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1 – 10 of 316The accurate valuation of second-hand vessels has become a prominent subject of interest among investors, necessitating regular impairment tests. Previous literature has…
Abstract
Purpose
The accurate valuation of second-hand vessels has become a prominent subject of interest among investors, necessitating regular impairment tests. Previous literature has predominantly concentrated on inferring a vessel's price through parameter estimation but has overlooked the prediction accuracy. With the increasing adoption of machine learning for pricing physical assets, this paper aims to quantify potential factors in a non-parametric manner. Furthermore, it seeks to evaluate whether the devised method can serve as an efficient means of valuation.
Design/methodology/approach
This paper proposes a stacking ensemble approach with add-on feedforward neural networks, taking four tree-driven models as base learners. The proposed method is applied to a training dataset collected from public sources. Then, the performance is assessed on the test dataset and compared with a benchmark model, commonly used in previous studies.
Findings
The results on the test dataset indicate that the designed method not only outperforms base learners under statistical metrics but also surpasses the benchmark GAM in terms of accuracy. Notably, 73% of the testing points fall within the less-than-10% error range. The designed method can leverage the predictive power of base learners by incrementally adding a small amount of target value through residuals and harnessing feature engineering capability from neural networks.
Originality/value
This paper marks the pioneering use of the stacking ensemble in vessel pricing within the literature. The impressive performance positions it as an efficient desktop valuation tool for market users.
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The paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some…
Abstract
Purpose
The paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some countries are rich and others poor.
Design/methodology/approach
The author approaches the discussion using a theoretical and historical reconstruction based on published and unpublished materials.
Findings
The systematic, continuous and profound attempt to answer the Smithian social coordination problem shaped North's journey from being a young serious Marxist to becoming one of the founders of New Institutional Economics. In the process, he was converted in the early 1950s into a rigid neoclassical economist, being one of the leaders in promoting New Economic History. The success of the cliometric revolution exposed the frailties of the movement itself, namely, the limitations of neoclassical economic theory to explain economic growth and social change. Incorporating transaction costs, the institutional framework in which property rights and contracts are measured, defined and enforced assumes a prominent role in explaining economic performance.
Originality/value
In the early 1970s, North adopted a naive theory of institutions and property rights still grounded in neoclassical assumptions. Institutional and organizational analysis is modeled as a social maximizing efficient equilibrium outcome. However, the increasing tension between the neoclassical theoretical apparatus and its failure to account for contrasting political and institutional structures, diverging economic paths and social change propelled the modification of its assumptions and progressive conceptual innovation. In the later 1970s and early 1980s, North abandoned the efficiency view and gradually became more critical of the objective rationality postulate. In this intellectual movement, North's avant-garde research program contributed significantly to the creation of New Institutional Economics.
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Anis Jarboui, Emna Mnif, Nahed Zghidi and Zied Akrout
In an era marked by heightened geopolitical uncertainties, such as international conflicts and economic instability, the dynamics of energy markets assume paramount importance…
Abstract
Purpose
In an era marked by heightened geopolitical uncertainties, such as international conflicts and economic instability, the dynamics of energy markets assume paramount importance. Our study delves into this complex backdrop, focusing on the intricate interplay the between traditional and emerging energy sectors.
Design/methodology/approach
This study analyzes the interconnections among green financial assets, renewable energy markets, the geopolitical risk index and cryptocurrency carbon emissions from December 19, 2017 to February 15, 2023. We investigate these relationships using a novel time-frequency connectedness approach and machine learning methodology.
Findings
Our findings reveal that green energy stocks, except the PBW, exhibit the highest net transmission of volatility, followed by COAL. In contrast, CARBON emerges as the primary net recipient of volatility, followed by fuel energy assets. The frequency decomposition results also indicate that the long-term components serve as the primary source of directional volatility spillover, suggesting that volatility transmission among green stocks and energy assets tends to occur over a more extended period. The SHapley additive exPlanations (SHAP) results show that the green and fuel energy markets are negatively connected with geopolitical risks (GPRs). The results obtained through the SHAP analysis confirm the novel time-varying parameter vector autoregressive (TVP-VAR) frequency connectedness findings. The CARBON and PBW markets consistently experience spillover shocks from other markets in short and long-term horizons. The role of crude oil as a receiver or transmitter of shocks varies over time.
Originality/value
Green financial assets and clean energy play significant roles in the financial markets and reduce geopolitical risk. Our study employs a time-frequency connectedness approach to assess the interconnections among four markets' families: fuel, renewable energy, green stocks and carbon markets. We utilize the novel TVP-VAR approach, which allows for flexibility and enables us to measure net pairwise connectedness in both short and long-term horizons.
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Nina Winham, Kristin S. Williams, Liela A. Jamjoom, Kerry Watson, Heidi Weigand and Nicholous M. Deal
The purpose of this paper is to explore a novel storytelling approach that investigates lived experience at the intersection of motherhood/caregiving and Ph.D. pursuits. The paper…
Abstract
Purpose
The purpose of this paper is to explore a novel storytelling approach that investigates lived experience at the intersection of motherhood/caregiving and Ph.D. pursuits. The paper contributes to the feminist tradition of writing differently through the process of care that emerges from shared stories.
Design/methodology/approach
Using a process called heartful-communal storytelling, the authors evoke personal and embodied stories and transgressive narratives. The authors present a composite process drawing on heartful-autoethnography, dialogic writing and communal storytelling.
Findings
The paper makes two key contributions: (1) the paper illustrates a novel feminist process in action and (2) the paper contributes six discrete stories of lived experience at the intersection of parenthood and Ph.D. studies. The paper also contributes to the development of the feminist tradition of writing differently. Three themes emerged through the storytelling experience, and these include (1) creating boundaries and transgressing boundaries, (2) giving and receiving care and (3) neoliberal conformity and resistance. These themes, like the stories, also became entangled.
Originality/value
The paper demonstrates how heartful-communal storytelling can lead to individual and collective meaning making. While the Ph.D. is a solitary path, the authors' heartful-communal storytelling experience teaches that holding it separate from other relationships can impoverish what is learnt and constrain the production of good knowledge; the epistemic properties of care became self-evident.
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Changhai Tian and Shoushuai Zhang
The design goal for the tracking interval of high-speed railway trains in China is 3 min, but it is difficult to achieve, and it is widely believed that it is mainly limited by…
Abstract
Purpose
The design goal for the tracking interval of high-speed railway trains in China is 3 min, but it is difficult to achieve, and it is widely believed that it is mainly limited by the tracking interval of train arrivals. If the train arrival tracking interval can be compressed, it will be beneficial for China's high-speed railway to achieve a 3-min train tracking interval. The goal of this article is to study how to compress the train arrival tracking interval.
Design/methodology/approach
By simulating the process of dense train groups arriving at the station and stopping, the headway between train arrivals at the station was calculated, and the pattern of train arrival headway was obtained, changing the traditional understanding that the train arrival headway is considered the main factor limiting the headway of trains.
Findings
When the running speed of trains is high, the headway between trains is short, the length of the station approach throat area is considerable and frequent train arrivals at the station, the arrival headway for the first group or several groups of trains will exceed the headway, but the subsequent sets of trains will have a headway equal to the arrival headway. This convergence characteristic is obtained by appropriately increasing the running time.
Originality/value
According to this pattern, there is no need to overly emphasize the impact of train arrival headway on the headway. This plays an important role in compressing train headway and improving high-speed railway capacity.
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Juan Gabriel Brida, Emiliano Alvarez, Gaston Cayssials and Matias Mednik
Our paper studies a central issue with a long history in economics: the relationship between population and economic growth. We analyze the joint dynamics of economic and…
Abstract
Purpose
Our paper studies a central issue with a long history in economics: the relationship between population and economic growth. We analyze the joint dynamics of economic and demographic growth in 111 countries during the period 1960–2019.
Design/methodology/approach
Using the concept of economic regime, the paper introduces the notion of distance between the dynamical paths of different countries. Then, a minimal spanning tree (MST) and a hierarchical tree (HT) are constructed to detect groups of countries sharing similar dynamic performance.
Findings
The methodology confirms the existence of three country clubs, each of which exhibits a different dynamic behavior pattern. The analysis also shows that the clusters clearly differ with respect to the evolution of other fundamental variables not previously considered [gross domestic product (GDP) per capita, human capital and life expectancy, among others].
Practical implications
Our results indirectly suggest the existence of dynamic interdependence in the trajectories of economic growth and population change between countries. It also provides evidence against single-model approaches to explain the interdependence between demographic change and economic growth.
Originality/value
We introduce a methodology that allows for a model-free topological and hierarchical description of the interplay between economic growth and population.
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Mohammad Reza Fathi, Mohsen Torabi and Somayeh Razi Moheb Saraj
Apitourism is a form of tourism that deals with the culture and traditions of rural communities and can be considered one of the most sustainable methods of development and…
Abstract
Purpose
Apitourism is a form of tourism that deals with the culture and traditions of rural communities and can be considered one of the most sustainable methods of development and tourism. Accordingly, this study aims to identify the key factors and plausible scenarios of Iranian apitourism in the future.
Design/methodology/approach
This study is applied research. For this purpose, first, by examining the theoretical foundations and interviewing experts, the key factors affecting the future of Iranian apitourism were identified. Then, using a binomial test, these factors were screened. Both critical uncertainty and DEMATEL techniques were used to select the final drivers.
Findings
Two drivers of “apitourism information system and promotional activities” and “organizing ecological infrastructure” were selected for scenario planning using critical uncertainty and DEMATEL techniques. According to these two drivers, four golden beehive, expectancy, anonymous bee and black beehive scenarios were developed. Each scenario represents a situation for apitourism in the future. According to the criteria of trend compliance, fact-based plausibility and compliance with current data, the “Black Beehive” scenario was selected as the most likely scenario. The “Golden Beehive” scenario shows the best case in terms of apitourism information system and implementation of promotional activities and organizing and providing ecological infrastructure. The “Black Beehive” scenario, on the other hand, describes an isolated and vulnerable system.
Originality/value
Developing plausible Iranian apitourism scenarios helps key stakeholders and actors develop flexible plans for various situations.
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Abderahman Rejeb, Karim Rejeb and Suhaiza Zailani
This study aims to address the noted gap in comprehensive overviews detailing the developmental trajectory of Islamic finance (IF) as an interdisciplinary academic field.
Abstract
Purpose
This study aims to address the noted gap in comprehensive overviews detailing the developmental trajectory of Islamic finance (IF) as an interdisciplinary academic field.
Design/methodology/approach
The study introduces a unique approach using the combined methodologies of co-word analysis and main path analysis (MPA) by examining a broad collection of IF research articles.
Findings
The investigation identifies dominant themes and foundational works that have influenced the IF discipline. The data reveals prominent areas such as Shariah governance, financial resilience, ethical dimensions and customer-centric frameworks. The MPA offers detailed insights, narrating a journey from the foundational principles of IF to its current challenges and opportunities. This journey covers harmonizing religious beliefs with contemporary financial models, changes in regulatory landscapes and the continuous effort to align with broader socioeconomic aspirations. Emerging areas of interest include using new technologies in IF, standardizing global Islamic banking and assessing its socioeconomic effects on broader populations.
Originality/value
This study represents a pioneering effort to map out and deepen the understanding of the IF field, highlighting its dynamic evolution and suggesting potential avenues for future academic exploration.
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Adewale Allen Sokan-Adeaga, Godson R.E.E. Ana, Abel Olajide Olorunnisola, Micheal Ayodeji Sokan-Adeaga, Hridoy Roy, Md Sumon Reza and Md. Shahinoor Islam
This study aims to assess the effect of water variation on bioethanol production from cassava peels (CP) using Saccharomyces cerevisiae yeast as the ethanologenic agent.
Abstract
Purpose
This study aims to assess the effect of water variation on bioethanol production from cassava peels (CP) using Saccharomyces cerevisiae yeast as the ethanologenic agent.
Design/methodology/approach
The milled CP was divided into three treatment groups in a small-scale flask experiment where each 20 g CP was subjected to two-stage hydrolysis. Different amount of water was added to the fermentation process of CP. The fermented samples were collected every 24 h for various analyses.
Findings
The results of the fermentation revealed that the highest ethanol productivity and fermentation efficiency was obtained at 17.38 ± 0.30% and 0.139 ± 0.003 gL−1 h−1. The study affirmed that ethanol production was increased for the addition of water up to 35% for the CP hydrolysate process.
Practical implications
The finding of this study demonstrates that S. cerevisiae is the key player in industrial ethanol production among a variety of yeasts that produce ethanol through sugar fermentation. In order to design truly sustainable processes, it should be expanded to include a thorough analysis and the gradual scaling-up of this process to an industrial level.
Originality/value
This paper is an original research work dealing with bioethanol production from CP using S. cerevisiae microbe.
Highlights
Hydrolysis of cassava peels using 13.1 M H2SO4 at 100 oC for 110 min gave high Glucose productivity
Highest ethanol production was obtained at 72 h of fermentation using Saccharomyces cerevisiae
Optimal bioethanol concentration and yield were obtained at a hydration level of 35% agitation
Highest ethanol productivity and fermentation efficiency were 17.3%, 0.139 g.L−1.h−1
Hydrolysis of cassava peels using 13.1 M H2SO4 at 100 oC for 110 min gave high Glucose productivity
Highest ethanol production was obtained at 72 h of fermentation using Saccharomyces cerevisiae
Optimal bioethanol concentration and yield were obtained at a hydration level of 35% agitation
Highest ethanol productivity and fermentation efficiency were 17.3%, 0.139 g.L−1.h−1
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Keywords
The present paper aims to address challenges associated with path planning and obstacle avoidance in mobile robotics. It introduces a pioneering solution called the Bi-directional…
Abstract
Purpose
The present paper aims to address challenges associated with path planning and obstacle avoidance in mobile robotics. It introduces a pioneering solution called the Bi-directional Adaptive Enhanced A* (BAEA*) algorithm, which uses a new bidirectional search strategy. This approach facilitates simultaneous exploration from both the starting and target nodes and improves the efficiency and effectiveness of the algorithm in navigation environments. By using the heuristic knowledge A*, the algorithm avoids unproductive blind exploration, helps to obtain more efficient data for identifying optimal solutions. The simulation results demonstrate the superior performance of the BAEA* algorithm in achieving rapid convergence towards an optimal action strategy compared to existing methods.
Design/methodology/approach
The paper adopts a careful design focusing on the development and evaluation of the BAEA* for mobile robot path planning, based on the reference [18]. The algorithm has remarkable adaptability to dynamically changing environments and ensures robust navigation in the context of environmental changes. Its scale further enhances its applicability in large and complex environments, which means it has flexibility for various practical applications. The rigorous evaluation of our proposed BAEA* algorithm with the Bidirectional adaptive A* (BAA*) algorithm [18] in five different environments demonstrates the superiority of the BAEA* algorithm. The BAEA* algorithm consistently outperforms BAA*, demonstrating its ability to plan shorter and more stable paths and achieve higher success rates in all environments.
Findings
The paper adopts a careful design focusing on the development and evaluation of the BAEA* for mobile robot path planning, based on the reference [18]. The algorithm has remarkable adaptability to dynamically changing environments and ensures robust navigation in the context of environmental changes. Its scale further enhances its applicability in large and complex environments, which means it has flexibility for various practical applications. The rigorous evaluation of our proposed BAEA* algorithm with the Bi-directional adaptive A* (BAA*) algorithm [18] in five different environments demonstrates the superiority of the BAEA* algorithm.
Research limitations/implications
The rigorous evaluation of our proposed BAEA* algorithm with the BAA* algorithm [18] in five different environments demonstrates the superiority of the BAEA* algorithm. The BAEA* algorithm consistently outperforms BAA*, demonstrating its ability to plan shorter and more stable paths and achieve higher success rates in all environments.
Originality/value
The originality of this paper lies in the introduction of the bidirectional adaptive enhancing A* algorithm (BAEA*) as a novel solution for path planning for mobile robots. This algorithm is characterized by its unique characteristics that distinguish it from others in this field. First, BAEA* uses a unique bidirectional search strategy, allowing to explore the same path from both the initial node and the target node. This approach significantly improves efficiency by quickly converging to the best paths and using A* heuristic knowledge. In particular, the algorithm shows remarkable capabilities to quickly recognize shorter and more stable paths while ensuring higher success rates, which is an important feature for time-sensitive applications. In addition, BAEA* shows adaptability and robustness in dynamically changing environments, not only avoiding obstacles but also respecting various constraints, ensuring safe path selection. Its scale further increases its versatility by seamlessly applying it to extensive and complex environments, making it a versatile solution for a wide range of practical applications. The rigorous assessment against established algorithms such as BAA* consistently shows the superior performance of BAEA* in planning shorter paths, achieving higher success rates in different environments and cementing its importance in complex and challenging environments. This originality marks BAEA* as a pioneering contribution, increasing the efficiency, adaptability and applicability of mobile robot path planning methods.
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