Search results for: national financial inclusion strategy

Authors: Cleopatra Gittens

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It has been recognized that some social security and national insurance systems in the Eastern Caribbean are experiencing ageing populations and economic and other crises that will present a financial challenge of being unable to pay pension benefits in fifteen to twenty years. This has implications for the fiscal and economic positions of the countries themselves. Hence, organizations would need to address the issue urgently. The study adds to the body of knowledge on social security systems and social security reforms in Small Island Developing States (SIDS). It also makes recommendations for the types of reforms that social security systems in other SIDS can implement given their special circumstances. Secondary research is used to gather financial and other related information on three social security schemes in the Eastern Caribbean. Actuarial and financial reports and other documents of the social security systems are analysed to obtain financial and static data on each of the schemes. The findings show that the three schemes studied are experiencing steady increases in benefit expenditure versus contributions and increasing pensioner to insured ratios. The schemes will deplete their reserves between 2038 and 2050. Two of the schemes have increased their retirement age while the other has not embarked on any reforms. One scheme has made changes to its contribution percentages. Due to their small size, small populations and other unique circumstances, the social security schemes in the identified territories are not likely to be able to take advantage of all of the reform initiatives that the developed world embarked on when faced with similar problems. These schemes will need to make incremental changes that align with the timeframes recommended by the actuarial studies.

Keywords: Pension benefits, pension, Small Island Developing States, Social Security Reform.

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Authors: Valeri Arghutashvili, Mari Gogochuri

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Tourism industry development is one of the key priorities in Georgia, as it has positive influence on economic activities. Its contribution is very important for the different regions, as well as for the national economy. Benefits of the tourism industry include new jobs, service development, and increasing tax revenues, etc. The main aim of this research is to review and analyze the potential of the Georgian tourism industry with its long-term strategy and current challenges. To plan activities in a long-term development, it is required to evaluate several factors on the regional and on the national level. Factors include activities, transportation, services, lodging facilities, infrastructure and institutions. The major research contributions are practical estimates about regional tourism development which plays an important role in the integration process with global markets.

Keywords: Regional tourism, tourism industry, tourism in Georgia, tourism benefits.

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Authors: Humayun Murshed, Shibly Abdullah

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The research conducted in early seventies apparently assumed the existence of a universal decision model for union negotiators and furthermore tended to regard financial information as a ‘neutral’ input into a rational decision making process. However, research in the eighties began to question the neutrality of financial information as an input in collective bargaining rather viewing it as a potentially effective means for controlling the labour force. Furthermore, this later research also started challenging the simplistic assumptions relating particularly to union objectives which have underpinned the earlier search for universal union decision models. Despite the above developments there seems to be a dearth of studies in developing countries concerning the use of financial information in collective bargaining. This paper seeks to begin to remedy this deficiency. Utilising a case study approach based on two enterprises, one in the public sector and the other a multinational, the universal decision model is rejected and it is argued that the decision whether or not to use financial information is a contingent one and such a contingency is largely defined by the context and environment in which both union and management negotiators work. An attempt is also made to identify the factors constraining as well as promoting the use of financial information in collective bargaining, these being regarded as unique to the organisations within which the case studies are conducted.

Keywords: Collective Bargaining, Developing Countries, Disclosures, Financial Information.

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Authors: Ali Serhan Koyuncugil, Nermin Ozgulbas

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In this paper, a data mining model to SMEs for detecting financial and operational risk indicators by data mining is presenting. The identification of the risk factors by clarifying the relationship between the variables defines the discovery of knowledge from the financial and operational variables. Automatic and estimation oriented information discovery process coincides the definition of data mining. During the formation of model; an easy to understand, easy to interpret and easy to apply utilitarian model that is far from the requirement of theoretical background is targeted by the discovery of the implicit relationships between the data and the identification of effect level of every factor. In addition, this paper is based on a project which was funded by The Scientific and Technological Research Council of Turkey (TUBITAK).

Keywords: Risk Management, Financial Risk, Operational Risk, Financial Early Warning System, Data Mining, CHAID Decision Tree Algorithm, SMEs.

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Authors: Ziyad Aljarboua

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In this paper, we present a technical and an economic assessment of several sources of renewable energy in Saudi Arabia; mainly solar, wind, hydro and biomass. We analyze the environmental and climatic conditions in relation to these sources and give an overview of some of the existing clean energy technologies. Using standardized cost and efficiency data, we carry out a cost benefit analysis to understand the economic factors influencing the sustainability of energy production from renewable sources in light of the energy cost and demand in the Saudi market. Finally, we take a look at the Saudi petroleum industry and the existing sources of conventional energy and assess the potential of building a successful market for renewable energy under the constraints imposed by the flow of subsidized cheap oil. We show that while some renewable energy resources are well suited for distributed or grid connected generation in the kingdom, their viability is greatly undercut by the well developed and well capitalized oil industry.

Keywords: Energy strategy, energy policy, renewable energy, Saudi Arabia, oil.

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Authors: Monika Dwilinska

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Innovations, especially technological, are considered key-drivers for sustainable economic growth and competitiveness in the globalised world. As such they should also play an important role in the process of economical convergence inside the EU. Unfortunately, the problem of insufficient innovation performance concerns around half of the EU countries. Poland shows that a lack of a consistent high-tech financing system constitutes a serious obstacle for the development of innovative firms. In this article we will evaluate these questions referring to the example of Ammono S.A., a Polish company established to develop and commercialise an original technology for the production of bulk GaN crystals. We will focus on its efforts to accumulate the financial resources necessary at different stages of its development. The purpose of this article is to suggest possible ways to improve the national innovative system, which would make it more competent in generating high-tech leaders.

Keywords: High-tech financing, innovation, national innovative system

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Authors: Hamzah Hussein Al-mawali, Yuserrie Zainuddin, Noor Nasir Kader Ali

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The purpose of this paper is to contribute to the body of knowledge in the area of management accounting, particularly performance measurement systems within the BSC framework, by investigating empirically the extent of multiple performance measures usage and their effects on the financial performance of Jordanian banks in the branches level. Nevertheless, the result of this study shows that the non-financial measures usages, particularly, customer oriented indicators and product/ service oriented indicators, appears to be important as it enhances firm performance. Remarkably, the findings reveal that there is positive relationship between the usages of multiple performance measures via overall BSC measures and financial performance in the branches level.

Keywords: Performance measurements systems, BalancedScorecard, Jordan.

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Authors: Smagulova A. S, Basitova A. N

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The objectification of the Russian and Kazakh concepts, identify significant national identity, which reflects the cultural and social interpersonal are discussed in this article.

Keywords: Concept, national identity, linguistic objectification, the category of picture of the world, cognitive symptoms, linguistic objectification.

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Authors: G. Anugkakul, S. Yordchim

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The objectives were to study language learning strategies (LLSs) employed by Chinese students, and the frequency of LLSs they used, and examine the relationship between the use of LLSs and gender. The Strategy Inventory for Language Learning (SILL) by Oxford was administered to thirty-six Chinese students at Suan Sunandha Rajabhat University in Thailand. The data obtained was analyzed using descriptive statistics and chi-square tests. Three useful findings were found on the use of LLSs reported by Chinese students. First, Chinese students used overall LLSs at a high level. Second, among the six strategy groups, Chinese students employed compensation strategy most frequently and memory strategy least frequently. Third, the research results also revealed that gender had significant effect on Chinese Student’s use of overall LLSs.

Keywords: English language, Language Learning Strategy, Chinese Students, Gender.

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Authors: S. Anastasiou, C. Nathanailides, P. Logothetis, G. Kanlis

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The purpose of the present work is to review some data for the management challenges that the aquaculture industry in Greece is currently facing. The results indicate that Greek aquaculture fish farms apply Human Resources Management (HRM) practices which can increase motivation, commitment and job satisfaction of their personnel. In turn, these practices can increase the productivity of the business. The Greek fish farms appear to invest in research and technological innovation with a good record in research activities and the generation of patents. Interestingly, the results of the present work were carried out during the period of the recent economic crisis in Greece. Several sectors of the Greek economy were severely affected by the financial problems of the Greek government and the Greek banks. Under the adverse economical conditions created by the Greek economic crisis, even the Greek aquaculture industry, which historically is considered as a thriving national exporting business sector, experienced harsh economic and market conditions. As a result of the global, European and national economic crisis, consumption of fish dropped while companies had to hold most of their stocked fish in order to regulated the flow to the market and the price. This occurred at a time where Banks in Greece had their own financial crisis – banking crisis - which resulted in limited access to lending for the all business sectors of the national economy including the Greek aquaculture industry. In spite of these economic conditions, the Greek aquaculture industry, after a series of mergers and acquisitions, has now stabilized production and exhibits very good prospects for future growth. Evidently, the firms had to cut salaries and on some occasions even pay their staff in arrears. Nevertheless, the results presented in this paper indicate that during the economic crisis, the surveyed fish farms maintained their HRM practices, investing in their human capital and technological input. In fact, human capital and technological input are the ticket for future success of companies in any business sector.

Keywords: Aquaculture, Human Resources Management.

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Authors: Alexey Kulik

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This article deals with selection standards for national sport teams. The author examines the legal framework for selection criteria and suggests using the most honest criteria.

Keywords: National teams, Standards of forming teams, Selection standards, Sport legislations.

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Authors: Zahra Amirhosseini, Alireza Bashiri

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The aim of this study was to examine and identify the type of Iranian financial market in terms of being symmetrical or asymmetrical and to measure relationship between type of market and the market's indices. In this study, daily information on the market-s Share Price Index, Industrial Index and Top Fifty Most Active Companies during the years 1999-2010 has been used. In addition, to determine type of the financial market, rate of return on Security is taken into account. In this research, by using logistic regression analysis methods, relationship of the market type with the above mentioned indices have been examined. The results showed that the type of the financial market has a positive significant association with market share price index and Industrial Index. Index of Top Fifty Most Active Companies is significantly associated with type of financial market, however this relationship is inverse.

Keywords: All Share Price Index, Asymmetrical Market, Industrial Index, Symmetrical Market, Top Fifty Most Active Companies Index

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Authors: Pranee Pathomchaiwat

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The purposes of this research are 1) to study English language learning strategies used by the fourth-year students majoring in English and Business English, 2) to study the English language learning strategies which have an affect on English learning achievement, and 3) to compare the English language learning strategies used by the students majoring in English and Business English. The population and sampling comprise of 139 university students of the Suan Sunandha Rajabhat University. Research instruments are language learning strategies questionnaire which was constructed by the researcher and improved on by three experts and the transcripts that show the results of English learning achievement. The questionnaire includes 1) Language Practice Strategy 2)Memory Strategy 3) Communication Strategy 4)Making an Intelligent Guess or Compensation Strategy 5) Self-discipline in Learning Management Strategy 6) Affective Strategy 7)Self-Monitoring Strategy 8) Self-studySkill Strategy. Statistics used in the study are mean, standard deviation, T-test and One Way ANOVA, Pearson product moment correlation coefficient and Regression Analysis. The results of the findings reveal that the English language learning strategies most frequently used by the students are affective strategy, making an intelligent guess or compensation strategy, self-studyskill strategy and self-monitoring strategy respectively. The aspect of making an intelligent guess or compensation strategy had the most significant affect on English learning achievement. It is found that the English language learning strategies mostly used by the Business English major students and moderately used by the English major students. Their language practice strategies uses were significantly different at the 0.05 level and their communication strategies uses were significantly different at the 0.01 level. In addition, it is found that the poor students and the fair ones most frequently used affective strategy while the good ones most frequently used making an intelligent guess or compensation strategy. KeywordsEnglish language, language learning strategies, English learning achievement, and students majoring in English, Business English. Pranee Pathomchaiwat is an Assistant Professor in Business English Program, Suan Sunandha Rajabhat University, Bangkok, Thailand (e-mail: [email protected]).

Keywords: English language, language learning strategies, English learning achievement, students majoring in English, Business English

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Authors: S. Forughi, A. De Zoysa, S. Bhati

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The present study focuses on the environmental performance of the companies in the electricity-producing sector and its relationship with their financial performance. We will review the major studies that examined the relationship between the environmental and financial performance of firms in various industries. While the classical economic debates consider the environmental friendly activities costly and harmful to a firm’s profitability, it is claimed that firms will be rewarded with higher profitability in long run through the investments in environmental friendly activities. In this context, prior studies have examined the relationship between the environmental and financial performance of firms operating in different industry sectors. Our study will employ an environmental indicator to increase the accuracy of the results and be employed as an independent variable in our developed econometric model to evaluate the impact of the financial performance of the firms on their environmental friendly activities in the context of companies operating in the Australian electricity-producing sector. As a result, we expect our methodology to contribute to the literature and the findings of the study will help us to provide recommendations and policy implications to the electricity producers.

Keywords: Australian electricity sector, efficiency measurement, environmental-financial performance interaction, environmental index.

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Authors: E. Cenderelli, E. Bruno, G. Iacoviello, A. Lazzini

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The financial sector is exposed to the risk of cyber-attacks like any other industrial sector. Furthermore, the topic of CybeRisk (cyber risk) has become particularly relevant given that Information Technology (IT) attacks have increased drastically in recent years, and cannot be stopped by single organizations requiring a response at international and national level. IT risk is never a matter purely for the IT manager, although he clearly plays a key role. A bank's risk management function requires a thorough understanding of the evolving risks as well as the tools and practical techniques available to address them. Upon the request of European and national legislation regarding CybeRisk in the financial system, banks are therefore called upon to strengthen the operational model for CybeRisk management. This will require an important change with a more intense collaboration with the structures that deal with information security for the development of an ad hoc system for the evaluation and control of this type of risk. The aim of the work is to propose a framework for the management and control of CybeRisk that will bridge the gap in the literature regarding the understanding and consideration of CybeRisk as an integral part of business management. The IT function has a strong relevance in the management of CybeRisk, which is perceived mainly as operational risk, but with a positive tendency on the part of risk management to the identification of CybeRisk assessment methods that are increasingly complete, quantitative and able to better describe the possible impacts on the business. The paper provides answers to the research questions: Is it possible to define a CybeRisk governance structure able to support the comparison between risk and security? How can the relationships between IT assets be integrated into a cyberisk assessment framework to guarantee a system of protection and risks control? From a methodological point of view, this research uses a case study approach. The choice of “Monte dei Paschi di Siena” was determined by the specific features of one of Italy’s biggest lenders. It is chosen to use an intensive research strategy: an in-depth study of reality. The case study methodology is an empirical approach to explore a complex and current phenomenon that develops over time. The use of cases has also the advantage of allowing the deepening of aspects concerning the "how" and "why" of contemporary events, on which the scholar has little control. The research bases on quantitative data and qualitative information obtained through semi-structured interviews of an open-ended nature and questionnaires to directors, members of the audit committee, risk, IT and compliance managers, and those responsible for internal audit function and anti-money laundering. The added value of the paper can be seen in the development of a framework based on a mapping of IT assets from which it is possible to identify their relationships for purposes of a more effective management and control of cyber risk.

Keywords: Bank, CybeRisk, information technology, risk management.

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Authors: Abdalla Kablan, Joseph Falzon

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This paper is motivated by the aspect of uncertainty in financial decision making, and how artificial intelligence and soft computing, with its uncertainty reducing aspects can be used for algorithmic trading applications that trade in high frequency. This paper presents an optimized high frequency trading system that has been combined with various moving averages to produce a hybrid system that outperforms trading systems that rely solely on moving averages. The paper optimizes an adaptive neuro-fuzzy inference system that takes both the price and its moving average as input, learns to predict price movements from training data consisting of intraday data, dynamically switches between the best performing moving averages, and performs decision making of when to buy or sell a certain currency in high frequency.

Keywords: Financial decision making, High frequency trading, Adaprive neuro-fuzzy systems, moving average strategy.

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Authors: I. Kočvarová, E. Machů, N. Bártlová

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The issue of inclusion - segregation in the current Czech educational system is highly actual due to changes in legislation. It applies primarily to pupils with special educational needs, but it should also apply to pupils with giftedness. The paper presents chosen results of an exploratory survey that was carried out on a convenience sample of 1101 Czech teachers working in lower secondary education (ISCED2). The rate of teachers´ agreement with segregation of gifted pupils in the education system was monitored during this investigation. A validated questionnaire of our own design was used for the purpose of this investigation. The results were compared across groups of teachers in terms of selected variables. Results show that 36,3 % of teachers incline to segregation (rather than inclusion) of gifted pupils. Teachers who are not educated in this field and have no experience in teaching gifted pupils tend to support their segregation more in comparison with other teachers. Teachers of specialized schools for gifted pupils paradoxically agree with segregation to a slightly lesser extent than teachers from traditional schools, but they also manifest the most hesitant attitude in this issue. Preferences for segregation of gifted pupils are not related to attitudes toward gifted pupils or teachers' self-evaluation in terms of care for the gifted. Investigation indicates that the issue of education of gifted children and their inclusion in the educational system needs more space within the further education of teachers.

Keywords: Educational system, evaluation, gifted pupil, inclusion, segregation, teacher.

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Authors: Mustapha Achibane, Imane Allam

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Since the nineties, all Moroccan banking institutions have to respect an arsenal of prudential ratios. The respect of these prudential measures aims to ensure the financial system stability. In order to do so, regulatory authorities tried to reduce the financial and operational risks incurred by the banking entities. Meanwhile, regulatory authorities demanded a balance sheet management work from banks. They also asked them to establish a management control system to manage operational risk, as well as an effort in terms of incurred risk-based commitments. Therefore, the prudential approach has a macroeconomic nature and it is presented as a determinant of the operational, microeconomic approach. This operational approach takes the form of a strategy that each banking entity must develop to manage the different banking risks. This study seeks to analyze the problem of risk management between the prudential and the operational approaches. It was processed through a literature review followed by an analysis of the Moroccan banking sector’s performance. At first, we will reconcile the inductive logic and then, the analytical one. The first approach consists of analyzing the phenomenon from a normative and conceptual perspective, while the second one will consist of considering the Moroccan banking system and analyzing the behavior of Moroccan banking entities in terms of risk management and performance. The results identified a favorable growth in terms of performance, despite the huge provisioning effort made to meet the international standards and the harmonization of the regulations.

Keywords: Banking performance, financial intermediation, operational approach, prudential standards, risk management.

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Authors: S. Sutin, M. Jaroensutasinee, K. Jaroensutasinee

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Water quality and freshwater fish diversity from nine waterfalls at Khao Luang National Park, Thailand was examined. Streams were shallow, fast flowing with clear water and rocky and sandy substrate. The mean water quality of waterfalls at Khao Luang National Park were as following pH 7.50, air temperature 24.27 °C, water temperature 26.37 °C, dissolved oxygen 7.88 mg/l, hardness 4.44-21.33 mg/l, alkalinity 3.55-11.88 mg/(as CaCO3). Twenty fish species were found at Khao Luang National Park belonging to nine families. A cluster analysis of water quality at Khao Luang National Park revealed that waterfalls at Khao Luang National Park were divided into two groups: A and B. Group A composed of two waterfalls (i.e. Aie Kaew and Wangmaipak) that flew to the Gulf of Thailand side. Group B composed of seven waterfalls (i.e. Promlok, Kalom, Nuafa, Suankun, Soidaw, Suanhai, and Thapae) that flew to the Andaman Sea side (Fig. 2) .The Cyprinids represented the major species in all the waterfalls comprising of 45%.

Keywords: Water quality, Freshwater fishes, National Park, Khao Luang, Thailand.

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Authors: Hamdon A. Abdelrhman

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The purpose of the analysis is estimation of viability and profitability of kenaf plant farming in Kelantan State. The monetary information was gathered through interviewing kenaf growers as well group discussion. In addition, the production statistics were collected from Kenaf factory administrative group. The monetary data were analyzed using the Precision financial Calculator. For kenaf production per hectare three scenarios of productivity were adopted, they were 15, 12 and ten; the research results exposed that, when kenaf productivity was 15 ton and the agronomist received financial supports from kenaf administration, the margin profit reached up to 37% which is almost dual profitability that is expected without government support. The financial analysis explains that, the adopted scenarios of the productivity are feasible when Benefit Cost Ratio (BCR) was used as financial indicator. Nonetheless, the kenaf productivity of 15 ton is the superlative viable among the others and payback period is 5 years which equals to middle period time to return the invested amount back. The study concluded that for the farmer to increase the productivity of kenaf per hectare the well farming practices as well as continuously farmers financial support are highly needed.

Keywords: Margin profit, farming practices, financial analysis, kenaf cultivation.

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Authors: Josiel Delgadillo, Johnson Kinyua, Charles Mutigwe

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The purpose of sentiment analysis is to determine the sentiment strength (e.g., positive, negative, neutral) from a textual source for good decision-making. Natural Language Processing (NLP) in domains such as financial markets requires knowledge of domain ontology, and pre-trained language models, such as BERT, have made significant breakthroughs in various NLP tasks by training on large-scale un-labeled generic corpora such as Wikipedia. However, sentiment analysis is a strong domain-dependent task. The rapid growth of social media has given users a platform to share their experiences and views about products, services, and processes, including financial markets. StockTwits and Twitter are social networks that allow the public to express their sentiments in real time. Hence, leveraging the success of unsupervised pre-training and a large amount of financial text available on social media platforms could potentially benefit a wide range of financial applications. This work is focused on sentiment analysis using social media text on platforms such as StockTwits and Twitter. To meet this need, SkyBERT, a domain-specific language model pre-trained and fine-tuned on financial corpora, has been developed. The results show that SkyBERT outperforms current state-of-the-art models in financial sentiment analysis. Extensive experimental results demonstrate the effectiveness and robustness of SkyBERT.

Keywords: BERT, financial markets, Twitter, sentiment analysis.

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Authors: Aleksandra Nocoń (Szunke)

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The study is a review of the literature concerning the consequences of non-standard monetary policy, which are used by central banks during unconventional periods, threatening banking sector instability. In particular, the attention was paid to the effects of non-standard monetary policy tools for financial markets. However, the empirical evidence about their effects and real consequences for financial markets is still not final. The main aim of the study is to survey consequences of standard and non-standard monetary policy instruments, implemented during the global financial crisis in the United States, United Kingdom and euro area, with particular attention to the results for the stabilization of global financial markets. The study consists mainly of the empirical review, indicating the impact of the implementation of these tools for financial markets. The following research methods were used in the study: literature studies, including domestic and foreign literature, cause and effect analysis and statistical analysis.

Keywords: Asset purchase facility, consequences of monetary policy instruments, non-standard monetary policy, Quantitative Easing.

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Authors: Bita Mashayekhi, Hamid Kalhornia

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One of the most important roles of financial reporting is improving the firms’ investment decisions; however, there is not much supporting evidence for this claim in emerging markets like Iran. In this study, the effect of financial reporting transparency in investment efficiency of Iranian firms has been investigated. In order to do this, 336 listed companies on Tehran Stock Exchange (TSE) has been selected for time period 2012 to 2015 as research sample. For testing our main hypothesis, we classified sample firms into two groups based on their deviation from expected investment: under-investment and over-investment cases. The results indicate that there is positive significant relationship between financial transparency and investment efficiency. In the other words, transparency can mitigate both underinvestment and overinvestment situations.

Keywords: Corporate governance, disclosure, investment decisions, investment efficiency, transparency.

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Authors: Yongzhong Wu, Ping Ji

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This paper proposes a genetic algorithm based on a new replacement strategy to solve the quadratic assignment problems, which are NP-hard. The new replacement strategy aims to improve the performance of the genetic algorithm through well balancing the convergence of the searching process and the diversity of the population. In order to test the performance of the algorithm, the instances in QAPLIB, a quadratic assignment problem library, are tried and the results are compared with those reported in the literature. The performance of the genetic algorithm is promising. The significance is that this genetic algorithm is generic. It does not rely on problem-specific genetic operators, and may be easily applied to various types of combinatorial problems.

Keywords: Quadratic assignment problem, Genetic algorithm, Replacement strategy, QAPLIB.

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Authors: Changju Lee, Seungmo Ku, Sondo Kim, Woojin Chang

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How to detecting financial bubble? Addressing this simple question has been the focus of a vast amount of empirical research spanning almost half a century. However, financial bubble is hard to observe and varying over the time; there needs to be more research on this area. In this paper, we used abnormal difference between common stocks price and those preferred stocks price to explain financial bubble. First, we proposed the ‘W-index’ which indicates spread between common stocks and those preferred stocks in stock market. Second, to prove that this ‘W-index’ is valid for measuring financial bubble, we showed that there is an inverse relationship between this ‘W-index’ and S&P500 rate of return. Specifically, our hypothesis is that when ‘W-index’ is comparably higher than other periods, financial bubbles are added up in stock market and vice versa; according to our hypothesis, if investors made long term investments when ‘W-index’ is high, they would have negative rate of return; however, if investors made long term investments when ‘W-index’ is low, they would have positive rate of return. By comparing correlation values and adjusted R-squared values of between W-index and S&P500 return, VIX index and S&P500 return, and TED index and S&P500 return, we showed only W-index has significant relationship between S&P500 rate of return. In addition, we figured out how long investors should hold their investment position regard the effect of financial bubble. Using this W-index, investors could measure financial bubble in the market and invest with low risk.

Keywords: Financial bubbles, detection, preferred stocks, pairs trading, future return, forecast.

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Authors: Tsung-Hsien Yu, Ya-Hsuan Chou, Ming-Wei Chen, Chi-Ming Chen, Yi-Hsuan Li

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Observations and long-term trends indicate that climate change impacts would be significant and affects Taiwan directly and severely. Taiwan engages not only in mitigation, but also in adaptation. However, there are cognitive gaps on adaptation between government and populace. Besides, a vision of zero-carbon and renewable energy 100% will be adopted in future. Therefore, the objectives of this article are to 1) hold a National Forum for knowing differences between the strategies of zero-carbon and renewable energy 100% and cognitions of general populace, and 2) plan a clear roadmap for the vision, strategy, and measures. In this forum, we set 5 group topics, 5 presumed themes, and issues mentioned review for concluding the critical issues. Finally, there are 4 strategies and 14 critical issues which correlate with the vision and strategy of government and the cognition of the general populace.

Keywords: Cognitive gap, world café, renewable energy, zero-carbon.

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Authors: Beatrix Faragó, Zsolt Szakály, Ágnes Kovácsné Tóth, Csaba Konczos, Norbert Kovács, Zsófia Pápai, Tamás Kertész

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The future of the nation is the embodiment of a healthy society. A key segment of government policy is the development of health and a health-oriented environment. As a result, sport as an activator of health is an important area for development. In Hungary, sport is a strategic sector with the aim of developing a sports nation. The function of sport in the global society is multifaceted, which is manifested in both social and economic terms. The economic importance of sport is gaining ground in the world, with implications for Central and Eastern Europe. Smaller states, such as Hungary, cannot ignore the economic effects of exploiting the effects of sport. The relationship between physical activity and health is driven by the health economy towards the nation's economic factor. In our research, we analyzed sport as a national strategy sector and its impact on age groups. By presenting the current state of health behavior, we get an idea of the directions where development opportunities require even more intervention. The foundation of the health of a nation is the young age group, whose shaping of health will shape the future generation. Our research was attended by university students from the Faculty of Health and Sports Sciences who will be experts in the field of health in the future. The other group is the elderly, who are a growing social group due to demographic change and are a key segment of the labor market and consumer society. Our study presents the health behavior of the two age groups, their differences, and similarities. The survey also identifies gaps in the development of a health management strategy that national strategies should take into account.

Keywords: Competitiveness, health behavior, health economy, health management, sports nation.

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Authors: Alessandra Battisti, Silvia Cimini

Abstract:

This article stands in the context of rural communities in Brazil, where, like many others emerging countries, the overwhelming increasing markets and the overcrowded cities are leaving behind informal settlements based on obsolete agricultural economies and techniques. The pilot project for the community of Goiabeira reflects the attempt to imagine a development model that privileges the actual improvement of living conditions, the education and training, the social inclusion and participation of the dwellers of rural communities. Through the inclusion of operative public space, the aim is for them to become self-sustaining, encouraging the use of local resources for appropriate architectural, ecological and energy technologies and devices, that are efficient, affordable and foster community participation, in the respect of the surrounding environment.

Keywords: Economical development, environment conservation, local resources, participation and social inclusion.

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Authors: T. Utarasakul

Abstract:

Khao Yai National Park is the First National Park in Thailand and approximately 800,000 tourists visited Khao Yai yearly. This study aimed to identify the perception of tourists in Khao Yai National Park according to the implementation of eco-friendly cleansers along their leisure in the campsites. Due to tourist’s activities in the park were affected on quality of environment; especially on water resource. Therefore, eco-friendly cleansers were used in campsites for tourists and restaurants during high tourist season. The results indicated positive effects of environmental friendly cleansers on water quality in Lam Ta Khong River, as well as the tourist’s perception on eco-friendly cleansers.

Keywords: Eco-friendly cleansers, Campsite, Khao Yai National Park.

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Authors: Wojciech B. Cieśliński, Igor Perechuda

Abstract:

The paper identifies the features of Polish sports clubs in the particular organizational forms: profit and nonprofit. Identification and description of these features is carried out in terms of financial efficiency of the given organizational form. Under the terms of the efficiency the research allows you to specify the advantages of particular organizational sports club form and the following limitations. Paper considers features of sports clubs in range of Polish conditions as legal regulations. The sources of the functioning efficiency of sports clubs may lie in the organizational forms in which they operate. Each of the available forms can be considered either a for-profit or nonprofit enterprise. Depending on this classification there are different capabilities of increasing organizational and financial efficiency of a given sports club. Authors start with general classification and difference between for-profit and non-profit sport clubs. Next identifies specific financial and organizational conditions of both organizational form and then show examples of mixed activity forms and their efficiency effect.

Keywords: Financial efficiency, for-profit, non-profit, sports club.

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