Search results for: automated stock investment system

Authors: Ese Urhie, Bosede Olopade, Muyiwa Oladosun, Henry Okodua

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In the past three and half decades, aside from the fact that the contribution of the industrial sector to gross domestic product in Nigeria has nose-dived, its performance has also been highly unstable. Investment funds needed to develop the industrial sector usually come from both internal and external sources. The internal sources include surplus generated within the industrial sector and surplus diverted from other sectors of the economy. It has been observed that due to the small size of the industrial sector in developing countries, very limited funds could be raised for further investment. External sources of funds which many currently industrialized and some ‘newly industrializing countries’ have benefited from including direct and indirect investment by foreign capitalists; foreign aid and loans; and investments by nationals living abroad. Foreign direct investment inflow in Nigeria has been declining since 2009 in both absolute and relative terms. High level of human capital has been identified as one of the crucial factors that explain the miraculous growth of the ‘Asian Tigers’. Its low level has also been identified as the major cause for the low level of FDI flow to Nigeria in particular and Africa in general. There has been positive, but slow improvement in human capital indicators in Nigeria in the past three decades. In spite of this, foreign direct investment inflow has not only been low; it has declined drastically in recent years. i) Why has the improvement in human capital in Nigeria failed to attract more FDI inflow? ii) To what extent does the level of human capital influence FDI inflow in Nigeria? iii) Is there a threshold of human capital stock that guarantees sustained inflow of FDI? iv) Does the quality of human capital matter? v) Does the influence of other (negative) factors outweigh the benefits of human capital? Using time series secondary data, a system of equations is employed to evaluate the effect of human capital on FDI inflow in Nigeria on one hand and the effect of FDI on the level of industrialization on the other. A weak relationship between human capital and FDI is expected, while a strong relationship between FDI and industrial growth is expected from the result.

Keywords: human capital, foreign direct investment, industrialization, gross domestic product

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Authors: Mario Zgela

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Application of Benford’s Law is very rarely covered in the field of stock market analysis, especially in percentage change of stock market indices. Deutscher Aktien IndeX (DAX) is very important stock market index of Frankfurt Deutsche Börse which serves as underlying basis for large number of financial instruments. It is calculated for selected 30 German blue chips stocks. In this paper, Benford's Law first digit test is applied on 10 year DAX daily percentage changes in order to check compliance. Deviations of 10 year DAX percentage changes set as well as distortions of certain subsets from Benford's Law distribution are detected. It is possible that deviations are the outcome of speculations; and psychological influence should not be eliminated.

Keywords: Benford's Law, DAX, index percentage changes, stock market

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Authors: K. Y. Chen, Y. N. Jia, H. Chua, C. W. Kan

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As the largest developing country in the world, China is now facing the problem arising from the environment. Thus, China government increases the environmental investment yearly. In this study, we will analyse the effect of the public environmental investment on the sustainable development in China. Firstly, we will review the current situation of China's environmental issue. Secondly, we will collect the yearly environmental data as well as the information of public environmental investment. Finally, we will use the collected data to analyse and project the SWOT of public environmental investment in China. Therefore, the aim of this paper is to provide the relationship between public environmental investment and sustainable development in China. Based on the data collected, it was revealed that the public environmental investment had a positive impact on the sustainable development in China as well as the GDP growth. Acknowledgment: Authors would like to thank the financial support from the Hong Kong Polytechnic University for this work.

Keywords: China, public environmental investment, sustainable development, analysis

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Authors: Bekmurza H. Aitchanov, Sholpan K. Aitchanova, Olimzhon A. Baimuratov, Aitkul N. Aldibekova

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This work considers the automated control system (ACS) of milk quality during its magnetic field processing. For achieving high level of quality control methods were applied transformation of complex nonlinear systems in a linearized system with a less complex structure. Presented ACS is adjustable by seven parameters: mass fraction of fat, mass fraction of dry skim milk residues (DSMR), density, mass fraction of added water, temperature, mass fraction of protein, acidity.

Keywords: fluids magnetization, nuclear magnetic resonance, automated control system, dynamic pulse-frequency modulator, PFM, nonlinear systems, structural model

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Authors: Martin Pellon Consunji

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Due to the rise in popularity of Bitcoin and other crypto assets as a store of wealth and speculative investment, there is an ever-growing demand for automated trading tools, such as bots, in order to gain an advantage over the market. Traditionally, trading in the stock market was done by professionals with years of training who understood patterns and exploited market opportunities in order to gain a profit. However, nowadays a larger portion of market participants are at minimum aided by market-data processing bots, which can generally generate more stable signals than the average human trader. The rise in trading bot usage can be accredited to the inherent advantages that bots have over humans in terms of processing large amounts of data, lack of emotions of fear or greed, and predicting market prices using past data and artificial intelligence, hence a growing number of approaches have been brought forward to tackle this task. However, the general limitation of these approaches can still be broken down to the fact that limited historical data doesn’t always determine the future, and that a lot of market participants are still human emotion-driven traders. Moreover, developing markets such as those of the cryptocurrency space have even less historical data to interpret than most other well-established markets. Due to this, some human traders have gone back to the tried-and-tested traditional technical analysis tools for exploiting market patterns and simplifying the broader spectrum of data that is involved in making market predictions. This paper proposes a method which uses neuro evolution techniques on both sentimental data and, the more traditionally human-consumed, technical analysis data in order to gain a more accurate forecast of future market behavior and account for the way both automated bots and human traders affect the market prices of Bitcoin and other cryptocurrencies. This study’s approach uses evolutionary algorithms to automatically develop increasingly improved populations of bots which, by using the latest inflows of market analysis and sentimental data, evolve to efficiently predict future market price movements. The effectiveness of the approach is validated by testing the system in a simulated historical trading scenario, a real Bitcoin market live trading scenario, and testing its robustness in other cryptocurrency and stock market scenarios. Experimental results during a 30-day period show that this method outperformed the buy and hold strategy by over 260% in terms of net profits, even when taking into consideration standard trading fees.

Keywords: neuro-evolution, Bitcoin, trading bots, artificial neural networks, technical analysis, evolutionary algorithms

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Authors: Hind Bouami

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Handling life-critical systems complexity requires to be equipped with appropriate technology and the right human agents’ functions such as knowledge, experience, and competence in problem’s prevention and solving. Human agents are involved in the management and control of human-machine system’s performance. Documenting human agent’s situation awareness is crucial to support human-machine designers’ decision-making. Knowledge about risks, critical parameters and factors that can impact and threaten automation system’s performance should be collected using preventive and retrospective approaches. This paper aims to document operators’ situation awareness through the analysis of automated organizations’ feedback. The analysis of automated hospital pharmacies feedbacks helps to identify and control critical parameters influencing human machine interaction in order to enhance system’s performance and security. Our human machine system evaluation approach has been deployed in Macon hospital center’s pharmacy which is equipped with automated drug dispensing systems since 2015. Automation’s specifications are related to technical aspects, human-machine interaction, and human aspects. The evaluation of drug delivery automation performance in Macon hospital center has shown that the performance of the automated activity depends on the performance of the automated solution chosen, and also on the control of systemic factors. In fact, 80.95% of automation specification related to the chosen Sinteco’s automated solution is met. The performance of the chosen automated solution is involved in 28.38% of automation specifications performance in Macon hospital center. The remaining systemic parameters involved in automation specifications performance need to be controlled.

Keywords: life-critical systems, situation awareness, human-machine interaction, decision-making

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Authors: Phang Moon Leng

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Automated Early Warning Scores is a newly developed clinical decision tool that is used to streamline and improve the process of obtaining a patient’s vital signs so a clinical decision can be made at an earlier stage to prevent the patient from further deterioration. This technology provides immediate update on the score and clinical decision to be taken based on the outcome. This paper aims to study the use of an automated early warning score system on whether the technology has assisted the hospital in early detection and escalation of clinical condition and improve patient outcome. The hospital adopted the Modified Early Warning Scores (MEWS) Scoring System and MEWS Clinical Response into Philips IntelliVue Guardian Automated Early Warning Score equipment and studied whether the process has been leaned, whether the use of technology improved the usage & experience of the nurses, and whether the technology has improved patient care and outcome. It was found the steps required to obtain vital signs has been significantly reduced and is used more frequently to obtain patient vital signs. The number of deaths, and length of stay has significantly decreased as clinical decisions can be made and escalated more quickly with the Automated EWS. The automated early warning score equipment has helped improve work efficiency by removing the need for documenting into patient’s EMR. The technology streamlines clinical decision-making and allows faster care and intervention to be carried out and improves overall patient outcome which translates to better care for patient.

Keywords: automated early warning score, clinical quality and safety, patient safety, medical technology

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Authors: Algia Hammami, Abdelfatteh Bouri

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In this work, our objective is to study the transmission of volatility between oil and stock markets in developed (USA, Germany, Italy, France and Japan) and emerging countries (Tunisia, Thailand, Brazil, Argentina, and Jordan) for the period 1998-2015. Our methodology consists of analyzing the monthly data by the GARCH-BEKK model to capture the effect in terms of volatility in the variation of the oil price on the different stock market. The empirical results in the emerging countries indicate that the relationships are unidirectional from the stock market to the oil market. For the developed countries, we find that the transmission of volatility is unidirectional from the oil market to stock market. For the USA and Italy, we find no transmission between the two markets. The transmission is bi-directional only in Thailand. Following our estimates, we also noticed that the emerging countries influence almost the same extent as the developed countries, while at the transmission of volatility there a bid difference. The GARCH-BEKK model is more effective than the others versions to minimize the risk of an oil-stock portfolio.

Keywords: GARCH, oil prices, stock market, volatility transmission

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Authors: Chih-Hsiang Chang, Chia-Ching Tsai

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The aim of this study is to examine the stock price effect of the enterprises being classified as socially responsible. We explore the stock price response to the announcement that an enterprise is selected for the Taiwan Corporate Sustainability Awards. Empirical results indicate that the announcements of the Taiwan Corporate Sustainability Awards provide useful informational content to stock market. We find the evidence of insignificantly positive short-term and significantly positive long-term price reaction to the enterprises being classified as socially responsible. This study concludes that investors in the Taiwan stock market tend to view an enterprise being selected for the Taiwan Corporate Sustainability Awards as one with superior quality and long-term price potential.

Keywords: corporate social responsibility, stock price effect, Taiwan stock market, investments

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Authors: Muhammad Umair, Yuri Nikolaev, Denis Artemov, Ighor Uzhinsky

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A flexible manufacturing system is an integral part of a smart factory of industry 4.0 in which every machine is interconnected and works autonomously. Robots are in the process of replacing humans in every industrial sector. As the cyber-physical-system (CPS) and artificial intelligence (AI) are advancing, the manufacturing industry is getting more dependent on computers than human brains. This modernization has boosted the production with high quality and accuracy and shifted from classic production to smart manufacturing systems. However, material handling for such automated productions is a challenge and needs to be addressed with the best possible solution. Conventional clamping systems are designed for manual work and not suitable for highly automated production systems. Researchers and engineers are trying to find the most economical solution for loading/unloading and transportation workpieces from a warehouse to a machine shop for machining operations and back to the warehouse without human involvement. This work aims to propose an advanced multi-shape tooling solution for highly automated manufacturing systems. The currently obtained result shows that it could function well with automated guided vehicles (AGVs) and modern conveyor belts. The proposed solution is following requirements to be automation-friendly, universal for different part geometry and production operations. We used a bottom-up approach in this work, starting with studying different case scenarios and their limitations and finishing with the general solution.

Keywords: artificial intelligence, cyber physics system, Industry 4.0, material handling, smart factory, flexible manufacturing system

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Authors: Darren Zou

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Forecasting the stock market is a very challenging task. Various economic indicators such as GDP, exchange rates, interest rates, and unemployment have a substantial impact on the stock market. Time series models are the traditional methods used to predict stock market changes. In this paper, a machine learning method, Bayesian Additive Regression Tree (BART) is used in predicting stock market indexes based on multiple economic indicators. BART can be used to model heterogeneous treatment effects, and thereby works well when models are misspecified. It also has the capability to handle non-linear main effects and multi-way interactions without much input from financial analysts. In this research, BART is proposed to provide a reliable prediction on day-to-day stock market activities. By comparing the analysis results from BART and with time series method, BART can perform well and has better prediction capability than the traditional methods.

Keywords: BART, Bayesian, predict, stock

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Authors: Lucy Jackson, Celyn Walters, Steve Eckersley, Mini Rai, Simon Hadfield

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Space robots will play an integral part in exploring the universe and beyond. A correctly designed space robot will facilitate OOA, satellite servicing and ADR. However, problems arise when trying to design such a system as it is a highly complex multidimensional problem into which there is little research. Current design techniques are slow and specific to terrestrial manipulators. This paper presents a solution to the slow speed of robotic hardware design, and generalizes the technique to free-flying space robots. It presents Ta-DAH Design, an automated design approach that utilises a multi-objective cost function in an iterative and automated pipeline. The design approach leverages prior knowledge and facilitates the faster output of optimal designs. The result is a system that can optimise the size of the base spacecraft, manipulator and some key subsystems for any given task. Presented in this work is the methodology behind Ta-DAH Design and a number optimal space robot designs.

Keywords: space robots, automated design, on-orbit operations, hardware design

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Authors: Nikhil Verma, Akshay Kant Mishra, Rishabh Rastogi, Bikarama Prasad Yadav

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Emerging fire incidents are the protuberant contributor out turning into life loss, property damage and importantly firefighters. It insinuates that a firefighting and rescue operation of the existing equipment or apparatus and their proficiency is limited, particularly in annihilating firefighting environments. The proposed methodology will help in developing a technology which can be useful in minimizing the risks and losses due to fire. In this paper, design and development of combat mini vehicle comprising of multi-purpose nozzle system is proposed which can target diverse fires simultaneously at distinct time and location. Basically, the system is semi-automated type protection system which can be manoeuvred by controller. Designing of robust vehicle based on semi-automated protection type system is consummated using SolidWorks platform. Concept of developing a robust vehicle will help to fight fires in multiple directions reducing the time required to douse multiple fires.

Keywords: fire douse vehicle, multiple fires, multi-purpose nozzle, semi-automated system

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Authors: J. P. Reges, L. C. S. Mazza, E. J. Braga, J. A. Bessa, A. R. Alexandria

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This paper proposes the development of control and automation of irrigation system located sunflower harvest in the Teaching Unit, Research and Extension (UEPE), the Apodi Plateau in Limoeiro do Norte. The sunflower extraction, which in turn serves to get the produced oil from its seeds, animal feed, and is widely used in human food. Its nutritional potential is quite high what makes of foods produced from vegetal, very rich and healthy. The focus of research is to make the autonomous irrigation system sunflower crop from programmable logic control energized with alternative energy sources, solar photovoltaics. The application of automated irrigation system becomes interesting when it provides convenience and implements new forms of managements of the implementation of irrigated cropping systems. The intended use of automated addition to irrigation quality and consequently brings enormous improvement for production of small samples. Addition to applying the necessary and sufficient features of water management in irrigation systems, the system (PLC + actuators + Renewable Energy) will enable to manage the quantitative water required for each crop, and at the same time, insert the use of sources alternative energy. The entry of the automated collection will bring a new format, and in previous years, used the process of irrigation water wastage base and being the whole manual irrigation process.

Keywords: automation, control, sunflower, irrigation, programming, renewable energy

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Authors: Adel Almasarwah

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This study investigates the nature of association between profit warnings and stock price informativeness in the context of Jordan as an emerging country. The analysis is based on the response of stock price synchronicity to profit warnings percentages that have been published in Jordanian firms throughout the period spanning 2005–2016 in the Amman Stock Exchange. The standard of profit warnings indicators have related negatively to stock price synchronicity in Jordanian firms, meaning that firms with a high portion of profit warnings integrate with more firm-specific information into stock price. Robust regression was used rather than OLS as a parametric test to overcome the variances inflation factor (VIF) and heteroscedasticity issues recognised as having occurred during running the OLS regression; this enabled us to obtained stronger results that fall in line with our prediction that higher profit warning encourages firm investors to collect and process more firm-specific information than common market information.

Keywords: Profit Warnings, Jordanian Firms, Stock Price Informativeness, Synchronicity

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Authors: Ichiro Takahashi

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One conundrum that macroeconomic theory faces is to explain how an economy can revive from depression, in which the aggregate demand has fallen substantially below its productive capacity. This paper examines an autonomous stabilizing mechanism using an agent-based Wicksell-Keynes macroeconomic model. This paper focuses on the effects of the number of firms and the length of the gestation period for investment that are often assumed to be one in a mainstream macroeconomic model. The simulations found the virtual economy was highly unstable, or more precisely, collapsing when these parameters are fixed at one. This finding may even suggest us to question the legitimacy of these common assumptions. A perpetual decline in capital stock will eventually encourage investment if the capital stock is short-lived because an inactive investment will result in insufficient productive capacity. However, for an economy characterized by a roundabout production method, a gradual decline in productive capacity may not be able to fall below the aggregate demand that is also shrinking. Naturally, one would then ask if our economy cannot rely on an external stimulus such as population growth and technological progress to revive investment, what factors would provide such a buoyancy for stimulating investments? The current paper attempts to answer this question by employing the artificial macroeconomic model mentioned above. The baseline model has the following three features: (1) the multi-period gestation for investment, (2) a large number of heterogeneous firms, (3) demand-constrained firms. The instability is a consequence of the following dynamic interactions. (a) A multiple-period gestation period means that once a firm starts a new investment, it continues to invest over some subsequent periods. During these gestation periods, the excess demand created by the investing firm will spill over to ignite new investment of other firms that are supplying investment goods: the presence of multi-period gestation for investment provides a field for investment interactions. Conversely, the excess demand for investment goods tends to fade away before it develops into a full-fledged boom if the gestation period of investment is short. (b) A strong demand in the goods market tends to raise the price level, thereby lowering real wages. This reduction of real wages creates two opposing effects on the aggregate demand through the following two channels: (1) a reduction in the real labor income, and (2) an increase in the labor demand due to the principle of equality between the marginal labor productivity and real wage (referred as the Walrasian labor demand). If there is only a single firm, a lower real wage will increase its Walrasian labor demand, thereby an actual labor demand tends to be determined by the derived labor demand. Thus, the second positive effect would not work effectively. In contrast, for an economy with a large number of firms, Walrasian firms will increase employment. This interaction among heterogeneous firms is a key for stability. A single firm cannot expect the benefit of such an increased aggregate demand from other firms.

Keywords: agent-based macroeconomic model, business cycle, demand constraint, gestation period, representative agent model, stability

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Authors: Marcus Walter, Norbert Nitzsche, Dirk Odenthal, Steffen Müller

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This contribution presents a friction estimator for industrial purposes which identifies Coulomb friction in a steering system. The estimator only needs a few, usually known, steering system parameters. Friction occurs on almost every mechanical system and has a negative influence on high-precision position control. This is demonstrated on a steering angle controller for highly automated driving. In this steering system the friction induces limit cycles which cause oscillating vehicle movement when the vehicle follows a given reference trajectory. When compensating the friction with the introduced estimator, limit cycles can be suppressed. This is demonstrated by measurements in a series vehicle.

Keywords: friction estimation, friction compensation, steering system, lateral vehicle guidance

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Authors: Ernest Nweke, Enkhtuya Bavuudorj

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The Mongolia Stock Exchange (MSE) serves as a vehicle for executing the privatization policy of Mongolian Government as it transitioned from socialist to free market economy. It was also the intention of the Government to develop the investment and securities market through its establishment and to further boost the ailing Mongolian economy. This paper focuses on the contributions of the Mongolian Stock Exchange (MSE) to the industrial and economic development of Mongolia via Corporate fund mobilization for listed companies in Mongolia. A study of this nature is imperative as economic development in Mongolia has been accelerated by corporate investments. The key purpose of the research was to critically analyze the operations of the MSE to ascertain the extent to which the objectives for which it was established have been accomplished and to assess its contributions to industrial and economic development of Mongolia. In achieving this, secondary data on the activities of the MSE; its market capitalization over the years were collected and analyzed vis-à-vis the figures for Mongolia’s macro-economic data for the same time period to determine whether the progressive increase in market capitalization of the MSE has positively impacted on Mongolia’s economic growth. Regression analysis package was utilized in dissecting the data. It was proven that the Mongolian Stock Exchange has contributed positively and significantly to Mongolia’s economic development though not yet to the desired level. Against the findings of this research, recommendations were made to address, the problems facing the MSE and to enhance its performance and ultimately its contributions to industrial and economic development of the Mongolian nation.

Keywords: Corporate Fund Mobilization, Gross Domestic Product (GDP), market capitalization, purchasing power, stock exchange

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Authors: Raif Parlakkaya, Ahmet Diken, Erkan Kara

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This paper examines the relationship between corporate governance rating and stock prices of 26 Turkish firms listed in Turkish stock exchange (Borsa Istanbul) by using panel data analysis over five-year period. The paper also investigates the stock performance of firms with governance rating with regards to the market portfolio (i.e. BIST 100 Index) both prior and after governance scoring began. The empirical results show that there is no relation between corporate governance rating and stock prices when using panel data for annual variation in both rating score and stock prices. Further analysis indicates surprising results that while the selected firms outperform the market significantly prior to rating, the same performance does not continue afterwards.

Keywords: corporate governance, stock price, performance, panel data analysis

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Authors: Leila Jafari, Viliam Makis

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In this paper, the joint optimization of the economic manufacturing quantity (EMQ), safety stock level, and condition-based maintenance (CBM) is presented for a partially observable, deteriorating system subject to random failure. The demand is stochastic and it is described by a Poisson process. The stochastic model is developed and the optimization problem is formulated in the semi-Markov decision process framework. A modification of the policy iteration algorithm is developed to find the optimal policy. A numerical example is presented to compare the optimal policy with the policy considering zero safety stock.

Keywords: condition-based maintenance, economic manufacturing quantity, safety stock, stochastic demand

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Authors: Timur R. Azizov, Eugenia F. Shaykhutdinova, Ayrat G. Sitdikov

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In this article, we consider problems of automatic research result analysis and current monitoring of cultural legacy objects in island-city Sviyazhsk. We make basic concept of creating Automatic system, including developing the knowledge library with all conditions of three historical objects. In addition, we made described process of developing Automatic system of research result analysis of cultural legacy objects in island-city Sviyazhsk.

Keywords: automated system, record, results of research, unity3D, ASP .NET

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Authors: Bouami Hind, Millot Patrick

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The implementation of automated devices in life-critical systems such as hospitals can bring a new set of challenges related to automation malfunctions. While automation has been identified as great leverage for the medication dispensing system’s security and efficiency, it also increases the complexity of the organization. In particular, the installation and operation stage of automated devices can be complex when malfunctions related to automated systems occur. This paper aims to document operators’ situation awareness about the malfunctions of automated drug delivery systems (ADCs) during their implementation through Saint Brieuc hospital’s feedback. Our evaluation approach has been deployed in Saint Brieuc hospital center’s pharmacy, which has been equipped with automated nominative drug dispensing systems since January of 2021. The analysis of Saint Brieuc hospital center pharmacy’s automation revealed numerous malfunctions related to the implementation of Automated Delivery Cabinets. It appears that the targeted performance is not reached in the first year of implementation in this case study. Also, errors have been collected in patients' automated treatments’ production such as lack of drugs in pill boxes or nominative carnets, excess of drugs, wrong location of the drug, drug blister damaged, non-compliant sachet, or ticket errors. Saint Brieuc hospital center’s pharmacy is doing a tremendous job of setting up and monitoring performance indicators from the beginning of automation and throughout ADC’s operation to control ADC’s malfunctions and meet the performance targeted by the hospital. Health professionals, including pharmacists, biomedical engineers and directors of work, technical services and safety, are heavily involved in an automation project. This study highlights the importance of the evaluation of ADCs’ performance throughout the implementation process and the hospital’s team involvement in automation supervision and management.

Keywords: life-critical systems, situation awareness, automated delivery cabinets, implementation, risks and malfunctions

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Authors: Simon L. Madsen, Mads Dyrmann, Morten S. Laursen, Rasmus N. Jørgensen

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Recent advances in the Unmanned Aerial System (UAS) safety and perception systems enable safe low altitude autonomous terrain following flights recently demonstrated by the consumer DJI Mavic PRO and Phamtom 4 Pro drones. This paper presents the first prototype system utilizing this functionality in form of semi-automated UAS based collection of crop/weed images where the embedded perception system ensures a significantly safer and faster gathering of weed images with sub-millimeter resolution. The system is to be used when the weeds are at cotyledon stage and prior to the harvest recognizing the grass weed species, which cannot be discriminated at the cotyledon stage.

Keywords: weed mapping, UAV, DJI SDK, automation, cotyledon plants

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Authors: Gerald Abdesaken, Thomas O. Miller

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This paper analyzes the performance of gold as a safe-haven investment. Assuming high market volatility as an impetus to seek a safe haven in gold, the return of gold relative to the stock market, as measured by the S&P 500, is tracked. Using the Chicago Board Options Exchange (CBOE) volatility index (VIX) as a measure of stock market volatility, various criteria are established for when an investor would seek a safe haven to avoid high levels of risk. The results show that in a vast majority of cases, the S&P 500 outperforms gold during these periods of high volatility and suggests investors who seek safe haven are underperforming the market.

Keywords: gold, portfolio management, safe haven, VIX

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Authors: Tan Swee Liang

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This paper estimates bank and stock market efficiency associations with real per capita GDP growth by examining panel-data across three different regions using Panel-Corrected Standard Errors (PCSE) regression developed by Beck and Katz (1995). Data from five economies in ASEAN (Singapore, Malaysia, Thailand, Philippines, and Indonesia), five economies in Asia (Japan, China, Hong Kong SAR, South Korea, and India) and seven economies in OECD (Australia, Canada, Denmark, Norway, Sweden, United Kingdom U.K., and United States U.S.), between 1990 and 2017 are used. Empirical findings suggest one, for Asia-5 high bank net interest margin means greater bank profitability, hence spurring economic growth. Two, for OECD-7 low bank overhead costs (as a share of total assets) may reflect weak competition and weak investment in providing superior banking services, hence dampening economic growth. Three, stock market turnover ratio has negative association with OECD-7 economic growth, but a positive association with Asia-5, which suggest the relationship between liquidity and growth is ambiguous. Lastly, for ASEAN-5 high bank overhead costs (as a share of total assets) may suggest expenses have not been channelled efficiently to income generating activities. One practical implication of the findings is that policy makers should take necessary measures toward financial liberalisation policies that boost growth through the efficiency channel, so that funds are efficiently allocated through the financial system between financial and real sectors.

Keywords: financial development, banking system, capital markets, economic growth

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Authors: Viktória Sugár, Attila Talamon, András Horkai, Michihiro Kita

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The dense urban fabric of the Budapest 7th district is known as the former Jewish Quarter. The majority of the historical building stock contains multi-story tenement houses with courtyards, built around the end of the 19^th century. Various rehabilitation and urban planning attempt occurred until today, mostly left unfinished. Present paper collects the past rehabilitation plans, actions and their effect which took place in the former Jewish District of Budapest. The authors aim to assess the boundaries of a complex building stock rehabilitation, by taking into account the monument protection guidelines. As a main focus of the research, structural as well as energetic rehabilitation possibilities are analyzed in case of each building by using Geographic Information System (GIS) methods.

Keywords: geographic information system, Hungary, Jewish Quarter, monument, protection, rehabilitation

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Authors: Herjuno Bagus Wicaksono, Emma Almira Fauni, Salma Amelia Dina

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The Efficient Market Hypothesis (EMH) states that, in an efficient capital market, price fully reflects the information available in the market. This theory has influenced many investors behavior in trading in the stock market. Advanced researches have been conducted to test the efficiency of the stock market in particular countries. Indonesia, as one of the emerging countries, has performed substantial growth in the past years. Hence, this paper aims to examine the efficiency of Islamic stock market in Indonesia in its weak form. The daily stock price data from Indonesia Sharia Stock Index (ISSI) for the period October 2015 to October 2016 were used to do the statistical tests: Run Test and Serial Correlation Test. The results show that there is no serial correlation between the current price with the past prices and the market follows the random walk. This research concludes that Indonesia Islamic stock market is weak form efficient.

Keywords: efficient market hypothesis, Indonesia sharia stock index, random walk, weak form efficiency

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Authors: K. Y. Chen, H. Chua, C. W. Kan

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Environmental investment is an important issue in many countries. In this study, we will first review the environmental issues related to India and their effect on the economical development. Secondly, economic data would be collected from government yearly statistics. The statistics would also include the environmental investment information of India. Finally, we would co-relate the data in order to find out the relationship between environmental investment and sustainable development in India. Therefore, in the paper, we aim to analyse the effect of an environmental investment on the sustainable development in India. Based on the economic data collected, India is in development status with fast population and GDP growth speed. India is facing the environment problems due to its high-speed development. However, the environment investment could give a positive impact on the sustainable development in India. The environmental investment is keeping in the same growth rate with GDP. Acknowledgment: Authors would like to thank the financial support from the Hong Kong Polytechnic University for this work.

Keywords: India, environmental investment, sustainable development, analysis

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Authors: Ivan Stanev, Maria Koleva

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Automated software development issues are addressed in this paper. Layers and packages of a Common Platform for Automated Programming (CPAP) are defined based on Service Oriented Architecture, Cloud computing, Knowledge based automated software engineering (KBASE) and Method of automated programming. Tools of seven leading companies (AWS of Amazon, Azure of Microsoft, App Engine of Google, vCloud of VMWare, Bluemix of IBM, Helion of HP, OCPaaS of Oracle) are analyzed in the context of CPAP. Based on the results of the analysis CPAP requirements are formulated

Keywords: automated programming, cloud computing, knowledge based software engineering, service oriented architecture

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Authors: Weiping Liu

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This paper presents an equation to calculate stock prices of different growth model. This equation is mathematically derived by using discounted cash flow method. It has the advantages of being very easy to use and very accurate. It can still be used even when the first stage is lengthy. This equation is more generalized because it can be used for all the three popular stock price models. It can be programmed into financial calculator or electronic spreadsheets. In addition, it can be extended to a multistage model. It is more versatile and efficient than the traditional methods.

Keywords: stock price, multistage model, different growth model, discounted cash flow method

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