Search results for: market efficiency value

Authors: Petra Dilling

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This study examines the market reaction to the publication of integrated reports for a sample of 316 global companies for the reporting year 2018. Applying event study methodology, we find significant cumulative average abnormal returns (CAARs) after the publication date. To ensure robust estimation resultsthe three-factor model, according to Fama and French, is used as well as a market-adjusted model, a CAPM and a Frama-French model taking GARCH effects into account. We find a significant positive CAAR after the publication day of the integrated report. Our results suggest that investors react to information provided in the integrated report and that they react differently to the annual financial report. Furthermore, our cross-sectional analysis confirms that companies with a significant positive cumulative average abnormal show certain characteristic. It was found that European companies have a higher likelihood to experience a stronger significant positive market reaction to their integrated report publication.

Keywords: integrated report, event methodology, cumulative abnormal return, sustainability, CAPM

Procedia PDF Downloads 121

Authors: Chen Yong, Bi Wangyang, Zang Libin, Li Jinkai, Cheng Xiaowei, Liu Jinmin, Yu Miao

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New energy vehicle power transmission systems continue to develop in the direction of high torque, high speed, and high efficiency. The cooling and lubrication of the motor and the transmission system are integrated, and new requirements are placed on the lubricants for the transmission system. The effects of traditional lubricants and special lubricants for new energy vehicles on transmission efficiency were studied through experiments and simulation methods. A mathematical model of the transmission efficiency of the lubricating oil in the gearbox was established. The power loss of each part was analyzed according to the working conditions. The relationship between the speed and the characteristics of different lubricating oil products on the power loss of the stirring oil was discussed. The minimum oil film thickness was required for the life of the gearbox. The accuracy of the calculation results was verified by the transmission efficiency test conducted on the two-motor integrated test bench. The results show that the efficiency increases first and then decreases with the increase of the speed and decreases with the increase of the kinematic viscosity of the lubricant. The increase of the kinematic viscosity amplifies the transmission power loss caused by the high speed. New energy vehicle special lubricants have less attenuation of transmission efficiency in the range above mid-speed. The research results provide a theoretical basis and guidance for the evaluation and selection of transmission efficiency of gearbox lubricants for new energy vehicles.

Keywords: new energy vehicles, lubricants, transmission efficiency, kinematic viscosity, test and simulation

Procedia PDF Downloads 112

Authors: Wisam K. Hussam, Ali Alfeeli, Gergory J. Sheard

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Solar panels that use photovoltaic (PV) cells are popular for converting solar radiation into electricity. One of the major problems impacting the performance of PV panels is the overheating caused by excessive solar radiation and high ambient temperatures, which degrades the efficiency of the PV panels remarkably. To overcome this issue, an aluminum heat sink was used to dissipate unwanted heat from PV cells. The dimensions of the heat sink were determined considering the optimal fin spacing that fulfils hot climatic conditions. In this study, the effects of cooling on the efficiency and power output of a PV panel were studied experimentally. Two PV modules were used: one without and one with a heat sink. The experiments ran for 11 hours from 6:00 a.m. to 5:30 p.m. where temperature readings in the rear and front of both PV modules were recorded at an interval of 15 minutes using sensors and an Arduino microprocessor. Results are recorded for both panels simultaneously for analysis, temperate comparison, and for power and efficiency calculations. A maximum increase in the solar to electrical conversion efficiency of 35% and almost 55% in the power output were achieved with the use of a heat sink, while temperatures at the front and back of the panel were reduced by 9% and 11%, respectively.

Keywords: photovoltaic cell, natural convection, heat sink, efficiency

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Authors: Montserrat Guillen, Stephania Mosquera-Lopez, Jorge Uribe

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An empirical study of market risk transmission between electricity prices in the Nord Pool interconnected market is done. Crucially, it is differentiated between risk propagation in the two tails of the price variation distribution. Thus, the downside risk from upside risk spillovers is distinguished. The results found document an asymmetric nature of risk and risk propagation in the two tails of the electricity price log variations. Risk spillovers following price increments in the market are transmitted to a larger extent than those after price reductions. Also, asymmetries related to both, the size of the transaction area and related to whether a given area behaves as a net-exporter or net-importer of electricity, are documented. For instance, on the one hand, the bigger the area of the transaction, the smaller the size of the volatility shocks that it receives. On the other hand, exporters of electricity, alongside countries with a significant dependence on renewable sources, tend to be net-transmitters of volatility to the rest of the system. Additionally, insights on the predictive power of positive and negative semivariances for future market volatility are provided. It is shown that depending on the forecasting horizon, downside and upside shocks to the market are featured by a distinctive persistence, and that upside volatility impacts more on net-importers of electricity, while the opposite holds for net-exporters.

Keywords: electricity prices, realized volatility, semivariances, volatility spillovers

Procedia PDF Downloads 152

Authors: Farhat Hajer, Khir Tahar, Ammar Ben Brahim

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This work presents a study on the influence of the main operating variables on the gas turbine cycle. A numerical simulation of a gas turbine cycle is performed for a real net power of 100 MW. A calculation code is developed using EES software. The operating variables are taken in conformity with the local environmental conditions adopted by the Tunisian Society of Electricity and Gas. Results show that the increase of ambient temperature leads to an increase of Tpz and NO_x emissions rate and a decrease of cycle efficiency and UHC emissions. The CO emissions decrease with the raise of residence time, while NO_x emissions rate increases and UHC emissions rate decreases. Furthermore, both of cycle efficiency and NOx emissions increase with the increase of the pressure ratio.

Keywords: Carbon monoxide, Efficiency, Emissions, Gas Turbine, Nox, UHC

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Authors: R. Akbari, M. A. Ehyaei, R. Shahi Shavvon

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Nowadays, solar energy is used for energy purposes such as the use of thermal energy for domestic, industrial and power applications, as well as the conversion of the sunlight into electricity by photovoltaic cells. In this study, the thermodynamic simulation of the solar Rankin cycle with phase change material (paraffin) was first studied. Then energy and exergy analyses were performed. For optimization, a single and multi-objective genetic optimization algorithm to maximize thermal and exergy efficiency was used. The parameters discussed in this paper included the effects of input pressure on turbines, input mass flow to turbines, the surface of converters and collector angles on thermal and exergy efficiency. In the organic Rankin cycle, where solar energy is used as input energy, the fluid selection is considered as a necessary factor to achieve reliable and efficient operation. Therefore, silicon oil is selected for a high-temperature cycle and water for a low-temperature cycle as an operating fluid. The results showed that increasing the mass flow to turbines 1 and 2 would increase thermal efficiency, while it reduces and increases the exergy efficiency in turbines 1 and 2, respectively. Increasing the inlet pressure to the turbine 1 decreases the thermal and exergy efficiency, and increasing the inlet pressure to the turbine 2 increases the thermal efficiency and exergy efficiency. Also, increasing the angle of the collector increased thermal efficiency and exergy. The thermal efficiency of the system was 22.3% which improves to 33.2 and 27.2% in single-objective and multi-objective optimization, respectively. Also, the exergy efficiency of the system was 1.33% which has been improved to 1.719 and 1.529% in single-objective and multi-objective optimization, respectively. These results showed that the thermal and exergy efficiency in a single-objective optimization is greater than the multi-objective optimization.

Keywords: exergy analysis, genetic algorithm, rankine cycle, single and multi-objective function

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Authors: Randy D. Colon

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Through a freedom of information request, data pertaining to Housing Choice Voucher (HCV) households has been obtained from the Chicago Housing Authority, including rent price and number of bedrooms per HCV household, community area, and zip code from 2013 to the first quarter of 2018. Similar data pertaining to the private rental market will be obtained through public records found through the United States Department of Housing and Urban Development. The datasets will be analyzed through statistical and mapping software to investigate the potential link between HCV households and distorted rent prices. Quantitative data will be supplemented by qualitative data to investigate the lived experience of Chicago residents. Qualitative data will be collected at community meetings in the Chicago Englewood neighborhood through participation in neighborhood meetings and informal interviews with residents and community leaders. The qualitative data will be used to gain insight on the lived experience of community leaders and residents of the Englewood neighborhood in relation to housing, the rental market, and HCV. While there is an abundance of quantitative data on this subject, this qualitative data is necessary to capture the lived experience of local residents effected by a changing rental market. This topic reflects concerns voiced by members of the Englewood community, and this study aims to keep the community relevant in its findings.

Keywords: Chicago, housing, housing choice voucher program, housing subsidies, rental market

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Authors: J. J. Vargas, N. Prieto, L. A. Toro

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Control charts are commonly used to monitor processes involving either variable or attribute of quality characteristics and determining the control limits as a critical task for quality engineers to improve the processes. Nonetheless, in some applications it is necessary to include an estimation of efficiency. In this paper, the ability to define the efficiency of an industrial process was added to a control chart by means of incorporating a data envelopment analysis (DEA) approach. In depth, a Bayesian estimation was performed to calculate the posterior probability distribution of parameters as means and variance and covariance matrix. This technique allows to analyse the data set without the need of using the hypothetical large sample implied in the problem and to be treated as an approximation to the finite sample distribution. A rejection simulation method was carried out to generate random variables from the parameter functions. Each resulting vector was used by stochastic DEA model during several cycles for establishing the distribution of each efficiency measures for each DMU (decision making units). A control limit was calculated with model obtained and if a condition of a low level efficiency of DMU is presented, system efficiency is out of control. In the efficiency calculated a global optimum was reached, which ensures model reliability.

Keywords: data envelopment analysis, DEA, Multivariate control chart, rejection simulation method

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Authors: Andra Blumberga, Uldis Bariss, Anna Kubule, Dagnija Blumberga

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European Union Energy Efficiency Directive provides a set of binding energy efficiency measures to reach. Each of the member states can use either energy efficiency obligation scheme or alternative policy measures or combination of both. Latvian government has decided to divide savings among obligation scheme (65%) and alternative measures (35%). This decision might lead to significant energy tariff increase hence impact on the national economy. To assess impact of alternative policy measures focusing on energy management scheme based on ISO 50001 and ability to decrease share of obligation scheme a System Dynamics modeling was used. Simulation results show that energy efficiency goal can be met with alternative policy measure to large energy consumers in industrial, tertiary and public sectors by applying the energy tax exemption for implementers of energy management system. A delay in applying alternative policy measures plays very important role in reaching the energy efficiency goal. One year delay in implementation of this policy measure reduces cumulative energy savings from 2016 to 2017 from 5200 GWh to 3000 GWh in 2020.

Keywords: system dynamics, energy efficiency, policy measure, energy management system, obligation scheme

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Authors: W. I. Mazyan, A. Ahmadi, M. Hoorfar

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Objectives/Scope: This paper proposes a mathematical model for calculating the solid-gas separation efficiency in cyclones. This model provides better agreement with experimental results compared to existing mathematical models. Methods: The separation ratio efficiency, ϵsp, is evaluated by calculating the outlet to inlet count ratio. Similar to mathematical derivations in the literature, the inlet and outlet particle count were evaluated based on Eulerian approach. The model also includes the external forces acting on the particle (i.e., centrifugal and drag forces). In addition, the proposed model evaluates the exact length that the particle travels inside the cyclone for the evaluation of number of turns inside the cyclone. The separation efficiency model derivation using Stoke’s law considers the effect of the inlet tangential velocity on the separation performance. In cyclones, the inlet velocity is a very important factor in determining the performance of the cyclone separation. Therefore, the proposed model provides accurate estimation of actual cyclone separation efficiency. Results/Observations/Conclusion: The separation ratio efficiency, ϵsp, is studied to evaluate the performance of the cyclone for particles ranging from 1 microns to 10 microns. The proposed model is compared with the results in the literature. It is shown that the proposed mathematical model indicates an error of 7% between its efficiency and the efficiency obtained from the experimental results for 1 micron particles. At the same time, the proposed model gives the user the flexibility to analyze the separation efficiency at different inlet velocities. Additive Information: The proposed model determines the separation efficiency accurately and could also be used to optimize the separation efficiency of cyclones at low cost through trial and error testing, through dimensional changes to enhance separation and through increasing the particle centrifugal forces. Ultimately, the proposed model provides a powerful tool to optimize and enhance existing cyclones at low cost.

Keywords: cyclone efficiency, solid-gas separation, mathematical model, models error comparison

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Authors: Veljko Jeremic, Milica Kostic Stankovic, Aleksandar Markovic, Milan Martic

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Evaluating the efficiency of decision making units has been frequently elaborated on in numerous publications. In this paper, the theoretical framework for a novel method of Distance Based Analysis (DBA) is presented. In addition, the method is performed on a sample of the ARWU’s top 54 Universities of the United States, the findings of which clearly demonstrate that the best ranked Universities are far from also being the most efficient.

Keywords: evaluating efficiency, distance based analysis, ranking of universities, ARWU

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Authors: Mesias Alfeus, Kirsty Fitzhenry, Alessia Lederer

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The present paper provides empirical studies to estimate defaultable bonds in the South African financial market. The main goal is to estimate the unobservable factors affecting bond yields for South African major banks. The maximum likelihood approach is adopted for the estimation methodology. Extended Kalman filtering techniques are employed in order to tackle the situation that the factors cannot be observed directly. Multi-dimensional Cox-Ingersoll-Ross (CIR)-type factor models are considered. Results show that default risk increased sharply in the South African financial market during COVID-19 and the CIR model with jumps exhibits a better performance.

Keywords: default intensity, unobservable state variables, CIR, α-CIR, extended kalman filtering

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Authors: Mohammad Hosein Panahi, Naser Yazdani

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we present a technical trading strategy that leverages the FinBERT language model and financial news analysis with a focus on news related to a subset of Nasdaq 100 stocks. Our approach surpasses the baseline Range Break-out strategy in the Bitcoin market, yielding a remarkable 24.8% increase in the win ratio for all Friday trades and an impressive 48.9% surge in short trades specifically on Fridays. Moreover, we conduct rigorous hypothesis testing to establish the statistical significance of these improvements. Our findings underscore considerable potential of our NLP-driven approach in enhancing trading strategies and achieving greater profitability within financial markets.

Keywords: quantitative finance, technical analysis, bitcoin market, NLP, language models, FinBERT, technical trading

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Authors: Antonia Müller, Svend Reuse

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The Brexit referendum in June 2016 led to different publications analysing potential consequences for European and British insurance companies under the European Passport. This study addresses a research gap, regarding the measures taken by insurance companies based in the United Kingdom and thus on structural changes to the European insurance market by an innovative structured Solvency and Financial Condition Report content analysis. In scope are all insurance companies based in the United Kingdom, that fall under the Solvency II supervisory regime. The results show that the majority of British Solvency II insurance companies in scope, conducting cross-border business to the European Union, have applied and reported measures to be able to continue operating this cross-border business after Brexit. In addition, the study shows that 34 new insurance companies based in the European Union were established as a result of Brexit, indicating structural changes to the European insurance market.

Keywords: brexit, europe, insurance market, solvency and financial condition repot, structural changes

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Authors: Nattapong Techarattanased

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The objectives of this research were to study the influence of market orientation and supply chain management on competitive capability in case of the automotive parts industry in Thailand. This study employed by survey research and questionnaire was used to collect the data from 400 entrepreneurs in the automotive parts industry in Thailand. The descriptive statistics and multiple regression analysis were used to analyze data. The results revealed that the overall dimensions of marketing orientation, namely, responsiveness, intelligence generation, and intelligence dissemination were rated at the high level. As well, the overall dimensions of supply chain management, namely, collaboration, communication, trust, and commitment were also rated at the high level. Furthermore, the hypothesis testing results showed that supply chain management and market orientation affected competitive capability of the automotive parts industry in Thailand which these two variables could be combined to predict competitive capability of the automotive parts industry in Thailand by 31.5 percent.

Keywords: automotive parts industry, competitive capability, market orientation, supply chain management

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Authors: Miran Sabah Ibrahim, Nahit Aktas

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The utilization of emulsifiers is highly important in the process of breaking emulsions. This examination employed five commercial demulsifiers in various temperatures for evaluating the separation efficiency. Furthermore, two different crude oils (Khurmala and Demir Dagh crude oil) were utilized for preparing emulsion. The outcomes revealed that the application commercial demulsifiers for Khurmala crude oil at 55°C and 100 ppm (KD-3100, KD-3200, FD-6144, FD-6210 and RI35Q) the separation efficiency were (78, 80.6, 78, 86 and 90 %) respectively. However, at 65 °C and 100 ppm (KD-3100, KD-3200, FD-6144, FD-6210 and RI35Q) separation efficiency were (87, 85, 91.3, 94 and 97 %) respectively. Nonetheless, utilizing Demir Dagh crude oil at 55 °C and 100 ppm (KD-3100, KD-3200, FD-6144, FD-6210 and RI35Q) resulted in the separation efficiency of (63.3, 66.6, 65, 73 and 76.6 %) respectively, and at 65 °C and 100 ppm (KD-3100, KD-3200, FD-6144, FD-6210 and RI35Q) were (77, 76.6, 80, 82 and 85 %) respectively. The combinations of FD-6144 and RI35Q at 55°C and ratio of (1:1) and (1:3) for Khurmala crude oil led to (96 and 90.6 %) efficiency respectively. However, the efficiency decreased to (98.6 and 93.3 %) respectively at 65 °C. The same combinations applied on Demir Dagh Crude oil and the results were (78 and 63.3 %) at 55 °C and (86.6 and 71 %) at 65 °C. Three different brine concentrations (NaCl) (0.5, 2 and 3.5 %) were prepared and utilized. It was found that the optimum NaCl concentration was at 3.5 % NaCl concentration for both khurmala and Demir dagh crude oil at 55 °C and 65 °C.

Keywords: demulsifier, emulsion, breaking emulsion, emulsifying agent (surfactant)

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Authors: S. P. Singh, Priya, Komal Sajwan

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With the increasing spread of organic farming in India, costs, returns, efficiency, and social and environmental sustainability of organic vis-a-vis conventional farming systems have become topics of interest among agriculture scientists, economists, and policy analysts. A study on technical efficiency estimation under these farming systems, particularly in the Ganga River Basin, where the promotion of organic farming is incentivized, can help to understand whether the inputs are utilized to their maximum possible level and what measures can be taken to improve the efficiency. This paper, therefore, analyses the technical efficiency of wheat farms operating under organic and conventional farming systems. The study is based on a primary survey of 600 farms (300 organic ad 300 conventional) conducted in 2021 in two districts located in the Middle Ganga River Basin, India. Technical, managerial, and scale efficiencies of individual farms are estimated by applying the data envelopment analysis (DEA) methodology. The per hectare value of wheat production is taken as an output variable, and values of seeds, human labour, machine cost, plant nutrients, farm yard manure (FYM), plant protection, and irrigation charges are considered input variables for estimating the farm-level efficiencies. The post-DEA analysis is conducted using the Tobit regression model to know the efficiency determining factors. The results show that technical efficiency is significantly higher in conventional than organic farming systems due to a higher gap in scale efficiency than managerial efficiency. Further, 9.8% conventional and only 1.0% organic farms are found operating at the most productive scale size (MPSS), and 99% organic and 81% conventional farms at IRS. Organic farms perform well in managerial efficiency, but their technical efficiency is lower than conventional farms, mainly due to their relatively lower scale size. The paper suggests that technical efficiency in organic wheat can be increased by upscaling the farm size by incentivizing group/collective farming in clusters.

Keywords: organic, conventional, technical efficiency, determinants, DEA, Tobit regression

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Authors: Manel Youssef, Lotfi Belkacem

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This paper employs multivariate long memory GARCH models to simultaneously estimate mean and conditional variance spillover effects between oil prices and different financial markets. Since different financial assets are traded based on these market sector returns, it’s important for financial market participants to understand the volatility transmission mechanism over time and across these series in order to make optimal portfolio allocation decisions. We examine weekly returns from January 1, 2003 to November 30, 2012 and find evidence of significant transmission of shocks and volatilities between oil prices and some of the examined financial markets. The findings support the idea of cross-market hedging and sharing of common information by investors.

Keywords: oil prices, stock indices returns, oil volatility, contagion, DCC-multivariate (FI) GARCH

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Authors: J. Jayasuriya

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In this research paper, a procedure for installing and assessment of a solar PV plant to generate optimal solar energy SPAV hostel at Vijayawada city was analyzed. The hostel was experiencing power disruption and had a need for an unceasing energy source. The solar panel is one of the best solutions to obtain uninterrupted clean renewable energy for an institutional building as it neither makes din nor pollutes the atmosphere. The electricity usage per month was initially measured to discriminate the energy change. The solar array was installed with its financial and environmental assessment considering recent market prices. All the aspects related to a solar PV plant were considered for the feasibility and efficiency of PV plant near this site i.e., the orientation of the site, the size and shape of the terrace, the sun path were considered while installing panels. Various precautions were taken to intercept the factors which cause interference in energy generation, with respect to temperature, overshadowing, the wiring of panels, pollution etc. The solar panels were frequently installed, monitored and maintained properly to procure optimal energy output. Result obtained with the assessment of the proposed plant and deflation in the electric bill will show the maximal energy that can be generated in a month on that particular site.

Keywords: solar efficiency, building sustainability, PV panel, solar energy

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Authors: Sumit Tiwari, Rohit Tripathi, G. N. Tiwari

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Present study focused on the utilization of solar energy by the help of photovoltaic greenhouse solar dryer under forced mode. A single slope photovoltaic greenhouse solar dryer has been proposed and thermal modelling has been developed. Various parameters have been calculated by thermal modelling such as greenhouse room temperature, cell temperature, crop temperature and air temperature at exit of greenhouse. Further cell efficiency, thermal efficiency, and overall thermal efficiency have been calculated for a typical day of May and November. It was found that system can generate equivalent thermal energy up to 7.65 kW and 6.66 kW per day for clear day of May and November respectively.

Keywords: characteristics curve, photovoltaic, thermal modelling, thermal efficiency

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Authors: Patel Himeshkumar Ashokbhai, Suchit Sharma, Arvind Kumar Garg

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The purpose of this paper is to study the effect of change in feed rate on grinding circuit and cyclone efficiency in case of lead-zinc ore. The following experiments and analysis were conducted on beneficiation circuit of Sindesar Khurd (SK) mines under Hindustan Zinc Ltd. subsidiary of Vedanta Group of Companies, a leading producer of lead-Zinc, silver and cadmium (as by products) in India. Feed rate is an important variable in beneficiation circuit operation. Optimizing feed rate is indispensable for any grinding circuit and directly effects cyclone efficiency. The size analysis of ore in grinding circuit along with cyclone efficiency on varying feed rates establishes their interdependence. Feed rate determines retention time ore gets within grinding circuit. Retention time in turn determines degree of liberation of mineral. Inadequate liberation causes decreased circuit efficiency. In this paper we have studied the effect of varying feed rate on (1) D80 particle size of different sections of different streams of grinding circuit (2) Re-circulating load (3) Cyclone efficiency. As a conclusion, this study gives some clues to operate grinding circuits and hydro-cyclones in more efficient way regarding beneficiation of Lead-zinc ore.

Keywords: cyclone efficiency, feed rate, grinding circuit, re-circulating load

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Authors: Abbas Al-Refaie, Ruba Najdawi, Nour Bata, Mohammad D. AL-Tahat

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The pharmaceutical industry is an important component of health care systems throughout the world. Measurement of a production unit-performance is crucial in determining whether it has achieved its objectives or not. This paper applies data envelopment (DEA) window analysis to assess the efficiencies of two packaging lines; Allfill (new) and DP6, in the Penicillin plant in a Jordanian Medical Company in 2010. The CCR and BCC models are used to estimate the technical efficiency, pure technical efficiency, and scale efficiency. Further, the Malmquist productivity index is computed to measure then employed to assess productivity growth relative to a reference technology. Two primary issues are addressed in computation of Malmquist indices of productivity growth. The first issue is the measurement of productivity change over the period, while the second is to decompose changes in productivity into what are generally referred to as a ‘catching-up’ effect (efficiency change) and a ‘frontier shift’ effect (technological change). Results showed that DP6 line outperforms the Allfill in technical and pure technical efficiency. However, the Allfill line outperforms DP6 line in scale efficiency. The obtained efficiency values can guide production managers in taking effective decisions related to operation, management, and plant size. Moreover, both machines exhibit a clear fluctuations in technological change, which is the main reason for the positive total factor productivity change. That is, installing a new Allfill production line can be of great benefit to increasing productivity. In conclusions, the DEA window analysis combined with the Malmquist index are supportive measures in assessing efficiency and productivity in pharmaceutical industry.

Keywords: window analysis, malmquist index, efficiency, productivity

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Authors: Y. Smirlis, G. Koronakos, S. Plitsos

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Shipbrokers assist the ship companies in chartering or selling and buying vessels, acting as intermediates between them and the market. They facilitate deals, providing their expertise, negotiating skills, and knowledge about ship market bargains. Their role is very important as it affects the profitability and market position of a shipping company. Due to their significant contribution, the shipping companies have to employ systematic procedures to evaluate the shipbrokers’ services in order to select the best and, consequently, to achieve the best deals. Towards this, in this paper, we consider shipbrokers as financial service providers, and we formulate the problem of evaluating and selecting shipbrokers’ services as a multi-criteria decision making (MCDM) procedure. The proposed methodology comprises a first normalization step to adjust different scales and orientations of the criteria and a second step that includes the mathematical model to evaluate the performance of the shipbrokers’ services involved in the assessment. The criteria along which the shipbrokers are assessed may refer to their size and reputation, the potential efficiency of the services, the terms and conditions imposed, the expenses (e.g., commission – brokerage), the expected time to accomplish a chartering or selling/buying task, etc. and according to our modelling approach these criteria may be assigned different importance. The mathematical programming model performs a comparative assessment and estimates for the shipbrokers involved in the evaluation, a relative score that ranks the shipbrokers in terms of their potential performance. To illustrate the proposed methodology, we present a case study in which a shipping company evaluates and selects the most suitable among a number of sale and purchase (S&P) brokers. Acknowledgment: This study is supported by the OptiShip project, implemented within the framework of the National Recovery Plan and Resilience “Greece 2.0” and funded by the European Union – NextGenerationEU programme.

Keywords: shipbrokers, multi-criteria decision making, mathematical programming, service-provider selection

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Authors: Mayank Mishra

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Market Economy can be broadly defined as economic system where supply and demand regulate the economy and in which decisions pertaining to production, consumption, allocation of resources, price and competition are made by collective actions of individuals or organisations with limited government intervention. On the other hand Market Society is one where instead of the economy being embedded in social relations, social relations are embedded in the economy. A market economy becomes a market society when all of land, labour and capital are commodified. This transition also has effect on people’s attitude and values. Such a transition commence impacting the non-material aspect of life such as public education, public health and the like. The inception of neoliberal policies in non-market norms altered the nature of social goods like public health that raised the following questions. What impact would the transition to a market society make on people in terms of accessibility to public health? Is healthcare a commodity that can be subjected to a competitive market place? What kind of private investments are being made in public health and how do private investments alter the nature of a public good like healthcare? This research problem will employ empirical-analytical approach that includes deductive reasoning which will be using the existing concept of market economy and market society as a foundation for the analytical framework and the hypotheses to be examined. The research also intends to inculcate the naturalistic elements of qualitative methodology which refers to studying of real world situations as they unfold. The research will analyse the existing literature available on the subject. Concomitantly the research intends to access the primary literature which includes reports from the World Bank, World Health Organisation (WHO) and the different departments of respective ministries of the countries for the analysis. This paper endeavours to highlight how the issue of commodification of public health would lead to perpetual increase in its inaccessibility leading to stratification of healthcare services where one can avail the better services depending on the extent of one’s ability to pay. Since the fundamental maxim of private investments is to churn out profits, these kinds of trends would pose a detrimental effect on the society at large perpetuating the lacuna between the have and the have-nots.The increasing private investments, both, domestic and foreign, in public health sector are leading to increasing inaccessibility of public health services. Despite the increase in various public health schemes the quality and impact of government public health services are on a continuous decline.

Keywords: commodity, India and Pakistan, market society, public health

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Authors: Abraham Castellanos, Christophe Durville, Sophie Echenim

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In this article, a portfolio optimization problem is performed in a Solvency II context: it illustrates how advanced optimization techniques can help to tackle complex operational pain points around the monitoring, control, and stability of Solvency Capital Requirement (SCR). The market SCR of a portfolio is calculated as a combination of SCR sub-modules. These sub-modules are the results of stress-tests on interest rate, equity, property, credit and FX factors, as well as concentration on counter-parties. The market SCR is non convex and non differentiable, which does not make it a natural optimization criteria candidate. In the SCR formulation, correlations between sub-modules are fixed, whereas risk-driven portfolio allocation is usually driven by the dynamics of the actual correlations. Implementing a portfolio construction approach that is efficient on both a regulatory and economic standpoint is not straightforward. Moreover, the challenge for insurance portfolio managers is not only to achieve a minimal SCR to reduce non-invested capital but also to ensure stability of the SCR. Some optimizations have already been performed in the literature, simplifying the standard formula into a quadratic function. But to our knowledge, it is the first time that the standard formula of the market SCR is used in an optimization problem. Two solvers are combined: a bundle algorithm for convex non- differentiable problems, and a BFGS (Broyden-Fletcher-Goldfarb- Shanno)-SQP (Sequential Quadratic Programming) algorithm, to cope with non-convex cases. A market SCR minimization is then performed with historical data. This approach results in significant reduction of the capital requirement, compared to a classical Markowitz approach based on the historical volatility. A comparative analysis of different optimization models (equi-risk-contribution portfolio, minimizing volatility portfolio and minimizing value-at-risk portfolio) is performed and the impact of these strategies on risk measures including market SCR and its sub-modules is evaluated. A lack of diversification of market SCR is observed, specially for equities. This was expected since the market SCR strongly penalizes this type of financial instrument. It was shown that this direct effect of the regulation can be attenuated by implementing constraints in the optimization process or minimizing the market SCR together with the historical volatility, proving the interest of having a portfolio construction approach that can incorporate such features. The present results are further explained by the Market SCR modelling.

Keywords: financial risk, numerical optimization, portfolio management, solvency capital requirement

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Authors: E. Bal Beşikçi, O. Arslan

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Fuel saving has become one of the most important issue for shipping in terms of fuel economy and environmental impact. Lowering fuel consumption is possible for both new ships and existing ships through enhanced energy efficiency measures, technical and operational respectively. The limitations of applying technical measures due to the long payback duration raise the potential of operational changes for energy efficient ship operations. This study identifies operational energy efficiency measures related voyage performance management. We use ‘noon’ data to examine the correlation between fuel consumption and operational parameters- revolutions per minute (RPM), draft, trim, (beaufort number) BN and relative wind direction, which are used as measures of ship energy efficiency. The results of this study reveal that speed optimization is the most efficient method as fuel consumption depends heavily on RPM. In conclusion, this study will provide ship operators with the strategic approach for evaluating the priority of the operational energy efficiency measures against high fuel prices and carbon emissions.

Keywords: ship, voyage related operational energy Efficiency measures, fuel consumption, pearson's correlation coefficient

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Authors: Zohreh Soltani, Seyedmohammadhossein Hosseinian

Abstract:

Reduction of energy consumption in built infrastructure, through the installation of energy-efficient technologies, is a major approach to achieving sustainability. In practice, the viability of energy efficiency projects strongly depends on the cost reimbursement and profitability. These projects are subject to failure if the actual cost savings do not reimburse the project cost in a timely manner. In such cases, refinancing could be a solution to benefit from the long-term returns of the project if implemented wisely. However, very little is still known about the effect of refinancing options on financial performance of energy efficiency projects. To fill this gap, the present study investigates the financial behavior of energy efficiency projects with focus on refinancing options, such as Leveraged Loans. A System Dynamics (SD) model is introduced, and the model application is presented using an actual case-study data. The case study results indicate that while high-interest start-ups make using Leveraged Loan inevitable, refinancing can rescue the project and bring about profitability. This paper also presents some managerial implications of refinancing energy efficiency projects based on the case-study analysis. Results of this study help implementing financially viable energy efficiency projects, so the community could benefit from their environmental advantages widely.

Keywords: energy efficiency projects, leveraged loan, refinancing, sustainability

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Authors: Zhao Tianxu, Cui Shumei

Abstract:

This paper proposes a novel multiphase motor structure. The armature winding consists of several independent multiphase windings that have different rating rotate speed and power. Compared to conventional motor, the novel motor structure has more operation mode and fault tolerance mode, which makes it adapt to high-reliability requirement situation such as electric vehicle, aircraft and ship. Performance of novel motor structure varies with winding match. In order to find optimum control strategy, motor torque character, efficiency performance and fault tolerance ability under different operation mode are analyzed in this paper, and torque distribution strategy for efficiency optimization is proposed. Simulation analyze is taken and the result shows that proposed structure has the same efficiency on heavy load and higher efficiency on light load operation points, which expands high efficiency area of motor and cruise range of vehicle. The proposed structure can improve motor highest speed.

Keywords: multiphase motor, armature winding match, torque distribution strategy, efficiency

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Authors: Yeliz Mert Kantar, İsmail Yeni̇lmez, Ibrahim Arik

Abstract:

In this study, the efficiency measurement of the top fifty Turkish Universities has been conducted. The top fifty Turkish Universities are listed by The Scientific and Technological Research Council of Turkey (TÜBITAK) according to the Entrepreneur and Innovative University Index every year. The index is calculated based on four components since 2018. Four components are scientific and technological research competency, intellectual property pool, cooperation and interaction, and economic and social contribution. The four components consist of twenty-three sub-components. The 2021 list announced in January 2022 is discussed in this study. Efficiency analysis have been carried out using the Stochastic Frontier Model. Statistical significance of the sub-components that make up the index with certain weights has been examined in terms of the efficiency measurement calculated through the Stochastic Frontier Model. The relationship between the efficiency ranking estimated based on the Stochastic Frontier Model and the Entrepreneur and Innovative University Index ranking is discussed in detail.

Keywords: efficiency, entrepreneur and innovative universities, turkish universities, stochastic frontier model, tübi̇tak

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Authors: Ahmad Awajan, Sadam Al Wadi

Abstract:

In this study, a hybrid method based on Empirical Mode Decomposition and Holt-Winter (EMD-HW) is used to forecast Amman stock market data. First, the data are decomposed by EMD method into Intrinsic Mode Functions (IMFs) and residual components. Then, all components are forecasted by HW technique. Finally, forecasting values are aggregated together to get the forecasting value of stock market data. Empirical results showed that the EMD- HW outperform individual forecasting models. The strength of this EMD-HW lies in its ability to forecast non-stationary and non- linear time series without a need to use any transformation method. Moreover, EMD-HW has a relatively high accuracy comparing with eight existing forecasting methods based on the five forecast error measures.

Keywords: Holt-Winter method, empirical mode decomposition, forecasting, time series

Procedia PDF Downloads 102