Search results for: return response coefficient (RRC)

Authors: Bita Mashayekhi, Zeynab Lotfi Aghel

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The determinants of Earnings Response Coefficient (ERC), including firm size, earnings growth, and earnings persistence are studied in this research. These determinants are supposed to be moderator variables that affect ERC and Return Response Coefficient. The research sample contains 82 Iranian listed companies in Tehran Stock Exchange (TSE) from 2001 to 2012. Gathered data have been processed by EVIEWS Software. Results show a significant positive relation between firm size and ERC, and also between earnings growth and ERC; however, there is no significant relation between earnings persistence and ERC. Also, the results show that ERC will be increased by firm size and earnings growth, but there is no relation between earnings persistence and ERC.

Keywords: earnings response coefficient (ERC), return response coefficient (RRC), firm size, earnings growth, earnings persistence

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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: Saima Akbar

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The global financial crisis severely and adversely impacted the Pakistanis’ financial setups with far-reaching consequences for its victims. This study aimed to analyze the various determinants of the banks’ financial performance in Pakistan. The stepwise multiple regression analysis and pre-post analysis were carried out in this regard by using SPSS ver 22. The study found that the assets quality is the most influential determinant of return over assets followed by bank size and solvency. Advances, liquidity, investments, and size have positive while poor assets quality and deposits have a negative impact on the return over assets. The comparison of the pre-crisis and post-crisis coefficient values of the independent variables revealed that the global financial crisis had exerted a significant impact on the relative ability of the financial performance determinants to explain variations in return over assets.

Keywords: pre-crisis, post-crisis, coefficient values, determinants

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Authors: Y. Galerkin, L. Marenina

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Stator elements «Vane diffuser + crossover + return channel» of stages with different specific speed were investigated by CFD calculations. The regime parameter was introduced to present efficiency and loss coefficient performance of all elements together. Flow structure demonstrated advantages and disadvantages of design. Flow separation in crossovers was eliminated by its shape modification. Efficiency increased visibly. Calculated CFD performances are in acceptable correlation with predicted ones by engineering design method. The information obtained is useful for design method better calibration.

Keywords: vane diffuser, return channel, crossover, efficiency, loss coefficient, inlet flow angle

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Authors: Avinash Thakur, Parmjit S. Panesar, Manohar Singh

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The distribution coefficient, KD for the reactive extraction of lactic acid from aqueous solutions of lactic acid using 10-30% (v/v) tri-n-octyl amine (extractant) dissolved in n-hexane (inert diluent) and 20% (v/v) oleyl alcohol (modifier) was optimized by using response surface methodology (RSM). A three level Box-Behnken design was employed for experimental design, analysis of the results and to depict the combined interactive effect of seven independent variables, viz lactic acid concentration (cl), pH, TOA concentration in organic phase (ψ), treat ratio (φ), temperature (T), agitation speed (ω) and batch agitation time (τ) on distribution coefficient of lactic acid. The regression analysis recommended that the quadratic model is significant (R2 and adjusted R2 are 98.72 % and 98.69 % respectively) for analysis. A numerical optimization had resulted in maximum lactic acid distribution coefficient (KD) of 3.16 at the optimized values for test variables, cl, pH, ψ, φ, T, ω and τ as 0.15 [M], 3.0, 22.75% (v/v), 1.0 (v/v), 26°C, 145 rpm and 23 min respectively. A good agreement between the predicted and experimentally obtained values for distribution coefficient using the optimized conditions was exhibited.

Keywords: Distribution coefficient, tri-n-octylamine, lactic acid, response surface methodology

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Authors: Chiedza Z. Tsvakirai, Precious M. Tshabalala, Frikkie Liebenberg, Johann F. Kirsten

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Agricultural research conducted by the Agricultural Research Council has played an important role in increasing the productivity and profitability of the South African peach and nectarine industry. However, the importance of this research remains unclear to the industry stakeholders because a rate of return for this research has never been done. As a result, funding for the research at Agricultural Research Council has been waning because it is not clear how much value has been created and how much the industry stands to gain with continued research investment. Therefore, this study seeks to calculate the benefit of research investments in a bid to motivate for an increase in funding. The study utilized the supply response function to do this. The rate of return calculation revealed that agricultural research had a marginal internal rate of return of 55.9%. This means that every R1 invested yields a 56 c increase in value in the industry. Being this high, it can be concluded that investment in agricultural research is worthwhile. Thus justifies for an increase in research funding.

Keywords: Benefits of research investment, productivity.

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Authors: Abtin Farokhipanah

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In recent years, analysis of structures is based on ductility design in contradictory to strength design in surveying earthquake effects on structures. ASCE07-10 code offers to intensify relative drifts calculated from a linear analysis with Cd which is called (Deflection Amplification Factor) to obtain the real relative drifts which can be calculated using nonlinear analysis. This lateral drift should be limited to the code boundaries. Calculation of this amplification factor for different structures, comparing with ASCE07-10 code and offering the best coefficient are the purposes of this research. Following our target, short and tall building steel structures with various earthquake resistant systems in linear and nonlinear analysis should be surveyed, so these questions will be answered: 1. Does the Response Modification Coefficient (R) have a meaningful relation to Deflection Amplification Factor? 2. Does structure height, seismic zone, response spectrum and similar parameters have an effect on the conversion coefficient of linear analysis to real drift of structure? The procedure has used to conduct this research includes: (a) Study on earthquake resistant systems, (b) Selection of systems and modeling, (c) Analyzing modeled systems using linear and nonlinear methods, (d) Calculating conversion coefficient for each system and (e) Comparing conversion coefficients with the code offered ones and concluding results.

Keywords: ASCE07-10 code, deflection amplification factor, earthquake engineering, lateral displacement of structures, response modification coefficient

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Authors: Montoya C.A., Erina J., Erina I.

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The purpose of this research is to assess the performance and impact of CSR on business in the banking sector in Australia by applying the financial indicators of 20 ASX banks for the period from 2016-2017. The authors carried out CSR assessment in several stages of research: 1) gathering the nonfinancial and financial indicators of 20 ASX listed banks (available were only 16) from the annual reports of Australian banks for 2016 and 2017; 2) calculation of bank performance indicators using such financial indicators as return on assets (ROA), return on equity (ROE), efficiency ratio and net interest margin; 3) analysis of financial data using cross-sectional regression and answers to the research questions. Based on the obtained research results, the authors obtained answers to the initially raised research questions and came to a conclusion that Q1 - Insignificant positive coefficient result - slight positive relationship between CSR disclosure and business performance 2016; Q2 - Insignificant negative coefficient result - slight negative relationship between CSR disclosure and business performance 2017; Q3 - Insignificant positive coefficient result - slight positive relationship between CSR disclosure and business performance.

Keywords: Australia, banks, business performance, CSR

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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: 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: Mefteh Bouhalleb

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With the recent progress in nanotechnology, nanofluids have excellent potentiality in many modern engineering processes, particularly for solar systems such as concentrated solar power plants (CSP). In this context, a numerical simulation is performed to investigate laminar natural convection nanofluids in an inclined rectangular enclosure. Mass conservation, momentum, and energy equations are numerically solved by the finite volume element method using the SIMPLER algorithm for pressure-velocity coupling. In this work, we tested the acting factors on the system response time, such as the particle volume fraction of nanoparticles, particle material, particle size, an inclination angle of enclosure and Rayleigh number. The results show that the diameter of solid particles and Rayleigh number plays an important role in the system response time. The orientation angle of the cavity affects the system response time. A phenomenon of hysteresis appears when the system does not return to its initial state.

Keywords: nanofluid, nanoparticles, heat transfer, time response

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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: Mojtaba Ghodsi, Hamidreza Ziaifar, Morteza Mohammadzaheri, Payam Soltani

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This article presents an analytical model to estimate the harvested power from a Magnetostrictive cantilevered beam with tip excitation. Furthermore, the effects of internal and external damping on harvested power are investigated. The magnetostrictive material in this harvester is Galfenol. In comparison to other popular smart materials like Terfenol-D, Galfenol has higher strength and machinability. In this article, first, a mechanical model of the Euler-Bernoulli beam is employed to calculate the deflection of the harvester. Then, the magneto-mechanical equation of Galfenol is combined with Faraday's law to calculate the generated voltage of the Magnetostrictive cantilevered beam harvester. Finally, the beam model is incorporated in the aforementioned combination. The results show that a 30×8.5×1 mm Galfenol cantilever beam harvester with 80 turn pickup coil can generate up to 3.7 mV and 9 mW. Furthermore, sensitivity analysis made by Response Surface Method (RSM) shows that the harvested power is only sensitive to the internal damping coefficient.

Keywords: internal damping coefficient, external damping coefficient, euler-bernoulli, energy harvester, galfenol, magnetostrictive, response surface method

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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: Jantakan Jullawateelert, Korakod Haonoo, Sutipong Sananseang, Sarun Torpaiboon, Thanunthon Bowornsakulwong, Lalintip Hocharoen

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Process scale-up is essential for the biological process to increase production capacity from bench-scale bioreactors to either pilot or commercial production. Scale-up based on constant volumetric oxygen mass transfer coefficient (KLa) is mostly used as a scale-up factor since oxygen supply is one of the key limiting factors for cell growth. However, to estimate KLa of culture vessels operated with different conditions are time-consuming since it is considerably influenced by a lot of factors. To overcome the issue, this study aimed to establish correlation equations of KLa and operating parameters in 0.5 L and 5 L bioreactor employed with pitched-blade impeller and gas sparger. Temperature, gas flow rate, agitation speed, and impeller position were selected as process parameters and equations were created using response surface methodology (RSM) based on central composite design (CCD). In addition, the effects of these parameters on KLa were also investigated. Based on RSM, second-order polynomial models for 0.5 L and 5 L bioreactor were obtained with an acceptable determination coefficient (R²) as 0.9736 and 0.9190, respectively. These models were validated, and experimental values showed differences less than 10% from the predicted values. Moreover, RSM revealed that gas flow rate is the most significant parameter while temperature and agitation speed were also found to greatly affect the KLa in both bioreactors. Nevertheless, impeller position was shown to influence KLa in only 5L system. To sum up, these modeled correlations can be used to accurately predict KLa within the specified range of process parameters of two different sizes of bioreactors for further scale-up application.

Keywords: response surface methodology, scale-up, stirred-tank bioreactor, volumetric oxygen mass transfer coefficient

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Authors: Suparat Niwitpong, Sa-aat Niwitpong

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Statistical inference of normal mean with known coefficient of variation has been investigated recently. This phenomenon occurs normally in environment and agriculture experiments when the scientist knows the coefficient of variation of their experiments. In this paper, we constructed new confidence intervals for the normal population mean with known coefficient of variation. We also derived analytic expressions for the coverage probability of each confidence interval. To confirm our theoretical results, Monte Carlo simulation will be used to assess the performance of these intervals based on their coverage probabilities.

Keywords: confidence interval, coverage probability, expected length, known coefficient of variation

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Authors: Ping-Ben Liu, Chien-Chou Tseng

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The objective of this study is to investigate the relationship between the lift coefficient and dynamic behaviors of cavitating flow around a two-dimensional Clark Y hydrofoil at 8° angle of attack, cavitation number of 0.8, and Reynolds number of 7.10⁵. The flow field is investigated numerically by using a vapor transfer equation and a modified turbulence model which applies the filter and local density correction. The results including time-averaged lift/drag coefficient and shedding frequency agree well with experimental observations, which confirmed the reliability of this simulation. According to the variation of lift coefficient, the cycle which consists of growth and shedding of cavitation can be divided into three stages, and the lift coefficient at each stage behaves similarly due to the formation and shedding of the cavity around the trailing edge.

Keywords: Computational Fluid Dynamics, cavitation, turbulence, lift coefficient

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Authors: Sun Fan, Wu Xiaoguang, Fang Miaomiao, Wei Chi

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The degree of damage to the support is simulated by finite element software, and its influence on the static and dynamic effects of the bridge structure is analyzed. Four working conditions are selected for the study of bearing damage impact: the bearing is intact (condition 1), the bearing damage coefficient is 0.8 (condition 2), the bearing damage coefficient is 0.6 (condition 3), and the bearing damage coefficient is 0.4 (Working Condition 4). The effect value of the bridge structure under each working condition is calculated, and the simple-supported girder bridge and continuous girder bridge with typical spans are taken as examples to analyze the overall change of the bridge structure after the bearing completely fails.

Keywords: bridge bearing damage, dynamic response, finite element analysis, load conditions

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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: Y. Galerkin, A. Rekstin, K. Soldatova

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Universal modeling method well proven for industrial compressors was applied for design of the high flow rate supersonic stage. Results were checked by ANSYS CFX and NUMECA Fine Turbo calculations. The impeller appeared to be very effective at transonic flow velocities. Stator elements efficiency is acceptable at design Mach numbers too. Their loss coefficient versus inlet flow angle performances correlates well with Universal modeling prediction. The impeller demonstrated ability of satisfactory operation at design flow rate. Supersonic flow behavior in the impeller inducer at the shroud blade to blade surface Φdes deserves additional study.

Keywords: centrifugal compressor stage, supersonic impeller, inlet flow angle, loss coefficient, return channel, shock wave, vane diffuser

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Authors: Trung Le Thanh

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Soil permeability coefficient is an important parameter that affects the effectiveness of mortar restoration work to reinforce soft soil. Currently, there are many methods to determine the permeability coefficient of ground through laboratory and field experiments. However, the value of the permeability coefficient is determined very differently depending on the geology in general and the sand base in particular. This article presents how to determine the permeability coefficient of sand foundation in Phu My Ward, Tan Uyen City, Binh Duong. The author analyzes and evaluates the advantages and disadvantages of assessment methods based on the data and results obtained, and on that basis recommends a suitable method for determining the permeability coefficient for sand foundations. The research results serve the evaluation of the effectiveness of grouting to reinforce soft ground in general, and grouting of bored piles in particular.

Keywords: permeability coefficient, soft soil, shaft grouting, post grouting, jet grouting

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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: 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: K. K. Saijaand, K. Prabhakaran Nair

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This study aims to determine change in optimal lo-cations of dual trailing-edge flaps for various thrust coefficient to solidity (Ct /σ) ratios of helicopter to achieve minimum hub vibration levels, with low penalty in terms of required trailing-edge flap control power. Polynomial response functions are used to approximate hub vibration and flap power objective functions. Single objective and multi-objective optimization is carried with the objective of minimizing hub vibration and flap power. The optimization results shows that the inboard flap location at low Ct/σ ratio move farther from the baseline value and at high Ct/σ ratio move towards the root of the blade for minimizing hub vibration.

Keywords: helicopter rotor, trailing-edge flap, thrust coefficient to solidity (Ct /σ) ratio, optimization

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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: Vojko Kilar, Boris Azinović, David Koren

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Recently, an increasing trend of passive and low-energy buildings transferring form non earthquake-prone to earthquake-prone regions has thrown out the question about the seismic safety of such buildings. The paper describes the most commonly used thermal insulating materials and the special details, which could be critical from the point of view of earthquake resistance. The most critical appeared to be the cases of buildings founded on the RC foundation slab lying on a thermal insulation (TI) layer made of extruded polystyrene (XPS). It was pointed out that in such cases the seismic response of such buildings might differ to response of their fixed based counterparts. The main parameters that need special designers’ attention are: the building’s lateral top displacement, the ductility demand of the superstructure, the foundation friction coefficient demand, the maximum compressive stress in the TI layer and the percentage of the uplifted foundation. The analyses have shown that the potentially negative influences of inserting the TI under the foundation slab could be expected only for slender high-rise buildings subjected to severe earthquakes. Oppositely it was demonstrated for the foundation friction coefficient demand which could exceed the capacity value yet in the case of low-rise buildings subjected to moderate earthquakes. Some suggestions to prevent the horizontal shifts are also given.

Keywords: earthquake response, extruded polystyrene (XPS), low-energy buildings, foundations on thermal insulation layer

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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: Dwi Wijiastutik, Tarjo, Yuni Rimawati

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The purpose of this empirical study is to analyse how to the market reaction and the conservative degree changes on the adoption of International Financial Reporting Standart (IFRS) through Jakarta Islamic Index. The study also has given others additional analysis on the profitability, capital structure and size company toward IFRS adoption. The data collection methods used in this study reveals as secondary data and deep analysis to the company’s annual report and daily price stock at yahoo finance. We analyse 40 companies listed on Jakarta Islamic Index from 2010 to 2014. The result of the study concluded that IFRS has given a different on the depth analysis to the two of variance analysis: Moderated Regression Analysis and Wilcoxon Signed Rank to test developed hypotheses. Our result on the regression analysis shows that market response and conservatism principle is not significantly after IFRS Adoption in Jakarta Islamic Index. Furthermore, in addition, analysis on profitability, capital structure, and company size show that significantly after IFRS adoption. The findings of our study help investor by showing the impact of IFRS for making decided investment.

Keywords: IFRS, earnings response coefficient, conservatism principle

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Authors: Maria F. Seran

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In second language interaction, an EFL student always carries his knowledge of targeted language and sometimes gets influenced by his first language cultures which makes him transfer his utterances from the first language to the second language. The influence of L1 cultures somehow can lead to face-threatening act when it comes to responding on speech act, for instance, compliment. A speaker praises a compliment to show gratitude, and in return, he expects for compliment respond uttered by the hearer. While Western people use more acceptance continuum on compliment response, Indonesians utter more denial continuum which can somehow put the speakers into a face-threating situation and offense. This study investigated compliment response employed by EFL students and English native speakers. The study was distinct as none compliment response studies had been conducted to compare the compliment response between English native speakers and two different Indonesian EFL proficiency groups in which this research sought to meet this need. This study was significant for EFL teachers because it gave insight on cross-cultural understanding and brought pedagogical implication on explicit pragmatic instruction. Two research questions were set, 1. How do Indonesian EFL students and English native speakers respond compliments? 2. Is there any correlation between Indonesia EFL students’ proficiency and their compliment response use in English? The study involved three groups of participants; 5 English native speakers, 10 high-proficiency and 10 low-proficiency Indonesian EFL university students. The research instruments used in this study were as follows, an online TOEFL prediction test, focusing on grammar skill which was modified from Barron TOEFL exercise test, and a discourse completion task (DCT), consisting of 10 compliment respond items. Based on the research invitation, 20 second-year university students majoring in English education at Widya Mandira Catholic University, Kupang, East Nusa Tenggara, Indonesia who willingly participated in the research took the TOEFL prediction test online from the link provided. Students who achieved score 75-100 in test were categorized as high-proficiency students, while, students who attained score below 74 were considered as low-proficiency students. Then, the DCT survey was administered to these EFL groups and the native speaker group. Participants’ responses were coded and analyzed using categories of compliment response framework proposed by Tran. The study found out that 5 native speakers applied more compliment upgrades and appreciation token in compliment response, whereas, Indonesian EFL students combined some compliment response strategies in their utterance, such as, appreciation token, return and compliment downgrade. There is no correlation between students’ proficiency level and their CR responds as most EFL students in both groups produced less varied compliment responses and only 4 Indonesian high-proficiency students uttered more varied and were similar to the native speakers. The combination strategies used by EFL students can be explained as the influence of pragmatic transfer from L1 to L2; therefore, EFL teachers should explicitly teach more compliment response strategies to raise students’ awareness on English culture and elaborate their speaking to be more competence as close to native speakers as possible.

Keywords: compliment response, English native speakers, Indonesian EFL students, speech acts

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