Search results for: market efficiency

Authors: Dimitrios Dimitriou, Maria Sartzetaki

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In the early days of the of civil aviation, airports are totally state-owned companies under the control of national authorities or regional governmental bodies. From that time the picture has totally changed and airports privatisation and airport business commercialisation are key success factors to stimulate air transport demand, generate revenues and attract investors, linked to reliable and resilience of air transport system. Nowadays, airport's corporate strategy deals with policies and actions, affecting essential the business plans, the financial targets and the economic footprint in a regional economy they serving. Therefore, exploring airport corporate strategy is essential to support the decision in business planning, management efficiency, sustainable development and investment attractiveness on one hand; and define policies towards traffic development, revenues generation, capacity expansion, cost efficiency and corporate social responsibility. This paper explores key outputs in airport corporate strategy for different ownership schemes. The airport corporations are grouped in three major schemes: (a) Public, in which the public airport operator acts as part of the government administration or as a corporised public operator; (b) Mixed scheme, in which the majority of the shares and the corporate strategy is driven by the private or the public sector; and (c) Private, in which the airport strategy is driven by the key aspects of globalisation and liberalisation of the aviation sector. By a systemic approach, the key drivers in corporate strategy for modern airport business structures are defined. Key objectives are to define the key strategic opportunities and challenges and assess the corporate goals and risks towards sustainable business development for each scheme. The analysis based on an extensive cross-sectional dataset for a sample of busy European airports providing results on corporate strategy key priorities, risks and business models. The conventional wisdom is to highlight key messages to authorities, institutes and professionals on airport corporate strategy trends and directions.

Keywords: airport corporate strategy, airport ownership, airports business models, corporate risks

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Authors: Biswanath Swain

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Ethical relativism, as an ethical perspective, holds that moral worth of a course of action is dependent on a particular space and time. Moral rightness or wrongness of a course of action varies from space to space and from time to time. In short, ethical relativism holds that morality is relative to the context. If we reflect conscientiously on the scope of this perspective, we will find that it is wide-spread amongst the marketers involved in the offshore business. However, the irony is that most of the marketers gone along with ethical relativism in their offshore business have been found to be unsuccessful in terms of loss in market-share and bankruptcy. The upshot is purely self-defeating in nature for the marketers. GSK in China and Nestle Maggi in India are some of the burning examples of that sort. The paper argues and recommends that a marketer, as an alternative, should have recourse to Kantian ethical perspective to deliberate courses of action sensitive to offshore business as Kantian ethical perspective is logically and methodologically sound in nature.

Keywords: business, course of action, Kant, morality, offshore, relativism

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Authors: Yuan-lin Liu, Ye Li, Tian Xia

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There are some shortcomings in Chinese existing taxi management modes. This paper suggests to establish the third-party comprehensive information management platform and put forward an evaluation model based on credit. Four indicators are used to evaluate the drivers’ credit, they are passengers’ evaluation score, driving behavior evaluation, drivers’ average bad record number, and personal credit score. A weighted clustering method is used to achieve credit level evaluation for taxi drivers. The management of taxi industry is based on the credit level, while the grade of the drivers is accorded to their credit rating. Credit rating determines the cost, income levels, the market access, useful period of license and the level of wage and bonus, as well as violation fine. These methods can make the credit evaluation effective. In conclusion, more credit data will help to set up a more accurate and detailed classification standard library.

Keywords: credit, mobile internet, e-hailing taxi, management mode, weighted cluster

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Authors: Phinyo Mueangmeesap

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This paper describes about pure sinusoidal inverter simulation and implementation from high voltage DC (156 Vdc). This simulation is to study and improve the efficiency of the inverter. By reducing the loss of power from boost converter in current inverter. The simulation is done by using the H-bridge circuit with pulse width modulate (PWM) signal and low-pass filter circuit. To convert the DC into AC. This paper used the PSCad for simulation. The result of simulation can be used to create prototype inverter by converting 156 Vdc to 110Vac. The inverter gives the output signal similar to the output from a simulation.

Keywords: inverter simulation, PWM signal, single-phase inverter, sinusoidal inverter

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Authors: Elmo Thiago Lins Cöuras Ford, Valentina Alessandra Carvalho do Vale, Rubens Maribondo do Nascimento, José Ubiragi de Lima Mendes

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Recycling has been greatly stimulated by the market. There are already several products that are produced with recycled materials and various wastes have been studied in various forms of applications. The vast majority of insulation applications in domestic, commercial and industrial systems in the range of low and medium temperatures (up to 180 ° C), using the aggressive nature materials such as glass wool, rock wool, polyurethane, polystyrene. Such materials, while retaining the effectiveness of the heat flux, are disposed as expensive and take years too absorbed by nature. Thus, trying to adapt to a global policy on the preservation of the environment, a study in order to develop an insulating compound of natural / industrial waste and biodegradable materials conducted. Thus, this research presents the development of a composite material based zest tire and latex for thermal and electrical insulation.

Keywords: composite, latex, scrapes tire, insulation, electrical

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Authors: Aya M. H. Eissa, Ayman H. A. Mahmoud

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When it comes to energy efficient thermal regulation system, natural systems do not only offer an inspirational source of innovative strategies but also sustainable and even regenerative ones. Using biomimetic design an energy efficient thermal regulation system can be developed. Although, conventional design process methods achieved fairly efficient systems, they still had limitations which can be overcome by using parametric design software. Accordingly, the main objective of this study is to apply and assess the efficiency of heat regulation strategies inspired from termite mounds in residential buildings’ thermal regulation system. Parametric design software is used to pave the way for further and more complex biomimetic design studies and implementations. A hot arid region is selected due to the deficiency of research in this climatic region. First, the analysis phase in which the stimuli, affecting, and the parameters, to be optimized, are set mimicking the natural system. Then, based on climatic data and using parametric design software Grasshopper, building form and openings height and areas are altered till settling on an optimized solution. Finally, an assessment of the efficiency of the optimized system, in comparison with a conventional system, is determined by firstly, indoors airflow and indoors temperature, by Ansys Fluent (CFD) simulation. Secondly by and total solar radiation falling on the building envelope, which was calculated using Ladybug, Grasshopper plugin. The results show an increase in the average indoor airflow speed from 0.5m/s to 1.5 m/s. Also, a slight decrease in temperature was noticed. And finally, the total radiation was decreased by 4%. In conclusion, despite the fact that applying a single bio-inspired heat regulation strategy might not be enough to achieve an optimum system, the concluded system is more energy efficient than the conventional ones as it aids achieving indoors comfort through passive techniques. Thus demonstrating the potential of parametric design software in biomimetic design.

Keywords: biomimicry, heat regulation systems, hot arid regions, parametric design, thermal comfort

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Authors: Randa Alharbi, Vladislav Vyshemirsky

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Systems biology is an important field in science which focuses on studying behaviour of biological systems. Modelling is required to produce detailed description of the elements of a biological system, their function, and their interactions. A well-designed model requires selecting a suitable mechanism which can capture the main features of the system, define the essential components of the system and represent an appropriate law that can define the interactions between its components. Complex biological systems exhibit stochastic behaviour. Thus, using probabilistic models are suitable to describe and analyse biological systems. Continuous-Time Markov Chain (CTMC) is one of the probabilistic models that describe the system as a set of discrete states with continuous time transitions between them. The system is then characterised by a set of probability distributions that describe the transition from one state to another at a given time. The evolution of these probabilities through time can be obtained by chemical master equation which is analytically intractable but it can be simulated. Uncertain parameters of such a model can be inferred using methods of Bayesian inference. Yet, inference in such a complex system is challenging as it requires the evaluation of the likelihood which is intractable in most cases. There are different statistical methods that allow simulating from the model despite intractability of the likelihood. Approximate Bayesian computation is a common approach for tackling inference which relies on simulation of the model to approximate the intractable likelihood. Particle Markov chain Monte Carlo (PMCMC) is another approach which is based on using sequential Monte Carlo to estimate intractable likelihood. However, both methods are computationally expensive. In this paper we discuss the efficiency and possible practical issues for each method, taking into account the computational time for these methods. We demonstrate likelihood-free inference by performing analysing a model of the Repressilator using both methods. Detailed investigation is performed to quantify the difference between these methods in terms of efficiency and computational cost.

Keywords: Approximate Bayesian computation(ABC), Continuous-Time Markov Chains, Sequential Monte Carlo, Particle Markov chain Monte Carlo (PMCMC)

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Authors: Benmoussa Dennai, H. Benslimane, A. Helmaoui

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Photo voltaic conversion is the direct conversion of electromagnetic energy into electrical energy continuously. This electromagnetic energy is the most solar radiation. In this work we performed a computer modelling using AMPS 1D optimization of hetero-junction solar cells GaInP/GaAs configuration for p/ n. We studied the influence of the thickness the base layer in the cell offers on the open circuit voltage, the short circuit current and efficiency.

Keywords: optimization, photovoltaic cell, GaInP / GaAs AMPS-1D, hetetro-junction

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Authors: Gabriela Lucas Sanchez

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The contemporary housing industry is dominated by tract houses, which prioritize uniformity and cost-efficiency over environmental and ecological considerations. However, as the world faces the growing challenges of climate change and resource depletion, there is an urgent need to rethink the residential paradigm. This essay explores how regenerative practices can be integrated into standard residential designs to create a shift that reduces the environmental impact of housing and actively contributes to ecological health. Passive sustainable practices, such as passive solar design, natural ventilation, and the use of energy-efficient materials, aim to maximize resource use efficiency, minimize waste, and create healthy living environments. Regenerative practices, on the other hand, go beyond sustainability to work in harmony with natural systems, actively restoring and enriching the environment. Integrating these two approaches can redefine the residential paradigm, creating homes that reduce harm and positively impact the local ecosystem. The essay begins by exploring the principles and benefits of passive sustainable practices, discussing how they can reduce energy consumption and improve indoor environmental quality in standardized housing. Passive sustainability minimizes energy consumption through strategic design choices, such as optimizing building orientation, utilizing natural ventilation, and incorporating high-performance insulation and glazing. However, while sustainability efforts have been important steps in the right direction, a more holistic, regenerative approach is needed to address the root causes of environmental degradation. Regenerative development and design seek to go beyond simply reducing negative impacts, instead aiming to create built environments that actively contribute to restoring and enhancing natural systems. This shift in perspective is critical, as it recognizes the interdependence between human settlements and the natural world and the potential for buildings to serve as catalysts for positive change.

Keywords: passive sustainability, regenerative architecture, residential architecture, community

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Authors: Mimi Hafizah Abdullah, Hanani Farhah Harun, Nik Ruzni Nik Idris

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With the implied volatility as an important factor in financial decision-making, in particular in option pricing valuation, and also the given fact that the pricing biases of Leland option pricing models and the implied volatility structure for the options are related, this study considers examining the implied adjusted volatility smile patterns and term structures in the S&P/ASX 200 index options using the different Leland option pricing models. The examination of the implied adjusted volatility smiles and term structures in the Australian index options market covers the global financial crisis in the mid-2007. The implied adjusted volatility was found to escalate approximately triple the rate prior the crisis.

Keywords: implied adjusted volatility, financial crisis, Leland option pricing models, Australian index options

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Authors: M. Y. Waziri, M. A. Aliyu

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The paper proposes an approach to improve the performance of Broyden’s method for solving systems of nonlinear equations. In this work, we consider the information from two preceding iterates rather than a single preceding iterate to update the Broyden’s matrix that will produce a better approximation of the Jacobian matrix in each iteration. The numerical results verify that the proposed method has clearly enhanced the numerical performance of Broyden’s Method.

Keywords: mulit-step Broyden, nonlinear systems of equations, computational efficiency, iterate

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Authors: Jinchen Cao, Tiantian Du

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As waxy crude oil is easy to crystallization and deposition in the pipeline wall, it causes pipeline clogging and leads to the reduction of oil and gas gathering and transmission efficiency. In this paper, a mesoscopic scale dissipative particle dynamics method is employed, and constructed four pipe wall models, including smooth wall (SW), hydroxylated wall (HW), rough wall (RW), and single-layer graphene wall (GW). Snapshots of the simulation output trajectories show that paraffin molecules interact with each other to form a network structure that constrains water molecules as their nucleation sites. Meanwhile, it is observed that the paraffin molecules on the near-wall side are adsorbed horizontally between inter-lattice gaps of the solid wall. In the pressure range of 0 - 50 MPa, the pressure change has less effect on the affinity properties of SS, HS, and GS walls, but for RS walls, the contact angle between paraffin wax and water molecules was found to decrease with the increase in pressure, while the water molecules showed the opposite trend, the phenomenon is due to the change in pressure, leading to the transition of paraffin wax molecules from amorphous to crystalline state. Meanwhile, the minimum crystalline phase pressure (MCPP) was proposed to describe the lowest pressure at which crystallization of paraffin molecules occurs. The maximum number of crystalline clusters formed by paraffin molecules at MCPP in the system showed NSS (0.52 MPa) > NHS (0.55 MPa) > NRS (0.62 MPa) > NGS (0.75 MPa). The MCPP on the graphene surface, with the least number of clusters formed, indicates that the addition of graphene inhibited the crystallization process of paraffin deposition on the wall surface. Finally, the thermal conductivity was calculated, and the results show that on the near-wall side, the thermal conductivity changes drastically due to the occurrence of adsorption crystallization of paraffin waxes; on the fluid side the thermal conductivity gradually tends to stabilize, and the average thermal conductivity shows: ĸRS(0.254W/(m·K)) > ĸRS(0.249W/(m·K)) > ĸRS(0.218W/(m·K)) > ĸRS(0.188W/(m·K)).This study provides a theoretical basis for improving the transport efficiency and heat transfer characteristics of waxy crude oil in terms of wall type, wall roughness, and MCPP.

Keywords: waxy crude oil, thermal conductivity, crystallization, dissipative particle dynamics, MCPP

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Authors: Masato Saeki

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Presented herein is a novel algorithms for calculating the damping performance of particle dampers. The particle damper is a passive vibration control technique and has many practical applications due to simple design. It consists of granular materials constrained to move between two ends in the cavity of a primary vibrating system. The damping effect results from the exchange of momentum during the impact of granular materials against the wall of the cavity. This damping has the advantage of being independent of the environment. Therefore, particle damping can be applied in extreme temperature environments, where most conventional dampers would fail. It was shown experimentally in many papers that the efficiency of the particle dampers is high in the case of resonant vibration. In order to use the particle dampers effectively, it is necessary to solve the equations of motion for each particle, considering the granularity. The discrete element method (DEM) has been found to be effective for revealing the dynamics of particle damping. In this method, individual particles are assumed as rigid body and interparticle collisions are modeled by mechanical elements as springs and dashpots. However, the computational cost is significant since the equation of motion for each particle must be solved at each time step. In order to improve the computational efficiency of the DEM, the new algorithms are needed. In this study, new algorithms are proposed for implementing the high performance DEM. On the assumption that behaviors of the granular particles in the each divided area of the damper container are the same, the contact force of the primary system with all particles can be considered to be equal to the product of the divided number of the damper area and the contact force of the primary system with granular materials per divided area. This convenience makes it possible to considerably reduce the calculation time. The validity of this calculation method was investigated and the calculated results were compared with the experimental ones. This paper also presents the results of experimental studies of the performance of particle dampers. It is shown that the particle radius affect the noise level. It is also shown that the particle size and the particle material influence the damper performance.

Keywords: particle damping, discrete element method (DEM), granular materials, numerical analysis, equivalent noise level

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Authors: Ming-Jyh Chen, Wen-Ming Huang, Yi-Chu Liu, Li-Hui Yang

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Introduction: Social responsibility is the key to sustainable organizational development. Under the ground Green Health Hospital Declaration signed by our superintendent, we have launched comprehensive energy conservation management in medical services, the community, and the staff’s life. To execute environment-friendly promotion with robust strategies, we build up a low-carbon medical system and community with smart green public construction promotion as well as intensifying energy conservation education and communication. Purpose/Methods: With the support of the board and the superintendent, we construct an energy management team, commencing with an environment-friendly system, management, education, and ISO 50001 energy management system; we have ameliorated energy performance and energy efficiency and continuing. Results: In the year 2021, we have achieved multiple goals. The energy management system efficiently controls diesel, natural gas, and electricity usage. About 5% of the consumption is saved when compared to the numbers from 2018 and 2021. Our company develops intelligent services and promotes various paperless electronic operations to provide people with a vibrant and environmentally friendly lifestyle. The goal is to save 68.6% on printing and photocopying by reducing 35.15 million sheets of paper yearly. We strengthen the concept of environmental protection classification among colleagues. In the past two years, the amount of resource recycling has reached more than 650 tons, and the resource recycling rate has reached 70%. The annual growth rate of waste recycling is about 28 metric tons. Conclusions: To build a green medical system with “high efficacy, high value, low carbon, low reliance,” energy stewardship, economic prosperity, and social responsibility are our principles when it comes to formulation of energy conservation management strategies, converting limited sources to efficient usage, developing clean energy, and continuing with sustainable energy.

Keywords: energy efficiency, environmental education, green hospital, sustainable development

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Authors: Albert Acheampong, Tamer Elshandidy

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We investigate the extent to which sustainability disclosure from the narrative section of European banks’ annual reports improves analyst forecast accuracy. We capture sustainability disclosure using a machine learning approach and use forecast error to proxy analyst forecast accuracy. Our results suggest that sustainability disclosure significantly improves analyst forecast accuracy by reducing the forecast error. In a further analysis, we also find that the induction of Directive 2014/95/European Union (EU) is associated with increased disclosure content, which then reduces forecast error. Collectively, our results suggest that sustainability disclosure improves forecast accuracy, and the induction of the new EU directive strengthens this improvement. These results hold after several further and robustness analyses. Our findings have implications for market participants and policymakers.

Keywords: sustainability disclosure, machine learning, analyst forecast accuracy, forecast error, European banks, EU directive

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Authors: H. Donya

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Monte Carlo (MC) techniques play a fundamental role in radiotherapy. A two non-water-equivalent of different media were used to evaluate the dose in water. For such purpose, Lu2SiO5 (LSO) and Y2SiO5 (YSO) orthosilicates scintillators are chosen for MC simulation using Penelope code. To get higher efficiency in dose calculation, variance reduction techniques are discussed. Overall results of this investigation ensured that the LSO/YSO bi-media a good combination to tackle over-response issue in dynamic photon radiotherapy.

Keywords: Lu2SiO5 (LSO) and Y2SiO5 (YSO) orthosilicates, Monte Carlo, correlated sampling, radiotherapy

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Authors: Vladimir S. Timofeev

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In this article the problem of distributional moments estimation is considered. The new approach of moments estimation based on usage of the characteristic function is proposed. By statistical simulation technique, author shows that new approach has some robust properties. For calculation of the derivatives of characteristic function there is used numerical differentiation. Obtained results confirmed that author’s idea has a certain working efficiency and it can be recommended for any statistical applications.

Keywords: characteristic function, distributional moments, robustness, outlier, statistical estimation problem, statistical simulation

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Authors: Qitao Xie, Qingquan Zhang, Xiaofei Zhang, Di Tian, Ruixuan Wen, Ting Zhu, Ping Yi, Xin Li

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Inspired by the recent movement of digital currency, we are building a question answering system concerning the subject of cryptocurrency using Bidirectional Encoder Representations from Transformers (BERT). The motivation behind this work is to properly assist digital currency investors by directing them to the corresponding knowledge bases that can offer them help and increase the querying speed. BERT, one of newest language models in natural language processing, was investigated to improve the quality of generated responses. We studied different combinations of hyperparameters of the BERT model to obtain the best fit responses. Further, we created an intelligent chatbot for cryptocurrency using BERT. A chatbot using BERT shows great potential for the further advancement of a cryptocurrency market tool. We show that the BERT neural networks generalize well to other tasks by applying it successfully to cryptocurrency.

Keywords: bidirectional encoder representations from transformers, BERT, chatbot, cryptocurrency, deep learning

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Authors: Arun Kumar R. K. Gothra, Hasan Alhakamy

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With increasing expectations and demands for warehousing and distribution, Warehouse Solution Incorporated in Victoria has been looking at ways to improve on its business processes to maintain the competitive edge. To maintain the provision of high quality service standards at competitive and affordable prices, improvements in the logistics management are necessary. One such avenue is to make efficient use of space available in the warehouse. This paper is based on a study of the collaboration of Warehouse Solution Inc with Dandenong Distribution Centre (DDC) to solve congestion problem and enhance efficiency of the whole warehouse activities.

Keywords: space optimization, optimal utilization, warehouse, DDC

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Authors: Asowata Osamede, Christo Pienaar, Johan Bekker

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Mismatch in electrical energy (power) or outage from commercial providers, in general, does not promote development to the public and private sector, these basically limit the development of industries. The necessity for a well-structured photovoltaic (PV) system is of importance for an efficient and cost-effective monitoring system. The major renewable energy potential on earth is provided from solar radiation and solar photovoltaics (PV) are considered a promising technological solution to support the global transformation to a low-carbon economy and reduction on the dependence on fossil fuels. Solar arrays which consist of various PV module should be operated at the maximum power point in order to reduce the overall cost of the system. So power regulation and conditioning circuits should be incorporated in the set-up of a PV system. Power regulation circuits used in PV systems include maximum power point trackers, DC-DC converters and solar chargers. Inappropriate choice of power conditioning device in a basic off-grid PV system can attribute to power loss, hence the need for a right choice of power conditioning device to be coupled with the system of the essence. This paper presents the design and implementation of a power conditioning devices in order to improve the overall yield from the availability of solar energy and the system’s total efficiency. The power conditioning devices taken into consideration in the project includes the Buck and Boost DC-DC converters as well as solar chargers with MPPT. A logging interface circuit (LIC) is designed and employed into the system. The LIC is designed on a printed circuit board. It basically has DC current signalling sensors, specifically the LTS 6-NP. The LIC is consequently required to program the voltages in the system (these include the PV voltage and the power conditioning device voltage). The voltage is structured in such a way that it can be accommodated by the data logger. Preliminary results which include availability of power as well as power loss in the system and efficiency will be presented and this would be used to draw the final conclusion.

Keywords: tilt and orientation angles, solar chargers, PV panels, storage devices, direct solar radiation

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Authors: Simone F. Medeiros, Jessica M. Fonseca, Gizelda M. Alves, Danilo M. Santos, Sérgio P. Campana-Filho, Amilton M. Santos

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Stimuli responsive and biocompatible hydrogel nanoparticles have gained special attention as systems for potential applications in controlled release of drugs to improve their therapeutic efficacy while minimizing side effects. In this work, novel solid dispersions based on thermo- and pH-responsive poly(N-vinylcaprolactam-co-itaconic acid-co-ethylene- glycol dimethacrylate) hydrogel nanoparticles embedded in chitosan matrices were prepared via spray drying for controlled release of ketoprofen. Firstly, the hydrogel nanoparticles containing ketoprofen were prepared via precipitation polymerization and their stimuli-responsive behavior, thermal properties, chemical composition, encapsulation efficiency and morphology were characterized. Then, hydrogel nanoparticles with different particles size were embedded into chitosan matrices via spray-drying. Scanning electron microscopy (SEM) analyses were performed to investigate the particles size, dispersity and morphology. Finally, ketoprofen release profiles were studied as a function of pH and temperature. Chitosan/poly(NVCL-co-IA-co-EGDMA)-ketoprofen microparticles presented spherical shape, rough surface and pronounced agglomeration, indicating that hydrogels nanoparticles loaded with ketoprofen modified the surface of chitosan matrix. The maximum encapsulation efficiency of ketoprofen into hydrogel nanoparticles was 57.8% and the electrostatic interactions between amino groups from chitosan and carboxylic groups from hydrogel nanoparticles were able to control ketoprofen release. The hydrogel nanoparticles themselves were capable to retard the release of ketoprofen-loaded until 48h of in vitro release tests, while their incorporation into chitosan matrix achieved a maximum percentage of drug release of 45%, using a mass ratio of chitosan: poly(NVCL-co-IA-co-EGDMA equal to 10:7, and 69%, using a mass ratio of chitosan: poly(NVCL-co-IA-co-EGDMA equal to 5:2.

Keywords: hydrogel nanoparticles, poly(N-vinylcaprolactam-co-itaconic acid-co-ethylene- glycol dimethacrylate), chitosan, ketoprofen, spray-drying

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Authors: Upasna Bhandari, Indranil Saha, Deepak John Mathew

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The green fashion market is growing rapidly as eco-friendly consumers are willing to expand their organic lifestyle to include clothing. With an increasing share of fashion consumers globally, Indian consumers are observed to consider the social and environmental ethics while making purchasing decisions. While some research clearly identifies the efforts of responsible consumers towards green fashion, some argue that fashion-orientated consumers who are sensitive towards environment do not actively participate towards supporting green fashion. This study aims to analyze the current perception of green fashion among Indian consumers. A small-scale exploratory study is conducted where consumers’ perception of green fashion is examined followed by an analysis of translation of this perception into purchase decision making. This research paper gives insight into consumer awareness on green fashion and provides scope towards the expansion of ethical fashion consumption within the demography of India.

Keywords: consumer perception, environmental attitudes, fashion retailing, green fashion, sustainability

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Authors: Pei-Gi Shu, Yin-Hua Yeh, Chao-Ting Chen

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Using a dataset consisting of 7,120 firm-year observations from the Taiwan stock market over the 2007-2011 sample period, we find a significantly negative relationship between board external connectedness and firm diversification. We propose a learningeffect hypothesis indicating that an externally connected board member’s experiences in other companies directly affect his recommendations regarding the underlying firm’s diversification. The partial correlation between diversification and the performance of firms with externally connected board members is used as a proxy for the learning effect. The empirical results show that the learning effect is asymmetrically embedded in firm diversification, with negative experiences having a greater effect on firm diversification than positive experiences. Externally connected board members are associated with reduced diversification in one firm after they learn that diversification is detrimental to value in other companies. Moreover, the diversification of a firm due to board external connectedness is moderated by the controlling owner’s interest alignment and entrenchment.

Keywords: board, external, connectedness, diversification

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Authors: Erdogan Kaygan, Alvin Gatto

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An investigation of adaptable winglets for enhancing morphing aircraft performance is described in this paper. The concepts investigated consist of various winglet configurations fundamentally centered on a baseline swept wing. The impetus for the work was to identify and optimize winglets to enhance the aerodynamic efficiency of a morphing aircraft. All computations were performed with Athena Vortex Lattice modelling with varying degrees of twist and cant angle considered. The results from this work indicate that if adaptable winglets were employed on aircraft’s improvements in aircraft performance could be achieved.

Keywords: aircraft, drag, twist, winglet

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Authors: Malay Bhattacharyya, Saparya Suresh

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The Correlation Structure associated with a portfolio is subjected to vary across time. Studying the structural breaks in the time-dependent Correlation matrix associated with a collection had been a subject of interest for a better understanding of the market movements, portfolio selection, etc. The current paper proposes a methodology for testing the change in the time-dependent correlation structure of a portfolio in the high dimensional data using the techniques of generalized inverse, singular valued decomposition and multivariate distribution theory which has not been addressed so far. The asymptotic properties of the proposed test are derived. Also, the performance and the validity of the method is tested on a real data set. The proposed test performs well for detecting the change in the dependence of global markets in the context of high dimensional data.

Keywords: correlation structure, high dimensional data, multivariate distribution theory, singular valued decomposition

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Authors: Domagoj Hruska, Drazen Milkovic, Maja Darabos

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This paper empirically investigates the performance of Croatian initial public offerings (IPOs) throughout 20 years period, from 1996 until 2016. By proving the comprehensive evaluation of reasons and consequences of IPO initiatives in Croatia we give analytic evidence on the influence of this corporate action on the development of corporate governance. Furthermore, the paper discusses the relationship between internal and external corporate governance mechanisms in companies that initialize entering the financial markets. The paper will provide a synthesis of evidence of IPO-s in Croatia based on in-depth case studies of 13 cases of IPO-s. The major findings of the paper include identification of reasons for conducting IPO-s and calculation of underpricing effect and change of market capitalization. To the best of the author's knowledge, the results of the paper provide the analytical framework for understanding the impact of IPOs on the corporate governance system in transition countries.

Keywords: corporate governance, Croatia, initial public offering, transition economy

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Authors: Du Zhiqin

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WeChat is an instant messaging service similar to WhatsApp developed by Tencent, one of China's largest and most used Internet service portals. This paper investigates the penetration of WeChat among university students through a questionnaire, analyzes the effect of brand influence, information quality, interactivity, opinions of opinion-leaders, promotion, personal interests on the attitudes of university students towards WeChat marketing. This paper concludes that the penetration rate of WeChat marketing among university students is generally high enough, WeChat has generally been accepted by students as a way for businesses to market their products, and that all the above-mentioned five factors play a positive role in the process of WeChat marketing. It also proposes that businesses could maximize the effect of WeChat marketing by focusing more resources on the increase of brand influence, and the interactivity of WeChat contents and the use of opinions of opinion-leaders.

Keywords: WeChat, university students, marketing, AISAS

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Authors: Bangkit Adhi Nugraha, Bambang Suripto

Abstract:

On September 2016 Bank Indonesia (BI) release regulation no.18/18/PBI/2016 that permit bank clients for using the FX option call spread USD/IDR. Basically, this product is a combination between clients buy FX call option (pay premium) and sell FX call option (receive premium) to protect against currency depreciation while also capping the potential upside with cheap premium cost. BI classifies this product as a structured product. The structured product is combination at least two financial instruments, either derivative or non-derivative instruments. The call spread is the first structured product against IDR permitted by BI since 2009 as response the demand increase from Indonesia firms on FX hedging through derivative for protecting market risk their foreign currency asset or liability. The composition of hedging products on Indonesian FX market increase from 35% on 2015 to 40% on 2016, the majority on swap product (FX forward, FX swap, cross currency swap). Swap is formulated by interest rate difference of the two currency pairs. The cost of swap product is 7% for USD/IDR with one year USD/IDR volatility 13%. That cost level makes swap products seem expensive for hedging buyers. Because call spread cost (around 1.5-3%) cheaper than swap, the most Indonesian firms are using NDF FX call spread USD/IDR on offshore with outstanding amount around 10 billion USD. The cheaper cost of call spread is the main advantage for hedging buyers. The problem arises because BI regulation requires the call spread buyer doing the dynamic hedging. That means, if call spread buyer choose strike price 1 and strike price 2 and volatility USD/IDR exchange rate surpass strike price 2, then the call spread buyer must buy another call spread with strike price 1’ (strike price 1’ = strike price 2) and strike price 2’ (strike price 2’ > strike price 1‘). It could make the premium cost of call spread doubled or even more and dismiss the purpose of hedging buyer to find the cheapest hedging cost. It is very crucial for the buyer to choose best optimum strike price before entering into the transaction. To help hedging buyer find the optimum strike price and avoid expensive multiple premium cost, we observe ten years 2005-2015 historical data of USD/IDR volatility to be compared with the price movement of the call spread USD/IDR using Garman–Kohlhagen Model (as a common formula on FX option pricing). We use statistical tools to analysis data correlation, understand nature of call spread price movement over ten years, and determine factors affecting price movement. We select some range of strike price and tenor and calculate the probability of dynamic hedging to occur and how much it’s cost. We found USD/IDR currency pairs is too uncertain and make dynamic hedging riskier and more expensive. We validated this result using one year data and shown small RMS. The study result could be used to understand nature of FX call spread and determine optimum strike price for hedging plan.

Keywords: FX call spread USD/IDR, USD/IDR volatility statistical analysis, Garman–Kohlhagen Model on FX Option USD/IDR, Bank Indonesia Regulation no.18/18/PBI/2016

Procedia PDF Downloads 380

Authors: Serban Stere, Stefan Burciu

Abstract:

The challenging and continuously growing competition in the urban freight transport market emphasizes the need for optimal planning of transportation processes in terms of identifying the solution of consolidating traffic flows in congested urban areas. The aim of the present paper is to present the mathematical framework and propose a methodology of combining urban traffic flows between the distribution centers located at the boundary of a congested urban area. The three scenarios regarding traffic flow between consolidation centers that are taken into consideration in the paper are based on the same characteristics of traffic flows. The scenarios differ in terms of the accessibility of the four consolidation centers given by the infrastructure, the connections between them, and the possibility of consolidating traffic flows for one or multiple destinations. Also, synthetical indicators will allow us to compare the scenarios considered and chose the indicated for our distribution system.

Keywords: distribution system, single and multiple destinations, urban consolidation centers, traffic flow consolidation schemes

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Authors: Abeba Nigussie Turi, Xiangming Samuel Li

Abstract:

Data-driven business models are more typical for established businesses than early-stage startups that strive to penetrate a market. This paper provided an extensive discussion on the principles of data analytics for early-stage digital entrepreneurial businesses. Here, we developed data-driven decision-making (DDDM) framework that applies to startups prone to multifaceted barriers in the form of poor data access, technical and financial constraints, to state some. The startup DDDM framework proposed in this paper is novel in its form encompassing startup data analytics enablers and metrics aligning with startups' business models ranging from customer-centric product development to servitization which is the future of modern digital entrepreneurship.

Keywords: startup data analytics, data-driven decision-making, data acquisition, data generation, digital entrepreneurship

Procedia PDF Downloads 329