Search results for: return period

Authors: Ching-Feng Chen

Abstract:

The floating photovoltaic (FPV) system highlights economic benefits and energy performance to carbon dioxide (CO₂) discharges. Due to land resource scarcity and many negligent water territories, such as reservoirs, dams, and lakes in Japan and Taiwan, both countries are actively developing FPV and responding to the pricing of the emissions trading systems (ETS). This paper performs a case study through a synthesis approach to compare the economic indicators between the FPVs of Taiwan’s Agongdian Reservoir and Japan’s Yamakura Dam. The research results show that the metrics of the system capacity, installation costs, bank interest rates, and ETS and Electricity Bills affect FPV operating gains. In the post-Feed-In-Tariff (FIT) phase, investing in FPV in Japan is more profitable than in Taiwan. The former’s positive net present value (NPV), eminent internal rate of return (IRR) (11.6%), and benefit-cost ratio (BCR) above 1 (2.0) at the discount rate of 10% indicate that investing the FPV in Japan is more favorable than in Taiwan. In addition, the breakeven point is modest (about 61.3%.). The presented methodology in the study helps investors evaluate schemes’ pros and cons and determine whether a decision is beneficial while funding PV or FPV projects.

Keywords: carbon border adjustment mechanism, floating photovoltaic, emissions trading systems, net present value, internal rate of return, benefit-cost ratio

Procedia PDF Downloads 75

Authors: A. Aguezzoul

Abstract:

The Logistics Services Providers (LSPs) selection and performance is a strategic decision that affects the overall performance of any company as well as its supply chain. It is a complex process, which takes into account various conflicting quantitative and qualitative factors, as well as outsourced logistics activities. This article focuses on the evolution of the weights associated to these factors over the last years in order to better understand the change in the importance that logistics professionals place on them criteria when choosing their LSPs. For that, an analysis of 17 main studies published during 2014-2017 period was carried out and the results are compared to those of a previous literature review on this subject. Our analysis allowed us to deduce the following observations: 1) the LSPs selection is a multi-criteria process; 2) the empirical character of the majority of studies, conducted particularly in Asian countries; 3) the criteria importance has undergone significant changes following the emergence of information technologies that have favored the work in close collaboration and in partnership between the LSPs and their customers, even on a worldwide scale; 4) the cost criterion is relatively less important than in the past; and finally 5) with the development of sustainable supply chains, the factors associated with the logistic activities of return and waste processing (reverse logistics) are becoming increasingly important in this multi-criteria process of selection and evaluation of LSPs performance.

Keywords: logistics outsourcing, logistics providers, multi-criteria decision making, performance

Procedia PDF Downloads 154

Authors: Gong Zhang, Hong Cai, Bin Dong, Jifang Tao, Aiqun Liu, Dim-Lee Kwong, Yuandong Gu

Abstract:

An on-chip refractive index sensor with high sensitivity and large measurement range is demonstrated in this paper. The sensing structures are based on Mach-Zehnder interferometer configuration, built on the SOI substrate. The wavelength sensitivity of the sensor is estimated to be 3129 nm/RIU. Meanwhile, according to the interference pattern period changes, the measured period sensitivities are 2.9 nm/RIU (TE mode) and 4.21 nm/RIU (TM mode), respectively. As such, the wavelength shift and the period shift can be used for fine index change detection and larger index change detection, respectively. Therefore, the sensor design provides an approach for large index change measurement with high sensitivity.

Keywords: Mach-Zehnder interferometer, nanotechnology, refractive index sensing, sensors

Procedia PDF Downloads 445

Authors: Swapan Maiti, Dipanwita Roy Chowdhury

Abstract:

Nonlinear functions are essential in different cryptoprimitives as they play an important role on the security of the cipher designs. Rule 30 was identified as a powerful nonlinear function for cryptographic applications. However, an attack (MS attack) was mounted against Rule 30 Cellular Automata (CA). Nonlinear rules as well as maximum period CA increase randomness property. In this work, nonlinear rules of maximum period nonlinear hybrid CA (M-NHCA) are studied and it is shown to be a better crypto-primitive than Rule 30 CA. It has also been analysed that the M-NHCA with single nonlinearity injection proposed in the literature is vulnerable against MS attack, whereas M-NHCA with multiple nonlinearity injections provide maximum length cycle as well as better cryptographic primitives and they are also secure against MS attack.

Keywords: cellular automata, maximum period nonlinear CA, Meier and Staffelbach attack, nonlinear functions

Procedia PDF Downloads 314

Authors: Weena Eiamprapai

Abstract:

The growth of Thai society in western style in the middle of Rattanakosin period can be defined as modernization /civilization. These terms had an influence on the development of the country in the reign of King Rama V owing to the governance reform, and cultures influenced by the West. Those were passed on until the reign of King Rama VI. The preference was not only for the renovation of architecture and arts based on Thai customs reflecting the prosperity and beauty of handicrafts but also for the acceptance of westernization. The remain of this acceptance includes the concept of such value as gentlemanly behavior like that in Victorian Era of the United Kingdom, and the support of women’s status. Moreover, the wide spread of modernization leads to the movement to change the country’s governance system from absolute monarchy to democracy by a group of people called Rattanakosin Era (R.E.) 130 party.

Keywords: art, culture, development period, modernization, King Rama VI

Procedia PDF Downloads 293

Authors: Vladyslav Povoroznyuk, Oksana Ivanyk, Nataliia Dzerovych

Abstract:

In the diagnostics of osteoporosis, the gold standard is considered to be bone mineral density; however, X-ray densitometry is not an accurate indicator of osteoporotic fracture risk under all circumstances. In this regard, the search for new methods that could determine the indicators not only of the mineral density, but of the bone tissue quality, is a logical step for diagnostic optimization. One of these methods is the evaluation of trabecular bone quality. The aim of this study was to examine the quality and mineral density of spine bone tissue, femoral neck, and body composition of women depending on the duration of the postmenopausal period, to determine the correlation of body fat with indicators of bone mineral density and quality. The study examined 179 women in premenopausal and postmenopausal periods. The patients were divided into the following groups: Women in the premenopausal period and women in the postmenopausal period at various stages (early, middle, late postmenopause). A general examination and study of the above parameters were conducted with General Electric X-ray densitometer. The results show that bone quality and mineral density probably deteriorate with advancing of postmenopausal period. Total fat and lean mass ratio is not likely to change with age. In the middle and late postmenopausal periods, the bone tissue mineral density of the spine and femoral neck increases along with total fat mass.

Keywords: osteoporosis, bone tissue mineral density, bone quality, fat mass, lean mass, postmenopausal osteoporosis

Procedia PDF Downloads 343

Authors: R. Tlili Yaakoubi, H.Nakouri, O. Blanpain, S. Lallahem

Abstract:

The current tools for real time management of sewer systems are based on two software tools: the software of weather forecast and the software of hydraulic simulation. The use of the first ones is an important cause of imprecision and uncertainty, the use of the second requires temporal important steps of decision because of their need in times of calculation. This way of proceeding fact that the obtained results are generally different from those waited. The major idea of this project is to change the basic paradigm by approaching the problem by the "automatic" face rather than by that "hydrology". The objective is to make possible the realization of a large number of simulations at very short times (a few seconds) allowing to take place weather forecasts by using directly the real time meditative pluviometric data. The aim is to reach a system where the decision-making is realized from reliable data and where the correction of the error is permanent. A first model of control laws was realized and tested with different return-period rainfalls. The gains obtained in rejecting volume vary from 19 to 100 %. The development of a new algorithm was then used to optimize calculation time and thus to overcome the subsequent combinatorial problem in our first approach. Finally, this new algorithm was tested with 16- year-rainfall series. The obtained gains are 40 % of total volume rejected to the natural environment and of 65 % in the number of discharges.

Keywords: automation, optimization, paradigm, RTC

Procedia PDF Downloads 299

Authors: Nidhi Malshe

Abstract:

Background: Currently, there are approximately 1.3 billion individuals worldwide living with significant disabilities, which accounts for 16% of the global population—about 1 in 6 people. As the global population continues to grow, so does the number of people experiencing disabilities. Traffic accidents alone contribute to millions of injuries and disabilities each year, particularly among young people. Additionally, as life expectancy rises, more individuals are likely to experience disabilities in their later years. 27.0% of Canadians aged 15 and over, or 8 million people, had at least one disability in 2022. This represents an increase of 4.7 percentage points from 2017. A person with a disability earns 21.4% less on average as compared to a person without a disability. Using innovative and inclusive methods for accommodations, disability management, and employment, we can progress towards inclusive workplaces and potential income parity for this equity-seeking population. Objective: This study embraces innovative and inclusive approaches to disability management, thereby unlocking the advantages associated with a) fostering equal opportunities for all individuals, b) facilitating streamlined accommodations and making it easier for companies to accommodate people with disabilities, c) harnessing diverse perspectives to drive innovation and enhance overall productivity. Methodology: Literature review, assessments of specific needs and requirements in the workplace. a) Encourage the ability to think out of the box for potential workplace accommodations based on the specific needs of individuals. e.g., propose prolonged integration post disability. b) Perform a cost-benefit analysis of early interventions of return to work vs. duration on disability. c) Expand the scope of vocational assessment/retraining – e.g., retraining a person with permanent physical impairment to become a video game coder. d) Leverage the use of technology while planning to return to work e.g., speech-to-text software for persons with voice impairments. Hypothesized Results: Prolonged progression of return to work increases the potential for sustainable and productive employment. Co-developing a person-centric accommodation plan based on reported functional abilities and applying pioneering methods for extending accommodations to prevent secondary disabilities. Facilitate a sense of belonging by providing employees with benefits and initiatives that honor their unique contributions. Engage individuals with disabilities as active members of the planning committee to ensure the development of innovative and inclusive accommodations that address the needs of all. Conclusion: The global pandemic underscored the need for creativity in our daily routine. It is imperative to integrate the lessons learned from the pandemic, enhance them within employment, and return to work processes. These learnings can also be used to develop creative, distinct methods to ensure equal opportunities for everyone.

Keywords: disbaility management, diversity, inclusion, innovation

Procedia PDF Downloads 16

Authors: Amir Hossein Ghaffari Nejad, Forouhar Ferdowsi, Reza Mashhadi

Abstract:

In the interest-free banking system of Iran, the savings of society are in the form of bank deposits, and banks using the Islamic contracts, allocate the resources to applicants for obtaining facilities and credit. In the meantime, the central bank, with the aim of introducing monetary policy, determines the maximum interest rate on bank deposits in terms of macroeconomic requirements. But in recent years, the country's economic constraints with the stagflation and the consequence of the institutional weaknesses of the financial market of Iran have resulted in massive disturbances in the balance sheet of the banking system, resulting in a period of mismatch maturity in the banks' assets and liabilities and the implementation of a Ponzi game. This issue caused determination of the interest rate in long-term bank deposit contracts to be associated with non-observance of the maximum rate set by the central bank. The result of this condition was in the allocation of new sources of equipment to meet past commitments towards the old depositors and, as a result, a significant part of the supply of equipment was leaked out of the facilitating cycle and credit crunch emerged. The purpose of this study is to identify the most important factors affecting the occurrence of non-confirmatory financial banking behavior using data from 19 public and private banks of Iran. For this purpose, the causes of this non-confirmatory behavior of banks have been investigated using the panel vector autoregression method (PVAR) for the period of 2007-2015. Granger's causality test results suggest that the return of parallel markets for bank deposits, non-performing loans and the high share of the ratio of facilities to banks' deposits are all a cause of the formation of non-confirmatory behavior. Also, according to the results of impulse response functions and variance decomposition, NPL and the ratio of facilities to deposits have the highest long-term effect and also have a high contribution to explaining the changes in banks' non-confirmatory behavior in determining the interest rate on deposits.

Keywords: non-conformity behavior, Ponzi Game, panel vector autoregression, nonperforming loans

Procedia PDF Downloads 218

Authors: Abootaleb Shirvani, Svetlozar Rachev

Abstract:

ESG stands for Environmental, Social, and Governance and is a non-financial factor that investors use to specify material risks and growth opportunities in their analysis process. ESG ratings provide a quantitative measure of socially responsible investment, and it is essential to incorporate ESG ratings when modeling the dynamics of asset returns. In this article, we propose a triple subordinated Lévy process for incorporating numeric ESG ratings into dynamic asset pricing theory to model the time series properties of the stock returns. The motivation for introducing three layers of subordinator is twofold. The first two layers of subordinator capture the skew and fat-tailed properties of the stock return distribution that cannot be explained well by the existing Lévy subordinated model. The third layer of the subordinator introduces ESG valuation and incorporates numeric ESG ratings into dynamic asset pricing theory and option pricing. We employ the triple subordinator Lévy model for developing the ESG-valued stock return model, derive the implied ESG score surfaces for Microsoft, Apple, and Amazon stock returns, and compare the shape of the ESG implied surface scores for these stocks.

Keywords: ESG scores, dynamic asset pricing theory, multiple subordinated modeling, Lévy processes, option pricing

Procedia PDF Downloads 81

Authors: Katie Dolaghan, Christina Tran, Kim Hamilton, Amanda Beresford, Vicky Adams, Jamie Toole, John Marley

Abstract:

During the Covid 19 pandemic routine outpatient appointments were not possible face to face. That resulted in many branches of healthcare starting virtual clinics. These clinics have continued following the return to face to face patient appointments. With these new types of clinic it is important to ensure that a high standard of patient care is maintained. In order to improve patient and clinician experience of the telephone clinics a quality improvement project was carried out to ensure the patient and clinician experience of these clinics was enhanced whilst remaining a safe, effective and an efficient use of resources. The project began by developing a process map for the consultation process and agreed on the design of a driver diagram and tests of change. In plan do study act (PDSA) cycle1 a single consultant completed an online survey after every patient encounter over a 5 week period. Baseline patient responses were collected using a follow-up telephone survey for each patient. Piloting led to several iterations of both survey designs. Salient results of PDSA1 included; patients not receiving appointment letters, patients feeling more anxious about a virtual appointment and many would prefer a face to face appointment. The initial clinician data showed a positive response with a provisional diagnosis being reached in 96.4% of encounters. PDSA cycle 2 included provision of a patient information sheet and information leaflets relevant to the patients’ conditions were developed and sent following new patient telephone clinics with follow-up survey analysis as before to monitor for signals of change. We also introduced the ability for patients to send an images of their lesion prior to the consultation. Following the changes implemented we noted an improvement in patient satisfaction and, in fact, many patients preferring virtual clinics as it lead to less disruption of their working lives. The extra reading material both before and after the appointments eased patients’ anxiety around virtual clinics and helped them to prepare for their appointment. Following the patient feedback virtual clinics are now used for review patients as well, with all four consultants within the department continuing to utilise virtual clinics. During this presentation the progression of these clinics and the reasons that these clinics are still operating following the return to face to face appointments will be explored. The lessons that have been gained using a QI approach have helped to deliver an optimal service that is valid and reliable as well as being safe, effective and efficient for the patient along with helping reduce the pressures from ever increasing waiting lists. In summary our work in improving the quality of virtual clinics has resulted in improved patient satisfaction along with reduced pressures on the facilities of the health trust.

Keywords: clinic, satisfaction, telephone, virtual

Procedia PDF Downloads 58

Authors: Sisi Xia, Dezhuan Tao

Abstract:

Urban Double Reform is an effective means to improve the quality of ecological space, based on improving the living environment and urban functions and promoting the organic integration of the city and nature. This paper takes the design of Qinyang Wetland Park in Jiaozuo, Henan Province, as an example, attempting to closely link the ecological restoration of wetland with the urban culture and to extend the urban spirit of the ancient county of Qinyang while purifying the ecological water system. This design uses ecological technology to repair underwater forests and underwater turf, rapidly improving the quality of urban water without biological side effects. The ecological grass slope is used to create multiple bank forms, combining with a number of hydrophilic platforms to provide a good view of the public. Through the placement of ecological education bases, urban cultural exhibition halls, and other means, the cultural value of wetland parks will be enhanced, and the citizens will return to nature and experience the ecology and appreciate the charm of urban culture in the ecological space. Repair the ecosystem, sculpt the urban culture, let the public return to nature, experience the ecology, and experience the charm of urban culture in the ecological space.

Keywords: urban double reform, ecological space, improvement strategy, wetland park design

Procedia PDF Downloads 238

Authors: Ugbajah Maryjane

Abstract:

The study examined the production of grass cutter and the constraints in Anambra state, Nigeria. Specifically, it described socio-economic characteristics of the respondents, determinants of net farm income and constraints to grass cutter production. Multistage and random sampling methods were used to select 50 respondents for this study. Primary data were collected by means of structured questionnaire. Non-parametric and parametric statistical tools including frequency percentage mean ranking counts, cost and returns and returns and multiple regression were deployed for data analysis. Majority 84% produce on small scale, 64 % had formal education 68% had 3-4 years of farming experience hence small scaled production were common. The income (returns) on investment was used as index of profitability, gross margin (#5,972,280), net farm income (#5,327,055.2) net return on investment (2.5) and return on investment 3.1. Net farm income was significantly influence by stock size and years of farming experience. Grass cutter farmers production problem would be ameliorated by the expression of extension education awareness campaigns to discourage unhealthy practices such as indiscriminant bush burning, use of toxic chemicals as baits, and provision of credits to the farmers.

Keywords: socio-economic factors, profitability, awareness, toxic chemicals, credits

Procedia PDF Downloads 415

Authors: M. Wisnu Pamungkas, Patrianef Darwis

Abstract:

Introduction: Critical limb ischemia (CLI) is a vascular disease that has a significant amputation and mortality risk with diabetes mellitus, the most significant risk factor in CLI, is very common among Indonesian. Endovascular intervention (EVI) is preferred in treating CLI because it is noninvasive and effective. Balloon angioplasty and stent angioplasty are the most common method of EVI in Indonesia. This study aims to compare the effectiveness of balloon angioplasty and stent angioplasty on wound healing in CLI. Method: A cross-sectional study enrolled 90 subjects of CLI who underwent endovascular intervention using balloon angioplasty and stent angioplasty from January 2013 to July 2017 in dr. Cipto Mangunkusumo General Hospital, Jakarta. The wound healing period between balloon angioplasty dan stent angioplasty was analyzed using unpaired T-test with p<0,05 considered as statistically significant. Data of intervention method wound healing period, and subjects characteristic data (age, amputation, BMI, smoking habit, DM, occlusion site, and blood profile) were obtained. Result: The wound healing period in balloon angioplasty and stent angioplasty distributed normally. Mean value of wound healing period in balloon angioplasty and stent angioplasty are 84,8+/-2,423 and 59,93 +/- 2,423 days with a mean difference of 25 days. The difference in wound healing period in both groups is statically significant (p<0,05). The amputation event in balloon angioplasty and stent angioplasty is 22 and 16 event with no difference statistically. Conclusion: Stent angioplasty is a better method than balloon angioplasty for wound healing in patients with CLI.

Keywords: critical limb ischemia, endovascular intervention, wound healing, angioplasty

Procedia PDF Downloads 126

Authors: Matteo Bonaventura, Giancarlo Giudici

Abstract:

This paper analyses the valuation process of companies listed on the Italian Exchange in the period 2000-2009 at their Initial Public Offering (IPO). One the most common valuation techniques declared in the IPO prospectus to determine the offer price is the Discounted Cash Flow (DCF) method. We develop a ‘reverse engineering’ model to discover the short term profitability implied in the offer prices. We show that there is a significant optimistic bias in the estimation of future profitability compared to ex-post actual realization and the mean forecast error is substantially large. Yet we show that such error characterizes also the estimations carried out by analysts evaluating non-IPO companies. The forecast error is larger the faster has been the recent growth of the company, the higher is the leverage of the IPO firm, the more companies issued equity on the market. IPO companies generally exhibit better operating performance before the listing, with respect to comparable listed companies, while after the flotation they do not perform significantly different in term of return on invested capital. Pre-IPO book building activity plays a significant role in partially reducing the forecast error and revising expectations, while the market price of the first day of trading does not contain information for further reducing forecast errors.

Keywords: initial public offerings, DCF, book building, post-IPO profitability drop

Procedia PDF Downloads 352

Authors: Yen-Hsia Lin, Ya-Fang Cheng, Hui-Zhu Chen, Chi-Hui Tiao

Abstract:

This is a case study of a 70-year-old man suffering from Type 2 diabetes mellitus and hyperglycemia hyperosmolarity state. He was admitted into the intensive care unit from the 20th to 26th of October, 2015. After receiving relevant information through open-ended conversations, observation, and physical assessment, as well as the psychological, social and spiritual holistic nursing assessment, several clinical health problems such as unstable blood sugar, impaired skin integrity and lack of self-care management knowledge were identified by the author. During the period of care, the patient was encouraged to share and express his feelings, an active listening and initiating approach from the nursing team had led to the understanding of why the patient refused to use insulin. This knowledge enabled the nursing team to manage patient care by educating the patient with self-care management skills, such as foot wound care and insulin injection skills to slow the deterioration of complications. Also, the implementation of appropriate diet and exercise routine to improve patients’ style. By enhancing self-care ability in diabetic patients, they are able to return home with the skill to improve better quality life style.

Keywords: hyperglycemia hyperosmolar state, type2 diabetes Mellitu, diabetes Mellitu foot care, intensive care

Procedia PDF Downloads 146

Authors: Rabaa Tlili Yaakoubi, Hind Nakouri, Olivier Blanpain

Abstract:

The current tools for real time management of sewer systems are based on two software tools: the software of weather forecast and the software of hydraulic simulation. The use of the first ones is an important cause of imprecision and uncertainty, the use of the second requires temporal important steps of decision because of their need in times of calculation. This way of proceeding fact that the obtained results are generally different from those waited. The major idea of the CARDIO project is to change the basic paradigm by approaching the problem by the "automatic" face rather than by that "hydrology". The objective is to make possible the realization of a large number of simulations at very short times (a few seconds) allowing to take place weather forecasts by using directly the real time meditative pluviometric data. The aim is to reach a system where the decision-making is realized from reliable data and where the correction of the error is permanent. A first model of control laws was realized and tested with different return-period rainfalls. The gains obtained in rejecting volume vary from 40 to 100%. The development of a new algorithm was then used to optimize calculation time and thus to overcome the subsequent combinatorial problem in our first approach. Finally, this new algorithm was tested with 16- year-rainfall series. The obtained gains are 60% of total volume rejected to the natural environment and of 80 % in the number of discharges.

Keywords: RTC, paradigm, optimization, automation

Procedia PDF Downloads 284

Authors: B. Marasović, S. Pivac, S. V. Vukasović

Abstract:

Constructing a portfolio of investments is one of the most significant financial decisions facing individuals and institutions. In accordance with the modern portfolio theory maximization of return at minimal risk should be the investment goal of any successful investor. In addition, the costs incurred when setting up a new portfolio or rebalancing an existing portfolio must be included in any realistic analysis. In this paper rebalancing an investment portfolio in the presence of transaction costs on the Croatian capital market is analyzed. The model applied in the paper is an extension of the standard portfolio mean-variance optimization model in which transaction costs are incurred to rebalance an investment portfolio. This model allows different costs for different securities, and different costs for buying and selling. In order to find efficient portfolio, using this model, first, the solution of quadratic programming problem of similar size to the Markowitz model, and then the solution of a linear programming problem have to be found. Furthermore, in the paper the impact of transaction costs on the efficient frontier is investigated. Moreover, it is shown that global minimum variance portfolio on the efficient frontier always has the same level of the risk regardless of the amount of transaction costs. Although efficient frontier position depends of both transaction costs amount and initial portfolio it can be concluded that extreme right portfolio on the efficient frontier always contains only one stock with the highest expected return and the highest risk.

Keywords: Croatian capital market, Markowitz model, fractional quadratic programming, portfolio optimization, transaction costs

Procedia PDF Downloads 385

Authors: Amanda R. R. Oliveira, Caio F. F. C. Cunha, Juan C. L. Junior, Amorim H. P. Junior

Abstract:

Children deaths are traumatic events that most often can be prevented. The technology of prevention and intervention in cases of infant deaths is available at low cost and with solid evidence and favorable results, however, with low access cover. Weight is one of the main factors related to death in the neonatal period, so the newborns of low birth weight are a population at high risk of death in the neonatal period, especially early neonatal period. This paper describes the development of a model based in neural network analysis to predict the mortality risk rating in the early neonatal period for newborns of low birth weight to identify the individuals of this population with increased risk of death. The neural network applied was trained with a set of newborns data obtained from Brazilian health system. The resulting network presented great success rate in identifying newborns with high chances of death, which demonstrates the potential for using this tool in an integrated manner to the health system, in order to direct specific actions for improving prognosis of newborns.

Keywords: low birth weight, neonatal death risk, neural network, newborn

Procedia PDF Downloads 448

Authors: Godwin Chigozie Okpara

Abstract:

This paper using standard GARCH, EGARCH, and TARCH models on day of the week return series (of 246 days) from the Nigerian Stock market estimated the model variants’ VaR. An asymmetric return distribution and fat-tail phenomenon in financial time series were considered by estimating the models with normal, student t and generalized error distributions. The analysis based on Akaike Information Criterion suggests that the EGARCH model with student t innovation distribution can furnish more accurate estimate of VaR. In the light of this, we apply the likelihood ratio tests of proportional failure rates to VaR derived from EGARCH model in order to determine the short and long positions VaR performances. The result shows that as alpha ranges from 0.05 to 0.005 for short positions, the failure rate significantly exceeds the prescribed quintiles while it however shows no significant difference between the failure rate and the prescribed quantiles for long positions. This suggests that investors and portfolio managers in the Nigeria stock market have long trading position or can buy assets with concern on when the asset prices will fall. Precisely, the VaR estimates for the long position range from -4.7% for 95 percent confidence level to -10.3% for 99.5 percent confidence level.

Keywords: downside risk, value-at-risk, failure rate, kupiec LR tests, GARCH models

Procedia PDF Downloads 443

Authors: Lina Najafian, Hamidreza Vakilifard

Abstract:

The present study focused on the relationship between the quality of accruals and non-systematic risk. The independent study variables included the ability of accruals, the information content of accruals, and amount of discretionary accruals considered as accruals quality measures. The dependent variable was non-systematic risk based on the Fama and French Three Factor model (FFTFM) and the capital asset pricing model (CAPM). The control variables were firm size, financial leverage, stock return, cash flow fluctuations, and book-to-market ratio. The data collection method was based on library research and document mining including financial statements. Multiple regression analysis was used to analyze the data. The study results showed that there is a significant direct relationship between financial leverage and discretionary accruals and non-systematic risk based on FFTFM and CAPM. There is also a significant direct relationship between the ability of accruals, information content of accruals, firm size, and stock return and non-systematic based on both models. It was also found that there is no relationship between book-to-market ratio and cash flow fluctuations and non-systematic risk.

Keywords: accruals quality, non-systematic risk, CAPM, FFTFM

Procedia PDF Downloads 159

Authors: Stephanie Aguirre Moreno, Jesús Everardo Olguín Tiznado, Claudia Camargo Wilson, Juan Andrés López Barreras

Abstract:

This research work presents a proposal to evaluate the environmental performance of a Higher Education Institution (HEI) in Mexico in order to minimize their environmental impact. Given that public education has limited financial resources, it is necessary to conduct studies that support priorities in decision-making situations and thus obtain the best cost-benefit ratio of continuous improvement programs as part of the environmental management system implemented. The methodology employed, adapted from the Environmental Effect Analysis (EEA), weighs the environmental aspects identified in the environmental diagnosis by two characteristics. Number one, environmental priority through the perception of the stakeholders, compliance of legal requirements, and environmental impact of operations. Number two, the possibility of improvement, which depends of factors such as the exchange rate that will be made, the level of investment and the return time of it. The highest environmental priorities, or hot spots, identified in this evaluation were: electricity consumption, water consumption and recycling, and disposal of municipal solid waste. However, the possibility of improvement for the disposal of municipal solid waste is higher, followed by water consumption and recycling, in spite of having an equal possibility of improvement to the energy consumption, time of return and cost-benefit is much greater.

Keywords: environmental performance, environmental priority, possibility of improvement, continuous improvement programs

Procedia PDF Downloads 495

Authors: Ragini Trehan, D.K. Srivastava

Abstract:

In the post-planning era, India’s fiscal transfers from the central to state governments are solely determined by the Finance Commissions (FCs). While in some of the well-established federations such as Australia, Canada, and Germany, equalization serves as the guiding principle of fiscal transfers and is constitutionally mandated, in India, it is not explicitly mandated, and FCs attempt to implement it indirectly by a combination of a formula-based share in the divisible pool of central taxes supplemented by a set of grants. In this context, it is important to measure the extent of equalization that is achieved through FC transfers with a view to improving the design of such transfers. This study uses an index-based methodology for measuring the degree of equalization achieved through FC-transfers covering the period from FC12 to the first year of FC15 spanning from 2005-06 to 2020-21. The ‘Index of Equalization’ shows that the extent of equalization has remained low in the range of 30% to 37% for the four Commission periods under review. The highest degree of equalization at 36.7% was witnessed in the FC12 period and the lowest equalization at 29.5% was achieved during the FC15(1) period. The equalizing efficiency of recommended transfers also shows a consistent fall from 11.4% in the FC12 period to 7.5% by the FC15 (1) period. Further, considering progressivity in fiscal transfers as a special case of equalizing transfers, this study shows that the scheme of per capita total transfers when determined using the equalization approach is more progressive and is characterized by minimal deviations as compared to the profile of transfers recommended by recent FCs.

Keywords: fiscal transfers, index of equalization, equalizing efficiency, fiscal capacity, expenditure needs, finance Commission, tax effort

Procedia PDF Downloads 74

Authors: Alipanah Masoud, Sheihkei Iman

Abstract:

One day old chicken quality has great deal of contributions in increasing daily weight gain as well as economical productivity of broilers production. On the other hand, eggs are kept in different times in layer hens flocks and subsequently are transported to incubation units. In order to evaluate effects of two factors layer hen age and storage period of eggs on one day old broilers weight gain during feeding, eggs for layer hen gathered on 32 weeks old (young hen) and 74 weeks old (older ones) were used. Storage period for samples was set as 1 and 9 days. Data were analysed in completely randomized design in four replicates by software SAS. Results indicated that one day old broiler chickens from young had less weight gain, although they exhibited higher weight gain during next weeks. At the same time, there was no difference between chickens from eggs stored for nine days and those from stored for one day.

Keywords: egg, chicken, hatchability, layer

Procedia PDF Downloads 421

Authors: Md. Samsuzzaman, M. T. Islam, J. S. Mandeep, N. Misran

Abstract:

In this article, a compact simple structure modified Swastika shape patch multiband antenna on a substrate of available low cost polymer resin composite material is designed for Wi-Fi and WiMAX applications. The substrate material consists of an epoxy matrix reinforced by woven glass. The designed micro-strip line fed compact antenna comprises of a planar wide square slot ground with four slits and Swastika shape radiation patch with a rectangular slot. The effect of the different substrate materials on the reflection coefficients of the proposed antennas was also analyzed. It can be clearly seen that the proposed antenna provides a wider bandwidth and acceptable return loss value compared to other reported materials. The simulation results exhibits that the antenna has an impedance bandwidth with -10 dB return loss at 3.01-3.89 GHz and 4.88-6.10 GHz which can cover both the WLAN, WiMAX and public safety WLAN bands. The proposed swastika shape antenna was designed and analyzed by using a finite element method based simulator HFSS and designed on a low cost FR4 (polymer resin composite material) printed circuit board. The electrical performances and superior frequency characteristics make the proposed material antenna desirable for wireless communications.

Keywords: epoxy resin polymer, multiband, swastika shaped, wide slot, WLAN/WiMAX

Procedia PDF Downloads 452

Authors: Yasmin Umar Assegaf, Falikhatun, Salamah Wahyuni

Abstract:

This study aims to provide empirical evidence about the influence of Islamic Corporate Social Responsibility Disclosures of the financial performance of Islamic banking with the characteristics of the company, as a control variable in Islamic banking in Indonesia. ICSR disclosures are an independent variable, while the Financial Performance is the dependent variable (proxied by Return on Assets (ROA), Return on Equity (ROE), Income Expense Ratio (IER), and Non-net Interest Margin (NIM). The control variables used are firm size, firm age and the type of audit. The population of the study was all Islamic Banks (BUS) operate in Indonesia. The research sample is Islamic Commercial Bank which has existed in Indonesia since 2002 and publishes financial statements between the years of 2007-2011. The sample of the study were include 31 Annual Report published. The results of this study concluded that there are significant influences between the ICSR Disclosures and financial performance. The disclosure is partially effect on ROA, IER and NIM, whereas there is no influence on ROE. Further result shows that all control variables (Firm Size, Age, and Type of Audit Companies) does not have any influence on ICSR Disclosures in Indonesia. This research gives a suggestion for further research to compare these ICSR disclosures in Indonesia with ICSR disclosures in other countries that have Islamic banking, by using other measure variables of financial performance, to get more comprehensive model and real picture.

Keywords: ROA, ROE, IER, NIM, company size, age of the company, audit type, Islamic banking

Procedia PDF Downloads 349

Authors: Mohammad Q. M. Momani

Abstract:

The objective of this study is to examine whether the value relevance of ownership structure changed as the Amman Stock Exchange market conditions changed. Using data from 2005 to 2014, the study finds that the performance of portfolios that contain firms with concentrated ownership structure declines significantly during the post-crisis period. These portfolios exhibit poor performance relative to portfolios that contain firms with dispersed ownership structure during the post-crisis period. The results argue that uninspired performance of the Amman Stock Exchange during the post-crisis period, increased the incentives for controlling shareholders to expropriate. Investors recognized these incentives and discounted firms that were more likely to expropriate.

Keywords: value relevance, ownership structure, portfolio performance, Jordan, ASE

Procedia PDF Downloads 124

Authors: Young-Hyun Seo, Hosuk Shin, Eun-Hak Lee, Seung-Young Kho

Abstract:

This study analyzed and visualized the rental and return data of the public bike sharing system in Seoul, Ttareungyi, from September 2015 to October 2017. With the surge of system users, the number of times of collection and distribution in 2017 increased by three times compared to 2016. The city plans to deploy about 20,000 public bicycles by the end of 2017 to expand the system. Based on about 3.3 million historical data, we calculated the average trip time and the number of trips from one station to another station. The mobility patterns between stations are graphically displayed using R and Tableau. Demand for public bike sharing system is heavily influenced by day and weather. As a result of plotting the number of rentals and returns of some stations on weekdays and weekends at intervals of one hour, there was a difference in rental patterns. As a result of analysis of the rental and return patterns by time of day, there were a lot of returns at the morning peak and more rentals at the afternoon peak at the center of the city. It means that stock of bikes varies largely in the time zone and public bikes should be rebalanced timely. The result of this study can be applied as a primary data to construct the demand forecasting function of the station when establishing the rebalancing strategy of the public bicycle.

Keywords: demand forecasting, mobility patterns, public bike sharing system, visualization

Procedia PDF Downloads 190

Authors: Piyush Sharma, Laltu Chandra, P. S. Ghoshdastidar, Rajiv Shekhar

Abstract:

Metals processing operations such as melting and heat treatment of metals are energy-intensive, requiring temperatures greater than 500oC. The desired temperature in these industrial furnaces is attained by circulating electrically-heated air. In most of these furnaces, electricity produced from captive coal-based thermal power plants is used. Solar thermal energy could be a viable heat source in these furnaces. A retrofitted solar convective furnace (SCF) concept, which uses solar thermal generated hot air, has been proposed. Critical to the success of a SCF is the design of an open volumetric air receiver (OVAR), which can heat air in excess of 800oC. The OVAR is placed on top of a tower and receives concentrated solar radiation from a heliostat field. Absorbers, mixer assembly, and the return air flow chamber (RAFC) are the major components of an OVAR. The absorber is a porous structure that transfers heat from concentrated solar radiation to ambient air, referred to as primary air. The mixer ensures uniform air temperature at the receiver exit. Flow of the relatively cooler return air in the RAFC ensures that the absorbers do not fail by overheating. In an earlier publication, the detailed design basis, fabrication, and characterization of a 2 kWth open volumetric air receiver (OVAR) based laboratory solar air tower simulator was presented. Development of an experimentally-validated, CFD based mathematical model which can ultimately be used for the design and scale-up of an OVAR has been the major objective of this investigation. In contrast to the published literature, where flow and heat transfer have been modeled primarily in a single absorber module, the present study has modeled the entire receiver assembly, including the RAFC. Flow and heat transfer calculations have been carried out in ANSYS using the LTNE model. The complex return air flow pattern in the RAFC requires complicated meshes and is computational and time intensive. Hence a simple, realistic 1-D mathematical model, which circumvents the need for carrying out detailed flow and heat transfer calculations, has also been proposed. Several important results have emerged from this investigation. Circumferential electrical heating of absorbers can mimic frontal heating by concentrated solar radiation reasonably well in testing and characterizing the performance of an OVAR. Circumferential heating, therefore, obviates the need for expensive high solar concentration simulators. Predictions suggest that the ratio of power on aperture (POA) and mass flow rate of air (MFR) is a normalizing parameter for characterizing the thermal performance of an OVAR. Increasing POA/MFR increases the maximum temperature of air, but decreases the thermal efficiency of an OVAR. Predictions of the 1-D mathematical are within 5% of ANSYS predictions and computation time is reduced from ~ 5 hours to a few seconds.

Keywords: absorbers, mixer assembly, open volumetric air receiver, return air flow chamber, solar thermal energy

Procedia PDF Downloads 197

Authors: Vladyslav Povoroznyuk, Galina Dubetska, Roksolana Povoroznyuk

Abstract:

In recent years, the problem of hyperuricemia is getting a particular importance due to its increased incidence in the world population. The aim of this study was to determine uriс acid level in blood serum, incidence of hyperuricemia among women in postmenopausal period and their association with body mass index and some components of metabolic syndrome (triglyceride, cholesterol, systolic and diastolic pressure). We examined 412 women in postmenopausal period. They were divided in to the following groups: I group (BMI = 18,5-24,9), II group (BMI = 25,0-29,9), III group (BMI = 30,0-34,9), IV group (BMI > 35). We determined uric acid level among women during postmenopausal period depending on their body mass index. The higher level of uric acid was found in patients with the maximal body mass index (BMI > 35). In the I group it was 277,52 ± 8,40; in the II group – 286,81 ± 7,79; in the III group – 291,81 ± 7,56; in the IV group – 327,17 ± 12,17. Incidence of hyperuricemia among women in the I group was 10,2%, in the II group – 15,9%; in the III group – 21,2%, in the IV group – 34,2%. We found an interdependence between an uric acid level and BMI in the examined women (r = 0,21, p < 0,05). We determined that the highest level of triglyceride (F = 18,62, p < 0,05), cholesterol (F = 3,64, p < 0,05), atherogenic coefficient (F = 22,64, p < 0,05), systolic (F = 10,5, p < 0,05) and diastolic pressure (F = 4,30, p < 0,05) was among women with hyperuricemia. It was an interdependence between an uric acid level and triglyceride (r = 0,26, p < 0,05), atherogenic coefficient (r = 0,24, p < 0,05) among women in postmenopausal period.

Keywords: hyperuricemia, uric acid, body mass index, women

Procedia PDF Downloads 130