The goal of this study is to develop a teaching model for aviation French in the university. This curriculum model focuses on three major features - i.e. linguistic (lexical, phonological and syntactical), situational and cultural- as criteria for teaching. As for the lexical aspect, using Crocker(2014) as the main textbook, as well as in-flight service announcement scripts, the model satisfies the scope of the special vocabulary used in this field. In regard to the phonological aspect, the model uses Crocker(2014)’s main textbook audio files, along with a security video released by Air France in 2015. Regarding the syntactical aspect, this study focuses on ‘the voice’, or ‘the mode’ airline employees generally use, conveying an atmosphere of courtesy and professionalism in their interaction with passengers. The linguistic feature therefore, goes with the situational feature. In addition, the model includes a cultural feature, professions working in the aviation industry will likely encounter. It is important to address frequent cultural mistakes to the learners so that they can appreciate the need to tolerate and respect different cultures. Regarding overall curriculum, the model focuses on listening and reading comprehensions in the first half of the course. But starting from week nine, the model focuses on speaking and writing skills by providing a role play section and a composition section. In the final two weeks, the model requires learners to give presentations on topics related to the air industry.

In this paper, we have developed a Fama - French five factor model (FF5 model) from Fama & French (2015) by using concept of timevarying coefficient. For a data set, we have used monthly data form Kenneth R. French home page, it include Japan portfolios (classified by using size and book-to-market) and 5 factors from July 1990 to April 2020. The first analysis, we used Augmented Dickey-Fuller test (ADF test) for the stationary test, from the result, all Japan portfolios and 5 factors are stationary. Next analysis, we estimated a coefficient of Fama - French five factor model by using a generalized additive model with a thin-plate spline to create the time-varying coefficient Fama - French five factor model (TV-FF5 model). The benefit of this study is TV-FF5 model which can capture a different effect at different times of 5 factors but the traditional FF5 model can’t do it. From the result, we can show a time-varying coefficient in all factors and in all portfolios, for time-varying coefficients of Rm-Rf, SMB, and HML are significant for all Japan portfolios, time-varying coefficients of RMW are positively significant for SM, and SH portfolio and time-varying coefficients of CMA are significant for SM, SH, and BM portfolio.

The study tests the Fama and French three-factor model by using the newly created Islamic equity style indices. Based on a dataset from May 2006 to April 2011, the three-factor model is tested based on returns of Islamic unit trust funds using the Generalized Method of Moments (GMM) methodology. The sample period is also divided between periods before and after the Global Financial Crisis in August 2008 to test for robustness, and the Bai and Perron (2003) multiple structural break test was used to determine the structural break in the series. The analysis shows that the Fama and French model is valid for Islamic unit trust funds before and after the collapse of Lehman Brothers. The result further indicates the reversal of size effect. As for trading strategies, value funds outperform growth funds by annualized 3.13 percent for the full period. During pre-crisis period, value funds perform better than growth funds while in post-crisis, size factor yields better return than other strategies. As policy suggestion, fund managers need to be aware of the reversal of size effect, and they need to ensure a more transparent stock selection process so that investors can make an informed decision in their asset allocation.