Search results for: hot and cold markets

Authors: Brownhilder N. Neneh, A. Van Aardt Smit

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Underpricing is one anomaly in initial public offerings (IPO) literature that has been widely observed across different stock markets with different trends emerging over different time periods. This study seeks to determine how IPOs on the JSE performed on the first day, first week and first month over the period of 1996-2011. Underpricing trends are documented for both hot and cold market periods in terms of four main sectors (cyclical, defensive, growth stock and interest rate sensitive stocks). Using a sample of 360 listed companies on the JSE, the empirical findings established that IPOs on the JSE are significantly underpriced with an average market adjusted first day return of 62.9%. It is also established that hot market IPOs on the JSE are more underpriced than the cold market IPOs. Also observed is the fact that as the offer price per share increases above the median price for any given period, the level of underpricing decreases substantially. While significant differences exist in the level of underpricing of IPOs in the four different sectors in the hot and cold market periods, interest rates sensitive stocks showed a different trend from the other sectors and thus require further investigation to uncover this pattern.

Keywords: Underpricing, hot and cold markets, South Africa, JSE.

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Authors: Derya Ören Duran, Şeyma Akalin Benderli

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Cold press technique is a traditional method to obtain oil. The cold-pressing procedure involves neither heat nor chemical treatments; therefore, cold press technique has low oil yield. The cold pressed herbal material residue still contains some oil after cold press. In this study, the oil that is remained in the cold pressed aniseed was extracted with hexane; and it was analyzed to determine physicochemical properties and quality parameters. It was found that the aniseed after cold press process still contained 10% oil. The values of other analysis parameters were 2.1 mgKOH/g for free fatty acid (FFA) and 7.6 meq0₂/kg for peroxide. Cold pressed aniseed oil values were determined as 2.1 mgKOH/g for FFA and 4.5 meq0₂/kg for peroxide, respectively. In addition, fatty acid composition was analyzed, and it was found that both types of oil had same fatty acid compositions. The main fatty acids were oleic, linoleic and palmitic acids.

Keywords: Aniseed oil, cold press, extraction, residue.

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Authors: Gong Jie, Yu Qianxu, Liu Min, Shan Weiwei

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The design of methods of the 20 K large dimension cold shield used for infrared radiation demarcating in space environment simulation test were introduced in this paper. The cold shield were cooled by five G-M cryocoolers , and the dimension of the cold shield is the largest in our country.Cold shield installation and distribution and compensator for contraction on cooling were introduced detailedly. The temperature distribution and cool-down time of cold shield surface were also calculated and analysed in this paper. The design of cold shield resolves the difficulty of compensator for contraction on cooling successfully. Test results show that the actual technical performance indicators of cold shield met and exceeded the design requirements.

Keywords: cold shield, G-M cryocooler，infrared radiometer demarcating, satellite, space environment simulation equipments

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Authors: Tadashi Watanabe

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The LSTF experiment simulating the SGTR accident at the Mihama Unit-2 reactor is analyzed using the RELAP5/MOD3.3 code. In the accident, and thus in the experiment, the ECC water was injected not only into the cold legs but into the upper plenum. Overall transients during the experiment such as pressures and fluid temperatures are simulated well by the code. The cold-leg fluid temperatures are shown to decrease if the upper plenum injection system is connected to the cold leg. It is found that the cold-leg fluid temperatures also decrease if the upper-plenum injection is not used and the cold-leg injection alone is actuated.

Keywords: SGTR, LSTF, RELAP5, ECCS.

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Authors: Dimitris Georgoutsos, Petros M. Migiakis

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The concurrent era is characterised by strengthened interactions among financial markets and increased capital mobility globally. In this frames we examine the effects the international financial integration process has on the European bond markets. We perform a comparative study of the interactions of the European and international bond markets and exploit Cointegration analysis results on the elimination of stochastic trends and the decomposition of the underlying long run equilibria and short run causal relations. Our investigation provides evidence on the relation between the European integration process and that of globalisation, viewed through the bond markets- sector. Additionally the structural formulation applied, offers significant implications of the findings. All in all our analysis offers a number of answers on crucial queries towards the European bond markets integration process.

Keywords: financial integration, bond markets, cointegration

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Authors: Myo Min Aung, Yoon Seok Chang, Woo Ram Kim

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This paper presents a cold chain monitoring system which focuses on assessment of quality and dynamic pricing information about food in cold chain. Cold chain is composed of many actors and stages; however it can be seen as a single entity since a breakdown in temperature control at any stage can impact the final quality of the product. In a cold chain, the shelf life, quality, and safety of perishable food throughout the supply chain is greatly impacted by environmental factors especially temperature. In this paper, a prototype application is implemented to retrieve timetemperature history, the current quality and the dynamic price setting according to changing quality impacted by temperature fluctuations in real-time.

Keywords: Cold chain, monitoring, quality, temperature, traceability.

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Authors: Mohd Hazwan bin Yusof, Hiroshi Katanoda

Abstract:

In order to clarify the structure of the cold flow discharged from the vortex tube (VT), the pressure of the cold flow was measured, and a simple flow visualization technique using a 0.75mm-diameter needle and an oily paint is made to study the reverse flow at the cold exit. It is clear that a negative pressure and positive pressure region exist at a certain pressure and cold fraction area, and that a reverse flow is observed in the negative pressure region.

Keywords: Flow visualization, Pressure measurement, Reverse flow, Vortex tube.

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Authors: Nasser Ghassembaglou, Armin Rahmatfam, Faramarz Ranjbar

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Using cold EGR method with variable venturi and turbocharger has a very significant effect on reduction of NOX and grime simultaneously. EGR cooler is one of the most important parts in the cold EGR circuit. In this paper optimum design of cooler for working in different percentages of EGR and for determining optimum temperature of exhausted gases, growth of efficiency, reduction of weight, dimension, expenditures, sediment and also optimum performance by using gasoil which has significant amounts of brimstone are investigated and optimized.

Keywords: Cold EGR, NOX, Cooler.

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Authors: Urvi Shriram

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The higher compounded growth rates coupled with favourable demographics in emerging markets portend abundant opportunities for multinational organizations. With many organizations competing for talent in these growing markets, their ability to succeed will depend on their understanding of local workforce needs and aspirations. Using data from the Towers Watson 2010 Global Workforce Study, this paper highlights differences in employee engagement, turnover risks, and attraction and retention drivers between the two markets. Apart from looking at the traditional drivers of employee engagement, the study also explores the value placed by employees on elements like a strong senior leadership, managerial capabilities and career advancement opportunities. Results reveal that emerging markets employees seem to be more engaged and value the non-traditional elements more highly than the developed markets employees.

Keywords: Attraction and retention drivers, emerging markets, employee engagement, turnover risk

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Authors: Mira Trebar

Abstract:

Logistics processes of perishable food in the supply chain include the distribution activities and the real time temperature monitoring to fulfil the cold chain requirements. The paper presents the use of RFID (Radio Frequency Identification) technology as an identification tool of receiving and shipping activities in the cold store. At the same time, the use of RFID data loggers with temperature sensors is presented to observe and store the temperatures for the purpose of analyzing the processes and having the history data available for traceability purposes and efficient recall management.

Keywords: Logistics, warehouse, RFID device, cold chain.

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Authors: Seyed Habib A. Rahmati, Arash Haji Karimi, Reza Saffari, Zeeya Rashvand

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An important official knowledge in each country is to have a comprehensive knowledge about markets of each group of products. Drink markets are one the most important markets of each country as a sub-group of nourishment markets. This paper is going to study these markets in Iran. To do so, first, two drink products are selected as pilot, including milk and concentrate. Then, for each product, two groups of information are estimated for the last five years, including 1) total consumption (demand) and 2) total production. Finally, the two groups of productions are compared statistically by means of two statistical tests called t test and Mann- Whitney test. The implemented Different related tables and figures are also illustrated to show the method more explicitly.

Keywords: Market evaluation, Drink, Estimation, Mann- Whitney test

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Authors: Abir Hmida, Nihel Chekir, Ammar Ben Brahim

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In the present paper, we investigate the feasibility of a thermal solar driven cold room in Gabes, southern region of Tunisia. The cold room of 109 m³ is refrigerated using an ammonia absorption machine. It is destined to preserve dates during the hot months of the year. A detailed study of the cold room leads previously to the estimation of the cooling load of the proposed storage room in the operating conditions of the region. The next step consists of the estimation of the required heat in the generator of the absorption machine to ensure the desired cold temperature. A thermodynamic analysis was accomplished and complete description of the system is determined. We propose, here, to provide the needed heat thermally from the sun by using vacuum tube collectors. We found that at least 21m² of solar collectors are necessary to accomplish the work of the solar cold room.

Keywords: Absorption, ammonia, cold room, solar collector, vacuum tube.

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Authors: Zina Ghiloufi, Tahar Khir

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A transient three-dimensional computational fluid dynamics (CFD) model is developed to determine the velocity and temperature distribution in different positions cold room during pre-cooling of dates. The turbulence model used is the k-ω Shear Stress Transport (SST) with the standard wall function, the air. The numerical results obtained show that cooling rate is not uniform inside the room; the product at the medium of room has a slower cooling rate. This cooling heterogeneity has a large effect on the energy consumption during cold storage.

Keywords: Numerical simulation, CFD, k-ω (SST), cold room, dates, cooling rate.

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Authors: Tanyatorn Panyasopon

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Many Thai movies have been very popular domestically and internationally. Some movies were box office hits and receiving awards. However, there has not yet been research about how Thai movies can sell in international markets The objectives of the research were 1) To analyze the characteristics of Thai movies that can sell to world audiences; 2) To investigate the factors making Thai movies into foreign markets. Thai film professionals were interviewed. Their ideas were analyzed to find out what factors contributing to Thai movies widely seen in worldwide markets. Nine foreign audiences were also interviewed to reveal what characteristics of Thai movies would be well accepted by the markets. The results showed that major characteristics of Thai movies proving successful worldwide were cultural and exotic Thai movies, outstanding genres, well-known actors, music and songs. Factors contributing to global market were marketing, qualities of Thai movies, and financial support from the government.

Keywords: Characteristics, factors, international markets, Thai movies.

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Authors: Abolfazl Rashidi Asl, Siroos Mahfoozi, Mohammad Reza Bihamta

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Low temperature (LT) is one of the most abiotic stresses causing loss of yield in wheat (T. aestivum). Four major genes in wheat (Triticum aestivum L.) with the dominant alleles designated Vrn–A1,Vrn–B1,Vrn–D1 and Vrn4, are known to have large effects on the vernalization response, but the effects on cold hardiness are ambiguous. Poor cold tolerance has restricted winter wheat production in regions of high winter stress [9]. It was known that nearly all wheat chromosomes [5] or at least 10 chromosomes of 21 chromosome pairs are important in winter hardiness [15]. The objective of present study was to clarify the role of each chromosome in cold tolerance. With this purpose we used 20 isogenic lines of wheat. In each one of these isogenic lines only a chromosome from ‘Bezostaya’ variety (a winter habit cultivar) was substituted to ‘Capple desprez’ variety. The plant materials were planted in controlled conditions with 20º C and 16 h day length in moderately cold areas of Iran at Karaj Agricultural Research Station in 2006-07 and the acclimation period was completed for about 4 weeks in a cold room with 4º C. The cold hardiness of these isogenic lines was measured by LT50 (the temperature in which 50% of the plants are killed by freezing stress).The experimental design was completely randomized block design (RCBD)with three replicates. The results showed that chromosome 5A had a major effect on freezing tolerance, and then chromosomes 1A and 4A had less effect on this trait. Further studies are essential to understanding the importance of each chromosome in controlling cold hardiness in wheat.

Keywords: Cold hardiness, isogenic lines, LT50 , Triticum.

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Authors: Laura Lukmanto, Harya Widiputra, Lukas

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Studies in economics domain tried to reveal the correlation between stock markets. Since the globalization era, interdependence between stock markets becomes more obvious. The Dynamic Interaction Network (DIN) algorithm, which was inspired by a Gene Regulatory Network (GRN) extraction method in the bioinformatics field, is applied to reveal important and complex dynamic relationship between stock markets. We use the data of the stock market indices from eight countries around the world in this study. Our results conclude that DIN is able to reveal and model patterns of dynamic interaction from the observed variables (i.e. stock market indices). Furthermore, it is also found that the extracted network models can be utilized to predict movement of the stock market indices with a considerably good accuracy.

Keywords: complex dynamic relationship, dynamic interaction network, interactive stock markets, stock market interdependence.

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Authors: P. R. Prabhu, S. M. Kulkarni, S. S. Sharma

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Deep cold rolling (DCR) is a cold working process, which easily produces a smooth and work-hardened surface by plastic deformation of surface irregularities. In the present study, the influence of main deep cold rolling process parameters on the surface roughness and the hardness of AISI 4140 steel were studied by using fractional factorial design of experiments. The assessment of the surface integrity aspects on work material was done, in terms of identifying the predominant factor amongst the selected parameters, their order of significance and setting the levels of the factors for minimizing surface roughness and/or maximizing surface hardness. It was found that the ball diameter, rolling force, initial surface roughness and number of tool passes are the most pronounced parameters, which have great effects on the work piece-s surface during the deep cold rolling process. A simple, inexpensive and newly developed DCR tool, with interchangeable collet for using different ball diameters, was used throughout the experimental work presented in this paper.

Keywords: Deep cold rolling, design of experiments, surface hardness, surface roughness

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Authors: A. Dulaimi, H. Al Nageim, F. Ruddock, L. Seton

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This study aims at developing a novel cold asphalt concrete binder course mixture by using Ordinary Portland Cement (OPC) as a replacement for conventional mineral filler (0%-100%) with new by-product material (LJMU-A2) used as a supplementary cementitious material. With this purpose, cold asphalt concrete binder course mixtures with cationic emulsions were studied by means of stiffness modulus whereas water sensitivity was assessed by measuring the stiffness modulus ratio before and after sample conditioning. The results indicate that a substantial enhancement in the stiffness modulus and a considerable improvement of water sensitivity resistance is achieved by adding LJMU-A2 to the cold asphalt mixtures as a supplementary cementitious material. Moreover, the addition of LJMU-A2 to those mixtures leads to a stiffness modulus after 2-day curing compared to that obtained with Portland cement, which occurs after 7-day curing.

Keywords: Binder course, cold mix asphalt, cement, stiffness modulus, water sensitivity.

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Authors: Abdullah M. Algarni, Yashwant K. Malaiya

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Some of the key aspects of vulnerability—discovery, dissemination, and disclosure—have received some attention recently. However, the role of interaction among the vulnerability discoverers and vulnerability acquirers has not yet been adequately addressed. Our study suggests that a major percentage of discoverers, a majority in some cases, are unaffiliated with the software developers and thus are free to disseminate the vulnerabilities they discover in any way they like. As a result, multiple vulnerability markets have emerged. In some of these markets, the exchange is regulated, but in others, there is little or no regulation. In recent vulnerability discovery literature, the vulnerability discoverers have remained anonymous individuals. Although there has been an attempt to model the level of their efforts, information regarding their identities, modes of operation, and what they are doing with the discovered vulnerabilities has not been explored.

Reports of buying and selling of the vulnerabilities are now appearing in the press; however, the existence of such markets requires validation, and the natures of the markets need to be analyzed. To address this need, we have attempted to collect detailed information. We have identified the most prolific vulnerability discoverers throughout the past decade and examined their motivation and methods. A large percentage of these discoverers are located in Eastern and Western Europe and in the Far East. We have contacted several of them in order to collect firsthand information regarding their techniques, motivations, and involvement in the vulnerability markets. We examine why many of the discoverers appear to retire after a highly successful vulnerability-finding career. The paper identifies the actual vulnerability markets, rather than the hypothetical ideal markets that are often examined. The emergence of worldwide government agencies as vulnerability buyers has significant implications. We discuss potential factors that can impact the risk to society and the need for detailed exploration.

Keywords: Risk management, software security, vulnerability discoverers, vulnerability markets.

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Authors: Mohammad Ali Tabarzad, Caro Lucas, Nassim Jafarzadeh Eslami

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After the development of the Internet a suitable discipline for trading goods electronically has been emerged. However, this type of markets is not still mature enough in order to become independent and get closer to seller/buyer-s needs. Furthermore, the buyable and sellable goods in these markets still don-t have essential standards for being well-defined. In this paper, we will present a model for development of a market which can contain goods with variable definitions and we will also investigate its characteristics. Besides, by noticing the fact that people have different discriminations, it-s figured out that the significance of each attribute of a specific product may vary from different people-s view points. Consequently we-ll present a model for weighting and accordingly different people-s view points could be satisfied. These two aspects will be discussed completely throughout this paper.

Keywords: Electronic markets, selection of multi attributegoods, data infusion.

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Authors: Arash Sharghi, Irina Dotu

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The developments in the Middle East region have activated the involvement of a numerous diverse state and non-state actors in the regional affairs. The goals, positions, ideologies, different, and even contrast policy behaviors had procured the spreading and continuity of crisis. Non-state actors varying from Islamic organizations to takfiri-terrorist movements on one hand and regional and trans- regional actors, from another side, seek to reach their interests in the power struggle. Here, a research worthy question comes on the agenda: taking into consideration actors’ contradictory interests and constraints what are the regional peace and stability perspectives? Therein, different actors’ aims definition, their actions and behaviors, which affect instability, can be regarded as independent variables; whereas, on the contrary, Middle East peace and stability perspective analysis is a dependent variable. Though, this regional peace and war theory based research admits the significant influence of trans-regional actors, it asserts the roots of violence to derive from region itself. Consequently, hot war and conflict prevention and hot peace assurance in the Middle East region cannot be attained only by demands and approaches of trans-regional actors. Moreover, capacity of trans-regional actors is sufficient only for a cold war or cold peace to be reached in the region. Furthermore, within the framework of current conflict (struggle) between regional actors it seems to be difficult and even impossible to turn the cold war into a cold peace in the region.

Keywords: Cold peace, cold war, hot war, Middle East, non-state actors, regional and Great powers, war theory.

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Authors: Jan Cernohorsky

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This article aims to assess the evolution of imperfect competition in selected banking markets, in particular in the banking markets of Slovakia, Poland, Hungary, Slovenia and Croatia. Another objective is to assess the evolution of the relationship of imperfect competition and profit development in the banking markets. The article first provides an overview of literature on the topic. It then measures the degree of imperfect competition in individual markets using the Herfindahl-Hirschman Index. The commonly used indicator of total assets was chosen as an indicator. Based on this measurement, the individual banking sectors are categorized into theoretical definitions of the various types of imperfect competition - namely all surveyed banking sectors falling within the theoretical definition of monopolistic competition. Subsequently, using correlation analysis, i.e., the Pearson correlation coefficient, or the Spearman correlation coefficient, the connection between the evolution of imperfect competition and the development of the gross profit on selected banking markets was surveyed. It was found that with the exception of the banking market in Slovenia, where there is a positive correlation; there is no correlation between the evolution of imperfect competition and profit development in the selected markets. This means a recommendation for the regulators that it is not appropriate to rationalize a higher degree of regulation in granting banking licenses on the size of the profits attained in the banking market, as the relationship between the degree of concentration in the banking market and the amount of profit according to our measurements does not exist.

Keywords: Banking system, imperfect competition, profitability.

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Authors: Adeosun S. Oluropo, Sekunowo O. Israel, Talabi S. Isaac

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This study investigated the combined effect of cold rolling and heat treatment on the mechanical properties of Al-Ti alloy. Samples of the alloy are cast in metal mould to obtain 0.94-2.19wt% mixes of titanium. These samples are grouped into untreated (as-cast) and those that are cold rolled to fifty percent reduction, homogenized at 500⁰C and soaked for one hour. The cold rolled and heat treated samples are normalized (RT_n) and quench-tempered (RT_q-t) at 100⁰C. All these samples are subjected to tensile, micro-hardness and microstructural evaluation. Results show remarkable improvement in the mechanical properties of the cold rolled and heat treated samples compared to the as-cast. In particular, the RT_q-t samples containing titanium in the range of 1.7-2.2% demonstrates improve tensile strength by 24.7%, yield strength, 28%, elastic modulus, 38.3% and micro-hardness, 20.5%. The Al₃Ti phase being the most stable precipitate in the α-Al matrix appears to have been responsible for the significant improvement in the alloy’s mechanical properties. It is concluded that quench and temper heat treatment is an effective method of improving the strength-strain ratio of cold rolled Al-.0.9-2.2%Ti alloy.

Keywords: Aluminum-titanium alloy, heat treatment, mechanical properties, precipitate.

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Authors: Khaled Alenezi, Talal Alhajri, M. M. Tahir, Mohamed Ragaee K. Badr, S. O. Bamaga

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The population growth in the world requires an increase in demand of residential and housing construction. Using lightweight construction materials such as cold formed steel sections and ferrocement could be an alternate solution to foster the construction industry. In this study, a new composite column is introduced. It consists of cold formed steel section and ferrocement jacket. The ferrocement jacket was constructed using self-compacting mortar with two wire steel mesh of 550 MPa yield strength. Experimental push out tests was conducted to investigate the strength capacities and behavior of proposed shear connectors namely, bolt, bar-angle and self-drilling screw shear connectors. It was found that bolt connector showed the best behavior followed by bar-angle. Also, it was concluded that the ferrocement could be used to strength and improve the behavior of cold formed steel column.

Keywords: Cold formed steel, composite column, push out test, shear connector, ferrocement, strengthen method.

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Authors: A. Watanapa, S. Torsakul

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This study was aimed to explain the influence of surface roughness of the drawbead on non-symmetry deep drawing cold rolled steel sheet to improve the drawability of cold rolled steel sheet. The variables used in this study included semi-circle drawbead with 3 levels of surface roughness which are 6.127 mm Ra, 0.963 mm Ra and 0.152 mm Ra and cold rolled steel sheet according to 3 grades of the JIS standards which are SPCC, SPCE and SPCD with the thickness of 1.0 mm and the blankholder force which is 50% of the drawing force and the depth of 50 mm. According to the test results, when there was the increase in the surface roughness of drawbead, there would be the increase in deep drawing force, especially the SPCC cold rolled steel sheet. This is similar to the increase in the equivalent strain and the wall thickness distribution when the surface roughness of the drawbead increased. It could be concluded that the surface roughness of drawbead has an influence on deep drawing cold rolled steel sheet, especially the drawing force, the equivalent strain and the wall thickness distribution.

Keywords: Drawbead, Deep Drawing, Drawing Force, Equivalent Strain, Surface roughness

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Authors: Indrijuli Magsari Putri, Dicky R. Munaf

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The purpose of this paper is to guide the effort in improving the economic added value of Indonesian fisheries product through post fishing program, which is cold storage program. Indonesia's fisheries potential has been acknowledged by the world. FAO (2009) stated that Indonesia is one of the tenth highest producers of fishery products in the world. Based on BPS (Statistics Indonesia data), the national fisheries production in 2011 reached 5.714 million tons, which 93.55% came from marine fisheries and 6.45% from open waters. Indonesian territory consist of 2/3 of Indonesian waters, has given enormous benefits for Indonesia, especially fishermen. To improve the economic level of fishermen requires efforts to develop fisheries business unit. On of the efforts is by improving the quality of products which are marketed in the regional and international levels. It is certainly need the support of the existence of various fishery facilities (infrastructure to superstructure), one of which is cold storage. Given the many benefits of cold storage as a means of processing of fishery resources, Indonesia Maritime Security Coordinating Board (IMSCB) as one of the maritime institutions for maritime security and safety, has a program to empower the coastal community through encourages the development of cold storage in the middle and lower fishery business unit. The development of cold storage facilities which able to run its maximum role requires synergistic efforts of various parties.

Keywords: Cold Storage, Fish, Regulation.

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Authors: M. S. Osman, A. A. Tharwat, I. A. El-Khodary, A. G. Chalabi

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In this paper, we propose a multiple objective optimization model with respect to portfolio selection problem for investors looking forward to diversify their equity investments in a number of equity markets. Based on Markowitz-s M-V model we developed a Fuzzy Mixed Integer Multi-Objective Nonlinear Programming Problem (FMIMONLP) to maximize the investors- future gains on equity markets, reach the optimal proportion of the budget to be invested in different equities. A numerical example with a comprehensive analysis on artificial data from several equity markets is presented in order to illustrate the proposed model and its solution method. The model performed well compared with the deterministic version of the model.

Keywords: Equity Markets, Future Scenarios, PortfolioSelection, Multiple Criteria Fuzzy Optimization

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Authors: Maziyar Nouraee

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Electronic markets in recent decades contribute remarkably in business transactions. Many organizations consider traditional ways of trade non-economical and therefore they do trade only through electronic markets. There are different categorizations of electronic markets functions. In one classification, functions of electronic markets are categorized into classes as information, transactions, and value added. In the present paper, effects of the three classes on the two major elements of the supply chain management are measured. The two elements are decrease in the product unit cost and reduction in response time to the customer. The results of the current research show that among nine minor elements related to the three classes of electronic markets functions, six factors and three factors influence on reduction of the product unit cost and reduction of response time to the customer, respectively.

Keywords: Electronic Commerce, Electronic Market, B2B Trade, Supply Chain Management.

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Authors: A. Iqbal, N. Khalid, S. Rafiq

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The interrelationship between international stock markets has been a key study area among the financial market researchers for international portfolio management and risk measurement. The characteristics of security returns and their dynamics play a vital role in the financial market theory. This study is an attempt to find out the dynamic linkages among the equity market of USA and emerging markets of Pakistan and India using daily data covering the period of January 2003–December 2009. The study utilizes Johansen (Journal of Economic Dynamics and Control, 12, 1988) and Johansen and Juselius (Oxford Bulletin of Economics and Statistics, 52, 1990) cointegration procedure for long run relationship and Granger-causality tests based on Toda and Yamamoto (Journal of Econometrics, 66, 1995) methodology. No cointegration was found among stock markets of USA, Pakistan and India, while Granger-causality test showed the evidence of unidirectional causality running from New York stock exchange to Bombay and Karachi stock exchanges.

Keywords: Causality, Cointegration, India, Pakistan, Stock Markets, US.

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Authors: F. Abujalala, A. Elmangoush, M. Ashibani

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The adoption of Blockchain technology introduces the possibility to decentralize cold chain systems. This adaptation enhances them to be more efficient, accessible, verifiable, and data security. Additionally, the Internet of Things (IoT) concept is considered as an added-value to various application domains. Cargo tracking and cold chain are a few to name. However, the security of the IoT transactions and integrated devices remains one of the key challenges to the IoT application’s success. Consequently, Blockchain technology and its consensus protocols have been used to solve many information security problems. In this paper, we discuss the advantages of integrating Blockchain technology into IoT platform to improve security and provide an overview of existing literature on integrating Blockchain and IoT platforms. Then, we present the immunization cold chain solution as a use-case that could be applied to any critical goods based on integrating Hyperledger fabric platform and IoT platform.

Keywords: Blockchain, Hyperledger fabric, internet of things, security, traceability.

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