Search results for: financial industry

Authors: Intan Purnama Sari, Fitri Damayanti, Nabiila Yumna Ghina

Abstract:

Kliwonan, Sragen is a famous central batik industry village. In the process of the industry, women are placed into the central role but marginalized in economic mode. Women have the double burden on domestic sector and public sector (work as craftsmen batik). The existence of the batik industry bring on issues related to the pollution of water resources as a result of waste water with the marginalized of women. This research aims to examine the relevance of the pollution of the water from the well in Kliwonan with women as the biggest role holders through ecofeminism perspective. To examine these aspects then made observations, documentation, and interview against women batik craftsmen. The results of the study showed that the wells as sources of water to the inhabitants of contaminated because the liquid waste water batik industry. The impact of women must buy clean water each month to meet the needs of the household water with the reward that is obtained from the result of labor as much as Rp 12,000 per day. It proves the marginalized women on economic mode. Based on the results of research done, it can be concluded that the required environmental planning to promote how women do the rescue environment. The implementation requires kelor (Moringa oleifera seeds) as such as natural coagulants of sources of water-saving and easy to use.

Keywords: well water pollution, ecofeminism, environmental planning, Moringa oleifera

Procedia PDF Downloads 272

Authors: Magid Maatallah

Abstract:

The problem is, investment management in modern conditions boils down to risk management which is very underdeveloped in Islamic financial theory and practice. Add to this the fact that, in Islamic perception, this is one of the areas of conventional finance in need of drastic reforms. This need was recently underlined by the story of Long Term Capital Management (LTCM ), ( told by Roger Lowenstein in his book, When Genius Failed, Random House, 2000 ). So we face a double challenge, to develop Islamic techniques of risk management and to see that these new techniques are free from the ills with which conventional methods are suffering. This is different from the challenge faced in the middle of twentieth century, to develop a method of financial intermediation free of interest.Risk was always there, especially in business. But industrialization brought risks unknown in trade and agriculture. Industrial production often involves long periods of time .The longer the period of production the more the uncertainty. The scope of the market has expanded to cover the whole world, introducing new kinds of risk. More than a thousand years ago, when Islamic laws were being written, the nature and scope of risk and uncertainty was different. However, something can still be learnt which, in combination with the modern experience, should enable us to realize the Shariah objectives of justice, fairness and efficiency.

Keywords: financial markets, Islamic framework, risk management, investment

Procedia PDF Downloads 543

Authors: Md Tasbirul Islam, Pablo Dias, Nazmul Huda

Abstract:

E-waste/Waste electrical and electronic equipment (WEEE) is one of the fastest growing waste streams across the globe. This paper aims to compare the e-waste management system in Switzerland and Australia in terms of four features - legislative initiatives, disposal practice, collection and financial mechanisms. The qualitative content analysis is employed as a research method in the study. Data were collected from various published academic research papers, industry reports, and web sources. In addition, a questionnaire survey is conducted in Australia to understand the public awareness and opinions on the features. The results of the study provide valuable insights to policymakers in Australia developing better e-waste management system in conjunction with the public consensus, and the state-of-the-art operational strategies currently being practiced in Switzerland.

Keywords: E-waste management, WEEE, awareness, pro-environmental behavior, Australia, Switzerland

Procedia PDF Downloads 278

Authors: Renuka H. Deshmukh, Snehal Nifadkar, Anil P. Dongre

Abstract:

The research study aims to analyze the financial performance of the companies associated with CDM projects implemented in India from 2001 to 2014 by calculating net profit with and without CDM revenue. Further the study also highlights the Year-wise and sector-wise lending to CDM projects in India as well as in the state of Maharashtra. The study further aims to examine the year-wise trend of Certified Emission Reductions (CER) issued by the CDM projects implemented in Maharashtra from 2001-2014. The study as well analyses the responses of selected corporate with respect to the challenges in implementing and obtaining finance from commercial banks.

Keywords: adaptation costs, internal rate of return, mitigation, vulnerability, CER

Procedia PDF Downloads 341

Authors: Ari Lindeman, Melina Maunula, Jani Kiviranta, Ronja Pölkki

Abstract:

The aim of this paper is to build a vision of the utilization of creative industry competences in industrial and services firms connected to Kymenlaakso region, Finland, smart specialization focus areas. Research indicates that creativity and the use of creative industry’s inputs can enhance innovation and competitiveness. Currently creative methods and services are underutilized in regional businesses and the added value they provide is not well grasped. Methodologically, the research adopts a qualitative exploratory approach. Data is collected in multiple ways including a survey, focus groups, and interviews. Theoretically, the paper contributes to the discussion about the use creative industry competences in regional development, and argues for building regional creative economy ecosystems in close co-operation with regional strategies and traditional industries rather than as treating regional creative industry ecosystem initiatives separate from them. The practical contribution of the paper is the creative vision for the use of regional authorities in updating smart specialization strategy as well as boosting industrial and creative & cultural sectors’ competitiveness. The paper also illustrates a research-based model of vision building.

Keywords: business, cooperation, creative economy, regional development, vision

Procedia PDF Downloads 125

Authors: S. Brahmi, S. Aitouche, M. D. Mouss

Abstract:

Every modern company should measure the value of its intellectual capital and to report to complement the traditional annual balance sheets. The purpose of this work is to measure the intellectual capital in an Algerian company (or production system) using the Weightless Wealth Tool Kit (WWTK). The results of the measurement of intellectual capital are supplemented by traditional financial ratios. The measurement was applied to the National Company of Wells Services (ENSP) in Hassi Messaoud city, in the south of Algeria. We calculated the intellectual capital (intangible resources) of the ENSP to help the organization to better capitalize on its potential of workers and their know-how. The intangible value of the ENSP is evaluated at 16,936,173,345 DA in 2015.

Keywords: financial valuation, intangible capital, intellectual capital, intellectual capital measurement

Procedia PDF Downloads 279

Authors: Aharouay Soumaya

Abstract:

Efficiency is a relative concept. It is measured by comparing the productivity obtained in what is intended as standard or objective criteria. The quantity and quality of output achieved and the level of service are also compared to targets or standards, to determine to what extent they could cause changes in efficiency. Efficiency improves when more outputs of a specified quality are produced with the same resource inputs or less, or when the same amount of output is produced with fewer resources. This article proposes a review of the literature on strategies adopted by firms in the age of the financial crisis to overcome these negative effects, and tracks progress chosen by the organization to remain successful despite the plight of firms.

Keywords: effectiveness, efficiency, organizational capacity, strategy, management tool, progress, performance

Procedia PDF Downloads 338

Authors: Agi Sunday, Agih Ukuru Agih

Abstract:

In Nigeria, the food processing sector is dominated by small and medium enterprises, as well as multinational food companies. Quality standards are usually related to improving the safety of food products suitable for consumption in accordance to specifications by food regulatory bodies. These standards are essential elements for local and international businesses which contribute to economic progress through industrial development and trade. This review takes a critical look on the Nigerian food industry development in terms of quality standards that are necessary to be given consideration in the production of food and also ways of improving food production in Nigeria through the use of Total Quality Management (TQM) technique and the use of computerized systems to produce high quality and high value products while at the same time reducing production time and cost.

Keywords: food industry, quality assurance, Nigeria, TQM, computerized systems

Procedia PDF Downloads 447

Authors: Ali A. Karakhan

Abstract:

Stakeholders in the architecture, engineering, and construction (AEC) industry have been always searching for strategies to develop, design, and construct healthy and smart building projects. Healthy and smart building projects require that the building process including design and construction be altered and carefully implemented in order to bring about sustainable outcomes throughout the facility lifecycle. Healthy and smart building projects are expected to positively influence organizational success and facility performance across the project lifecycle leading to superior outcomes in terms of people, economy, and the environment. The present study aims to identify potential strategies that AEC organizations can implement to achieve healthy and smart building projects. Drivers and barriers for healthy and smart building features are also examined. The study findings indicate that there are three strategies to advance the development of healthy and smart building projects: (1) the incorporation of high-quality products and low chemical-emitting materials, (2) the integration of innovative designs, methods, and practices, and (3) the adoption of smart technology throughout the facility lifecycle. Satisfying external demands, achievement of a third-party certification, obtaining financial incentives, and a desire to fulfill professional duty are identified as the key drivers for developing healthy and smart building features; whereas, lack of knowledge and training, time/cost constrains, preference for/adherence to customary practices, and unclear business case for why healthy buildings are advantageous are recognized as the primary barriers toward a wider diffusion of healthy and smart building projects. The present study grounded in previous engineering, medical, and public health research provides valuable technical and practical recommendations for facility owners and industry professionals interested in pursuing sustainable, yet healthy and smart building projects.

Keywords: healthy buildings, smart construction, innovative designs, sustainable projects

Procedia PDF Downloads 154

Authors: Michelo Obrey

Abstract:

Traditionally, mutual funds have long been esteemed as stand-alone entities in the U.S. However, the prevalence of the fund families’ affiliation to financial conglomerates is eroding this striking feature. Mutual fund families' affiliation with financial conglomerates can potentially be an important source of superior performance or cost to the affiliated mutual fund investors. On the one hand, financial conglomerates affiliation offers the mutual funds access to abundant resources, better research quality, private material information, and business connections within the financial group. On the other hand, conflict of interest is bound to arise between the financial conglomerate relationship and fund management. Using a sample of U.S. domestic equity mutual funds from 1994 to 2017, this paper examines whether fund family affiliation to an investment bank help the affiliated mutual funds deliver superior performance through private material information advantage possessed by the investment banks or it costs affiliated mutual fund shareholders due to the conflict of interest. Robust to alternative risk adjustments and cross-section regression methodologies, this paper finds that the investment bank-affiliated mutual funds significantly outperform those of the mutual funds that are not affiliated with an investment bank. Interestingly the paper finds that the outperformance is confined to holding return, a return measure that captures the investment talent that is uninfluenced by transaction costs, fees, and other expenses. Further analysis shows that the investment bank-affiliated mutual funds specialize in hard-to-value stocks, which are not more likely to be held by unaffiliated funds. Consistent with the information advantage hypothesis, the paper finds that affiliated funds holding covered stocks outperform affiliated funds without covered stocks lending no support to the hypothesis that affiliated mutual funds attract superior stock-picking talent. Overall, the paper findings are consistent with the idea that investment banks maximize fee income by monopolistically exploiting their private information, thus strategically transferring performance to their affiliated mutual funds. This paper contributes to the extant literature on the agency problem in mutual fund families. It adds to this stream of research by showing that the agency problem is not only prevalent in fund families but also in financial organizations such as investment banks that have affiliated mutual fund families. The results show evidence of exploitation of synergies such as private material information sharing that benefit mutual fund investors due to affiliation with a financial conglomerate. However, this research has a normative dimension, allowing such incestuous behavior of insider trading and exploitation of superior information not only negatively affect the unaffiliated fund investors but also led to an unfair and unleveled playing field in the financial market.

Keywords: mutual fund performance, conflicts of interest, informational advantage, investment bank

Procedia PDF Downloads 180

Authors: Md Asif Imrul, Maria Rafique, M. Habibur Rahman

Abstract:

The study deals with an investigation into the impact of the relocation of tannery industry on water quality parameters of Buriganga. For this purpose, previous records have been collected from authentic data resources and for the attainment of present values, several samples were collected from three major locations of the Buriganga River during summer and winter seasons in 2018 to determine the distribution and variation of water quality parameters. Samples were collected six ft below the river water surface. Analysis indicates slightly acidic to slightly alkaline (6.8-7.49) in nature. Bio-Chemical Oxygen Demand, Total Dissolved Solids, Total Solids (TS) & Total Suspended Solids (TSS) have been found greater in summer. On the other hand, Dissolved Oxygen is found greater in rainy seasons. Relocation shows improvement in water quality parameters. Though the improvement related to relocation of tannery industry is not adequate to turn the water body to be an inhabitable place for aquatic lives.

Keywords: Buriganga river, river pollution, tannery industry, water quality parameters

Procedia PDF Downloads 152

Authors: Fu Jinyu, Lin Jinguan

Abstract:

This paper introduces a novel approach that unifies two types of models: one is the continuous-time jump-diffusion used to model high-frequency data, and the other is discrete-time GQARCH employed to model low-frequency financial data by embedding the discrete GQARCH structure with jumps in the instantaneous volatility process. This model is named “GQARCH-It\^{o} -Jumps mode.” We adopt the realized range-based threshold estimation for high-frequency financial data rather than the realized return-based volatility estimators, which entail the loss of intra-day information of the price movement. Meanwhile, a quasi-likelihood function for the low-frequency GQARCH structure with jumps is developed for the parametric estimate. The asymptotic theories are mainly established for the proposed estimators in the case of finite activity jumps. Moreover, simulation studies are implemented to check the finite sample performance of the proposed methodology. Specifically, it is demonstrated that how our proposed approaches can be practically used on some financial data.

Keywords: It\^{o} process, GQARCH, leverage effects, threshold, realized range-based volatility estimator, quasi-maximum likelihood estimate

Procedia PDF Downloads 146

Authors: Alica Höpken, Hergen Pargmann

Abstract:

The resource-efficient planning of the complex production planning processes in the meat industry and the reduction of food waste is a permanent challenge. The complexity of the production planning process occurs in every part of the supply chain, from agriculture to the end consumer. It arises from long and uncertain planning phases. Uncertainties such as stochastic yields, fluctuations in demand, and resource variability are part of this process. In the meat industry, waste mainly relates to incorrect storage, technical causes in production, or overproduction. The high amount of food waste along the complex supply chain in the meat industry could not be reduced by simple solutions until now. Therefore, resource-efficient production planning by conventional methods is currently only partially feasible. The realization of intelligent, automated production planning is basically possible through the application of machine learning algorithms, such as those of reinforcement learning. By applying the adapted design thinking method, machine learning methods (especially reinforcement learning algorithms) are used for the complex production planning process in the meat industry. This method represents a concretization to the application area. A resource-efficient production planning process is made available by adapting the design thinking method. In addition, the complex processes can be planned efficiently by using this method, since this standardized approach offers new possibilities in order to challenge the complexity and the high time consumption. It represents a tool to support the efficient production planning in the meat industry. This paper shows an elegant adaption of the design thinking method to apply the reinforcement learning method for a resource-efficient production planning process in the meat industry. Following, the steps that are necessary to introduce machine learning algorithms into the production planning of the food industry are determined. This is achieved based on a case study which is part of the research project ”REIF - Resource Efficient, Economic and Intelligent Food Chain” supported by the German Federal Ministry for Economic Affairs and Climate Action of Germany and the German Aerospace Center. Through this structured approach, significantly better planning results are achieved, which would be too complex or very time consuming using conventional methods.

Keywords: change management, design thinking method, machine learning, meat industry, reinforcement learning, resource-efficient production planning

Procedia PDF Downloads 120

Authors: Prangvalai Buasan, Boonrod Sajjakulnukit, Thongchart Bowonthumrongchai

Abstract:

The demand for biomass pellets in the industrial sector has significantly increased since 2020. The revised version of Thailand’s power development plan as well as the Alternative Energy Development Plan, aims to promote biomass fuel consumption by around 485 MW by 2030. The replacement of solid fossil fuel with biomass pellets will affect medium-term and long-term national benefits for all industries throughout the supply chain. Therefore, the evaluation of environmental and economic impacts throughout the biomass pellet supply chain needs to be performed to provide better insight into the goods and financial flow of this activity. This study extended the national input-output table for the biomass pellet industry and applied the input-output analysis (IOA) method, a sort of macroeconomic analysis, to interpret the result of transactions between industries in the monetary unit when the revised national power development plan was adopted and enforced. Greenhouse gas emissions from consuming energy and raw material through the supply chain are also evaluated. The total intermediate transactions of all economic sectors, which included the biomass pellets sector (CASE 2), increased by 0.02% when compared with the conservative case (CASE 1). The control total, which is the sum of total intermediate transactions and value-added, the control total of CASE 2 is increased by 0.07% when compared with CASE 1. The pellet production process emitted 432.26 MtCO2e per year. The major sharing of the GHG is from the plantation process of raw biomass.

Keywords: input-output analysis, environmental extended input-output analysis, macroeconomic planning, biomass pellets, renewable energy

Procedia PDF Downloads 92

Authors: Josip Dorigatti, Tina Perić, Gorana Jelić Mrčelić

Abstract:

This paper makes a review of present researches on sustainable development, sustainable maritime transport and presents the problem of sustainability in the cruise ships industry. It deals with cruise ships' routing in coastal navigation and its impact on sustainability from environmental, economical, and social aspects. A review of researches available on maritime sustainability brings to the attention how sustainability from a maritime transport perspective is still not enough analysed and researched as it is the case in other industries. The paper emphasises how the operational part of the cruising industry, in particular cruise ships routing in coastal navigation, is not yet researched nor analysed from the aspect of sustainability. The author, based on his extensive senior officer experience in the cruising industry, makes an overview of cruise ship routing practice. Accordingly, based on present cruise industry trends, challenges are highlighted from the aspect of sustainable cruise ships routing in coastal navigation.

Keywords: sustainable development, maritime transport, cruise shipping, cruise ship routes, coastal navigation

Procedia PDF Downloads 163

Authors: Miroslav Čulík, Petr Gurný

Abstract:

This paper is aimed at the financial assessment of the hard coal mining in a given region by real option methodology application. Hard coal mining in this mine makes net loss for the owner during the last years due to the long-term unfavourable mining conditions and significant drop in the coal prices during the last years. Management is going to shut down the operation and abandon the project to reduce the loss of the company. The goal is to assess whether the shutting down the operation is the only and correct solution of the problem. Due to the uncertainty in the future hard coal price evolution, the production might be again restarted if the price raises enough to cover the cost of the production. For the assessment, real option methodology is applied, which captures two important aspect of the financial decision-making: risk and flexibility. The paper is structured as follows: first, current state is described and problem is analysed. Next, methodology of real options is described. At last, project is evaluated by applying real option methodology. The results are commented and recommendations are provided.

Keywords: real option, investment, option to abandon, option to shut down and restart, risk, flexibility

Procedia PDF Downloads 542

Authors: Africa Makasi

Abstract:

The research explored factors influencing the adoption of disruptive technologies in the mobile telecommunications industry in Zimbabwe. Data was gathered from the second biggest competitor in the industry with over 3 million subscribers as the main case of study. The survey was conducted by purposively selecting 70 respondents from a population of 3,000,000 (three million) active subscribers from the company’s database. A skip interval of 42,857 was used to randomly select the sample. Customer representatives were selected from the company’s five regional offices using a two-stage cluster sampling technique. Employee participants were purposively selected from the company’s head office. Self-administered questionnaires were used in the research. A pilot test was conducted and the assessment of the reliability of the research instruments used in the research performed. Results of the pilot study were analyzed to test for reliability using SPSS. The results confirmed that the style of leadership and its thrust may help speed up or reduce the adoption of disruptive technologies. This was reflected by a p–value of 0.01 which is less than 0.05. The null hypothesis was thus rejected and the strong relationship between leadership and adoption of disruptive technology is confirmed. Similar results were also obtained with respect to staff competence, availability of funding and the type of infrastructure available Future research should look at organizational ambidexterity as well as exploitation and exploration paradigms in organizations in the telecommunications industry and their impact on the adoption of disruptive technologies.

Keywords: disruptive innovation, adoption, mobile telecommunication industry, exploration and exploitation

Procedia PDF Downloads 361

Authors: Cleopatra Gittens

Abstract:

It has been recognized that some social security and national insurance systems in the Eastern Caribbean are experiencing ageing populations and economic and other crises that will present a financial challenge of being unable to pay pension benefits in fifteen to twenty years. This has implications for the fiscal and economic positions of the countries themselves. Hence, organizations would need to address the issue urgently. The study adds to the body of knowledge on social security systems and social security reforms in small island developing states (SIDS). It also makes recommendations for the types of reforms that social security systems in other SIDS can implement given their special circumstances. Secondary research is used to gather financial and other related information on three social security schemes in the Eastern Caribbean. Actuarial and financial reports and other documents of the social security systems are analysed to obtain financial and static data on each of the schemes. The findings show that the three schemes studied are experiencing steady increases in benefit expenditure versus contributions and increasing pensioner to insured ratios. The schemes will deplete their reserves between 2038 and 2050. Two of the schemes have increased their retirement age while the other has not embarked on any reforms. One scheme has made changes to its contribution percentages. Due to their small size, small populations and other unique circumstances, the social security schemes in the identified territories are not likely to be able to take advantage of all of the reform initiatives that the developed world embarked on when faced with similar problems. These schemes will need to make incremental changes that align with the timeframes recommended by the actuarial studies.

Keywords: benefits, pension, small island developing states, social security reform

Procedia PDF Downloads 84

Authors: Keitumetse Gaesirwe

Abstract:

This study investigated the effect of corporate social responsibility (CSR) on brand equity. Specific objectives include examining the connections between ethics and philanthropic constructs of CSR and brand loyalty in the telecommunication industry in South Africa. A convenience sampling technique was used, and closed-ended questionnaires were administered to 800 research participants across the nine provinces of South Africa. Data collected from the field was analyzed using inferential statistics (Ordinary Least Squares regression and correlation analysis) as well as descriptive statistics. Findings show positive and significant connections between the constructs of CSR and brand loyalty. The implications of the findings indicate that keeping ethical and philanthropy standards can be a source of competitive advantage and guarantee brand loyalty for telecommunication companies in South Africa.

Keywords: CSR, brand awareness, telecommunication industry, COVID-19, South Africa

Procedia PDF Downloads 109

Authors: Erisasadat Sahebzamani, Núria Forcada, Francisco Lendinez

Abstract:

Global climate change has become increasingly problematic over the past few decades. The construction industry has contributed to greenhouse gas emissions in recent decades. Considering these issues and the high demand for materials in the construction industry, Circular Economy (CE) is considered necessary to keep materials in the loop and extend their useful lives. By providing tangible benefits, Construction 4.0 facilitates the adoption of CE by reducing waste, updating standard work, sharing knowledge, and increasing transparency and stability. This study aims to present a framework for integrating CE and digital tools like Building Information Modeling (BIM) and Virtual Reality (VR) to examine the impact on the construction industry based on stakeholders' perspectives.

Keywords: circular economy, building information modeling, virtual reality, stakeholder engagement

Procedia PDF Downloads 105

Authors: Keerthana Gonella, Kamesh Apparaju

Abstract:

Teams are all pervasive and team leadership is a much discussed topic in managing projects that characterize the modern work environment. Biotechnology industry in India is an area of research interest for scholars on leadership, especially, team leadership. The present paper examines the perception of team members on the effectiveness of their team leaders in the biotechnology industry in India. This is an empirical study in which the data was collected by administering the closed-ended questionnaire to the respondents from across India. The effectiveness of the team leader is dependent upon his goal orientation that creates a collaborative climate. Leaders with technical know-how inspire teamwork with trust. They build confidence, mitigate the differences and expand team capabilities through teamwork. Effective leaders also create team identity making the most of the differences with a vision.

Keywords: collaboration, perception, team, team capabilities, team leadership

Procedia PDF Downloads 302

Authors: Zita Šereš, Dragana Šoronja Simović, Ljubica Dokić, Lidietta Giorno, Biljana Pajin, Cecilia Hodur, Nikola Maravić

Abstract:

Membrane technology is convenient for separation of suspended solids, colloids and high molecular weight materials that are present. The idea is that the waste stream from edible oil industry, after the separation of oil by using skimmers is subjected to microfiltration and the obtained permeate can be used again in the production process. The wastewater from edible oil industry was used for the microfiltration. For the microfiltration of this effluent a tubular membrane was used with a pore size of 200 nm at transmembrane pressure in range up to 3 bar and in range of flow rate up to 300 L/h. Box–Behnken design was selected for the experimental work and the responses considered were permeate flux and chemical oxygen demand (COD) reduction. The reduction of the permeate COD was in the range 40-60% according to the feed. The highest permeate flux achieved during the process of microfiltration was 160 L/m²h.

Keywords: ceramic membrane, edible oil, microfiltration, wastewater

Procedia PDF Downloads 288

Authors: L. Maiza, A. Cantagrel, M. Forestier, G. Laucoin, T. Regali

Abstract:

Evaluation of High Frequency Trading (HFT) impact on financial markets is very important for traders who use market analysis to detect winning transaction opportunity. Analysis of HFT data on tobacco commodity market is discussed here and interesting linear relationship has been shown between trading frequency and difference between averaged trading prices above and below considered trading frequency. This may open new perspectives on markets data understanding and could provide possible interpretation of Adam Smith invisible hand.

Keywords: financial market, high frequency trading, analysis, impacts, Adam Smith invisible hand

Procedia PDF Downloads 352

Authors: Yosra Mefteh Rekik, Younes Boujelbene

Abstract:

We introduce in this paper a new conceptual model representing the stock market dynamics. This model is essentially based on cognitive behavior of the intelligence investors. In order to validate our model, we build an artificial stock market simulation based on agent-oriented methodologies. The proposed simulator is composed of market supervisor agent essentially responsible for executing transactions via an order book and various kinds of investor agents depending to their profile. The purpose of this simulation is to understand the influence of psychological character of an investor and its neighborhood on its decision-making and their impact on the market in terms of price fluctuations. Therefore, the difficulty of the prediction is due to several features: the complexity, the non-linearity and the dynamism of the financial market system, as well as the investor psychology. The Artificial Neural Networks learning mechanism take on the role of traders, who from their futures return expectations and place orders based on their expectations. The results of intensive analysis indicate that the existence of agents having heterogeneous beliefs and preferences has provided a better understanding of price dynamics in the financial market.

Keywords: artificial intelligence methods, artificial stock market, behavioral modeling, multi-agent based simulation

Procedia PDF Downloads 440

Authors: N. Šarlija, S. Pfeifer, M. Jeger, A. Bilandžić

Abstract:

Enterprise growth is generally considered as a key driver of competitiveness, employment, economic development and social inclusion. As such, it is perceived to be a highly desirable outcome of entrepreneurship for scholars and decision makers. The huge academic debate resulted in the multitude of theoretical frameworks focused on explaining growth stages, determinants and future prospects. It has been widely accepted that enterprise growth is most likely nonlinear, temporal and related to the variety of factors which reflect the individual, firm, organizational, industry or environmental determinants of growth. However, factors that affect growth are not easily captured, instruments to measure those factors are often arbitrary, causality between variables and growth is elusive, indicating that growth is not easily modeled. Furthermore, in line with heterogeneous nature of the growth phenomenon, there is a vast number of measurement constructs assessing growth which are used interchangeably. Differences among various growth measures, at conceptual as well as at operationalization level, can hinder theory development which emphasizes the need for more empirically robust studies. In line with these highlights, the main purpose of this paper is twofold. Firstly, to compare structure and performance of three growth prediction models based on the main growth measures: Revenues, employment and assets growth. Secondly, to explore the prospects of financial indicators, set as exact, visible, standardized and accessible variables, to serve as determinants of enterprise growth. Finally, to contribute to the understanding of the implications on research results and recommendations for growth caused by different growth measures. The models include a range of financial indicators as lag determinants of the enterprises’ performances during the 2008-2013, extracted from the national register of the financial statements of SMEs in Croatia. The design and testing stage of the modeling used the logistic regression procedures. Findings confirm that growth prediction models based on different measures of growth have different set of predictors. Moreover, the relationship between particular predictors and growth measure is inconsistent, namely the same predictor positively related to one growth measure may exert negative effect on a different growth measure. Overall, financial indicators alone can serve as good proxy of growth and yield adequate predictive power of the models. The paper sheds light on both methodology and conceptual framework of enterprise growth by using a range of variables which serve as a proxy for the multitude of internal and external determinants, but are unlike them, accessible, available, exact and free of perceptual nuances in building up the model. Selection of the growth measure seems to have significant impact on the implications and recommendations related to growth. Furthermore, the paper points out to potential pitfalls of measuring and predicting growth. Overall, the results and the implications of the study are relevant for advancing academic debates on growth-related methodology, and can contribute to evidence-based decisions of policy makers.

Keywords: growth measurement constructs, logistic regression, prediction of growth potential, small and medium-sized enterprises

Procedia PDF Downloads 247

Authors: Christoph Schuler, Oriana Ponta

Abstract:

Public Financial Management (PFM) reforms are promoted by various international organizations such as the International Monetary Fund (IMF) or the World Bank, local development banks and the donor country community to strengthen governance and accountability in developing countries across the world. Reform efforts undertaken are often systematically measured against international best practice by the application of standardized analytical instruments such as the Public Expenditure and Financial Accountability Framework (PEFA) or the Poverty Reduction Action Plan (PARP). While those instruments analyze direct achievements of PFM reforms, the long-term benefits of such reforms for society remain untapped. This gives rise to the question why the concept of impact evaluation with its experimental or quasi-experimental settings in the form of randomized control trials has rarely been applied in the context of PFM reforms. To close this gap, this study provides examples where the concept of impact evaluation can be applied to PFM reforms and thereby shifting the focus from outcome towards a long-term impact. As it is a new approach, this study does not attempt to conduct a fully flagged impact evaluation of a certain PFM reform. However, it will outline, as a form of pre-test the applicability of the impact evaluation methodology in this context, for example, by more closely analyzing the commonly used indicators (for example within PEFA or PARP). This would mean to scrutinize these indicators as to how they were designed and how they are related to the long-term impact, they should be producing. The analysis of PFM reform indicators and their relation to long-term impacts should provide practitioners and scholars alike with new insights on how to strengthen the accountability of public service delivery through successful and sustainable PFM reforms.

Keywords: accountability, impact evaluation, PFM reforms, public financial management

Procedia PDF Downloads 317

Authors: Zita Šereš, Ljubica Dokić, Nikola Maravić, Dragana Šoronja Simović, Cecilia Hodur, Ivana Nikolić, Biljana Pajin

Abstract:

New environmental regulations and the increasing market preference for companies that respect the ecosystem had encouraged the industry to look after new treatments for its effluents. The sugar industry, one of the largest emitter of environmental pollutants, follows this tendency. Membrane technology is convenient for separation of suspended solids, colloids and high molecular weight materials that are present in a wastewater from the sugar industry. The idea is to microfilter the wastewater, where the permeate passes through the membrane and becomes available for recycle and re-use in the sugar manufacturing process. For microfiltration of this effluent a tubular ceramic membrane was used with a pore size of 200 nm at transmembrane pressure in range of 1 – 3 bars and in range of flow rate of 50 – 150 l/h. Kenics static mixer was used for permeate flux enhancement. Turbidity and suspended solids were removed and the permeate flux was continuously monitored during the microfiltration process. The flux achieved after 90 minutes of microfiltration was in a range of 50-70 L/m2h. The obtained turbidity decrease was in the range of 50-99% and the total amount of suspended solids was removed.

Keywords: ceramic membrane, microfiltration, permeate flux, sugar industry, wastewater

Procedia PDF Downloads 518

Authors: Renaud Gaucher

Abstract:

Research on happiness has developed significantly in the past fifty years and economics and the political science are starting to be influenced by advances in the field. Until recently, finance has stayed outside this movement. The goal of our research is to integrate finance into this movement conceptually. We explain the why, the what and the how of the finance of happiness. We then study the relationship between corporate finance and happiness. We discuss the optimization of the relationship between the financial performance of a firm and the happiness at work of its employees, and the reduction of financial risk by developing goods that foster the happiness of their users. Finally we look at the development of happiness investment funds, that is investment funds founded on happiness research, and the best ways to share risks and earnings to build a happier society.

Keywords: finance, happiness, investment fund, risk

Procedia PDF Downloads 184

Authors: Boubaker Fezzani, Ridha Ben Cheikh, Tarek Rouissi

Abstract:

In this work the original ADM1, implemented in the simulation software package MATLAB/Simulink, was modified and adapted and applied to reproduce the experimental results of the mesophilic anaerobic digestion of Esperto paper industry wastewater in a batch digester. The data set from lab-scale experiment runs were used to calibrate and validate the model. The simulations’ results indicated that the modified ADM1 was able to predict reasonably well the steady state results of gas flows, methane and carbon dioxide contents, pH and total volatile fatty acids (TVFA) observed with all influents concentrations.

Keywords: anaerobic digestion, mathematical modelling, Simulation, ADM1, batch digester, esparto paper industry effluent, mesophilic temperature

Procedia PDF Downloads 398

Authors: Marc S. Paolella, Pawel Polak

Abstract:

The paper proposes a framework for large-scale portfolio optimization which accounts for all the major stylized facts of multivariate financial returns, including volatility clustering, dynamics in the dependency structure, asymmetry, heavy tails, and non-ellipticity. It introduces a so-called risk fear portfolio strategy which combines portfolio optimization with active risk monitoring. The former selects optimal portfolio weights. The latter, independently, initiates market exit in case of excessive risks. The strategy agrees with the stylized fact of stock market major sell-offs during the initial stage of market downturns. The advantages of the new framework are illustrated with an extensive empirical study. It leads to superior multivariate density and Value-at-Risk forecasting, and better portfolio performance. The proposed risk fear portfolio strategy outperforms various competing types of optimal portfolios, even in the presence of conservative transaction costs and frequent rebalancing. The risk monitoring of the optimal portfolio can serve as an early warning system against large market risks. In particular, the new strategy avoids all the losses during the 2008 financial crisis, and it profits from the subsequent market recovery.

Keywords: comfort, financial crises, portfolio optimization, risk monitoring

Procedia PDF Downloads 518