Search results for: return on sales

Authors: Pascual García, Francisco Ochoa, Jessica Ordoñez

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The links between migration and development have been widely written and analyzed from different perspectives. However, the nexus between entrepreneurship and migration is of recent interest. The different studies related to this have focused on the ventures of ethnic enclaves, or on transnational businesses, which link the community of origin and destination. Beyond this perspective, this work analyzes the return migration, (a few studies until now, but forming part of a theoretical body of migration). As a result of the European crisis started between 2007-2008. Many Ecuadorians who lived in Europe, decided to return to their place of origin. The rise of the price of the oil and commodities presented a better panorama in Ecuador than in Europe. Faced with the magnitude of returnees, the opportunities for entrepreneurship in Ecuador increased (Accumulation of human capital, social capital, learned skills and capital). Thus there is an interest in the possibility of returned migrants in the country to start a business in their place of origin. The following study is the result of this. A survey of 110 returned migrants was carried out in the south of Ecuador and, using a Probit econometric model, we determined that the variables specified as geographic area, sex, education level are not significant, so they are not determinant when undertaking. However, time abroad and skills learned, if they were significant at the time of the decision to start a business.

Keywords: entrepreneurship, development, migration, returned migration

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Authors: Kashif Hassan, M.A. Ahanger

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Floods have become more frequent and severe due to effects of global climate change and human alterations of the natural environment. Flood prediction/ forecasting and control is one of the greatest challenges facing the world today. The forecast of floods is achieved by the use of hydraulic models such as HEC-RAS, which are designed to simulate flow processes of the surface water. Extreme flood events in river Jhelum , lasting from a day to few are a major disaster in the State of Jammu and Kashmir, India. In the present study HEC-RAS model was applied to two different reaches of river Jhelum in order to estimate the flood levels corresponding to 25, 50 and 100 year return period flood events at important locations and to deduce flood vulnerability of important areas and structures. The flow rates for the two reaches were derived from flood-frequency analysis of 50 years of historic peak flow data. Manning's roughness coefficient n was selected using detailed analysis. Rating Curves were also generated to serve as base for determining the boundary conditions. Calibration and Validation procedures were applied in order to ensure the reliability of the model. Sensitivity analysis was also performed in order to ensure the accuracy of Manning's n in generating water surface profiles.

Keywords: flood plain, HEC-RAS, Jhelum, return period

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Authors: Jonathan E. Oghenekohwo

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The return to scale constitutes a significant investment index in the determination of the quantum of resources that is deployed in investment decision on worker’s continuing professional development. Such investment decision is always predicted on the expected outcomes to the individual, institution and the society in context. Several investments in the development of human capacity on the job have been made, but the return to the scale of such seems not to have been correlated positively with the quantum of resources invested in terms of productivity and performance among workers in many universities. This paper thus found out that, despite the commitment and policy instrument to avail workers the right of continuing professional development, the multiplier effects are not evident in diligence, commitment, honesty, dedication, productivity and improved performance on the job among most administrative staff in Nigerian Universities This author, therefore concludes that, given the policy on the right of workers to get trained on-the job, the outcomes of such training must reflect on the overall performance indices, otherwise, institutions should carry out a forensic analysis of the types of continuing professional development programmes that workers participate in, whether or not, they are consistent with the vision and mission of the institutions in terms of economies of scale of workers professional development to the individual, institution and the nation in context.

Keywords: continuing, professional development, economies of scale, worker’s education, administrative staff

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Authors: Frederic Schenker, Jonathan J. Hendriks, Gianluca Nicchiotti

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In a product industrialization perspective, the end-product shall always be at the peak of technological advancement and developed in the shortest time possible. Thus, the constant growth of complexity and a shorter time-to-market calls for important changes on both the technical and business level. Undeniably, the common understanding of the system is beclouded by its complexity which leads to the communication gap between the engineers and the sale department. This communication link is therefore important to maintain and increase the information exchange between departments to ensure a punctual and flawless delivery to the end customer. This evolution brings engineers to reason with more hindsight and plan ahead. In this sense, they use new viewpoints to represent the data and to express the model deliverables in an understandable way that the different stakeholder may identify their needs and ideas. This article focuses on the usage of Model-Based System Engineering (MBSE) in a perspective of system industrialization and reconnect the engineering with the sales team. The modeling method used and presented in this paper concentrates on displaying as closely as possible the needs of the customer. Firstly, by providing a technical solution to the sales team to help them elaborate commercial offers without omitting technicalities. Secondly, the model simulates between a vast number of possibilities across a wide range of components. It becomes a dynamic tool for powerful analysis and optimizations. Thus, the model is no longer a technical tool for the engineers, but a way to maintain and solidify the communication between departments using different views of the model. The MBSE contribution to cost optimization during New Product Introduction (NPI) activities is made explicit through the illustration of a case study describing the support provided by system models to architectural choices during the industrialization of a novel optical sensor.

Keywords: analytical model, architecture comparison, MBSE, product industrialization, SysML, system thinking

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Authors: Urmi Khatri

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Capital asset pricing model (CAPM) draws a direct relationship between the risk and the expected rate of return. There was a criticism on the beta and the assumptions of CAPM, as they are not applicable in the real world. Fama French Three Factor Model and Fama French Five Factor Model have given different factors, which have an impact on the return of any asset like size, value, investment and profitability. This study proposes to see Capital Asset pricing Model through the lenses of the quality aspect. In the study, the six factors are studied. The Fama French Five Factor Model and addition of the quality dimension are studied. Here, Graham’s seven quality and quantity criteria are measured to determine the score of the sample firms. Thus, this study tries to check the model fit. The beta coefficient of the quality dimension and the R square value is seen to determine validity of the proposed model. The sample is drawn from the firms listed on Indian Stock Exchange (BSE). For the study, only nonfinancial firms are been selected. The time period of the study is from January 1999 to December 2019. Hence, the primary objective of the study is to check how robust the model becomes after giving the quality dimension to the capital asset pricing model in addition to the size, value, profitability and investment.

Keywords: asset pricing model, CAPM, Graham’s score, G-score, multifactor model, quality

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Authors: Margerita Topalli

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In this paper, we analyze the impact of corruption (business environment, informal payments and state capture), crime and tax time, on the enterprise's performance during economic transition in the Central and Eastern Europe and the role of privatization as a moderator. We examine this effect by comparing the performance of the privatized enterprises and the state-owned-enterprises, while controlling for various forms of selection bias. The present study is based on firm-level panel data collected by the BEEPS for 27 transition countries over 2002, 2005, 2007, and 2011. In addition to firm characteristics, BEEPS collects valuable survey information on different forms of corruption, crime, tax time and firm ownership. We estimate the impact of corruption, crime, tax time on the different performance measures (sales, productivity, employment, labor costs and material costs) of the enterprise, whereby we control for firm ownership, with a special focus on the role of the privatization as a moderator. It argues that in general terms, the privatization has positive effects on the performance of enterprises during transition, but these effects are significantly different, depending on the examined performance measure (sales, productivity, employment, labor costs and material costs). When the privatization is effective, the privatized enterprises show a considerable performance improvements, particularly in terms of revenue growth and productivity growth. It also argues that the effects of privatization are different depending on the types of owner (outsider or insider) to whom it gives control. The results show that privatization to insider owners has no significant performance effect.

Keywords: effects of privatization, enterprise performance, state capture, corruption, firm ownership, economic transition, Central and Eastern Europe

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Authors: Sudipto Jana

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Background and significance of the study: Banking industry performs as a catalyst for industrial growth and agricultural growth, however, as well involves the existence and welfare of the citizens. The banking system in India was described by unmatched growth and the recreation of bunch making in the pre-liberalization era. At the time of financial sector reforms Reserve Bank of India issued a regulatory norm concerning capital adequacy, income recognition, asset classification and provisioning that have increasingly precede meeting by means of the international paramount performs. Bank management ceaselessly manages the triumph, effectiveness, productivity and performance of the bank as good performance, high productivity and efficiency authorizes the triumph of the bank management targets as well as aims of bank. In a comparable move toward performance of any economy depends upon the expediency and effectiveness of its financial system of nation establishes its economic growth indicators. Profitability and productivity are the most important relevant parameters of any banking group. Keeping in view of this, this study examines the profitability and productivity performance of the selected public sector banks in India. Methodology: This study is based on secondary data obtained from Reserve Bank of India database for the periods between 2006 and 2015. This study purposively selects four types of commercial banks, namely, State Bank of India, United Bank of India, Punjab National Bank and Allahabad Bank. In order to analyze the performance with relation to profitability and productivity, productivity performance indicators in terms of capital adequacy ratio, burden ratio, business per employee, spread per employee and advances per employee and profitability performance indicators in terms of return on assets, return on equity, return on advances and return on branch have been considered. In the course of analysis, descriptive statistics, correlation statistics and multiple regression have been used. Major findings: Descriptive statistics indicate that productivity performance of State Bank of India is very satisfactory than other public sector banks in India. But management of productivity is unsatisfactory in case of all the public sector banks under study. Correlation statistics point out that profitability of the public sector banks are strongly positively related with productivity performance in case of all the public sector banks under study. Multiple regression test results show that when profitability increases profit per employee increases and net non-performing assets decreases. Concluding statements: Productivity and profitability performance of United Bank of India, Allahabad Bank and Punjab National Bank are unsatisfactory due to poor management of asset quality as well as management efficiency. It needs government’s interference so that profitability and productivity performance are increased in the near future.

Keywords: India, productivity, profitability, public sector banks

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Authors: Fernanda S. Oliveira

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The architectural science of lighting has been mainly concerned with technical aspects and has tended to ignore the psychophysical. There is a growing evidence that adopting passive design solutions may contribute to higher satisfaction. This is even more important in countries with higher solar radiation, which should take advantage of favourable daylighting conditions. However, in art museums, the same light that stimulates vision can also cause permanent damage to the exhibits. Not only the visitors want to see the objects, but also to understand their nature and the artist’s intentions. This paper examines the hypothesis that the more varied and exciting the lighting (and particularly the daylight) in museums rooms, over space and time, the more likely it is that visitors will stay longer, enjoy their experience and be willing to return. This question is not often considered in museums that privilege artificial lighting neglecting the various qualities of daylight other than its capacity to illuminate spaces. The findings of this paper show that daylight plays an important role in museum design, affecting how visitors perceive the exhibition space, as well as contributing to their overall enjoyment in the museum. Rooms with high luminance means were considered more pleasant (r=.311, p<.05) and cheerful (r=.349, p<.05). Lighting conditions also have a direct effect on the phenomenon of museum fatigue with the overall room quality showing an effect on how tired visitors reported to be (r=.421, p<.01). The control and distribution of daylight in museums can therefore contribute to create pleasant conditions for learning, entertainment and amusement, so that visitors are willing to return.

Keywords: daylight, comfort, museums, luminance, visitor

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Authors: Hong-Yi Lin, Feng-Tyan Lin

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In a Bike-sharing system (BSS), users can easily rent bikes from any station in the city for mid-range or short-range trips. BSS can also be integrated with other types of transport system, especially Green Transportation system, such as rail transport, bus etc. Since BSS records time and place of each pickup and return, the operational data can reflect more authentic and dynamic state of user behaviors. Furthermore, land uses around docking stations are highly associated with origins and destinations for the BSS users. As urban researchers, what concerns us more is to take BSS into consideration during the urban planning process and enhance the quality of urban life. This research focuses on the simulation of travel behavior of BSS users in Kaohsiung. First, rules of users’ behavior were derived by analyzing operational data and land use patterns nearby docking stations. Then, integrating with Monte Carlo method, these rules were embedded into a travel behavior simulation model, which was implemented by NetLogo, an agent-based modeling tool. The simulation model allows us to foresee the rent-return behaviour of BSS in order to choose potential locations of the docking stations. Also, it can provide insights and recommendations about planning and policies for the future BSS.

Keywords: agent-based model, bike-sharing system, BSS operational data, simulation

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Authors: Abdullahi Yahaya Musa, Harun Rann Bakari

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The study examined the determinants of food security among households in Maiduguri, Metropolis, Borno State, Nigeria. The objectives of the study are to: examine the determinants of food security among households; identify the coping strategies employed by food-insecure households in Maiduguri, Metropolis, Borno State, Nigeria. The population of the study is 843,964 respondents out of which 400 respondents were sampled. The study used a self-developed questionnaire to collect data from four hundred (400) respondents. Four hundred (400) copies of questionnaires were administered and all were retrieved, making 100% return rate. The study employed descriptive and inferential statistics for data analysis. Descriptive statistics (frequency counts and percentages) was used to analyze the socio-economic characteristics of the respondents and objective four, while inferential statistics (logit regression analysis) was used to analyze one. Four hundred (400) copies of questionnaires were administered and all the four hundred (400) were retrieved, making a 100% return rate. The results were presented in tables and discussed according to the research objectives. The study revealed that HHA, HHE, HHSZ, HHSX, HHAS, HHI, HHFS, HHFE, HHAC and HHCDR were the determinants of food security in Maiduguri Metropolis. Relying on less preferred foods, purchasing food on credit, limiting food intake to ensure children get enough, borrowing money to buy foodstuffs, relying on help from relatives or friends outside the household, adult family members skipping or reducing a meal because of insufficient finances and ration money to household members to buy street food were the coping strategies employed by food-insecure households in Maiduguri metropolis. The study recommended that Nigeria Government should intensify the fight against the Boko haram insurgency. This will put an end to Boko Haram Insurgency and enable farmers to return to farming in Borno state.

Keywords: internally displaced persons, food security, coping strategies, descriptive statistics, logistics regression model, odd ratio

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Authors: Subir S. Rao

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Existing warehouse configurations use non-traditional aisle designs with a central P/D point in their models, which is mathematically simple but less practical. Many warehouses use multiple P/D points to avoid congestion for pickers, and different warehouses have different flow policies and infrastructure for using the P/D points. Many warehouses use multiple P/D points with non-traditional aisle designs in their analytical models. Standard warehouse models introduce one-sided multiple P/D points in a flying-V warehouse and minimize pick distance for a one-way travel between an active P/D point and a pick location with P/D points, assuming uniform flow rates. A simulation of the mathematical model generally uses four fixed configurations of P/D points which are on two different sides of the warehouse. It can be easily proved that if the source and destination P/D points are both chosen randomly, in a uniform way, then minimizing the one-way travel is the same as minimizing the two-way travel. Another warehouse configuration analytically models the warehouse for multiple one-sided P/D points while keeping the angle of the cross-aisles and picking aisles as a decision variable. The minimization of the one-way pick travel distance from the P/D point to the pick location by finding the optimal position/angle of the cross-aisle and picking aisle for warehouses having different numbers of multiple P/D points with variable flow rates is also one of the objectives. Most models of warehouses with multiple P/D points are one-way travel models and we extend these analytical models to minimize the two-way pick travel distance wherein the destination P/D is chosen optimally for the return route, which is not similar to minimizing the one-way travel. In most warehouse models, the return P/D is chosen randomly, but in our research, the return route P/D point is chosen optimally. Such warehouses are common in practice, where the flow rates at the P/D points are flexible and depend totally on the position of the picks. A good warehouse management system is efficient in consolidating orders over multiple P/D points in warehouses where the P/D is flexible in function. In the latter arrangement, pickers and shrink-wrap processes are not assigned to particular P/D points, which ultimately makes the P/D points more flexible and easy to use interchangeably for picking and deposits. The number of P/D points considered in this research uniformly increases from a single-central one to a maximum of each aisle symmetrically having a P/D point below it.

Keywords: non-traditional warehouse, V cross-aisle, multiple P/D point, pick travel distance

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Authors: M'Hamed Boulakroune, Mouloud Challal, Hassiba Louazene, Saida Fentiz

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This paper presents a new ultra wideband (UWB) microstrip bandpass filter (BPF) at microwave frequencies. The first one is based on multiple-mode resonator (MMR) and rectangular-shaped defected ground structure (DGS). This filter, which is compact size of 25.2 x 3.8 mm2, provides in the pass band an insertion loss of 0.57 dB and a return loss greater than 12 dB. The second structure is a tunable bandpass filters using planar patch resonators based on diode varactor. This filter is formed by a triple mode circular patch resonator with two pairs of slots, in which the varactors are connected. Indeed, this filter is initially centered at 2.4 GHz, the center frequency of the tunable patch filter could be tuned up to 1.8 GHz simultaneously with the bandwidth, reaching high tuning ranges. Lossless simulations were compared to those considering the substrate dielectric, conductor losses, and the equivalent electrical circuit model of the tuning element in order to assess their effects. Within these variations, simulation results showed insertion loss better than 2 dB and return loss better than 10 dB over the passband. The proposed filters presents good performances and the simulation results are in satisfactory agreement with the experimentation ones reported elsewhere.

Keywords: defected ground structure, diode varactor, microstrip bandpass filter, multiple-mode resonator

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Authors: Manal Elsayed Elkheshin, Rasha Saleh Mansour, Mohamed Fawzy Mohamed Eldnasury, Mamdouh Elbadry Mohamed

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This research Aims to identify the main factors affecting the production and the fish consumption in Egypt, through the econometric estimation for various forms functions of fish production and fish consumption during the period (1991-2014), as the aim of this research to forecast the production and the fish consumption in Egypt until 2020, through determine the best standard methods using (ARIMA).This research also aims to the economic feasibility of the production of fish in aquaculture farms study; investment cost and represents the value of land, buildings, equipment and irrigation. Aquaculture requires three types of fish (Tilapia, carp fish, and mullet fish), and the total area of the farm, about an acre. The annual Fish production from this project about 3.5 tons. The annual investment costs of about 50500 pounds, Find conclude that the project can repay the cost of their investments after about 4 years and 5 months, and therefore recommend the implementation of the project, and internal rate of return reached (IRR) of about 22.1%, where it is clear that the rate of large internal rate of return, and achieves pound invested in this project annual return is estimated at 22.1 pounds, more than the opportunity cost, so we recommend the need to implement the project.Recommendations:1. Increasing the fish agriculture to decrease the gap of animal protein. 2.Increasing the number of mechanism fishing boats, and the provision of transport equipped to maintain the quality of fish production. 3.Encourage and attract the local and foreign investments, providing advice to the investor on the aquaculture field. 4. Action newsletters awareness of the importance of these projects where these projects resulted in a net profit after recovery in less than five years, IRR amounted to about 23%, which is much more than the opportunity cost of a bank interest rate is about 7%, helping to create work and graduates opportunities, and contribute to the reduction of imports of the fish, and improve the performance of the food trade balance.

Keywords: equation model, individual share, red meat, consumption, production, endogenous variable, exogenous variable, financial performance evaluates fish culture, feasibility study, fish production, aquaculture

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Authors: Ching-Feng Chen

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The floating photovoltaic (FPV) system highlights economic benefits and energy performance to carbon dioxide (CO₂) discharges. Due to land resource scarcity and many negligent water territories, such as reservoirs, dams, and lakes in Japan and Taiwan, both countries are actively developing FPV and responding to the pricing of the emissions trading systems (ETS). This paper performs a case study through a synthesis approach to compare the economic indicators between the FPVs of Taiwan’s Agongdian Reservoir and Japan’s Yamakura Dam. The research results show that the metrics of the system capacity, installation costs, bank interest rates, and ETS and Electricity Bills affect FPV operating gains. In the post-Feed-In-Tariff (FIT) phase, investing in FPV in Japan is more profitable than in Taiwan. The former’s positive net present value (NPV), eminent internal rate of return (IRR) (11.6%), and benefit-cost ratio (BCR) above 1 (2.0) at the discount rate of 10% indicate that investing the FPV in Japan is more favorable than in Taiwan. In addition, the breakeven point is modest (about 61.3%.). The presented methodology in the study helps investors evaluate schemes’ pros and cons and determine whether a decision is beneficial while funding PV or FPV projects.

Keywords: carbon border adjustment mechanism, floating photovoltaic, emissions trading systems, net present value, internal rate of return, benefit-cost ratio

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Authors: Andrée-Anne Parent, Alain-Steve Comtois

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The Antarctica environment can be a great challenge for human exploration. Explorers need to be focused on the task and require the physical abilities to succeed and survive in complete autonomy in this hostile environment. The aim of this study was to observe cognitive performance and physiological stress with a biomarker (cortisol) and hand grip strength during an expedition in Antarctica. A total of 6 explorers were in complete autonomous exploration on the Forbidden Plateau in Antarctica to reach unknown summits during a 30 day period. The Stroop Test, a simple reaction time, and mood scale (PANAS) tests were performed every week during the expedition. Saliva samples were taken before sailing to Antarctica, the first day on the continent, after the mission on the continent and on the boat return trip. Furthermore, hair samples were taken before and after the expedition. The results were analyzed with SPSS using ANOVA repeated measures. The Stroop and mood scale results are presented in the following order: 1) before sailing to Antarctica, 2) the first day on the continent, 3) after the mission on the continent and 4) on the boat return trip. No significant difference was observed with the Stroop (759±166 ms, 850±114 ms, 772±179 ms and 833±105 ms, respectively) and the PANAS (39.5 ±5.7, 40.5±5, 41.8±6.9, 37.3±5.8 positive emotions, and 17.5±2.3, 18.2±5, 18.3±8.6, 15.8±5.4 negative emotions, respectively) (p>0.05). However, there appears to be an improvement at the end of the second week. Furthermore, the simple reaction time was significantly lower at the end of the second week, a moment where important decisions were taken about the mission, vs the week before (416±39 ms vs 459.8±39 ms respectively; p=0.030). Furthermore, the saliva cortisol was not significantly different (p>0.05) possibly due to important variations and seemed to reach a peak on the first day on the continent. However, the cortisol from the hair pre and post expedition increased significantly (2.4±0.5 pg/mg pre-expedition and 16.7±9.2 pg/mg post-expedition, p=0.013) showing important stress during the expedition. Moreover, no significant difference was observed on the grip strength except between after the mission on the continent and after the boat return trip (91.5±21 kg vs 85±19 kg, p=0.20). In conclusion, the cognitive performance does not seem to be affected during the expedition. Furthermore, it seems to increase for specific important events where the crew seemed to focus on the present task. The physiological stress does not seem to change significantly at specific moments, however, a global pre-post mission measure can be important and for this reason, for long-term missions, a pre-expedition baseline measure is important for crewmembers.

Keywords: Antarctica, cognitive performance, expedition, physiological adaptation, reaction time

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Authors: Talha Ahmed, Ishtiaq Hassan

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Urban areas or metropolitan is portrayed by the very high density of population due to the result of these economic activities. Some critical elements, such as urban expansion and climate change, are driving changes in cities with exposure to the incidence and impacts of pluvial floods. Urban communities are recurrently developed by huge spaces by which water cannot enter impermeable surfaces, such as man-made permanent surfaces and structures, which do not cause the phenomena of infiltration and percolation. Urban sprawl can result in increased run-off volumes, flood stage and flood extents during heavy rainy seasons. The flood risks require a thorough examination of all aspects affecting to severe an event in order to accurately estimate their impacts and other risk factors associated with them. For risk evaluation and its impact due to urbanization, an integrated hydrological modeling approach is used on the study area in Islamabad (Pakistan), focusing on a natural water body that has been adopted in this research. The vulnerability of the physical elements at risk in the research region is analyzed using GIS and SOBEK. The supervised classification of land use containing the images from 1980 to 2020 is used. The modeling of DEM with selected return period is used for modeling a hydrodynamic model for flood event inundation. The selected return periods are 50,75 and 100 years which are used in flood modeling. The findings of this study provided useful information on high-risk places and at-risk properties.

Keywords: urbanization, flood, flood risk, GIS

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Authors: Abootaleb Shirvani, Svetlozar Rachev

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ESG stands for Environmental, Social, and Governance and is a non-financial factor that investors use to specify material risks and growth opportunities in their analysis process. ESG ratings provide a quantitative measure of socially responsible investment, and it is essential to incorporate ESG ratings when modeling the dynamics of asset returns. In this article, we propose a triple subordinated Lévy process for incorporating numeric ESG ratings into dynamic asset pricing theory to model the time series properties of the stock returns. The motivation for introducing three layers of subordinator is twofold. The first two layers of subordinator capture the skew and fat-tailed properties of the stock return distribution that cannot be explained well by the existing Lévy subordinated model. The third layer of the subordinator introduces ESG valuation and incorporates numeric ESG ratings into dynamic asset pricing theory and option pricing. We employ the triple subordinator Lévy model for developing the ESG-valued stock return model, derive the implied ESG score surfaces for Microsoft, Apple, and Amazon stock returns, and compare the shape of the ESG implied surface scores for these stocks.

Keywords: ESG scores, dynamic asset pricing theory, multiple subordinated modeling, Lévy processes, option pricing

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Authors: Sisi Xia, Dezhuan Tao

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Urban Double Reform is an effective means to improve the quality of ecological space, based on improving the living environment and urban functions and promoting the organic integration of the city and nature. This paper takes the design of Qinyang Wetland Park in Jiaozuo, Henan Province, as an example, attempting to closely link the ecological restoration of wetland with the urban culture and to extend the urban spirit of the ancient county of Qinyang while purifying the ecological water system. This design uses ecological technology to repair underwater forests and underwater turf, rapidly improving the quality of urban water without biological side effects. The ecological grass slope is used to create multiple bank forms, combining with a number of hydrophilic platforms to provide a good view of the public. Through the placement of ecological education bases, urban cultural exhibition halls, and other means, the cultural value of wetland parks will be enhanced, and the citizens will return to nature and experience the ecology and appreciate the charm of urban culture in the ecological space. Repair the ecosystem, sculpt the urban culture, let the public return to nature, experience the ecology, and experience the charm of urban culture in the ecological space.

Keywords: urban double reform, ecological space, improvement strategy, wetland park design

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Authors: Ugbajah Maryjane

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The study examined the production of grass cutter and the constraints in Anambra state, Nigeria. Specifically, it described socio-economic characteristics of the respondents, determinants of net farm income and constraints to grass cutter production. Multistage and random sampling methods were used to select 50 respondents for this study. Primary data were collected by means of structured questionnaire. Non-parametric and parametric statistical tools including frequency percentage mean ranking counts, cost and returns and returns and multiple regression were deployed for data analysis. Majority 84% produce on small scale, 64 % had formal education 68% had 3-4 years of farming experience hence small scaled production were common. The income (returns) on investment was used as index of profitability, gross margin (#5,972,280), net farm income (#5,327,055.2) net return on investment (2.5) and return on investment 3.1. Net farm income was significantly influence by stock size and years of farming experience. Grass cutter farmers production problem would be ameliorated by the expression of extension education awareness campaigns to discourage unhealthy practices such as indiscriminant bush burning, use of toxic chemicals as baits, and provision of credits to the farmers.

Keywords: socio-economic factors, profitability, awareness, toxic chemicals, credits

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Authors: Junaid N. Chauhdary, Bernard A. Engel, Allah Bakhsh

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Solar powered tubewells can be a reliable and affordable source of supplying irrigation water compared with electric or diesel operated tubewells due to frequent load shedding and soaring energy prices. A study was conducted on a solar tubewell installed at the Water Management Research Center (WMRC), University of Agriculture, Faisalabad to investigate the viability of a solar powered tubewell in terms of discharge and benefit cost ratio. The tubewell discharge was 50 m3hr-1 with a total dynamic head of 30 m. The depth of bore was 31 m (14 m blind + 17 m screen) with a casing diameter of 15.2 cm (6 inches). A 3-stage submersible pump of 10.2 cm (4 inch) diameter was lowered in the casing to a depth of 22 m. The pump was powered from 21 solar panels of 200 W capacity each. The tubewell peak discharge was observed as 6 and 7 hr day-1 in winter and summer, respectively. The breakeven analysis of the solar tubewell showed that the payback period of the solar tubewell was 1.5 years of its 10 year usable life with an IRR (internal rate of return) of 69 %. The BCR (benefit cost ratio) of the solar tubewell at 2, 4, 6, and 8 percent discount rate were 3.75, 3.45, 3.19 and 2.96, respectively. The NPV (net present value) of the solar tubewell at 2, 4, 6, and 8 % discount rates were 1.89, 1.65, 1.45 and 1.27 million rupees, respectively. These results indicated that the solar powered tubewells are a viable option as well as environmentally friendly and can be adopted by the farmers due to their affordable payback period.

Keywords: benefit cost ratio, internal rate of return (IRR), net present value (NPV), solar tubewell

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Authors: B. Marasović, S. Pivac, S. V. Vukasović

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Constructing a portfolio of investments is one of the most significant financial decisions facing individuals and institutions. In accordance with the modern portfolio theory maximization of return at minimal risk should be the investment goal of any successful investor. In addition, the costs incurred when setting up a new portfolio or rebalancing an existing portfolio must be included in any realistic analysis. In this paper rebalancing an investment portfolio in the presence of transaction costs on the Croatian capital market is analyzed. The model applied in the paper is an extension of the standard portfolio mean-variance optimization model in which transaction costs are incurred to rebalance an investment portfolio. This model allows different costs for different securities, and different costs for buying and selling. In order to find efficient portfolio, using this model, first, the solution of quadratic programming problem of similar size to the Markowitz model, and then the solution of a linear programming problem have to be found. Furthermore, in the paper the impact of transaction costs on the efficient frontier is investigated. Moreover, it is shown that global minimum variance portfolio on the efficient frontier always has the same level of the risk regardless of the amount of transaction costs. Although efficient frontier position depends of both transaction costs amount and initial portfolio it can be concluded that extreme right portfolio on the efficient frontier always contains only one stock with the highest expected return and the highest risk.

Keywords: Croatian capital market, Markowitz model, fractional quadratic programming, portfolio optimization, transaction costs

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Authors: Godwin Chigozie Okpara

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This paper using standard GARCH, EGARCH, and TARCH models on day of the week return series (of 246 days) from the Nigerian Stock market estimated the model variants’ VaR. An asymmetric return distribution and fat-tail phenomenon in financial time series were considered by estimating the models with normal, student t and generalized error distributions. The analysis based on Akaike Information Criterion suggests that the EGARCH model with student t innovation distribution can furnish more accurate estimate of VaR. In the light of this, we apply the likelihood ratio tests of proportional failure rates to VaR derived from EGARCH model in order to determine the short and long positions VaR performances. The result shows that as alpha ranges from 0.05 to 0.005 for short positions, the failure rate significantly exceeds the prescribed quintiles while it however shows no significant difference between the failure rate and the prescribed quantiles for long positions. This suggests that investors and portfolio managers in the Nigeria stock market have long trading position or can buy assets with concern on when the asset prices will fall. Precisely, the VaR estimates for the long position range from -4.7% for 95 percent confidence level to -10.3% for 99.5 percent confidence level.

Keywords: downside risk, value-at-risk, failure rate, kupiec LR tests, GARCH models

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Authors: Bouthiba Amina

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The estimation of the statistics bound to the precipitation represents a vast domain, which puts numerous challenges to meteorologists and hydrologists. Sometimes, it is necessary, to approach in value the extreme events for sites where there is little, or no datum, as well as their periods of return. The search for a model of the frequency of the heights of daily rains dresses a big importance in operational hydrology: It establishes a basis for predicting the frequency and intensity of floods by estimating the amount of precipitation in past years. The most known and the most common approach is the statistical approach, It consists in looking for a law of probability that fits best the values observed by the random variable " daily maximal rain " after a comparison of various laws of probability and methods of estimation by means of tests of adequacy. Therefore, a frequent analysis of the annual series of daily maximal rains was realized on the data of 54 pluviometric stations of the pond of high and average. This choice was concerned with five laws usually applied to the study and the analysis of frequent maximal daily rains. The chosen period is from 1970 to 2013. It was of use to the forecast of quantiles. The used laws are the law generalized by extremes to three components, those of the extreme values to two components (Gumbel and log-normal) in two parameters, the law Pearson typifies III and Log-Pearson III in three parameters. In Algeria, Gumbel's law has been used for a long time to estimate the quantiles of maximum flows. However, and we will check and choose the most reliable law.

Keywords: return period, extreme flow, statistics laws, Gumbel, estimation

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Authors: Lina Najafian, Hamidreza Vakilifard

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The present study focused on the relationship between the quality of accruals and non-systematic risk. The independent study variables included the ability of accruals, the information content of accruals, and amount of discretionary accruals considered as accruals quality measures. The dependent variable was non-systematic risk based on the Fama and French Three Factor model (FFTFM) and the capital asset pricing model (CAPM). The control variables were firm size, financial leverage, stock return, cash flow fluctuations, and book-to-market ratio. The data collection method was based on library research and document mining including financial statements. Multiple regression analysis was used to analyze the data. The study results showed that there is a significant direct relationship between financial leverage and discretionary accruals and non-systematic risk based on FFTFM and CAPM. There is also a significant direct relationship between the ability of accruals, information content of accruals, firm size, and stock return and non-systematic based on both models. It was also found that there is no relationship between book-to-market ratio and cash flow fluctuations and non-systematic risk.

Keywords: accruals quality, non-systematic risk, CAPM, FFTFM

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Authors: Stephanie Aguirre Moreno, Jesús Everardo Olguín Tiznado, Claudia Camargo Wilson, Juan Andrés López Barreras

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This research work presents a proposal to evaluate the environmental performance of a Higher Education Institution (HEI) in Mexico in order to minimize their environmental impact. Given that public education has limited financial resources, it is necessary to conduct studies that support priorities in decision-making situations and thus obtain the best cost-benefit ratio of continuous improvement programs as part of the environmental management system implemented. The methodology employed, adapted from the Environmental Effect Analysis (EEA), weighs the environmental aspects identified in the environmental diagnosis by two characteristics. Number one, environmental priority through the perception of the stakeholders, compliance of legal requirements, and environmental impact of operations. Number two, the possibility of improvement, which depends of factors such as the exchange rate that will be made, the level of investment and the return time of it. The highest environmental priorities, or hot spots, identified in this evaluation were: electricity consumption, water consumption and recycling, and disposal of municipal solid waste. However, the possibility of improvement for the disposal of municipal solid waste is higher, followed by water consumption and recycling, in spite of having an equal possibility of improvement to the energy consumption, time of return and cost-benefit is much greater.

Keywords: environmental performance, environmental priority, possibility of improvement, continuous improvement programs

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Authors: Raymond Treacy, Paul Humphreys, Ronan McIvor, Trevor Cadden, Alan McKittrick

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This study employed event study methodology to examine the role of institutions, resources and dynamic capabilities in the relationship between the Environmental Management System ISO 14001 adoption and firm performance. Utilising financial data from 140 ISO 14001 certified firms and 320 non-certified firms, the results of the study suggested that the UK and Irish manufacturers were not implementing ISO 14001 solely to gain legitimacy. In contrast, the results demonstrated that firms were fully integrating the ISO 14001 standard within their operations as certified firms were able to improve both financial and operating performance when compared to non-certified firms. However, while there were significant and long lasting improvements for employee productivity, manufacturing cost efficiency, return on assets and sales turnover, the sample firms operating cycle and fixed asset efficiency displayed evidence of diminishing returns in the long-run, underlying the observation that no operating advantage based on incremental improvements can be everlasting. Hence, there is an argument for investing in dynamic capabilities which help renew and refresh the resource base and help the firm adapt to changing environments. Indeed, the results of the regression analysis suggest that dynamic capabilities for innovation acted as a moderator in the relationship between ISO 14001 certification and firm performance. This, in turn, will have a significant and symbiotic influence on sustainability practices within the participating organisations. The study not only provides new and original insights, but demonstrates pragmatically how firms can take advantage of environmental management systems as a moderator to significantly enhance firm performance. However, while it was shown that firm innovation aided both short term and long term ROA performance, adaptive market capabilities only aided firms in the short-term at the marketing strategy deployment stage. Finally, the results have important implications for firms operating in an economic recession as the results suggest that firms should scale back investment in R&D while operating in an economic downturn. Conversely, under normal trading conditions, consistent and long term investments in R&D was found to moderate the relationship between ISO 14001 certification and firm performance. Hence, the results of the study have important implications for academics and management alike.

Keywords: supply chain management, environmental management systems, quality management, sustainability, firm performance

Procedia PDF Downloads 294

Authors: Md. Samsuzzaman, M. T. Islam, J. S. Mandeep, N. Misran

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In this article, a compact simple structure modified Swastika shape patch multiband antenna on a substrate of available low cost polymer resin composite material is designed for Wi-Fi and WiMAX applications. The substrate material consists of an epoxy matrix reinforced by woven glass. The designed micro-strip line fed compact antenna comprises of a planar wide square slot ground with four slits and Swastika shape radiation patch with a rectangular slot. The effect of the different substrate materials on the reflection coefficients of the proposed antennas was also analyzed. It can be clearly seen that the proposed antenna provides a wider bandwidth and acceptable return loss value compared to other reported materials. The simulation results exhibits that the antenna has an impedance bandwidth with -10 dB return loss at 3.01-3.89 GHz and 4.88-6.10 GHz which can cover both the WLAN, WiMAX and public safety WLAN bands. The proposed swastika shape antenna was designed and analyzed by using a finite element method based simulator HFSS and designed on a low cost FR4 (polymer resin composite material) printed circuit board. The electrical performances and superior frequency characteristics make the proposed material antenna desirable for wireless communications.

Keywords: epoxy resin polymer, multiband, swastika shaped, wide slot, WLAN/WiMAX

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Authors: M. Talebzadegan, S. Bina , I. Riazi

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The purpose of this paper is to present an active solar energy system to supply heating demands of the teaching staff dormitory of Islamic Azad University of Ramhormoz. The design takes into account the solar radiations and climate data of Ramhormoz town and is based on the daily warm water consumption for health demands of 450 residents of the dormitory, which is equal to 27000 lit of 50 C° water, and building heating requirements with an area of 3500 m² well-protected by heatproof materials. First, heating demands of the building were calculated, then a hybrid system made up of solar and fossil energies was developed and finally, the design was economically evaluated. Since there is only roof space for using 110 flat solar water heaters, the calculations were made to hybridize solar water heating system with heat pumping system in which solar energy contributes 67% of the heat generated. According to calculations, the Net Present Value “N.P.V.” of revenue stream exceeds “N.P.V.” of cash paid off in this project over three years, which makes economically quite promising. The return of investment and payback period of the project is 4 years. Also, the Internal Rate of Return (IRR) of the project was 25%, which exceeds bank rate of interest in Iran and emphasizes the desirability of the project.

Keywords: solar energy, heat demand, renewable, pollution

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Authors: Yasmin Umar Assegaf, Falikhatun, Salamah Wahyuni

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This study aims to provide empirical evidence about the influence of Islamic Corporate Social Responsibility Disclosures of the financial performance of Islamic banking with the characteristics of the company, as a control variable in Islamic banking in Indonesia. ICSR disclosures are an independent variable, while the Financial Performance is the dependent variable (proxied by Return on Assets (ROA), Return on Equity (ROE), Income Expense Ratio (IER), and Non-net Interest Margin (NIM). The control variables used are firm size, firm age and the type of audit. The population of the study was all Islamic Banks (BUS) operate in Indonesia. The research sample is Islamic Commercial Bank which has existed in Indonesia since 2002 and publishes financial statements between the years of 2007-2011. The sample of the study were include 31 Annual Report published. The results of this study concluded that there are significant influences between the ICSR Disclosures and financial performance. The disclosure is partially effect on ROA, IER and NIM, whereas there is no influence on ROE. Further result shows that all control variables (Firm Size, Age, and Type of Audit Companies) does not have any influence on ICSR Disclosures in Indonesia. This research gives a suggestion for further research to compare these ICSR disclosures in Indonesia with ICSR disclosures in other countries that have Islamic banking, by using other measure variables of financial performance, to get more comprehensive model and real picture.

Keywords: ROA, ROE, IER, NIM, company size, age of the company, audit type, Islamic banking

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Authors: Hanife Merve Öztürk, Sıdıka Dalgan

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In this project, a capacity analysis study is done at TAT A. Ş. Maret Plant. Production capacity of products which generate 80% of sales amount are determined. Obtained data entered the LEKIN Scheduling Program and we get production schedules by using heuristic methods. Besides heuristic methods, as mathematical model, disjunctive programming formulation is adapted to flexible job shop problems by adding a new constraint to find optimal schedule solution.

Keywords: scheduling, flexible job shop problem, shifting bottleneck heuristic, mathematical modelling

Procedia PDF Downloads 378