• The Journal of Asian Finance, Economics and Business
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• v.5 no.1
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• pp.11-16
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• 2018

This research examines the alternative ways of estimating the coefficient of non-diversifiable risk, namely beta coefficient, in Capital Asset Pricing Model (CAPM) introduced by Sharpe (1964) that is an essential element of assessing the value of diverse assets. The non-parametric methods used in this research are the robust Least Trimmed Square (LTS) and Maximum likelihood type of M-estimator (MM-estimator). The Jackknife, the resampling technique, is also employed to validate the results. According to finance literature and common practices, these coecients have often been estimated using Ordinary Least Square (LS) regression method and monthly return data set. The empirical results of this research pointed out that the robust Least Trimmed Square (LTS) and Maximum likelihood type of M-estimator (MM-estimator) performed much better than Ordinary Least Square (LS) in terms of eciency for large-cap stocks trading actively in the United States markets. Interestingly, the empirical results also showed that daily return data would give more accurate estimation than monthly return data in both Ordinary Least Square (LS) and robust Least Trimmed Square (LTS) and Maximum likelihood type of M-estimator (MM-estimator) regressions.

• Structural Engineering and Mechanics
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• v.67 no.2
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• pp.185-206
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• 2018

This paper studies the non-axisymmetric 3D problem on the dynamics of the moving load acting in the interior of the hollow cylinder surrounded with elastic medium and this study is made by utilizing the exact equations of elastodynamics. It is assumed that in the interior of the cylinder the point located with respect to the cylinder axis moving forces act and the distribution of these forces is non-axisymmetric and is located within a certain central angle. The solution to the problem is based on employing the moving coordinate method, on the Fourier transform with respect to the spatial coordinate indicated by the distance of the point on the cylinder axis from the point at which the moving load acts, and on the Fourier series presentation of the Fourier transforms of the sought values. Numerical results on the critical moving velocity and on the distribution of the interface normal and shear stresses are presented and discussed. In particular, it is established that the non-axisymmetricity of the moving load can decrease significantly the values of the critical velocity.

• The Journal of Asian Finance, Economics and Business
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• v.10 no.2
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• pp.213-222
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• 2023

This paper mainly studies the relationship between financial development, inbound tourism development, and economic growth rate in Fujian Province, China. This study uses the data of real GDP, foreign exchange income from international tourism, and financial interrelations ratio from 1994 to 2019. In the analysis process, the Johansen cointegration test is first used to analyze whether the three have a long-term equilibrium relationship. Then the vector error correction model is established to test the restrictive relationship among the three. Next, the Granger causality test assesses whether the three have a causal relationship. Finally, the contribution rate of the three is analyzed by variance decomposition. The above methods show the following conclusions: first, the three have a long-term equilibrium relationship. Secondly, in the short term, local economic growth is constrained by inbound tourism and financial development. Thirdly, there is a causal relationship between economic growth and inbound tourism in Fujian, while there is a unidirectional causal relationship between financial development and economic growth, financial development, and inbound tourism. Fourthly, the contribution rate of inbound tourism to economic growth fluctuations in Fujian is higher than that of financial development.

• Journal of the Korean Mathematical Society
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• v.60 no.2
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• pp.327-339
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• 2023

Let R be a commutative ring with identity and S be a multiplicatively closed subset of R. In this article we introduce a new class of ring, called S-multiplication rings which are S-versions of multiplication rings. An R-module M is said to be S-multiplication if for each submodule N of M, sN ⊆ JM ⊆ N for some s ∈ S and ideal J of R (see for instance [4, Definition 1]). An ideal I of R is called S-multiplication if I is an S-multiplication R-module. A commutative ring R is called an S-multiplication ring if each ideal of R is S-multiplication. We characterize some special rings such as multiplication rings, almost multiplication rings, arithmetical ring, and S-P IR. Moreover, we generalize some properties of multiplication rings to S-multiplication rings and we study the transfer of this notion to various context of commutative ring extensions such as trivial ring extensions and amalgamated algebras along an ideal.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.1033-1039
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• 2020

Vietnam is conducting an export-led growth model and labour-intensive industries contributing majorly to the total export value. In the context of Industry 4.0, the labour-based industries are significantly affected; hence, enhancing productivity is the key measure to maintain these industries. The garment industry contributes significantly to the total export value of Vietnam. Based on meta-frontier framework, the approach of data envelopment analysis is used to measure technical efficiency of Vietnamese garment firms and the global Malmquist TFP index is utilised to identify productivity change and its components including efficiency, technology and technical gaps between different groups of firms. The data of Vietnamese garment firms from 2013 to 2018 collected from the Vietnam General Statistic Office is used in this study. The results show that: (i) The total factor productivity of Vietnamese garment firms growth, technical progress is the main contributor; (ii) The private garment sector is the leading group; (iii) There is a large technological gap among Vietnamese garment sectors. The private and FDI garment firms have experienced a growth in all components of total factor productivity change. Meanwhile, technological progress change is the main reason to constrain the productivity growth of state-owned garment firms.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.1-10
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• 2021

This study examines the dynamic pattern of the exchange rate volatilities of the ASEAN-5 currencies from January 2006 to August 2020. The exchange rates applied in this study comprise bilateral and effective exchange rates in order to investigate the influence of the US dollar on the stability of the ASEAN-5 currencies. Since a volatility model employed in this study is a natural cubic spline volatility model, the Monte Carlo simulation is consequently conducted to determine an appropriate criterion to select a number of quantile knots for this model. The simulation results reveal that, among four candidate criteria, Generalized Cross-Validation is a suitable criterion for modeling the ASEAN-5 exchange rate volatilities. The estimated volatilities showed the inconstant dynamic patterns reflecting the uncertain exchange rate risk arising in international transactions. The bilateral exchange rate volatilities of the ASEAN-5 currencies to the US dollar are more variable than their corresponding effective exchange rate volatilities, indicating the influence of the US dollar on the stability of the ASEAN-5 currencies. The findings of this study suggest that the natural cubic spline volatility model with the quantile knots selected by Generalized Cross-Validation is practical and can be used to examine the dynamic patterns of the financial volatility.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.839-850
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• 2021

Risk-adjusted return is believed to be one of the optimal parameters to determine an optimum portfolio. A risk-adjusted return is a calculation of the profit or potential profit from an investment that takes into account the degree of risk that must be accepted to achieve it. This paper presents a new procedure in portfolio selection and utilizes these results to optimize the risk level of risk-adjusted Islamic stock portfolios. It deals with the weekly close price of active issuers listed on Jakarta Islamic Index Indonesia for a certain time interval. Overall, this paper highlights portfolio selection, which includes determining the number of stocks, grouping the issuers via technical analysis, and selecting the best risk-adjusted return of portfolios. The nominated portfolio is modeled using Quadratic Programming (QP). The result of this study shows that the portfolio built using the lowest Value at Risk (VaR) outperforms the market proxy on a risk-adjusted basis of M-squared and was chosen as the best portfolio that can be optimized using QP with a minimum risk of 2.86%. The portfolio with the lowest beta, on the other hand, will produce a minimum risk that is nearly 60% lower than the optimal risk-adjusted return portfolio. The results of QP are well verified by a heuristic optimizer of fmincon.

• Journal of the Korean School Mathematics Society
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• v.12 no.4
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• pp.545-562
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• 2009

Calculus is used in various parts of human life and the basis of social science such as economics and public administration. Yet that is still considered important in the field of science and technology only, and there have been a lot of disputes on that phenomenon. Fortunately, calculus is going to be taught as part of the academic high school second-year mathematics curriculum in and after 2010. Students who face calculus for the first time should be helped not to lose interest in differentiation learning, not to be apprehensive of it nor to avoid it. The purpose of this study was to examine the types of errors made by students in the course of solving differentiation problems in an effort to lay the foundation for differentiation education. A pilot test was conducted after generalized differentiation problems to which students were usually exposed were selected, and experts were asked to review the pilot test. And then a finalized test was implemented to make an error analysis according to an error type analysis framework to serve the purpose.

• Journal of Surface Science and Engineering
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• v.12 no.3
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• pp.207-216
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• 1979

Environmental pollution or contaminations caused by various kinds of pollutants have become one of most serious problems of our time. Environ mental pollution is the unfavoralble alteration of our surroundings, through direct or indirect effects of changes in energy patterns, rediation levels, chemical and physical constitution and abundances of organisms. These changes may affect humans directly or through their supplies of water and of agicultural and other biological products, their physical objects or possessions, or their opportunities for recreation and appreciation of nature. Pollutants that meet the criteria of this definition of environmental pollution are numerous: gases (such as sulfur dioxide and nitrogen oxides) and paniculate matter (such as smoke particles, lead aerosols, and asbestos) in the atmosphere; pesticides and radioactive isotopes in the atmosphee and in waterways; sewage, organic. chemicals, and phosphates in water; solid wastes on land; excessive heating (thermal pollution) of rivers and lakes; and many others. Some of these pollutants are introduced into the environment naturally, others by human actions, and most in both ways. Our major concer is with environmental pollution resulting wholly or largely as a by-product of human activities, because these can be controlled most readily. Environmental pollution cannot be solved by science and technology alone. It should be handled by an interdisciplinary approach with combined methods of science and technology as wen as social science disciplines for the better solution of this critical problem. In this respect, introducing "Environmental Science," a new scientific approach for the solution of environmental problems, which is now widely accepted by most developed countries of the world will be very helpful for systematization of theoretical basis for a new scientific approach to environmental pollution. Environmental science is "the study of all systems of air, land, water, energy, and life that surround Man. It includes all sciences directed to the system-level of understanding of the environment, drawing especially upon such disciplines as meteorology, geophysics, oceanography, and ecology, and utilizing to the fullest knowledge and techniques developed in such fields as physics, chemistry, biology, mathematics and engineering as well as many social science disciplines, such as economics, such as economics, law, political science and public administration." The components of this discipline are not new, for they are drawn from existing areas of science within biology chemistry, physics, and geoscience. What is really new about environmental science, however, is it siewpoint - its orientation to global problems, its conception of the earth as a set of interlocking, interacting systems, and its interest in Man as a part of these systems.

• Journal of the Korean Data and Information Science Society
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• v.28 no.4
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• pp.853-862
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• 2017

In this study, we analyse the determinants of the youth employment rate of public agencies and local public enterprises. On the other hand the youth employment rate contains information of the youth employment rate and the size of the youth employment. We use pooled tobit model and panel tobit model since dependent variable is a censored form observed only in a certain area. The results of the analysis are summarized as follows. First, the panel tobit model is more statistically significant as compared to the combined tobit model. Second, the youth employment rate is more statistically significantly higher in 2014 and 2015 than in 2011. Third, the youth employment rate in public enterprises is more statistically significantly higher than that in local public agencies. Finally, the higher the average wage is, the lower the youth employment ratio is.