Search results for: automated investment systems

Authors: Pieter C. M. Cornelis

Abstract:

European theme parks invest approximately 10 percent of their yearly turnover into new rides and park improvements. Without these investments these parks assume not to be a very competitive and appealing daytrip for their target audiences. However, the impact of investments in attracting new visitors is not well-known and seems to differ dramatically between parks. This paper presents a case study from the Netherlands in which a small amusement park applied a suggested, not yet proven, investment method. The results of the investment are discussed in (a) the form of return on investment and (b) the success of the predictions with regard to this investment. Suggestions for future research are presented.

Keywords: entertainment industry, innovation, investments, theme parks

Procedia PDF Downloads 476

Authors: Ali Ashtiani, Hamid Shirazi

Abstract:

This paper reviews the status of existing practice and research related to measuring pavement cracking and using crack density as a pavement surface evaluation protocol. Crack density for pavement evaluation is currently not widely used within the airport community and its use by the highway community is limited. However, surface cracking is a distress that is closely monitored by airport staff and significantly influences the development of maintenance, rehabilitation and reconstruction plans for airport pavements. Therefore crack density has the potential to become an important indicator of pavement condition if the type, severity and extent of surface cracking can be accurately measured. A pavement distress survey is an essential component of any pavement assessment. Manual crack surveying has been widely used for decades to measure pavement performance. However, the accuracy and precision of manual surveys can vary depending upon the surveyor and performing surveys may disrupt normal operations. Given the variability of manual surveys, this method has shown inconsistencies in distress classification and measurement. This can potentially impact the planning for pavement maintenance, rehabilitation and reconstruction and the associated funding strategies. A substantial effort has been devoted for the past 20 years to reduce the human intervention and the error associated with it by moving toward automated distress collection methods. The automated methods refer to the systems that identify, classify and quantify pavement distresses through processes that require no or very minimal human intervention. This principally involves the use of a digital recognition software to analyze and characterize pavement distresses. The lack of established protocols for measurement and classification of pavement cracks captured using digital images is a challenge to developing a reliable automated system for distress assessment. Variations in types and severity of distresses, different pavement surface textures and colors and presence of pavement joints and edges all complicate automated image processing and crack measurement and classification. This paper summarizes the commercially available systems and technologies for automated pavement distress evaluation. A comprehensive automated pavement distress survey involves collection, interpretation, and processing of the surface images to identify the type, quantity and severity of the surface distresses. The outputs can be used to quantitatively calculate the crack density. The systems for automated distress survey using digital images reviewed in this paper can assist the airport industry in the development of a pavement evaluation protocol based on crack density. Analysis of automated distress survey data can lead to a crack density index. This index can be used as a means of assessing pavement condition and to predict pavement performance. This can be used by airport owners to determine the type of pavement maintenance and rehabilitation in a more consistent way.

Keywords: airport pavement management, crack density, pavement evaluation, pavement management

Procedia PDF Downloads 162

Authors: Husam Kaid, Abdulrahman Al-Ahmari, Zhiwu Li

Abstract:

This paper develops a robust deadlock control technique for shared and unreliable resources in automated manufacturing systems (AMSs) based on structural analysis and colored Petri nets, which consists of three steps. The first step involves using strict minimal siphon control to create a live (deadlock-free) system that does not consider resource failure. The second step uses an approach based on colored Petri net, in which all monitors designed in the first step are merged into a single monitor. The third step addresses the deadlock control problems caused by resource failures. For all resource failures in the Petri net model a common recovery subnet based on colored petri net is proposed. The common recovery subnet is added to the obtained system at the second step to make the system reliable. The proposed approach is evaluated using an AMS from the literature. The results show that the proposed approach can be applied to an unreliable complex Petri net model, has a simpler structure and less computational complexity, and can obtain one common recovery subnet to model all resource failures.

Keywords: automated manufacturing system, colored Petri net, deadlocks, siphon

Procedia PDF Downloads 101

Authors: Charawee Butbumrung

Abstract:

The purpose of this study is to evaluate the monetary worthiness of investment and the usefulness of risk estimation as a tool employed by a production section of an electronic factory. This study employed the case study of accidents occurring in production areas. Data is collected from interviews with six production of safety coordinators and collect the information from the relevant section. The study will present the ratio of benefits compared with the operation costs for investment. The result showed that it is worthwhile for investment with the safety measures. In addition, the organizations must be able to analyze the causes of accidents about the benefits of investing in protective working process. They also need to quickly provide the manual for the staff to learn how to protect themselves from accidents and how to use all of the safety equipment.

Keywords: cost and benefit, enterprises in Thailand, investment in safety and health, risk estimation

Procedia PDF Downloads 234

Authors: Min-Ming Wen

Abstract:

Applying the U.S. lodging and tourism industry as a research sample, we examine the relation between the corporate governance structure and managerial risk-taking behavior. In light of the global financial crisis, the importance of effective governance structures is essential in protecting claimholder interests. We propose a governance structure consisting of shareholder governance measured by anti-takeover provisions to examine whether the governance structure has a significant impact on managerial risk-taking behaviors in terms of the investment policy. We will use capital expenditure and R&D investment to measure managerial risk-taking and the firm’s investment policy. In addition, we will examine whether the effects of governance on investment policy differ significantly between speculative and investment-grade firms.

Keywords: corporate governance, risk-taking, firm value, lodging industry

Procedia PDF Downloads 584

Authors: Khaled M. Alhawiti

Abstract:

This paper investigates the future of medicine and the use of Natural language processing. The importance of having correct clinical information available online is remarkable; improving patient care at affordable costs could be achieved using automated applications to use the online clinical information. The major challenge towards the retrieval of such vital information is to have it appropriately coded. Majority of the online patient reports are not found to be coded and not accessible as its recorded in natural language text. The use of Natural Language processing provides a feasible solution by retrieving and organizing clinical information, available in text and transforming clinical data that is available for use. Systems used in NLP are rather complex to construct, as they entail considerable knowledge, however significant development has been made. Newly formed NLP systems have been tested and have established performance that is promising and considered as practical clinical applications.

Keywords: clinical information, information retrieval, natural language processing, automated applications

Procedia PDF Downloads 376

Authors: Ning Gong, Michael Korostelev, Qiangguo Ren, Li Bai, Saroj K. Biswas, Frank Ferrese

Abstract:

This paper investigates the joint effect of the interconnected (n,k)-star network topology and Multi-Agent automated control on restoration and reconfiguration of power systems. With the increasing trend in development in Multi-Agent control technologies applied to power system reconfiguration in presence of faulty components or nodes. Fault tolerance is becoming an important challenge in the design processes of the distributed power system topology. Since the reconfiguration of a power system is performed by agent communication, the (n,k)-star interconnected network topology is studied and modeled in this paper to optimize the process of power reconfiguration. In this paper, we discuss the recently proposed (n,k)-star topology and examine its properties and advantages as compared to the traditional multi-bus power topologies. We design and simulate the topology model for distributed power system test cases. A related lemma based on the fault tolerance and conditional diagnosability properties is presented and proved both theoretically and practically. The conclusion is reached that (n,k)-star topology model has measurable advantages compared to standard bus power systems while exhibiting fault tolerance properties in power restoration, as well as showing efficiency when applied to power system route discovery.

Keywords: (n, k)-star topology, fault tolerance, conditional diagnosability, multi-agent system, automated power system

Procedia PDF Downloads 483

Authors: Ning Gong, Michael Korostelev, Qiangguo Ren, Li Bai, Saroj Biswas, Frank Ferrese

Abstract:

This paper investigates the joint effect of the interconnected (n,k)-star network topology and Multi-Agent automated control on restoration and reconfiguration of power systems. With the increasing trend in development in Multi-Agent control technologies applied to power system reconfiguration in presence of faulty components or nodes. Fault tolerance is becoming an important challenge in the design processes of the distributed power system topology. Since the reconfiguration of a power system is performed by agent communication, the (n,k)-star interconnected network topology is studied and modeled in this paper to optimize the process of power reconfiguration. In this paper, we discuss the recently proposed (n,k)-star topology and examine its properties and advantages as compared to the traditional multi-bus power topologies. We design and simulate the topology model for distributed power system test cases. A related lemma based on the fault tolerance and conditional diagnosability properties is presented and proved both theoretically and practically. The conclusion is reached that (n,k)-star topology model has measurable advantages compared to standard bus power systems while exhibiting fault tolerance properties in power restoration, as well as showing efficiency when applied to power system route discovery.

Keywords: (n, k)-star topology, fault tolerance, conditional diagnosability, multi-agent system, automated power system

Procedia PDF Downloads 432

Authors: Agata Ferreira

Abstract:

Rapidly increasing debates and initiatives in the area of Corporate Social Responsibility (“CSR”) have reached the world of international investment law. CSR standards that focus on the operations of multinational companies are increasingly relevant in the context of international investment policy making. In the past, the connection between CSR standards and legal framework for foreign direct investment has been largely non-existent. Recently, however, there is a growing trend of a more balance approach to rights and obligations as between investors and states under investment treaties. CSR principles join other social and environmental measures slowly being included in the investment treaties to enhance their sustainable development dimension. Issues of CSR are present on negotiation tables of new mega regional investment treaties like TTIP for example. To date, only a very few bilateral investment treaties and a handful of other international treaties with investment provisions include CSR clauses. In addition, the existing provisions tend to be of a soft type, where parties merely acknowledge importance of good corporate governance and CSR for sustainable development or generally affirm their aim to encourage enterprises to observe internationally recognised guidelines and principles of CSR. The relevant provisions often leave it up to the states to encourage enterprises operating within their territories to voluntarily incorporate CSR principles. The interaction between general non-binding CSR standards, domestic laws and policies and provisions of international investment treaties have not been tested by investment tribunals yet. The role of investment treaties in raising awareness and promoting CSR is still in its infancy. The use of CSR standards in the international investment protection regime for promotion of CSR standards, and as a tool for disciplining investors into complying with such standards, pose a number of questions and is met with resistance from investors` lobbies. Integration of these two areas, CSR and international investment law, both consisting of multilayered, diverse and often overlapping instruments is by no means an easy task. Whether international investment world is ready to embrace CSR standards or shrug them off is a matter of uncertain future. The subject however has been raised, first introductions have been made and the time will show whether the relationship between legal framework of international investment and CSR will flourish or remain dormant.

Keywords: corporate social responsibility, foreign direct investment, investment treaties, sustainable development

Procedia PDF Downloads 238

Authors: Razan Salem

Abstract:

This study aims to investigate the investment behavior of Arab women (in regards to their herding behavior, risk tolerance, confidence and investment literacy levels). This study aims to investigate the relationship between three demographic factors (age, income, education) and the investment behavior of Arab women. On average, women in the Arab region face several obstacles that limit them from fully participating in stocks investments. In the context, this study focuses on extending the existing literature to include Arab women individuals and their investment behaviors. To achieve the study’s objective, the researcher distributed 600 close-ended online questionnaires to a sample of Arab male and female individual investors in both Saudi Arabia and Jordan. The researcher used quantitative statistical methods (frequency distribution along with the Kruskal-Wallis H Test and the Mann-Whitney U Test) to analyze the 550 questionnaire respondents. The findings indicated that only age, educational level, and annual income level are associated with the investment behavior of Arab women, where age is only negatively associated with their financial risk tolerance levels. Additionally, income level is positively associated with Arab women‘s confidence and investment literacy levels, while educational level is only associated positively with their investment confidence levels. According to annual income, Arab women with lower incomes have lower confidence and investment literacy levels. The limited income level might prevent the sample Arab women from investing in the financial information and advisors that may help in improving their investment literacy levels. Furthermore, Arab women with lower educational levels have lower investment literacy levels and thus, this may limit their stock investments. Overall, the study contributes to the existing literature by focusing directly on examining the investment behavior of Arab women and its association with age, annual income, and education. Generally, there are scarce existing studies that investigate the association of demographic factors with the investment behavior of women only in regards to their herding behavior, risk tolerance, investment confidence, and investment literacy levels (combined), especially Arab women investors.

Keywords: Arab region, demographic factors, investment behavior, women investors

Procedia PDF Downloads 156

Authors: Sandra Cecilia Muhirirwe, Bart Van Der Bruggen, Violet Kisakye

Abstract:

Economic analysis of Rainwater harvesting (RWH) systems is vital in search of a cost-effective solution to water unreliability, especially in low-income countries. There is little literature focusing on the financial aspects of RWH for dairy farmers. The main purpose was to assess the economic viability of rainwater harvesting for diary framers in the Rwenzori region. The study focused on the use of rainwater harvesting systems from the rooftop and collection in above surface tanks. Daily rainfall time series for 12 years was obtained across nine gauging stations. The daily water balance equation was used for optimal sizing of the tank. Economic analysis of the investment was carried out based on the life cycle costs and the accruing benefits for the period of 15 years. Roof areas were varied from 75m2 as the minimum required area to 500m2 while maintaining the same number of cattle and keeping the daily water demand constant. The results show that the required rainwater tank sizes are very large and may be impractical to install due to the strongly varying terrain and the initial cost of investment. In all districts, there is a significant reduction of the volume of the required tank with an increasing collection area. The results further show that increasing the collection area has a minor effect on reducing the required tank size. Generally, for all rainfall areas, the reliability increases with an increase in the roof area. The results indicate that 100% reliability can only be realized with very large collection areas that are impractical to install. The estimated benefits outweigh the cost of investment. The Present Net Value shows that the investment is economically viable and investment with a short payback of a maximum of 3 years for all the time series in the study area.

Keywords: dairy cattle, optimisation, rainwater harvesting, economic analysis

Procedia PDF Downloads 168

Authors: C. F. Popoola, K. Akinsanya, S. B. Babarinde, D. A. Farinde

Abstract:

This study investigated published financial statement as correlate of investment decision among commercial bank stakeholders in Nigeria. A correlation research design was used in the study. 180 users of published financial statement were purposively sampled from Lagos and Ibadan. Data generated were analyzed using Pearson correlation and regression. The findings of the study revealed that, balance sheet is negatively related with investment decision (r=-.483; p < .01) while income statement (r= .249; p < .001), notes on the account (r= .230; p < .001), cash flow statement (r= .202; p < .001), value added statement (r= .328; p < .001) and five-year financial summary (r= .191 ;p < .01) are positively related with investment decision. Findings also revealed that components of published financial statement significantly predicted good investment decision (R2= .983; F(5,175)=284.5; p < .05) for commercial bank stakeholders. Therefore, it was suggested that Nigeria banks and professional bodies should instigate programs that will increase the knowledge of stakeholders on published financial statement.

Keywords: commercial banks, financial statement, income statement, investment decision, stakeholders

Procedia PDF Downloads 430

Authors: Maria João Mimoso, Bárbara Magalhães Bravo

Abstract:

This study aims to analyse the phenomenon of arbitration as a paradigm in solving emerging controversies of foreign investment. We will present their benefits and demonstrate their contribution to greater legal certainty in economic relations. This article explores the legal relevant concepts under a strictly conceptual methodology, preparing future research to be developed under more developed comparative law methodologies. The review of national and international literature and jurisprudence will reveal the importance of arbitration in the field of international economic relations, presenting it as an alternative dispute resolution. Globalization imposes new forms of investment protection and appeals to other forms of dispute settlement, primarily to prevent, among other problems, the possible bias of the recipient country's investment tribunals. Characterization of foreign investment, its regulatory sources, their characteristics and the need for intervention of an entity capable of resolving disputes between the parties involved: State investor reception; Investor (of a nationality other than the latter); State of the investor's nationality, and sometimes a ‘subsidiary’ local foreign investor. The ICSID (International Settlement of Investment Disputes) arbitration as a means of resolving investment litigations covered by bilateral treaties (BIT) and investment contracts calls for a delimitation of these two figures in order to clarify the scope of the arbitration under the aegis of the World Bank and to make it more secure in the view of the sovereign power of the States.

Keywords: arbitration, contract, foreign, investment, disputes

Procedia PDF Downloads 228

Authors: Bo Zhang, Ellen S. Wilschut, Dehlia M. C. Willemsen, Marieke H. Martens

Abstract:

With the rapid development of intelligent transportation systems, automated platooning of trucks is drawing increasing interest for its beneficial effects on safety, energy consumption and traffic flow efficiency. Nevertheless, one major challenge lies in the safe transition of control from the automated system back to the human drivers, especially when they have been inattentive after a long period of highly automated driving. In this study, we investigated driver take-over time after a system initiated request to leave the platooning system Virtual Tow Bar in a non-critical scenario. 22 professional truck drivers participated in the truck driving simulator experiment, and each was instructed to drive under three experimental conditions before the presentation of the take-over request (TOR): driver ready (drivers were instructed to monitor the road constantly), driver not-ready (drivers were provided with a tablet) and eye-shut. The results showed significantly longer take-over time in both driver not-ready and eye-shut conditions compared with the driver ready condition. Further analysis revealed hand movement time as the main factor causing long response time in the driver not-ready condition, while in the eye-shut condition, gaze reaction time also influenced the total take-over time largely. In addition to comparing the means, large individual differences can be found especially in two driver, not attentive conditions. The importance of a personalized driver readiness predictor for a safe transition is concluded.

Keywords: driving simulation, highly automated driving, take-over time, transition of control, truck platooning

Procedia PDF Downloads 222

Authors: Aprilia, Wei Liang Keith Nguyen, Shu Beng Tor, Gerald Gim Lee Seet, Chee Kai Chua

Abstract:

Automated remanufacturing process is of great interest in today’s marine and offshore industry. Most of the current remanufacturing processes are carried out manually and hence they are error prone, labour-intensive and costly. In this paper, a conceptual framework for automated remanufacturing is presented. This framework involves the integration of 3D non-contact digitization, adaptive surface reconstruction, additive manufacturing and machining operation. Each operation is operated and interconnected automatically as one system. The feasibility of adaptive surface reconstruction on marine and offshore engineering components is also discussed. Several engineering components were evaluated and the results showed that this proposed system is feasible. Conclusions are drawn and further research work is discussed.

Keywords: adaptive surface reconstruction, automated remanufacturing, automatic repair, reverse engineering

Procedia PDF Downloads 298

Authors: They Shao Peng

Abstract:

Machine vision system for inspection is an automated technology that is normally utilized to analyze items on the production line for quality control purposes, it also can be known as an automated visual inspection (AVI) system. By applying automated visual inspection, the existence of items, defects, contaminants, flaws, and other irregularities in manufactured products can be easily detected in a short time and accurately. However, AVI systems are still inflexible and expensive due to their uniqueness for a specific task and consuming a lot of set-up time and space. With the rapid development of mobile devices, smartphones can be an alternative device for the visual system to solve the existing problems of AVI. Since the smartphone-based AVI system is still at a nascent stage, this led to the motivation to investigate the smartphone-based AVI system. This study is aimed to provide a low-cost AVI system with high efficiency and flexibility. In this project, the object detection models, which are You Only Look Once (YOLO) model and Single Shot MultiBox Detector (SSD) model, are trained, evaluated, and integrated with the smartphone and webcam devices. The performance of the smartphone-based AVI is compared with the webcam-based AVI according to the precision and inference time in this study. Additionally, a mobile application is developed which allows users to implement real-time object detection and object detection from image storage.

Keywords: automated visual inspection, deep learning, machine vision, mobile application

Procedia PDF Downloads 90

Authors: V. A. Dubovsky, V. V. Savchenko, A. A. Baryskevich

Abstract:

The current trend in the automotive industry towards automatic vehicles is creating new challenges related to human factors. This occurs due to the fact that the driver is increasingly relieved of the need to be constantly involved in driving the vehicle, which can negatively impact his/her situation awareness when manual control is required, and decrease driving skills and abilities. These new problems need to be studied in order to provide road safety during the transition towards self-driving vehicles. For this purpose, it is important to develop an appropriate conceptual model of the interaction between the driver and the automated vehicle, which could serve as a theoretical basis for the development of mathematical and simulation models to explore different aspects of driver behaviour in different road situations. Well-known driver behaviour models describe the impact of different stages of the driver's cognitive process on driving performance but do not describe how the driver controls and adjusts his actions. A more complete description of the driver's cognitive process, including the evaluation of the results of his/her actions, will make it possible to more accurately model various aspects of the human factor in different road situations. This paper presents a conceptual model of the 'driver – highly automated vehicle' system based on the P.K. Anokhin's theory of functional systems, which is a theoretical framework for describing internal processes in purposeful living systems based on such notions as goal, desired and actual results of the purposeful activity. A central feature of the proposed model is a dynamic coupling mechanism between the decision-making of a driver to perform a particular action and changes of road conditions due to driver’s actions. This mechanism is based on the stage by stage evaluation of the deviations of the actual values of the driver’s action results parameters from the expected values. The overall functional structure of the highly automated vehicle in the proposed model includes a driver/vehicle/environment state analyzer to coordinate the interaction between driver and vehicle. The proposed conceptual model can be used as a framework to investigate different aspects of human factors in transitions between automated and manual driving for future improvements in driving safety, and for understanding how driver-vehicle interface must be designed for comfort and safety. A major finding of this study is the demonstration that the theory of functional systems is promising and has the potential to describe the interaction of the driver with the vehicle and the environment.

Keywords: automated vehicle, driver behavior, human factors, human-machine system

Procedia PDF Downloads 114

Authors: Shelly-Ann Gajadhar

Abstract:

Over the last twenty years, the traditional economic motivations of foreign direct investment have been amalgamated with geopolitical motivations. This is evidenced by the extensive ratification of bilateral investment treaties (BIT) globally and the emergence of state-owned multinational companies (SOMNCs) that directly compete with local domestic enterprises (LDE). This paper investigates the impact that Chinese SOMNCs have on LDEs within Trinidad and Tobago’s construction sector and, determines whether knowledge transfer occurs. The paper employed semi-structured interviews of industry experts and concluded that LDEs predominantly experience adverse spillovers, inclusive of a long-term competition effect, with no technology transfer occurring.

Keywords: foreign direct investment, bilateral investment treaties, knowledge transfer, international business, Caribbean

Procedia PDF Downloads 225

Authors: Arkaprabha Bhattacharyya, Makarand Hastak

Abstract:

The COVID-19 pandemic is unprecedented in terms of its global reach and economic impacts. Historically, investment in infrastructure development projects has been touted to boost the economic growth of a nation. The State and Local governments responsible for delivering infrastructure assets work under tight budgets. Therefore, it is important to understand which infrastructure projects have the highest potential of boosting economic growth in the post-pandemic era. This paper presents relationships between infrastructure projects and economic growth. Statistical relationships between investment in different types of infrastructure projects (transit, water and wastewater, highways, power, manufacturing etc.) and indicators of economic growth are presented using historic data between 2002 and 2020 from the U.S. Census Bureau and U.S. Bureau of Economic Analysis (BEA). The outcome of the paper is the comparison of statistical correlations between investment in different types of infrastructure projects and indicators of economic growth. The comparison of the statistical correlations is useful in ranking the types of infrastructure projects based on their ability to influence economic prosperity. Therefore, investment in the infrastructures with the higher rank will have a better chance of boosting the economic growth. Once, the ranks are derived, they can be used by the decision-makers in infrastructure investment related decision-making process.

Keywords: economic growth, infrastructure development, infrastructure projects, strategic investment

Procedia PDF Downloads 141

Authors: Jonas Hinker, Lisa Zumholz, Johanna M. A. Myrzik

Abstract:

Despite strong efforts by the German government to make a transition to higher quality level of building stocks, the rate of renovation continues to remain below the proclaimed level of 2%. As the mandatory standards for residential retrofits are well-balanced in such a way that strict adherence to them guarantees profit from the investment, it becomes difficult to explain the reasons why there are so many people hesitant with their investments. Risks and transaction costs can be understood as socio-technical boundaries and have to be taken into consideration to be able to understand why a worthwhile investment is postponed or rejected. This paper therefore presents a method for investment analyses that is focused on such socio-technical constraints, which helps to reveal the strongest misconceptions of home owners. By depicting sensitivities and risk factors in an integrated and impartial way, such a tool can be utilized by home owners to address reservations and misunderstandings. In the end, this leads to an exploitation of smaller energy efficiency measures that makes up a big demand reduction in the residential sector altogether.

Keywords: energy refurbishment, investment analysis, residential buildings, risk-aware investment strategy

Procedia PDF Downloads 498

Authors: Majid Lotfi Ghahroud, Seyed Jalal Tabatabaei, Ebrahim Karami, AmirArsalan Ghergherechi, Amir Ali Saeidi

Abstract:

In this study, the relationship between investment growth and stock returns of companies listed in Tehran Stock Exchange and whether their relationship -behavioral or risk factors- are discussed. Generally, there are two perspectives; risk-based approach and behavioral approach. According to the risk-based approach due to increase investment, systemic risk and consequently the stock returns are reduced. But due to the second approach, an excessive optimism or pessimism leads to assuming stock price with high investment growth in the past, higher than its intrinsic value and the price of stocks with lower investment growth, less than its intrinsic value. The investigation period is eight years from 2007 to 2014. The sample consisted of all companies listed on the Tehran Stock Exchange. The method is a portfolio test, and the analysis is based on the t-student test (t-test). The results indicate that there is a negative relationship between investment growth and stock returns of companies and this negative correlation is stronger for firms with higher cash flow. Also, the negative relationship between asset growth and stock returns is due to behavioral factors.

Keywords: behavioral theory, investment growth, risk-based theory, stock returns

Procedia PDF Downloads 129

Authors: Moridi Fatemeh, Dasineh Mehdi, Jafari Narges

Abstract:

The aim of this study was to investigate the relationship between dividends and investment in a condition of cash flow uncertainty. Previous studies have also found some evidence that there is N-shaped relationship between dividends and investment given different levels of cash uncertainly. Thus, this study examines this relationship over the period 2009-2014 in Tehran Stock Exchange (TSE). Based on our sample and new variables, we found reverse N-shaped relationship in different levels of cash flow uncertainly. This shape was descending in cash flow certainly and uncertainly but it is ascending in medial position.

Keywords: dividends, investment, nonlinear relationship, uncertainty of cash flow

Procedia PDF Downloads 289

Authors: Rihab Belguith, Fathi Abid

Abstract:

The paper develops a system-based approach to investigate the dynamic adjustment of debt structure and investment policies of the Dow-Jones index. This approach enables the assessment of relations among sales, debt, and investment opportunities by considering the simultaneous effect of the market environmental change and future growth opportunities. We integrate the firm-specific sales variance to capture the industries' conditions in the model. Empirical results were obtained through a panel data set of firms with different sectors. The analysis support that environmental change does not affect equally the different industry since operating leverage differs among industries and so the sensitivity to sales variance. Including adjusted-specific variance, we find that there is no monotonic relation between leverage, sales, and investment. The firm may choose a low debt level in response to high sales variance but high leverage to attenuate the negative relation between sales variance and the current level of investment. We further find that while the overall effect of debt maturity on leverage is unaffected by the level of growth opportunities, the shorter the maturity of debt is, the smaller the direct effect of sales variance on investment.

Keywords: dynamic panel, investment, leverage decision, sales uncertainty

Procedia PDF Downloads 204

Authors: Zhiyuan Du, Baisravan Hom Chaudhuri, Pierluigi Pisu

Abstract:

In connected vehicle systems where wireless communication is available among the involved vehicles and intersection controllers, it is possible to design an intersection coordination strategy that leads the connected and automated vehicles (CAVs) travel through the road intersections without the conventional traffic light control. In this paper, we present a distributed coordination strategy for the CAVs at multiple interconnected intersections that aims at improving system fuel efficiency and system mobility. We present a distributed control solution where in the higher level, the intersection controllers calculate the road desired average velocity and optimally assign reference velocities of each vehicle. In the lower level, every vehicle is considered to use model predictive control (MPC) to track their reference velocity obtained from the higher level controller. The proposed method has been implemented on a simulation-based case with two-interconnected intersection network. Additionally, the effects of mixed vehicle types on the coordination strategy has been explored. Simulation results indicate the improvement on vehicle fuel efficiency and traffic mobility of the proposed method.

Keywords: connected vehicles, automated vehicles, intersection coordination systems, multiple interconnected intersections, model predictive control

Procedia PDF Downloads 326

Authors: Hsiao-Chuan Huang, King-Lung Kuo, Mei-Hsin Lo, Hsiao-Yun Chou, Yusen Lin

Abstract:

The most robust and economical method for laboratory diagnosis of TB is to identify mycobacterial bacilli (AFB) under acid-fast staining despite its disadvantages of low sensitivity and labor-intensive. Though digital pathology becomes popular in medicine, an automated microscopic system for microbiology is still not available. A new AI-assisted automated microscopic system, consisting of a microscopic scanner and recognition program powered by big data and deep learning, may significantly increase the sensitivity of TB smear microscopy. Thus, the objective is to evaluate such an automatic system for the identification of AFB. A total of 5,930 smears was enrolled for this study. An intelligent microscope system (TB-Scan, Wellgen Medical, Taiwan) was used for microscopic image scanning and AFB detection. 272 AFB smears were used for transfer learning to increase the accuracy. Referee medical technicians were used as Gold Standard for result discrepancy. Results showed that, under a total of 1726 AFB smears, the automated system's accuracy, sensitivity and specificity were 95.6% (1,650/1,726), 87.7% (57/65), and 95.9% (1,593/1,661), respectively. Compared to culture, the sensitivity for human technicians was only 33.8% (38/142); however, the automated system can achieve 74.6% (106/142), which is significantly higher than human technicians, and this is the first of such an automated microscope system for TB smear testing in a controlled trial. This automated system could achieve higher TB smear sensitivity and laboratory efficiency and may complement molecular methods (eg. GeneXpert) to reduce the total cost for TB control. Furthermore, such an automated system is capable of remote access by the internet and can be deployed in the area with limited medical resources.

Keywords: TB smears, automated microscope, artificial intelligence, medical imaging

Procedia PDF Downloads 188

Authors: Saurabh Gupta, Vanshdeep Parmar, Sri Harsha Reddy Yelly, Michele Baker, Elizabeth Bigler, Kunhee Choi

Abstract:

It is known that the adoption of solar powered LED highway lighting systems or sensory LED highway lighting systems can dramatically reduce energy consumption by 55 percent when compared to conventional on-grid High Pressure Sodium (HPS) lamps that are widely applied to most highways. However, an initial high installation cost for building the infrastructure of solar photovoltaic devices hampers a wider adoption of such technologies. This research aims to examine currently available state-of-the-art solar photovoltaic and sensory technologies, identify major obstacles, and analyze each technology to create a benchmarking metrics from the benefit-cost analysis perspective. The on-grid HPS lighting systems will serve as the baseline for this study to compare it with other lighting alternatives such as solar and sensory LED lighting systems. This research will test the validity of the research hypothesis that alternative LED lighting systems produce more favorable benefit-cost ratios and the added initial investment costs are recouped by the savings in the operation and maintenance cost. The payback period of the excess investment and projected savings over the life-cycle of the selected lighting systems will be analyzed by utilizing the concept of Net Present Value (NPV). Researchers believe that if this study validates the research hypothesis, it can promote a wider adoption of alternative lighting systems that will eventually save millions of taxpayer dollars in the long-run.

Keywords: lighting systems, sensory and solar PV, benefit cost analysis, net present value

Procedia PDF Downloads 322

Authors: Priyanka Verma, Vijaya Dixit, Rishabh Bajpai

Abstract:

This research paper is aimed at selecting appropriate material handling equipment among the given choices so that the automation level in material handling can be enhanced. This work is a practical case scenario of material handling systems in consumer electronic appliances manufacturing organization. The choices of material handling equipment among which the decision has to be made are Automated Guided Vehicle’s (AGV), Autonomous Mobile Robots (AMR), Overhead Conveyer’s (OC) and Battery Operated Trucks/Vehicle’s (BOT). There is a need of attaining a certain level of automation in order to reduce human interventions in the organization. This requirement of achieving certain degree of automation can be attained by material handling equipment’s mentioned above. The main motive for selecting above equipment’s for study was solely based on corporate financial strategy of investment and return obtained through that investment made in stipulated time framework. Since the low cost automation with respect to material handling devices has to be achieved hence these equipment’s were selected. Investment to be done on each unit of this equipment is less than 20 lakh rupees (INR) and the recovery period is less than that of five years. Fuzzy analytic hierarchic process (FAHP) is applied here for selecting equipment where the four choices are evaluated on basis of four major criteria’s and 13 sub criteria’s, and are prioritized on the basis of weight obtained. The FAHP used here make use of triangular fuzzy numbers (TFN). The inability of the traditional AHP in order to deal with the subjectiveness and impreciseness in the pair-wise comparison process has been improved in the FAHP. The range of values for general rating purposes for all decision making parameters is kept between 0 and 1 on the basis of expert opinions captured on shop floor. These experts were familiar with operating environment and shop floor activity control. Instead of generating exact value the FAHP generates the ranges of values to accommodate the uncertainty in decision-making process. The four major criteria’s selected for the evaluation of choices of material handling equipment’s available are materials, technical capabilities, cost and other features. The thirteen sub criteria’s listed under these following four major criteria’s are weighing capacity, load per hour, material compatibility, capital cost, operating cost and maintenance cost, speed, distance moved, space required, frequency of trips, control required, safety and reliability issues. The key finding shows that among the four major criteria selected, cost is emerged as the most important criteria and is one of the key decision making aspect on the basis of which material equipment selection is based on. While further evaluating the choices of equipment available for each sub criteria it is found that AGV scores the highest weight in most of the sub-criteria’s. On carrying out complete analysis the research shows that AGV is the best material handling equipment suiting all decision criteria’s selected in FAHP and therefore it is beneficial for the organization to carry out automated material handling in the facility using AGV’s.

Keywords: fuzzy analytic hierarchy process (FAHP), material handling equipment, subjectiveness, triangular fuzzy number (TFN)

Procedia PDF Downloads 409

Authors: Julio Vicente Cateia

Abstract:

This study aims to analyze the economic impacts of infrastructure investment in Africa, focusing on the Guinea-Bissau economy. Through a dynamic CGE model, we find that the natural resource revenues (or aid)-funded infrastructure investments generate externalities that increase factor returns. The private investment improvements propagate externalities effects on GDP and job opportunities outcomes. Household income and consumption were positively impacted, though the poorer benefited the most. The income inequality has reduced. However, funding by the mix of debt and direct taxes produces opposite effects. We suggest a potential pro-poor growth agenda in Africa.

Keywords: infrastructure investment, poverty alleviation, CGE modeling, African economies, applied economics

Procedia PDF Downloads 107

Authors: Marwa Zein

Abstract:

The long-term of the contract is one of the major features that distinguish international trade and investment contracts from other internal contracts. This is due to the nature of the contract and the huge works required to be performed from one hand or the desire of the parties to achieve stability in their transactions. However, long-term contracts might expose them to certain events and circumstances that impact the capability of the parties to execute their obligations pursuant to these contracts. During the year 2016, the Egyptian government has taken series of economic decisions which greatly impacted the economic and investment environment. Consequently, many contracts have encountered many problems in their execution due to such changes that greatly influence the performance of their obligation, a matter that necessitated the renegotiation of the conditions of these contracts on the basis of the unpredicted changes that could be listed under the Force Majeure Clause. The principle of fair and equitable treatment in investment placed on an obligation on the Egyptian government to consider the renegotiation of contract clauses based on the new conditions. This paper will discuss the idea of renegotiating international trade and investment contracts in Egypt with reference to the changes the economic environment has witnessed lately.

Keywords: change of circumstances, international contracts, investment contracts, renegotiation

Procedia PDF Downloads 166

Authors: Rajat Kapoor

Abstract:

Indian Real Estate sector is the second largest employer after agriculture and is slated to grow at 30 percent over the next decade. Indian cities have shown tumultuous growth since last two decades. With the growing need of infrastructure, it has become inevitable for real estate sector to adopt more organized and transparent system of investment. SPVs such as REITs ensure transparency facilitating accessibility to invest in real estate for those who find it difficult to purchase real estate as an investment option with a realistic income expectation from their investment. RIETs or real estate investment trusts is an instrument of pooling funds similar to that of mutual funds. In a simpler term REIT is an Investment Vehicle in the form a trust which holds & manages large commercial rent¬ earning properties on behalf of investors and distributes most of its profit as dividends. REIT enables individual investors to invest their money in commercial real estate assets in a diversified portfolio and on the other hand provides fiscal liquidity to developers as easy exit option and channel funds for new projects. However, the success REIT is very much dependent on the taxation structure making such models attractive and adaptive enough for both developers and investors to opt for such investment option. This paper is intended to capture an overview of REITs with context to Indian real estate scenario.

Keywords: Indian real estate, real estate infrastructure trusts, urban finance, infrastructure investment trusts

Procedia PDF Downloads 438