Abstract: This study aims to explore the relationship between the
disposition effect and herding behavior of investors trading Taiwanese
information technology stocks. This study differs from previous
literature in two aspects. First, in contrast with the earlier studies that
focused on investigating investors’ herding behavior, this study
explores the possibility that the disposition effect drives investors’
herding behavior. Additionally, it takes an in-depth look at the
interdependence between the disposition effect and herding behavior
of investors, including lead-lag relationship and volatility transmission
effect. Empirical results show that investors trading Taiwan’s
information technology stocks exhibit pronounced herding behavior
and that the disposition effect has a great impact on their herding
behavior.
Abstract: Grazing and pastoral overloading through human factors result in significant land desertification. Failure to take into account the phenomenon of desertification as a serious problem can lead to an environmental disaster because of the damages caused by land encroachment. Therefore, soil on residential and urban areas is affected because of the deterioration of vegetation. Overgrazing or grazing in open and irregular lands is practiced in these areas almost throughout the year, especially during the growth cycle of edible plants, thereby leading to their disappearance. In addition, the large number of livestock in these areas exceeds the capacity of these pastures because of pastoral land overloading, which results in deterioration and desertification in the region. In addition, rare plants, the extinction of some edible plants in the region, and the emergence of plants unsuitable for grazing, must be taken into consideration, as along with the emergence of dust and sand storms during the dry seasons (summer to autumn) due to the degradation of vegetation. These results show that strategic plans and regulations that protect the environment from desertification must be developed. Therefore, increased pastoral load is a key human factor in the deterioration of vegetation cover, leading to land desertification in this region.
Abstract: Vermicomposting is the conversion of organic waste
into bio-fertilizers through the action of earthworm. This technology
is widely used for organic solid waste management. Waste corn pulp
blended with cow dung manure was vermicomposted over 30 days
using Eisenia fetida earthworms species. pH, temperature, moisture
content, and electrical conductivity were daily monitored. The
feedstock, vermicompost and vermiwash were analyzed for nutrient
composition. The average temperature and moisture content in the
vermi-reactor was 22.5°C and 42.5% respectively. The vermicompost
and vermiwash had an almost neutral pH whilst the electrical
conductivity was 21% higher in the vermicompost. The nitrogen and
potassium content was 57% and 79.6% richer in the vermicompost
respectively compared to the vermiwash. However, the vermiwash
was 84% richer in phosphorous as compared to vermicompost.
Furthermore, the vermiwash was 89.1% and 97.6% richer in Ca and
Mg respectively and was 97.8% richer in Na salts compared to the
vermicompost. The vermiwash also indicated a significantly higher
amount of micronutrients. Both bio-fertilizers were rich in nutrients
specification for fertilizers.
Abstract: The catalytic dehydroxylation of glycerol to propylene
glycol was investigated over Cu-ZnO/Al2O3 prepared by incipient
wetness impregnation (IWI) method with different purity feedstocks -
refined glycerol and technical grade glycerol. The main purpose is to
investigate the effects of feed impurities that cause the catalyst
deactivation. The prepared catalyst were tested for its catalytic
activity and selectivity in a continuous flow fixed bed reactor at 523
K, 500 psig, H2/feed molar ratio of 4 and WHSV of 3 h-1. The results
showed that conversion of refined glycerol and technical grade
glycerol at time on stream 6 hour are 99% and 71% and selectivity to
propylene glycol are 87% and 56% respectively. The ICP-EOS and
TPO results indicated that the cause of catalyst deactivation was the
amount of impurities in the feedstock. The higher amount of
impurities (especially Na and K) the lower catalytic activity.
Abstract: This paper applies fuzzy clustering algorithm in classifying real estate companies in China according to some general financial indexes, such as income per share, share accumulation fund, net profit margins, weighted net assets yield and shareholders' equity. By constructing and normalizing initial partition matrix, getting fuzzy similar matrix with Minkowski metric and gaining the transitive closure, the dynamic fuzzy clustering analysis for real estate companies is shown clearly that different clustered result change gradually with the threshold reducing, and then, it-s shown there is the similar relationship with the prices of those companies in stock market. In this way, it-s great valuable in contrasting the real estate companies- financial condition in order to grasp some good chances of investment, and so on.
Abstract: This paper proposes a method that predicts attractive
evaluation objects. In the learning phase, the method inductively
acquires trend rules from complex sequential data. The data is
composed of two types of data. One is numerical sequential data.
Each evaluation object has respective numerical sequential data. The
other is text sequential data. Each evaluation object is described in
texts. The trend rules represent changes of numerical values related
to evaluation objects. In the prediction phase, the method applies
new text sequential data to the trend rules and evaluates which
evaluation objects are attractive. This paper verifies the effect of the
proposed method by using stock price sequences and news headline
sequences. In these sequences, each stock brand corresponds to an
evaluation object. This paper discusses validity of predicted attractive
evaluation objects, the process time of each phase, and the possibility
of application tasks.
Abstract: The proposed paper examines strategies whose aim is
to counter the all too often sighted process of abandonment that
characterizes contemporary cities. The city of Nicosia in Cyprus is
used as an indicative case study, whereby several recent projects are
presented as capitalizing on traditional cultural assets to revive the
downtown. The reuse of existing building stock as museums,
performing arts centers and theaters but also as in the form of various
housing typologies is geared to strengthen the ranks of local residents
and to spur economic growth. Unlike the examples from the 1960s,
the architecture of more recent adaptive reuse for urban regeneration
seems to be geared in reinforcing a connection to the city where the
buildings often reflect the characteristics of their urban context.
Abstract: Carbon disulfide is widely used for the production of
viscose rayon, rubber, and other organic materials and it is a
feedstock for the synthesis of sulfuric acid. The objective of this
paper is to analyze possibilities for efficient production of CS2 from
sour natural gas reformation (H2SMR) (2H2S+CH4 =CS2 +4H2) .
Also, the effect of H2S to CH4 feed ratio and reaction temperature on
carbon disulfide production is investigated numerically in a
reforming reactor. The chemical reaction model is based on an
assumed Probability Density Function (PDF) parameterized by the
mean and variance of mixture fraction and β-PDF shape. The results
show that the major factors influencing CS2 production are reactor
temperature. The yield of carbon disulfide increases with increasing
H2S to CH4 feed gas ratio (H2S/CH4≤4). Also the yield of C(s)
increases with increasing temperature until the temperature reaches
to 1000°K, and then due to increase of CS2 production and
consumption of C(s), yield of C(s) drops with further increase in the
temperature. The predicted CH4 and H2S conversion and yield of
carbon disulfide are in good agreement with result of Huang and TRaissi.
Abstract: 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.
Abstract: 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.
Abstract: This paper deals with the application of a well-known neural network technique, multilayer back-propagation (BP) neural network, in financial data mining. A modified neural network forecasting model is presented, and an intelligent mining system is developed. The system can forecast the buying and selling signs according to the prediction of future trends to stock market, and provide decision-making for stock investors. The simulation result of seven years to Shanghai Composite Index shows that the return achieved by this mining system is about three times as large as that achieved by the buy and hold strategy, so it is advantageous to apply neural networks to forecast financial time series, the different investors could benefit from it.
Abstract: The main aim of the current study was to examine the
effect of emotional intelligence on retention. The study also aimed at
analyzing the role of job involvement, as a moderator, in the effect of
emotional intelligence on retention. Using data gathered from 241
employees working with hotels and tourism corporations listed in
Amman Stock Exchange in Jordan, emotional intelligence, job
involvement and retention were measured. Hierarchical regression
analyses were used to test the three main hypotheses. Results
indicated that retention was related to emotional intelligence.
Moreover, the study yielded support for the claim that job
involvement had a moderating effect on the relationship between
emotional intelligence and retention.
Abstract: Primary and secondary data from the Bauchi abattoir were utilized to determine the relative contributions of different livestock species to meat supply in Bauchi Metropolis. Daily livestock slaughter figures for five months (June – October 2011) indicated that more goats (64.0) were slaughtered than either sheep (47.3) or cattle (41.30) each day (P
Abstract: Biodiesel production with used frying by
transesterification reaction with methanol, using a commercial
kaolinite thermally-activated solid acid catalyst was investigated.
The surface area, the average pore diameter and pore volume of the
kaolinite catalyst were 10 m2/g, 13.0 nm and 30 mm3/g, respectively.
The optimal conditions for the transesterification reaction were
determined to be oil/methanol, in a molar ratio 1:31, temperature 160
ºC and catalyst concentration of 3% (w/w). The yield of fatty acids
methyl esters (FAME) was 92.4% after 2 h of reaction. This method
of preparation of biodiesel can be a positive alternative for utilizing
used frying corn oil for feedstock of biodiesel combined with the
inexpensive catalyst.
Abstract: Hydrogenated biodiesel is one of the most promising
renewable fuels. It has many advantages over conventional biodiesel,
including higher cetane number, higher heating value, lower
viscosity, and lower corrosiveness due to its absence of oxygen.
From previous work, Pd/TiO2 gave high conversion and selectivity in
hydrogenated biodiesel. In this work, the effect of biomass feedstocks
(i.e. beef fat, chicken fat, pork fat, and jatropha oil) on the production
of hydrogenated biodiesel over Pd/TiO2 has been studied. Biomass
feedstocks were analyzed by ICP-OES (inductively coupled plasma
optical emission spectrometry) to identify the content of impurities
(i.e. P, K, Ca, Na, and Mg). The deoxygenation catalyst, Pd/TiO2,
was prepared by incipient wetness impregnation (IWI) and tested in a
continuous flow packed-bed reactor at 500 psig, 325°C, H2/feed
molar ratio of 30, and LHSV of 4 h-1 for its catalytic activity and
selectivity in hydrodeoxygenation. All feedstocks gave high
selectivity in diesel specification range hydrocarbons and the main
hydrocarbons were n-pentadecane (n-C15) and n-heptadecane (n-
C17), resulting from the decarbonylation/decarboxylation reaction.
Intermediates such as oleic acid, stearic acid, palmitic acid, and esters
were also detected in minor amount. The conversion of triglycerides
in jatropha oil is higher than those of chicken fat, pork fat, and beef
fat, respectively. The higher concentration of metal impurities in
feedstock, the lower conversion of feedstock.
Abstract: In recent years, sustainable supply chain management
(SSCM) has been widely researched in academic domain. However,
due to the traditional operational role and the complexity of supply
chain management in the cement industry, a relatively small amount
of research has been conducted on cement supply chain simulation
integrated with sustainability criteria. This paper analyses the cement
supply chain operations using the Push-Pull supply chain
frameworks, the Life Cycle Assessment (LCA) methodology; and
proposal integration approach, proposes three supply chain scenarios
based on Make-To-Stock (MTS), Pack-To-Order (PTO) and Grind-
To-Order (GTO) strategies. A Discrete-Event Simulation (DES)
model of SSCM is constructed using Arena software to implement
the three-target scenarios. We conclude with the simulation results
that (GTO) is the optimal supply chain strategy that demonstrates the
best economic, ecological and social performance in the cement
industry.
Abstract: Supply Chain Management (SCM) is the integration
between manufacturer, transporter and customer in order to form one
seamless chain that allows smooth flow of raw materials, information
and products throughout the entire network that help in minimizing
all related efforts and costs. The main objective of this paper is to
develop a model that can accept a specified number of spare-parts
within the supply chain, simulating its inventory operations
throughout all stages in order to minimize the inventory holding
costs, base-stock, safety-stock, and to find the optimum quantity of
inventory levels, thereby suggesting a way forward to adapt some
factors of Just-In-Time to minimizing the inventory costs throughout
the entire supply chain. The model has been developed using Micro-
Soft Excel & Visual Basic in order to study inventory allocations in
any network of the supply chain. The application and reproducibility
of this model were tested by comparing the actual system that was
implemented in the case study with the results of the developed
model. The findings showed that the total inventory costs of the
developed model are about 50% less than the actual costs of the
inventory items within the case study.
Abstract: Productivity has been one of the major concerns with the increasingly high cost of software development. Choosing the right development language with high productivity is one approach to reduce development costs. Working on the large database with 4106 projects ever developed, we found the factors significant to productivity. After the removal of the effects of other factors on productivity, we compare the productivity differences of the ten general development programs. The study supports the fact that fourth-generation languages are more productive than thirdgeneration languages.
Abstract: This paper tests the level of market integration between Malaysia and Singapore stock markets with the world market. Kalman Filter (KF) methodology is used on the International Capital Asset Pricing Model (ICAPM) and the pricing errors estimated within the framework of ICAPM are used as a measure of market integration or segmentation. The advantage of the KF technique is that it allows for time-varying coefficients in estimating ICAPM and hence able to capture the varying degree of market integration. Empirical results show clear evidence of varying degree of market integration for both case of Malaysia and Singapore. Furthermore, the results show that the changes in the level of market integration are found to coincide with certain economic events that have taken placed. The findings certainly provide evidence on the practicability of the KF technique to estimate stock markets integration. In the comparison between Malaysia and Singapore stock market, the result shows that the trends of the market integration indices for Malaysia and Singapore look similar through time but the magnitude is notably different with the Malaysia stock market showing greater degree of market integration. Finally, significant evidence of varying degree of market integration shows the inappropriate use of OLS in estimating the level of market integration.
Abstract: Various assisted reproductive techniques have been
developed and refined to obtain a large number of offspring from
genetically superior animals or obtain offspring from infertile (or
subfertile) animals. The embryo transfer is one assisted reproductive
technique developed well, aimed at increased productivity of selected
females, disease control, importation and exportation of livestock,
rapid screening of AI sires for genetically recessive characteristics,
treatment or circumvention of certain types of infertility. Embryo
transfer also is a useful research tool for evaluating fetal and maternal
interactions. This technique has been applied to nearly every species
of domestic animal and many species of wildlife and exotic animals,
including humans and non-human primates. The successful of
embryo transfers have been limited to within-animal, homologous
replacement of the embryos. There are several examples of
interspecific and intergeneric embryo transfers in which embryos
implanted but did not develop to term: sheep and goat, mouse and rat.
An immunological rejections and placental incompatibility between
the embryo and the surrogate mother appear to restrict interspecific
embryo transfer/interspecific pregnancy. Recently, preimplantation
embryo manipulation procedures have been applied, such as
technique of inner cell mass transfer. This technique will possible to
overcome the reproductive barrier interspecific embryo
transfer/interspecific pregnancy, if there is a protective mechanism
which prevents recognition of the foreign fetus by the mother of the
other species