Search results for: market efficiency

Authors: Saleh Alotaibi, Mohammed Quddus, Craig Morton, Jobair Bin Alam

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This paper explores the role of large-scale investment in transport sectors and the impact of increased railway accessibility on the efficiency of the regional economic productivity in the Kingdom of Saudi Arabia (KSA). There are considerable differences among the KSA regions in terms of their levels of investment and productivity due to their geographical scale and location, which in turn greatly affect their relative efficiency. The study used a non-parametric linear programming technique - Data Envelopment Analysis (DEA) - to measure the regional efficiency change over time and determine the drivers of inefficiency and their scope of improvement. In addition, Window DEA analysis is carried out to compare the efficiency performance change for various time periods. Malmquist index (MI) is also analyzed to identify the sources of productivity change between two subsequent years. The analysis involves spatial and temporal panel data collected from 1999 to 2018 for the 13 regions of the country. Outcomes reveal that transport investment and improved railway accessibility, in general, have significantly contributed to regional economic development. Moreover, the endowment of the new railway stations has spill-over effects. The DEA Window analysis confirmed the dynamic improvement in the average regional efficiency over the study periods. MI showed that the technical efficiency change was the main source of regional productivity improvement. However, there is evidence of investment allocation discrepancy among regions which could limit the achievement of development goals in the long term. These relevant findings will assist the Saudi government in developing better strategic decisions for future transport investments and their allocation at the regional level.

Keywords: data envelopment analysis, transport investment, railway accessibility, efficiency

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Authors: Lin Dong, Fei Shi

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Based on the railway network and the principles of space syntax, the study attempts to reconstruct the spatial relationship of the passenger network connections from space and time perspective. According to the travel time data of main stations in the Yangtze River Delta urban agglomeration obtained by the Internet, the topological drawing of railway network under different time sections is constructed. With the comprehensive index composed of connection and integration, the accessibility and network operation efficiency of the railway network in different time periods is calculated, while the fairness of the network is analyzed by the fairness indicators constructed with the integration and location entropy from the perspective of horizontal and vertical fairness respectively. From the analysis of the efficiency and fairness of the railway passenger transport network, the study finds: (1) There is a strong regularity in regional system accessibility change; (2) The problems of efficiency and fairness are different in different time periods; (3) The improvement of efficiency will lead to the decline of horizontal fairness to a certain extent, while from the perspective of vertical fairness, the supply-demand situation has changed smoothly with time; (4) The network connection efficiency of Shanghai, Jiangsu and Zhejiang regions is higher than that of the western regions such as Anqing and Chizhou; (5) The marginalization of Nantong, Yancheng, Yangzhou, Taizhou is obvious. The study explores the application of spatial syntactic theory in regional traffic analysis, in order to provide a reference for the development of urban agglomeration transportation network.

Keywords: spatial syntax, the Yangtze River Delta, railway passenger time, efficiency and fairness

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Authors: Farangiz Davranbekova

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Subject: The study explores the impact of Over-the-Top services in the sports rights market, focusing on football games. This impact is analysed in the big five European football markets. The research entails how the pay-TV market is combating the disruptors' entry, how the fans are adjusting to these changes and how leagues and football clubs are orienting in the transitional period of more choice. Aims and methods: The research aims to offer a general overview of the impact of OTT players in the football rights market. A theoretical framework of Jenkins’ five layers of convergence is implemented to analyse the transition the sports rights market is witnessing from various angles. The empirical analysis consists of secondary research data as and seven expert interviews from three different clusters. The findings are bound by the combination of the two methods offering general statements. Findings: The combined secondary data as well as expert interviews, conducted on five layers of convergence found: 1. Technological convergence presents that football content is accessible through various devices with innovative digital features, unlike the traditional TV set box. 2. Social convergence demonstrates that football fans multitask using various devices on social media when watching the games. These activities are complementary to traditional TV viewing. 3. Cultural convergence points that football fans have a new layer of fan engagement with leagues, clubs and other fans using social media. Additionally, production and consumption lines are blurred. 4. Economic convergence finds that content distribution is diversifying and/or eroding. Consumers now have more choices, albeit this can be harmful to them. Entry barriers are decreased, and bigger clubs feel more powerful. 5. Global convergence shows that football fans are engaging with not only local fans but with fans around the world that social media sites enable. Recommendation: A study on smaller markets such as Belgium or the Netherlands would benefit the study on the impact of OTT. Additionally, examination of other sports will shed light on this matter. Lastly, once the direct-to-consumer model is fully taken off in Europe, it will be of importance to examine the impact of such transformation in the market.

Keywords: sports rights, OTT, pay TV, football

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Authors: M. Gregušová, V. Schindlerová, I. Šajdlerová, P. Mohyla, J. Kedroň

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Company managers are always looking for more and more opportunities to succeed in today's fiercely competitive market. Maintain your place among the successful companies on the market today or come up with a revolutionary business idea; it is much more difficult than before. Each new or improved method, tools, or the approach that can improve the functioning of business processes or even the entire system is worth checking and verification. The use of simulation in the design of manufacturing systems and their management in practice is one of the ways without increased risk to find the optimal parameters of manufacturing processes and systems. The paper presents an example of using simulation to solve the bottleneck problem in concrete company.

Keywords: practical applications, business processes, systems, simulation

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Authors: Gregory D. Saxton

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Networks are everywhere: lunch ties among co-workers, golfing partnerships among employees, interlocking board-of-director connections, Facebook friendship ties, etc. Each network varies in terms of its structure -its size, how inter-connected network members are, and the prevalence of sub-groups and cliques. At the same time, within any given network, some network members will have a more important, more central position on account of their greater number of connections or their capacity as “bridges” connecting members of different network cliques. The logic of network structure and position is at the heart of what is known as social network analysis, and this paper applies this logic to the study of the stock market. Using an array of data analytics and machine learning tools, this study will examine 17 million Twitter messages discussing the stocks of the firms in the S&P 1,500 index in 2018. Each of these 1,500 stocks has a distinct Twitter discussion network that varies in terms of core network characteristics such as size, density, influence, norms and values, level of activity, and embedded resources. The study’s core proposition is that the ultimate effect of any market-relevant information is contingent on the characteristics of the network through which it flows. To test this proposition, this study operationalizes each of the core network characteristics and examines their influence on market reactions to 2018 quarterly earnings announcement events.

Keywords: data analytics, investor-to-investor communication, social network analysis, Twitter

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Authors: C. E. Ogbanje, S. A. N. D. Chidebelu, N. J. Nweze

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The study evaluated off-farm work and cost efficiency in staple food production among small-scale farmers in North Central Nigeria. Multistage sampling technique was used to select 360 respondents (participants and non-participants in off-farm work). Primary data obtained were analysed using stochastic cost frontier and test of means’ difference. Capital input was lower for participants (N2,596.58) than non-participants (N11,099.14). Gamma (γ) was statistically significant. Farm size significantly (p<0.01) increased cost outlay for participants and non-participants. Average input prices of enterprises one and two significantly (p<0.01) increased cost. Sex, household size, credit obtained, formal education, farming experience, and farm income significantly (p<0.05) reduced cost inefficiency for non-participants. Average cost efficiency was 11%. Farm capital was wasted. Participants’ substitution of capital for labour did not put them at a disadvantage. Extension agents should encourage farmers to obtain financial relief from off-farm work but not to the extent of endangering farm cost efficiency.

Keywords: cost efficiency, mean difference, North Central Nigeria, off-farm work, participants and non-participants, small-scale farmers

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Authors: Mahmood Mohammed Abdulsattar Aljumaili

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Praise be to Allah and peace and blessings be upon the Messenger of Allah. Islamic banks have not only made a lot of great achievements in a short period, but they imposed themselves in the global market, not to mention the transformation of some conventional interest-based banks to Islamic banks to the large demand on them, this transformation has pushed the Dow Jones Global Foundation to develop a new economic indicator released it (the Dow Jones Islamic market) for those who wish to invest in Islamic financial institutions. The success of Islamic financial institutions today face significant and serious challenges, that embody the serious consequences created by the current events on Islamic banking industry. This modest study, deals with these serious challenges facing the Islamic banking industry, and reflected on the success recorded in the previous period. The study deals with four main topics: The emergence of Islamic banks, the goals of Islamic banks, International challenges facing Islamic banks, internal challenges facing Islamic banks, and finally it touches on, (Basel 1-2) Agreement and its implications for Islamic banks.

Keywords: Islamic banks, Basel 1-2 agreement, most important contemporary challenges, islamic banking industry, Dow Jones Islamic market

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Authors: Elena Puica

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This paper aims to investigate the impact of Supply Chain Management (SCM) on the environment by applying a Machine Learning model while pointing out the efficiency of the technology used. The Machine Learning model was used to derive the efficiency and optimization of technology used in SCM and the environmental impact of SCM processes. The model applied is a predictive classification model and was trained firstly to determine which stage of the SCM has more outputs and secondly to demonstrate the efficiency of using advanced technology in SCM instead of recuring to traditional SCM. The outputs are the emissions generated in the environment, the consumption from different steps in the life cycle, the resulting pollutants/wastes emitted, and all the releases to air, land, and water. This manuscript presents an innovative approach to applying advanced technology in SCM and simultaneously studies the efficiency of technology and the SCM's impact on the environment. Identifying the conceptual relationships between SCM practices and their impact on the environment is a new contribution to the research. The authors can take a forward step in developing recent studies in SCM and its effects on the environment by applying technology.

Keywords: machine-learning model in SCM, SCM processes, SCM and the environmental impact, technology in SCM

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Authors: Dharminer Singh, Sanjeev Yadav, Pravakar Mohanty

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In this work, gasification of groundnut shell was carried out in an air bubbling fluidized bed gasifier. Atmospheric air used as gasification agent in the gasifier. The groundnut shell used for gasification was in powder form and the locally available river sand was used as bed material. Conventional charcoal was used for heating sand bed. Two cyclones were used for proper segregation of char particles and for proper cleaning and cooling the product gas. Experiments were performed on different equivalence ratio (ER) 0.3 - 0.33 by varying feeding rate 36 - 32.8 kg/h of biomass and by keeping the air flow rate constant at bed temperature between 700 °C – 800 °C. Performance of gasifier was evaluated on the basis of different parameters such as cold gas efficiency, carbon conversion efficiency (CCE), Tar and Suspended particles matter (SPM) generation, gas yield, and Higher heating value (HHV) of gas. The optimal ER value for gasification of groundnut shell (GNS) powder in an air bubbling fluidized bed gasifier was found to be 0.31. Cold gas efficiency and CCE value at optimal ER was found to be 63.7 %, and 91 %, respectively. Concentration of Tar and SPM, HHV of gas, and gas yield at optimal ER was found to be 11.88 g/Nm3, 2.38 MJ/Nm3, and 2.01m3/kg, respectively. In the product gas, concentrations of CO, CO2, CH4 and H2 were found to be 12.94%, 13.5%, 5.74% and 13.77%, respectively. At ER 0.31, it was observed that bed temperature of gasifier was in steady state for long time at 714 °C with 5 – 10 °C fluctuation.

Keywords: air bubbling fluidized bed gasifier, groundnut shell powder, equivalence ratio (ER), cold gas efficiency, carbon conversion efficiency (CCE), high heating value (HHV)

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Authors: A. Bouloufa, F. Khaled, K. Djessas

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This paper presents a new structure of solar cell based on p-type microcrystalline silicon as an absorber and n-type aluminum doped zinc oxide (ZnO:Al) transparent conductive oxide as an optical window. The ZnO:Al layer deposited by rf-magnetron sputtering at room temperature yields a low resistivity about 7,64.10-2Ω.cm and more than 85% mean optical transmittance in the VIS–NIR range, with an optical band gap of 3.3 eV. These excellent optical properties of this layer in combination with an optimal contact at the front surface result in a superior light trapping yielding to efficiencies about 20%. In order to improve efficiency, we have used a p+-µc-Si thin layer highly doped as a back surface field which minimizes significantly the impact of rear surface recombination velocity on voltage and current leading to a high efficiency of 24%. Optoelectronic parameters were determined using the current density-voltage (J-V) curve by means of a numerical simulation with Analysis of Microelectronic and Photonic Structures (AMPS-1D) device simulator.

Keywords: optical window, thin film, solar cell, efficiency

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Authors: M. Baldini, H. K. Jacobsen, M. Jaccard

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In light of the international efforts to comply with the Paris agreement and emission targets for future energy systems, Denmark and Canada are among the front-runner countries dealing with climate change. The experiences in the energy sector have seen both countries coping with trade-offs between investments in renewable energy technologies and energy efficiency, thus tackling the climate issue from the supply and demand side respectively. On the demand side, the industrial sector is going through a remarkable transformation, with implementation of energy efficiency measures, change of input fuel for end-use processes and forecasted electrification as main features under the spotlight. By looking at Canada and Denmark's experiences as pathfinders on the demand and supply approach to climate change, it is possible to obtain valuable experience that may be applied to other countries aiming at the same goal. This paper presents a comparative study on industrial energy efficiency between Canada and Denmark. The study focuses on technologies and system options, policy design and implementation and modelling methodologies when implementing industrial energy savings in optimization models in comparison to simulation models. The study identifies gaps and junctures in the approach towards climate change actions and, learning from each other, lessen the differences to further foster the adoption of energy efficiency measurements in the industrial sector, aiming at reducing energy consumption and, consequently, CO₂ emissions.

Keywords: industrial energy efficiency, comparative study, CO₂ reduction, energy system modelling

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Authors: Ratna Kuswardani

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This paper aims to study the impact of recent Global Financial Crisis (GFC) on 6 selected emerging Asian economies (Indonesia, Malaysia, Thailand, Philippines, Singapore, and South Korea). We first figure out the contagion of GFC from the US and Europe to the selected emerging Asian countries by studying the tail dependence of market stock returns between those countries. We apply the concept of Extreme Value Theory (EVT) to model the dependence between multiple returns series of variables under examination. We explore the factors causing the contagion between the regions. We find dependencies between markets that are influenced by their size, especially for large markets in emerging Asian countries that tend to have a higher dependency to the market in the more advanced country such as the U.S. and some countries in Europe. The results also suggest that the dependencies between market returns and bank stock returns in the same region tend to be higher than dependencies between these returns across two different regions. We extend our analysis by studying the impact of GFC on the systemic in the banking system. We also find that larger institution has more dependencies with the market stock, suggesting that larger size bank can cause disruption in the market. Further, the higher probability of extreme loss can be seen during the crisis period, which is shown by the non-linear dependency between the pre-crisis and the post-crisis period. Finally, our analysis suggests that systemic risk appears in the domestic banking systems in emerging Asia, as shown by the extreme dependencies within banks in the system. Overall, our results provide caution to policy makers and investors alike on the possible contagion of the impact of global financial crisis across different markets.

Keywords: contagion, extreme value theory, global financial crisis, systemic risk

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Authors: Elaid Bouchetob, Bouchra Nadji

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This research paper compares the efficiency and reliability (R(t)) of SiC-based and Si-based DC-DC buck converters in thin layer PV systems with an AI-based MPPT controller. Using Simplorer/Simulink simulations, the study assesses their performance under varying conditions. Results show that the SiC-based converter outperforms the Si-based one in efficiency and cost-effectiveness, especially in high temperature and low irradiance conditions. It also exhibits superior reliability, particularly at high temperature and voltage. Reliability calculation (R(t)) is analyzed to assess system performance over time. The SiC-based converter demonstrates better reliability, considering factors like component failure rates and system lifetime. The research focuses on the buck converter's role in charging a Lithium battery within the PV system. By combining the SiC-based converter and AI-based MPPT controller, higher charging efficiency, improved reliability, and cost-effectiveness are achieved. The SiC-based converter proves superior under challenging conditions, emphasizing its potential for optimizing PV system charging. These findings contribute insights into the efficiency, reliability, and reliability calculation of SiC-based and Si-based converters in PV systems. SiC technology's advantages, coupled with advanced control strategies, promote efficient and sustainable energy storage using Lithium batteries. The research supports PV system design and optimization for reliable renewable energy utilization.

Keywords: efficiency, reliability, artificial intelligence, sic device, thin layer, buck converter

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Authors: Mojtaba Rezaei, Elham Heydari

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This paper highlights the empirical results of analyzing the correlation between accounting information and systematic risk. This association is analyzed among financial ratios and systematic risk by considering the financial statement of 39 companies listed on the Tehran Stock Exchange (TSE) for five years (2014-2018). Financial ratios have been categorized into four groups and to describe the special features, as representative of accounting information we selected: Return on Asset (ROA), Debt Ratio (Total Debt to Total Asset), Current Ratio (current assets to current debt), Asset Turnover (Net sales to Total assets), and Total Assets. The hypotheses were tested through simple and multiple linear regression and T-student test. The findings illustrate that there is no significant relationship between accounting information and market risk. This indicates that in the selected sample, historical accounting information does not fully reflect the price of stocks.

Keywords: accounting information, market risk, systematic risk, stock return, efficient market hypothesis, EMH, Tehran stock exchange, TSE

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Authors: A. O. Ogunkeyede, D. Amuchi, A. A. Adebayo

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Heavy metal contaminations in soil have received great attention. Anthropogenic activities such as vehicular emission, industrial activities and constructions have resulted in elevated concentration of heavy metals in the surface soils. The metal particles can be free from the surface soil when they are disturbed and re-entrained in air, which necessitated the need to investigate surface soil at market environment where adults and children are present on daily basis. This study assesses concentration of heavy metal pollution, ecological and health risk factors in surface soil at Effurun market. 8 samples were collected at household material (EMH), fish (EMFs), fish and commodities (EMF-C), Abattoir (EMA 1 & 2), fruit sections (EMF 1 & 2) and lastly main road (EMMR). The samples were digested and analyzed in triplicate for contents of Lead (Pb), Nickel (Ni), Cadmium (Cd) and Copper (Cu). The mean concentration of the Pb mg/kg (112.27 ± 1.12) and Cu mg/kg (156.14 ± 1.10) were highest in the abattoir section (EMA 1). The mean concentrations of the heavy metal were then used to calculate the ecological and health risk for people within the market. Pb contamination at EMMR, EMF 2, EMFs were moderately while Pb shows considerable contamination at EMH, EMA 1, EMA 2 and EMF-C sections of the Effurun market. The ecological risk factor varies between low to moderate pollution for Pb and EMA 1 has the highest potential ecological risk that falls within moderate pollution. The hazard quotient results show that dermal exposure pathway is the possible means of heavy metal exposure to the traders while ingestion is the least sources of exposure to adult. The ingestion suggested that children around the EMA 1 have the highest possible exposure to children due to hand-to-mouth and object-to-mouth behaviour. The results further show that adults at the EMA1 will have the highest exposure to Pb due to inhalation during burning of cow with tyre that contained Pb and Cu. The carcinogenic risk values of most sections were higher than acceptable values, while Ni at EMMR, EMF 1 & 2, EMFs and EMF-C sections that were below the acceptable values. The cancer risk for inhalation exposure pathway for Pb (1.01E+17) shows a significant level of contamination than all the other sections of the market. It suggested that the people working at the Abattoir were very prone to cancer risk.

Keywords: carcinogenic, ecological, heavy metal, risk

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Authors: Abdessalem Abbassi, Ahlem Dakhlaoui, Lota D. Tamini

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In this paper, we analyze infinite discrete-time games between hydraulic and thermal power operators in the wholesale electricity market under Cournot competition. We consider a deregulated electrical industry where certain demand is satisfied by hydraulic and thermal technologies. The hydraulic operator decides the production in each season of each period that maximizes the sum of expected profits from power generation with respect to the stochastic dynamic constraint on the water stored in the dam, the environmental constraint and the non-negative output constraint. In contrast, the thermal plant is operated with quadratic cost function, with respect to the capacity production constraint and the non-negativity output constraint. We show that under imperfect competition, the hydraulic operator has a strategic storage of water in the peak season. Then, we quantify the strategic inter-annual and intra-annual water transfer and compare the numerical results. Finally, we show that the thermal operator can restrict the hydraulic output without compensation.

Keywords: asymmetric risk aversion, electricity wholesale market, hydropower dams, imperfect competition

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Authors: Silvia Rocha, Flavio Tiago, Maria Teresa Tiago, Sandra Faria, Joao Couto

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The Azores have a tourist potential that has been developing, especially after an increase in promotion and the liberalization of airspace. However, there is still a gap with regard to the understanding of tourists from North America. Previous studies referred to the existence of two basic types of touristic flows: Emigrants and locals. Looking to help fill this gap, a study of travelers from North America was conducted. Using cluster analysis, it was determined the existence of three segments: nostalgic, regular and frequent. The recognition of these three segments is important to determine the necessary adjustments in tourist offerings to this market.

Keywords: tourism, diaspora, nostalgia, culture

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Authors: Holly Sandberg, Christina McCoy, Khaled Mansy

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Eucalyptus Cloeziana, commonly known as Gympie Messmate, is a fast-growing hardwood native to Australia. Its quick growth makes it advantageous for carbon sequestering, while its strength class lends itself to structural applications. Market research shows that the demand for timber is growing, especially mass timber. An environmental product declaration, or EPD, for eucalyptus Cloeziana in the Australian market has been evaluated and compared to the EPD’s of steel and Douglas fir of the same region. An EPD follows a product throughout its life cycle, stating values for global warming potential, ozone depletion potential, acidification potential, eutrophication potential, photochemical ozone creation potential, and abiotic depletion potential. This paper highlights the market potential, as well as the environmental benefits and challenges to using Gympie Messmate as a structural building material. In addition, a case study is performed to compare steel, Douglas fir, and eucalyptus in terms of embodied carbon and structural weight within a single structural bay. Comparisons among the three materials highlight both the differences in structural capabilities as well as environmental impact.

Keywords: eucalyptus, timber, construction, structural, material

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Authors: Bruno Nascimento, Cristina Wanzeller, Jorge Silva, João A. Dias, André Barbosa, José Ribeiro

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The increasing complexity of logistics operations stems from evolving business needs, such as the shift from mass production to mass customization, which demands greater efficiency and flexibility. In response, Industry 4.0 and 5.0 technologies provide improved solutions to enhance operational agility and better meet market demands. The management of kitting zones, combined with the use of Autonomous Mobile Robots, faces challenges related to coordination, resource optimization, and rapid response to customer demand fluctuations. Additionally, implementing lean manufacturing practices in this context must be carefully orchestrated by intelligent systems and human operators to maximize efficiency without sacrificing the agility required in an advanced production environment. This paper proposes and implements a microservices-based architecture integrating principles from Industry 4.0 and 5.0 with lean manufacturing practices. The architecture enhances communication and coordination between autonomous vehicles and kitting management systems, allowing more efficient resource utilization and increased scalability. The proposed architecture focuses on the modularity and flexibility of operations, enabling seamless flexibility to change demands and the efficient allocation of resources in realtime. Conducting this approach is expected to significantly improve logistics operations’ efficiency and scalability by reducing waste and optimizing resource use while improving responsiveness to demand changes. The implementation of this architecture provides a robust foundation for the continuous evolution of kitting management and process optimization. It is designed to adapt to dynamic environments marked by rapid shifts in production demands and real-time decision-making. It also ensures seamless integration with automated systems, aligning with Industry 4.0 and 5.0 needs while reinforcing Lean Manufacturing principles.

Keywords: microservices, event-driven, kitting, AMR, lean manufacturing, industry 4.0, industry 5.0

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Authors: Abdulhameed Babatunde Owolabi, Benyoh Emmanuel Kigha Nsafon, Jeung-Soo Huh

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Energy efficiency measures for residential buildings in South Korea is a national issue because most of the apartments built in the last decades were constructed without proper energy efficiency measures making the energy performance of old buildings to be very poor when compared with new buildings. However, the adoption of advanced building technologies and regulatory building codes are effective energy efficiency strategies for new construction. There is a need to retrofits the existing building using energy conservation measures (ECMs) equipment’s in order to conserve energy and reduce GHGs emissions. To achieve this, the Institute for Global Climate Change and Energy (IGCCE), Kyungpook National University (KNU), Daegu, South Korea employed RETScreen Expert software to carry out measurement and verification (M&V) analysis on an existing building in Korea by using six years gas consumption data collected from Daesung Energy Co., Ltd in order to determine the building energy performance after the introduction of ECM. Through the M&V, energy efficiency is attained, and the resident doubt was reduced. From the analysis, a total of 657 Giga Joules (GJ) of liquefied natural gas (LNG) was consumed at the rate of 0.34 GJ/day having a peak in the year 2015, which cost the occupant the sum of $10,821.

Keywords: energy efficiency, measurement and verification, performance analysis, RETScreen experts

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Authors: Azar Baghtaghi

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Financial risk management is critically important as it enables companies to maintain stability and profitability amidst market fluctuations and unexpected events. It involves the precise identification of risks that could impact investments, assets, and potential revenues. By implementing effective risk management strategies, companies can insure themselves against adverse market changes and prevent potential losses. In today's era, where markets are highly complex and influenced by various factors such as macroeconomic policies, exchange rate fluctuations, and natural disasters, the need for meticulous planning to cope with these uncertainties is more pronounced. Ultimately, financial risk management means being prepared for the future and the ability to sustain business in changing environments. A company capable of managing its risks not only achieves sustainable profitability but also gains the confidence of shareholders, investors, and business partners, enhancing its competitive position in the market. In this article, the types of financial risk and risk management strategies for improving financial performance were investigated. By identifying the risks stated in this article and their evaluation techniques, it is possible to improve the organization's financial performance.

Keywords: strategy, risk, risk management, financial performance.

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Authors: Veena Chaudhary, Rakesh P. Gakkhar

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In this study, energy and exergy analysis are applied to the experimental data of an internal combustion engine operating on conventional diesel cycle. The experimental data are collected using an engine unit which enables accurate measurements of fuel flow rate, combustion air flow rate, engine load, engine speed and all relevant temperatures. First and second law efficiencies are calculated for different engine speed and compared. Results indicate that the first law (energy) efficiency is maximum at 1700 rpm whereas exergy efficiency is maximum and exergy destruction is minimum at 1900 rpm.

Keywords: diesel engine, exergy destruction, exergy efficiency, second law of thermodynamics

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Authors: Ching-I Chen

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The continued rise of e-commerce is the main driver of the rapid growth of global online purchase. Consumers can nearly buy everything they want at one occasion through online shopping. The purchase behavior models which focus on single product category are insufficient to describe online shopping behavior. Therefore, analysis of multi-category purchase gets more and more popular. For example, market basket analysis explores customers’ buying tendency of the association between product categories. The information derived from market basket analysis facilitates to make cross-selling strategies and product recommendation system. To detect the association between different product categories, we use the market basket analysis with the multidimensional scaling technique to build an associated map which describes how likely multiple product categories are bought at the same time. Besides, we also build an inter-purchase time model for associated products to describe how likely a product will be bought after its associated product is bought. We classify inter-purchase time behaviors of multi-category products into nine types, and use a mixture regression model to integrate those behaviors under our assumptions of purchase sequences. Our sample data is from comScore which provides a panelist-label database that captures detailed browsing and buying behavior of internet users across the United States. Finding the inter-purchase time from books to movie is shorter than the inter-purchase time from movies to books. According to the model analysis and empirical results, this research finally proposes the applications and recommendations in the management.

Keywords: multiple-category purchase behavior, inter-purchase time, market basket analysis, e-commerce

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Authors: Mia Françoise

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This report aims to develop a strategy for assisting short-term investors to benefit from the current economic climate in South Africa by utilizing technical analysis techniques and predictive analytics. As part of this research, value investing and technical analysis principles will be combined to maximize returns for South African investors while optimizing volatility. As an emerging market, South Africa offers many opportunities for high growth in sectors where other developed countries cannot grow at the same rate. Investing in South African companies with significant growth potential can be extremely rewarding. Although the risk involved is more significant in countries with less developed markets and infrastructure, there is more room for growth in these countries. According to recent research, the offshore market is expected to outperform the local market over the long term; however, short-term investments in the local market will likely be more profitable, as the Johannesburg Stock Exchange is predicted to outperform the S&P500 over the short term. The instabilities in the economy contribute to increased market volatility, which can benefit investors if appropriately utilized. Price prediction and portfolio optimization comprise the two primary components of this methodology. As part of this process, statistics and other predictive modeling techniques will be used to predict the future performance of stocks listed on the Johannesburg Stock Exchange. Following predictive data analysis, Modern Portfolio Theory, based on Markowitz's Mean-Variance Theorem, will be applied to optimize the allocation of assets within an investment portfolio. By combining different assets within an investment portfolio, this optimization method produces a portfolio with an optimal ratio of expected risk to expected return. This methodology aims to provide a short-term investment with a stock portfolio that offers the best risk-to-return profile for stocks listed on the JSE by combining price prediction and portfolio optimization.

Keywords: financial stocks, optimized asset allocation, prediction modelling, South Africa

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Authors: Henri El Zakhem, Dona Shalhoub, Elias Atallah, Jessica Koura

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Due to the increase of demand on dietetic food and the need for more types of diet food, the production of dietetic food is increasing and improving. This demand on dietetic food has triggered us to study the market in which we found that Kishk (Lebanese dairy product) diet is not available. Production of a low fat product which is diet Kishk was our concern. A strategy was followed to choose the right idea that will satisfy the need of the market. The whole process was studied and explained thoroughly. The percentage of fat was found to be 32.52 % in regular Kishk and 3.84 % in the diet Kishk produced. The new product has the advantage to be high in protein, low in fat.

Keywords: design and industrialization, dietetic, diet Kishk, fat

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Authors: Peter Winzer, Erik Massarczyk

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Experts, enterprises and operators expect that the bandwidth request will increase up to rates of 100 to 1,000 Mbps within several years. Therefore the most important question is, which technology shall satisfy the future consumer broadband demands. Currently the consensus is, that the fiber technology has the best technical characteristics to achieve such the high bandwidth rates. But fiber technology is so far very cost-intensive and resource consuming. To avoid these investments, operators are concentrating to upgrade the existing copper and hybrid fiber coax infrastructures. This work presents a comparison of the copper and fiber technologies including an overview about the current German broadband market. Both technologies are reviewed in the terms of demand, willingness to pay and economic efficiency in connection with the technical characteristics.

Keywords: broadband customer demand, fiber development, g.fast, vectoring, willingness to pay for broadband services

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Authors: Fatin Fadhilah Hasib, Dewi Nuraini, Nisful Laila, Muhammad Madyan

Abstract:

A big political event such as Cabinet reshuffle mostly can affect the stock price positively or negatively, depend on the perception of each investor and potential investor. This study aims to analyze the movement of the market and trading activities which respect to an event using event study method. This method is used to measure the movement of the stock exchange in which abnormal return can be obtained by investor related to the event. This study examines the differences of reaction on abnormal return and trading volume activity from the companies listed in the Jakarta Islamic Index (JII), before and after the announcement of the Cabinet Work Volume II on 27 July 2016. The study was conducted in observation of 21 days in total which consists of 10 days before the event and 10 days after the event. The method used in this study is event study with market adjusted model method that observes market reaction to the information of an announcement or publicity events. The Results from the study showed that there is no significant negative nor positive reaction at the abnormal return and abnormal trading before and after the announcement of the cabinet reshuffle. It is indicated by the results of statistical tests whose value not exceeds the level of significance. Stock exchange of the JII just reflects from the previous stock prices without reflecting the information regarding to the Cabinet reshuffle event. It can be concluded that the capital market is efficient with a weak form.

Keywords: abnormal return, abnormal trading volume activity, event study, political event

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Authors: So-Jeong Kim, Nak-Kwan Chung, Jintae Kim, Juyoung Yun

Abstract:

The metal nanoplates are potentially used for electroluminescence enhancement of OLEDs owing to the localized surface plasmon resonance. In our study, enhanced electroluminescence in blue organic light-emitting diodes is demonstrated by incorporating silver nanoplates into poly(3,4-ethylene dioxythiophene):polystyrene sulfonic acid. To have surface plasmon resonance absorption peak matching with photoluminescent (PL) peak of blue, Ag nanoplates with triangular shape are used in this study. Finally, about 30 % enhancement in electroluminescence intensity and current efficiency for blue emission devices is obtained via Ag nanoplates.

Keywords: efficiency enhancement, nanoplate, OLED, surface plasmon resonance

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Authors: Nino Paresashvili, Nino Abesadze

Abstract:

The modern world faces huge challenges. Globalization changed the socio-economic conditions of many countries. The current processes in the global environment have a different impact on countries with different cultures. However, an alleviation of poverty and improvement of living conditions is still the basic challenge for the majority of countries, because much of the population still lives under the official threshold of poverty. It is very important to stimulate youth employment. In order to prepare young people for the labour market, it is essential to provide them with the appropriate professional skills and knowledge. It is necessary to plan efficient activities for decreasing an unemployment rate and for developing the perfect mechanisms for regulation of a labour market. Such planning requires thorough study and analysis of existing reality, as well as development of corresponding mechanisms. Statistical analysis of unemployment is one of the main platforms for regulation of the labour market key mechanisms. The corresponding statistical methods should be used in the study process. Such methods are observation, gathering, grouping, and calculation of the generalized indicators. Unemployment is one of the most severe socioeconomic problems in Georgia. According to the past as well as the current statistics, unemployment rates always have been the most problematic issue to resolve for policy makers. Analytical works towards to the above-mentioned problem will be the basis for the next sustainable steps to solve the main problem. The results of the study showed that the choice of young people is not often due to their inclinations, their interests and the labour market demand. That is why the wrong professional orientation of young people in most cases leads to their unemployment. At the same time, it was shown that there are a number of professions in the labour market with a high demand because of the deficit the appropriate specialties. To achieve healthy competitiveness in youth employment, it is necessary to formulate regional employment programs with taking into account the regional infrastructure specifications.

Keywords: unemployment, analysis, methods, tendencies, regulation mechanisms

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Authors: Nikolaos Konstantopoulos, Aristeidis Samitas, Vasileiou Evangelos

Abstract:

The purpose of this study is to examine if the financial trends influence not only the stock markets’ returns, but also their anomalies. We choose to study the day of the week effect (DOW) for the Greek stock market during the Euro period (2002-12), because during the specific period there are not significant structural changes and there are long term financial trends. Moreover, in order to avoid possible methodological counterarguments that usually arise in the literature, we apply several linear (OLS) and nonlinear (GARCH family) models to our sample until we reach to the conclusion that the TGARCH model fits better to our sample than any other. Our results suggest that in the Greek stock market there is a long term predisposition for positive/negative returns depending on the weekday. However, the statistical significance is influenced from the financial trend. This influence may be the reason why there are conflict findings in the literature through the time. Finally, we combine the DOW’s empirical findings from 1985-2012 and we may assume that in the Greek case there is a tendency for long lived turn of the week effect.

Keywords: day of the week effect, GARCH family models, Athens stock exchange, economic growth, crisis

Procedia PDF Downloads 410