Search results for: stock portfolios

Authors: Martin Pellon Consunji

Abstract:

Due to the rise in popularity of Bitcoin and other crypto assets as a store of wealth and speculative investment, there is an ever-growing demand for automated trading tools, such as bots, in order to gain an advantage over the market. Traditionally, trading in the stock market was done by professionals with years of training who understood patterns and exploited market opportunities in order to gain a profit. However, nowadays a larger portion of market participants are at minimum aided by market-data processing bots, which can generally generate more stable signals than the average human trader. The rise in trading bot usage can be accredited to the inherent advantages that bots have over humans in terms of processing large amounts of data, lack of emotions of fear or greed, and predicting market prices using past data and artificial intelligence, hence a growing number of approaches have been brought forward to tackle this task. However, the general limitation of these approaches can still be broken down to the fact that limited historical data doesn’t always determine the future, and that a lot of market participants are still human emotion-driven traders. Moreover, developing markets such as those of the cryptocurrency space have even less historical data to interpret than most other well-established markets. Due to this, some human traders have gone back to the tried-and-tested traditional technical analysis tools for exploiting market patterns and simplifying the broader spectrum of data that is involved in making market predictions. This paper proposes a method which uses neuro evolution techniques on both sentimental data and, the more traditionally human-consumed, technical analysis data in order to gain a more accurate forecast of future market behavior and account for the way both automated bots and human traders affect the market prices of Bitcoin and other cryptocurrencies. This study’s approach uses evolutionary algorithms to automatically develop increasingly improved populations of bots which, by using the latest inflows of market analysis and sentimental data, evolve to efficiently predict future market price movements. The effectiveness of the approach is validated by testing the system in a simulated historical trading scenario, a real Bitcoin market live trading scenario, and testing its robustness in other cryptocurrency and stock market scenarios. Experimental results during a 30-day period show that this method outperformed the buy and hold strategy by over 260% in terms of net profits, even when taking into consideration standard trading fees.

Keywords: neuro-evolution, Bitcoin, trading bots, artificial neural networks, technical analysis, evolutionary algorithms

Procedia PDF Downloads 94

Authors: H. Yousefnia, S. Zolghadri, AR. Jalilian, A. Mirzaei, A. Bahrami-Samani, M. Erfani

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The objective of this study is the preparation of 111In-DOTMP as a new bone imaging agent. 111In was produced at the Agricultural, Medical and Industrial Research School (AMIRS) by means of 30 MeV cyclotron via natCd(p,x)111In reaction. Complexion of In‐111 with DOTMP was carried out by adding 0.1 ml of the stock solution (50 mg/ml in 2 N NaoH) to the vial containing 1 mCi of 111In. pH of the mixture was adjusted to 7-8 by means of phosphate buffer. The radiochemical purity of the complex at the optimized condition was higher than 98% (by using whatman No.1 paper in NH4OH:MeOH: H2O (0.2:2:4)). Both the biodistribution studies and SPECT imaging indicated high bone uptake. The ratio of bone to other soft tissue accumulation was significantly high which permit to observe high quality images. The results show that 111In-DOTMP can be used as a suitable tracer for diagnosis of bone metastases by SPECT imaging.

Keywords: biodistribution, DOTMP, 111In, SPECT

Procedia PDF Downloads 508

Authors: Sadegh Abebi

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There are problems with estimating time of product process of products, especially when there is variable serving time, like control stage. These problems will cause overestimation of process time. Layout constraints, reworking constraints and inflexible product schedule in multi product lines, needs a precise planning to reduce volume in particular situation of line stock. In this article, by analyzing real queue systems with layout constraints and by using concepts and principles of Markov chain in queue theory, a hybrid model has been presented. This model can be a base to assess queue systems with probable parameters of service. Here by presenting a case study, the proposed model will be described. so, production lines of a home application manufacturer will be analyzed.

Keywords: Queuing theory, Markov Chain, layout, line balance

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Authors: Gulnara Galeeva

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The Analytic Hierarchy Process is widely used in the economic and financial studies, including the formation of investment portfolios. In this study, a generalized method of obtaining a vector of priorities for the case with separate pairwise comparisons of the expert opinion being presented as a set of several equal evaluations on a ratio scale is examined. The author claims that this method allows solving an important and up-to-date problem of excluding vagueness and ambiguity of the expert opinion in the decision making theory. The study describes the authentic wide pairwise comparison matrix. Its application in the formation of the efficient investment portfolio of intangible assets of a small business enterprise with limited funding is considered. The proposed method has been successfully approbated on the practical example of a functioning dental clinic. The result of the study confirms that the wide pairwise comparison matrix can be used as a simple and reliable method for forming the enterprise investment policy. Moreover, a comparison between the method based on the wide pairwise comparison matrix and the classical analytic hierarchy process was conducted. The results of the comparative analysis confirm the correctness of the method based on the wide matrix. The application of a wide pairwise comparison matrix also allows to widely use the statistical methods of experimental data processing for obtaining the vector of priorities. A new method is available for simple users. Its application gives about the same accuracy result as that of the classical hierarchy process. Financial directors of small and medium business enterprises get an opportunity to solve the problem of companies’ investments without resorting to services of analytical agencies specializing in such studies.

Keywords: analytic hierarchy process, decision processes, investment portfolio, intangible assets

Procedia PDF Downloads 239

Authors: P. M. Sreekanth

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Teak (Tectona grandis L. f.) is a tree species indigenous to India and other Southeastern countries. It produces high-value timber and is easily established in plantations. Reforestation requires a constant supply of high quality seeds. Seed Production Areas (SPA) of teak are improved stands used for collection of open-pollinated quality seeds in large quantities. Information on the genetic diversity of major teak SPAs in India is scanty. The genetic structure of four important seed production areas of Kerala State in Southern India was analyzed employing amplified fragment length polymorphism markers using ten selective primer combinations on 80 samples (4 populations X 20 trees). The study revealed that the gene diversity of the SPAs varied from 0.169 (Konni SPA) to 0.203 (Wayanad SPA). The percentage of polymorphic loci ranged from 74.42 (Parambikulam SPA) to 84.06 (Konni SPA). The mean total gene diversity index (HT) of all the four SPAs was 0.2296 ±0.02. A high proportion of genetic diversity was observed within the populations (83%) while diversity between populations was lower (17%) (GST = 0.17). Principal coordinate analysis and STRUCTURE analysis of the genotypes indicated that the pattern of clustering was in accordance with the origin and geographic location of SPAs, indicating specific identity of each population. A UPGMA dendrogram was prepared and showed that all the twenty samples from each of Konni and Parambikulam SPAs clustered into two separate groups, respectively. However, five Nilambur genotypes and one Wayanad genotype intruded into the Konni cluster. The higher gene flow estimated (Nm = 2.4) reflected the inclusion of Konni origin planting stock in the Nilambur and Wayanad plantations. Evidence for population structure investigated using 3D Principal Coordinate Analysis of FAMD software 1.30 indicated that the pattern of clustering was in accordance with the origin of SPAs. The present study showed that assessment of genetic diversity in seed production plantations can be achieved using AFLP markers. The AFLP fingerprinting was also capable of identifying the geographical origin of planting stock and there by revealing the occurrence of the errors in genotype labeling. Molecular marker-based selective culling of genetically similar trees from a stand so as to increase the genetic base of seed production areas could be a new proposition to improve quality of seeds required for raising commercial plantations of teak. The technique can also be used to assess the genetic diversity status of plus trees within provenances during their selection for raising clonal seed orchards for assuring the quality of seeds available for raising future plantations.

Keywords: AFLP, genetic structure, spa, teak

Procedia PDF Downloads 291

Authors: Shota Gulbani

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At the present stage, for the countries with developing economies, studying, and researching financial markets, gains special importance, because the situation of financial markets shapes an exact views about the carried out economic policy of the country. Besides, it’s unimaginable any country with developed economy, without healthy and functioning financial markets, whereas, for any kind of business it has got a great importance in terms of finding diversified and alternative capital. In this regard; it should be noted that the segments of Georgian financial markets are developed quite unequally, as evidenced by the fact that the Georgian financial sector is represented by 93% of commercial banks, what does not create an conformable environment for non-bank financial institutions development. In spite of the fact that Georgia has got one of the best banking system of region, it is important to properly analyze that this system should not hinder the development of other participants of Georgian financial sector.

Keywords: financial markets, macroeconomics, investments, stock exchange

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Authors: Marc Sader, Michiel Stock, Bernard De Baets

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Considering a large amount of adsorption data of adsorbate gases on adsorbent materials in literature, it is interesting to predict such adsorption data without experimentation. A quantitative structure-activity relationship (QSAR) is developed to correlate molecular characteristics of gases and existing knowledge of materials with their respective adsorption properties. The application of Random Forest, a machine learning method, on a set of adsorption isotherms at a wide range of partial pressures and concentrations is studied. The predicted adsorption isotherms are fitted to several adsorption equations to estimate the adsorption properties. To impute the adsorption properties of desired gases on desired materials, leave-one-out cross-validation is employed. Extensive experimental results for a range of settings are reported.

Keywords: adsorption, predictive modeling, QSAR, random forest

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Authors: Bouwer Kleynhans

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The built environment is responsible for about 40% of the world’s energy consumption and generates one third of global carbon dioxide emissions. The Green Building Council of South Africa’s (GBCSA) current rating tools are all for new buildings. By far the largest portion of buildings exist stock and therefore the need to develop a certification tool for existing buildings. Direct energy measurement comprises 27% of the total available points in this tool. The aim of this paper is to describe the development process of a green star certification tool for existing buildings in South Africa with specific emphasis on the energy measurement criteria. Successful implementation of this tool within the property market will ensure a reduced carbon footprint of buildings.

Keywords: certification tool, development process, energy consumption, green buildings

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Authors: Ernest Nweke, Enkhtuya Bavuudorj

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The harsh realities of the scandalous failure of several notable corporations in the past two decades have inextricably resulted in a surge in corporate governance studies. Nevertheless, little or no attention has been paid to corporate governance studies in Mongolian firms and much less to the comprehension of the correlation among ownership structure, corporate governance mechanisms and trend of innovative activities. Innovation is the bed rock of enterprise success. However, the funding and support for innovative activities in many firms are to a great extent determined by the incentives provided by the firm’s internal and external governance mechanisms. Mongolia is an East Asian country currently undergoing a fast-paced transition from socialist to democratic system and it is a widely held view that private ownership as against public ownership fosters innovation. Hence, following the privatization policy of Mongolian Government which has led to the transfer of the ownership of hitherto state controlled and state directed firms to private individuals and organizations, expectations are high that sufficient motivation would be provided for firm managers to engage in innovative activities. This research focuses on the relationship between ownership structure, corporate governance on one hand and the level of innovation on the hand. The paper is empirical in nature and derives data from both reliable secondary and primary sources. Secondary data for the study was in respect of ownership structure of Mongolian listed firms and innovation trend in Mongolia generally. These were analyzed using tables, charts, bars and percentages. Personal interviews and surveys were held to collect primary data. Primary data was in respect of corporate governance practices in Mongolian firms and were collected using structured questionnaire. Out of a population of three hundred and twenty (320) companies listed on the Mongolian Stock Exchange (MSE), a sample size of thirty (30) randomly selected companies was utilized for the study. Five (5) management level employees were surveyed in each selected firm giving a total of one hundred and fifty (150) respondents. Data collected were analyzed and research hypotheses tested using Chi-Square test statistic. Research results showed that corporate governance mechanisms were better and have significantly improved overtime in privately held as opposed to publicly owned firms. Consequently, the levels of innovation in privately held firms were considerably higher. It was concluded that a significant and positive relationship exists between private ownership and good corporate governance on one hand and the level of funding provided for innovative activities in Mongolian firms on the other hand.

Keywords: corporate governance, innovation, ownership structure, stock exchange

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Authors: Guillaume Craveur

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The evaluation of the passenger exchange time is necessary for railway operators in order to optimize and dimension rail traffic. Several influential parameters are identified and studied. Each parameter leads to a modeling completed with the buildingEXODUS software. The objective is the modelling of passenger exchanges measured by passenger counting. Population size is dimensioned using passenger counting files which are a report of the train service and contain following useful informations: number of passengers who get on and leave the train, exchange time. These information are collected by sensors placed at the top of each train door. With passenger counting files it is possible to know how many people are engaged in the exchange and how long is the exchange, but it is not possible to know passenger flow of the door. All the information about observed exchanges are thus not available. For this reason and in order to minimize inaccuracies, only short exchanges (less than 30 seconds) with a maximum of people are performed.

Keywords: passengers exchange, numerical tools, rolling stock, platforms

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Authors: Bita Mashayekhi, Zeynab Lotfi Aghel

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The determinants of Earnings Response Coefficient (ERC), including firm size, earnings growth, and earnings persistence are studied in this research. These determinants are supposed to be moderator variables that affect ERC and Return Response Coefficient. The research sample contains 82 Iranian listed companies in Tehran Stock Exchange (TSE) from 2001 to 2012. Gathered data have been processed by EVIEWS Software. Results show a significant positive relation between firm size and ERC, and also between earnings growth and ERC; however, there is no significant relation between earnings persistence and ERC. Also, the results show that ERC will be increased by firm size and earnings growth, but there is no relation between earnings persistence and ERC.

Keywords: earnings response coefficient (ERC), return response coefficient (RRC), firm size, earnings growth, earnings persistence

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Authors: Yan Wang, Yuan George Shan

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This study examines whether earnings management reduces firm performance and how other comprehensive income (OCI) disclosure and strong corporate governance restrain earnings management. Using a data set comprising 6,260 firm-year observations from listed companies on the Shanghai and Shenzhen Stock Exchanges during 2009–2015, the results indicate that OCI disclosure generally improves firm performance, but earnings management lowers firm performance. The study also finds that OCI disclosure and corporate governance are complementary in restraining earnings manipulation and promote firm performance. The implications of the findings are relevant policy-makers and regulators in assisting them evaluate the consequences of convergence of Chinese Accounting Standards with the International Financial Reporting Standards.

Keywords: other comprehensive income, corporate governance, earnings management, firm performance, China

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Authors: Febrina Natalia, Noriyuki Tanaka, Mitsuru Osaki

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Sustainability Index for REDD-plus implementation was constructed to evaluate the sustainability of different communities in 5 villages (Taruna Jaya, Tumbang Nusa, Marang, Terantang, and Seragam Jaya) in Central Kalimantan, Indonesia based on the main objectives of REDD-plus project (reducing emission from deforestation and forest degradation, increasing carbon stock, preserving biodiversity and sustaining forest management). This index was separately composed of 3 different components; (1) ecology, (2) economy, and (3) society. The index of sustainability was determined into four categories; 3,3-4,0 (excellent), 2,5-3,2 (good), 1,8-2,4 (fair), and 1,0-1,7 (poor). Overall, this technique aims to assist all stakeholders and local government in particular in providing information of villages’ sustainability index before implementing REDD-plus project that the assistance and benefits given to villages will be beneficial, effective and efficient.

Keywords: central kalimantan, Indonesia, REDD-plus, sustainability index

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Authors: Mohammad Aldubyan, Fateh Belaid, Anwar Gasim

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This paper aims at linking to link residential energy efficiency to the rebound effect concept, a well-known behavioral phenomenon in which service consumption increases when consumers notice a reduction in monetary spending on energy due to improvements in energy efficiency. It provides insights on into how and why the rebound effect happens when energy efficiency improves and whether this phenomenon is positive or negative. It also shows one technique to estimate the rebound effect on the national residential level. The paper starts with a bird’s eye view of the rebound effect and then dives in in-depth into measuring the rebound effect and evaluating its impact. Finally, the paper estimates the rebound effect in the Saudi residential sector through by linking pre-estimated price elasticities of demand to the Saudi residential building stock.

Keywords: energy efficiency, rebound effect, energy consumption, residential electricity demand

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Authors: U. F. Mammadova

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Natural resources is the main self-supplying way which is being studied in the paper. Ecologically clean and independent clean energy stock is wind one. This potential is first studied by applying remote sensing way. In any coordinate of the district, wind energy potential has been determined by measuring the potential by applying radar technique which gives a possibility to reveal 2 D view. At several heights, including 10,50,100,150,200 ms, the measurements have been realized. The achievable power generation for m2 in the district was calculated. Daily, hourly, and monthly wind energy potential data were graphed and schemed in the paper. The energy, environmental, and economic advantages of wind energy for the Agsu district were investigated by analyzing radar spectral measurements after the remote sensing process.

Keywords: wind potential, spectral radar analysis, ecological clean energy, ecological safety

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Authors: Ali Moarrefzadeh

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In metalworking, rolling is a metal forming process in which metal stock is passed through a pair of rolls. Rolling is classified according to the temperature of the metal rolled. If the temperature of the metal is above its recrystallization temperature, then the process is termed as hot rolling. If the temperature of the metal is below its recrystallization temperature, the process is termed as cold rolling. In terms of usage, hot rolling processes more tonnage than any other manufacturing process, and cold rolling processes the most tonnage out of all cold working processes. This article describes the use of advanced tubing inspection NDT methods for boiler and heat exchanger equipment in the petrochemical industry to supplement major turnaround inspections. The methods presented include remote field eddy current, magnetic flux leakage, internal rotary inspection system and eddy current.

Keywords: hot forming, cold forming, metal, rolling, simulation

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Authors: Ishmael Tingbani

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This paper adopts a contingency theory approach to investigate the relationship between working capital management and profitability using data of 225 listed British firms on the London Stock Exchange for the period 2001-2011. The paper employs a panel data analysis on a series of interactive models to estimate this relationship. The findings of the study confirm the relevance of the contingency theory. Evidence from the study suggests that the impact of working capital management on profitability varies and is constrained by organizational contingencies (environment, resources, and management factors) of the firm. These findings have implications for a more balanced and nuanced view of working capital management policy for policy-makers.

Keywords: working capital management, profitability, contingency theory approach, interactive models

Procedia PDF Downloads 305

Authors: Silvia Di Turi, Nicolandrea Calabrese, Francesca Caffari, Giulia Centi, Francesca Margiotta, Giovanni Murano, Laura Ronchetti, Paolo Signoretti, Lisa Volpe, Domenico Palladino

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Recent European policies have been set ambitious targets aimed at significantly reducing CO2 emissions by 2030, with a long-term vision of transforming existing buildings into Zero-Emissions Buildings (ZEmB) by 2050. This vision represents a key point for the energy transition as the whole building stock currently accounts for 36% of total energy consumption across the Europe, mainly due to their poor energy performance. The challenge towards Zero-Emissions Buildings is particularly felt in Italy, where a significant number of buildings with historical significance or situated within protected/constrained areas can be found. Furthermore, an estimated 70% of the national building stock are built before 1976, indicating a widespread issue of poor energy performance. Addressing the energy ineƯiciency of these buildings is crucial to refining a comprehensive energy renovation approach aimed at facilitating their energy transition. In this framework the current study focuses on analysing a challenging complex of buildings to be totally restored through significant energy renovation interventions. The goal is to recover these disused buildings situated in a significant archaeological zone of Rome, contributing to the restoration and reintegration of this historically valuable site, while also oƯering insights useful for achieving zeroemission requirements for buildings within such contexts. In pursuit of meeting the stringent zero-emission requirements, a comprehensive study was carried out to assess the complex of buildings, envisioning substantial renovation measures on building envelope and plant systems and incorporating renewable energy system solutions, always respecting and preserving the historic site. An energy audit of the complex of buildings was performed to define the actual energy consumption for each energy service by adopting the hourly calculation methods. Subsequently, significant energy renovation interventions on both building envelope and mechanical systems have been examined respecting the historical value and preservation of site. These retrofit strategies have been investigated with threefold aims: 1) to recover the existing buildings ensuring the energy eƯiciency of the whole complex of buildings, 2) to explore which solutions have allowed achieving and facilitating the ZEmB status, 3) to balance the energy transition requirements with the sustainable aspect in order to preserve the historic value of the buildings and site. This study has pointed out the potentiality and the technical challenges associated with implementing renovation solutions for such buildings, representing one of the first attempt towards realizing this ambitious target for this type of building.

Keywords: energy conservation and transition, complex of buildings in historic site, zero-emission buildings, energy efficiency recovery

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Authors: Nada Souissi, Mourad Mroua

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The main purpose of this study is to examine the interaction between financial asset volatility, economic factors and investor's behavioral indicators related to both the company's and the markets stocks for the period from January 2000 to January2020. Using multiple linear regression and Bayesian Networks modeling, results show a positive and negative relationship between investor's psychology index, economic factors and predicted stock market return. We reveal that the application of the Bayesian Discrete Network contributes to identify the different cause and effect relationships between all economic, financial variables and psychology index.

Keywords: Financial asset return predictability, Economic factors, Investor's psychology index, Bayesian approach, Probabilistic networks, Parametric learning

Procedia PDF Downloads 117

Authors: Muhammad Akhtaruzzaman

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The impact of corporate environmental social and governance (ESG) on financial performance is often difficult to quantify despite the ESG related theories predict that ESG performance improves financial performance of a company. This research examines the link between corporate ESG performance and the financial performance of the NZX (New Zealand Stock Exchange) listed companies. For this purpose, this research utilizes mixed methods approaches to examine and understand this link. While quantitative results found no robust evidence of such a link, however, the qualitative analysis of content data suggests a strong cooccurrence exists between ESG performance and financial performance. The findings of this research have important implications for policymakers to support higher ESG-performing companies and for management practitioners to develop ESG-related strategies.

Keywords: ESG, financial performance, New Zealand firms, thematic analysis, mixed methods

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Authors: Hassan Medaghri Alaoui

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The accounting and financial reporting system in use today is over 500 years old and has failed to capture the new knowledge and innovation economy in which intangible assets are becoming increasingly valuable. Yet, there has been a growing acknowledgment among the research community as to the relevance of intellectual capital as a major enhancer of an organization’s well-being. Much of the research provides great support for how the IC is instrumental in determining financial and stock performances. As far as we know, this article is one of the earliest exploratory attempts to examine the intellectual capital impact on the corporate performance of the IT sector in Morocco. The purpose of this study is to verify empirically the influence of intellectual capital on firm performance. We have undertaken, over a fifteen-year period, a longitudinal (2005–2019) case study of a prominent payment-solutions company based in a developing economy with global operations.

Keywords: intellectual capital, IT sector, measuring intellectual capital, modified value added intellectual capital coefficient, Morocco

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Authors: Fernando C. Labouriau, Ricardo M. Naveiro

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This paper presents a model for mapping the evolutive pattern of products in order to generate new ideas, to perceive emerging technologies and to manage product’s portfolios in new product development (NPD). According to the proposed model, the information extracted from the patent system is filtered and analyzed with TRIZ tools to produce the input information to the NPD process. The authors acknowledge that the NPD process is well integrated within the enterprises business strategic planning and that new products are vital in the competitive market nowadays. In the other hand, it has been observed the proactive use of patent information in some methodologies for selecting projects, mapping technological change and generating product concepts. And one of these methodologies is TRIZ, a theory created to favor innovation and to improve product design that provided the analytical framework for the model. Initially, it is presented an introduction to TRIZ mainly focused on the patterns of evolution of technical systems and its strategic uses, a brief and absolutely non-comprehensive description as the theory has several others tools being widely employed in technical and business applications. Then, it is introduced the model for mapping the products evolutive pattern with its three basic pillars, namely patent information, TRIZ and NPD, and the methodology for implementation. Following, a case study of a Brazilian bike manufacturing is presented to proceed the mapping of a product evolutive pattern by decomposing and analyzing one of its assemblies along ten evolution lines in order to envision opportunities for further product development. Some of these lines are illustrated in more details to evaluate the features of the product in relation to the TRIZ concepts using a comparison perspective with patents in the state of the art to validate the product’s evolutionary potential. As a result, the case study provided several opportunities for a product improvement development program in different project categories, identifying technical and business impacts as well as indicating the lines of evolution that can mostly benefit from each opportunity.

Keywords: product development, patents, product strategy, systems evolution

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Authors: Murat Sarı, Emin Gundogar, Mumtaz Ipek

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Nowadays, in a furniture sector, competition of market share (portion) and production variety and changeability enforce the firm to reengineer operations on manufacturing line to increase the productivity. In this study, spring mattress manufacturing line of the furniture manufacturing firm is analyzed analytically. It’s intended to search and find the bottlenecks of production to balance the semi-finished material flow. There are four base points required to investigate in bottleneck elimination process. These are bottlenecks of Method, Material, Machine and Man (work force) resources, respectively. Mentioned bottlenecks are investigated and varied scenarios are created for recruitment of manufacturing system. Probable near optimal alternatives are determined by system models built in Arena simulation software.

Keywords: bottleneck search, buffer stock, furniture sector, simulation

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Authors: Tomotaka Yanagida

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The Corporate Governance Code, revised in 2015, requires firms listed within the first and second sections of Japan’s Tokyo stock exchange to select two or more independent outside directors (the Corporate Governance Code4-8). Therefore, Japanese listed firms must do this or explain the reason why they are not able to do so. This study investigates how the Corporate Governance Code affects Japanese listed firms. We find that the Corporate Governance Code increases the ratio of outside directors by nearly 8.8% for a sample of Japanese firms comprising nearly 4,200 firm-year observations from 2014 to 2015 using a difference-in-differences approach. This implies that they felt it would have been difficult to explain why it was not appropriate to have an outside director at the annual shareholders' meeting. Moreover, this suggests that they appoint outside directors as defined by the Corporate Governance Code, but maintain board size. This situation shows that compliance in Japan may simply be 'window dressing,' that is, more form than substance.

Keywords: board structure, comply or explain, corporate governance code, soft law

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Authors: Flavio Araujo, Julio Lima, Paulo Scalize, Antonio Albuquerque

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Water treatment residues (WTR) are produced during water treatment and have recently been seen as a reusable material. The aim of this research was to perform characterizations of the residue generated in the Meia-Ponte Water Treatment Plant, in Goiania, Brazil, seeking to obtain normative parameters and consider sustainable alternatives for reincorporation of the residues in the productive chain for manufacturing various materials construction. In order to reduce the environmental liabilities generated by sanitation companies and discontinue unsustainable forms of disposal. The analyzes performed: Granulometry, Scanning Electron Microscopy, and X-Ray Diffraction demonstrated the potential application of residues to replace the soil and sand, because it has characteristics compatible with small aggregate and can be used as feed stock for the manufacture of materials as ceramic and soil-cement bricks, mortars, interlocking floors and concrete artifacts.

Keywords: residue, sustainable, water treatment plants, WTR

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Authors: Diego Saldo Alves, Marcelo Paveck Ayub

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The quality of accounting information is very important for the decision-making of managers, investors government and other information users. The opinion of the independent audit has a significant influence on the decision-making, especially the investors. Therefore, the aim of this study is to analyze the reasons that companies listed on Brazilian Stock Exchange B3, if they received qualified opinion and disclaimer of opinion of the independent auditors. We analyzed the reports of the independent auditors of 23 Brazilian companies listed in B3 that received qualified opinion and disclaimer of opinion between the years 2012 and 2017. The findings show that the companies do not comply the International Financial Reporting Standard, IFRS, also they did not provide documentation to prove the operations performed, did not account expenses, problems in corporate governance and internal controls.

Keywords: audit, disclaimer of opinion, independent auditors, qualified opinion

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Authors: Jovana Dj. Jovanovic, Svetlana M. Stevovic

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The highest priority of so called, projected passive houses is to meet the appropriate energy demand. Every single material and layer which is injected into a dwelling has a certain energy quantity stored. The passive houses include optimized insulation levels with minimal thermal bridges, minimum of air leakage through the building, utilization of passive solar and internal gains, and good circulation of air which leans on mechanical ventilation system. The focus of this paper is on passive house features, benefits and targets, their feasibility and energy demands which are set up during each project. Numerous passive house-standards outline the very significant role of zero-energy dwellings towards the modern label of sustainable development. It is clear that the performance of both built and existing housing stock must be addressed if the population across the world sets out the energy objectives. This scientific article examines passive house features since the many passive house cases are launched.

Keywords: benefits, energy demands, passive houses, sustainable development

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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: Ene Rosemary Ndidiamaka, Nwangwu Florence Chinyere

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The physiochemical properties of the melon seed oil was studied to determine its potentials as viable feed stock for biodisel production. The melon seed was extracted by solvent extraction using n-hexane as the extracting solvent. In this research, methanol was the alcohol used in the production of biodiesel, although alcohols like ethanol, propanol may also be used. Sodium hydroxide was employed for the catalysis. The melon seed oil was characterized for specific gravity, pH, ash content, iodine value, acid value, saponification value, peroxide value, free fatty acid value, flash point, viscosity, and refractive index using standard methods. The melon seed oil had very high oil content. Specific gravity and flash point of the oil is satisfactory. However, moisture content of the oil exceeded the stipulated ASRTM standard for biodiesel production. The overall results indicates that the melon seed oil is suitable for single-stage transesterification process to biodiesel production.

Keywords: biodiesel, catalyst, melon seed, transesterification

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Authors: D. Cardone

Abstract:

Past earthquakes have shown that seismic events may incur large economic losses in buildings. FEMA P-58 provides engineers a practical tool for the performance seismic assessment of buildings. In this study, FEMA P-58 is applied to two typical Italian pre-1970 reinforced concrete frame buildings, characterized by plain rebars as steel reinforcement and masonry infills and partitions. Given that suitable tools for these buildings are missing in FEMA P- 58, specific fragility curves and loss functions are first developed. Next, building performance is evaluated following a time-based assessment approach. Finally, expected annual losses for the selected buildings are derived and compared with past applications to old RC frame buildings representative of the US building stock. 

Keywords: FEMA P-58, RC frame buildings, plain rebars, Masonry infills, fragility functions, loss functions, expected annual loss

Procedia PDF Downloads 303