Search results for: portfolio planning

Authors: Jai Heui Kim, Sotheara Veng

Abstract:

This paper studies the portfolio optimization problem for a pension fund under a hybrid model of stochastic volatility and constant elasticity of variance (CEV) using asymptotic analysis method. When the volatility component is fast mean-reverting, it is able to derive asymptotic approximations for the value function and the optimal strategy for general utility functions. Explicit solutions are given for the exponential and hyperbolic absolute risk aversion (HARA) utility functions. The study also shows that using the leading order optimal strategy results in the value function, not only up to the leading order, but also up to first order correction term. A practical strategy that does not depend on the unobservable volatility level is suggested. The result is an extension of the Merton's solution when stochastic volatility and elasticity of variance are considered simultaneously.

Keywords: asymptotic analysis, constant elasticity of variance, portfolio optimization, stochastic optimal control, stochastic volatility

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Authors: F. Gökgöz, M. E. Atmaca

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Electricity has an indispensable role in human daily life, technological development and economy. It is a special product or service that should be instantaneously generated and consumed. Sources of the world are limited so that effective and efficient use of them is very important not only for human life and environment but also for technological and economic development. Competitive electricity market is one of the important way that provides suitable platform for effective and efficient use of electricity. Besides benefits, it brings along some risks that should be carefully managed by a market player like Electricity Generation Company. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Value at Risk methods for case studies. Performance of optimal electricity sale solutions are measured and the portfolio performance has been evaluated via Sharpe-Ratio, and compared with conventional approach. Biennial historical electricity price data of Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: electricity market, portfolio optimization, risk management, value at risk

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Authors: Deniz Peksen

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This thesis aims to predict trend movement of closing price of stock and to maximize portfolio by utilizing the predictions. In this context, the study aims to define a stock portfolio strategy from models created by using Logistic Regression, Gradient Boosting and Random Forest. Recently, predicting the trend of stock price has gained a significance role in making buy and sell decisions and generating returns with investment strategies formed by machine learning basis decisions. There are plenty of studies in the literature on the prediction of stock prices in capital markets using machine learning methods but most of them focus on closing prices instead of the direction of price trend. Our study differs from literature in terms of target definition. Ours is a classification problem which is focusing on the market trend in next 20 trading days. To predict trend direction, fourteen years of data were used for training. Following three years were used for validation. Finally, last three years were used for testing. Training data are between 2002-06-18 and 2016-12-30 Validation data are between 2017-01-02 and 2019-12-31 Testing data are between 2020-01-02 and 2022-03-17 We determine Hold Stock Portfolio, Best Stock Portfolio and USD-TRY Exchange rate as benchmarks which we should outperform. We compared our machine learning basis portfolio return on test data with return of Hold Stock Portfolio, Best Stock Portfolio and USD-TRY Exchange rate. We assessed our model performance with the help of roc-auc score and lift charts. We use logistic regression, Gradient Boosting and Random Forest with grid search approach to fine-tune hyper-parameters. As a result of the empirical study, the existence of uptrend and downtrend of five stocks could not be predicted by the models. When we use these predictions to define buy and sell decisions in order to generate model-based-portfolio, model-based-portfolio fails in test dataset. It was found that Model-based buy and sell decisions generated a stock portfolio strategy whose returns can not outperform non-model portfolio strategies on test dataset. We found that any effort for predicting the trend which is formulated on stock price is a challenge. We found same results as Random Walk Theory claims which says that stock price or price changes are unpredictable. Our model iterations failed on test dataset. Although, we built up several good models on validation dataset, we failed on test dataset. We implemented Random Forest, Gradient Boosting and Logistic Regression. We discovered that complex models did not provide advantage or additional performance while comparing them with Logistic Regression. More complexity did not lead us to reach better performance. Using a complex model is not an answer to figure out the stock-related prediction problem. Our approach was to predict the trend instead of the price. This approach converted our problem into classification. However, this label approach does not lead us to solve the stock prediction problem and deny or refute the accuracy of the Random Walk Theory for the stock price.

Keywords: stock prediction, portfolio optimization, data science, machine learning

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Authors: Abdullah Abu-Tineh, Hissa Sadiq, Fatma Al-Mutawah, Youmen Chabaan

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The current study examined the experiences of educators in Qatar with the licensure process currently implemented at government schools. Using a survey study design, a total of 1,669 participants expressed their perceptions on the strengths and weaknesses of the licensure system, the professional standards, and the professional portfolio. Findings included participants’ beliefs on the importance of the licensure system in improving their performance, the necessity of using the professional standards as tools for professional growth and development, the importance of refining the professional portfolio for authenticity and reliability, and the inclusion of multiple sources of evidence, such as classroom observations, interviews, student learning outcomes, and surveys. Documenting teachers’ and school leaders’ voices was fundamental in finding ways to successfully drive future developments of the licensure system. The findings may also provide implications for other countries interested in developing or refining their own appraisal systems.

Keywords: licensure system, educator voice, professional standards, professional portfolio

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Authors: F. Gökgöz, M. E. Atmaca

Abstract:

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: Norm Josephy, Lucy Kimball, Victoria Steblovskaya

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Hedging of a portfolio of European options under proportional transaction costs is considered. Our discrete time financial market model extends the binomial market model with transaction costs to the case where the underlying stock price ratios are distributed over a bounded interval rather than over a two-point set. An optimal hedging strategy is chosen from a set of admissible non-self-financing hedging strategies. Our approach to optimal hedging of a portfolio of options is based on theoretical foundation that includes determination of a no-arbitrage option price interval as well as on properties of the non-self-financing strategies and their residuals. A computational algorithm for optimizing an investor relevant criterion over the set of admissible non-self-financing hedging strategies is developed. Applicability of our approach is demonstrated using both simulated data and real market data.

Keywords: extended binomial model, non-self-financing hedging, optimization, proportional transaction costs

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Authors: Kasirga Yildirak, Ismail Gur

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We propose a model to measure hail risk of an Agricultural Insurance portfolio. Hail is one of the major catastrophic event that causes big amount of loss to an insurer. Moreover, it is very hard to predict due to its strange atmospheric characteristics. We make use of parcel based claims data on apricot damage collected by the Turkish Agricultural Insurance Pool (TARSIM). As our ultimate aim is to compute the loadings assigned to specific parcels, we build a portfolio risk model that makes use of PD and the severity of the exposures. PD is computed by Spherical-Linear and Circular –Linear regression models as the data carries coordinate information and seasonality. Severity is mapped into integer brackets so that Probability Generation Function could be employed. Individual regressions are run on each clusters estimated on different criteria. Loss distribution is constructed by Panjer Recursion technique. We also show that one risk-one crop model can easily be extended to the multi risk–multi crop model by assuming conditional independency.

Keywords: hail insurance, spherical regression, circular regression, spherical clustering

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Authors: Stanley Yap Peng Lok, Chong Wei Ying, Leow Hon Wei, Fatemeh Kimiyaghalam

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Purpose: This paper examines how people treat on the importance of financial planning for their retirement. There is lack of standard instrument that enable us to access the retirement planning behavior. This paper studies the reliability and validity of a proposed scale for accessing this behavior. Design/methodology/approach: The Retirement Planning Behavior scale (RPB) is developed from the results of reviewing different papers on this topic. A total of 900 Malaysians from the age of 18 and above are used as the sample. Findings: Our results show, firstly, the RPB meets all criteria from the instrument reliability and validity which based on the theory of planned behavior. Second, our findings propose two components for this RPB scale; attitude toward planning for retirement and intention towards retirement planning behavior. Practical implication: An effective retirement planning achieves financial independence after the retirement. Our findings have important implications for the scope and significance of the retirement planning behavior measurement, especially for retirees. Originality/value: This study proposes a new approach to cater consumers’ needs for retirement planning. Therefore, consumers are able to achieve financial independence in their retirement age.

Keywords: retirement planning behavior (RPB) scale, reliability, validity, retirement planning, financial independence

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Authors: Timothy J. Considine, Edward J. M. Manderson

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This paper develops an econometric forecasting system of energy demand coupled with engineering-economic models of energy supply. The framework is used to quantify the impact of state-level renewable portfolio standards (RPSs) achieved predominately with solar generation on electricity rates, electricity consumption, and environmental quality. We perform the analysis using Arizona’s RPS as a case study. We forecast energy demand in Arizona out to 2035, and find by this time the state will require an additional 35 million MWh of electricity generation. If Arizona implements its RPS when supplying this electricity demand, we find there will be a substantial increase in electricity rates (relative to a business-as-usual scenario of reliance on gas-fired generation). Extending the current regime of tax credits can greatly reduce this increase, at the taxpayers’ expense. We find that by 2025 Arizona’s RPS will implicitly abate carbon dioxide emissions at a cost between $101 and $135 per metric ton, and by 2035 abatement costs are between $64 and $112 per metric ton (depending on the future evolution of nature gas prices).

Keywords: electricity demand, renewable portfolio standard, solar, carbon dioxide

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Authors: Nour Wehbe

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The Lebanese electricity sector is at the heart of a deep crisis. Electricity in Lebanon is supplied by Électricité du Liban (EdL) which has to suffer from technical and financial deficiencies for decades and proved to be insufficient and deficient as the demand still exceeds the supply. As a result, backup generation is widespread throughout Lebanon. The sector costs massive government resources and, on top of it, consumers pay massive additional amounts for satisfying their electrical needs. While the developed countries have been investing in renewable energy for the past two decades, the Lebanese government realizes the importance of adopting such energy sourcing strategies for the upgrade of the electricity sector in the country. The diversification of the national electricity generation mix has increased considerably in Lebanon's energy planning agenda, especially that a detailed review of the energy potential in Lebanon has revealed a great potential of solar and wind energy resources, a considerable potential of biomass resource, and an important hydraulic potential in Lebanon. This paper presents a review of the energy status of Lebanon, and illustrates a detailed review of the EDL structure with the existing problems and recommended solutions. In addition, scenarios reflecting implementation of policy projects are presented, and conclusions are drawn on the usefulness of a proposed evaluation methodology and the effectiveness of the adopted new energy policy for the electrical sector in Lebanon.

Keywords: EdL Electricite du Liban, portfolio optimization, electricity generation mix, mean-variance approach

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Authors: Pranvera Shehaj

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Unlike any prior analysis on the withholding tax rates negotiated in tax treaties, this study looks at the treaty heterogeneity content, by investigating the impact of the residence country’s double tax relief method and of tax-sparing agreements, on the difference between developing countries’ domestic withholding taxes on dividends on one side, and treaty negotiated withholding taxes at source on portfolio dividends on the other side. Using a dyadic panel dataset of asymmetric double tax treaties between 2005 and 2019, this study suggests first that the difference between domestic and negotiated WHTs on portfolio dividends is higher when the OECD member uses the credit method, as compared to when it uses the exemption method. Second, results suggest that the inclusion of tax-sparing provisions vanishes the positive effect of the credit method at home on the difference between domestic and negotiated WHTs on portfolio dividends, incentivizing developing countries to negotiate higher withholding taxes.

Keywords: double tax treaties, asymmetric investments, withholding tax, dividends, double tax relief method, tax sparing

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Authors: Matthias Nnadi

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This paper investigates the relationship between premiums and returns in the short and long terms in European merger and acquisition (M&A) deals. The study employs Calendar Time Portfolio (CTP) model and find strong evidence that in the long run, premiums have a positive impact on performance, and we also establish evidence of a significant difference between the abnormal returns of the high premium paying portfolio and the low premium paying ones. Even in cases where all sub-portfolios show negative abnormal returns, the high premium category still outperforms the low premium category. Our findings have implications for companies engaging in acquisitions.

Keywords: mergers, premium, performance, returns, acquisitions

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Authors: Xi Zuo

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As a part of the urban population that cannot be ignored, women have long been less involved in urban planning due to socio-economic constraints. Urban planning and development have long been influenced by the mainstream "male standard", paying less attention to women's needs for space in the city. However, with the development of the economy and society and the improvement of women's social status, their participation in urban life is gradually increasing, and their needs for the city are diversifying. Therefore, different scholars, planning designers and governmental departments have explored this field in different degrees and directions. This paper summarizes the research on urban planning from women's perspectives, discusses its strengths, weaknesses, and methodology with specific case studies, and then further discusses the direction of further research on this topic.

Keywords: urban planning, feminist, methodology, gender

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Authors: Xing Zhang

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Since the State Council of China issued the Regulations on the Conservation of Historical Cultural Towns and Villages in 2008, formulation of conservation planning has been carried out in national, provincial and municipal historical and cultural villages for protection needs, which provides a legal basis for inheritance of historical culture and protection of historical resources. Although the quantity and content of the conservation planning are continually increasing, the implementation and application are still ambiguous. To solve the aforementioned problems, this paper explores methods to enhance the implementation of conservation planning from the perspective of planning formulation. Specifically, the technical framework of "overall objectives planning - sub-objectives planning - zoning guidelines - implementation by stages" is proposed to implement the planning objectives in different classifications and stages. Then combined with details of the Qiqiao historical and cultural village conservation planning project in Ningbo, five sub-objectives are set, which are implemented through the village zoning guidelines. At the same time, the key points and specific projects in the near-term, medium-term and long-term work are clarified, and the spatial planning is transformed into the action plan with time scale. The proposed framework and method provide a reference for the implementation and management of the conservation planning of historical and cultural villages in the future.

Keywords: conservation planning, planning by stages, planning implementation, zoning guidelines

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Authors: Tea Poklepović, Zdravka Aljinović, Mario Matković

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Modern Portfolio Theory (MPT) according to Markowitz states that investors form mean-variance efficient portfolios which maximizes their utility. Markowitz proposed the standard deviation as a simple measure for portfolio risk and the lower semi-variance as the only risk measure of interest to rational investors. This paper uses a third volatility estimator based on intraday data and compares three efficient frontiers on the Croatian Stock Market. The results show that range-based volatility estimator outperforms both mean-variance and lower semi-variance model.

Keywords: variance, lower semi-variance, range-based volatility, MPT

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Authors: Z. Liu, K. Cao

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Strategic spatial planning, which is taken as an effective and competitive way for the governors of the city to improve the development and management level of a city, has been blooming in recent years all over the world. In the context of globalization and informatization, strategic spatial planning must transfer its focus on three different levels: global, regional and urban. Internal and external changes in environmental conditions lead to new advances in strategic planning both theoretically and practically. However, such advances or changes respond differently to cities on account of different dynamic mechanisms. This article aims at two cities of Tianjin in China and Melbourne in Australia, through a comparative study on strategic planning, to explore the differentiation of mechanisms in urban planning making. By comparison and exploration, the purpose of this article is to exhibit two different planning worlds between western and Chinese in a new way nowadays.

Keywords: differentiation, Tianjin China, Melbourne Australia, strategic planning

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Authors: Guohong Wang, Hao Huang, Rui Xing, Liyan Tang, Yu Wang

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Start-ups are consistently under pressure to overcome liabilities of newness and smallness. They must focus on assembling resource and engaging constant renewal and repeated entrepreneurial activities to survive and grow. As an important form of resource, knowledge is constantly vital to start-ups, which will help start-ups with developing new product in hence forming competitive advantage. However, significant knowledge is usually needed to be identified and exploited from external entities, which makes it difficult to achieve knowledge transfer; with limited resources, it can be quite challenging for start-ups balancing the exploration and exploitation of knowledge. The research on knowledge transfer has become a relatively well-developed domain by indicating that knowledge transfer can be achieved through plenty of patterns, yet it is still under-explored that what processes and organizational practices help start-ups facilitating knowledge transfer for new product in the context portfolio entrepreneurship. Resource orchestration theory emphasizes the initiative and active management of company or the manager to explain the fulfillment of resource utility, which will help understand the process of managing knowledge as a certain kind of resource in start-ups. Drawing on the resource orchestration theory, this research aims to explore how knowledge transfer can be facilitated through resource orchestration. A qualitative single-case study of a sodium-ion battery new venture was conducted. The case company is sampled deliberately from representative industrial agglomeration areas in Liaoning Province, China. It is found that distinctive resource orchestration sub-processes are leveraged to facilitate knowledge transfer: (i) resource structuring makes knowledge available across the portfolio; (ii) resource bundling makes combines internal and external knowledge to form new knowledge; and (iii) resource harmonizing balances specific knowledge configurations across the portfolio. Meanwhile, by purposefully reallocating knowledge configurations to new product development in a certain new venture (exploration) and gradually adjusting knowledge configurations to being applied to existing products across the portfolio (exploitation), resource orchestration processes as a whole make exploration and exploitation of knowledge balanced. This study contributes to the knowledge management literature through proposing a resource orchestration view and depicting how knowledge transfer can be facilitated through different resource orchestration processes and mechanisms. In addition, by revealing the balancing process of exploration and exploitation of knowledge, and laying stress on the significance of the idea of making exploration and exploitation of knowledge balanced in the context of portfolio entrepreneurship, this study also adds specific efforts to entrepreneurship and strategy management literature.

Keywords: exploration and exploitation, knowledge transfer, new product development, portfolio entrepreneur, resource orchestration

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Authors: Yasmine Essafi Zouari, Aya Nasreddine

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Following a long inflationary period from the post-war era to the mid-1980s (+10.1% annually), France went through a moderate inflation period between 1986 and 2001 (+2.1% annually) and even lower inflation between 2002 and 2016 (+1.4% annually). In 2022, inflation in France increased rapidly and reached 4.5% over one year in March, according to INSEE estimates. Over a long period, even low inflation has an impact on portfolio value and households’ purchasing power. In such a context, inflation hedging should remain an important issue for investors. In particular, long-term investors, who are concerned with the protection of their wealth, seek to hold effective hedging assets. Considering a mixed-asset portfolio composed of housing assets (residential real estate in 150 Grand Paris communes) as well as financial assets, and using both correlation and regression analysis, results confirm the attribute of the direct housing investment as an inflation hedge especially particularly against its unexpected component. Further, cash and bonds were found to provide respectively a partial and an over hedge against unexpected inflation. Stocks act as a perverse hedge against unexpected inflation and provide no significant positive hedge against expected inflation.

Keywords: direct housing, inflation, hedging ability, optimal portfolio, Grand Paris metropolis

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Authors: Darrol Stanley, Levan Efremidze, Jannie Rossouw

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We investigate the predictability of the USD/ZAR (South African Rand) exchange rate with sample entropy analytics for the period of 2004-2015. We calculate sample entropy based on the daily data of the exchange rate and conduct empirical implementation of several market timing rules based on these entropy signals. The dynamic investment portfolio based on entropy signals produces better risk adjusted performance than a buy and hold strategy. The returns are estimated on the portfolio values in U.S. dollars. These results are preliminary and do not yet account for reasonable transactions costs, although these are very small in currency markets.

Keywords: currency trading, entropy, market timing, risk factor model

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Authors: Jens-Phillip Petersen

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The reduction of GHG emissions in buildings is a focus area of national energy policies in Europe, because buildings are responsible for a major share of the final energy consumption. It is at local scale where policies to increase the share of renewable energies and energy efficiency measures get implemented. Municipalities, as local authorities and responsible entity for land-use planning, have a direct influence on urban patterns and energy use, which makes them key actors in the transition towards sustainable cities. Hence, synchronizing urban planning with energy planning offers great potential to increase society’s energy-efficiency; this has a high significance to reach GHG-reduction targets. In this paper, the actual linkage of urban planning and energy planning in Denmark and Germany was assessed; substantive barriers preventing their integration and driving factors that lead to successful transitions towards a holistic urban energy planning procedures were identified.

Keywords: energy planning, urban planning, renewable energies, sustainable cities

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Authors: Bashayer Al-Enezi, Budoor Al-Sabti, Eman Al-Durai, Fatmah Kalban, Meshael Ahmed

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Production planning and control principles are concerned with planning, controlling and balancing all aspects of manufacturing including raw materials, finished goods, production schedules, and equipment requirements. Hence, an effective production planning and control system is very critical to the success of any factory. This project will focus on the application of production planning and control principles on “The National Canned Food Production and Trading Company (NCFP)” factory to find problems or areas for improvement.

Keywords: production planning, operations improvement, inventory management, National Canned Food Production and Trading Company (NCFP)

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Authors: Ali Al-Shehri, Abdulaziz Al-Qasim, Abdulkarim Sofi, Ali Yousef

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The oil and gas industry has played a major role in improving the prosperity of mankind and driving the world economy. According to the International Energy Agency (IEA) and Integrated Environmental Assessment (EIA) estimates, the world will continue to rely heavily on hydrocarbons for decades to come. This growing energy demand mandates taking sustainability measures to prolong the availability of reliable and affordable energy sources, and ensure lowering its environmental impact. Unlike any other industry, the oil and gas upstream operations are energy-intensive and scattered over large zonal areas. These challenging conditions require unique sustainability solutions. In recent years there has been a concerted effort by the oil and gas industry to develop and deploy innovative technologies to: maximize efficiency, reduce carbon footprint, reduce CO2 emissions, and optimize resources and material consumption. In the past, the main driver for research and development (R&D) in the exploration and production sector was primarily driven by maximizing profit through higher hydrocarbon recovery and new discoveries. Environmental-friendly and sustainable technologies are increasingly being deployed to balance sustainability and profitability. Analyzing technology and its sustainability impact is increasingly being used in corporate decision-making for improved portfolio management and allocating valuable resources toward technology R&D.This paper articulates and discusses a novel workflow to identify strategic sustainable technologies for improved portfolio management by addressing existing and future upstream challenges. It uses a systematic approach that relies on sustainability key performance indicators (KPI’s) including energy efficiency quotient, carbon footprint, and CO2 emissions. The paper provides examples of various technologies including CCS, reducing water cuts, automation, using renewables, energy efficiency, etc. The use of 4IR technologies such as Artificial Intelligence, Machine Learning, and Data Analytics are also discussed. Overlapping technologies, areas of collaboration and synergistic relationships are identified. The unique sustainability analyses provide improved decision-making on technology portfolio management.

Keywords: sustainability, oil& gas, technology portfolio, key performance indicator

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Authors: F. Keller, G. Reinhart

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The efficient and economic allocation of resources is one main goal in the field of production planning and control. Nowadays, a new variable gains in importance throughout the planning process: Energy. Energy-efficiency has already been widely discussed in literature, but with a strong focus on reducing the overall amount of energy used in production. This paper provides a brief systematic approach, how energy-supply-orientation can be used for an energy-cost-efficient production planning and thus combining the idea of energy-efficiency and energy-flexibility.

Keywords: production planning, production control, energy-efficiency, energy-flexibility, energy-supply

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Authors: R. A. Temah, L. A. Nkengla-Asi

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Planning for future disasters sets the stage for a variety of activities that may trigger multiple recurring operations and expose the community to opportunities to minimize risks. Local communities are increasingly embracing the necessity for planning based on local risks, but are also significantly challenged to effectively plan and response to disasters. This research examines basic risk-based disaster planning model and compares it with advanced risk-based planning that introduces the identification and alignment of varieties of local capabilities within and out of the local community that can be pivotal to facilitate the management of local risks and cascading effects prior to a disaster. A critical review shows that the identification and alignment of capabilities can potentially enhance risk-based disaster planning. A tailored holistic approach to risk based disaster planning is pivotal to enhance collective action and a reduction in disaster collective cost.

Keywords: capabilities, disaster planning, hazards, local community, risk-based

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Authors: Emrehan Ozcan, Dilek Beyazlı

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The development of tourism depends on an accurate planning approach as well as on the right planning process. This dependency is also a key factor in ensuring sustainability of tourism. The types of tourism, social expectations, planning practice, the socio-economic and the cultural structure of the region are determinants of planning approaches for tourism development. The tourism plans prepared for the historic city centers are usually based on the revitalization of cultural and historical values. The preservation and development of the tourism potentials of the historic city centers are important for providing an economic contribution to the locality, creating livable solutions for local residents and also the sustainability of tourism. This research is about experiencing and discussing a planning approach that will provide tourism development based on historical and cultural values. Historical and cultural values in the historical city center of Trabzon -which has a settlement history of approximately 4000 years, is located on the Black Sea coast of Turkey- wear out over years and lose their tourism potential. A planning study has been experienced with strategic spatial planning approach for Trabzon, which has not done a tourism-oriented planning study until now. The stages of the planning process provided by strategic spatial planning approach are an assessment of the current situation; vision, strategies, and actions; action planning; designing and implementation of actions and monitoring-evaluation. In the discussion section, the advantages, planning process, methods and techniques of the approach are discussed for the possibilities and constraints in terms of tourism planning. In this context, it is aimed to put forth tourism planning process, stages, and implementation tools within the scope of strategic spatial planning approach by comparing approaches used in the tourism-oriented/priority planning of historical city centers. Suggestions on the position and effect of the preferred planning approach in the existing spatial planning practice are the outputs of the study.

Keywords: cultural heritage, tourism oriented planning, Trabzon, strategic spatial Planning

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Authors: H. S. Kumara

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The rapid process of urbanization and the growing number of the metropolitan cities and its region call for better governance in India. This article attempts to argue that spatial planning really matters for measuring the governance at metropolitan scale. These study explore to metropolitan governance and spatial planning and its interrelationship issues, concepts and evolution of spatial planning in India and critically examines the multi actors’ scenario for measuring metropolitan governance by means of spatial planning in context with reviewing various master plans, concept of multi-actors viewpoint on role of spatial planning related to zoning regulations, master plan implementations and effective service delivery issues. This paper argues and concludes that the spatial planning of Bangalore directly impact on measuring metropolitan governance.

Keywords: metropolitan governance, spatial planning, service delivery, multi-actors’, opinion survey, master plan

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Authors: In Su Na, Dongyeon Seo, Hwanyong Kim

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This research focuses on new town planning methodology in aspects of Neighborhood Unit Formula and New Urbanism. In Korea, there were built many new towns since 1980’s. The urban design concepts also shifted variously in land use, transportation, open spaces and architectural design. This research aims to find out urban design planning and factors in each new town planning through comparison of four new town cases in aspects of land use, transportation and building design of metropolitan area of Seoul. In conclusion the recent new town has created an area with a unique place that has not been seen in the early new town, and it has a certain aspect that is in line with the planning principles of New Urbanism.

Keywords: compact city, neighborhood unit formula, new town planning, new urbanism

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Authors: Victor Emeli, Akansel Cosgun

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This paper explores the navigation among movable obstacles (NAMO) problem and proposes joint path and push planning: which path to take and in what direction the obstacles should be pushed at, given a start and goal position. We present a planning algorithm for selecting a path and the obstacles to be pushed, where a rapidly-exploring random tree (RRT)-based heuristic is employed to calculate a minimal collision path. When it is necessary to apply a pushing force to slide an obstacle out of the way, the planners leverage means-end analysis through a dynamic physics simulation to determine the sequence of linear pushes to clear the necessary space. Simulation experiments show that our approach finds solutions in higher clutter percentages (up to 49%) compared to the straight-line push planner (37%) and RRT without pushing (18%).

Keywords: motion planning, path planning, push planning, robot navigation

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Authors: T. Mersmann, P. Nyhuis

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In the current economic climate, for many businesses it is generally no longer sufficient to pursue exclusively economic interests. Instead, integrating ecological and social goals into the corporate targets is becoming ever more important. However, the holistic integration of these new goals is missing from current factory planning approaches. This article describes the conceptual framework for a planning methodology for sustainable factories. To this end, the description of the key areas for action is followed by a description of the principal components for the systematization of sustainability for factories and their stakeholders. Finally, a conceptual framework is presented which integrates the components formulated into an established factory planning procedure.

Keywords: factory planning, stakeholder, systematization, sustainability

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Authors: Ya-Hui Lee, Chien-Hung Hsieh, Ching-Yi Lu

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Demographic aging is the major problem that Taiwanese society is facing, and retirement life adaptation is the most concerning issue. In recent years, studies have suggested that in order to have successful aging and retirement planning, a view for the future is necessary. In Taiwan, civil servants receive better pensions and retirement benefits than do other industries. Therefore, their retirement preparation is considerably more significant than other senior groups in Taiwan. The purpose of this study is to understand the correlation of proactive coping and retirement planning of senior civil servants in Taiwan. The method is conducted by questionnaire surveys, with 342 valid questionnaires collected. The results of this study are: 1. The background variables of the interviewees, including age, perceived economic statuses, and retirement statuses, are all significantly related to their proactive coping and retirement planning. 2. Regarding age, the interviewees with ages 55 and above have better proactive coping and retirement planning than those with ages 45 and below. 3. In the aspect of perceived economic statuses, the participants who feel “very good” economic statuses have better proactive coping ability and retirement readiness than those who feel “bad” and “very bad”. 4. Retirees have better proactive coping and retirement planning than those who are still working. 5. Monthly income is significant in retirement planning only. The participants’ retirement planning would be better if they have higher incomes. Furthermore, the participants’ retirement planning would be better if their revenue were €1453~€1937, than if their revenue were below €968. 6. There are positive correlations between proactive coping and retirement planning. 7. Proactive coping can predict retirement planning. The result of this study will be provided as references to the Taiwan government for educational retirement planning policies.

Keywords: proactive coping, retirement planning, civil servants, demographic aging

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