Search results for: stock selection

Authors: Bastian Haarmann, Likas Sikorski

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In this paper, we introduce an NLG application for the automatic creation of ready-to-publish texts from big data. The fully automatic generated stories have a high resemblance to the style in which the human writer would draw up a news story. Topics may include soccer games, stock exchange market reports, weather forecasts and many more. The generation of the texts runs according to the human language production. Each generated text is unique. Ready-to-publish stories written by a computer application can help humans to quickly grasp the outcomes of big data analyses, save time-consuming pre-formulations for journalists and cater to rather small audiences by offering stories that would otherwise not exist.

Keywords: big data, natural language generation, publishing, robotic journalism

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Authors: Xiyang Li, Qi Yu, Lun Zhang

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In the face of natural disasters and other emergency situations, determining the optimal location of rescue centers is crucial for improving rescue efficiency and minimizing impact on affected populations. This paper proposes a method that integrates genetic algorithms (GA) and backpropagation neural networks (BPNN) to address the site selection optimization problem for emergency rescue centers. We utilize BPNN to accurately estimate the cost of delivering supplies from rescue centers to each temporary camp. Moreover, a genetic algorithm with a special partially matched crossover (PMX) strategy is employed to ensure that the number of temporary camps assigned to each rescue center adheres to predetermined limits. Using the population distribution data during the 2022 epidemic in Jiading District, Shanghai, as an experimental case, this paper verifies the effectiveness of the proposed method. The experimental results demonstrate that the BPNN-GA method proposed in this study outperforms existing algorithms in terms of computational efficiency and optimization performance. Especially considering the requirements for computational resources and response time in emergency situations, the proposed method shows its ability to achieve rapid convergence and optimal performance in the early and mid-stages. Future research could explore incorporating more real-world conditions and variables into the model to further improve its accuracy and applicability.

Keywords: emergency rescue centers, genetic algorithms, back-propagation neural networks, site selection optimization

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Authors: Francys Souza, Alberto Ohashi, Dorival Leao

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We present a general solution for finding the ε-optimal controls for non-Markovian stochastic systems as stochastic differential equations driven by Brownian motion, which is a problem recognized as a difficult solution. The contribution appears in the development of mathematical tools to deal with modeling and control of non-Markovian systems, whose applicability in different areas is well known. The methodology used consists to discretize the problem through a random discretization. In this way, we transform an infinite dimensional problem in a finite dimensional, thereafter we use measurable selection arguments, to find a control on an explicit form for the discretized problem. Then, we prove the control found for the discretized problem is a ε-optimal control for the original problem. Our theory provides a concrete description of a rather general class, among the principals, we can highlight financial problems such as portfolio control, hedging, super-hedging, pairs-trading and others. Therefore, our main contribution is the development of a tool to explicitly the ε-optimal control for non-Markovian stochastic systems. The pathwise analysis was made through a random discretization jointly with measurable selection arguments, has provided us with a structure to transform an infinite dimensional problem into a finite dimensional. The theory is applied to stochastic control problems based on path-dependent stochastic differential equations, where both drift and diffusion components are controlled. We are able to explicitly show optimal control with our method.

Keywords: dynamic programming equation, optimal control, stochastic control, stochastic differential equation

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Authors: Tefera Kebede Leyu

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The purpose of this study was to estimate the impact of LIVES project participation on the level of technical efficiency of farm households in three regions of Ethiopia. We used household-level data gathered by IRLI between February and April 2014 for the year 2013(retroactive). Data on 1,905 (754 intervention and 1, 151 control groups) sample households were analyzed using STATA software package version 14. Efforts were made to combine stochastic frontier modeling with impact evaluation methodology using the Heckman (1979) two-stage model to deal with possible selectivity bias arising from unobservable characteristics in the stochastic frontier model. Results indicate that farmers in the two groups are not efficient and operate below their potential frontiers i.e., there is a potential to increase crop productivity through efficiency improvements in both groups. In addition, the empirical results revealed selection bias in both groups of farmers confirming the justification for the use of selection bias corrected stochastic frontier model. It was also found that intervention farmers achieved higher technical efficiency scores than the control group of farmers. Furthermore, the selectivity bias-corrected model showed a different technical efficiency score for the intervention farmers while it more or less remained the same for that of control group farmers. However, the control group of farmers shows a higher dispersion as measured by the coefficient of variation compared to the intervention counterparts. Among the explanatory variables, the study found that farmer’s age (proxy to farm experience), land certification, frequency of visit to improved seed center, farmer’s education and row planting are important contributing factors for participation decisions and hence technical efficiency of farmers in the study areas. We recommend that policies targeting the design of development intervention programs in the agricultural sector focus more on providing farmers with on-farm visits by extension workers, provision of credit services, establishment of farmers’ training centers and adoption of modern farm technologies. Finally, we recommend further research to deal with this kind of methodological framework using a panel data set to test whether technical efficiency starts to increase or decrease with the length of time that farmers participate in development programs.

Keywords: impact evaluation, efficiency analysis and selection bias, stochastic frontier model, Heckman-two step

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Authors: Akkouche Karim, Nekmouche Aghiles, Bouzid Leyla

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This study focuses on the development of a multifunctional Expert System (ES) called post-seismic damage inspection tool (PSDIT), a powerful tool which allows the evaluation, the processing and the archiving of the collected data stock after earthquakes. PSDIT can be operated by two user types; an ordinary user (engineer, expert or architect) for the damage visual inspection and an administrative user for updating the knowledge and / or for adding or removing the ordinary user. The knowledge acquisition is driven by a hierarchical knowledge model, the Information from investigation reports and those acquired through feedback from expert / engineer questionnaires are part.

Keywords: buildings, earthquake, seismic damage, damage assessment, expert system

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Authors: Nadia Sghaier

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In this paper, we aim to identify the determinants of the life and non-life insurance premiums of different lines for the case of the Tunisian insurance market over a recent period from 1997 to 2019. The empirical analysis is conducted using the linear cointegration techniques in the panel data framework, which allow both long and short-run relationships. The obtained results show evidence of long-run relationship between premiums, losses, and financial variables (stock market indices and interest rate). Furthermore, we find that the short-run effect of explanatory variables differs across lines. This finding has important implications for insurance tarification and regulation.

Keywords: insurance premiums, lines, Tunisian insurance market, cointegration approach in panel data

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Authors: Abul Shamsuddin

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The Islamic stock market indices are constructed by screening out stocks that are incompatible with Islam’s prohibition of interest and certain lines of business. This study examines the effects of Islamic screening on the risk-return characteristics of Islamic vis-a-vis mainstream equity portfolios. We use data on Dow Jones Islamic market indices and FTSE Global Islamic indices over 1993-2013. We observe that Islamic equity indices outperform their mainstream counterparts in both raw and risk-adjusted returns. In addition, Islamic equity indices are more resilient to turbulence in international markets than that of their mainstream counterparts. The findings are robust across a variety of portfolio performance measures.

Keywords: Dow Jones Islamic market index, FTSE global Islamic index, ethical investment, finance

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Authors: Pradyumna Mohanty

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The paper aims to explore whether accounting information of Indian companies in the Steel sector are value relevant or not. Ohlson’s model which usually takes into consideration book value per share (BV) and earnings per share (EARN) has been used and the same has been expanded to include two more variables such as cash flow from operations (CFO) and return on equity (ROE). The data were collected from CMIE-Prowess data base in respect of BSE-listed steel companies and the time frame spans from 2010 to 2014. OLS regression has been used to test the value relevance of these accounting numbers. Results indicate that both CFO and BV are having significant influence on the stock price in two out of five years of study. But, BV is emerging as the most significant and highly value relevant of all the four variables during the entire period of study.

Keywords: value relevance, accounting information, book value per share, earnings per share

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Authors: Chul Lee, Seoae Cho, Erich D. Jarvis, Heebal Kim

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Vocal learning, the ability to imitate vocalizations based on auditory experience, is a homoplastic character state observed in different independent lineages of animals such as songbirds, parrots, hummingbirds and human. It has now become possible to perform genome-wide molecular analyses across vocal learners and vocal non-learners with the recent expansion of avian genome data. It was analyzed the whole genomes of human and 48 avian species including those belonging to the three avian vocal learning lineages, to determine if behavior and neural convergence are associated with molecular convergence in divergent species of vocal learners. Analyses of 8295 orthologous genes across bird species revealed 141 genes with amino acid substitutions specific to vocal learners. Out of these, 25 genes have vocal learner specific genetic homoplasies, and their functions were enriched for learning. Several sites in these genes are estimated under convergent evolution and positive selection. A potential role for a subset of these genes in vocal learning was supported by associations with gene expression profiles in vocal learning brain regions of songbirds and human disease that cause language dysfunctions. The key candidate gene with multiple independent lines of the evidences specific to vocal learners was DRD5. Our findings suggest cAMP-based learning pathway in avian vocal learners, indicating molecular homoplastic changes associated with a complex behavioral trait, vocal learning.

Keywords: amino acid substitutions, convergent evolution, positive selection, vocal learning

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Authors: C. Slim

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Traditional techniques for analyzing time series are based on the notion of stationarity of phenomena under study, but in reality most economic and financial series do not verify this hypothesis, which implies the implementation of specific tools for the detection of such behavior. In this paper, we study nonstationary non-seasonal time series tests in a non-exhaustive manner. We formalize the problem of nonstationary processes with numerical simulations and take stock of their statistical characteristics. The theoretical aspects of some of the most common unit root tests will be discussed. We detail the specification of the tests, showing the advantages and disadvantages of each. The empirical study focuses on the application of these tests to the exchange rate (USD/TND) and the Consumer Price Index (CPI) in Tunisia, in order to compare the Power of these tests with the characteristics of the series.

Keywords: stationarity, unit root tests, economic time series, ADF tests

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Authors: Seyhan Karaçavuş, Bülent Yılmaz, Ömer Kayaaltı, Semra İçer, Arzu Taşdemir, Oğuzhan Ayyıldız, Kübra Eset, Eser Kaya

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In this study, our goal was to perform tumor staging and subtype determination automatically using different texture analysis approaches for a very common cancer type, i.e., non-small cell lung carcinoma (NSCLC). Especially, we introduced a texture analysis approach, called Law’s texture filter, to be used in this context for the first time. The 18F-FDG PET images of 42 patients with NSCLC were evaluated. The number of patients for each tumor stage, i.e., I-II, III or IV, was 14. The patients had ~45% adenocarcinoma (ADC) and ~55% squamous cell carcinoma (SqCCs). MATLAB technical computing language was employed in the extraction of 51 features by using first order statistics (FOS), gray-level co-occurrence matrix (GLCM), gray-level run-length matrix (GLRLM), and Laws’ texture filters. The feature selection method employed was the sequential forward selection (SFS). Selected textural features were used in the automatic classification by k-nearest neighbors (k-NN) and support vector machines (SVM). In the automatic classification of tumor stage, the accuracy was approximately 59.5% with k-NN classifier (k=3) and 69% with SVM (with one versus one paradigm), using 5 features. In the automatic classification of tumor subtype, the accuracy was around 92.7% with SVM one vs. one. Texture analysis of FDG-PET images might be used, in addition to metabolic parameters as an objective tool to assess tumor histopathological characteristics and in automatic classification of tumor stage and subtype.

Keywords: cancer stage, cancer cell type, non-small cell lung carcinoma, PET, texture analysis

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Authors: A. J. Regan, F. J. Lidgey, M. Betteridge, P. Georgiou, C. Toumazou, K. Hayatleh, J. R. Dibble

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Our goal is development of an algorithm capable of predicting the directional trend of the Standard and Poor’s 500 index (S&P 500). Extensive research has been published attempting to predict different financial markets using historical data testing on an in-sample and trend basis, with many authors employing excessively complex mathematical techniques. In reviewing and evaluating these in-sample methodologies, it became evident that this approach was unable to achieve sufficiently reliable prediction performance for commercial exploitation. For these reasons, we moved to an out-of-sample strategy based on linear regression analysis of an extensive set of financial data correlated with historical closing prices of the S&P 500. We are pleased to report a directional trend accuracy of greater than 55% for tomorrow (t+1) in predicting the S&P 500.

Keywords: financial algorithm, GPU, S&P 500, stock market prediction

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Authors: M. Kouhirostamkolaei, M. Kouhirostami, M. Sam, J. Woo, A. T. Asutosh, J. Li, C. Kibert

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Construction is one of the most energy consumed activities in the urban environment that results in a significant amount of greenhouse gas emissions around the world. Thus, the impact of the construction industry on global warming is undeniable. Thus, reducing building energy consumption and mitigating carbon production can slow the rate of global warming. The purpose of this study is to determine the amount of energy consumption and carbon dioxide production during the operation phase and the impact of using new shells on energy saving and carbon footprint. Therefore, a residential building with a re-enforced concrete structure is selected in Babolsar, Iran. DesignBuilder software has been used for one year of building operation to calculate the amount of carbon dioxide production and energy consumption in the operation phase of the building. The primary results show the building use 61750 kWh of energy each year. Computer simulation analyzes the effect of changing building shells -using XPS polystyrene and new electrochromic windows- as well as changing the type of lighting on energy consumption reduction and subsequent carbon dioxide production. The results show that the amount of energy and carbon production during building operation has been reduced by approximately 70% by applying the proposed changes. The changes reduce CO₂e to 11345 kg CO₂/yr. The result of this study helps designers and engineers to consider material selection’s process as one of the most important stages of design for improving energy performance of buildings.

Keywords: construction materials, green construction, energy simulation, carbon footprint, energy saving, concrete structure, designbuilder

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Authors: Sara Martín, Ying Jie Zheng, César Hueso

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International shipping is considered one of the largest sources of pollution in the world, accounting for 812 million tons of CO2 emissions in the year 2018. Current maritime decarbonisation is based on the implementation of new fuel alternatives, such as LNG, biofuels, and methanol, among others, which are less polluting as well as less efficient. Despite being a carbon-free and highly-developed technology, nuclear propulsion is hardly discussed as an alternative. Scientifically, it is believed that Small Modular Reactors (SMR) could be a promising solution to decarbonized maritime traffic due to their small dimensions and safety capabilities. However, as of today, there are no merchant ships powered by nuclear systems. Therefore, this project aims to understand the challenges of the development of nuclear-fuelled vessels by analysing all SMR designs to choose the most suitable one. In order not to fall into subjectivities, the Analytic Hierarchy Process (AHP) will be used to make the selection. This multiple-criteria evaluation technique analyses complex decisions by pairwise comparison of a number of evaluation criteria that can be applied to each SMR. The state-of-the-art 72 SMRs presented by the International Atomic Energy Agency (IAEA) will be analysed and ranked by a global parameter, calculated by applying the AHP methodology. The main target of the work is to find an adequate SMR system to power a ship. Top designs will be described in detail, and conclusions will be drawn from the results. This project has been conceived as an effort to foster the near-term development of zero-emission maritime traffic.

Keywords: international shipping, decarbonization, SMR, AHP, nuclear-fuelled vessels

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Authors: Bita Mashayekhi, Hamid Kalhornia

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One of the most important roles of financial reporting is improving the firms’ investment decisions; however, there is not much supporting evidence for this claim in emerging markets like Iran. In this study, the effect of financial reporting transparency in investment efficiency of Iranian firms has been investigated. In order to do this, 336 listed companies on Tehran Stock Exchange (TSE) has been selected for time period 2012 to 2015 as research sample. For testing our main hypothesis, we classified sample firms into two groups based on their deviation from expected investment: under-investment and over-investment cases. The results indicate that there is positive significant relationship between financial transparency and investment efficiency. In the other words, transparency can mitigate both underinvestment and overinvestment situations.

Keywords: corporate governance, disclosure, investment decisions, investment efficiency, transparency

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Authors: Abeer M. Orabi

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Midwives are being seen as a key factor in returning birth care to a normal physiologic process that is woman-centered. On the other hand, more needs to be done to increase access for every woman to professional midwifery care. Because of the nature of the midwifery specialty, the magnitude of the effect that can result from a lack of knowledge if midwives make a mistake in their care has the potential to affect a large number of the birthing population. So, the development, running, and management of midwifery educational programs should follow international standards and come after a thorough community needs assessment. At the same time, the number of accredited midwifery educational programs needs to be increased so that larger numbers of midwives will be educated and qualified, as well as access to skilled midwifery care will be increased. Indeed, the selection of promising midwives is important for the successful completion of an educational program, achievement of the program goals, and retention of graduates in the field. Further, the number of schooled midwives in midwifery education programs, their background, and their experience constitute some concerns in the higher education industry. Basically, preceptors and clinical sites are major contributors to the midwifery education process, as educational programs rely on them to provide clinical practice opportunities. In this regard, the selection of clinical training sites should be based on certain criteria to ensure their readiness for the intended training experiences. After that, communication, collaboration, and liaison between teaching faculty and field staff should be maintained. However, the shortage of clinical preceptors and the massive reduction in the number of practicing midwives, in addition to unmanageable workloads, act as significant barriers to midwifery education. Moreover, the medicalized approach inherent in the hospital setting makes it difficult to practice the midwifery model of care, such as watchful waiting, non-interference in normal processes, and judicious use of interventions. Furthermore, creating a motivating study environment is crucial for avoiding unnecessary withdrawal and retention in any educational program. It is well understood that research is an essential component of any profession for achieving its optimal goal and providing a foundation and evidence for its practices, and midwifery is no exception. Midwives have been playing an important role in generating their own research. However, the selection of novel, researchable, and sustainable topics considering community health needs is also a challenge. In conclusion, ongoing education and research are the lifeblood of the midwifery profession to offer a highly competent and qualified workforce. However, many challenges are being faced, and barriers are hindering their improvement.

Keywords: barriers, challenges, midwifery education, educational programs

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Authors: Joseph Gear, Yue Xu, Ernest Foo, Praveen Gauravaran, Zahra Jadidi, Leonie Simpson

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Deep learning methods have been seeing an increasing application to the long-standing security research goal of automatic vulnerability detection for source code. Attention, however, must still be paid to the task of producing vector representations for source code (code embeddings) as input for these deep learning models. Graphical representations of code, most predominantly Abstract Syntax Trees and Code Property Graphs, have received some use in this task of late; however, for very large graphs representing very large code snip- pets, learning becomes prohibitively computationally expensive. This expense may be reduced by intelligently pruning this input to only vulnerability-relevant information; however, little research in this area has been performed. Additionally, most existing work comprehends code based solely on the structure of the graph at the expense of the information contained by the node in the graph. This paper proposes Semantic-enhanced Code Embedding for Vulnerability Discovery (SCEVD), a deep learning model which uses semantic-based feature selection for its vulnerability classification model. It uses information from the nodes as well as the structure of the code graph in order to select features which are most indicative of the presence or absence of vulnerabilities. This model is implemented and experimentally tested using the SARD Juliet vulnerability test suite to determine its efficacy. It is able to improve on existing code graph feature selection methods, as demonstrated by its improved ability to discover vulnerabilities.

Keywords: code representation, deep learning, source code semantics, vulnerability discovery

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Authors: Tomasz L. Nawrocki

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Due to the growing global interest of investment society in innovative enterprises, as the objective of this research was adopted to examine the investment efficiency in shares of companies with innovative characteristics in the risk-return layout. The research was carried out for companies listed on the Warsaw Stock Exchange taking into various consideration time ranges of investment. Obtained results show that in shorter periods of time, investors buy expectations connected with innovative companies and therefore the efficiency of investment in their shares is relatively high, but in the longer term expectations are revised by companies financial results, which in turn negatively affects the efficiency of investment in their shares.

Keywords: capital market, innovative company, investment strategies, risk and return analysis

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Authors: Ergham Al Bachir

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This study adopts strategic leadership (Upper Echelons) as the core theory and contextual leadership theory as the research lens. This research asks how the external context impacts strategic leadership effectiveness to achieve the outcomes in pluralistic organizations (PO). The study explores how the context influences the selection of CEOs, top management teams (TMT), and their leadership effectiveness. POs are characterized by the multiple objectives of their top management teams, divergent objectives, multiple strategies, and multiple governing authorities. The research question is explored by means of a qualitative multiple-case study focusing on healthcare, real estate, and financial services organizations. The data sources are semi-structured interviews, documents, and direct observations. The data analysis strategy is inductive and deploys thematic analysis and cross-case synthesis. The findings differentiate between national and international CEOs' delegation of authority and relationship with the Board of Directors. The findings identify the elements of the dynamic context that influence TMT and PO outcomes. The emergent hybrid strategic and contextual leadership framework shows how the different contextual factors influence strategic direction, PO context, selection of CEOs and TMT, and the outcomes in four pluralistic organizations. The study offers seven theoretical contributions to Upper Echelons, strategic leadership, and contextual leadership research. (1) The integration of two theories revealed how CEO’s impact on the organization is complementary to the contextual impact. (2) Conducting this study in the Middle East contributes to strategic leadership and contextual leadership research. (3) The demonstration of the significant contextual effects on the selection of CEOs. (4 and 5) Two contributions revealed new links between the context, the Board role, internal versus external CEOs, and national versus international CEOs. (6 and 7) This study offered two definitions: what accounts for CEO leadership effectiveness and organizational outcomes. Two methodological contributions were also identified: (1) Previous strategic leadership and Upper Echelons research are mainly quantitative, while this study adopts qualitative multiple-case research with face-to-face interviews. (2) The extrication of the CEO from the TMT advanced the data analysis in strategic leadership research. Four contributions are offered to practice: (1) The CEO's leadership effectiveness inside and outside the organization. (2) Rapid turnover of predecessor CEOs signifies the need for a strategic and contextual approach to CEOs' succession. (3) TMT composition and education impact on TMT-CEO and TMT-TMT interface. (4) Multilevel strategic contextual leadership development framework.

Keywords: strategic leadership, contextual leadership, upper echelons, pluralistic organizations, cross-cultural leadership

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Authors: Sara Ali Alokley, Mansour Saleh Albarrak

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This paper investigates the dependency or clustering of extremes in the financial returns data by estimating the extremal index value θ∈[0,1]. The smaller the value of θ the more clustering we have. Here we apply the method of Ferro and Segers (2003) to estimate the extremal index for a range of threshold values. We compare the dependency structure of extremes in the developed and emerging markets. We use the financial returns of the stock market index in the developed markets of US, UK, France, Germany and Japan and the emerging markets of Brazil, Russia, India, China and Saudi Arabia. We expect that more clustering occurs in the emerging markets. This study will help to understand the dependency structure of the financial returns data.

Keywords: clustring, extremes, returns, dependency, extermal index

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Authors: Nawaporn Thongnut

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The objective was to study the process and how to prepare the accounting of the Thai temples and to study the performance and quality in the accounting preparation of the temples in accordance with the regulation. The population was the accountants and individuals involved in the accounting preparation of 17 temples in the suburban Bangkok. The measurement used in this study was questionnaire. The statistics used in the analysis are the descriptive statistic. The data was presented in the form of percentage tables to describe the data on the demographic characteristics. The study found that temple wardens were responsible for the accounting and reporting of the temples. Abbots were to check the accuracy of the accounts in the monasteries. Mostly, there was no account auditing of the monasteries from the outside. The practice when receiving income for most of the monasteries had been keeping financial document in an orderly manner.

Keywords: corporate social responsibility, creating shared value, management accountant’s roles, stock exchange of Thailand

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Authors: Rully D. Purwati, Tantri D.A. Anggraeni, Bambang Heliyanto, M. Machfud, Joko Hartono

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The availability of fuel in the world will be reduced in next few years, it is necessary to find alternative energy sources. Jatropha curcas L. is one of oil crops producing non-edible oil which is potential for bio-diesel. Jatropha cultivation and development program in Indonesia is facing several problems especially low seed yield resulting in inefficient crop cultivation cost. To cope with the problem, development of high yielding varieties is necessary. Development of new varieties to improve seed yield was conducted by hybridization and selection and resulted in fourteen potential genotypes. The yield potential of the fourteen genotypes were evaluated and compared with two check varieties. The objective of the evaluation was to find Jatropha hybrids with some characters i.e. their productivity was higher than check varieties, oil content > 40% and harvesting age ≤ 110 days. Hybridization and individual plant selection were carried out from 2010 to 2014. Evaluation of high yield was conducted in Asembagus experimental station, Situbondo, East Java in three years (2015-2017). The experimental designed was Randomized Complete Block Design with three replication, and plot size 10 m x 8 m. The characters observed were number of capsules per plant, dry seed yield (kg/ha) and seed oil content (%). The results of this experiment indicated that all the hybrids evaluated have higher productivity than check variety IP-3A. There were two superior hybrids i.e. HS-49xSP-65/32 and HS-49xSP-19/28 with highest seed yield per hectare and number of capsules per plant for three years.

Keywords: Jatropha, bio energy, hybrid, high seed yield

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Authors: Kalu Ram Meena, Aditi Kar Gangopadhyay, Satrajit Mandal

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Two normal populations with different means and same variance are considered, where the variances are known. The population with the smaller sample mean is selected. Various estimators are constructed for the mean of the selected normal population. Finally, they are compared with respect to the bias and MSE risks by the method of Monte-Carlo simulation and their performances are analysed with the help of graphs.

Keywords: estimation after selection, Brewster-Zidek technique, estimators, selected populations

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Authors: Taha Anjamrooz, Sareh Rajabi, Salwa Bheiry

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Selection between the available projects in bidding processes for the contractor is one of the essential areas to concentrate on. It is important for the contractor to choose the right projects within its portfolio during the tendering stage based on certain criteria. It should align the bidding process with its origination strategies and goals as a screening process to have the right portfolio pool to start with. Secondly, it should set the proper framework and use a suitable technique in order to optimize its selection process for concertation purpose and higher efforts during the tender stage with goals of success and winning. In this research paper, a two steps framework proposed to increase the efficiency of the contractor’s bidding process and the winning chance of getting the new projects awarded. In this framework, initially, all the projects pass through the first stage screening process, in which the portfolio basket will be evaluated and adjusted in accordance with the organization strategies to the reduced version of the portfolio pool, which is in line with organization activities. In the second stage, the contractor uses linear programming to optimize the portfolio pool based on available resources such as manpower, light equipment, heavy equipment, financial capability, return on investment, and success rate of winning the bid. Therefore, this optimization model will assist the contractor in utilizing its internal resource to its maximum and increase its winning chance for the new project considering past experience with clients, built-relation between two parties, and complexity in the exertion of the projects. The objective of this research will be to increase the contractor's winning chance in the bidding process based on the success rate and expected return on investment.

Keywords: bidding process, internal resources, optimization, contracting portfolio management

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Authors: Andrew Fife, Jean-Francois Esculier, Codi Ramsey, Kim Hebert-Losier

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Objectives: We aimed to identify how an evidence-based educational video influences how runners select shoes, and perceive shoe comfort, satisfaction, and performance over three months in comparison with a control video. Design: Two groups participated in a double-blind randomised controlled trial. Method: Fifty-six runners were randomly assigned to view one of two video presentations prior to purchasing new shoes for road running in speciality stores. Runners completed a survey with regards to their own shoes and one in reference to the new shoes purchased at three timepoints: before first use, onemonth post-purchase, and three-months post-purchase. Perceived shoe comfort, satisfaction, and performance were assessed using 100 mm visual analogue scales. Factors that influenced their shoe purchase were ranked in order of importance. Results: Comfort and satisfaction were not significantly different between groups and timepoints. The perceived performance of new shoes (75.6 mm) was significantly greater than own shoes (mean: 67.6 mm) before first use, but ratings returned to own-shoe levels one month later in both groups. The group receiving the evidence-based presentation reported their purchased shoes as being influenced more by the video (55.4 mm) than the control group (21.8 mm), although both chose the same brand and model as previously worn over half of the time. Runners in both groups prioritised fit, comfort, and choosing similar shoes to the ones they previously used. Conclusions: In contrast to expectations, the evidence-based educational video did not appear to influence running shoe selection, or overall perceived shoe comfort, satisfaction, or performance.

Keywords: comfort, consumer behaviour, consciousness, education, running, shoes

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Authors: Septiany Trisnaningtyas

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Purpose: This research aims to examine the factors affecting the profitability of pharmaceutical company during the Covid-19 Pandemic in Indonesia. A sharp decline in the number of patients coming to the hospital for treatment during the pandemic has an impact on the growth of the pharmaceutical sector and brought major changes in financial position and business performance. Pharmaceutical companies that provide products related to the Covid-19 pandemic can survive and continue to grow. This study investigates the factors affecting the profitability of pharmaceutical company during the Covid-19 Pandemic in Indonesia associated with the number of Covid-19 cases. Design/methodology/approach: This study uses panel-data regression models to evaluate the influence of the number of Covid-19 confirmed cases on profitability of ninelisted pharmaceuticalcompanies in Indonesia. This research is based on four independent variables that were empirically examined for their relationship with profitability. These variables are liquidity (current ratio), growth rate (sales growth), firm size (total sales), and market power (the Lerner index). Covid-19 case is used as moderating variable. Data of nine pharmaceutical companies listed on the Indonesia Stock Exchange covering the period of 2018–2021 were extracted from companies’ quarterly annual reports. Findings: In the period during Covid-19, company growth (sales growth) and market power (lerner index) have a positive and significant relationship to ROA and ROE. Total of confirmed Covid-19 cases has a positive and significant relationship to ROA and is proven to have a moderating effect between company’s growth (sales growth) to ROA and ROE and market power (Lerner index) to ROA. Research limitations/implications: Due to data availability, this study only includes data from nine listed pharmaceutical companies in Indonesian Stock exchange and quarterly annual reportscovering the period of 2018-2021. Originality/value: This study focuses onpharmaceutical companies in Indonesia during Covid-19 pandemic. Previous study analyzes the data from pharmaceutical companies’ annual reports since 2014 and focus on universal health coverage (national health insurance) implementation from the Indonesian government. This study analyzes the data using fixed effect panel-data regression models to evaluate the influence of Covid-19 confirmed cases on profitability. Pooled ordinary least squares regression and fixed effects were used to analyze the data in previous study. This study also investigate the moderating effect of Covid-19 confirmed cases to profitability in relevant with the pandemic situation.

Keywords: profitability, indonesia, pharmaceutical, Covid-19

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Authors: Agnes Utari Widyaningdyah

Abstract:

This study investigates the relationship between strategy, intellectual capital (IC) disclosure, and the firm’s performance by considering business competition as a moderating variable. The secondary sectors manufacturing firms in the Jakarta Stock Industrial Classification as sample because this group represents a knowledge-intensive firm according to the OECD (Organization for Economic Cooperation and Development) criteria. Using path analysis, this study reveals that there is a significant influence of strategy toward IC disclosure. Firms with differentiation strategy tend to withhold its strategic information included IC because of afraid in losing their competitive advantage. The results also indicate that firms are more likely to withhold information about IC if they perceive that current or potential competition is strong. However, firms should consider that IC disclosure is a positive signal to the investor.

Keywords: strategy, IC disclosure, market performance, business competition

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Authors: B. Gepts, E. Meex, E. Nuyts, E. Knaepen, G. Verbeeck

Abstract:

The importance of resource efficiency and environmental impact assessment has raised the interest in knowing the amount of materials used in buildings. If no BIM model or energy performance certificate is available, material quantities can be obtained through an estimation or time-consuming calculation. For the interior wall area, no validated estimation method exists. However, in the case of environmental impact assessment or evaluating the existing building stock as future material banks, knowledge of the material quantities used in interior walls is indispensable. This paper presents a validated method for the estimation of the interior wall area for dwellings based on easy-to-collect building characteristics. A database of 4963 residential buildings spread all over Belgium is used. The data are collected through onsite measurements of the buildings during the construction phase (between mid-2010 and mid-2017). The interior wall area refers to the area of all interior walls in the building, including the inner leaf of exterior (party) walls, minus the area of windows and doors, unless mentioned otherwise. The two predictive modelling techniques used are 1) a (stepwise) linear regression and 2) a decision tree. The best estimation method is selected based on the best R² k-fold (5) fit. The research shows that the building volume is by far the most important variable to estimate the interior wall area. A stepwise regression based on building volume per building, building typology, and type of house provides the best fit, with R² k-fold (5) = 0.88. Although the best R² k-fold value is obtained when the other parameters ‘building typology’ and ‘type of house’ are included, the contribution of these variables can be seen as statistically significant but practically irrelevant. Thus, if these parameters are not available, a simplified estimation method based on only the volume of the building can also be applied (R² k-fold = 0.87). The robustness and precision of the method (output) are validated three times. Firstly, the prediction of the interior wall area is checked by means of alternative calculations of the building volume and of the interior wall area; thus, other definitions are applied to the same data. Secondly, the output is tested on an extension of the database, so it has the same definitions but on other data. Thirdly, the output is checked on an unrelated database with other definitions and other data. The validation of the estimation methods demonstrates that the methods remain accurate when underlying data are changed. The method can support environmental as well as economic dimensions of impact assessment, as it can be used in early design. As it allows the prediction of the amount of interior wall materials to be produced in the future or that might become available after demolition, the presented estimation method can be part of material flow analyses on input and on output.

Keywords: buildings as material banks, building stock, estimation method, interior wall area

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Authors: Malaw Ndiaye, Karim Konate

Abstract:

Blockchain and smart contracts can be used to facilitate almost any financial transaction. Thanks to these smart contracts, the settlement of dividends and coupons could be automated. The blockchain would allow all these transactions to be saved in a single ledger rather than in many databases through many organizations as is currently the case. Smart contracts have become lucrative and profitable targets for attackers because they can hold a large amount of money. This paper takes stock of cryptocurrency crime by assessing attacks due to smart contracts and the cost of losses. These losses are often the result of two types of malicious contracts: vulnerable contracts and criminal smart contracts. Studying the behavior of malicious contracts allows us to understand the root causes and consequences of attacks and the defense capabilities that exist although they do not definitively solve the crime problem. It makes it possible to approach new defense perspectives which will be concretized in future work.

Keywords: blockchain, malicious smart contracts, crypto-currency, crimes, attacks

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Authors: Manendra Singh Parihar, Sandip Ghosh Chowdhury

Abstract:

Austenitic stainless steels are widely used and give a good combination of properties. When this steel is plastically deformed, a phase transformation of the metastable Face Centred Cubic Austenite to the stable Body Centred Cubic (α’) or to the Hexagonal close packed (ԑ) martensite may occur, leading to the enhancement in the mechanical properties like strength. The work was based on variant selection and corresponding texture analysis for the strain induced martensitic transformation during deformation of the parent austenite FCC phase to form the product HCP and the BCC martensite phases separately, obeying their respective orientation relationships. The automated method for reconstruction of the parent phase orientation using the EBSD data of the product phase orientation is done using the MATLAB and TSL-OIM software. The method of triplets was used which involves the formation of a triplet of neighboring product grains having a common variant and linking them using a misorientation-based criterion. This led to the proper reconstruction of the pre-transformation phase orientation data and thus to its microstructure and texture. The computational speed of current method is better compared to the previously used methods of reconstruction. The reconstruction of austenite from ԑ and α’ martensite was carried out for multiple samples and their IPF images, pole figures, inverse pole figures and ODFs were compared. Similar type of results was observed for all samples. The comparison gives the idea for estimating the correct sequence of the transformation i.e. γ → ε → α’ or γ → α’, during deformation of AISI 304 austenitic stainless steel.

Keywords: variant selection, reconstruction, EBSD, austenitic stainless steel, martensitic transformation

Procedia PDF Downloads 496