44 10 3494 https://omeka.ibu.edu.ba/files/original/8be8a877f5b5e1556d775fdeafb38b64.docx e2ac3a333716b1c42f0bc495722a57b3 https://omeka.ibu.edu.ba/files/original/c54303447f46792bdc5f0480ec92e512.pdf e2a090c6615269f01d67f9861be239c8 PDF Text Text Barriers of Entry to Foreign Markets for Firms in Bosnia and Herzegovina Adela Mujčinović International Burch University Bosnia And Herzegovina adela_0101_m@hotmail.com Teoman Duman International Burch University Bosnia And Herzegovina teoman.duman@ibu.edu.ba Abstract: Today exports are one of the most important factors for the development of global and national economies. The main objective of the study is to identify difficulties experienced by Bosnian companies when they enter into different global markets. Exports to foreign countries involve numerous problems and present a high risk strategy. The company on which I will be based in this study is "Alfe-Mi" company that specializes in selling products on the domestic and foreign markets. Formulating a market entry strategy means that management must decide which option or options to use in pursuing opportunities outside of the home country. Export is one of the fastest ways of entering foreign markets. The field of export marketing covers all those marketing activities involved when a firm markets its products outside its main base of operation and when products are physically shipped from one market of country or another. Difficulties faced by companies when entering the foreign market are: religion,language,taxes,bureaucracy,political instability etc. The major challenges of export marketing are the selection of appropriate markets or countries through marketing research, the determination of appropriate product modification to meet the demand requirements of export markets and the development of export channels through which the company can market its products abroad. Primary data use in this study is direct interview with managers and employers in Alfe-Mi Company. Secondary data use in this study is information and data were collected from books and various websites to help me understand and analyze barriers when company exiting on foreign markets. Other secondary data sources that were utilized are literature review from the company brochure and textbooks. Results will show the main motive for „Alfe-Mi“to go international is the level of demand for Alfe-Mi's products in foreign markets. When the company entered the foreign market, it faces the barriers and finding a solution for the difficulties. In order for the company to be able to adopt on the foreign market they have to have unique product with flexible prices. Keywords: Exporting, Foreign markets, Difficulties, International, Strategy. 194 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 2569 Title A name given to the resource Barriers of Entry to Foreign Markets for Firms in Bosnia and Herzegovina Author Author Adela, MUJČINOVIĆ Teoman, DUMAN Abstract A summary of the resource. Today exports are one of the most important factors for the development of global and national economies. The main objective of the study is to identify difficulties experienced by Bosnian companies when they enter into different global markets. Exports to foreign countries involve numerous problems and present a high risk strategy. The company on which I will be based in this study is "Alfe-Mi" company that specializes in selling products on the domestic and foreign markets. Formulating a market entry strategy means that management must decide which option or options to use in pursuing opportunities outside of the home country. Export is one of the fastest ways of entering foreign markets. The field of export marketing covers all those marketing activities involved when a firm markets its products outside its main base of operation and when products are physically shipped from one market of country or another. Difficulties faced by companies when entering the foreign market are: religion,language,taxes,bureaucracy,political instability etc. The major challenges of export marketing are the selection of appropriate markets or countries through marketing research, the determination of appropriate product modification to meet the demand requirements of export markets and the development of export channels through which the company can market its products abroad. Primary data use in this study is direct interview with managers and employers in Alfe-Mi Company. Secondary data use in this study is information and data were collected from books and various websites to help me understand and analyze barriers when company exiting on foreign markets. Other secondary data sources that were utilized are literature review from the company brochure and textbooks. Results will show the main motive for „Alfe-Mi“to go international is the level of demand for Alfe-Mi's products in foreign markets. When the company entered the foreign market, it faces the barriers and finding a solution for the difficulties. In order for the company to be able to adopt on the foreign market they have to have unique product with flexible prices. Keywords: Exporting, Foreign markets, Difficulties, International, Strategy. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2014-04-24 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 2303-4564 H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/821113b7416c2c447cd041aba562be35.pdf ac6fc6028665a7c6eda1a36e900cc75f PDF Text Text Basic and Derived Elements of an Educational System Amel Alic University of Zenica, Zenica, Bosnia and Herzegovina amel.alic@pf.unze.ba Abstract: Education and the existence of an educational system are compulsory elements of every modern society. The problems of making a unique and a defined educational system, a clear and an identifiable educational policy but also the problems of inequality in education have been the subject of different researches in the social sciences, especially in pedagogy for a long time. By accepting the definition which describes education as a systematical transmission of knowledge, skills and values, the same importance must be given to the questions of institutional organization, systematical and generational aspect of the process. Although every man should have equal rights to education, equal chances are not available to all, and therefore perceptible problems that cause inequality occur. The reasons are not only related to different social and cultural heritage – unequal initial positions are to be related to the nature of the educational system and the goals of the educational policy. Key words: educational system, basic and derived elements of educational system, structure of system interests Draft of the contemporary situation In a very comprehensive study, developed in the scope of the Project of the European Union for regional economic development in Bosnia and Herzegovina, it is stated that there is a decline of about 1/3 in a number of children who are at the age to start school in Bosnia and Herzegovina comparing to the past times, and that there are not enough pre-school institutions for the real needs. This report confirms that there is no need for a larger number of primary schools – as the span of generation is quite high – but there is a need for improving standards in them. The span of generation about to start secondary school has increased from 50% to 70%, while the span of the generation about to enter universities has increased from 10% to 25%. It is noticed that there is a tendency for extended education as a result of difficulties in finding jobs after schooling while education and educational system are generally influenced by political currents with an open tendency towards further disintegration and fragmentation. There are still problems in the area of adult education, especially that related to the relevance of the needed knowledge for technological changes in economy; furthermore, there are no institutions for the needs of public sector and the state administration, especially for their management. The opportunities given require a general modernization of educational system in accordance with the trends in Europe. In the scope of the same project, a working sub-group for education has very clearly presented the main forces, weaknesses, possibilities and threats/obstacles which depict the contemporary situation in the educational system. 261 �FORCES Tradition and awareness of people about the importance of education and general tendency towards aquiring knowkedge Completed primary education Existance of the net of educational institutions in the whole area WEAKNESSES Out-of-date equipment, out-of-date curriculums and outof-date educational staff Bad econimical and social situation of the people which prevents education of better quality nad variety High concentration od some educational staff profiles Existance of secondary education in the whole region and in all municipalities Shortage in specific staff profiles (agronomy and public proffesions) Exisatance of a higher education institution in the region Shortage in extracurricular acitvities which could be very helpful and useful in practice Implementation of educational reforms and adaptation to the EU standards Shortage in practical education in specific skills of various trades POSSIBILITIES THREATS - OBSTACLES Development of private educational institutions Complexity of transformation of educational system Accepted concept of 9-year primary educational system Out-of-date educational profiles Adaptation of educational system on the market and in accordance to the EU standards Development of educational menagement Implementation od Bologna treaty Development of new ways of education Non-homogeneity of educational system in relevance to the responsibility in development Lack of affinity of the political structures to adapt educational system to the needs for development and mobility of work force General resistance to changes On the basis of previous pieces of information it is quite useful to remind ourselves of some basic and derived elements of educational system, especially in a case of general anti-dialogue culture and to point at the problem of cultural reproduction and “banking” education as central places of coerced and derived interests of educational system, educational policy and society as a whole. This is especially the case, as it is still not clear what structures, in clearly changeable circumstances, control the distribution of cultural and symbolic capital. In this sense, the elements and the processes confirming the unity of educational system and the defined educational policy in a sense of anti-dialogue, even when evident, deserve the check of its query. Educational policy and educational system In the last quarter of the 19th century, practically, all “developed” regions of the world faced a very important event: an appearance of national educational systems. This notion is also important to understand in the context of developing new trade relations which were not present in the 17th and the 18th century. Simultaneous changes on an economical and educational plan gradually put the question of educational policy in the focus of attention. In what ways could education and educational system be related to the general social trends and requests, and in what ways economic policy and society could determine educational policy and educational system policy? Furthermore, some other important questions were raised: What an educational system consist of? In what circumstances could an educational system be considered as unique? What is a system and how does it function? Is it possible to expect an adequate creation of educational policy by ignoring educational system (and vice versa)? In the second half of the 20th century a number of questions were raised, that put humanistic, emancipative, anti-imperialistic and anti-militaristic goals in the focus of attention, and which are nowadays seen as socio-critical, anti-pedagogical, and alternatively pedagogical conception in the theory of education. All these question educational system and educational policy in the scope of current questions frequently asked in our society as well. Educational policy usually determines the policy of an educational system. If we focus on a formal structure of any educational system including formal and constitutional limits of a country or possible territorial units, we can make a graphical explanation of the relations among basic elementary and secondary schools and a large number of higher education institutions. In order to make lack of structural explanations less severe, we will start from the following hypothesis: We wonder if Bosnia and Herzegovina has the basic national politics. Of course, educational policy does not exist in the same form as monetary, fiscal or defense policy. If we question the authority of people in charge of the implementation of monetary or defense policy we will probably get a precise answer. But, we will confront a totally different answer if we attempt to find out anything about the basic educational policy in Bosnia. Where does it take place? Who defines it? There are no precise answers to these questions but we have 262 �to accept the fact that if we move from one place to another or from one school to another, we will find similar procedures and similar values. It is possible to notice the similarities in buildings, infrastructure and dormitories. How can this happen in an absence of any basic policy? In fact, there is some kind of system. It is obvious that every system has a structure. A system must have a unity of elements which are parts of a whole. Every system will have its structure as well. It is essential to have a law or principles and a set of common beliefs which define behaviour of the society in the system and people who are referred to the unity of the system. According to Green and others (1980), these elements could be marked as the basic, and they are basically in contrast to the derived elements of the system. School and educational system, therefore, have their own basic and derived elements. Basic elements will be defined by: 1. medium of exchange (in order that institutions become a part of an educational system there must exist some relations among schools – certificates, diplomas, etc), and 2. principle of sequence (confirms that the system of schools has been organized on levels, so that person completed n level is considered to have completed n-1 level but it is not certain that the person will enter n+1 level). Derived elements imply: 1. size of the system, 2. system of control, and as a result of it all, 3. distribution of the results. Every educational system is of a specific size. There are different sizes; there are also different ways of expanding and making one system smaller. Systems have their own interests, which should be determined and defined. The structure of interests within an educational system should consist of: - parents’ interests - pupils/students’ interests - teachers’ interests - clerical interests - economical interests and market needs, and - social interests – state interests Basic elements of the system In every society there must be some kind of pattern according to which young people grow up and become a part of the society. This pattern, whatever it is, could be described as a system for education of young people. The word “system”, in this context, means something like “way”, “method” or “pattern”, or “usual procedure of growing-up”. There is no society which can exist without some kind of raising new generations, but there are societies without determined process that could be taken for an educational system. Educational system show up only when a number of processes defer or when they are determined by specific sort of institutions. This notion corresponds with the notions of schools. The conclusion could seem unimportant but it is not. If there were no differences between a system of education and an educational system there would not be possible to raise any important questions of the educational policy. The notion of educational policy means a determined and a defined system of educational institutions. If there is an educational system, there are schools as a part of this system. In the same sense, there must be schools that are not in strong relations with other schools, but even though they function in this way they are still a part of the system. An example for this could be a hypothesis that a subject passed in one of private collages would not be accepted in a state school. But this would not be enough for functioning of the system. In order that institutions become a part of an educational system there must exist clearly determined relations among schools and other institutions of the system. A necessary way of independence is shown through certificates, diplomas and transcripts which although different, in many aspects become similar in their bases. They are instruments by which certain activities could be recognized in a school/college, and be exchanged for similar activities within other institutions. These instruments of the system are”mediums of exchange” (or “connective tissue”; Green et al., 1980). Their existence enables us to speak about a unique educational system in the same way as the existence of a local currency and its exchange for foreign currencies enable us to speak about a unique monetary system. This notion implies a sort of independence or diversity which enables a pupil to complete year 5 in one part and start year 6 in the other part of the country. 263 �There is a question: does the existence of mediums of exchange imply the existence of an educational system?Think, for example, of two schools in the same area, or in a nighbourhood, but under the different supervision, with slightly different educational missions, and let’s imagine that their activities are different so that they could not be recognized in one another. In this situation it would be quite impossible to say that they belong to the same educational system. But, despite this, if they are under the same higher institution, ministry of education for instance, they could still be considered as parts of the same educational system. Therefore, the departments of physics and literature do not have medias of exchange but belong to the same educational system as they are under the authority of the same regulatory agency (institution, university, ministry, …). This example enables us to conclude that a medium of exchange is not necessary for the existence of a system but it also questions in what proportion is the higher institution sufficient for schools of different activities to be parts of the same system. However, the notion of “educational system” does not refer to any system of schools or colleges, but to the system determined on the principles of sequence. This confirms that the system of schools has been organized on levels, so that person who completed n level of the system had obviously completed n-1 level before, but it is not certain that the person will complete n+1 level. Here, we have to accept the fact that the organization of levels are not the same in different schools, so the principle of sequence is different on different levels – primary schools, secondary schools, colleges, academies, universities, etc. (especially in the case of three-year or four-year undergraduate studies). Despite of the different definitions, the absence of the principle of sequence would mean nonexistence of the system and an existence of many other things would be questionable. Derived elements of the system Basic elements of an educational system also require the definition of derived elements: size of the system, system of control, and as a result, the distribution of results and resources. Every educational system has its specific size. There are different types of sizes; there are also different ways of expanding and making a system smaller. The dimensions of a size and the growing modules of a system are determined by the following elements: 1. the increase in number of educational institutions or making new educational outcomes (departments at the universities, professional profiles in secondary schools) 2. increase in the number of pupils 3. vertical expansion – changing the age for education (children start school at the age of 6 instead of 7, or they finish compulsory education at the age of 15 instead of 14) 4. horizontal expansion – the existence of various schools and various educational profiles: music schools, trade schools, medical schools… 5. differentiation – different curriculums among schools 6. increase in efficiency and better success by improving curriculum 7. extending the school year/school day 8. increase in number of employees in the educational system If the system expands in one dimension, it could cause a development and an expansion in its other dimension. There is a connection between different models within one system but that connection is not necessary. Mutual connection and the implication of another, depends on the needs and existing values of the system, formal politics, needs and nature of social influence on the manifestations. Structure of system interests Besides parents’, pupils/students’ and teachers’ interests, of a huge importance is an existence of state interests. There are two types of state interests: coercive and derived. Coercive interests are contained in two needs – each individual reaches economic independence or at least a minimal obedience to civic regulations. Coercive interests are minimally related to educations ideals, and maximally to the power. There is no society which can completely realize a socialization of young people or which can be immune to the crime. Therefore, coercive interests are in the function of a social community and its own survival. In this sense, education, as in the case of the physiological human needs, has a dimension of the urge of survival. A community must pay special attention to the education of young people in order to provide coerced state interests. As a consequence of coerced interests, appear secondary, additional interests, by which we mean a process of deciding who can teach, who will learn and for how long. The state determines control of capital for education, gives various clearances to teachers, specifies curriculum and defines standards. Furthermore, within this system, one of variables is the existence of derived interests. Derived interests should serve to fill up the “pots” of educational system with adequate contents, and educational values. Unfortunately, this content of derived interests is very often a negation of nature and meaning of the education 264 �and the educational system. One of the most common is inequality of educational opportunities for those who want to acquire certain educational achievements. Pierre Bourdieu talks about this phenomenon in the contest of, so called, “cultural capital”. Bourideu developed a thesis on the fact that none of the organized societies drops this defined cultural capital, but it distributes it unequally throughout the society which results in class differences and different academic achievements. Higher values, as certain monopoly of the dominant culture in a society, enable to the socially and economically more powerful to impose their own definition of reality, so every educational system is being founded on these basis. Explaining these processes, he points to a social genesis of behaviour patters and simultaneous thinking and acting on one and the development of the social structures on the other hand. According to Bordieu, for a process of internal changes which could expose this manifestation, the existence of categories such as symbolic power (social groups capable of imposing certain hierarchy in value) is necessary. This symbolic power using symbolic speech (giving diagnosis; determining directions, orders and norms; as well as making reports) and with the help of symbolic forces (which are capable to “re-make” and change the world), should grow into constitutional power (the result of a long period of institutionalizing) (Bordieu, 1998). This sort of understanding educational system is actually what made Bordieu come to conclusion that the basic purpose of education is the contribution to the continuity of social reproduction based on the relations of power and privileges within a society. The notion of the cultural reproduction and the appreciation of the fact that in every society there is a thing called cultural capital, indicates that every family (parents’ and pupils/students’ interests), in a context of its existing quality of life, could feel the pressure and strain if it is not able to become a part of social “struggle” for better status on equal terms. Also, it seems quite appropriate to mention Bordieu’s contribution in the area of understanding constant tensions among the dominant and the inferior groups within a society in which every group strive to establish and confirm its social identity, status and value. In relation to this, Pierre Bourdieu suggests: “dominant groups are capable of defining their own culture as worth of a tendency and a possession and to confirm it as a foundation of the knowledge about the educational system. However, this valuation by the dominant culture is arbitrary… The high value attributed to the dominant culture in a society as a whole is simply an aspiration of the powerful to impose their definition of reality on others”. (Haralambos, 1989, p212) If we refer the definition of education and educational system from the beginning of the text to the needs of a man, general “humanizing” and confirmation of humanity, we would necessarily have to speak about “practice of freedom”, and overthrowing the system which is developing on the basis of “banking education”, “cultural invasion” and “anti-dialogue acting” (Freire, 2002). Within this concept, educational system and all its institutions should serve the development of cultural dialogue, overreaching inequality, especially estranging from a tendency towards expansion of institutions and a development by the principle of “the garrison”. On the contrary, basic and derived elements of the system will confirm further fragmentation and question the notion of unity but it will define education as systematic transmission of knowledge, skills and values in the state of nonfreedom and for non-freedom. Literature Bourdieu, P. (1998). Društveni prostor i simbolička moć. U zborniku: Interpretativna sociologija. (priredila Ivana Spasić), Beograd: Zavod za udžbenike i nastavna sredstva. Freire, P. (2002). Pedagogija obespravljenih. Zagreb: Odraz – Održivi razvoj zajednice. Usher, A. & Cervenan, A. (2005). Global Higher Education Rankings 2005. Toronto, ON: Educational Policy Institute. Gumport, P.J. (2007). Sociology of Higher Education - Contributions and Their Contexts. Baltimore: The Johns Hopkins University Press. Green, T.F., Ericson, D.P., Seidman, R.H. (1980). Predicting the Behavior of the Educational System. Syracuse University Press. Haralambos, M., Heald, R. (1989). Uvod u sociologiju. Zagreb: Globus. Projekt Evropske unije za regionalni ekonomski razvoj u BiH, (april / travanj 2004). Indikatori, trendovi i swot elementi izvještaj. REDAH Asocijacija za ekonomski razvoj. OECD (2008). Trends Shaping Education. Centre for Educational Research and Innovation. 265 � https://omeka.ibu.edu.ba/files/original/3e2f71de7b3c5af83aece18d96d2f1d8.doc d25c8a0a1d9f83545353767a5b78d798 Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 425 Title A name given to the resource Basic and Derived Elements of an Educational System Author Author Alic, Amel Abstract A summary of the resource. Education and the existence of an educational system are compulsory elements of every modern society. The problems of making a unique and a defined educational system, a clear and an identifiable educational policy but also the problems of inequality in education have been the subject of different researches in the social sciences, especially in pedagogy for a long time. By accepting the definition which describes education as a systematical transmission of knowledge, skills and values, the same importance must be given to the questions of institutional organization, systematical and generational aspect of the process. Although every man should have equal rights to education, equal chances are not available to all, and therefore perceptible problems that cause inequality occur. The reasons are not only related to different social and cultural heritage – unequal initial positions are to be related to the nature of the educational system and the goals of the educational policy. Date A point or period of time associated with an event in the lifecycle of the resource 2009-06 Keywords Keywords. Conference or Workshop Item PeerReviewed L Education (General) https://omeka.ibu.edu.ba/files/original/7540e59f7e127e9ad3d3a7604a0108cf.pdf 7b3890a38554b16e7e074b76a9205e84 PDF Text Text 1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo Basic Colors and Their Metaphorical Expressions in English and Persian: Lakoff's Conceptual Metaphor Theory in Focus Abbass Eslami Rasekh Assistant Professor of Applied Linguistics Faculty of Foreign Languages, University of Isfahan, Iran abbasseslamirasekh@yahoo.com Banafsheh Ghafel Department of English, Islamic Azad University Najafabad Branch, Isfahan, Iran banafshehghafel@yahoo.ca Abstract: Metaphorical language is an indispensable part of human life, involving language, thought and action (Lakoff & Johnson, 1980; Lakoff, 1998). Accordingly, metaphor plays a major role in people's everyday language use and thinking. Our conceptual system is based on experiences we have gained with interacting with people and things surrounding us. In this respect, color plays an important role in convention metaphorical expressions in people's lives and daily communication. As a sub-category of metaphors, color terms are widely used literally and metaphorically in different languages and may also reflect cultural identities of language users. Replying on ―Contrastive Analysis of Metaphors‖ proposed by Barcelona (2001, cf. Soriano, 2003) as a cognitive qualitative method and on the basis of ―Conceptual Metaphor Theory‖ (Lakoff and Johnson 1980, 1999, 2003; Grady 1997; Kôvecses 2000, 2002, 2005; etc), this paper tries to investigate the extent to which connotations of basic colors, as used in the structure of metaphors are varied in English and Persian on the one hand; and, as compared to their differences in their metaphorical mappings in the languages concerned, on the other hand. To do so, we collected English instances from The Oxford Dictionary of Idioms (Siefring, 2005) and The Oxford Dictionary of Proverbs (Speake, 2008) and some other dictionaries. Next, Persian instances were extracted from some Persian dictionaries. The findings of this comparative analysis show that, although the connotation of colors in the structure of metaphorical expressions are overlapping each other to some extent, most of the expressions are culture-bound and specific to each language. Key words: Metaphorical expressions; English; Persian; Conceptual Metaphor Theory; Metaphorical mapping; Color connotations; Contrastive Analysis of Metaphors Introduction Tacking the Etymology Online Dictionary as our trusted source as regards, the word 'metaphor' is derived from the Greek metaphora, which means 'transfer' , the composite meta, which means 'transfer, carry over', and pherin which is translated in English as 'to bear‘ , or ‗to carry'. Metaphor is common to all languages and cultures. It plays an important role in everyday life and is grounded in culture. Metaphorical expressions have penetrated the various aspects of our life including thought and action. Metaphorical language is an indispensable part of human life, involving language, thought and action. Writers and speakers use metaphor to express abstract, difficult-to-talk-about concepts in term of concrete entities which are easier to understand (Lakoff & Johnson, 1980; Lakoff, 1993). Metaphorical expressions (MEs, hereafter) are the cream of a language. They reflect the relationship between language and culture. It is a fact that English-speaking people use over 3000 metaphors weekly on average (Littlemore, 2001, cf. Kômùr & Cimen, 2009); Persian is not an exception. Metaphoricity is the main feature of all human languages. In fact, a language or any form of language, without metaphorical traits is nonexistent (Goalty, 1997). It is not confined to language. It runs trough all veins of man's everyday life, including language, thought and action. Cognitive linguistics provides a framework within which metaphors can be described and understood. Cognitive linguists claim that metaphor is not merely a figure of speech, but it is a specific mental and neural 211 �1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo mapping that influences a good deal of how people think, reason and imagine in everyday life (Lakoff & Johnson, 1999). As proposed by Lakoff and Johnson (1980), Conceptual Metaphor Theory (CMT, hereafter) indicates that human thought processes are largely metaphorical, and human conceptual system is structured and defined in a metaphorical way. Therefore, metaphor is defined as cross-domain mapping between source and target domain. A mapping is the systematic correspondence between constituent elements of the source and target domains. The relationship is in the form of 'TARGET DOMAIN IS SOURCE DOMAIN'. They are stored together in the mind (Lan & McGregor, 2009). However, under different cultures, cultural considerations play a crucial part while conceptual mapping is carried out. Accordingly, color plays an important role in convention MEs in people's lives. As a sub-category of metaphors, color terms are widely used both literally and metaphorically in different languages and may also reflect cultural identities of language users. Certain connotative values can be more generally associated with colors, so that they carry uncontrolled resonances in a given culture. They have also connotative meanings which can be specific to particular area of life and can differ across cultures (Phillip, 2006). In addition, connotative meanings of colors are incorporated into conventional linguistic expressions such as to feel blue (feel sad), to be in the pink (to be in the best condition), and to see red (become angry very rapidly) in English and ‫رٌص سفٍذ‬/ri:sh səfi:d/ white beard (experienced and knowledgeable/wise man),‫ چطن سفٍذ‬/chəshm səfi:d/ white eye (impudent; impertinent person), ‫ سٍاٍ بخث‬/ si:yˆh bæxt/ black fortune (bad fortune; unhappy one) in Persian. It is worthwhile to say that when we write about color metaphors, we deal with abstract associations. For example, the abstract associations include white with eternity, virtue, innocence, purity, heaven and light; and black with death, mourning, murder, sin and devils. In light of the aforementioned explanations, and given that color terms are known to portray connotative meanings, which may differ across languages and cultures, the present study aimed to investigate to what extent color connotations and their attributed metaphors can be different across English and Persian. In addition, it endeavored to put under scrutiny the metaphorical mappings in the languages concerned. 2. Metaphor, language and culture 2.1. Metaphoricity of language Metaphoricity is the main feature of all human languages. In fact, a language or any form of language, without metaphorical traits is nonexistent. (Goalty, 1997, p.1).It is not confined to language. It runs through all veins of man's everyday life including language, thought and action. Investigating conceptual metaphoric systems across cultures is enlightening in more than one aspect. It tells us whether the metaphoric concepts that shape our life are similar to, or different from, the other nations. Maalej (1999) stated that if the same conceptual metaphors are used to structure our lives, despite our belonging to different cultures (in our study English and Persian), we are conceptualizing the concepts in the same way; and in the case of different conceptual metaphors that structure our lives, the study of our respective metaphoric systems will highlight how we model our reality and how the understanding of these systems may contribute to further intercultural understanding. To clarify, we can focus on 'Pot calling the kettle black'. It is a metaphorical expression that is used in English when someone who criticizes someone else is as guilty as the person he or she criticizes. The construction of this ME originated from the fact that when cooking was done over fire, the smoke made cooking pots turn black (Oxford Idiom Dictionary, p.29; OID, hereafter). In Persian people use ' ‫دٌگ بَ دٌگ هی گٌْذ رٌّث‬ ‫ 'سٍاٍ اسث‬/di:g bə di:g mi:gu:yæd ru:yat si:yˆh æst/ (i.e.: pot calling the pot black). The underlying conceptual metaphor for these expressions is PEOPLE ARE THINGS metaphor (Kovecses, 2006) that uses the same metaphorical mapping to construct the concept. The other metaphoric concepts that are embedded in these expressions are that BLACK IS BAD and subsequently BEING GULTY IS BLACK. As we can observe, the metaphorical mapping is the same in English and Persian. Metaphor is not a ' special' use of language, but pervades all interaction (Lakoff & Johnson, 1980, 2000). They claim that metaphor in language is the result of analogical nature of human conceptualization. It is a conceptual phenomenon with external manifestations in everyday language and a key to the metaphorical nature of mind. It is argued that metaphor is conceptual and that a great number of our reasoning and thought processes are guided by metaphorical conceptions, although we may not realize it (Lakoff, 1995). 212 �1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo In this connection, our way of thinking, our experiences and our activities are all a mater of metaphorphenomena which are more or less automatically dealt with in everyday life. 2.2. Metaphor and culture Language is not only the carrier of information but also of culture. It is a mirror which reflects the society and has strong cultural characteristics. Metaphors, as a part of language, reflect the society and have strong cultural characteristics. Li (2007) stated that metaphors, as part of language, are closely associated with nation's history, culture and customs. Lakoff and Johnson (1980; 2003) describe the relationship between culture and metaphor as follows: "The most fundamental values in a culture will be coherent with the metaphorical structure of the most fundamental concepts in culture."(Lakoff & Johnson, 2003; 1980, p.22). Metaphors reflect the relationship between language and culture. Human beings' environment and the things that they use and experience are in many aspects similar; therefore, English and Persian metaphoric expressions are not exceptions and may have some similarities and differences in their cognitive mappings. Culture is the reflection and pattern of thinking and understanding. Thinking and understanding can be sometimes inevitably metaphorical, and then culture and metaphor would also fall into a relation of mutual promotion or restraint, depending on how this relation is interpreted. That is, culture plays a role in shaping metaphor and in return, metaphor plays a role in constituting culture. Corradi Fiumara (1995) noted that metaphors are more appropriate for conveying cultural concepts (cf. Fahad Al- Jumeh, In this respect, let us consider emotion within cultural metaphor type. There are several emotion subtypes within the FEELING IS COLOR metaphor (Apresjan, 1997). For instance in English 'green' is associated with envy and jealousy as in 'He was green with envy when he saw their expensive new car' (OID, P.147) but in Russian 'yellow' is associated with envy as in ' pozeletet' ot zavisti '(cf. Apresjan, 1997) that means' to turn yellow with envy ', but envy and jealousy does not have any color in Persian. Metaphor is common to all languages and cultures. Although the use of metaphor is universal, the choice of metaphor for interpreting the world may be culture- specific (Liu, 2002, cf. Leung, 2007). In a nutshell, metaphor plays an important role in every day life and grounded in culture. Hence, conceptual metaphors expressed in language can serve as indicator of culture and a good resource for investigating of cultural beliefs expressed in language. The application of metaphorical concept shows that the metaphor cognition is universal across cultures, but, at the same time, it has some differences in their application because of their different social and cultural backgrounds. 2.2.1. Metaphor and color Color terms are playing a more and more important role in human communication, especially in bilingual communication (Zhang, 2007). Colors terms in any language are not only express the colors themselves, but also are carved and endowed with rich cultural characteristics of each nation. The relation between culture and language leaves a great effect on connotations of color words (Wang, 2007). Color is a kind of natural phenomenon. Color terms play an important role describing things, expressing words' meanings and strengthening languages' influence, and also rich in cultural associations. That is to say, they can be used either literally to refer to different colors or metaphorically to convey their associative meanings. Colors in different languages and cultures may convey different associative meanings. According to what is cited in Phillip (2006), " the color metaphors are influenced by metonymy , because most of the connotative meanings assigned to colors see to be grounded , at least to some extent to reality"(Niemeir, 1998). Additionally, the connotative values of colors emerged from conventional linguistic expressions that are constructed around folk beliefs about color meaning. The language user can appeal to his or her linguistic knowledge to support a belief (Niemeir, 1998, cf.Phillip, 2006). Colors may convey different messages to people of different cultures. They play an important role in describing things, expressing words' meanings and strengthen languages' influence, and also quite rich in cultural associations. That is to say, they can be used either literally to refer to different colors or metaphorically to 213 �1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo convey their associative meanings. The conceptual meanings conveyed in different languages and cultures (English and Persian in this study) may convey different associative meanings. Color meaning is often supported by citation from language, in the form of set phrases such as green with envy(i.e., to be envious and jealousy), go as red as beetroot (i.e., embarrassment, anger, shame), to see in black and white (i.e., absolutely bad or good; wrong and right with no grades between them), the black sheep of the family(i.e., odd member of a group or family ), yellow-belly (i.e., cowardice ) etc. in English and ٍ‫پطث لبث سبش ضذ‬/ pu:shtə læbət sæbz shu:dəh/(i.e., maturity ), ‫ چزا سرد کزدی ؟‬/chərˆ zærd kærdi: / (i.e., to be cowardice), ‫رٌص سفٍذ‬ ‫بْدى‬/ri: sh səfi: d shu: dæn/ (i.e, to be experienced; wise; and knowledgeable person), ٍ‫سق سٍا‬/sæq si:yˆh/ (i.e. evil-speech person), etc. in Persian. Phillip (2006) in her study claimed that it is a fact that these phrases in current language is seen to add weight to their authority and appropriateness as examples of figurative meanings ascribed to colors , and the use of color words in the language . In a nutshell, color words are considered as a kind of common language for people of different countries and different association of meanings is certainly produced beyond the literal concept of color words under the effect of cultural differences of each nation. Because of different cultural backgrounds, English and Persian may vary in the connotations of colors. 3. Method 3.1. Data source and collection Researchers used a number of English dictionaries on idioms and proverbs to collect the data such as The Oxford Dictionary of Idioms for learners of English (Siefring, 2nd Eds., 2005). Compact Oxford English Dictionary of Current English (Soanes & Hawker, 2008); McGraw-Hill's Dictionary of American Idioms and phrasal verbs (Richard A.Spears, 2006); The Oxford Dictionary of Proverbs (Speake,5th Eds., 2008); and Online Etymology Dictionary. Besides, four dictionaries were used in Persian to find Persian metaphoric expressions. They included: Loghatnaamey-e-Dehkhoda; Amsal-o-Hekam-e-Dehkhoda; Farhang-e-Estelehat-e-Adabi (Hoseini, 2008); and Zarb-al-Masalhaay-e-Mashur-e-Farsi (Azarli, 1989). The researchers also searched the connotations of Persian colors in Ferdowsi's Shahnameh, the great Persian epic book, the Holy Qur'an and some works in Persian. 3.2. Procedure Idiomatic expressions of colors cover different source domains both in Persian and English. Therefore, this article focused on selected source domains including HUMAN BODY (e.g. BODY including emotion; health; illness; and BODY PARTS) and LIVING THINGS (e.g., ANIMAL and PLANTS) to limite the scope of the study. First, the researchers compiled the metaphoric instances in English and Persian from the sources mentioned above. Then English and Persian samples were classified according to the sources they contain. In addition, each Persian idiomatic expression with its English phonetic representation (EPR, hereafter) and its metaphorical meaning (MM, hereafter) were put in order. After that they were explained connotatively and exemplified in English and Persian (EE and PE, hereafter). PE's were translated literally in English (literal translation, LT, hereafter). Their cultural backgrounds were explained deeply, if someone wants to study culturebound metaphorical expressions, it is necessary to pay more attention to the cultural background besides the surface meanings. Later, their conceptual mappings were described, qualitatively. Researchers used Google search engine to exemplify the Persian idiomatic instances in the text. They were typed in the search engine in order to find the text which contained the metaphoric expression. Finally, English and Persian samples were compared to each other qualitatively. 3.3. Data analysis Having chosen a cognitive approach and considering CMT as a theoretical basis for the current study, the researchers used some factors of Contrastive Analysis of Metaphors method proposed by Barcelona (2001) as a complement to describe conceptual metaphor. 214 �1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo 3.3.1. HUMAN BODY (1) He is green with envy Metaphorical meaning: To be envious and jealousy Green is often associated with jealousy and envy and it had taken its place in English by Shakespeare's time (cf. Phillip, 2006). The MEs 'Green with envy' (Green is associated with envy, so jealous suitors used green jade as a potion) and 'green-eyed' (the green-eyed monster in Othello) show the association of green with jealousy and envy clearly (Phillip, 2006). It is adhering to the same general concept as green with envy, i.e. to feel so envious that the bile makes you feel bad. Hippocratic medicine assigns yellow to the choleric personality, characterized by bile, which is yellowish-green in color (cf.Phillip, 2006). The metonymic connection between green, yellow and bile give rise to a set of expressions in English and other languages (Persian in our study). The conflict between green and yellow is not particularly surprising, as both of these colors correspond to the color of bile, and this metonymical connection gives rise to another set of expressions absent in English but present in Persian. While most of these emotional states are related to physiological state of nausea, English prefers green as the color of envy and jealousy. For instance, ' he was green with envy when he saw their expensive new car' (Oxford Idiom Dictionary, p, 147).In this example, the conceptual keys for this metaphoric expression are as in Table (1) Table 1: The conceptual keys for ' He is green with envy' Conceptual Keys THE BODY IS A CONTAINER FOR EMOTION ENVY IS A FLUID IN THE CONTAINER INCREASE IN BILE PRESSURE STANDS FOR ENVY BECOMING ENVIOUS IS BEING GREEN IN COMPLEXION COLOR FOR EMOTION EMOTION IS COLOR ENVY IS GREEN Real, physiological sickness is the reaction of one's body to emotion of envy. A metaphorical mapping links the feeling of envy to this bodily sensation. Thus, envy is linguistically and cognitively conceptualized as a mental sickness. To some extent, this mapping can be consistent with the DISEASE mapping as green is a color associated with sickness, as people‘s skin takes on a slightly yellow/green tinge when they are seriously ill (cf.Kyive, 2007). EE: He was green with envy when he saw their expensive new car (OID, p, 147) (2) look green around the gills Metaphorical meaning: To be ill Green is the color used in English to describe the pallor of person's face caused by nausea, shock, fear and illness (Phillip, 2006). Green is a color associated with sickness, as people‘s skin takes on a slightly yellow/green tinge when they are seriously ill (Kyive, 2007); yet, the expression to look green around the gills is generally interpreted as an expression of illness, adhering to some general physiological manifestation in the complexion. Although in the 1800s white and yellow were paired with gills to suggest illness, the alternative green has survived them (American Heritage Dictionary of Idioms, 1997). 215 �1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo Table2: Conceptual keys for: ' to look green around the gills'. Conceptual Keys THE BODY IS THE CONTAINER FOR ILLNESS THE PHYSIOLOGICAL EFFECT OF BECOMING GREEN STANDS FOR ILLNESS INCREASE IN BILE PRESSURE STANDS FOR ILNESS BECOMING GREEN IN FACE STANDS FOR ILNESS BECOMING ILL IS BEING GREEN IN COMPLEXION ILLNESS IS GREEN English example (EE, hereafter): After a long flight my friend looked green around the gills, and I am very pitiful about it (OID, P.147). As you see, all the abovementioned conceptual mappings in (1) underlie this metaphoric expression in English except the two last ones. BECOMING GREEN IN COMPLEXION refers to ILLNESS mapping in this ME (i.e. people‘s skin takes on a slightly yellow/green tinge when they are seriously ill). (3)! ‫( روگ و رویت زرد شده‬ræng væ ru:yæt zærd shu:dәh! ' You look yellow in the face!') Metaphorical meaning: To be ill In Persian, MEs that are constructed around color yellow have associative meanings to illness, stagnation and death. It is the color of autumn, which reminded people of falling leaves of trees and stagnate vision. Therefore, the expressions like ‫ رًگ رٌّث سرد ضذٍ اسث‬/ræng væ ru: yæt zærd shu:deh æst / (i.e., your face turns yellow) connote someone's illness. Descriptions of human appearance focus on the color quality of skin and eyes as the factors revealing good or poor health. Colors occur naturally and are consistent in their manifestation under given sets of conditions. Liver disorders may well turn the skin yellow (Phillip, 2006). As mentioned in number (1), the Hippocratic medical view is also consistent in Persian. Ancient Persian medicine has classified people's personality (mezaj) based on the choleric (soda mezaaj), phlegmatic (balghami mezaaj), bilious (safraavi mezaaj) and sanguine (damavi mezaaj) into four groups (Internet, www.iranerooz.com/health/). The choleric personalities are bad-tempered and irritable because it is believed that they influenced by predominating in choler (Concise Oxford Dictionary), but phlegmatic personality is calm and unemotional. Bilious people were considered to be easily affected by vomiting and nausea. Therefore, this ME that is connoting ILLNESS is evoked on the basis of the following conceptual keys: Table 3: The conceptual keys for ræng væ ru:yæt zærd shu:dәh! Conceptual Keys THE BODY IS THE CONTAINER FOR ILLNESS THE FACE IS A CONTAINER FOR ILLNESS BECOMING YELLOW IN COMPLEXION STANDS FOR ILLNESS INCREASE IN BILE PRESSURE STANDS FOR ILNESS BECOMING ILL IS BEING YELLOW IN COMPLEXION' ILLNESS IS YELLOW When someone is sick his or her skin looks pale and unhealthy but not the real yellow. Both (1) and (2) are different metaphoric indications of the same result (pallor) and differ only pragmatically in their cultural evaluation. English prefers green and Persian preference is yellow. PE: ...ٍ‫ ًطاى هً داد کَ چٌذ رّس اسث غذاي درسث ّ حسابً ًخْرد‬،‫رًگ ّ رّي سردش‬ (Collected from www.rasekhoon.net/Article/Show-50875.aspx) EPR: /ræg væ ru: yə zærdæsh nəshˆn mi:dˆd kə chænd ru:z æst qæzˆyə du:ru:st væ həsˆbi: næxu:rdəh æst/ 216 �1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo LT: His yellow complexion showed that he did not eat food, properly. (4) ‫ چرا زرد کردی؟‬/chәrˆ zærd kærdi:/?( i.e., 'Why do you turn yellow?') Metaphorical meaning: To be cowardice Certain light colors posses a negative cultural connotation, if used with reference to facial color, e.g., yellow color. Yellow color cannot signify a positive emotion in Persian, even though it is a light color. In ‫چزا سرد‬ ‫کزدی؟‬, the metonymical connection of bile and liver is responsible for meaning of yellow, though the focus is different. The adrenal glands secrete the so-called fight or flight hormone, with cowardice relating to the later. In the case of cowardice/fear the fluid is bile. Given that the expression was coined at a time when the liver was believed to be the seat of courage (Allan, 2009), the conceptual key that underlies this Persian ME is THE BODY IS THE CONTAINER FOR EMOTION metaphor. Table 4: The conceptual keys for 'chәrˆ zærd kærdi:'? Conceptual Keys THE BODY IS THE CONTAINER FOR EMOTION THE BODY IS A CONTAINER FOR FRIGHT BECOMING YELLOW IN COMPLEXION STANDS FOR BEING COWRAD INCREASE IN BILE PRESSURE STANDS FOR ILNESS BECOMING ILL IS BEING YELLOW IN COMPLEXION FEELING IS COLOR FRIGHT IS YELLOW PE: ‫ حذاقل هزد باش ّ پای حزف خْدت ّاٌسا‬.‫بذجْری زرد کردی ُا‬ (Collected from www.hageghatnews4.wordpress.com) EPR: /hæd ju:ri: zærd kærdi: hˆ. hædə æqæl mærd bˆsh væ pˆyə hærfə xu: dæt vˆysˆ/ LT: You turn yellow, drastically. At least be a man and insist on your words. (5) ‫ ریش سفید بودن‬/ ‫ گیس سفید بودن‬/ri: sh sәfi: bu:dæn /, /gi:s sәfi:d bu:dæn/ (i.e.: ' To be white bread / to be white hair) Metaphorical meaning: To be experienced man/ lady According to Ferdowsi's great epic book, Shaahnameh, in ancient Iran, especially in Persian mythology, white is the symbol of superiority, spirituality and virtue. Additionally, knowledge ability of elderly people and their life experiences are referred to as white in Persian. Therefore, ‫ رٌص سفٍذ‬/ri: sh səfi:d/ (i.e., white bread) for male ones and ‫ گٍس سفٍذ‬/gi:s səfi:d/ (i.e., white hair) for female ones use metaphorically in Persian. People get old, and their hair, beard and mustache turning to be white because of their age. An old person has experienced the ups and downs of life more than others and therefore is a good counselor for the younger ones. In the Persian culture, such people are considered as wise and experienced. Therefore, younger ones refer to them and consult them to find a solution for their problems. rish sefid (for male ones) and gis sefid (for female ones) is used for an old man or lady, metaphorically. It is a kind of metonymy because the color of hair or bread stands for the whole person. The whiteness of the hair (as a part of the body) or bread is mapped for experienced person (the whole person). The conceptual keys that underlie this ME may be as follows: 217 �1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo Table 5: The conceptual keys for (ri: sh sәfi: d bu:dæn / gi:s sәfi:d bu:dæn Conceptual Keys THE BODY PART STANDS FOR THE PERSON THE BREAD/HAIR STAND FOR THE PERSON WHITE COLOR OF THE HAIR/BEARD STANDS FOR WHOLE PERSON OLDNESS IS BECOMING WHITE IN HAIR AND BREAD OLDNESS STANDS FOR BEING WISE/KNOWLEDGEABLE BEING WHITE IN HAIR/BEARD STANDS FOR BEING WISE/KNOWLEDGEABLE WISEDOM IS WHITE (6) ‫ سق سیاه داشته‬/sæq si: yˆh dˆshtæn/ ( i.e.: To have black palatal) Metaphorical meaning: someone whose imprecation caught others In ancient Persian, black is the symbol of Ahriman (evil). It is bad and the symbol of wicked spirit. In addition, in the Holy Koran (cf. Ayatolahi, 1998) the heart and the face of bad people is black (Zakhraf, 17; Naml, 58; Al omran, 106; Joseph, 27). Black is a cue for evil and mischief (Bahar, 1997). The Holy Koran teaches that they who desire to dwell in the presence of God, to experience His blessing, are those who will live righteously and who will not badmouth. Imprecation is not accepted according to the Persian culture and their religious believes because this evil manner poisons the tongue. There is a metaphorical motivation for this expression. Considering the points mentioned before, BLACK IS BAD in Persian. This orientational metaphor motivates a lot of MEs (idiom, proverb, etc.) in Persian. It is believed that a person who speaks offensively in a way that his/her evil manner caught others is saqe siyaah (i.e., black palatal) (Internet, www.loghatnameh.com). Here the BADNESS of speech is mapped in a BODY PART (speech organ; PALATAL). Table 6: The conceptual keys for/ sæq si:yˆh dˆshtæn / (i.e.: ' To have black palatal') Conceptual Keys THE BODY PART STANDS FOR PERSON THE MOUTH (PALATAL) STANDS FOR PERSON BLACK FORCE IN PALATAL STANDS FOR EVIL SPEECH BLACK IS BAD (Soriano & Valenzuela, 2009) MANNER IS COLOR EVIL-SAYING IS BLACK PE: ٍ‫جْ چَ سق سٍاُی داری آقای کوالی! اس صبح ساٌحی کَ هٍشباى عکس هٌَ اس کار افحاد‬ EPR:/tu: chə sæqə si:yˆhi: dˆri ˆqˆyə kæmˆli æz su:bh sˆyti: kə mi:zbˆnə æksə mænəh æz kˆr u:ftædəh / LT: Mr. Kamali! What a black palatal you have! The website that is hosting my photo does not work from morning till now. (7( ‫ پشت لب سبس شدن‬/pu:shte læb sæbz shu:dæn/ (i.e. 'to be green behind the over lip') Metaphorical meaning: To begin to be mature; to be naive, to be young Green is an important color in nature. It is the color of grass and the leaves on trees, the color of most growing plants. In this connection, green always symbolizes the young, fresh and growing. It also can be taken of safety, hope, peace, and environment protection. (Lan & McGregor, 2009). Green also exhibits the idea of inexperience, an immature state. So it can be used ranging from unripe corn to person (Phillip, 2006). 218 �1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo In Persian green is the color of vegetarian and nature. It is also associated with initial stages of maturation and youth. In the maturation period, the back of the boys' upper lip turns to be in darker color due to growing mustache and makes a green shed. It is similar to the way that grass come out of the earth at the first days of spring and shows a green shade on the land (Dehkhoda, 1999; Partoei Amoli, 1996). In this ME, the line of early growing grass is mapped to the growing of mustache on the back of boy's upper lip. This evokes conceptual links between PEOPLE and PLANTS. Lakoff's (1992) proposed conceptual metaphor PEOPLE ARE PLANTS that can underlie this ME. The freshness of people in their maturity and experience is mapped in plant domains. Table 7: The conceptual keys for /pu:shte læb sæbz shu:dæn/ (i.e. 'to be green behind the over lip') Conceptual Keys PEOPLE ARE PLANTS (Lakoff, 1992) BEING GREEN BEHIND THE OVERLIP STANDS FOR BEING NEW IN ADULTHOOD/YOUNG YOUTH IS GREEN PE: . َ‫ دٌگَ كن كن پطث لبن دارٍ سفٍذ هٍط‬.ٍ‫ "ٌُْس پطث لبث سبش ًطذٍ!" هً گذر‬:‫االى سالِا اس اّى رّسي كَ هادرم هً گفث‬ (Collected from www.qudsdaily.com/archive/1385/html/2/.../page50.html) EPR: æLˆn sˆlhˆst æz u:n ru:zi: kə mˆdæræm mi:gu:ft hænu:z pu:shtə læbət sæbz næshu:dəh mi:gzærəhØ di:gəh kæm kæm pu:shtə læbæm dˆrəh səfi:d mi:shəh LT: Nowadays, many years passed from the days that my mother had said that you were not green behind the lip. It turns to white little by little. (8) To catch someone red-handed. Metaphorical meaning: caught someone in the act of guilty or wrongdoing; caught with evidence In the American history, red does not have positive connotations. It connotes cruelty, battle, death, danger and revolution. As Itten observes (1961:34, cf.Phillip, 2006), red is the color of revolution because of its links with political favor and spilled blood. In this vein, the expression catch someone red-handed was originally a metonymy because it describes a situation in which a killer had his hands covered with blood; the red hands stood metonymically for the killing. Red-handed does not have a mythical origin. The term originated from Scotland. The earliest known printed version of red-handed is from Sir Walter Scott's Ivanhoe, 1918 (Internet, www.phrases.org.uk). Therefore, the original conceptual key for this expression is RED IS BLOOD (Lan & McGregor, 2009). Red has traditionally been regarded as a symbol of guilt. Extreme anger can lead to crimes of passion and murderous intent clearly lies at the origin of the phrase. Kôvecses (2002, cf. Czepeczor, 2009) considers blood on the culprit‘s hands as the primary image and motivation for the use of red in the phrase (STAINED OR COVERED WITH BLOOD). This signification omitted through the time. Later it became a metaphor for all the individuals who are found to be behaving inappropriately, illegally and guilty because only exceptionally would a killer get blood on his hands and thus it became a metaphor for any form of wrongdoing besides murder. In other words, the abovementioned historical origin of the phrase is no longer perceived as relevant to its implied meaning. Today, the idea of being discovered in the middle of wrong-doing still remains with this expression. Therefore, the conceptual keys that underlie this ME may include: Table 8: The conceptual keys for' To catch someone red-handed' Conceptual Keys THE BODY PART STANDS FOR THE PERSON THE HANDS STAND FOR THE PERSON STAINED WITH BLOOD IN HANDS STANDS FOR BEING GUILTY WRONGDOING IS RED EE: A: How can you be sure that it was Rob who has been steeling the CDs? B: Linda saw him putting the in his bag during lunch break. He was caught red-handed (Wright, 2002, p.55). 219 �1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo 3.3.2. LIVING THINGS (ANIMALS and PLANTS) (9) Black sheep of the family Metaphorical meaning: To be bad and odd one out In western culture, the black color is the sign of darkness. In the Bible, the black stands for the devil, the pain and misfortune (He, 2009). According to Jordan (1997), black was associated even in Elizabethan times with dirty, sinister and wicked qualities, as opposed to white which stood for beauty, virtue and goodness (Benczes, 2007). Considering the connotation of black ant its attribution, black sheep is used to connote the situation that the only person in a respectable and successful family , who has not achieve success, but instead has proven to be disappointment .HUMAN IS ANIMAL, HUMAN IS SHEEP (Goatly, 2006) and BLACK IS BAD underlie this ME. BLACK SHEEP as an Animal stands for HUMAN. This metaphoric expression refers to someone who is considered to have done something bad within every family or group to which they belong and make them to feel shame. Table 9: The conceptual keys for' The black sheep of the family' Conceptual Keys HUMAN IS ANIMAL(Goalty, 2006) HUMAN IS SHEEP (Goalty, 2006) ANIMAL STANDS FOR HUMAN BLACK SHEEP STANDS FOR BAD HUMAN BLACK IS BAD(Ruiz, 2007 ; Maalej, 1999) It is constructed around the fact that shepherds used to dislike black sheep because their wool was not as valuable as white wool (OID, p, 29). EE: Everyone in the family expected Susan to go to university like the rest of us, but she got a job in a casino on a ship. She was the black sheep of the family. (10) He went as red as a beetroot The redness of the beetroot is compared with the redness of people's complexion when they feel ashamed, embarrassment or angry. The physiological effects of some emotions increase the blood pressure. This phenomenon makes the complexion red in color. Blood is vital for our existence, and the metonymic use of red therefore carries the connotation over to other domains and areas of human existence and activity. The physiological effects of anger are supplemented by the metonymic pattern COLOR FOR ANGER. Considering the aforementioned observation, color red is coined from these two different domains and constructs this English expression, metaphorically. Therefore, the domain of physiological effect in human body is conceptualized in the domain of beetroot as plant to imply the abstract target domain of shame or embarrassment. The underlying conceptual keys can be as follows: Table 10: The conceptual keys for 'He went as red as a beetroot') Conceptual Keys PEOPLE ARE PLANTS PEOPLE ARE BEETROOT 220 �1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo BEING RED IN BEETROOT STANDS FOR RED IN COMPLEXION COLOR FOR EMOTION FEELING IS COLOR SHAME/EMBARRASMENT/ANGER IS RED )11( ‫ مثل لبو سرخ شد‬/mәslә læbu: su:rx shu:d/(i.e., 'He went as red as a beetroot') In this Persian expression, like number (10), the redness of the beetroot is compared with the redness of people's complexion when they feel ashamed, embarrassment, but here the source is boiled beetroot. As far as we all know, boiled beetroot is a beetroot that is boiled in water and is ready to eat. Therefore, in this case source domain is FOOD domain as like as its English counterpart. The only difference between them is that English speakers use beetroot in the construction of metaphor as raw food, but Persian speakers prefers it boiled form. It is important to say that the researchers did not find example that connote anger by using of this expression in Persian. Therefore, it seems that Persian speakers prefer to use this metaphoric expression just to connote embarrassment and shy not anger. Along these lines, both the connotation of color and the mental map for this expression seem to be the same in either language. They differ just lexically. Accordingly, the underlying conceptual keys can be as follows: Table 39: The conceptual keys for /mәslә læbu: su:rx shu:d/ (i.e., 'He went as red as a beetroot') Conceptual Keys PEOPLE ARE FOOD BEING RED IN BEETROOT STANDS FOR RED IN COMPLEXION COLOR FOR EMOTION FEELING IS COLOR SHAME/EMBARRASMENT IS RED PE: ... !‫پسزٍ خجالث کطٍذ سزش رّ اًذاخث پاٌٍي ّ مثل لبو سرخ شد‬ (Collected from www.parmisazar.persionblog.ir) EPR: /pəsærə xəjˆlæt kəshi:d. særæsh ræ pˆyi:n ændˆxt væ məslə læbu: su:rx shu:d/! Equivalence translation: The boy was ashamed, bend down his head and went as red as beet root. Good and evil, health and illness, elderly and youth, experienced and inexperienced, etc. were paradoxes in the color connotations of this study. As seen in the above instances, the connotations expressed by color names, though similar in some cases, are culture-specific; that is, the way each culture views and values the world in relation to color names is different. Although metaphoric expressions are representative of culture from which they arise, they demonstrate significant associations. Conclusion It is worthwhile to mention that the relation between language and culture creates a great effect on connotations of color words. Considering the metaphoric expressions of colors in this study, the researchers concluded that although colors share common connotative ground in two languages, this does not necessarily entail the use of similar expressions. They were more culturally oriented and specific to each language. For instance, BLACK IS BAD and WHITE IS GOOD are, as conceptual metaphors, are present in either language, but, as the data has shown, each language and culture fill them with specific concepts and shows different mental mappings. The data in our study has shown that construction of metaphorical expressions of colors in English and Persian are grounded in reality as well; cultural believes, and to some extent symbolism, may also have a role to play. In addition, the findings of this study showed that metaphorical expressions of colors, besides their universality, are also culturally-oriented, which implies that even though some mappings seem to be universal in their generic level, many of them, especially the more specific ones, are culture specific and reflect the socio- 221 �1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo cultural context in which they are used. For instance, considering BODY IS A CONTAINER metaphor in its generic level, the metaphorical expressions ' you look green around the gills' and ' ræng væ ru:yat zærd shodәh' are both constructed around the BODY IS A CONTAINER FOR EMOTION conceptual metaphor, but English filled the generic level with GREEN as DISEASE color and Persian filled it with YELLOW as DISEASE color. Therefore, we have differences at specific level, namely, GREEN IS DISEASE in English and YELLOW IS DISEAE in Persian. Our study also revealed that color-based metaphorical expressions are interpreted mental mappings of their users. For instance rish sefidy that connotes knowledge and wisdom was reflected a specific mental representation in Persian and there was not such mental mapping in English data of the present study. Metaphor research may help us build up language-specific cultural model as well as reflect cultural differences based on the model identified. Since language is a part of culture, cross-cultural studies like the present study can shed light on cross-cultural similarities and dissimilarities in ways of thinking and speaking. For instance, the emotion of envy does not have any color in Persian but as it is shown in the study English conceptualize it as ENVY IS GREEN. Even so, for some European countries ENVY IS YELLOW. All in all, this study indicates that detailed contrastive analysis can shed light on similarities and differences between English and Persian, and identify properties that may have been overlooked in analysis of either language in isolation. But, first and foremost, this study revealed how contrastive analysis of metaphorical expressions of color may hint at the pervasiveness of metaphor in language. References Allan, (2009). The connotations of English color terms: Color-based X-phemisms. Journal of 41(3), 626-637. Pragmatics, Al Jumah, FH. (2007). A Comparative Study of Metaphor in Arabic and English General Business Writing with Teaching Implication. [Online] Available: http://www.dspace.lib.iup.edu:8080/dspace/bitstream/.../Fahad+Al+Jumah.pdf Apresjan, V. (1997). Emotion Metaphors and Cross-Linguistic Conceptualization of Emotions. [Online] Available: http:// www.dialnet.unirioja.es/servlet/fichero_articulo?codigo=2526528...0 Benzes, R. (2007). North American Slavery: A Cognitive Linguist's Perspective. http://www.das.elte.hu/content/faculty/benczes/benczes_frank_t.pdf [Online] Available: Czepeczor, EG. (2009). Red and Czerwony as Cognitive Categories: a corpus based study. [Online] Available: http://www.skase.sk/Volumes/JTL17/pdf_doc/02.pdf Goalty, A. (1997). The Language of Metaphors. Londen. Routledge. Goatly,A.(2006).Humans,Animals and Metaphor. http://www.animalsandsociety.org/assets/library/594_sa1414.pdf [Online] Available: He.G. (2009). English and Chinese Cultural Connotation of Color Words in Comparison. Asian Social Science. 5 (7). Pp.160-163 Kittay, E.F. (1989). Metaphor: Its cognitive force and linguistic structure. Oxford: Clarendon Press. Kômùr and Cimen. (2009). Using Conceptual Metaphors in Teaching Idioms in a Foreign Language Context. [Online]Available:http://www.akademik.mu.edu.tr/.../12-ġevki%20Kômùr,%20ġeyda%20Selen%20Çimen.pdf Kovecses, Z. (2005). Metaphor in Culture Universality and Variation. Cambridge: Cambridge University Press 222 �1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo Kovecses, Z. (2006). Universality and Variation in the Use of Metaphor. Cambridge: Cambridge University Press Ogarkova, A, (2007). Green-Eyed Monsters‖: a Corpus-Based Study of Metaphoric conceptualization of JELOUSY and ENVY in Modern English. [Online] Available: http://www.metaphorik.de/13/ogarkova.pdf Lakoff and Johnson (1980). The tenet of Conceptual http://www.linguistics.berkeley.edu/~iclc/pdfs/a99.pdf Metaphor Theory. [Online] Available: Lakoff, G. (1993). The contemporary theory of metaphor. In Ortony, A. Ed. Metaphor and Thought (2nd Eds.). New York: Cambridge University Press Lakoff and Johnson, M. ([1980], 2003). Metaphor We Live by. Chicago: University of Chicago Press. Lakoff.G. and Johnson, M. (2003). The Contemporary Theory of Metaphor George Lakoff [Online] Available: http://www.terpconnect.umd.edu/~israel/lakoff- ConTheorMetaphor.pdf Introduction. Lan, L. & McGregor. (2009). Color Metaphor in Business Discourse. Language for Professional Communication: Research, Practice and Training.pp, 11-24. Hong Kong Polytechnic University. Leung, WYY. (2008). A Contrastive Analysis of Chinese and English Metaphors of Marriage. LCOM Papers. (1), pp.21-35 Li, X. (2010). Conceptual Metaphor Theory and Teaching English and Chinese Idiom. Language Teaching and Research, 1(3), pp.206-210. Maalej, Z. (1999). Metaphoric Discourse in the Age of Cognitive Linguistics, with Special Reference to Tunisian Arabic (TA). Journal of Literary Semantics.189-206 Phillip, G. (2006).Connotative meaning in English and Italian color-word metaphor. [Online] Available: //metaphoric.de/10/Philip.pdf (accessed 28.06.2008) Perez, RG. (2008). A Cross-Cultural Analysis of Heart http://www.rua.ua.es/dspace/bitstream/10045/10394/1/RAEI_21_03.pdf Metaphors. [Online] http: Available: Soriano, C.(2003). Some Anger Metaphor in Spanish and English: A Contrastive Review. IJES, 3(2), PP.107122 Soriano, C. and Valezuela, J. (2009). Emotion and Color Across Languages: Implicit Associations in Spanish Color Terms. [Online] Available: http://ssi.sagepub.com/cgi/content/abstract/48/3/421 Zhang, (2007).A Cultural Comparison of Color Terms and Their Translation. US- China Foreign Language, vol 4, 5, pp.28-32 Wang, J. 2007. Analysis on the connotations of Color Terms in English and Chinese Language. Asian Social Science, vol 3, 4, pp.46-48 Wright, J. (2002). Idiom Organizer. Language Teaching Publications by Heline, a part of Thomson Corporation. Boston, MA 02210, USA. English dictionaries: Siefring, J. (2005).The Oxford dictionary of idioms. (2nd Eds.).New York: Oxford University Press. Speake, J. (Ed.) (2008).The Oxford dictionary of proverbs. (5th Eds.).Oxford: Oxford University Press. Soanes & Hawker.S, (2008). Compact Oxford Dictionary of Current English (3rd Eds.) New York: Oxford University Press. Richard A. Spears (2006). McGraw-Hill's Dictionary of American Idioms and phrasal verbs. 223 �1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo Persian references: Dehkhoda, (1999). Amsaal va Hekam-e-Dehkhoda. Tehran, Amir Kabir Publication. Hoseini.S (2008) Farhang-e-Estelehat-e-Adabi Tehran, Amir Kabir Publication. Najafi, A. (2010) .Farhang-e-Estelaahaat-e-Aamiyaaneh. Tehran, Amir Kabir Publication. Ayatolahi, H. (1998). Raang dar Quran. Daneshvar Quartl, 6 (21). Bahar, M. (1997). Pajuheshi dar Asaatire Iran. Tehran, Agah Publication. Partoei Amoli, M.( 1996). Rishehaay-e-Tarikhiy-e-Amsaal va Hekam. Azarli, K.(1989).Zarb-al-Masalhaay-e-Mashur-e-Farsi. Tehran: Arghavan Publication. 224 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 33 Title A name given to the resource Basic Colors and Their Metaphorical Expressions in English and Persian: Lakoff's Conceptual Metaphor Theory in Focus Author Author Rasekh, Abbass Eslami Ghafel, Banafsheh Abstract A summary of the resource. Metaphorical language is an indispensable part of human life, involving language, thought and action (Lakoff & Johnson, 1980; Lakoff, 1998). Accordingly, metaphor plays a major role in people's everyday language use and thinking. Our conceptual system is based on experiences we have gained with interacting with people and things surrounding us. In this respect, color plays an important role in convention metaphorical expressions in people's lives and daily communication. As a sub-category of metaphors, color terms are widely used literally and metaphorically in different languages and may also reflect cultural identities of language users. Replying on ―Contrastive Analysis of Metaphors‖ proposed by Barcelona (2001, cf. Soriano, 2003) as a cognitive qualitative method and on the basis of ―Conceptual Metaphor Theory‖ (Lakoff and Johnson 1980, 1999, 2003; Grady 1997; Kôvecses 2000, 2002, 2005; etc), this paper tries to investigate the extent to which connotations of basic colors, as used in the structure of metaphors are varied in English and Persian on the one hand; and, as compared to their differences in their metaphorical mappings in the languages concerned, on the other hand. To do so, we collected English instances from The Oxford Dictionary of Idioms (Siefring, 2005) and The Oxford Dictionary of Proverbs (Speake, 2008) and some other dictionaries. Next, Persian instances were extracted from some Persian dictionaries. The findings of this comparative analysis show that, although the connotation of colors in the structure of metaphorical expressions are overlapping each other to some extent, most of the expressions are culture-bound and specific to each language. Date A point or period of time associated with an event in the lifecycle of the resource 2011-05 Keywords Keywords. Conference or Workshop Item PeerReviewed P Philology. Linguistics https://omeka.ibu.edu.ba/files/original/d189a4627ce315bbec7a83dccefdbd16.docx b812595356a2b9eb50613a637aa659ad https://omeka.ibu.edu.ba/files/original/e37143b8c1d321463403600e37a4bf80.pdf 8f65bc9e18e8f4bd8428c2a24cd67b08 PDF Text Text BATI TRAKYA (YUNANĠSTAN) AĞIZLARI ÜZERĠNE Çağrı ÖZDARENDELĠ - Ergün ACAR Trakya Üniversitesi, Edebiyat Fakültesi, Türk Dili ve Edebiyatı Bölümü, Balkan Yerleşkesi, Edirne / Türkiye Anahtar Kelimeler: Ağız, Batı Trakya, Fonetik, Morfoloji, Sentaks. ÖZET Son yıllarda Anadolu ve Rumeli ağızlarına verilen önem artmış ve yapılan çalışmalar oldukça hız kazanmıştır. Ancak üzerinde araştırma ve inceleme yapılmayı bekleyen bir hayli yöre ağzı da mevcuttur. Onun için bildirimizde henüz kapsamlı bir akademik çalışma yapılmayan Batı Trakya Ağızları hakkında bilgi vermeyi amaçladık. Çalışmamızın dayanak noktasını 2009-2011 yılları arasında yapmış olduğumuz 86 ses kaydının verilerine dayanarak oluşturulmuştur. Derlenen ağız metinleri üzerinde yapılan ses bilgisi, şekil bilgisi, cümle bilgisi ve söz varlığı incelemeleriyle bölgenin üç ağız yöresi barındırdığını tespit edilmiştir. � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1997 Title A name given to the resource BATI TRAKYA (YUNANĠSTAN) AĞIZLARI ÜZERĠNE Author Author ACAR, Ergün ÖZDARENDELI, Çağrı Abstract A summary of the resource. Anahtar Kelimeler: Ağız, Batı Trakya, Fonetik, Morfoloji, Sentaks. ÖZET Son yıllarda Anadolu ve Rumeli ağızlarına verilen önem artmış ve yapılan çalışmalar oldukça hız kazanmıştır. Ancak üzerinde araştırma ve inceleme yapılmayı bekleyen bir hayli yöre ağzı da mevcuttur. Onun için bildirimizde henüz kapsamlı bir akademik çalışma yapılmayan Batı Trakya Ağızları hakkında bilgi vermeyi amaçladık. Çalışmamızın dayanak noktasını 2009-2011 yılları arasında yapmış olduğumuz 86 ses kaydının verilerine dayanarak oluşturulmuştur. Derlenen ağız metinleri üzerinde yapılan ses bilgisi, şekil bilgisi, cümle bilgisi ve söz varlığı incelemeleriyle bölgenin üç ağız yöresi barındırdığını tespit edilmiştir. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2013-05-17 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 2203-4548 https://omeka.ibu.edu.ba/files/original/6055272bf5bff75055bb907851d7a402.docx da796af6a2ea489dd032330319d93f2e Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Journal of Education and Humanities Subject The topic of the resource Education and Humanities Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Because Tumblr-Internet-Speak: Four Assumptions of Discourse Analysis Within New Rules of the English Language Author Author Nedima Krndžija Abstract A summary of the resource. The literature has described linguistic deviations from the conventional use of English in Computer-Mediated Communication (CMC) as distinguishing aspects of language used on the Internet. (Page, Barton, Unger, Zappavigna, 2014) The purpose of this paper is to analyse the unique language patterns seen on Tumblr, a popular microblogging platform, and how these patterns fit into four assumptions of discourse analysis as described by Rodney H. Jones (2009). Using a textual analysis method on a corpus of 60 texts extracted from Tumblr, this paper shows how four assumptions of discourse analysis can be found in Tumblr posts. The four assumptions of discourse analysis are that language is ambiguous, it is always in the world, it is used to show belonging to social groups, and it is never used alone. The ambiguity of language is taken advantage of, and Tumblr users use this ambiguity as a way of creating new vocabulary. New terms on Tumblr are coined and used by different social groups to show their association or aversion to said groups. Furthermore, textual analysis shows how Tumblr users mostly use language such as contractions, abbreviated forms, and acronyms in their blogs, which indicates that the said language is always in the world - the context in which, when, and for what a language is used determines what it signifies. Lastly, the analysis shows that the language is never used all by itself: non-standard use of punctuation adds tone to the text, and it functions as a ranting tone that impersonates rhetorical speech. Keywords Keywords. tumblr, internet linguistics, internet, discourse analysis, language deviations, language ambiguity, textual analysis Publisher An entity responsible for making the resource available International Burch University https://omeka.ibu.edu.ba/files/original/b267651da3fec79bb3999b4d95362e7e.pdf ab144b3ae76018f22c1791214ed4be75 PDF Text Text BEHAVIORAL FINANCE PERSPECTIVE ON MANAGERIAL DECISION MAKING UNDER RISK IN COMMERCIAL BANKS Amra Halaba International Burch University Bosnia and Herzegovina amrahalaba@yahoo.com Ali Coşkun International Burch University Bosnia and Herzegovina ali.coskun@ibu.edu.ba Abstract: Decision making is the most important and the most difficult task that managers perform. On the other side they are most of the time confronted with risk and uncertainty, especially in banking industry. Objective of this study is to examine how managers of commercial banks performs this task, by putting it in the perspective of the newest findings from Behavioral finance field. Behavioral finance is based on premise that decision makers behave less than fully rational. Due to their deeply rooted human nature managers are prone to make decisions based on subjective evaluation of available options, relative to certain reference point and to current state of wealth, and also according to their personal interests which may contradict banks`, industry`s and social welfare`s. Specifically, this study explores role of heuristics, biases and intuition in decision making, through concise review of existing literature. Importance of the study is in a fact that commercial banks are simultaneously the most important industry for country`s economic development and stability and the most submissive industry to the risk. Owing to systematic nature of risk generally in financial markets, any irregularity in one country`s banking industry will eventually reflect on other countries and is able to make ground for crisis. Study will contribute to better understanding of managerial perception of risk and their behavior under risk, which is primarily useful for architects of banks` corporate governance and banks` regulative. As we will see, setting identical option in two different frames leads to different decisions, this opens up possibilities to construct an environment in such a manner that decision makers are naturally led to make decisions that are in the best interest of all stakeholders involved. Keywords: Behavioral Finance, Decision Making, Risk in Banking, Commercial Banking 1. Introduction While literature is overwhelmed with analysis of risk taking behavior by managers in commercial banking, which mainly look at relationship between risk and some other significant variables such as size or ownership structure (García-Marco & RoblesFernández, 2008) there lacks analysis that takes into consideration factors of managers` behavior – acting individually and in groups. Mainstream economists argue that economic agents are rational utility maximizers who hold constant preferences and all together create efficient markets. However, such postulate is invalid, since irrationality of economic agents was recognized a long time ago, even by Adam Smith. (Santos & Chen, 2009) ICESoS 2016 - Proceedings Book 167 �International Conference on Economic and Social Studies (ICESoS’16) Not only that this postulate is incorrect in theory, but is troublesome for practitioners, specifically banks` owners and stakeholders, banking regulative bodies, and public in general. So, basic purpose of this research is to expand the view on managerial behavior in commercial banks, especially under risk environment. Hillson (2014) notes that risk management process which does not cover findings from human behavior sciences, in its foundation is condemned to produce less than optimal outcomes. For banking industry it is a must to include soft behavioral factors in risk management processes, which are at least as relevant as statistics. Markets and therefore decision making settings are characterized with complexity, uncertainty and risk (Krohling & Souza, 2012), which is especially relevant when it comes to banking industry. Banks act as society`s integrator, since these are institutions that come in relationship with almost all citizens and all businesses (Marous, 2015). Banks hold highest ratios in market capitalizations of any country, are subject to illiquidity risks, and most importantly the risk they impose is of systematic nature. Turbulences in one bank spread to whole banking industry in the country, therefore weakening its whole financial system. (Shen & Chih, 2005) Shen and Chih (2005) note also that one of sources of risk in banks is its asset structure, which is difficult to recognize and therefore to prevent. This risk is, author suggest, imposed by managers, since they are the ones who make final decisions on bank`s asset structure. Therefore, specific field covered by this research is behavioral corporate finance, which aims to provide insights into what drives managers in their decision making processes. Authors of the research suggest that introduction of behavioral factors in risk management process can seriously improve its efficiency and therefore contribute not only to business success of banks individually, but to increase of the overall social welfare. Research will provide insights into ways that managers make decisions, which is especially important under overwhelming risky settings. It is authors` suggestion that only by better understanding of the true nature and true behavior of managers in real situations, academicians and practitioners can better form bank`s internal structure and hierarchical relationships, as well as banking industry`s regulations. Following this assumption, study contributes to better understanding of bank`s executives, which is beneficial mainly to regulators of bank`s internal organization and regulators of banking industry. Research provides literature review of previous research on the given topic. Firstly, authors give introduction into field of behavioral corporate finance, which is followed with discussion on decision making processes and risk in banking industry. Third part is dedicated to implications of behavioral finance in decision making processes. Finally, at the very end authors give concluding remarks. 2. Literature Review 1.1 Behavioral Finance Behavioral finance is a branch of behavioral economics which is based on notion that financial market movements should be studied starting from the assumption of managers` incomplete rationality (Glaser, Noth, & Weber, 2003). 168 ICESoS 2016 - Proceedings Book �Regional Economic Development: Entrepreneurship and Innovation It is a field of research which combines standard finance theory with sciences on human nature - namely psychology, neuroscience, and sociology (Halaba & Ilgun, 2014). Therefore, behavioral economics in general is un upgrade to mainstream economics, which enables academicians and practitioners to gain better understanding of economic agents` behavior (Rabin, 1998), which is the main purpose of this research. It is important to draw attention to „upgrading“ role of behavioral finance. Aim of behavioral finance studies is not to contradict mainstream studies, rather to enrich them, expand the views and enable more efficient management as well as policy making. Since the scope of the study is managerial behavior, specifically the study is under the umbrella of corporate behavioral finance. 1.1.1 Behavioral Corporate Finance Corporate finance examines decision making (where we can consider financing decision, i.e. asset structure) in terms of cooperation and relationship between managers and owners (Baker & Wurgler, 2011). Under the agency theory, corporate finance is explained in terms of influence of capital owners on managers, with purpose of directing managers to behave in the most beneficial manner (Caprio & Levine, 2002). Caprio and Levine (2002) emphasize the importance of effective corporate governance in banks, since these have influence on “shaping capital allocation at the firm level and at the country level“ (p. 2) and Schmidt and Tyrell not that even back in 1997 there was notable increasing interest and recognition of financial markets` (banking industry included) role in resource allocation. Corporate governance is of systemic nature, meaning that all of its segments are interrelated, so that every incremental change in one segment contributes to the change in other segments as well (Schmidt & Tyrell, 1997). When it comes to mainstream economics, generally it is based on methodological approach, mathematical expression of assumptions, and analytical evaluation of implications of assumptions and empirical observations (Rabin, 1998). Therefore, intrinsic human attributes of managers which are relevant for decision making, are being neglected or perceived as disturbance to the smooth mainstream approach. The aim of behavioral corporate finance is to account for all these intrinsic attributes of managers and examine what drives their behavior in the real environment. (Berneheim, 2009; Camerer, 2007) Tirole (2006) in his, in-depth book „The theory of corporate governance“ gives credentials to behavioral finance as a branch that „relaxes the rationality postulate that dominates this book.“ (p. 9). He notes two courses present in behavioral corporate finance. Focus of one course is managerial irrationality, while focus of the other branch is on investors` irrationality. Topic of this research fits in the first course of managerial irrationality. However, Tirole decides not to include detail coverage of behavioral finance in his studies on corporate governance and stick to standard approach given by agency theory for several reasons. He notes that behavioral finance is in its offspring, so he finds it early for a broad theoretical recapitulation of corporate governance from this approach. So, he finds it lacking behind the agency theory. ICESoS 2016 - Proceedings Book 169 �International Conference on Economic and Social Studies (ICESoS’16) Authors of this research find his reasons as additional motivation for urging the involvement of behavioral corporate finance in academic studies as soon as possible, in order to raise awareness of its importance and move build up theoretical framework in this regard and break such (mis)perception on the power of insights from behavioral finance. According to Rabin (1998) the importance of behavioral finance in decision making reflects in findings that managers in real environment are prone to systematically irrational judgments and choices. It is opposite to postulate of mainstream economics that managers follow objective statistical laws of probability while making evaluations that lead their decisions. Behavioral finance gathers evidences on biased, loss averse, fearful, and in other regards irrational behavior of managers which result in less than optimum efficiency decision making (Halaba & Ilgun, 2014). It contradicts rationality of managers along the main postulates set by standard finance decision making theories. These postulates are: - manager exerts constant preferences (Abdulnabi, 2014) manager chooses the option with the highest expected objective utility (Abdulnabi, 2014) manager makes decisions based on logic and controls his emotions (Hadžić, 2015). While these assumptions to some degree serve well, in that they help to simplify reality and build economic models, it is necessary to recognize what real decision making is actually like. Looking at the real managerial behavior in the actual decision making environment is the core objective of behavioral corporate finance (Halaba & Ilgun, 2014). In order to understand decision making process in a corporation, it is inevitable to form understanding over beliefs and preferences of managers, owners, as well as interaction of the two (Baker & Wurgler, 2011). In order to gain this understanding, in the section 2.3 we will look at patterns of judgment and decision making - apparently irrational ones - which managers are prone to. Before looking into these patterns, firstly we will provide overview over risk decision making in general and risk in banking industry. 1.2 Decision Making Under Risk in Commercial Banking 1.2.1 Decision Making Decision making can be defined as „process of problem identification and the process of solving it“ (Shermerhon, 1996, p. 194). These are processes that managers are constantly engaged in. Furthermore, decisions are made in groups, rather than individually, which makes decision making environment more complex. (Dervishi & Ibish, 2014) Hadžić & Ilgun (2015) note that decision making is marked with huge pressure which comes from numerous options and eventually results in sub-optimal decisions. 170 ICESoS 2016 - Proceedings Book �Regional Economic Development: Entrepreneurship and Innovation Korte (2003) introduces results of the study done over 300 managerial decision over 20 years, done by Paul Nutt, published in Nutt`s book „Why decisions fail: Avoiding the blunders and traps that lead to debacles“ from 2002. Study revealed that decisions which result in optimum outcomes are characterized by the following: 1. A deliberate and thorough study of the claims by a variety of stakeholders 2. Early attention to social and political interests, and 3. Setting direction based on a cross-section of informed opinion“ (Korte, 2003, p. 446) 2.2.2 Agency Theory The basic theory of corporate governance in economics is agency theory. It assesses the relationship between principals – owners and agents – managers within an organization, with emphasis on risk perception of both parties. Owners are assumed to be risk neutral, following the assumption that they do not place entire investing capital in one investment, so only part of their wealth would be placed in individual bank. When their entire capital does not depend on performance of single bank, owners are likely to be less influenced by their emotions and therefore make more deliberate decisions. Managers are assumed to be more biased in decision making, since their personal incomes depend on the performance of the bank. Income for managers mainly comes from regular salaries, but also from different types of bonuses as well. (Wiseman & Gomez-Mejla, 1998) Basically, corporate structure should be such that encourages managers to behave in the best interests of owners. However, even despite some clearly established legal rules for owner-manager relationships, still there remains challenge of how to apply those rules in practice, to ensure that managers really do follow them. (Erner, Klos, & Langer, 2013) So, there are strict rules which direct owner-manager relationship. However, there are also bonus schemes, which are designed to motivate managers to behave in a way that benefits owners the most. However, Chen, Zhang, Xiao, & Li (2011) conducted study on bonus schemes among the five biggest banks in United Kingdom, which shows that incentives paid to managers did not result in favorable outcomes. All of these banks performed poorly with major liquidity problems. 2.2.3 Risk in Commercial Banking Classic definition of the risk is as follows „Risks are uncertainties resulting in adverse variations of profitability or in losses.“ (Bessis, 2002, p. 11). However, concept of risk is poorly understood (Abdulnabi, 2014) and there are many different definitions out there (Riabacke, 2006). ICESoS 2016 - Proceedings Book 171 �International Conference on Economic and Social Studies (ICESoS’16) So, Riabacke (2006) explains risk by putting it in the context of two other terms. These are: - Certainty, where manager knows for sure what will be outcomes of specific actions Uncertainty, where manager does not know at all what could be outcomes of specific actions. Risk is in between the above two. It implies that manager knows more than one possible outcome for each specific action, where each outcome is expected to occur at certain probability. However, manager cannot know whether: - All outcomes he accounts for are actually all possible ones Probabilities he assigns to each outcome are accurate. „Banking risks are defined as adverse impacts on profitability of several distinct sources of uncertainty“ (Bessis, 2002, p. 11). Basic types of banking risks are: credit risk, interest rate risk, market risk, liquidity risk, operational risk, foreign exchange risk, other risks (country risk, settlement risk, performance risk) (Bessis, 2002). Risk taking in banking industry is specific because of the role which this sector has in one country. Negative effects of the risk behavior in single bank influences other banks and very soon implications spread over to the financial system and complete economy. (García-Marco & Robles-Fernández, 2008) More complex environment makes it more difficult for managers to evaluate what might be outcomes of different options they can choose among (Erner et al., 2013). Eventually, it amplifies the risk they encounter. 1.3 Implications of Behavioral Corporate Finance for Decision Making Under Risk 1.3.1 Intuition Intuition can be defined as all those processes which happen in human mind on subconscious level (Isenman, 1997). Hadžić and Ilgun (2015, p.14) provide another more detailed definition of intuition by Woiceshyn (2014) who says that „Intuition, or the process of intuiting, is described as the inexplicable emergence of a sudden understanding – a “hunch” or a “gut feeling” – seemingly out of nowhere but involving the subconscious and one’s previous experience, often described as recognition of familiar patterns from previous experiences“. According to evidences from neuroscientists, people do not have conscious control of their behavior. They inform us that human brain is influenced by environment in which human operates. (Bloom, 2014) Therefore, managers cannot make their decisions as dissected from the context in which they operate, or influences of other group members. 172 ICESoS 2016 - Proceedings Book �Regional Economic Development: Entrepreneurship and Innovation Managers are continuously asked to make decisions, which involves solving difficult questions under ambiguity, complexity, uncertainty. Confronted with such pressures, they tend to make the challenge easier, by swapping the actual problem for an easier one. The easier problem is the problem they perceive compatible with the present one, but it does not necessarily has to be true. The essence is that they take to the surface a problem which they are familiar with, their minds know how to solve it. This swap pattern is at fundaments of intuitive judgments and decision making. (Kahneman, 2011) Intuitive thinking underlies human thinking, judgment, and decision making overall. However in order to be properly utilized in academic circles, its importance has to be acknowledged by leading academicians. (Isenman, 1997) Intuition underlies the concept of heuristics, which are discussed in the following section. 1.3.2 Heuristics Heuristics are mental shortcuts which managers use when making difficult decisions in complex settings. They substitute difficult question with an easier one – which might lead decision maker from the essence of the actual problem, or in absence of relevant data they reach for available data – which might or might not be relevant for a problem at hand, but also might mislead decision maker from the actual problem. (Hadžić, 2015) Following the book „Thinking, Fast and Slow“ by father of behavioral economics Daniel Kahneman, which he wrote with priceless help of his colleague and friend Amos Tversky, authors of this research count four basic types of heuristics. These are: availability, representativeness, anchoring, and affect heuristic. Each of these will be discussed in following paragraphs. 2.3.2.1 Availability Heuristic Availability heuristic is decision making pattern based on information that is easily obtainable, that is on information that comes to a mind of managers with an ease and effortlessly (Sewell, 2011). It comes as result of replacing a difficult problem for an easier one and basically solving a problem and making a needed decision based on the information that can be reached the most easily, even though it might not be relevant for the present situation. Such decision making has a power to leave actual problem unresolved, or in the worst case make the problem even the more serious one. (Kahneman, 2011) One way in which bank managers can hurt bank`s asset structure is by following the available data from the news, since there is evidence for example that investments which are the most prompted up on the media platform, perform the poorest among other investments in two years (Sewell, 2011). This example is implicative of how data which is the most easily accessible, can be misleading. Managers should not carelessly follow the news on the macroeconomic situation or industry performances, but rather take an analytical and critical evaluation approach. ICESoS 2016 - Proceedings Book 173 �International Conference on Economic and Social Studies (ICESoS’16) 2.3.2.2 Representativeness Heuristic According to Kahneman (2011), people are wired to seek for certain correlation between events and situations to the extent that he refers to human species as to „pattern seekers“. Managers as well have a need to fit in any new circumstance into specific scheme, give it meaning, purpose and justification. It provides sense of control, while loss of control over situation upon which our well-being depends, causes negative feelings. Instead of objective assessment of events and situations, managers find certain context to put those events and situations in. In that way the actual situation or event loses its true context and of course can be misleading for decision making. It is troublesome especially when this need implies neglect of actual problem that needs to be solved. So, people have this tendency to perceive events and things which share certain attributes as the same (Baker & Nofsinger, 2002). If managers misevaluate potency of certain event`s amplitude to disturb their asset positions, it can significantly change their risk attitudes and behaviors. 2.3.2.3 Anchoring Heuristic Managers tend to evaluate options they have at disposal based on what those options contribute - either positively or negatively to their current level of returns. It harms their choice of options and final decision in a way that they neglect objective final utility expected from each of those options. While anchoring their evaluation to a certain value or a number, they focus on subjective value which those options provide them. (Helson, 1964; Rabin, 1998) More worrisome fact is that managers have tendency to anchor their evaluations to some values or numbers that are completely unrelated to the prospects they are evaluating, as opposed to their current returns level. Reference value upon which managers compare their options does not have to have any logical correlation to the actual choice they are making. Kahneman (2011) 2.3.2.4 Affect Heuristic Affect heuristic is based on influence that people`s emotions have on their judgments and decision making and according to Kahneman (2011) emotions have the highest power in directing the risk attitudes and preferences of managers. Basically, all decisions that people make are simply manifestation of their feelings towards specific option at certain point in time. According to Finucane, Alhakami, Slovic and Johnosn (2000) how managers perceive risk and therefore form their risk attitudes which drive their risk behavior is influenced primarily by affect heuristic. Prospects which provoke positive emotions with managers, they are likely to frame as „a low risk and high benefit“, whereas prospects which provoke negative emotions with managers, they are likely to frame as „ high risk and low benefit“. 174 ICESoS 2016 - Proceedings Book �Regional Economic Development: Entrepreneurship and Innovation Another leading behavioral economist Dan Ariely (2008), came to a conclusion that people`s emotions obscure their deliberate thinking and have potency to drive their behavior. According to Kahneman (2011), people make deliberate decisions, except in those situations when their emotions take over their deliberate thinking. 2.3.3 Bias Bias refers to subconscious, faulty and unreasonable judgment and decision making. It fundamentally differs from logical and analytical objective thinking patterns. (Kahneman, Slovic, & Tversky, 1982) Biased thinking and acting is a path to situations in which the manager believes that he is close to maximizing firm value - and, consequently his incentives - but is in fact deviating from this ideal (Baker & Wurgler, 2011). Managers, as other humans do not always make judgments logically. Furthermore, once formed judgments do not always lead to final decisions in rational and consistent way. (M. P. Baker & Wurgler, 2011) However, there is evidence that certain personal abilities of managers are correlated to the performance of the firm (Kaplan, Klebanov, & Sorensen, 2011). On the other side, Simon (1955) introduced the term bounded rationality, under which he assumes that some type of cognitive or information gathering cost prevents managers from making fully optimal decisions. Bounded rationality allows managers to deal with complex environment by using heuristic. In that manner they manage to obtain satisfying performance. Since such approach to decision making has certain benefits they should strive at least to diminish sensitivity to their own biases. In following sections, authors discuss several most applicable biases when it comes to corporate behavior of managers individually and in groups. 2.3.3.1 Confidence and Optimism Bias These two types of biases are related and feed each other, so are discussed jointly. Managers have tendency to overvalue their capabilities and expertise and to be overly optimistic over future prospects that they personally feel affection for. Additionally, managers tend to put more value on the role that they played in certain achievements and successes, than they actually had. (Jarboui & Boujelbene, 2012) They are prompted to see their circumstances as more favorable than they really are. Also, managers usually fail at time management by overestimating their abilities and assigning less time for activities than they actually need. (Barberis & Thaler, 2003) Shiller (2000) notes that people in general have tendency to focus on favorable sides and ignore possible negative effects when a new situation arises. ICESoS 2016 - Proceedings Book 175 �International Conference on Economic and Social Studies (ICESoS’16) While over optimism and overconfidence can reflect negatively on corporate behavior, it has positive sides also when experienced moderately. They encourage managers to look for new prospects in environment, increases their self-awareness, and makes them utilize their full capacities. (Jarboui & Boujelbene, 2012) So, in order to benefit from these characteristics, managers have to control for them. But, along with complexity of environment and decisions that need to be made, managers are additionally burdened with group pressure. Group decision making feeds overconfidence and makes it harder to de-bias. (Gervais, 2010) 2.3.3.2 Confirmation Bias Once the move is made, no matter what the outcome is, managers put that outcome in the context and seek for proper justification of their previous actions. They seek confirmation for their actions. This is „tendency to interpret evidence as consistent with one`s preexisting beliefs“ (Daniel, Hirshleifer, & Teoh, 2002, p. 143) Beliefs and judgments once formed, is what managers firmly hold unto (Barberis & Thaler, 2003; Rabin, 1998) and are likely to discard any new data that opposes established judgments, however relevant these might be (Baker & Nofsinger, 2002). 2.3.3.3 Herding effect According to Sewell (2011), herding effect is due to need of people to socialize and make groups in order to survive and improve well-being through evolution. Socializing is crucial for information exchange, which is one of the most important resources. There is evidence that people are more likely to take higher risks when acting in a group. Being a member of a group reduces feelings of insecurity and anxiety over decisions. Company of other people changes risk behavior of each group member. (Chou & Nordgren, 2016) According to Shiller (2000) information exchanged between people in face-to-face conversations has higher impact than the same information exchanged in other ways. It is due to capacity of face expressions, or tone of voice to provoke specific emotions with participants of conversation. Acting in group benefits each member, since his capacity to perform increases. On the other side, it can be harmful since each member is likely to follow explicitly or implicitly implied set of activities. (Shiller, 2000) 3. Conclusion Effective risk management needs to account for insights from behavioral corporate finance, which are derived from psychology, neuroscience, and sociology. It is deemed necessary to approach risk taking behavior from a broader and more realistic perspective, instead of relying solely on standard risk approaches, which include relationship between risk and return, constant preferences and utility maximization. Significance of effective risk management increases in domain of banking industry, which serves as an integrator and financier of country`s economic system. It is up to academicians and practitioners both to gain more understanding into how human minds work and how managers make decisions. It will empower them to create 176 ICESoS 2016 - Proceedings Book �Regional Economic Development: Entrepreneurship and Innovation environments in which managers are compelled to behave in the best interest of all stakeholders involved. Managers themselves, should strive to understand and get to know themselves and members of their executive boards better. In that way, they will be better able to control their own decision making and establish better control over themselves. This study shed a light on the suggested approach to risk management, draw attention to its importance and hopefully developed interest from professionals in academics and real sector. Future research should definitely include development of model of managerial decision making under risk in commercial banking, since it would help standardization of risk management processes. References • Abdulnabi, N. L. (2014). Prospect Theory in Decision Making Process. Eastern Mediterranean University, Gazimagusa, North Cyprus. • Ariely, D. (2008). Predictably Irrational: The Hidden Forces That Shape Our Decisions. New York: HarperCollins Publishers. • Baker, H. K., & Nofsinger, J. R. (2002). Psychological Biases of Investors. Financial Services Review, 11(2), 97. • Baker, M. P., & Wurgler, J. (2011). Behavioral Corporate Finance: An Updated Survey (SSRN Scholarly Paper No. ID 1909013). Rochester, NY: Social Science Research Network. Retrieved from http://papers.ssrn.com/abstract=1909013 • Barberis, N., & Thaler, R. (2003). Chapter 18 A survey of behavioral finance. In M. H. and R. M. S. G.M. Constantinides (Ed.), Handbook of the Economics of Finance (Vol. Volume 1, Part B, pp. 1053–1128). Elsevier. Retrieved from http:// www.sciencedirect.com/science/article/pii/S1574010203010276 • Berneheim, D. B. (2009). The Psychology and Neurobiology of Judgment and Decision Making: What`s in it for Economists? In Neuroeconomics: Decision Making and the Brain (1st ed., pp. 115–125). London U.K.: Elsevier Inc. • Bessis, J. (2002). Risk Management in Banking (2nd ed.). West Sussex, England: John Wiley and Sons Ltd. • Bloom, P. (2014, February). The War on Reason. Retrieved March 24, 2014, from http://www.theatlantic.com/magazine/archive/2014/03/the-war-onreason/357561/ • Camerer, C. F. (2007). Neuroeconomics: using neuroscience to make economic predictions. Economic Journal, 117, C26–C42. • Caprio, G., & Levine, R. (2002). Corporate governance in finance: Concepts and international observations. Financial Sector Governance: The Roles of the Public and Private Sectors, 17–50. • Chen, J. J., Zhang, H., Xiao, X., & Li, W. (2011). Financial crisis and executive remuneration in banking industry - an analysis of five British banks. Applied Financial Economics, 21, 1779–1791. http://doi.org/10.1080/09603107.2011.5877 69 • Chou, E. Y., & Nordgren, L. F. (2016). Safety in Numbers: Why the Mere Physical Presence of Others Affects Risk-taking Behaviors. Journal of Behavioral Decision Making. • Daniel, K., Hirshleifer, D., & Teoh, S. H. (2002). Investor psychology in capital markets: evidence and policy implications. Journal of Monetary Economics, 49(1), 139–209. http://doi.org/10.1016/S0304-3932(01)00091-5 ICESoS 2016 - Proceedings Book 177 �International Conference on Economic and Social Studies (ICESoS’16) • Dervishi, A., & Ibish, K. (2014). Decision making under the conditions of risk and uncertainty in some enterprises of Prishtina and Ferizaj. European Scientific Journal. • Erner, C., Klos, A., & Langer, T. (2013). Can prospect theory be used to predict an investor`s willingness to pay? Journal of Banking & Finance, 37(2013), 1960–1973. • Finucane, M. L., Alhakami, A., Slovic, P., & Johnosn, S. M. (2000). The affect heuristic in judgements of risks and benefits. Journal of Behavioral Decision Making, 13, 1–17. • García-Marco, T., & Robles-Fernández, M. D. (2008). Risk-taking behaviour and ownership in the banking industry: The Spanish evidence. Journal of Economics and Business, 60(4), 332–354. http://doi.org/10.1016/j.jeconbus.2007.04.008 • Gervais, S. (2010). Capital Budgeting and Other Investment Decions. In K. H. Baker & J. R. Nofsinger, Behavioral Finance. Hoboken, Wiley. • Glaser, M., Noth, M., & Weber, M. (2003). Behavioral Finance. In Blackwell Handbook of Judgment and Decision Making - Chapter 26 (p. 32). Mannheim, Germany: Lehrstuhl für Bankbetriebslehre Universität Mannheim. Retrieved from http://www.sfb504.uni-mannheim.de/publications/dp03-14.pdf • Hadžić, Z. (2015). Intuition in Decision Making: Comparison of Middle-Eastern and European Decision Making Styles (Master Thesis). International Burch University, Sarajevo, B&H. • Halaba, A., & Ilgun, E. (2014). Behavioural Finance: The Review of Basic Concepts (1st ed.). Sarajevo, B&H: IBU Publications. • Helson, H. (1964). Adaptation-level theory: an experimental and systematic approach to behavior. Harper and Row: New York. • Hillson, D. (2014). Perspectives on risk management and behavioural finance Perspective 1. Journal of Risk Management in Financial Institutions, 7(2), 114–116. • Isenman, L. D. (1997). Toward an understanding of intuition and its importance in scientific endeavor. Perspectives in Biology and Medicine, 40(3), 395–403. • Jarboui, S., & Boujelbene, Y. (2012). The Behavioral Approach and the Rationality of Economic Decisions: Application to Banks Managers. In M. Nejati & M. Nejati, Global Business and Management Research : An International Journal Vol. 4, No. 2 (pp. 205–219). Universal-Publishers. • Kahneman, D. (2011). Thinking, Fast and Slow (First). New York: Farrar, Straus, and Giroux. • Kahneman, D., Slovic, P., & Tversky, A. (1982). Judgment under uncertainty: Heuristics and biases. • Kaplan, S. N., Klebanov, M. M., & Sorensen, M. (2011). Which CEO Charecteristics and Abilities Matter? Journal of Finance, Forthcoming. • Korte, R. F. (2003). Biases in decision making and implications for human resource development. Advances in Developing Human Resources, 5(4), 440–457. • Krohling, R. A., & Souza, T. T. M. de. (2012). Combining prospect theory and fuzzy numbers to multi-criteria decision making. Expert Systems with Applications, 39(2012), 11487–11493. • Marous, J. (2015, November 9). Securing Banking’s Role as Relationship Gatekeeper. Retrieved March 22, 2016, from about:reader?url=http%3A%2F%2Fthefinancialbrand.com%2F55226%2Fbankingcustomer-experience-loyalty-gatekeeper%2F • Rabin, M. (1998). Psychology and Economics. Journal of Economic Literature, 36(1), 11–46. • Riabacke, A. (2006). Managerial decision making under risk and uncertainty. IAENG International Journal of Computer Science, 32(4), 453–459. 178 ICESoS 2016 - Proceedings Book �Regional Economic Development: Entrepreneurship and Innovation • Santos, L. R., & Chen, K. M. (2009). The Evolution of Rational and Irrational Economic Behavior: Evidence and Insight from a Non-human Primate Species. In Neuroeconomics: Decision Making and the Brain (1st ed., pp. 81–93). London U.K.: Elsevier Inc. • Schmidt, R. H., & Tyrell, M. (1997). Financial systems, corporate finance and corporate governance. European Financial Management, 3(3), 333–361. • Sewell, R. (2011). Psychology of Successful Investing. U.K.: University of Cambridge. • Shen, C.-H., & Chih, H.-L. (2005). Investor protection, prospect theory, and earnings management: An international comparison of the banking industry. Journal of Banking & Finance, 29, 2675–2697. http://doi.org/10.1016/j.jbankfin.2004.10.004 • Shermerhon, J. R. (1996). Management and Organization Behaviour. New York: John Wiley & Sons. • Shiller, R. J. (2000). Irrational Exuberance. Princeton, New Yersey: Princeton University Press. • Simon, H. A. (1955). A Behavioral Model of Rational Choice. Quarterly Journal of Economics, 69(1), 99–118. • Tirole, J. (2006). The theory of corporate finance. New Jersey, USA: Princeton University Press. • Wiseman, R. M., & Gomez-Mejla, L. R. (1998). A Behavioral Agency Model of Managerial Risk Taking. Academy of Management Review, 23(1), 133–153. • Woiceshyn, J. (2014). Making Effective Decisions by Integrating. In J. Liebowitz (Ed.), Bursting the Big Data Bubble: The Case for Intuition Based Decision Making (1st ed.). Boca Raton, 711 Third Avenue, New York: Auerbach Publications. ICESoS 2016 - Proceedings Book 179 �� Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 3313 Title A name given to the resource BEHAVIORAL FINANCE PERSPECTIVE ON MANAGERIAL DECISION MAKING UNDER RISK IN COMMERCIAL BANKS Author Author Halaba, Amra COSKUN, Ali Abstract A summary of the resource. Abstract: Decision making is the most important and the most difficult task that managers perform. On the other side they are most of the time confronted with risk and uncertainty, especially in banking industry. Objective of this study is to examine how managers of commercial banks performs this task, by putting it in the perspective of the newest findings from Behavioral finance field. Behavioral finance is based on premise that decision makers behave less than fully rational. Due to their deeply rooted human nature managers are prone to make decisions based on subjective evaluation of available options, relative to certain reference point and to current state of wealth, and also according to their personal interests which may contradict banks`, industry`s and social welfare`s. Specifically, this study explores role of heuristics, biases and intuition in decision making, through concise review of existing literature. Importance of the study is in a fact that commercial banks are simultaneously the most important industry for country`s economic development and stability and the most submissive industry to the risk. Owing to systematic nature of risk generally in financial markets, any irregularity in one country`s banking industry will eventually reflect on other countries and is able to make ground for crisis. Study will contribute to better understanding of managerial perception of risk and their behavior under risk, which is primarily useful for architects of banks` corporate governance and banks` regulative. As we will see, setting identical option in two different frames leads to different decisions, this opens up possibilities to construct an environment in such a manner that decision makers are naturally led to make decisions that are in the best interest of all stakeholders involved. Date A point or period of time associated with an event in the lifecycle of the resource 2016 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/029a44e7c9efb83f57346fc28210f742.pdf d9e94895f56e4f7eaf80b6418985b1d7 PDF Text Text 1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo Being an English Teacher in Turkey: Future Teachers‘ Perspectives Dr. H. Sezgi SARAÇ BaĢkent University, Ankara, Turkey hsarac@baskent.edu.tr Abstract: This study aims at identifying prospective teachers‘ perceptions with respect to positive and negative aspects of being an English teacher in Turkey. To this end, a qualitative research design was used and the participants were future teachers (n=40) studying at the department of English language teaching in Turkey. In order to gather data, each participant was interviewed via structured questions. During these interviews, the prospective teachers were asked to put forward their negative and positive associations with the terms: ―teacher‖, ―English teacher‖ and ―English teacher in Turkey‖. The collected data imply those prospective teachers‘ beliefs and values as well as perceptions over teaching and working as an English language teacher in Turkey. The results also denote how future teachers evaluate the present conditions, which are financial and moral, the practitioners work in Turkey today. 1. INTRODUCTION As highlighted in the related literature, actions and identities are closely bounded with personal beliefs (Kagan, 1992; Pajares, 1992; Witcher, et. al. 2001). Belief, as a system, acts as a perceptual filter while adhering meaning to the outside world and reality (Puchta, 1999). Richardson (1996) defines beliefs as psychologically related apprehensions, presumptions or intentions over the world that is perceived to be true. Thus, a system of belief functions as a personal guide that helps a person to define and understand the world and himself (Pajares, 1992). Teachers‘ beliefs are stated to have a form of structured set of principles and they are derived from practitioners‘ experiences, practices and personality (Borg, 2003). Zheng (2009) indicates that a teacher‘s system of beliefs is the substructure of his general belief system and effected from former experience. Beliefs inspire teachers‘ planning, decision making and in-class behavior. Calderhead (1996) distinguishes five main areas of teachers‘ belief which are beliefs on learners and learning; on teaching; on subject; on learning to teach; on self and on teaching role. Since it is not possible to observe or measure individuals‘ beliefs directly, people‘s statements can be used as resource to make inferences from (Rokeach, 1968; Johnson, 1994). Even though beliefs are tacit, the importance of doing research on English as a foreign language (EFL) teachers is underscored by Zheng (2009) as beliefs have an effect on what the practitioners state and how they act in the classroom, which, results in shaping their own beliefs again. While emphasizing the importance of teachers‘ belief, it should also be noted that the actual setting of teaching and contextual factors are to be taken into consideration. The realities of teaching conditions, such as school setting, workload, motivation, parental and administrative pressure on teachers might act as a hindrance to put beliefs into practice (Duffy, 1982, Mohammed, 2006). Khonamri and Salimi (2010) propose that there is a complex and sometimes inconsistent relationship between practitioners‘ beliefs and practices, which might be related to contextual factors and classroom life the teachers face with. Therefore, teachers‘ knowledge alone is not sufficient to understand practitioners‘ behavior and way of prioritizing problematic issues, which requires the elaboration of teacher beliefs (Zheng, 2009). Thus, the aim of this study is to examine pre-service EFL teachers‘ beliefs in a dichotomy of positive and negative associations with three different but interrelated concepts which are: being a teacher, being an English teacher and finally being an English teacher in Turkey. The research questions guided the method and procedures of study are as follows: What are the pre-service teachers‘ positive and negative associations with the concepts: a. ―teacher‖? b. ―English teacher‖? c. ―English teacher in Turkey‖? 2. METHOD 1107 �1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo A qualitative research design was used and the participants were future teachers (n=40) studying at the department of English language teaching in Turkey. In order to gather data, each participant was interviewed via structured questions. During these interviews, the prospective teachers were asked to put forward their negative and positive free associations with the terms: ―teacher‖, ―English teacher‖ and ―English teacher in Turkey‖. As stated by Brown and Rodgers (2002) free association was introduced as a method of psychological research by Sigmund Freud. In one of the forms of free association method, right after the researcher states a word, the participant is asked to utter an immediate response which comes to his mind. The pre-service teachers who took part in the data collection procedure were asked to put forward their free associations with an unlimited number of words, phrases or sentences. The participants‘ associations were recorded to be transcribed and coded under different themes. Since there was no limitation with the number of productions, each participant‘s all of the utterances were taken into consideration and categorized in accordance with the themes. Therefore, the total number of associations was not limited to the number of participants but to that of associations put forward for each concept. In addition, the association stated by only one participant was left out to exclude non-repeating data. The findings were presented in frequencies and percentages. 3. FINDINGS The first set of data is on the participants‘ positive free associations with the concept ―teacher‖. Totally eleven themes are highlighted by the pre-service teachers, which are: sacred, love, fun, devotion, guaranteed, summer break, ideal job for women and patience. Table 1: Positive associations on the term ―teacher‖. Association Frequency (N) Percentage (%) Love 16 17,9 Fun 13 14,7 Devotion 12 13,6 Patience 10 11,3 Summer break 8 8,9 Sacred 6 6,7 Guaranteed 6 6,7 Ideal job for women 6 6,7 Idealist 5 5,6 Up-to-date 4 4,5 Fair 3 3,4 Total 89 100 The most repeated association on the term ―teacher‖ is ―love‖ (N=16). The participants stated this theme in chunks, such as ―love for students‖ and ―love for human-beings‖. The second most repeated association is ―fun‖ (N=13). ―Devotion‖ (N=12) and ―patience‖ (N=10) were stated to be positive associations by the pre-service teachers. The participants indicated that ―summer break‖ is a positive aspect of being a teacher. The participants associated the key term with ―sacred‖ (N=6), ―guaranteed‖ (N=6) and ―ideal job for women‖ (N=6). The other, less uttered associations are ―idealist‖ (N=5), ―upto-date‖ (N=4) and ―fair‖ (N=3). On the dichotomy, there exist the negative associations with the concept ―teacher‖. This time, the participants provided associations in fewer themes but with more frequency. There are three themes proposed: Association Difficult conditions Low salary Public Personnel Examination (PPSE) Total Table 2: Negative associations on the term ―teacher‖. Frequency (N) Percentage (%) 28 39,5 25 35,2 Selection 18 25,3 71 100 Most of the associations are related with the theme ―difficult conditions‖ (N=28). The actual associations grouped under this theme are: ―difficult working conditions‖ (6), ―corporal punishment‖ 1108 �1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo (3), ―punishment‖ (2), ―responsibility‖ (1), ―receiving orders‖ (2), ―fatigue‖ (5), ―demanding‖ (2), ―service done in the eastern part of Turkey‖ (3), ―dealing with parents‖ (2), ―educational system in Turkey‖ (2). As the third most repeated negative association (N=18), the participants stated the Public Personnel Selection Examination (PPSE) that is administered before appointing servants to work in state institutions, including state schools in Turkey. The third set of collected data is on participants‘ free associations with ―English teacher‖. There are seven main themes stated by the participants related with the keyword given. The data analyzed in frequencies and percentages are as follows: Table 3: Positive associations on the term ―English teacher‖. Association Enjoyable Communication Culture Privileged Job opportunities Cool Creativity Total Frequency (N) 21 19 17 12 10 7 6 92 Percentage (%) 22,8 20,7 18,5 13 10,9 7,6 6,5 100 The participating pre-service teachers associate the term ―English teacher‖ with the job being ―enjoyable‖ (N=21) and leaving space for ―creativity‖ (N=6). The most repeated associations were related with the aspects of ―communication‖ (N=19) and culture (N=17). The other statements were on the themes of ―privileged‖ (N=12) and ―job opportunities‖ (10). The participants also stated that the target term associated with ―cool‖ (N=7). The themes on the negative associations are five in number. Among these themes, ―prejudiced ides‖, ―incompetent teachers‖, ―difficult conditions‖, ―bad pronunciation‖ and ―foreign/imported teachers‖ were included. The findings in frequencies and percentages are: Table 4: Negative associations on the term ―English teacher‖. Association Frequency (N) Percentage (%) Prejudiced ideas 25 34,2 Incompetent teachers 15 20,5 Difficult conditions 12 16,5 Bad pronunciation 12 16,5 Imported teachers 9 12,3 Total 73 100 Most of the associations are related with ―prejudiced ideas‖. Within this theme, utterances such as ―being compared with native speakers‖ (N=4), ―students‘ with negative attitude towards English‖ (N=4), ―people regarding that English is too simple‖ (N=2) were also included. The second most repeated theme is ―incompetent teachers‖ (N=15). ―Teachers using classical methods‖ (N=5), ―teachers using Grammar Translation Method only‖ (N=3), ―teachers using inappropriate teaching methods‖ (N=2) were among the productions included under the category of ―incompetent teachers‖. ―Difficult conditions‖ (N=12) and ―bad pronunciation‖ (N=12) were the other associations put forward. ―Imported teachers‖ (N=9) was also stated by participants. The phrase ―imported teachers‖ is frequently used in Turkish media to name the contemporary issue in national education that 40.000 foreign English language teachers have been planned to be recruited in Turkey. (http://www.ntvmsnbc.com/id/25195744/, 2011). The next concept presented to the participants to find out their associations was ―English Teacher in Turkey‖. The pre-service teachers proposed associations that were categorized in six different themes, which were ―difference‖, ―prestige‖, ―job opportunities‖, ―enjoyable‖, ―superiority‖, and ―privileged‖. 1109 �1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo Table 5: Positive associations on the term ―English teacher in Turkey‖. Association Frequency (N) Percentage (%) Difference 13 25 Prestige 11 21,1 Different job opportunities 8 15,4 Enjoyable 8 15,4 Superiority 7 13,5 Privileged 5 9,6 Total 52 100 Being an ―English teacher in Turkey‖ was associated with ―difference‖ (N=13) and ―prestige‖ (N=11). ―Different job opportunities‖ (N=8) and ―enjoyable‖ were also among the themes. The concept was proposed to have associations with ―superiority‖ (N=7) and ―privileged‖ (N=5). The last set of data is on negative associations related with ―English teacher in Turkey‖. The participants associated the term with ―imported teachers‖, ―PPSE‖, ―bad coursebooks and materials‖, ―low salary‖, ―bad curriculum‖, ―service in eastern Turkey‖ and ―not being appointed‖. The findings are as follows: Table 6: Negative associations on the term ―English teacher in Turkey‖. Association Frequency (N) Percentage (%) Imported teachers 27 22,5 PPSE 23 19,3 Bad coursebooks and materials 22 18,3 Low salary 19 15,8 Bad curriculum 13 10,8 Service in eastern Turkey 9 7,5 Not being appointed 7 5,8 Total 120 100 Among the negative associations foreign teachers planned to be recruited in Turkey, ―imported teachers‖ (N=27) is the most recurring theme of all. Secondly, ―PPSE‖ (N=23) was stated by the participants. ―Bad coursebooks and materials‖ (N=22) and ―bad curriculum‖ were other themes of association proposed. ―Low salary‖ (N=19), ―service in eastern Turkey‖ (N=9) and ―not being appointed‖ were the last themes analyzed. 3. DISCUSSION AND CONCLUSION The most significant finding of current research is that the participants relate foreign teachers planned to be recruited in Turkey, ―imported teachers‖, and ―PPSE‖ as negative associations to working as an EFL teacher in Turkey. In addition, the curriculum, coursebook and materials used are not appreciated by the participants, either. It can be stated that the participants‘ reflections upon such issues derive from previous learning experiences. As is stated by Numbirch (1996) practitioners‘ beliefs are affected from prior learning experiences and these beliefs are influential all through their professional lives. Even though being a teacher is associated with many positive aspects, such as; ―love‖, ―fun‖ and ―devotion‖, associations on difficult working conditions, low salary and PPSE point at the negative aspects of working as a teacher in Turkey again. Besides, enjoyable, communicative and cultural aspects of being an English teacher are emphasized; however, the prejudiced ideas against the target language and profession, incompetent teachers and difficult job conditions were also mentioned by the participants. In another complementary study, pre-service teachers of EFL also indicate in their memoirs that ―teachers who were not specialized in English language teaching‖, ―teachers‘ inability in using English fluently‖ and ―over-crowded classes ... with poor technology‖ are problematic issues in English language instruction in Turkish primary school setting (Saraç & Arıkan, 2010). 1110 �1st International Conference on Foreign Language Teaching and Applied Linguistics May 5-7 2011 Sarajevo The current study is limited to a group of pre-service teachers‘ (N=40) associations. Future research necessitates comprehensive qualitative and quantitative studies on identifying the negative issues in EFL instruction in Turkey. Besides, expert opinions are to be collected on how to eliminate such problems to excel foreign language teaching nationwide. References Brown, J. D. & Rodgers, T. S. (2002). Doing Second Language Research. OUP: Oxford. Borg, S. (2003). Teacher cognition in language teaching: A review of research on what language teachers think, know, believe, and do. Language Teaching, 36(2), 81-109. Dufy, G. (1982). Response to Borko, Shavelson, & Stern: There‘s more to instructional decisionmaking in reading than the ―empty classroom‖. Reading Research Quarterly, 17, 295-300. Ġngilizce derslerine ithal ôğretmen. NTVMSNBC. 24.03.2011. http://www.ntvmsnbc.com/id/25195744/ Khonamri, F. & Salimi, M. (2010). The interplay between EFL high school teachers‘ beliefs and their instructional practices regarding reading strategies. Novitas-ROYAL (Research on Youth and Language), 4(1), 96-107. Retrieved 12.02.2011, from http://www.novitasroyal.org/Vol_4_1/khonamri_salimi.pdf Johnson, K. E. (1994). The emerging beliefs and instructional practices of preservice English as a second language teachers. Teaching & Teacher Education, 10(4), 439-452. Kagan, D. M. (1992). Implications of research on teacher belief. Educational Psychologist, 27, 65-90. Mohammed, N. (2006). An exporatory study of the interplay between the teachers‘ beliefs‘, instructional practces, and professional development. Unpublished Doctoral Dissertation. Universiy of Auckland, USA. Numrich, C. (1996). On becoming a language teacher: Insights from diary studies. TESOL Quarterly, 30(1), 131-153. Pajares, M. F. (1992). Teachers‘ beliefs and educational research: Cleaning up a messy construct. Review of Educational Research, 62(3), 307-332. Puchta, H. (1999). Beyond materials, techniques and linguistic analysis: The role of motivation, beliefs and identity. Plenary Session at the 33rd International IATEFl Annual Conference, Edinburgh. Rokeach, M. (1968). Beliefs, Attitudes, and Values: A Theory of Organization and Change. JosseyBass: San Francisco, CA. Richardson, V. (1996). The role of attitudes and beliefs in learning to teach. In j. Sikula, T.J. Buttery and E. Guyton (ed.), Handbook of Research on Teacher Education (pp. 102-119). New York: Macmillan. Sarac, H. S., & Arikan, A. ―The state of English language teaching in Turkish primary schools as reflected in prospective English language teachers' memoirs,‖ Comparative Education, Teacher Training, Education Policy, School Leadership and Social Inclusion (Vol. 8), 233-237, 8th International Conference on Comparative Education and Teacher Training, Plovdiv, Bulgaria, 2010. Witcher, A. E., Sewall, A. M., arnold, L. D. & Travers, P. D. (2001). Teaching, leading, learning: It‘s all about philosophy. Clearing House, 74(5), 277-279. Zheng, H. (2009). A review of research on EFL pre-service teachers‘ beliefs and practices. Journal of Cambridge Studies, 4(1), 73-81. Dr. H. Sezgi Sarac holds a PhD from Hacettepe University, specializing in Teaching English as a Foreign Language. She currently works as an Assistant Professor at Baskent University in Turkey and is also the associate editor of the journal Novitas: ROYAL (Research on Youth and Language). Her research areas are curriculum development, pedagogical knowledge, material development and syllabus design . 1111 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 589 Title A name given to the resource Being an English Teacher in Turkey: Future Teachers‘ Perspectives Author Author SARAÇ, Sezgi Abstract A summary of the resource. This study aims at identifying prospective teachers‘ perceptions with respect to positive and negative aspects of being an English teacher in Turkey. To this end, a qualitative research design was used and the participants were future teachers (n=40) studying at the department of English language teaching in Turkey. In order to gather data, each participant was interviewed via structured questions. During these interviews, the prospective teachers were asked to put forward their negative and positive associations with the terms: ―teacher‖, ―English teacher‖ and ―English teacher in Turkey‖. The collected data imply those prospective teachers‘ beliefs and values as well as perceptions over teaching and working as an English language teacher in Turkey. The results also denote how future teachers evaluate the present conditions, which are financial and moral, the practitioners work in Turkey today. Date A point or period of time associated with an event in the lifecycle of the resource 2011-05 Keywords Keywords. Conference or Workshop Item PeerReviewed P Philology. Linguistics https://omeka.ibu.edu.ba/files/original/80121eb0f66731aa3e370f5826edd94e.pdf b927788610fede8d640432bdd55dcb0e PDF Text Text Bending Analysis of Timber Connection Strengthen with Glass Fiber Reinforced Plastic Mehmet SARIBIYIK Department of Construction, Sakarya University, Adapazari, Turkey, mehmets@sakarya.edu.tr Tahir AKGUL, Department of Construction, Sakarya University, Adapazari, Turkey, takgul@sakarya.edu.tr Ahmet APAY Department of Construction, Sakarya University, Adapazari, Turkey, aapay@sakarya.edu.tr Ali SARIBIYIK Technical Higher School, Duzce University, Duzce, Turkey, alisaribiyik@hotmail.com Abstract: In order to obtain both durability and originality of the timber structures it is necessary to strengthen them particularly in the weak joint places. The aims of strengthen in the connecting places are to decrease the stress, to obtain fibre continuity, to reduce disadvantages of nail and bolts. Nowadays, Glass Fibre Reinforced Plastics, (GFRP) produced via pultrusion process that is one of fibre reinforced polymer types, are used for strengthen of the structural elements. In recently, it has been increased strengthen for timber structural elements by using GFRP because of its high strength, light weight, corrosion resistance and also very easily applying to the structures. The aim of this study is to obtain the fibre continuity of connecting places of timber structural elements of construction systems that under the bending conditions. Mechanical performances of the connecting places of fibre reinforced longitudinal notched lap joints have been investigated. Experimental specimens have been prepared from black pine timber which is very abundant in nature. To determine performances of the specimens, 5 different types of adhesively bonded and strengthen with GFRP bar samples, have been prepared. The specimens have been tested subjected to bending strength and the obtained results have been compared each others. The outcomes demonstrate that the bending strength of the connection points strengthen with GFRP bar has higher than adhesively bonded connection specimen and this ratio is about 300 %. Key words: Timber Structures, Bending Strength, Longitudinal Notched Lap Joint, Glass Fibre Reinforced Plastic 1. Introduction In the continuing quest for improved performance of structural materials, scientists and engineers strive to produce either improved traditional or completely new materials. Composite materials are an example of the latter category. Within the past five decades there has been a rapid increase in the development of advanced composites incorporating fine fibres, termed fibre reinforced composites. These materials, depending on the matrix used, may be classified as a polymer, metal or ceramic matrix composites. The high cost of metal and ceramic matrix composite materials prevents their normal use in construction. The majority of composites used in the construction industry are therefore based on polymeric matrix materials. Additional factors in choosing polymeric composite materials for structural engineering applications are: the materials are lightweight, non-corrosive, chemically resistant, possess good fatigue strength, are non-magnetic, and, subject to the materials selected, can provide electrical and flame resistance. Material surfaces are also durable and require 43 �little maintenance (Extren, 1998). The construction industry appears to be gradually recognising the additional benefits offered by these materials. Timber has been extensively used in construction for many decades and has applied in many structural applications in engineering. It is a renewable resource, recyclable, relatively inexpensive, has a high strength to weight ratio and is architecturally attractive. However, wood, also has a number of disadvantages such as biological deterioration over time, dimensionally unstable in alternating environmental conditions and in flexural members it exhibits brittle tensile failures. A number of research studies have examined the option of reinforcing wooden flexural members with pultruded fibre reinforced plastic laminate, sheet and bar forms. Significant strength and stiffness increases in comparison with unreinforced members have been reported by a number of researchers (Fiorelli et al. 2003, Micelli 2005, Akgül et al. 2009). This technique can be easily and efficiently carried out and adds negligible depth and mass to the member that is being reinforced. Upgrading structures for higher working loads or restoring original design strength has been an engineering task for structures of any material. Before high strength fibre (HSF) were available, steel was mostly used for such purposes. The bonding of steel plates onto concrete was developed in the seventies. In the early eighties the steel plates were substituted by Carbon Fiber Reinforced Plastic (CRP). Today this is a well-established technique. It has been used successfully on approximately 400 structures world-wide as shown in Fig. 1. The main advantages of using CRP-laminates rather than the early steel plates, are their light weight and the corrosion resistance, as well as their flexibility, which allows their convenient and easy transport on rolls to the place of application. It was very tempting to use this material on timber structures as well. A considerable number of timber structures have already been reinforced successfully with CRP. Fig. 1. Restrengthening of bottom chords of the timber bridge (Steiger 1999) This paper aims to obtain the fibre continuity of connecting places of timber structural elements of construction systems that under the bending conditions. Mechanical performances of the connecting places of GFRP longitudinal notched lap joints have been investigated. Experimental specimens have been prepared from black pine timber which is very abundant in nature. To determine performances of the specimens, massive and 5 different types of adhesively bonded and strengthen with GFRP bar samples, have been prepared. The specimens have been tested subjected to bending strength and the obtained results have been compared. 2. Material and Method 2.1. Timber Black Pine was the timber specimens used in the test program. The timber was all plain sawn and was harvested from the same stand. Consequently, variability in the wood resulting from contrasting environmental conditions during growth was significantly reduced. An important concern was the high juvenile wood percentage in the material and as a result increased dimensional instability present in the longitudinal direction. The timber was kiln dried in the sawmill to approximately 12±0.5 % moisture content and upon delivery to the laboratory. 2.2. Adhesive Teknobond 300 adhesive chemicals, capable of curing at room temperature and providing strong adherends, was used for bonding wood to wood as well as wood to FRP materials. This adhesive has very high adherence strength, it penetrates even very thin details due to low viscosity, it does not contain cavities, so it is not water 44 �permeable end it is used in places where we want electrical insulation. Teknobond 300 adhesive consists of two parts, a liquid resin A and a powerful hardener B. Mix the proportionally set A and B components with a low cycled drill until it takes homogenous grey colour. Mix materials in appropriate amount according to proportions of mixture by considering the material will be able to use. It should not be applied when the temperature is below than +5°C. The technical advice contained in the adhesive data sheets and that given by the manufacturers was followed closely during preparation of the test specimens. 2.3. Pultruded Glass Fiber Reinforced Plastic The pultrusion process is a proven manufacturing method for obtaining lengths of high quality fibre reinforced plastic components having consistently repeatable cross-sections. Much improved mechanical properties can be obtained with this procedure due to higher fibre volume fractions than those achieved in labour intensive manual lay-up procedures. In this method, a continuous E-glass fibre reinforcement in the form of alternate layers of randomly oriented mat and layers of unidirectional roving bundles are pulled through a resin impregnator and then on through a heated die to form continuous prismatic members similar in geometry to those produced by the steel industry as seen Fig. 2 (Extren, 1998; Mallick, 1997). The pultrusion process allowed GFRP to become a competitive alternative to traditional structural materials (steel, concrete and wood). At the same time it provided a lower specific weight with respect to strength and good environmental resistance. Having resolved fundamental manufacturing constraints through the development of the pultrusion process, the mass adaptation of GFRP sections as secondary and primary load bearing elements have been used in a number of civil engineering applications. However; pultruded GFRP sections have not been applied as strengthen the timber structural element in the buildings. Therefore 7 different types of adhesively bonded and strengthen with pultruded GFRP bar samples of the black pine timber have been prepared and tested subjected to bending strength. Pultruded GFRP bars having a circle diameter of 0.45cm is, obtained from ESA Chemistry and Metal Industry, used in strengthening of the timber joint. Fig. 2. Examples of Pultruded GFRP profiles (Strongwell) 2.4. Preparation of Specimens The black pine timber specimens for the bending tests were 500 mm long and 30x40 mm dimensions. At the beginning, the prepared plain samples (without connection) have been tested to evaluate timber bending strength. In the second level, samples formed of two pieces having the same sizes with plain timber but combined with half-lap size in the middle are prepared (see Fig. 3). Subsequently, sawdust was completely removed, either GFRP bars were introduced in their place and, finally, GFRP materials were glued on the wood and the two pieces of wood were glued each other by using Teknobont 300 epoxy resins. After gluing, the specimens were kept under a press for a week at a temperature of about 20°C. After that the samples were cleaned and tested. 45 �Fig 3. Longitudinal notched lap joint configurations 3. Testing of Specimens Three point bending test have been applied as shown in Figs. 4 and 5. To determine performances of the specimens, have been prepared and tested according to the Turkish Standards (TS 647, TS 4499). The specimens have been tested subjected to bending strength and the obtained results have been compared each others. The adhesively bonded and strengthen with GFRP bar sample types are named as; 1. 2. 3. 4. 5. 6. 7. Massive Timber sample Connected timbers without reinforcement Connection with single GFRP bar under the samples Connection with double GFRP bars under the samples Connection with single GFRP bars under and top of the samples Connection with double GFRP bars under and single GFRP bars on the top of the samples Connection with double GFRP bars under and top of the samples Fig. 4. Three point bending test configurations Fig. 5. Bending test configuration of longitudinal notched lap joints 46 �4. Test Results The fibre continuity of connecting places of timber structural elements of construction systems and mechanical performances of the connecting places of fibre reinforced longitudinal notched lap joints have been investigated. To determine the performances of the connection specimens, 5 different types of adhesively bonded and strengthen with GFRP bar samples, have been tested and compared with massive timber and connection without reinforcement. The bending strength of the massive timber is found as 83.4 N/mm2. The connection sample without any strengthening is found as 16 N/mm2 as shown in Fig.6. This results demonstrated that the connection place needs an extra strengthen material to improve the bending strength of timber joints. The average outcomes of the timber connections bending strengths are given in Tab. 1. Tab.1. Mean value of connection bending analysis. Bending Strength (N/mm2) Samples Name Massive Timber sample 83.4 Connected timbers without reinforcement 16.0 Connection with single GFRP bar under the samples 40.9 Connection with double GFRP bars under the samples 60.3 Connection with single GFRP bars under and top of the samples 40.9 Connection with double GFRP bars under and single GFRP bars on the top of the samples 62.0 Connection with double GFRP bars under and top of the samples 61.6 90 80 Bending Strength (N/mm 2) 70 Massive Timber sample 60 50 40 30 20 10 Connected timbers without reinforcement 0 Fig. 6. Comparison of massive timber and connected samples without reinforcement To increase the performances of the connection specimens, 5 different types of adhesively bonded and strengthen with GFRP bar samples (see Fig. 7), have been tested and are compared with massive timber and connection without reinforcement. The average bending strength of the timbers strengthen with single GFRP bar under the specimen and connection with single GFRP bars under and top of the samples are found as 40.9 N/mm2. The outcomes showed that the strengthen of the connected timber is increased about 155% when compared with the adhesively bonded connection as shown in Fig. 8. The results showed that the GFRP bar on top of the specimens have no effect to the bending strength of the connection. 47 �Fig. 7. Configuration of timber connection strengthen with GFRP bar. 45 40 Connection with single GFRP bar under the samples 2 Bending Strength (N/mm ) 35 30 Connection with single GFRP bars under and top of the samples 25 20 15 10 5 Connected timbers without reinforcement 0 Fig. 8. Comparison of connected timbers without reinforcement with connection with single GFRP bar under and top of the connection To increase the performances of the connection strengthen with double GFRP bar under the specimen and connection with double GFRP bars under and top of the samples have been prepared and tested. The results demonstrate that the bending strength of the connected timber is increased about 287% when compared with the adhesively bonded connection as shown in Fig. 9. The results showed that the GFRP bar on top of the specimens have very little effect to the bending strength of the connection. 70 50 Connection with double GFRP bars under the samples 2 Bending Strength (N/mm ) 60 Connection with double GFRP bars under and top of the samples 40 30 20 10 Connected timbers without reinforcement 0 Fig 9. Comparison of connected timbers without reinforcement with Connection with double GFRP bars under and single GFRP bars on the top of the samples 48 �5. Conclusions and Recommendations Mechanical performances of the black pine timber connecting places of fiber reinforced longitudinal notched lap joints have been investigated. The specimens have been tested subjected to bending strength and the obtained results have been compared with massive timber specimens and each others. The experimental results showed as the use of GFRP bars seems to be effective strengthen materials when the timber beam subjected to bending. The outcomes demonstrate that the bending strength of the connection points strengthen with GFRP bar has higher than adhesively bonded connection about 300 %. The strengthen techniques of GFRP bars proved to be easy and fast to execute, even when on in-situ applications. Acknowledgements This work was carried out in the scope of the Sakarya University BAPK Project 2007-05-08-002 “Reinforcement of Timber Construction Elements Weak Region using Fiber Reinforced Plastic”. The financial support of the Sakarya University is gratefully acknowledged. 6. References Akgül T, Saribiyik M, Apay A., Reinforcement Of Timber Connection Areas With Glass Fiber Reinforced Plastic, 5th International Advanced Technologies Symposium, 13-15 May 2009, Karabük, Turkey Extern Design Manuel., Copyright (1998) by Strongwell Corporat, Biristol Virginia, USA. Fiorelli J, Alves Dias A.(2003) Analysis of the strength and stiffness of timber beams reinforced with carbon fiber and glass fiber. Materials Research 2003; 6 (2): 193-202. Internet site, www.strongwell.com. Mallick P. K., (1997), Composite Engineering Handbook, Marcel Dekker, New York. Micelli F, Scialpi V, La Tegola A.(2005), Flexural Reinforcement of Glulam Timber Beams and Joints with Carbon Fiber-Reinforced Polymer Rods. J Composites for Construction 2005; 9 (4): 337–347 Steiger R., (1999). Wood handbook-Wood as an engineering material. Gen. Tech. Rep. FPL–GTR–113. Department of Agriculture, Forest Service, Forest Products Laboratory. Madison, WI: U.S. Steiger R., (2003), Fiber Reinforced Plastics (Frp) İn Timber Structures, Empa, Dübendorf, Switzerland, TS 647, Building Code for Timber Structures, Turkısh Standard, Ankara, 1979. TS 4499, Wood Joints- Terms and Definitions , Turkısh Standard, Ankara, 1985. 49 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 648 Title A name given to the resource Bending Analysis of Timber Connection Strengthen with Glass Fiber Reinforced Plastic Author Author Sarıbıyık, Mehmet AKGUL, Tahir APAY, Ahmet Sarıbıyık, Ali Abstract A summary of the resource. In order to obtain both durability and originality of the timber structures it is necessary to strengthen them particularly in the weak joint places. The aims of strengthen in the connecting places are to decrease the stress, to obtain fibre continuity, to reduce disadvantages of nail and bolts. Nowadays, Glass Fibre Reinforced Plastics, (GFRP) produced via pultrusion process that is one of fibre reinforced polymer types, are used for strengthen of the structural elements. In recently, it has been increased strengthen for timber structural elements by using GFRP because of its high strength, light weight, corrosion resistance and also very easily applying to the structures. The aim of this study is to obtain the fibre continuity of connecting places of timber structural elements of construction systems that under the bending conditions. Mechanical performances of the connecting places of fibre reinforced longitudinal notched lap joints have been investigated. Experimental specimens have been prepared from black pine timber which is very abundant in nature. To determine performances of the specimens, 5 different types of adhesively bonded and strengthen with GFRP bar samples, have been prepared. The specimens have been tested subjected to bending strength and the obtained results have been compared each others. The outcomes demonstrate that the bending strength of the connection points strengthen with GFRP bar has higher than adhesively bonded connection specimen and this ratio is about 300 %. Date A point or period of time associated with an event in the lifecycle of the resource 2009-06 Keywords Keywords. Conference or Workshop Item PeerReviewed Q Science (General) https://omeka.ibu.edu.ba/files/original/d0156ca76a02c2a01953d2be5e1011b9.pdf f49fc39084ad285405df3958b86c4672 PDF Text Text BENEFIT ANALYSIS OF A DEVELOPING MARKETS STOCK EXCHANGE MERGERS: CASE OF A BORSA ISTANBUL AND SARAJEVO STOCK EXCHANGE Sanel Halilbegovic International Burch University Bosnia and Herzegovina sanel.halilbegovic@ibu.edu.ba Abstract: Whether due to mentality or the lack of investment ‘culture’, but people in the Balkans have certain repulsion towards investing in financial instruments offered by the local exchanges. Based on the public opinion one can conclude that most of the people are reluctant to invest in the financial instruments because they can’t rely on the trustworthiness and credibility of the local exchanges, due to corruption scandals, misconduct and wrongdoings that happened in the recent history. Since its inception, Sarajevo Stock Exchange has been suffering from extremely low volume and poor investment liquidity that in the end resulted with choppiness and overall instability in the market. Turkey’s main stock exchange, Borsa Istanbul, which is 80 times larger than SASE, has openly expressed interest in direct cooperation with Sarajevo Stock Exchange and that strategic move can certainly reduce or even eliminate problems local investors face. This study examines the effect of benefits and costs of the cooperation between Borsa Istanbul and Sarajevo Stock Exchange (SASE). Multiple facets of the benefits and costs are examined and their effect on the macro and micro scale. Macro effects of the raising stake of Borsa Istanbul in SASE include effects on government, municipality and overall economic level, while micro effect is the direct effect to the ‘end-consumer’, a small investor. The secondary data will be used in analysis of benefits to costs with the side by side comparison and eventual derivation of the Benefit/Cost ratio (BCR) that will test the hypothesis that benefits highly outweigh the costs in this cooperation. The research shows that raising the stake of Borsa Istanbul in SASE will bring a new level of professionalism and trust in a corruption and unprofessionalism ridden SASE. In addition Borsa Istanbul will open new market horizons to investors from Bosnia and as an outcome we should see and increase in market liquidity, trading volume and even the BDP of both countries. Keywords: Emerging stock markets, cross listing, stock market merger JEL Classification: F15, F62, G15, G24 Introduction At its inception in late 90’s, Sarajevo Stock Exchange (SASE) has been showing signs of prosperity and acceptance in the investors’ circles. However, due to ample irregularities, corruption scandals and an overall lethargy in trading volume, SASE has been slowing down since early 2000’s. In the recent years stock exchange unions became the trend in an emerging markets, which is a result of globalization and deregulation on the world level. This process started in late 1990’s following the process ICESoS 2016 - Proceedings Book 301 �International Conference on Economic and Social Studies (ICESoS’16) of converting the stock exchanges from nonprofit, usually member owned organizations into for profit organizations that are owned by the state and corporations. In late 1990’s European stock exchanges experienced significant changes such as several mergers and acquisitions, changes in trading systems and ownership structures, and the most significant increased number of quoted companies. One of the most famous mergers happened in 2000 when Belgian, French, Dutch and Portuguese exchanges have merged. From these four stock exchanges Euronext was created. In this way these four exchanges have increased their market share and became competitive to the European largest stock exchange, London Stock Exchange. Stock exchange mergers have various effects among which is market efficiency as the most important one. Studies have shown that the merger outcomes depend on the size of the stock exchange. This implies that the degree of market efficiency is higher for the merger between small stock exchanges because the smaller the stock exchange, higher the growth potential. However, there are certain issues that should be considered such as regulatory issue. Regulations can be internal, that require compliance with rules of stock exchange, or external that require compliance with the rules of regulatory body on state or international level. Following or better yet lagging on these global trends, Borsa Istanbul Stock Exchange (BIST), which is Turkey’s only exchange, in 2011 has acquired 5% of Sarajevo Stock Exchange (SASE) which is owned by Bosnian brokerage houses. In January 2015 it bought additional shares and increased its stake to more than 30%. The purpose of this paper is to explain the possible benefits of the Borsa Istanbul stake in Sarajevo Stock exchange. Literature Review According to the research of Prof. Dr. Ulf Nielsen (University of California), the main benefit of stock exchange merger is the stock liquidity that follows the merger. Simply said, there are more market participants and more potential investors. There is also a smaller gap or a spread between bid and ask which is again the result of the liquidity and more participants competing on the exchange. There are always investors willing to buy the security for a given price and issuer or dealer willing to sell the security for that price. Market is also becoming more efficient due to lower information and other non-monetary transactions cost. Liquidity of the security is measured by turnover. Turnover represents number of shares that are traded relative to the number of shares outstanding. If the merger is international, meaning that the stock exchanges are located in two different countries, it increases the investor’s base. Stocks are accessible to the investors in both countries. Companies benefit from listing on both, domestic and foreign market. Following the increased trading volume, exchanges should increase their investment in new technologies that have the ability to satisfy the demands of sophisticated investors (Philips, Faseruk, Glew, 2014). Thanks to the increased volume the stock exchanges will experience the economies of scale, and the cost of the investment will spread over the larger volume of financial products. Furthermore internationally diversified market is likely to introduce new financial and trading instruments to the stock exchanges. Besides the liquidity and capital flow, market efficiency is the most important outcome of the stock exchange merger. Degree of market efficiency depends of the country’s level of development, size, geographical diversification and industrial diversification (Charles, Darne, Kim, Redor, 2014). As a result of the increased efficiency the average trading fees decreases, the bid-ask spread also decreases, trading volume increases and the volatility of large cap securities decreases. However, the merger does not 302 ICESoS 2016 - Proceedings Book �Regional Economic Development: Entrepreneurship and Innovation affect all stock markets in the same way as it was mentioned before. Efficient market hypothesis (Samuelson, 1965), states that price fully reflects all available all relevant information. In the inefficient market further prices are highly unpredictable. Market efficiency is especially an issue in the developing markets. So, the fact that exchange merger contributes to the market efficiency lead us to the conclusion that the merger has higher impact on the developing market than on the already developed and efficient market. Stock market mergers and acquisitions contribute to the decreasing costs of a transaction through the economies of scale that will attract new investors to participate in new stock exchange markets or platforms with higher trading volume and much better liquidity (McAndrews and Stefanadis, 2002). Stock exchange mergers will also improve liquidity with increasing trading volume but decreasing transaction costs (Neilsson, 2009). Many companies may benefit from alliances because of better price efficiency when new information becomes more available (Werner and Kleidon, 1996). The are many factors that affect the stock exchange success. Some of them include financial regulation quality, corporate structure for stock exchange demutualization and cross-membership agreement (Dorodnykh, 2013). A trading amount influences much the success of a stock market acquisition or merger, a greater stock exchange or some with a larger number of domestic firms could indicate maybe less success (Dorodnykh, 2013; 2014). On the other side, lower stock exchange participation could improve performance, and also, provide some credibility as well as reliability for higher stock exchange partners (Maciulis et al., 2007; Hasan et al., 2012). The trading with less volume may also experience lower integration - it’s happened because of complex financial regulations as well as restrictions on foreign investors. Also, geo distances or levels of merger do not necessarily translate into a raising in stock exchange interdependence that maybe will improve stock exchange performance (Nielsson, 2007). Some bigger companies may obtain higher liquidity or trading volume from the stock exchange mergers, and can reduce costs of the transaction to improve market efficiency (Nielsson, 2009). Hypothesis and Methodology Given the introduction an organically derived hypothesis emerges: “The cooperation and a partial merger of SASE and Borsa Istanbul is highly beneficial to all stakeholders in each market – from investors, over companies in the market and both countries’ governments” Since the full scope of the merger and its benefits hasn’t happen as of yet, this research with this hypothesis will basically serve as a base starting point of the future researches, once the entire program materializes and once the measurable data becomes available. The methodology used in this research is of a hybrid qualitative nature. This paper will have a descriptive research design with prediction based narratology. Since there is a very small amount of primary and secondary data on this topic, the research will mainly focus on the possible outcomes of the cooperation between two exchanges and the best case scenario analysis that could definitely be a starting point for the future researches on this particular topic. ICESoS 2016 - Proceedings Book 303 �International Conference on Economic and Social Studies (ICESoS’16) Data Analysis and Discussion As previously said, Sarajevo stock exchange suffers from a chronic condition of a very low trading volume, high instability and a persistent choppiness in the market. At its inception SASE has established the first market index called SASX10 which is comprised of 10 largest companies by the market capitalization (table 1). Table 1: List of companies in SASX-10 Source: www.sase.ba Combined, those 10 companies have an average share price of 22.46BAM and a 14,386,000 shares for a grand total of BAM 323million. (table 2). Table 2: SASX-10 companies and respective prices and shares outstanding Source: Author’s analysis For the purposes of this research the focus will be on the above listed companies and the benefits of the stock market mergers will be pertaining to those 10 companies. The benefits of the mergers between stock markets and especially when the emerging 304 ICESoS 2016 - Proceedings Book �Regional Economic Development: Entrepreneurship and Innovation markets are in question are numerous. In this research the benefits will be split into two major groups - Benefits to investors Benefits to companies and governments Benefits to investors In today’s world of expanding globalization and loosening of borders, investors from all countries generally have it much easier to trade and invest into foreign markets. Benefits to investors are probably the largest portion of benefits among the 3 types of benefits and since the market doesn’t exist without investors these benefits are definitely the most important ones. Investors will have a wider variety of investments to choose from and have a better chance to create a customized portfolio that suits a specific investor. For example an investor on SASE can mainly choose between companies in real sector such as banks, power and gas producing companies, pharmaceutical companies, telecom etc, but by having Turkish companies cross listed to SASE, investors in BiH could have an access to companies in other niches such as service, IT, automotive and many others. Investors would benefit from an improvement in quality and availability of information. Every company that is a subject to cross listing into other exchanges will have to adapt and adhere to new corporate governances as well as state/government regulations. That new set of rules will benefit the investor as it would be almost impossible for a company to fabricate and window-dress the accounting and other legal information across markets. Improvement in the information flow and quality will even attract more investors who were previously reluctant to investing due to corruption in the companies and markets. Another side benefit to the investors would be a fact that investors would enjoy better protection from companies’ malpractice due to more stringent and strict rules that would be enforced to cross listed firms. One of the most important benefits to investors in the case of cross listing is the liquidity of the market. As previously noted SASE has been suffering the chronic low trading volume that hurts investors since low volume adds to the negatively affected beta (β) and overall instability in the market prices. Table 3 and Table 4 shows the rapid fall in share turnover which is the total number of shares during a period divided by the average number of shares outstanding for the period. Obviously this ratio needs to be as high as possible which is quite opposite in case of SASE. Table 3: Share turnover of SASX-10 companies in % Source: www.sase.ba ICESoS 2016 - Proceedings Book 305 �International Conference on Economic and Social Studies (ICESoS’16) Table 4: Share turnover of SASX-10 companies in BAM Source: www.sase.ba With firms from both exchanges having IPO in the cooperating market there will be an additional shares available for investors in foreign markets and with more investors in the play, the supply and demand will stabilize without having abrupt shifts to either side, hence lowering the choppiness in the market, hence lowering the firm’s β. Also due to development of more efficient marketplace investors on both ends can expect narrowing of the price spreads and better efficiency in the stock pricing and therefore having lower chance for arbitrage and abuse of the market itself. Benefits to companies and governments While benefits for investors are ample and many, the companies and governments of both countries will also benefit from the cooperation, cross listing and merger of the two exchanges. One of the biggest benefits to the companies in both markets is that the companies will be able to do the second initial public offering (IPO) in the cross listed country, hence issuing new shares, resulting in a radical increase in firm’s market capitalization. With an increase in market capitalization the overall volume of traded stocks will also increase fatherly increasing the traded shares turnover. Using only a modest and conservative increase in number of shares by 20% the results in the turnover are very apparent as shown in Table 5. 306 ICESoS 2016 - Proceedings Book �Regional Economic Development: Entrepreneurship and Innovation Table 5: SASX-10 companies new turnover after merger of exchanges Source: author’s analysis Of course by issuing new shares of stock the companies would have to adhere by the local rules and regulations and other stipulations by security and exchange commission that would in the end benefit the investor but also have a secondary benefit to the company because the company will have a better or more realistic view into its own situation. The above concept of turnover didn’t take in effect another huge benefit to the cross listed company and that is the effect on the price of the stock. Companies will experience some sort of a price discovery where the pricing of stocks become much more efficient than in an isolated or stand-alone markets. Chances are that if the volume and efficiency of the pricing increases, the companies will show up on the professional analysts radar as well as the mutual fund managers which will even more increase the recognition of the company, resulting in the probable increase in stock price. With the existing historic ties between Bosnia and Herzegovina and Turkey and the recent interest in other trades and trade agreements between Turkey and BiH, the companies will benefit from an increase in brand recognition in a new market. Increase of a brand recognition may not be easily quantifiable but we can be certain that it will have an effect on the stock prices as investors, especially small investors are most likely to invest into firms that they have the previous knowledge of. In this entire benefit scheme the governments of both countries are included too. Each country’s government will surely benefit on multiple factors but the main factor is the economic stability and flow of capital. With an increase in companies’ price stability comes stability in the entire sector(s) as well as the stability in the macroeconomic aspects. This resulting stability in the economy may result in an improved credit rating not only for the companies but for governments as well, therefore decreasing a cost of capital to the benefit of all. As these firms attract additional investors the flow of capital will also improve that will in effect improve the situation for all the participants in the economic chain, while at the same time improving the general living and economic conditions in the country. ICESoS 2016 - Proceedings Book 307 �International Conference on Economic and Social Studies (ICESoS’16) The government will also surely benefit by an increase of taxable income both on an individual and corporate level and another potential benefit would be that the cooperation between Borsa Istanbul and SASE can serve as an example and as a basis for all the future cooperation between Balkan exchanges. In recent economic conferences one can see that the common denominator of economic growth in Balkan countries is cooperation and unity, with more local exchanges cooperating the benefits for all stakeholders would multiply even more. Findings From this research it becomes clearly apparent that benefits of the cooperation of the emerging stock market such as SASE with an already developed market such as Borsa Istanbul, are many. The research has shown that all of involved parties and stakeholders are benefiting from this merger. Hence, the hypothesis “The cooperation and a partial merger of SASE and Borsa Istanbul is highly beneficial to all stakeholders in each market – from investors, over companies in the market and both countries’ governments” is confirmed. The natural question arises from this research and that is, what are the costs and what does the cost benefit analysis says about the merger of exchanges but in all reality the benefits are so abundant that not only do they cover the costs but they far exceed them. Although the benefits are plentiful there are some important costs and those are mostly pertaining to the companies and not to investors or governments. The companies, in order to reap all the benefits listed in this research, would need to invest certain capital into investment bank(s) that would organize an additional IPO, also the companies would have to pay the cross-listing fee to the exchanges, although this fee could be reciprocally removed with the prior agreement between exchanges. Another important cost to companies would be an additional time and funds spent in order to conform to the local laws and rules as well as an additional costs for another layer of auditing, but all in all the benefits on the macro as well as micro scale are apparently very much abundant, so it can be concluded that the benefit cost ratio, although not mathematically calculable, tilts benefits scale by far. Conclusion In conclusion, this research has clearly showed that the main obstacle of this merger is that of a will of directors of exchanges and sooner they start the procedure, sooner the Turkish and Bosnian companies, investors and governments can start gaining from the benefits listed. Also this merger can definitely serve as a breeding ground for future co-ops among other ex-Yugoslav or Balkan exchanges that suffer from the same problems as SASE. In all reality the sky is really the limit of the benefits that come out of this merger as it will not only generate value added benefits but also sizeable capital gains for all stakeholders involved. As with any research, especially since this merger is still in the inception phase, this research can serve as a starting point for any future researches on any topic pertaining to the merger of SASE and Borsa Istanbul. Hopefully generations to come will realize that the power is in unity on all levels, especially the economic one. References • Chan, K.C., Gup, B.E., Pan, M.S., 1997. International stock market efficiency and integration: A study of eighteen nations. J. Bus. Financ. Account. 24 (6), 803-813. 308 ICESoS 2016 - Proceedings Book �Regional Economic Development: Entrepreneurship and Innovation • Charles, A., Darne, O., Kim, J. H., & Redor, E. (2014). Stock Exchange Mergers and Market Efficiency. HAL. • Dorodnykh, E., 2013. What drives stock exchange integration? Int. J. Econ. Sci. Appl. Res. 6 (2), 47-79. • Dorodnykh, E., 2014. Determinants of stock exchange integration: evidence in worldwide perspective. J. Econ. Stud. 41 (2), 292-316. • Exchange, S. S. (2016, March 11). SASE. Retrieved from http://www.sase.ba/v1/ en-us/ • Fama, E.F., 1965. The behavior of stock-market prices. J. Bus., 34-105. • Fama, E.F., 1970. Efficient capital markets: a review of theory and empirical work. J. Financ. 25 (2), 383-417. • Fama, E.F., French, K.R., 1988. Permanent and temporary components of stock prices. J. Polit. Econ. 96 (2), 246-273. • Griffin, J.M., Kelly, P.J., Nardari, F., 2010. Do market efficiency measures yield correct inferences? A comparison of developed and emerging markets. Rev. Financ. Stud. 23 (8), 3225-3277. • Halilbegovic, S., Dzanic, E., & Alijagic, M. (2015). Berzansko Poslovanje. Cazin: Grafis d.o.o. • Hasanhodzic, J., Lo, A.W., Viola, E., 2011. A computational view of market efficiency. Quant. Financ. 11 (7), 1043-1050. • Kim, J.H., Shamsuddin, A., 2008. Are Asian stock markets efficient? Evidence from new multiple variance ratio tests. J. Empir. Financ. 15 (3), 518-532. • Kim, J., Yoo, S.S., 2009. Market liberalization and foreign equity portfolio selection in Korea. J. of Multi. Fin. Manag. 19(3), 206-220. • Mačiulis N., Lazauskaitė, V., Bengtsson, E., 2007. Evaluating performance of Nordic and Baltic stock exchange. Balt. J. Mgmt. 2 (2), 140-153. • Nielsson, U. (2007). Stock Exchange Merger and Liquidity. Columbia University. Columbia University. • Nielsson, U., 2007. Interdependence of Nordic and Baltic stock markets. Balt. J. Econ. 6 (2), 9-27. • Nielsson, U., 2009. Stock exchange merger and liquidity: The case of Euronext. J. Financ. Markets 12 (2), 229-267. • Werner, I.M., Kleidon, A.W., 1996. UK and US trading of British cross-listed stocks: an intraday analysis of market integration. Rev. Financ. Stud. 9 (2), 619-664. • Zhao, T., 2012. Firm size, information acquisition and price efficiency. Quant. Financ. 12, 1599-1614. Online references • ‘Bosnian stocks offered on Borsa Istanbul’, Retrieved from: http://www. worldbulletin.net/haber/151404/bosnian-stocks-offered-on-borsa-istanbul, March 10, 2016 • ‘Turkish Borsa Istanbul raises its stake in Bosnian peer’, Retrieved from: http:// www.reuters.com/article/bosnia-exchange-turkey-idUSL6N0US27M20150113 March 10, 2016 • ‘Početak godine potopio berzanske indekse u BiH’, Retrieved from: http://www. frontal.ba/novost/82314/-pocetak-godine-potopio-berzanske-indekse-u-bih, March 10, 2016 • ‘Share Turnover’, Retrieved from: http://www.investopedia.com/terms/s/ shareturnover.asp#ixzz42Xm44pU4 , March 10, 2016 • http://www.sase.ba/v1 • http://www.borsaistanbul.com/ ICESoS 2016 - Proceedings Book 309 �� Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 3334 Title A name given to the resource BENEFIT ANALYSIS OF A DEVELOPING MARKETS STOCK EXCHANGE MERGERS: CASE OF A BORSA ISTANBUL AND SARAJEVO STOCK EXCHANGE Author Author Halilbegovic, Sanel Abstract A summary of the resource. Abstract: Whether due to mentality or the lack of investment ‘culture’, but people in the Balkans have certain repulsion towards investing in financial instruments offered by the local exchanges. Based on the public opinion one can conclude that most of the people are reluctant to invest in the financial instruments because they can’t rely on the trustworthiness and credibility of the local exchanges, due to corruption scandals, misconduct and wrongdoings that happened in the recent history. Since its inception, Sarajevo Stock Exchange has been suffering from extremely low volume and poor investment liquidity that in the end resulted with choppiness and overall instability in the market. Turkey’s main stock exchange, Borsa Istanbul, which is 80 times larger than SASE, has openly expressed interest in direct cooperation with Sarajevo Stock Exchange and that strategic move can certainly reduce or even eliminate problems local investors face. This study examines the effect of benefits and costs of the cooperation between Borsa Istanbul and Sarajevo Stock Exchange (SASE). Multiple facets of the benefits and costs are examined and their effect on the macro and micro scale. Macro effects of the raising stake of Borsa Istanbul in SASE include effects on government, municipality and overall economic level, while micro effect is the direct effect to the ‘end-consumer’, a small investor. The secondary data will be used in analysis of benefits to costs with the side by side comparison and eventual derivation of the Benefit/Cost ratio (BCR) that will test the hypothesis that benefits highly outweigh the costs in this cooperation. The research shows that raising the stake of Borsa Istanbul in SASE will bring a new level of professionalism and trust in a corruption and unprofessionalism ridden SASE. In addition Borsa Istanbul will open new market horizons to investors from Bosnia and as an outcome we should see and increase in market liquidity, trading volume and even the BDP of both countries. Date A point or period of time associated with an event in the lifecycle of the resource 2016 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General) Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 3478 Title A name given to the resource BENEFITS OF FEEDBACK ON CONTENT IN AN EAP COURSE Author Author Birtić Vučić, Marijana Štulina, Anamarija Botunac, Sandra Abstract A summary of the resource. Feedback in second language writing is an important issue in learning and teaching practices. However, whether or not to use feedback in instruction is not the only criteria for success. Feedback focus, form, and other characteristics of feedback are also crucial in affecting how valuable this tool will be. The authors decided to carry out anexperimental research among hundred-fifteen undergraduate (first year) students enrolled in eight classes of English for Academic Purposes (EAP) at the Centre for Foreign Languages, at the University of Zadar and verify the feedback benefits in order to subsequently redesign the academic programme, and focus on process writing. Specifically, the study aims at answering whether feedback on writing with focus on content can help students improve their performance in essay writing and to what extent; and how significant essay revision is in this progress. The results suggested that all three groups improved in overall performance of the writing process but that one group (feedback-and-revision) showed statistically significant improvement. Keywords: feedback practice, writing instruction, EAP Date A point or period of time associated with an event in the lifecycle of the resource 2014 Keywords Keywords. Conference or Workshop Item PeerReviewed PE English