: P2: Subsidiary role and HQ support are relevant elements in capability development at the subsidiary level. Design/Methodology/Approach: This present study will adopt the multiple case studies approach. That is because a case study research is relevant when addressing issues without known empirical evidences or with little developed prior theory. The key definitions and literature sources directly connected with operations of western subsidiaries in emerging markets, such as China, are well established. A qualitative approach, i.e., case studies of three western subsidiaries, will be adopted. The companies have similar products, they have operations in China, and both of them are mature in their internationalization process. Interviews with key informants, annual reports, press releases, media materials, presentation material to customers and stakeholders, and other company documents will be used as data sources. Findings: Western Subsidiaries in Emerging Market operate in a way substantially different from those in the West. What are the conditions initiating the outsourcing of operations? The paper will discuss and present two relevant propositions guiding that process. Practical Implications: MNCs headquarter should be aware of the potential for capability development at the subsidiary level. This increased awareness could induce consideration in headquarter about the possible ways of encouraging such known capability development and how to leverage these capabilities for better MNC headquarter and/or subsidiary performance. Originality/Value: The paper is expected to contribute on the theme: drivers of subsidiary performance with focus on emerging market. In particular, it will show how some external conditions could promote a capability-building process within subsidiaries.

Keywords: case studies, dynamic capability, emerging market, subsidiary

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Authors: Mayank Mishra

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Market Economy can be broadly defined as economic system where supply and demand regulate the economy and in which decisions pertaining to production, consumption, allocation of resources, price and competition are made by collective actions of individuals or organisations with limited government intervention. On the other hand Market Society is one where instead of the economy being embedded in social relations, social relations are embedded in the economy. A market economy becomes a market society when all of land, labour and capital are commodified. This transition also has effect on people’s attitude and values. Such a transition commence impacting the non-material aspect of life such as public education, public health and the like. The inception of neoliberal policies in non-market norms altered the nature of social goods like public health that raised the following questions. What impact would the transition to a market society make on people in terms of accessibility to public health? Is healthcare a commodity that can be subjected to a competitive market place? What kind of private investments are being made in public health and how do private investments alter the nature of a public good like healthcare? This research problem will employ empirical-analytical approach that includes deductive reasoning which will be using the existing concept of market economy and market society as a foundation for the analytical framework and the hypotheses to be examined. The research also intends to inculcate the naturalistic elements of qualitative methodology which refers to studying of real world situations as they unfold. The research will analyse the existing literature available on the subject. Concomitantly the research intends to access the primary literature which includes reports from the World Bank, World Health Organisation (WHO) and the different departments of respective ministries of the countries for the analysis. This paper endeavours to highlight how the issue of commodification of public health would lead to perpetual increase in its inaccessibility leading to stratification of healthcare services where one can avail the better services depending on the extent of one’s ability to pay. Since the fundamental maxim of private investments is to churn out profits, these kinds of trends would pose a detrimental effect on the society at large perpetuating the lacuna between the have and the have-nots.The increasing private investments, both, domestic and foreign, in public health sector are leading to increasing inaccessibility of public health services. Despite the increase in various public health schemes the quality and impact of government public health services are on a continuous decline.

Keywords: commodity, India and Pakistan, market society, public health

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Authors: Abraham Castellanos, Christophe Durville, Sophie Echenim

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In this article, a portfolio optimization problem is performed in a Solvency II context: it illustrates how advanced optimization techniques can help to tackle complex operational pain points around the monitoring, control, and stability of Solvency Capital Requirement (SCR). The market SCR of a portfolio is calculated as a combination of SCR sub-modules. These sub-modules are the results of stress-tests on interest rate, equity, property, credit and FX factors, as well as concentration on counter-parties. The market SCR is non convex and non differentiable, which does not make it a natural optimization criteria candidate. In the SCR formulation, correlations between sub-modules are fixed, whereas risk-driven portfolio allocation is usually driven by the dynamics of the actual correlations. Implementing a portfolio construction approach that is efficient on both a regulatory and economic standpoint is not straightforward. Moreover, the challenge for insurance portfolio managers is not only to achieve a minimal SCR to reduce non-invested capital but also to ensure stability of the SCR. Some optimizations have already been performed in the literature, simplifying the standard formula into a quadratic function. But to our knowledge, it is the first time that the standard formula of the market SCR is used in an optimization problem. Two solvers are combined: a bundle algorithm for convex non- differentiable problems, and a BFGS (Broyden-Fletcher-Goldfarb- Shanno)-SQP (Sequential Quadratic Programming) algorithm, to cope with non-convex cases. A market SCR minimization is then performed with historical data. This approach results in significant reduction of the capital requirement, compared to a classical Markowitz approach based on the historical volatility. A comparative analysis of different optimization models (equi-risk-contribution portfolio, minimizing volatility portfolio and minimizing value-at-risk portfolio) is performed and the impact of these strategies on risk measures including market SCR and its sub-modules is evaluated. A lack of diversification of market SCR is observed, specially for equities. This was expected since the market SCR strongly penalizes this type of financial instrument. It was shown that this direct effect of the regulation can be attenuated by implementing constraints in the optimization process or minimizing the market SCR together with the historical volatility, proving the interest of having a portfolio construction approach that can incorporate such features. The present results are further explained by the Market SCR modelling.

Keywords: financial risk, numerical optimization, portfolio management, solvency capital requirement

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Authors: Ahmad Awajan, Sadam Al Wadi

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In this study, a hybrid method based on Empirical Mode Decomposition and Holt-Winter (EMD-HW) is used to forecast Amman stock market data. First, the data are decomposed by EMD method into Intrinsic Mode Functions (IMFs) and residual components. Then, all components are forecasted by HW technique. Finally, forecasting values are aggregated together to get the forecasting value of stock market data. Empirical results showed that the EMD- HW outperform individual forecasting models. The strength of this EMD-HW lies in its ability to forecast non-stationary and non- linear time series without a need to use any transformation method. Moreover, EMD-HW has a relatively high accuracy comparing with eight existing forecasting methods based on the five forecast error measures.

Keywords: Holt-Winter method, empirical mode decomposition, forecasting, time series

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Authors: Luis Enrique Escalante Ochoa

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This paper attempts to assess the impacts of Climate change (CC) on inequalities in the labour market. CC will have the most serious effects on some vulnerable economic sectors, such as agriculture, livestock or tourism, but also on the most vulnerable population groups. The objective of this research is to evaluate the impact of CC on the labour market and particularly on Mexican women. Influential documents such as the synthesis reports produced by the Intergovernmental Panel on Climate Change (IPCC) in 2007 and 2014 revived a global effort to counteract the effects of CC, called for an analysis of the impacts on vulnerable socio-economic groups and on economic activities, and for the development of decision-making tools to enable policy and other decisions based on the complexity of the world in relation to climate change, taking into account socio-economic attributes. We follow up this suggestion and determine the impact of CC on vulnerable populations in the Mexican labour market, taking into account two attributes (gender and level of qualification of workers). Most studies have focused on the effects of CC on the agricultural sector, as it is considered a highly vulnerable economic sector to the effects of climate variability. This research seeks to contribute to the existing literature taking into account, in addition to the agricultural sector, other sectors such as tourism, water availability, and energy that are of vital importance to the Mexican economy. Likewise, the effects of climate change will be extended to the labour market and specifically to women who in some cases have been left out. The studies are sceptical about the impact of CC on the female labour market because of the perverse effects on women's domestic work, which are too often omitted from analyses. This work will contribute to the literature by integrating domestic work, which in the case of Mexico is much higher among women than among men (80.9% vs. 19.1%), according to the 2009 time use survey. This study is relevant since it will allow us to analyse impacts of climate change not only in the labour market of the formal economy, but also in the non-market sphere. Likewise, we consider that including the gender dimension is valid for the Mexican economy as it is a country with high degrees of gender inequality in the labour market. In the OECD economic study for Mexico (2017), the low labour participation of Mexican women is highlighted. Although participation has increased substantially in recent years (from 36% in 1990 to 47% in 2017), it remains low compared to the OECD average where women participate around 70% of the labour market. According to Mexico's 2009 time use survey, domestic work represents about 13% of the total time available. Understanding the interdependence between the market and non-market spheres, and the gender division of labour within them is the necessary premise for any economic analysis aimed at promoting gender equality and inclusive growth.

Keywords: climate change, labour market, domestic work, rural sector

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Authors: Miriam Sosa, Edgar Ortiz, Alejandra Cabello

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This paper examines the volatility changes and leverage effects of the MILA stock markets and their changes since the 2007 global financial crisis. This group integrates the stock markets from Chile, Colombia, Mexico and Peru. Volatility changes and leverage effects are tested with a symmetric GARCH (1,1) and asymmetric TARCH (1,1) models with a dummy variable in the variance equation. Daily closing prices of the stock indexes of Chile (IPSA), Colombia (COLCAP), Mexico (IPC) and Peru (IGBVL) are examined for the period 2003:01 to 2015:02. The evidence confirms the presence of an overall increase in asymmetric market volatility in the Peruvian share market since the 2007 crisis.

Keywords: financial crisis, Latin American Integrated Market, TARCH, GARCH

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Authors: Andrew Anis Fakhrey Mosaad

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This Musculoskeletal (MSK) conditions are a major contributing factor in disability. This becomes more challenging as the world population is witnessing an increase in the geriatric population. Various treatment strategies are being researched to provide the most effective and non-invasive approach. To date, low-level laser therapy (LLLT) is one of the emerging modalities to treat different musculoskeletal conditions in physical therapy practice. Physical therapy practice uses different modalities to control pain and inflammation. LLLT has been under research for the last two decades and has shown varying results. This literature review focuses on the effectiveness of LLLT in different musculoskeletal conditions. Using search engines of PubMed and Google Scholar, a number of articles have been reviewed based on the inclusion and exclusion criteria. LLLT shows promising results in treating different musculoskeletal conditions. However, clinicians need to ensure to follow the recommended dosage parameters for specific musculoskeletal conditions.

Keywords: musculoskeletal conditions, low level laser therapy, ultrasound, wavelength, pain and inflammation

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Authors: Siri-orn Champatong

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The purpose of this research was to study factors that were related with travel behaviors of Thai tourists at the Ayothaya Floating Market, Phra Nakhon Sri Ayutthaya. The quantitative research was conducted with 400 samples of Thai tourists traveling to the Ayothaya Floating Market. The Questionnaire was a tool used to collect data, and the statistics used for data analysis were mean and Pearson product moment correlation coefficient. The results found that Thai tourists focused on attraction, easy access and facilities of the tourist spot at a high level. In addition, they gave priority to the marketing mix in the dimension of products, price, and distribution channels at a high level as well. For marketing promotion, it was at the moderate level. The results of hypothesis testing revealed that factors related to the attractions of the tourist destination, easy access to the tourist destination, the facilities of the tourist spot, and product and price of the marketing mix were associated with travel behaviors in the aspect of the number of visits used and the budget on tourism.

Keywords: floating market, marketing mix, tourism attractions, travelling behavior

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Authors: Yehya Abdellatif, Iyad M. Muslih, Azzah Alkhalailah, Abdallah Muslih

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Hybrid Optimization Model for Electric Renewable (HOMER) software was utilized to find the optimum design of a hybrid off-Grid system, by choosing the optimal solution depending on the cost analysis of energy based on different capacity shortage percentages. A complete study for the site conditions and load profile was done to optimize the design and implementation of a hybrid off-grid power station. In addition, the solution takes into consecration the ambient temperature effect on the efficiency of the power generation and the economical aspects of selection depending on real market price. From the analysis of the HOMER model results, the optimum hybrid power station was suggested, based on wind speed, and solar conditions. The optimization function objective is to minimize the Net Price Cost (NPC) and the Cost of Energy (COE) with zero and 10 percentage of capacity shortage.

Keywords: energy modeling, HOMER, off-grid system, optimization

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Authors: Yangrae Cho, Jinseok Kim, Yongtae Park

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Mobile app service ecosystem has been abruptly emerged, explosively grown, and dynamically transformed. In contrast with product markets in which product sales directly cause increment in firm’s income, customer’s usage is less visible but more valuable in service market. Especially, the market situation with cutthroat competition in mobile app store makes securing and keeping of users as vital. Although a few service firms try to manage their apps’ usage patterns by fitting on S-curve or applying other forecasting techniques, the time series approaches based on past sequential data are subject to fundamental limitation in the market where customer’s attention is being moved unpredictably and dynamically. We therefore propose a new conceptual approach for detecting usage pattern of mobile app service with Hidden Markov Model (HMM) which is based on the dual stochastic structure and mainly used to clarify unpredictable and dynamic sequential patterns in voice recognition or stock forecasting. Our approach could be practically utilized for app service firms to manage their services’ lifecycles and academically expanded to other markets.

Keywords: mobile app service, usage pattern, Hidden Markov Model, pattern detection

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Authors: Pichamon Chansuchai

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This paper studied the expanding market opportunity palm oil ASEAN community: case study of Choomporn Palm Oil Cooperative as qualitative research. The purpose is to study and analyze expanding and linking the liberalization of trade in palm oil products under the terms of cooperation and ASEAN countries. Collection data were collected using participatory observation, in-depth interviews, focus groups, government officials, palm oil cooperative, entrepreneurs and farmers to exchange opinions. The study found that of major competitors is Indonesia and Malaysia which as ASEAM members countries has the potential to produce over Thailand. Thailand government must have a policy to increase the competitiveness of the palm oil Thailand. Using grants from the Free Trade Area fund should add value to agricultural products, palm oil and the development of standard products to meet the needs of the member countries. And creating a learning center of the palm oil sector can transfer knowledge, development of palm species, solution process from planting to harvest care privatization process. And the development of palm oil in order to expand market opportunities for Thailand's palm oil has the potential to be competitive in the neighboring countries and the region.

Keywords: palm oil, market, cooperative, ASEAN

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Authors: Ioana Neamtu

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This paper investigates the potential for demand-side management for the system price in the Nordic electricity market and the price effects of introducing wind-power into the system. The model proposed accounts for the micro-structure of the Nordic electricity market by modeling each hour individually, while still accounting for the relationship between the hours within a day. This flexibility allows us to explore the differences between peak and shoulder demand hours. Preliminary results show potential for demand response management, as indicated by the price elasticity of demand as well as a small but statistically significant decrease in price, given by the wind power penetration. Moreover, our study shows that these effects are stronger during day-time and peak hours,compared to night-time and shoulder hours.

Keywords: structural model, GMM estimation, system of equations, electricity market

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Authors: J. B. Akshataeva, G. T. Aigarinova, A. Amankulova, D. S. Kalkanova

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This article examines some aspects of the insurance of agricultural activities, strategic documents on deepening investment opportunities. Insurance market development is before the society and the state. It also examines problems of agricultural insurance development in the market economy of Kazakhstan as the basis for food security.

Keywords: agriculture, food safety, insurance, privacy issues

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Authors: A. A. Adebayo, O. Osibanjo

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Informal electronic waste (e-waste) processing is a crude method of recycling, which is on the increase in Nigeria. The release of hazardous substances such as heavy metals (HMs) into the environment during informal e-waste processing has been a major concern. However, there is insufficient information on environmental contamination from e-waste recycling, associated ecological risk in Alaba International Market, a major electronic market in Lagos, Nigeria. The aims of this study were to determine the levels of HMs in soil, resulting from the e-waste recycling; and also assess associated ecological risks in Alaba international market. Samples of soils (334) were randomly collected seasonally for three years from fourteen selected e-waste activity points and two control sites. The samples were digested using standard methods and HMs analysed by inductive coupled plasma optical emission. Ecological risk was estimated using Ecological Risk index (ER), Potential Ecological Risk index (RI), Index of geoaccumulation (Igeo), Contamination factor (Cf) and degree of contamination factor (Cdeg). The concentrations range of HMs (mg/kg) in soil were: 16.7-11200.0 (Pb); 14.3-22600.0 (Cu); 1.90-6280.0 (Ni), 39.5-4570.0 (Zn); 0.79-12300.0 (Sn); 0.02-138.0 (Cd); 12.7-1710.0 (Ba); 0.18-131.0 (Cr); 0.07-28.0 (V), while As was below detection limit. Concentrations range in control soils were 1.36-9.70 (Pb), 2.06-7.60 (Cu), 1.25-5.11 (Ni), 3.62-15.9 (Zn), BDL-0.56 (Sn), BDL-0.01 (Cd), 14.6-47.6 (Ba), 0.21–12.2 (Cr) and 0.22-22.2 (V). The trend in ecological risk index was in the order Cu > Pb > Ni > Zn > Cr > Cd > Ba > V. The potential ecological risk index with respect to informal e-waste activities were: burning > dismantling > disposal > stockpiling. The index of geo accumulation indices revealed that soils were extremely polluted with Cd, Cu, Pb, Zn and Ni. The contamination factor indicated that 93% of the studied areas have very high contamination status for Pb, Cu, Ba, Sn and Co while Cr and Cd were in the moderately contaminated status. The degree of contamination decreased in the order of Sn > Cu > Pb >> Zn > Ba > Co > Ni > V > Cr > Cd. Heavy metal contamination of Alaba international market environment resulting from informal e-waste processing was established. Proper management of e-waste and remediation of the market environment are recommended to minimize the ecological risks.

Keywords: Alaba international market, ecological risk, electronic waste, heavy metal contamination

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Authors: Alice Civera, Mattia Cattaneo, Michele Meoli, Stefano Paleari

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Despite the fact that more equal access to higher education has been an objective public policy for several decades, little is known about the effectiveness of alternative means for achieving such goal. Indeed, nowadays, high level of graduate population can be observed both in countries with the high and low level of fees, or high and low level of public expenditure in higher education. This paper surveys the extant literature providing some background on the economic concepts of the higher education market, and reviews key determinants of demand and supply. A theoretical model of aggregate demand and supply of higher education is derived, with the aim to facilitate the understanding of the challenges in today’s higher education systems, as well as the opportunities for development. The model is validated on some exemplary case studies describing the different relationship between the level of public investment and levels of graduate population and helps to derive general implications. In addition, using a two-stage least squares model, we build a macroeconomic model of supply and demand for European higher education. The model allows interpreting policies shifting either the supply or the demand for higher education, and allows taking into consideration contextual conditions with the aim of comparing divergent policies under a common framework. Results show that the same policy objective (i.e., increasing graduate population) can be obtained by shifting either the demand function (i.e., by strengthening student aid) or the supply function (i.e., by directly supporting higher education institutions). Under this theoretical perspective, the level of tuition fees is irrelevant, and empirically we can observe high levels of graduate population in both countries with high (i.e., the UK) or low (i.e., Germany) levels of tuition fees. In practice, this model provides a conceptual framework to help better understanding what are the external conditions that need to be considered, when planning a policy for increasing graduate population. Extrapolating a policy from results in different countries, under this perspective, is a poor solution when contingent factors are not addressed. The second implication of this conceptual framework is that policies addressing the supply or the demand function needs to address different contingencies. In other words, a government aiming at increasing graduate population needs to implement complementary policies, designing them according to the side of the market that is interested. For example, a ‘supply-driven’ intervention, through the direct financial support of higher education institutions, needs to address the issue of institutions’ moral hazard, by creating incentives to supply higher education services in efficient conditions. By contrast, a ‘demand-driven’ policy, providing student aids, need to tackle the students’ moral hazard, by creating an incentive to responsible behavior.

Keywords: graduates, higher education, higher education policies, tuition fees

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Authors: Emanuele Peggi

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The regulation of competitive takeover bids is one of the most problematic issues of any legislation on takeovers since it concerns a particular type of market, that of corporate control, whose peculiar characteristic is that companies represent "assets" unique of their kind, for each of which there will be a relevant market characterized by the presence of different subjects interested in acquiring control. Firstly, this work aims to analyze, from a comparative point of view, the regulation of takeover bids in competitive scenarios, characterized by the presence of multiple takeover bids for the same target company, and contribute to the debate on the impact that various solutions adopted in some legal systems examined (Italy, UK, and USA) have had on the efficiency of the market for corporate control. Secondly, the different auction models identified by the economic literature and their possible applications to corporate acquisitions in competitive scenarios will be examined, as well as the consequences that the application of each of them causes on the efficiency of the market for corporate control and the interests of the target shareholders. The scope is to study the possibility of attributing to the management of the target company the power to design the auction in order to better protect the interests of shareholders through the adoption of ad hoc models according to the specific context. and in particular on the ground of their assessment of the buyer's risk profile.

Keywords: takeovers, auction theory, shareholders, target company

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Authors: Aminur Rahman

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The Unique feature of BROTHERS Furniture sofa stands in ergonomic Design, skilled hand work and art work. Present world market is passing through a contentious competitive situation that is rapidly and dramatic. Competitive strategy concerns how to create competitive advantage in upholstery businesses. In order to competitive advantage in upholstery sofa market, Design and develop a sofa that have to ergonomic features. Design an ergonomic upholstery sofa knowing and understanding the appropriate seat depth, seat height, angle between Seat & back, back height which is concurrent market demand, world class sofa has to incorporate ergonomic factors. The study the relationships between human, seat and context variables comfort and discomfort. We must have conduct market survey among users whose are need and use sofa. Health & safety factors should be examined from a variety of angle. An attractive design and meet customer requirements, ergonomically fit should be considered for sofa development. This paper will explain how to design & develop sofa’s as per standard specifications which have ergonomic features for users all over the world.

Keywords: ergonomics, angle between seat & back, standard dimension, seat comfort

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Authors: Md. Shafiullah, Ali T. Al-Awami

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This project proposes optimal scheduling of imported power of a load aggregator with the utilization of EVs to maximize its profit. As with the increase of renewable energy resources, electricity price in competitive market becomes more uncertain and, on the other hand, with the penetration of renewable distributed generators in the distribution network the predicted load of a load aggregator also becomes uncertain in real time. Though there is uncertainties in both load and price, the use of EVs storage capacity can make the operation of load aggregator flexible. LA submits its offer to day-ahead market based on predicted loads and optimized use of its EVs to maximize its profit, as well as in real time operation it uses its energy storage capacity in such a way that it can maximize its profit. In this project, load aggregators profit maximization algorithm is formulated and the optimization problem is solved with the help of CVX. As in real time operation the forecasted loads differ from actual load, the mismatches are settled in real time balancing market. Simulation results compare the profit of a load aggregator with a hypothetical group of 1000 EVs and without EVs.

Keywords: CVX, electricity market, load aggregator, load and price uncertainties, profit maximization, real time balancing operation

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Authors: Ezgi Avci-Surucu, Doganbey Akgul

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Turkey’s energy reforms has achieved energy security through a variety of interlinked measures including electricity, gas, renewable energy and energy efficiency legislation; the establishment of an energy sector regulatory authority; energy price reform; the creation of a functional electricity market; restructuring of state-owned energy enterprises; and private sector participation through privatization and new investment. However, current strategies, namely; “Electricity Sector Reform and Privatization Strategy” and “Electricity Market and Supply Security Strategy” has been criticized for various aspects. The present paper analyzes the implementation of the aforementioned strategies in the framework of generation scheduling, transmission constraints, bidding structure and general aspects; and argues the deficiencies of current strategies which decelerates power investments and creates uncertainties. We conclude by policy suggestions to eliminate these deficiencies in terms of price and risk management, infrastructure, customer focused regulations and systematic market development.

Keywords: electricity markets, risk management, regulations, balancing and settlement, bilateral trading, generation scheduling, bidding structure

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Authors: P. Sankar, P. James Daniel Paul, Siddhant Sahu

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A brief review of the empirical studies on the methodology of the stock market decision support would indicate that they are at a threshold of validating the accuracy of the traditional and the fuzzy, artificial neural network and the decision trees. Many researchers have been attempting to compare these models using various data sets worldwide. However, the research community is on the way to the conclusive confidence in the emerged models. This paper attempts to use the automotive sector stock prices from National Stock Exchange (NSE), India and analyze them for the intra-sectorial support for stock market decisions. The study identifies the significant variables and their lags which affect the price of the stocks using OLS analysis and decision tree classifiers.

Keywords: Indian automotive sector, stock market decisions, equity portfolio analysis, decision tree classifiers, statistical data analysis

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Authors: Ashleigh Medina

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Chronic conditions account for the majority of total health care spending both in the United States and globally. Encouraging self-management to improve chronic conditions, which in turn could decrease the strain placed on hospitals, requires resources to address the patient’s social concerns in addition to their medical concerns. Transitional care has been identified as a possible bridge between acutely managing conditions at the hospital to chronically managing conditions in a community setting. The aim of this integrative review was to examine the impact of transitional care on self-management outcomes of chronic conditions in un/underinsured populations. Both transitional care, by assisting with resources such as funding sources for healthcare and medications or identifying a healthcare provider for continued care, and self-management, by increasing responsibility for one’s care through goal setting and taking action, can impact health outcomes while providing health care cost-savings.

Keywords: chronic conditions, self-management, transitional care, uninsured

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Authors: Robert Grzeszczak, Magdalena Gniadzik

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The article deals with one of the most significant issues concerning the functioning of the internal market of the European Union – the free movement of workers and free movement of persons. The purpose is to identify the political and legal effects of the “renationalisation process” on the EU and its Member States. The concept of renationalisation is expressed through Member States’ aim to verify the relationship with the EU. The tendency is more visible in the public opinion of several MS’s of the ‘EU core’ and may be confirmed by the changes applied by the regulatory body. The thesis for the article is the return of renationalisation tendencies in the area of the Single Market, which is supported by, among others, an open criticism of the foundations of EU integration or considerations on withdrawal from the EU by some MS. This analysis will focus primarily on the effects that renationalisation may have on the free movement of persons. The free movement of persons is one of the key issues for the development of the European integration. It is still subject to theoretical reflections, new doubts and practical issues. The latest developments in politics, law and jurisprudence demonstrate the need to reflect on the attempts to redefine certain principles regarding migrant EU workers and their protection against nationality-based discrimination.

Keywords: European Union, Singel Market, free movement of persons, posting of workers

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Authors: Ruba Hamed, Khaled Hussainey, Basiem Al-Shattarat, Wasim Al-Shattarat

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This paper examines how the influence of mandating corporate social responsibility reporting (CSR) on subsequent financial performance through accounting-based measures and market-based measures. We provide evidence about the negative impact of reporting CSR voluntarily on the firm’s future performance due to the increased spending on and costs related to such activities. On the contrary, mandating CSR reporting enhances firms’ future performance by signalling to the market about the firm’s positive stance towards sustainability issues in the UK. Our findings are of interest to regulation setters and stakeholders with respect to mandatory CSR reporting and provide further insight and feedback into accounting and reporting practices.

Keywords: accounting-based performance, mandatory CSR, mandatory regulation, market-based performance

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Authors: Gurli Olsen, Ida Bruheim Jensen

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Internationally, many young adults not in education, employment, or training (NEET) remain in temporary solutions such as labour market measures or other forms of welfare arrangements. These trends have been associated with ineffective labour market measures, an underfunded theoretical foundation for activation work, limited competence among social workers and labour market employees in using ordinary workplaces as job inclusion measures, and an overemphasis on young adults’ personal limitations such as health challenges and lack of motivation. Two competing models have been prominent in activation work: Place‐Then‐Train and Train‐Then‐Place. A traditional strategy for labour market measures has been to first motivate NEETs to sheltered work and training and then to the regular labour market (train then place). Measures such as Supported Employment (SE) and Individual Placement and Support (IPS) advocate for rapid entry into paid work at the regular labour market with close supervision and training from social workers, employees, and others (place then train). None of these models demonstrate unquestionable results. In this web of working life measures, young adults (NEETs) experience a lack of confidence in their own capabilities and coping strategies vis-á-vis labour market- and educational demands. Drawing on young adults’ own experiences, we argue that the Job Demands-Resources (JD-R) Theory can contribute to the theoretical and practical dimensions of activation work. This presentation will focus on what the JD-R theory entails and how it can be fruitful in activation work with NEETs (what and how). The overarching rationale of the JD-R theory is that an enduring balance between demands (e.g., deadlines, working hours) and resources (e.g., social support, enjoyable work tasks) is important for job performance for people in any job and potentially in other meaningful activities. Extensive research has demonstrated that a balance between demands and resources increases motivation and decreases stress. Nevertheless, we have not identified literature on the JD-R theory in activation work with young adults.

Keywords: activation work, job demands-resources theory, social work, theory development

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Authors: Akor Omachile Opaluwah

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Entrepreneurs are heralded as a very vital force in the growth of economies. This is because they create businesses, employ people, have direct access to the local consumer, and primarily utilize local sources of raw materials, have an understanding of the immediate need of consumers, and they have the capacity to keep in motion the economy. The rise of social enterprises takes these advantages further beyond the business and economic benefits. These Social enterprises help address developmental issues in the society while maintaining a profit for their investors and shareholders. These combined roles create a unique synergy between the civil society and the market, therefore placing the social enterprise in a position where they can access directly, the benefits of the market while meeting the needs of the citizens and their environment. With such a unique position, social enterprises hold a place in the development discourse that has previously been left unexplored. This hybridisation of the functions of civil societies and the market can provide to development, practices, and benefits that have previously been only available in trace amounts. It, therefore, is imperative to understand the efficacy of social enterprises. With the discourse of social enterprises still in its early stages. This paper looks at selected social enterprise cases in Nigeria and analyses their approach and contribution to development.

Keywords: business, civil society, development, entrepreneurs, innovation, market, Nigeria, social enterprise

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Authors: H. Florianová, J. Nešleha

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Financial derivatives are considered to be risky investment instruments which could possibly bring another financial crisis. As prevention, European Union and its member states have released new legal acts adjusting this area of law in recent years. There have been several cases in history of capital markets worldwide where it was shown that legislature may affect behavior of subjects on capital markets. In our paper we analyze main events on selected European stock exchanges in order to apply them on three chosen markets - Czech capital market represented by Prague Stock Exchange, German capital market represented by Deutsche Börse and Polish capital market represented by Warsaw Stock Exchange. We follow time series of development of the sum of listed derivatives on these three stock exchanges in order to evaluate popularity of those exchanges. Afterwards we compare newly listed derivatives in relation to the speed of development of these exchanges. We also make a comparison between trends in derivatives and shares development. We explain how a legal regulation may affect situation on capital markets. If the regulation is too strict, potential investors or traders are not willing to undertake it and move to other markets. On the other hand, if the regulation is too vague, trading scandals occur and the market is not reliable from the prospect of potential investors or issuers. We see that making the regulation stricter usually discourages subjects to stay on the market immediately although making the regulation vaguer to interest more subjects is usually much slower process.

Keywords: capital markets, financial derivatives, investors' behavior, regulation

Procedia PDF Downloads 243

Authors: Calvin Stephen, Biswajit Basu, Aonghus McNabola

Abstract:

Market liberalization in the power sector has led to the emergence of micro-hydropower schemes that are dependent on the use of pumps-as-turbines in applications that were not suitable as potential hydropower sites in earlier years. These applications include energy recovery in water supply networks, sewage systems, irrigation systems, alcohol breweries, underground mining and desalination plants. As a result, there has been an accelerated adoption of pumpsas-turbine technology due to the economic advantages it presents in comparison to the conventional turbines in the micro-hydropower space. The performance of this machines under cavitation conditions, however, is not well understood as there is a deficiency of knowledge in literature focused on their turbine mode of operation. In hydraulic machines, cavitation is a common occurrence which needs to be understood to safeguard them and prolong their operation life. The overall purpose of this study is to investigate the effects of cavitation on the performance of a pumps-as-turbine system over its entire operating range. At various operating speeds, the cavitating region is identified experimentally while monitoring the effects this has on the power produced by the machine. Initial results indicate occurrence of cavitation at higher flow rates for lower operating speeds and at lower flow rates at higher operating speeds. This implies that for cavitation free operation, low speed pumps-as-turbine must be used for low flow rate conditions whereas for sites with higher flow rate conditions high speed turbines should be adopted. Such a complete understanding of pumps-as-turbine suction performance can aid avoid cavitation induced failures hence improved reliability of the micro-hydropower plant.

Keywords: cavitation, micro-hydropower, pumps-as-turbine, system design

Procedia PDF Downloads 79

Authors: Olga Gomez De Miranda, Jose R. Ochoa-Gomez, Stefaan De Wildeman, Luciano Monsegue, Soraya Prieto, Leire Lorenzo, Cristina Dineiro

Abstract:

The chemical industry is facing a new revolution. As long as processes based on the exploitation of fossil resources emerged with force in the XIX century, Society currently demands a new radical change that will lead to the complete and irreversible implementation of a circular sustainable economic model. The implementation of biorefineries will be essential for this. There, renewable raw materials as sugars and other biomass resources are exploited for the development of new materials that will partially replace their petroleum-derived homologs in a safer, and environmentally more benign approach. Isosorbide, (1,4:3,6-dianhydro-d-glucidol) is a primary bio-based derivative obtained from the plant (poly) saccharides and a very interesting example of a useful chemical produced in biorefineries. It can, in turn, be converted to other secondary monomers as isosorbide bis-methyl carbonate (IBMC), whose main field of application can be as a key biodegradable intermediary substitute of bisphenol-A in the manufacture of polycarbonates, or as an alternative to the toxic isocyanates in the synthesis of new polyurethanes (non-isocyanate polyurethanes) both with a huge application market. New products will present advantageous mechanical or optical properties, as well as improved behavior in non-toxicity and biodegradability aspects in comparison to their petro-derived alternatives. A robust production process of IBMC, a biomass-derived chemical, is here presented. It can be used with different raw material qualities using dimethyl carbonate (DMC) as both co-reactant and solvent. It consists of the transesterification of isosorbide with DMC under soft operational conditions, using different basic catalysts, always active with the isosorbide characteristics and purity. Appropriate isolation processes have been also developed to obtain crude IBMC yields higher than 90%, with oligomers production lower than 10%, independently of the quality of the isosorbide considered. All of them are suitable to be used in polycondensation reactions for polymers obtaining. If higher qualities of IBMC are needed, a purification treatment based on nanofiltration membranes has been also developed. The IBMC reaction-isolation conditions established in the laboratory have been successfully modeled using appropriate software programs and moved to a pilot-scale (production of 100 kg of IBMC). It has been demonstrated that a highly efficient IBMC production process able to be up-scaled under suitable market conditions has been obtained. Operational conditions involved the production of IBMC involve soft temperature and energy needs, no additional solvents, and high operational efficiency. All of them are according to green manufacturing rules.

Keywords: biomass, catalyst, isosorbide bis-methyl carbonate, polycarbonate, polyurethane, transesterification

Procedia PDF Downloads 103

Authors: Claudia Troccoli

Abstract:

Childbearing constitutes one of the key factors affecting labour market differences between men and women, accounting for almost a quarter of the gender wage gap. Family leave policies, such as maternity, paternity, and parental leave, represent potential key policy tools to address these inequalities, as they can promote mothers' job continuity and career progression. This paper analyses four major reforms implemented in Finland between the 1960s and the early 1980s. It studies the effects of these maternity and parental leave extensions on mothers' short- and long-run labour market outcomes. Eligibility to longer leave was determined on the basis of the child's date of birth. Therefore, estimation of the causal effects of the reforms is possible by exploiting random variation in children's birthdates and comparing the outcomes of mothers giving birth just before and just after the reform cutoff date. Overall, the three maternity leave reforms did not significantly improve mothers' earnings or employment rates. On the contrary, the estimates, although imprecise, seem to indicate negative effects on women's labour market outcomes. The extension of parental leave is, on the other hand, the only reform that improved mothers' short- and long-term labour market outcomes, both in terms of earnings and employment rate. At the same time, fathers appeared to be negatively affected by the reform. These results provide suggestive evidence that shareable parental leave might have more beneficial effects on mothers' job continuity, as it weakens the connotation of childcare as a task reserved for mothers.

Keywords: family policies, Finland, maternal labour market outcomes, maternity leave

Procedia PDF Downloads 116