Search results for: Yan Wang; Mathis Stock

Authors: Uzoma Emmanuel Igboji

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The study investigates the effects of cash flow position on corporate performance in the manufacturing sector of Nigeria, using multiple regression techniques. The study involved a survey of five (5) manufacturing companies quoted on the Nigerian Stock Exchange. The data were obtained from the annual reports of the selected companies under study. The result shows that operating and financing cash flow have a significant positive relationship with corporate performance, while investing cash flow position have a significant negative relationship. The researcher recommended that the regulatory authorities should encourage external auditors of these quoted companies to use cash flow ratios in evaluating the performance of a company before expressing an independent opinion on the financial statement. The will give detailed financial information to existing and potential investors to make informed economic decisions.

Keywords: cash flow, financing, performance, operating

Procedia PDF Downloads 304

Authors: Mazarine Roquet, Pierre Dewallef

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The building sector, both residential and tertiary, accounts for a significant share of greenhouse gas emissions. In Belgium, partly due to poor insulation of the building stock, but certainly because of the massive use of fossil fuels for heating buildings, this share reaches almost 30%. To reduce carbon emissions from urban building heating, district heating networks emerge as a promising solution as they offer various assets such as improving the load factor, integrating combined heat and power systems, and enabling energy source diversification, including renewable sources and waste heat recovery. However, mainly for sake of simple operation, most existing district heating networks still operate at high or medium temperatures ranging between 120°C and 60°C (the socalled second and third-generations district heating networks). Although these district heating networks offer energy savings in comparison with individual boilers, such temperature levels generally require the use of fossil fuels (mainly natural gas) with combined heat and power. The fourth-generation district heating networks improve the transport and energy conversion efficiency by decreasing the operating temperature between 50°C and 30°C. Yet, to decarbonise the building heating one must increase the waste heat recovery and use mainly wind, solar or geothermal sources for the remaining heat supply. Fifth-generation networks operating between 35°C and 15°C offer the possibility to decrease even more the transport losses, to increase the share of waste heat recovery and to use electricity from renewable resources through the use of heat pumps to generate low temperature heat. The main objective of this contribution is to exhibit on a real-life test case the benefits of replacing an existing third-generation network by a fifth-generation one and to decarbonise the heat supply of the building stock. The second objective of the study is to highlight the difficulties resulting from the use of a fifth-generation, low-temperature, district heating network. To do so, a simulation model of the district heating network including its regulation is implemented in the modelling language Modelica. This model is applied to the test case of the heating network on the University of Liège's Sart Tilman campus, consisting of around sixty buildings. This model is validated with monitoring data and then adapted for low-temperature networks. A comparison of primary energy consumptions as well as CO2 emissions is done between the two cases to underline the benefits in term of energy independency and GHG emissions. To highlight the complexity of operating a lowtemperature network, the difficulty of adapting the mass flow rate to the heat demand is considered. This shows the difficult balance between the thermal comfort and the electrical consumption of the circulation pumps. Several control strategies are considered and compared to the global energy savings. The developed model can be used to assess the potential for energy and CO2 emissions savings retrofitting an existing network or when designing a new one.

Keywords: building simulation, fifth-generation district heating network, low-temperature district heating network, urban building heating

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Authors: Mehmet Ali Topçu, Aydın Ruşen

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Çinkur is the only plant in Turkey that produces zinc from primary ore containing zinc carbonate from its establishment until 1997. After this year, zinc concentrate coming from Iran was used in this plant. Therefore, there are two different leach residues namely Turkish leach residue (TLR) and Iranian leach residue (ILR), in Çinkur stock piles. This paper describes zinc recovery by sulphuric acid (H2SO4) treatment for each leach residue and includes comparison of blended of TLR and ILR. Before leach experiments; chemical, mineralogical and thermal analysis of three different leach residues was carried out by using atomic absorption spectrometry (AAS), X-Ray diffraction (XRD) and differential thermal analysis (DTA), respectively. Leaching experiments were conducted at optimum conditions; 100 oC, 150 g/L H2SO4 and 2 hours. In the experiments, stirring rate was kept constant at 600 r/min which ensures complete mixing in leaching solution. Results show that zinc recovery for Iranian LR was higher than Turkish LR due to having different chemical composition from each other.

Keywords: hydrometallurgy, leaching, metal extraction, metal recovery

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Authors: Yunyong Guo, Man Wang, Bryan Guo, Nathan Guo

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This paper introduces an advanced security and privacy model tailored for Telehealth systems, emphasizing end-to-end protection across IoT, Fog, and Cloud components. The proposed model integrates encryption, key management, intrusion detection, and privacy-preserving measures to safeguard patient data. A comprehensive simulation study evaluates the model's effectiveness in scenarios such as unauthorized access, physical breaches, and insider threats. Results indicate notable success in detecting and mitigating threats yet underscore areas for refinement. The study contributes insights into the intricate balance between security and usability in Telehealth environments, setting the stage for continued advancements.

Keywords: cloud, enhancing security, fog, IoT, telehealth

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

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

Keywords: board, external, connectedness, diversification

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Authors: Jian Wang, Lu Yang, Jiong Peng

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Internal circulation two-platen clamping system for injection molding machine (IMM) has many potential advantages on energy-saving. In order to estimate its properties, experiments in this paper were carried out. Displacement and pressure of the components were measured. In comparison, the model of hydraulic clamping system was established by using AMESim. The related parameters as well as the energy consumption could be calculated. According to the analysis, the hydraulic system was optimized in order to reduce the energy consumption.

Keywords: AMESim, energy-saving, injection molding machine, internal circulation

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Authors: Hongmin Deng, Qionghua Wang

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A modified two dimensional (2D) logistic map based on cross feedback control is proposed. This 2D map exhibits more random chaotic dynamical properties than the classic one dimensional (1D) logistic map in the statistical characteristics analysis. So it is utilized as the pseudo-random (PN) sequence generator, where the obtained real-valued PN sequence is quantized at first, then applied to radio frequency identification (RFID) communication system in this paper. This system is experimentally validated on a cortex-M₀ development board, which shows the effectiveness in key generation, the size of key space and security. At last, further cryptanalysis is studied through the test suite in the National Institute of Standards and Technology (NIST).

Keywords: chaos encryption, logistic map, pseudo-random sequence, RFID

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Authors: Miang Hong Ngerng, Noor Diyana Jasme, May Jin Theong

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Volatile market environment is inevitable. Fund managers are struggling to choose the right strategy to survive and overcome uncertainties and adverse market movement. Therefore, finding certainty in the mist of uncertainty future is one of the key performance objectives for fund managers. Current available theoretical results are not practical due to strong reliance on the investment assumption made. This paper is to identify the component that can be forecasted in Ex-ante setting which is the realistic situation facing a fund manager in the actual execution of asset allocation in portfolio management. Partial lease square method was used to generate an index with 10 years accounting data from 191 companies listed in KLSE. The result shows that the index reflects the inner nature of the business and up to 30% of the stock return can be explained by the index.

Keywords: active portfolio management, asset allocation ex-ante investment, asset class, partial lease square

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Authors: Meng-Ying Chiu, Yu-Fang Huang, Pei-Wei Wang, Yi-Ru Wang, Yi-Shuan Shao, Mei-Lien Chen

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Background: Organophosphate pesticides (OPs) are the most heavily used pesticides in agriculture in Taiwan. Therefore, they are commonly detected in general public including pregnant women and children. These compounds are proven endocrine disrupters that may affect the neural development in humans. The aim of this study is to assess the OPs exposure of children in 2 years of age and to examine the association between the exposure concentrations and neurodevelopmental effects in children. Methods: In a prospective cohort of 280 mother-child pairs, urine samples of prenatal and postnatal were collected from each participant and analyzed for metabolites of OPs by using gas chromatography-mass spectrometry. Six analytes were measured including dimethylphosphate (DMP), dimethylthiophosphate (DMTP), dimethyldithiophosphate (DMDTP), diethylphosphate (DEP), diethylthiophosphate (DETP), and diethyldithiophosphate (DEDTP). This study created a combined concentration measure for dimethyl compounds (DMs) consisting of the three dimethyl metabolites (DMP, DMTP, and DMDTP), for diethyl compounds (DEs) consisting of the three diethyl metabolites (DEP, DETP, and DEDTP) and six dialkyl phosphate (DAPs). The Bayley Scales of Infant and Toddler Development (Bayley-III) was used to assess children's cognitive behavior at 2 years old. The association between OPs exposure and Bayley-III scale score was determined by using the Mann-Whitney U test. Results: The measurements of urine samples are still on-going. This preliminary data are the report of 56 children aged 2 from the cohort. The detection rates for DMP, DMTP, DMDTP, DEP, DETP, and DEDTP are 80.4%, 69.6%, 64.3%, 64.3%, 62.5%, and 75%, respectively. After adjusting the creatinine concentrations of urine, the median (nmol/g creatinine) of urinary DMP, DMTP, DMDTP, DEP, DETP, DEDTP, DMs, DEs, and DAPs are 153.14, 53.32, 52.13, 19.24, 141.65, 192.17, 308.8, 311.6, and 702.11, respectively. The concentrations of urine are considerably higher than that in other countries. Children’s cognitive behavior was used three scales for Bayley-III, including cognitive, language and motor. In Mann-Whitney U test, the higher levels of DEs had significantly lower motor score (p=0.037), but no significant association was found between the OPs exposure levels and the score of either cognitive or language. Conclusion: The limited sample size suggests that Taipei children are commonly exposed to OPs and OPs exposure might affect the cognitive behavior of young children. This report will present more data to verify the results. The predictors of OPs concentrations, such as dietary pattern will also be included.

Keywords: biomonitoring, children, neurodevelopment, organophosphate pesticides exposure

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Authors: Aisha Iddrisu, Ferruh Uztuğ

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This study is a quantitative content analysis of advertising message strategies used in Ghana’s TV commercials (2020-2021) using the modified strategy of Wang and Praet (2016) with the objective of exploring the various advertising message strategies used in Ghana’s TV advertisement, its variation according to product category including the most widely used message strategy. The findings indicate that, out of the 220 commercials used in the study, the Affective message strategy (n=122, 55%) was the dominant message strategy used in Ghana’s TV commercials. The most advertised product category in Ghana’s TV commercials (2020-2021) was the food category, and a significant relationship was observed between message strategy and product category as well as message strategy and brand type.

Keywords: advertising, message strategy, Ghana, television

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Authors: Ya-Hui Wang

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Lower speech therapy rate of tracheostomized patient was noted in comparison with previous researches. This study is aim to shed light on the referral status of speech therapy in those patients in Taiwan. This study developed an analysis for the size and key characteristics of the population of tracheostomized in-patient in the Taiwan. Method: We analyzed National Healthcare Insurance data (The Collaboration Center of Health Information Application, CCHIA) from Jan 1 2010 to Dec 31 2010. Result: over ages 3, number of tracheostomized in-patient is directly proportional to age. A high service loading was observed in North region in comparison with other regions. Only 4.87% of the tracheostomized in-patients were referred for speech therapy, and 1.9% for swallow examination, 2.5% for communication evaluation.

Keywords: refer, speech therapy, training, rehabilitation

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Authors: Ichiro Takahashi

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One conundrum that macroeconomic theory faces is to explain how an economy can revive from depression, in which the aggregate demand has fallen substantially below its productive capacity. This paper examines an autonomous stabilizing mechanism using an agent-based Wicksell-Keynes macroeconomic model. This paper focuses on the effects of the number of firms and the length of the gestation period for investment that are often assumed to be one in a mainstream macroeconomic model. The simulations found the virtual economy was highly unstable, or more precisely, collapsing when these parameters are fixed at one. This finding may even suggest us to question the legitimacy of these common assumptions. A perpetual decline in capital stock will eventually encourage investment if the capital stock is short-lived because an inactive investment will result in insufficient productive capacity. However, for an economy characterized by a roundabout production method, a gradual decline in productive capacity may not be able to fall below the aggregate demand that is also shrinking. Naturally, one would then ask if our economy cannot rely on an external stimulus such as population growth and technological progress to revive investment, what factors would provide such a buoyancy for stimulating investments? The current paper attempts to answer this question by employing the artificial macroeconomic model mentioned above. The baseline model has the following three features: (1) the multi-period gestation for investment, (2) a large number of heterogeneous firms, (3) demand-constrained firms. The instability is a consequence of the following dynamic interactions. (a) A multiple-period gestation period means that once a firm starts a new investment, it continues to invest over some subsequent periods. During these gestation periods, the excess demand created by the investing firm will spill over to ignite new investment of other firms that are supplying investment goods: the presence of multi-period gestation for investment provides a field for investment interactions. Conversely, the excess demand for investment goods tends to fade away before it develops into a full-fledged boom if the gestation period of investment is short. (b) A strong demand in the goods market tends to raise the price level, thereby lowering real wages. This reduction of real wages creates two opposing effects on the aggregate demand through the following two channels: (1) a reduction in the real labor income, and (2) an increase in the labor demand due to the principle of equality between the marginal labor productivity and real wage (referred as the Walrasian labor demand). If there is only a single firm, a lower real wage will increase its Walrasian labor demand, thereby an actual labor demand tends to be determined by the derived labor demand. Thus, the second positive effect would not work effectively. In contrast, for an economy with a large number of firms, Walrasian firms will increase employment. This interaction among heterogeneous firms is a key for stability. A single firm cannot expect the benefit of such an increased aggregate demand from other firms.

Keywords: agent-based macroeconomic model, business cycle, demand constraint, gestation period, representative agent model, stability

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Authors: Zakaria S. G. Hegazy, Walid M. A. Ahmed

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This paper examines the dependence structure of Islamic stock markets on Bitcoin’s realized volatility components in bear, normal, and bull market periods. A quantile regression approach is employed, after adjusting raw returns with respect to a broad set of relevant global factors and accounting for structural breaks in the data. The results reveal that upside volatility tends to exert negative influences on Islamic developed-market returns more in bear than in bull market conditions, while downside volatility positively affects returns during bear and bull conditions. For emerging markets, we find that the upside (downside) component exerts lagged negative (positive) effects on returns in bear (all) market regimes. By and large, the dependence structures turn out to be asymmetric. Our evidence provides essential implications for investors.

Keywords: cryptocurrency markets, bitcoin, realized volatility measures, asymmetry, quantile regression

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Authors: J. R. Wang, J. H. Yang, Y. Chiang, H. C. Chen, C. Shih, S. W. Chen, S. C. Chiang, T. Y. Yu

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In this study of ultimate response guideline (URG), Kuosheng BWR/6 nuclear power plant (NPP) TRACE model was established. The reactor depressurization, low pressure water injection, and containment venting are the main actions of URG. This research focuses to evaluate the efficiency of URG under Fukushima-like conditions. Additionally, the sensitivity study of URG was also performed in this research. The analysis results of TRACE present that URG can keep the peak cladding temperature (PCT) below 1088.7 K (the failure criteria) under Fukushima-like conditions. It implied that Kuosheng NPP was at the safe situation.

Keywords: BWR, TRACE, safety analysis, ultimate response guideline (URG)

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Authors: Bo Wang

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This paper proposes a method that can estimate PM2.5 by the images of GF-1 Satellite that called WFOV images (Wide Field of View). AOD (Aerosol Optical Depth) over land surfaces was retrieved in Shanghai area based on DDV (Dark Dense Vegetation) method. PM2.5 information, gathered from ground monitoring stations hourly, was fitted with AOD using different polynomial coefficients, and then the correlation coefficient between them was calculated. The results showed that, the GF-1 WFOV images can meet the requirement of retrieving AOD, and the correlation coefficient between the retrieved AOD and PM2.5 was high. If more detailed and comprehensive data is provided, the accuracy could be improved and the parameters can be more precise in the future.

Keywords: remote sensing retrieve, PM 2.5, GF-1, aerosol optical depth

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Authors: Ren Zuo Wang

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In this paper, in order to investigate the behavior of the wood structure, the non-linearity of wood material model in LS-DYNA is adopted. It is difficult and less efficient to conduct the experiment of the ancient wood structure, hence LS-DYNA software can be used to simulate nonlinear responses of ancient wood structure. In LS-DYNA software, there is material model called *MAT_WOOD or *MAT_143. This model is to simulate a single-element response of the wood subjected to tension and compression under the parallel and the perpendicular material directions. Comparing with the exact solution and numerical simulations results using LS-DYNA, it demonstrates the accuracy and the efficiency of the proposed simulation method.

Keywords: LS-DYNA, wood structure, single-element simulations, MAT_143

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Authors: Mubashar Iqbal, Iqra Anjum, Muhammad Dildar Gogi, Muhammad Jalal Arif

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The present study was carried to screen out the effective entomopathogenic fungi (EPF) inoculation method in maize and to evaluate pathogenicity and oviposition-choice in C. partellus. Three entomopathogenic fungi (EPF) formulations Pacer® (Metarhizium anisopliae), Racer® (Beauveria bassiana) and Meailkil® (Verticillium lecanii) were evaluated at three concentrations (5000, 10000 and 20000 ppm) for their endophytism in maize and pathogenicity in C. partellus. The stock solution of the highest concentration (20,000 ppm) was prepared and next lower from stock solution. In the first experiment, three EPF was inoculated in maize plant by four methods, i.e., leaf-inoculation (LI), whorl-inoculation (WI), shoot-inoculation (SI) and root-inoculation (RI). Leaf-discs and stem-cutting were sampled in all four inoculation methods and placed on fungus growth media in Petri dishes. In the second experiment, pathogenicity, pupal formation, adult emergence, sex ratio, oviposition-choice, and growth index of C. partellus were calculated. The leaves and stem of the inoculated plants were given to the counted number of larvae of C. Partellus. The mortality of larvae was recorded on daily basis till the pupation. The result shows that maximum percent mortality (86.67%) was recorded at high concentration (20000ppm) of Beauveria bassiana by leaf inoculation method. For oviposition choice bioassay, the newly emerged adults were fed on diet (water, honey and yeast in 9:1:1) for 48 hours. One pair of C. Partellus were aspirated from the rearing cages and were detained in large test tube plugged with diet soaked cotton. A set of four plants for each treatment were prepared and randomized inside the large oviposition chamber. The test tubes were opened and fitted in the hole made in the wall of oviposition chamber in front of each treatment. The oviposition chamber was placed in a completely dark laboratory to eliminate the effect of light on moth’s behavior. The plants were removed from the oviposition chamber after the death of adults. The number of eggs deposited on the plant was counted. The results of 2nd experiment revealed that in all EPF and inoculation methods, the fecundity, egg fertility and growth index of C. partellus decreased with the increase in concentration being significantly higher at low concentration (5000ppm) and lower at higher concentration (20000ppm). Application of B. bassiana demonstrated that minimum fecundity (126.83), egg fertility (119.52) and growth index (15%) in C. partellus followed by M. anisopliae with fecundity (135.93), egg fertility (132.29) and growth index (17.50%) while V. lecanii show higher values of fecundity (137.37), egg fertility (1135.42) and growth index (20%). Overall leaf inoculation method showed least fecundity (123.89) with egg fertility (115.36) and growth index (14%) followed by whorl, shoot inoculation method and root inoculation method show higher values of fecundity, egg fertility and growth index.

Keywords: Beauveria bassiana, Chilo partellus, entomopathoganic, Metarhizium anisopliae, Verticillium lecanii

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Authors: Jian Wang

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Teachers’ lesson-based discussions presume central to their effective learning to teach. Whether and to what extent such discussions offer opportunities for teachers to learn to teach effectively is worth a careful empirical examination. This study examines this assumption by drawing on lesson-based discussions and relevant curriculum materials from Chinese teachers in three urban schools. Their lesson-based discussions consistently focused on pedagogical content knowledge and offered specific and reasoned suggestions for teachers to refine their teaching practices. The mandated curriculum and their working language-mediated their lesson-based discussions.

Keywords: Chinese teachers, curriculum materials, lesson discussion, mathematics instruction

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Authors: Ben Morrow, Patrick O'Hara, Natalie Ban, Tunai Marques, Molly Fraser, Christopher Bone

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Relative to commercial fisheries, recreational fisheries are often poorly understood and pose various challenges for monitoring frameworks. In British Columbia (BC), Canada, Pacific salmon are heavily targeted by recreational fishers while also being a key source of nutrient flow and crucial prey for a variety of marine and terrestrial fauna, including endangered Southern Resident killer whales (Orcinus orca). Although commercial fisheries were historically responsible for the majority of salmon retention, recreational fishing now comprises both greater effort and retention. The current monitoring scheme for recreational salmon fisheries involves aerial-roving creel surveys. However, this method has been identified as costly and having low predictive power as it is often limited to sampling fragments of fluid and temporally dynamic fisheries. This study used imagery from two shore-based autonomous cameras in a highly active recreational fishery around Sooke, BC, and evaluated their efficacy in supplementing existing aerial-roving surveys for monitoring a recreational salmon fishery. This study involved continuous monitoring and high temporal resolution (over one million images analyzed in a single fishing season), using a deep learning-based vessel detection algorithm and a custom image annotation tool to efficiently thin datasets. This allowed for the quantification of peak-season effort from a busy harbour, species-specific retention estimates, high levels of detected fishing events at a nearby popular fishing location, as well as the proportion of the fishery management area represented by cameras. Then, this study demonstrated how it could substantially enhance the temporal resolution of a fishery through diel activity pattern analyses, scaled monthly to visualize clusters of activity. This work also highlighted considerable off-season fishing detection, currently unaccounted for in the existing monitoring framework. These results demonstrate several distinct applications of autonomous cameras for providing enhanced detail currently unavailable in the current monitoring framework, each of which has important considerations for the managerial allocation of resources. Further, the approach and methodology can benefit other studies that apply shore-based camera monitoring, supplement aerial-roving creel surveys to improve fine-scale temporal understanding, inform the optimal timing of creel surveys, and improve the predictive power of recreational stock assessments to preserve important and endangered fish species.

Keywords: cameras, monitoring, recreational fishing, stock assessment

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Authors: Ren Zuo Wang

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In this paper, in order to investigate the joint behaviors of the Dieh-Dou structure. A pushover experiment of Dieh-Dou Jia-Dong is implemented. NDI, LVDT and image measurement system are used to measure displacements of joints and deformations of Dieh-Dou Jia-Dong. In addition, joint rotation-moment relationships of column restoring force, purlin-supporting, Dou-Shu, Dou-Gong brackets, primary beam-Gua Tong, secondary beam-Gua Tong, Tertiary beam are builied. From Jia-Dong experiments, formulations of joint rotation are proposed.

Keywords: pushover experiment, Dieh-Dou timber frame, image measurement system, joint rotation-moment relationships

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Authors: Honggang Qu, Rongmei Liu, Bin Wang, Yong Xu, Zhenji Gao

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There is a big gap in the ability and level of the informatization technology innovation of cores and samples compared with developed countries. Under the current background of promoting the technology innovation, how to strengthen the informatization technology innovation of cores and samples for National Cores and Samples Archives, which is a national innovation research center, is an important research topic. The paper summarizes the development status of cores and samples informatization technology, and finds the gaps and deficiencies, and proposes the innovation research directions and content, including data extraction, recognition, processing, integration, application and so on, so as to provide some reference and guidance for the future innovation research of the archives and support better the geological technology innovation in China.

Keywords: cores and samples;, informatization technology;, innovation;, suggestion

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Authors: Ozden Saygili, Eser Cakti

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The masonry building stock in Istanbul and in other cities of Turkey are exposed to significant earthquake hazard. Determination of the safety of masonry structures against earthquakes is a complex challenge. This study deals with experimental tests and non-linear dynamic analysis of masonry structures modeled through discrete element method. The 1:10 scale model of Mustafa Paşa Mosque was constructed and the data were obtained from the sensors on it during its testing on the shake table. The results were used in the calibration/validation of the numerical model created on the basis of the 1:10 scale model built for shake table testing. 3D distinct element model was developed that represents the linear and nonlinear behavior of the shake table model as closely as possible during experimental tests. Results of numerical analyses with those from the experimental program were compared and discussed.

Keywords: dynamic analysis, non-linear modeling, shake table tests, masonry

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Authors: Golamhassan Ghahramani Aghdam, Pedram Bavili Tabrizi

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The aim of this research is to investigate the relationship between accounting information and the value of the companies accepted in Tehran Exchange Market. The dependent variable in this research is the value of a company that is measured by price coefficients, and the independent variables are balance sheet information, profit and loss information, cash flow state information, and profit quality characteristics. The profit quality characteristic index is to be related and to be on-time. This research is an application research, and the research population includes all companies that are active in Tehran exchange market. The number of 194 companies was selected by the systematic method as the statistics sample in the period of 2018-2019. The multi-variable linear regression model was used for the hypotheses test. The results show that there is no relationship between accounting information and companies’ value (stock value) that can be due to the lack of efficiency of the investment market and the inability to use the accounting information by investment market activists.

Keywords: accounting information, company value, profit quality characteristics, price coefficient

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Authors: Naveed Ul Hassan, Bilal Aziz, Maryam Mushtaq, Imran Ameen Khan

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Equity risk premium (ERP) is the stock return in excess of risk free return. Even though it is an essential topic of finance but still there is no common consensus upon its forecasting. For forecasting ERP, apart from the macroeconomic variables attention is devoted to technical indicators as well. For this purpose, set of 14 technical and 14 macro-economic variables is selected and all forecasts are generated based on a standard predictive regression framework, where ERP is regressed on a constant and a lag of a macroeconomic variable or technical indicator. The comparative results showed that technical indicators provide better indications about ERP estimates as compared to macro-economic variables. The relative strength of ERP predictability is also investigated by using National Bureau of Economic Research (NBER) data of business cycle expansion and recessions and found that ERP predictability is more than twice for recessions as compared to expansions.

Keywords: equity risk premium, forecasting, macroeconomic indicators, technical indicators

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Authors: Chin Tangtarntana

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The main purpose of this study was to investigate the effects of animation in offensive product advertising. Experiment was conducted to collect consumer responses toward animated and static ads of offensive and non-offensive products. The study was conducted by distributing questionnaires to the target respondents. According to statistics from Innovative Internet Research Center, Thailand, majority of internet users are 18 – 44 years old. The results revealed an interaction between ad design and offensive product. Specifically, when used in offensive product advertisements, animated ads were not effective for consumer attention, but yielded positive response in terms of attitude toward product. The findings support that information processing model is accurate in predicting consumer cognitive response toward cartoon ads, whereas U&G, arousal, and distinctive theory is more accurate in predicting consumer affective response. In practical, these findings can also be used to guide ad designers and marketers that are suitable for offensive products.

Keywords: animation, banner ad design, consumer responses, offensive product advertising, stock exchange of Thailand

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Authors: Li Wang

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The explosive of technology advances has opened up many avenues of career options for engineering graduates. Hence, how relevant their learning at university is very much dependent on their actual jobs. Bridging the gap between education and industrial practice is important, but it also becomes evident how both engineering education and industrial training can be leveraged at the same time and balance between what students should grasp at university and what they can be continuously trained at the working environment. Through a case study of developing a commercial product, this paper presents the required level of depth of technical knowledge and skills for some typical engineering jobs (for mechanical/materials engineering). It highlights the necessary collaboration for industry, university, and accreditation bodies to work together to nurture the next generation of engineers.

Keywords: leverage, collaboration, career, industry, engineering education

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Authors: Birome Holo Ba, Christian Prins, Caroline Prodhon

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Optimization is an important aspect of logistics management. It can reduce significantly logistics costs and also be a good tool for decision support. In this paper, we address a planning problem specific to biomass supply chain. We propose a new mixed integer linear programming (MILP) model dealing with different feed stock production operations such as harvesting, packing, storage, pre-processing and transportation, with the objective of minimizing the total logistic cost of the system on a regional basis. It determines the optimal number of harvesting machine, the fleet size of trucks for transportation and the amount of each type of biomass harvested, stored and pre-processed in each period to satisfy demands of refineries in each period. We illustrate the effectiveness of the proposal model with a numerical example, a case study in Aube (France department), which gives preliminary and interesting, results on a small test case.

Keywords: biomass logistics, supply chain, modelling, optimization, bioenergy, biofuels

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Authors: Minghua Chen, Rui Wang

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This paper addresses the impact of foreign ownership on the risk-taking behavior of banks. Using bank-level panel data of more than 1,300 commercial banks in 32 emerging economies during 2000-2013, we find that foreign owned banks take on more risk than their domestic counterparts. We further examine several factors that may potentially contribute to foreign banks’ differentiated riskiness from four perspectives, namely, foreign banks’ informational disadvantages, agency problems, the contagious effect of parent banks’ financial conditions and the disparity between home and host markets. We find supportive evidence that these factors play a significant role in affecting foreign banks’ risk-taking.

Keywords: bank risk-taking, emerging economies, financial liberalization, foreign banks

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Authors: Fangwei Zhu, Wei Tian, Linzhuo Wang, Miao Yu

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Megaproject has long been a critical issue in project governance, for its low success rate and large impact on society. Although the extant literature on megaproject governance is vast, to our best knowledge, the lacking of a thorough literature review makes it hard for us to gain a holistic view on current scenario of megaproject governance. The study conducts a systematic literature review process to analyze the existing literatures on megaproject governance. The finding indicates that mega project governance needs to be handled at network level and forming a network level governance provides a holistic framework for governing megaproject towards sustainable development of the projects. Theoretical and practical implications, as well as future studies and limitations, were discussed.

Keywords: megaproject, governance, literature review, network

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Authors: Yi Wang, Xun Liang

Abstract:

This paper introduces a model of internet public opinion waves, which describes the message propagation and measures the influence of a detected event. We collect data on public opinion propagation from different platforms on the internet, including micro-blogs and news. Then, we compare the spread of public opinion to the seismic waves and correspondently define the P-wave and S-wave and other essential attributes and characteristics in the process. Further, a model is established to evaluate the magnitude scale of the events. In the end, a practical example is used to analyze the influence of network public opinion and test the reasonability and effectiveness of the proposed model.

Keywords: internet public opinion waves (IPOW), magnitude scale, cross-platform, information propagation

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