Search results for: unconditional self-acceptance

Authors: Florina Magdalena Anichitoae, Anca Dobrean, Ionut Stelian Florean

Abstract:

Due to the fact that cyberbullying victimization is an increasing problem nowadays, affecting more and more children and adolescents around the world, we wanted to take a step forward analyzing this phenomenon. So, we took a look at some variables which haven't been studied together before, trying to develop another way to view cyberbullying victimization. We wanted to test the effects of the mother, father, and peer attachment on adolescent involvement in cyberbullying as victims through unconditional self acceptance. Furthermore, we analyzed each subscale of the IPPA-R, the instrument we have used for parents and peer attachment measurement, in regards to cyberbullying victimization through unconditional self acceptance. We have also analyzed if gender and age could be taken into consideration as moderators in this model. The analysis has been performed on 653 adolescents aged 11-17 years old from Romania. We used structural equation modeling, working in R program. For the fidelity analysis of the IPPA-R subscales, USAQ, and Cyberbullying Test, we have calculated the internal consistency index, which varies between .68-.91. We have created 2 models: the first model including peer alienation, peer trust, peer communication, self acceptance and cyberbullying victimization, having CFI=0.97, RMSEA=0.02, 90%CI [0.02, 0.03] and SRMR=0.07, and the second model including parental alienation, parental trust, parental communication, self acceptance and cyberbullying victimization and had CFI=0.97, RMSEA=0.02, 90%CI [0.02, 0.03] and SRMR=0.07. Our results were interesting: on one hand, cyberbullying victimization is predicted by peer alienation and peer communication through unconditional self acceptance. Peer trust directly, significantly, and negatively predicted the implication in cyberbullying. In this regard, considering gender and age as moderators, we found that the relationship between unconditional self acceptance and cyberbullying victimization is stronger in girls, but age does not moderate the relationship between unconditional self acceptance and cyberbullying victimization. On the other hand, regarding the degree of cyberbullying victimization as being predicted through unconditional self acceptance by parental alienation, parental communication, and parental trust, this hypothesis was not supported. Still, we could identify a direct path to positively predict victimization through parental alienation and negatively through parental trust. There are also some limitations to this study, which we've discussed in the end.

Keywords: adolescent, attachment, cyberbullying victimization, parents, peers, unconditional self-acceptance

Procedia PDF Downloads 179

Authors: Monica Santi, Evita Puspitasari

Abstract:

International Financial Reporting Standard (IFRS) has developed the principle based accounting standard. Based on this, IASB then eliminated the conservatism concept within accounting framework. Conservatism concept represents a prudent reaction to uncertainty to try to ensure that uncertainties and risk inherent in business situations are adequately considered. The conservatism concept has two ingredients: conditional conservatism or ex-post (news depending prudence) and unconditional conservatism or ex-ante (news-independent prudence). IFRS in substance disregards the unconditional conservatism because the unconditional conservatism can cause the understatement assets or overstated liabilities, and eventually the financial statement would be irrelevance since the information does not represent the real fact. Therefore, the IASB eliminate the conservatism concept. However, it does not decrease the practice of unconditional conservatism in the financial statement reporting. Therefore, we expected the earnings quality would be affected because of this situation, even though the IFRS implementation was expected to increase the earnings quality. The objective of this study was to provide empirical findings about the unconditional conservatism and the earnings quality before and after the IFRS adoption. The earnings per accrual measure were used as the proxy for the unconditional conservatism. If the earnings per accrual were negative (positive), it meant the company was classified as the conservative (not conservative). The earnings quality was defined as the ability of the earnings in reflecting the future earnings by considering the earnings persistence and stability. We used the earnings response coefficient (ERC) as the proxy for the earnings quality. ERC measured the extant of a security’s abnormal market return in response to the unexpected component of reporting earning of the firm issuing that security. The higher ERC indicated the higher earnings quality. The manufacturing companies listed in the Indonesian Stock Exchange (IDX) were used as the sample companies, and the 2009-2010 period was used to represent the condition before the IFRS adoption, and 2011-2013 was used to represent the condition after the IFRS adoption. Data was analyzed using the Mann-Whitney test and regression analysis. We used the firm size as the control variable with the consideration the firm size would affect the earnings quality of the company. This study had proved that the unconditional conservatism had not changed, either before and after the IFRS adoption period. However, we found the different findings for the earnings quality. The earnings quality had decreased after the IFRS adoption period. This empirical results implied that the earnings quality before the IFRS adoption was higher. This study also had found that the unconditional conservatism positively influenced the earnings quality insignificantly. The findings implied that the implementation of the IFRS had not decreased the unconditional conservatism practice and has not altered the earnings quality of the manufacturing company. Further, we found that the unconditional conservatism did not affect the earnings quality. Eventhough the empirical result shows that the unconditional conservatism gave positive influence to the earnings quality, but the influence was not significant. Thus, we concluded that the implementation of the IFRS did not increase the earnings quality.

Keywords: earnings quality, earnings response coefficient, IFRS Adoption, unconditional conservatism

Procedia PDF Downloads 239

Authors: Maria Laura Alzua, Maria Adelaida Lopera

Abstract:

This paper measures the relative importance of conditional cooperation and unconditional cooperation in a large public goods experiment conducted in Mali. We use expectations about total public goods provision to estimate a structural choice model with heterogeneous preferences. While unconditional cooperation can be captured by common preferences shared by all participants, conditional cooperation is much more heterogeneous and depends on unobserved individual factors. This structural model, in combination with two experimental treatments, suggests that leadership and group communication incentivize public goods provision through different channels. First, We find that participation of local leaders effectively changes individual choices through unconditional cooperation. A simulation exercise predicts that even in the most pessimistic scenario in which all participants expect zero public good provision, 60% would still choose to cooperate. Second, allowing participants to communicate fosters conditional cooperation. The simulations suggest that expectations are responsible for around 24% of the observed public good provision and that group communication does not necessarily ameliorate public good provision. In fact, communication may even worsen the outcome when expectations are low.

Keywords: conditional cooperation, discrete choice model, expectations, public goods game, random coefficients model

Procedia PDF Downloads 278

Authors: Komlan Sedzro

Abstract:

We apply the non-parametric, unconditional, hyperbolic order-α quantile estimator to appraise the relative efficiency of Microfinance Institutions in Africa in terms of outreach. Our purpose is to verify if these institutions, which must constantly try to strike a compromise between their social role and financial sustainability are operationally efficient. Using data on African MFIs extracted from the Microfinance Information eXchange (MIX) database and covering the 2004 to 2006 periods, we find that more efficient MFIs are also the most profitable. This result is in line with the view that social performance is not in contradiction with the pursuit of excellent financial performance. Our results also show that large MFIs in terms of asset and those charging the highest fees are not necessarily the most efficient.

Keywords: data envelopment analysis, microfinance institutions, quantile estimation of efficiency, social and financial performance

Procedia PDF Downloads 274

Authors: Khalifa Maha, Ben Othman Hakim, Khaled Hussainey

Abstract:

Prior empirical studies have investigated the economic consequences of accounting conservatism by examining its impact on the cost of equity capital (COEC). However, findings are not conclusive. We assume that inconsistent results of such association may be attributed to the regression models used in data analysis. To address this issue, we re-examine the effect of different dimension of accounting conservatism: unconditional conservatism (U_CONS) and conditional conservatism (C_CONS) on the COEC for a sample of listed firms from Middle Eastern and North Africa (MENA) countries, applying quantile regression (QR) approach developed by Koenker and Basset (1978). While classical ordinary least square (OLS) method is widely used in empirical accounting research, however it may produce inefficient and bias estimates in the case of departures from normality or long tail error distribution. QR method is more powerful than OLS to handle this kind of problem. It allows the coefficient on the independent variables to shift across the distribution of the dependent variable whereas OLS method only estimates the conditional mean effects of a response variable. We find as predicted that U_CONS has a significant positive effect on the COEC however, C_CONS has a negative impact. Findings suggest also that the effect of the two dimensions of accounting conservatism differs considerably across COEC quantiles. Comparing results from QR method with those of OLS, this study throws more lights on the association between accounting conservatism and COEC.

Keywords: unconditional conservatism, conditional conservatism, cost of equity capital, OLS, quantile regression, emerging markets, MENA countries

Procedia PDF Downloads 334

Authors: Asanga Gunawansa, Shenella Fonseka

Abstract:

On-demand bonds, also known as unconditional bonds, are commonplace in the construction industry as a means of safeguarding the employer from any potential non-performance by a contractor. On-demand bonds may be obtained from commercial banks, and they serve as an undertaking by the issuing bank to honour payment on demand without questioning and/or considering any dispute between the employer and the contractor in relation to the underlying contract. Thus, whether or not a breach had occurred under the underlying contract, which triggers the demand for encashment by the employer, is not a question the bank needs to be concerned with. As a result, an unconditional bond allows the beneficiary to claim the money almost without any condition. Thus, an unconditional bond is as good as cash-in-hand. In the past, establishing fraud on the part of the employer, of which the bank had knowledge, was the only ground on which a bank could dishonour a claim made under an on-demand bond. However, recent jurisprudence in common law countries shows that courts are beginning to consider unconscionable conduct on the part of the employer in claiming under an on-demand bond as a ground that contractors could rely on the prevent the banks from honouring such claims. This has created uncertainty in connection with on-demand bonds and their liquidity. This paper analyzes recent judicial decisions in four common law jurisdictions, namely, England, Singapore, Hong Kong, and Sri Lanka, to identify the scope of using the concept of “unconscionability” as a ground for preventing unreasonable claims for encashment of on-demand bonds. The objective of this paper is to argue that on-demand bonds have lost their effectiveness as “cash-in-hand” and that this is, in fact, an advantage and not an impediment to international commerce, as the purpose of such bonds should not be to provide for illegal and unconscionable conduct by the beneficiaries.

Keywords: fraud, performance guarantees, on-demand bonds, unconscionability

Procedia PDF Downloads 68

Authors: Swarn Singh, Suruchi Singh

Abstract:

In this paper, we present a fourth order two level implicit finite difference scheme for 1D Pennes bio-heat equation. Unconditional stability and convergence of the proposed scheme is discussed. Numerical results are obtained to demonstrate the efficiency of the scheme. In this paper we present a fourth order two level implicit finite difference scheme for 1D Pennes bio-heat equation. Unconditional stability and convergence of the proposed scheme is discussed. Numerical results are obtained to demonstrate the efficiency of the scheme.

Keywords: convergence, finite difference scheme, Pennes bio-heat equation, stability

Procedia PDF Downloads 444

Authors: Rama Debbarma

Abstract:

The present study deals with the performance of Linear base isolation system to mitigate seismic response of structures characterized by random system parameters. This involves optimization of the tuning ratio and damping properties of the base isolation system considering uncertain system parameters. However, the efficiency of base isolator may reduce if it is not tuned to the vibrating mode it is designed to suppress due to unavoidable presence of system parameters uncertainty. With the aid of matrix perturbation theory and first order Taylor series expansion, the total probability concept is used to evaluate the unconditional response of the primary structures considering random system parameters. For this, the conditional second order information of the response quantities are obtained in random vibration framework using state space formulation. Subsequently, the maximum unconditional root mean square displacement of the primary structures is used as the objective function to obtain optimum damping parameters Numerical study is performed to elucidate the effect of parameters uncertainties on the optimization of parameters of linear base isolator and system performance.

Keywords: linear base isolator, earthquake, optimization, uncertain parameters

Procedia PDF Downloads 398

Authors: Shuenn-Yih Chang, Chiu-LI Huang, Ngoc-Cuong Tran

Abstract:

A new family of structure-dependent integration methods, whose coefficients of the difference equation for displacement increment are functions of the initial structural properties and the step size for time integration, is proposed in this work. This family method can simultaneously integrate the controllable numerical dissipation, explicit formulation and unconditional stability together. In general, its numerical dissipation can be continuously controlled by a parameter and it is possible to achieve zero damping. In addition, it can have high-frequency damping to suppress or even remove the spurious oscillations high frequency modes. Whereas, the low frequency modes can be very accurately integrated due to the almost zero damping for these low frequency modes. It is shown herein that the proposed family method can have exactly the same numerical properties as those of HHT-α method for linear elastic systems. In addition, it still preserves the most important property of a structure-dependent integration method, which is an explicit formulation for each time step. Consequently, it can save a huge computational efforts in solving inertial problems when compared to the HHT-α method. In fact, it is revealed by numerical experiments that the CPU time consumed by the proposed family method is only about 1.6% of that consumed by the HHT-α method for the 125-DOF system while it reduces to be 0.16% for the 1000-DOF system. Apparently, the saving of computational efforts is very significant.

Keywords: structure-dependent integration method, nonlinear dynamic analysis, unconditional stability, numerical dissipation, accuracy

Procedia PDF Downloads 608

Authors: Maha Zouaoui Khalifa, Hakim Ben Othman, Hussaney Khaled

Abstract:

Prior empirical studies have investigated the economic consequences of accounting conservatism by examining its impact on the cost of equity capital (COEC). However, findings are not conclusive. We assume that inconsistent results of such association may be attributed to the regression models used in data analysis. To address this issue, we re-examine the effect of different dimension of accounting conservatism: unconditional conservatism (U_CONS) and conditional conservatism (C_CONS) on the COEC for a sample of listed firms from Middle Eastern and North Africa (MENA) countries, applying quantile regression (QR) approach developed by Koenker and Basset (1978). While classical ordinary least square (OLS) method is widely used in empirical accounting research, however it may produce inefficient and bias estimates in the case of departures from normality or long tail error distribution. QR method is more powerful than OLS to handle this kind of problem. It allows the coefficient on the independent variables to shift across the distribution of the dependent variable whereas OLS method only estimates the conditional mean effects of a response variable. We find as predicted that U_CONS has a significant positive effect on the COEC however, C_CONS has a negative impact. Findings suggest also that the effect of the two dimensions of accounting conservatism differs considerably across COEC quantiles. Comparing results from QR method with those of OLS, this study throws more lights on the association between accounting conservatism and COEC.

Keywords: unconditional conservatism, conditional conservatism, cost of equity capital, OLS, quantile regression, emerging markets, MENA countries

Procedia PDF Downloads 328

Authors: Cheng Zeng, George Michailidis, Hitoshi Iyatomi, Leo L. Duan

Abstract:

The conditional density characterizes the distribution of a response variable y given other predictor x and plays a key role in many statistical tasks, including classification and outlier detection. Although there has been abundant work on the problem of Conditional Density Estimation (CDE) for a low-dimensional response in the presence of a high-dimensional predictor, little work has been done for a high-dimensional response such as images. The promising performance of normalizing flow (NF) neural networks in unconditional density estimation acts as a motivating starting point. In this work, the authors extend NF neural networks when external x is present. Specifically, they use the NF to parameterize a one-to-one transform between a high-dimensional y and a latent z that comprises two components [zₚ, zₙ]. The zₚ component is a low-dimensional subvector obtained from the posterior distribution of an elementary predictive model for x, such as logistic/linear regression. The zₙ component is a high-dimensional independent Gaussian vector, which explains the variations in y not or less related to x. Unlike existing CDE methods, the proposed approach coined Augmented Posterior CDE (AP-CDE) only requires a simple modification of the common normalizing flow framework while significantly improving the interpretation of the latent component since zₚ represents a supervised dimension reduction. In image analytics applications, AP-CDE shows good separation of 𝑥-related variations due to factors such as lighting condition and subject id from the other random variations. Further, the experiments show that an unconditional NF neural network based on an unsupervised model of z, such as a Gaussian mixture, fails to generate interpretable results.

Keywords: conditional density estimation, image generation, normalizing flow, supervised dimension reduction

Procedia PDF Downloads 66

Authors: Rita Phillips, Mark Burgess, Maga Berlinski

Abstract:

Although the positive impact of religiosity on well-being, health, and life-coping abilities is well known, up to date research has failed to provide scientific evidence for the relationship reasons. Therefore the present study took a qualitative approach by examining how religiosity interacts in coping with emotionally distressful situations, for which wedding preparations are an example. Wedding preparations, related to the experience of ambiguous emotions, can be the reason for phases of high distress. Although being per-se religious ceremonies, they are also socially-scripted and characterized by people’s striving for personally meaningful celebrations. The negotiation of these many influences can evoke conflicts. To reveal components of religiosity which contribute to stress-resolution, eight biographic-narrative interviews with recently married spouses were conducted. Participants were from different nationalities and Catholic deep-belief communities in order to determine factors independent from national-culture and social-subgroup. The audio-tape recorded, transcribed and translated interviews were analyzed by Interpretative Phenomenological Analysis. Opposing previous research on wedding-related conflicts but in-line with the quantitative account on the relation between stress-resilience and religiosity, the present study found participants reporting very low levels of distress and ambiguity. Although similar areas of potential conflicts were revealed, deep-belief Christians seemed to handle them in a different way. Participants freed themselves from own and others’ rigor mundane expectations by their spiritual preparation and the focus on a divine instance. This evoked a feeling of perceived closeness to God and of unconditional love, resulting in acceptance of oneself and others. Through relativizing mundane goods, participants perceived absolute freedom. Thus belief did not supplement coping strategies, previously defined in the literature, but substituted them. The paper implies that in explaining the connection between stress-resilience and religiosity, one’s perception and experience of unconditional love might outweigh other social or personal factors. However, further qualitative investigations are needed to fully explain the phenomenon.

Keywords: deep-belief, religiosity, resilience, wedding

Procedia PDF Downloads 223

Authors: Jun Liu

Abstract:

This paper introduces a new bipartite key agreement (2PKA) protocol which provides unconditionally security and lightweight. The unconditional security is stemmed from the known impossibility of distinguishing a particular solution from all possible solutions of an underdetermined system of equations. The indistinguishability prevents an adversary from inferring to the common secret-key even with the access to an unlimited amount of computing capability. This new 2PKA protocol is also lightweight because that the calculation of a common secret-key only makes use of simple modular arithmetic. This information-theoretic 2PKA scheme provides the desired features of Key Confirmation (KC), Session Key (SK) security, Know-Key (KK) security, protection of individual privacy, and uniformly distributed value of a common key under prime modulus.

Keywords: bipartite key agreement, information-theoretic cryptography, perfect security, lightweight

Procedia PDF Downloads 29

Authors: R. O. Babatunde, O. M. Igbalajobi, F. Matambalya

Abstract:

Moderate economic growth in developing and emerging countries has led to improvement in the food consumption and nutrition situation in the last two decades. Nevertheless, about 870 million people, with a quarter of them from Sub-Saharan Africa, are still suffering from hunger worldwide. As part of measures to reduce the widespread poverty and hunger, cash transfer programmes are now being implemented in many countries of the world. While nationwide cash transfer schemes are few in Sub-Saharan Africa generally, the available ones are more concentrated in East and Southern Africa. Much of the available literature on social protection had focused on the poverty impact of cash transfer schemes at the household level, with the larger proportion originating from Latin America. On the contrary, much less empirical studies have been conducted on the poverty impact of cash transfer in Sub-Saharan Africa, let alone on the food security and nutrition impact. To fill this gap in knowledge, this paper examines the impact of cash transfer on food security in Nigeria. As a case study, the paper analysed the Ekiti State Cash Transfer Scheme (ECTS). ECTS is an unconditional transfer scheme which was established in 2011 to directly provide cash transfer to elderly persons aged 65 years and above in Ekiti State of Nigeria. Using survey data collected in 2013, we analysed the impact of the scheme on food availability and dietary diversity of the beneficiary households. Descriptive and Propensity Score Matching (PSM) techniques were used to estimate the Average Treatment Effect (ATE) and Average Treatment Effect on the Treated (ATT) among the beneficiary and control groups. Thereafter, a model to test for the impact of participation in the cash transfer scheme on calorie availability and dietary diversity was estimated. The results indicate that while households in the sample are clearly vulnerable, there were statistically significant differences between the beneficiary and control groups. For instance, monthly expenditure, calorie availability and dietary diversity were significantly larger among the beneficiary and consequently, the prevalence and depth of hunger were lower in the group. Econometric results indicate that the cash transfer has a positive and significant effect on food availability and dietary diversity in the households. Expanding the coverage of the present scheme to cover all eligible households in the country and incorporating cash transfer into a comprehensive hunger reduction policy will make it to have a greater impact at improving food security among the most vulnerable households in the country.

Keywords: calorie availability, cash transfers, dietary diversity, propensity score matching

Procedia PDF Downloads 344

Authors: Abbas Cheraghi

Abstract:

A key predistribution scheme provides one method to distribute secret ahead of time. Blom’s scheme is a symmetric threshold key exchange protocol in cryptography. The scheme was proposed by the Swedish cryptographer Rolf Blom. In this kind of scheme, trusted authority gives each user a secret key and a public identifier, which enables any two users to create independently a shared key for communicating between each other. However, if an attacker can compromise the keys of at least Known numbers of users, he can break the scheme and reconstruct every shared key. In this paper generalized Blom’s Scheme by multivariate Lagrange interpolation formula. This scheme is a form of threshold secret sharing scheme. In this new scheme, the amount of information transmitted by the trusted authority is independent of the numbers of users. In addition, this scheme is unconditionally secure against any individual user.

Keywords: key predistribution, blom’s scheme, secret sharing, unconditional secure

Procedia PDF Downloads 393

Authors: Lola Rosalia Saavedra Guzman, Plamen Neytchev Netchev

Abstract:

In general, agnosticism is perceived as an uncertainty between a well-structured (religious) belief (in some Christian or pagan deity) and its absolute and total absence, often causing the suspicion that an agnostic is an atheist, which is "reinsured" in case if their personal belief is wrong. All of this, along with the prevailing view among the naturalists that science has already demonstrated the inexistence of God, has compelled us to seek the foundation of agnosticism and faith in the contemporary formal human logic, advanced mathematics, and the natural sciences. Along the way, we will find that no natural science can demonstrate the existence of God, nor could it discard it for rational considerations, which show that there is something beyond. After all, it seems that the human intellect is insufficient to respond surely with yes or no to the existence of higher intelligences leaving unconditional faith as the only path to God for Christians and transcendent techniques, for pagan religious beliefs.

Keywords: agnosticism, formal logic, axioms and postulates, Gödel theorems, and logical faults

Procedia PDF Downloads 172

Authors: Akram Hatami, Naser Firoozi, Vesa Puhakka

Abstract:

Ethics and responsibility are rapidly becoming a distinguishing feature of organizations. In this paper, we analyze ethics and responsibility in shadow factories in China. We engage ourselves with Bauman’s moral impulse perspective because his idea can contextualize ethics and responsibility. Moral impulse is a feeling of a selfless, infinite and unconditional responsibility towards, and care for, Others. We analyze a case study from a secondary data source because, for such a critical phenomenon as business ethics in shadow factories, collecting primary data is difficult, since they are unregistered factories. We argue that there has not been enough attention given to the ethics and responsibility in shadow factories in China. Our main goal is to demonstrate that, considering the Other, more importantly the employees, in ethical decision-making is a simple instruction beyond the narrow version of ethics by ethical codes and rules.

Keywords: moral impulse, responsibility, shadow factories, Bauman’s moral impulse

Procedia PDF Downloads 281

Authors: Nisarg A. Patel, Hiren B. Patel

Abstract:

Quantum cryptography is described as a point-to-point secure key generation technology that has emerged in recent times in providing absolute security. Researchers have started studying new innovative approaches to exploit the security of Quantum Key Distribution (QKD) for a large-scale communication system. A number of approaches and models for utilization of QKD for secure communication have been developed. The uncertainty principle in quantum mechanics created a new paradigm for QKD. One of the approaches for use of QKD involved network fashioned security. The main goal was point-to-point Quantum network that exploited QKD technology for end-to-end network security via high speed QKD. Other approaches and models equipped with QKD in network fashion are introduced in the literature as. A different approach that this paper deals with is using QKD in existing protocols, which are widely used on the Internet to enhance security with main objective of unconditional security. Our work is towards the analysis of the QKD in Mobile ad-hoc network (MANET).

Keywords: cryptography, networking, quantum, encryption and decryption

Procedia PDF Downloads 144

Authors: Shuenn-Yih Chang, Chiu-Li Huang

Abstract:

Three structure-dependent integration methods have been developed for solving equations of motion, which are second-order ordinary differential equations, for structural dynamics and earthquake engineering applications. Although they generally have the same numerical properties, such as explicit formulation, unconditional stability and second-order accuracy, a different performance is found in solving the free vibration response to either linear elastic or nonlinear systems with high frequency modes. The root cause of this different performance in the free vibration responses is analytically explored herein. As a result, it is verified that a weak instability is responsible for the different performance of the integration methods. In general, a weak instability will result in an inaccurate solution or even numerical instability in the free vibration responses of high frequency modes. As a result, a weak instability must be prohibited for time integration methods.

Keywords: dynamic analysis, high frequency, integration method, overshoot, weak instability

Procedia PDF Downloads 194

Authors: Giriraj Achari, Malay Bhattacharyya

Abstract:

In this paper, the effectiveness of Copula Markov Switching Multifractal (MSM) models at forecasting Value-at-Risk of a two-stock portfolio is studied. The innovations are allowed to be drawn from distributions that can capture skewness and leptokurtosis, which are well documented empirical characteristics observed in financial returns. The candidate distributions considered for this purpose are Johnson-SU, Pearson Type-IV and α-Stable distributions. The two univariate marginal distributions are combined using the Student-t copula. The estimation of all parameters is performed by Maximum Likelihood Estimation. Finally, the models are compared in terms of accurate Value-at-Risk (VaR) forecasts using tests of unconditional coverage and independence. It is found that Copula-MSM-models with leptokurtic innovation distributions perform slightly better than Copula-MSM model with Normal innovations. Copula-MSM models, in general, produce better VaR forecasts as compared to traditional methods like Historical Simulation method, Variance-Covariance approach and Copula-Generalized Autoregressive Conditional Heteroscedasticity (Copula-GARCH) models.

Keywords: Copula, Markov Switching, multifractal, value-at-risk

Procedia PDF Downloads 142

Authors: Nadezda Sergunicheva, Victoria Vasilenko

Abstract:

The emotional sphere is one of the most important aspects of the child's development and significant factor in his psychological well-being. Present research aims to identify the relationships between emotional characteristics of preschoolers and parameters of family interaction: emotional interaction, parental styles, family adaptation, and cohesion. The study involved 40 people from Saint-Petersburg: 20 children (10 boys and 10 girls) from 5 to 6 years, Mage = 5 years 4 months and 20 mothers. Methods used were: Test 'Emotional identification' by E.Izotova, Empathy test by T. Gavrilova, Children's fears test by A. Zakharov, M. Panfilova, 'Parent-child emotional interaction questionnaire' by E. Zakharova, 'Analysis of family relationships questionnaire by E. Eidemiller and V. Yustitskis, Family Adaptation and Cohesion Scales (FACES III) by D. X. Olson, J. Portner, I. Lavi. Сorrelation analysis revealed that the higher index of underdevelopment of parental feelings, the lower the child’s ability to identify emotions (p < 0,05), but at the same time, the higher ability to understand emotional states (p < 0,01), as in the case of hypoprotection (p < 0,05). Two last correlations can be explained by compensatory mechanism. This is also confirmed by negative correlations between maternal educational uncertainty and child’s ability to understand emotional states and between indulgence and child’s ability to perceive emotional states (p < 0,05). The more pronounced the phobia of a child's loss, the higher egocentric nature of child’s empathy (p < 0,05). The child’s fears have the greatest number of relationships with the characteristics of family interaction. The more pronounced mother’s positive feelings in interaction, emotional support, acceptance of himself as a parent, desire for physical contact with child and the more adaptive the family system, the less the total number of child’s fears (p < 0,05). The more the mother's ability to perceive the child's state, positive feelings in interaction, emotional support (p < 0,01), unconditional acceptance of the child, acceptance of himself as a parent and the desire for physical contact (p < 0,05), the less the amount child’s spatial fears. Socially-mediated fears are associated with less pronounced mother's positive feelings in interaction, less emotional support and deficiency of demands, obligations (p < 0,05). Fears of animals and fairy-tale characters positively correlated with the excessive demands, obligations and excessive sanctions (p < 0,05). The more emotional support (p < 0,01), mother's ability to perceive the child's state, positive feelings in interaction, unconditional acceptance of the child, acceptance of himself as a parent (p < 0,05), the less the amount child’s fears of nightmares. This kind of fears is positively correlated with excessive demands, prohibitions (p < 0,05). The more adaptive the family system (p < 0,01), the higher family cohesion, mother's acceptance of himself as a parent and preference to childish traits (p < 0,05), the less fear of death. Thus, the children's fears have the closest relationships with the characteristics of family interaction. The severity of fears, especially spatial, is connected, first of all, with the emotional side of the mother-parent interaction. Fears of animals and fairy-tale characters are associated with some characteristics of the parental styles, connected with the rigor of mothers. Correlations of the emotional identification are contradictory and require further clarification. Research is supported by RFBR №18-013-00990.

Keywords: emotional characteristics, family interaction, fears, parental styles, preschoolers

Procedia PDF Downloads 240

Authors: Jamel Boukhatem, Semia Rachid, Marmar Nasr

Abstract:

Considering the differences between oil- and non-oil-producing countries, this paper aims to evaluate the impact of financial development (FD) and institutional quality (IQ) on CO2 emissions in 15 MENA (Middle East and North Africa) countries over the period 1996-2018 using the Panel ARDL approach. We found evidence to support an unconditional long run effect of FD on environmental conditions (EC), with quite significant differences between the two groups of countries. While FD leads to environmental degradation (ED) in non-oil-producing countries, it helps protect the environment in oil-producing ones. Regarding the effects of IQ on EC, they are not significant in both short- and long run for non-oil-producing countries, but they are significant for oil-producing ones only in the long run. In the short run, IQ indicators haven’t significant effects on EC for the two groups of countries.

Keywords: financial development, institutional quality, environmental conditions, Panel ARDL

Procedia PDF Downloads 50

Authors: Neil Michael Walsh, Angelique Lombarts

Abstract:

The authors propose that hospitality is ‘made’ (constituted and performed) in the encounters on the Silk-Routes. Inspired with an initial Derridean perspective on hospitality (the conditional/unconditional) and methodologically underpinned with a Delueuzian relational-rhizomatic approach, the authors contend that hospitality is (re)produced in the encounters of self/other, east/west (among others). Thus, in the spirit of performativity and using the temporal-spatial conduit of the Silk Routes (the sites of ethical, cultural, economic, and material interaction of such exchange), the authors concur that hospitality is produced at the moment in which it is performed. Key themes engaged as units of analysis become welcome, reception, hostility, (and so on) which the authors engage and examine –as they unfold- in the narratives and accounts and material legacies of those who travelled the Silk Routes between the 2nd and 18th Centuries. The preliminary results suggest that these earlier performative moments in hospitality-making on the silk routes continue to resonate and ‘form’ the hospitalities of today. Indeed, these acts of hospitality continue to reconstitute and are never a final state of affairs.

Keywords: hospitality-genealogy, interactions, hospitality-making, Silk-Routes, rhizome, relationality

Procedia PDF Downloads 106

Authors: Katleho Daniel Makatjane, Diteboho Lawrence Xaba, Ntebogang Dinah Moroke

Abstract:

The current study investigates the behaviour of time-varying parameters that are based on the score function of the predictive model density at time t. The mechanism to update the parameters over time is the scaled score of the likelihood function. The results revealed that there is high persistence of time-varying, as the location parameter is higher and the skewness parameter implied the departure of scale parameter from the normality with the unconditional parameter as 1.5. The results also revealed that there is a perseverance of the leptokurtic behaviour in stock returns which implies the returns are heavily tailed. Prior to model estimation, the White Neural Network test exposed that the stock price can be modelled by a GAS model. Finally, we proposed further researches specifically to model the existence of time-varying parameters with a more detailed model that encounters the heavy tail distribution of the series and computes the risk measure associated with the returns.

Keywords: generalized autoregressive score model, South Africa, stock returns, time-varying

Procedia PDF Downloads 477

Authors: Akhter Hussain Najar

Abstract:

Honey bees are the best insect grown on earth and are taking the lead in the global ecosystem. Life on earth depends upon honey bees pollinating each and every flower in its reign. The global economy is balanced by providing financial attribute due to the use of valuable resources generated from honey bees like honey, royal jelly, bee venom, propolis, bee wax even queens from parent colonies is now in demand. Livelihood stability is also maintained by the rearing of honey bees; beekeeping became a new professional work to be cared for by the experts. Indigenous methodologies are used to rear honey bees. The rearing of honey bees showed variation in different states like Uttar Pradesh, Rajasthan, Haryana, Punjab, Jammu, Kashmir, etc. The production of honey depends upon the area and the availability of crops and the colonies of beekeepers in these states. However, the kind of honey from Jammu and Kashmir, like Accacia and Solai, has different color and odour from the honey generated in the rest of the states. However, the nature and viscosity vary from state to state. But in the last few years, the honey from Jammu and Kashmir has given different shapes when kept at room temperature due to unconditional rainfall during honey peak season in J&K.

Keywords: ecosystem pollen, pollination, honey bee

Procedia PDF Downloads 80

Authors: Timothée Bligny, Clément Codron, Antoine Estruch, Nicolas Girodet, Clément Ginet

Abstract:

Collateralized Debt Obligations are not as widely used nowadays as they were before 2007 Subprime crisis. Nonetheless there remains an enthralling challenge to optimize cash flows associated with synthetic CDOs. A Gaussian-based model is used here in which default correlation and unconditional probabilities of default are highlighted. Then numerous simulations are performed based on this model for different scenarios in order to evaluate the associated cash flows given a specific number of defaults at different periods of time. Cash flows are not solely calculated on a single bought or sold tranche but rather on a combination of bought and sold tranches. With some assumptions, the simplex algorithm gives a way to find the maximum cash flow according to correlation of defaults and maturities. The used Gaussian model is not realistic in crisis situations. Besides present system does not handle buying or selling a portion of a tranche but only the whole tranche. However the work provides the investor with relevant elements on how to know what and when to buy and sell.

Keywords: synthetic collateralized debt obligation (CDO), credit default swap (CDS), cash flow optimization, probability of default, default correlation, strategies, simulation, simplex

Procedia PDF Downloads 245

Authors: Sarkar Humayun Kabir

Abstract:

This paper aims to investigate whether ethical investment instruments could contribute to stability in financial markets. In order to address the main issue, the study investigates the stability of return in seven conventional and Islamic equity markets of Asia, Europe and North America and in five major commodity markets starting from 1996 to June 2012. In addition, the study examines the unconditional correlation between returns of the assets under review to investigate portfolio diversification benefits of investors. Applying relevant methods, the study finds that investors may enjoy sustainable returns from their portfolios by investing in ethical financial instruments such as Islamic equities. In addition, it should be noted that most of the commodities, gold in particular, are either low or negatively correlated with equity returns. These results suggest that investors would be better off by investing in portfolios combining Islamic equities and commodities in general. The sustainable returns of ethical investments has important implications for the investors and markets since these investments can provide stable returns while the investors can avoid production of goods and services which believes to be harmful for human and the society as a whole.

Keywords: financial sustainability, ethical investment instruments, islamic equity, dynamic conditional correlation, conditional volatility

Procedia PDF Downloads 277

Authors: Rancy Chepchirchir Kosgey, John Olukuru

Abstract:

This study examines the impact of introduction of futures trading on the spot price volatility in the commodity market. The paper considers the United States of America, South Africa and Ethiopian economies. Three commodities i.e. coffee, maize and wheat from New York Merchantile Exchange, South African Futures Exchange and Ethiopian Commodity Exchange are analyzed. ARCH LM test is used to check for heteroskedasticity and GARCH and EGARCH are used to check for the behavior of volatility between the pre- and post-futures periods. For all the three economies, the results indicate presence of the ARCH effect in the log returns. For conditional and unconditional variances; spot price volatility for coffee has decreased after futures trading in all the economies and the EGARCH has also shown reduction in persistence of volatility in the post-futures period in the three economies; while that of maize has reduced for the Ethiopian economy while there has been an increase in both the US and South African economies. For wheat, the conditional variance has been found to rise in the post-futures period in all the three economies.

Keywords: derivatives, futures exchange, agricultural commodities, spot price volatility

Procedia PDF Downloads 410

Authors: Lucas Oliveira Gomes Ferreira, André Luiz Marques Serrano

Abstract:

The fiscal decentralization driven by the 1988 Constitution was responsible for granting greater autonomy to Brazilian subnational entities, as states and municipalities were entrusted with greater responsibilities to provide local public goods and services. However, the revenues necessary to implement the new attributions are largely received through intergovernmental transfers and not by local tax collection. The literature points out that public spending increases more by receiving unconditional and nonmatching (lump sum) intergovernmental grants than by an increase in taxpayers' income. This effect, called the flypaper effect, happens because the funds received could be used to reduce local taxes, meaning an increase in the citizen's private income. However, they are applied in the public sector in the form of expenses. The present work investigates the existence of the flypaper effect in Brazilian municipalities during the first two decades of the 21st century. The research uses the Municipal Participation Fund (FPM) as a grant proxy from 2000 to 2019 through econometrics of cross-section and panel data for all 5,568 municipalities. The results indicate the flypaper effect in Brazilian municipalities, as well as the proportional relationship between the receipt of constitutional transfers and the increase in public expenditure.

Keywords: flypaper effect, intergovernmental transfers, municipal participation fund, fiscal federalism

Procedia PDF Downloads 108

Authors: Lea Lachaud, Aida Raoult, Marion Trousselard, Francois B. Vialatte

Abstract:

This paper addresses mindfulness from a psychological and neuroscientific perspective, by studying how it modulates attention. Being mindful defines a state characterized by 1-an attention directed to the subjective experience of present moment, 2-an unconditional acceptance of this experience, and 3-the rejection of systematic rationalization in favor of plain awareness. The aim of this study is to investigate whether perceptual salience filters are lowered in a ‘mindful’ condition by exploring the role of being mindful in focused visual attention. Over the past decade, mindfulness therapies have seen a surge in popularity. While the outcomes of these therapies have been widely discussed, the mechanisms whereby meditation affects the brain remain mostly unknown. To explore the role of mindfulness in focused visual attention, we conducted a change blindness experiment on 24 subjects, 12 of them being mindful according to the Freiburg Mindfulness Inventory (FMI) scale. Our results suggest that mindful subjects are less affected by change blindness than non-mindful subjects. Furthermore, EEG measurements performed during the experiments may expose neural correlates specific to the mindful state on P300 evoked potentials. Finally, the analysis of both amplitude and latency caused by the perception of a change over 864 recordings may reveal biomarkers that are typical of this state. The paper concludes by discussing the implications of these results for further research.

Keywords: EEG, change blindness, mindfulness, p300, perception, visual attention

Procedia PDF Downloads 230