Search results for: market power

Authors: M. Yousefi, N. Nasirzadeh

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In this paper, dynamic comparator structure employing two methods for power consumption reduction with applications in low-power high-speed analog-to-digital converters have been presented. The proposed comparator has low consumption thanks to power reduction methods. They have the ability for offset adjustment. The comparator consumes 14.3 μW at 100 MHz which is equal to 11.8 fJ. The comparator has been designed and simulated in 180 nm CMOS. Layouts occupy 210 μm².

Keywords: efficiency, comparator, power, low

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Authors: Damien Kunjal, Faeezah Peerbhai

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Despite the increasing popularity of exchange-traded funds (ETFs), ETF investment choices may not always be rational. Excess trading volume, misevaluations of securities, and excess return volatility present in financial markets can be attributed to the influence of the overconfidence bias. Whilst previous research has explored the overconfidence bias in stock markets; this study focuses on trading in ETF markets. Therefore, the objective of this study is to investigate the presence of investor overconfidence in the South African ETF market. Using vector autoregressive models, the lead-lag relationship between market turnover and the market return is examined for the market of South African ETFs tracking domestic benchmarks and for the market of South African ETFs tracking international benchmarks over the period November 2000 till August 2019. Consistent with the overconfidence hypothesis, a positive relationship between current market turnover and lagged market return is found for both markets, even after controlling for market volatility and cross-sectional dispersion. This relationship holds for both market and individual ETF turnover suggesting that investors are overconfident when trading in South African ETFs tracking domestic benchmarks and South African ETFs tracking international benchmarks since trading activity depends on past market returns. Additionally, using the global recession as a structural break, this study finds that investor overconfidence is more pronounced after the global recession suggesting that investors perceive ETFs as risk-reducing assets due to their diversification benefits. Overall, the results of this study indicate that the overconfidence bias has a significant influence on ETF investment choices, therefore, suggesting that the South African ETF market is inefficient since investors’ decisions are based on their biases. As a result, the effect of investor overconfidence can account for the difference between the fair value of ETFs and its current market price. This finding has implications for policymakers whose responsibility is to promote the efficiency of the South African ETF market as well as ETF investors and traders who trade in the South African ETF market.

Keywords: exchange-traded fund, market return, market turnover, overconfidence, trading activity

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Authors: Tajudeen Ojo Ibraheem

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In a world characterized by greed and the lust for power and its attendant trappings, abuse of legal power is nothing new to most of us. Legal abuses of power abound in all fields of human endeavour. Accounts of such abuses dominate the mass media and for the average individual, no single day goes by without his getting to hear about at least one such occurrence. This paper briefly looks at the meaning of legal power, what legal abuse is all about, its causes, and some of its manifestations in the society. Its consequences will also be discussed and some suggestions for reform will be made. In the course of the paper, references will be made to various jurisdictions around the world.

Keywords: abuse, legal, power, society

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Authors: Amar Omeiri

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This paper presents a three-phase shunt active power filter for current harmonics suppression and reactive power compensation using the supply current as reference. The proposed APF has a simple control circuit; it consists of detecting the supply current instead of the load current. The advantages of this APF are simplicity of control circuits and low implementation cost. The simulation results show that the proposed APF can compensate the reactive power and suppress current harmonics with two types of non-linear loads.

Keywords: active power filter, current harmonics and reactive power compensation, PWM inverter, Total Harmonic Distortion, power quality

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Authors: Beril Tuğrul

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Electrical energy is the most important form of energy and electrical power plants have highest impact factor in energy policy. This study is in relation with evaluation of various power plants including fossil fuels, nuclear and renewable energy based power plants. The power plants evaluated with regard to their overall impact that considered for establishing of the plants. Both positive and negative impacts of power plant operation are compared view of different arguments. Then calculate the impact factor by using variation linear extrapolation for each argument. With this study, power plants assessed with the different point of view and clarified objectively.

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Authors: F. Gökgöz, M. E. Atmaca

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Electricity plays an indispensable role in human life and the economy. It is a unique product or service that must be balanced instantaneously, as electricity is not stored, generation and consumption should be proportional. Effective and efficient use of electricity is very important not only for society, but also for the environment. A competitive electricity market is one of the best ways to provide a suitable platform for effective and efficient use of electricity. On the other hand, it carries some risks that should be carefully managed by the market players. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Markowitz’s Mean-variance, Down-side and Semi-variance methods for a case study. Performance of optimal electricity sale solutions are measured and evaluated via Sharpe-Ratio, and the optimal portfolio solutions are improved. Two years of historical weekdays’ price data of the Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: electricity market, portfolio optimization, risk management in electricity market, sharpe ratio

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Authors: Roghieh A. Biroon, Zoleikha Abdollahi

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The recent growth of renewables, e.g., solar panels, batteries, and electric vehicles (EVs) in residential and small commercial sectors, has potential impacts on the stability and operation of power grids. Considering approximately 50 percent share of the residential and the commercial sectors in the electricity demand market, the significance of these impacts, and the necessity of addressing them are more highlighted. Utilities and power system operators should manage the renewable electricity sources integration with power systems in such a way to extract the most possible advantages for the power systems. The most common effect of high penetration level of the renewables is the reverse power flow in the distribution feeders when the customers generate more power than their needs. The reverse power flow causes voltage rise and thermal issues in the power grids. To overcome the voltage rise issues in the distribution system, several techniques have been proposed including reducing transformers short circuit resistance and feeder impedance, installing autotransformers/voltage regulators along the line, absorbing the reactive power by distributed generators (DGs), and limiting the PV and battery sizes. In this study, we consider a medium-scale battery energy storage to manage the power energy and address the aforementioned issues on voltage deviation and power loss increase. We propose an optimization algorithm to find the optimum size and location for the battery. The optimization for the battery location and size is so that the battery maintains the feeder voltage deviation and power loss at a certain desired level. Moreover, the proposed optimization algorithm controls the charging/discharging profile of the battery to absorb the negative power flow from residential and commercial customers in the feeder during the peak time and sell the power back to the system during the off-peak time. The proposed battery regulates the voltage problem in the distribution system while it also can play frequency regulation role in islanded microgrids. This battery can be regulated and controlled by the utilities or a third-party ancillary service provider for the utilities to reduce the power system loss and regulate the distribution feeder voltage and frequency in standard level.

Keywords: ancillary services, battery, distribution system and optimization

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Authors: C. Asarkaya, S. Z. Siretioglu Girgin

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Turkish migrants constitute the largest group among people with migration background living in Germany. Turkish women’s labor market participation is of significant importance for their social and economic integration to the German society. This paper thus aims to investigate their labor market positions. Turkish migrant women participate less in the labor market compared to men, and are responsible for most of the housework, child care, and elderly care. This is due to their traditional roles in the family, educational level, insufficient knowledge of German language, and insufficient professional experience. We strongly recommend that wide-reaching integration policies for women are formulated, so as to encourage participation of not only migrant women but also their husbands, fathers and/or brothers, and natives.

Keywords: empowerment, Germany, labor market, migration, Turkish, women

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Authors: Peng Lu, Liu Ting

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Because of the difficulty of financing from the external capital market, the reorganization and merger of private enterprises have formed a family group, seeking the help of the internal capital market to alleviate the capital demand. However, the inefficiency of the internal capital market can damage the effect it should have played, and even hinder the development of enterprises. This paper takes the "Tomorrow Group" as the research object to carry on the case analysis. After using the improved cash flow sensitivity coefficient to measure the efficiency of the internal capital market of Tomorrow Group, the inefficiency phenomenon is found. Then the analysis reveals that the reasons for its inefficiency include that the pyramidal equity structure is conducive to control, the separation of cash flow rights and control rights, the concentration of equity leads to poor balance, the abandonment of real industries and information asymmetry.

Keywords: tomorrow group, internal capital market, related-party transactions, Baotou tomorrow technology Co., LTD

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Authors: Shivani Yadav

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The paper will first elaborate on the concept of soft power as formulated by Joseph Nye, who argues that soft power is as important as hard power in international politics as it replaces coercion with non-coercive forms of co-optation and attraction. The central tenet of the paper is to extrapolate the continued relevance of soft power in international relations in the 21st century. It is argued that the relevance of soft power, in concurrence with hard power, is on the rise in the international system. This is found to be emanating out of two factors. First, the state-centric practice of international relations has expanded to allow other actors to participate in policymaking. This has led to the resources for power generation to become varied, largely move away from the control of governments, and to produce both hard and soft power attributes. Second, as the currency of coercive power seems to be devaluing in global politics, the role of intangible factors like soft power is getting more important in policymaking. The paper will then go on to elaborate on the critiques of the formulation of soft power from various perspectives, as well as the defenses to these critiques presented by soft power proponents. The paper will reflect on the continued relevance of soft power in international politics by giving the example of India, and how soft power has continued to serve its policy objectives over the years. It is observed that even as India is recognized as a rising superpower today, yet it has made a continuous effort in cultivating its soft power resources, which have proven to be its assets in furthering its foreign policy interests. In conclusion, the paper makes the point that soft power, in conjunction with hard power, will shape international politics in the coming times.

Keywords: foreign policy, India’s soft power, international politics, smart power, soft power

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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: Tarik Bazgour, Cedric Heuchenne, Danielle Sougne

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We examine time variation in the market beta of portfolios sorted on quality, liquidity level and liquidity beta characteristics across stock market phases. Using US stock market data for the period 1970-2010, we find, first, the US stock market was driven by four regimes. Second, during the crisis regime, low (high) quality, high (low) liquidity beta and illiquid (liquid) stocks exhibit an increase (a decrease) in their market betas. This finding is consistent with the flight-to-quality and liquidity phenomena. Third, we document the same pattern across stocks when the market volatility is low. We argue that, during low volatility times, investors shift their portfolios towards low quality and illiquid stocks to seek portfolio gains. The pattern observed in the tranquil regime can be, therefore, explained by a flight-to-low-quality and to illiquidity. Finally, our results reveal that liquidity level is more important than liquidity beta during the crisis regime.

Keywords: financial crises, quality, liquidity, liquidity risk, regime-switching models

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Authors: Djilani Kobibi Youcef Islam, Hadjeri Samir, Djehaf Mohamed Abdeldjalil

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The Flexible AC Transmission System (FACTS) technology is a new advanced solution that increases the reliability and provides more flexibility, controllability, and stability of a power system. The Unified Power Flow Controller (UPFC), as the most versatile FACTS device for regulating power flow, is able to control respectively transmission line real power, reactive power, and node voltage. The main purpose of this paper is to analyze the effect of the UPFC on the load flow, the power losses, and the voltage stability using NEPLAN software modules, Newton-Raphson load flow is used for the power flow analysis and the modal analysis is used for the study of the voltage stability. The simulation was carried out on the IEEE 14-bus test system.

Keywords: FACTS, load flow, modal analysis, UPFC, voltage stability

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Authors: Puneet Chawla, Balwinder Singh

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Recently, increased attention has been devoted to the voltage instability phenomenon in power systems. Many techniques have been proposed in the literature for evaluating and predicting voltage stability using steady state analysis methods. In this paper, P-V and Q-V curves have been generated for a 57 bus Patiala Rajpura circle of India. The power-flow program is developed in MATLAB using Newton-Raphson method. Using Q-V curves, the weakest bus of the power system and the maximum reactive power change permissible on that bus is calculated. STATCOMs are placed on the weakest bus to improve the voltage and hence voltage stability and also the power transmission capability of the line.

Keywords: voltage stability, reactive power, power flow, weakest bus, STATCOM

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Authors: Baghdasaryan Marinka

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Monitoring the distribution of electric power consumption in the technological process of ore grinding is conducted. As a result, the impacts of the mill filling rate, the productivity of the ore supply, the volumetric density of the grinding balls, the specific density of the ground ore, and the relative speed of the mill rotation on the specific consumption of electric power have been studied. The power and technological factors affecting the reactive power generated by the synchronous motors, operating within the technological scheme are studied. A block diagram for evaluating the power consumption modes of the technological process is presented, which includes the analysis of the technological scheme, the determination of the place and volumetric density of the ore-grinding mill, the evaluation of the technological and power factors affecting the energy saving process, as well as the assessment of the electric power standards.

Keywords: electric power standard, factor, ore grinding, power consumption, reactive power, technological

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Authors: Deeksha Arora

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The study aims to explore the applicability of the widely used asset pricing models, namely, Capital Asset Pricing Model (CAPM) and the Fama-French Four Factor Model in the Indian equity market. The study will be based on the companies that form part of the Nifty Fifty Index for a period of five years: 2011 to 2016. The asset pricing model is examined by forming portfolios on the basis of three variables – market capitalization (size effect), book-to-market equity ratio (value effect) and profitability. The study provides a basis to test the presence of the Fama-French Four factor model in Indian stock market. This study may provide a basis for future research in the generalized asset pricing model comprising of multiple risk factors.

Keywords: book to market equity, Fama French four factor model, market capitalization, profitability, size effect, value effect

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Authors: Mohammad A. R. S. Almutairi

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This study will provide the introduction that constitutes the problem cornerstone of legal disputes of disclosure and transparency under Kuwaiti Capital market authority Law No. 7 of 2010. It also will discuss the reasons for the emergence of corporate governance and its purposes in the Capital Market Authority Law in Kuwait. In addition, it will show the legal disputes resulting from the unclear concept of disclosure and interest and will discuss the main reasons in support of the possible solution. In addition, this study will argue why the Capital Market Authority Law in Kuwait needs a clear concept and a straight structure of disclosure under section 100. This study will demonstrate why a clear disclosure is led to a better application of the law. This study will demonstrate the fairness in applying the law regarding the punishment against individual, companies and securities market. Furthermore, it will discuss added confidence between investors and the stock market with a clear concept under section 100. Finally, it will summarize arises problem and possible solution.

Keywords: corporate governors, disclosure, transparency, fairness

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Authors: Oliver Takawira, Thembi Hope

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This study will analyse the relationship between Bitcoin price movements and the Johannesburg stock exchange (JSE). The aim is to determine whether Bitcoin price movements affect the stock market performance. As crypto currencies continue to gain prominence as a safe asset during periods of economic distress, this raises the question of whether Bitcoin’s prosperity could affect investment in the stock market. To identify the existence of a short run and long run linear relationship, the study will apply the Autoregressive Distributed Lag Model (ARDL) bounds test and a Vector Error Correction Model (VECM) after testing the data for unit roots and cointegration using the Augmented Dicker Fuller (ADF) and Phillips-Perron (PP). The Non-Linear Auto Regressive Distributed Lag (NARDL) will then be used to check if there is a non-linear relationship between bitcoin prices and stock market prices.

Keywords: bitcoin, stock market, interest rates, ARDL

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Authors: Meziane Rachid, Boufala Seddik, Hamzi Amar, Amara Mohamed

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Today’s energy industry seeks maximum benefit with maximum reliability. In order to achieve this goal, design engineers depend on reliability optimization techniques. This work uses a harmony search algorithm (HS) meta-heuristic optimization method to solve the problem of wind-Solar-Gas power systems design optimization. We consider the case where redundant electrical components are chosen to achieve a desirable level of reliability. The electrical power components of the system are characterized by their cost, capacity and reliability. The reliability is considered in this work as the ability to satisfy the consumer demand which is represented as a piecewise cumulative load curve. This definition of the reliability index is widely used for power systems. The proposed meta-heuristic seeks for the optimal design of series-parallel power systems in which a multiple choice of wind generators, transformers and lines are allowed from a list of product available in the market. Our approach has the advantage to allow electrical power components with different parameters to be allocated in electrical power systems. To allow fast reliability estimation, a universal moment generating function (UMGF) method is applied. A computer program has been developed to implement the UMGF and the HS algorithm. An illustrative example is presented.

Keywords: reliability optimization, harmony search optimization (HSA), universal generating function (UMGF)

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Authors: Antoni Wibowo, Harry Pujianto, Dewi Retno Sari Saputro

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The stock market can provide huge profits in a relatively short time in financial sector; however, it also has a high risk for investors and traders if they are not careful to look the factors that affect the stock market. Therefore, they should give attention to the dynamic fluctuations and movements of the stock market to optimize profits from their investment. In this paper, we present a nonlinear autoregressive exogenous model (NARX) to predict the movements of stock market; especially, the movements of the closing price index. As case study, we consider to predict the movement of the closing price in Indonesia composite index (IHSG) and choose the best structures of NARX for IHSG’s prediction.

Keywords: NARX (Nonlinear Autoregressive Exogenous Model), prediction, stock market, time series

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Authors: Pankaj Negi

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Nowadays the demand for receiving the high quality electrical energy is being increasing as consumer wants not only reliable but also quality power. Custom power instruments are of the most well-known compensators of power quality in distributed network. This paper present a comprehensive review of compensating custom power devices mainly DSTATCOM (distribution static compensator),DVR (dynamic voltage restorer), and UPQC (unified power quality compensator) and also deals with sliding mode control and its applications to custom power devices. The sliding mode control strategy provides robustness to custom power device and enhances the dynamic response for compensating voltage sag, swell, voltage flicker, and voltage harmonics. The aim of this paper is to provide a broad perspective on the status of compensating devices in electric power distribution system and sliding mode control strategies to researchers and application engineers who are dealing with power quality and stability issues.

Keywords: active power filters(APF), custom power device(CPD), DSTATCOM, DVR, UPQC, sliding mode control (SMC), power quality

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Authors: Yunice Karina Tumewang

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As we have seen, the number of Muslim and their awareness toward financial products and services that conform to Islamic principles are growing rapidly today. Thus, it makes the market environment potentially beneficial for Shari-compliant funds with the expanding prospective client base. However, over the last decade, only small portion of this huge potential market has been covered by the established Islamic asset management firms. This study aims to examine the factors of this untapped market particularly in the demand side. This study will use the qualitative method with primary data through a questionnaire distributed to 500 samples of Muslim population. It will shed light on Muslim attitudes and expectations toward Sharia-compliant retirement planning and pensions. It will also help to raise the awareness of market players to see Islamic pension fund as a promising industry in the foreseeable future.

Keywords: Islamic marketing, Islamic finance, Islamic asset management, Islamic pension fund

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Authors: Fayiz Saifurahman, Noori Fida Mohammad

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Afghanistan produces the highest rate of wheat, it is the first source of food, and food security in Afghanistan is dependent on the availability of wheat. Although Afghanistan is the main producer of wheat, on the other hand, Afghanistan is the largest importers of flour. The objective of this study is to assess the structure and dynamics of the wheat market in Afghanistan, can compute with foreign markets, and increase the level of production. To complete this, a broad series of secondary data was complied with, group discussions and interviews with farmers, agricultural and market experts. The research findings propose that; the government should adopt different policies to support the local market. The government should distribute the seed, support financially and technically to increase wheat production.

Keywords: Afghanistan, wheat, production , import

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Authors: Hwan Su Jung, Ahn Jun Gil, Jong Tae Kim

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Power management techniques are necessary to save power in the microprocessor. By changing the frequency and/or operating voltage of processor, DVFS can control power consumption. In this paper, we perform a case study to find optimal power state transition for DVFS. We propose the equation to find the optimal ratio between executions of states while taking into account the deadline of processing time and the power state transition delay overhead. The experiment is performed on the Cortex-M4 processor, and average 6.5% power saving is observed when DVFS is applied under the deadline condition.

Keywords: deadline, dynamic voltage frequency scaling, power state transition

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Authors: Serpil Türkyılmaz, Mesut Balıbey

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In this study, long memory properties in volatility of Turkey Stock Market are being examined through the FIGARCH, FIEGARCH and FIAPARCH models under different distribution assumptions as normal and skewed student-t distributions. Furthermore, structural changes in volatility of Turkey Stock Market are investigated. The results display long memory property and the presence of asymmetric effects of shocks in volatility of Turkey Stock Market.

Keywords: FIAPARCH model, FIEGARCH model, FIGARCH model, structural break

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Authors: Mehmet Savsar

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One of the most important factors affecting power plant performance is the reliability of the turbine units operated under different conditions. Reliability directly affects plant availability and performance. Therefore, it is very important to be able to analyze turbine units, as well as power plant system reliability and availability under various operational conditions. In this paper, data related to power station failures are collected and analyzed in detail for all power stations in the state of Kuwait. Failures are characterized and categorized. Reliabilities of various power plants are analyzed and availabilities are quantified. Based on calculated availabilities of all installed power plants, actual power output is estimated. Furthermore, based on the past 15 years of data, power consumption trend is determined and the demand for power in the future is forecasted. Estimated power output is compared to the forecasted demand in order to determine the need for future capacity expansion.

Keywords: power plants, reliability, availability, capacity, preventive maintenance, forecasting

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Authors: Kamel Malik Bensafta, Gervasio Semedo

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The purpose of this paper is to investigate the relationship between oil prices and socks markets. The empirical analysis in this paper is conducted within the context of Multivariate GARCH models, using a transform version of the so-called BEKK parameterization. We show that mean and uncertainty of US market are transmitted to oil market and European market. We also identify an important transmission from WTI prices to Brent Prices.

Keywords: oil volatility, stock markets, MGARCH, transmission, structural break

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Authors: Hayriye Anıl, Görkem Kar

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In addition to being rich in renewable energy resources, Turkey is one of the countries that promise potential in geothermal energy production with its high installed power, cheapness, and sustainability. Increasing imbalance penalties become an economic burden for organizations since geothermal generation plants cannot maintain the balance of supply and demand due to the inadequacy of the production forecasts given in the day-ahead market. A better production forecast reduces the imbalance penalties of market participants and provides a better imbalance in the day ahead market. In this study, using machine learning, deep learning, and, time series methods, the total generation of the power plants belonging to Zorlu Natural Electricity Generation, which has a high installed capacity in terms of geothermal, was estimated for the first one and two weeks of March, then the imbalance penalties were calculated with these estimates and compared with the real values. These modeling operations were carried out on two datasets, the basic dataset and the dataset created by extracting new features from this dataset with the feature engineering method. According to the results, Support Vector Regression from traditional machine learning models outperformed other models and exhibited the best performance. In addition, the estimation results in the feature engineering dataset showed lower error rates than the basic dataset. It has been concluded that the estimated imbalance penalty calculated for the selected organization is lower than the actual imbalance penalty, optimum and profitable accounts.

Keywords: machine learning, deep learning, time series models, feature engineering, geothermal energy production forecasting

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

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

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

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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

Procedia PDF Downloads 268