bluuebunny/crossref_metadata_2025 huggingface dataset:
DoS attack detection method on application layer for publish-subscribe networks
Authors: Dikii Dmitrii
Published: August 2020

Introduction: For the development of cyberphysical systems, new technologies and data transfer protocols are being developed, in order to reduce the energy costs of communication devices. One of the modern approaches to data transmission in cyberphysical systems is the publish-subscribe model, which is subject to a denial-of-service attack. Purpose: Development of a model for detecting a DoS attack implemented at the application level of publish-subscribe networks based on the analysis of their traffic using machine learning methods. Results: A model is developed for detecting a DoS attack, operating with three classifiers depending on the message type: connection, subscription, and publication. This approach makes it possible to identify the source of an attack. That can be a network node, a particular device, or a user account. A multi-layer perceptron, the random forest algorithm, and a support vector machine of various configurations were considered as classifiers. Training and test data sets were generated for the proposed feature vector. The classification quality was evaluated by calculating the F1 score, the Matthews correlation coefficient, and accuracy. The multilayer perceptron model and the support vector machine with a polynomial kernel and SMO optimization method showed the best values of all metrics. However, in the case of the support vector machine, a slight decrease in the prediction quality was detected when the width of the traffic analysis window was close to the longest period of sending legitimate messages from the training data set. Practical relevance: The results of the research can be used in the development of intrusion detection features for cyberphysical systems using the publish-subscribe model, or other systems based on the same approach
مهارة الكلام منظور من عملية التعلم والتعليم في جامعة باتوسنجكر الاسلامية الحكومية سومطرى الغربية
Authors: Suharmon Suharmon
Published: August 2020

This research aims to obtain infomation about Arabic learning especially speaking skill in Arabic Language Education Department at IAIN Batusangkar. The research uses a quantitative approach. The instruments to collect the data are test and questionnaire. The data were analyzed using descriptive statistics. The results of the research state that the students’ speaking ability at class “ A “ are 28% low, 36% moderate, and 36% high. While, at class “B”, students’ speaking abilities are 36.4% low, 40,9% moderate, and 22.7% high. The cause of students’ low ability is the unappropriateness of teachers’ strategy in teaching speaking. There are about 96% students at class “A” agreed and 86.4% students at class “B” had similar answer. Another cause is students’ low motivation in learning. Class “A” students agreed for about 76% of them and 77% of class “B” students answered the same. From the finding, it can be concluded that the inability of students to speak Arabic can be overcomed by improving teaching strategies and encouraging maximum motivation  to learn Arabic.
PENERAPAN MODEL KOOPERATIF TIPE MAKE A MATCH UNTUK MENINGKATKAN AKTIVITAS DAN HASIL BELAJAR HIWAR DI MAS PLUS PADANG GANTING
Authors: Hardison Hardison
Published: August 2020

This study aims to describe students’ activities and their learning outcomes using make a match type of cooperative learning model in learning hiwar. This research is a classroom action research consisting of two cycles. Each cycle consists of planning, action, observation and reflection. Data were collected through observation and then analyzed by using descriptive qualitative technique. The results of the data analysis indicate that make a match type can increase the activity and learning achievement of class X MAS Plus Padang Ganting students. The relevancy of students’ activities and learning activities in cycle II is increased for about 23.11%, and the unrelevancy of students’ activities and learning activities is decreased for about 16.26% in cycle II. While, students’ understanding about hiwar is increased 13.33%, and learning completeness is also increased 20.86% in cycle II.
أسلوب الحكيم في القرآن الكريم: دراسة تحليلية بلاغية
Authors: Marlion Ferki Ahmad , Dardiri Ahmad
Published: August 2020

يقوم هذا البحث بتحليل آيات القرآن الكريم التي تتضمن أسلوب الحكيم .والغالب في الحوار أن تكون الإجابة وفقا للسؤال، ولكن الباحث وجد الإجابات في القرآن الكريم مما لم يترقبه السائل. هذا البحث من البحوث الوصفية. ولأجل ذلك جمع الباحث البيانات من القرآن الكريم والمصادر الأساسية (تفسير التحرير والتنوير، أسلوب الحكيم نموذج) والمصادر الثانوية (أسباب النزول). وينتهي هذا البحث إلى أن في القرآن الكريم 31 أية تستخدم أسلوب الحكيم. واستعمال أسلوب الحكيم في القرآن الكريم يكون لأجل مراعاة أحوال السائلين الإجتماعية والنفسية والثقافية والاهتمام بالفروق الفردية، وتكون الإجابة عن الأسئلة بتقديم ما هو أهم على ما هو مهم، ومثال ذلك الإجابة عن الآية "يسألونك عن الأهلة" بإخفاء الله تعالى البيان عن أسباب تغير حالات الأهلة وتقديم البيان عن منافعها، لأن هذ الأخير هو الأهم. ولو كانت الإجابة بما هو المطلوب في السؤال لصعبة على السائل فهمها، فالعقليات آنذاك كانت بسيطة، والعلوم لم تكن متطورة، فلم تتوفرله القدرة على فهم الإجابة. وأخفى الله تعالى كذلك عن الأمور الغيبية مراعاة لمستوى المخاطبين الفكري، ولا فائدة في معرفتها.
SEMIT: ASAL MUASAL BAHASA ARAB
Authors: Rezi Melisa , Amrina Amrina
Published: August 2020

Semit merupakan gabungan dari bahasa-bahasa berdekatan yang dinisbahkan kepada Sam bin Nuh (Sam adalah salah satu dari anak-anak Nuh) dalam kitab Safar Takwin (kitab Kejadian) diceritakan tentang tiga orang keturunan Nuh (Ham, Sam, dan Yafit). Dalam kitab tersebut juga disebutkan keturunan Sam bin Nuh, yaitu Elam, Asyur, Arfakasyad, dan Aram, dari mereka inilah berkembang bahasa dan bangsa Semit itu. Adapun cabang-cabang bahasa Semit dan bangsanya tergambar dalam “Syajarah Al-Lughaatus Saamiyah” yaitu bagian utara adalah Kan’aniyah (Ajritiyah, Kan’an Kuno, Muabiyah, Finiqiyah, dan Ibriyah) dan Aramiyah. Sedangkan bagian selatan terbagi kepada Arab Selatan (Ma’iniyah, Sabaiyah, Hadramiyah, Quthbaniyah, Habsyiah) dan Arab Utara yang terbagi kepada Arab Baidah (Tsamudiyah, Shafawiyah, Lihyaniyah) dan Arab Baqiyyah (Hijaziyah dan Tamim) Bahasa yang tertua dari keluarga bahasa Semit adalah Bahasa Arab, karena bahasa Arab adalah  bahasa Semit yang terdekat dengan bahasa Semit lama. Penutur bahasa-bahasa itu berasal dari keturunan Sam anak Nuh a.s. Negri asal bangsa Semit adalah Arab.
Coloquio sobre la reforma de la Justicia
Authors: Autores Varios
Published: August 2020

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Notas sobre la democracia cristiana en España
Authors: González Páramo J. M.
Published: August 2020

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Libertad sindical en un sistema de unidad
Authors: O. V.
Published: August 2020

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Sociedad y Economía, España 1970
Authors: Redacción Consejo de
Published: August 2020

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Evolución económica y comercio exterior, 1969-1970
Authors: Gorosquieta Javier
Published: August 2020

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La huelga exige nueva regulación
Authors: González Páramo J.M.
Published: August 2020

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Instituciones belgas de productividad, empleo y desarrollo
Authors: B. M.
Published: August 2020

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España: el por qué de los conflictos colectivos
Authors: Feijóo E. A.
Published: August 2020

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La doctrina social en la España de los 70
Authors: Redacción Consejo de
Published: August 2020

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AN EXPERIMENTAL STUDY TO DETERMINE THE EFFECT OF IRON SUPPLEMENT IN COGNITIVE ENHANCEMENT IN CHILDREN.
Authors: Kumar Vivek , Kumar Manoj , Sahni Gopal Shankar
Published: August 2020

Introduction: Iron deficiency anemia is most common nutritional deficiency disorder in India and remains a formidable health challenge. Iron deficiency leads to many nonhematological disturbances which include growth and development, depressed immune function in infants; reduces physical work capacity; decreases the cognitive function in both infants and adolescents. Present study was done to know the effect of iron supplement in cognitive enhancement in children.

Material and Method: Participants at three randomly selected schools were given iron supplement either once weekly or twice weekly or daily for one year. The fourth was the control school. In our study School boys (n=142) in the age group of 8-13 years was participated.

Results: iron supplementation given daily and twice weekly significantly improved cognition in most tests; the effect was not seen in once-weekly or control groups. In daily and twice weekly iron supplement  groups, positive change in cognition test scores was relatively higher in boys with good compliance(>70% dose) vs. poor compliance; in anemic (hemoglobin1.1g/dL) vs. lower Hb gain.

Conclusion: Twice weekly IFA supplementation is comparable to daily IFA in terms of beneficial effects on cognition in young adolescent girls.

Keywords: Anemia, Cognition, Iron supplementation, School boys.
CLINIC-ETIOLOGICAL PROFILE AND USE OF ANTIEPILEPTIC DRUGS IN CHILDREN PRESENTING WITH SEIZURES: AN OBSERVATIONAL STUDY.
Authors: Kumar Manoj , Kumar Vivek , Sahni Gopal Shankar
Published: August 2020

Introduction: Seizures are one of the common causes for hospital admissions in children with significant mortality and morbidity. The present investigation was aimed to study the clinic-etiological profile and use of antiepileptic drugs in children presenting with seizures.

Methods: The present prospective observational study was conducted in the Department of Pediatrics, SKMCH Medical College and Hospital, Bihar for the period of 1 year from Nov 2017 to Nov 2018.  A total of 120 children with acute symptoms and signs of seizures with altered sensorium were studied. History was obtained to determine the possible cause of the seizure and type of epilepsy. The data obtained was analyzed with SPSS version 20.

Results: out of total 120 children majority were found in the age group of 1-4 years and males had higher prevalence compared to female. Primary generalised tonic clonic epilepsy was the commonest type of epilepsy seen. Uconsciousness 51.7%, fever 40.8%, vomiting 26.7%, and headache 20% were the leading presenting complaints in seizure patients.

Conclusions: The study showed primary generalised tonic clonic epilepsy was the commonest type of epilepsy seen, followed by simple partial seizures. Effort should be intensifying to eradicate the preventable causes of the disease.

Keywords: Epilepsy, Fever, Children
TO STUDY THE EFFECT OF REGULAR YOGIC ACTIVITY ON THE FUNCTION OF AUTONOMIC NERVOUS SYSTEM: A COMPARATIVE STUDY.
Authors: Choudhary Abhay , Pathak Arun , Kumari Sheela
Published: August 2020

Aims: to know the influence of yoga on autonomic functions of the body.

Material and Methods: The present prospective case control study was conducted among patients visited the OPD, Darbhanga Medical College and Hospital, Bihar, India. The findings were tabulated and subjected to statistical analysis. Case group (N=30): subjects who were performing regular yoga asanas and relaxation techniques for at least 5 years. Control group (N=30): age and gender matched subject who were not performing yoga asanas and relaxation techniques or were not engaged with any other type of physical exercises.

Results: Amongst the sympathetic nervous system parameters, statistically significant difference existed between cases and controls for the Resting Heart Rate, Resting Diastolic Blood Pressure, Hand grip systolic blood pressure and Hand grip systolic blood pressure (p<0.05) respectively.

Conclusion: yogic activity significantly alters the sympathetic activity like heart rate and blood pressure.

Keywords: Autonomic Nervous system, Yoga, Heart Rate, Blood Pressure
Avaliação química e biológica de Graphium jumulu, fungo endofítico de Duroia macrophylla Huber (Rubiaceae)
Authors: Da Silva Weison Lima , Fachin-Espinar María Teresa , De Souza Maria Carolina Scheffer , Lima Laísley Martins , Nunez Cecilia Veronica
Published: August 2020

O presente trabalho investigou o potencial biotecnológico do fungo endofítico Graphium jumulu. O fungo foi cultivado em meio caldo de batata suplementado com 0,2% de extrato de levedura, em agitação a 120 rpm, a 30°C durante 20 dias, sendo os metabólitos do micélio extraídos com acetato de etila em banho ultrassom. O extrato foi testado para as atividades de toxicidade, antioxidante e antibacteriana, e não demonstrou efeito tóxico e nem atividade antioxidante, apresentando somente atividade antibacteriana, o que levou a seu fracionamento e, posterior, isolamento da substância: 4,9-dihidroxi-1,2,11,12-tetrahidroperileno-3,10-quinona. Esta substância foi testada frente as cepas patogênicas Acinetobacter baumannii, Aeromonas hydrophila, Edwardsiella tarda, Escherichia coli, Klebsiella pneumoniae, Pseudomonas aeruginosa, Pseudomonas fluorescens, Salmonella enteritidis, Serratia marcencens, Staphylococcus aureus. A substância não inibiu nenhuma das cepas avaliadas, entretanto estimulou o crescimento bacteriano de todas, com destaque para S. aureus, A. baumannii e S. enteritidis, que apresentaram um crescimento de forma linear crescente em função da concentração da substância. Conclui-se que a 4,9-dihidroxi-1, 2,11,12-tetrahidroperileno-3,10-quinona é um potencial estimulador do crescimento microbiano sugerindo a continuidade de avaliações frente a outras bactérias de interesse clínico e de interesse industrial. Este é o primeiro relato desta substância no fungo endofítico G. jumulu.
Avaliação da validação da metodologia CCD-densitometria aplicada a uma matriz complexa
Authors: Da Nóbrega Andrea Bezerra , Lessa Bruno da Motta , Bizarri Carlos Henrique Brasil , Wollinger Wagner , Lopes Claudio Cerqueira , Lopes Rosangela Sabbatini Capella , Paiva Selma Ribeiro , Slana Glaucia Barbosa Candido Alves
Published: August 2020

Considerando a necessidade de um método rápido, barato e poderoso para a rotina de controle de qualidade, a Densitometria / Cromatografia de Camada Delgada foi um método escolhido para atender a essas solicitações. No entanto, essa técnica tem suas limitações quando usada para ensaios de determinação de substâncias em matrizes complexas, como extratos vegetais. Considerando a restrição da técnica cromatográfica durante o desenvolvimento de metodologias analíticas para medicamentos, foi desenvolvido um novo procedimento para superar a dificuldade em obter os parâmetros de validação dentro dos critérios internacionais de aceitação, principalmente os parâmetros de seletividade e repetibilidade. O método desenvolvido foi aplicado na quantificação de ácido betulínico (BA) a partir de extratos de produtos naturais. Todas as separações foram obtidas nas cromatoplacas Si60 F254 com n-hexano: acetato de etila: ácido acético (7: 3: 0,3) a 560 nm, após derivatização com reagente vanilina-sulfúrica. O sistema forneceu pontos compactos para BA (Rf. 0,5) e exibiu linearidade (R2 = 0,999). A metodologia foi comparada com uma metodologia de cromatografia gasosa validada e nenhuma diferença estatística foi observada.
История образования и научных исследований в Бразилии
Authors: Freitas Roberto Araujo de Moraes , Martins Priscila Bernardo
Published: August 2020

В настоящей статье рассматриваются исторические преобразования преподавательской деятельности в Бразилии, а также ее участие в научно-научных исследованиях, учитывая влияние, возникающее от унаследованных религий из Европы, до отличительных признаков ресурсов технологии в руках отечественных пользователей. Этот момент отмечен переходом между 20-м и 21-м веками, тем самым представляя собой безудержную революцию в технологическом секторе, основным инструментом коммуникации и исследований, что привело к длительному процессу адаптации. Необходимо отметить трудности, что в процессе изоляции знаний о своей местной культуре, мнения и опыт его собственной и академический багаж, с которым учитель должен передать в студенческое тело, потому что он должен понимать, что Бразилия фиксирует влияние различных народов во всем мире, что заставило нас иметь такую смешанную культуру. В разгар стольких исторических преобразований, преподавательская деятельность должна постоянно перерабатываться. По этой причине эта работа становится все более трудной, поскольку учитель страдает от воздействия сети на мир, так как это отражается на производительности и надежности результатов литературных и научных работ. Это навсегда поставит под угрозу взаимосвязь между знаниями и информацией.
Editorial
Authors: Alberto Toledo Rodrigo
Published: August 2020

Neste número da Revista REDD, publicamos o dossiê temático A Política Científica e Tecnológica no Contexto da Geração de Empregos, Trabalho e Renda: atores, críticas e experiências no Brasil e no mundo”ˆ. O dossiê objetivou congregar trabalhos que pudessem analisar, do ponto de vista teórico, reflexivo e empírico o papel da Política de Ciência e Tecnologia (PCT) no Brasil e no mundo. O cenário que as sociedades enfrentam  diante de uma realidade complexa, globalizante e com o impacto de pandemias, como a do Covid-19, colocam as Políticas de Ciência e Tecnologia no centro dos debates sobre a geração de soluções em um contexto de crise. Como poderão observar nos trabalhos que perfazem o presente volume, a PCT é uma política pública “de meio” que, interdisciplinarmente, engendra lastros para demais políticas públicas de âmbito industrial, agrícola, de educação, de saúde e de inclusão social...
A urgente tarefa de retomarmos o futuro por meio da tecnociência
Authors: Dias Rafael de Brito , Serafim Milena Pavan , Santos Matheus Henrique de Souza
Published: August 2020

“O presente é melhor do que foi o passado”. “O futuro será melhor do que o presente”. Até há pouco, essas afirmações pareciam seguras, e eram reproduzidas com certa frequência por muitos de nós. Sobretudo para aquelas pessoas mais integralmente inseridas na dinâmica de trabalho-consumo das sociedades de capitalismo avançado, as possibilidades de realização material sem precedentes na história sustentaram por décadas a percepção de que o arranjo socioeconômico estabelecido garantiria a gradual melhoria das condições de vida da população, em direção a um futuro cada vez mais promissor.
Estudo de viabilidade, sustentabilidade e eficácia da assistência estudantil em universidades públicas através de modelagem organizacional
Authors: De Moura Renato Aparecido Terezan
Published: August 2020

A assistência estudantil em universidades públicas tem, por finalidade básica, viabilizar oportunidades igualitárias entre estudantes, evitando, preventivamente, a reprovação e a evasão, visando otimizar o desempenho acadêmico. As políticas públicas de inclusão social, através do acesso ao ensino superior, também se estendem aos meios de garantir assistência em aspectos orgânicos, cognitivos, afetivos e motivacionais do grupo social no qual o aluno está inserido. As universidades públicas, em sua maioria, oferecem amparos assistencialistas aos alunos de comprovada carência socioeconômica, mas que geralmente não abrangem serviços de apoio, orientação e cuidados psicossociais e de saúde à totalidade dos estudantes, que mesmo em menor risco de vulnerabilidade financeira, também podem demandar suporte ao seu desenvolvimento intelectual e social. O presente artigo propõe analisar modelos de assistência social implantados e operacionalizados em universidades públicas paulistas e propor, através da modelagem organizacional baseada na metodologia EKD (Enterprise Knowledge Development), modelos de objetivos, regras, processos e atores que visam mapear requisitos técnicos e componentes operacionais estratégicos que garantam a aplicação eficaz dos recursos financeiros, viabilizando políticas sustentáveis referenciadas pelos princípios constitucionais de legalidade, eficiência e interesse público.
Fuzz Neutrosophic Soft HX Subring
Authors: 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
Lembaga Keuangan Mikro Adat Sebagai Penggerak Perekonomian Desa Lambing
Authors: Sanjaya Putu Krisna Adwitya , Dewi Made Heny Urmila
Published: August 2020

This study aims to analyze the performance of Lambing Badung Regency customary microfinance institutions which are assessed from four perspectives, namely: (1) financial perspective, (2) customer perspective, (3) internal business process perspective, and (4) learning and growth perspective. This study is a type of quantitative descriptive study that explains the performance of customary microfinance institutions in 2017 - 2019. Data are collected using questionnaires, documentation, and interviews which are then analyzed using the balanced scorecard approach. This study found the fact that the performance of Lambing indigenous microfinance institutions based on four perspectives: (1) the overall finance is in the healthy category, (2) the overall customer is in a good category, (3) the internal business process is classified as efficient, and (4) learning and growth as a whole are in a good category. By having a good performance, this institution is expected to be more developed and of course, with the development of customary microfinance institutions, the economy in the area will also be increasingly stretched which can become a pillar driving the economy so that there is an acceleration of the welfare of rural communities.
Dampak Penurunan Suku Bunga Kredit terhadap Penyaluran Kredit di LPD Kuta Saat Pandemi Covid-19
Authors: Pratiwi Ni Made Devi , Adriati I Gst Ayu Wirati
Published: August 2020

LPD is one of the institutional elements of Customary Villages that carry out the functions of customary village finance to manage village financial potential. The purpose of the activities carried out are to determine the impact of lowering lending rates on lending, knowing the causes of lowering lending rates on lending, and knowing the solutions used to overcome the impact of reducing lending rates on lending. The method used in this street vendor activity is in the form of a review method where the review begins with the stage of searching for the title and location, searching for data, and conducting an analysis to find out how the impact of lowering lending rates on lending. The results obtained from the implementation of this activity are the impact of a decrease in lending rates on lending that is decreasing lending in Kuta LPD, the cause is due to the absence of the public or customers who do credit during Pandemic Covid-19 or in other words the demand declining credit, and delaying interest payments and socializing the importance of saving into a solution that must be done.
Pengaruh Customer Relationship Management Dan Kepuasan Terhadap Loyalitas Anggota
Authors: Suartina I Wayan , Sadiartha Anak Agung Ngurah , Ady Ni Nyoman Rahayu Diantari
Published: August 2020

The purpose of this study was to determine the effect of customer relationship management on member satisfaction, the effect of member satisfaction on member loyalty, the effect of customer relationship management on member loyalty, and the influence of customer relationship management on loyalty which is influenced by member satisfaction. This research was conducted at Village-Owned Enterprises (BUMDes) throughout Penebel District, Tabanan, Bali with a sample of 100 people who were determined using the Slovin method and the determination of the sample using incidental sampling. Testing instruments and analysis tools include validity test, reliability test, and path analysis accompanied by Sobell test. Based on the results of the path analysis test, it was found that customer relationship management has a positive and significant effect on member satisfaction, member satisfaction has a positive and significant effect on member loyalty, customer relationship management has a positive and significant effect on member loyalty and based on the results of the Sobell test, member satisfaction has been proven. mediating the relationship between the influence of customer relationship management on member loyalty is seen from the value of Z-score (4.84)> Z-table (1.66). Suggestions given in this study are BUMDes in Penebel District are suggested to further improve customer relationship management strategies to increase member satisfaction and loyalty from members.
Did the A Line Arterial Bus Rapid Transit Affect Housing Values in Ramsey County, MN?
Authors: Benson Jack Lyle , Cao Jason
Published: August 2020

As arterial bus rapid transit (BRT) has become popular in the Twin Cities, local residents worry about the housing value uplift associated with these investments and the potential displacement of poor residents. Using a before-after treatment-control design, this study developed a difference-in-difference hedonic model to examine the effects of the A Line BRT on station-area housing values. After the funding announcement and opening, housing sales prices increased slightly. However, neither effect is statistically significant. The A Line encouraged ridership but had no effect on housing values. We will explain why the Green Line light rail increased property values whereas the arterial BRT did not.
Shifting From Real Estate to Non-Real Estate Lending Activity: Evidence on the Risk and Return Profiles of Thrift Institutions
Authors: Black Harold A. , Brewer III Elijah , Jackson III William E.
Published: August 2020

In this paper we study the important period where many thrifts shifted from traditional mortgage products into consumer loan products. Specifically, we examine the impact of this move toward consumer banking on the risk and return profiles of thrift institutions. One reason given for this shift was the shrinldng margins associated with the traditional mortgage lending business of the thrift industry. Other reasons are increased competition from pure-play competitors and the increased merger activity among commercial banks enabling thrifts to market themselves as consumer banks. All of these reasons help to explain why the traditional thrift model became less viable.   What strategic changes are necessary for thrift institutions to survive and compete effectively in the today’s financial environment? Thrifts may choose to rearrange their product mix, expand their investment portfolio, manage the enterprise more efficiently, or some combination of these, strategies. One strategy chosen by certain thrifts has been to shift from the traditional model of a mortgage-oriented lender to that of a consumer bank.   Using market data from the first quarter of 1985 to the fourth quarter of 1992, we examine whether thrift organizations that followed this consumer banking strategy increased or decreased their overall exposure to risk. Employing the volatility of equity returns as our measure of total thrift risk, we find that thrifts that specialized in consumer lending exhibited lower risk while maintaining similar common stock returns, relative to thrifts that did not specialize in consumer lending. This suggests that thrifts employing a strategy of significantly diversifying their asset portfolios by specializing in consumer lending were rewarded by the equity market. Conversely, thrifts that invested only a small proportion of their assets in the consumer banking strategy did not receive a similar reward from the equity market for diversifying into consumer banking.
Nearest-Neighbor Forecasts of U.S Interest Rates
Authors: Barkoulas John , Baum Christopher F. , Chakraborty Atreya
Published: August 2020

We employ a nonlinear, nonparametric method to model the stochastic behavior of changes in several short and long term U.S interest rates. We apply a nonlinear autoregression to the series using the locally weighted regression (LWR) estimation method, a nearest-neighbor method, and evaluate the forecasting performance with a measure of root mean square error (RMSE). We compare the forecasting performance of the nonparametric fit to the performance of two benchmark linear model: an autoregressive model and a random-walk-with-drift model. The nonparametric model exhibits greater out-of-sample forecast accuracy that of the linear predictors for most U.S interest rate series. The improvements in forecast accuracy are statistically significant and robust. This evidence establishes the presence of significant nonlinear mean predictability in U.S interest rates, as well as the usefulness of the LWR method as modeling strategy for these benchmark series
Purchasing Power Parity in Developing Countries: Evidence from Conventional and Fractional Cointegration Tests
Authors: Arize A. C. , Malindretos John , Grivoyannis Elias C.
Published: August 2020

This paper examines the long-run validity of purchasing power parity (PPP) for fourteen developing countries. The period examined is 1973:4 through 2002:8. The methods of Elliot, Rothemberg and Stock (1996), Kwiattkoski et al. (1992) and Geweke and Porter-Hudak (1983) are employed to detect the time series properties of exchange rates and consumer price indices of these countries. We find that these variables are nonstationary. We then utilize these data to test the PPP using both conventional and fractional approaches. Estimates of the cointegrating relations are obtained using estimators suggested by Stock and Watson (1993) and Phillips and Hanson (1990), respectively. The results are consistent with the argument that, during the recent floating exchange-rate period, PPP holds well, at least in a weak form, in developing countries where the general price level movements overshadow the factors causing deviations from the PPP.
International Prudential Regulation, Regulatory Risk and Cost of Bank Capital
Authors: Ngo Phong T. H.
Published: August 2020

We define regulatory risk as regulation that leads to an increase in the cost of capital for a regulated firm. In a general equilibrium setting, scholars have shown that uniform increases in capital requirements lead to an increase in the cost of capital. We extend their model to show that when regulatory standards differ across countries, financial integration leads to positive spillovers that reduce the cost of capital mark up for a given increase in bank capital. Accordingly, regulatory risk may be greater under a regulatory agreement such as the Basel Accord, which imposes international uniformity in capital ratios.
Day-of-the-Week Effect and Volatility in Stock Returns: Evidence From East Asian Financial Markets
Authors: Chukwuogor-Ndu Chiaku
Published: August 2020

The presence of the day-of-the-week effect has been documented in finance literature. This paper investigates the presence of the day-of-the-week effect and return volatility in ten East-Asian financial markets in the post Asian financial crisis period, after 1998. A set of parametric and non-parametric tests is used to test the equality of mean returns and standard deviations of returns. The results indicate the presence of the day-of-the-week effect and insignificant daily returns volatility in most markets. Some of these results reinforce some previously documented evidence and others are at variance with published results for the same markets. This effect, unlike in devloped markets, is still persistent.
A Note on ‘What Drives Share Prices in the Middle East?’
Authors: Priftakis Panos , Bhatti M. Ishaq
Published: August 2020

There are several hypotheses suggesting that some properties of oil prices make it interesting to focus on the predictive ability of oil prices for stock returns. This paper reviews some models recently used in the literature and selects the most suitable one for measuring the relationships and/or linkages of oil prices to the stock markets of the selected five oil producing countries in the Middle East. In particular, the paper uses two methodologies to test for the presence of a cointegrating relationship between the two variables and an unobserved components model to find a relationship between the two variables. The results rejects convincingly that there is no linkage between the prices of oil and the stock market prices in these oil-based economies.
The Efficiency of Trading Halts: Emerging Market Evidence
Authors: Bacha Obiyathulla I. , S. A. Rashid Mohamed Eskandar , Ramlee Roslily
Published: August 2020

This paper reports new findings on the price effect from trading halts - both voluntary and mandatory - over 2000-04 in an emerging share market, Malaysia. Based on our overall sample, trading halts lead to positive price reaction, increased volume, and increased volatility. We found evidence of information leakage resulting in a significant difference between voluntary and mandatory halts as well as the type of news released during halts to warrant such an impact. The duration of the halt has an isolated impact and is largely inconsequential. The frequency of halts does not seem to matter.
East Asian Financial Contagion under DCC-Garch
Authors: Cho J. H. , Parhizgari Ali M.
Published: August 2020

We consider the definition and measurement of contagion by analysing the 1997 East Asian financial crisis in the equity markets of eight countries using dynamic conditional correlation (DCC). Taking Thailand and Hong Kong as alternative sources of contagion, a total of fourteen source-target pairs is analyzed. We define contagion as the statistical break in the computed DCCs as measured by the shifts in their means and medians. In the DCC process, the parameters of each pair of source-target country contagion are allowed to vary and be dictated by the data. Contagion is tested using DCC means and medians difference tests. Our findings indicate the presence of contagion in the equity markets across all the fourteen pairs of source-target countries that are considered.
The Role of Bank Loans and Deposits in the Monetary Transmission Mechanism In Malaysia
Authors: Kassim Salina , A. Majid M. Shabri
Published: August 2020

This study attempts to determine the importance of the banking sector in the monetary transmission process in a developing economy. The study analyzes the Malaysian data focusing on three sample periods: the entire sample period (1989:01-2006:12); the pre-crisis period (1989:01-1996:12); and the post-crisis period (1999:01-2006:12). To achieve this objective, the study relies on two tests: first, the auto-regressive distributed lag (ARDL) model for the long-run relationship among the variables and second, the impulse response functions and variance decomposition analysis for the short-run relationship among the variables. The finding shows that both bank deposits and loans play crucial roles in the monetary transmission process in the economy, suggesting evidence for the money endogeneity theory of post-Keynesian economists. In particular, bank deposits and loans are shown to provide an important link from monetary policy to output. This underscores the importance of ensuring the soundness of banking system as a pre-requisite to economic stability in the absence of such market based tools as market-based actions on exchange rate or interest rates as monetary stabilisation tools.
Does Noise Signal Affect Flipping Activities?
Authors: Nee Chong Fen , Ali Ruhani , Ahmad Zamri
Published: August 2020

In this paper, we report the explanatory power of noise signal and fundamentals on flipping activities of share trading. Flipping is defined as the percentage of opening day trading volume divided by the number of shares offered on the first trading day (Miller and Reily, 1987, and Aggarwal, 2003) in an offer for sale. It is affected by investors’ opinion about, for example, the new issue’s future prospect on the first listing day. The initial premium which is defined as the difference between the opening price and the offer price divided by the offer price is used as a proxy for noise signal. Using initial public offers listed on the Main Board of Bursa Malaysia during the period of 1991 to 2003, we find support for the relationship between noise signal and flipping activity in the immediate aftermarket as evident in several models tested as well as the bullish and bearish market models. Among the fundamental factors included in this study, bigger size of offer was found to discourage flipping activities.
Do Exchange Rates Affect the Stock Performance of Australian Banks?
Authors: Chi Jing , Tripe David , Young Martin
Published: August 2020

It is expected that banks with significant foreign business should be impacted by relative changes in the currency values of the foreign countries where they do business. Using data from January 1997 to March 2007, this study explored this relationship for the four major Australian banks. Contrary to expectations, no significant relationships between Australian bank stock returns and foreign exchange rates were found, raising questions as to the efficiency of stock markets in recognising banks’ foreign exchange exposures arising from their offshore assets and business.
Testing the Performance of Asset Pricing Models in Different Economic and Interest Rate Regimes Using Individual Stock Returns
Authors: Hibbert Ann Marie , Lawrence Edward R.
Published: August 2020

Using return data for all stocks continuously traded on the NYSE over the period July 1963 to December 2006, we tested the performance of the two-moment Capital Asset Pricing Model (CAPM) and the Fama French three-factor model in explaining individual stock returns. We found the performance of Fama French three-factor model to be marginally better than the CAPM. We further test the models for the significance and stability of parameters in the bull/bear periods and the Federal increasing/decreasing interest rate periods and found the performance of the two models comparable.
Institutional and Macroeconomic Determinants of Stock Market Development in Mena Region: New Results From a Panel Data Analysis
Authors: Cherif Mondher , Gazdar Kaouthar
Published: August 2020

This paper provides new evidence on the influence of macroeconomic environment and institutional quality on stock market development, using data from 14 MENA countries over the period of 1990-2007. Using both panel data and instrumental variable techniques, we found that income level, saving rate, stock market liquidity, and interest rate influence stock market development with the expected theoretical signs. Our results also showed that the banking and the stock market sectors are complementary instead of being substitutes. We found that the institutional environment as captured by a composite policy risk index does not appear to be a driving force for the stock market capitalization in the region. Our last results are robust to different specifications and empirical techniques.
A Note: Debt Selling and Their Impact on Islamic Bank Value
Authors: Ismail Abdul Ghafar , Kamil Karmila Hanim
Published: August 2020

This paper shows how a risk management mechanism through selling debt can affect the value of Islamic banks. Islamic banks are able to maximize their value from the sale of murabahah on housing debt in order to manage their risk arising from fluctuations in interest rates. A tractable theoretical model is developed to maximize the Islamic banks’ values from the sale of housing debt financing in order to hedge against fluctuations in interest rates. Our findings showed that Islamic banks could improve their earnings and rectify the problem in aligning their assets and liabilities through the benefits of debt selling. A rise in the market interest rates leads to an increase in the base financing rate and the mark-up rate in Islamic banks, since market interest rates serve as benchmarks in determining profits or mark-ups. If the Islamic banks engage in debt selling to decrease their risk exposure, their earnings or value may be amplified since they have the opportunity to undertake other positive NPV projects from the payoffs on the murabahah debt selling.
French Banks amid the Global Financial Crisis
Authors: Xiao Yingbin
Published: August 2020

This paper runs the gamut of qualitative and quantitative analyses to examine the performance of French banks during 2006-2008 and the financial support measures taken by the French government. French banks were not immune but proved relatively resilient to the global financial crisis reflecting their business and supervisory features. An event study of the impact of government measures on CDS, debt, and equity markets points to the reduction of credit risk and financing cost as well as the redistribution of resources. With the crisis still unfolding, uncertainties remain and challenges lie ahead, calling for continued vigilance and enhanced risk management.
Market Reactions to Audit Committee Director’s Gender: Evidence from US-Traded Foreign Firms
Authors: Huang Hua-Wei , Yan Yun-Chia , Fornaro James M. , Elshahat Ahmed
Published: August 2020

This study investigates whether the appointment of a female to the audit committee of a foreign issuer in the US is positively associated with subsequent market price reaction. We hypothesize that female members on the audit committee can strengthen corporate governance by their conservative and ethical qualities. Accordingly, such appointments deliver a positive message to capital market participants. In order to observe the impact of audit committee gender diversity on foreign firms, we include all audit committee appointments of US-traded foreign firms from 2002 to 2009. We find that the appointment of female audit committee members has significant positive cumulative abnormal returns compared to the appointment of male audit committee members.
Effectiveness of Central Bank Independence via Its Internal Characteristics
Authors: Griffin Caroll H.
Published: August 2020

This study examines central bank independence in developing countries of Latin America and Asia as well as selected developed countries. Many countries around the world, both developed and developing, have accepted the idea of central bank independence over the last several decades, so central banks have autonomy. A majority of studies has examined primarily the impact of central bank independence on inflation as promoting the theoretical benefits of a more stable and prosperous macroeconomic environment. However, there is only now sufficient data to empirically determine whether these claims are true. This research attempts to answer why developing economies with an informal sector resort to inflationary measures to finance their activities; how does a government induce an agent to choose the formal economy. In the trade-off between inflation and reserve requirements, the optimal policy is maximum inflation and minimum reserve requirements as increasing the steady-state utility of an optimizing agent. Also agents prefer the informal economy if policy relies on a maximum reserve requirement.
Financial Intermediaries and Economic Development: Evidence on Transaction Costs of Borrowing by the Poor
Authors: Swamy Vighneswara , Tulasimala B.K.
Published: August 2020

This study, while validating the increasing role for financial intermediaries in economic development, analyzes the importance of reducing the transaction costs for financial deepening and, consequently, economic growth. It shows that higher borrowing transaction costs for the poor in particular will retard the long-term growth of rural financial markets. Further, the empirical analysis based on our primary (survey) data indicates that the microfinance models of lending offer considerably lower costs of borrowing than those in regular models of direct lending by banks. The study suggests that microfinance model of lending can provide cost-efficient avenue for speedy financial development and, subsequently, economic growth.
Remittances and Banking Sector Development in South Asia
Authors: Noman Abdullah M , Uddin Gazi S
Published: August 2020

The paper investigates the interaction among foreign remittance, banking sector development and GDP in four South Asian nations that export huge pools of labour abroad. Multivariate Granger causality tests, based on error correction models, are employed with data spanning from 1976 to 2005. A key finding of the paper is that remittances and banking sector development influence per capita income in all four South Asian nations. In addition, interactions among the variables are also examined in a panel setting. As in individual country analyses, both remittance and banking sector development have positive and significant influences on the national income of South Asian countries. On the other hand, neither domestic products nor advancement in banking sector have significant impact on the remittance flows. This is new findings of the linkage between remittances and economic development, which may also be evident for countries exporting labour pools.
Portfolio Risk and Dependence Modeling: Application of Factor and Copula Models
Authors: Azamighaimasi Arsalan
Published: August 2020

We consider portfolio credit risk modeling with a focus on two approaches, the factor model, and the copula model. While other models have received greater scrutiny, both factor and cupola models have received little attention although these are appropriate for rating-based portfolio risk analysis. We review the two models with emphasis on the joint default probability. The copula function describes the dependence structure of a multivariate random variable. In this paper, it is used as a practical to simulation of generate portfolio with different copula, we only use Gaussian and t-copula case. And we generate portfolio default distributions and study the sensitivity of commonly used risk measures with respect to the approach in modeling the dependence structure of the portfolio.
Bank Owned Life Insurance: A Critical Examination of Banking Strategy
Authors: You Leyuan , Dandapani Krishnan
Published: August 2020

This paper is an investigation of a rampant insurance practice in the US banking sector, namely the permitted practice of employer-paid insurance policy. Under this policy, employee’s life policy paid for by the employer, pays large sums as policy benefits to the employer not to the employee’s family. Employers suggest that taking insurance covers the possible monetary loss value of an employee departing the firm, and hence the benefit is quite permissible, kosher. Our findings show its widespread occurrence in beefing up the earnings and even the capital base of the US banks. It calls into question if this practice, though legal, is socially responsible since an employee with such employer-paid policy would be deprived of tax deduction for his own self-paid policy cover, in most instances. Banking sector’s prevalent use of this practice to cover even low-paid workers such as janitors brings into focus the ethics of this practice.
Does Corporate Governance Matter in Iran?
Authors: Ghorbani Saeed , Zavareh Seyed Tabaie
Published: August 2020

In this paper, we construct a corporate governance Index (G-index) based on 13 attributes, which are associated with good and bad governance to investigate the impact of corporate governance on a firm’s stock return. After correlating each of the governance attributes of 141 Tehran Stock Exchange listed companies with their performance separately over a period of six years, we find the direction of each attribute’s correlation. After that, we compute the G-index by aggregating the individual attributes and converting each firm’s scores on attribute into the same scale. Finally, these scores are summed up by subtracting negatively correlated attributes from positively correlated attributes for each firm. We find a significantly high correlation between the firm’s performance and firm’s G-index. In the next step, we made three governance-sorted portfolios-from low to high governance-which we use to evaluate stock returns. We find better-governed portfolios significantly outperformed the poorly governed portfolios. We find that corporate governance score really matters in since the results show statistically significant relationship between the qualities of the corporate governance as measured by our G-index and firm’s stock return.