bluuebunny/crossref_metadata_2025 huggingface dataset:
Phenolic compounds from the leaves of Ricinus communis Linn.
Authors: Tuyen Pham Nguyen Kim , Linh Tran Thi Thao , Son Dinh Van , Thang Nguyen Van , Son Dang Van , Trang Nguyen Thi Quynh , Chi Huynh Bui Linh , Ky Nguyen Diep Xuan , Phat Nguyen Tan , Duong Huy Thuc
Published: August 2020

Introduction: Ricinus communis Linn. (Castor oil plant) is a monotypic species of Ricinus genus (Euphorbiaceae) and widely distributed in all tropical countries. Phytochemical data of this plant are scarce. As part of ongoing research on a survey of Vietnamese medicinal plants, the investigation of this plant was performed. The isolation and structural determination of five phenolic compounds isolated from the leaves of R. communis Linn. growing in Binh Phuoc province were addressed.

Method: The dried power of R. communis Linn. leaves was macerated in ethanol to afford the crude extract, which was then separated by liquid-liquid extraction with n-hexane, chloroform, and ethyl acetate, respectively to obtain the corresponding extracts. These extracts were applied to multiple silica gel column chromatography and thin-layer chromatography to yield five compounds. Their chemical structures were determined by spectroscopic methods and by comparison of NMR data with literature values. Antioxidant evaluation of 1 was carried out using 1,1-diphenyl-2-picrylhydrazyl radical (DPPH) free radical scavenging assay.

Results: Five phenolic compounds, including one coumarinolignan cleomiscosin A (1), two flavonol glycosides kaempferol-3-O-β-D-glucopyranoside (2) and kaempferol-3-O-β-D-xylopyranoside (3), and two aromatic acids gallic acid (4) and vanillic acid (5) were identified.

Conclusion: Compound 1 was determined for the first time in Ricinus genus and exhibited weak DPPH radical scavenging activity with an SC50 value of 403.23 μg/mL.
The impact of social capital on the market access of coffee farmer house holds in Lam Dong province
Authors: Duy Duong The , Dung Nguyen Thai
Published: August 2020

The purpose of this study is to analyze the impact of social capital and other factors that affect the market access of coffee farmer households. The study synthesized theories, as well as previous studies, to provide criteria for measuring social capital of coffee farmers' households: including formal social networks, informal social networks, and trust. Besides, the study uses descriptive statistics, logistic regression, two t-average tests to analyze and assess the difference in social capital between poor and non-poor households of 235 coffee farmer households in Lam Dong Province. The results show that Agricultural Extension Associations, Association Organizations (proxy for official social networks), Agents at all levels, Colleagues - Friends (informal social networks), age, years of living in the locality, and labor have an impact on the market access of coffee farmer households. Some recommendations to improve market access of coffee farmers in the province have been proposed, based on the previous theories as well as the results of the research model The research, however, is yet to clarify the impact of social capital on each market of finance, land, labor, extension services, material, and output markets.
CHARACTERISTIC AND TREATMENT OF CENTRAL RETINAL VEIN OCCLUSION IN CIPTO MANGUNKUSUMO HOSPITAL, INDONESIA
Authors: Diana Nova , Victor Andi Arus
Published: August 2020

Background: To evaluate the characteristics and treatment of central retinal vein occlusion (CRVO) in Vitreoretinal Division in Cipto Mangunkusumo Hospital, Jakarta, Indonesia.

Methods: A retrospective descriptive study was conducted in 79 subjects (80 eyes) with CRVO. Study groups were divided into 4 groups; laser photocoagulation, intravitreal bevacizumab (IVB), combination of IVB and laser photocoagulation (IVB/laser), also intravitreal triamcinolone acetonide (IVTA) group. Visual acuity evaluation and central macular thickness (CMT) measurement were performed for 6 months therapy.

Results: This study found 43 eyes with ischemic CRVO (53.25%) and 37 eyes observed with non-ischemic type (46.25%). The common risk factors of CRVO in this study were hypertension (65.8%), diabetes mellitus (30.4%) and dyslipidemia (22.8%), while the most frequent complication was macular edema (87.5%). The improvement in central macular thickness was found in most of the patients with both CRVO types in all treatment groups. Meanwhile, the improvement of visual acuity was mostly found in patients with ischemic CRVO in IVB with/without laser group.

Conclusion: Hypertension, diabetes mellitus and dyslipidemia patients should be aware of CRVO incidence. IVB with/without laser may be suggested as the treatment of choice for ischemic and non-ischemic CRVO patients in our hospital.

Keyword: anti-vascular endothelial growth factor, bevacizumab, central retinal vein occlusion, intravitreal injection of triamcinolone acetonide, laser photocoagulation
AN OBSERVATIONAL STUDY TO EVALUATE THE INCIDENCE OF MENINGITIS IN NEONATES WITH LATE-ONSET SEPSIS
Authors: Kumar Vivek , Kumar Manoj , Sahni Gopal Shankar
Published: August 2020

Introduction: Bacterial sepsis and meningitis continue to be major causes of morbidity and mortality in newborns, particularly in premature infants. The present study was undertaken to know the incidence of meningitis in neonates with late onset sepsis.

Material and Methods: Hospital based observational study, conducted in department of Pediatrics, Shri krishna Medical College and Hospital Muzaffarpur Bihar India, conducted for a period of one year. 324 patients fulfilling the inclusion criteria were included and subjected to detailed history, clinical examination followed by investigations.

Results: The annual incidence of meningitis in LOS was 15. The majority of patients (44.44%) presented in the age group of 3-7 days. In meningitis cases 100% cases were lethargic; seizures in 89%, fever in 53%. Blood culture was positive in 33.92% cases of meningitis. Meningitis was seen in 66.66% of proven gram negative sepsis as against 33.34 cases of proven gram positive sepsis and 14.28% expired with meningitis and 4.10% expired with no meningitis. 

Conclusions: Meningitis is common in late onset sepsis, associated with high mortality.

Keywords: Meningitis, Preterm, LBW, Lumber puncture
FUNCTIONAL OUTCOME OF GERIATRIC PATIENTS (>65 YRS OF AGE) OPERATED FOR PROXIMAL FEMORAL FRACTURE AFTER 90 DAY FOLLOW UP PERIOD.
Authors: Kaushal Vivek , Samra Tanvir , Jain Kajal , Bhatia Nidhi , Dhillon Mandeep Singh , Thakur Susheel
Published: August 2020

Background: With increasing geriatric patient population worldwide, hip fracture exists as a major health-care issue with its high mortality, morbidity, and financial liability. Anesthetists play a very important role in the perioperative care of these patients.

Methods: The present study was a prospective observational study and was registered prospectively in the clinical trials registry- India (CTRI) with registration number of CTRI/2018/03/012853. Duration of study was from August 2017 to November 2018.

Results: A maximum of (n=43) patients had a mobility scale of 7 at 30 days. (n=46) had a mobility scale of 6 at 60 days. Bimodal peaks were seen at 90 days with (n=27) had a mobility scale of 4 and (n=28) had a mobility score of 6 at 90 days. The median mobility score was 7(7-9), 6(6-7), 4.5(4-6) at 30, 60 and 90 day postoperatively.

Keywords: Outcome, Neck, Femur.
OUTCOME OF THE DELIBERATE SELF POISONING IN TERTIARY CARE SETTING, IGMC SHIMLA
Authors: Thakur Susheel , Jaret Parmod Kumar , Kaushal Vivek
Published: August 2020

Background: Profile of deliberate self poisoning in an area depends upon a variety of factors, ranging from access to and availability of poison, socio-economic status of the individual, cultural and religious influences, etc.

Methods: The study was a cross sectional observational study which was conducted in department of Medicine, Indira Gandhi Medical College, Shimla over a period of one year starting from 1st July, 2018 to 30th June, 2019.

Results: Out of 134 patients 24(17.91%) patients had fatal outcome and the paraquat poisoning was the most common cause for deadly outcome (n=11).

Conclusion: The outcomes of the study indicate that significant opportunities for reducing mortality exist by better medical management as first aid & by further restrictions on the most toxic pesticides.

Keywords: Poisoning, Organophosphates, Outcome.
A cadeia produtiva na Gestão da Inovação da Biotecnologia: o camu-camu (Myrciaria dubia H. B. K.) no Amazonas
Authors: Billacrês Máximo Alfonso Rodrigues , Costa Reinaldo Corrêa , Nunez Cecilia Veronica
Published: August 2020

O aumento da competitividade e da produtividade impacta na elaboração e na ação de políticas públicas que potencializam a importância dos ecossistemas frente ao desenvolvimento tecnológico. Neste contexto, enfatiza-se a definição e o papel da Biotecnologia como um processo tecnológico que permite a utilização de material biológico para fins científicos, tecnológicos e industriais. Nesta perspectiva, os objetivos deste trabalho, são: demonstrar a interação da gestão da inovação da Biotecnologia com a cadeia produtiva e analisar a cadeia produtiva do camu-camu (Myrciaria dubia H. B. K.) no Amazonas. A pesquisa foi desenvolvida com trabalhos de campo e levantamento de dados oficiais (IBGE, IPEA, entre outros) para identificar temas e critérios a serem utilizados na análise espacial da cadeia produtiva de produtos oriundos do camu-camu, no período de 2014 a 2018. O camu-camu está entre os frutos com o real potencial funcional e industrial, devido aos elevados teores de vitamina C. A relação sociedade-natureza mediada pelas potencialidades do camu-camu, está inserida em um ambiente de competição pela dominância de mercados com maiores lucros, visto que está em um mercado mais amplo, o mercado da biodiversidade, onde as conexões e interdependências entre os diferentes sujeitos revelam a distribuição espacial desigual de valor.
Curcuma longa L. (Zingiberaceae): desenvolvimento tecnológico para aplicação como agente terapêutico auxiliar no tratamento de pacientes portadores da Doença de Alzheimer
Authors: Winnie Ramos da Silva Ayla , Biegelmeyer Renata
Published: August 2020

A Doença de Alzheimer (DA) é uma enfermidade neurodegenerativa que provoca atrofia no cérebro, levando à demência em idosos; por não haver cura conhecida, os tratamentos medicamentosos disponíveis são relacionados a amenizar os sintomas. Entre os tratamentos alternativos, a Curcuma longa L. demonstrou propriedades anti-inflamatórias e antioxidantes, importantes para o processo de progressão da DA. Em contrapartida aos seus muitos benefícios, apresentou baixa biodisponibilidade nos estudos realizados. Na presente revisão objetivou-se buscar, na literatura, alternativas para melhorar a biodisponibilidade de C. longa para aplicação no tratamento da DA. Desta forma, foi realizada revisão bibliográfica em bases de dados científicas, utilizando estratégia de busca clara e inclusiva. Foram encontrados 93 artigos e, destes, selecionados 32. Dentre as alternativas encontradas, as formulações farmacêuticas ganharam destaque, com exemplos como nanopartículas, micelas e emulsões. As propriedades farmacológicas de C. longa e as muitas possibilidades de alterar sua biodisponibilidade justificam atribuir importância ao desenvolvimento de estudos direcionados ao uso destes compostos na terapia da DA. Portanto, espera-se que estes resultados possam incentivar o aprofundamento de pesquisas no sentido de desenvolvimento de fitoterápicos e/ou fitofármacos com base em C. longa e seus metabólitos para o tratamento auxiliar da doença de Alzheimer.
O Projeto Ecolume: O paradigma da abundância na convivência com o clima semiárido no Nordeste brasileiro
Authors: Lacerda Francinete Francis , Lopes Geraldo Majella Bezerra , Coutinho Robério Daniel da Silva , Dos Santos Sebastião Alves , Da Silva Márcia Vanusa , Sabino Heitor Branco , Lima João Paulo Viana de
Published: August 2020

O Ecolume integra as práticas dos conceitos de geração de energia fotovoltaica com a captação de águas pluviais, a reutilização de águas residuais e a produção de alimentos orgânicos ao longo do ano. A combinação de água da chuva coletada nas superfícies dos painéis solares e a reutilização de água cinza e preta, para irrigação de pomares e viveiros de mudas nativas, orienta um novo paradigma de desenvolvimento socioeconômico no semiárido, tornando este projeto um processo de adaptação eficaz às mudanças climáticas. O semiárido do Nordeste brasileiro mostrou uma redução na precipitação total anual, na forma de secas severas recorrentes. A abundância de energia solar pode ser uma fonte de desenvolvimento socioeconômico na região, ferramenta poderosa para adaptar-se às mudanças climáticas. O tratamento e a reutilização de águas cinza e negra têm como objetivo produzir água de boa qualidade para irrigar mudas em viveiro (umbu - Spondias tuberosa) e garantir a redução da poluição. A produção de mudas nativas de umbu é para reflorestar a vegetação da Caatinga (bioma local). O projeto Ecolume qualificou mais de 700 pessoas em tecnologia de energia solar, reuso e tratamento de água cinza e preta, mudas e produção de alimentos usando o sistema aquapônico.
Habitus e subjetivação a partir de P. Bourdieu e M. Foucault: contribuição do núcleo de estudos e pesquisa sobre sociedade, emoções, poder, organização e mercado (NESPOM)
Authors: Jardim Maria Chaves , Papa Ribeiro Esteves Gabriel
Published: August 2020

Com inspiração em Michel Foucault e Pierre Bourdieu, o artigo considera o indivíduo e sua subjetividade como o resultado de forças sociais em equação com práticas discursivas (FOUCAULT, 1985) e com seu habitus (BOURDIEU, 1979). Contudo, apesar dos inegáveis constrangimentos sociais e das relações de poder nas quais os indivíduos estão inseridos, assumimos como hipótese que estes possuem algum tipo de escape para expressar a sua criatividade, para além da mera reprodução da ordem social. Isso seria possível porque cada indivíduo seria detentor de uma biografia, que conteria uma gramática de interpretação do mundo, um habitus, nas palavras de Pierre Bourdieu e uma subjetivação ou “cuidado de si”, conforme Foucault (1985). Esse argumento tem inspiração em Bourdieu e em Foucault e exemplificamos com quatro pesquisas empíricas desenvolvidas no NESPOM - Faculty of Sciences and Letters of Araraquara - UNESP / FCLAr.
Uma carta (política) ainda faz sentido?
Authors: Martinez Vinício Carrilho , Scherch Vinícius Alves
Published: August 2020

Especialmente num cenário como o de 2016-8 não é tarefa descompromissada – apenas idealista ou jus-positivista – retratar os 30 anos da Constituição Federal de 1988. Sob dezenas de emendas, já seria alvo de reclamações, mas, sem nutrientes do Estado Social já na década de 1990, as denúncias seriam de graves violações ou fraudes. A partir de 2016-8 não escasseiam as análises e as interpretações que se aventuram pelo drama da luta pelo direito de quem acusa a deturpação constitucional. Em todo caso, ainda haverá algo na Carta Magna que a credencie como Carta Política? Conceito com força nomológica, a Carta Política é das nomenclaturas que menos encontramos explicações. Ouvimos, quiçá, nos bancos escolares dos cursos de direito; porém, talvez por se conduzir desconectada do real, nem os tratados de direito, nem os aplicadores e intérpretes conseguem apanhar seus símbolos mais secretos. Então, nosso intuito é destacar um sentido cabível para a Carta Política, recolocar o pano de fundo histórico-ideológico e, por fim, elencar alguns obstáculos que se avolumaram no ano da aniversariante. O trabalho utiliza o método hipotético-dedutivo e a técnica da pesquisa bibliográfica.
Fuzz Neutrosophic Soft HX Subring
Authors: J.Al-Mesafer Mohammed
Published: August 2020

In this paper, we define the notion of fuzzy nutrosophic soft HX subring of a HX ring and some of their related properties investigated. We define the intersection, cartesian product of an fuzzy neutrosophic soft subset of an fuzzy nutrosophic soft HX ring and we show some results
Motivasi Sebagai Mediasi Pengaruh Pelatihan Dan Lingkungan Kerja Terhadap Kinerja Pegawai Medis Instalasi Rawat Inap B RSUP Sanglah Denpasar
Authors: Paramarta Wayan Arya , Astika I Putu Purnama
Published: August 2020

This study aimed to explain the effect of work training and work environment on the performance of medical staff Inpatient Installation B Sanglah General Hospital Denpasar through motivation as an intervening variable. The type of data used in this study is qualitative and quantitative data, with data sources namely primary and secondary data. The data collection method is an interview, distributing questionnaires to respondents and library research, while the data analysis technique used Smart PLS 3.2.9. The results of this study showed that work training had a positive effect but not significant on motivation, work environment had a positive effect and significant on motivation, work training had a positive effect and significant on performance, work environment had a positive effect but not significant on performance, motivation had a positive effect but not significant on performance, work training had a positive effect but not significant on performance through motivation, work environment had a positive effect but not significant on performance through motivation medical staff Inpatient Installation B Sanglah General Hospital Denpasar.
Komitmen Sumber Daya Manusia Sektor Publik Berbasis Kepemimpinan Spiritual Melalui Spiritualitas Di Tempat Kerja
Authors: Pradnyana I G.G Oka , Astakoni I Made Purba , Utami Ni Made Satya
Published: August 2020

This study has several objectives namely; analyze the influence of spiritual leadership on organizational commitment; analyze the influence of spiritual leadership on spirituality in the workplace; analyze the influence of spirituality at work on organizational commitment; analyze the role of spirituality in the workplace as a mediator on the influence of spiritual leadership on organizational commitment. The population in this study were all employees of drinking water companies in the Badung Regency, Tabanan Regency, and PAM Denpasar City, which totaled 902 employees. Sampling was done purposively with a total of 200 respondents. Data collection techniques used were interviews with questionnaires with multiple choice closed. In this study data analysis using the Partial Least Square (PLS) approach. The results showed that the overall evaluation of the model seen from the coefficient of determination can be said to be quite good, Q-Square Predictive Relevance meets existing requirements and Goodness of Fit in a large position then the overall model is quite good. The first hypothesis, which states that spiritual leadership has a significant positive effect on organizational commitment, is not yet acceptable. The second hypothesis, which states that spiritual leadership has a significant positive effect on spirituality at work, is acceptable. The third hypothesis, which states that spirituality at work has a significant positive effect on organizational commitment, is acceptable. Based on testing through the Sobel test, it can be explained that spirituality in the workplace can act as a mediator concerning spiritual leadership to organizational commitment.
Socio-Economic Contributions of Forest Products to Rural Livelihood: A Case Study of Aramoko Forest Reserve Ekiti-State
Authors: O. J. Olujobi , B. J. Olajuyigbe
Published: August 2020

In the past, conservation effort has primarily focused on establishment of forest reserves for timber production, with minimal or no consideration to how these natural resources will help sustain or improve livelihoods of adjoining communities. This study examined the contribution of Aramoko forest reserve to the livelihoods of the adjoining communities in Ekiti State. One hundred and twenty pre-tested questionnaires were administered among the products collectors in the study area. Data collected were analysed and the result showed that 78.3 % of the respondents are married with 52.3 % of them male, while 50.8 % of the respondents aged between 51-70 years with 64.1 % having at least secondary education. Twenty-five (25) different products were collected by the respondents in the study area. These products include among others; timber with highest frequency of (120) followed by herbal plants (115), Archantina marginata (105), Thaumatococcus danielli (89), Bridelia ferruginea (70) and Irvingia garbonensis (65). The use of motor cycle accounted for 41.4 % of the respondents means of transportation, while 31.3 % of the respondents sell their product in bit at the village market. Picking, digging, plucking, cutting and uprooting were methods used for harvesting by the respondents while illegal felling (24 %) and indiscriminate bush burning (22.4 %) were the major conservation problem in the study area. Specifically, some of the products harvested are used for food, medicine, fuelwood, herbs and cultural purposes. The study recommends that research should be conducted into how these products can be artificially raised in the nursery for plantation establishment.
The Extended Black-Scholes Model with-LAGS-and “Hedging Errors”
Authors: Bellalah Mondher
Published: August 2020

The Black-Scholes model is derived under the assumption that heding is done instantaneously. In practice, there is a “small” time that elapses between buying or selling the option and hedging using the underlying asset. Under the following assumptions used in the standard Black-Scholes analysis, the value of the option will depend only on the price of the underlying asset S, time t and on other Variables assumed constants. These assumptions or “ideal conditions” as expressed by Black-Scholes are the following. The option us European, The short term interest rate is known, The underlying asset follows a random walk with a variance rate proportional to the stock price. It pays no dividends or other distributions. There is no transaction costs and short selling is allowed, i.e. an investment can sell a security that he does not own. Trading takes place continuously and the standard form of the capital market model holds at each instant. The last assumption can be modified because in practice, trading does not take place in-stantaneouly and simultaneously in the option and the underlying asset when implementing the hedging strategy. We will modify this assumption to account for the “lag”. The lag corresponds to the elapsed time between buying or selling the option and buying or selling - delta units of the underlying assets. The main attractions of the Black-Scholes model are that their formula is a function of “observable” variables and that the model can be extended to the pricing of any type of option. All the assumptions are conserved except the last one.
Corporate Spin-Offs, Their Price Reactions and Determinants in Malaysia
Authors: Yoon Chung-Sin , Ariff Mohamed
Published: August 2020

Spin-off as a form of financial restructuring has been examined in the US and the UK but not in other markets. This is a first study outside those markets. The evidence from a sample of 85 spin-off cases in Malaysia reveals that both the parent and the spin-off company stocks gain significant positive abnormal returns: parent firms earn smaller value while the spin-off firm gains substantially, much greater than is documented in other markets. Examining the factors correlated with the size of the spin-off effect, we find the abnormal returns are positively correlated with market capitalization and negatively correlated with age. The larger is the company or the newer is the company the greater is the magnitude of the positive abnormal returns.
Thai Banking: A Note on Technological Change and Technological Capabilities
Authors: Wonglimpiyarat Jarunee
Published: August 2020

This paper reports on the technological capabilities and learning of Thai banking system. It identifies innovation development of the system as it evolved and how the learning process took place. This study is based on a leading technological regime change literature and the results are based on the study of five commercial banks: Bangkok Bank, Siam Commercial Bank, Thai Farmers Bank (Kasikorn Bank), Krung Thai Bank, and Bank of Ayudhya. Mass automation of work procedures occurred during the 1960s and 1970s while the smart automation regime began in the early 1970s. The ways in which the banks improved their technological capabilities via electronic banking services is explored. The results also show that the use of technology in the mass automation regime is carried through to the smart automation regime, showing that the technological change in the banking sector is not revolutionary, but ocurred slowly, i.e. evoled via slow learing process.
The Information Conveyed by Debt and Equity Announcements in Australia
Authors: Arsiraphongphisit Oraluck
Published: August 2020

This paper aims to report the findings associated with the effects of share prices around the disclosure dates of four different debt-and-equity fund-raising events over a 12-year period from 1991 to 2003 in Australia. By applying the well-known event study approach, along with the data-trimming procedures, a new idea is to remove all known confounding events and make corrections for thin-trading bias. The observed statistically significant price effects are consistent with theories: a positive price effect is observed for straight-debt and private placements whereas negative price effects occur when convertible debt and rights issues are announced. The results pertaining to the private placement effect is reported for the first time on this market. These findings are consistent with leverage, agency, and asymmetric information theories. It is believed that this study contributes new evidence on private placements and other events adding to existing literature surrounding the matter at hand.
Efficiency of Domestic and Foreign Banks in Thailand Since the Asian Financial Crisis
Authors: Chotigeat Tosporn
Published: August 2020

During the 1990’s, two simultaneous phenomena had converged, greatly changing the financial services industry in Thailand. At the national level, Thai banks had to restructure in response to the financial reforms implemented as a result of the financial crisis of 1997. At the global level, large multinational banks were taking advantage of worldwide, financial deregulation and rapid technological advances by offering a full range of financial products and services in order to fiercely compete, both domestically and globally. Using quarterly financial time-series data of domestic and foreign banks in Thailand from 1997 to 2003, this paper seeks to analyze the cause of their efficiency. The findings indicate that both the efficiency ratio and loan loss provisions influenced the negative performance of domestic banks, while only loan loss provisions had negatively influenced the performance of foreign banks.
The Efficiency of Non-Bank Financial Intermediaries: Empirical Evidence from Malaysia
Authors: Sufian Fadzlan
Published: August 2020

This paper investigates the performance of Malaysian non-bank financial institutions during the period of 2000-2004. Several efficiency estimates of individual NBFIs are evaluated using the non-parametric Data Envelopment Analysis (DEA) method. The findings suggest that during the period of study, scale inefficiency outweighs pure technical inefficiency in the Malaysian NBFI sector. We find that the merchant banks have exhibited a higher, technical efficiency compared to their peers. The empirical findings suggest that scale efficiency tends to be more sensitive to the exclusion of risk factors, implying that potential economies of scale may be overestimated when risk factors are excluded.
Exchange Rate Behaviour of East European Transitional Economies
Authors: S. F. Ho Catherine
Published: August 2020

Eastern European countries, which are candidates for accord into the Exchange Rate Mechanism (ERM) and the eventual move towards Euro, fi nd exchange rate management a tedious challenge. This paper examines the underlying factors that move exchange rates and helps us to contribute towards streamlining policies and strategies in moving these countries forward. The new findings on exchange rate determinants for this group of transitional economies are based on parity factors as well as non-parity factor effects. The evidence that emerges from this paper is that non-parity factors including economic growth rate, current account and capital flows are significantly correlated with exchange rates. The results are robust whichever data set is used, high-frequency and low-frequency data sets.
Interest Rate and Foreign Exchange Risk Exposures of Australian Banks: A Note
Authors: M. Shamsuddin Abul F.
Published: August 2020

The abolition of most government controls over the Australian financial system in the 1980s, the advent of a flexible exchange rate regime in 1983 and the globalisation of the financial system in the 1990s have created new opportunities for Australian banks but exposed them to new sources of risk. This study estimates systematic risk exposure of publicly listed Australian banks with respect to market, interest rate and foreign exchange rate using a GARCH-in-Mean model. Not surprisingly, the results suggest that nearly all banks exhibit varying degrees of market risk exposure. However, stock returns of large banks are highly sensitive to interest rate changes, while most small banks are almost immune to both interest and exchange rate changes.
Stock Market Contagion in the Early Stages of the Global Financial Crisis: The Experience of the GCC Countries
Authors: Moosa Imad
Published: August 2020

This study examined stock market contagion from the United States to the markets of the GCC countries during the period 2007-08. These countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) were also experiencing accelerating debt levels, overheated real estate markets, and drying up of liquidity. The main hypothesis under investigation is that the collapse of the GCC stock markets did not result purely from contagion, in the sense that these markets did not follow closely the US market during that period. It is argued that local factors were more influential in triggering the collapse and that those markets would have collapsed with or without the global financial crisis. The empirical results show rather limited evidence for the effect of U.S. stock prices on GCC stock prices and a much more important role for oil prices. However, neither of these variables alone can explain the behaviour of GCC stock prices during the period under investigation because of the role played by the domestic factors that caused bubbles and crashes.
Islamic Micro-Finance Programme and its Impact on Rural Poverty Alleviation
Authors: Rahman M. Miazur
Published: August 2020

Bangladesh launched a shari’ah based micro-finance programme in 1995 under the Rural Development Scheme to uplift the overall socioeconomic standards of rural poor. It covered 0.52 million group members, 94% of whom are females. This paper presents findings on this experiment using 1,020 responses in a sample survey. Result showed that a significant of clients have improved their religious observations such as prayers and fasting. Results of the econometric models showed that household income, productivity of crops and livestock, expenditure and employment increased significantly due to the influence of changed behaviour and availability of micro-finance. Clients stated that the micro-investment had provided better organisation of their economic activities. Finally, the Islamic micro-investment programme appears to spur more ethical and economically desirable behaviour leading to poverty alleviation.
Market Liberalization and Trading in Korea
Authors: Blenman Lloyd P. , Chen Dar-Hsin , Chen Chun-Da
Published: August 2020

This paper reports on the trading behavior of major participants, investment trust companies, banks, and foreigners in South Korea in the period after the currency markets were liberalized and the limits on foreign investments were lifted. It was found that trading in the spot currency market was impacted by volatility in the daily Won/USD rates. As the daily unexpected range expanded (narrowed), daily spot trading volume and volatility increased (decreased). This is evidence of asymmetric trading behavior on the part of market participants. It was found that only investment trust companies adjusted their spot positions by trading USD futures as a response to unexpected volatility changes of the exchange rate. There is evidence of volatility clustering of the trading volatilities across Korean markets and trader types and no signs of market instability was found.
Governing Banks: A British Perspective
Authors: Milllneux Andy
Published: August 2020

This conceptual paper considers the corporate governance of shareholder owned deposit taking banks in light of the Global Financial Crisis (GFC). Deposit taking banks present a special corporate governance problem because depositors (and taxpayers) are stakeholders. The GFC revealed significant weaknesses in the regulation and corporate governance of banks. The UK government commissioned the Walker Review of the corporate governance of UK banks in February 2009. Its recommendations are discussed in the context of the wider governance (including regulation) of banks. Regulation and corporate governance systems should focus on the establishment of effective internal risk control mechanisms and the good management of banks.
US Monetary-Fiscal Policy Mix Evidence from a Quatrovariate VECM
Authors: Zestos George K. , Geary Andrew N. , Cooksey Kevin S.
Published: August 2020

This study investigates the effectiveness of monetary and fiscal policies in the US by employing cointegration and a quatrovariate Vector Error Correction Model together with Granger causality tests. Two models are estimated: (i) nominal national income, the ten-year government bond yield, and two policy variables, the federal government deficit and the federal funds rate; (ii) real national income, and the other same three variables. Monetary and fiscal policies are jointly ineffective in influencing nominal national income. However, monetary and fiscal policies are jointly effective in influencing real national income. In contrast to the first model, only monetary policy was found to be reactive to changes in real national income and the long-term interest rate. The asymmetric responses of the two policies to changes in real economic activity are attributed to the fact that monetary policy is much more efficient in promptly responding to changes in economic conditions than fiscal policy.
Stochastic Frontier Analysis of Indonesian Firm Efficiency: A Note
Authors: E. Prabowo T. Handono , Cabanda Emilyn
Published: August 2020

This research attempts to model performance measurement for the firms listed on Indonesia Stock Exchange (IDX) using the stochastic frontier approach. There are 121 firms analyzed over the period of 2000-05 with 726 pooled observations. We also test whether firm’s age, size, market share, manufacturing classifications and time period have effects on the technical inefficiency of the manufacturing sector. Our findings reveal that the average technical efficiency of the tested firms is 0.7149, which is below the efficiency frontier: factors that affect inefficiency are found and explained. Our research has offered notable original contributions to performance measurement and provides insights or managerial decision making on operational performance of listed firms in an increasingly competitive Indonesian economy.
Customer Adoption of Banking Technology in Private Banks of India
Authors: Tater Bindiya , Tanwar Manish , Murari Krishna
Published: August 2020

This paper explores the perception of Indian customers towards the use of technologies with respect to such factors as convenience, privacy, security, ease of use, real time accessibility, and accurate record of varied transaction that enable customer’s adoption of Banking Technology. Other factors such as slow transfer speed, technical failure, frauds and unawareness among customers that make hindrance in adoption, are also tested. The results show that demographic variables such as gender, age, qualification and income play a positive role in adoption of banking technology. All the banks are using information technology as a strategic vehicle to stay competitive against other players. There is no significant difference between adoption rates of banking technologies by the customers of different private banks. The paper also shows that banking technology helps in increasing customer satisfaction, customer loyalty, improvised growth, and performance of the banks.
Impact of Macroeconomic and Endogenous Factors on Non Performing Bank Assets
Authors: Swamy Vighneswara
Published: August 2020

Determinants of default risk of banks in emerging economies have so far received inadequate attention in the literature. Using panel data techniques, this paper seeks to examine the impact of macroeconomic and endogenous factors on non-performing assets during 1997-2009. The findings reveal some interesting inferences contrary to the perception of few opinion makers. Lending rates have been found to be not so significant in affecting the non-performing loans, which is contrary to the general perception. Such assets have a negative and significant influence, indicating that large banks may have better risk management procedures and technology which definitely allows them to finish up with lower levels of non-performing assets compared to smaller banks. Further, this study suggests that private banks and foreign banks have advantages in terms of their efficiencies in better credit management that contains non-performing assets. That indicates that bank privatization can lead to better management of default risk.
The Law of One Price and Arbitrage on China’s Dual-Listings in Hong Kong and New York
Authors: Liu Liu , Bogomolov Timofei
Published: August 2020

Traditionally, arbitrage refers to simultaneously buying and selling the same financial assets by taking advantage of a price difference in two or more markets. However, the strict sense of arbitrage is hardly obtained after consideration the issues concerning transaction costs and time value of money. By using the identical assets such as Chinese ADRs and their underlying securities traded in different markets in Hong Kong in HK dollar and in New York in US dollar and by constructing a very simple arbitrage trading strategy, this study demonstrates that arbitrage profits are still available with monthly return ranging from 0.5 per cent to 3.8 per cent after considering transaction costs and non-overlap trading time issues. This is a new study to verify this behaviour of an emerging market’s ADRs traded two financial market locations, so adding evidence of inefficiency in trading of China-listed stocks in foreign locations.
The Relationship between Risk Propensity, Risk Perception and Risk-Taking Behaviour in an Emerging Market
Authors: Sahul Hamid Fazelina , Rangel Gary John , M. Taib Fauziah , Thurasamy Ramayah
Published: August 2020

This paper reports evidence to support a relationship between risk propensity, risk perception, and risk-taking behaviour of investors in an emerging market. Primary data were gathered using a validated structured questionnaire, which was self-administered by respondents: there were 162 investors from 8 stockbroking companies. A multiple regression was used to test the direct and indirect effects of the identified behavioural characteristics on investment decision. Risk propensity was found to be positively related to risk-taking behaviour whereas risk perception was negatively related to risk-taking behaviour. It was further found that risk perception partially mediates the effect of propensity to take risk. This suggests that the perceptual framing of a situational context in the investors’ thought processes reduces but it does not totally overwhelm the innate personality traits with respect to either the investor’s risk-seeking or risk-averseness. The tendency to engage in risky behaviour is more psychological in nature. The implications of the research are further explored.
Is Islamic Banking Capable of Meeting Corporate Social Responsibility?
Authors: Delpachitra Sarath
Published: August 2020

This paper provides an overview of the Islamic banking system and its product ranges, and examines their ability to meet Corporate Social Responsibility obligations while maintaining efficiency and managing risk. The growing literature on Islamic banking products, including their derivatives indicates that Islamic banking is popular worldwide and has global attention. Similarly, the diversity of banking options is growing in Middle Eastern countries with some banks offering separate windows for conventional and Islamic banking options to customers. Due to the unique nature of Islamic banking, which is constrained not only by the standard operating regulations of the respective countries, but also by Islamic law, the Sharī’ah, there are significant differences in the philosophy behind its finance transactions, the nature of transactions, goals and the obligations between the two types of institutions. Whether these differences lead to changes in risk preferences, lending decision-making processes, and the ultimate efficiency of operations are some of the key empirical questions yet to be fully answered. The paper introduces a theory based on classical utility theory, and then extends it to show its relevance to Islamic banking. In particular this paper shows that Islamic banking may not only improve operating performance, but also increase profitability for all parties concerned.
Contractual Structures and Payoff Patterns of Sukūk Securities
Authors: Safari Meysam
Published: August 2020

This paper is about the six different Sukūk securities, which originated in 1990s, and are now traded in some 11 markets as the new debt-like securities classed under Islamic finance. The outstanding value of these contracts is estimated to be US $850 billion. This paper proposes a classification for Sukūk contracts as pure debt, equity-based, and asset-backed based on the intrinsic nature and purpose of fund-raising. This classification has more practical use compared to existing classification. Futher, the contract peculiarities of the six instruments (mudārabah, mushārakah, murābahah, ijārah, salam and istisnāh) are carefully specified for the first time. To start a discussion on how the economic behaviour may be modeled for theory building, the potential cash flow pattern of each type of Sukūk contracts is specified. The paper aims to contribute to advanced studies by specifying the basic behavioural characteristics.
Determinants of Attitude Towards Zakat on Employment Income in Nigeria
Authors: Farouk Abubakar U. , Md Idris Kamil , Saad Ram Al Jaffri
Published: August 2020

The objective of this paper was to empirically examine the influence of perceived capability, perceived government support and religiosity as determinants of attitude towards Zakat in Nigeria. A survey questionnaire was administered on government employees and 343 valid observations were retrieved and analyzed from the survey. The PLS analysis technique was used to assess the measurement model, the structural model as well as the predictive relevance of the model of the study. The outcome of the examination disclosed the appropriateness of the model of the study as well as the analytical tool utilized. The postulated relationships were all supported. Thus, the findings, if utilized in developing policies for strengthening the attitude of employees towards Zakat, will boost Zakat collections, since a positive attitude leads to improved collections. The study establishes the efficacy and the suitability of its model on factors influencing the attitude of employees towards Zakat in Nigeria.
Board Characteristics and Capital Structure of Malaysia Consumer Products Sector
Authors: Chin Kuah Yoke , Zakaria Zuriawati
Published: August 2020

This study investigated the relationship between board characteristics and capital structure, namely total debt, short-term debt, and long-term debt of firms in the Malaysian consumer products sector for the period 2010 to 2014. Based on 109 firms selected for the study, the firms’ decision about capital structure regardless of total debt, short-term debt or long-term debt is not influenced by the size of the board. However, if the board membership constitutes more independent directors, the proportion of short-term debt is even higher than the long term-debt. Board meetings were found to have a significantly negative influence on firms’ decisions concerning total debt financing. The findings also revealed that large firms hold more short-term and long-term debts when there is an increase in the number of members on the board. The firms that have been long in existence focused more on short-term debt financing and their growth in terms of capital expenditure. Consequently, the total debt of the firms also increased.
DETERMINANTS OF BANK COST EFFICIENCY: EMPIRICAL EVIDENCE FROM BANGLADESH
Authors: Sultana Israth , Rahman Mohammad Morshedur
Published: August 2020

Due to the trust of depositors, banks should be responsible for efficient utilization of resources to achieve cost efficiency (CE) which in turn contributes to raising income. Previous studies found that the average CE of banks in Bangladesh was around 80%. This study aims to find the determinants of CE in Bangladesh from a sample of 33 banks during a period from 2009 to 2016. Stochastic Frontier Approach (SFA) was used to measure CE in the first stage. In the second stage, different types of regression estimations were used like pooled ordinary least square, fixed effect or random effect panel regression, System-Dynamic Panel Data Estimation and Arellano-Bond Dynamic Panel Data Estimation for comparison. The results showed that Generalized Method of Moments (GMM) specifically the Arellano-Bond Dynamic Panel Data Estimation was best suited for problems of endogeneity, serial correlation, heteroskedasticity and cross sectional dependence in data The results revealed that regulatory capital, risk measured by non-performing loan ratio, liquidity measured by total loans to total deposits, and level of operating costs had a significant negative impact on CE. In contrast, lagged cost efficiency, profitability, years of operation, net interest income had a significant positive impact on CE. To attain competitive advantage by performing with higher CE, policymakers should focus on capital regulation measured by capital adequacy ratio, risk level, profit earning capacity, aggressiveness of banks, bank size, years of operation and level of operating costs.