In China, Buddhism and Taoism are two major religions. Using a sample of 10,363 firm-year observations from the Chinese stock market for the period of 2001–2010, I provide strong and robust evidence that religion (i.e., Buddhism and Taoism on the whole) is significantly negatively associated with owner-manager agency costs. In particular, using firm-level religion data measured by the number of religious sites within a radius of certain distance around a listed firm’s registered address, I find that religion is significantly negatively (...) (positively) associated with expense ratio (asset utilization ratio), the positive (reverse) proxy for owner-manager agency costs. This finding is consistent with the following view: religiosity has remarkable effects on the way how an individual thinks and behaves, and thereof can curb managers from unethical business practices. Moreover, my findings suggest that the negative association between religion and owner-manager agency costs is attenuated for firms with strong external monitoring mechanisms such as higher Marketization and high-quality auditors. Furthermore, after separating Buddhism from Taoism, my finding indicates that above conclusions are only available for Buddhism, suggesting that different religions may have asymmetric influence on owner-manager agency costs. Above results are robust to various measures of religiosity and a variety of robustness checks. (shrink)

This study examines the influence of board independence on firm agency cost among listed firms in Bangladesh, which feature concentrated ownership and high insider representation on corporate boards. This study uses three measures of agency cost: the ‘expense ratio’, the ‘Q-free cash flow interaction’ and the ‘asset utilization ratio’. The finding of the study is that board independence can reduce the firm agency cost only under ‘asset utilization ratio’ measure of agency cost. These (...) findings are robust to several robustness tests. Furthermore, the non-linearity tests suggest that the benefit of outside independent directors is generally plausible as a factor controlling agency costs in the case of a medium level of board independence. Overall, these findings do not reject the validity of agency theory, supporting the Anglo-American orthodoxy promoting outside independent directors as good monitors. (shrink)

Proper utilization of antenatal and postnatal care services plays an important role in reducing the maternal mortality ratio and infant mortality rate. This paper assesses the utilization of health care services during pregnancy, delivery and post-delivery among rural women in Uttar Pradesh and examines its determinants. Data from a baseline survey of UP Community Mobilization project was utilized. A cross-sectional sample of currently married women who delivered a baby 15 months prior to the survey was included. Information (...) was collected from 2208 women spread over five districts of UP. Information on socio-demography characteristics, utilization of antenatal care, delivery and postnatal care services was collected. To examine the determinants of utilization of maternal health services, the variables included were three ANC visits, institutional delivery and PNC within 42 days of delivery. Separate multilevel random intercept logistic regressions were used to account for clustering at a block and gram panchayat level after adjusting for covariates. Eighty-three percent of women had any ANC. Of them, 61% reported three or more ANC visits. Although 68% of women delivered in a health facility, 29% stayed for at least 48 h. Any PNC within 42 days after delivery was reported by 26% of women. In the adjusted analysis, women with increasing number of contacts with the health worker during the antenatal period, women exposed to mass-media and non-marginalized women were more likely to have at least three ANC visits during pregnancy. Non-marginalized women and women with at least three ANC visits were more likely than their counterparts to deliver in an institution. Contacts with health worker during pregnancy, marginalization, at least three ANC visits and institutional delivery were the strong determinants for utilization of PNC services. Self-help group membership had no association with the utilization of maternal health services. Utilization of maternal health services was low. Contact with the health worker and marginalization emerged as important factors for utilization of services. Although not associated with the utilization, SHGs can be used for delivering health care messages within and beyond the group. (shrink)

This article does not intend to actually valuate intangible assets but focuses to investigate the relative value distribution of corporate intangible assets, and this links closely to the concept and application of value drivers. This is because we believe that drivers or attributes of the value significantly determine how the virtual value of these intangibles can be created for companies. We apply the analytic hierarchy process (AHP) to the appraising process of intangible assets. The AHP method can mainly sort the (...) non-financial value drivers in order according to their weighted contributions. Therefore, the key purpose of this article is to develop a tentative model for the evaluation of intangible assets, which helps business to correctly appraise corporate value ratios and avoid bias due to mainly relying on financial statements when measuring an entity’s value. In addition, in view of the significant proportion of intangible assets over total assets in high-technology industries, this research, then, uses six industries in Hsinchu Science Park, Taiwan, as its research objects in order to test the applicability of its model, as well as exploring the value weights of intangible assets and its evaluation among different technology industries. Besides, the empirical result of this article is mainly to support business appraisal and thus improves the effectiveness of value-based management. (shrink)

State ownership, worker ownership, and household ownership are the three main forms in which productive assets (firms) can be held. I argue that worker ownership is not wise in economies with high capital-labor ratios, for it forces the worker to concentrate all her assets in one firm. I review the coupon economy that I proposed in 1994, and express reservations that it could work: greedy people would be able to circumvent its purpose of preventing the concentration of corporate wealth. Although (...) extremely high corporate salaries are the norm today, I argue these are competitive and market determined, a consequence of the gargantuan size of firms. It would, however, be possible to tax such salaries at high rates, because the labor - supply response would be small. The social-democratic model remains the best one, to date, for producing a relatively egalitarian outcome, and it relies on solidarity, redistribution, and private ownership of firms. Whether a solidaristic social ethos can develop without a conflagration, such as the second world war, which not only united populations in the war effort, but also wiped out substantial middle-class wealth in Europe - thus engendering the post-war movement towards social - insurance is an open question. (shrink)

Sharpe’s ratio is the most widely used index for establishing an order of priority for the portfolios to which the investor has access, and the purpose of this investigation is to verify that Sharpe’s ratio allows decisions to be made in investment portfolios considering different financial market conditions. The research is carried out by autoregressive model of the financial series of returns using Sharpe’s ratio for evaluations looking over the priority of financial assets which the investor can (...) access while observing the effects that can cause autocorrelated series in evaluation measures for financial assets. The results presented in this study confirm the hypothesis proposed in which Sharpe’s ratio allows decisions to be made in the selection of investment portfolios under normal conditions thanks to the definition of a robustness function, whose empirical estimation shows an average 73% explanation of the variance in the degradation of the Spearman coefficient for each of the performance measures; however, given the presence of autocorrelation in the financial series of returns, this similarity is broken. (shrink)

The past three decades have seen a decline in traditional industries in the United Kingdom and there has been a relative decline in the value of physical assets to the UK economy. At the same time, the value of intangible assets seen in intellectual property rights have increased considerably. As such, IP rights represent important assets for companies and often comprise the foundation for market dominance and continued profitability. There is a structural uncertainty in the law relating to the use (...) of IP as collateral for the purpose of raising debt finance and this may impact upon the survival of firms with high ratios of intangible to tangible assets. This article considers the proper goals for an effective credit and security regime in IP. It examines the significance of the availability of collateral to the lending decision and also considers whether the reluctance to maximise the use of IP as security reflects inherent difficulties which arise out of the nature of IP as economic assets. This has implications for the reform of English personal property security law and the development of bright line priority rules associated with Article 9 of the US Uniform Commercial Code which is often cited as a model for reform of English law. (shrink)

We examined whether and how managerial ability affects the relationship between customer concentration and corporate performance. Based on a novel measure of managerial ability, we found that customer concentration has a significant negative effect on corporate performance, while managerial ability can mitigate this effect. The negative effect of customer concentration is only significant in the subsample of low ability and lower efficiency in asset utilization, while the moderating effect of managerial ability is significant for all levels of (...) class='Hi'>asset utilization efficiency and more significant for firms with a lower gross margin. The results are robust to numerous robustness tests and endogeneity concerns. Additional analysis of mechanisms shows that in addition to superior operating ability, competent managers select major customers who are more beneficial to their company and decrease the sensitivity of their research and development investment to customers. These findings indicate that the heterogeneity of managerial ability plays an important role in the supplier–customer context when the supplier firm generally faces one or more concentrated customers. (shrink)

Purpose: This article investigates the emergence of subsystems in societies as a solution to the double contingency problem. Context: There are two underlying paradigms: one is radical constructivism in the sense that perturbations are at the centre of the self-organising processes; the other is Luhmann’s double contingency problem, where agents learn anticipations from each other. Approach: Central to our investigation is a computer simulation where we place agents into an arena. These agents can learn to (a) collect food and/or (b) (...) steal food from other agents. In order to analyse subsystem formation, we investigate whether agents use both behaviours or just one of these, which is equivalent to determining the number of self-referential loops. This is detected with a novel measure that we call “prediction utilisation.” Results: During the simulation, symmetry breaking is observed. The system of agents divides itself up into two subsystems: one where agents just collect food and another one where agents just steal food from other agents. The ratio between these two populations is determined by the amount of food available. Key words: Social systems, constructivist paradigm, cybernetics, double contingency, symmetry breaking, emergence. (shrink)

This study examines the influence of managerial ownership on firm agency costs among listed firms in Bangladesh. This is an institutional setting that features a mixture of agency costs. This institutional setting has a concentration of ownership by managers, but the firms are not solely owned by managers. The extant literature suggests that the sacrifice of wealth by the principal and potential costs associated with monitoring the agents is known as the agency cost. This study uses three measures of agency (...) cost: the ‘expense ratio’, the ‘Q-free cash flow interaction’, and the ‘asset utilisation ratio’. The finding of the study is that managerial ownership reduces the firm agency cost only under the ‘asset utilisation ratio’ measure of agency cost; this is robust with regard to a number of robustness tests. Furthermore, the non-linearity tests suggest that the convergence of interest is evident with very high and low levels of managerial ownership. The entrenchment effect by the owners is evident at moderate levels of managerial ownership. Although there has been great scepticism among management researchers on the validity of agency theory, overall, the findings of this study do not reject the validity of agency theory. Given that the entrenchment by managers is evident at certain levels of ownership and that the agency problem may still exist between insiders and outsiders, legislative guidelines for controlling share ownership may be required. (shrink)

Despite the growing visibility of religious women’s responses to COVID-19 in the media, the discourses of religion and the pandemic in emerging scholarship were preoccupied with the responses of churches to COVID-19, and neglected the contributions of religious women to the pandemic in Zambia. This article, therefore, explores the interface between religion and COVID-19 through the representations of the responses of Roman Catholic religious sisters to the pandemic, in the media in Zambia, from a religious health asset perspective. The (...) study drew on two objectives, namely, to describe the representations of Roman Catholic religious sisters’ responses to COVID-19 in the media; and to explain the nature of the Roman Catholic religious sisters’ responses to the pandemic as represented in the media with a focus on the utilisation of RHAs. It drew on an interpretive case study in which data were collected through content analysis. It shows that the responses of the religious sisters were covered more in Catholic related media. These responses ranged from providing key COVID-19 messages, integrating COVID-19 in the existing programmes to providing basic equipment and food to the needy communities as shaped by the utilisation of RHAs at their disposal, and as informed by their prophetic mission. The article argues that the Roman Catholic religious sisters’ responses to the pandemic affirmed women’s active roles in combating the pandemic.Contribution: The article’s contribution lies in adding the narratives of women’s contributions to the pandemic in the early stages of the outbreak of COVID-19 to women theologies scholarship in Africa. And also, extending the utilisation of RHAs to the new pandemic and the implications it draws on the need for engendering religious responses to the pandemic by capturing women’s narratives during a pandemic as part of constructing women theologies in the face of COVID-19. (shrink)

This study investigates the banking industry's resilience in maintaining its performance during a crisis by examining the impact of an income diversification strategy and considering the ownership structure. Moderated Regression Analysis was employed to explore bank performance proxy by Return on Assets (ROA) ratio as the dependent variable. For the Independent variable, we used income diversification and ownership structure. The research sample comes from 83 banks in Indonesia, consisting of 4 state-owned banks, 26 regional government banks, 30 private banks, (...) and 23 foreign banks in the 2020-2021 quarterly. The results indicate that diversification has no significant effect on bank performance during the Covid-19 pandemic at commercial banks in Indonesia but has a positive direction. The ownership structure was a pure moderator that weakened the relationship between income diversification and bank performance. Meanwhile, state-owned banks need to be more creative in exploring non-interest income sources than private and foreign banks. The Covid-19 pandemic has had a significant impact on the global economy, including the banking sector in Indonesia. However, the Indonesian banking industry has shown resilience during the pandemic. The Indonesian government has implemented several policies to support the banking sector during the pandemic. (shrink)

Plastic waste is a significant environmental problem for almost all countries; therefore, protecting the environment from the problem is crucial. The most sensible solution to these problems is substituting the natural aggregates with substantial plastic waste in various building materials. This study aimed to optimise the mixed design ratio of cement brick containing plastic waste as aggregate replacement. Plastic cement brick mixtures were prepared by the incorporation of four different types of plastic waste such as polyethylene terephthalate (PET), high-density (...) polyethylene, low-density polyethylene and polypropylene into cement bricks with different cement contents (150, 300 and 450 g) and plastic replacement percentages (0, 3 and 6%). Compressive strength and water absorption of the plastic cement bricks were analysed using a statistical model through the response surface methodology. It revealed the optimum cement brick mixed design is C3-1% PET with the compressive strength of 27.50 MPa and water absorption of 1.16%. The optimised plastic cement brick also satisfied the general ASTM C62-17 requirements for building bricks despite the higher porosity observed by the scanning electron microscopy. The results from Fourier transform infrared spectroscopy analysis also showed that the addition of the plastic waste into cement brick was unlikely to modify the chemical compound within the cement brick mixtures. Thus, the proposed mathematical model can predict the required hardened properties of plastic cement bricks and could lead to greater utilisation of plastic waste in building materials. (shrink)

Japan has one of the highest numbers of high-cost medical devices installed relative to its population. While evaluations of the distribution of these devices traditionally involve simple population-based assessments, an indicator that includes the demand of these devices would more accurately reflect the situation. The purpose of this study was to develop an indicator of the supply–demand balance of such devices, using examples of magnetic resonance imaging scanners (MRI) and extracorporeal shockwave lithotripters (ESWL), and to investigate the relationship between this (...) indicator, personnel distribution statuses and operating statuses at the prefectural level. -/- Using data from nation-wide surveys and claims data from 16 hospitals, we developed an indicator based on the ratio of the supplied number of device units to the number of device units in demand for MRI and ESWL. The latter value was based on patient volume and utilization proportion. Correlation analyses were conducted between the supply–demand balances of these devices, personal distribution and operating statuses. -/- Comparisons between our indicator and conventional population-based indicators revealed that 15% and 30% of prefectures were at risk of underestimating the availability of MRI and ESWL, respectively. The numbers of specialist personnel/device units showed significant, negative correlations with our indicators in both devices. -/- Utilization-based analyses of health care resource placement and utilization status provide a more accurate indication than simple population-based assessments, and can assist decision makers in reviewing gaps between health policy and management. Such an indicator therefore has the potential to be a tool in helping to improve the efficiency of the allocation and placement of such devices. (shrink)

All capitalist economies experience fluctuations in employment and economic activity around a long-term growth rate. How is this cyclical pattern of growth to be explained? Are the causes of fluctuations in output and employment to be found outside the system or are they intrinsic to the system? Will the long-term growth rate correspond to the growth of the labour force? It is the search for answers to these questions which motivates Peter Skott's analysis. The book develops a theory of dynamic (...) interaction between three types of agent: firms, households and banks. Firms are profit-maximisers operating under conditions of imperfect competition and their production and investment decisions are influenced by monetary and financial factors as well as by the state of the labour market. Households hold financial assets, supply labour and have a direct influence on nominal wage rates. Banks set interest rates on bank loans and deposits. No assumptions are made about nominal price rigidities and the capital-output ratio is determined endogenously. Using a framework of analysis which is rigorous and which does not exclude traditional neoclassical mechanisms, this book demonstrates the validity of important Marxian and Keynesian insights into the growth process. (shrink)

Wealth distribution based on classic sugarscape model leads to a population increase and the Gini coefficient decrease when cooperation and communication parameters are taken into account. In another study, this model was developed by implying a receipt of one-fifth of the assets of the population and derived utilization for poor people. The results showed a relation between mortality decrease, population increase, and Gini coefficient decrease (equality increase). In a synergic process, the wealth adjustment based on sugarscape model underwent some (...) experiments by implying communication and cooperation, and the mechanism of receiving and utilizing the assets. The results show that the population increase and the Gini coefficient decrease play an important role in wealth adjustment. (shrink)

Islamic equity funds are subject to the screening criteria for stock selection imposed by the principles of Islamic jurisprudence. Equities must pass three basic screens: revenue source, business activity, and financial factors to be included in an Islamic fund. However, screening criteria are not universal especially for the financial factors. One can use financial ratios based on either the book-value of total assets or the market-value of equity for screening of stocks. This may not only result in a different portfolio (...) composition but also entail diverse rebalancing and monitoring costs. The performance of 29 Islamic equity indices versus conventional indices from four major international index providers using different Shari’ah screening criteria are analyzed in a single as well as in a multi-equation framework. The use of a multi-equation framework has the added advantage of utilizing the information content of different screening criteria adopted by different index providers. The empirical findings suggest that the difference in screening criteria does not significantly affect the performance of IEIs. Returns deviation, if any, stems from the relative riskiness of the IEI as compared with the relevant benchmark. Work needs to done to streamline the quantitative screening criteria to avoid confusion among the investing public. (shrink)

By a simple revision of Newton's diagram for Proposition 6 of the third edition of the Principia, one can see directly how the mathematics of uniform circular motion have been employed to solve the Kepler problem of elliptical planetary motion in Proposition 11. Newton strove initially to build his dynamics on the linear kinematics of Galileo; and, in this utilization of uniformly accelerated linear motion to solve more complicated problems, he can be seen as revolutionary. But he could not (...) escape completely from the coils of celestial circularity, and in his utilization of uniform circular motion to solve problems of elliptical motion, he can be seen as reactionary. The key to understanding Newton's mature dynamics resides in the discussion of the alternate dynamics ratio, as presented here in section six. (shrink)

The rapid evolution of scientific research has created a pressing need for efficient and versatile tools to aid researchers. While using artificial intelligence (AI) to write scientific articles is unethical and unreliable due to the potential for inaccuracy, AI can be a valuable tool for assisting with other aspects of research, such as language editing, reference formatting, and journal finding. Two of the latest AI-driven assistants that have become indispensable assets to scientists are ChatGPT and Gemini (Bard). These assistants offer (...) comprehensive support from literature review to journal suggestion, and they have the potential to revolutionize research. In the present study, a comprehensive set of queries and responses were designed to assess the capabilities of ChatGPT-3.5 and Gemini as scientific assistants. The results showed that Gemini achieved a perfect score of 100%, while ChatGPT-3.5 scored a less impressive 70%. Notably, ChatGP-3.5 fell short in specific areas that includes providing assistance with scientific paper explanations, exploring bibliographic databases, and formatting references. The qualitative assessment of responses also suggests that both the AI chatbots can be valuable tools for researchers, however, Gemini seems to be more appealing and accurate through the whole procedure of scientific writing. This work shall open new research dimensions in identifying adequate scientific utilization of the evolving AI tools and technologies, as embracing these advancements will be essential for staying at the forefront of scientific research. (shrink)

The structure of the Lorentz transformation depends intimately on the conventional operations for measurement of lengths (L) and time intervals (T). The prescription for length measurement leads to justifiable utilization of Euclidean geometry over finite values of the coordinates. Then T-values can be regarded as ratios of length measurements within a suitably defined clock. In certain cases the synchronization process should be supplemented by measurements providing position certification. The Lorentz transformation emerges from three specific symmetry statements, assured by the (...) nature of the L and T operations: (1) one-one correspondence of finite values of the coordinates of two inertial frames, (2) frame reciprocity, and (3) spatial isotropy. (Light signaling is not needed in this derivation. Afterward, it is assumed that light is indeed an agent moving with the common speed revealed by the transformation.) When rest masses have been determined in the conventional fashion, the conservation of momentum and of energy follow from the kinematics—a result due to Einstein. (shrink)

Intellectual Capital is a driving force behind the financial performance of non-financial firms. Investing in intellectual and physical capital allows companies to optimize their financial performance by maximizing resource utilization. This study aims to determine whether IC efficiency impacts the financial performance of listed Pakistani and Indian companies between 2010 and 2020. Return on Assets and Return on Equity are used to calculate financial performance, and IC is calculated using the modified Value-Added Intellectual Coefficient model. Regression analysis is performed (...) using the STATA software developed by the South Texas Art Therapy Association. Human Capital, Structural Capital, and Capital Employed have a significant impact on Pakistani and Indian firms’ financial performance. Resource-based theory supports these findings. The findings should provide management with a prompt to improve financial performance and emphasize the importance of IC. A rare study has addressed the impact of IC on firm financial performance using the MVAIC model, rather than the VAIC model, in Pakistan and India. (shrink)

Designing a virtual environment within a digital game occupies a large part of the design procedure, requiring holistic attention and a broad arrangement of the game constituents. Considering other design disciplines, they occupy a unified design methodology; however, a comprehensive literature review reveals the lack of the intended design methodology in the digital game domain's virtual environment development, despite a currently proposed theoretical methodology trying to dissolve the issue. Hence, this research aims to determine the industry's requirements and provide a (...) set of assets included in current digital games as an initial step of providing such a design methodology for the domain. In this regard, the researchers reverse-engineered ten selected digital games, understanding the current condition of digital games via adopting the mentioned currently available design methodology. This dataset reveals a lack in the assets of the story layer in the recent digital games, despite their focus on being story-based. This dilemma leads to long text or speech conversations between game characters, disrupting the players while following the game. The current design focuses on environmental resources only, however, as a virtual landscape, the story needs to be reinforced to be a balanced and well-designed game. Hence, increasing the ratio of the assets in this layer will advance the games' interactivity. Also, as future work, this data set could pave the way for a digital game industry design tool regarding the virtual environment. (shrink)

This study examines the effect of integrating sustainability into corporate strategy on various aspects of shareholder value creation and financial performance in the British capital market. The employed method is based on the content analysis of corporate disclosures and a new technique for assessing the adoption of the corporate sustainability concept. Using extensive data of FTSE 350 firms covering the years 2006–2012, 65 companies were selected as meeting corporate sustainability criteria. For the above period, we find that these firms were (...) characterized by higher financial risk exposure, lower asset growth rates, lower BV/MV ratios, lower EVA ratios, and higher MVA ratios. Such relations were generally present among different size and industry groupings. The results support the thesis that firms that incorporate sustainability issues into their business operations are better able to leverage their resources toward stronger financial performance and shareholder value creation than other companies. The paper contributes to the literature by offering a more holistic approach to corporate sustainable performance measurement and shedding additional light on its relation to financial performance in the context of the recent global financial crisis and its direct aftermath. (shrink)

The alleged use of “Hybrid Warfare” by the Russian Federation in the annexation of the Ukrainian territory, Crimea, in 2014, thrust the term into the media spotlight and raised concerns over the lack of effective measures available to counter its use. This article investigates the use, development, impact, and legality of state-directed “Hybrid Warfare” campaigns. The first section of which examines the use and relevance of military force and strategy in the conduct of such a campaign, with further sections focusing (...) on the importance and integral nature of information, disinformation, and cyber capabilities, along with the resulting legal implications contemporary conflict faces. Hybrid strategy, capability, and doctrine will not replace traditional interstate maneuver warfare or the utilization of irregular modes of conflict. However, it does provide regional powers with a unique ability to insidiously challenge hegemonic or greater powers in such a way that better economizes their own capabilities and strategic assets. (shrink)

This paper examines whether bank capital ratios and default risk are associated with the gender of the bank’s Chief Executive Officer and Chairperson of the board. Given the documented gender-based differences in conservatism and risk tolerance, we postulate that female CEOs and board Chairs should assess risks more conservatively, and thereby hold higher levels of equity capital and reduce the likelihood of bank failure during periods of market stress. Using a large panel of U.S. commercial banks, we document that banks (...) with female CEOs hold more conservative levels of capital after controlling for the bank’s asset risk and other attributes. Furthermore, while neither CEO nor Chair gender is related to bank failure in general, we find strong evidence that smaller banks with female CEOs and board Chairs were less likely to fail during the financial crisis. Overall, our findings are consistent with the view that gender-based behavioral differences may affect corporate decisions. (shrink)

Genes controlling the choice of sexual strategy must be sensitive to critical environmental contingencies, including the presence of other strategically relevant genetic traits. To determine which strategy works best for each individual, one must assess both its environment and itself within that environment. Psychosexual development involves an assessment of sociosexual affordances, strategically calibrating optimal utilization of physical and psychosocial assets.

This case study evaluated the efficacy of semi-occluded vocal tract (SVT) therapy as a speech intervention for functional dysphonia in a 53-year-old patient. Laryngoscopic examination revealed mild erythema and mucosal irregularity in the posterior third, edema, slight interarytenoid erythema, and phonatory hiatus in the posterior third of the posterior wall. Vocal assessments were conducted before and after rehabilitation, focusing on the perceptual, acoustic, and aerodynamic aspects. The treatment plan incorporated sustained, oscillatory, and transient occlusions over 10 sessions. The results showed (...) enhanced voice timbre quality and normalization of the fundamental frequency appropriate for the patient's age and sex. The jitter, shimmer, and harmonic noise disturbances decreased, indicating improved wave stability and harmonic structure definition. The maximum expiratory and phonatory times, along with the s/z ratio, increased, leading to improved vocal efficiency. Additionally, the vocal risk indicator decreased, articulatory stability improved, and energy utilization became more efficient, resulting in more stable formants. The study concluded that SVT exercises produce positive vocal changes, suggesting that techniques aimed at modifying the vocal tract are effective for speech therapy rehabilitation in patients with functional dysphonia. (shrink)

Respiratory illness continues to be a leading cause of paediatric morbidity and mortality in Indonesia. The Indonesian government is moving towards a more managed care-based approach as it reforms its health care system following the 1997 financial crisis. In order to better design contractual relationships between the payor and different providers, there needs to be a better understanding of the patterns and predictors of health services utilization for respiratory illness. This study uses the Indonesia Demographic and Health Survey to (...) study the determinants of private, public and non-formal provider utilization for respiratory illness. Multinomial logistic regression models for predicting use were constructed using the Andersen Behavioural Model as the conceptual framework. The findings indicate that age, household size, maternal education, religion, the asset index, location and illness severity play a role in determining use of private, public or non-formal providers. The results indicate that from a policy perspective, the Indonesian government needs be inclusive rather than exclusive in the choice of providers that are contracted by the managed care plans, in order to safeguard the health of the under-five population. (shrink)

Minsky proposed classifying firms in three categories: hedge finance units which borrow no more than they are able to service in interest and principal out of operating cash flows, speculative finance units which are overleveraged to the point where they can service interest on their debt out of operating cash flows, but cannot repay the principal, and thus must continually roll over their existing debt, and Ponzi finance units, whose operating cash flows are inadequate even to service interest on their (...) debt. In Minsky’s financial instability hypothesis protracted prosperity leads endogenously to firms overleveraging themselves and transforming a market dominated by hedge finance into one dominated by speculative and Ponzi finance. Since Ponzi finance units are forced to sell off assets to service their existing interest payments, once the market is sufficiently dominated by Ponzi finance units, this creates an oversupply of assets offered for sale, and the resulting debt deflation causes a financial crisis and drastic shortage of liquidity. It appears this crisis state can be brought about by a deceptively low critical mass of Ponzi and speculative finance units. This paper uses a large 2002–2009 quarterly data set of all publicly traded North American firms and foreign firms traded on North American exchanges, a total of 8,905 stocks. Financial ratios are used to classify these firms in each quarter according to Minsky’s FIH categories. Market value is used to weight the categories, and average betas are computed as measures of volatility. Results provide dramatic support for the FIH. The FIH is then reinterpreted in terms of Austrian business cycle theory, which depends on inflationary credit expansion to drive the unsustainable prosperity. According to Minsky’s FIH, unsustainable prosperity emerges endogenously as long periods of economic expansion make borrowers and lenders alike more willing to engage in investment activities for which they fail to see the inherent risk. It becomes clear that this process is amplified and exacerbated by credit expansion. Minsky’s FIH helps flesh out some of the missing dynamics of the malinvestment liquidation phase of ABC theory, and the two views turn out to be surprisingly complementary. (shrink)

The article presents a problem of proper hedging strategy in expected utility model when forward contracts and options strategies are available. We consider a case of hedging when an investor formulates his own expectation on future price of underlying asset. In this paper we propose the way to measure effectiveness of hedging strategy, based on optimal forward hedge ratio. All results are derived assuming a constant absolute risk aversion utility function and a Black-Scholes framework.

The article attempts to examine the impact of banks' specifics and board of directors' characteristics on directors' remuneration (REM) of 38 Indian listed banks from 2010 to 2019. The current study is based on secondary data that are extracted from the Prowess IQ database. Fixed effect model is used for analysing the data and generalised method of moment is applied for dealing with endogeneity problem. Finally, the sample is classified into three groups in order to check the robustness of the (...) results. Results revealed that return on assets, size, and market capitalisation positively and significantly impact directors' REM of Indian listed banks. While banks' age, capital adequacy, current ratio, and board of directors' composition have an insignificant impact on directors' REM of Indian listed banks. The findings of the study provide new evidence about the impact of banks' specifics and board of directors' characteristics on directors' REM in the Indian banking sector. The findings suggest that firms' specifics are significant determinants of directors' REM. (shrink)

This study aims to examine the main determinants of efficiency of both conventional and Islamic Saudi banks and then choose the best fit model among machine learning prediction models, Chi-squared automatic interaction detector, linear regression, and neural network ). The data were collected from the annual financial reports of Saudi banks from 2014 to 2018. The Saudi banking sector consists of 11 banks, 4 of which are Islamic. In this study, the major financial ratios are subgrouped into the profitability ratios, (...) managerial practices, asset and loans, capital adequacy ratios, and liquidity. First, regression analysis is implemented with efficiency ratio as a dependent variable and the proxies of banks’ profitability, liquidity, asset quality, management ratios, and capital adequacy ratios as independent variables. Next, the feature selection is applied for different prediction models. Subsequently, 4 prediction models were developed to choose the best fit. The performance metrics have also been evaluated. Regression results exhibit that the efficiency of both conventional and Islamic banks is highly affected by profitability, liquidity, and managerial practices. Finally, we choose the best prediction model with the highest R2 in the training and the testing phases with/out feature selection that is the CHAID model. The best predictors of cost efficiency for Saudi banks are the capital ratios, namely, CAR total and CAR tier 1. Findings are theoretically and practically important to academics, investors, and policymakers. Policymakers can benefit from the novelty of this study in building an early warning system using the CHAID model to predict different financial distress scenarios. (shrink)

All entrepreneurs try to be timely unlimited, constant and successful in their business. In doing so, their company founding, running operations and development all depend on adequate and quality financing. The goal is to ensure a stable financing and growth and the question is how, when and from which sources should the financing be ensured. When talking of financing, it is primarily meant ensuring the money or the capital, a synonym of the entrepreneurship and its main moving strength. In order (...) to be successful, it is of high importance to meet optimal business decisions and specially investing decisions. Even though the focus of the financing process is not solely limited to money, money plays a central role and is also the basis and the requirement for business activity and the very existence and the end goal of a business as well. One important focus of entrepreneurs is the question of an optimal financial structure for their own enterprise. The specifics of every individual company together with the industry they are in and macroeconomic environment they operate in do not allow for a uniform and generally applicable solution to this problem. The focus of this problem lies in the ratio between the size and structure of assets on one side and the size and structure of equity and debt on the other side. Every entrepreneur should also know which amount and structure of long-term assets, fixed assets is necessary for his enterprise. The function of investment planning defines these requirements before the actual investment takes place. An entrepreneur who is already longer in business will at this point analyze his actual financial structure with a focus on capital accumulation and conditions of raising debt. (shrink)

The dynamics brought about by the adoption of the International Financial Reporting Standards have a direct impact on the various Colombian economic sectors; highlighting the Oil and Natural Gas Extraction sector as one of the most important in terms of wealth generation and exports of the nation. For this reason, the present study was directed in order to analyze the indicators of Liquidity and Profitability in the Colombian oil sector between 2011 and 2021. For the development of the study, a (...) quantitative investigation is proposed with a documentary base where it is carried out an analysis of secondary sources from the Superintendence of Companies from which financial data of the Oil and Natural Gas Extraction sector in Colombia is taken, on which a descriptive processing is carried out and subsequently a correlational analysis between the liquidity and profitability indicators. The results show a level of correlation between the liquidity indicators, referring to the Current Ratio and Acid Test, and those of Profitability, Return on Total Assets, and Return on Equity. It is concluded that the correlation between these variables would be explained by the rates and sales volumes of said sector; which constantly carries out transactions of high sums of money accompanied by multiple policies and methods to ensure the transaction and thus not unbalance the receipt of income by the industry. (shrink)

Cyber-physical systems are characterized by integrating computation and physical processes. To cope with the challenges of the application of the CPSs in all kinds of environments, especially the cellular vehicle-to-everything which needs high quality end-to-end communication, the robustness and reliability for CPSs are very crucial. Aiming at the technical challenges of information transmission caused by the fading effect and the fast time-varying characteristics of the channel for C-V2X communication, an improved Tomlinson–Harashima precoding algorithm for multiple input multiple output systems is (...) proposed. Channel state information and correlation are exploited to compensate instantaneous CSI, which could reflect current real-time channel status exactly. Further, the iterative water filling power allocation algorithm and the multiuser scheduling algorithm based on the greedy algorithm are jointly optimized and applied to the THP, which could improve the system performance. Simulation results show that the proposed algorithm can be efficiently applied to high-speed mobility scenarios and improve bit error ratio performance as well as spectrum utilization. (shrink)

This study was conducted from May to June 2005 to describe the demographic characteristics and factors that affect the VCT acceptance as well as the HIV prevalence among youth VCT acceptors in Addis Ababa. Both quantitative and qualitative methods of data collection were employed. The quantitative data was generated from a two years (October 2002 to December 2004) VCT service utilization data obtained from four youth centers located in Addis Ababa. The data was analysed using univariate and multivariate analysis (...) and results were presented in the form of text, table and figures. The significance and level of associations between independent and dependant variables was computed using X2 tests and odds ratios with 95% confidence interval. The qualitative data was presented in a form of narrations using excerpts. During the period a total of 3220, youth age 15 - 24 years have sought VCT service from the four youth centres VCT service outlets. Higher proportions of females (60.2%) and youth in the age category of 20 – 24 years (58.0%) have accessed the service. The major reasons given for seeking VCT were found to be similar for male and female acceptors. About 71.2% said that they sought for VCT service because they wanted to know their HIV status, 9.5% reported because they were suspicious of being infected with HIV and 5.0% tested because they wanted to go aboard. The HIV prevalence rate is found to be significantly higher, (p = 0.00), among females 9.2 % than in males 1.7 %. Gender segregated multivariate analysis of risk factors indicated significant association of HIV infection with lack of formal education for both males and female: for males P= 0.045, OR = 18.3, 95% CI: 1.1 – 317.7 and for females P=0.00, OR=19.4, 95 % CI: 5.1 – 73.8. Additionally for females HIV infection is markedly associated with being widowed and commercial sex worker. The most common barrier for youth in Addis from accessing VCT were found to be: fear of being emotionally affected if found out HIV positive, stigma and discrimination, lack of money to pay for VCT service, absence of care and support services for people who are already infected. The challenges encountered by youth VCT counsellors were stress, absence of medical care for PLWHA, inadequacy of budget, lack of counsellors and supportive supervision. This study showed high burden of HIV infection among female youth and the risk factors associated with it. Formal education for both females and males is strongly recommended. Female focused HIV prevention interventions are indicated. Additional recommendations are also made in relation to barriers to access youth VCT and for the challenges encountered by youth VCT service providers. (shrink)

The purpose of this paper is to analyze the financial turmoil of the US subprime loan crisis of mid-Noughties and to compare it with the Japanese asset bubble of late 1980s. While examining the two crises, it compares the monetary policies of both countries, focusing on the excess liquidity and expansion of bank loans that were seen. This paper develops several bubble indicators, including the ratio of real estate loans to total loans, the loan-to-GDP ratio, and housing (...) affordability. In order to develop these indicators, it is necessary to compare banking behavior in both Japan and the United States, as banks in both countries were making loans beyond the point of profit maximization. Property prices and monetary policy in both countries influenced banking behavior significantly. The bubble indicators developed in this paper can be used as early warning indicators for future bubbles. (shrink)

To protect energy resources and alleviate environmental pollution, many countries attach great importance to the transformation of traditional industries into clean energy industries. In this paper, fuel vehicles, hybrid vehicles, and electric vehicles are included in the research. Then, based on the aging chain and coflow theory of SDs, we construct a dynamic matching model of the auto industry upgrade process and its energy consumption attributes. The simulation results of China’s auto industry show that the upgrading of the auto industry (...) is an evolutionary process from high energy consumption and high pollution to low energy consumption and no pollution and the transition from FVs and HVs to EVs will undergo two adjustments; simply reducing energy supply does not have the expected impact on vehicle size and vehicle energy consumption intensity and only by adjusting the energy supply and upgrade ratios together, energy utilization efficiency can be improved; market screening time has an impact on auto industry upgrade speed by affecting vehicle market share and dwell time; China’s auto industry upgrade process should adhere to “problem-oriented” and strengthen consumer guidance, technology innovation, and infrastructure construction. The conclusions can provide references for industrial policy adjustment and industrial structure optimization. (shrink)

This paper deals with the problems involved in the concept of knowledge in the sphere of law. Traditionally, the idea of knowledge has dealt with the presumption of given objects of information. According to this approach, knowing means finding these objects. This is the natural and understandable foundation of metaphysical or philosophical realism. Cognition and cognitive interest are directed outside the sentences by which they are described. This is the point of departure of legal positivism as well. However, it is (...) not possible to see valid law as totally independent of language and concepts. This makes the idea of legal facts as institutional facts vague. From a practical viewpoint, the sentences of judges and legal scholars, when they present valid law, justify rather than describe. Their crucial function is interpretation. Hence, the objectivity of these sentences cannot be based on the presumption of separate objects either. Instead, it has to be based on the principles of acceptable reasoning. Moreover, the author claims that this kind of approach, united with the utilization of human rights and substantial legal principles, leads one to acknowledge objective values. (shrink)

This paper deals with the concept of practical wisdom and its applications in the field of jurisprudence. The starting point is the Aristotelian idea that a skill to understand and apply law is an embodiment of practical sense. racticality of law has many dimensions. One important dimension is contextuality. Contextuality appears as the situation dependence of interpretation. Hence, the ultimate content of law is context dependent, too. I try to elucidate the essence of practicality of law and its interpretation by (...) examining a precedent of the Finnish Supreme Court (KKO 1997: 87). It is a case involving the distribution of an estate among heirs. The main idea of that decision is that the proper values of inheritance‐shares depend on the utilization values of them and the whole economic situation among heirs. What is just depends on a situation. Taken seriously, the practicality and contextuality of law forces us to adopt an unconventional conception of jurisprudence. First, it is doubtful if one can point to any scientific method at all. Second, according to this conception, legal dogmatics is not a description of law. Rather, it is a skill of argumentation, the skill of taking considered steps from different kinds of arguments to conclusions. The purpose of legal dogmatics is to offer valid and useful arguments to be used in different situations. (shrink)

L’utilisation des réseaux socionumériques est sans doute l’activité en ligne qui enregistre actuellement la croissance la plus rapide parmi les jeunes. Cet article présente de nouvelles conclusions pan-européennes du projet EU Kids Online sur la façon dont les enfants et les jeunes exploitent les possibilités des réseaux peer-to-peer offertes par les réseaux socionumériques, en se basant sur une enquête menée auprès d’environ 25 000 jeunes . Globalement, 59 % des jeunes internautes européens âgés de 9 à 16 ans disposent de (...) leur propre profil sur un site de réseau social. Malgré des craintes, couramment exprimées, de voir la vie des jeunes entièrement exposée en public, la moitié ont moins de cinquante contacts, la plupart des contacts sont des personnes que l’enfant connaît déjà personnellement, et plus de deux tiers ont des profils privés ou partiellement privés. L’objectif de l’analyse est donc de comprendre quand et pourquoi certains enfants cherchent à élargir leurs cercles de contacts en ligne, et pourquoi certains préfèrent dévoiler leur intimité plutôt que protéger leur vie privée. L’étude montre que les différences démographiques entre les enfants, les facteurs culturels dans les différents pays, et les affordances spécifiques des réseaux socionumériques ont tous une influence sur l’élaboration des pratiques en ligne des enfants en matière de vie privée, d’identité et de connexions sociales.Social networking is arguably the fastest growing online activity among youth people. This article presents new pan-European findings from the EU Kids Online project on how children and young people navigate the peer-to-peer networking possibilities afforded by social networking sites, based on a survey of around 25,000 children . In all, 59 % of European 9-16 year olds who use the internet have their own social networking profile. Despite popular anxieties of lives lived indiscriminately in public, half have fewer than fifty contacts, most contacts are people already known to the child in person, and over two thirds have their profiles either private or partially private. The focus of the analysis, then, is to understand when and why some children seek wider circles of online contacts, and why some favour self-disclosure rather than privacy. Demographic differences among children, cultural factors across countries, and the specific affordances of social networking sites are all shown to make a difference in shaping the particularities of children’s online practices of privacy, identity and connection. (shrink)