Search results for: market participation

Authors: Eduardo Rodrigues, Gisela Mendes, José M. Torres, José E. Sousa

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In the sequence of the liberalisation of the electricity sector a progressive engagement of consumers has been considered and targeted by sector regulatory policies. With the objective of promoting market competition while protecting consumers interests, by transferring some of the upstream benefits to the end users while reaching a fair distribution of system costs, different market models to value consumers’ demand flexibility at the energy community level are envisioned. Local Energy and Flexibility Markets (LEFM) involve stakeholders interested in providing or procure local flexibility for community, services and markets’ value. Under the scope of DOMINOES, a European research project supported by Horizon 2020, the local market concept developed is expected to: • Enable consumers/prosumers empowerment, by allowing them to value their demand flexibility and Distributed Energy Resources (DER); • Value local liquid flexibility to support innovative distribution grid management, e.g., local balancing and congestion management, voltage control and grid restoration; • Ease the wholesale market uptake of DER, namely small-scale flexible loads aggregation as Virtual Power Plants (VPPs), facilitating Demand Response (DR) service provision; • Optimise the management and local sharing of Renewable Energy Sources (RES) in Medium Voltage (MV) and Low Voltage (LV) grids, trough energy transactions within an energy community; • Enhance the development of energy markets through innovative business models, compatible with ongoing policy developments, that promote the easy access of retailers and other service providers to the local markets, allowing them to take advantage of communities’ flexibility to optimise their portfolio and subsequently their participation in external markets. The general concept proposed foresees a flow of market actions, technical validations, subsequent deliveries of energy and/or flexibility and balance settlements. Since the market operation should be dynamic and capable of addressing different requests, either prioritising balancing and prosumer services or system’s operation, direct procurement of flexibility within the local market must also be considered. This paper aims to highlight the research on the definition of suitable DR models to be used by the Distribution System Operator (DSO), in case of technical needs, and by the retailer, mainly for portfolio optimisation and solve unbalances. The models to be proposed and implemented within relevant smart distribution grid and microgrid validation environments, are focused on day-ahead and intraday operation scenarios, for predictive management and near-real-time control respectively under the DSO’s perspective. At local level, the DSO will be able to procure flexibility in advance to tackle different grid constrains (e.g., demand peaks, forecasted voltage and current problems and maintenance works), or during the operating day-to-day, to answer unpredictable constraints (e.g., outages, frequency deviations and voltage problems). Due to the inherent risks of their active market participation retailers may resort to DR models to manage their portfolio, by optimising their market actions and solve unbalances. The interaction among the market actors involved in the DR activation and in flexibility exchange is explained by a set of sequence diagrams for the DR modes of use from the DSO and the energy provider perspectives. • DR for DSO’s predictive management – before the operating day; • DR for DSO’s real-time control – during the operating day; • DR for retailer’s day-ahead operation; • DR for retailer’s intraday operation.

Keywords: demand response, energy communities, flexible demand, local energy and flexibility markets

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Authors: S. Anastasiou, C. Nathanailides

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There is considerable evidence to suggest that employees participation in the decision-making process of an organisation, has a positive effect on job satisfaction and work performance of the employees. The purpose of the present work was to examine the HRM practices, demographics and the level of job satisfaction of employees in Greek Aquaculture fish farms. A survey of employees (n=86) in 6 Greek Aquaculture Firms was carried out. The results indicate that HRM practices such as recruitment of the personnel and communication between the departments did not vary between different firms. The most frequent method of recruitment was through the professional network or the personal network of the managers. The preferred method of HRM communication was through the line managers and through group meeting. The level of job satisfaction increased with work experience participation and participation in the decision making process. A high percentage of the employees (81,3%±8.39) felt that they frequently participated in the decision making process. The Aquaculture employees exhibited high level of job satisfaction (88,1±6.95). The level of job satisfaction was related with participation in the decision making process (-0.633, P<0.05) but was not related with as age or gender. In terms of the working conditions, employees were mostly satisfied with their work itself, their colleagues and mostly dissatisfied with working hours, salary issues and low prospects of pay rises.

Keywords: aquaculture, human resources, job satisfaction

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Authors: Afeez Kolawole Shittu

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Democracy as practiced across the globe is sustained with the increase participation of all eligible voters irrespective of class, race, colour, and disabilities. However, there is a perception within the contemporary African society that people with disability (PWDs) belongs to charity and welfare. This is exacerbated with little understanding among African counties including Nigeria that persons with disability have fundamental rights inevitably rooted in the constitution. This significant viewpoint has continued to militate against the social inclusion of persons with disabilities in various aspects of societal lives including their political participation It is instructive to note that the political right of PWDs has been protected by various international conventions. Article 29 of the United Nations Convention on the Rights and Dignities for Persons with Disability (CRPD) guaranteed the participation of persons with disability in the political process. Domesticating and ratification of this right has been a challenge for many African countries including Nigeria. Against the backdrop, the Independent National Electoral Commission (INEC), the body saddled with the responsibility of conducting elections in Nigeria provided forum for the participation of persons with disability in election through implementations of electoral act. Section 56 (1) and (2) of the 2010 Electoral Act (as amended) provide for voting participation of persons with disability. This study examines the implementation of the electoral act and how it impacts the voting participation of persons with disability vis-à-vis other challenges affecting the participation of PWDs in electoral process in Nigeria’s 2019 general election. This paper draws on mixed method in sourcing relevant information from the respondents. Interview will be conducted among INEC officials, Civil Society Organisations, Joint National Association of Persons with Disability (JONAPWD). Questionnaire and Focus Group Discussion will be held among different forms of PWDs. The data will be analysed using appropriate descriptive statistics and inferential statistics, as well as thematic content analysis. The study will enlighten understanding on the awareness of the political rights of PWDs as well as improving their electoral participation for sustainable democracy in Nigeria, Africa’s most populous country.

Keywords: electoral reforms, voting participation, persons with disabilities

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Authors: Vinko Lešić, Mario Vašak, Anita Martinčević, Marko Gulin, Antonio Starčić, Hrvoje Novak

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With 40% of total world energy consumption, building systems are developing into technically complex large energy consumers suitable for application of sophisticated power management approaches to largely increase the energy efficiency and even make them active energy market participants. Centralized control system of building heating and cooling managed by economically-optimal model predictive control shows promising results with estimated 30% of energy efficiency increase. The research is focused on implementation of such a method on a case study performed on two floors of our faculty building with corresponding sensors wireless data acquisition, remote heating/cooling units and central climate controller. Building walls are mathematically modeled with corresponding material types, surface shapes and sizes. Models are then exploited to predict thermal characteristics and changes in different building zones. Exterior influences such as environmental conditions and weather forecast, people behavior and comfort demands are all taken into account for deriving price-optimal climate control. Finally, a DC microgrid with photovoltaics, wind turbine, supercapacitor, batteries and fuel cell stacks is added to make the building a unit capable of active participation in a price-varying energy market. Computational burden of applying model predictive control on such a complex system is relaxed through a hierarchical decomposition of the microgrid and climate control, where the former is designed as higher hierarchical level with pre-calculated price-optimal power flows control, and latter is designed as lower level control responsible to ensure thermal comfort and exploit the optimal supply conditions enabled by microgrid energy flows management. Such an approach is expected to enable the inclusion of more complex building subsystems into consideration in order to further increase the energy efficiency.

Keywords: price-optimal building climate control, Microgrid power flow optimisation, hierarchical model predictive control, energy efficient buildings, energy market participation

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Authors: Dr Elliroma Gardiner

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Extending the working life of older workers is one important strategy in alleviating the social and economic challenges associated with the ageing population. The Australian government has implemented several strategies to improve the participation rates of older workers, however, the success of these initiatives has been limited. The aim of this project is to identify what workplace practices influence the workforce participation decisions of older workers. Thirty semi-structured interviews were conducted with older Australians who were either recently retired or currently working. Participants were asks about the factors that influenced their decision to retire/continue working and their current (or former) workplace practices. The results of the thematic analysis identified several factors which either supported (i.e., job autonomy and managerial support) or hindered (i.e., perceptions of age discrimination and age-based stereotypes) continued workplace participation. This research has several important applications for organisation managing intergenerational workforces, as well as policy makers interested in increasing the working life of ageing workers.

Keywords: ageing workers, older workers, age discrimination, age diversity

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Authors: Thammanoon Raveepong, Craig Wheway

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

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

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Authors: Razan Salem

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Gender plays a vital role in the stock markets because men and women differ in their behavior when investing in stocks. Accordingly, the role of gender differences in investment behavior is an increasingly important strand in the field of behavioral finance research. The investment behaviors of women relative to men have been examined in the behavioral finance literature, mainly for comparison purposes. Women's roles in the stock market have not been examined in the behavioral finance literature, however, particularly with respect to the Arab region. This study aims to contribute towards a better understanding of the investment behavior of Arab women (in regards to their risk tolerance, investment confidence, and investment literacy levels) relative to Arab men; using a sample from Arab women and men investors living in Saudi Arabia and Jordan. In order to achieve the study's main aim, the researcher used non-parametric tests, as Mann-Whitney U test, along with frequency distribution analysis to analyze the study’s primary data. The researcher distributed close-ended online questionnaires to a sample of 550 Arab male and female individuals investing in stocks in both Saudi Arabia and Jordan. The results confirm that the sample Arab women invest less in stocks compared to Arab men due to their risk-averse behaviors and limited confidence levels. The results also reveal that due to Arab women’s very low investment literacy levels, they fear from taking the risk and invest often in stocks relative to Arab men. Overall, the study’s main variables (risk tolerance, investment confidence, and investment literacy levels) have a combined effect on the investment behavior of Arab women and their limited participation in the stock market. Hence, this study is one of the very first studies that indicate the combined effect of the three main variables (which are usually studied separately in the existing literature) on the investment behavior of women, particularly Arab women. This study makes three important contributions to the growing literature on gender differences in investment behavior. First, while the behavioral finance literature documents evidence on gender differences in investment behaviors in many developed countries, there are very limited studies that investigate such differences in Arab countries. Arab women investors, generally, are ignored from the behavioral finance literature due probably to cultural barriers and data collection difficulties. Thus, this study extends the literature to include Arab women and their investment behaviors when trading stock relative to Arab men. Moreover, the study associates women investment literacy and confidence levels with their financial risk behaviors and participation in the stock market. This study provides direct evidence on Arab women's investment behaviors when trading stocks. Overall, studying Arab women investors is important to investigate whether the investment behavior identified for Western women investors are also found in Arab women investors.

Keywords: Arab women, gender differences, investment behavior, stock markets

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Authors: An-Hsu Chen

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The study intends to explore how the athletic trainings (12 hours per day, four days per week) have impacts on athlete burnout and their leisure participations. The connection between athlete burnout and leisure participation of collegiate athletes is also discussed. Athlete burnout and leisure participation questionnaire were administrated and 186 valid responses were collected. The data were analyzed with descriptive statistics, t-test, one-way ANOVA, Pearson product-moment correlation coefficient. Results suggest that athlete burnout among collegiate athletes with different specialties are significant distinct. Participants who train more days per week are more likely to participate in entertainment activities while those who have higher training hours per day tend to avoid knowledge-based activities. The research also finds there is a significant positive correlation between athlete burnout and leisure participation of collegiate athletes while sport devaluation is negatively correlated with sport activities in leisure participation. Hence, adjust and well-arrange training quality and quantity may help to avoid over-trainings. Away trainings, uploading training volumes, and group leisure activities are suggested to be arranged properly to allow athletes cope with the burnout and stress caused by long-term trainings and periodical competitions.

Keywords: emotional and physical exhaustion, leisure activities, sport devaluation, training hours

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Authors: Osifeko Olalekan Remigious, Osifeko Christiana Osikorede, Folarin Bolanle Eunice, Olugbenga Adebola Shodiya

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In this period of economic problem, nations are looking for avenues to improve their economy, preserve their environment and socio-political environment, educational institutions are not left out as there is the need for them to increase their economy and preserve their socio political environment. Sports is one of the ways through which sustainable development can be achieved. The purpose of this study was to examine the barriers to sports participation. A total of 1025 students were purposively selected from all the five schools in the College. A questionnaire which has a reliability coefficient of 0.71 was used for data collection. Data collected were subjected to the descriptive survey research design. Findings showed that facilities, funds and lectures schedule were significant barriers to sports participation. It was recommended that sports facilities should be provided by the Lagos State government.

Keywords: MOCPED sports, sustainable development, sports participation, state government

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Authors: Tarah Bouaricha

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The impact of worst natural disasters is analysed in terms of insured losses which happened between 2010 and 2014 on S&P insurance index. Event study analysis is used to test whether natural disasters impact insurance index stock market price. There is no negative impact on insurance stock market price around the disasters event. To analyse the reaction of insurance stock market, normal returns (NR), abnormal returns (AR), cumulative abnormal returns (CAR), cumulative average abnormal returns (CAAR) and a parametric test on AR and on CAR are used.

Keywords: study event, natural disasters, insurance, reinsurance, stock market

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Authors: Lucky Farha, Martha L. Hall

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The current adaptive clothing brands are limited in numbers and specific categories. This study explores clothing challenges for children with Down syndrome and factors that influence their perception of adaptive clothing brands. Another aim of this study was to explore brands' challenges in the adaptive business and factors that influence their perceptions towards the adaptive market. In order to determine the market barriers affecting adaptive target market needs, the researcher applied Technology Acceptance Model. After interviewing and surveying parents/caregivers having children with Down syndrome and current adaptive brands, the results found education as the significant gap in the adaptive clothing market yet to be overcome. Based on the finding, several recommendations were suggested to improve the current barriers in the adaptive clothing market.

Keywords: adaptive fashion, disability, functional clothing, clothing needs assessment, down syndrome, clothing challenge

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Authors: Umar Ubandawaki

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Political participation involves voluntary and deliberate efforts by the members of a political system to determine the kinds of political institution and individuals that will govern them and equally influence the mobilization and allocation of the available societal resources. Over the years, youths in Nigeria participated actively in political party rallies and voting to elect their leaders and representatives in governance. This paper examines categories and nature of participation in politics as well as factors that derived youths into politics in Sokoto State. Through the use of qualitative and quantitative data generated from focus group discussions, interviews and questionnaire, the paper find out that youth, in Sokoto State, have been induced in participatory activities that encourage political thuggery and manipulation of electoral outcomes. Moreover, they are neglected in the mobilization and allocation of the available resources of the society i.e they are denied dividends of good governance. The paper recommends that youths should be engaged into positive participatory activities for ensuring inclusiveness and promotion of good governance in Nigeria. It is hoped that this will enlighten youth and policy implementers on the constructive strategies in controlling youth’s participation in politics in Nigeria.

Keywords: democracy, governance, inclusivenes, participation and politic

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Authors: Chiara De Amicis, Sonia Falconieri, Mesut Tastan

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In this study, we analyze the language employed by Chief Executive Officers (CEOs) and Chief Financial Officers (CFOs) during earnings conference calls from a gender perspective. We find evidences that conference calls held by female CEOs and/or CFOs exhibit a higher level of optimism compared to conference calls held by male CEOs and/or CFOs. Moreover, female managers tend to present and discuss firm performances with less vagueness as compared to their male colleagues. We then observe the market reaction around each earnings conference call: while manager optimism is perceived as a good signal by investors, manager vagueness significantly dampens the market reaction around the call. Whether the gender of the CEO and/or the CFO delivering the conference call affects investors’ perceptions about the firm performance is still an open question. Some evidences show that the language employed by female managers conveys more valuable information for market participants as compared to the language employed by their male counterparts. This study contributes to a growing literature in finance and accounting that uses textual analysis to assess the informativeness of corporate disclosure. To our knowledge, this is the first paper that aims at answering the question whether the gender of firm’s top managers does matter when it comes to assess the informativeness of corporate spoken communication. We believe that our results will be of relevance for future research in the field. Moreover, our evidence may be used in support of the debate if a larger participation by women in the management of companies should be encouraged or not.

Keywords: conference calls, even study, gender, market reaction, textual analysis

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Authors: Mats Nilsson

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The European electricity markets have been changing from a regulated market, to in some places a deregulated market, and are now experiencing a strong influence of renewable support systems. Firm’s that rely on subsidies have a different business logic than firms acting in a market context. The article proposes that an offspring to the regular business models, the business-to-citizen, should be used. The case of the European electricity market frames the concept of a business-citizen business model, and a research agenda for this concept is outlined.

Keywords: business logic, business model, subsidies, business-to-citizen

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Authors: Tomasz Zarebski

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A very important element of the education system is its evaluation procedure. Each education system should be systematically evaluated and improved. Among the criteria subject to evaluation, attention should be paid to the following: structure of the study programme, implementation of the study programme, admission to studies, verification of learning outcomes achievement by students, giving credit for individual semesters and years, and awarding diplomas, competence, experience, qualifications and the number of staff providing education, staff development, and in-service training, education infrastructure, cooperation with social and economic stakeholders on the development, conditions for and methods of improving the internationalisation of education provided as part of the degree programme, supporting learning, social, academic or professional development of students and their entry on the labour market, public access to information about the study programme and quality assurance policy. Concerning the assessment process and the individual assessment indicators, the participation of students in these processes is essential. The purpose of this paper is to analyse the rules of student participation in accreditation processes on the example of individual countries in Europe. The rules of students' participation in the work of accreditation committees and their influence on the final grade of the committee were analysed. Most of the higher education institutions follow similar rules for accreditation. The general model gives the individual institution freedom to organize its own quality assurance, as long as the system lives up to the criteria for quality and relevance laid down in the particular provisions. This point also applies to students. The regulations of the following countries were examined in the legal-comparative aspect: Poland (Polish Accreditation Committee), Denmark (The Danish Accreditation Institution), France (High Council for the Evaluation of Research and Higher Education), Germany (Agency for Quality Assurance through Accreditation of Study Programmes) and Italy (National Agency for the Evaluation of Universities and Research Institutes).

Keywords: accreditation, student, study programme, quality assurance in higher education

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Authors: Algia Hammami, Abdelfatteh Bouri

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In this work, our objective is to study the transmission of volatility between oil and stock markets in developed (USA, Germany, Italy, France and Japan) and emerging countries (Tunisia, Thailand, Brazil, Argentina, and Jordan) for the period 1998-2015. Our methodology consists of analyzing the monthly data by the GARCH-BEKK model to capture the effect in terms of volatility in the variation of the oil price on the different stock market. The empirical results in the emerging countries indicate that the relationships are unidirectional from the stock market to the oil market. For the developed countries, we find that the transmission of volatility is unidirectional from the oil market to stock market. For the USA and Italy, we find no transmission between the two markets. The transmission is bi-directional only in Thailand. Following our estimates, we also noticed that the emerging countries influence almost the same extent as the developed countries, while at the transmission of volatility there a bid difference. The GARCH-BEKK model is more effective than the others versions to minimize the risk of an oil-stock portfolio.

Keywords: GARCH, oil prices, stock market, volatility transmission

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Authors: Amanda Kenny, Virginia Dickson-Swift, Jane Farmer, Sarah Larkins, Karen Carlisle, Helen Hickson

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Rural ECOH (Engaging Communities in Oral Health) is a collaborative project that connects policy makers, service providers and community members. The aim of the project is to empower community members to determine what is important for their community and to design the services that they need. This three-year project is currently underway in six rural communities across Australia. This study is specifically focused on Remote Services Futures (RSF), an evidence-based method of community participation that was developed in Scotland. The findings highlight the complexities of community participation in health service planning. We assumed that people living in rural communities would welcome participation in oral health planning and engage with their community to discuss these issues. We found that to understand the relationships between community members and health service providers, it was essential to identify the formal and informal community leaders and to engage stakeholders from the various community governance structures. Our study highlights the sometimes ‘messiness’ of decision making in rural communities as well as ways to ensure that community members have the training and practical skills necessary to participate in community decision making.

Keywords: community participation, health planning, rural ECOH, Remote Services Futures

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Authors: Fahad Ahmed Qureshi

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There were abundant renowned financial markets in Pre-Islamic Arabs. Most of those were patterned and settled during pre-particularized sunshine. Those markets were classified either as vernacular markets helping the neighboring clans, or habitual markets that people sojourned to from all articulations of the Arabian Peninsula, such as Okaz near Mecca. Some of those markets had leading significance due to their geographical positions, such as Prime market of Eden, because of their entanglement in international trade i.e. with the markets of Sub-Continent, Abyssinia, Persia and China. Other markets such as Market of Yamamah annex its gist from being situated on the caravan crossroads. Islamic worldview and Islamic epistemology base of Financial Market’s realistic theory, pragmatic model and operative approach is moderately constrained in terms of its growth. The existent situation only parasol the form of accommodative-modification and splendid-methodologies, which due to depleted and decorous endeavor in explaining Islamic financial market theoretically. This is the demand of time that particular studies should be conduct to magnify the devours in developing theoretical framework for Islamic Financial Market.

Keywords: Islam, financial market, history, research, product development

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Authors: F. Gökgöz, M. E. Atmaca

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Electricity has an indispensable role in human daily life, technological development and economy. It is a special product or service that should be instantaneously generated and consumed. Sources of the world are limited so that effective and efficient use of them is very important not only for human life and environment but also for technological and economic development. Competitive electricity market is one of the important way that provides suitable platform for effective and efficient use of electricity. Besides benefits, it brings along some risks that should be carefully managed by a market player like Electricity Generation Company. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Value at Risk methods for case studies. Performance of optimal electricity sale solutions are measured and the portfolio performance has been evaluated via Sharpe-Ratio, and compared with conventional approach. Biennial historical electricity price data of Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: electricity market, portfolio optimization, risk management, value at risk

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Authors: Nopadol Burananat, Kedsara Tripaichayonsak

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This research aims to study the level of expectations and participation of personnel in implementing educational quality assurance of programs in Graduate School, Rajabhat Suan Sunandha University. The sample used in this study is 60 participants. The tool used for data collection is a questionnaire constructed by the researcher. The analysis is done by frequency, percentage, mean and standard deviation. It was found that the level of expectations personnel in Graduate School, Suan Sunandha Rajabhat University in implementing educational quality assurance is at high level. The category which received the most score is Action, followed by Check, Do and Plan, respectively. For the level of participation of personnel at program level of Graduate School, Suan Sunandha Rajabhat University in implementing educational quality assurance, the overall score is at high level. The category which received the most score is Action, followed by Do, Check and Plan, respectively.

Keywords: participation, implementation of educational quality assurance, educational quality assurance, expectations and participation

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Authors: Muhammad Ilham Agus Salim, Muhammad Ikbal

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The ASEAN Economic Community (AEC) was set up in 2003 with the objectives of creating a single market and production base, enhancing equitable economic development as well as facilitating the integration into the global economy. The AEC involves liberalization and facilitation of trade in goods, skilled labour, services, and investment, as well as protection and promotion of investment. The thesis outlines the AEC Blueprint actions in scope of globalization of investment and capital market. Free flows of investment and freer flows of capital market urge countries in South East Asia to coordinate and to collaborate in securing the interest of public, and this leads to the importance of financial services authorities in ASEAN to prepare the mechanism of guarding the flows of investment. There is no exception, especially for Indonesian Financial Services Authority (OJK) as one of the authorized body in capital market supervision, to enforce its authorities as supervisory body.

Keywords: AEC blueprint, OJK, capital market, integration

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Authors: Feng Shih-Jen, Chiang Yi-Hua, Yang Min-Chih

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After going through mass production and contract manufacturing phases, under the global consumption trend, Taiwan’s traditional industry has turned to creative design, research and development to gain recognition in the consumer market, build competitiveness in the global market and further promote the products from Taiwan’s traditional industry. Taichung City is rich in cultural creative resources, outperforming other counties/cities in originality, creative talents, cultural taste, art/culture participation and global marketing. As the result this has created a diversified and vibrant cultural market in Taichung, giving Taichung the highest potential as a cultural creative city. This research, through the project by Taichung Cultural Creative Industry Promotion Office, has built an exchange platform for the cultural creative industry in central Taiwan. The platform will promote exchanges of creative ideas in the cultural creative industry in Taiwan as well as industrial transformation and brings more value for the industry. This study also proposes the idea of “Taichung Cultural Creative Exhibition” Therefore, this study was conducted in Taiwan, Taichung 10 Creative Zone Exhibition, which is divided into four stages counseling. Respectively, of the first order: the cultural creative Zone specialty shops offer; The second stage is the industrial settlement discussions and counseling workshops in the ground; The third stage of consultation for the recruitment of the cultural creative businesses separate estate; The fourth stage is the story of the build cultural and creative industry. Hope through periodic counseling, handling Taichung 10 Creative Zone Exhibition.

Keywords: cultural creative industry, counseling, Taichung, Taiwan's creative zones

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Authors: Ada Adoga James

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This paper discussed the concept of community participation and identified tertiary education problems; strategies and methods communities could be involved to reduce conflict witnessed in our tertiary institutions of learning due to government inability to fund education. The paper pointed out that community participation through the use of Parent Teachers Association (PTA), age grade, traditional leaders, village based associations, religious and political organs could be sensitized to raise financial resources. The paper identified different sources of conflicts, the outcome of which causes prolonged academic activities, destruction of lives and properties and in some cased render school environment completely insecure for serious academic activities. It recommends involvement of community participation in assisting government, proper handling of tertiary institutions in management, and more democratic procedure in conflict resolution like cordial relationship between staff, students and trade unions in decision making process.

Keywords: community, conflict resolution, tertiary education, psychology, psychiatry

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Authors: Afrah Saad Mohsen Al-Mahfadi

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In rural areas of developing countries, participation of all stakeholders in water supply projects is an important step towards further development. As most of the beneficiaries are women, it is important that they should be involved to achieve successful and sustainable water supply projects. Women are responsible for the management of water both inside and outside home, and often spend more than six-hours a day fetching drinking water from distant water sources. The problem is that rural women play a role of little importance in the water supply projects’ phases in rural Yemen. Therefore, this research aimed at analyzing the different reasons of their lack of participation in projects and in what way a full participation -if achieved- could contribute to sustainable water supply projects in the rural mountainous areas in Yemen. Four water supply projects were selected as a case study in Al-Della'a Alaala sub-district in the Al-Mahweet governorate, two of them were implemented by the Social Fund and Development (SFD), while others were implemented by the General Authority for Rural Water Supply Projects (GARWSSP). Furthermore, the successful Al-Galba project, which is located in Badan district in Ibb governorate, was selected for comparison. The rural women's active participation in water projects have potential consequences including continuity and maintenance improvement, equipment security, and improvement in the overall health and education status of these areas. The majority of respondents taking part in GARWSSP projects estimated that there is no reason to involve women in the project activities. In the comparison project - in which a woman worked as a supervisor and implemented the project – all respondents indicated that the participation of women is vital for sustainability. Therefore, the results of this research are intended to stimulate rural women's participation in the mountainous areas of Yemen.

Keywords: assessment, rural woman, sustainability, water management

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Authors: Damien Kunjal, Faeezah Peerbhai

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Despite the increasing popularity of exchange-traded funds (ETFs), ETF investment choices may not always be rational. Excess trading volume, misevaluations of securities, and excess return volatility present in financial markets can be attributed to the influence of the overconfidence bias. Whilst previous research has explored the overconfidence bias in stock markets; this study focuses on trading in ETF markets. Therefore, the objective of this study is to investigate the presence of investor overconfidence in the South African ETF market. Using vector autoregressive models, the lead-lag relationship between market turnover and the market return is examined for the market of South African ETFs tracking domestic benchmarks and for the market of South African ETFs tracking international benchmarks over the period November 2000 till August 2019. Consistent with the overconfidence hypothesis, a positive relationship between current market turnover and lagged market return is found for both markets, even after controlling for market volatility and cross-sectional dispersion. This relationship holds for both market and individual ETF turnover suggesting that investors are overconfident when trading in South African ETFs tracking domestic benchmarks and South African ETFs tracking international benchmarks since trading activity depends on past market returns. Additionally, using the global recession as a structural break, this study finds that investor overconfidence is more pronounced after the global recession suggesting that investors perceive ETFs as risk-reducing assets due to their diversification benefits. Overall, the results of this study indicate that the overconfidence bias has a significant influence on ETF investment choices, therefore, suggesting that the South African ETF market is inefficient since investors’ decisions are based on their biases. As a result, the effect of investor overconfidence can account for the difference between the fair value of ETFs and its current market price. This finding has implications for policymakers whose responsibility is to promote the efficiency of the South African ETF market as well as ETF investors and traders who trade in the South African ETF market.

Keywords: exchange-traded fund, market return, market turnover, overconfidence, trading activity

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Authors: Marija Zulić, Vanda Hájková, Nina Brkić–Jovanović, Srećko Potić, Sanja Tomić

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The name cerebral palsy comes from the word cerebrum, which means the brain and the word palsy, which means seizure, and essentially refers to the movement disorder. In the clinical picture of cerebral palsy, basic neuromotor disorders are associated with other various disorders: behavioural, intellectual, speech, sensory, epileptic seizures, and bone and joint deformities. Motor speech disorders are among the most common difficulties present in people with cerebral palsy. Social participation represents an interaction between an individual and their social environment. Quality of social participation of the students with cerebral palsy at school is an important indicator of their successful participation in adulthood. One of the most important skills for the undisturbed social participation is ability of good communication. The aim of the study was to determine relation between social participation of students with cerebral palsy and presence of their speech impairment in primary schools in the Czech Republic. The study was performed in the Czech Republic in mainstream schools and schools established for the pupils with special education needs. We analysed 75 children with cerebral palsy aged between six and twelve years attending up to sixth grade by using the first and the third part of the school function assessment questionnaire as the main instrument. The other instrument we used in the research is the Gross motor function classification system–five–level classification system, which measures degree of motor functions of children and youth with cerebral palsy. Funding for this study was provided by the Grant Agency of Charles University in Prague.

Keywords: cerebral palsy, social participation, speech disorders, The Czech Republic, the school function assessment

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Authors: F. Gökgöz, M. E. Atmaca

Abstract:

Electricity plays an indispensable role in human life and the economy. It is a unique product or service that must be balanced instantaneously, as electricity is not stored, generation and consumption should be proportional. Effective and efficient use of electricity is very important not only for society, but also for the environment. A competitive electricity market is one of the best ways to provide a suitable platform for effective and efficient use of electricity. On the other hand, it carries some risks that should be carefully managed by the market players. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Markowitz’s Mean-variance, Down-side and Semi-variance methods for a case study. Performance of optimal electricity sale solutions are measured and evaluated via Sharpe-Ratio, and the optimal portfolio solutions are improved. Two years of historical weekdays’ price data of the Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: electricity market, portfolio optimization, risk management in electricity market, sharpe ratio

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Authors: Peng Lu, Liu Ting

Abstract:

Because of the difficulty of financing from the external capital market, the reorganization and merger of private enterprises have formed a family group, seeking the help of the internal capital market to alleviate the capital demand. However, the inefficiency of the internal capital market can damage the effect it should have played, and even hinder the development of enterprises. This paper takes the "Tomorrow Group" as the research object to carry on the case analysis. After using the improved cash flow sensitivity coefficient to measure the efficiency of the internal capital market of Tomorrow Group, the inefficiency phenomenon is found. Then the analysis reveals that the reasons for its inefficiency include that the pyramidal equity structure is conducive to control, the separation of cash flow rights and control rights, the concentration of equity leads to poor balance, the abandonment of real industries and information asymmetry.

Keywords: tomorrow group, internal capital market, related-party transactions, Baotou tomorrow technology Co., LTD

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Authors: Gultekin Gurcay

Abstract:

In this paper, effects and responses of stock were analyzed. This analysis was done periodically. The dimensions of the financial crisis impact on the stock market were investigated by GARCH model. In this context, S&P 500 stock market is modeled with DAX, NIKKEI and BIST100. In this way, The effects of the changing in S&P 500 stock market were examined on European and Asian stock markets. Conditional variance coefficient will be calculated through garch model. The scope of the crisis period, the conditional covariance coefficient will be analyzed comparatively.

Keywords: conditional variance coefficient, financial crisis, garch model, stock market

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Authors: Tarik Bazgour, Cedric Heuchenne, Danielle Sougne

Abstract:

We examine time variation in the market beta of portfolios sorted on quality, liquidity level and liquidity beta characteristics across stock market phases. Using US stock market data for the period 1970-2010, we find, first, the US stock market was driven by four regimes. Second, during the crisis regime, low (high) quality, high (low) liquidity beta and illiquid (liquid) stocks exhibit an increase (a decrease) in their market betas. This finding is consistent with the flight-to-quality and liquidity phenomena. Third, we document the same pattern across stocks when the market volatility is low. We argue that, during low volatility times, investors shift their portfolios towards low quality and illiquid stocks to seek portfolio gains. The pattern observed in the tranquil regime can be, therefore, explained by a flight-to-low-quality and to illiquidity. Finally, our results reveal that liquidity level is more important than liquidity beta during the crisis regime.

Keywords: financial crises, quality, liquidity, liquidity risk, regime-switching models

Procedia PDF Downloads 370