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38th AIEST Congress August 28‐September 3,1988 Breda/The Netherlands Theme: Daytrips and their impact. Short opening speech by prof. dr. C. Kaspar, President AIEST

In many cases it is not appropriate to utilise a system of daily route scheduling. This paper looks at the situation where a fixed route system is required and the demand characteristics of the customers must be matched to the system.

The purpose of this paper is to examine the impact of dividend announcements on the stock return of Shariah-compliant and conventional stocks.

An event study methodology is applied to study the beta anomaly. Market-adjusted return model, mean-adjusted return model and market model have been applied to calculate excess returns. Estimation period used in this study is 130 days, and event period consists of 21 days in total, i.e. starting from the day –10 “before the cash dividend announcement” to day +10 “after the cash dividend announcements.

It has been concluded from the results that dividend plays an informational role in the Pakistan Stock Exchange. As the investors in Pakistan react favorably to the dividend increase announcements and unfavorably to the dividend decrease announcements, they consider dividend increase announcement as good news and dividend decrease announcement as bad news.

The findings of this study have several implications for different participants of the stock market, such as investors, academicians, researchers, fund managers and policymakers. They can use this information to make decisions while making efficient portfolios. Investors may get abnormal returns by focusing on the dividend announcement patterns. This can influence the attitude of investors toward efficient investments in the stock market and ultimately contribute to the betterment of society. This study is also beneficial for academicians and researchers, as it provides a comparative analysis of Shariah-compliant and conventional stocks and the anomalous effect of dividend announcements on stock return.

Limited research in the world’s context and null is available in Pakistani context on the subject matter. The comparative analysis of “Shariah-compliant” and “conventional” stocks provides insight into the asset pricing of Shariah-compliant stocks that have not been explored earlier. This study also uses three different methods (mean model, market model and market-adjusted return models) to compare Shariah-compliant and conventional stocks

In the second part of this report the action of nitrogen peroxide on flour is discussed at some length in an account of a series of researches that have been carried out by DR. MONIER‐WILLIAMS. His conclusions may be briefly stated as follows. The maximum bleaching effect is obtained when each kilogram of flour is treated with from 30 to 100 cubic centimetres of nitrogen peroxide. The bleaching effect becomes more pronounced after keeping for several days. The amount of nitrous acid or nitrites that are present in bleached flour corresponds to about 30 per cent. of the total nitrogen absorbed, the proportion of nitrites present remaining nearly constant after the lapse of several days in the more slightly bleached samples. After the lapse of a short time it is still possible to extract about 60 per cent. of the nitrogen absorbed by the flour by means of cold water, but after several days the nitrogen that can be extracted by this means decreases. This may perhaps be attributed to the “absorption” of nitrous acid by the glutenin and gliadin. In highly bleached flour (300 cubic centimetres of nitrogen peroxide per kilogram of flour) a considerable increase in the amounts of soluble proteins and soluble carbohydrates takes place. In highly bleached flour, after some time, about 6 or 7 per cent. of the nitrogen introduced as nitrogen by the nitrogen peroxide is absorbed by the oil, which acquires the characteristics of an oxidised oil. No evidence is forthcoming as to the formation of diazo compounds nor the production of free nitrogen. Bleaching was found to exercise an inhibitory action on the salivary digestion of flour.

The paper develops a model for enhancing R&D productivity for Indian public funded laboratories. The paper utilizes the productivity data of five Council of Scientific and Industrial Research (CSIR) laboratories for analysis and to form the constructs of the model.

The weighted average method was employed for analyzing the rankings of survey respondents pertaining to the significant measures enhancing R&D involvement of researchers and significant non-R&D jobs. The authors have proposed a model of productivity. Various individual, organizational and environmental constructs related to the researchers working in the CSIR laboratories have been outlined that can enhance R&D productivity of researchers in Indian R&D laboratories. Partial Least Squares-Structural Equation Modeling (PLS-SEM) was used to find the predictability of the productivity model.

The organizational factors have a crucial role in enhancing the R&D outputs of CSIR laboratories. The R&D productivity of researchers can be improved through implementing the constructs of the proposed model of productivity.

The R&D productivity model can be adapted by the R&D laboratories to enhance researchers’ R&D involvement, increased R&D outputs and achieving self-sustenance in long run.

The R&D laboratories can initiate exercises to explore the most relevant factors and measures to enhance R&D productivity of their researchers. The constructs of the model can function as a guideline to introduce the most preferable research policies in the laboratory for overall mutual growth of laboratory and the researchers.

Hardly any studies have been found that have focused on finding the measures of enhancing R&D involvement of researchers and the influence of significant time-intensive jobs on researchers’ productivity.

This chapter examines the marketplace activities of subsistence customers in South India. It presents a picture of the day-to-day behaviors and interactions of subsistence customers in terms of the products they purchase and their interactions with sellers and outlets. The method involved observations and in-depth interviews of a variety of buyers and sellers over several years in urban and rural South India. Needs, products, and market interactions, as well as typical budgets in subsistence contexts are described. These descriptions are used to derive broader characteristics of product and market interactions in terms of uncertainty, complexity, and lack of control; one-on-one interactions; transactional fluidity; and make or buy decisions.

A Special Definition for a Special Product One of the problems of Israeli tourism is the geographical remoteness from international tourist centers and major concentrations of potential tourists.

The capital asset pricing model has failed to explain the effect of systematic risk (referred to as beta) on actual stock market returns. Accordingly, this study analyzes daily returns by splitting it into overnight and daytime returns. The study analysis empirically confirms a positive relationship between overnight returns and beta and a negative relation between daytime returns and beta. Furthermore, this paper aims to determine that empirical results are mostly the same with three different beta calculations, namely, daily, overnight and daytime returns. The study concludes that beta on overnight returns has the strongest explanatory power and is statistically significant.

This paper measures different market risk impacts on options portfolios under the new Fundamental Review of the Trading Book (FRTB) regulation, issued in Basel and coming into effect in 2023.

This paper first suggests an algorithm for implementing the FRTB standardised approach via the sensitivities-based method to estimate a portfolio's risk capital and presents an illustration applied to an option position. Second, it proposes a methodology to estimate the expected shortfall in options portfolios from the FRTB internal models approach. In this regard, an application is developed to measure expected shortfall (ES) and value at risk (VaR) impacts under FRTB versus conventional VaR in a currency option position by considering stress scenarios from the 2007–9 and 2020–1 crises and back-testing procedures.

The suggested algorithm satisfactorily captures impacts via the sensitivities-based method, and higher risk capital demands are expected for emerging economies. Also, the planned FRTB methodology to measure ES and VaR is appropriate; in particular, historical metrics perform well. Astonishingly, their revealed impacts are more significant under the 2020–1 pandemic crisis than the 2007–9 financial crisis.

The proposals developed weave a communication bridge between the standardised and internal approaches of FRTB regulation, which can be scaled up technologically and institutionally.

ONE or two questions raised by the writer of “Letters on our Affairs” this month are of some urgency. The first, the physical condition of books, is one that is long over‐due for full discussion with a view to complete revision of our method. The increased book fund of post‐war years, and the unexpected success of the twopenny library, have brought us to the point when we should concentrate upon beautiful and clean editions of good books, and encourage the public to use them. “Euripides” is quite right in his contention that there is too much dependence upon the outcasts of the circulating library for replenishing the stocks of public lending libraries. We say this gravely and advisedly. Many librarians depend almost entirely upon the off‐scourings of commercial libraries for their fiction. The result, of course, is contempt of that stock from all readers who are not without knowledge of books. It is the business of the public library now to scrap all books that are stained, unpleasant to the sight, in bad print, and otherwise unattractive. Of old, it was necessary for us to work hard, and by careful conservation of sometimes quite dirty books, in order to get enough books to serve our readers. To‐day this is no longer the case, except in quite backward areas. The average well‐supported public library—and there are many now in that category—should aim at a reduction of stock to proportions which are really useful, which are good and which are ultimately attractive if not beautiful. The time has arrived when a dirty book, or a poorly printed book, or a book which has no artistic appeal, should be regarded as a reproach to the library preserving it.