Search results for: market reaction

Authors: Ratna Dewi Kusumaningtyas, Riris Pristiyani, Heny Dewajani

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Biodiesel is commonly produced via the two main routes, i.e. the transesterification of triglycerides and the esterification of free fatty acid (FFA) using short-chain alcohols. Both the two routes have drawback in term of the side product yielded during the reaction. Transesterification reaction of triglyceride results in glycerol as side product. On the other hand, FFA esterification brings in water as side product. Both glycerol and water in the biodiesel production are managed as waste. Hence, a separation process is necessary to obtain a high purity biodiesel. Meanwhile, separation processes is generally the most capital and energy intensive part in industrial process. Therefore, to reduce the separation process, it is essential to produce biodiesel via an alternative route eliminating glycerol or water side-products. In this work, biodiesel synthesis was performed using a glycerol-free process through chemical interesterification of jatropha oil with ethyl acetate in the presence on sodium acetate catalyst. By using this method, triacetine, which is known as fuel bio-additive, is yielded instead of glycerol. This research studied the effects of catalyst concentration on the jatropha oil interesterification process in the range of 0.5 – 1.25% w/w oil. The reaction temperature and molar ratio of oil to ethyl acetate were varied at 50, 60, and 70°C, and 1:6, 1:9, 1:15, 1:30, and 1:60, respectively. The reaction time was evaluated from 0 to 8 hours. It was revealed that the best yield was obtained with the catalyst concentration of 0.5%, reaction temperature of 70 °C, molar ratio of oil to ethyl acetate at 1:60, at 6 hours reaction time.

Keywords: biodiesel, interesterification, glycerol-free, triacetine, jatropha oil

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Authors: Moudi Almousa

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This research paper explores Saudi Arabian female consumers’ experiences using 3D body scanning technology and their level of acceptance of possible market applications of this technology to adopt for apparel online shopping. Data was collected for 82 women after being scanned then viewed a short video explaining three possible scenarios of 3D body scanning applications, which include size prediction, customization, and virtual try-on, before completing the survey questionnaire. Although respondents have strong positive responses towards the scanning experience, the majority were concerned about their privacy during the scanning process. The results indicated that size prediction and virtual try on had greater market application potential and a higher chance of crossing the gap based on consumer interest. The results of the study also indicated a strong positive correlation between respondents’ concern with inability to try on apparel products in online environments and their willingness to use the 3D possible market applications.

Keywords: 3D body scanning, market applications, online, apparel fit

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Authors: Jianwen Li, Hongfang Ma, Haitao Zhang, Qiwen Sun, Weiyong Ying

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HZSM-5 zeolites modified by iron and phosphorus were applied in catalytic cracking of butene. N2 adsorption and NH3-TPD were employed to measure the structure and acidity of catalysts. The results indicate that increasing phosphorus loading decreased surface area, pore volume and strong acidity of catalysts. The introduction of phosphorus significantly decreased butene conversion and promoted propylene selectivity. The catalytic performance of catalyst was strongly dependent on the reaction conditions. Appropriate reaction conditions could suppress side reactions and enhance propylene selectivity.

Keywords: butene catalytic cracking, HZSM-5, modification, reaction conditions

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Authors: Jae Won Shin

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We develop an evaluated nuclear data based photonuclear reaction model of GEANT4 for a more accurate simulation of photon-induced neutron production. The evaluated photonuclear data libraries from the ENDF/B-VII.1 are taken as input. Incident photon energies up to 140 MeV which is the threshold energy for the pion production are considered. For checking the validity of the use of the data-based model, we calculate the photoneutron production cross-sections and yields and compared them with experimental data. The results obtained from the developed model are found to be in good agreement with the experimental data for (γ,xn) reactions.

Keywords: ENDF/B-VII.1, GEANT4, photoneutron, photonuclear reaction

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Authors: Kaixuan Feng, Ruixiang Lin, Yuyan Hu, Yuheng Feng, Dezhen Chen, Tongcheng Cao

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In this study, we propose a reaction system for the low-temperature reduction of NO by H₂ on carbon-based materials decorated with 5%wt. Ni. This cost-effective catalyst system efficiently utilizes pyrolysis carbon-based materials and waste hydrogen. Additionally, it yields environmentally friendly products without requiring extra heat sources in practical SCR devices. Density functional theory elucidates the mechanism of NO heterogeneous reduction by H₂ on Ni-decorated char surfaces. Two distinct reaction paths were identified, one involving the intermediate product N₂O and the other not. These pathways exhibit different rate-determination steps and activation energies. Kinetic analysis indicates that the N₂O byproduct pathway has a lower activation energy. Experimental results corroborate the theoretical findings. Thus, this research enhances our mechanistic understanding of the NO-H₂ reaction over char and offers insights for optimizing catalyst design in low-temperature NO reduction.

Keywords: char-based catalysis, NO reduction, DFT study, heterogeneous reaction, low-temperature H₂-reduction

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Authors: Omer Farooq, Salman Ahmed Khan, Sadaf Khalid

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Modern day stock markets have almost entirely became automated. Even though it means increased profits for the investors by algorithms acting upon the slightest price change in order of microseconds, it also has given birth to many ethical dilemmas in the sense that slightest mistake can cause people to lose all of their livelihoods. This paper reviews one such event that happened on May 06, 2010 in which $1 trillion dollars disappeared from the Dow Jones Industrial Average. We are going to discuss its various aspects and the ethical dilemmas that have arisen due to it.

Keywords: flash crash, market crash, stock market, stock market crash

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Authors: Wen Po Cheng, Chi Hua Fu, Ping Hung Chen, Ruey Fang Yu

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Recovering resources from water purification sludge (WPS) have been gradually stipulated in environmental protection laws and regulations in many nations. Hence, reusing the WPS is becoming an important topic, and recovering alum from WPS is one of the many practical alternatives. Most previous research efforts have been conducted on studying the amphoteric characteristic of aluminum hydroxide for investigating the optimum pH range to dissolve the Al(III) species from WPS, but it has been lack of reaction kinetics or mechanisms related discussion. Therefore, in this investigation, water purification sludge (WPS) solution was broken by ultrasound to make particle size of reactants smaller, specific surface area larger. According to the reaction kinetics, these phenomena let the dissolved aluminum salt quantity increased and the reaction rate go faster.

Keywords: aluminum, acidification, sludge, recovery

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Authors: Bandari Shanker, Alfunsa Prathiba

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The influence of viscous dissipation on MHD Casson 3-D fluid flow in two perpendicular directions past a linearly stretching sheet in the presence of a chemical reaction is explored in this work. For exceptional circumstances, self-similar solutions are obtained and compared to the given data. The enhancement in the values Ecert number the temperature boundary layer increases. Further, the current findings are observed to be in great accord with the existing data. In both directions, non - dimensional velocities and stress distribution are achieved. The relevant data are graphed and explained quantitatively in relation to changes in the Casson fluid parameter as well as other fluid flow parameters.

Keywords: viscous dissipation, 3-D Casson flow, chemical reaction, Ecert number

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Authors: Yessengeldy Kuanyshpayev

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Now in some countries of the world the cellular market is on the point of saturation, in others - positive dynamics of development kept on. The reasons for it are also different, but there are united by their general susceptibility to innovation changes, if they are really innovative. If to take as an example the cellular market of Kazakhstan it is defined by the low percent of smart phones at consumers, the low population density, undercapacity of the 3G channel, and absence of universal access to the LTE technology that limits dynamical growth of this branch. These moments are aggravated by failures of starting commercial projects by private companies which prevent to be implemented and widely adopted to a new product among consumers. The object of the research is possible integration of wireless and program technologies at which introduction the idea can regenerate in an innovation. The analysis of existing projects in the market and the possible union of the technologies through a prism of theoretical bases of innovative activity shows that efficiency of the company by development and introduction of innovations is possible only thanks to strict observance of all terms and conditions of the innovative process which main term is profit. Despite that fact that on a global scale the innovativeness issue of companies is very popular, there are no research about possibility of innovative breaks in the field of wireless access to the Internet in the cellular market of Kazakhstan.

Keywords: innovation, the effectiveness of company, commercialization, cellular market

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Authors: Bai Zhiwei, Zhang Shuxia

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By sealing constraint, the system of nuclear fuel production penetrates a trace of air in during its service. The vapor in the air can react with material in the system and generate solid uranium compounds. These solid uranium compounds continue to accumulate and attached to the production equipment and pipeline of system, which not only affects the operation reliability of production equipment and give off radiation hazard as well after system retired. Therefore, it is necessary to select a reasonable method to remove it. Through the analysis of physicochemical properties of solid uranium compounds, halogenated fluoride compounds are selected as a cleaning agent, which can remove solid uranium compounds effectively. This paper studied the related chemical reaction under the condition of static test and results show that the selection of high fluoride halogen compounds can be removed solid uranium compounds completely. The study on the influence of reaction pressure with the reaction rate discovered a phenomenon that the higher the pressure, the faster the reaction rate.

Keywords: fluoride halogen compound, remove, radiation, solid uranium compound

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Authors: Jianliang Xu, Zhenghua Dai, Zhongjie Shen, Haifeng Liu, Fuchen Wang

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In an entrained flow gasifier, the combustible components are converted into the gas phase, and the mineral content is converted into ash. Most of the ash particles or droplets are deposited on the refractory or membrane wall and form a slag layer that flows down to the quenching system. The captured particle reaction process and slag flow and phase transformation play an important role in gasifier performance and safe and stable operation. The reaction characteristic of captured char particles on the molten slag had been studied by applied a high-temperature stage microscope. The gasification process of captured chars with CO2 on the slag surface was observed and recorded, compared to the original char gasification. The particle size evolution, heat transfer process are discussed, and the gasification reaction index of the capture char particle are modeled. Molten slag layer promoted the char reactivity from the analysis of reaction index, Coupled with heat transfer analysis, shrinking particle model (SPM) was applied and modified to predict the gasification time at carbon conversion of 0.9, and results showed an agreement with the experimental data. A comprehensive model with gas-particle-slag flow and reaction models was used to model the different industry gasifier. The carbon conversion information in the spatial space and slag layer surface are investigated. The slag flow characteristic, such as slag velocity, molten slag thickness, slag temperature distribution on the membrane wall and refractory brick are discussed.

Keywords: char, slag, numerical simulation, gasification, wall reaction, membrane wall

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Authors: Yvette Reisinger

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Relatively little is known about the Arab travel market, especially the outbound travel market from Arab countries in the Middle East. The Kuwaiti travel market is the smallest yet fastest growing in the Gulf Cooperation Council (GCC) region. The Kuwaiti travel market represents a great potential for the international tourism industry. Kuwaiti nationals have a very high spending power due to the Kuwaiti dinar being the highest-valued currency unit in the world. Although Europe, North America, and Asia/Pacific try to attract the Arab tourist market the number of Kuwaiti travellers attracted to these destinations is very low. The success in attracting the Kuwaiti travel market to Western countries must be guided by an analysis of the factors that affect its travel decisions. The objective of the study is to identify major factors that influence Kuwaiti nationals’ intentions to travel to Western countries. A model is developed and empirically tested on a sample of 343 Kuwaiti nationals. A series of regression analyses are run to determine the effects of different factors on Kuwaiti’s travel decisions. A Herman’s single factor test and Durbin-Watson test are used to assess the validity of the regression model. Analysis is controlled for socio-demographics. The results show that the Muslim friendly amenities and destination cognitive image exert significant effects on Kuwaiti nationals’ intentions to travel to Western countries. The study provides a better understanding of the factors that attract Kuwaiti tourists to Western countries. By knowing what encourages Kuwaitis to travel to Western countries marketers can plan and promote these countries accordingly. The study provides a foundation of future empirical research into the Kuwaiti/Arab travel market.

Keywords: Kuwaiti travel market, travel decisions, Western countries

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Authors: Hanifa Taher, Sulaiman Al-Zuhair, Ali H. Al-Marzouqi, Yousef Haik, Mohammed Farid

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Biodiesel, as an alternative renewable fuel, has been receiving increasing attention due to the limited supply of fossil fuels and the increasing need for energy. Microalgae is a promising source for lipids, which can be converted to biodiesel. The biodiesel production from microalgae lipids using lipase catalyzed reaction in supercritical CO2 medium has several advantages over conventional production processes. However, identifying the optimum microalgae lipid extraction and transesterification conditions is still a challenge. In this study, the lipids extracted from Scenedesmus sp. and their enzymatic transesterification using supercritical carbon dioxide have been investigated. The effect of extraction variables (temperature, pressure and solvent flow rate) and reaction variables (enzyme loading, incubation time, methanol to lipids molar ratio and temperature) were considered. Process parameters and their effects were studied using a full factorial analysis of both. Response Surface Methodology (RSM) and was used to determine the optimum conditions for the extraction and reaction steps. For extraction, the optimum conditions were 53 °C and 500 bar, whereas for the reaction the optimum conditions were 35% enzyme loading, 4 h reaction, 9:1 molar ratio and 50 oC. At these optimum conditions, the highest biodiesel production yield was found to be 82 %. The fuel properties of the produced biodiesel, at optimum reaction condition, were determined and compared to ASTM standards. The properties were found to comply with the limits, and showed a low glycerol content, without any separation step.

Keywords: biodiesel, lipase, supercritical CO2, standards

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Authors: Somnath Mukhuti, Prem Kumar Ghosh

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Background and significance of the study Indian stock market has undergone sudden changes after the current China crisis in terms of turnover, market capitalization, share prices, etc. The average returns on equity investment in both markets have more than three and half times after global financial crisis owing to the development of industrial activity, corporate sectors development, enhancement in global consumption, change of global financial association and fewer imports from developed countries. But the economic policies of both the economies are far different, that is to say, where Indian economy maintaining a conservative policy, Chinese economy maintaining an aggressive policy. Besides this, Chinese economy recently lowering its currency for increasing mysterious growth but Indian does not. But on August 24, 2015 Indian stock market and world stock markets were fall down due to the reason of Chinese stock market. Keeping in view of the above, this study seeks to examine the influence of Chinese stock on Indian stock market. Methodology This research work is based on daily time series data obtained from yahoo finance database between 2009 (April 1) to 2015 (September 28). This study is based on two important stock markets, that is, Indian stock market (Bombay Stock Exchange) and Chinese stock market (Shanghai Stock Exchange). In the course of analysis, the daily raw data were converted into natural logarithm for minimizing the problem of heteroskedasticity. While tackling the issue, correlation statistics, ADF and PP unit root test, bivariate cointegration test and causality test were used. Major findings Correlation statistics show that both stock markets are associated positively. Both ADF and PP unit root test results demonstrate that the time series data were not normal and were not stationary at level however stationary at 1st difference. The bivariate cointegration test results indicate that the Indian stock market was associated with Chinese stock market in the long-run. The Granger causality test illustrates there was a unidirectional causality between Indian stock market and Chinese stock market. Concluding statement The empirical results recommend that India’s stock market was not very much dependent on Chinese stock market because of Indian economic conservative policies. Nevertheless, Indian stock market might be sturdy if Indian economic policies are changed slightly and if increases the portfolio investment with Chinese economy. Indian economy might be a third largest economy in 2030 if India increases its portfolio investment and trade relations with both Chinese economy and US economy.

Keywords: Indian stock market, China stock market, bivariate cointegration, causality test

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Authors: Emel Gelmez, Derya Özilhan

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In this study, the relationship between market orientation, innovation orientation and firm performance in the hotel enterprises in Konya was examined. Research data was obtained by survey method and the research was conducted on the enterprises operating in tourism business in Konya. Hypothesis were tested in terms of the main aim of the present study. According to the findings it was determined that there is a positive and significant relationship between each parameters.

Keywords: firm performance, innovation, innovation orientation, market orientation

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Authors: E. Moroydor Derun, P. Gurses, M. Yildirim, A. S. Kipcak, T. Ibroska, S. Piskin

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Due to their strong mechanical and thermal properties magnesium borates have a wide usage area such as ceramic industry, detergent production, friction reducing additive and grease production. In this study, microwave synthesis of magnesium borates from MgCl2.6H2O (Magnesium chloride hexahydrate), MgO (Magnesium oxide) and H3BO3 (Boric acid) for different reaction times is researched. X-ray Diffraction (XRD) and Fourier Transform Infrared (FT-IR) Spectroscopy are used to find out how the reaction time sways on the products. The superficial properties are investigated with Scanning Electron Microscopy (SEM). According to XRD analysis, the synthesized compounds are 00-041-1407 pdf coded Shabinite (Mg5(BO3)4Cl2(OH)5.4(H2O)) and 01-073-2158 pdf coded Karlite (Mg7(BO3)3(OH,Cl)5).

Keywords: magnesium borate, microwave synthesis, XRD, SEM

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Authors: Ferry Syarifuddin

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The potential for growth in the Japanese halal industry is promising, especially for the export of processed food products, due to the significant increase in the Muslim population over the past decade. Japan is also the second largest destination for processed food export from developing countries. However, there has been a decline in the export of processed food from Indonesia, a Muslim-majority developing country, to Japan, dropping from $350 million in 2019 to $119 million in 2023. To address this issue, this study aims to assess the strengths, weaknesses, opportunities, and threats (SWOT) of Indonesian halal processed food products export to the Japanese market, investigate successful strategies employed by other countries and recommend the most prioritized strategy for exporting Indonesian halal processed food products to the Japan market. Our findings identify collaborating with Japan's food industry associations and trade organizations as the key strategy for successful export to the Japanese market.

Keywords: ANP-SWOT, export strategy, halal product, Japan market

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Authors: I. Diaz Sanchez, I. M. Martinez-Conesa, M. Illueca

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Accounting conservatism is a desirable quality of earnings that is positively associated with the stridency of regulatory and supervisory regimen and high market discipline. But how these three pillars interact each other is the main research question that is not empirically solved. We analyze how regulatory and supervisory regimes interact with the market discipline measures, such as listing status, ownership and market concentration using a sample of 14,651 bank-year observations covering 54 countries over the period 1997-2009. We evidence that regulation a supervision and extend on which they are enforcement is a strong mechanism to achieved accounting conservatism in those countries or situations where the market discipline fails. Generally, the supervisory power reinforces the effect of listing status, ownership and concentration on conservatism, while capital regulatory mitigates the effect of market discipline on conservatism. This paper may contribute to debate about the mechanism introduced by Basel III that strongly increases the regulation, his enforcement, and the supervisory power after long deregulation period. Although Market discipline is relevant to achieve the financial stability, strong Pillar I and II can ensure the quality of the accounting earnings to prevent bank failures.

Keywords: accounting conservatism, bank regulation, bank supervision, loan loss recognition, market discipline

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Authors: Cupian

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The expansion of Islamic banking industry seems to emphasize the banking competition in Indonesia where conventional and Islamic banks coexist. In addition, the 2007/2008 global financial crisis and deregulation have the effect on competitive conditions in Islamic banking market. In this context, this study aims at investigating competitive conditions and market power of Islamic banks in Indonesia using firm level data over the period 2006-2013. The study also attempts to identify the factors that represent the power of banking market to better study the degree of competition in this banking industry. Using samples of 27 Islamic commercial banks, the study uses a variety of structural and non-structural measures related to the traditional approach and the new empirical approach of the industrial organization (NEIO). The methodology is based on the set of measures of the competition and market power. The first measure is a set of concentration ratios (CR4) and Herfindahl-Hirschman index (HHI).The second measures are the Panzar and Ross H-statistic and the Lerner index based on econometric estimations with the aim of evaluating the market structure and measuring its power in terms of price setting. The results of the competition analysis suggest that the Islamic banking markets in Indonesia cannot be characterized by the bipolar cases of either perfect competition or monopoly over 2006-2013. That is, banks earned their revenues operating under conditions of monopolistic competition in that period. Overall, Islamic banks in Indonesia operate in a relatively less competitive environment or in high market power. It is also indicated that Islamic bank that hope to achieve higher returns should operate in the competitive environment.

Keywords: bank competition, islamic banks, market structure, profitability

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Authors: Zubier Arfan, Paul Johnson

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The electronification of financial markets and the rise of algorithmic trading has sparked a lot of interest from the mathematical community, for the market making-problem in particular. The research presented in this short paper solves the classic stochastic control problem in order to derive the strategy for a market-maker. It also shows how to calibrate and simulate the strategy with real limit order book data for back-testing. The ambiguity of limit-order priority in back-testing is dealt with by considering optimistic and pessimistic priority scenarios. The model, although it does outperform a naive strategy, assumes constant volatility, therefore, is not best suited to the LOB data. The Heston model is introduced to describe the price and variance process of the asset. The Trader's constant absolute risk aversion utility function is optimised by numerically solving a 3-dimensional Hamilton-Jacobi-Bellman partial differential equation to find the optimal limit order quotes. The results show that the stochastic volatility market-making model is more suitable for a risk-averse trader and is also less sensitive to calibration error than the constant volatility model.

Keywords: market-making, market-microsctrucure, stochastic volatility, quantitative trading

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Authors: Adil A. Mohammed, Seif-Eddeen K. Fateen, Tamer S. Ahmed, Tarek M. Moustafa

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Falling film were widely used for gas-liquid absorption and reaction process. Modeling of falling film for oligomerization of ethylene reaction to linear alpha olefins is developed. Although there are many researchers discuss modeling of falling film in many processes, there has been no publish study the simulation of falling film for the oligomerization of ethylene reaction to produce linear alpha olefins. The Comsol multiphysics software was used to simulate the mass transfer with chemical reaction in falling film absorption process. The effect of concentration profile absorption of the products through falling thickness is discussed. The effect of catalyst concentration, catalyst/co-catalyst ratio, and temperature is also studied. For the effect of the temperature, as it increase the concentration of C4 increase. For catalyst concentration and catalyst/co-catalyst ratio as they increases the concentration of C4 increases, till it reached almost constant value.

Keywords: falling film, oligomerization, comsol mutiphysics, linear alpha olefins

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Authors: Yosra M. Badiei, Evelyn Ortiz, Marisa Portenti, David Szalda

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Water-oxidation half-reaction is a critical reaction that can be driven by a sustainable energy source (e.g., solar or wind) and be coupled with a chemical fuel making reaction which stores the released electrons and protons from water (e.g., H₂ or methanol). The use of molecular water-oxidation catalysts (WOC) allow the rationale design of redox active metal centers and provides a better understanding of their structure-activity-relationship. Herein, the structure of a Ru(III) complex bearing a doubly deprotonated N,N'-bis(aryl)pyridine-2,6-dicarboxamide ligand which contains a water molecule in its primary coordination sphere was elucidated by single-crystal X-ray diffraction. Further spectroscopic experimental data and pH-dependent electrochemical studies reveal its water-oxidation reactivity. Emphasis on mechanistic details for O₂ formation of this complex will be addressed.

Keywords: water-oxidation, catalysis, ruthenium, artificial photosynthesis

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Authors: A. Nazeri, R. Ziaie Moayed, H. Ghiasinejad

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The present research has been performed to investigate the effect of base course application on load-settlement characteristics of sandy subgrade using plate load test. The main parameter investigated in this study was the subgrade reaction coefficient. The model tests were conducted in a 1.35 m long, 1 m wide, and 1 m deep steel test box of Imam Khomeini International University (IKIU Calibration Chamber). The base courses used in this research were in three different thicknesses of 15 cm, 20 cm, and 30 cm. The test results indicated that in the case of using base course over loose sandy subgrade, the values of subgrade reaction coefficient can be increased from 7  to 132 , 224 , and 396  in presence of 15 cm, 20 cm, and 30 cm base course, respectively.

Keywords: modulus of subgrade reaction, plate load test, base course, sandy subgrade

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Authors: Mahmoud Salari

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Corruption and gender inequality are the main topics of interest for both economists and policymakers. This study develops various static and dynamic estimation models to examine the impact of gender inequality in politics and the labor market on corruption using data of 170 countries from 1998 to 2014. This study uses two most reliable corruption indexes, including Corruption Perceptions Index (CPI) and Corruption Control (CC), to evaluate corruption levels across countries. The results indicate that gender inequality in politics has a strong impact on corruption level, and those countries that have larger/smaller gender inequality in their parliaments are faced with higher/lower corruption, respectively. Meanwhile, there is no enough evidence that supports the relationship between gender inequality in the labor market and corruption, and the results indicate that gender inequality in the labor market is not directly linked to the corruption level.

Keywords: corruption, female labor force participation, politics, gender inequality

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Authors: Hotlan Siagian, Hatane Semuel, Wilma Laura Sahetapy

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

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

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Authors: Chih-Hsiang Chang, Fang-Jyun Su

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

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

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Authors: Chayanoot Sangwichien, Taweesak Reungpeerakul, Kyaw Thu

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Oil palm mills in Southern Thailand produced a large amount of biomass solid wastes. Lignocellulose biomass is the main source for production of biofuel which can be combined or used as an alternative to fossil fuels. Biomass composed of three main constituents of cellulose, hemicellulose, and lignin. Thermochemical conversion process applied to produce biofuel from biomass. Pyrolysis of biomass is the best way to thermochemical conversion of biomass into pyrolytic products (bio-oil, gas, and char). Operating parameters play an important role to optimize the product yields from fast pyrolysis of biomass. This present work concerns with the modeling of reaction kinetics parameters for fast pyrolysis of empty fruit bunch in the fluidized bed reactor. A global kinetic model used to predict the product yields from fast pyrolysis of empty fruit bunch. The reaction temperature and vapor residence time parameters are mainly affected by product yields of EFB pyrolysis. The reaction temperature and vapor residence time parameters effects on empty fruit bunch pyrolysis are considered at the reaction temperature in the range of 450-500˚C and at a vapor residence time of 2 s, respectively. The optimum simulated bio-oil yield of 53 wt.% obtained at the reaction temperature and vapor residence time of 450˚C and 2 s, 500˚C and 1 s, respectively. The simulated data are in good agreement with the reported experimental data. These simulated data can be applied to the performance of experiment work for the fast pyrolysis of biomass.

Keywords: kinetics, empty fruit bunch, fast pyrolysis, modeling

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Authors: Shraddha Jain Sharma, Ratnalata Gupta

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

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

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Authors: P. Kanakasabapathy, S. Radhika

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

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

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Authors: Marwa Sahnoun, Chokri Abdennadher

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

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

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