Search results for: market efficiency

Authors: Mihai Gheorghe

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Freelancing in IT has seen an increased popularity during the last years mainly because of the fast Internet adoption in the countries with emerging economies, correlated with the continuous seek for reduced development costs as well with the rise of online platforms which address planning, coordination, and various development tasks. This paper conducts an overview of the most relevant Freelance Marketplaces available and studies the market structure, distribution of the workforce and trends in IT freelancing.

Keywords: freelancing in IT, freelance marketplaces, freelance market structure, globalization, online staffing, trends in freelancing

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Authors: Tamara Slišković, Tomislav Sekur

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This manuscript examines factors that affect demand and supply of the housing market in Croatia. The period from the beginning of this century, until 2008, was characterized by a strong expansion of construction, housing and real estate market in general. Demand for residential units was expanding, and this was supported by favorable lending conditions of banks. Indicators on the supply side, such as the number of newly built houses and the construction volume index were also increasing. Rapid growth of demand, along with the somewhat slower supply growth, led to the situation in which new apartments were sold before the completion of residential buildings. This resulted in a rise of housing price which was indication of a clear link between the housing prices with the supply and demand in the housing market. However, after 2008 general economic conditions in Croatia worsened and demand for housing has fallen dramatically, while supply descended at much slower pace. Given that there is a gap between supply and demand, it can be concluded that the housing market in Croatia is in imbalance. Such trend is accompanied by a relatively small decrease in housing price. The final result of such movements is the large number of unsold housing units at relatively high price levels. For this reason, it can be argued that housing prices are sticky and that, consequently, the price level in the aftermath of a crisis does not correspond to the discrepancy between supply and demand on the Croatian housing market. The degree of rigidity of the housing price can be determined by inclusion of the housing price as the explanatory variable in the housing demand function. Other independent variables are demographic variable (e.g. the number of households), the interest rate on housing loans, households' disposable income and rent. The equilibrium price is reached when the demand for housing equals its supply, and the speed of adjustment of actual prices to equilibrium prices reveals the extent to which the prices are rigid. The latter requires inclusion of the housing prices with time lag as an independent variable in estimating demand function. We also observe the supply side of the housing market, in order to explain to what extent housing prices explain the movement of new construction activity, and other variables that describe the supply. In this context, we test whether new construction on the Croatian market is dependent on current prices or prices with a time lag. Number of dwellings is used to approximate new construction (flow variable), while the housing prices (current or lagged), quantity of dwellings in the previous period (stock variable) and a series of costs related to new construction are independent variables. We conclude that the key reason for the imbalance in the Croatian housing market should be sought in the relative relationship of price elasticities of supply and demand.

Keywords: Croatian housing market, economic crisis, housing prices, supply imbalance, demand imbalance

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Authors: Tijjani Bashir Musa

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The recent global crisis which suddenly results to Nigerian stock market crash revealed some peculiarities of Nigerian firms. Some firms in Nigeria are performing but their stock prices are not increasing while some firms are at the brink of collapse but their stock prices are increasing. Thus, this study examines the relationship between firm performance and stock price in Nigeria. The study covered the period of 2005 to 2009. This period is the period of stock boom and also marked the period of stock market crash as a result of global financial meltdown. The study is a panel study. A total of 140 firms were sampled from 216 firms listed on the Nigerian Stock Exchange (NSE). Data were collected from secondary source. These data were divided into four strata comprising the most performing stock, the least performing stock, most performing firms and the least performing firms. Each stratum contains 35 firms with characteristic of most performing stock, most performing firms, least performing stock and least performing firms. Multiple linear regression models were used to analyse the data while statistical/econometrics package of Stata 11.0 version was used to run the data. The study found that, relationship exists between selected firm performance parameters (operating efficiency, firm profit, earning per share and working capital) and stock price. As such firm performance gave sufficient information or has predictive power on stock prices movements in Nigeria for all the years under study.. The study recommends among others that Managers of firms in Nigeria should formulate policies and exert effort geared towards improving firm performance that will enhance stock prices movements.

Keywords: firm, Nigeria, performance, stock price

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Authors: Anna Savchenko

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The dissolution of the Soviet Union brought about a wave of decolonisation throughout the Soviet space in the 1990s. While this emancipation ushered in an era of reform in the newly independent states, it also opened up the opportunity for countries such as Ukraine to be (re)colonised by a different ruling power: the European Union. Ukraine’s relationship with the EU has been further complicated by the fact that the country’s political leadership has aligned itself with a Western agenda of democratisation. This article challenges the neoliberal belief that the global market can spurn democratisation by analysing the way in which market privatisation in Ukraine has allowed for mass corruption to flourish. I submit that neoliberalism, or the sheer force of the global market, is just as colonising as modern-day imperialism has proven to be by providing an analytical synthesis of Russia and Ukraine’s century-old conflict. The EU’s demonstrated inability to mediate cross-border conflict in the region foreshadows that Ukraine may have been economically colonised by another failing state.

Keywords: neoliberalism, imperealism, Russian-Ukrainian conflict, democratisation, colonisation

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Authors: Shao-Ku Kao

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This paper presents an active rectifier with time-domain delay compensation to enhance the efficiency. A delay calibration circuit is designed to convert delay time to voltage and adaptive control on/off delay in variable input voltage. This circuit is designed in 0.18 mm CMOS process. The input voltage range is from 2 V to 3.6 V with the output voltage from 1.8 V to 3.4 V. The efficiency can maintain more than 85% when the load from 50 Ω ~ 1500 Ω for 3.6 V input voltage. The maximum efficiency is 92.4 % at output power to be 38.6 mW for 3.6 V input voltage.

Keywords: wireless power transfer, active diode, delay compensation, time to voltage converter, PCE

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Authors: Luis N. Pereira, Marco P. Carrasco

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Dynamic pricing is a revenue management strategy in which hotel suppliers define, over time, flexible and different prices for their services for different potential customers, considering the profile of e-consumers and the demand and market supply. This means that the fundamentals of dynamic pricing are based on economic theory (price elasticity of demand) and market segmentation. This study aims to define a dynamic pricing strategy and a contextualized offer to the e-consumers profile in order to improve the number of reservations of an online distribution channel. Segmentation methods (hierarchical and non-hierarchical) were used to identify and validate an optimal number of market segments. A profile of the market segments was studied, considering the characteristics of the e-consumers and the probability of reservation a room. In addition, the price elasticity of demand was estimated for each segment using econometric models. Finally, predictive models were used to define rules for classifying new e-consumers into pre-defined segments. The empirical study illustrates how it is possible to improve the intelligence of an online distribution channel system through an optimal dynamic pricing strategy and a contextualized offer to the profile of each new e-consumer. A database of 11 million e-consumers of an online distribution channel was used in this study. The results suggest that an appropriate policy of market segmentation in using of online reservation systems is benefit for the service suppliers because it brings high probability of reservation and generates more profit than fixed pricing.

Keywords: dynamic pricing, e-consumers segmentation, online reservation systems, predictive analytics

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Authors: Latef M. Ali, Farah A. Abed

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In this paper, the effect of the Barium fluoride (BaF2) layer on the absorption efficiency of GaAs/InAs nanowire solar cells was investigated using the finite difference time domain (FDTD) method. By inserting the BaF2 as antireflection with the dominant size of 10 nm to fill the space between the shells of wires on the Si (111) substrate. The absorption is significantly improved due to the strong reabsorption of light reflected at the shells and compared with the reference cells. The present simulation leads to a higher absorption efficiency (Qabs) and reaches a value of 97%, and the external quantum efficiencies (EQEs) above 92% are observed. The current density (Jsc) increases by 0.22 mA/cm2 and the open-circuit voltage (Voc) is enhanced by 0.11 mV.

Keywords: nanowire solar cells, absorption efficiency, photovoltaic, band structures, fdtd simulation

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Authors: Abdenour Bourabaa, Malika Fekih, Mohamed Saighi

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A numerical investigation of the fin efficiency and temperature distribution of an annular fin under dehumidification has been presented in this paper. The non-homogeneous second order differential equation that describes the temperature distribution from the fin base to the fin tip has been solved using the central finite difference method. The effects of variations in parameters including relative humidity, air temperature, air face velocity on temperature distribution and fin efficiency are investigated and compared with those under fully dry fin conditions. Also, the effect of fin pitch on the dimensionless temperature has been studied.

Keywords: annular fin, dehumidification, fin efficiency, heat and mass transfer, wet fin

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Authors: Raja Kannusamy

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The research focuses on the applicable technologies in the automobile industry and their effects on the productivity and annual revenue of the industry. A study has been conducted on 6 major automobile manufacturing industries represented in this research as M1, M2, M3, M4, M5 and M6. The results indicate that M1, which is a pioneer in technological applications, remains the market leader, followed by M5 & M2 taking the second and third positions, respectively. M3, M6 and M4 are the followers and are placed next in positions. It has also been observed that M1 and M2 have entered into an agreement to share the basic structural technologies and they maintain long-term and trusted relationships with their suppliers through the Keiretsu system. With technological giants such as Apple, Microsoft, Uber and Google entering the automobile industry in recent years, an upward trend is expected in the futuristic market with self-driving cars to dominate the automobile sector. To keep up with the market trend, it is essential for automobile manufacturers to understand the importance of developing technological capabilities and skills to be competitive in the marketplace.

Keywords: automobile manufacturing industries, competitiveness, performance improvement, technological applications

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Authors: Saleh Hayat

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Efficiency, productivity and sustainability are important factors for structure and the application of processes in green building. Various previous studies have addressed efficiency, productivity and sustainability separately. This research study aims to investigate the implications of these three factors taking together. Frequency analysis and the ranking techniques are carried out to explore the connection between these factors. The interconnection matrix has been developed and functional grouping is made based upon data from expert opinion and field professionals. The existence of a relationship, the type of relationship and the scaled impact have been drawn. Additionally, a system diagram has been developed to show the variable correlation. The results of expert opinion show that efficiency, productivity and sustainability have a stronger impact on green buildings.

Keywords: efficiency, green building, productivity, sustainability

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Authors: Meltem Gurunlu

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One of the central problems in corporate finance is the allocation of funds. This usually takes two forms: allocation of funds across firms in an economy or allocation of funds across projects or business units within a firm. The first one is typically related to the external markets (the bond market, the stock market, banks and finance companies) whereas the second form of the capital allocation is related to the internal capital markets in which corporate headquarters allocate capital to their business units. (within-group transfers, within-group credit markets, and within-group equity market). The main aim of this study is to investigate the nature of capital allocation dynamics by comparing the relevant studies carried out on external and internal capital markets with paying special significance to the business groups.

Keywords: internal capital markets, external capital markets, capital structure, capital allocation, business groups, corporate finance

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Authors: Piotr Prewysz-Kwinto

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The market of financial instruments with high risk is developing very dynamically in recent years and attracts more and more interest of investors. It consists essentially of two groups of instruments, i.e. derivatives and exchange traded product (ETP), and each year new types are introduced and offered to investors. The aim of this paper is to present the principles concerning financial instruments with high investment risk available on the Warsaw Stock Exchange (WSE), because they have quite complex constructions, and to evaluate the development of this market. In order to achieve this aim, statistical data from 2014-2016 was analyzed. The results confirm that the financial instruments with high investment risk available on the WSE constitute a diversified and the most numerous group of financial instruments and attract the most interest of investors. Responsible investing requires, however, a good knowledge of how they work and how they can generate profit to not expose oneself to unexpected losses.

Keywords: derivatives, exchange traded products (ETP), financial instruments, financial market, risk, stock exchange

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Authors: Matthew Scott Lau

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This study addresses the research question: How effective has the Community Health Assist Scheme (CHAS) been in reducing market failure in Singapore’s healthcare sector? The CHAS policy, introduced in 2012 in Singapore, aims to improve accessibility and affordability of healthcare by offering subsidies to low and middle-income groups and elderly individuals for general practice consultations and healthcare. The investigation was undertaken by acquiring and analysing primary and secondary research data from 3 main sources, including handwritten survey responses of 334 individuals who were valid CHAS subsidy recipients (CHAS cardholders) from 5 different locations in Singapore, interview responses from two established general practitioner doctors with working knowledge of the scheme, and information from literature available online. Survey responses were analysed to determine how CHAS has affected the affordability and consumption of healthcare, and other benefits or drawbacks for CHAS users. The interview responses were used to explain the benefits of healthcare consumption and provide different perspectives on the impacts of CHAS on the various parties involved. Online sources provided useful information on changes in healthcare consumerism and Singapore’s government policies. The study revealed that CHAS has been largely effective in reducing market failure as the subsidies granted to consumers have improved the consumption of healthcare. This has allowed for the external benefits of healthcare consumption to be realized, thus reducing market failure. However, the study also revealed that CHAS cannot be fully effective in reducing market failure as the scope of CHAS prevents healthcare consumption from fully reaching the socially optimal level. Hence, the study concluded that CHAS has been effective to a large extent in reducing market failure in Singapore’s healthcare sector, albeit with some benefits to third parties yet to be realised. There are certain elements of the investigation, which may limit the validity of the conclusion, such as the means used to determine the socially optimal level of healthcare consumption, and the survey sample size.

Keywords: healthcare consumption, health economics, market failure, subsidies

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Authors: Masahiro Ohmura, Koh Kakusho, Takeshi Okadome

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This paper presents a regression model with autocorrelated errors in which the inputs are social moods obtained by analyzing the adjectives in Twitter posts using a document topic model. The regression model predicts Dow Jones Industrial Average (DJIA) more precisely than autoregressive moving-average models.

Keywords: stock market prediction, social moods, regression model, DJIA

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Authors: Srinivas Vangari

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With the technological advancements around the globe, artificial intelligence (AI) has boosted supply chain management (SCM) by improving efficiency, sensitivity, and promptness. Artificial intelligence-based SCM provides comprehensive perceptions of consumer behavior in dynamic market situations and trends, foreseeing the accurate demand. It reduces overproduction and stockouts while optimizing production planning and streamlining operations. Consequently, the AI-driven SCM produces a customer-centric supply with resilient and robust operations. Intending to delve into the transformative significance of AI in SCM, this study focuses on improving efficiency in SCM with the integration of AI, understanding the production demand, accurate forecasting, and particular production planning. The study employs a mixed-method approach and expert survey insights to explore the challenges and benefits of AI applications in SCM. Further, a case analysis is incorporated to identify the best practices and potential challenges with the critical success features in AI-driven SCM. Key findings of the study indicate the significant advantages of the AI-integrated SCM, including optimized inventory management, improved transportation and logistics management, cost optimization, and advanced decision-making, positioning AI as a pivotal force in the future of supply chain management.

Keywords: artificial intelligence, supply chain management, accurate forecast, accurate planning of production, understanding demand

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Authors: Nisful Laila, Fatin Fadhilah Hasib, Puji Sucia Sukmaningrum, Achsania Hendratmi

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The purpose of this study is to determine and comparing the level of efficiency of Islamic Banks in Indonesia and United Kingdom during eurozone sovereign debt crisis. This study using a quantitative non-parametric approach with Data Envelopment Analysis (DEA) VRS assumption, and a statistical tool Mann-Whitney U-Test. The samples are 11 Islamic Banks in Indonesia and 4 Islamic Banks in England. This research used mediating approach. Input variable consists of total deposit, asset, and the cost of labour. Output variable consists of financing and profit/loss. This study shows that the efficiency of Islamic Bank in Indonesia and United Kingdom are varied and fluctuated during the observation period. There is no significant different the efficiency performance of Islamic Banks in Indonesia and United Kingdom.

Keywords: data envelopment analysis, efficiency, eurozone crisis, islamic bank

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Authors: D. Tappi

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In the past decades, the idea of innovation moved from being considered the result of development to being seen as its means. Innovation and its diffusion are indeed keys to the development and economic catch-up of a country. However, the process of diffusing existing innovation in low income countries has demonstrated dependent on inadequate infrastructures and institutions. The paper examines the role of disruptive innovation in bridging the technology gap between high- and low-income countries, overcoming the lack in infrastructures and institutions. In particular, the focus of this paper goes to the role of disruptive innovation in people transportation in Nigeria. Uber, Taxify, and Smartcab are covering a small and interesting market that was underserved, between the high-end private driver markets, the personal car owners and the low-priced traditional cab and the Keke (tricycle). Indeed the small Nigerian middle class and international community have found in the sharing people transportation market a safe, reasonably priced means of transportation in Nigerian big cities. This study uses mainly qualitative data collection methods in the form of semi-structured interviews with major players and users and quantitative data analysis in the form of a survey among users in order to assess the role of these new transportation modes in shaping the market and even creating a new niche. This paper shows how the new sharing economy in people transportation is creating new solutions to old problems as well as creating new challenges for both the existing market players and institutions. By doing so, the paper shows how disruptive innovations applied to low income countries, not only can overcome the lacking infrastructure problem but could also help bridge the technology gap between those and high income countries. This contribution proves that it is indeed exactly because the market presents these obstacles that disruptive innovations can succeed in countries such as Nigeria.

Keywords: development, disruptive innovation, sharing economy, technology gap

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Authors: Zakariya B. H., Idris M. I., Jungudo M. A.

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High energy consumptions of urban settlements in Nigeria are escalating due to strong population growth and migration as a result of crises. The demand for lighting, heating, ventilation and air conditioning (LHVAC) is becoming higher. Conversely, there is a poor electricity supply to both rural and urban settlement in Nigeria. Generators were mostly used in Nigeria as a source of energy for LHVAC. Energy efficiency can be defined as any measure taken to reduce the amount of energy consumed for heating ventilation and air-conditioning (HVAC), and house hold appliances like computers, stoves, refrigerators, televisions etc. The aim of the study was to minimize energy consumption in building through the integration of energy efficiency and renewable energy in building sector. Some of the energy efficient buildings within the study area were identified, the study covers there major cities of Nigeria namely, Abuja, Kaduna and Lagos city. The cost of investment on the energy efficiency and renewable energy was determined and compared with other fossil energy source for conventional building. Findings revealed that the low energy and energy efficient buildings in Nigeria are cheaper than the conventional ones. Based on the finding of the research, construction stake holders are strongly encouraged to abandon the conventional buildings and consider energy efficiency and renewable energy in buildings.

Keywords: energy, efficiency, LHVAC, sustainable development

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Authors: Muhammad Abid

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Utilization of renewable energy resources for energy conservation, pollution prevention, resource efficiency and systems integration is very important for sustainable development. In this study, we perform energy and exergy analyses of a wind turbine, located on the roof of Mechanical Engineering Department, King Saud University, and Riyadh, Saudi Arabia. The turbine is part of a hybrid photovoltaic (PV)-wind system with hydrogen storage. The power output from this turbine varies between 1.5 and 5.5 kW with a rated wind speed of 12 m/s and a cut-in wind speed of 2.4 m/s. We utilize a wide range of experimental data in the analysis and assessment. We determine energy and exergy efficiencies. The energy efficiency changes between 0% to 45% while the exergy efficiency varies between 0% and 31.3%. We also determined some of the exergoeconomic parameters that are the ratios of energy and exergy loss rates to the capital cost (R en and R ex), respectively. (R en) changes between 0.96% and 59.03% for different values of velocity while R ex has a maximum value of 53.62% for the highest wind speed.

Keywords: exergy, efficiency, performance evaluation, wind energy

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Authors: Vasilios Kanellopoulos

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The present paper examines the effect of innovation efficiency on the production of new knowledge from a firm level perspective. It resorts to the Greek version of community innovation survey (CIS 2012-2014 microdata) and employs 1274 firms of the manufacturing, which constitutes the main sector of examination. It assumes a knowledge production function (KPF) and finds that R&D spillovers related to the expenditures on innovation activities, internal R&D, external R&D, skilled labor, and the expenditures in the acquisition of machinery have a positive and significant effect on the production of new knowledge when OLS techniques are applied. However, innovation efficiency comes from a Banker and Morey (1986) data envelopment analysis (DEA) with categorical variables has a statistically insignificant impact on the production of new knowledge measured by firm’s turnover.

Keywords: firms, innovation efficiency, production of new knowledge, R&D spillovers

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Authors: Xue Junwei

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The rapid economic development of China has made it a critical global market. Multinational companies operating in China face evolving challenges, necessitating adjustments in their marketing strategies. This study uses SWOT analysis and qualitative research methods to explore the trends and countermeasures for adjusting the marketing strategies of multinational companies in China. The research employs the SWOT analysis, quantitative as well as qualitative research techniques to investigate the marketing strategy adjustments of multinational companies in China. The study reveals emerging trends and proposes strategic countermeasures for multinational companies to adapt their marketing strategies in the Chinese market. This research contributes to the existing literature by providing insights into the dynamic environment of multinational companies in China and offering practical recommendations for strategy adjustments. Data were collected using qualitative research methods, including interviews and case studies, and quantitative research methods, such as questionnaires to study multinational companies in China. The collected data were analyzed using SWOT analysis to identify the strengths, weaknesses, opportunities, and threats faced by multinational companies in China, guiding the formulation of effective marketing strategies. This study addresses the challenges faced by multinational companies in China, the need for strategic adjustments, and the potential approaches to enhancing marketing effectiveness in this market. The study emphasizes the significance of adapting marketing strategies to align with the changing landscape of the Chinese market. It provides actionable recommendations for multinational companies to thrive in this environment.

Keywords: multinational company, marketing strategies, Chinese market, SWOT

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Authors: Achutha Raman

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Today's brave new world features a bonanza of digitally interconnected products, or ‘things,’ that improve convenience, possibilities, and in some cases efficiency for consumers. Nonetheless, even as the market accelerates, this Internet of ‘things’ is subject to substantial leakage of consumer personal data. First defining the fluid concept of ‘things,’ this paper subsequently uses case studies taken from the EU, Asia, and the US, to highlight large gaps and comprehensively evaluate the state of security for consumer ‘things.’ Ultimately, this paper offers several ways of improving the present status quo, and especially focuses on an evaluative approach that augments the standard mechanism of Firmware Over the Air Updates, and ought to be easily implementable.

Keywords: cybersecurity, FOTA, Internet of Things, transnational privacy

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Authors: Lusine S. Stepanyan, Elina V. Asriyan.

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It is known, that the efficiency of management depend on individual characteristics of manager. In case, was shown the role of personal position in the efficiency of management. Current research is aimed at reveal psychological and psychophysiological basis efficiency of management and finding ways of increasing the productivity of management that is most essential and topical problems of modern society. To understand the investigated phenomenon it was applied a complex approach. The Eysenk questionnaire was used for determining the level of aggression, frustration, anxiety and rigidity. The test of egocentric associations was used for determining the level of egocentrism. The test of COS (communicativeness and organizational skills) was used for diagnosing the level of communicativeness. The integral index of job satisfaction was used for diagnosis the efficiency of management activity. Then, the relationship between the above mentioned mental state, communicativeness, self-esteem, job satisfaction, locus of control, and egocentrism was investigated. The obtained results have shown the positive correlation between the egocentrism and frustration, anxiety and also the negative correlation with job satisfaction and communicativeness. Intergroup analyses has revealed the significant differences by communicativeness and the internality’ level. The revealed results can be used for diagnosis of efficiency of management.

Keywords: egocentrism, locus control, mental state, job satisfaction, professional activity

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Authors: Bahadır Aydın

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Being one of the most important elements of social evolution, energy has a vital role for a sustainable economy and development. Energy has great importance to level up the welfare. By this importance, countries having rich resources can apply energy as an political instrument. While needs of energy is increasing, sources to respond this need is very limited. Therefore, countries seek for alternative resources to meet their needs. Renewable energy sources have firstly taken into consideration. Being clean and belonging to countries own sources, renewable energy resources have been widely applied during the last decades. However, renewable energy cannot meet all the expectation of energy needs. In this respect, energy efficiency can be seen as an alternative. Energy efficiency can minimize energy consumption without degrading standard of living, lessening quality of products and without increasing energy bills. In this article, energy resources, SWOT analysis of renewable sources, and energy efficiency topics are mainly discussed.

Keywords: energy efficiency, renewable energy, energy regulations, oil, international relations

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Authors: Imran Ullah Khana, Mohd Hafiz Dzarfan Othmanb, Haslenda Hashima, Takeshi Matsuurad, A. F. Ismailb, M. Rezaei-DashtArzhandib, I. Wan Azelee

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Biogas upgrading is a widely studied and discussed topic, and its utilization as a natural gas substitute has gained significant attention in recent years. The production of biomethane provides a versatile application in both heat and power generation and as a vehicular fuel. This paper systematically reviews the state of the art of biogas upgrading technologies with upgrading efficiency, methane (CH4) loss, environmental effect, development and commercialization, and challenges in terms of energy consumption and economic assessment. The market situation for biogas upgrading has changed rapidly in recent years, giving membrane separation a significant market share with traditional biogas upgrading technologies. In addition, the potential utilization of biogas, efficient conversion into bio-compressed natural gas (bio-CNG), and storage systems are investigated in depth. Two storing systems for bio-CNG at filling stations, namely buffer and cascade storage systems are used. The best storage system should be selected on the basis of the advantages of both systems. Also, the fuel economy and mass emissions for bio-CNG and CNG-filled vehicles are studied. There is the same fuel economy and less carbon dioxide (CO2) emission for bio-CNG. Based on the results of comparisons between the technical features of upgrading technologies, various specific requirements for biogas utilization and the relevant investment, and operating and maintenance costs, future recommendations are made for biogas upgrading.

Keywords: biogas upgrading, cost, utilization, bio-CNG, storage, energy

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Authors: Oriahi Love Ndidi

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High concentration photovoltaic promises a more efficient, higher power output than traditional photovoltaic modules. One of the driving forces of this high system efficiency has been the continuous improvement of III-V multi-junction solar cell efficiencies. Multi-junction solar cells built from III-V semiconductors are being evaluated globally in concentrated photovoltaic systems designed to supplement electricity generation for utility companies. The high efficiency of this III-V multi-junction concentrator cells, with demonstrated efficiency over 40 percent since 2006, strongly reduces the cost of concentrated photovoltaic systems, and makes III-V multi-junction cells the technology of choice for most concentrator systems today.

Keywords: cost of multi-junction solar cell, efficiency, photovoltaic systems, reliability

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Authors: Innocent Pangapanga-Phiri, Eric Dada Mungatana

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This study estimates the effect of climate-induced rural-urban migrants (RUM) on maize productivity. It uses panel data gathered by the National Statistics Office and the World Bank to understand the effect of RUM on the technical efficiency of maize production in rural Malawi. The study runs the two-stage Tobit regression to isolate the real effect of rural-urban migration on the technical efficiency of maize production. The results show that RUM significantly reduces the technical efficiency of maize production. However, the interaction of RUM and climate-smart agriculture has a positive and significant influence on the technical efficiency of maize production, suggesting the need for re-investing migrants’ remittances in agricultural activities.

Keywords: climate-smart agriculture, farm productivity, rural-urban migration, panel stochastic frontier models, two-stage Tobit regression

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Authors: Umesh Kumar Sinha, Y. K. Nayak, N. Kumar, Swapnil Saurav, Monika Kashyap

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The authors investigate the effect of system and operating parameters on the performance of high temperature solar concentrator for power generation. The effects of system and operating parameters were investigated using the developed mathematical expressions for collector efficiency, heat removal factor, fluid outlet temperature and power, etc. The results were simulated using C++program. The simulated results were plotted for investigation like effect of thermal loss parameter and radiative loss parameters on the collector efficiency, heat removal factor, fluid outlet temperature, rise of temperature and effect of mass flow rate of the fluid outlet temperature. In connection with the power generation, plots were drawn for the effect of (TM–TAMB) on the variation of concentration efficiency, concentrator irradiance on PM/PMN, evaporation temperature on thermal to electric power efficiency (Conversion efficiency) of the plant and overall efficiency of solar power plant.

Keywords: parabolic trough solar collector, radiative and thermal loss parameters, collector efficiency, heat removal factor, fluid outlet and inlet temperatures, rise of temperature, mass flow rate, conversion efficiency, concentrator irradiance

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Authors: Hannes Koester

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Driven by difficult market conditions and increasing regulations, many banks are making the strategic decision to restructure their portfolio by divesting several business segments. Using a unique dataset of 727 portfolio restructuring announcements by 161 international listed banks over the period 1999 to 2015, we investigate the impact of restructuring measurements on the stock performance as well as on the banks’ profitability and risk. Employing the event study methodology, we detect positive stock market reactions on the announcement of restructuring measurements. These positive stock market reactions indicate that shareholders reward banks’ specialization activities. However, the results of the system GMM regressions show a negative relation between restructuring measurements and banks’ return on assets and a positive relation towards the individual and systemic risk of banks. These empirical results indicate that there is no guarantee that portfolio restructurings will result in a more profitable and less risky institution.

Keywords: bank performance, bank risk, divestiture, restructuring, systemic risk

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Authors: Siti Noor Baiti Binti Mustafa

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Energy management studies regarding energy efficiency investments in Malaysia has yet to address the lack of empirical research that examines pro- sustainability behavior of managers in the industrial sector and how it influences energy efficiency investment decision-making. This study adopts the Theory of Planned Behavior (TPB) to examine the relationship between personal attitude, subjective norms, and perceived behavioral control (PBC), the intention of energy efficiency investments, and how perceptions of Non-Energy Benefits (NEB) influence these intentions among managers in the industrial sector in Malaysia. Managers from various sub-sectors in the industrial sector were selected from a sample of companies that are participants of the Government-led program named the Energy Audit Conditional Grant (EACG) that aimed to promote energy efficiency. Data collection was conducted through an online semi-structured, open-ended questionnaire and then later interviewed. The results of this explorative sequential qualitative study showed that perceived behavioral control was a significant predictor of energy efficiency investment intentions as compared to factors such as attitude and subjective norms. The level of awareness and perceptions towards NEB further played a significant factor in influencing energy efficiency investment decision-making as well. Various measures and policy recommendations are provided together with insights on factors that influence decision-makers intention to invest in energy efficiency, whilst new knowledge on NEB perceptions will be useful to enhance the attractiveness of energy-efficient investments.

Keywords: energy efficiency investments, non-energy benefits, theory of planned behavior, personal attitude, subjective norms, perceived behavioral control, Malaysia industrial sector

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