Search results for: infrastructural investment
716 The Channels through Which Energy Tax Can Affect Economic Growth: Panel Data Analysis
Authors: Mahmoud Hassan, Walid Oueslati, Damien Rousseliere
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This paper explores the channels through which energy taxes may affect economic growth, using a simultaneous equations model for a balanced panel data of 31 OECD countries over the 1994–2013 period. The empirical results reveal a negative impact of energy taxes on physical investment in the short and long term. This impact is negatively sensitive to the existence and level of public debt. Additionally, the results show that energy taxes have an indirect effect on human capital through their impact on polluting emissions. The taxes on energy products are able to reduce both the flux and the stock of polluting emissions that have a negative impact on human capital skills in the short and long term. Finally, we found that energy taxes could encourage eco-innovation in the short and long term.Keywords: energy taxes, economic growth, public debt, simultaneous equations model, multiple imputation
Procedia PDF Downloads 232715 Measuring Green Growth Indicators: Implication for Policy
Authors: Hanee Ryu
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The former president Lee Myung-bak's administration of Korea presented “green growth” as a catchphrase from 2008. He declared “low-carbon, green growth” the nation's vision for the next decade according to United Nation Framework on Climate Change. The government designed omnidirectional policy for low-carbon and green growth with concentrating all effort of departments. The structural change was expected because this slogan is the identity of the government, which is strongly driven with the whole department. After his administration ends, the purpose of this paper is to quantify the policy effect and to compare with the value of the other OECD countries. The major target values under direct policy objectives were suggested, but it could not capture the entire landscape on which the policy makes changes. This paper figures out the policy impacts through comparing the value of ex-ante between the one of ex-post. Furthermore, each index level of Korea’s low-carbon and green growth comparing with the value of the other OECD countries. To measure the policy effect, indicators international organizations have developed are considered. Environmental Sustainable Index (ESI) and Environmental Performance Index (EPI) have been developed by Yale University’s Center for Environmental Law and Policy and Columbia University’s Center for International Earth Science Information Network in collaboration with the World Economic Forum and Joint Research Center of European Commission. It has been widely used to assess the level of natural resource endowments, pollution level, environmental management efforts and society’s capacity to improve its environmental performance over time. Recently OCED publish the Green Growth Indicator for monitoring progress towards green growth based on internationally comparable data. They build up the conceptual framework and select indicators according to well specified criteria: economic activities, natural asset base, environmental dimension of quality of life and economic opportunities and policy response. It considers the socio-economic context and reflects the characteristic of growth. Some selected indicators are used for measuring the level of changes the green growth policies have induced in this paper. As results, the CO2 productivity and energy productivity show trends of declination. It means that policy intended industry structure shift for achieving carbon emission target affects weakly in the short-term. Increasing green technologies patents might result from the investment of previous period. The increasing of official development aids which can be immediately embarked by political decision with no time lag present only in 2008-2009. It means international collaboration and investment to developing countries via ODA has not succeeded since the initial stage of his administration. The green growth framework makes the public expect structural change, but it shows sporadic effect. It needs organization to manage it in terms of the long-range perspectives. Energy, climate change and green growth are not the issue to be handled in the one period of the administration. The policy mechanism to transfer cost problem to value creation should be developed consistently.Keywords: comparing ex-ante between ex-post indicator, green growth indicator, implication for green growth policy, measuring policy effect
Procedia PDF Downloads 448714 Entrepreneurial Predisposition and Intention of Students from the IFRN – Mossoró, Brazil
Authors: Giovane Gurgel, Cristina S. Rodrigues, Filipa D. Vieira
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IFRN – Mossoró is a Brazilian technical education institute that develops several activities to encourage entrepreneurship, such as a curricular discipline about enterprise management and the existence of a business incubator. Despite efforts, the business incubator does not produce the expected effects. Therefore, what predisposes students to start their own business? If literature review explores determinant factors like the family and personal characteristics, it can be sustained that entrepreneurship skills can be taught since primary level, until university level. This paper presents the results of research project “Empreende IFRN” to understand the entrepreneurial predisposition and intention of the students from technical level courses. Data from 365 students from technical level courses reveal an increased entrepreneurial intention of students during time (from a 2 years period to someday in the future). The entrepreneurial behaviour of parents affects students’ perception about starting their own business. Students also present a cautions behaviour, preferring bank deposit and investment fund instead starting a business.Keywords: Brazil, entrepreneurial intention, entrepreneurship, secondary technical students
Procedia PDF Downloads 283713 Effects of Gross Domestic Product and International Trade on Logistic Performance: An Effect Observation Trial
Authors: Ibrahim Halil Korkmaz, Eren Özceylan, Cihan Çetinkaya
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Logistics function has great potential for increasing sustainable competitive advantage, profitability, productivity, customer satisfaction and decreasing costs in all sectors. The performance of logistics sector, which has such great influence on the overall performance of the economy, attracts more attention of both researchers and sector representatives day by day. The purpose of this study is to determine the effects of research and development expenditures which spent by enterprises operating in the transportation and storage sectors on Turkey’s logistic performance index (LPI). To do so, research and development investment expenditure among the years 2009-2015 of Turkish transportation and storage firms data from the Turkish Statistical Institute and Turkeys country points in the World Bank logistics performance index in the same years data were examined. As the result of the parametric evaluation, it is seen that the research and development expenditures made have a positive effect on the logistic performance of Turkey.Keywords: logistics performance index, R&D investments, transportation, storage, Turkey
Procedia PDF Downloads 322712 Challenges and Prospects of Small and Medium Scale Enterprises in Somolu Local Government Area
Authors: A. A. Akharayi, B. E. Anjola
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The economic development of a country depends greatly on internally built revenue. Small and Medium-scale Enterprise (SMEs) contributes to the economic buoyancy as it provides employment for the teeming population, encourages job creation by youths who believes in themselves and also by others who have gathered finance enough to invest in growable investment. SMEs is faced with several challenges. The study investigates the role and challenges of SMEs Somolu Local Government Area. Simple random sampling techniques were used to select entrepreneurs (SMEs owners and managers). One hundred and fifty (150) registered SMEs were selected across the LGA data collection with the use of well-structured questionnaire. The data collected were analysed using Statistical Package for Social Science (SPSS) version 21. The result of the analysis indicated that marketing, finance, social facilities and indiscriminate taxes among other high level of fund available significantly (p <0 .05) increase firm capacity while marketing showed a significant (p < 0.05) relationship with profit level.Keywords: challenge, development, economic, small and medium scale enterprise
Procedia PDF Downloads 243711 Supplier Relationship Management and Selection Strategies: A Literature Review
Authors: Priyesh Kumar Singh, S. K. Sharma, Sanjay Verma, C. Samuel
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Supplier Relationship Management (SRM), is strategic planning and managing of all interactions with suppliers to maximize its value. Its application varies from construction industries to healthcare system and investment banks to aviation industries. Several buyer-supplier relationship models, as well as supplier selection and evaluation strategies, have been documented by many academicians and researchers. In this paper, through a comprehensive literature review of over 30 published papers, different theoretical models, empirical data and conclusions were analysed relating to SRM to find its role in establishing better supplier relationships. These journal articles were searched by using the keyword “supplier relationship management,” in databases of Mendeley Library, ProQuest, EBSCO and Google Scholar. This paper reviews the academic literature on different relationship models, supplier evaluation, and selection strategies to discuss its implications in different situations. It also describes the dominant factors responsible for buyer-supplier relationships such trust and power. Finally, conclusions have been drawn which can be validated by various researchers and can help practitioners in industries.Keywords: supplier relationship management, supplier performance, supplier evaluation, supplier selection strategies
Procedia PDF Downloads 281710 Transaction Cost Analysis, Execution Quality, and Best Execution under MiFID II
Authors: Rodrigo Zepeda
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Transaction cost analysis (TCA) is a way of analyzing the relative performance of different intermediaries and different trading strategies for trades undertaken in financial instruments. It is a way for an investor to determine the overall quality of execution of a particular trade, and there are many different approaches to undertaking TCA. Under the updated Markets in Financial Instruments Directive (2014/65/EU) (MiFID II), investment firms are required when executing orders, to take all sufficient steps to obtain the best possible result for their clients. This requirement for 'Best Execution' must take into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order. The new regulatory compliance framework under MiFID II will now also apply across a very broad range of financial instruments. This article will provide a comprehensive technical analysis of how TCA and Best Execution will significantly change under MiFID II. It will also explain why harmonization of post-trade reporting requirements under MiFID II could potentially support the development of peer group analysis, which in turn could provide a new and highly advanced framework for TCA that could more effectively support Best Execution requirements under MiFID II. The study is significant because there are no studies that have dealt with TCA and Best Execution under MiFID II in the literature.Keywords: transaction cost analysis, execution quality, best execution, MiFID II, financial instruments
Procedia PDF Downloads 290709 The Effect of Taxes on Development: An Albanian Case
Authors: Mergleda Hodo
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All national governments aim to achieve economic equilibrium to build sustainable welfare, political stability, and economic equilibrium. There are various instruments to stimulate economic development and growth and achieve macroeconomic objectives. After the collapse of the political and economic system in the 1990s, some countries faced the complex challenge of economic development. This study aims to determine, based on empirical research, whether and to what extent tax revenue has an impact on the economic development of Albania. Furthermore, it gives an overview of the ways in which high tax burdens on the western Balkan countries have negatively affected foreign investment and reduced economic growth. This analysis is important for these selected countries, as the financial system has changed significantly over the years and has been affected significantly by a period of economic transition. The analysis is performed based on secondary data possessed by the World Bank and the central bank of each participating country between 2005 and 2018. The research findings indicate that tax policy affects, to a significant extent, the economic development of Albania. An efficient tax system is when individuals are willing to pay tax liability which will help in improving the economic well-being of a country.Keywords: tax, development, economic growth, tax revenue
Procedia PDF Downloads 79708 The Role of Law Corruption and Culture in Investment Fund Manager Fees
Authors: Samir Assal
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This paper considers an international sample of venture capital and private equity funds to assess the role of law, corruption and culture in setting fund manager fees in terms of their fixed management fees, carried interest performance fees, clawbacks of fees and cash versus share distributions of fees. The data highlight a role of legal conditions in shaping fees paid to fund managers. In countries with better legal conditions, fixed fees are lower, carried interest fees are higher, clawbacks are less likely, and share distributions are more likely. These findings suggest legal conditions help to align the interests of managers and shareholders. More specifically, we examine which element of legal conditions matter most, and discover that corruption levels play a pronounced role in shaping fund manager fee contracts. We also show that cultural forces such as Hofstede’s measures of power distance and uncertainty avoidance likewise play a role in influencing fees.Keywords: managerial compensation, incentive contracts, private equity, law and finance
Procedia PDF Downloads 309707 Disparities in the Levels of Economic Development in Uttar Pradesh: A Regional Analysis
Authors: Naushaba Naseem Ahmed
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Economic development does not merely depend upon the level of development but also on its distributive aspect. As it is a serious issue, the fruit of development is not equally distributed among the different section of peoples and different part of the country this cause the regional disparities in the levels of social economic development. Different part of the country has different resource endowments in term of natural, human and capital. If there is the uniform condition to grow, these areas that have better resources, are favourably placed grow comparatively faster as other areas. Thus with the very stage of development, gap between resourceful and less resourceful area goes on widening. This paper is an attempt to highlight the levels of disparities in term of economic development with the help of selected variables. Principal component analysis, correlation, and coefficient of variation are the techniques which were used in paper and employed published data for analysis. The result shows that Western region of Uttar Pradesh is more developed followed by Central Region. There will be urgent need in investment and developmental policies for the backward region like Bundelkhand region of Uttar Pradesh.Keywords: coefficient of variation, correlation, economic development, principal component analysis
Procedia PDF Downloads 261706 Analysis of National Science and Technology Policies: The Case of South Korea
Authors: Jeonghwan Jeon
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As the science and technology (S&T) has been rapidly advanced, the national government attempts to reflect changes in the S&T for promoting public R&D activities and economic development. Amongst others, due to the rapid advances and changes of S&T, it becomes important to analyze the trends of S&T policies for formulating the new policy and investigating promising S&T fields. Thus, this paper aims to trace the national S&T policies during this decade for analyzing the change of major S&T fields in the case of South Korea. As one of the organization for S&T policy in South Korea, the National Science and Technology Council (NSTC) has been established to coordinate inter-ministerial policies and programs and to determine all of the national and public S&T policy of South Korea. In this regard, the items on national S&T policy determined by the NSTC are useful for understanding the needs for major S&T fields and adapting to the rapid change of S&T. To this end, we first gathered the data on 512 items on the S&T agenda from 1999 to 2013. Based on these items, the trend of S&T policies is monitored and the major S&T fields are derived. Differences of policy purposes between S&T fields are identified to provide guideline for policy making such as budget allocation or investment promotion as well.Keywords: national science and technology, policy, trends, S&T field
Procedia PDF Downloads 551705 Developing Logistics Indices for Turkey as an an Indicator of Economic Activity
Authors: Gizem İntepe, Eti Mizrahi
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Investment and financing decisions are influenced by various economic features. Detailed analysis should be conducted in order to make decisions not only by companies but also by governments. Such analysis can be conducted either at the company level or on a sectoral basis to reduce risks and to maximize profits. Sectoral disaggregation caused by seasonality effects, subventions, data advantages or disadvantages may appear in sectors behaving parallel to BIST (Borsa Istanbul stock exchange) Index. Proposed logistic indices could serve market needs as a decision parameter in sectoral basis and also helps forecasting activities in import export volume changes. Also it is an indicator of logistic activity, which is also a sign of economic mobility at the national level. Publicly available data from “Ministry of Transport, Maritime Affairs and Communications” and “Turkish Statistical Institute” is utilized to obtain five logistics indices namely as; exLogistic, imLogistic, fLogistic, dLogistic and cLogistic index. Then, efficiency and reliability of these indices are tested.Keywords: economic activity, export trade data, import trade data, logistics indices
Procedia PDF Downloads 337704 Quantifying Firm-Level Environmental Innovation Performance: Determining the Sustainability Value of Patent Portfolios
Authors: Maximilian Elsen, Frank Tietze
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The development and diffusion of green technologies are crucial for achieving our ambitious climate targets. The Paris Agreement commits its members to develop strategies for achieving net zero greenhouse gas emissions by the second half of the century. Governments, executives, and academics are working on net-zero strategies and the business of rating organisations on their environmental, social and governance (ESG) performance has grown tremendously in its public interest. ESG data is now commonly integrated into traditional investment analysis and an important factor in investment decisions. Creating these metrics, however, is inherently challenging as environmental and social impacts are hard to measure and uniform requirements on ESG reporting are lacking. ESG metrics are often incomplete and inconsistent as they lack fully accepted reporting standards and are often of qualitative nature. This study explores the use of patent data for assessing the environmental performance of companies by focusing on their patented inventions in the space of climate change mitigation and adaptation technologies (CCMAT). The present study builds on the successful identification of CCMAT patents. In this context, the study adopts the Y02 patent classification, a fully cross-sectional tagging scheme that is fully incorporated in the Cooperative Patent Classification (CPC), to identify Climate Change Adaptation Technologies. The Y02 classification was jointly developed by the European Patent Office (EPO) and the United States Patent and Trademark Office (USPTO) and provides means to examine technologies in the field of mitigation and adaptation to climate change across relevant technologies. This paper develops sustainability-related metrics for firm-level patent portfolios. We do so by adopting a three-step approach. First, we identify relevant CCMAT patents based on their classification as Y02 CPC patents. Second, we examine the technological strength of the identified CCMAT patents by including more traditional metrics from the field of patent analytics while considering their relevance in the space of CCMAT. Such metrics include, among others, the number of forward citations a patent receives, as well as the backward citations and the size of the focal patent family. Third, we conduct our analysis on a firm level by sector for a sample of companies from different industries and compare the derived sustainability performance metrics with the firms’ environmental and financial performance based on carbon emissions and revenue data. The main outcome of this research is the development of sustainability-related metrics for firm-level environmental performance based on patent data. This research has the potential to complement existing ESG metrics from an innovation perspective by focusing on the environmental performance of companies and putting them into perspective to conventional financial performance metrics. We further provide insights into the environmental performance of companies on a sector level. This study has implications of both academic and practical nature. Academically, it contributes to the research on eco-innovation and the literature on innovation and intellectual property (IP). Practically, the study has implications for policymakers by deriving meaningful insights into the environmental performance from an innovation and IP perspective. Such metrics are further relevant for investors and potentially complement existing ESG data.Keywords: climate change mitigation, innovation, patent portfolios, sustainability
Procedia PDF Downloads 83703 Monitoring Trends of Science and Technology Policies in South Korea
Authors: Jeonghwan Jeon
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As the science and technology(S&T) has been rapidly advanced, the national government attempts to reflect changes in the S&T for promoting public R&D activities and economic development. Amongst others, due to the rapid advances and changes of S&T, it becomes important to monitor the trends of S&T policies for formulating the new policy and investigating promising S&T fields. Thus, this paper aims to trace the national S&T policies during this decade for monitoring the change of major S&T fields in the case of South Korea. As one of the organization for S&T policy in South Korea, the National Science and Technology Council (NSTC) has been established to coordinate inter-ministerial policies and programs and to determine all of the national and public S&T policy of South Korea. In this regard, the items on national S&T policy determined by the NSTC are useful for understanding the needs for major S&T fields and adapting to the rapid change of S&T. To this end, we first gathered the data on 512 items on the S&T agenda from 1999 to 2013. Based on these items, the trend of S&T policies is monitored and the major S&T fields are derived. Differences of policy purposes between S&T fields are identified to provide guideline for policy making such as budget allocation or investment promotion as well.Keywords: science and technology policy, trends, S&T field, monitoring
Procedia PDF Downloads 321702 The Quantitative Analysis of the Influence of the Superficial Abrasion on the Lifetime of the Frog Rail
Authors: Dong Jiang
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Turnout is the essential equipment on the railway, which also belongs to one of the strongest demanded infrastructural facilities of railway on account of the more seriously frog rail failures. In cooperation with Germany Company (DB Systemtechnik AG), our research team focuses on the quantitative analysis about the frog rails to predict their lifetimes. Moreover, the suggestions for the timely and effective maintenances are made to improve the economy of the frog rails. The lifetime of the frog rail depends strongly on the internal damage of the running surface until the breakages occur. On the basis of Hertzian theory of the contact mechanics, the dynamic loads of the running surface are calculated in form of the contact pressures on the running surface and the equivalent tensile stress inside the running surface. According to material mechanics, the strength of the frog rail is determined quantitatively in form of the Stress-cycle (S-N) curve. Under the interaction between the dynamic loads and the strength, the internal damage of the running surface is calculated by means of the linear damage hypothesis of the Miner’s rule. The emergence of the first Breakage on the running surface is to be defined as the failure criterion that the damage degree equals 1.0. From the microscopic perspective, the running surface of the frog rail is divided into numerous segments for the detailed analysis. The internal damage of the segment grows slowly in the beginning and disproportionately quickly in the end until the emergence of the breakage. From the macroscopic perspective, the internal damage of the running surface develops simply always linear along the lifetime. With this linear growth of the internal damages, the lifetime of the frog rail could be predicted simply through the immediate introduction of the slope of the linearity. However, the superficial abrasion plays an essential role in the results of the internal damages from the both perspectives. The influences of the superficial abrasion on the lifetime are described in form of the abrasion rate. It has two contradictory effects. On the one hand, the insufficient abrasion rate causes the concentration of the damage accumulation on the same position below the running surface to accelerate the rail failure. On the other hand, the excessive abrasion rate advances the disappearance of the head hardened surface of the frog rail to result in the untimely breakage on the surface. Thus, the relationship between the abrasion rate and the lifetime is subdivided into an initial phase of the increased lifetime and a subsequent phase of the more rapid decreasing lifetime with the continuous growth of the abrasion rate. Through the compensation of these two effects, the critical abrasion rate is discussed to reach the optimal lifetime.Keywords: breakage, critical abrasion rate, frog rail, internal damage, optimal lifetime
Procedia PDF Downloads 225701 Spatial Integrity of Seismic Data for Oil and Gas Exploration
Authors: Afiq Juazer Rizal, Siti Zaleha Misnan, M. Zairi M. Yusof
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Seismic data is the fundamental tool utilized by exploration companies to determine potential hydrocarbon. However, the importance of seismic trace data will be undermined unless the geo-spatial component of the data is understood. Deriving a proposed well to be drilled from data that has positional ambiguity will jeopardize business decision and millions of dollars’ investment that every oil and gas company would like to avoid. Spatial integrity QC workflow has been introduced in PETRONAS to ensure positional errors within the seismic data are recognized throughout the exploration’s lifecycle from acquisition, processing, and seismic interpretation. This includes, amongst other tests, quantifying that the data is referenced to the appropriate coordinate reference system, survey configuration validation, and geometry loading verification. The direct outcome of the workflow implementation helps improve reliability and integrity of sub-surface geological model produced by geoscientist and provide important input to potential hazard assessment where positional accuracy is crucial. This workflow’s development initiative is part of a bigger geospatial integrity management effort, whereby nearly eighty percent of the oil and gas data are location-dependent.Keywords: oil and gas exploration, PETRONAS, seismic data, spatial integrity QC workflow
Procedia PDF Downloads 223700 Aiming at Optimization of Tracking Technology through Seasonally Tilted Sun Trackers: An Indian Perspective
Authors: Sanjoy Mukherjee
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Discussions on concepts of Single Axis Tracker (SAT) are becoming more and more apt for developing countries like India not just as an advancement in racking technology but due to the utmost necessity of reaching at the lowest Levelized Cost of Energy (LCOE) targets. With this increasing competition and significant fall in feed-in tariffs of solar PV projects, developers are under constant pressure to secure investment for their projects and eventually earn profits from them. Moreover, being the second largest populated country, India suffers from scarcity of land because of higher average population density. So, to mitigate the risk of this dual edged sword with reducing trend of unit (kWh) cost at one side and utilization of land on the other, tracking evolved as the call of the hour. Therefore, the prime objectives of this paper are not only to showcase how STT proves to be an effective mechanism to get more gain in Global Incidence in collector plane (Ginc) with respect to traditional mounting systems but also to introduce Seasonally Tilted Tracker (STT) technology as a possible option for high latitude locations.Keywords: tracking system, grid connected solar PV plant, CAPEX reduction, levelized cost of energy
Procedia PDF Downloads 257699 Utilization of Municipal Solid Waste in Thermal Power Production: A Techno-Economic Study of Kasur City, Punjab, Pakistan
Authors: Hafiz Muhammad Umer Aslam, Mohammad Rafiq Khan
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This techno-economic study reports the feasibility of generating thermoelectric power from municipal solid waste (MSW) of Kasur City by incineration process. The data was gathered from different establishments of Kasur, through appropriate permission from their heads, and processed to design different alternative projects for installation of a thermal power plant in the city of Kasur. A technique of discounted cash flow was used to evaluate alternative projects so that their Benefit to Cost Ratio, Net Present Value, Internal Rate of Return and Payback Period can be determined. The study revealed that Kasur City currently consumes 18MWh electricity and generates 179 tons/day MSW. The generated waste has the ability to produce 2.1MWh electricity at the cost of USD 0.0581/unit with an expenditure of USD 3,907,692 as initial fixed investment of forming about 1/7th of consumption of Kasur. The cost from this source, when compared to current rate of electricity in Pakistan (USD 0.1346), is roughly half.Keywords: Kasur City, resource recovery, thermoelectric power, waste management
Procedia PDF Downloads 170698 Expectation and Satisfaction of Health Spa Business Service, Ranong Province, Thailand
Authors: Supattra Pranee
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The purposes of this research are to study the current business of health spa and to study the customers’ level of expectation as well as level of satisfaction of the health spa business in Ranong, Thailand. This paper drew upon data collected from health spa customers by using questionnaire. In addition, an in-depth interview was utilized to collect data from health spa entrepreneurs. The findings revealed that the health spa business is growing very fast and the coming ASEAN Economic Community (AEC) will ameliorate the business growth and increase the customer base. There is a need to improve staff’s ability to communicate in English. However, the economic size of Ranong province is still small which has resulted in the hesitation of investors to increase their investment in this business. The findings also revealed four categories of level of expectation and satisfaction as follows: (1) Service: overall, customers had a high expectation with a mean of 3.80 and 0.873 SD and a high level of satisfaction with a mean of 3.66 and 0.704 SD. (2) Staff: overall, customers had a high expectation with a mean of 3.95 and 0.865 SD and a high level of satisfaction with a mean of 3.84 and 0.783 SD. (3) Product, Equipment, and Tools: overall, customers had a high expectation with a mean of 4.02 and 0.913 SD and a high level of satisfaction with a mean of 3.88 and 0.772 SD. (4) Place, Atmosphere, and Environment: overall, customers had a high expectation with a mean of 3.95 and 0.906 SD and a high level of satisfaction with a mean of 3.86 and 0.785 SD.Keywords: expectation, health spa business, satisfaction, ranong province
Procedia PDF Downloads 303697 Unveiling the Black Swan of the Inflation-Adjusted Real Excess Returns-Risk Nexus: Evidence From Pakistan Stock Exchange
Authors: Mohammad Azam
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The purpose of this study is to investigate risk and real excess portfolio returns using inflation adjusted risk-free rates, a measuring technique that focuses on the momentum augmented Fama-French six-factor model and use monthly data from 1994 to 2022. With the exception of profitability, the data show that market, size, value, momentum, and investment factors are all strongly associated to excess portfolio stock returns using ordinary lease square regression technique. According to the Gibbons, Ross, and Shanken test, the momentum augmented Fama-French six-factor model outperforms the market. This technique discovery may be utilised by academics and professionals to acquire an in-depth knowledge of the Pakistan Stock Exchange across a broad stock pattern for investing decisions and portfolio construction.Keywords: real excess portfolio returns, momentum augmented fama & french five-factor model, GRS-test, pakistan stock exchange
Procedia PDF Downloads 102696 Enhancing Seismic Resilience in Urban Environments
Authors: Beatriz González-rodrigo, Diego Hidalgo-leiva, Omar Flores, Claudia Germoso, Maribel Jiménez-martínez, Laura Navas-sánchez, Belén Orta, Nicola Tarque, Orlando Hernández- Rubio, Miguel Marchamalo, Juan Gregorio Rejas, Belén Benito-oterino
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Cities facing seismic hazard necessitate detailed risk assessments for effective urban planning and vulnerability identification, ensuring the safety and sustainability of urban infrastructure. Comprehensive studies involving seismic hazard, vulnerability, and exposure evaluations are pivotal for estimating potential losses and guiding proactive measures against seismic events. However, broad-scale traditional risk studies limit consideration of specific local threats and identify vulnerable housing within a structural typology. Achieving precise results at neighbourhood levels demands higher resolution seismic hazard exposure, and vulnerability studies. This research aims to bolster sustainability and safety against seismic disasters in three Central American and Caribbean capitals. It integrates geospatial techniques and artificial intelligence into seismic risk studies, proposing cost-effective methods for exposure data collection and damage prediction. The methodology relies on prior seismic threat studies in pilot zones, utilizing existing exposure and vulnerability data in the region. Emphasizing detailed building attributes enables the consideration of behaviour modifiers affecting seismic response. The approach aims to generate detailed risk scenarios, facilitating prioritization of preventive actions pre-, during, and post-seismic events, enhancing decision-making certainty. Detailed risk scenarios necessitate substantial investment in fieldwork, training, research, and methodology development. Regional cooperation becomes crucial given similar seismic threats, urban planning, and construction systems among involved countries. The outcomes hold significance for emergency planning and national and regional construction regulations. The success of this methodology depends on cooperation, investment, and innovative approaches, offering insights and lessons applicable to regions facing moderate seismic threats with vulnerable constructions. Thus, this framework aims to fortify resilience in seismic-prone areas and serves as a reference for global urban planning and disaster management strategies. In conclusion, this research proposes a comprehensive framework for seismic risk assessment in high-risk urban areas, emphasizing detailed studies at finer resolutions for precise vulnerability evaluations. The approach integrates regional cooperation, geospatial technologies, and adaptive fragility curve adjustments to enhance risk assessment accuracy, guiding effective mitigation strategies and emergency management plans.Keywords: assessment, behaviour modifiers, emergency management, mitigation strategies, resilience, vulnerability
Procedia PDF Downloads 68695 Measuring the Effect of Intercollegiate Athletic Success on Private Giving and Enrollment
Authors: Jamie L. Stangel
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Increased popularity and visibility of college athletics have contributed to an environment in which institutions -most of which lack self-sufficient athletics department budgets- reallocate monies from the university general fund and seek additional funding sources to keep up with increasing levels of spending on athletics. Given the prevalence of debates on student debt levels, coach salaries, and athlete pay, empirical evidence on whether this spending yields an expected return on investment is necessary. This study considered the relationship between the independent variable of the winning percentage of the men’s basketball team at a mid-major university, moderated by NCAA tournament appearance, number of applicants, number of enrollments, average SAT score of students, and donor giving to the university general and athletic funds. The results indicate that, other than a small correlation between athletic success and number of applicants, only when NCAA tournament appearance is used as a moderating variable, these purported benefits are not supported, suggesting the need for a reevaluation of athletic department spending and perceptions on tangible and intangible benefits for universities.Keywords: athletic success, enrollment, NCAA, private giving
Procedia PDF Downloads 128694 Subsea Control Module (SCM) - A Vital Factor for Well Integrity and Production Performance in Deep Water Oil and Gas Fields
Authors: Okoro Ikechukwu Ralph, Fuat Kara
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The discoveries of hydrocarbon reserves has clearly drifted offshore, and in deeper waters - areas where the industry still has limited knowledge; and that were hitherto, regarded as being out of reach. This shift presents significant and increased challenges in technology requirements needed to guarantee safety of personnel, environment and equipment; ensure high reliability of installed equipment; and provide high level of confidence in security of investment and company reputation. Nowhere are these challenges more apparent than on subsea well integrity and production performance. The past two decades has witnessed enormous rise in deep and ultra-deep water offshore field developments for the recovery of hydrocarbons. Subsea installed equipment at the seabed has been the technology of choice for these developments. This paper discusses the role of Subsea Control module (SCM) as a vital factor for deep-water well integrity and production performance. A case study for Deep-water well integrity and production performance is analysed.Keywords: offshore reliability, production performance, subsea control module, well integrity
Procedia PDF Downloads 512693 Prospective Museum Visitor Management Based on Prospect Theory: A Pragmatic Approach
Authors: Athina Thanou, Eirini Eleni Tsiropoulou, Symeon Papavassiliou
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The problem of museum visitor experience and congestion management – in various forms - has come increasingly under the spotlight over the last few years, since overcrowding can significantly decrease the quality of visitors’ experience. Evidence suggests that on busy days the amount of time a visitor spends inside a crowded house museum can fall by up to 60% compared to a quiet mid-week day. In this paper we consider the aforementioned problem, by treating museums as evolving social systems that induce constraints. However, in a cultural heritage space, as opposed to the majority of social environments, the momentum of the experience is primarily controlled by the visitor himself. Visitors typically behave selfishly regarding the maximization of their own Quality of Experience (QoE) - commonly expressed through a utility function that takes several parameters into consideration, with crowd density and waiting/visiting time being among the key ones. In such a setting, congestion occurs when either the utility of one visitor decreases due to the behavior of other persons, or when costs of undertaking an activity rise due to the presence of other persons. We initially investigate how visitors’ behavioral risk attitudes, as captured and represented by prospect theory, affect their decisions in resource sharing settings, where visitors’ decisions and experiences are strongly interdependent. Different from the majority of existing studies and literature, we highlight that visitors are not risk neutral utility maximizers, but they demonstrate risk-aware behavior according to their personal risk characteristics. In our work, exhibits are organized into two groups: a) “safe exhibits” that correspond to less congested ones, where the visitors receive guaranteed satisfaction in accordance with the visiting time invested, and b) common pool of resources (CPR) exhibits, which are the most popular exhibits with possibly increased congestion and uncertain outcome in terms of visitor satisfaction. A key difference is that the visitor satisfaction due to CPR strongly depends not only on the invested time decision of a specific visitor, but also on that of the rest of the visitors. In the latter case, the over-investment in time, or equivalently the increased congestion potentially leads to “exhibit failure”, interpreted as the visitors gain no satisfaction from their observation of this exhibit due to high congestion. We present a framework where each visitor in a distributed manner determines his time investment in safe or CPR exhibits to optimize his QoE. Based on this framework, we analyze and evaluate how visitors, acting as prospect-theoretic decision-makers, respond and react to the various pricing policies imposed by the museum curators. Based on detailed evaluation results and experiments, we present interesting observations, regarding the impact of several parameters and characteristics such as visitor heterogeneity and use of alternative pricing policies, on scalability, user satisfaction, museum capacity, resource fragility, and operation point stability. Furthermore, we study and present the effectiveness of alternative pricing mechanisms, when used as implicit tools, to deal with the congestion management problem in the museums, and potentially decrease the exhibit failure probability (fragility), while considering the visitor risk preferences.Keywords: museum resource and visitor management, congestion management, propsect theory, cyber physical social systems
Procedia PDF Downloads 184692 The Hyundai Model: A Self-Sufficient State like Entity Masquerading as a Company
Authors: Nikita Koradia
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Hyundai Motor Company, which started off as a small fish in a big sea, paved its way out successfully and established itself as an independent group from the conglomerate. Hyundai, with its officious power across the globe and particularly in South Korea in the automobile industry, has one the most complex yet fascinating governance structure. Being the second largest contributor to the Gross Domestic Product of South Korea after Samsung and having a market share of 51.3% domestically in automobile industry, Hyundai has faced its part of criticism owing to its anti-labor union approach and owing to its internalization of supply chain management. The censure has been coming from across jurisdictions like China, India, Canada, the EU, etc. The paper focuses on the growth of Hyundai and its inward and outward investment structure. The paper questions the ability of Hyundai to become a mini-state in itself by focusing on its governance structure. The paper further elaborates on its compliance and disclosure regime in the field of Corporate social responsibility and explores how far the business structure adopted by Hyundai works in its favor to become one of the leading automobile contenders in the market.Keywords: compliance regime, disclosure regime, Hyundai motor company, supply-chain management
Procedia PDF Downloads 118691 Challenges and Proposals for Public Policies Aimed At Increasing Energy Efficiency in Low-Income Communities in Brazil: A Multi-Criteria Approach
Authors: Anna Carolina De Paula Sermarini, Rodrigo Flora Calili
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Energy Efficiency (EE) needs investments, new technologies, greater awareness and management on the side of citizens and organizations, and more planning. However, this issue is usually remembered and discussed only in moments of energy crises, and opportunities are missed to take better advantage of the potential of EE in the various sectors of the economy. In addition, there is little concern about the subject among the less favored classes, especially in low-income communities. Accordingly, this article presents suggestions for public policies that aim to increase EE for low-income housing and communities based on international and national experiences. After reviewing the literature, eight policies were listed, and to evaluate them; a multicriteria decision model was developed using the AHP (Analytical Hierarchy Process) and TOPSIS (Technique for Order of Preference by Similarity to Ideal Solution) methods, combined with fuzzy logic. Nine experts analyzed the policies according to 9 criteria: economic impact, social impact, environmental impact, previous experience, the difficulty of implementation, possibility/ease of monitoring and evaluating the policies, expected impact, political risks, and public governance and sustainability of the sector. The results found in order of preference are (i) Incentive program for equipment replacement; (ii) Community awareness program; (iii) EE Program with a greater focus on low income; (iv) Staggered and compulsory certification of social interest buildings; (v) Programs for the expansion of smart metering, energy monitoring and digitalization; (vi) Financing program for construction and retrofitting of houses with the emphasis on EE; (vii) Income tax deduction for investment in EE projects in low-income households made by companies; (viii) White certificates of energy for low-income. First, the policy of equipment substitution has been employed in Brazil and the world and has proven effective in promoting EE. For implementation, efforts are needed from the federal and state governments, which can encourage companies to reduce prices, and provide some type of aid for the purchase of such equipment. In second place is the community awareness program, promoting socio-educational actions on EE concepts and with energy conservation tips. This policy is simple to implement and has already been used by many distribution utilities in Brazil. It can be carried out through bids defined by the government in specific areas, being executed by third sector companies with public and private resources. Third on the list is the proposal to continue the Energy Efficiency Program (which obliges electric energy companies to allocate resources for research in the area) by suggesting the return of the mandatory investment of 60% of the resources in projects for low income. It is also relatively simple to implement, requiring efforts by the federal government to make it mandatory, and on the part of the distributors, compliance is needed. The success of the suggestions depends on changes in the established rules and efforts from the interested parties. For future work, we suggest the development of pilot projects in low-income communities in Brazil and the application of other multicriteria decision support methods to compare the results obtained in this study.Keywords: energy efficiency, low-income community, public policy, multicriteria decision making
Procedia PDF Downloads 117690 Endogenous Development and Sustainable Perspectives: The Case of Traditional Communities Located around the Area of Management of Precious Wood Amazon
Authors: Débora Ramos Santiago
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Endogenous development usually apresent a deep approach to locational aspects, considering the potential, knowledge and the workforce, as encouragement to articulate the entire productive activity of a community. In the case of communities located around the area of management of the company Precious Wood Amazon (PWA), their endogenous development is subject to the dynamic of this company, which operates a certified way, seeking alternatives to mitigate and compensate the damages caused by its activities. This article soughts to present the socio-economic and environmental challenges to promote of the endogenous development of these communities, identifying the relationship of the PWA in this process. The communities analyzed emerge with poor socioeconomic conditions, futhermore, their ecosystem characteristics differ spatially from each other, which modifies the entire production dynamics. The family agriculture was an important source of income, but needs investment and technical assistance. The participation of PWA in the promotion of the endogenous development of the communities was proved significant, because of the intense sustainable actions practice by PWA. Many are the challenges that exist in these communities, so its fundamental to elaborate public policies to these specific areas.Keywords: endogenous development, traditional communities, Amazon, PWA
Procedia PDF Downloads 355689 Optimizing Heavy-Duty Green Hydrogen Refueling Stations: A Techno-Economic Analysis of Turbo-Expander Integration
Authors: Christelle Rabbat, Carole Vouebou, Sary Awad, Alan Jean-Marie
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Hydrogen has been proven to be a viable alternative to standard fuels as it is easy to produce and only generates water vapour and zero carbon emissions. However, despite the hydrogen benefits, the widespread adoption of hydrogen fuel cell vehicles and internal combustion engine vehicles is impeded by several challenges. The lack of refueling infrastructures remains one of the main hindering factors due to the high costs associated with their design, construction, and operation. Besides, the lack of hydrogen vehicles on the road diminishes the economic viability of investing in refueling infrastructure. Simultaneously, the absence of accessible refueling stations discourages consumers from adopting hydrogen vehicles, perpetuating a cycle of limited market uptake. To address these challenges, the implementation of adequate policies incentivizing the use of hydrogen vehicles and the reduction of the investment and operation costs of hydrogen refueling stations (HRS) are essential to put both investors and customers at ease. Even though the transition to hydrogen cars has been rather slow, public transportation companies have shown a keen interest in this highly promising fuel. Besides, their hydrogen demand is easier to predict and regulate than personal vehicles. Due to the reduced complexity of designing a suitable hydrogen supply chain for public vehicles, this sub-sector could be a great starting point to facilitate the adoption of hydrogen vehicles. Consequently, this study will focus on designing a chain of on-site green HRS for the public transportation network in Nantes Metropole leveraging the latest relevant technological advances aiming to reduce the costs while ensuring reliability, safety, and ease of access. To reduce the cost of HRS and encourage their widespread adoption, a network of 7 H35-T40 HRS has been designed, replacing the conventional J-T valves with turbo-expanders. Each station in the network has a daily capacity of 1,920 kg. Thus, the HRS network can produce up to 12.5 tH2 per day. The detailed cost analysis has revealed a CAPEX per station of 16.6 M euros leading to a network CAPEX of 116.2 M euros. The proposed station siting prioritized Nantes metropole’s 5 bus depots and included 2 city-centre locations. Thanks to the turbo-expander technology, the cooling capacity of the proposed HRS is 19% lower than that of a conventional station equipped with J-T valves, resulting in significant CAPEX savings estimated at 708,560 € per station, thus nearly 5 million euros for the whole HRS network. Besides, the turbo-expander power generation ranges from 7.7 to 112 kW. Thus, the power produced can be used within the station or sold as electricity to the main grid, which would, in turn, maximize the station’s profit. Despite the substantial initial investment required, the environmental benefits, cost savings, and energy efficiencies realized through the transition to hydrogen fuel cell buses and the deployment of HRS equipped with turbo-expanders offer considerable advantages for both TAN and Nantes Metropole. These initiatives underscore their enduring commitment to fostering green mobility and combatting climate change in the long term.Keywords: green hydrogen, refueling stations, turbo-expander, heavy-duty vehicles
Procedia PDF Downloads 56688 Integrated Services Hub for Exploration and Production Industry: An Indian Narrative
Authors: Sunil Arora, Anitya Kumar Jena, S. A. Ravi
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India is at the cusp of major reforms in the hydrocarbon sector. Oil and gas sector is highly liberalised to attract private investment and to increase domestic production. Major hydrocarbon Exploration & Production (E&P) activity here have been undertaken by Government owned companies but with easing up and reworking of hydro carbon exploration licensing policies private players have also joined the fray towards achieving energy security for India. Government of India has come up with policy and administrative reforms including Hydrocarbon Exploration and Licensing Policy (HELP), Sagarmala (port-led development with coastal connectivity), and Development of Small Discovered Fields, etc. with the intention to make industry friendly conditions for investment, ease of doing business and reduce gestation period. To harness the potential resources of Deep water and Ultra deep water, High Pressure – High Temperature (HP-HT) regions, Coal Bed Methane (CBM), Shale Hydrocarbons besides Gas Hydrates, participation shall be required from both domestic and international players. Companies engaged in E&P activities in India have traditionally been managing through their captive supply base, but with crude prices under hammer, the need is being felt to outsource non-core activities. This necessitates establishment of a robust support services to cater to E&P Industry, which is currently non-existent to meet the bourgeon challenges. This paper outlines an agenda for creating an Integrated Services Hub (ISH) under Special Economic Zone (SEZ) to facilitate complete gamut of non-core support activities of E&P industry. This responsive and proficient multi-usage facility becomes viable with better resource utilization, economies of scale to offer cost effective services. The concept envisages companies to bring-in their core technical expertise leaving complete hardware peripherals outsourced to this ISH. The Integrated Services Hub, complying with the best in class global standards, shall typically provide following Services under Single Window Solution, but not limited to: a) Logistics including supply base operations, transport of manpower and material, helicopters, offshore supply vessels, warehousing, inventory management, sourcing and procurement activities, international freight forwarding, domestic trucking, customs clearance service etc. b) Trained/Experienced pool of competent Manpower (Technical, Security etc.) will be available for engagement by companies on either short or long term basis depending upon the requirements with provisions of meeting any training requirements. c) Specialized Services through tie-up with global best companies for Crisis Management, Mud/Cement, Fishing, Floating Dry-dock besides provision of Workshop, Repair and Testing facilities, etc. d) Tools and Tackles including drill strings, etc. A pre-established Integrated Services Hub shall facilitate an early start-up of activities with substantial savings in time lines. This model can be replicated at other parts of the world to expedite E&P activities.Keywords: integrated service hub, India, oil gas, offshore supply base
Procedia PDF Downloads 150687 Random Matrix Theory Analysis of Cross-Correlation in the Nigerian Stock Exchange
Authors: Chimezie P. Nnanwa, Thomas C. Urama, Patrick O. Ezepue
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In this paper we use Random Matrix Theory to analyze the eigen-structure of the empirical correlations of 82 stocks which are consistently traded in the Nigerian Stock Exchange (NSE) over a 4-year study period 3 August 2009 to 26 August 2013. We apply the Marchenko-Pastur distribution of eigenvalues of a purely random matrix to investigate the presence of investment-pertinent information contained in the empirical correlation matrix of the selected stocks. We use hypothesised standard normal distribution of eigenvector components from RMT to assess deviations of the empirical eigenvectors to this distribution for different eigenvalues. We also use the Inverse Participation Ratio to measure the deviation of eigenvectors of the empirical correlation matrix from RMT results. These preliminary results on the dynamics of asset price correlations in the NSE are important for improving risk-return trade-offs associated with Markowitz’s portfolio optimization in the stock exchange, which is pursued in future work.Keywords: correlation matrix, eigenvalue and eigenvector, inverse participation ratio, portfolio optimization, random matrix theory
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