Search results for: capital calculation
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 2747

Search results for: capital calculation

2087 Impact of Human Resources Accounting on Employees' Performance in Organization

Authors: Hamid Saremi, Shida Hanafi

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In an age of technology and economics, human capital has important and axial role in the organization and human resource accounting has a wide perception to key resources of organization i.e. human resources. Human resources accounting is new branch of accounting that has Short-lived and generally deals to a range of policies and measures that are related to various aspects of human resources and It gives importance to an organization's most important asset is its human resources and human resource management is the key to success in an organization and to achieve this important matter must review and evaluation of human resources data be with knowledge of accounting based on empirical studies and methods of measurement and reporting of human resources accounting information. Undoubtedly human resource management without information cannot be done and take decision and human resources accounting is practical way to inform the decision makers who are committed to harnessing human resources,, human resources accounting with applying accounting principles in the organization and is with conducting basic research on the extent of the of human resources accounting information" effect of employees' personal performance. In human resource accounting analysis and criteria and valuation of cost and manpower valuating is as the main resource in each Institute. Protection of human resources is a process that according to human resources accounting is for organization profitability. In fact, this type of accounting can be called as a major source in measurement and trends of costs and human resources valuation in each institution. What is the economic value of such assets? What is the amount of expenditures for education and training of professional individuals to value in asset account? What amount of funds spent should be considered as lost opportunity cost? In this paper, according to the literature of human resource accounting we have studied the human resources matter and its objectives and topic of the importance of human resource valuation on employee performance review and method of reporting of human resources according to different models.

Keywords: human resources, human resources, accounting, human capital, human resource management, valuation and cost of human resources, employees, performance, organization

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2086 Effects of Allowance for Corporate Equity on the Financing Choices of Belgian Small and Medium-Sized Enterprises in a Crisis Context

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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2085 Digital Memory plus City Cultural Heritage: The Peking Memory Project Experience

Authors: Huiling Feng, Xiaoshuang Jia, Jihong Liang, Li Niu

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Beijing, formerly romanized as Peking, is the capital of the People's Republic of China and the world's second most populous city proper and most populous capital city. Beijing is a noted historical and cultural whose city history dates back three millennia which is extremely rich in terms of cultural heritage. In 2012, a digital memory project led by Humanistic Beijing Studies Center in Renmin University of China started with the goal to build a total digital collection of knowledge assets about Beijing and represent Beijing memories in new fresh ways. The title of the entire project is ‘Peking Memory Project(PMP)’. The main goal is for safeguarding the documentary heritage and intellectual memory of Beijing, more specifically speaking, from the perspective of historical humanities and public participation, PMP will comprehensively applied digital technologies like digital capture, digital storage, digital process, digital presentation and digital communication to transform different kinds of cultural heritage of Beijing into digital formats that can be stored, re-organized and shared. These digital memories can be interpreted with a new perspective, be organized with a new theme, be presented in a new way and be utilized with a new need. Taking social memory as theoretical basis and digital technologies as tools, PMP is framed with ‘Two Sites and A Repository’. Two sites mean the special website(s) characterized by ‘professional’ and an interactive website characterized by ‘crowdsourcing’. A Repository means the storage pool used for safety long-time preservation of the digital memories. The work of PMP has ultimately helped to highlight the important role in safeguarding the documentary heritage and intellectual memory of Beijing.

Keywords: digital memory, cultural heritage, digital technologies, peking memory project

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2084 Structural Behavior of Subsoil Depending on Constitutive Model in Calculation Model of Pavement Structure-Subsoil System

Authors: M. Kadela

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The load caused by the traffic movement should be transferred in the road constructions in a harmless way to the pavement as follows: − on the stiff upper layers of the structure (e.g. layers of asphalt: abrading and binding), and − through the layers of principal and secondary substructure, − on the subsoil, directly or through an improved subsoil layer. Reliable description of the interaction proceeding in a system “road construction – subsoil” should be in such case one of the basic requirements of the assessment of the size of internal forces of structure and its durability. Analyses of road constructions are based on: − elements of mechanics, which allows to create computational models, and − results of the experiments included in the criteria of fatigue life analyses. Above approach is a fundamental feature of commonly used mechanistic methods. They allow to use in the conducted evaluations of the fatigue life of structures arbitrarily complex numerical computational models. Considering the work of the system “road construction – subsoil”, it is commonly accepted that, as a result of repetitive loads on the subsoil under pavement, the growth of relatively small deformation in the initial phase is recognized, then this increase disappears, and the deformation takes the character completely reversible. The reliability of calculation model is combined with appropriate use (for a given type of analysis) of constitutive relationships. Phenomena occurring in the initial stage of the system “road construction – subsoil” is unfortunately difficult to interpret in the modeling process. The classic interpretation of the behavior of the material in the elastic-plastic model (e-p) is that elastic phase of the work (e) is undergoing to phase (e-p) by increasing the load (or growth of deformation in the damaging structure). The paper presents the essence of the calibration process of cooperating subsystem in the calculation model of the system “road construction – subsoil”, created for the mechanistic analysis. Calibration process was directed to show the impact of applied constitutive models on its deformation and stress response. The proper comparative base for assessing the reliability of created. This work was supported by the on-going research project “Stabilization of weak soil by application of layer of foamed concrete used in contact with subsoil” (LIDER/022/537/L-4/NCBR/2013) financed by The National Centre for Research and Development within the LIDER Programme. M. Kadela is with the Department of Building Construction Elements and Building Structures on Mining Areas, Building Research Institute, Silesian Branch, Katowice, Poland (phone: +48 32 730 29 47; fax: +48 32 730 25 22; e-mail: m.kadela@ itb.pl). models should be, however, the actual, monitored system “road construction – subsoil”. The paper presents too behavior of subsoil under cyclic load transmitted by pavement layers. The response of subsoil to cyclic load is recorded in situ by the observation system (sensors) installed on the testing ground prepared for this purpose, being a part of the test road near Katowice, in Poland. A different behavior of the homogeneous subsoil under pavement is observed for different seasons of the year, when pavement construction works as a flexible structure in summer, and as a rigid plate in winter. Albeit the observed character of subsoil response is the same regardless of the applied load and area values, this response can be divided into: - zone of indirect action of the applied load; this zone extends to the depth of 1,0 m under the pavement, - zone of a small strain, extending to about 2,0 m.

Keywords: road structure, constitutive model, calculation model, pavement, soil, FEA, response of soil, monitored system

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2083 C2N2 Adsorption on the Surface of a BN Nanosheet: A DFT Study

Authors: Maziar Noei

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Calculation showed that when the nanosheet is doped by Si, the adsorption energy is about -85.62 to -87.43kcal/mol and also the amount of HOMO/LUMO energy gap (Eg) will reduce significantly. Boron nitride nanosheet is a suitable adsorbent for cyanogen and can be used in separation processes cyanogen. It seems that nanosheet (BNNS) is a suitable semiconductor after doping. The doped BNNS in the presence of cyanogens (C2N2) an electrical signal is generating directly and, therefore, can potentially be used for cyanogen sensors.

Keywords: nanosheet, DFT, cyanogen, sensors

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2082 Assessment and Evaluation Resilience of Urban Neighborhoods in Coping with Natural Disasters in in the Metropolis of Tabriz (Case Study: Region 6 of Tabriz)

Authors: Ali panahi-Kosar Khosravi

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Earthquake resilience is one of the most important theoretical and practical concepts in crisis management. Over the past few decades, the rapid growth of urban areas and developing lower urban areas (especially in developing countries) have made them more vulnerable to human and natural crises. Therefore, the resilience of urban communities, especially low-income and unhealthy neighborhoods, is of particular importance. The present study seeks to assess and evaluate the resilience of neighborhoods in the center of district 6 of Tabriz in terms of awareness, knowledge and personal skills, social and psychological capital, managerial-institutional, and the ability to return to appropriate and sustainable conditions. The research method in this research is descriptive-analytical. The authors used library and survey methods to collect information and a questionnaire to assess resilience. The statistical population of this study is the total households living in the four neighborhoods of Shanb Ghazan, Khatib, Gharamalek, and Abuzar alley. Three hundred eighty-four families from four neighborhoods were selected based on the Cochran formula using a simple random sampling method. A one-sample t-test, simple linear regression, and structural equations were used to test the research hypotheses. Findings showed that only two social and psychological awareness and capital indicators in district 6 of Tabriz had a favorable and approved status. Therefore, considering the multidimensional concept of resilience, district 6 of Tabriz is in an unfavorable resilience situation. Also, the findings based on the analysis of variance indicated no significant difference between the neighborhoods of district 6 in terms of resilience, and most neighborhoods are in an unfavorable situation.

Keywords: resilience, statistical analysis, earthquake, district 6 of tabriz

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2081 The Event of Extreme Precipitation Occurred in the Metropolitan Mesoregion of the Capital of Para

Authors: Natasha Correa Vitória Bandeira, Lais Cordeiro Soares, Claudineia Brazil, Luciane Teresa Salvi

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The intense rain event that occurred between February 16 and 18, 2018, in the city of Barcarena in Pará, located in the North region of Brazil, demonstrates the importance of analyzing this type of event. The metropolitan mesoregion of Belem was severely punished by rains much above the averages normally expected for that time of year; this phenomenon affected, in addition to the capital, the municipalities of Barcarena, Murucupi and Muruçambá. Resulting in a great flood in the rivers of the region, whose basins were affected with great intensity of precipitation, causing concern for the local population because in this region, there are located companies that accumulate ore tailings, and in this specific case, the dam of any of these companies, leaching the ore to the water bodies of the Murucupi River Basin. This article aims to characterize this phenomenon through a special analysis of the distribution of rainfall, using data from atmospheric soundings, satellite images, radar images and data from the GPCP (Global Precipitation Climatology Project), in addition to rainfall stations located in the study region. The results of the work demonstrated a dissociation between the data measured in the meteorological stations and the other forms of analysis of this extreme event. Monitoring carried out solely on the basis of data from pluviometric stations is not sufficient for monitoring and/or diagnosing extreme weather events, and investment by the competent bodies is important to install a larger network of pluviometric stations sufficient to meet the demand in a given region.

Keywords: extreme precipitation, great flood, GPCP, ore dam

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2080 Federalism and Good Governance in Nigeria: A Study of the Federal Capital Territory, Abuja, Nigeria

Authors: David C. Nwogbo

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Examining the impact of federalism on good governance is crucial for enhancing governance in Nigeria. This study focuses on the Federal Capital Territory (FCT), Abuja, as a case study. Employing a descriptive survey design, data was collected to explore the relationship between federalism and good governance in Abuja, Nigeria. A stratified random sampling method was used to select 289 respondents from the population of Abuja. The sample size was determined using a formula based on precision and population size. A survey questionnaire was employed to gather information on respondents' demographics, perceptions, and experiences concerning federalism and good governance in the FCT. Descriptive statistics, such as percentages and means, were utilized to analyze the study's findings. The findings provided insights into the perceptions and experiences of residents of the FCT with regard to the relationship between federalism and good governance. The results of this study will be useful for policy and decision-making related to the implementation of these concepts in Nigeria and, more specifically, in the FCT, Abuja. The study found that the majority of respondents believe that the federal system of government has not been effective in promoting accountability, transparency, and reducing corruption in Nigeria. There is a need for reforms to improve the effectiveness of the federal system in promoting good governance. These reforms include strengthening institutions, reallocation of resources, reform of the electoral system, decentralization of power, strengthening the role of the judiciary, capacity building, promoting transparency, and engagement of civil society. The findings also highlight the need for significant reforms to address these challenges and promote good governance in the country. The results of this study can be used to inform policy decisions and guide future research on the subject.

Keywords: accountability, federalism, good, governance

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2079 A Deviation Analysis of Career Anchors and Domain Specialization in Management Education

Authors: Santosh Kumar Sharma, Imran Ahmed Khan

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Context: In the field of management education, it has been observed that students often have discrepancies between their career anchors and their chosen domain of specialization. This misalignment creates challenges for students during their summer internships and job placements in the corporate sector. The outcome is that some students opt to change their career track or even leave the management profession altogether. This situation poses a significant concern in terms of the overall human capital in the industry. However, there is a notable lack of substantial literature addressing this specific context. Therefore, this current study aims to contribute to the global discourse on management education and its impact on human resource management. Research Aim: The objective of this study is to analyze the deviation between career anchors and domain specialization in the context of management education in India. Methodology: This study adopts an exploratory approach. Data is collected from a substantial sample of post-graduate students who are currently pursuing management education from a renowned business school in India. The data collection process is followed by a descriptive analysis. Findings: The findings of this research contribute to the professional development of management students by highlighting the significance of aligning career anchors with their chosen domain of specialization. This alignment is crucial for enhancing human capital, which in turn impacts various factors within the Indian economy. Theoretical Importance: This study addresses the gap in the existing literature by exploring the relationship between career anchors and domain specialization in management education. By shedding light on this issue, it contributes to theoretical knowledge in the field and provides insights into the importance of career alignment within the management profession.

Keywords: management education, specialization, human resource management, India

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2078 Structural Properties, Natural Bond Orbital, Theory Functional Calculations (DFT), and Energies for Fluorous Compounds: C13H12F7ClN2O

Authors: Shahriar Ghammamy, Masomeh Shahsavary

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In this paper, the optimized geometries and frequencies of the stationary point and the minimum energy paths of C13H12F7ClN2O are calculated by using the DFT (B3LYP) methods with LANL2DZ basis sets. B3LYP/ LANL2DZ calculation results indicated that some selected bond length and bond angles values for the C13H12F7ClN2O.

Keywords: C13H12F7ClN2O, vatural bond orbital, fluorous compounds, functional calculations

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2077 Improvement of the Geometric of Dental Bridge Framework through Automatic Program

Authors: Rong-Yang Lai, Jia-Yu Wu, Chih-Han Chang, Yung-Chung Chen

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The dental bridge is one of the clinical methods of the treatment for missing teeth. The dental bridge is generally designed for two layers, containing the inner layer of the framework(zirconia) and the outer layer of the porcelain-fused to framework restorations. The design of a conventional bridge is generally based on the antagonist tooth profile so that the framework evenly indented by an equal thickness from outer contour. All-ceramic dental bridge made of zirconia have well demonstrated remarkable potential to withstand a higher physiological occlusal load in posterior region, but it was found that there is still the risk of all-ceramic bridge failure in five years. Thus, how to reduce the incidence of failure is still a problem to be solved. Therefore, the objective of this study is to develop mechanical designs for all-ceramic dental bridges framework by reducing the stress and enhancing fracture resistance under given loading conditions by finite element method. In this study, dental design software is used to design dental bridge based on tooth CT images. After building model, Bi-directional Evolutionary Structural Optimization (BESO) Method algorithm implemented in finite element software was employed to analyze results of finite element software and determine the distribution of the materials in dental bridge; BESO searches the optimum distribution of two different materials, namely porcelain and zirconia. According to the previous calculation of the stress value of each element, when the element stress value is higher than the threshold value, the element would be replaced by the framework material; besides, the difference of maximum stress peak value is less than 0.1%, calculation is complete. After completing the design of dental bridge, the stress distribution of the whole structure is changed. BESO reduces the peak values of principle stress of 10% in outer-layer porcelain and avoids producing tensile stress failure.

Keywords: dental bridge, finite element analysis, framework, automatic program

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2076 An Overview of Informal Settlement Upgrading Strategies in Kabul City and the Need for an Integrated Multi-Sector Upgrading Model

Authors: Bashir Ahmad Amiri, Nsenda Lukumwena

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The developing economies are experiencing an unprecedented rate of urbanization, mainly the urbanization of poverty which is leading to sprawling of slums and informal settlement. Kabul, being the capital and primate city of Afghanistan is grossly encountered to the informal settlement where the majority of the people consider to be informal. Despite all efforts to upgrade and minimize the growth of these settlements, they are growing rapidly. Various interventions have been taken by the government and some international organizations from physical upgrading to urban renewal, but none of them have succeeded to solve the issue of informal settlement. The magnitude of the urbanization and the complexity of informal settlement in Kabul city, and the institutional and capital constraint of the government calls for integration and optimization of currently practiced strategies. This paper provides an overview of informal settlement formation and the conventional upgrading strategies in Kabul city to identify the dominant/successful practices and rationalize the conventional upgrading modes. For this purpose, Hothkhel has been selected as the case study, since it represents the same situation of major informal settlements of the city. Considering the existing potential and features of the Hothkhel and proposed land use by master plan this paper intends to find a suitable upgrading mode for the study area and finally to scale up the model for the city level upgrading. The result highlights that the informal settlements of Kabul city have high (re)development capacity for accepting the additional room without converting the available agricultural area to built-up. The result also indicates that the integrated multi-sector upgrading has the scale-up potential to increase the reach of beneficiaries and to ensure an inclusive and efficient urbanization.

Keywords: informal settlement, upgrading strategies, Kabul city, urban expansion, integrated multi-sector, scale-up

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2075 Holistic Approach to Assess the Potential of Using Traditional and Advance Insulation Materials for Energy Retrofit of Office Buildings

Authors: Marco Picco, Mahmood Alam

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Improving the energy performance of existing buildings can be challenging, particularly when facades cannot be modified, and the only available option is internal insulation. In such cases, the choice of the most suitable material becomes increasingly complex, as in addition to thermal transmittance and capital cost, the designer needs to account for the impact of the intervention on the internal spaces, and in particular the loss of usable space due to the additional layers of materials installed. This paper explores this issue by analysing a case study of an average office building needing to go through a refurbishment in order to reach the limits imposed by current regulations to achieve energy efficiency in buildings. The building is simulated through dynamic performance simulation under three different climate conditions in order to evaluate its energy needs. The use of Vacuum Insulated Panels as an option for energy refurbishment is compared to traditional insulation materials (XPS, Mineral Wool). For each scenario, energy consumptions are calculated and, in combination with their expected capital costs, used to perform a financial feasibility analysis. A holistic approach is proposed, taking into account the impact of the intervention on internal space by quantifying the value of the lost usable space and used in the financial feasibility analysis. The proposed approach highlights how taking into account different drivers will lead to the choice of different insulation materials, showing how accounting for the economic value of space can make VIPs an attractive solution for energy retrofitting under various climate conditions.

Keywords: vacuum insulated panels, building performance simulation, payback period, building energy retrofit

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2074 The Distribution and Environmental Behavior of Heavy Metals in Jajarm Bauxite Mine, Northeast Iran

Authors: Hossein Hassani, Ali Rezaei

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Heavy metals are naturally occurring elements that have a high atomic weight and a density at least five times greater than that of water. Their multiple industrial, domestic, agricultural, medical, and technological applications have led to their wide distribution in the environment, raising concerns over their potential effects on human health and the environment. Environmental protection against various pollutants, such as heavy metals formed by industries, mines and modern technologies, is a concern for researchers and industry. In order to assess the contamination of soils the distribution and environmental behavior have been investigated. Jajarm bauxite mine, the most important deposits have been discovered in Iran, which is about 22 million tons of reserve, and is the main mineral of the Diaspora. With a view to estimate the heavy metals ratio of the Jajarm bauxite mine area and to evaluate the pollution level, 50 samples have been collected and have been analyzed for the heavy metals of As, Cd, Cu, Hg, Ni and Pb with the help of Inductively Coupled Plasma-Mass Spectrometer (ICP- MS). In this study, we have dealt with determining evaluation criteria including contamination factor (CF), average concentration (AV), enrichment factor (EF) and geoaccumulation index (GI) to assess the risk of pollution from heavy metals(As, Cd, Cu, Hg, Ni and Pb) in Jajarm bauxite mine. In the samples of the studied, the average of recorded concentration of elements for Arsenic, Cadmium, Copper, Mercury, Nickel and Lead are 18, 0.11, 12, 0.07, 58 and 51 (mg/kg) respectively. The comparison of the heavy metals concentration average and the toxic potential in the samples has shown that an average with respect to the world average of the uncontaminated soil amounts. The average of Pb and As elements shows a higher quantity with respect to the world average quantity. The pollution factor for the study elements has been calculated on the basis of the soil background concentration and has been categorized on the basis of the uncontaminated world soil average with respect to the Hakanson classification. The calculation of the corrected pollutant degree shows the degree of the bulk intermediate pollutant (1.55-2.0) for the average soil sampling of the study area which is on the basis of the background quantity and the world average quantity of the uncontaminated soils. The provided conclusion from calculation of the concentrated factor, for some of the samples show that the average of the lead and arsenic elements stations are more than the background values and the unnatural metal concentration are covered under the study area, That's because the process of mining and mineral extraction. Given conclusion from the calculation of Geoaccumulation index of the soil sampling can explain that the copper, nickel, cadmium, arsenic, lead and mercury elements are Uncontamination. In general, the results indicate that the Jajarm bauxite mine of heavy metal pollution is uncontaminated area and extract the mineral from the mine, not create environmental hazards in the region.

Keywords: enrichment factor, geoaccumulation index, heavy metals, Jajarm bauxite mine, pollution

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2073 Sustainable Refrigerated Transport Engineering

Authors: A. A, F. Belmir, A. El Bouari, Y. Abboud

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This article presents a study of the thermal performance of a new solar mobile refrigeration prototype for the preservation of perishable foods. The simulation of the refrigeration cycle and the calculation of the thermal balances made it possible to estimate its consumption and to evaluate the capacity of each photovoltaic component necessary for the production of energy. The study provides a description of the refrigerator construction and operation, including an energy balance analysis of the refrigerator performance under typical loads. The photovoltaic system requirements are also detailed.

Keywords: composite, material, photovoltaic, refrigeration, thermal

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2072 Production Factor Coefficients Transition through the Lens of State Space Model

Authors: Kanokwan Chancharoenchai

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Economic growth can be considered as an important element of countries’ development process. For developing countries, like Thailand, to ensure the continuous growth of the economy, the Thai government usually implements various policies to stimulate economic growth. They may take the form of fiscal, monetary, trade, and other policies. Because of these different aspects, understanding factors relating to economic growth could allow the government to introduce the proper plan for the future economic stimulating scheme. Consequently, this issue has caught interest of not only policymakers but also academics. This study, therefore, investigates explanatory variables for economic growth in Thailand from 2005 to 2017 with a total of 52 quarters. The findings would contribute to the field of economic growth and become helpful information to policymakers. The investigation is estimated throughout the production function with non-linear Cobb-Douglas equation. The rate of growth is indicated by the change of GDP in the natural logarithmic form. The relevant factors included in the estimation cover three traditional means of production and implicit effects, such as human capital, international activity and technological transfer from developed countries. Besides, this investigation takes the internal and external instabilities into account as proxied by the unobserved inflation estimation and the real effective exchange rate (REER) of the Thai baht, respectively. The unobserved inflation series are obtained from the AR(1)-ARCH(1) model, while the unobserved REER of Thai baht is gathered from naive OLS-GARCH(1,1) model. According to empirical results, the AR(|2|) equation which includes seven significant variables, namely capital stock, labor, the imports of capital goods, trade openness, the REER of Thai baht uncertainty, one previous GDP, and the world financial crisis in 2009 dummy, presents the most suitable model. The autoregressive model is assumed constant estimator that would somehow cause the unbias. However, this is not the case of the recursive coefficient model from the state space model that allows the transition of coefficients. With the powerful state space model, it provides the productivity or effect of each significant factor more in detail. The state coefficients are estimated based on the AR(|2|) with the exception of the one previous GDP and the 2009 world financial crisis dummy. The findings shed the light that those factors seem to be stable through time since the occurrence of the world financial crisis together with the political situation in Thailand. These two events could lower the confidence in the Thai economy. Moreover, state coefficients highlight the sluggish rate of machinery replacement and quite low technology of capital goods imported from abroad. The Thai government should apply proactive policies via taxation and specific credit policy to improve technological advancement, for instance. Another interesting evidence is the issue of trade openness which shows the negative transition effect along the sample period. This could be explained by the loss of price competitiveness to imported goods, especially under the widespread implementation of free trade agreement. The Thai government should carefully handle with regulations and the investment incentive policy by focusing on strengthening small and medium enterprises.

Keywords: autoregressive model, economic growth, state space model, Thailand

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2071 The Impacts of Export in Stimulating Economic Growth in Ethiopia: ARDL Model Analysis

Authors: Natnael Debalklie Teshome

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The purpose of the study was to empirically investigate the impacts of export performance and its volatility on economic growth in the Ethiopian economy. To do so, time-series data of the sample period from 1974/75 – 2017/18 were collected from databases and annual reports of IMF, WB, NBE, MoFED, UNCTD, and EEA. The extended Cobb-Douglas production function of the neoclassical growth model framed under the endogenous growth theory was used to consider both the performance and instability aspects of export. First, the unit root test was conducted using ADF and PP tests, and data were found in stationery with a mix of I(0) and I(1). Then, the bound test and Wald test were employed, and results showed that there exists long-run co-integration among study variables. All the diagnostic test results also reveal that the model fulfills the criteria of the best-fitted model. Therefore, the ARDL model and VECM were applied to estimate the long-run and short-run parameters, while the Granger causality test was used to test the causality between study variables. The empirical findings of the study reveal that only export and coefficient of variation had significant positive and negative impacts on RGDP in the long run, respectively, while other variables were found to have an insignificant impact on the economic growth of Ethiopia. In the short run, except for gross capital formation and coefficients of variation, which have a highly significant positive impact, all other variables have a strongly significant negative impact on RGDP. This shows exports had a strong, significant impact in both the short-run and long-run periods. However, its positive and statistically significant impact is observed only in the long run. Similarly, there was a highly significant export fluctuation in both periods, while significant commodity concentration (CCI) was observed only in the short run. Moreover, the Granger causality test reveals that unidirectional causality running from export performance to RGDP exists in the long run and from both export and RGDP to CCI in the short run. Therefore, the export-led growth strategy should be sustained and strengthened. In addition, boosting the industrial sector is vital to bring structural transformation. Hence, the government has to give different incentive schemes and supportive measures to exporters to extract the spillover effects of exports. Greater emphasis on price-oriented diversification and specialization on major primary products that the country has a comparative advantage should also be given to reduce value-based instability in the export earnings of the country. The government should also strive to increase capital formation and human capital development via enhancing investments in technology and quality of education to accelerate the economic growth of the country.

Keywords: export, economic growth, export diversification, instability, co-integration, granger causality, Ethiopian economy

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2070 Rationale of Eye Pupillary Diameter for the UV Protection for Sunglasses

Authors: Liliane Ventura, Mauro Masili

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Ultraviolet (UV) protection is critical for sunglasses, and mydriasis, as well as miosis, are relevant parameters to consider. The literature reports that for sunglasses, ultraviolet protection is critical because sunglasses can cause the opposite effect if the lenses do not provide adequate UV protection due to the greater dilation of the pupil when wearing sunglasses. However, the scientific literature does not properly quantify to support this rationale. The reasoning may be misleading by ignoring not only the inherent absorption of UV by the sunglass lens materials but also by ignoring the absorption of the anterior structures of the eye, i.e., the cornea and aqueous humor. Therefore, we estimate the pupil diameter and calculate the solar ultraviolet influx through the pupil of the human eye for two situations of an individual wearing and not wearing sunglasses. We quantify the dilation of the pupil as a function of the luminance of the surrounding. Therefore, we calculate the influx of solar UV through the pupil of the eye for two situations for an individual wearing sunglass and for the eyes free of shade. A typical boundary condition for the calculation is an individual in an upright position wearing sunglasses, staring at the horizon as if the sun is in the zenith. The calculation was done for the latitude of the geographic center of the state of São Paulo (-22º04'11.8'' S) from sunrise to sunset. A model from the literature is used for determining the sky luminance. The initial approach is to obtain pupil diameter as a function of luminance. Therefore, as a preliminary result, we calculate the pupil diameter as a function of the time of day, as the sun moves, for a particular day of the year. The working range for luminance is daylight (10⁻⁴ – 10⁵ cd/m²). We are able to show how the pupil adjusts to brightness change (~2 - ~7.8 mm). At noon, with the sun higher, the direct incidence of light on the pupil is lower if compared to mid-morning or mid-afternoon, when the sun strikes more directly into the eye. Thus, the pupil is larger at midday. As expected, the two situations have opposite behaviors since higher luminance implies a smaller pupil. With these results, we can progress in the short term to obtain the transmittance spectra of sunglasses samples and quantify how light attenuation provided by the spectacles affects pupil diameter.

Keywords: sunglasses, UV protection, pupil diameter, solar irradiance, luminance

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2069 Automation of Savitsky's Method for Power Calculation of High Speed Vessel and Generating Empirical Formula

Authors: M. Towhidur Rahman, Nasim Zaman Piyas, M. Sadiqul Baree, Shahnewaz Ahmed

Abstract:

The design of high-speed craft has recently become one of the most active areas of naval architecture. Speed increase makes these vehicles more efficient and useful for military, economic or leisure purpose. The planing hull is designed specifically to achieve relatively high speed on the surface of the water. Speed on the water surface is closely related to the size of the vessel and the installed power. The Savitsky method was first presented in 1964 for application to non-monohedric hulls and for application to stepped hulls. This method is well known as a reliable comparative to CFD analysis of hull resistance. A computer program based on Savitsky’s method has been developed using MATLAB. The power of high-speed vessels has been computed in this research. At first, the program reads some principal parameters such as displacement, LCG, Speed, Deadrise angle, inclination of thrust line with respect to keel line etc. and calculates the resistance of the hull using empirical planning equations of Savitsky. However, some functions used in the empirical equations are available only in the graphical form, which is not suitable for the automatic computation. We use digital plotting system to extract data from nomogram. As a result, value of wetted length-beam ratio and trim angle can be determined directly from the input of initial variables, which makes the power calculation automated without manually plotting of secondary variables such as p/b and other coefficients and the regression equations of those functions are derived by using data from different charts. Finally, the trim angle, mean wetted length-beam ratio, frictional coefficient, resistance, and power are computed and compared with the results of Savitsky and good agreement has been observed.

Keywords: nomogram, planing hull, principal parameters, regression

Procedia PDF Downloads 386
2068 Human Resource Information System: Role in HRM Practices and Organizational Performance

Authors: Ejaz Ali M. Phil

Abstract:

Enterprise Resource Planning (ERP) systems are playing a vital role in effective management of business functions in large and complex organizations. Human Resource Information System (HRIS) is a core module of ERP, providing concrete solutions to implement Human Resource Management (HRM) Practices in an innovative and efficient manner. Over the last decade, there has been considerable increase in the studies on HRIS. Nevertheless, previous studies relatively lacked to examine the moderating role of HRIS in performing HRM practices that may affect the firms’ performance. The current study was carried out to examine the impact of HRM practices (training, performance appraisal) on perceived organizational performance, with moderating role of HRIS, where the system is in place. The study based on Resource Based View (RBV) and Ability Motivation Opportunity (AMO) Theories, advocating that strengthening of human capital enables an organization to achieve and sustain competitive advantage which leads to improved organizational performance. Data were collected through structured questionnaire based upon adopted instruments after establishing reliability and validity. The structural equation modeling (SEM) were used to assess the model fitness, hypotheses testing and to establish validity of the instruments through Confirmatory Factor Analysis (CFA). A total 220 employees of 25 firms in corporate sector were sampled through non-probability sampling technique. Path analysis revealing that HRM practices and HRIS have significant positive impact on organizational performance. The results further showed that the HRIS moderated the relationships between training, performance appraisal and organizational performance. The interpretation of the findings and limitations, theoretical and managerial implications are discussed.

Keywords: enterprise resource planning, human resource, information system, human capital

Procedia PDF Downloads 378
2067 Video Processing of a Football Game: Detecting Features of a Football Match for Automated Calculation of Statistics

Authors: Rishabh Beri, Sahil Shah

Abstract:

We have applied a range of filters and processing in order to extract out the various features of the football game, like the field lines of a football field. Another important aspect was the detection of the players in the field and tagging them according to their teams distinguished by their jersey colours. This extracted information combined about the players and field helped us to create a virtual field that consists of the playing field and the players mapped to their locations in it.

Keywords: Detect, Football, Players, Virtual

Procedia PDF Downloads 315
2066 Observations on Cultural Alternative and Environmental Conservation: Populations "Delayed" and Excluded from Health and Public Hygiene Policies in Mexico (1890-1930)

Authors: Marcela Davalos Lopez

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The history of the circulation of hygienic knowledge and the consolidation of public health in Latin American cities towards the end of the 19th century is well known. Among them, Mexico City was inserted in international politics, strengthened institutions, medical knowledge, applied parameters of modernity and built sanitary engineering works. Despite the power that this hygienist system achieved, its scope was relative: it cannot be generalized to all cities. From a comparative and contextual analysis, it will be shown that conclusions derived from modern urban historiography present, from our contemporary observations, fractures. Between 1890 and 1930, the small cities and areas surrounding the Mexican capital adapted in their own way the international and federal public health regulations. This will be shown for neighborhoods located around Mexico City and in a medium city, close to the Mexican capital (about 80 km), called Cuernavaca. While the inhabitants of the neighborhoods kept awaiting the evolutionary process and the forms that public hygiene policies were taking (because they were witnesses and affected in their territories), in Cuernavaca, the dictates came as an echo. While the capital was drained, large roads were opened, roundabouts were erected, residents were expelled, and drains, sewers, drinking water pipes, etc., were built; Cuernavaca was sheltered in other times and practices. What was this due to? Undoubtedly, the time and energy that it took politicians and the group of "scientists" to carry out these enormous works in the Mexican capital took them away from addressing the issue in remote villages. It was not until the 20th century that the federal hygiene policy began to be strengthened. Despite this, there are other factors that emphasize the particularities of each site. I would like to draw attention here to the different receptions that each town prepared on public hygiene. We will see that Cuernavaca responded to its own semi-rural culture, history, orography and functions, prolonging for much longer, for example, the use of its deep ravines as sewers. For their part, the neighborhoods surrounding the capital, although affected and excluded from hygienist policies, chose to move away from them and solve the deficiencies with their own resources (they resorted to the waste that was left from the dried lake of Mexico to continue their lake practices). All of this points to a paradox that shapes our contemporary concerns: on the one hand, the benefits derived from medical knowledge and its technological applications (in this work referring particularly to the urban health system) and, on the other, the alteration it caused in environmental settings. Places like Cuernavaca (classified by the nineteenth-century and hygienists of the first decades of the twentieth century as backward), as well as landscapes such as neighborhoods, affected by advances in sanitary engineering, keep in their memory buried practices that we observe today as possible ways to reestablish environmental balances: alternative uses of water; recycling of organic materials; local uses of fauna; various systems for breaking down excreta, and so on. In sum, what the nineteenth and first half of the twentieth centuries graduated as levels of backwardness or progress, turn out to be key information to rethink the routes of environmental conservation. When we return to the observations of the scientists, politicians and lawyers of that period, we find historically rejected cultural alterity. Populations such as Cuernavaca that, due to their history, orography and/or insufficiency of federal policies, kept different relationships with the environment, today give us clues to reorient basic elements of cities: alternative uses of water, waste of raw materials, organic or consumption of local products, among others. It is, therefore, a matter of unearthing the rejected that cries out to emerge to the surface.

Keywords: sanitary hygiene, Mexico city, cultural alterity, environmental conservation, environmental history

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2065 The Differentiation of Performances among Immigrant Entrepreneurs: A Biographical Approach

Authors: Daniela Gnarini

Abstract:

This paper aims to contribute to the field of immigrants' entrepreneurial performance. The debate on immigrant entrepreneurship has been dominated by cultural explanations, which argue that immigrants’ entrepreneurial results are linked to groups’ characteristics. However, this approach does not consider important dimensions that influence entrepreneurial performances. Furthermore, cultural theories do not take into account the huge differences in performances also within the same ethnic group. For these reason, this study adopts a biographical approach, both at theoretical and at methodological level, which can allow to understand the main aspects that make the difference in immigrants' entrepreneurial performances, by exploring the narratives of immigrant entrepreneurs, who operate in the restaurant sector in two different Italian metropolitan areas: Milan and Rome. Through the qualitative method of biographical interviews, this study analyses four main dimensions and their combinations: a) individuals' entrepreneurial and migratory path: this aspect is particularly relevant to understand the biographical resources of immigrant entrepreneurs and their change and evolution during time; b) entrepreneurs' social capital, with a particular focus on their networks, through the adoption of a transnational perspective, that takes into account both the local level and the transnational connections. This study highlights that, though entrepreneurs’ connections are significant, especially as far as those with family members are concerned, often their entrepreneurial path assumes an individualised trajectory. c) Entrepreneurs' human capital, including both formal education and skills acquired through informal channels. The latter are particularly relevant since in the interviews and data collected the role of informal transmission emerges. d) Embeddedness within the social, political and economic context, to understand the main constraints and opportunities both at local and national level. The comparison between two different metropolitan areas within the same country helps to understand this dimension.

Keywords: biographies, immigrant entrepreneurs, life stories, performance

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2064 Investigating Links in Achievement and Deprivation (ILiAD): A Case Study Approach to Community Differences

Authors: Ruth Leitch, Joanne Hughes

Abstract:

This paper presents the findings of a three-year government-funded study (ILiAD) that aimed to understand the reasons for differential educational achievement within and between socially and economically deprived areas in Northern Ireland. Previous international studies have concluded that there is a positive correlation between deprivation and underachievement. Our preliminary secondary data analysis suggested that the factors involved in educational achievement within multiple deprived areas may be more complex than this, with some areas of high multiple deprivation having high levels of student attainment, whereas other less deprived areas demonstrated much lower levels of student attainment, as measured by outcomes on high stakes national tests. The study proposed that no single explanation or disparate set of explanations could easily account for the linkage between levels of deprivation and patterns of educational achievement. Using a social capital perspective that centralizes the connections within and between individuals and social networks in a community as a valuable resource for educational achievement, the ILiAD study involved a multi-level case study analysis of seven community sites in Northern Ireland, selected on the basis of religious composition (housing areas are largely segregated by religious affiliation), measures of multiple deprivation and differentials in educational achievement. The case study approach involved three (interconnecting) levels of qualitative data collection and analysis - what we have termed Micro (or community/grassroots level) understandings, Meso (or school level) explanations and Macro (or policy/structural) factors. The analysis combines a statistical mapping of factors with qualitative, in-depth data interpretation which, together, allow for deeper understandings of the dynamics and contributory factors within and between the case study sites. Thematic analysis of the qualitative data reveals both cross-cutting factors (e.g. demographic shifts and loss of community, place of the school in the community, parental capacity) and analytic case studies of explanatory factors associated with each of the community sites also permit a comparative element. Issues arising from the qualitative analysis are classified either as drivers or inhibitors of educational achievement within and between communities. Key issues that are emerging as inhibitors/drivers to attainment include: the legacy of the community conflict in Northern Ireland, not least in terms of inter-generational stress, related with substance abuse and mental health issues; differing discourses on notions of ‘community’ and ‘achievement’ within/between community sites; inter-agency and intra-agency levels of collaboration and joined-up working; relationship between the home/school/community triad and; school leadership and school ethos. At this stage, the balance of these factors can be conceptualized in terms of bonding social capital (or lack of it) within families, within schools, within each community, within agencies and also bridging social capital between the home/school/community, between different communities and between key statutory and voluntary organisations. The presentation will outline the study rationale, its methodology, present some cross-cutting findings and use an illustrative case study of the findings from a community site to underscore the importance of attending to community differences when trying to engage in research to understand and improve educational attainment for all.

Keywords: educational achievement, multiple deprivation, community case studies, social capital

Procedia PDF Downloads 363
2063 Random Vertical Seismic Vibrations of the Long Span Cantilever Beams

Authors: Sergo Esadze

Abstract:

Seismic resistance norms require calculation of cantilevers on vertical components of the base seismic acceleration. Long span cantilevers, as a rule, must be calculated as a separate construction element. According to the architectural-planning solution, functional purposes and environmental condition of a designing buildings/structures, long span cantilever construction may be of very different types: both by main bearing element (beam, truss, slab), and by material (reinforced concrete, steel). A choice from these is always linked with bearing construction system of the building. Research of vertical seismic vibration of these constructions requires individual approach for each (which is not specified in the norms) in correlation with model of seismic load. The latest may be given both as deterministic load and as a random process. Loading model as a random process is more adequate to this problem. In presented paper, two types of long span (from 6m – up to 12m) reinforcement concrete cantilever beams have been considered: a) bearing elements of cantilevers, i.e., elements in which they fixed, have cross-sections with large sizes and cantilevers are made with haunch; b) cantilever beam with load-bearing rod element. Calculation models are suggested, separately for a) and b) types. They are presented as systems with finite quantity degree (concentrated masses) of freedom. Conditions for fixing ends are corresponding with its types. Vertical acceleration and vertical component of the angular acceleration affect masses. Model is based on assumption translator-rotational motion of the building in the vertical plane, caused by vertical seismic acceleration. Seismic accelerations are considered as random processes and presented by multiplication of the deterministic envelope function on stationary random process. Problem is solved within the framework of the correlation theory of random process. Solved numerical examples are given. The method is effective for solving the specific problems.

Keywords: cantilever, random process, seismic load, vertical acceleration

Procedia PDF Downloads 173
2062 Analysis of Underground Logistics Transportation Technology and Planning Research: Based on Xiong'an New Area, China

Authors: Xia Luo, Cheng Zeng

Abstract:

Under the promotion of the Central Committee of the Communist Party of China and the State Council in 2017, Xiong'an New Area is the third crucial new area in China established after Shenzhen and Shanghai. Its constructions' significance lies in mitigating Beijing's non-capital functions and exploring a new mode of optimizing development in densely populated and economically intensive areas. For this purpose, developing underground logistics can assume the role of goods distribution in the capital, relieve the road transport pressure in Beijing-Tianjin-Hebei Urban Agglomeration, adjust and optimize the urban layout and spatial structure of it. Firstly, the construction planning of Xiong'an New Area and underground logistics development are summarized, especially the development status abroad, the development trend, and bottlenecks of underground logistics in China. This paper explores the technicality, feasibility, and necessity of four modes of transportation. There are pneumatic capsule pipeline (PCP) technology, the CargoCap technology, cable hauled mule, and automatic guided vehicle (AGV). The above technical parameters and characteristics are introduced to relevant experts or scholars. Through establishing an indicator system, carrying out a questionnaire survey with the Delphi method, the final suggestion is obtained: China should develop logistics vehicles similar to CargoCap, adopting rail mode and driverless mode. Based on China's temporal and spatial logistics demand and the geographical pattern of Xiong'an New Area, the construction scale, technical parameters, node location, and other vital parameters of underground logistics are planned. In this way, we hope to speed up the new area's construction and the logistics industry's innovation.

Keywords: the Xiong'an new area, underground logistics, contrastive analysis, CargoCap, logistics planning

Procedia PDF Downloads 117
2061 Thermal Comfort Evaluation in an Office Space Based on Pmv-Ppd Model

Authors: Kaoutar Jraida

Abstract:

Growing evidence demonstrates that thermal conditions in office buildings broadly influence productivity of workers. The purpose of this study is to evaluate and analyze the indoor thermal comfort in an office space based on the calculation of predicted mean vote and predicted percentage of dissatisfied (PMV-PPD) model and field survey.

Keywords: Office, Predicted Mean Vote (PMV), Percentage People Dissatisfied (PPD), Thermal comfort

Procedia PDF Downloads 185
2060 Post-Soviet LULC Analysis of Tbilisi, Batumi and Kutaisi Using of Remote Sensing and Geo Information System

Authors: Lela Gadrani, Mariam Tsitsagi

Abstract:

Human is a part of the urban landscape and responsible for it. Urbanization of cities includes the longest phase; thus none of the environment ever undergoes such anthropogenic impact as the area of large cities. The post-Soviet period is very interesting in terms of scientific research. The changes that have occurred in the cities since the collapse of the Soviet Union have not yet been analyzed best to our knowledge. In this context, the aim of this paper is to analyze the changes in the land use of the three large cities of Georgia (Tbilisi, Kutaisi, Batumi). Tbilisi as a capital city, Batumi as a port city, and Kutaisi as a former industrial center. Data used during the research process are conventionally divided into satellite and supporting materials. For this purpose, the largest topographic maps (1:10 000) of all three cities were analyzed, Tbilisi General Plans (1896, 1924), Tbilisi and Kutaisi historical maps. The main emphasis was placed on the classification of Landsat images. In this case, we have classified the images LULC (LandUse / LandCover) of all three cities taken in 1987 and 2016 using the supervised and unsupervised methods. All the procedures were performed in the programs: Arc GIS 10.3.1 and ENVI 5.0. In each classification we have singled out the following classes: built-up area, water bodies, agricultural lands, green cover and bare soil, and calculated the areas occupied by them. In order to check the validity of the obtained results, additionally we used the higher resolution images of CORONA and Sentinel. Ultimately we identified the changes that took place in the land use in the post-Soviet period in the above cities. According to the results, a large wave of changes touched Tbilisi and Batumi, though in different periods. It turned out that in the case of Tbilisi, the area of developed territory has increased by 13.9% compared to the 1987 data, which is certainly happening at the expense of agricultural land and green cover, in particular, the area of agricultural lands has decreased by 4.97%; and the green cover by 5.67%. It should be noted that Batumi has obviously overtaken the country's capital in terms of development. With the unaided eye it is clear that in comparison with other regions of Georgia, everything is different in Batumi. In fact, Batumi is an unofficial summer capital of Georgia. Undoubtedly, Batumi’s development is very important both in economic and social terms. However, there is a danger that in the uneven conditions of urban development, we will eventually get a developed center - Batumi, and multiple underdeveloped peripheries around it. Analysis of the changes in the land use is of utmost importance not only for quantitative evaluation of the changes already implemented, but for future modeling and prognosis of urban development. Raster data containing the classes of land use is an integral part of the city's prognostic models.

Keywords: analysis, geo information system, remote sensing, LULC

Procedia PDF Downloads 439
2059 Economics of Milled Rice Marketing in Gombe Metropolis, Gombe State, Nigeria

Authors: Suleh Yusufu Godi, Ado Makama Adamu

Abstract:

Marketing involves all the legal, physical, and economic services which are necessary in moving products from producer to consumers. The more efficient the marketing functions are performed the better the marketing system for the farmers, marketing agents, and the society at large. Rice marketing ensures the flow of product from producers to consumers in the form, time and place of need. Therefore, this study examined profitability of milled rice marketing in Gombe metropolis, Gombe State. Data were collected using structured questionnaires from ninety randomly selected rice marketers in Gombe metropolis. The data were analyzed using descriptive statistics, farm budget technique and regression analysis. The study revealed the total rice marketing cost incurred by rice marketers to be N6, 610,214.70. This gave an average of N73, 446.83 per marketer and N37.30 per Kilogram of rice. The Gross Income for rice marketers in Gombe metropolis was N15, 064,600.00. This value gave an average of N167, 384.44 per rice marketer or N85.00 per kilogram of rice. The study also revealed net income for all rice marketers to be N8, 454,385.30. This gave an average of N93, 937.61 per rice marketer or N47.70 per Kilogram of rice. The study further revealed a marketing margin, marketing efficiency and return per naira invested on rice marketing to be 39.30%, 150.16% and N0.56, respectively. The result of regression analysis shows that age, sex and cost of transportation are positive and significantly affect marketing margin of rice marketers in Gombe Metropolis. However, the main constraints to rice marketing in Gombe metropolis include inadequate electricity, capital, high transportation cost, instability of prices and low patronage among others. The study recommends provision of adequate electrical power supply in the State especially the State capital and also encouraging rice marketers in Gombe metropolis to form cooperative societies so as to have easy access to credit facilities especially from the formal sources.

Keywords: rice marketers, milled rice, cost and return, marketing margin, efficiency, profitability

Procedia PDF Downloads 61
2058 Comparison Study of Capital Protection Risk Management Strategies: Constant Proportion Portfolio Insurance versus Volatility Target Based Investment Strategy with a Guarantee

Authors: Olga Biedova, Victoria Steblovskaya, Kai Wallbaum

Abstract:

In the current capital market environment, investors constantly face the challenge of finding a successful and stable investment mechanism. Highly volatile equity markets and extremely low bond returns bring about the demand for sophisticated yet reliable risk management strategies. Investors are looking for risk management solutions to efficiently protect their investments. This study compares a classic Constant Proportion Portfolio Insurance (CPPI) strategy to a Volatility Target portfolio insurance (VTPI). VTPI is an extension of the well-known Option Based Portfolio Insurance (OBPI) to the case where an embedded option is linked not to a pure risky asset such as e.g., S&P 500, but to a Volatility Target (VolTarget) portfolio. VolTarget strategy is a recently emerged rule-based dynamic asset allocation mechanism where the portfolio’s volatility is kept under control. As a result, a typical VTPI strategy allows higher participation rates in the market due to reduced embedded option prices. In addition, controlled volatility levels eliminate the volatility spread in option pricing, one of the frequently cited reasons for OBPI strategy fall behind CPPI. The strategies are compared within the framework of the stochastic dominance theory based on numerical simulations, rather than on the restrictive assumption of the Black-Scholes type dynamics of the underlying asset. An extended comparative quantitative analysis of performances of the above investment strategies in various market scenarios and within a range of input parameter values is presented.

Keywords: CPPI, portfolio insurance, stochastic dominance, volatility target

Procedia PDF Downloads 149