Search results for: price to earnings ratio
5302 Options Trading and Crash Risk
Authors: Cameron Truong, Mikhail Bhatia, Yangyang Chen, Viet Nga Cao
Abstract:
Using a sample of U.S. firms between 1996 and 2011, this paper documents a positive association between options trading volume and future stock price crash risk. This relation is evidently more pronounced among firms with higher information asymmetry, business uncertainty, and short-sale constraints. In a dichotomous cross-sectional setting, we also document that firms with options trading have higher future crash risk than firms without options trading. We further show in a difference-in-difference analysis that firms experience an increase in crash risk immediately after the listing of options. The results suggest that options traders are able of identifying bad news hoarding by management and choose to trade in a liquid options market in anticipation of future crashes.Keywords: bad news hoarding, cross-sectional setting, options trading, stock price crash
Procedia PDF Downloads 4395301 Power Relation, Symbolic Rules and the Position of Belis in the Habitus of the East Nusa Tenggara Society’s Customary Marriage
Authors: Siti Rodliyah, Andrik Purwasito, Bani Sudardi, Abdullah Wakit
Abstract:
This study employs sociological-ethnographic basic method and the cultural studies paradigm as the approach in understanding the habitus within the customary marriage of the East Nusa Tenggara society who require belis as a bride-price. The conceptual basis underlying the application of habitus theory and symbolic power in East Nusa Tenggara (NTT) society refers to the Bourdieu’s framework. This study is a result of participatory observation on habitus of a marital system using belis observed by the NTT society as a cognitive structure which connects individuals to the social activities of the customary marriage and makes it unquestionable habits. Knowledge of the social world under the pretext of prosperity for the recipients (family) of a bride-price can be a political instrument for the sustainability of power relations. The ritual-mythical system in the society has never been fully present as a neutral habit. The habitus reflected in the marital relationship among the NTT society enables the men to obtain and exercise their power relations. The sustainability of power relations can be seen from the representation of the social status of a girl and the properties attached to her. This is what gave birth to a symbolic rule, in which the social rules about bride-price or belis eventually will serve the interests of those who occupy a dominant position in the social structure, namely the rich men.Keywords: belis, habitus, East Nusa Tenggara, marital system, power, symbolic
Procedia PDF Downloads 2355300 Effect of Reinforcement Steel Ratio on the Behavior of R. C. Columns Exposed to Fire
Authors: Hatem Ghith
Abstract:
This research paper experimentally investigates the effect of burning by fire flame from one face on the behavior and load carrying capacity for reinforced columns. Residual ultimate load carrying capacity, axial deformation, crack pattern and maximum crack width for column specimens with and without burning were recorded and discussed. Tested six reinforced concrete columns were divided into control specimen and two groups. The first group was exposed to a fire with a different temperature (300, 500, 700 °C) for an hour with reinforcement ratio 0.89% and the second group was exposed to a fire with a temperature 500 °C for an hour with different reinforcement ratio (0.89%, 2.18%, and 3.57%), then all columns were tested under short-term axial loading. From the obtained results, it could be concluded that the fire parameters significantly influence the fire resistance of R.C columns. The fire parameters cause axial deformation and moment on the column due to the eccentricity that generated from the difference in temperature and consequently the compressive stresses of both faces of the columns but the increased reinforcement ratio enhanced the resistance of columns for axial deformation and moment on the column due to the eccentricity.Keywords: columns, reinforcement ratio, strength, time exposure
Procedia PDF Downloads 2395299 Study of the Effect of Humic Acids on Soil Salinity Reduction
Authors: S. El Hasini, M. El Azzouzi, M. De Nobili, K. Azim, A. Zouahri
Abstract:
Soil salinization is one of the most severe environmental hazards which threaten sustainable agriculture in arid and semi-arid regions, including Morocco. In this regard the application of organic matter to saline soil has confirmed its effectiveness. The present study was aimed to examine the effect of humic acid which represent, among others, the important component of organic matter that contributes to reduce soil salinity. In fact, different composts taken from Agadir (Morocco), with different C/N ratio, were tested. After extraction and purification of humic acid, the interaction with Na2CO3 was carried out. The reduction of salinity is calculated as a value expressed in mg Na2CO3 equivalent/g HA. The results showed that humic acid had generally a significant effect on salinity. In that respect, the hypothesis proposed that carboxylic groups of humic acid create bonds with excess sodium in the soil to form a coherent complex which descends by leaching operation. The comparison between composts was based on C/N ratio, it showed that the compost with the lower ratio C/N had the most important effect on salinity reduction, whereas the compost with higher C/N ratio was less effective. The study is attended also to evaluate the quality of each compost by determining the humification index, we noticed that the compost which have the lowest C/N (20) ratio was relatively less stable, where a greater predominance of the humified substances, when the compost with C/N ratio is 35 exhibited higher stability.Keywords: compost, humic acid, organic matter, salinity
Procedia PDF Downloads 2315298 Joint Optimal Pricing and Lot-Sizing Decisions for an Advance Sales System under Stochastic Conditions
Authors: Maryam Ghoreishi, Christian Larsen
Abstract:
In this paper, we investigate the effect of stochastic inputs on problem of joint optimal pricing and lot-sizing decisions where the inventory cycle is divided into advance and spot sales periods. During the advance sales period, customer can make reservations while customer with reservations can cancel their order. However, during the spot sales period customers receive the order as soon as the order is placed, but they cannot make any reservation or cancellation during that period. We assume that the inter arrival times during the advance sales and spot sales period are exponentially distributed where the arrival rate is decreasing function of price. Moreover, we assume that the number of cancelled reservations is binomially distributed. In addition, we assume that deterioration process follows an exponential distribution. We investigate two cases. First, we consider two-state case where we find the optimal price during the spot sales period and the optimal price during the advance sales period. Next, we develop a generalized case where we extend two-state case also to allow dynamic prices during the spot sales period. We apply the Markov decision theory in order to find the optimal solutions. In addition, for the generalized case, we apply the policy iteration algorithm in order to find the optimal prices, the optimal lot-size and maximum advance sales amount.Keywords: inventory control, pricing, Markov decision theory, advance sales system
Procedia PDF Downloads 3135297 Estimation of Dynamic Characteristics of a Middle Rise Steel Reinforced Concrete Building Using Long-Term
Authors: Fumiya Sugino, Naohiro Nakamura, Yuji Miyazu
Abstract:
In earthquake resistant design of buildings, evaluation of vibration characteristics is important. In recent years, due to the increment of super high-rise buildings, the evaluation of response is important for not only the first mode but also higher modes. The knowledge of vibration characteristics in buildings is mostly limited to the first mode and the knowledge of higher modes is still insufficient. In this paper, using earthquake observation records of a SRC building by applying frequency filter to ARX model, characteristics of first and second modes were studied. First, we studied the change of the eigen frequency and the damping ratio during the 3.11 earthquake. The eigen frequency gradually decreases from the time of earthquake occurrence, and it is almost stable after about 150 seconds have passed. At this time, the decreasing rates of the 1st and 2nd eigen frequencies are both about 0.7. Although the damping ratio has more large error than the eigen frequency, both the 1st and 2nd damping ratio are 3 to 5%. Also, there is a strong correlation between the 1st and 2nd eigen frequency, and the regression line is y=3.17x. In the damping ratio, the regression line is y=0.90x. Therefore 1st and 2nd damping ratios are approximately the same degree. Next, we study the eigen frequency and damping ratio from 1998 after 3.11 earthquakes, the final year is 2014. In all the considered earthquakes, they are connected in order of occurrence respectively. The eigen frequency slowly declined from immediately after completion, and tend to stabilize after several years. Although it has declined greatly after the 3.11 earthquake. Both the decresing rate of the 1st and 2nd eigen frequencies until about 7 years later are about 0.8. For the damping ratio, both the 1st and 2nd are about 1 to 6%. After the 3.11 earthquake, the 1st increases by about 1% and the 2nd increases by less than 1%. For the eigen frequency, there is a strong correlation between the 1st and 2nd, and the regression line is y=3.17x. For the damping ratio, the regression line is y=1.01x. Therefore, it can be said that the 1st and 2nd damping ratio is approximately the same degree. Based on the above results, changes in eigen frequency and damping ratio are summarized as follows. In the long-term study of the eigen frequency, both the 1st and 2nd gradually declined from immediately after completion, and tended to stabilize after a few years. Further it declined after the 3.11 earthquake. In addition, there is a strong correlation between the 1st and 2nd, and the declining time and the decreasing rate are the same degree. In the long-term study of the damping ratio, both the 1st and 2nd are about 1 to 6%. After the 3.11 earthquake, the 1st increases by about 1%, the 2nd increases by less than 1%. Also, the 1st and 2nd are approximately the same degree.Keywords: eigenfrequency, damping ratio, ARX model, earthquake observation records
Procedia PDF Downloads 2095296 Profitability of Milkfish Production from Three Mariculture Parks in the Philippines
Authors: Rosie S. Abalos, John Patrick M. Dizon
Abstract:
The operation of fish cages in mariculture parks for milkfish production remains a lucrative business for aquaculture operators. Three areas in the Philippines where mariculture parks are still in active operation were identified as study sites for this research. Financial analysis was used to estimate profitability of mariculture operations in the selected study sites. Based on the result of this research, milkfish production in mariculture parks remains profitable both in terms of net profit generation and the return on investment. To improve the profitability of aquaculture operations in mariculture parks, the relatively high price of operational inputs should be managed. As a recommendation, further studies should be conducted on the profitability of aquaculture operations in mariculture parks in the country to include other factors which may cause losses on the part of the operator and factors that may affect price of produce upon harvest.Keywords: mariculture parks, milkfish production, aquaculture, profitability
Procedia PDF Downloads 1455295 Evaluation of Weather Risk Insurance for Agricultural Products Using a 3-Factor Pricing Model
Authors: O. Benabdeljelil, A. Karioun, S. Amami, R. Rouger, M. Hamidine
Abstract:
A model for preventing the risks related to climate conditions in the agricultural sector is presented. It will determine the yearly optimum premium to be paid by a producer in order to reach his required turnover. The model is based on both climatic stability and 'soft' responses of usually grown species to average climate variations at the same place and inside a safety ball which can be determined from past meteorological data. This allows the use of linear regression expression for dependence of production result in terms of driving meteorological parameters, the main ones of which are daily average sunlight, rainfall and temperature. By simple best parameter fit from the expert table drawn with professionals, optimal representation of yearly production is determined from records of previous years, and yearly payback is evaluated from minimum yearly produced turnover. The model also requires accurate pricing of commodity at N+1. Therefore, a pricing model is developed using 3 state variables, namely the spot price, the difference between the mean-term and the long-term forward price, and the long-term structure of the model. The use of historical data enables to calibrate the parameters of state variables, and allows the pricing of commodity. Application to beet sugar underlines pricer precision. Indeed, the percentage of accuracy between computed result and real world is 99,5%. Optimal premium is then deduced and gives the producer a useful bound for negotiating an offer by insurance companies to effectively protect its harvest. The application to beet production in French Oise department illustrates the reliability of present model with as low as 6% difference between predicted and real data. The model can be adapted to almost any agricultural field by changing state parameters and calibrating their associated coefficients.Keywords: agriculture, production model, optimal price, meteorological factors, 3-factor model, parameter calibration, forward price
Procedia PDF Downloads 3635294 Profit Comparative of Fisheries in East Aceh Regency Aceh Province
Authors: Mawardati Mawardati
Abstract:
This research was carried out on the traditional milkfish and shrimp culture cultivation from March to May 2018 in East Aceh District. This study aims to to analyze the differences between traditional milkfish cultivation and shrimp farming in East Aceh District, Aceh Province. The analytical method used is acquisition analysis and Independent Sample T test analysis. The results showed a significant difference between milkfish farming and shrimp farming in East Aceh District, Aceh Province. Based on the results of the analysis, the average profit from shrimp farming is higher than that of milkfish farming. This demand exceeds market demand for exports. Thus the price of shrimp is still far higher than the price of milk fish.Keywords: comparative, profit, shrimp, milkfish
Procedia PDF Downloads 1455293 Analysis and Forecasting of Bitcoin Price Using Exogenous Data
Authors: J-C. Leneveu, A. Chereau, L. Mansart, T. Mesbah, M. Wyka
Abstract:
Extracting and interpreting information from Big Data represent a stake for years to come in several sectors such as finance. Currently, numerous methods are used (such as Technical Analysis) to try to understand and to anticipate market behavior, with mixed results because it still seems impossible to exactly predict a financial trend. The increase of available data on Internet and their diversity represent a great opportunity for the financial world. Indeed, it is possible, along with these standard financial data, to focus on exogenous data to take into account more macroeconomic factors. Coupling the interpretation of these data with standard methods could allow obtaining more precise trend predictions. In this paper, in order to observe the influence of exogenous data price independent of other usual effects occurring in classical markets, behaviors of Bitcoin users are introduced in a model reconstituting Bitcoin value, which is elaborated and tested for prediction purposes.Keywords: big data, bitcoin, data mining, social network, financial trends, exogenous data, global economy, behavioral finance
Procedia PDF Downloads 3505292 Determinants of Dividend Payout Ratio: Evidence form MENA Region
Authors: Abdul-Nasser El-Kassar, Walid Elgammal, Hisham Jawhar
Abstract:
This paper studies the determinants of the dividends payout ratio. The factors affecting the dividends payout ratio are to be identified. The study focuses only on the cement and construction industry within the MENA region in an attempt to isolate any incoherent behavior. The factors under consideration are: sales growth, ROE, ROA, ROS, debt to equity ratio, firm size, and free cash flow. Data were collected from official stock exchange markets in addition to annual reports. The study considered all firms that paid dividend in each of the three consecutive years starting from 2010 till 2012. Out of the 123 listed firms that work in cement and construction industry in MENA region, only 19 paid dividends in the three consecutive years 2010-12. Our sample consists of the 19 firms (57 observations) which are selected according to purposive sampling. Moreover, the study uses the homogeneous subcategory within the purposive sampling since only similar firms in the construction industry had been examined. The outcome of the study provides a vital insight into the determinants of dividends payout ratio of companies in MENA region. The results showed that the dividend payout ratio has a strong and positive relationship with return on assets and strong but negative relationship with return on equity. On the other hand, the results detected weak relationships between dividend payout ratio and sale growth, debt to equity ratio, firm size, and free cash flow. The study suggests that board of directors tend to compensate shareholders and minimize the agency cost by distributing a high portion of profits in form of dividends whenever return on equity decreases. Also, when the performance of the firm improves, and hence return on assets increases, boards of directors are more generous in distributing profits.Keywords: dividends payout ratio, profitability firm size, free cashflow, debt to equity ratio
Procedia PDF Downloads 3545291 Risk Factors’ Analysis on Shanghai Carbon Trading
Authors: Zhaojun Wang, Zongdi Sun, Zhiyuan Liu
Abstract:
First of all, the carbon trading price and trading volume in Shanghai are transformed by Fourier transform, and the frequency response diagram is obtained. Then, the frequency response diagram is analyzed and the Blackman filter is designed. The Blackman filter is used to filter, and the carbon trading time domain and frequency response diagram are obtained. After wavelet analysis, the carbon trading data were processed; respectively, we got the average value for each 5 days, 10 days, 20 days, 30 days, and 60 days. Finally, the data are used as input of the Back Propagation Neural Network model for prediction.Keywords: Shanghai carbon trading, carbon trading price, carbon trading volume, wavelet analysis, BP neural network model
Procedia PDF Downloads 3825290 Research on Transmission Parameters Determination Method Based on Dynamic Characteristic Analysis
Authors: Baoshan Huang, Fanbiao Bao, Bing Li, Lianghua Zeng, Yi Zheng
Abstract:
Parameter control strategy based on statistical characteristics can analyze the choice of the transmission ratio of an automobile transmission. According to the difference of the transmission gear, the number and spacing of the gear can be determined. Transmission ratio distribution of transmission needs to satisfy certain distribution law. According to the statistic characteristics of driving parameters, the shift control strategy of the vehicle is analyzed. CVT shift schedule adjustment algorithm based on statistical characteristic parameters can be seen from the above analysis, if according to the certain algorithm to adjust the size of, can adjust the target point are in the best efficiency curve and dynamic curve between the location, to alter the vehicle characteristics. Based on the dynamic characteristics and the practical application of the vehicle, this paper presents the setting scheme of the transmission ratio.Keywords: vehicle dynamics, transmission ratio, transmission parameters, statistical characteristics
Procedia PDF Downloads 3855289 Experimental Research on Ductility of Regional Confined Concrete Beam
Authors: Qinggui Wu, Xinming Cao, Guyue Guo, Jiajun Ding
Abstract:
In efforts to study the shear ductility of regional confined concrete beam, 5 reinforced concrete beams were tested to examine its shear performance. These beams has the same shear span ratio, concrete strength, different ratios of tension reinforcement and shapes of stirrup. The purpose of the test is studying the effects of stirrup shape and tension reinforcement ratio on failure mode and shear ductility. The test shows that the regional confined part can be used as an independent part and the rest of the beam is good to work together so that the ductility of the beam is more one time higher than that of the normal confined concrete beam. The related laws of the effect of tension reinforcement ratio and stirrup shapes on beam’s shear ductility are founded.Keywords: ratio of tension reinforcement, stirrup shapes, shear ductility, failure mode
Procedia PDF Downloads 3205288 50/50 Oil-Water Ratio Invert Emulsion Drilling Mud Using Vegetable Oil as Continuous Phase
Authors: P. C. Ihenacho, M. Burby, G. G. Nasr, G. C. Enyi
Abstract:
Formulation of a low oil-water ratio drilling mud with vegetable oil continuous phase without adversely affecting the mud rheology and stability has been a major challenge. A low oil-water ratio is beneficial in producing low fluid loss which is essential for wellbore stability. This study examined the possibility of 50/50 oil-water ratio invert emulsion drilling mud using a vegetable oil continuous phase. Jatropha oil was used as continuous phase. 12 ml of egg yolk which was separated from the albumen was added as the primary emulsifier additive. The rheological, stability and filtration properties were examined. The plastic viscosity and yield point were found to be 36cp and 17 Ib/100 ft2 respectively. The electrical stability at 48.9ºC was 353v and the 30 minutes fluid loss was 6ml. The results compared favourably with a similar formulation using 70/30 oil - water ratio giving plastic viscosity of 31cp, yield point of 17 Ib/100 ft2, electrical stability value of 480v and 12ml for the 30 minutes fluid loss. This study indicates that with a good mud composition using guided empiricism, 50/50 oil-water ratio invert emulsion drilling mud is feasible with a vegetable oil continuous phase. The choice of egg yolk as emulsifier additive is for compatibility with the vegetable oil and environmental concern. The high water content with no fluid loss additive will also minimise the cost of mud formulation.Keywords: environmental compatibility, low cost of mud formulation, low fluid loss, wellbore stability
Procedia PDF Downloads 3845287 Characterisation of the H-ZSM-5 Zeolite Samples Synthesized in Wide Range of Si/Al Ratios and with H₂SO₄ and CH₃COOH Acids Used for Transformation to H-Form
Authors: Mladen Jankovic, Biljana Djuric, Djurdja Oljaca, Vladimir Damjanovic, Radislav Filipovic, Zoran Obrenovic
Abstract:
One of the key characteristics of zeolites with ZSM-5 crystalline form is the possibility of synthesis in a wide range of molar ratios, from the relatively low ratio of about 20 to highly silicate forms with a Si/Al ratio over 1000. For industrial production and commercial use of this type of zeolite, it is very important to know the influence of the molar Si/Al ratio on the characteristics of zeolite powders. In this paper, the influence of the Si/Al ratio on the characteristics of H-ZSM-5 zeolites synthesized in the presence of tetrapropylammonium bromide is questioned, including the possibility of conversion to the H-form using different acids. The quality of the samples is characterized in terms of crystallinity, chemical composition, morphology, granulometry, specific surface area (BET), pore size and acidity. XRD, FT-IR, EDX, ICP, SEM and TPD instrumental techniques were used to characterize the samples. In most of the performed syntheses, zeolite has been obtained with very good properties. It was shown that the examined conditions have a significant influence on the characteristics of the synthesized powders. The different chemical composition of the starting mixture, ie. the Si/Al ratio, has a very significant influence on the crystal structure of the synthesized powders, and thus on the other tested characteristics. It has been observed that optimal ion exchange results for powders of different Si/Al ratios are achieved by using different acids. Also, the dependence of the specific surface on the concentration of H+ or Na+ ions was confirmed.Keywords: Characterisation, H-ZSM-5, molar ratio, synthesis, tetrapropylammonium bromide
Procedia PDF Downloads 1915286 Experimental Study on Temperature Splitting of a Counter-Flow Ranque-Hilsch Vortex Tube
Authors: Hany. A. Mohamed, M. Attalla, M. Salem, Hussein M. Mghrabie, E. Specht
Abstract:
An experiment al investigation is made to determine the effects of the nozzle dimensions and the inlet pressure on the heating and cooling performance of the counter flow Ranque–Hilsch vortex tube when air used as a working fluid. The all results were taking under inlet pressures were adjusted from 200 kPa to 600 kPa with 100 kPa increments. The conventional tangential generator with number of nuzzle of 6 was used and inner diameter of 7.5 mm. During the experiments, a vortex tube is used with an L/D ratio varied from 10 to 30. Finally, it is observed that the effect of the nuzzle aspect ratio on the energy separation changes according to the value of L/D.Keywords: Ranque-Hilsch, vortex tube, aspect ratio, energy separation
Procedia PDF Downloads 5175285 Impact of Digitization and Diversification in Reducing Volatility in Art Markets
Authors: Nishi Malhotra
Abstract:
Art has developed as a mode of investment and saving. Art and culture of any nation is the source of foreign direct investment (FDI) generation and growth development. Several intermediaries and skill-building organizations thrive on at and culture for their earnings. Indian art market has grown to Rs. 2000 Crores. Art establishment houses access to privileged information is the main reason for arbitrariness and volatility in the market. The commercialization of art and development of the markets with refinement in the taste of the customers have led to the development of art as an investment avenue. Investors keen on investing in these products can do so, and earnings from art are taxable too, like any other capital asset. This research paper is aimed at exploring the role of art and culture as an investment avenue in India and reasons for increasing volatilities in the art market. Based on an extensive literature review and secondary research, a benchmarking study has been conducted to capture the growth of the art as an investment avenue. These studies indicate that during the financial crisis of 2008-10, the art emerged as an alternative investment avenue. The paper aims at discussing the financial engineering of various art funds and instruments. Based on secondary data available from Sotheby’s, Christies, Bonham, there is a positive correlation between strategic diversification and increasing return in the Art market. Similarly, digitization has led to disintermediation in the art markets and also helped to increase the market base. The data clearly enumerates the growing interest of the Indian investor towards art as an investment option. Much like any other broad asset class, art market too thrives on excess returns provided by diversification. Many financial intermediaries and art funds have emerged, to offer valuable investment planning advisory to a genuine investor. This paper clearly highlights the increasing returns of strategic diversification and its impact on reducing volatility in the art markets. Moreover, with coming up of e-auctions and websites, investors are able to analyse art more objectively. Digitization and commercialization of art have definitely helped in reducing volatility in world art markets.Keywords: art, investment avenue, diversification, digitization
Procedia PDF Downloads 1195284 Optimal Selling Prices for Small Sized Poultry Farmers
Authors: Hidefumi Kawakatsu, Dong Li, Kosuke Kato
Abstract:
In Japan, meat-type chickens are mainly classified into three categories: (1) Broilers, (2) Branded chickens, and (3) Jidori (Free-range local traditional pedigree chickens). The Jidori chickens are certified by the Japanese Ministry of Agriculture, whilst, for the Branded chickens, there is no regulation with respect to their breed (genotype) or methods for rearing them. It is, therefore, relatively easy for poultry farmers to introduce Branded than Jidori chickens. The Branded chickens are normally fed a low-calorie diet with ingredients such as herbs, which lengthens their breeding period (compared with that of the Broilers) and increases their market value. In the field of inventory management, fast-growing animals such as broilers are categorised as ameliorating items. To the best of our knowledge, there are no previous studies that have explicitly considered smaller sized poultry farmers with limited breeding areas. This study develops an inventory model for a small sized poultry farmer that produces both the Broilers (Product 1) and the Branded chickens (Product 2) with different amelioration rates. The poultry farmer’s total profit per unit of time is formulated as a function of selling prices by using a price-dependent demand function. The existence of a unique optimal selling price for each product, which maximises the total profit, established. It has also been confirmed through numerical examples that, when the breeding area is fixed, the total profit could increase if the poultry farmer reduced the product quantity of Product 1 to introduce Product 2.Keywords: amelioration, deterioration, small sized poultry farmers, optimal price
Procedia PDF Downloads 2025283 Speed Ratio Control of Pulley Based V-Belt Type Continuously Variable Transmission (CVT) using Fuzzy Logic Controller
Authors: Ikbal Eski, Turan Gürgenç
Abstract:
After nearly more than a century of research and development, internal combustion engines have become almost perfect. Along with such improvement in internal combustion engines, automotive manufacturers are conducting research on design of alternative fuel vehicles. Nevertheless an ideal interim solution is to increase overall efficiency of internal combustion vehicles. A potential solution to achieve that is using continuously variable transmission system which, despite being an old idea, has recently become a hope for automotive manufacturers. CVT system, by continuously varying speed ratio, raises vehicle efficiency. In this study, fuzzy logic controller is used in speed ratio control of pulley based CVT system.Keywords: continuously variable transmission system, variator, speed ratio, fuzzy logic
Procedia PDF Downloads 2785282 Pricing Strategy in Marketing: Balancing Value and Profitability
Authors: Mohsen Akhlaghi, Tahereh Ebrahimi
Abstract:
Pricing strategy is a vital component in achieving the balance between customer value and business profitability. The aim of this study is to provide insights into the factors, techniques, and approaches involved in pricing decisions. The study utilizes a descriptive approach to discuss various aspects of pricing strategy in marketing, drawing on concepts from market research, consumer psychology, competitive analysis, and adaptability. This approach presents a comprehensive view of pricing decisions. The result of this exploration is a framework that highlights key factors influencing pricing decisions. The study examines how factors such as market positioning, product differentiation, and brand image shape pricing strategies. Additionally, it emphasizes the role of consumer psychology in understanding price elasticity, perceived value, and price-quality associations that influence consumer behavior. Various pricing techniques, including charm pricing, prestige pricing, and bundle pricing, are mentioned as methods to enhance sales by influencing consumer perceptions. The study also underscores the importance of adaptability in responding to market dynamics through regular price monitoring, dynamic pricing, and promotional strategies. It recognizes the role of digital platforms in enabling personalized pricing and dynamic pricing models. In conclusion, the study emphasizes that effective pricing strategies strike a balance between customer value and business profitability, ultimately driving sales, enhancing brand perception, and fostering lasting customer relationships.Keywords: business, customer benefits, marketing, pricing
Procedia PDF Downloads 685281 Using Arellano-Bover/Blundell-Bond Estimator in Dynamic Panel Data Analysis – Case of Finnish Housing Price Dynamics
Authors: Janne Engblom, Elias Oikarinen
Abstract:
A panel dataset is one that follows a given sample of individuals over time, and thus provides multiple observations on each individual in the sample. Panel data models include a variety of fixed and random effects models which form a wide range of linear models. A special case of panel data models are dynamic in nature. A complication regarding a dynamic panel data model that includes the lagged dependent variable is endogeneity bias of estimates. Several approaches have been developed to account for this problem. In this paper, the panel models were estimated using the Arellano-Bover/Blundell-Bond Generalized method of moments (GMM) estimator which is an extension of the Arellano-Bond model where past values and different transformations of past values of the potentially problematic independent variable are used as instruments together with other instrumental variables. The Arellano–Bover/Blundell–Bond estimator augments Arellano–Bond by making an additional assumption that first differences of instrument variables are uncorrelated with the fixed effects. This allows the introduction of more instruments and can dramatically improve efficiency. It builds a system of two equations—the original equation and the transformed one—and is also known as system GMM. In this study, Finnish housing price dynamics were examined empirically by using the Arellano–Bover/Blundell–Bond estimation technique together with ordinary OLS. The aim of the analysis was to provide a comparison between conventional fixed-effects panel data models and dynamic panel data models. The Arellano–Bover/Blundell–Bond estimator is suitable for this analysis for a number of reasons: It is a general estimator designed for situations with 1) a linear functional relationship; 2) one left-hand-side variable that is dynamic, depending on its own past realizations; 3) independent variables that are not strictly exogenous, meaning they are correlated with past and possibly current realizations of the error; 4) fixed individual effects; and 5) heteroskedasticity and autocorrelation within individuals but not across them. Based on data of 14 Finnish cities over 1988-2012 differences of short-run housing price dynamics estimates were considerable when different models and instrumenting were used. Especially, the use of different instrumental variables caused variation of model estimates together with their statistical significance. This was particularly clear when comparing estimates of OLS with different dynamic panel data models. Estimates provided by dynamic panel data models were more in line with theory of housing price dynamics.Keywords: dynamic model, fixed effects, panel data, price dynamics
Procedia PDF Downloads 14665280 Enhanced Constraint-Based Optical Network (ECON) for Enhancing OSNR
Authors: G. R. Kavitha, T. S. Indumathi
Abstract:
With the constantly rising demands of the multimedia services, the requirements of long haul transport network are constantly changing in the area of optical network. Maximum data transmission using optimization of the communication channel poses the biggest challenge. Although there has been a constant focus on this area from the past decade, there was no evidence of a significant result that has been accomplished. Hence, after reviewing some potential design of optical network from literatures, it was understood that optical signal to noise ratio was one of the elementary attributes that can define the performance of the optical network. In this paper, we propose a framework termed as ECON (Enhanced Constraint-based Optical Network) that primarily optimize the optical signal to noise ratio using ROADM. The simulation is performed in Matlab and optical signal to noise ratio is extracted considering the system matrix. The outcome of the proposed study shows that optimized OSNR as compared to the existing studies.Keywords: component, optical network, reconfigurable optical add-drop multiplexer, optical signal-to-noise ratio
Procedia PDF Downloads 4825279 In and Out-Of-Sample Performance of Non Simmetric Models in International Price Differential Forecasting in a Commodity Country Framework
Authors: Nicola Rubino
Abstract:
This paper presents an analysis of a group of commodity exporting countries' nominal exchange rate movements in relationship to the US dollar. Using a series of Unrestricted Self-exciting Threshold Autoregressive models (SETAR), we model and evaluate sixteen national CPI price differentials relative to the US dollar CPI. Out-of-sample forecast accuracy is evaluated through calculation of mean absolute error measures on the basis of two-hundred and fifty-three months rolling window forecasts and extended to three additional models, namely a logistic smooth transition regression (LSTAR), an additive non linear autoregressive model (AAR) and a simple linear Neural Network model (NNET). Our preliminary results confirm presence of some form of TAR non linearity in the majority of the countries analyzed, with a relatively higher goodness of fit, with respect to the linear AR(1) benchmark, in five countries out of sixteen considered. Although no model appears to statistically prevail over the other, our final out-of-sample forecast exercise shows that SETAR models tend to have quite poor relative forecasting performance, especially when compared to alternative non-linear specifications. Finally, by analyzing the implied half-lives of the > coefficients, our results confirms the presence, in the spirit of arbitrage band adjustment, of band convergence with an inner unit root behaviour in five of the sixteen countries analyzed.Keywords: transition regression model, real exchange rate, nonlinearities, price differentials, PPP, commodity points
Procedia PDF Downloads 2725278 The Extent of Virgin Olive-Oil Prices' Distribution Revealing the Behavior of Market Speculators
Authors: Fathi Abid, Bilel Kaffel
Abstract:
The olive tree, the olive harvest during winter season and the production of olive oil better known by professionals under the name of the crushing operation have interested institutional traders such as olive-oil offices and private companies such as food industry refining and extracting pomace olive oil as well as export-import public and private companies specializing in olive oil. The major problem facing producers of olive oil each winter campaign, contrary to what is expected, it is not whether the harvest will be good or not but whether the sale price will allow them to cover production costs and achieve a reasonable margin of profit or not. These questions are entirely legitimate if we judge by the importance of the issue and the heavy complexity of the uncertainty and competition made tougher by a high level of indebtedness and the experience and expertise of speculators and producers whose objectives are sometimes conflicting. The aim of this paper is to study the formation mechanism of olive oil prices in order to learn about speculators’ behavior and expectations in the market, how they contribute by their industry knowledge and their financial alliances and the size the financial challenge that may be involved for them to build private information hoses globally to take advantage. The methodology used in this paper is based on two stages, in the first stage we study econometrically the formation mechanisms of olive oil price in order to understand the market participant behavior by implementing ARMA, SARMA, GARCH and stochastic diffusion processes models, the second stage is devoted to prediction purposes, we use a combined wavelet- ANN approach. Our main findings indicate that olive oil market participants interact with each other in a way that they promote stylized facts formation. The unstable participant’s behaviors create the volatility clustering, non-linearity dependent and cyclicity phenomena. By imitating each other in some periods of the campaign, different participants contribute to the fat tails observed in the olive oil price distribution. The best prediction model for the olive oil price is based on a back propagation artificial neural network approach with input information based on wavelet decomposition and recent past history.Keywords: olive oil price, stylized facts, ARMA model, SARMA model, GARCH model, combined wavelet-artificial neural network, continuous-time stochastic volatility mode
Procedia PDF Downloads 3305277 Portfolio Optimization with Reward-Risk Ratio Measure Based on the Mean Absolute Deviation
Authors: Wlodzimierz Ogryczak, Michal Przyluski, Tomasz Sliwinski
Abstract:
In problems of portfolio selection, the reward-risk ratio criterion is optimized to search for a risky portfolio with the maximum increase of the mean return in proportion to the risk measure increase when compared to the risk-free investments. In the classical model, following Markowitz, the risk is measured by the variance thus representing the Sharpe ratio optimization and leading to the quadratic optimization problems. Several Linear Programming (LP) computable risk measures have been introduced and applied in portfolio optimization. In particular, the Mean Absolute Deviation (MAD) measure has been widely recognized. The reward-risk ratio optimization with the MAD measure can be transformed into the LP formulation with the number of constraints proportional to the number of scenarios and the number of variables proportional to the total of the number of scenarios and the number of instruments. This may lead to the LP models with huge number of variables and constraints in the case of real-life financial decisions based on several thousands scenarios, thus decreasing their computational efficiency and making them hardly solvable by general LP tools. We show that the computational efficiency can be then dramatically improved by an alternative model based on the inverse risk-reward ratio minimization and by taking advantages of the LP duality. In the introduced LP model the number of structural constraints is proportional to the number of instruments thus not affecting seriously the simplex method efficiency by the number of scenarios and therefore guaranteeing easy solvability. Moreover, we show that under natural restriction on the target value the MAD risk-reward ratio optimization is consistent with the second order stochastic dominance rules.Keywords: portfolio optimization, reward-risk ratio, mean absolute deviation, linear programming
Procedia PDF Downloads 3975276 Optimizing Boiler Combustion System in a Petrochemical Plant Using Neuro-Fuzzy Inference System and Genetic Algorithm
Authors: Yul Y. Nazaruddin, Anas Y. Widiaribowo, Satriyo Nugroho
Abstract:
Boiler is one of the critical unit in a petrochemical plant. Steam produced by the boiler is used for various processes in the plant such as urea and ammonia plant. An alternative method to optimize the boiler combustion system is presented in this paper. Adaptive Neuro-Fuzzy Inference System (ANFIS) approach is applied to model the boiler using real-time operational data collected from a boiler unit of the petrochemical plant. Nonlinear equation obtained is then used to optimize the air to fuel ratio using Genetic Algorithm, resulting an optimal ratio of 15.85. This optimal ratio is then maintained constant by ratio controller designed using inverse dynamics based on ANFIS. As a result, constant value of oxygen content in the flue gas is obtained which indicates more efficient combustion process.Keywords: ANFIS, boiler, combustion process, genetic algorithm, optimization.
Procedia PDF Downloads 2435275 Contractor Selection by Using Analytical Network Process
Authors: Badr A. Al-Jehani
Abstract:
Nowadays, contractor selection is a critical activity of the project owner. Selecting the right contractor is essential to the project manager for the success of the project, and this cab happens by using the proper selecting method. Traditionally, the contractor is being selected based on his offered bid price. This approach focuses only on the price factor and forgetting other essential factors for the success of the project. In this research paper, the Analytic Network Process (ANP) method is used as a decision tool model to select the most appropriate contractor. This decision-making method can help the clients who work in the construction industry to identify contractors who are capable of delivering satisfactory outcomes. Moreover, this research paper provides a case study of selecting the proper contractor among three contractors by using ANP method. The case study identifies and computes the relative weight of the eight criteria and eleven sub-criteria using a questionnaire.Keywords: contractor selection, project management, decision-making, bidding
Procedia PDF Downloads 825274 Experimental Investigation of the Effect of Compression Ratio in a Direct Injection Diesel Engine Running on Different Blends of Rice Bran Oil and Ethanol
Authors: Perminderjit Singh, Randeep Singh
Abstract:
The performance, emission and combustion characteristics of a single cylinder four stroke variable compression ratio multifuel engine when fueled with different blends of rice bran oil methyl ester and ethanol are investigated and compared with the results of standard diesel. Biodiesel produced from rice bran oil by transesterification process has been used in this study. The experiment has been conducted at a fixed engine speed of 1500 rpm, 50% load and at compression ratios of 16.5:1, 17:1, 17.5:1 and 18:1. The impact of compression ratio on fuel consumption, brake thermal efficiency and exhaust gas emissions has been investigated and presented. Optimum compression ratio which gives the best performance has been identified. The results indicate longer ignition delay, the maximum rate of pressure rise, lower heat release rate and higher mass fraction burnt at higher compression ratio for waste cooking oil methyl ester when compared to that of diesel. The brake thermal efficiency at 50% load for rice bran oil methyl ester blends and diesel has been calculated and the blend B40 is found to give maximum thermal efficiency. The blends when used as fuel results in the reduction of carbon monoxide, hydrocarbon and increase in nitrogen oxides emissions.Keywords: biodiesel, rice bran oil, transesterification, ethanol, compression ratio
Procedia PDF Downloads 4175273 A Study on the Possibility of Utilizing the Converter Slag as the Cement Admixture
Authors: Choi Woo-Seok, Kim Eun-Sup, Ha Eun-Ryong
Abstract:
Converter slag is used as a low-value product like a construction fill material and soil stabilizer unlike electric furnace slag and blast furnace slag. This study is fundamental research for utilizing the converter slag as the cement admixture. Magnetic separation was conducted for quality improvement of the converter slag, and it was classified according to into 3 types; SA: pure slag, SB: separated slag, SC: remained slag after separating. In XRF result, SB slag was Fe₂CO₃ ratio was higher, and CaO ratio was lower than SA. SC slag was Fe₂CO₃ ratio was lower, and CaO ratio was higher than SA. In compressive strength test for soil cement using SA, SB, SC as the cement admixture, SC slag was more effective in terms of 28days compressive strength than SA, SB slag. In this result, it is considered that the remained material (SC) after magnetic separation is available as the cement admixture.Keywords: converter slag, magnetic separation, cement admixture, compressive strength
Procedia PDF Downloads 771