Search results for: shares

Authors: Ajish Sreedharan

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Visual cryptography encodes a secret image into shares of random binary patterns. If the shares are exerted onto transparencies, the secret image can be visually decoded by superimposing a qualified subset of transparencies, but no secret information can be obtained from the superposition of a forbidden subset. The binary patterns of the shares, however, have no visual meaning and hinder the objectives of visual cryptography. In the Secret Message Transmission through Meaningful Shares a secret message to be transmitted is converted to grey scale image. Then (2,2) visual cryptographic shares are generated from this converted gray scale image. The shares are encrypted using A Chaos-Based Image Encryption Algorithm Using Wavelet Transform. Two separate color images which are of the same size of the shares, taken as cover image of the respective shares to hide the shares into them. The encrypted shares which are covered by meaningful images so that a potential eavesdropper wont know there is a message to be read. The meaningful shares are transmitted through two different transmission medium. During decoding shares are fetched from received meaningful images and decrypted using A Chaos-Based Image Encryption Algorithm Using Wavelet Transform. The shares are combined to regenerate the grey scale image from where the secret message is obtained.

Keywords: visual cryptography, wavelet transform, meaningful shares, grey scale image

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Authors: Tingting Zhou

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The partial privatization of state-owned enterprises (SOEs) is a dynamic process. The main features of this process lie in not only gradual and sequential privatizations, but also privatized shares transfer. For partially privatized SOEs, the introduction of private sector ownership is not the end of the story because the previously introduced private owners may choose to leave the SOEs by transferring the privatized shares after privatization, a process that is called “privatized shares transfer”. This paper investigates the determinants of privatized shares transfer from the perspective of large shareholders’ control rights. The results captures the fact that the higher control rights of large shareholders lead to more privatized shares transfer. After exploring the impacts of excessive control rights, the results provide evidence supporting the idea that firms with excessive numbers of directors, senior managers or supervisors who also have positions in the largest controlling shareholder’s entity are more likely to transfer privatized shares owned by private owners. In addition, the largest shareholders’ ownership also plays a role in privatized shares transfer. This evidence suggests that the large shareholders’ control rights should be limited to an appropriate range during the process of privatization, thereby giving private shareholders more opportunity to participate in the operation of firms, strengthen the state and enhance the competitiveness of state capital.

Keywords: control rights of large shareholders, partial privatization, privatized shares transfer, state-owned listed companies

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Authors: Tomasz L. Nawrocki

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Due to the growing global interest of investment society in innovative enterprises, as the objective of this research was adopted to examine the investment efficiency in shares of companies with innovative characteristics in the risk-return layout. The research was carried out for companies listed on the Warsaw Stock Exchange taking into various consideration time ranges of investment. Obtained results show that in shorter periods of time, investors buy expectations connected with innovative companies and therefore the efficiency of investment in their shares is relatively high, but in the longer term expectations are revised by companies financial results, which in turn negatively affects the efficiency of investment in their shares.

Keywords: capital market, innovative company, investment strategies, risk and return analysis

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Authors: Li Li, Ahmed A. Abd El-Latif, Aya El-Fatyany, Mohamed Amin

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This paper proposes a new secret image sharing method based on integer discrete cosine transform (IntDCT). It first transforms the original image into the frequency domain (DCT coefficients) using IntDCT, which are operated on each block with size 8*8. Then, it generates shares among each DCT coefficients in the same place of each block, that is, all the DC components are used to generate DC shares, the ith AC component in each block are utilized to generate ith AC shares, and so on. The DC and AC shares components with the same number are combined together to generate DCT shadows. Experimental results and analyses show that the proposed method can recover the original image lossless than those methods based on traditional DCT and is more sensitive to tiny change in both the coefficients and the content of the image.

Keywords: secret image sharing, integer DCT, lossless recovery, sensitivity

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Authors: Che-Wei Lee, Bay-Erl Lai

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A new steganographic method via the use of numeric data on public websites with self-authentication capability is proposed. The proposed technique transforms a secret message into partial shares by Shamir’s (k, n)-threshold secret sharing scheme with n = k + 1. The generated k+1 partial shares then are embedded into the selected numeric items in a website as if they are part of the website’s numeric content. Afterward, a receiver links to the website and extracts every k shares among the k+1 ones from the stego-numeric-content to compute k+1 copies of the secret, and the phenomenon of value consistency of the computed k+1 copies is taken as an evidence to determine whether the extracted message is authentic or not, attaining the goal of self-authentication of the extracted secret message. Experimental results and discussions are provided to show the feasibility and effectiveness of the proposed method.

Keywords: steganography, data hiding, secret authentication, secret sharing

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Authors: Agnieszka P. Regiec

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Capital companies are based on monetary capital. In the traditional model, the capital is the sum of the nominal values of all shares issued. For a few years within the European countries, the limited liability companies’ (LLC) regulations are leaning towards liberalization of the capital structure in order to provide higher degree of autonomy regarding the intra-corporate governance. Reforms were based primarily on the legal system of the USA. In the USA, the tradition of no-par shares is well-established. Thus, as a point of reference, the American legal system is being chosen. Regulations of Germany, Great Britain, France, Netherlands, Finland, Poland and the USA will be taken into consideration. The analysis of the share capital is important for the development of science not only because the capital structure of the corporation has significant impact on the shareholders’ rights, but also it reflects on relationships between creditors of the company and the company itself. Multi-level comparative approach towards the problem will allow to present a wide range of the possible outcomes stemming from the novelization. The dogmatic method was applied. The analysis was based on the statutes, secondary sources and judicial awards. Both the substantive and the procedural aspects of the capital structure were considered. In Germany, as a result of the regulatory competition, typical for the EU, the structure of LLCs was reshaped. New LLC – Unternehmergesellschaft, which does not require a minimum share capital, was introduced. The minimum share capital for Gesellschaft mit beschrankter Haftung was lowered from 25 000 to 10 000 euro. In France the capital structure of corporations was also altered. In 2003, the minimum share capital of société à responsabilité limitée (S.A.R.L.) was repealed. In 2009, the minimum share capital of société par actions simplifiée – in the “simple” version of S.A.R.L. was also changed – there is no minimum share capital required by a statute. The company has to, however, indicate a share capital without the legislator imposing the minimum value of said capital. In Netherlands the reform of the Besloten Vennootschap met beperkte aansprakelijkheid (B.V.) was planned with the following change: repeal of the minimum share capital as the answer to the need for higher degree of autonomy for shareholders. It, however, preserved shares with nominal value. In Finland the novelization of yksityinen osakeyhtiö took place in 2006 and as a result the no-par shares were introduced. Despite the fact that the statute allows shares without face value, it still requires the minimum share capital in the amount of 2 500 euro. In Poland the proposal for the restructuration of the capital structure of the LLC has been introduced. The proposal provides among others: devaluation of the capital to 1 PLN or complete liquidation of the minimum share capital, allowing the no-par shares to be issued. In conclusion: American solutions, in particular, balance sheet test and solvency test provide better protection for creditors; European no-par shares are not the same as American and the existence of share capital in Poland is crucial.

Keywords: balance sheet test, limited liability company, nominal value of shares, no-par shares, share capital, solvency test

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Authors: Misha Alexander, S. B. Waykar

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Visual Cryptography is a special unbreakable encryption technique that transforms the secret image into random noisy pixels. These shares are transmitted over the network and because of its noisy texture it attracts the hackers. To address this issue a Natural Visual Secret Sharing Scheme (NVSS) was introduced that uses natural shares either in digital or printed form to generate the noisy secret share. This scheme greatly reduces the transmission risk but causes distortion in the retrieved secret image through variation in settings and properties of digital devices used to capture the natural image during encryption / decryption phase. This paper proposes a new NVSS scheme that extracts the secret key from randomly selected unaltered multiple natural images. To further improve the security of the shares data hiding techniques such as Steganography and Alpha channel watermarking are proposed.

Keywords: decryption, encryption, natural visual secret sharing, natural images, noisy share, pixel swapping

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Authors: N. Yachou, R. Aboulaich

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Home is a basic necessity for human life, that why home financing takes a large chunk of people’s income. Therefore, Islamic and Conventional Banks try to offer new product in order to respond to customer needs related to home financing. Basing on this fact, we propose a Modified Diminishing Partnership model based on profit and loss sharing to reduce the duration of getting the full shares in the house property. Our proposition will be represented by the rental that customer has to give every month to the bank with redemption to increase his shares on the property of the house.

Keywords: home financing, interest rate, rental rate, modified diminishing partnership

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Authors: Catherine Heyjung Sonu

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This paper examines the effect of accounting quality on the process in which stock price is determined by focusing on contribution-in-kind valuations using Korean setting. In Korea, a number of chaebol firms have transformed into holding company system starting in 2003. With an attempt to gain as much voting right, management sold shares of subsidiaries to purchase shares of the holding company. In so doing, management of these firms received share issues for the contribution in kind that has been made to obtain additional shares of the holding company. The price of these share issues against contribution in kind is allowed to be discounted up to 30%. Using this interesting setting in Korea, this paper examines whether accounting quality affects the extent of the discount applied to the share issues. If the accounting quality of the firm for which the management is receiving share issues is poor, the extent of discount is likely to be high. The extent of discount is likely lower for firms with superior accounting quality. Using 24 cases, we find that, on average, the extent of discount is larger for share issues in which the accounting quality, proxied by the absolute value of discretionary accruals, is poor. This paper provides insight by examining the effect of accounting quality on the stock market. It sheds light on the intersection between finance and accounting research and should be of interest to researchers and practitioners.

Keywords: Accounting quality, Contribution-in-kind, discount, holding company

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Authors: K. Suganya Devi, P. Srinivasan, M. P. Vaishnave, G. Arutperumjothi

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Today’s internet world is highly prone to various online attacks, of which the most harmful attack is phishing. The attackers host the fake websites which are very similar and look alike. We propose an image based authentication using steganography and visual cryptography to prevent phishing. This paper presents a secure steganographic technique for true color (RGB) images and uses Discrete Cosine Transform to compress the images. The proposed method hides the secret data inside the cover image. The use of visual cryptography is to preserve the privacy of an image by decomposing the original image into two shares. Original image can be identified only when both qualified shares are simultaneously available. Individual share does not reveal the identity of the original image. Thus, the existence of the secret message is hard to be detected by the RS steganalysis.

Keywords: image security, random LSB, steganography, visual cryptography

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Authors: Hsiao-Wen Wang

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The split-share structure reform in China represents one of the most significant milestones in the evolution of the capital market. With the goal of converting non-tradable shares into tradable shares, the reform laid the foundation and supported the development of full-scale privatization. This study explores China’s split-share structure reform and its impact on statutory audit fees. This study finds that auditors earn a significant statutory audit fee premium after the split-share structure reform. The Big 4 auditors who provide better audit quality receive higher statutory audit fee premium than non-Big 4 auditors after the share reform, which is attributable to their brand reputation, rather than the relative market dominance.

Keywords: chinese split-share structure reform, statutory audit fees, big-4 auditors, corporate governance

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Authors: Ashutosh Pujari

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The sharing of natural resources is one of the most important aspects of relations between two neighboring countries, especially when it is a resource that has a presence in both the countries in question. River water is an important resource that is shared between India and its neighbors, namely Pakistan and Bangladesh. India shares Indus, Chenab, and Jhelum rivers with Pakistan, while with Bangladesh, it shares Ganges and Brahmaputra. However, it is interesting to note how does India deals with her sharing of water with these two countries. Although water sharing with both the countries has been dotted by irritants over the years, relations with Bangladesh is undoubtedly better in this respect. Given the common history of the region, this paper analyses the reasons behind this difference in the relationship between India and her neighbors and its implications for the present times. Through critical analysis of literature and the official policy of all the governments involved and the narratives present, this paper tries to present understand how India’s relations with its neighbors are a function of geopolitics, culture, and perceptions on both sides.

Keywords: geopolitics, river water sharing, India-Pakistan relations, India-Bangladesh relations

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Authors: T. Aboumahboub, R. Brecha, H. B. Shrestha, U. F. Hutfilter, A. Geiges, W. Hare, M. Schaeffer, L. Welder, M. Gidden

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The proposed stringent mitigation targets require an immediate start for a drastic transformation of the whole energy system. The current Australian energy system is mainly centralized and fossil fuel-based in most states with coal and gas-fired plants dominating the total produced electricity over the recent past. On the other hand, the country is characterized by a huge, untapped renewable potential, where wind and solar energy could play a key role in the decarbonization of the Australia’s future energy system. However, integrating high shares of such variable renewable energy sources (VRES) challenges the power system considerably due to their temporal fluctuations and geographical dispersion. This raises the concerns about flexibility gap in the system to ensure the security of supply with increasing shares of such intermittent sources. One main flexibility dimension to facilitate system integration of high shares of VRES is to increase the cross-sectoral integration through coupling of electricity to other energy sectors alongside the decarbonization of the power sector and reinforcement of the transmission grid. This paper applies a multi-sectoral energy system optimization model for Australia. We investigate the cost-optimal configuration of a renewable-based Australian energy system and its transformation pathway in line with the ambitious range of proposed climate change mitigation targets. We particularly analyse the implications of linking the electricity and transport sectors in a prospective, highly renewable Australian energy system.

Keywords: decarbonization, energy system modelling, renewable energy, sector coupling

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Authors: R. Rama Kishore, Sunesh Malik

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Development in the usage of internet for different purposes in recent times creates great threat for the copy right protection of the digital images. Digital watermarking is the best way to rescue from the said problem. This paper presents detailed review of the different watermarking techniques, latest trends in the field and categorized like spatial and transform domain, blind and non-blind methods, visible and non visible techniques etc. It also discusses the different optimization techniques used in the field of watermarking in order to improve the robustness and imperceptibility of the method. Different measures are discussed to evaluate the performance of the watermarking algorithm. At the end, this paper proposes a watermarking algorithm using (k.n) shares of halftone visual cryptography (HVC) instead of (2, 2) share cryptography. (k,n) shares visual cryptography improves the security of the watermark. As halftone is a method of reprographic, it helps in improving the visual quality of watermark image. The proposed method uses fractional transformation to improve the robustness of the copyright protection of the method.

Keywords: digital watermarking, fractional transform, halftone, visual cryptography

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Authors: Stefanie Jeanette Huber

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This paper explores the relevance and implications of preferences for housing services on house price fluctuations through the lens of an overlapping generation’s model. The model implies that an economy whose agents have lower preferences for housing services is characterized with lower expenditure shares on housing services and will tend to experience more frequent and more volatile housing bubbles. These model predictions are tested empirically in the companion paper Housing Booms and Busts - Convergences and Divergences across OECD countries. Between 1970 - 2013, countries who spend less on housing services as a share of total income experienced significantly more housing cycles and the associated housing boom-bust cycles were more violent. Finally, the model is used to study the impact of rental subsidies and help-to-buy schemes on rational housing bubbles. Rental subsidies are found to contribute to the control of housing bubbles, whereas help-to- buy scheme makes the economy more bubble-prone.

Keywords: housing bubbles, housing booms and busts, preference for housing services, expenditure shares for housing services, rental and purchase subsidies

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Authors: Radhika Ramanchi

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The oil market during 2014-2015 in India with large price fluctuations is very confusing to individual investor. The drop in oil prices supported stocks of some oil marketing companies (OMCs) like Bharat Petroleum Corporation, Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation etc their shares rose 84.74%, 128.63% and 59.16%, respectively. Lower oil prices, and lower current account, a smaller subsidy burden are the reasons for outperformance. On the other hand, lower crude prices giving downward pressure on upstream companies like Oil and Natural Gas Corp. Ltd (ONGC) and Reliance Petroleum (RIL) Oil India Ltd (OIL). Not having clarity on a subsidy sharing mechanism is the reason for downward trend on these stocks. Shares of ONGC and RIL have underperformed so far in 2015. When the oil price fall profits of the companies will effect, generate less money and may cut their dividends in Long run. In this situation this paper objective is to study investment strategies in oil marketing companies, by applying CAPM and Security Market Line.

Keywords: petrol industry, price fluctuations, sharp single index model, SML, Markowitz model

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Authors: Mahfoud Djebbar

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Stock dilution is a financial phenomenon resulting from the issue of additional shares by a company, or when holders convert their convertibles into new shares (capital increase). This issue and/or conversion enlarge the company’s share base that will result in marginal dilution (loss) for existing shareholders, and a benefit to new ones. Dilution issues have already been addressed in mainstream finance, particularly as far as information disclosure is concerned. However, in Islamic finance, stock dilution problems have not been deeply studied and the subject has not received sufficient attention from shariah-compatible firms, investors, and scholars. In this regard, this paper emphasises the forms, the effects of capital dilution on current shareholders as well as the ways and techniques of compensating them. And since the research in this field, in its Islamic perspective, is still in its infancy, the paper tries to analyse the phenomenon theoretically in detail using numerical examples, and expose some case studies of Shariah-compliant issuers of convertible Sukuk and how they compensate their existing shareholders. Finally, this study shows that the Sukuk issuers compensate old shareholders using the right of shuf’ah as a well known and practiced pre-emptive right in Islamic transactions centuries ago, as well as the ways conventional bond issuers use.

Keywords: compensating shareholders, convertible Sukuk, Islamic financial innovation, Shuf’ah

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Authors: Oliver Ikechukwu Inyiama, Boniface Uche Ugwuanyi

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The aim of the research is to evaluate the key financial performance indicators that help both managers and their shareholders of Nigerian Banks to determine the appropriate dividend payout to their ordinary shareholders in an accounting year. Profitability, total asset, and earnings of commercial banks were selected as key performance indicators in Nigeria Banking Sector. They represent the independent variables of the study while dividend per share is the proxy for the dividend paid on ordinary shares which represent the dependent variable. The effect of profitability, total asset and earnings on dividend per share were evaluated through the ordinary least square method of multiple regression analysis. Test for normality of frequency distribution was conducted through descriptive statistics such as Jacque Bera Statistic, skewness and kurtosis. Rate of dividend payout was subsequently applied as an alternate dependent variable to test for robustness of the earlier results. The 64% adjusted R-squared of the pooled data indicates that profitability, total asset, and earnings explain the variation in dividend per share during the period under research while the remaining 36% variation in dividend per share could be explained by changes in other variables not captured by this study as well as the error term. The study concentrated on four leading Nigeria Commercial Banks namely; First Bank of Nigeria Plc, GTBank Plc, United Bank for Africa Plc and Zenith International Bank Plc. Dividend per share was found to be positively affected by total assets and earnings of the commercial banks. However, profitability which was proxied by profit after tax had a negative effect on dividend per share. The implication of the findings is that commercial banks in Nigeria pay more dividend when they are having a dwindling fortune in order to retain the confidence of the shareholders provided their gross earnings and size is on the increase. Therefore, the management and board of directors of Nigeria commercial banks should apply decent marketing strategies to enhance earnings through investment in profitable ventures for an improved dividend payout rate.

Keywords: assets, banks, indicators, performance, profitability, shares

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Authors: Narayan Prasad Adhikari

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In Nepal, the crop residues have often been considered as one of the potential sources of energy to cope with prevailing energy crisis. However, the lack of systematic studies about production and various other competent uses of crop production is the main obstacle to evaluate net potential of the residues for energy production. Under this background, this study aims to assess the net annual availability of crop residues for energy production by undertaking three different districts with the representation of country’s three major regions of lowland, hill, and mountain. The five major cereal crops of paddy, wheat, maize, millet, and barley are considered for the analysis. The analysis is based upon two modes of household surveys. The first mode of survey is conducted to total of 240 households to obtain key information about crop harvesting and livestock management throughout a year. Similarly, the quantification of main crops along with the respective residues on fixed land is carried out to 45 households during second mode. The range of area of such fixed land is varied from 50 to 100 m2. The measurements have been done in air dry basis. The quantity for competitive uses of respective crop residues is measured on the basis of respondents’ feedback. There are four major competitive uses of crop residues at household which are building material, burning, selling, and livestock fodder. The results reveal that the net annual available crop residues per household are 4663 kg, 2513 kg, and 1731 kg in lowland, hill, and mountain respectively. Of total production of crop residues, the shares of dedicated fodder crop residues (except maize stalk and maize cob) are 94 %, 62 %, and 89 % in lowland, hill, and mountain respectively and of which the corresponding shares of fodder are 87 %, 91 %, and 82 %. The annual percapita energy equivalent from net available crop residues in lowland, hill, and mountain are 2.49 GJ, 3.42 GJ, and 0.44 GJ which represent 30 %, 33 %, and 3 % of total annual energy consumption respectively whereas the corresponding current shares of crop residues are only 23 %, 8 %, and 1 %. Hence, even utmost exploitation of available crop residues can hardly contribute to one third of energy consumption at household level in lowland, and hill whereas this is limited to particularly negligible in mountain. Moreover, further analysis has also been done to evaluate district wise supply-demand context of dedicated fodder crop residues on the basis of presence of livestock. The high deficit of fodder crop residues in hill and mountain is observed where the issue of energy generation from these residues will be ludicrous. As a contrary, the annual production of such residues for livestock fodder in lowland meets annual demand with modest surplus even if entire fodder to be derived from the residues throughout a year and thus there seems to be further potential to utilize the surplus residues for energy generation.

Keywords: crop residues, hill, lowland, mountain

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Authors: Lan Wu

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The declared transformation towards a ‘new electricity system dominated by renewable energy’ by China requires a cleaner electricity consumption mix with high shares of renewable energy sourced-electricity (RES-E). Unfortunately, integration of RES-E into Chinese electricity markets remains a problem pending more robust legal support, evidenced by the curtailment of wind and solar power as a consequence of integration constraints. The upcoming energy law of the PRC (energy law) is expected to provide such long-awaiting support and coordinate the existing diverse sector-specific laws to deal with the weak implementation that dampening the delivery of their desired regulatory effects. However, in the shadow of the COVID-19 crisis, it remains uncertain how this new energy law brings synergies to RES-E integration, mindful of the significant impacts of the pandemic. Through the theoretical lens of the interplay between China’s electricity reform and legislative development, the present paper investigates whether there is a paradigm shift in energy law regarding renewable energy integration compared with the existing sector-specific energy laws. It examines the 2020 draft for comments on the energy law and analyses its relationship with sector-specific energy laws focusing on RES-E integration. The comparison is drawn upon five key aspects of the RES-E integration issue, including the status of renewables, marketisation, incentive schemes, consumption mechanisms, access to power grids, and dispatching. The analysis shows that it is reasonable to expect a more open and well-organized electricity market enabling absorption of high shares of RES-E. The present paper concludes that a period of prosperous development of RES-E in the post-COVID-19 era can be anticipated with the legal support by the upcoming energy law. It contributes to understanding the signals China is sending regarding the transition towards a cleaner energy future.

Keywords: energy law, energy transition, electricity market reform, renewable energy integration

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Authors: Manish Khanra, Shashank Prabhu

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The decarbonization of hard-to-abate sectors is currently high on the agenda in the EU and its member states, as these sectors have substantial shares in overall GHG emissions while it is facing serious challenges to decarbonize. In particular, the aviation sector accounts for 2.8% of global anthropogenic CO₂ emissions. These emissions are anticipated to grow dramatically unless immediate mitigating efforts are implemented. Hydrogen and its derivatives based on renewable electricity can have a key role in the transition towards CO₂-neutral flights. The substantial shares of energy carriers in the form of drop-in fuel, direct combustion and Hydrogen-to-Electric are promising in most scenarios towards 2050. For creating appropriate policies to ramp up the production and utilisation of hydrogen commodities in the German aviation sector, a detailed analysis of the spatial distribution of supply-demand sites is essential. The objective of this research work is to assess the demand for hydrogen-based alternative fuels in the German aviation sector to achieve the perceived goal of the ‘Net Zero’ scenario by 2050. Here, the analysis of the technological pathways for the production and utilisation of these fuels in various aircraft options is conducted for reaching mitigation targets. Our method is based on data-driven bottom-up assessment, considering production and demand sites and their spatial distribution. The resulting energy demand and its spatial distribution with consideration of technology diffusion lead to a possible transition pathway of the aviation sector to meet short-term and long-term mitigation targets. Additionally, to achieve mitigation targets in this sector, costs and policy aspects are discussed, which would support decision-makers from airline industries, policymakers and the producers of energy commodities.

Keywords: the aviation sector, hard-to-abate sectors, hydrogen demand, alternative fuels, technological pathways, data-driven approach

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Authors: Anees Tahir

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Margin financing plays a significant role in Pakistan's stock market (PSX), offering investors the opportunity to maximize profits by borrowing funds from financiers to purchase marginable stocks. However, this financial practice raises several Shariah-related concerns. The study follows legal doctrinal research methodology. It explains and analyzes the law of margin financing prevailing in PSX and compares it with the principles of Shariah. It also examines and investigates the practices of margin financing from the perspective of Shariah. As part of the study, the researcher has conducted structured interviews with the Shariah advisors of the finance industry, academicians, market practitioners, and regulators. Thus, the study analyzes the findings of interviews. This article explores the legal framework and practice of margin financing in Pakistan from a Shariah perspective. The article investigates various issues relating to margin financing, including the fundamental concern of interest-based lending, which contravenes Islamic principles. It also highlights the problematic subject matter of margin financing, often involving non-Shariah compliant securities. Additionally, the article addresses the restriction on proprietary rights and the problematic element of speculation associated with margin financing. To provide a Shariah-compliant alternative, the Securities and Exchange Commission of Pakistan (SECP) introduced Murabahah Shares Financing (MSF) in 2019. However, the focus of the market is still on conventional margin financing. In the opinion of the researcher, the effective implementation of MSF is imperative because in the absence of such an alternative, the faith sensitive investor will remain deprived of a level playing field, and he is unable to get required financing opportunities through a halal and Shariah-compliant manner. This article argues that margin financing in its current form is incompatible with Shariah principles and should be discontinued. It is recommended that the SECP should gradually phase out the use of margin financing and increase reliance on MSF to provide faith-sensitive and committed investors with Shariah-compliant financing options.

Keywords: margin financing, marginable stocks, faith sensitive investor, Murabahah shares financing

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Authors: Mary Rosa Espinosa-Ochoa

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Some constructions appear suddenly in children’s speech and are productive from the beginning. These constructions are supported by others, previously acquired, with which they share semantic and pragmatic features. Thus, for example, the acquisition of the passive voice in German is supported by other constructions with which it shares the lexical verb sein (“to be”). This also occurs in Spanish, in the acquisition of the progressive aspectual periphrasis estar (“to be”) + verb root + -ndo (present participle), supported by locative constructions acquired earlier with the same verb. The periphrasis shares with the locative constructions not only the lexical verb estar, but also pragmatic relations. Both constructions can be used to answer the question ¿Dónde está? (“Where is he/she/it?”), whose answer could be either Está aquí (“He/she/it is here”) or Se está bañando (“He/she/it is taking a bath”).This study is a corpus-based analysis of two children (1;08-2;08) and the input directed to them: it proposes that the pragmatic and semantic support from previously-acquired constructions comes from the input, during interaction with others. This hypothesis is based on analysis of constructions with estar, whose use to express temporal change (which differentiates it from its counterpart ser [“to be”]), is given in variation sets, similar to those described by Küntay and Slobin (2002), that allow the child to perceive the change of place experienced by nouns that function as its grammatical subject. For example, at different points during a bath, the mother says: El jabón está aquí “The soap is here” (beginning of bath); five minutes later, the soap has moved, and the mother says el jabón está ahí “the soap is there”; the soap moves again later on and she says: el jabón está abajo de ti “the soap is under you”. “The soap” is the grammatical subject of all of these utterances. The Spanish verb + -ndo is a progressive phase aspect encoder of a dynamic state that generates a token. The verb + -ndo is also combined with verb estar to encode. It is proposed here that the phases experienced in interaction with the adult, in events related to the verb estar, allow a child to generate this dynamicity and token reading of the verb + -ndo. In this way, children begin to produce the periphrasis suddenly and productively, even though neither the periphrasis nor the verb + -ndo itself are frequent in adult speech.

Keywords: child language acquisition, input, variation sets, Spanish language

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Authors: Robert Roznowski

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The thought process of the character is never more evident than when singing alone onstage. The composer scores the emotional state and the lyricist voices the inner conflict as the character shares with an audience her or his deepest feelings. It is at these moments that a character may be thought of as voicing her or his inner monologue. Using examples from several musical theatre songs, this presentation will look at a codified approach to analyze a song from a more psychological perspective. Using the clues from the score, traditional character analysis and a psychological-based scoring method an actor may explore more fully inhabit and express the sung and unsung thoughts of the character. The approach yields a richer and more complex approach to acting the song.

Keywords: acting, analysis, musical theatre, psychology

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Authors: Bekir Mugayitoglu

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This work shares pre-service teachers' experiences with the Book Creator application during the face-to-face class. Participants for this work were pre-service teachers in a semester-long instructional technology course who developed their own e-books. The work was conducted during the Fall of 2023. Eleven pre-service teachers completed the project, producing books appropriate to their area of concentration. Analysis of participant progress reports shows, that Exemplars showcase creative ways to prepare pre-service teachers to design their own books and have an opportunity to use mobile apps to create a variety of e-material options. The findings support future opportunities for pre-service teachers to design and implement technology-supported literacy applications to integrate into their own classroom pedagogy.

Keywords: scaffolding, e-book, classroom pedagogy, face-to-face class

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Authors: Rakesh Mishra, Rajni Singh, Mukunda Upadhyay

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Since the last few decades, the prima facie of development has shifted towards the working population in India. There has been a paradigm shift in the development approach with the realization that the present demographic dividend has to be harnessed for sustainable development. Rapid urbanization and improved socioeconomic characteristics experienced within its territory has catalyzed various forms of migration into it, resulting in massive transference of workforce between its states. Workforce in any country plays a very crucial role in deciding development of both the places, from where they have out-migrated and the place they are residing currently. In India, people are found to be migrating from relatively less developed states to a well urbanized and developed state for satisfying their neediness. Linking migration to HDI at place of destination, the regression coefficient (β ̂) shows affirmative association between them, because higher the HDI of the place would be, higher would be chance of earning and hence likeliness of the migrants would be more to choose that place as a new destination and vice versa. So the push factor is compromised by the cost of rearing and provides negative impulse on the in migrants letting down their numbers to metro cities or megacities of the states but increasing their mobility to the suburban areas and vice versa. The main objective of the study is to check the role of migration in deciding the dividend of the place of destination as well as people at the place of their usual residence with special focus to highly urban states in India. Idealized scenario of Indian migrants refers to some new theories in making. On analyzing the demographic dividend of the places we got to know that Uttar Pradesh provides maximum dividend to Maharashtra, West Bengal and Delhi, and the demographic divided of migrants are quite comparable to the native’s shares in the demographic dividend in these places. On analyzing the data from National Sample Survey 64th round and Census of India-2001, we have observed that for males in rural areas, the share of unemployed person declined by 9 percentage points (from 45% before migration to 36 % after migration) and for females in rural areas the decline was nearly 12 percentage points (from 79% before migration to 67% after migration. It has been observed that the shares of unemployed males in both rural and urban areas, which were significant before migration, got reduced after migration while the share of unemployed females in the rural as well as in the urban areas remained almost negligible both for before and after migration. So increase in the number of employed after migration provides an indication of changes in the associated cofactors like health and education of the place of destination and arithmetically to the place from where they have migrated out. This paper presents the evidence on the patterns of prevailing migration dynamics and corresponding demographic benefits in India and its states, examines trends and effects, and discusses plausible explanations.

Keywords: migration, demographic shift, human development index, multilevel analysis

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Authors: Christa L. Arnold, Margaret C. Stewart

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This research shares the results of an exploratory study examining Statement Analysis (SA) to detect deception in online truthful and untruthful social media posts. Applying a Law Enforcement methodology SA, used in criminal interview statements, this research analyzes what is stated to assist in evaluating written deceptive information. Preliminary findings reveal qualitative and quantitative nuances for SA in online deception detection and uncover insights regarding digital deceptive behavior. Thus far, findings reveal truthful statements tend to differ from untruthful statements in both content and quality.

Keywords: deception detection, online deception, social media content, statement analysis

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Authors: Prateek Bhattacharya

Abstract:

The definition of 'control' in India is a rapidly evolving concept, owing to varying rights attached to varying securities. Shares with differential voting rights (DVRs) provide the holder with differential rights as to voting, as compared to ordinary equity shareholders of the company. Such DVRs can amount to both superior voting rights and inferior voting rights, where DVRs with superior voting rights amount to providing the holder with golden shares in the company. While DVRs are not a novel concept in India having been recognized since 2000, they were placed on a back burner by the Securities and Exchange Board of India (SEBI) in 2010 after issuance of DVRs with superior voting rights was restricted. In June 2019, the SEBI rekindled the ebbing fire of DVRs, keeping mind the fast-paced nature of the global economy, the government's faith that India’s ‘new age technology companies’ (i.e., Start-Ups) will lead the charge in achieving its goal of India becoming a $5 trillion dollar economy by 2024, and recognizing that the promoters of such Start-Ups seek to raise capital without losing control over their companies. DVRs with superior voting rights guarantee promoters with up to 74% shareholding in Start-Ups for a period of 5 years, meaning that the holder of such DVRs can exercise sole control and material influence over the company for that period. This manner of control has the potential of causing both pro-competitive and anti-competitive effects in the markets where these companies operate. On the one hand, DVRs will allow Start-Up promoters/founders to retain control of their companies and protect its business interests from foreign elements such as private/public investors – in a scenario where such investors have multiple investments in firms engaged in associated lines of business (whether on a horizontal or vertical level) and would seek to influence these firms to enter into potential anti-competitive arrangements with one another, DVRs will enable the promoters to thwart such scenarios. On the other hand, promoters/founders who themselves have multiple investments in Start-Ups, which are in associated lines of business run the risk of influencing these associated Start-Ups to engage in potentially anti-competitive arrangements in the name of profit maximisation. This paper shall be divided into three parts: Part I shall deal with the concept of ‘control’, as deliberated upon and decided by the SEBI and the Competition Commission of India (CCI) under both company/securities law and competition law; Part II shall review this definition of ‘control’ through the lens of DVRs, and Part III shall discuss the aforementioned potential pro-competitive and anti-competitive effects caused by the DVRs by examining the current Indian Start-Up scenario. The paper shall conclude by providing suggestions for the CCI to incorporate a clearer and more progressive concept of ‘control’.

Keywords: competition law, competitive effects, control, differential voting rights, DVRs, investor shareholding, merger control, start-ups

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Authors: Chandanee Wasana Kalansooriya

Abstract:

Dietary behaviour is a crucial factor affecting diabetes control. With increasing rates of diabetes prevalence in Asian countries, examining their dietary patterns, which are largely based on rice, is timely required. It has been identified that higher consumption of some rice varieties is associated with increased risk of type 2 diabetes. Although diabetes patients are advised to consume healthier rice varieties, which contains low glycemic, several conditions, one of which food insecurity, make them difficult to preserve those healthy dietary guidelines. Hence this study tries to investigate how food security affects on making right decisions of rice consumption within diabetes affected households using a sample from Sri Lanka, a country which rice considered as the staple food and records the highest diabetes prevalence rate in South Asia. The study uses data from the Household Income and Expenditure Survey 2016, a nationally representative sample conducted by the Department of Census and Statistics, Sri Lanka. The survey used a two-stage stratified sampling method to cover different sectors and districts of the country and collected micro-data on demographics, health, income and expenditures of different categories. The study uses data from 2547 households which consist of one or more diabetes patients, based on the self-recorded health status. The Household Dietary Diversity Score (HDDS), which constructed based on twelve food groups, is used to measure the level of food security. Rice is categorized into three groups according to their Glycemic Index (GI), high GI, medium GI and low GI, and the likelihood and impact made by food security on each rice consumption categories are estimated using a Two-part Model. The shares of each rice categories out of total rice consumption is considered as the dependent variable to exclude the endogeneity issue between rice consumption and the HDDS. The results indicate that the consumption of medium GI rice is likely to increase with the increasing household food security, but low GI varieties are not. Households in rural and estate sectors are less likely and Tamil ethnic group is more likely to consume low GI rice varieties. Further, an increase in food security significantly decreases the consumption share of low GI rice, while it increases the share of medium GI varieties. The consumption share of low GI rice is largely affected by the ethnic variability. The effects of food security on the likelihood of consuming high GI rice varieties and changing its shares are statistically insignificant. Accordingly, the study concludes that a higher level of food security does not ensure diabetes patients are consuming healthy rice varieties or reducing consumption of unhealthy varieties. Hence policy attention must be directed towards educating people for making healthy dietary choices. Further, the study provides a room for further studies as it reveals considerable ethnic and sectorial differences in making healthy dietary decisions.

Keywords: diabetes, food security, glycemic index, rice consumption

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Authors: Uche A. Ibekwe

Abstract:

Pension funds are pooled assets which are established to provide income for retirees. The funds are usually regulated to check excessive risk taking by fund managers. In Nigeria, the current defined contribution (DC) pension scheme appears to contain some overly stringent restrictions which might be hampering its successful implementation. Notable among these restrictions is the 25 percent maximum limit on investment in ordinary shares of quoted companies. This paper examines the extent to which these restrictions affect pension replacement rates at retirement. The study made use of both simulated and historical asset return distributions using mean-variance, regression analysis and ruin-risk analyses, the study found that the current equity investment restriction policy in Nigeria reduces replacement rates at retirement.

Keywords: equity investment, replacement rates, restrictions, ruin-risk

Procedia PDF Downloads 312