• The Journal of Asian Finance, Economics and Business
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• v.2 no.3
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• pp.17-22
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• 2015

This paper examines the effect of impulsiveness of euro on Indian stock market. In order to examine the problem, we select rupee-euro exchange rates and S&P CNX NIFTY and BSE30 SENSEX to represent stock price. We select euro as it considered as second most widely used currency at the international level after dollar. The data are collected a daily basis over a period of 3-Apr-2007 to 30-Mar-2012. The statistical and time series properties of each and every variable have examined using the conventional unit root such as ADF and PP test. Adopting a generalized autoregressive conditional heteroskedasticity (GARCH) and exponential GARCH (EGARCH) model, the study suggests a negative relationship between exchange rate and stock prices in India. Even though India is a major trade partner of European Union, the study couldn't find any significant statistical effect of fluctuations in Euro-rupee exchange rates on stock prices. The study also reveals that shocks to exchange rate have symmetric effect on stock prices and exchange rate fluctuations have permanent effects on stock price volatility in India.

• The Journal of Asian Finance, Economics and Business
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• v.3 no.2
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• pp.33-39
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• 2016

This study empirically evaluates the impact of exchange rate volatility, foreign direct investment, terms of trade, inflation, and industrial production and foreign exchange reserves on Pakistani trade volume over the period of 1975-2010 using quarterly data set. The study employs financial econometrics methods such as Augmented Dickey Fuller (ADF) test GARCH (1, 1) technique and Almon Polynomial Distributed Lag (APDL) models to estimate the relationship of variables. Findings of the study are in accordance with theoretical relationships presented by Clark, Tamirisa, Wei, Sadikov, & Zeng (2004), McKenzie (1999), Dellas & Zilberfarb (1993) and Côté (1994). These findings are also in accordance with the empirical studies which support positive relationship of exchange rate volatility and exports presented by Hsu & Chiang (2011), Chit (2008), Feenstra & Kendall (1991), Esquivel & Larraín (2002) and Onafowora & Owoye (2008). Findings of the study in terms of imports are supported by the studies such as Lee (1999), Alam & Ahmad (2011) and Arize (1998). The study also recommends some very important policy prescriptions.

• Journal of Powder Materials
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• v.24 no.4
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• pp.285-291
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• 2017

We propose a custom analysis technique for the dark field (DF) image based on transmission electron microscopy (TEM). The custom analysis technique is developed based on the $DigitalMicrograph^{(R)}$ (DM) script language embedded in the Gatan digital microscopy software, which is used as the operational software for most TEM instruments. The developed software automatically scans an electron beam across a TEM sample and records a series of electron diffraction patterns. The recorded electron diffraction patterns provide DF and ADF images based on digital image processing. An experimental electron diffraction pattern is recorded from a IrMn polycrystal consisting of fine nanograins in order to test the proposed software. We demonstrate that the developed image processing technique well resolves nanograins of ~ 5 nm in diameter.

• Journal of the Korean Society of Fisheries and Ocean Technology
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• v.55 no.3
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• pp.264-272
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• 2019

The aim of this study is to analyze the relationship between international oil price as a fuel cost in overseas fisheries and skipjack tuna price as a part of main products in overseas fisheries using monthly time series data from 2008 to 2017. The study also tried to analyze the change of fishing profits by fuel cost. For a time series analysis, this study conducted both the unit-root test for stability of data and the Johansen cointegration test for long-term equilibrium relations among variables. In addition, it used not only the Granger causality test to examine interactions among variables, but also the Vector Auto Regressive (VAR) model to estimate statistical impacts among variables used in the model. Results of this study are as follows. First, each data on variables was not found to be stationary from the ADF unit-root test and long-term equilibrium relations among variables were not found from a Johansen cointegration test. Second, the Granger causality test showed that the international oil prices would directly cause changes in skipjack tuna prices. Third, the VAR model indicated that the posterior t-2 period change of international oil price would have an statistically significant effect on changes of skipjack tuna prices. Finally, fishing profits from skipjack would be decreased by 0.06% if the fuel cost increases by 1%.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.10
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• pp.239-247
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• 2021

Central Bank authorities should carefully manage inflation rate uncertainties to achieve economic growth and development not only in the short-run but also in the long-run. Since inflation is a key macroeconomic variable, an increased understanding about its behavior is undoubtedly important. Thus, paper employs unit root with breakpoints to examine the mean reverting behavior of inflation rate in the Philippines using monthly data from 2002 to 2020. Empirically, the unit root breakpoint innovational and additive outlier tests favor the stationarity or mean reverting behavior of inflation in the Philippines. Also, results of standard unit root tests, ADF, PP, GLS-Dickey-Fuller, KPSS and NP, provide strong evidence of mean reverting processes. The mean reverting behavior of inflation rate reveals that the monetary policy using inflation targeting framework has succeeded in reducing chronic inflation persistence in the Philippines. Thus, this research supports inflation targeting policy that aims to maintain general price level stability for the Philippine economy's long-term growth and development prospects. The findings of this research remain important for the central bankers for not only providing them better understanding about the behavior of inflation rate, but also helping them formulate and implement policy reforms related to money, credit and banking.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.85-94
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• 2021

Infrastructure capacities are essential elements and one of the sustainable lines to drive economic growth. Infrastructure development, both physical and social, is vital to sector-wise economic development. However, there is limited evidence of how infrastructure development in certain sectors benefits the economy as a whole. This study explains the relationships between infrastructure and economic growth in selected middle-income Asian countries, highlighting the essential criteria to benefit from both physical and social infrastructure, as well as sectoral (agriculture, industry, and services) economic output. The research uses the data from 1990 to 2020 for empirical estimations. The study used Levin, Lin, & Chu test, ADF- Fischer chi- Square, and PP- Fischer Chi-Square to test unit root and to observe the stationary nature of the panel. Padroni and Kao cointegration is applied to check the cointegration among different panes. A Fully Modified OLS was employed for checking the association between physical and social infrastructure and economic growth. Results show that physical and social infrastructure negatively impact sectoral output in Asia's middle-income countries. Apart from infrastructure the per capita GDP growth, tax to GDP ratio, and population growth shows a simultaneous relation between infrastructure and sectoral economic growth.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.165-170
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• 2021

This paper examines the long-run relationship between financial development and economic growth. The effective function of financial development is crucial to promote the economic development of the country. To achieve the objective, this study used Gross Domestic Product as a dependent variable and Credit to The Private Sector, Ratio of the Gross Fixed Capital Formation to GDP, Trade, Consumer Price Index and Labour Force as an independent variable. Augmented Dickey-Fuller test statistic (ADF) to check the stationary. Bounds test for cointegration and Auto-Regressive Distributed Lag Models (ARDL) are used to check cointegrating relationship amongst the variables and causality between financial development and economic growth. Moreover, the Model selection method is Akaike Info Criterion (AIC). This result demonstrates that the labor force and trade hold a significantly negative relationship with economic growth. Nevertheless, inflation, Credit to The Private Sector, and Ratio of the Gross Fixed Capital Formation to GDP show a significantly positive relationship with economic growth. Therefore, there is a statistically significant relationship between Financial Development and Economic growth in Sri Lanka and the Sri Lankan government should reform its trade policies.

• Asian-Australasian Journal of Animal Sciences
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• v.32 no.3
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• pp.405-412
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• 2019

Objective: This experiment was conducted to determine the chemical composition, digestible energy (DE) and metabolizable energy (ME) contents of corn germ meals (CGM) and to develop equations to predict the corresponding energy contents based on the chemical characteristics of individual CGM. Methods: Sixty-six barrows (initial body weight = $51.3{\pm}4.6kg$) were allotted to 11 diets including a basal diet and 10 CGM test diets in a completely randomized design. In the test diets, CGM was included in replacement of 30% of the energy-providing ingredients in the basal diet, resulting in a final inclusion rate of 29.1%. Each diet was fed to 6 barrows housed in individual metabolism crates for a 7-d acclimation period followed by a 5-d total but separate collection of feces and urine. Results: Considerable variation was observed in acid-hydrolyzed ether extract, ether extract, ash, calcium (Ca) and total phosphorus contents among the CGM samples. On dry matter (DM) basis, the DE and ME contents of the CGM ranged from 10.22 to 15.83 MJ/kg and from 9.94 to 15.43 MJ/kg, respectively. The acid detergent fiber (ADF) contents were negatively correlated with the DE and ME contents of CGM samples. The best-fit prediction equations for the DE and ME values (MJ/kg DM) of the 10 CGM were: DE = 26.85-0.28 insoluble dietary fiber (%)-17.79 Ca (%); ME = 21.05-0.43 ADF (%)-11.40 Ca (%). Conclusion: The chemical compositions of CGM vary depending on sources, particularly in ether extract and Ca. The DE and ME values of CGM can be predicted based on their chemical composition in growing pigs.

• Animal Bioscience
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• v.35 no.11
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• pp.1760-1770
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• 2022

Objective: It is crucial to accurately determine the net energy (NE) values of feed ingredients because the NE system is expected to be applied to the formulation of broilers feed. The NE values of 5 wheat and 5 wheat brans were determined in 12-to 14-day old Arbor Acres (AA) broilers with substitution method and indirect calorimetry method. Methods: A total of 12 diets, including 2 reference diets (REF) and 10 test diets (5 wheat diets and 5 wheat bran diets) containing 30% of test ingredients, were randomly fed to 864 male AA birds with 6 replicates of 12 birds per treatment. These birds were used to determine metabolizable energy (ME) (8 birds per replicate) in the chicken house and NE (4 birds per replicate) in the chamber respectively at the same time. After a 4-d dietary and environment adaptation period, growth performance, energy values, energy balance and energy utilization were measured during the following 3 d. Multiple linear regression analyses were further performed to generate prediction equations for NE values based on the chemical components and ME values. The NE prediction equation were also validated on another wheat diet and another wheat bran diet with high correlation (r = 0.98, r = 0.75). Results: The NE values of 5 wheat and 5 wheat bran samples are 9.34, 10.02, 10.27, 11.33, and 10.49 MJ/kg, and 5.37, 5.17, 4.87, 5.06, and 4.88 MJ/kg DM, respectively. The equation with the best fit were NE = 1.968AME-0.411×ADF-14.227 (for wheat) and NE = -0.382×CF-0.362×CP-0.244×ADF+20.870 (for wheat bran). Conclusion: The mean NE values of wheat and wheat bran are 10.29 and 5.07 MJ/kg DM in AA broilers. The NE values of ingredients could be predicted by their chemical composition and energy value with good fitness.

• Journal of The Korean Society of Grassland and Forage Science
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• v.42 no.4
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• pp.229-236
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• 2022

This study was conducted to evaluate the efficacy of adding the microbial inoculants to silage for reducing mycotoxins in rice straw silage. When a single agent of L. plantarum and a mixed agent of L. plantarum and S. cerevisiae were added in rice straw silage contaminated mycotoxins, it had an effect on silage fermentation and fiber degradation as well as mycotoxin reduction. Among the mycotoxins, only ochratoxin A and zearalenone were found in the test sample. Ochratoxin A and zearalenone showed a decreasing trend with the addition of silage inoculants compared to the control groups (38.11±2.22 and 633.67±50.30 ㎍/kg), and there was a significant difference at the mixed agents; 27.78±2.28 and 392.72±25.04 ㎍/kg, respectively (p<0.05). The pH was lower in the single agent and the mixed agent compared to the control (p<0.05). The concentration of lactic acid was higher in the single agent (11.73±0.31 mM) than in the control group (8.18±0.93 mM), and the highest concentration was 16.01±0.88 mM in the mixed agent (p<0.05). Acetic acid and propionic acid were found to be significantly lowered with the addition of silage inoculants (p<0.05). Total VFA was also lower at the addition of silage inoculants than the control group (p<0.05). The rumen in situ dry matter degradation of NDF and ADF was maintained at the highest levels of the mixed agent during the culture period, followed by the single agent and the control group at the lowest level. NDF and ADF degradation showed a significant difference at all time points after 12 and 24 hours of culture, respectively (p<0.05). The study results showed that the silage inoculants had the positive effects on quality increasing of rice straw silage; fermentative charateristics, fiber degradation and mycotoxins reduction. Ochratoxin A and zearalenone were greater reduction by adding bacterial inoculants of silage. Therefore it is considered that L. plantarum and S. cerevisiae will improve the quality and stability with remediation of mycotoxin in silage.