Search results for: retirement financial planning

Authors: R. Hellmuth, F. Wehner

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Factory planning has the task of designing products, plants, processes, organization, areas, and the construction of a factory. The requirements for factory planning and the building of a factory have changed in recent years. Regular restructuring is becoming more important in order to maintain the competitiveness of a factory. Restrictions in new areas, shorter life cycles of product and production technology as well as a VUCA world (Volatility, Uncertainty, Complexity & Ambiguity) lead to more frequent restructuring measures within a factory. A digital factory model is the planning basis for rebuilding measures and becomes an indispensable tool. Short-term rescheduling can no longer be handled by on-site inspections and manual measurements. The tight time schedules require up-to-date planning models. Due to the high adaptation rate of factories described above, a methodology for rescheduling factories on the basis of a modern digital factory twin is conceived and designed for practical application in factory restructuring projects. The focus is on rebuild processes. The aim is to keep the planning basis (digital factory model) for conversions within a factory up to date. This requires the application of a methodology that reduces the deficits of existing approaches. The aim is to show how a digital factory model can be kept up to date during ongoing factory operation. A method based on photogrammetry technology is presented. The focus is on developing a simple and cost-effective solution to track the many changes that occur in a factory building during operation. The method is preceded by a hardware and software comparison to identify the most economical and fastest variant. 

Keywords: digital factory model, photogrammetry, factory planning, restructuring

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Authors: Maria Krambia-Kapardis, Elisavet Charalambous

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Corruption has given rise to extensive discussion due to its notorious consequences. It undermines democracy, brings in inequalities and imbalances and weakens governance. With the recent financial turmoil pinpointing that corruption has played a vital part, lessons have to be learned and actions have to be taken. Regulation can be the means for doing so as it advances transparency and accountability, leaving no space for corruption to flourish. Much depends though on the culture of a state and how determined it is to mark the end of corruption.

Keywords: banking regulation, corruption, culture, European Union

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Authors: Nadezhda Kvatashidze

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The conceptual framework of International Financial Reporting Standards determines the basic principles of accounting. The said principles have multiple applications, with professional judgments being one of those. Recognition and assessment of the information contained in financial reporting, especially so the somewhat uncertain events and transactions and/or the ones regarding which there is no standard or interpretation are based on professional judgments. Professional judgments aim at the formulation of expert assumptions regarding the specifics of the circumstances and events to be entered into the report based on the conceptual framework terms and principles. Experts have to make a choice in favor of one of the aforesaid and simulate the situations applying multi-variant accounting estimates and judgment. In making the choice, one should consider all the factors, which may help represent the information in the best way possible. Professional judgment determines the relevance and faithful representation of the presented information, which makes it more useful for the existing and potential investors. In order to assess the prospected net cash flows, the information must be predictable and reliable. The publication contains critical analysis of the aforementioned problems. The fact that the International Financial Reporting Standards are developed continuously makes the issue all the more important and that is another point discussed in the study.

Keywords: conceptual framework, faithful representation, professional judgement, relevance

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Authors: O. Colot, M. Croquet, L. Cultrera, Y. Fandja Collince

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The objective of our research is to evaluate the impact of the allowance for corporate equity (ACE) on the financial structure of Belgian SME in order to highlight the potential existence of a fiscal leverage. To limit the biases linked to the rationing of the capital further to the financial crisis, we compare first the dynamic evolution of the financial structure of the Belgian firms over the period 2006-2015 by focusing on three sub-periods: 2006-2008, 2009-2012 and 2013-2015. We give then an international size to this comparison by including SMEs from countries adjoining Belgium (France, Germany, Netherlands and the United Kingdom) and within which there is no ACE. This comparison allows better understanding the fiscal advantage linked to the ACE of firms evolving in a relatively unstable economic environment further to the financial crisis of 2008. This research is relevant given the economic and political context in which Belgium operates and the very uncertain future of the Belgian ACE. The originality of this research is twofold: the long study period and the consideration of the effects of the financial and economic crisis on the financing structure of Belgian SMEs. The results of this research, even though they confirm the existence of a positive fiscal leverage for the tax deduction for venture capital on the financing structure of Belgian SMEs, do not allow the extent of this leverage to be clearly quantified. The comparative evolution of financing structures over the period 2006-2015 of Belgian, French, German, Dutch and English SMEs shows a strong similarity in the overall evolution of their financing.

Keywords: allowance for corporate equity, Belgium, financial structure, small and medium sized firms

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Authors: Sidong Zhao, Xingping Wang

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Recently, the government of China has provided strong support the developments of overseas industrial parks. The global distribution of China overseas industrial parks has gradually moved from the 'sparks of fire' to the 'prairie fires.' The support and distribution have promoted developing overseas industrial parks to a strategy of constructing a China's new open economic system and a typical representative of the 'Chinese wisdom' and the 'China's plans' that China has contributed to the globalization of the new era under the initiative of the Belt and Road. As the industrial parks are the basis of 'work/employment', a basic function of a city (Athens Constitution), planning for developments of industrial parks has become a long-term focus of urban planning. Based on the research of the planning and the analysis of the present developments of some typical China overseas industrial parks, we found some interesting rules: First, large numbers of the China overseas industrial parks are located in less developed countries. These industrial parks have become significant drives of the developments of the host cities and even the regions in those countries, especially in investment, employment and paid tax fee for the local, etc. so, the planning and development of overseas industrial parks have received extensive attention. Second, there are some problems in the small part of the overseas Park, such as the planning of the park not following the planning of the host city and lack of implementation of the park planning, etc. These problems have led to the difficulties of the implementation of the planning and the sustainable developments of the parks. Third, a unique pattern of space development has been formed. in the dimension of the patterns of regional spatial distribution, there are five characteristics - along with the coast, along the river, along with the main traffic lines and hubs, along with the central urban area and along the connections of regions economic. In the dimension of the spatial relationships between the industrial park and the city, there is a growing and evolving trend as 'separation – integration - union'. In the dimension of spatial mode of the industrial parks, there are different patterns of development, such as a specialized industrial park, complex industrial park, characteristic town and new urban area of industry, etc. From the perspective of the trends of the developments and spatial modes, in the future, the planning of China overseas industrial parks should emphasize the idea of 'building a city based on the industrial park'. In other words, it's making the developments of China overseas industrial parks move from 'driven by policy' to 'driven by the functions of the city', accelerating forming the system of China overseas industrial parks and integrating the industrial parks and the cities.

Keywords: overseas industrial park, spatial mode, planning, China

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Authors: Manfred F. Maute, Olga Naumenko, Raymond T. Kong

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Using data from a nationally representative financial panel of Canadian households, this study develops a psychographic segmentation of the customers of a value-expressive credit card service and tests for effects on relational response differences. The variety of segments elicited by agglomerative and k means clustering and the familiar profiles of individual clusters suggest that the face validity of the psychographic segmentation was quite high. Segmentation had a significant effect on customer satisfaction and relationship depth. However, when socio-demographic characteristics like household size and income were accounted for in the psychographic segmentation, the effect on relational response differences was magnified threefold. Implications for the segmentation of financial services markets are considered.

Keywords: customer satisfaction, financial services, psychographics, response differences, segmentation

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Authors: Fatemeh Norouzi

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Today, financial performance has become one of the important issues in accounting and auditing that companies and their managers have paid attention to this issue and for this reason to the variables that are influential in this field. One of the things that can affect financial performance is corporate governance, which is examined in this research, although some things such as issues related to auditing can also moderate this relationship; Therefore, this research has been conducted with the aim of investigating the relationship between corporate governance and financial performance with regard to the moderating role of feedback and internal control weakness. The research is practical in terms of purpose, and in terms of method, it has been done in a post-event descriptive manner, in which the data has been analyzed using stock market data. Data collection has been done by using stock exchange data which has been extracted from the website of the Iraqi Stock Exchange, the statistical population of this research is all the companies admitted to the Iraqi Stock Exchange. . The statistical sample in this research is considered from 2014 to 2021, which includes 34 companies. Four different models have been considered for the research hypotheses, which are eight hypotheses, in this research, the analysis has been done using EXCEL and STATA15 software. In this article, collinearity test, integration test ,determination of fixed effects and correlation matrix results, have been used. The research results showed that the first four hypotheses were rejected and the second four hypotheses were confirmed.

Keywords: size of the board of directors, duality of the CEO, financial performance, internal control weakness

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Authors: Cam-Duc Au, Philippe Krahnhof, Lars Klingenberger

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German banks are experiencing harsh times due to rising costs and declining profits. On the one hand, acquisition costs for new customers are increasing because of the rise of innovative FinTechs, which entered the market with one specific goal: disrupting the whole financial services industry by occupying parts of the value chain. On the other hand, the COVID-19 pandemic, as well as an overall low level of interest rates, cause the traditional source of bank income to still drain. Consequently, traditional banks must rethink their strategies or their identity, so to speak, because they go beyond their traditional offering of products and services. Having said that, banks may create new sources of income to stabilize their economic situation and replenish profits. The given paper aims to research the opportunities of establishing an ecosystem model. In doing so, the paper contributes to the current literature debate and provide reference points for traditional banks to start. Firstly, a systematic literature review introduces a selection of research works the author regards as significant. In the following step, quantitative data from an online survey with bank clients are analysed by means of descriptive statistics to show the perspective of Germans with regards to an ecosystem offering. The final research findings indicate that the surveyed retail banking clients express interest in the new offer, whereas non-financial products and services are of lower interest than their financial pendants.

Keywords: banking, ecosystem, disruptive innovation, digital offering, open-banking-strategy, financial services industry

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Authors: Safa Ougoujil, Sidi Mohamed Rigar

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Economics is not an exact science. It cannot be from the moment it is a social science that concerns society organization, a human science that depends on the behavior of the men and women who make a part of this society. Therefore, it cannot ignore morality, the instinctive sense of good and evil, the natural order which place us between certain values, and which religion often sheds light on. In terms of finance, the reference to ethics is becoming more popular than ever. This is naturally due to the growing financial crises. Finance is less and less ethical, but some financial practices have continued to do so. This is the case of ethical finance and Islamic finance. After attempting to define the concepts of ethical finance and Islamic finance, in a period when financial innovation seeks to encourage differentiation in order to create more profit margins, this article attempts to expose the particularities, the convergences and the potentialities of development of these two sensibilities.

Keywords: convergences, ethical finance, Islamic finance, potential development

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Authors: Wu Defu, Kiefer Chiam, Yang Kin Seng

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The planning of geological survey works is an iterative process which involves planner, geologist, civil engineer and other stakeholders, who perform different roles and have different points of view. Traditionally, the team used paper maps or CAD drawings to present the proposal which is not an efficient way to present and share idea on the site investigation proposal such as sitting of borehole location or seismic survey lines. This paper focuses on how a GIS approach can be utilised to develop a web-based system to support decision making process in the planning of geological survey works and also to plan site activities carried out by Singapore Geological Office (SGO). The authors design a framework of building an interactive web-based GIS system, and develop a prototype, which enables the users to obtain rapidly existing geological information and also to plan interactively borehole locations and seismic survey lines via a web browser. This prototype system is used daily by SGO and has shown to be effective in increasing efficiency and productivity as the time taken in the planning of geological survey works is shortened. The prototype system has been developed using the ESRI ArcGIS API 3.7 for Flex which is based on the ArcGIS 10.2.1 platform.

Keywords: engineering geology, flex, geological survey planning, geoscience, GIS, site investigation, WebGIS

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Authors: P. Efstathiou, E. Kouskouni, S. Papanikolaou, K. Karageorgou, Z. Manolidou, Tseroni Maria, A. Efstathiou, V. Karyoti, I. Agrafa

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Aim: Aim of this study was to evaluate the reduction on Intensive Care Unit (ICU) microbial flora after the antimicrobial copper alloy (Cu+) implementation as well as the effect on financial-epidemiological operation parameters. Methods: Medical, epidemiological and financial data in two time periods, before and after the implementation of copper (Cu 63% - Zn 37%, low lead) were recorded and analyzed in a general ICU. The evaluated parameters were: the importance of patients' admission (Acute Physiology and Chronic Health Evaluation - APACHE II and Simplified Acute Physiology Score - SAPS), microbial flora's record in the ICU before and after the implementation of Cu+ as well as the impact on epidemiological and ICU's operation financial parameters. Results: During December 2010 and March 2011 and respectively during December 2011 and March 2012 comparative results showed statistically significant reduction on the microbial flora (CFU/ml) by 95% and the use of antimicrobial medicine (per day per patient) by 30% (p = 0,014) as well as patients hospitalization time and cost. Conclusions: The innovative implementation of antimicrobial copper in ICUs contributed to their microbial flora significant reduction and antimicrobial drugs use reduction with the apparent positive effect (decrease) in both patient’s hospitalization time and cost. Under the present circumstances of economic crisis, survey results are of highest importance and value.

Keywords: antimicrobial copper, financial benefits, ICU, cost reduction

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Authors: Samar Alkindy

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Purpose: The BIM model has been used to support the planning of different construction projects in the industry by showing the different stages of the construction process. The model has been instrumental in identifying some of the common errors in the construction process through the spatial arrangement. The continuous use of the BIM model in the construction industry has resulted in various radical changes such as virtual prototyping. Construction virtual prototyping is a highly advanced technology that incorporates a BIM model with realistic graphical simulations, and facilitates the simulation of the project before a product is built in the factory. The paper presents virtual prototyping in the construction industry by examining its application, challenges and benefits to a construction project. Methodology approach: A case study was conducted for this study in four major construction projects, which incorporate virtual construction prototyping in several stages of the construction project. Furthermore, there was the administration of interviews with the project manager and engineer and the planning manager. Findings: Data collected from the methodological approach shows a positive response for virtual construction prototyping in construction, especially concerning communication and visualization. Furthermore, the use of virtual prototyping has increased collaboration and efficiency between construction experts handling a project. During the planning stage, virtual prototyping has increased accuracy, reduced planning time, and reduced the amount of rework during the implementation stage. Irrespective of virtual prototyping being a new concept in the construction industry, the findings outline that the approach will benefit the management of construction projects.

Keywords: construction operations, construction planning, process simulation, virtual prototyping

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Authors: Meera Prajapati

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Technological innovation is important for economic and spatial rejuvenation. Innovation districts from the last decades around university towns offer interesting examples. Planning directs the interplay between economic and urban development in these innovation districts that appear in particular regions with economic benefits as a result of incentives to attract multinational industries in innovation centres, research parks, universities, bio incubator assets, etc. The inclination of the OECED towards developing entrepreneurship and innovation to harness a boost in growth requires sustainable living conditions. This research aims to understand ‘how innovation or knowledge centres affected development policies and helped cities to become a high-tech region?’ Therefore, the economic policies of cities are investigated as well as the location logic of centres and their intertwining with supporting services (health, education, living environment, etc.). Case studies (Eindhoven (The Netherlands) and Ho Chi Minh City (Viet Nam)) position Pune (India) in terms of the planning components of innovation.

Keywords: innovation districts, high-tech regions, smart cities, urban planning and policies

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Authors: Tutku Ak, A. Esra Cengiz, Çiğdem Ayhan Kaptan

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The conservation community has been increasingly promoting the concept of ecological connectivity towards the prevention and mitigation of landscape fragmentation. Many tools have been proposed for this purpose in not only Europe, but also around the world. Spatial planning for building connectivity, however, has many problems associated with the complexity of ecological processes at spatial and temporal scales. Furthermore, on the ground implementation could be very difficult potentially leading to ecologically disastrous results and waste of resources. These problems, on the other hand, can be avoided or rectified as more experience is gained with implementation. Therefore, it is the objective of this study to document the experiences gained with connectivity planning in Turkish landscapes. This paper is a preliminary review of the conservation initiatives and projects aimed at protecting and building ecological connectivity in and around Turkey. The objective is to scope existing conservation plans, tools and implementation approaches in Turkey and the ultimate goal is to understand to what degree they have been implemented and what are the constraints and opportunities that are being faced.

Keywords: ecological connectivity, large-scale landscapes, planning and implementation, Turkey

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Authors: Salvador Gomez

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Climate change poses significant threats to urban communities, with marginalized populations often disproportionately affected by environmental hazards. While urban climate adaptation planning research and initiatives are increasing, these efforts often fail to adequately address vulnerable communities. This paper explores the intersection between climate adaptation planning, particularly in response to heat-related environmental hazards, and underrepresented urban communities. This project will adopt a exploratory sequential design methodology which will predicate on a content analysis of academic research, white papers, and other content related to climate adaptation. Additionally, a spatial analysis will be conducted for all case studies included in the literature review. Analysis of geographic metadata and qualitative coding will refine research questions’ scale and scope. This is especially true for literature that will be filtered to include heat-related environmental hazards. Ultimately, one can hypothesize that findings will further prove how current urban spatial politics create, perpetuate, or worsen uneven vulnerability to heat-related hazards. Lastly, the project aims to learn more about climate adaptation planning in order to implement more efficient and equitable sustainable transitions.

Keywords: urban & regional planning, environmental justice, climate adaptation, heat stress

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Authors: Wann-Ming Wey

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In recent years, the problems of global climate change and natural disasters have induced the concerns and attentions of environmental sustainability issues for the public. Aside from the environmental planning efforts done for human environment, Transit-Oriented Development (TOD) has been widely used as one of the future solutions for the sustainable city development. In order to be more consistent with the urban sustainable development, the development of the built environment planning based on the concept of Green TOD which combines both TOD and Green Urbanism is adapted here. The connotation of the urban development under the green TOD including the design toward environment protect, the maximum enhancement resources and the efficiency of energy use, use technology to construct green buildings and protected areas, natural ecosystems and communities linked, etc. Green TOD is not only to provide the solution to urban traffic problems, but to direct more sustainable and greener consideration for future urban development planning and design. In this study, we use both the TOD and Green Urbanism concepts to proceed to the study of the built environment planning and design. Fuzzy Delphi Technique (FDT) is utilized to screen suitable criteria of the green TOD. Furthermore, Fuzzy Analytic Network Process (FANP) and Quality Function Deployment (QFD) were then developed to evaluate the criteria and prioritize the alternatives. The study results can be regarded as the future guidelines of the built environment planning and designing under green TOD development in Taiwan.

Keywords: green TOD, built environment, fuzzy delphi technique, quality function deployment, fuzzy analytic network process

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Authors: Miriam Sosa, Edgar Ortiz, Alejandra Cabello

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This paper examines the volatility changes and leverage effects of the MILA stock markets and their changes since the 2007 global financial crisis. This group integrates the stock markets from Chile, Colombia, Mexico and Peru. Volatility changes and leverage effects are tested with a symmetric GARCH (1,1) and asymmetric TARCH (1,1) models with a dummy variable in the variance equation. Daily closing prices of the stock indexes of Chile (IPSA), Colombia (COLCAP), Mexico (IPC) and Peru (IGBVL) are examined for the period 2003:01 to 2015:02. The evidence confirms the presence of an overall increase in asymmetric market volatility in the Peruvian share market since the 2007 crisis.

Keywords: financial crisis, Latin American Integrated Market, TARCH, GARCH

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Authors: Janis Zarins, Kristaps Blums, Oskars Radzins, Renars Deksnis, Atis Svare, Santa Salaka

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Wide tumor resection remains the first choice method for tumors of the oral cavity. Nevertheless, remained tissue defect impacts patients functional and aesthetical outcome, which could be improved using microvascular tissue transfers. Mandibular reconstruction is challenging due to the complexity of composite tissue defects and occlusal relationships for normal eating, chewing, and pain free jaw motions. Individual 3-D virtual planning would provide better symmetry and functional outcome. The main goal of preoperative planning is to develop a customized surgical approach with patient specific cutting guides of the mandible, osteotomy guides of the fibula, pre-bended osteosynthesis plates to perform more precise reconstruction, to decrease the surgery time and reach the best outcome. Our study is based on the analysis of 32 patients operated on between 2019 to 2021. All patients underwent mandible reconstruction with vascularized fibula flaps. Patients characteristics, surgery profile, survival, functional outcome, and quality of life was evaluated. Preoperative planning provided a significant decrease of surgery time and the best arrangement of bone closely similar as before the surgery. In cases of bone asymmetry, deformity and malposition, a new mandible was created using 3D planning to restore the appearance of lower jaw anatomy and functionality.

Keywords: mandibular, 3D planning, cutting guides, fibula flap, reconstruction

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Authors: R. Shayamapiki

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This study explores the applicability of applying new urbanism principles in cities of developing countries as a panacea towards building sustainable cities through implementing smart transportation. Smart transportation approach to planning has been growing remarkably around the globe in the past decade. In conquest to curb traffic congestion and reducing automobile dependency in the inner-city Harare, Smart Transportation has been a strong drive towards building sustainable cities. Conceptually, Smart Transportation constitutes of principles which include walking, cycling and mass transit. The Smart Transportation approach has been a success story in the cities of developing world but its application in the cities of developing countries has been doubtful. Cities of developing countries being multifaceted with several urban sustainability challenges, the study consolidates that there are no robust policy, legislative and institutional frameworks to govern the application of Smart Transportation in urban planning hence no clear roadway towards its success story. Questions regarding this investigation proliferate to; how capable are cities of developing countries to transform Smart Transportation principles to a success story? What victory can Smart Transportation bring to sustainable urban development? What are constraints of embracing the principles and how can they be manipulated? Methodologically the case study of urban syntax in Harare Central Business District and arterial roads of the city, legislation and institutional settings underpins various research outcomes. The study finds out the hindrances of policy, legislative and institutional incapacities cooked with economic constraints, lack of political will and technically inflexible zoning regulations. The study also elucidates that there is need to adopt a localized approach to Smart Transportation. The paper then calls for strengthening of institutional and legal reform in conquest to embrace the concept, policy and legislative support, feasible financial mechanism, coordination of responsible stakeholders, planning standards and regulatory frameworks reform to celebrate the success story of Smart Transportation in the developing world.

Keywords: inner-city Harare, new urbanism, smart transportation, sustainable cities

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Authors: Hanna Salminen

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Due to the large societal changes in working life, such as retirement reforms, globalization and technological changes, careers are becoming longer, more varied and unpredictable than before. Similar to other new career concepts, such as protean and boundaryless career, a sustainable career concept emphasizes an individual’s active role and agency in managing his/her own career in changing working life. However, the sustainable career concept also underlines the importance of safeguarding and developing human capital over time and thereby fostering continuity. Especially, the theoretical discussion around sustainable careers stresses flexible career choices that meet an individual’s own personal needs, allow work-family balance and promotes continuous learning. Although sustainable careers concern employees at all ages, this study focuses on older employees (aged 50+). So far, the changing nature of careers has been mainly investigated among younger generations, and the changing and prolonging late career phase has received less attention among career scholars. In other words, there is lack of knowledge regarding what constitutes a sustainable career in the late career phase and how the individual, organizational, and societal levels of sustainable career ecosystem are interconnected. The theoretical discussion around sustainable careers is closely linked to the sustainable management of human resources in organizations. In the field of human resource management (HRM), sustainable HRM has received more attention in recent years and it has been seen as a step forward from strategic HRM approach. As a concept, sustainable HRM stresses the long-term focus on organizations’ social, economic, and ecological resources, and the benefits of HRM practices for employees, organizations, and the society at large. However, some HRM scholars argue that the ecological and financial matters have overshadowed the social aspect of sustainability. In this study, the sustainable career and sustainable HRM literature are combined. As a result of an integrative literature review, this study provides new insight, how sustainable late career phase has been understood and conceptualized in sustainable career and sustainable HRM literature.

Keywords: sustainability, career, human resource management, ageing

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Authors: Melissa James Maceachern

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This study examines a financial aid program that is designed to “keep residents at home” to attend higher education by providing financial aid as an incentive or discount in their first year of university following high school graduation. This study offers insight into financial matters for higher education students that can assist in providing policy direction for student financing. In particular, this study found that students appeared to value the bursary but none of the key metrics related to participation or conversion to the home institution indicated that the bursary impacted enrolment or participation. One key metric, student loans received by direct entry high school students did indicate a decline in the number of recipients. This study also identified accessibility issues to higher education that are of importance when considering the declining youth populations, future labour market needs and the need to sustain higher education institutions. This is undoubtedly a challenging period of time given the changing social and demographic forces within Canada. A comprehensive examination of the policy and programs to address these forces needs to be undertaken. This study highlights the importance of utilizing financial aid in combination with other policy to assist students in accessing higher education.

Keywords: accessibility, participation, financing, government

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Authors: Ahmed BenSaïda

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This paper investigates the association between financial technology (FinTech) growth and bank performance in the Gulf Cooperation Council (GCC) region. Application is conducted on a panel dataset containing the annual observations of banks covering the period from 2012 to 2021. FinTech growth is set as an explanatory variable on three proxies of bank performance. These proxies are the return on assets (ROA), return on equity (ROE), and net interest margin (NIM). Moreover, several control variables are added to the model, including bank-specific and macroeconomic variables. The results are significant as all the proxies of the bank performance are negatively affected by the growth of FinTech startups. Consequently, banks are urged to proactively invest in FinTech startups and engage in partnerships to avoid the risk of disruption.

Keywords: financial technology, bank performance, GCC countries, panel regression

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Authors: Aleksandra Szunke

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Monetary policy is an important pillar of the economy, directly affecting on the condition of banking sector. Depending on the strategy may both support functioning of banking institutions, as well as limit their excessively risky activities. The literature studies indicate a large number of publications, which include characteristics of initiatives, implemented by central banks during the global financial crisis and the potential effects of the use of non-standard monetary policy instruments. However, the empirical evidence about their effects and real consequences for the financial markets are still not final. Even before the escalation of instability, Bernanke, Reinhart, and Sack (2004) analyzed the effectiveness of various unconventional monetary tools in lowering long-term interest rates in the United States and Japan. The obtained results largely confirmed the effectiveness of the zero-interest-rate policy and Quantitative Easing (QE) in achieving the goal of reducing long-term interest rates. Japan, considered as the precursor of QE policy, also conducted research about the consequences of non-standard instruments, implemented to restore financial stability of the country. Although the literature about the effectiveness of Quantitative Easing in Japan is extensive, it does not uniquely specify whether it brought permanent effects. The main aim of the study is to identify the implications of non-standard monetary policy, implemented by selected central banks (the Federal Reserve System, Bank of England and European Central Bank), paying particular attention to the consequences into three areas: the size of money supply, financial markets, and the real economy.

Keywords: consequences of modern monetary policy, quantitative easing policy, banking sector instability, global financial crisis

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Authors: K. Raghuwaiya, B. Sharma, J. Vanualailai

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This paper presents a set of artificial potential field functions that improves upon; in general, the motion planning and posture control, with theoretically guaranteed point and posture stabilities, convergence and collision avoidance properties of the general 3-trailer system in a priori known environment. We basically design and inject two new concepts; ghost walls and the distance optimization technique (DOT) to strengthen point and posture stabilities, in the sense of Lyapunov, of our dynamical model. This new combination of techniques emerges as a convenient mechanism for obtaining feasible orientations at the target positions with an overall reduction in the complexity of the navigation laws. Simulations are provided to demonstrate the effectiveness of the controls laws.

Keywords: artificial potential fields, 3-trailer systems, motion planning, posture

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Authors: Xuan Linh Nguyen, Tien Yin Chou, Yao Min Fang, Feng Cheng Lin, Thanh Van Hoang, Yin Min Huang

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In Vietnam, land use planning is the most important and powerful tool of the government for sustainable land use and land management. Nevertheless, many of land use planning locations are facing protests from surrounding households due to environmental impacts. In addition, locations are planned completely based on the subjective decisions of planners who are unsupported by tools or scientific methods. Hence, this research aims to assist the decision-makers in evaluating the rationality of planning locations by developing a Spatial Decision Support System (SDSS) using approaches of Geographic Information System (GIS)-based technology, Analytic Hierarchy Process (AHP) multi-criteria-based technique and Fuzzy set theory. An ArcGIS Desktop add-ins named SDSS-LUPA was developed to support users analyzing data and presenting results in friendly format. The Fuzzy-AHP method has been utilized as analytic model for this SDSS. There are 18 planned locations in Hung Ha district (Thai Binh province, Vietnam) as a case study. The experimental results indicated that the assessment threshold higher than 0.65 while the 18 planned locations were irrational because of close to residential areas or close to water sources. Some potential sites were also proposed to the authorities for consideration of land use planning changes.

Keywords: analytic hierarchy process, fuzzy set theory, land use planning, spatial decision support system

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Authors: Provides Ng

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Platform economy is a peer-to-peer model of distributing resources facilitated by community-based digital platforms. In recent years, digital platforms are rapidly reconfiguring the public realm using hyper-personalisation techniques. This paper aims at investigating how urban planning can leapfrog into the digital age to help relieve the rising tension of the global issue of labour flow; it discusses the means to transfer techniques of hyper-personalisation into urban planning for plasticity using platform technologies. This research first denotes the limitations of the current system of urban residency, where the system maintains itself on the circulation of documents, which are data on paper. Then, this paper tabulates how some of the institutions around the world, both public and private, digitise data, and streamline communications between a network of systems and citizens using platform technologies. Subsequently, this paper proposes ways in which hyper-personalisation can be utilised to form a digital planning platform. Finally, this paper concludes by reviewing how the proposed strategy may help to open up new ways of thinking about how we affiliate ourselves with cities.

Keywords: platform urbanism, hyper-personalisation, digital inventory, urban accessibility

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Authors: Batool Zarei

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This study aims to answer this question whether control criterion with two elements of power and benefit which is introduced as 'control criterion of consolidation scope' in national and international standards of accounting in public sector (and also private sector) is efficient enough or not. The methodology of this study is comparative and the results of this research are significantly generalizable, due to the given importance to the sample of countries which were studied. Findings of this study states that in spite of pervasive use of control criterion (including 2 elements of power and benefit), criteria for determining the existence of control in public sector accounting standards, are not efficient enough to determine the consolidation scope of whole of government financial statements in a way that meet decision making and accountability needs of managers, policy makers and supervisors; specially parliament. Therefore, the researcher believes that for determining consolidation scope in public sector, in addition to economic view, it is better to pay attention to budgetary, legal and statistical concepts and also to practical and financial risk and define indicators for proving the existence of control (power and benefit) which include accountability relationships (budgetary relation, legal form and nature of activity). these findings also reveals the necessity of passing a comprehensive public financial management (PFM) legislation in order to redefine the characteristics of public sector entities and whole of government financial statements scope and review Statistics organizations and central banks duties for preparing government financial statistics and national accounts in order to achieve sustainable development and resilient economy goals.

Keywords: control, consolidation scope, public sector accounting, government financial statistics, resilient economy

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Authors: Hsin-Yun Lee

Abstract:

In this study, the pedestrian simulation VISWALK integration and application platform ant algorithms written program made to construct a renovation engineering schedule planning mode. The use of simulation analysis platform construction site when the user running the simulation, after calculating the user walks in the case of construction delays, the ant algorithm to find out the minimum delay time schedule plan, and add volume and unit area deactivated loss of business computing, and finally to the owners and users of two different positions cut considerations pick out the best schedule planning. To assess and validate its effectiveness, this study constructed the model imported floor of a shopping mall floor renovation engineering cases. Verify that the case can be found from the mode of the proposed project schedule planning program can effectively reduce the delay time and the user's walking mall loss of business, the impact of the operation on the renovation engineering facilities in the building to a minimum.

Keywords: pedestrian, renovation, schedule, simulation

Procedia PDF Downloads 413

Authors: Martin Bugeja, Helen Spiropolos

Abstract:

Using a sample of U.S. firms during the period 1993-2015, this study examines whether mergers and acquisitions (M&A) impact the compensation of the Chief Financial Officer (CFO) in the bidding and integration phases of M&As. The study finds that after controlling for CEO power, CFOs’ total compensation is higher during M&A years and is driven by higher equity incentives. These results are robust to controlling for self-selection. Furthermore, CFOs receive a greater bonus during the year of acquisition and the year prior. The study also investigates if CFO compensation during M&A years is driven by M&A characteristics and finds that deal size and diversification are positively related to total compensation while completion time is negatively related. The results are robust to a number of sensitivity tests and additional analyses.

Keywords: chief financial officer, compensation, mergers, acquisitions

Procedia PDF Downloads 59

Authors: Kamlesh Shashikant Dave

Abstract:

The global financial crisis is rooted in the sub-prime crisis in U.S.A. During the boom years, mortgage brokers attracted by the big commission, encouraged buyers with poor credit to accept housing mortgages with little or no down payment and without credit check. A combination of low interest rates and large inflow of foreign funds during the booming years helped the banks to create easy credit conditions for many years. Banks lent money on the assumptions that housing price would continue to rise. Also the real estate bubble encouraged the demand for houses as financial assets .Banks and financial institutions later repackaged these debts with other high risk debts and sold them to worldwide investors creating financial instruments called collateral debt obligations (CDOs). With the rise in interest rate, mortgage payments rose and defaults among the subprime category of borrowers increased accordingly. Through the securitization of mortgage payments, a recession developed in the housing sector and consequently it was transmitted to the entire US economy and rest of the world. The financial credit crisis has moved the US and the global economy into recession. Indian economy has also affected by the spill over effects of the global financial crisis. Great saving habit among people, strong fundamentals, strong conservative and regulatory regime have saved Indian economy from going out of gear, though significant parts of the economy have slowed down. Industrial activity, particularly in the manufacturing and infrastructure sectors decelerated. The service sector too, slow in construction, transport, trade, communication, hotels and restaurants sub sectors. The financial crisis has some adverse impact on the IT sector. Exports had declined in absolute terms in October. Higher inputs costs and dampened demand have dented corporate margins while the uncertainty surrounding the crisis has affected business confidence. To summarize, reckless subprime lending, loose monetary policy of US, expansion of financial derivatives beyond acceptable norms and greed of Wall Street has led to this exceptional global financial and economic crisis. Thus, the global credit crisis of 2008 highlights the need to redesign both the global and domestic financial regulatory systems not only to properly address systematic risk but also to support its proper functioning (i.e financial stability).Such design requires: 1) Well managed financial institutions with effective corporate governance and risk management system 2) Disclosure requirements sufficient to support market discipline. 3)Proper mechanisms for resolving problem institution and 4) Mechanisms to protect financial services consumers in the event of financial institutions failure.

Keywords: FIIs, BSE, sensex, global impact

Procedia PDF Downloads 441