Search results for: consumer market for mineral waters

Authors: Somdech Rungsrisawat

Abstract:

The purpose of this research is to study of consumer perception and understanding consumer buying behavior that related between satisfied and factors affecting the purchasing. Methodology can be classified between qualitative and quantitative approaches for the qualitative research were interviews from middlemen who bought organic vegetables, and middlemen related to production and marketing system. A questionnaire was utilized as a tool to collect data. Statistics utilized in this research included frequency, percentage, mean, standard deviation, and multiple regression analysis. The result show the reason to decision buying motives is Fresh products of organic vegetables is the most significant factor on individuals’ income, with a b of –.143, t = –2.470, the price of organic vegetables is the most significant factor on individuals’ income, with a b of .176, t = 2.561, p value = .011. The results show that most people with higher income think about the organic products are expensive and have negative attitudes towards organic vegetable as individuals with low and medium income level. Therefore, household income had a significant influence on the purchasing decision.

Keywords: Consumer behaviors, Consumer perceptions, Organic Vegetable.

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Authors: Weijun Bao, Huiquan Li

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Using steelmaking slag as a raw material, aragonite superstructure product had been synthesized via an indirect CO2 mineral sequestration rout. It mainly involved two separate steps, in which the element of calcium is first selectively leached from steelmaking slag by a novel leaching media consisting of organic solvent Tributyl phosphate (TBP), acetic acid, and ultra-purity water, followed by enhanced carbonation in a separate step for aragonite superstructure production as well as efficiency recovery of leaching media. Based on the different leaching medium employed in the steelmaking slag leaching process, two typical products were collected from the enhanced carbonation step. The products were characterized by X-ray powder diffraction (XRD) and scanning electron microscopy (SEM), respectively. It reveals that the needle-like aragonite crystals self-organized into aragonite superstructure particles including aragonite microspheres as well as dumbbell-like spherical particles, can be obtained from the steelmaking slag with the purity over 99%.

Keywords: Aragonite superstructure, Steelmaking slag, Indirect CO2 mineral sequestration, Selective leaching, Enhanced carbonation.

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Authors: Sunday. E. Ogundipe, Abiola Idowu, Lawrencia. O. Ogundipe

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This study examines the impact of working capital management on firms- performance and market value of the firms in Nigeria. A sample of fifty four non-financial quoted firms in Nigeria listed on the Nigeria Stock Exchange was used for this study. Data were collected from annual reports of the sampled firms for the period 1995-2009. This result shows there is a significant negative relationship between cash conversion cycle and market valuation and firm-s performance. It also shows that debt ratio is positively related to market valuation and negatively related firm-s performance. The findings confirm that there is a significant relationship between Market valuation, profitability and working capital component in line with previous studies. This mean that Nigeria firms should ensure adequate management of working capital especially cash conversion cycle components of account receivables, account payables and inventories, as efficiency working capital management is expected to contribute positively to the firms- market value.

Keywords: Cash Conversion Cycle, Firms' Performance, Market Valuation, Working Capital Management

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Authors: Rahim Ada, Mustafa Harmankaya, Sadiye Ayse Celik

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The safflower seed contains about 25-40% solvent extract and 20-33% fiber. It is well known that dietary phospholipids lower serum cholesterol levels effectively. The nutrient composition of safflower seed changes depending on region, soil and genotypes. This research was made by using of six natural selected (A22, A29, A30, C12, E1, F4, G8, G12, J27) and three commercial (Remzibey, Dincer, Black Sun1) varieties of safflower genotypes. The research was conducted on field conditions for two years (2009 and 2010) in randomized complete block design with three replications in Konya-Turkey ecological conditions. Oil contents, mineral contents and their correlations were determined in the research. According to the results, oil content was ranged from 22.38% to 34.26%, while the minerals were in between the following values: 1469, 04-2068.07 mg kg^-1 for Ca, 7.24-11.71 mg kg^-1 for B, 13.29-17.41 mg kg^-1 for Cu, 51.00-79.35 mg kg^-1 for Fe, 3988-6638.34 mg kg^-1 for K, 1418.61-2306.06 mg kg^-1 for Mg, 11.37-17.76 mg kg^-1 for Mn, 4172.33-7059.58 mg kg^-1 for P and 32.60-59.00 mg kg^-1 for Zn. Correlation analysis that was made separately for the commercial varieties and wild lines showed that high level of oil content was negatively affected by all the investigated minerals except for K and Zn in the commercial varieties.

Keywords: Safflower, oil, mineral content, quality.

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Authors: A. Irina Mikajlo, B. Jakub Elbl, C. Antonín Kintl, D. Jindřich Kynický, E. Martin Brtnický, F. Jaroslav Záhora

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Present work deals with the possible use of fertigation in agriculture and its impact on the availability of mineral nitrogen (Nmin) in topsoil and subsoil horizons. The aim of the present study is to demonstrate the effect of the organic matter presence in fertigation on microbial transformation and availability of mineral nitrogen forms. The main investigation reason is the potential use of pretreated waste water, as a source of organic carbon (Corg) and residual nutrients (Nmin) for fertigation. Laboratory experiment has been conducted to demonstrate the effect of the arable land fertilization method on the Nmin availability in different depths of the soil with the usage of model experimental containers filled with soil from topsoil and podsoil horizons that were taken from the precise area. Tufted hairgrass (Deschampsia caespitosa) has been chosen as a model plant. The water source protection zone Brezova nad Svitavou has been a research area where significant underground reservoirs of drinking water of the highest quality are located. From the second half of the last century local sources of drinking water show nitrogenous compounds increase that get here almost only from arable lands. Therefore, an attention of the following text focuses on the fate of mineral nitrogen in the complex plant-soil. Research results show that the fertigation application with Corg in a combination with mineral fertilizer can reduce the amount of Nmin leached from topsoil horizon of agricultural soils. In addition, some plants biomass production reduces may occur.

Keywords: Fertigation, fertilizers, mineral nitrogen, soil microorganisms.

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Authors: F. Gökgöz, M. E. Atmaca

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Electricity plays an indispensable role in human life and the economy. It is a unique product or service that must be balanced instantaneously, as electricity is not stored, generation and consumption should be proportional. Effective and efficient use of electricity is very important not only for society, but also for the environment. A competitive electricity market is one of the best ways to provide a suitable platform for effective and efficient use of electricity. On the other hand, it carries some risks that should be carefully managed by the market players. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Markowitz’s Mean-variance, Down-side and Semi-variance methods for a case study. Performance of optimal electricity sale solutions are measured and evaluated via Sharpe-Ratio, and the optimal portfolio solutions are improved. Two years of historical weekdays’ price data of the Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: Electricity market, portfolio optimization, risk management in electricity market, Sharpe ratio.

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Authors: Ioan Popa, Cristiana Tudor, Radu Lupu

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The interdependences among stock market indices were studied for a long while by academics in the entire world. The current financial crisis opened the door to a wide range of opinions concerning the understanding and measurement of the connections considered to provide the controversial phenomenon of market integration. Using data on the log-returns of 17 stock market indices that include most of the CEE markets, from 2005 until 2009, our paper studies the problem of these dependences using a new methodological tool that takes into account both the volatility clustering effect and the stochastic properties of these linkages through a Dynamic Conditional System of Simultaneous Equations. We find that the crisis is well captured by our model as it provides evidence for the high volatility – high dependence effect.

Keywords: Stock market interdependences, Dynamic System ofSimultaneous Equations, financial crisis

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Authors: C. Asarkaya, S. Z. Siretioglu Girgin

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Turkish migrants constitute the largest group among people with migration background living in Germany. Turkish women’s labor market participation is of significant importance for their social and economic integration to the German society. This paper thus aims to investigate their labor market positions. Turkish migrant women participate less in the labor market compared to men, and are responsible for most of the housework, child care, and elderly care. This is due to their traditional roles in the family, educational level, insufficient knowledge of German language, and insufficient professional experience. We strongly recommend that wide-reaching integration policies for women are formulated, so as to encourage participation of not only migrant women but also their husbands, fathers and/or brothers, and natives.

Keywords: Empowerment, Germany, Labor Market, Migration, Turkish, Women.

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Authors: P. Ondee, S. Pannarunothai

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In Thailand, both the 1997 and the current 2007 Thai Constitutions have mentioned the establishment of independent organizations as a new mechanism to play a key role in proposing policy recommendations to national decision-makers in the interest of collective consumers. Over the last ten years, no independent organizations have yet been set up. Evidently, nobody could point out who should be key players in establishing provincial independent consumer bodies. The purpose of this study was to find definitive stakeholders in establishing and developing independent consumer bodies in a Thai context. This was a cross-sectional study between August and September 2007, using a postal questionnaire with telephone follow-up. The questionnaire was designed and used to obtain multiple stakeholder assessment of three key attributes (power, interest and influence). Study population was 153 stakeholders associated with policy decision-making, formulation and implementation processes of civil-based consumer protection in pilot provinces. The population covered key representatives from five sectors (academics, government officers, business traders, mass media and consumer networks) who participated in the deliberative forums at 10 provinces. A 49.7% response rate was achieved. Data were analyzed, comparing means of three stakeholder attributes and classification of stakeholder typology. The results showed that the provincial health officers were the definitive stakeholders as they had legal power, influence and interest in establishing and sustaining the independent consumer bodies. However, only a few key representatives of the provincial health officers expressed their own paradigm on the civil-based consumer protection. Most provincial health officers put their own standpoint of building civic participation at only a plan-implementation level. For effective policy implementation by the independent consumer bodies, the Thai government should provide budgetary support for the operation of the provincial health officers with their paradigm shift as well as their own clarified standpoint on corporate governance.

Keywords: Civic participation, civil society, consumerprotection, independent organization, policy decision-making, stakeholder analysis.

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Authors: F. Gökgöz, M. E. Atmaca

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Electricity has an indispensable role in human daily life, technological development and economy. It is a special product or service that should be instantaneously generated and consumed. Sources of the world are limited so that effective and efficient use of them is very important not only for human life and environment but also for technological and economic development. Competitive electricity market is one of the important way that provides suitable platform for effective and efficient use of electricity. Besides benefits, it brings along some risks that should be carefully managed by a market player like Electricity Generation Company. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Value at Risk methods for case studies. Performance of optimal electricity sale solutions are measured and the portfolio performance has been evaluated via Sharpe-Ratio, and compared with conventional approach. Biennial historical electricity price data of Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: Electricity market, portfolio optimization, risk management, Sharpe ratio, value at risk.

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Authors: Chanin Yoopetch, Natcha Toemtemsab

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The purpose of this study was to explore the demographic differences of international tourists according to three main factors, including the value of time, shopping behavior and shopping motivation. The Chatuchak Weekend Market is known as one of the biggest weekend markets in the world. Too little academic studies had been conducted in this area of weekend market, despite its growth and continuous development. In general, both domestic visitors and international tourists are attracted to the perception of cheap and bargaining prices the weekend market. However, systematic research study can provide reliable understanding of the perception of the visitors. This study focused on the group of international tourists who visited the market and aimed to provide better insights based on the differences in their demographic factors. Findings indicated that several differences in value of time, shopping behavior, and shopping motivation were identified by gender, income and age. Research implications and directions for further studies were discussed.

Keywords: Value of Time, Shopping Behavior, Shopping Motivation, Chatuchak Weekend Market.

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Authors: Norazah Mohd Suki, Norbayah Mohd Suki

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Online shopping enables consumers to search for information and purchase products or services through direct interaction with online store. This study aims to examine the effect of Internet marketing environment, product characteristics, familiarity and confidence, and promotional offers on consumer online shopping behavior. 200 questionnaires were distributed to the respondents, who are students and staff at a public university in the Federal Territory of Labuan, Malaysia, following simple random sampling as a means of data collection. Multiple regression analysis was used as a statistical measure to determine the strength of the relationship between one dependent variable and a series of other independent variables. Results revealed that familiarity and confidence was found to greatly influence consumer online shopping behavior followed by promotional offers. A clear understanding of consumer online shopping behavior can help marketing managers predict the online shopping rate and evaluate the future growth of online commerce.

Keywords: Internet Marketing Environment, Product Characteristics, Multiple Regression Analysis, Malaysia.

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Authors: Umapriya.R., S.Shrihari

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Drinking water is one of the most valuable resources available to mankind. The presence of pathogens in drinking water is highly undesirable. Because of the Lateritic soil, the iron concentrations were high in ground water. High concentration of iron and other trace elements could restrict bacterial growth and modify their metabolic pattern as well. The bacterial growth rate reduced in the presence of iron in water. This paper presents the results of a controlled laboratory study conducted to assess the inhibition of micro-organism (pathogen) in well waters in the presence of dissolved iron concentrations. Synthetic samples were studied in the laboratory and the results compared with field samples. Predictive model for microbial inhibition in the presence of iron is presented. It was seen that the bore wells, open wells and the field results varied, probably due to the nature of micro-organism utilizing the iron in well waters.

Keywords: Disinfection, Disinfectant, Iron, Laterite.

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Authors: Chutarat Boontho

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The purposes of this study were as follows to evaluate the economic value of Phu Kradueng National Park by the travel cost method (TCM) and the contingent valuation method (CVM) and to estimate the demand for traveling and the willingness to pay. The data for this study were collected by conducting two large scale surveys on users and non-users. A total of 1,016 users and 1,034 non-users were interviewed. The data were analyzed using multiple linear regression analysis, logistic regression model and the consumer surplus (CS) was the integral of demand function for trips. The survey found, were as follows: 1)Using the travel cost method which provides an estimate of direct benefits to park users, we found that visitors- total willingness to pay per visit was 2,284.57 bath, of which 958.29 bath was travel cost, 1,129.82 bath was expenditure for accommodation, food, and services, and 166.66 bath was consumer surplus or the visitors -net gain or satisfaction from the visit (the integral of demand function for trips). 2) Thai visitors to Phu Kradueng National Park were further willing to pay an average of 646.84 bath per head per year to ensure the continued existence of Phu Kradueng National Park and to preserve their option to use it in the future. 3) Thai non-visitors, on the other hand, are willing to pay an average of 212.61 bath per head per year for the option and existence value provided by the Park. 4) The total economic value of Phu Kradueng National Park to Thai visitors and non-visitors taken together stands today at 9,249.55 million bath per year. 5) The users- average willingness to pay for access to Phu Kradueng National Park rises from 40 bath to 84.66 bath per head per trip for improved services such as road improvement, increased cleanliness, and upgraded information. This paper was needed to investigate of the potential market demand for bio prospecting in Phu Kradueng national Park and to investigate how a larger share of the economic benefits of tourism could be distributed income to the local residents.

Keywords: Contingent Valuation Method, Travel Cost Method, Consumer surplus.

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Authors: Svetlana T. Djambova, Natalia B. Ivanova, Roumiana A. Zaharieva

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Small size acoustic chamber test method has been applied to experimentally evaluate and compare the airborne sound insulation provided by plasterboard sandwich panels filled with mineral wool and with its alternative from recycled textile material (produced by two different technologies). An original small-size acoustic chamber is used as a sound source room. It has been specially built in a real-size room, which is utilized as a sound receiving room. The experimental results of one of the recycled textile material specimens have demonstrated sound insulation properties similar to those of the mineral wool specimen and even superior in the 1600-3150 Hz frequency range. This study contributes to the improvement of recycled textile material production, as well as to the synergy of heat insulation and sound insulation performances of building materials.

Keywords: Airborne sound insulation, heat insulation products, mineral wool, recycled textile material.

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Authors: A. Novikova, L. Rocchi, G. Startiene

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Market and non-market outputs are produced jointly in agriculture. Their supply depends on the intensity and type of production. The role of agriculture as an economic activity and its effects are important for the Lithuanian case study, as agricultural land covers more than a half of country. Positive and negative externalities, created in agriculture are not considered in the market. Therefore, specific techniques such as stated preferences methods, in particular choice experiments (CE) are used for evaluation of non-market outputs in agriculture. The main aim of this paper is to present construction of the research path for evaluation of non-market farming system outputs in Lithuania. The conventional and organic farming, covering crops (including both cereal and industrial crops) and livestock (including dairy and cattle) production has been selected. The CE method and nested logit (NL) model were selected as appropriate for evaluation of non-market outputs of different farming systems in Lithuania. A pilot survey was implemented between October–November 2018, in order to test and improve the CE questionnaire. The results of the survey showed that the questionnaire is accepted and well understood by the respondents. The econometric modelling showed that the selected NL model could be used for the main survey. The understanding of the differences between organic and conventional farming by residents was identified. It was revealed that they are more willing to choose organic farming in comparison to conventional farming.

Keywords: Choice experiments, farming system, Lithuania market outputs, non-market outputs.

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Authors: M. Kargar, A. Isazadeh, F. Fartash, T. Saderi

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In this paper we suggest a method for setting electronic credits for the customers. In this method banks and market-sites help each other to make doing large shopping through internet so easy. By developing this system, the people who have less money to buy most of the things they want, become able to buy all of them just through a credit. This credit is given by market-sites through a banking control on it. The method suggested can stop being imprisoned because of banking debts.

Keywords: E-Business, E-Credit, Market-site, Buy-site, Bank, E-Commerce.

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Authors: Sang Hoon Kang, Seong-Min Yoon

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Little attention has been paid to information transmission between the portfolios of large stocks and small stocks in the Korean stock market. This study investigates the return and volatility transmission mechanisms between large and small stocks in the Korea Exchange (KRX). This study also explores whether bad news in the large stock market leads to a volatility of the small stock market that is larger than the good news volatility of the large stock market. By employing the Granger causality test, we found unidirectional return transmissions from the large stocks to medium and small stocks. This evidence indicates that pat information about the large stocks has a better ability to predict the returns of the medium and small stocks in the Korean stock market. Moreover, by using the asymmetric GARCH-BEKK model, we observed the unidirectional relationship of asymmetric volatility transmission from large stocks to the medium and small stocks. This finding suggests that volatility in the medium and small stocks following a negative shock in the large stocks is larger than that following a positive shock in the large stocks.

Keywords: Asymmetric GARCH-BEKK model, Asymmetric volatility transmission, Causality, Korean stock market, Spillover effect

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Authors: Olga V. Krivobokova

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A major goal of any enterprise is to create a ratings system of customer satisfaction, goods and services. It is obvious that the company cannot change what is not measured. In order to get a clearer picture of the preferences of the major consumer groups, this stage should be based on extensive research, including a variety of interviews and surveys. It is necessary to know the key benefits, which determine customer satisfaction in the market segment, of the properties of certain goods and services. It is important to estimate the terms of these preferences from the viewpoint of the client. This article discusses the importance of customer satisfaction, and ways of assessing it.

Keywords: Costs, customer, evaluation, organization, producer, quality management, satisfaction.

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Authors: Khatesiree Sripoothon, Usanee Sengpanich, Rattana Sittioum

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The objective of this study is to examine the factors influencing consumer purchasing decisions about healthy food. This model consists of two latent variables: Consumer Perception relating to NCDs and Consumer Perceived Product Value. The study was conducted in the northern provinces of Thailand, which are popular with tourists and have received support from the government for health and wellness tourism. A survey was used as the data collection method, and the questionnaire was applied to 385 consumers. An accidental sampling method was used to identify the sample. The statistics of frequency, percentage, mean, and structural equation model were used to analyze the data obtained. Additionally, all factors had a significant positive influence on healthy food purchasing decisions (p<0.001) and were predictive of healthy food purchasing decisions at 46.20% (R2=0.462). Also, these findings seem to underline the supposition that consumer perceptions of NCDs and perceived product value are key variables that strengthen the competitive effects of healthy-friendly business entrepreneurs. Moreover, it reduces the countries' public health costs for treating patients with the disease of NCDs in Thailand.

Keywords: healthy food, perceived product value, perception of noncommunicable diseases, purchasing decisions

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Authors: Naser Zourikalatehsamad, Seyed Abdorreza Payambarpour, Ibrahim Alwashali, Zahra Abdolkarimi

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The paper aims to evaluate the effect of online advertising on consumer purchase behavior in Malaysian organizations. The paper has potential to extend and refine theory. A survey was distributed among Students of UTM university during the winter 2014 and 160 responses were collected. Regression analysis was used to test the hypothesized relationships of the model. Result shows that the predictors (cost saving factor, convenience factor and customized product or services) have positive impact on intention to continue seeking online advertising.

Keywords: Consumer purchase, convenience, customized product, cost saving, customization, flow theory, mass communication, online advertising ads, online advertising measurement, online advertising mechanism, online intelligence system, self-confidence, willingness to purchase.

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Authors: Ling Shi Cai, Leau Yu Beng, Charlie Albert Lasuin, Tan Soo Fun, Chin Pei Yee

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This paper explains the development of Multifunctional Barcode Inventory Management System (MBIMS) to manage inventory and stock ordering. Today, most of the retailing market is still manually record their stocks and its effectiveness is quite low. By providing MBIMS, it will bring effectiveness to retailing market in inventory management. MBIMS will not only save time in recording input, output and refilling the inventory stock, but also in calculating remaining stock and provide auto-ordering function. This system is developed through System Development Life Cycle (SDLC) and the flow and structure of the system is fully built based on requirements of a retailing market. Furthermore, this system has been developed from methodical research and study where each part of the system is vigilantly designed. Thus, MBIMS will offer a good solution to the retailing market in achieving effectiveness and efficiency in inventory management.

Keywords: Inventory, Retailing Market, Barcode, Automated Alerting and Ordering

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Authors: B. Soleimani

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Paleoclimate was reconstructed by the clay mineral assemblages of shale units of Pabdeh (Paleocene- Oligocene), Gurpi (Upper Cretaceous), Kazhdumi (Albian-Cenomanian) and Gadvan (Aptian-Neocomian) formations in the Bangestan anticline. To compare with clay minerals assemblages in these formations, selected samples also taken from available formations in drilled wells in Ahvaz, Marun, Karanj, and Parsi oil fields. Collected samples prepared using standard clay mineral methodology. They were treated as normal, glycolated and heated oriented glass slides. Their identification was made on X-Ray diffractographs. Illite % varies from 8 to 36. Illite quantity increased from Pabdeh to Gurpi Formation. This may be due to dominant dry climate. Kaolinite is in range of 12-49%. Its variation style in different formations could be a marker of climate changes from wet to dry which is supported by the lithological changes. Chlorite (4-28%) can also be detected in those samples without any kaolinite. Mixed layer minerals as the mixture of illite-chlorite and illite-vermiculite-montmorillonite are varied from 6 to 36%, decreased during Kazhdumi deposition from the base to the top. This result may be according to decreasing of illite leaching process. Vermiculite was also determined in very less quantity and found in those units without kaolinite. Montmorillonite varies from 8 to 43%, and its presence is due to terrestrial depositional condition. Stratigraphical documents is also supported this idea that clay mineral distribution is a function of the climate changes. It seems, thus, the present results can be indicated a possible procedure for ancient climate changes evaluation.

Keywords: Clay Minerals, Paleoclimate, XRD, oriented slide

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Authors: Reinhold Decker, Christian Holsing, Sascha Lerke

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This paper presents a new growing neural network for cluster analysis and market segmentation, which optimizes the size and structure of clusters by iteratively checking them for multivariate normality. We combine the recently published SGNN approach [8] with the basic principle underlying the Gaussian-means algorithm [13] and the Mardia test for multivariate normality [18, 19]. The new approach distinguishes from existing ones by its holistic design and its great autonomy regarding the clustering process as a whole. Its performance is demonstrated by means of synthetic 2D data and by real lifestyle survey data usable for market segmentation.

Keywords: Artificial neural network, clustering, multivariatenormality, market segmentation, self-organization

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Authors: Sergio Perez Rodriguez

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Findings of a production model of Artisanal and Small-Scale Mining (ASM) of coltan ore by an average Democratic Republic of Congo (DRC) mineworker are presented in this paper. These can be used as a reference for a similar characterization of the daily labor of counterparts from other countries in the Africa's Great Lakes region. To that end, the Fundamental Equation of Mineral Production has been applied in this paper, considering a miner's average daily output of coltan, estimated in the base of gross statistical data gathered from reputable sources. Results indicate daily yields of individual miners in the order of 300 g of coltan ore, with hourly peaks of production in the range of 30 to 40 g of the mineral. Yields are expected to be in the order of 5 g or less during the least productive hours. These outputs are expected to be achieved during the halves of the eight to 10 hours of daily working sessions that these artisanal laborers can attend during the mining season.

Keywords: Coltan, mineral production, Production to Reserve ratio, artisanal mining, small-scale mining, ASM, human work, Great Lakes region, Democratic Republic of Congo.

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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: Mikel Alonso López, María Francisca Blasco López, Víctor Molero Ayala

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The present study explains the somatic marker theory of Antonio Damasio, which indicates that when making a decision, the stored or possible future scenarios (future memory) images allow people to feel for a moment what would happen when they make a choice, and how this is emotionally marked. This process can be conscious or unconscious. The development of new Neuromarketing techniques such as functional magnetic resonance imaging (fMRI), carries a greater understanding of how the brain functions and consumer behavior. In the results observed in different studies using fMRI, the evidence suggests that the somatic marker and future memories influence the decision-making process, adding a positive or negative emotional component to the options. This would mean that all decisions would involve a present emotional component, with a rational cost-benefit analysis that can be performed later.

Keywords: Emotions, decision making, somatic marker, consumer´s brain.

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Authors: Senem Suna, Canan Ece Tamer, Ömer Utku Çopur

Abstract:

In this research, dried linden (Tilia argentea) leaves and blossoms were used as a raw material for mineral enriched herbal tea beverage production. For this aim, %1 dried linden was infused with boiling water (100 °C) for 5 minutes. After cooling, sucrose, citric acid, ascorbic acid, natural lemon flavor and natural mineral water were added. Beverage samples were plate filtered, filled into 200-mL glass bottles, capped then pasteurized at 98 °C for 15 minutes. Water soluble dry matter, titratable acidity, ascorbic acid, pH, minerals (Fe, Ca, Mg, K, Na), color (L*, a*, b*), turbidity, bioaccessible phenolics and antioxidant capacity were analyzed. Water soluble dry matter, titratable acidity, and ascorbic were determined as 7.66±0.28 g/100 g, 0.13±0.00 g/100 mL, and 19.42±0.62 mg/100 mL, respectively. pH was measured as 3.69. Fe, Ca, Mg, K and Na contents of the beverage were determined as 0.12±0.00, 115.48±0.05, 34.72±0.14, 48.67±0.43 and 85.72±1.01 mg/L, respectively. Color was measured as 13.63±0.05, -4.33±0.05, and 3.06±0.05 for L*, a*, and b* values. Turbidity was determined as 0.69±0.07 NTU. Bioaccessible phenolics were determined as 312.82±5.91 mg GAE/100 mL. Antioxidant capacities of chemical (MetOH:H₂O:HCl) and physiological extracts (in vitro digestive enzymatic extraction) with DPPH (27.59±0.53 and 0.17±0.02 μmol trolox/mL), FRAP (21.01±0.97 and 13.27±0.19 μmol trolox/mL) and CUPRAC (44.71±9.42 and 2.80±0.64 μmol trolox/mL) methods were also evaluated. As a result, enrichment with natural mineral water was proposed for the development of functional and nutritional values together with a good potential for commercialization.

Keywords: Antioxidant capacity, bioaccessibility, herbal tea beverage, linden.

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Authors: Chonlada Bennett, Phumon Sookwong, Sakul Moolkam, Sivapong Naruebal Sugunya Mahatheeranont

Abstract:

The cultivation of black glutinous rice rich in anthocyanins can provide great benefits to both farmers and consumers. Total anthocyanins content and yield component data of black glutinous rice cultivar (KHHK) grown with the addition of mineral elements (Ca, Mg, Cu, Cr, Fe and Se) under soilless conditions were studied. Ca application increased seed anthocyanins content by three-folds compared to controls. Cu application to rice plants obtained the highest number of grains panicle, panicle length and subsequently high panicle weight. Se application had the largest effect on leaf anthocyanins content, the number of tillers, number of panicles and 100-grain weight. These findings showed that the addition of mineral elements had a positive effect on increasing anthocyanins content in black rice plants and seeds as well as the heightened development of black glutinous rice plant growth.

Keywords: Anthocyanins, black glutinous rice, mineral elements, soilless culture.

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Authors: Craig M. Allen

Abstract:

Twenty two African entrepreneurs with Small and Medium Enterprises (SMEs) in a single social network centered around a non-Muslim population in a smaller African country, selected an Islamic financing structure, a form of Murabaha, based solely on market rationale. These entrepreneurs had all won procurement contracts from major purchasers of goods within their country and faced difficulty arranging traditional bank financing to support their supply-chain needs. The Murabaha-based structure satisfied their market-driven demand and provided an attractive alternative to the traditional bank-offered lending products. The Murabaha-styled trade-financing structure was not promoted with any religious implications, but solely as a market solution to the existing problems associated with bank-related financing. This indicates the strong market forces that draw SMEs to financing structures that are traditionally considered within the framework of Islamic finance.

Keywords: Africa, entrepreneurs, Islamic finance, market acceptance, Murabaha, SMEs.

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