Search results for: dynamic globalized markets

Authors: Josua K. Junias, Fillemon N. Nangolo, Petrina T. Johaness

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The deterioration of pavement can lead to the formation of potholes, which cause the wheels of a vehicle to experience unusual and uneven movement. In addition, improper loading practices of heavy vehicles can result in dynamic loading of the pavement due to the vehicle's response to the irregular movement caused by the potholes. Previous studies have only focused on the effects of either the road's uneven surface or the asymmetrical loading of the vehicle, but not both. This study aimed to model the pavement's dynamic response to heavy vehicles under different loading configurations and wheel movements. A sample of 225 cases with symmetrical and asymmetrical loading and kinematic movements was used, and 27 validated 3D pavement-vehicle interactive models were developed using SIMWISE 4D. The study found that the type of kinematic movement experienced by the heavy vehicle affects the pavement's dynamic loading, with eccentrically loaded, asymmetrically kinematic heavy vehicles having a statistically significant impact. The study also suggests that the mass of the vehicle's suspension system plays a role in the pavement's dynamic loading.

Keywords: eccentricities, pavement dynamic loading, vertical displacement dynamic response, heavy vehicles

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Authors: Dinesh Gundavaram

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This paper presents an investigation on bridge damage detection based on the dynamic responses estimated from a passing vehicle. A numerical simulation of steel truss bridge for railway was used in this investigation. The bridge response at different locations is measured using CSI-Bridge software. Several damage scenarios are considered including different locations and severities. The possibilities of dynamic properties of global modes in the identification of structural changes in truss bridges were discussed based on the results of measurement.

Keywords: bridge, damage, dynamic responses, detection

Procedia PDF Downloads 241

Authors: Erfan Memarian, Seyyed Fazayel Alizadeh

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This study aims to evaluate the impacts of the oil and financial markets of the United States on Iran stock exchange and to develop an ARDL model to predict the short and long-term relationship between these markets. In this regard, all 713 weekly data between 28 July 1999 and 20 March 2013 were analyzed by using Microfit4.0 and Eviews7 econometric softwares. The independent variable of the study is the “Price and Yield Index (TEDPIX)” of Tehran Stock Exchange and the independent variables include S & P 500 Index, the US three-month treasury bill rate and West Texas Intermediate oil spot price index. The results show that the West Texas Intermediate oil spot price and the S&P 500 indices have significant positive relationships with Iran's TEDPIX. Also, there exists a significant negative relationship between Iran's TEDPIX and the US three-month Treasury bill rate.

Keywords: TEDPIX; Tehran Stock Exchange; S&P 500 index; USA three-month Treasury bill rate; West Texas Intermediate oil

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Authors: Puwanenthiren Pratheepkanth

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The main aim of this paper is to analyse existing literature (1960 -2016) on management accounting revolution by firms in a comparative perspective to see whether any differences between developed and developing countries context. The significant role that management accounting practices play in corporate finance is well established by reams of research articles. The study reveals that there are clear limitations to the literature review, it suggests that a majority of management accounting practices’ studies are focused on developed markets and that there is a scarcity of serious analyses of the situation in emerging markets.

Keywords: developed countries, developing countries, literature review, management accounting practices

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Authors: Bothinah Altaf, Gary Montague, Elaine B. Martin

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This study involves the modeling and monitoring of an ammonia synthesis fixed-bed reactor using partial least squares (PLS) and its variants. The process exhibits complex dynamic behavior due to the presence of heat recycling and feed quench. One limitation of static PLS model in this situation is that it does not take account of the process dynamics and hence dynamic PLS was used. Although it showed, superior performance to static PLS in terms of prediction, the monitoring scheme was inappropriate hence adaptive PLS was considered. A limitation of adaptive PLS is that non-conforming observations also contribute to the model, therefore, a new adaptive approach was developed, robust adaptive dynamic PLS. This approach updates a dynamic PLS model and is robust to non-representative data. The developed methodology showed a clear improvement over existing approaches in terms of the modeling of the reactor and the detection of faults.

Keywords: ammonia synthesis fixed-bed reactor, dynamic partial least squares modeling, recursive partial least squares, robust modeling

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Authors: Zhaoyu Chen

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In this study, an attempt was made to find reasons why tourists go to particular attractions. Tourists may be either motivated by the attractions or simply make the choice to satisfy their needs and desires. Based on the attractions in Hong Kong, this research was conducted to explore the attraction-related concepts to discuss how the attraction system works. Due to the limited studies on exploring the attractiveness of attractions through tourist movement patterns, the study aims to evaluate such indicators to determine whether tourists are motivated by attractiveness or their own needs. The investigation is conducted through the comparison of different source markets - Mainland China, short haul markets (excluding Mainland China) and long haul markets. The latest finding of Departing Visitor Survey (DVS) implemented by the Hong Kong Tourism Board (HKTB) is employed for the analysis. Various tourist movement patterns are drawn from the practical data. The managerial implication to destination management organizations (DMOs) is suggested to better allocate attractions according to the needs of tourists.

Keywords: attractions, attraction system, Hong Kong, tourist movement patterns

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Authors: Massimiliano Frezza, Sergio Bianchi, Augusto Pianese

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The relation between stock price volatility and trading volume represents a controversial issue which has received a remarkable attention over the past decades. In fact, an extensive literature shows a positive relation between price volatility and trading volume in the financial markets, but the causal relationship which originates such association is an open question, from both a theoretical and empirical point of view. In this regard, various models, which can be considered as complementary rather than competitive, have been introduced to explain this relationship. They include the long debated Mixture of Distributions Hypothesis (MDH); the Sequential Arrival of Information Hypothesis (SAIH); the Dispersion of Beliefs Hypothesis (DBH); the Noise Trader Hypothesis (NTH). In this work, we analyze whether stock market efficiency can explain the diversity of results achieved during the years. For this purpose, we propose an alternative measure of market efficiency, based on the pointwise regularity of a stochastic process, which is the Hurst–H¨older dynamic exponent. In particular, we model the stock market by means of the multifractional Brownian motion (mBm) that displays the property of a time-changing regularity. Mostly, such models have in common the fact that they locally behave as a fractional Brownian motion, in the sense that their local regularity at time t0 (measured by the local Hurst–H¨older exponent in a neighborhood of t0 equals the exponent of a fractional Brownian motion of parameter H(t0)). Assuming that the stock price follows an mBm, we introduce and theoretically justify the Hurst–H¨older dynamical exponent as a measure of market efficiency. This allows to measure, at any time t, markets’ departures from the martingale property, i.e. from efficiency as stated by the Efficient Market Hypothesis. This approach is applied to financial markets; using data for the SP500 index from 1978 to 2017, on the one hand we find that when efficiency is not accounted for, a positive contemporaneous relationship emerges and is stable over time. Conversely, it disappears as soon as efficiency is taken into account. In particular, this association is more pronounced during time frames of high volatility and tends to disappear when market becomes fully efficient.

Keywords: volume–volatility relationship, efficient market hypothesis, martingale model, Hurst–Hölder exponent

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Authors: Mohamed Ziyaina, Ahlam Rajab, Khadija Alkhweldi, Wafia Algami, Omer Al. Toumi, Barbara Rasco1

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In recent years, there has been a growing interest in monitoring heavy metal contamination in food products. Spices can improve the taste of food and can also be a source of many bioactive compounds but can unfortunately, also be contaminated with dangerous materials, potentially heavy metals. This study was conducted to investigate lead (Pb) and cadmium (Cd) contamination in selected spices commonly consumed in Libya including Capsicum frutescens (chili pepper) Piper nigrum, (black pepper), Curcuma longa (turmeric), and mixed spices (HRARAT) which consist of a combination of: Alpinia officinarum, Zingiber officinale and Cinnamomum zeylanicum. Spices were analyzed by atomic absorption spectroscopy after digestion with nitric acid/hydrogen peroxide. The highest level of lead (Pb) was found in Curcuma longa and Capsicum frutescens in wholesale markets (1.05 ± 0.01 mg/kg, 0.96 ± 0.06 mg/kg). Cadmium (Cd) levels exceeded FAO/WHO permissible limit. Curcuma longa and Piper nigrum sold in retail markets had a high concentration of Cd (0.36 ± 0.09, 0.35 ± 0.07 mg/kg, respectively) followed by (0.32 ± 0.04 mg/kg) for Capsicum frutescens. Mixed spices purchased from wholesale markets also had high levels of Cd (0.31 ± 0.08 mg/kg). Curcuma longa and Capsicum frutescens may pose a food safety risk due to high levels of lead and cadmium. Cadmium levels exceeded FAO/WHO recommendations (0.2 ppm) for Piper nigrum, Curcuma longa, and mixed spices (HRARAT).

Keywords: heavy metals, lead, cadmium determination, spice

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Authors: David Sudre

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Today, the National Basketball Association (NBA) is the cultural model of reference for most of the French basketball community stakeholders (players, coaches, team and league managers). In addition to the strong impact it has on how this sport is played and perceived, the NBA also influences the ways professional basketball shows are organized in France (within the Jeep Elite league). The objective of this research is to see how and to what extent the NBA show, as a globalized cultural product, disrupts Jeep Elite's professional basketball cultural codes in the organization of its shows. The article will aim at questioning the intercultural phenomenon at stake in sports cultures in France through the prism of the basketball match. This angle will shed some light on the underlying relationships between local and global elements. The results of this research come from a one-year survey conducted in a small town in northern France, Le Portel, where the Etoile Sportive Saint Michel (ESSM), a Jeep Elite's club, operates. An ethnographic approach was favored. It entailed many participating observations and semi-directive interviews with supporters of the ESSM Le Portel. Through this ethnographic work with the team's fan groups (before the games, during the games and after the games), it was possible for the researchers to understand better all the cultural and identity issues that play out in the "Cauldron," the basketball arena of the ESSM Le Portel. The results demonstrate, at first glance, that many basketball events organized in France are copied from the American model. It seems difficult not to try to imitate the American reference that the NBA represents, whether it be at the French All-Star Game or a Jeep Elite Game at Le Portel. In this case, an acculturation process seems to occur, not only in the way people play but also in the creation of the show (cheerleaders, animations, etc.). However, this American culture of globalized basketball, although re-appropriated, is also being modified by the members of ESSM Le Portel within their locality. Indeed, they juggle between their culture of origin and their culture of reference to build their basketball show within their sociocultural environment. In this way, Le Portel managers and supporters introduce elements that are characteristic of their local culture into the show, such as carnival customs and celebrations, two ingredients that fully contribute to the creation of their identity. Ultimately, in this context of "glocalization," this research will ascertain, on the one hand, that the identity of French basketball becomes harder to outline, and, on the other hand, that the "Cauldron" turns out to be a place to preserve (fantasized) local identities, or even a place of (unconscious) resistance to the dominant model of American basketball culture.

Keywords: basketball, carnival, culture, globalization, identity, show, sport, supporters.

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Authors: Abdelghani Alidra, Mohamed Tahar Kimour

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Genetic algorithm must adapt themselves at design time to cope with the search problem specific requirements and at runtime to balance exploration and convergence objectives. In a previous article, we have shown that modeling and implementing Genetic Algorithms (GA) using the software product line (SPL) paradigm is very appreciable because they constitute a product family sharing a common base of code. In the present article we propose to extend the use of the feature model of the genetic algorithms family to model the potential states of the GA in what is called a Dynamic Software Product Line. The objective of this paper is the systematic generation of a reconfigurable architecture that supports the dynamic of the GA and which is easily deduced from the feature model. The resultant GA is able to perform dynamic reconfiguration autonomously to fasten the convergence process while producing better solutions. Another important advantage of our approach is the exploitation of recent advances in the domain of dynamic SPLs to enhance the performance of the GAs.

Keywords: self-adaptive genetic algorithms, software engineering, dynamic software product lines, reconfigurable architecture

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Authors: Piotr Fiszeder, Marcin Fałdziński, Peter Molnár

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The dynamic conditional correlation model of Engle (2002) is one of the most popular multivariate volatility models. However, this model is based solely on closing prices. It has been documented in the literature that the high and low price of the day can be used in an efficient volatility estimation. We, therefore, suggest a model which incorporates high and low prices into the dynamic conditional correlation framework. Empirical evaluation of this model is conducted on three datasets: currencies, stocks, and commodity exchange-traded funds. The utilisation of realized variances and covariances as proxies for true variances and covariances allows us to reach a strong conclusion that our model outperforms not only the standard dynamic conditional correlation model but also a competing range-based dynamic conditional correlation model.

Keywords: volatility, DCC model, high and low prices, range-based models, covariance forecasting

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Authors: Eduardo Rodrigues, Gisela Mendes, José M. Torres, José E. Sousa

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In the sequence of the liberalisation of the electricity sector a progressive engagement of consumers has been considered and targeted by sector regulatory policies. With the objective of promoting market competition while protecting consumers interests, by transferring some of the upstream benefits to the end users while reaching a fair distribution of system costs, different market models to value consumers’ demand flexibility at the energy community level are envisioned. Local Energy and Flexibility Markets (LEFM) involve stakeholders interested in providing or procure local flexibility for community, services and markets’ value. Under the scope of DOMINOES, a European research project supported by Horizon 2020, the local market concept developed is expected to: • Enable consumers/prosumers empowerment, by allowing them to value their demand flexibility and Distributed Energy Resources (DER); • Value local liquid flexibility to support innovative distribution grid management, e.g., local balancing and congestion management, voltage control and grid restoration; • Ease the wholesale market uptake of DER, namely small-scale flexible loads aggregation as Virtual Power Plants (VPPs), facilitating Demand Response (DR) service provision; • Optimise the management and local sharing of Renewable Energy Sources (RES) in Medium Voltage (MV) and Low Voltage (LV) grids, trough energy transactions within an energy community; • Enhance the development of energy markets through innovative business models, compatible with ongoing policy developments, that promote the easy access of retailers and other service providers to the local markets, allowing them to take advantage of communities’ flexibility to optimise their portfolio and subsequently their participation in external markets. The general concept proposed foresees a flow of market actions, technical validations, subsequent deliveries of energy and/or flexibility and balance settlements. Since the market operation should be dynamic and capable of addressing different requests, either prioritising balancing and prosumer services or system’s operation, direct procurement of flexibility within the local market must also be considered. This paper aims to highlight the research on the definition of suitable DR models to be used by the Distribution System Operator (DSO), in case of technical needs, and by the retailer, mainly for portfolio optimisation and solve unbalances. The models to be proposed and implemented within relevant smart distribution grid and microgrid validation environments, are focused on day-ahead and intraday operation scenarios, for predictive management and near-real-time control respectively under the DSO’s perspective. At local level, the DSO will be able to procure flexibility in advance to tackle different grid constrains (e.g., demand peaks, forecasted voltage and current problems and maintenance works), or during the operating day-to-day, to answer unpredictable constraints (e.g., outages, frequency deviations and voltage problems). Due to the inherent risks of their active market participation retailers may resort to DR models to manage their portfolio, by optimising their market actions and solve unbalances. The interaction among the market actors involved in the DR activation and in flexibility exchange is explained by a set of sequence diagrams for the DR modes of use from the DSO and the energy provider perspectives. • DR for DSO’s predictive management – before the operating day; • DR for DSO’s real-time control – during the operating day; • DR for retailer’s day-ahead operation; • DR for retailer’s intraday operation.

Keywords: demand response, energy communities, flexible demand, local energy and flexibility markets

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Authors: Aparna Viswanath

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Electricity spot prices are highly volatile under optimal generation capacity scenarios due to factors such as non-storability of electricity, peak demand at certain periods, generator outages, fuel uncertainty for renewable energy generators, huge investments and time needed for generation capacity expansion etc. As a result market participants are exposed to price and volume risk, which has led to the development of risk management practices. This paper provides an overview of risk management practices by market participants in electricity markets using financial derivatives.

Keywords: financial derivatives, forward, futures, options, risk management

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Authors: H. Bensouilah, H. Boucherit, M. Lahmar

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A theoretical investigation on the effects of both steady-state and dynamic deformations of the foils on the dynamic performance characteristics of a self-acting air foil journal bearing operating under small harmonic vibrations is proposed. To take into account the dynamic deformations of foils, the perturbation method is used for determining the gas-film stiffness and damping coefficients for given values of excitation frequency, compressibility number, and compliance factor of the bump foil. The nonlinear stationary Reynolds’ equation is solved by means of the Galerkins’ finite element formulation while the finite differences method are used to solve the first order complex dynamic equations resulting from the perturbation of the nonlinear transient compressible Reynolds’ equation. The stiffness of a bump is uniformly distributed throughout the bearing surface (generation I bearing). It was found that the dynamic properties of the compliant finite length journal bearing are significantly affected by the compliance of foils especially when the dynamic deformation of foils is considered in addition to the static one by applying the principle of superposition.

Keywords: elasto-aerodynamic lubrication, air foil bearing, steady-state deformation, dynamic deformation, stiffness and damping coefficients, perturbation method, fluid-structure interaction, Galerk infinite element method, finite difference method

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Authors: Nishi Malhotra

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Art has developed as a mode of investment and saving. Art and culture of any nation is the source of foreign direct investment (FDI) generation and growth development. Several intermediaries and skill-building organizations thrive on at and culture for their earnings. Indian art market has grown to Rs. 2000 Crores. Art establishment houses access to privileged information is the main reason for arbitrariness and volatility in the market. The commercialization of art and development of the markets with refinement in the taste of the customers have led to the development of art as an investment avenue. Investors keen on investing in these products can do so, and earnings from art are taxable too, like any other capital asset. This research paper is aimed at exploring the role of art and culture as an investment avenue in India and reasons for increasing volatilities in the art market. Based on an extensive literature review and secondary research, a benchmarking study has been conducted to capture the growth of the art as an investment avenue. These studies indicate that during the financial crisis of 2008-10, the art emerged as an alternative investment avenue. The paper aims at discussing the financial engineering of various art funds and instruments. Based on secondary data available from Sotheby’s, Christies, Bonham, there is a positive correlation between strategic diversification and increasing return in the Art market. Similarly, digitization has led to disintermediation in the art markets and also helped to increase the market base. The data clearly enumerates the growing interest of the Indian investor towards art as an investment option. Much like any other broad asset class, art market too thrives on excess returns provided by diversification. Many financial intermediaries and art funds have emerged, to offer valuable investment planning advisory to a genuine investor. This paper clearly highlights the increasing returns of strategic diversification and its impact on reducing volatility in the art markets. Moreover, with coming up of e-auctions and websites, investors are able to analyse art more objectively. Digitization and commercialization of art have definitely helped in reducing volatility in world art markets.

Keywords: art, investment avenue, diversification, digitization

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Authors: B. H. Aitchanov, Sh. K. Aitchanova, O. A. Baimuratov

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This paper is focused on dynamic pulse-frequency modulation (DPFM) control systems. Currently, the control law based on DPFM control signals is widely used in direct digital control subsystems introduced in the automated control systems of technological processes. Statistical analysis of automatic control systems is reduced to its construction of functional relationships between the statistical characteristics of the errors processes and input processes. Structural and dynamic Volterra models of digital pulse-frequency control systems can be used to develop methods for generating the dependencies, differing accuracy, requiring the amount of information about the statistical characteristics of input processes and computing labor intensity of their use.

Keywords: digital dynamic pulse-frequency control systems, dynamic pulse-frequency modulation, control object, discrete filter, impulse device, microcontroller

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Authors: Pankhudi Khandelwal

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The revenue models of digital giants such as Facebook and Google, use targeted advertising for revenues. Such a model requires huge amounts of consumer data. While the data protection law deals with the protection of personal data, however, this data is acquired by the companies on the basis of consent, performance of a contract, or legitimate interests. This paper analyses the role that competition law can play in evading these loopholes for the protection of data and privacy of online consumers. Digital markets have certain distinctive features such as network effects and feedback loop, which gives incumbents of these markets a first-mover advantage. This creates a situation where the winner takes it all, thus creating entry barriers and concentration in the market. It has been also seen that this dominant position is then used by the undertakings for leveraging in other markets. This can be harmful to the consumers in form of less privacy, less choice, and stifling innovation, as seen in the cases of Facebook Cambridge Analytica, Google Shopping, and Google Android. Therefore, the article aims to provide a legal framework wherein the data protection law and competition law can come together to provide a balance in regulating digital markets. The issue has become more relevant in light of the Facebook decision by German competition authority, where it was held that Facebook had abused its dominant position by not complying with data protection rules, which constituted an exploitative practice. The paper looks into the jurisdictional boundaries that the data protection and competition authorities can work from and suggests ex ante regulation through data protection law and ex post regulation through competition law. It further suggests a change in the consumer welfare standard where harm to privacy should be considered as an indicator of low quality.

Keywords: data protection, dominance, ex ante regulation, ex post regulation

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Authors: Dhruveshi B. Rana, Nirav P. Vaghela, Jigar N. Mehta

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Objective: To assess the relationships among age, gender, anthropometrics and dynamic balance in 5 to 12 years of children in Anand city. Method: Cross-sectional study was conducted. 150 school going children of 5-12 (75-girls, 75-boys) years were recruited from the school of the Anand city-Shivam English Medium school, Veer Vithalbhai Patel school, Adarsh Primary school. Height, weight, arm length, and foot length were measured in 150 children of 5 to 12 years. Dynamic balance was assessed using Time Up and Go Test, Functional Reach Test, Pediatric Balance Scale. Results: Positive relationship (r = 0.58 and r= 0.77) were found between increasing age and FRT and PBS scores. A negative relationship (r = - 0.46) was observed between age of boys and TUG test. Significant gender by age group difference was observed in FRT. Arm length and height has the strongest influence on FRT, and age, height, foot length; and arm length has the strongest influence on PBS. Conclusions: Age and arm length have the strongest relationship with the dynamic balance (FRT, PBS). Dynamic balance ability is directly related to the age. It helps the pediatric therapists in selecting dynamic balance test according to the age.

Keywords: age, gender, anthropometric, dynamic balance

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Authors: M. Fadlallah, G. Ghibaudo, C. G. Theodorou

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The dynamic variation in memory devices such as the Static Random Access Memory can give errors in read or write operations. In this paper, the effect of low-frequency and random telegraph noise on the dynamic variation of one SRAM cell is detailed. The effect on circuit noise, speed, and length of time of processing is examined, using the Supply Read Retention Voltage and the Read Static Noise Margin. New test run methods are also developed. The obtained results simulation shows the importance of noise caused by dynamic variation, and the impact of Random Telegraph noise on SRAM variability is examined by evaluating the statistical distributions of Random Telegraph noise amplitude in the pull-up, pull-down. The threshold voltage mismatch between neighboring cell transistors due to intrinsic fluctuations typically contributes to larger reductions in static noise margin. Also the contribution of each of the SRAM transistor to total dynamic variation has been identified.

Keywords: low-frequency noise, random telegraph noise, dynamic variation, SRRV

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Authors: M. Khoshab, M. J. Sedigh

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Dynamic systems, which in mathematical point of view are those governed by differential equations, are much more difficult to study and to predict their behavior in comparison with static systems which are governed by algebraic equations. Economical systems such as market are among complicated dynamic systems. This paper tries to adopt a very simple mathematical model for market and to study effect of supply and demand function on behavior of the market while the supply side experiences a lag due to production restrictions.

Keywords: dynamic system, lag on supply demand, market stability, supply demand model

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Authors: Abdul Rauf, Xiaoxing Liu, Waqas Amin

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Stock markets are fascinating more and more conductive to each other due to liberalization and globalization trends in recent years. China Pakistan Economic Corridor (CPEC) has dragged Pakistan stock exchange to the new heights and global investors are making investments to reap its benefits. So, in investors and government perspective, the study focuses co-integration of Pakistan stock exchange with world’s five big economies i-e US, China, England, Japan, and France. The time period of study is seven years i-e 2010 to 2016 and daily values of major indices of corresponding stock exchanges collected. All variables of that particular study are stationary at first difference confirmed by unit root test. The study Johansen system co integration test for analysis of data along with Granger causality test is performed for result purpose. Co integration test asserted that Pakistan stock exchange integrated with Shanghai stock exchange (SSE) and NIKKEI stock exchange in short run. Granger causality test also proclaimed these results. But NASDAQ, FTSE, DAX not co integrated and Granger cause at a short run but long run these markets are bonded with Pakistan stock exchange (KSE). VECM also confirmed this liaison in short and long run. Investors, therefore, need to be updated regarding co-integration of world’s stock exchanges to ensure well diversified and risk adjusted high returns. Equally, governments also need updated status so that they could reduce co-integration through multiple steps and hence drag investors for diversified investment.

Keywords: CPEC, DAX, FTSE, liberalization, NASDAQ, NIKKEI, SSE, stock markets

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Authors: Gultekin Gurcay

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In this paper, effects and responses of stock were analyzed. This analysis was done periodically. The dimensions of the financial crisis impact on the stock market were investigated by GARCH model. In this context, S&P 500 stock market is modeled with DAX, NIKKEI and BIST100. In this way, The effects of the changing in S&P 500 stock market were examined on European and Asian stock markets. Conditional variance coefficient will be calculated through garch model. The scope of the crisis period, the conditional covariance coefficient will be analyzed comparatively.

Keywords: conditional variance coefficient, financial crisis, garch model, stock market

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Authors: M. Jathaveda, Joben Leons, G. Vidya

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Reentry from orbit is a critical phase in the entry trajectory. For a non-propulsive ballistic entry, static and dynamic stability play an important role in the trajectory, especially for the safe deployment of parachutes, typically at subsonic Mach numbers. Static stability of flight vehicles are being estimated through CFD techniques routinely. Advances in CFD software as well as computational facilities have enabled the estimation of the dynamic stability derivatives also through CFD techniques. Longitudinal static and dynamic stability of a typical reentry body for subsonic Mach number of 0.6 is predicted using commercial software CFD++ and presented here. Steady state simulations are carried out for α = 2° on an unstructured grid using SST k-ω model. Transient simulation using forced oscillation method is used to compute pitch damping derivatives.

Keywords: stability, typical reentry body, subsonic, static and dynamic

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Authors: Ting (Grace) Lin, Jianhong (Cecilia) Xia, Todd Robinson

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Accessibility analysis, examining people’s ability to access facilities and destinations, is a fundamental assessment for transport planning, policy making, and social exclusion research. Dynamic accessibility which measures accessibility in real-time traffic environment has been an advanced accessibility indicator in transport research. It is also a useful indicator to help travelers to understand travel time daily variability, assists traffic engineers to monitor traffic congestions, and finally develop effective strategies in order to mitigate traffic congestions. This research involved real-time traffic information by collecting travel time data with 15-minute interval via the TomTom^® API. A framework for measuring dynamic accessibility was then developed based on the gravity theory and accessibility dichotomy theory through space and time interpolation. Finally, the dynamic accessibility can be derived at any given time and location under dynamic accessibility spatial analysis framework.

Keywords: dynamic accessibility, hot spot, transport research, TomTom® API

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Authors: Mona Rashidirad, Hamid Salimian

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Dynamic capabilities, as the most considerable capabilities of firms in the current fast-moving economy may not be sufficient for performance improvement, but their contribution to performance is undeniable. While much of the extant literature investigates the impact of dynamic capabilities on organisational performance, little attention has been devoted to understand whether and how dynamic capabilities create value. Dynamic capabilities as the mirror of competitive strategies should enable firms to search and seize new ideas, integrate and coordinate the firm’s resources and capabilities in order to create value. A careful investigation to the existing knowledge base remains us puzzled regarding the relationship among competitive strategies, dynamic capabilities and value creation. This study thus attempts to fill in this gap by empirically investigating the impact of dynamic capabilities on value creation and the mediating impact of competitive strategy on this relationship. We aim to contribute to dynamic capability view (DCV), in both theoretical and empirical senses, by exploring the impact of dynamic capabilities on firms’ value creation and whether competitive strategy can play any role in strengthening/weakening this relationship. Using a sample of 491 firms in the UK telecommunications market, the results demonstrate that dynamic sensing, learning, integrating and coordinating capabilities play a significant role in firm’s value creation, and competitive strategy mediates the impact of dynamic capabilities on value creation. Adopting DCV, this study investigates whether the value generating from dynamic capabilities depends on firms’ competitive strategy. This study argues a firm’s competitive strategy can mediate its ability to derive value from its dynamic capabilities and it explains the extent a firm’s competitive strategy may influence its value generation. The results of the dynamic capabilities-value relationships support our expectations and justify the non-financial value added of the four dynamic capability processes in a highly turbulent market, such as UK telecommunications. Our analytical findings of the relationship among dynamic capabilities, competitive strategy and value creation provide further evidence of the undeniable role of competitive strategy in deriving value from dynamic capabilities. The results reinforce the argument for the need to consider the mediating impact of organisational contextual factors, such as firm’s competitive strategy to examine how they interact with dynamic capabilities to deliver value. The findings of this study provide significant contributions to theory. Unlike some previous studies which conceptualise dynamic capabilities as a unidimensional construct, this study demonstrates the benefits of understanding the details of the link among the four types of dynamic capabilities, competitive strategy and value creation. In terms of contributions to managerial practices, this research draws attention to the importance of competitive strategy in conjunction with development and deployment of dynamic capabilities to create value. Managers are now equipped with solid empirical evidence which explains why DCV has become essential to firms in today’s business world.

Keywords: dynamic capabilities, resource based theory, value creation, competitive strategy

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Authors: Hela Fathallah

Abstract:

With 6,500 spoken languages all over the world but 80 percent of online content available only in 10 languages – English, Chinese, Spanish, Japanese, Arabic, Portuguese, German, French, Russian, and Korean – language represents a barrier to the universal access to knowledge, information and services that the internet wants to provide. Translation and its related fields of localization, interpreting, globalization, and internationalization, remove that barrier for billions of people worldwide, unlocking new markets for technology companies, mobile device makers, service providers and language vendors as well. This paper gathers different surveys conducted in different regions of the world that demonstrate a growing demand for consumption of web content with distinctive values and in languages others than the aforementioned ones. It also adds new insights to the contribution of translation in languages preservation. The idea that English is the language of internet and that, in a globalized world, everyone should learn English to cope with new technologies is no longer true. This idea has reached its limits. It collides with cultural diversity and differences around the world and generates an accelerated rate of languages extinction. Studies prove that internet exacerbates this rate and web giants such as Facebook or Google are, today, facing the impact of such a misconception of globalization. For internet and dot-com companies, localization is the solution; they are spending a significant amount of time to understand what people want and to figure out how to provide it. They are committed to making their content accessible, if not in all the languages spoken today, at least in most of them, and to adapting it to most cultures. Technology has broken down the barriers of time and space, and it will break down the language barrier as well by undertaking a process of translation and localization and through a new definition of globalization that takes into consideration these two processes.

Keywords: globalization, internet, localization, translation

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Authors: C. W. Kwak, I. J. Park, D. I. Jang

Abstract:

The importance of cost-wise effective application and construction is getting increase due to the surge of traffic volume in the metropolitan cities. Accordingly, the necessity of the tunnel has large section becomes more critical. Double deck tunnel can be one of the most appropriate solutions to the necessity. The dynamic stability of double deck tunnel is essential against seismic load since it has large section and connection between perimeter lining and interim slab. In this study, 3-dimensional dynamic numerical analysis was conducted based on the Finite Difference Method to investigate the seismic behavior of double deck tunnel. Seismic joint for dynamic stability and the mitigation of seismic impact on the lining was considered in the modeling and analysis. Consequently, the mitigation of acceleration, lining displacement and stress were verified successfully.

Keywords: double deck tunnel, interim slab, 3-dimensional dynamic numerical analysis, seismic joint

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Authors: Astha Sinha, Anjali Kanagali

Abstract:

The United Kingdom’s withdrawal from the European Union, also termed as “Brexit,” took place on June 23, 2016 and immediately had global repercussions on the stock markets of the world. It is however expected to have a greater impact on the Banking sector in the UK. There is a two-fold effect on the earnings of banks which is being expected. First is of the trading activity and investment banking businesses being hit due to global weakness in financial markets. Second is that the banks having a large presence in the European Union will have to restructure their operations in order to cover other European countries as well increase their operating costs. As per the analysis, banks are expected to face rate cuts, bad loans, and tight liquidity. The directives in the Brexit negotiations on the Markets in Financial Instruments Directive (MiFID) will be a major decision to be taken for the Banking sector. New regulations will be required since most of the regulations governing the financial services industry allowing for the cross-border transactions were at the EU level. This paper aims to analyze the effect of Brexit on the UK Banking sector and changes in regulations that are expected due to the same. It shall also lay down the lessons learnt from the 2008 financial crisis and draw a parallel in terms of potential areas to be focused on for revival of the financial sector of Britain.

Keywords: Brexit, Brexit impact on UK, impact of Brexit on banking, impact of Brexit on financial services

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Authors: Yang Zhong, Mei-Jie Xu

Abstract:

To study the dynamic mechanics response of asphalt pavement under the temperature load and vehicle loading, asphalt pavement was regarded as multilayered elastic half-space system, and theory analysis was conducted by regarding dynamic modulus of asphalt mixture as the parameter. Firstly, based on the dynamic modulus test of asphalt mixture, function relationship between the dynamic modulus of representative asphalt mixture and temperature was obtained. In addition, the analytical solution for thermal stress in the single layer was derived by using Laplace integral transformation and Hankel integral transformation respectively by using thermal equations of equilibrium. The analytical solution of calculation model of thermal stress in asphalt pavement was derived by transfer matrix of thermal stress in multilayer elastic system. Finally, the variation of thermal stress in pavement structure was analyzed. The result shows that there is an obvious difference between the thermal stress based on dynamic modulus and the solution based on static modulus. Therefore, the dynamic change of parameter in asphalt mixture should be taken into consideration when the theoretical analysis is taken out.

Keywords: asphalt pavement, dynamic modulus, integral transformation, transfer matrix, thermal stress

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Authors: Lydia Nkechi Philip

Abstract:

Due to its well-documented commitment to sustainability across diverse global markets, Unilever, a multinational consumer goods powerhouse, serves as a compelling case study. The study's goal is to critically examine Unilever's CSR initiatives, assessing their alignment with international standards and the impact on consumer perceptions and loyalty. The study investigates how Unilever's CSR practices resonate with consumers in various regions using a mixed-methods approach that includes surveys and interviews. The conceptual framework considers the role of sustainable marketing practices as a bridge builder in the CSR-consumer relationship. The findings are expected to provide valuable insights for businesses seeking to navigate the complex terrain of global markets while remaining ethical and sustainable. As consumers place a higher value on socially responsible brands, this study examines Unilever's CSR impact on consumer behavior. The abstract captures the essence of the study, providing a sneak peek at the methodology, key objectives, and anticipated contributions to our understanding of CSR's role in shaping consumer attitudes and loyalty in the global marketplace.

Keywords: Unilever, consumer loyalty, sustainable marketing practices, consumer loyalties

Procedia PDF Downloads 45