Search results for: asset allocation ex-ante investment

Authors: Hyeon-seoung Kim, Sang-mi Park, Sun-ju Han, Leen-seok Kang

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The visualization technology of construction information using 3D and nD modeling can satisfy the visualization needs of each construction project participant. The nD CAD system is a tool that the construction information, such as construction schedule, cost and resource utilization, are simulated by 4D, 5D and 6D object formats based on 3D object. This study developed a methodology and simulation engine for nD CAD system for construction project management. It has improved functions such as built-in schedule generation, cost simulation of changed budget and built-in resource allocation comparing with the current systems. To develop an integrated nD CAD system, this study attempts an integrated method to link 5D and 6D objects based on 4D object.

Keywords: building information modeling, visual simulation, 3D object, nD CAD augmented reality

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Authors: Glenda B. Minguito, Jenith L. Banluta

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One of the critical aspects of humanitarian operations is the distribution of relief goods to the affected community. The common assumption is that relief goods are prepositioned during disasters which are not applicable in developing countries like the Philippines. During disasters, the on-the-ground government agencies and responders have to procure, sort, weigh and pack the relief goods. There is a need to review the relief goods preparation as it seriously affects the delivery of necessary aid for human survival. This study also identifies the ideal location of the assembly hub to minimize the distance to the affected community. This paper reveals that location and resources are dependent on the type of disasters encountered at the local level. The Center-of-Gravity method and Multiple Activity Chart were applied in the analysis.

Keywords: humanitarian supply chain, location decision, resource allocation, local level

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Authors: Farizy Yunaz, Catur Sasongko

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This research aims to provide the empirical evidence regarding cost stickiness behavior and its determinants on listed manufacturing companies. Hypothesis testing is performed using pooled least square method. The result concludes that there is cost stickiness behavior in selling, general and administrative costs. In term of determinants, firm-specific adjustment costs measured by asset intensity and employee intensity have significant positive impact on the level of cost stickiness. Meanwhile, earnings target and leverage have significant negative impact on the level of cost stickiness. However, the management empire building incentives measured by free cash flow has no significant positive impact.

Keywords: adjustment cost, cost behavior, cost stickiness, earnings target, leverage, management empire building incentive

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Authors: Kebron Abich Asnake

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The outbreak of COVID-19 has had far-reaching socio-economic consequences globally, and Ethiopia is no exception. This abstract provides a summary of a research study on the socio-economic impact of COVID-19 in Ethiopia. The study analyzes the health impact, economic repercussions, social consequences, government response measures, and opportunities for post-crisis recovery. In terms of health impact, the research explores the spread and transmission of the virus, the capacity and response of the healthcare system, and the mortality rate, with a focus on vulnerable populations. The economic impact analysis entails investigating the contraction of the GDP, employment and income loss, disruption in key sectors such as agriculture, tourism, and manufacturing, and the specific implications for small and medium-sized enterprises (SMEs), foreign direct investment, and remittances. The social impact section looks at the disruptions in education and the digital divide, food security and nutrition challenges, increased poverty and inequality, gender-based violence, and mental health issues. The research also examines the measures taken by the Ethiopian government, including health and safety regulations, economic stimulus packages, social protection programs, and support for vulnerable populations. Furthermore, the study outlines long-term recovery prospects, social cohesion, and community resilience challenges. It highlights the need to strengthen the healthcare system and finds a balance between health and economic priorities. The research concludes by presenting recommendations for policy-makers and stakeholders, emphasizing opportunities for post-crisis recovery such as diversification of the economy, enhanced healthcare infrastructure, investment in digital infrastructure and technology, and support for domestic tourism and local industries. This research provides valuable insights into the socio-economic impact of COVID-19 in Ethiopia, offering a comprehensive analysis of the challenges faced and potential pathways towards recovery.

Keywords: impact, covid, ethiopia, health

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Authors: Rahul Ravindranathan, R. P. Gokul

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India, in its efforts towards economic and social development, is currently experiencing a heavy demand for energy. Due to the lack of sufficient domestic energy reserves, the country is highly dependent on energy imports which has increased rapidly at a rate of about 12 % per annum since 2005. Hence, India is currently focusing its efforts to manage this energy supply and demand gap and eventually achieve energy security. One of the most cost effective means to reduce this gap is by adopting Energy efficiency measures in the country. Initial assessments have shown that Energy efficiency measures have an energy conservation potential of about 23%. For an estimated investment potential of USD 8 Billion, the annual energy savings was estimated to be about 180 Billion Units per annum. In order to explore this huge energy conservation potential, many critical factors need to be considered to achieve practical energy savings. Financing options for these investments is one such major factor. Not only has India come out with various policy level as well as technology level drives to promote Energy efficiency but it has also developed various financing schemes to promote investment in Energy Efficiency projects. The Public sector has already come out with certain financing schemes such as the Partial Risk Guarantee Fund (PRGF), Venture Capital Fund (VCF), Partial Risk Sharing Fund (PRSF) etc., and various sectors are gradually utilizing these schemes to implement energy saving measures. However, additional financing options are required in order to explore the untouched energy conservation potential in the country. Hence, there is a need to develop some innovative financing options for India which would motivate the private sectors as well as financing institutions to invest in these energy saving measures. This paper shall review the existing financing schemes launched by the Government of India and highlight the key benefits as well as challenges with respect to these schemes. In addition to this, the paper would also review new and innovative financing schemes for India and how the same could be adopted in other parts of the globe especially in South and South East Asia. This review would provide an insight to the various Governments as well as Financial Institutions in coming out with new financing schemes for their country.

Keywords: energy, efficiency, financing, India

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Authors: H. Hruschka

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This paper presents the first comparison of the performance of the restricted Boltzmann machine and the deep belief net on binary market basket data relative to binary factor analysis and the two best-known topic models, namely Dirichlet allocation and the correlated topic model. This comparison shows that the restricted Boltzmann machine and the deep belief net are superior to both binary factor analysis and topic models. Managerial implications that differ between the investigated models are treated as well. The restricted Boltzmann machine is defined as joint Boltzmann distribution of hidden variables and observed variables (purchases). It comprises one layer of observed variables and one layer of hidden variables. Note that variables of the same layer are not connected. The comparison also includes deep belief nets with three layers. The first layer is a restricted Boltzmann machine based on category purchases. Hidden variables of the first layer are used as input variables by the second-layer restricted Boltzmann machine which then generates second-layer hidden variables. Finally, in the third layer hidden variables are related to purchases. A public data set is analyzed which contains one month of real-world point-of-sale transactions in a typical local grocery outlet. It consists of 9,835 market baskets referring to 169 product categories. This data set is randomly split into two halves. One half is used for estimation, the other serves as holdout data. Each model is evaluated by the log likelihood for the holdout data. Performance of the topic models is disappointing as the holdout log likelihood of the correlated topic model – which is better than Dirichlet allocation - is lower by more than 25,000 compared to the best binary factor analysis model. On the other hand, binary factor analysis on its own is clearly surpassed by both the restricted Boltzmann machine and the deep belief net whose holdout log likelihoods are higher by more than 23,000. Overall, the deep belief net performs best. We also interpret hidden variables discovered by binary factor analysis, the restricted Boltzmann machine and the deep belief net. Hidden variables characterized by the product categories to which they are related differ strongly between these three models. To derive managerial implications we assess the effect of promoting each category on total basket size, i.e., the number of purchased product categories, due to each category's interdependence with all the other categories. The investigated models lead to very different implications as they disagree about which categories are associated with higher basket size increases due to a promotion. Of course, recommendations based on better performing models should be preferred. The impressive performance advantages of the restricted Boltzmann machine and the deep belief net suggest continuing research by appropriate extensions. To include predictors, especially marketing variables such as price, seems to be an obvious next step. It might also be feasible to take a more detailed perspective by considering purchases of brands instead of purchases of product categories.

Keywords: binary factor analysis, deep belief net, market basket analysis, restricted Boltzmann machine, topic models

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Authors: George Oliveira, Luana D. Fronza, Luiza Medeiros, Patricia D. M. Plentz

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The research presented in this article is part of a wide project that proposes a scheduling system for multi-robots in intelligent warehouses employing multi-robot path-planning (MPP) and multi-robot task allocation (MRTA) to reconcile multiple restrictions (task delivery time, task priorities, charging capacity, and robots battery capacity). We present the software component capable of interconnecting an open streaming processing architecture and robot operating system (ROS), ensuring communication and message exchange between robots and the environment in which they are inserted. Simulation results show the good performance of our proposed technique for connecting ROS and streaming platforms.

Keywords: complex distributed systems, mobile robots, smart warehouses, streaming platforms

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Authors: Saidulu Gadari, Manoj Kumar Yadav, V. K. Satheesh, Debasis Bhattacharyya, S. S. V. Ramakumar, Subhajit Sarkar

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Most Fluid Catalytic Cracking Units (FCCUs) are big profit makers and hence, always operated with several constraints. It is the primary source for production of gasoline, light olefins as petrochemical feedstocks, feedstock for alkylate & oxygenates, LPG, etc. in a refinery. Increasing unit capacity and improving product yields as well as qualities such as gasoline RON have dramatic impact on the refinery economics. FCCUs are often debottlenecked significantly beyond their original design capacities. Depending upon the unit configuration, operating conditions, and feedstock quality, the FCC unit can have a variety of bottlenecks. While some of these are aimed to increase the feed rate, improve the conversion, etc., the others are aimed to improve the reliability of the equipment or overall unit. Apart from investment cost, the other factors considered generally while evaluating the debottlenecking options are shutdown days, faster payback, risk on investment, etc. A low-cost solution such as replacement of feed injectors, air distributor, steam distributors, spent catalyst distributor, efficient cyclone system, etc. are the preferred way of upgrading FCCU. It also has lower lead time from idea inception to implementation. This paper discusses various bottlenecks generally encountered in FCCU and presents a case study on improvement of performance of one of the FCCUs in IndianOil through implementation of cost-effective technical solution including use of improved internals in Reactor-Regeneration (R-R) section. After implementation reduction in regenerator air, gas superficial velocity in regenerator and cyclone velocities by about 10% and improvement of CLO yield from 10 to 6 wt% have been achieved. By ensuring proper pressure balance and optimum immersion of cyclone dipleg in the standpipe, frequent formation of perforations in regenerator cyclones could be addressed which in turn improved the unit on-stream factor.

Keywords: FCC, low-cost, revamp, debottleneck, internals, distributors, cyclone, dipleg

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Authors: Asif Iqbal

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Working capital management has its effect on liquidity as well as on profitability of a firm. In this research we have selected a sample of 100 respondents whose firms are listed on Karachi stock exchange. We have studied the effect of different variable s of working capital management. We find that organizations throughout the world as well as in Pakistan have to give immense recognition to the working capital management as it is an effective thing from their long term perspective especially to their shareholders to have a firm confidence over the companies for investment purpose.

Keywords: working capital management, Karachi stock exchange, shareholders, capital management

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Authors: Martin Böhmer, Agatha Dabrowski, Boris Otto

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The trend of digitization significantly changes the role of data for enterprises. Data turn from an enabler to an intangible organizational asset that requires management and qualifies as a tradeable good. The idea of a networked economy has gained momentum in the data domain as collaborative approaches for data management emerge. Traditional organizational knowledge consequently needs to be extended by comprehensive knowledge about data. The knowledge about data is vital for organizations to ensure that data quality requirements are met and data can be effectively utilized and sovereignly governed. As this specific knowledge has been paid little attention to so far by academics, the aim of the research presented in this paper is to conceptualize it by proposing a “data knowledge model”. Relevant model entities have been identified based on a design science research (DSR) approach that iteratively integrates insights of various industry case studies and literature research.

Keywords: data management, digitization, industry 4.0, knowledge engineering, metamodel

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Authors: Symbat Moldabekova

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This research explores the practice of decision-making in commercial banks in Kazakhstan. It focuses on recent technologies, such as contactless payments and QR code, and uses interviews with bank executives and industry practitioners to gain an understanding of how decisions are made and the role of financial assessment methods. The aim of the research is (1) to study the importance of financial techniques to evaluate IT investments; (2) to understand the role of different expert groups; (3) to explore how market trends and industry features affect decisions on IT; (4) to build a model that defines the real practice of decision-making on IT in commercial banks in Kazakhstan. The theoretical framework suggests that decision-making on IT is a socially constructed process, where actor groups with different background interact and negotiate with each other to develop a shared understanding of IT and to make more effective decisions. Theory and observations suggest that the more parties involved in the process of decision-making, the higher the possibility of disagreements between them. As each actor group has their views on the rational decision on an IT project, it is worth exploring how the final decision is made in practice. Initial findings show that the financial assessment methods are used as a guideline and do not play a big role in the final decision. The commercial banks of Kazakhstan tend to study experience of neighboring countries before adopting innovation. Implementing contactless payments is widely regarded as pinnacle success factor due to increasing competition in the market. First-to-market innovations are considered as priorities therefore, such decisions can be made with exemption of some certain actor groups from the process. Customers play significant role and they participate in testing demo versions of the products before bringing innovation to the market. The study will identify the viewpoints of actors in the banking sector on a rational decision, and the ways decision-makers from a variety of disciplines interact with each other in order to make a decision on IT in retail banks.

Keywords: actor groups, decision making, technology investment, retail banks

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Authors: Shubhakar Gupta, Dhruv Prakash, Apoorv Mehta

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In this project, we design a modular robot capable of using and switching between multiple methods of propulsion and classifying terrain, based on an Inertial Measurement Unit (IMU) input. We wanted to make a robot that is not only intelligent in its functioning but also versatile in its physical design. The advantage of a modular robot is that it can be designed to hold several movement-apparatuses, such as wheels, legs for a hexapod or a quadpod setup, propellers for underwater locomotion, and any other solution that may be needed. The robot takes roughness input from a gyroscope and an accelerometer in the IMU, and based on the terrain classification from an artificial neural network; it decides which method of propulsion would best optimize its movement. This provides the bot with adaptability over a set of terrains, which means it can optimize its locomotion on a terrain based on its roughness. A feature like this would be a great asset to have in autonomous exploration or research drones.

Keywords: modular robotics, terrain detection, terrain classification, neural network

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Authors: Prateek Saxena, Sanjeev Singh, Julius Roy

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The security of the power distribution grid remains a paramount to the utility professionals while enhancing and making it more efficient. The most serious threat to the system can be maintaining the transformers, as the load is ever increasing with the addition of elements like electric vehicles. In this paper, intelligent transformer monitoring and grid management has been proposed. The engineering is done to use the evolving data from the smart meter for grid analytics and diagnostics for preventive maintenance. The two-tier architecture for hardware and software integration is coupled to form a robust system for the smart grid. The proposal also presents interoperable meter standards for easy integration. Distribution transformer analytics based on real-time data benefits utilities preventing outages, protects the revenue loss, improves the return on asset and reduces overall maintenance cost by predictive monitoring.

Keywords: electric vehicle charging, transformer monitoring, data analytics, intelligent grid

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Authors: Saiakhil Chilaka

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Understanding the demographic factors that influence mortality from respiratory diseases like COVID-19, pneumonia, and influenza is crucial for informing public health policy. This study utilizes multivariable regression models to assess the relationship between state, sex, and age group on deaths from these diseases using U.S. data from 2020 to 2023. The analysis reveals that age and sex play significant roles in mortality, while state-level variations are minimal. Although the model’s low R-squared values indicate that additional factors are at play, this paper discusses how these findings, in light of recent research, can inform future public health policy, resource allocation, and intervention strategies.

Keywords: COVID-19, multivariable regression, public policy, data science

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Authors: Barkaoui Asma

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In our article, we use the economic approach of measuring advertising effectiveness to show the margin of advertising spread gained through digital communication. For economists, profit maximization depends on determining the optimal advertising budget. For this, they use the theories of the marginalist current to determine when the maximum level of benefits is reached. Using the economic approach we show the significant return on investment for advertisers. We then discuss the risks of perception of advertising pressure by consumers.

Keywords: digital advertising, economic approach, effectiveness, pressure

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Authors: Sandra Carrillo Hoyos

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Mining activities in South America have significantly grown during the last decades, given the abundance of natural resources, the implemented governmental policies to incentivize foreign investment as well as the boom in international prices for metals and oil between 2002 and 2008. While this context allowed the region to occupy a leading position between the top producers of minerals around the world, it has also meant an increase in socio-environmental conflicts which have generated costs and negative impacts not only for the companies but especially for the governments and local communities.During the latest decade, the mining sector in Peru has faced with the social resistance of a large number of communities, which began organizing actions against the implementation of high investing projects. The dissatisfaction has derived in the prevalence of socio-environmental conflicts associated with mining activities, some of them never solved into an agreement. In order to prevent those socio-environmental conflicts and obtain the social license from local communities, most of the mining companies have developed diverse initiatives within the framework of policies and practices of corporate social responsibility (CSR). This paper has assessed the mining sector’s contribution toward the local development management along the last decade, as part of CSR strategies as well as the policies promoted by the Peruvian State. This assessment found that, in the beginning, these initiatives have been based on a philanthropic approach and were reacting to pressures from local stakeholders to maintain the consent to operate from the surrounding communities as well as to create, as a result, a harmonious atmosphere for operations. Due to the weak State presence, such practices have increased the expectations of communities related to the participation of mining companies in solving structural development problems, especially those related to primary needs, infrastructure, education, health, among others. In other words, this paper was focused on analyze in what extent these initiatives have promoted local empowerment for development planning and integrated management of natural resources from a territorial approach. From this perspective, the analysis demonstrates that, while the design and planning of social investment initiatives have improved due to the sector´s sustainability approach, many companies have developed actions beyond their competence during this process. In some cases, the referenced actions have generated dependency with communities, even though this relationship has not exempted the companies of conflict situations with unfortunate consequences. Furthermore, the social programs developed have not necessarily generated a significant impact in improving the quality of life of affected populations. In fact, it is possible to identify that those regions with high mining resources and investment are facing with a situation of poverty and high dependency on mining production. In spite of the revenues derived from mining industry, local governments have not been able to translate the royalties into sustainable development opportunities. For this reason, the proposed paper suggests some challenges for the mining sector contribution to local development based on the best practices and lessons learnt from a benchmarking for the leading mining companies.

Keywords: corporate social responsibility, local development, mining, socio-environmental conflict

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Authors: Colin O’Hare, Zili Zho, Thomas Sneddon

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The Australian superannuation system has received high praise for its participation rates and level of funding in retirement yet it is only 25 years old. In recent years, with increasing longevity and persistent lower rates of investment return, how adequate will the funds accumulated through a superannuation system be? In this paper we take Australia as a case study and build a stochastic model of accumulation and decummulation of funds and determine the expected number of years a fund may last an individual in retirement.

Keywords: component, mortality, stochastic models, superannuation

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Authors: Saad Bin Nasir

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This research will examine the impact of corporate governance on firm performance in family and non-family owned firms in Pakistan. For the purpose of this research, corporate governance mechanisms which included are board size, board composition, leadership structure, board meetings are taken as independent variable and firm performance taken as dependent variable and it will be measured with return on asset and return on equity. Firm size and firm’s age will be taken as control variables. Secondary data will collect from audited annul reports of companies and panel data regression model will applied, to check the impact of corporate governance on firm performance.

Keywords: board size, board composition, Leadership Structure, board meetings, firm performance, family and non-family owned firms

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Authors: Anwesha Pathak

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With the increasing number of satellites and space debris, space traffic management (STM) becomes crucial. AI can aid in STM by predicting and preventing potential collisions, optimizing satellite trajectories, and managing orbital slots. Governance frameworks need to address the integration of AI algorithms in STM to ensure safe and sustainable satellite activities. AI and governance play significant roles in the context of satellite activities in space. Artificial intelligence (AI) technologies, such as machine learning and computer vision, can be utilized to process vast amounts of data received from satellites. AI algorithms can analyse satellite imagery, detect patterns, and extract valuable information for applications like weather forecasting, urban planning, agriculture, disaster management, and environmental monitoring. AI can assist in automating and optimizing satellite operations. Autonomous decision-making systems can be developed using AI to handle routine tasks like orbit control, collision avoidance, and antenna pointing. These systems can improve efficiency, reduce human error, and enable real-time responsiveness in satellite operations. AI technologies can be leveraged to enhance the security of satellite systems. AI algorithms can analyze satellite telemetry data to detect anomalies, identify potential cyber threats, and mitigate vulnerabilities. Governance frameworks should encompass regulations and standards for securing satellite systems against cyberattacks and ensuring data privacy. AI can optimize resource allocation and utilization in satellite constellations. By analyzing user demands, traffic patterns, and satellite performance data, AI algorithms can dynamically adjust the deployment and routing of satellites to maximize coverage and minimize latency. Governance frameworks need to address fair and efficient resource allocation among satellite operators to avoid monopolistic practices. Satellite activities involve multiple countries and organizations. Governance frameworks should encourage international cooperation, information sharing, and standardization to address common challenges, ensure interoperability, and prevent conflicts. AI can facilitate cross-border collaborations by providing data analytics and decision support tools for shared satellite missions and data sharing initiatives. AI and governance are critical aspects of satellite activities in space. They enable efficient and secure operations, ensure responsible and ethical use of AI technologies, and promote international cooperation for the benefit of all stakeholders involved in the satellite industry.

Keywords: satellite, space debris, traffic, threats, cyber security.

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Authors: Robin Molinier

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Industrial symbiosis (I.S) deals with the exchange of waste materials, fatal energy and utilities as resources for production. While it brings environmental benefits from resource conservation its economic profitability is one of the main barriers to its implementation. I.S involves several actors with their own objectives and resources so that each actor must be satisfied by ex-ante arrangements to commit toward investments and transactions. Regarding I.S Transaction cost economics helps to identify hybrid forms of governance for transactions governance due to I.S projects specificities induced by the need for customization (asset specificity, non-homogeneity). Thus we propose a framework to analyze the best contractual practices tailored to address I.S specific risks that we identified as threefold (load profiles and quality mismatch, value fluctuations). Schemes from cooperative game theory and contracting management are integrated to analyze value flows between actors. Contractual guidelines are then proposed to address the identified risks and to split the value for a set of I.S archetypes drawn from actual experiences.

Keywords: contracts, economics, industrial symbiosis, risks

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Authors: Mansur Ahmed Kazaure

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The emergence of sponsorship as a new marketing communication tool and a source of competitive advantage in the marketplace has changed the entire marketing communication process. Sponsorship has overtaken other marketing communication tools in terms of growth and expenditure. This paper seeks to evaluate the role of sponsorship in marketing communication tools. The study recommends that proper measures be taken before the company embarks into sponsorship programs. This is necessary because investment in sponsorship does not always guarantee sustainable competitive advantage in the marketplace.

Keywords: sponsorship, marketing communication theories, marketing communication tools

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Authors: Sean Bryner S. Rey, Eric Tanjutco

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Modular execution strategies are performed to address the various challenges of any projects and are implemented on each project phase that covers Engineering, Procurement, Fabrication and Construction. It was until the recent years that the intent to surpass mechanical modularization approach were conceptualized to give solution to much greater demands of project components such as site location and adverse weather condition, material sourcing, construction schedule, safety risks and overall plot layout and allocation. The intent of this paper is to introduce the 3rd Generation Modular Execution with an overview of its advantages on project execution and will give emphasis on Engineering, Construction, Operation and Maintenance. Most importantly, the paper will present the key differentiator of 3rd Gen modular execution against other conventional project execution and the merits it bears for the industry.

Keywords: 3rd generation modular, process block, construction, operation & maintenance

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Authors: Farzane Sadatnia, Bahram Fathi

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Today, all public and private organizations have found that the management of the world for key information related to the activities of a staff and its main essence and philosophy, though they constitute the management information systems are very helpful in this respect the right to apply systems can save a lot in terms of economic organizations including reducing the time decision - making, improve the quality of decision making, and cost savings to bring information systems is a backup system that can never be instead of logic and human reasoning, which can be used in the series is spreading, providing resources, and provide the necessary facilities, provide better services for users, balanced budget allocation, determine strengths and weaknesses and previous plans to review the current decisions and especially the decision . Hence; in this study attempts to the effect of an information system on a review of the organization.

Keywords: information system, planning, organization, coordination, control

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Authors: Ruben Lopez-Rodriguez

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In a microgrid, diverse energy sources (both renewable and non-renewable) are combined with energy storage units to form a localized power system. Microgrids function as independent entities, capable of meeting the energy needs of specific areas or communities. This paper introduces a Model Predictive Control (MPC) approach tailored for grid-connected microgrids, aiming to optimize their operation. The formulation employs Mixed-Integer Programming (MIP) to find optimal trajectories. This entails the fulfillment of continuous and binary constraints, all while accounting for commutations between various operating conditions such as storage unit charge/discharge, import/export from/towards the main grid, as well as asset connection/disconnection. To validate the proposed approach, a microgrid case study is conducted, and the simulation results are compared with those obtained using a rule-based strategy.

Keywords: microgrids, mixed logical dynamical systems, mixed-integer optimization, model predictive control

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Authors: Manel Youssef, Lotfi Belkacem

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This paper employs multivariate long memory GARCH models to simultaneously estimate mean and conditional variance spillover effects between oil prices and different financial markets. Since different financial assets are traded based on these market sector returns, it’s important for financial market participants to understand the volatility transmission mechanism over time and across these series in order to make optimal portfolio allocation decisions. We examine weekly returns from January 1, 2003 to November 30, 2012 and find evidence of significant transmission of shocks and volatilities between oil prices and some of the examined financial markets. The findings support the idea of cross-market hedging and sharing of common information by investors.

Keywords: oil prices, stock indices returns, oil volatility, contagion, DCC-multivariate (FI) GARCH

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Authors: Damien Kunjal, Faeezah Peerbhai

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Despite the increasing popularity of exchange-traded funds (ETFs), ETF investment choices may not always be rational. Excess trading volume, misevaluations of securities, and excess return volatility present in financial markets can be attributed to the influence of the overconfidence bias. Whilst previous research has explored the overconfidence bias in stock markets; this study focuses on trading in ETF markets. Therefore, the objective of this study is to investigate the presence of investor overconfidence in the South African ETF market. Using vector autoregressive models, the lead-lag relationship between market turnover and the market return is examined for the market of South African ETFs tracking domestic benchmarks and for the market of South African ETFs tracking international benchmarks over the period November 2000 till August 2019. Consistent with the overconfidence hypothesis, a positive relationship between current market turnover and lagged market return is found for both markets, even after controlling for market volatility and cross-sectional dispersion. This relationship holds for both market and individual ETF turnover suggesting that investors are overconfident when trading in South African ETFs tracking domestic benchmarks and South African ETFs tracking international benchmarks since trading activity depends on past market returns. Additionally, using the global recession as a structural break, this study finds that investor overconfidence is more pronounced after the global recession suggesting that investors perceive ETFs as risk-reducing assets due to their diversification benefits. Overall, the results of this study indicate that the overconfidence bias has a significant influence on ETF investment choices, therefore, suggesting that the South African ETF market is inefficient since investors’ decisions are based on their biases. As a result, the effect of investor overconfidence can account for the difference between the fair value of ETFs and its current market price. This finding has implications for policymakers whose responsibility is to promote the efficiency of the South African ETF market as well as ETF investors and traders who trade in the South African ETF market.

Keywords: exchange-traded fund, market return, market turnover, overconfidence, trading activity

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Authors: Marcelo Pereira Introini

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The global value chains (GVC) approach contributes to a better understanding of the international production organization amid globalization’s second unbundling from the 1970s on. Mainly due to the tools that help to understand the importance of critical competences, technological capabilities, and functions performed by each player, GVC research flourished in recent years, rooted in discussing the possibilities of integration and repositioning along regional and global value chains. Regarding this context, part of the literature endorsed a more optimistic view that engaging in fragmented production networks could represent learning opportunities for developing countries’ firms, since the relationship with transnational corporations could allow them build skills and competences. Increasing recognition that GVCs are based on asymmetric power relations provided another sight about benefits, costs, and development possibilities though. Once leading companies tend to restrict the replication of their technologies and capabilities by their suppliers, alternative strategies beyond the functional specialization, seen as a way to integrate value chains, began to be broadly highlighted. This paper organizes a coherent narrative about the shortcomings of the GVC analytical framework, while recognizing its multidimensional contributions and recent developments. We adopt two different and complementary perspectives to explore the idea of integration in the international production. On one hand, we emphasize obstacles beyond production components, analyzing the role played by intangible assets and intellectual property regimes. On the other hand, we consider the importance of domestic production and innovation systems for technological development. In order to provide a deeper understanding of the restrictions on technological learning of developing countries’ firms, we firstly build from the notion of intellectual monopoly to analyze how flagship companies can prevent subordinated firms from improving their positions in fragmented production networks. Based on intellectual property protection regimes we discuss the increasing asymmetries between these players and the decreasing access of part of them to strategic intangible assets. Second, we debate the role of productive-technological ecosystems and of interactive and systemic technological development processes, as concepts of the Innovation Systems approach. Supporting the idea that not only endogenous advantages are important for international competition of developing countries’ firms, but also that the building of these advantages itself can be a source of technological learning, we focus on local efforts as a crucial element, which is not replaceable for technology imported from abroad. Finally, the paper contributes to the discussion about technological development as a two-dimensional dynamic. If GVC analysis tends to underline a company-based perspective, stressing the learning opportunities associated to GVC integration, historical involvement of national States brings up the debate about technology as a central aspect of interstate disputes. In this sense, technology is seen as part of military modernization before being also used in civil contexts, what presupposes its role for national security and productive autonomy strategies. From this outlook, it is important to consider it as an asset that, incorporated in sophisticated machinery, can be the target of state policies besides the protection provided by intellectual property regimes, such as in export controls and inward-investment restrictions.

Keywords: global value chains, innovation systems, intellectual monopoly, technological development

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Authors: Vithaya Intraphimol

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The purpose of this study is to investigate the relationship between market orientation and business performance through innovations that include product innovation and process innovation. Auto parts and accessories companies in Thailand were used as sample for this investigation. Survey research with structured questionnaire was used as the key instrument in collecting the data. The structural equation modeling (SEM) was assigned test the hypotheses. The sample size in this study requires the minimum sample size of 200. The result found that competitor orientation, and interfunctional coordination has an effect on product innovation. Moreover, interfunctional coordination has an effect on process innovation, and return on asset. This indicates that within- firm coordination has crucial to firms’ performances. The implication for practice, firms should support interfunctional coordination that members of different functional areas of an organization communicate and work together for the creation of value to target buyers they may have better profitability.

Keywords: auto parts industry, business performance, innovations, market orientation

Procedia PDF Downloads 303

Authors: Toleen Alaqqad, Kadi Alshabramiy, Suad Zaafarany, Basma Musallam

Abstract:

CADmapper is a significant tool of software for transforming geographic data into realistic CAD drawings. It speeds up and simplifies the conversion process by automating it. This allows architects, urban planners, engineers, and geographic information system (GIS) experts to solely concentrate on the imaginative and scientific parts of their projects. While the future incorporation of AI has the potential for further improvements, CADmapper's current capabilities make it an indispensable asset in the business. It covers a combination of 2D and 3D city and urban area models. The user can select a specific square section of the map to view, and the fee is based on the dimensions of the area being viewed. The procedure is straightforward: you choose the area you want, then pick whether or not to include topography. 3D architectural data (if available), followed by selecting whatever design program or CAD style you want to publish the document which contains more than 200 free broad town plans in DXF format. If you desire to specify a bespoke area, it's free up to 1 km2.

Keywords: cadmaper, gdata, 2d and 3d data conversion, automated cad drawing, urban planning software

Procedia PDF Downloads 61

Authors: Belakhdar Salah Brahim

Abstract:

The Urban management is a major element of social control of public space and thus the functioning of society. As such, it is a key element of a social conception of sustainable development. Also, it is a cross-cutting sector that relies on land management, infrastructure management, habitat management, management of social services, the management of economic development, etc. This study aims to study how urban management focusing on the study of problems related to urban waste management in developing countries. It appears from the study that the city management is to improve infrastructure and urban services in order to increase the city's development and improve living conditions in cities. It covers various aspects including management of urban space, economic management, administrative management, asset management or infrastructure and finally waste management. Environmental management is important because it solves the pollution problems of life and preserve resources for future generations. Changing perceptions of waste has led to the definition of new policies for integrated waste management requirements appropriate to the urban site.

Keywords: urbanization, urban management, environmental management, waste management

Procedia PDF Downloads 426