Along with the European Union,policymakers in Turkey passed a regulation that mandated all listed companies use the International Financial Reporting Standards(IFRS)starting from January 1,2005.Using a before-after es...Along with the European Union,policymakers in Turkey passed a regulation that mandated all listed companies use the International Financial Reporting Standards(IFRS)starting from January 1,2005.Using a before-after estimation design,this study examines the impact of this policy change and the role of institutional governance quality on the initial trading day and aftermarket trading performance of initial public offerings(IPO)in Turkey from 1998 to 2019.The results show that the IFRS mandate does not affect initial trading day returns but improves the aftermarket trading performance of IPO shares.This finding may imply that Turkey’s secondary market also suffers from information asymmetry and that IFRS-compliant reports help alleviate this problem.Furthermore,none of the six institutional governance quality measures tested loaded significantly against initial trading day or long-term returns.However,when examined together,two institutional measures with a negative value,voice and accountability,and political stability,offset the positive effect of the IFRS-compliant reporting on longterm IPO returns,providing support to the premise that institutional quality matters for realizing the economic benefits of the IFRS mandate.展开更多
This study examines the connectedness in high-order moments between cryptocurrency,major stock(U.S.,U.K.,Eurozone,and Japan),and commodity(gold and oil)markets.Using intraday data from 2020 to 2022 and the time and fr...This study examines the connectedness in high-order moments between cryptocurrency,major stock(U.S.,U.K.,Eurozone,and Japan),and commodity(gold and oil)markets.Using intraday data from 2020 to 2022 and the time and frequency connectedness models of Diebold and Yilmaz(Int J Forecast 28(1):57–66,2012)and Barunik and Křehlik(J Financ Econom 16(2):271–296,2018),we investigate spillovers among the markets in realized volatility,the jump component of realized volatility,realized skewness,and realized kurtosis.These higher-order moments allow us to identify the unique characteristics of financial returns,such as asymmetry and fat tails,thereby capturing various market risks such as downside risk and tail risk.Our results show that the cryptocurrency,stock,and commodity markets are highly connected in terms of volatility and in the jump component of volatility,while their connectedness in skewness and kurtosis is smaller.Moreover,jump and volatility connectedness are more persistent than that of skewness and kurtosis connectedness.Our rolling-window analysis of the connectedness models shows that connectedness varies over time across all moments,and tends to increase during periods of high uncertainty.Finally,we show the potential of gold and oil as hedging and safe-haven investments for other markets given that they are the least connected to other markets across all moments and investment horizons.Our findings provide useful information for designing effective portfolio management and cryptocurrency regulations.展开更多
Over the past decade since the Belt and Road Initiative was proposed,oil and gas cooperation continued to be deepened and solidified.China National Petroleum Corporation(CNPC)successively established three major oil a...Over the past decade since the Belt and Road Initiative was proposed,oil and gas cooperation continued to be deepened and solidified.China National Petroleum Corporation(CNPC)successively established three major oil and gas operation centers in Europe,the Americas,and Asia-Pacific,completed and put into operation the China-Russia Oil and Gas Pipeline in Northeast China,the China-Kazakhstan Crude Oil Pipeline and the China-Central Asia Gas Pipeline in Northwest China,the Myanmar-China Pipeline in Southwest China,and the maritime pipelines that transport imported oil and gas from Africa,the Middle East,Australia,and other places to the eastern coastal areas,and invested in constructing five major oil and gas cooperation areas in Central Asia-Russia,the Middle East,Africa,the Americas,and Asia-Pacific,achieving fruitful results and laying a foundation for ensuring China’s energy security.展开更多
In March of this year,the National Energy Administration issued the“Action Plan for Accelerating the Integrated Development of Oil and Gas Exploration and Development and New Energy(2023-2025)”.The plan proposes to ...In March of this year,the National Energy Administration issued the“Action Plan for Accelerating the Integrated Development of Oil and Gas Exploration and Development and New Energy(2023-2025)”.The plan proposes to coordinate the promotion of oil and gas supply security and green development,with a clear focus on stabilizing oil,increasing gas,and improving the supply capacity of oil and gas resources as the foundation.展开更多
The rapid development of the digital economy and profound changes in currency functions have driven the emergence of a large number of digital currencies.In order to improve the competitiveness and efficiency of payme...The rapid development of the digital economy and profound changes in currency functions have driven the emergence of a large number of digital currencies.In order to improve the competitiveness and efficiency of payment systems,governments all over the world have accelerated the research and development of central bank digital currency(CBDC).After years of preparation and research and development,Digital renminbi has also entered the pilot application stage.Given the many shortcomings of the current cross-border payment system,CBDC cross-border payment has become an important development direction.At present,some central banks are collaborating on CBDC cross-border payment research and initiating experimental plans to explore CBDC cross-border payment arrangements.With the expansion of the acceptance range of Digital renminbi and the improvement of the international use level of CNY,oil and gas enterprises will have broad prospects in the cross-border payment field in the future.This paper suggests that oil and gas enterprises,in accordance with the principle of"from easy to difficult,step by step",give priority to the introduction of Digital renminbi from regions and fields where RMB or local currency settlement has been achieved,and combine Digital renminbi with imported oil and gas to explore the use of Digital renminbi in cross-border payment.展开更多
Coal is the principal form of energy used in China. Hence, coal price variations are expected to have some influence on merchandise prices. Monthly data from January, 2002, to October, 2010, were used to con- struct a...Coal is the principal form of energy used in China. Hence, coal price variations are expected to have some influence on merchandise prices. Monthly data from January, 2002, to October, 2010, were used to con- struct a varying-parameter state space model, and an error correction model, to estimate the influence of coal prices on Chinese merchandise prices. The time lag and the dynamic relationship were determined from the data. A long term equilibrium relationship between coal price and the PPI, and the CPI, can be observed. The long term influence of coal price fluctuations on the PPI is 0.263%. The corresponding value for the CPI is 0.157%. The PPI shows an influence from coal price change in the first period of observation: by eight periods the influence is obvious, after which it diminishes. The effect of coal price change on the CPI is rather weak and has no long term memory. Analysis of variance shows a similar situation. The elas- ticity coefficient of coal prices on the CPI, or the PPI, fluctuates over the 2002-2004 period. From 2002 to 2007 the influence elasticity on the CPI declined and subsequently levelled off after 2009.展开更多
This study investigates speculative bubbles in the cryptocurrency market and factors affecting bubbles during the COVID-19 pandemic.Our results indicate that each cryptocurrency covered in the study presented bubbles....This study investigates speculative bubbles in the cryptocurrency market and factors affecting bubbles during the COVID-19 pandemic.Our results indicate that each cryptocurrency covered in the study presented bubbles.Moreover,we found that explosive behavior in one currency leads to explosivity in other cryptocurrencies.During the pandemic,herd behavior was evident among investors;however,this diminishes during bubbles,indicating that bubbles are not explained by herd behavior.Regarding cryptocurrency and market-specific factors,we found that Google Trends and volume are positively associated with predicting speculative bubbles in time-series and panel probit regressions.Hence,investors should exercise caution when investing in cryptocurrencies and follow both crypto currency and market-related factors to estimate bubbles.Alternative liquidity,volatility,and Google Trends measures are used for robustness analysis and yield similar results.Overall,our results suggest that bubble behavior is common in the cryptocurrency market,contradicting the efficient market hypothesis.展开更多
In this study</span><span style="font-family:Verdana;">,</span><span style="font-family:Verdana;"> nineteen different brands of bottled mineral waters (7 brands local a...In this study</span><span style="font-family:Verdana;">,</span><span style="font-family:Verdana;"> nineteen different brands of bottled mineral waters (7 brands local and 12 brands imported) were collected from supermarkets and independent food stores throughout Djibouti. The chemical composition mentioned on the labels of the nineteen bottled mineral waters ha</span><span style="font-family:Verdana;">s</span><span style="font-family:Verdana;"> made the subject of a first verification by Ionic Balance Error (IBE). It was found out of the nineteen brands selected, 12 brands (2 brands local and 10 brands imported) had acceptable charge balance error. Correlation Analysis (CA), Principal Component Analysis (PCA) and Hierarchical Cluster Analysis (HCA) were used to analyze the data collected from the labels of bottled water. The obtained results showed that the 12 brands of studied waters can be grouped in 4 distinct classes with similar chemical characteristics. Two local and one imported brands have the same chemical composition but marketed under different names. It was observed that the chemical content local water brands w</span><span style="font-family:Verdana;">ere</span><span style="font-family:""><span style="font-family:Verdana;"> within the normal range prescribed by both WHO and USEPA except five imported water brands that have concentration values Ca, HCO</span><sub><span style="font-size:12px;font-family:Verdana;">3</span></sub><span style="font-family:Verdana;">, Mg and SO</span><sub><span style="font-size:12px;font-family:Verdana;">4</span></sub><span style="font-family:Verdana;"> beyond acceptable standards. Total hardness values classified most of the studied brands from moderate to very hard water.展开更多
A tool for calculating the economic and environmental impacts of the use of byproducts of industrial processes that can substitute for perishable resources was presented.This was exemplified by fly ash(the fine fracti...A tool for calculating the economic and environmental impacts of the use of byproducts of industrial processes that can substitute for perishable resources was presented.This was exemplified by fly ash(the fine fraction of ash originating from coal burned to generate electricity and collected by filtering exhaust gases leaving the furnace),added to soil as a component of sewage sludge stabilized with fly ash and lime(NVS).Application to soil of NVS has potential agricultural and environmental advantages and disadvantages.The costs and benefits of such application were calculated using both a database and expert opinions.The calculations assumed a representative assemblage of soils and crops,with weights assigned to each crop type and soil characteristic.The annual weighted benefits(additional income for the farmer)and costs per hectare reached 324$/ha and 131$/ha respectively.Major potential benefits include:Chemical fertilizer replacement,159$/ha;Improvement to the soil’s physical properties,75$/ha;Supply of vital trace elements,33$/ha.Major potential costs were:Regulatory limitations on marketing of crops pending proof of absence of risk of heavy metals or radionuclides accumulation in these crops,(17$/ha and 36$/ha respectively);Application and incorporation cost,50$/ha.The presented estimates of the costs and benefits refer to the array of soils and conditions typical to Israel.It is possible to maximize potential benefits by applying fly ash only to the most suitable agricultural soils while improper use of fly ash will increase the costs incurred from its use.展开更多
This study investigates the possible nonlinear relationship between working capital and credit rating.Furthermore,it examines the relationship between the three components of working capital(inventory,accounts receiva...This study investigates the possible nonlinear relationship between working capital and credit rating.Furthermore,it examines the relationship between the three components of working capital(inventory,accounts receivable,and accounts payable)and a firm’s credit rating.Employing data for U.S listed firms for the period between 1985 and 2017,the results of our ordered probit model show a nonlinear relationship between working capital and its components and credit rating.Finally,we find that the deviation from the optimal working capital adversely affects the credit rating.The results of this study are of significant importance for policy makers,managers,decision makers,and credit-rating agencies,as they help highlight the importance of working capital management for a firm’s credit rating.展开更多
Background:This study aims to investigate the extent to which the conditional volatilities of both Shari’ah compliant stock and conventional stock are related to those of interest rate and exchange rate in the emergi...Background:This study aims to investigate the extent to which the conditional volatilities of both Shari’ah compliant stock and conventional stock are related to those of interest rate and exchange rate in the emerging economy of Pakistan.Methods:We used KMI 30 and KSE 100 indices for Islamic and conventional stock for the period of July 2008 to November 2013.We employed Generalized Autoregressive Conditional Heteroskedastic in the mean(GARCH-M)model.This framework relaxes constancy assumption of classical linear regression(CLRM)model and allows exchange rate and interest rate volatility to evolve over time.The GARCHM framework also reveals results about risk-return trade-off in the context of both Islamic and conventional stock indices.Results:The findings show positive and statistically significant effect of interest rate volatility on KSE-100,whereas KMI-30 remains unaffected by the same.Exchange rate volatility is found to be significant for both conventional and Islamic indices.The relationship of risk coefficient(γ)and stocks returns,as expected,is positive and statistically significant for both KMI-30 and KSE-100.This result is consistent with the theory of risk-return trade-off.The results of parametric t-test show significant difference between returns of both indices.This implies that Shari’ah compliant stock index(KMI-30)of Pakistan underperforms its conventional counterpart.Conclusion:By using different performance measures(Sharp ratio,Jensen alpha,Treynor ratio),this study also investigates the hypothesis that Islamic stock index has inferior performance compared with unscreened conventional counterparts due to availability of a smaller investment universe,increased monitoring costs,and limited diversification.展开更多
Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and...Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and ownership structure are important characteristics of IPO process that significantly affect the short-run and long-run performance of private firm and privitized entity.This study compares the short-and long-run performance,and factors affecting these performances for both private IPOs and privatized IPOs in Pakistan.It further investigates the relationship between capital structor and initial underpricing for both group of IPOs.Methods:Event study methodology is used to compares short-and long-run performance spanning from March 2000 to June 2015 of two categories of IPOs issued in the Karachi Stock Exchange(KSE).Multivariate regression analysis is applied to examine the factors that affect the short-run and long-run performance as well as for investigating the relationship betwen underpricing and ownership structure for both group of IPOs.Results:We find that both categories outperform in IPOs at which they are offered to investors on first day of trading,although differences in mean are insignificant.Over a five-year buy-and hold strategy,privatizing IPOs outperform and private IPOs underperform returns on the benchmark KSE 100 Stock Index.The results reveal that the size of the private firm or government entity,aftermarket risk of IPOs,and subscription ratio are significantly associated with the underpricing of IPO shares brought to market.First-day returns,market volatility and retained ownership are associated with higher five-year performance.We find that the concentration of ownership is similar,for both categories of IPOs;and significantly positive related to underpricing.The size of the firm/entity,aftermarket risk,return on assets and subscription ratio also affect ownership concentration.Conclusions:Same level of underpricing in both private and privatized IPOs reveals that Pakistan’s government is committed to its privatization policies as they developed capital markets by underpricing of IPOs.To make dispersion in ownership structure and to involve more small investors,the regulatory authorities such as Securities and Exchange Commission of Pakistan(SECP are required to take some steps to minimize concentration in ownership structure).There is a need of some specific range of underpricing by issuers and SECP.展开更多
Given a pan-space ?and a nonnegative measurable function f on measurable space (X, A), the pan-integral of f with respect to monotone measure μ and pan-operation ?determines a new monotone measure ?on?(X, A). Such th...Given a pan-space ?and a nonnegative measurable function f on measurable space (X, A), the pan-integral of f with respect to monotone measure μ and pan-operation ?determines a new monotone measure ?on?(X, A). Such the new monotone measure ?is absolutely continuous with respect to the monotone measure μ. We show that the new monotone measure preserves some important structural characteristics of the original monotone measures, such as continuity from below, subadditivity, null-additivity, weak null-additivity and (S) property. Since the pan-integral based on a pair of pan-operations ?covers the Sugeno integral (based on ) and the Shilkret integral (based on ), therefore, the previous related results for the Sugeno integral are covered by the results presented here, in the meantime, some special results related the Shilkret integral are also obtained.展开更多
This paper investigates whether innovative Peer-to-Peer lending by FinTechs’has a regulatory advantage over the big banks in respect of small business lending.We do this through the lens of the regulations imposed by...This paper investigates whether innovative Peer-to-Peer lending by FinTechs’has a regulatory advantage over the big banks in respect of small business lending.We do this through the lens of the regulations imposed by the Dodd-Frank Act,using a difference-in-difference methodology.The Act tightened traditional bank credit standards on business loans,especially for small firms.However,the new FinTech lenders were not subject to the same regulatory burden.We find that traditional banks significantly reduced their lending to small businesses,as compared to their FinTech competitors.Our results suggest that while the Dodd-Frank Act constrained lending to small businesses,innovative new lending models gained a regulatory advantage and the Peer-to-Peer lenders capitalized on this.展开更多
Morning tea culture taking Guangzhou as the core and the Pearl River Delta as the traffic area is taken as the research object.The evolution of the way of morning tea is analyzed,and internal and external conditions f...Morning tea culture taking Guangzhou as the core and the Pearl River Delta as the traffic area is taken as the research object.The evolution of the way of morning tea is analyzed,and internal and external conditions for the formation of urban cultural space are analyzed,and the growth and function of urban cultural space are explored.Through theoretical sampling method and grounded theory method,taking social media views as data source,the dimensions of the cultural space of Guangfu morning tea are explored,and the dimensions involved in the construction of cultural space of Guangfu morning tea are discussed,and the relationship between the cultural space of morning tea and human being is understood,to better explore how to construct the cultural space of morning tea,and find out the growth dimension of urban cultural space.The growth and function of urban cultural space are examined from the perspective of urban cultural space,thereby providing suggestions for the development of urban cultural space.展开更多
This paper is a revised and expanded version of a paper entitled “The static and dynamic criteria of building an investment asset portfolio” presented at International Conference on Applied Economics (ICOAE, 2014), ...This paper is a revised and expanded version of a paper entitled “The static and dynamic criteria of building an investment asset portfolio” presented at International Conference on Applied Economics (ICOAE, 2014), Chania, 3-5 July 2014 and published at Procedia Economics and Finance, Volume 14, Pages 575-584 (2014) [1]. At the previous research, it showed the significance to go beyond the scope of selecting one or another metric of static efficiency. And the attention was paid to the dynamic efficiency criteria. The ICOAE 2015 research gives brief results of that work, which is only one of applied areas of polydimensional efficiency measurement model (PEMM). Research work on PEMM conceptual and methodical elaboration has been started in the author’s dissertation study [2] and continued in the practical activity and materialized in Innovative LLC (limited liability company) creating project. The research is concentrating on the real economic benefit of 3D PEMM (thee criterial PEMM version) implementation. In the first part of ICOAE 2015 empirical study, the dynamic component of 3D PEMM on the industrial level was tested. Next, the company economic profit changes and dynamic-market 3D PEMM components correlation was estimated. Finally, the economic benefit of 3D PEMM functional operationalization in the framework of management systems development was calculated.展开更多
文摘Along with the European Union,policymakers in Turkey passed a regulation that mandated all listed companies use the International Financial Reporting Standards(IFRS)starting from January 1,2005.Using a before-after estimation design,this study examines the impact of this policy change and the role of institutional governance quality on the initial trading day and aftermarket trading performance of initial public offerings(IPO)in Turkey from 1998 to 2019.The results show that the IFRS mandate does not affect initial trading day returns but improves the aftermarket trading performance of IPO shares.This finding may imply that Turkey’s secondary market also suffers from information asymmetry and that IFRS-compliant reports help alleviate this problem.Furthermore,none of the six institutional governance quality measures tested loaded significantly against initial trading day or long-term returns.However,when examined together,two institutional measures with a negative value,voice and accountability,and political stability,offset the positive effect of the IFRS-compliant reporting on longterm IPO returns,providing support to the premise that institutional quality matters for realizing the economic benefits of the IFRS mandate.
基金financial support from Fundacao para a Ciencia e a Tecnologia under the project(Grant UIDB/04007/2020)supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea(NRF-2022S1A5A2A01038422).
文摘This study examines the connectedness in high-order moments between cryptocurrency,major stock(U.S.,U.K.,Eurozone,and Japan),and commodity(gold and oil)markets.Using intraday data from 2020 to 2022 and the time and frequency connectedness models of Diebold and Yilmaz(Int J Forecast 28(1):57–66,2012)and Barunik and Křehlik(J Financ Econom 16(2):271–296,2018),we investigate spillovers among the markets in realized volatility,the jump component of realized volatility,realized skewness,and realized kurtosis.These higher-order moments allow us to identify the unique characteristics of financial returns,such as asymmetry and fat tails,thereby capturing various market risks such as downside risk and tail risk.Our results show that the cryptocurrency,stock,and commodity markets are highly connected in terms of volatility and in the jump component of volatility,while their connectedness in skewness and kurtosis is smaller.Moreover,jump and volatility connectedness are more persistent than that of skewness and kurtosis connectedness.Our rolling-window analysis of the connectedness models shows that connectedness varies over time across all moments,and tends to increase during periods of high uncertainty.Finally,we show the potential of gold and oil as hedging and safe-haven investments for other markets given that they are the least connected to other markets across all moments and investment horizons.Our findings provide useful information for designing effective portfolio management and cryptocurrency regulations.
文摘Over the past decade since the Belt and Road Initiative was proposed,oil and gas cooperation continued to be deepened and solidified.China National Petroleum Corporation(CNPC)successively established three major oil and gas operation centers in Europe,the Americas,and Asia-Pacific,completed and put into operation the China-Russia Oil and Gas Pipeline in Northeast China,the China-Kazakhstan Crude Oil Pipeline and the China-Central Asia Gas Pipeline in Northwest China,the Myanmar-China Pipeline in Southwest China,and the maritime pipelines that transport imported oil and gas from Africa,the Middle East,Australia,and other places to the eastern coastal areas,and invested in constructing five major oil and gas cooperation areas in Central Asia-Russia,the Middle East,Africa,the Americas,and Asia-Pacific,achieving fruitful results and laying a foundation for ensuring China’s energy security.
文摘In March of this year,the National Energy Administration issued the“Action Plan for Accelerating the Integrated Development of Oil and Gas Exploration and Development and New Energy(2023-2025)”.The plan proposes to coordinate the promotion of oil and gas supply security and green development,with a clear focus on stabilizing oil,increasing gas,and improving the supply capacity of oil and gas resources as the foundation.
文摘The rapid development of the digital economy and profound changes in currency functions have driven the emergence of a large number of digital currencies.In order to improve the competitiveness and efficiency of payment systems,governments all over the world have accelerated the research and development of central bank digital currency(CBDC).After years of preparation and research and development,Digital renminbi has also entered the pilot application stage.Given the many shortcomings of the current cross-border payment system,CBDC cross-border payment has become an important development direction.At present,some central banks are collaborating on CBDC cross-border payment research and initiating experimental plans to explore CBDC cross-border payment arrangements.With the expansion of the acceptance range of Digital renminbi and the improvement of the international use level of CNY,oil and gas enterprises will have broad prospects in the cross-border payment field in the future.This paper suggests that oil and gas enterprises,in accordance with the principle of"from easy to difficult,step by step",give priority to the introduction of Digital renminbi from regions and fields where RMB or local currency settlement has been achieved,and combine Digital renminbi with imported oil and gas to explore the use of Digital renminbi in cross-border payment.
基金support for this work, provided by the National Natural Science Foundation of China (No. 71003097)Jiangsu Province Social Science Foundation (No. 10EYD025)2008 China University of Mining and Technology Youth Foundation Program (No.2008W04)
文摘Coal is the principal form of energy used in China. Hence, coal price variations are expected to have some influence on merchandise prices. Monthly data from January, 2002, to October, 2010, were used to con- struct a varying-parameter state space model, and an error correction model, to estimate the influence of coal prices on Chinese merchandise prices. The time lag and the dynamic relationship were determined from the data. A long term equilibrium relationship between coal price and the PPI, and the CPI, can be observed. The long term influence of coal price fluctuations on the PPI is 0.263%. The corresponding value for the CPI is 0.157%. The PPI shows an influence from coal price change in the first period of observation: by eight periods the influence is obvious, after which it diminishes. The effect of coal price change on the CPI is rather weak and has no long term memory. Analysis of variance shows a similar situation. The elas- ticity coefficient of coal prices on the CPI, or the PPI, fluctuates over the 2002-2004 period. From 2002 to 2007 the influence elasticity on the CPI declined and subsequently levelled off after 2009.
文摘This study investigates speculative bubbles in the cryptocurrency market and factors affecting bubbles during the COVID-19 pandemic.Our results indicate that each cryptocurrency covered in the study presented bubbles.Moreover,we found that explosive behavior in one currency leads to explosivity in other cryptocurrencies.During the pandemic,herd behavior was evident among investors;however,this diminishes during bubbles,indicating that bubbles are not explained by herd behavior.Regarding cryptocurrency and market-specific factors,we found that Google Trends and volume are positively associated with predicting speculative bubbles in time-series and panel probit regressions.Hence,investors should exercise caution when investing in cryptocurrencies and follow both crypto currency and market-related factors to estimate bubbles.Alternative liquidity,volatility,and Google Trends measures are used for robustness analysis and yield similar results.Overall,our results suggest that bubble behavior is common in the cryptocurrency market,contradicting the efficient market hypothesis.
文摘In this study</span><span style="font-family:Verdana;">,</span><span style="font-family:Verdana;"> nineteen different brands of bottled mineral waters (7 brands local and 12 brands imported) were collected from supermarkets and independent food stores throughout Djibouti. The chemical composition mentioned on the labels of the nineteen bottled mineral waters ha</span><span style="font-family:Verdana;">s</span><span style="font-family:Verdana;"> made the subject of a first verification by Ionic Balance Error (IBE). It was found out of the nineteen brands selected, 12 brands (2 brands local and 10 brands imported) had acceptable charge balance error. Correlation Analysis (CA), Principal Component Analysis (PCA) and Hierarchical Cluster Analysis (HCA) were used to analyze the data collected from the labels of bottled water. The obtained results showed that the 12 brands of studied waters can be grouped in 4 distinct classes with similar chemical characteristics. Two local and one imported brands have the same chemical composition but marketed under different names. It was observed that the chemical content local water brands w</span><span style="font-family:Verdana;">ere</span><span style="font-family:""><span style="font-family:Verdana;"> within the normal range prescribed by both WHO and USEPA except five imported water brands that have concentration values Ca, HCO</span><sub><span style="font-size:12px;font-family:Verdana;">3</span></sub><span style="font-family:Verdana;">, Mg and SO</span><sub><span style="font-size:12px;font-family:Verdana;">4</span></sub><span style="font-family:Verdana;"> beyond acceptable standards. Total hardness values classified most of the studied brands from moderate to very hard water.
基金This work was funded by the Israel National Coal Ash Board(INCAB)Grant#39477.The authors wish to express their deep gratitude to the late Mr.Omri Lulav,Head of the INCAB.
文摘A tool for calculating the economic and environmental impacts of the use of byproducts of industrial processes that can substitute for perishable resources was presented.This was exemplified by fly ash(the fine fraction of ash originating from coal burned to generate electricity and collected by filtering exhaust gases leaving the furnace),added to soil as a component of sewage sludge stabilized with fly ash and lime(NVS).Application to soil of NVS has potential agricultural and environmental advantages and disadvantages.The costs and benefits of such application were calculated using both a database and expert opinions.The calculations assumed a representative assemblage of soils and crops,with weights assigned to each crop type and soil characteristic.The annual weighted benefits(additional income for the farmer)and costs per hectare reached 324$/ha and 131$/ha respectively.Major potential benefits include:Chemical fertilizer replacement,159$/ha;Improvement to the soil’s physical properties,75$/ha;Supply of vital trace elements,33$/ha.Major potential costs were:Regulatory limitations on marketing of crops pending proof of absence of risk of heavy metals or radionuclides accumulation in these crops,(17$/ha and 36$/ha respectively);Application and incorporation cost,50$/ha.The presented estimates of the costs and benefits refer to the array of soils and conditions typical to Israel.It is possible to maximize potential benefits by applying fly ash only to the most suitable agricultural soils while improper use of fly ash will increase the costs incurred from its use.
文摘This study investigates the possible nonlinear relationship between working capital and credit rating.Furthermore,it examines the relationship between the three components of working capital(inventory,accounts receivable,and accounts payable)and a firm’s credit rating.Employing data for U.S listed firms for the period between 1985 and 2017,the results of our ordered probit model show a nonlinear relationship between working capital and its components and credit rating.Finally,we find that the deviation from the optimal working capital adversely affects the credit rating.The results of this study are of significant importance for policy makers,managers,decision makers,and credit-rating agencies,as they help highlight the importance of working capital management for a firm’s credit rating.
文摘Background:This study aims to investigate the extent to which the conditional volatilities of both Shari’ah compliant stock and conventional stock are related to those of interest rate and exchange rate in the emerging economy of Pakistan.Methods:We used KMI 30 and KSE 100 indices for Islamic and conventional stock for the period of July 2008 to November 2013.We employed Generalized Autoregressive Conditional Heteroskedastic in the mean(GARCH-M)model.This framework relaxes constancy assumption of classical linear regression(CLRM)model and allows exchange rate and interest rate volatility to evolve over time.The GARCHM framework also reveals results about risk-return trade-off in the context of both Islamic and conventional stock indices.Results:The findings show positive and statistically significant effect of interest rate volatility on KSE-100,whereas KMI-30 remains unaffected by the same.Exchange rate volatility is found to be significant for both conventional and Islamic indices.The relationship of risk coefficient(γ)and stocks returns,as expected,is positive and statistically significant for both KMI-30 and KSE-100.This result is consistent with the theory of risk-return trade-off.The results of parametric t-test show significant difference between returns of both indices.This implies that Shari’ah compliant stock index(KMI-30)of Pakistan underperforms its conventional counterpart.Conclusion:By using different performance measures(Sharp ratio,Jensen alpha,Treynor ratio),this study also investigates the hypothesis that Islamic stock index has inferior performance compared with unscreened conventional counterparts due to availability of a smaller investment universe,increased monitoring costs,and limited diversification.
文摘Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and ownership structure are important characteristics of IPO process that significantly affect the short-run and long-run performance of private firm and privitized entity.This study compares the short-and long-run performance,and factors affecting these performances for both private IPOs and privatized IPOs in Pakistan.It further investigates the relationship between capital structor and initial underpricing for both group of IPOs.Methods:Event study methodology is used to compares short-and long-run performance spanning from March 2000 to June 2015 of two categories of IPOs issued in the Karachi Stock Exchange(KSE).Multivariate regression analysis is applied to examine the factors that affect the short-run and long-run performance as well as for investigating the relationship betwen underpricing and ownership structure for both group of IPOs.Results:We find that both categories outperform in IPOs at which they are offered to investors on first day of trading,although differences in mean are insignificant.Over a five-year buy-and hold strategy,privatizing IPOs outperform and private IPOs underperform returns on the benchmark KSE 100 Stock Index.The results reveal that the size of the private firm or government entity,aftermarket risk of IPOs,and subscription ratio are significantly associated with the underpricing of IPO shares brought to market.First-day returns,market volatility and retained ownership are associated with higher five-year performance.We find that the concentration of ownership is similar,for both categories of IPOs;and significantly positive related to underpricing.The size of the firm/entity,aftermarket risk,return on assets and subscription ratio also affect ownership concentration.Conclusions:Same level of underpricing in both private and privatized IPOs reveals that Pakistan’s government is committed to its privatization policies as they developed capital markets by underpricing of IPOs.To make dispersion in ownership structure and to involve more small investors,the regulatory authorities such as Securities and Exchange Commission of Pakistan(SECP are required to take some steps to minimize concentration in ownership structure).There is a need of some specific range of underpricing by issuers and SECP.
文摘Given a pan-space ?and a nonnegative measurable function f on measurable space (X, A), the pan-integral of f with respect to monotone measure μ and pan-operation ?determines a new monotone measure ?on?(X, A). Such the new monotone measure ?is absolutely continuous with respect to the monotone measure μ. We show that the new monotone measure preserves some important structural characteristics of the original monotone measures, such as continuity from below, subadditivity, null-additivity, weak null-additivity and (S) property. Since the pan-integral based on a pair of pan-operations ?covers the Sugeno integral (based on ) and the Shilkret integral (based on ), therefore, the previous related results for the Sugeno integral are covered by the results presented here, in the meantime, some special results related the Shilkret integral are also obtained.
文摘This paper investigates whether innovative Peer-to-Peer lending by FinTechs’has a regulatory advantage over the big banks in respect of small business lending.We do this through the lens of the regulations imposed by the Dodd-Frank Act,using a difference-in-difference methodology.The Act tightened traditional bank credit standards on business loans,especially for small firms.However,the new FinTech lenders were not subject to the same regulatory burden.We find that traditional banks significantly reduced their lending to small businesses,as compared to their FinTech competitors.Our results suggest that while the Dodd-Frank Act constrained lending to small businesses,innovative new lending models gained a regulatory advantage and the Peer-to-Peer lenders capitalized on this.
基金Sponsored by Zhaoqing Philosophy and Social Science Planning Project (18YB-02)Construction Project of Tourism Comprehensive Teaching Experiment and Training Center of Zhaoqing University (zlgc201816)+1 种基金Key Research Platforms and Projects of Common Colleges and Universities in Guangdong Province (2018WTSCX154)Zhaoqing University’s Scientific Research Fund Projects in 2020 (202036)。
文摘Morning tea culture taking Guangzhou as the core and the Pearl River Delta as the traffic area is taken as the research object.The evolution of the way of morning tea is analyzed,and internal and external conditions for the formation of urban cultural space are analyzed,and the growth and function of urban cultural space are explored.Through theoretical sampling method and grounded theory method,taking social media views as data source,the dimensions of the cultural space of Guangfu morning tea are explored,and the dimensions involved in the construction of cultural space of Guangfu morning tea are discussed,and the relationship between the cultural space of morning tea and human being is understood,to better explore how to construct the cultural space of morning tea,and find out the growth dimension of urban cultural space.The growth and function of urban cultural space are examined from the perspective of urban cultural space,thereby providing suggestions for the development of urban cultural space.
文摘This paper is a revised and expanded version of a paper entitled “The static and dynamic criteria of building an investment asset portfolio” presented at International Conference on Applied Economics (ICOAE, 2014), Chania, 3-5 July 2014 and published at Procedia Economics and Finance, Volume 14, Pages 575-584 (2014) [1]. At the previous research, it showed the significance to go beyond the scope of selecting one or another metric of static efficiency. And the attention was paid to the dynamic efficiency criteria. The ICOAE 2015 research gives brief results of that work, which is only one of applied areas of polydimensional efficiency measurement model (PEMM). Research work on PEMM conceptual and methodical elaboration has been started in the author’s dissertation study [2] and continued in the practical activity and materialized in Innovative LLC (limited liability company) creating project. The research is concentrating on the real economic benefit of 3D PEMM (thee criterial PEMM version) implementation. In the first part of ICOAE 2015 empirical study, the dynamic component of 3D PEMM on the industrial level was tested. Next, the company economic profit changes and dynamic-market 3D PEMM components correlation was estimated. Finally, the economic benefit of 3D PEMM functional operationalization in the framework of management systems development was calculated.
