Search results for: return period

Authors: Fereshteh Pourmohammad, Mehdi Zare

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The city of Karaj, having a population of 2.2 millions (est. 2022) is located in the South West of Alborz Mountain Belt in Northern Iran. The region is known to be a highly active seismic zone. This study is focused on the geological and seismological analyses within a radius of 200 km from the center of Karaj. There are identified five seismic zones and seven linear seismic sources. The maximum magnitude was calculated for the seismic zones. Scine tghe seismicity catalog is incomplete, we have used a parametric-historic algorithm and the Kijko and Sellevoll (1992) method was used to calculate seismicity parameters, and the return periods and the probability frequency of recurrence of the earthquake magnitude in each zone obtained for 475-years return period. According to the calculations, the highest and lowest earthquake magnitudes of 7.6 and 6.2 were respectively obtained in Zones 1 and 4. This result is a new and extremely important in view point of earthquake risk in a densely population city. The maximum strong horizontal ground motion for the 475-years return period 0.42g and for 2475-year return period 0.70g also the maximum strong vertical ground motion for 475-years return period 0.25g and 2475-years return period 0.44g was calculated using attenuation relationships. These acceleration levels are new, and are obtained to be about 25% higher than presented values in the Iranian building code.

Keywords: seismic zones, ground motion, return period, hazard analysis

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Authors: Inten Meutia, Emylia Yuniarti

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The objective of this study is to analyze the effects of interest rate, the rate of return of Islamic banks on the amount of mudarabah deposits in Islamic banks. In analyzing the effect of rate of return in the Islamic banks and interest rate risk in the conventional banks, the 1-month Islamic deposit rate of return and 1 month fixed deposit interest rate of a total Islamic deposit are considered. Using data covering the period from January 2010 to Sepember 2013, the study applies the regression analysis to analyze the effect between variable and independence t-test to analyze the mean difference between rate of return and rate of interest. Regression analysis shows that rate of return have significantly negative influence on mudarabah deposits, while interest rate have negative influence but not significant. The result of independent t test shows that the interest rate is not different from the rate of return in Islamic Bank. It supports the hyphotesis that rate of return in Islamic banking mimic rate of interest in conventional bank. The results of the study have important implications on the risk management practices of the Islamic banks in Indonesia.

Keywords: conventional bank, interest rate, Islamic bank, rate of return

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Authors: Jie-Ying Wu, Kuo-Hao Weng, Jin-Cheng Fu

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This study proposes changes to land use for the purposes of water retention and runoff reduction, with the aim of reducing the frequency of flooding. This study uses the Zhuoshui River in Taiwan as a case study, designing different land use planning strategies, and setting up various detention spaces. The HEC-HMS model developed by the Hydrology Research Center of the U.S. Army Corps of Engineers is used to calculate the decrease in runoff using various planning strategies, during five precipitation events of increasing return periods. This study finds that a maximum decrease in runoff of 14 million square meters can result by changing the form of land cover and storm detention in non-urban agricultural and river zones. This is due to the fact that non-urban land accounts for 96% of the area under study. Greatest efficacy was demonstrated in a two-year return period, with results ranging from 16% to 52%. The efficacy of a 100-year return period rated from 3% to 8%. Urban area detentions consist of agricultural paddy fields, storm water ponds and rainwater retention systems in building basements. Although urban areas can provide one million cubic meters of runoff storage, this result is insignificant due to the fact that urban area constitutes only 4% of the study area. By changing land cover, a 2-year return period has a 9% efficacy, and a 100-year return period has a 2% efficacy.

Keywords: flood detention space, land-use, spatial planning, Zhuoshuei River, Taiwan

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Authors: L.Jowkar. M.Samiee

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Models or systems based on rainfall and runoff are numerous and have been formulated and applied depending on the precipitation regime, temperature, and climate. In this study, the ArcCN-Runoff rain-runoff modeling tool was used to estimate the spatial variability of the rainfall-runoff relationship in Sartang Ramon in Jiroft watershed. In this study, the runoff was estimated from 6-hour rainfall. The results showed that based on hydrological soil group map, soils with hydrological groups A, B, C, and D covered 1, 2, 55, and 41% of the basin, respectively. Given that the majority of the area has a slope above 60 percent and results of soil hydrologic groups, one can conclude that Sartang Ramon Basin has a relatively high potential for producing runoff. The average runoff height for a 6-hour rainfall with a 2-year return period is 26.6 mm. The volume of runoff from the 2-year return period was calculated as the runoff height of each polygon multiplied by the area of the polygon, which is 137913486 m³ for the whole basin.

Keywords: Arc CN-Run off, rain-runoff, return period, watershed

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Authors: Sabrina Mortet

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The economic crisis, which struck the world economy in mid-2008, had an impact on migration in Europe, especially the employment situation of migrant workers. That’s why migrants tended to be the first to lose their jobs during the crisis, victims of the rule "last–in, first-out”. In the same context, the economic recession which affected the migration flows, immigration level has slowed while emigration has increased in some European countries. Since people go where jobs are, we will try to speak about the mobility of migrants after the crisis by focusing on return migration to see if migrants in the period of recession prefer going home or staying in the host country; and we will take Spain as a case of study, because it had attracted an extraordinarily high inflows of migration and it is one of the EU country which was hardly affected by the financial crisis.

Keywords: economic crisis, international migration, mobility, return migration, employement

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Authors: İlhami Karahanoglu, Oguz Ceylan

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As its well-known definitions; systemic risk refers to whole economic system down-turn movement even collapse together in very severe cases. In fact, it points out the contagion effects of the defaults. Such a risk is can be depicted with the famous Chinese game of falling domino stones. During and after the Bear & Sterns and Lehman Brothers cases, it was well understood that there is a very strong effect of systemic risk in financial services sector. In this study, we concentrate on the existence of systemic risk in Turkish Banking Sector based upon the Halkbank Case during the end month of 2013; there was a political turmoil in Turkey in which the close relatives of the upper politicians were involved in illegal trading activities. In that operation, the CEO of Halkbank was also arrested and in investigation, Halkbank was considered as part of such illegal actions. That operation had an impact on Halkbanks stock value. The Halkbank stock value during that time interval decreased remarkably, the distributional profile of stock return changed and became more volatile as well as more skewed. In this study, the daily returns of 5 leading banks in Turkish banking sector were used to obtain 48 return distributions (for each month, 90-days-back stock value returns are used) of 5 banks for the period 12/2011-12/2013 (pre operation period) and 12/2013-12/2015 (post operation period). When those distributions are compared with timely manner, interestingly; the distribution of the 5 other leading banks in Turkey, public or private, had also distribution profiles which was different from the past 2011-2013 period just like Halkbank. Those 5 big banks, whose stock values are monitored with sub index in Istanbul stock exchange (BIST) as BN10, had more skewed distribution just following the Halkbank stock return movement during the post operation period, with lover mean value and as well higher volatility. In addition, the correlation between the stock value return distributions of the leading banks after Halkbank case, where the returns are more skewed to the left, increased (which is measured in monthly base before and after the operation). The dependence between those banks was stronger under the case where the stock values were falling compared with the normal market condition. Such distributional effect of stock returns between the leading banks in Turkey, which is valid for down sub-market (financial/banking sector) condition, can be evaluated as an evidence for the existence of contagious effect and systemic risk.

Keywords: financial risk, systemic risk, banking sector, return distribution, dependency structure

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Authors: S. L. Tulasi Devi, Shivam Azad

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The primary objective of this study is to analyze the impact of green bond issuance on the stock prices of respective Indian companies. An event study methodology has been employed to study the effect of green bond issuance. For in-depth study and analysis, this paper used different window frames, including 15-15 days, 10-10 days, 7-7days, 6-6 days, and 5-5 days. Further, for better clarity, this paper also used an uneven window period of 7-5 days. The period of study covered all the companies which issued green bonds during the period of 2017-2022; Adani Green Energy, State Bank of India, Power Finance Corporation, Jain Irrigation, and Rural Electrification Corporation, except Indian Renewable Energy Development Agency and Indian Railway Finance Corporation, because of data unavailability. The paper used all three event study methods as discussed in earlier literature; 1) constant return model, 2) market-adjusted model, and 3) capital asset pricing model. For the fruitful comparison between results, the study considered cumulative average return (CAR) and buy and hold average return (BHAR) methodology. For checking the statistical significance, a two-tailed t-statistic has been used. All the statistical calculations have been performed in Microsoft Excel 2016. The study found that all other companies have shown positive returns on the event day except for the State Bank of India. The results demonstrated that constant return model outperformed compared to the market-adjusted model and CAPM. The p-value derived from all the methods has shown an almost insignificant impact of the issuance of green bonds on the stock prices of respective companies. The overall analysis states that there’s not much improvement in the market efficiency of the Indian Stock Markets.

Keywords: green bonds, event study methodology, constant return model, market-adjusted model, CAPM

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Authors: Levente Kovács, Fruzsina Luca Kézér, Ottó Szenci

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Prediction of the onset of calving and recognizing difficulties at calving has great importance in decreasing neonatal losses and reducing the risk of health problems in the early postpartum period. In this study, changes of rumination time, reticuloruminal pH and temperature were investigated in eutocic (EUT, n = 10) and dystocic (DYS, n = 8) dairy cows around parturition. Rumination time was continuously recorded using an acoustic biotelemetry system, whereas reticuloruminal pH and temperature were recorded using an indwelling and wireless data transmitting system. The recording period lasted from 3 d before calving until 7 days in milk. For the comparison of rumination time and reticuloruminal characteristics between groups, time to return to baseline (the time interval required to return to baseline from the delivery of the calf) and area under the curve (AUC, both for prepartum and postpartum periods) were calculated for each parameter. Rumination time decreased from baseline 28 h before calving both for EUT and DYS cows (P = 0.023 and P = 0.017, respectively). After 20 h before calving, it decreased onwards to reach 32.4 ± 2.3 and 13.2 ± 2.0 min/4 h between 8 and 4 h before delivery in EUT and DYS cows, respectively, and then it decreased below 10 and 5 min during the last 4 h before calving (P = 0.003 and P = 0.008, respectively). Until 12 h after delivery rumination time reached 42.6 ± 2.7 and 51.0 ± 3.1 min/4 h in DYS and EUT dams, respectively, however, AUC and time to return to baseline suggested lower rumination activity in DYS cows than in EUT dams for the 168-h postpartum observational period (P = 0.012 and P = 0.002, respectively). Reticuloruminal pH decreased from baseline 56 h before calving both for EUT and DYS cows (P = 0.012 and P = 0.016, respectively), but did not differ between groups before delivery. In DYS cows, reticuloruminal temperature decreased from baseline 32 h before calving by 0.23 ± 0.02 °C (P = 0.012), whereas in EUT cows such a decrease was found only 20 h before delivery (0.48 ± 0.05 °C, P < 0.01). AUC of reticuloruminal temperature calculated for the prepartum period was greater in EUT cows than in DYS cows (P = 0.042). During the first 4 h after calving, it decreased from 39.7 ± 0.1 to 39.00 ± 0.1 °C and from 39.8 ± 0.1 to 38.8 ± 0.1 °C in EUT and DYS cows, respectively (P < 0.01 for both groups) and reached baseline levels after 35.4 ± 3.4 and 37.8 ± 4.2 h after calving in EUT and DYS cows, respectively. Based on our results, continuous monitoring of changes in rumination time and reticuloruminal temperature seems to be promising in the early detection of cows with a higher risk of dystocia. Depressed postpartum rumination time of DYS cows highlights the importance of the monitoring of cows experiencing difficulties at calving.

Keywords: reticuloruminal pH, reticuloruminal temperature, rumination time, dairy cows, dystocia

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Authors: Nada Souissi, Mourad Mroua

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The main purpose of this study is to examine the interaction between financial asset volatility, economic factors and investor's behavioral indicators related to both the company's and the markets stocks for the period from January 2000 to January2020. Using multiple linear regression and Bayesian Networks modeling, results show a positive and negative relationship between investor's psychology index, economic factors and predicted stock market return. We reveal that the application of the Bayesian Discrete Network contributes to identify the different cause and effect relationships between all economic, financial variables and psychology index.

Keywords: Financial asset return predictability, Economic factors, Investor's psychology index, Bayesian approach, Probabilistic networks, Parametric learning

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Authors: Fatemehsadat Mortazavizadeh, Amin Dehghani, Majid Mirzaei, Nurulhuda Binti Mohammad Ramli, Adnan Dehghani

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Flood is Malaysia's most common and serious natural disaster. Kelantan River Basin is a tropical basin that experiences a rainy season during North-East Monsoon from November to March. It is also one of the hardest hit areas in Peninsular Malaysia during the heavy monsoon rainfall. Considering the consequences of the flood events, it is essential to develop the flood inundation map as part of the mitigation approach. In this study, the delineation of flood inundation zone in the area of Kelantan River basin using a hydrodynamic model is done by HEC-RAS, QGIS and ArcMap. The streamflow data has been generated with the weather generator based on the observation data. Then, the data is statistically analyzed with the Extreme Value (EV1) method for 2-, 5-, 25-, 50- and 100-year return periods. The minimum depth, maximum depth, mean depth, and the standard deviation of all the scenarios, including the OBS, are observed and analyzed. Based on the results, generally, the value of the data increases with the return period for all the scenarios. However, there are certain scenarios that have different results, which not all the data obtained are increasing with the return period. Besides, OBS data resulted in the middle range within Scenario 1 to Scenario 40.

Keywords: flood inundation, kelantan river basin, hydrodynamic model, extreme value analysis

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Authors: Hadi Ghasemi, Mark Leonard, Spiliopoulos Spiro, Phil Cummins, Mathew Moihoi, Felix Taranu, Eric Buri, Chris Mckee

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In this study the level of seismic hazard in terms of Peak Ground Acceleration (PGA) was calculated for return period of 475 years, using modeled seismic sources and assigned ground-motion equations. The calculations were performed for bedrock site conditions (Vs30=760 m/s). From the results it is evident that the seismic hazard reaches its maximum level (i.e. PGA≈1g for 475 yr return period) at the Huon Peninsula and southern New Britain regions. Disaggregation analysis revealed that moderate to large earthquakes occurring along the New Britain Trench mainly control the level of hazard at these locations. The open-source computer program OpenQuake developed by Global Earthquake Model foundation was used for the seismic hazard computations. It should be emphasized that the presented results are still preliminary and should not be interpreted as our final assessment of seismic hazard in PNG.

Keywords: probabilistic seismic hazard assessment, Papua New Guinea, building code, OpenQuake

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Authors: I. Erins, J. Erina

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The aim of the present article is to determine the impact of the external and internal factors of bank performance on the profitability indicators of the CEE countries banks in the period from 2006 to 2012. On the basis of research conducted abroad on bank and macroeconomic profitability indicators, in order to obtain research results, the authors evaluated return on average assets (ROAA) and return on average equity (ROAE) indicators of the CEE countries banks. The authors analyzed profitability indicators of banks using descriptive methods, SPSS data analysis methods as well as data correlation and linear regression analysis. The authors concluded that most internal and external indicators of bank performance have no direct effect on the profitability of the banks in the CEE countries. The only exceptions are credit risk and bank size which affect one of the measures of bank profitability–return on average equity.

Keywords: banks, CEE countries, profitability ROAA, ROAE

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Authors: Lucie Cote, Sonia McFadden

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Mental health problems in the workplace are currently one of the main causes of absences. Research work has highlighted the importance of a collaborative process involving the stakeholders in the return-to-work process and has established the best management practices to ensure a successful return-to-work. However, very few studies have specifically explored the combination of various management models and determined whether they could satisfy the needs of the stakeholders. The objective of this study is to analyze two models for managing the return to work: the ‘medical-administrative’ and the ‘support of the worker’ in order to understand the actions and actors involved in these models. The study also aims to explore whether these models meet the needs of the actors involved in the management of the return to work. A qualitative case study was conducted in a Canadian federal organization. An abundant internal documentation and semi-directed interviews with six managers, six workers and four human resources professionals involved in the management of records of employees returning to work after a mental health problem resulted in a complete picture of the return to work management practices used in this organization. The triangulation of this data facilitated the examination of the benefits and limitations of each approach. The results suggest that the actions of management for employee return to work from both models of management ‘support of the worker’ and ‘medical-administrative’ are compatible and can meet the needs of the actors involved in the return to work. More research is needed to develop a structured model integrating best practices of the two approaches to ensure the success of the return to work.

Keywords: return to work, mental health, management models, organizations

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Authors: Fatin Fadhilah Hasib, Puji Sucia Sukmaningrum, Imron Mawardi, Achsania Hendratmi

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Murabaha is the most popular contract by the Islamic banks in Indonesia, since there is opinion stating that the risk level of mudharaba and musyaraka are higher and the return is uncertain. This research aims to analyze the difference of return, risk, and variation coefficient between profit sharing-based and trading-based financing in Islamic bank. This research uses quantitative approach using Wilcoxon signed rank test with data sampled from 13 Indonesian Islamic banks, collected from their quarterly financial reports from 2011 to 2015. The result shows the significant difference in return, while risk and variation coefficient are almost same. From the analysis, it can be concluded that profit sharing-based financing is less desirable not because of its risk. Trading-based financing is more desirable than the profit sharing because of its return.

Keywords: financing, Islamic bank, return, risk

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Authors: Matěj Kuc

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This paper compares different types of profitability measures of cooperative banks from two developed regions: the European Union and the United States of America together with Canada. We created balanced dataset of more than 200 cooperative banks covering 2011-2016 period. We made series of tests and run Random Effects estimation on panel data. We found that American and Canadian cooperatives are more profitable in terms of return on assets (ROA) and return on equity (ROE). There is no significant difference in net interest margin (NIM). Our results show that the North American cooperative banks accommodated better to the current market environment.

Keywords: cooperative banking, panel data, profitability measures, random effects

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Authors: Nkongho Ayuketang Arreyndip, Ebobenow Joseph

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In this paper, temperature extremes are forecast by employing the block maxima method of the generalized extreme value (GEV) distribution to analyse temperature data from the Cameroon Development Corporation (CDC). By considering two sets of data (raw data and simulated data) and two (stationary and non-stationary) models of the GEV distribution, return levels analysis is carried out and it was found that in the stationary model, the return values are constant over time with the raw data, while in the simulated data the return values show an increasing trend with an upper bound. In the non-stationary model, the return levels of both the raw data and simulated data show an increasing trend with an upper bound. This clearly shows that although temperatures in the tropics show a sign of increase in the future, there is a maximum temperature at which there is no exceedance. The results of this paper are very vital in agricultural and environmental research.

Keywords: forecasting, generalized extreme value (GEV), meteorology, return level

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Authors: Smrity Dwivedi

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The present paper has revealed the effect of double substrates over a bandwidth performance for planar antennas. The used material has its own importance to get minimum return loss and improved directivity. The author has taken double substrates to enhance the efficiency in terms of gain of antenna. Metamaterial based antenna has its own specific structure which increased the performance of antenna. Improved return loss is -20 dB, and the voltage standing wave ratio (VSWR) is 1.2, which is better than single substrate having return loss of -15 dB and VSWR of 1.4. Complete results are obtained using commercial software CST microwave studio.

Keywords: CST microwave studio, metamaterial, return loss, VSWR

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Authors: Achsania Hendratmi, Puji Sucia Sukmaningrum, Fatin Fadhilah Hasib, Nisful Laila

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The research aimed to know the influence of Capital Adequacy Ratio (CAR), Return on Assets (ROA) and Size of the Financing to Deposit Ratio (FDR) Islamic Banks in Malaysia by using eleven Islamic Banks in Indonesia and fifteen Islamic Banks in Malaysia in the period 2012 to 2016 as samples. The research used a quantitative approach method, and the analysis technique used multiple linear regression. Based on the result of t-test (partial), CAR, ROA and size significantly affect of FDR. While the results of f-test (simultaneous) showed that CAR, ROA and Size significant effect on FDR.

Keywords: capital adequacy ratio, financing to deposit ratio, return on assets, size

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Authors: Sania Ashraf

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The paper focuses on the prevalence of informational efficiency and integration of GCC Shariah Equity market for the period of 01st January 2010 to 31st June 2015 with daily equity returns of Kuwait, Oman, Qatar, Bahrain, Saudi Arabia and United Arab Emirates. The study employs traditional as well as the modern approach of tracing out the efficiency and integration in the return series. From the results of efficiency it was observed that the market lacked efficiency in terms of its past information. The results of integration test clearly indicates that there was a long memory in the returns of GCC Shariah during the study period. Hence it was concluded and proved that the returns of all GCC Equity Shariah were not informationally efficient but fractionally integrated during the study period.

Keywords: efficiency, Fama, GCC shariah, hurst exponent, integration, serial correlation

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Authors: Emmanuel Iyamuremye

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Extreme rainfall events have caused significant damage to agriculture, ecology, and infrastructure, disruption of human activities, injury, and loss of life. They also have significant social, economic, and environmental consequences because they considerably damage urban as well as rural areas. Early detection of extreme maximum rainfall helps to implement strategies and measures, before they occur, hence mitigating the consequences. Extreme value theory has been used widely in modeling extreme rainfall and in various disciplines, such as financial markets, the insurance industry, failure cases. Climatic extremes have been analyzed by using either generalized extreme value (GEV) or generalized Pareto (GP) distributions, which provides evidence of the importance of modeling extreme rainfall from different regions of the world. In this paper, we focused on Peak Over Thresholds approach, where the Poisson-generalized Pareto distribution is considered as the proper distribution for the study of the exceedances. This research also considers the use of the generalized Pareto (GP) distribution with a Poisson model for arrivals to describe peaks over a threshold. The research used statistical techniques to fit models that used to predict extreme rainfall in Kigali. The results indicate that the proposed Poisson-GP distribution provides a better fit to maximum monthly rainfall data. Further, the Poisson-GP models are able to estimate various return levels. The research also found a slow increase in return levels for maximum monthly rainfall for higher return periods, and further, the intervals are increasingly wider as the return period is increasing.

Keywords: exceedances, extreme value theory, generalized Pareto distribution, Poisson generalized Pareto distribution

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Authors: A. N. Dagang, E. I. Ismail, Z. Zakaria

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This paper presents the analysis on the performance of monopole antenna with fluorescent tubes. In this research, the simulation and experimental approach is conducted. The fluorescent tube with different length and size is designed using Computer Simulation Technology (CST) software and the characteristics of antenna parameter are simulated throughout the software. CST was used to simulate antenna parameters such as return loss, resonant frequency, gain and directivity. Vector Network Analyzer (VNA) was used to measure the return loss of plasma antenna in order to validate the simulation results. In the simulation and experiment, the supply frequency is set starting from 1 GHz to 10 GHz. The results show that the return loss of plasma antenna changes when size of fluorescent tubes is varied, correspond to the different plasma properties. It shows that different values of plasma properties such as plasma frequency and collision frequency gives difference result of return loss, gain and directivity. For the gain, the values range from 2.14 dB to 2.36 dB. The return loss of plasma antenna offers higher value range from -22.187 dB to -32.903 dB. The higher the values of plasma frequency and collision frequency, the higher return loss can be obtained. The values obtained are comparative to the conventional type of metal antenna.

Keywords: plasma antenna, fluorescent tube, CST, plasma parameters

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Authors: Kashif Hassan, M.A. Ahanger

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Floods have become more frequent and severe due to effects of global climate change and human alterations of the natural environment. Flood prediction/ forecasting and control is one of the greatest challenges facing the world today. The forecast of floods is achieved by the use of hydraulic models such as HEC-RAS, which are designed to simulate flow processes of the surface water. Extreme flood events in river Jhelum , lasting from a day to few are a major disaster in the State of Jammu and Kashmir, India. In the present study HEC-RAS model was applied to two different reaches of river Jhelum in order to estimate the flood levels corresponding to 25, 50 and 100 year return period flood events at important locations and to deduce flood vulnerability of important areas and structures. The flow rates for the two reaches were derived from flood-frequency analysis of 50 years of historic peak flow data. Manning's roughness coefficient n was selected using detailed analysis. Rating Curves were also generated to serve as base for determining the boundary conditions. Calibration and Validation procedures were applied in order to ensure the reliability of the model. Sensitivity analysis was also performed in order to ensure the accuracy of Manning's n in generating water surface profiles.

Keywords: flood plain, HEC-RAS, Jhelum, return period

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Authors: Changju Lee, Seungmo Ku, Sondo Kim, Woojin Chang

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How to detecting financial bubble? Addressing this simple question has been the focus of a vast amount of empirical research spanning almost half a century. However, financial bubble is hard to observe and varying over the time; there needs to be more research on this area. In this paper, we used abnormal difference between common stocks price and those preferred stocks price to explain financial bubble. First, we proposed the ‘W-index’ which indicates spread between common stocks and those preferred stocks in stock market. Second, to prove that this ‘W-index’ is valid for measuring financial bubble, we showed that there is an inverse relationship between this ‘W-index’ and S&P500 rate of return. Specifically, our hypothesis is that when ‘W-index’ is comparably higher than other periods, financial bubbles are added up in stock market and vice versa; according to our hypothesis, if investors made long term investments when ‘W-index’ is high, they would have negative rate of return; however, if investors made long term investments when ‘W-index’ is low, they would have positive rate of return. By comparing correlation values and adjusted R-squared values of between W-index and S&P500 return, VIX index and S&P500 return, and TED index and S&P500 return, we showed only W-index has significant relationship between S&P500 rate of return. In addition, we figured out how long investors should hold their investment position regard the effect of financial bubble. Using this W-index, investors could measure financial bubble in the market and invest with low risk.

Keywords: financial bubble detection, future return, forecasting, pairs trading, preferred stocks

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Authors: Qiang Bu

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This paper compares the explanatory power of sentiment level and sentiment shock. The preliminary test results show that sentiment shock plays a more significant role in explaining stocks returns, including the raw return and abnormal return. We also find that sentiment shock beta has a higher statistical significance than sentiment beta. These finding sheds new light on the relationship between investor sentiment and stock returns.

Keywords: sentiment level, sentiment shock, explanatory power, abnormal stock return, beta

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Authors: Ahmed BenSaïda

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This paper investigates the association between financial technology (FinTech) growth and bank performance in the Gulf Cooperation Council (GCC) region. Application is conducted on a panel dataset containing the annual observations of banks covering the period from 2012 to 2021. FinTech growth is set as an explanatory variable on three proxies of bank performance. These proxies are the return on assets (ROA), return on equity (ROE), and net interest margin (NIM). Moreover, several control variables are added to the model, including bank-specific and macroeconomic variables. The results are significant as all the proxies of the bank performance are negatively affected by the growth of FinTech startups. Consequently, banks are urged to proactively invest in FinTech startups and engage in partnerships to avoid the risk of disruption.

Keywords: financial technology, bank performance, GCC countries, panel regression

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Authors: Precious M. Tshabalala, Thula S. Dlamini, Frikkie Liebenberg, Johann Kirsten

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Numerous studies have been conducted, and the evidence has been unambiguous showing that investing in agricultural research and development increases productivity. Continued investments in agricultural research have led to the development of over 26 successful plum cultivars since 1980 at the Agricultural Research Council’s (ARC) Infruitec/Nietvoorbij in South Africa, and more continue to be developed to meet the specific needs of both producers and consumers. Yet very little is known about the returns on any of these research initiatives. The objective of the study was determine the economic impact of plum research investments at the ARC-the main plum breeding research organization in the country. The rate of return to plum research is estimated by estimating parameters in plum production and expressing research investment as an explanatory variable. The marginal rate of return is then determined to be 14.23 per cent. The rate of return to investment being this high is indicative of an under investment in plum research.

Keywords: Agricultural research investments, productivity and rate of return, plum

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Authors: Muhammad Tahir

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Purpose The purpose of the study is to find anchoring bias behavior in mutual fund return with its parent firm performance in Pakistan. Research Methodology The paper used monthly returns of equity funds whose parent firm exist from 2011 to 2021, along with parent firm return. Proximity to 52-week highest return calculated by dividing fund return by parent firm 52-week highest return. Control variables are also taken and used pannel regression model to estimate our results. For robust results, we also used feasible generalize least square (FGLS) model. Findings The results showed that there exist anchoring biased in mutual fund return with its parent firm performance. The FGLS results reaffirms the same results as obtained from panner regression results. Proximity to 52-week highest Xc is significant in both models. Research Implication Since most of mutual funds has a parent firm, anchoring behavior biased found in mutual fund with its parent firm performance. Practical Implication Mutual fund investors in Pakistan invest in equity funds in which behavioral bias exist, although there might be better opportunity in market. Originality/Value Addition Our research is a pioneer study to investigate anchoring bias in mutual fund return with its parent firm performance. Research limitations Our sample is limited to only 23 equity funds, which has a parent firm and data was available from 2011 to 2021.

Keywords: mutual fund, anchoring bias, 52-week high return, proximity to 52-week high, parent firm performance, pannel regression, FGLS

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Authors: Julius Steinkopf, Eric Rost, Aike Hessel, Sonia Lippke

Abstract:

Objective: This study examined possible determinants of return to work (RTW) in individuals who participated in a medical rehabilitation program longitudinally over a time period of six months. Design/methodology/approach: N=1,044 rehabilitants were included in the baseline measurement in terms of completing a questionnaire during their medical rehabilitation. About 30% (n=350) have remained in the study in terms of participating in computer-assisted telephone interviewing (CATI) six months later. Frequency analyses and Regression analyses were run. Findings: About 70% of the rehabilitants returned to work six months after rehabilitation. Regression analyses revealed that the RTW rates were significantly predicted by gender (OR=0.12, men were more likely to return), perceived social support (OR=3.01) and current physical functioning (OR=1.25). Furthermore RTW motives, like expected monetary rewards (OR=25.2) and feelings of being needed (OR=0.18) same as motives for not returning to work (nRTW), like the wish to stop working in order to spend time with the spouse (OR=0.13) or a lack of enjoyment of work (OR=3.81), significantly predicted return to work rates. Life satisfaction, self-efficacy beliefs, mental health, current income, educational background or age did not significantly increase explained variance (all ps > .05). Practical implications: Taking theses predictors into account provides options to increase the effectiveness of interventions aiming at increasing RTW: Medical rehabilitations should not only aim at improving the physical functioning but also to enhance beneficial motives and social support as well as support women specifically in order to improve the effectiveness of medical rehabilitation and public health interventions. Originality/value: Illness-caused work absences are related to high financial costs and individual burden. Despite of the public health and societal implications, this is one of the very few studies investigating systematically fitness and health for the return to work.

Keywords: gender, fitness, health, physical functioning

Procedia PDF Downloads 215

Authors: Musthaya Patchanee

Abstract:

The aim of this research is to study potential factors relating to the decision of return migration of Myanmar migrant workers in Prachuap Khiri Khan Province by conducting a random sampling of 400 people aged between 15-59 who migrated from Myanmar. The information collected through interviews was analyzed to find a percentage and mean using the Stepwise Multiple Regression Analysis. The results have shown that 33.25% of Myanmar migrant workers want to return to their home country within the next 1-5 years, 46.25%, in 6-10 years and the rest, in over 10 years. The factors relating to such decision can be concluded that the scale of the decision of return migration has a positive relationship with a statistical significance at 0.05 with a conformity with friends and relatives (r=0.886), a relationship with family and community (r=0.782), possession of land in hometown (r=0.756) and educational level (r=0.699). However, the factor of property possession in Prachuap Khiri Khan is the only factor with a high negative relationship (r=0.-537). From the Stepwise Multiple Regression Analysis, the results have shown that the conformity with friends and relatives and educational level factors are influential to the decision of return migration of Myanmar migrant workers in Prachuap Khiri Khan Province, which can predict the decision at 86.60% and the multiple regression equation from the analysis is Y= 6.744+1.198 conformity + 0.647 education.

Keywords: decision of return migration, factors of return migration, Myanmar migrant workers, Prachuap Khiri Khan Province

Procedia PDF Downloads 510

Authors: Junaid N. Chauhdary, Bernard A. Engel, Allah Bakhsh

Abstract:

Solar powered tubewells can be a reliable and affordable source of supplying irrigation water compared with electric or diesel operated tubewells due to frequent load shedding and soaring energy prices. A study was conducted on a solar tubewell installed at the Water Management Research Center (WMRC), University of Agriculture, Faisalabad to investigate the viability of a solar powered tubewell in terms of discharge and benefit cost ratio. The tubewell discharge was 50 m3hr-1 with a total dynamic head of 30 m. The depth of bore was 31 m (14 m blind + 17 m screen) with a casing diameter of 15.2 cm (6 inches). A 3-stage submersible pump of 10.2 cm (4 inch) diameter was lowered in the casing to a depth of 22 m. The pump was powered from 21 solar panels of 200 W capacity each. The tubewell peak discharge was observed as 6 and 7 hr day-1 in winter and summer, respectively. The breakeven analysis of the solar tubewell showed that the payback period of the solar tubewell was 1.5 years of its 10 year usable life with an IRR (internal rate of return) of 69 %. The BCR (benefit cost ratio) of the solar tubewell at 2, 4, 6, and 8 percent discount rate were 3.75, 3.45, 3.19 and 2.96, respectively. The NPV (net present value) of the solar tubewell at 2, 4, 6, and 8 % discount rates were 1.89, 1.65, 1.45 and 1.27 million rupees, respectively. These results indicated that the solar powered tubewells are a viable option as well as environmentally friendly and can be adopted by the farmers due to their affordable payback period.

Keywords: benefit cost ratio, internal rate of return (IRR), net present value (NPV), solar tubewell

Procedia PDF Downloads 182