Search results for: Working Capital Finance

Authors: Víctor Hugo Medina García, Darío Alejandro Segura Torres

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This paper presents the adaptation of the knowledge management model and intellectual capital measurement NOVA to the needs of work or research project must be developed when conducting a program of graduate-level master. Brackets are added in each of the blocks which is represented in the original model NOVA and which allows to represent those involved in each of these.

Keywords: Knowledge management, masters programs, Nova model, research projects

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Authors: Karolina Patora

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This article investigates liquidity risk management by banks, which has gained significant importance since the global financial crisis of 2008. The issue is of particular interest for countries like Poland, in which foreign capital plays a dominant role. Such an ownership structure poses certain risks to the local banking sector, which faces an increased probability of the withdrawal of funding or assets’ transfers abroad in case of a crisis. Both these factors can have a detrimental influence on the liquidity position of foreign-owned banks and hence negatively affect the financial stability of the whole banking sector. The aim of this study is to evaluate the impact of a dominating share of foreign investors in the Polish banking sector on the liquidity position of commercial banks. The study hypothesizes that the ownership structure of the Polish banking sector, in which there are banks predominantly controlled by foreign investors, does not pose a threat to the liquidity position of Polish banks. A supplementary research hypothesis is that the liquidity risk profile of foreign-owned banks differs from that of domestic banks. The sample consists of 14 foreign-owned banks and 5 domestic banks owned by local investors, which together constitute approximately 87% of the banking sector’s assets. The data covers the period of 2004–2014. The results of the regression models show no evidence of significant differences in terms of the dynamics of changes of the liquidity buffers between the foreign-owned and domestic banks, although the signs of the coefficients might suggest that the foreign-owned banks were decreasing the holdings of liquid assets at a slower pace over the examined period, compared to the domestic banks. However, no proof of the statistical significance of these findings has been found. The supplementary research hypothesis that the liquidity risk profile of foreign-controlled banks differs from that of domestic banks was rejected.

Keywords: Financial stability, foreign-owned banks, liquidity position, liquidity risk.

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Authors: Samal Abzhanova, Saule Mussabekova

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Today, a new system of education is being created in Kazakhstan in order to develop the system of education and to satisfy the world class standards. For this purpose, there have been established new requirements and responsibilities to the instructors. Students should not be limited with providing only theoretical knowledge. Also, they should be encouraged to be competitive, to think creatively and critically. Moreover, students should be able to implement these skills into practice. These issues could be resolved through the permanent improvement of teaching methods. Therefore, a specialist who teaches the languages should use up-to-date methods and introduce new technologies. The result of the investigation suggests that an interactive teaching method is one of the new technologies in this field. This paper aims to provide information about implementing new technologies in the process of teaching language. The paper will discuss about necessity of introducing innovative technologies and the techniques of organizing interactive lessons. At the same time, the structure of the interactive lesson, conditions, principles, discussions, small group works and role-playing games will be considered. Interactive methods are carried out with the help of several types of activities, such as working in a team (with two or more group of people), playing situational or role-playing games, working with different sources of information, discussions, presentations, creative works and learning through solving situational tasks and etc.

Keywords: Games, interactive learning, Kazakh language, teaching methods.

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Authors: Dchieche Amina, Aboulaich Rajae

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Profit and loss sharing suggests an equitable sharing of risks and profits between the parts involved in a financial transaction. Salam is a contract in which advance payment is made for goods to be delivered at a future date. The purpose of this work is to price a new contract for profit and loss sharing based on Salam contract, using Khiyar Al Ghabn which is an agreement of choice in case of misrepresent facts.

Keywords: Islamic finance, Shariah compliance, profit and loss sharing, derivatives, risks, hedging, salam contract.

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Authors: Prasopchoke Mongsawad

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The Philosophy of Sufficiency Economy, bestowed by His Majesty the King Bhumibol Adulyadej to the people of Thailand, highlights a balanced way of living. Three principles of moderation reasonableness, and immunity, along with the conditions for morality and knowledge, can be applied to any level of the society–from an individual to the nation. The Philosophy of Sufficiency Economy helps address the current development challenges, which are issues on institutions, environmental sustainability, human well-being, and the role of the government.

Keywords: Sufficiency Economy, Development Theory, Sustainable Development, Environmental Sustainability, Social Capital, Human Well-Being,

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Authors: Nooshin Salari, Viliam Makis

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In this paper, we propose a condition-based maintenance policy for multi-unit systems considering the existence of economic dependency among units. We consider a system composed of N identical units, where each unit deteriorates independently. Deterioration process of each unit is modeled as a three-state continuous time homogeneous Markov chain with two working states and a failure state. The average production rate of units varies in different working states and demand rate of the system is constant. Units are inspected at equidistant time epochs, and decision regarding performing maintenance is determined by the number of units in the failure state. If the total number of units in the failure state exceeds a critical level, maintenance is initiated, where units in failed state are replaced correctively and deteriorated state units are maintained preventively. Our objective is to determine the optimal number of failed units to initiate maintenance minimizing the long run expected average cost per unit time. The problem is formulated and solved in the semi-Markov decision process (SMDP) framework. A numerical example is developed to demonstrate the proposed policy and the comparison with the corrective maintenance policy is presented.

Keywords: Reliability, production, maintenance optimization, Semi-Markov Decision Process.

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Authors: Diana Flores Galindo, Richard Gil Herrera

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Nowadays, Lean Manufacturing and Industry 4.0 are very important in every country. One of the main benefits is continued market presence. It has been identified that there is a need to change existing educational programs, as well as update the knowledge and skills of existing employees. It should be borne in mind that behind each technological improvement, there is a human being. Human talent cannot be neglected. The main objectives of this article are to review the link between Lean Manufacturing, the incorporation of Industry 4.0 and the steps to follow to implement it; analyze the current situation and study the implications and benefits of this new trend, with a particular focus on Mexico. Lean Manufacturing and Industry 4.0 implementation waves must always take care of the most important capital – intellectual capital. The methodology used in this article comprised the following steps: reviewing the reality of the fourth industrial revolution, reviewing employees’ skills on the journey to become world-class, and analyzing the situation in Mexico. Lean Manufacturing and Industry 4.0 were studied not as exclusive concepts, but as complementary ones. The methodological framework used is focused on motivating companies’ collaborators to guarantee common results, innovate, and remain in the market in the face of new requirements from company stakeholders. The key findings were that both trends emphasize the need to improve communication across the entire company and incorporate new technologies into everyday work, from the shop floor to administrative staff, to help improve processes. Taking care of people, activities and processes will bring a company success. In the specific case of Mexico, companies in all sectors need to be aware of and implement technological improvements according to their specific needs. Low-cost labor represents one of the most typical barriers. In conclusion, companies must build a roadmap according to their strategy and needs to achieve their short, medium- and long-term goals.

Keywords: Lean management, lean manufacturing, industry 4.0, motivation, SWOT analysis, Hoshin Kanri.

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Authors: A. Irudaya Veni Mary, M. Victor Louis Anthuvan, P. Christie, A. Indira

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In India, social enterprises are working to create social value in various fields including education; health; women and child development; environment protection and community development. Although social enterprises have brought about tremendous changes in the lives of beneficiaries, the importance of their works is not understood thoroughly. One of the ways to prove themselves is to measure the impact, which in recent times has received much attention. This paper focuses on the study of social value created by the social enterprises in the field of community development. It also aims to put forth a research tool for measuring the social value created by the social enterprises in the field of community development. A close-ended interview schedule was prepared to measure the social value creation and it was administered among 60 beneficiaries of two social enterprises who work in the field of community development. The study results show that the social enterprises have brought four types of impact in the life of their beneficiaries; economic impact, social impact, political impact and cultural impact. This study is limited to the social enterprises those who work towards community development. This empirical finding will enable the reader to understand various types of social value created by the social enterprises working in the field of community development. This study will also serve as guide for social enterprises in community development activities to measure their impact and thereby improve their operation towards the betterment of the society. This paper is derived from an empirical research carried out to describe the different types of social value created by the social enterprises in India.

Keywords: Social enterprise, social entrepreneurs, social impact, social value, tool for social impact measurement.

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Authors: Talal Alsulaiman, Khaldoun Khashanah

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In this paper, we provided a literature survey on the artificial stock problem (ASM). The paper began by exploring the complexity of the stock market and the needs for ASM. ASM aims to investigate the link between individual behaviors (micro level) and financial market dynamics (macro level). The variety of patterns at the macro level is a function of the AFM complexity. The financial market system is a complex system where the relationship between the micro and macro level cannot be captured analytically. Computational approaches, such as simulation, are expected to comprehend this connection. Agent-based simulation is a simulation technique commonly used to build AFMs. The paper proceeds by discussing the components of the ASM. We consider the roles of behavioral finance (BF) alongside the traditionally risk-averse assumption in the construction of agent’s attributes. Also, the influence of social networks in the developing of agents interactions is addressed. Network topologies such as a small world, distance-based, and scale-free networks may be utilized to outline economic collaborations. In addition, the primary methods for developing agents learning and adaptive abilities have been summarized. These incorporated approach such as Genetic Algorithm, Genetic Programming, Artificial neural network and Reinforcement Learning. In addition, the most common statistical properties (the stylized facts) of stock that are used for calibration and validation of ASM are discussed. Besides, we have reviewed the major related previous studies and categorize the utilized approaches as a part of these studies. Finally, research directions and potential research questions are argued. The research directions of ASM may focus on the macro level by analyzing the market dynamic or on the micro level by investigating the wealth distributions of the agents.

Keywords: Artificial stock markets, agent based simulation, bounded rationality, behavioral finance, artificial neural network, interaction, scale-free networks.

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Authors: Ε. Giovanis

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In this paper we present a Adaptive Neuro-Fuzzy System (ANFIS) with inputs the lagged dependent variable for the prediction of Gross domestic Product growth rate in six countries. We compare the results with those of Autoregressive (AR) model. We conclude that the forecasting performance of neuro-fuzzy-system in the out-of-sample period is much more superior and can be a very useful alternative tool used by the national statistical services and the banking and finance industry.

Keywords: Autoregressive model, Forecasting, Gross DomesticProduct, Neuro-Fuzzy

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Authors: Christian Doppler, Gernot Hirschl, Gerhard Zsiga

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Starting in 2020, an EU-wide CO2-limitation of 95 g/km is scheduled for the average of an OEMs passenger car fleet. Taking that into consideration additional improvement measures of the Diesel cycle are necessary in order to reduce fuel consumption and emissions while boosting, or at the least, keeping performance values at the same time. The present article deals with the possibilities of an optimized air/water charge air cooler, also called iCAC (indirect Charge Air Cooler) for a Diesel passenger car amongst extreme-boundary conditions. In this context, the precise objective was to show the impact of improved intercooling with reference to the engine working process (fuel consumption and NOx-emissions). Several extremeboundaries - e.g. varying ambient temperatures or mountainous routes - that will become very important in the near future regarding RDE (Real Driving emissions) were subject of the investigation. With the introduction of RDE in 2017 (EU6c measure), the controversial NEDC (New European Driving Cycle) will belong to the past and the OEMs will have to avoid harmful emissions in any conceivable real life situation. This is certainly going to lead to optimization-measurements at the powertrain, which again is going to make the implementation of iCACs, presently solely used for the premium class, more and more attractive for compact class cars. The investigations showed a benefit in FC between 1 and 3% for the iCAC in real world conditions.

Keywords: Air/Water-Charge Air Cooler, Co-Simulation, Diesel Working Process, EURO VI Fuel Consumption.

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Authors: Ya Lv

Abstract:

This article presents the application of the semi-analytic method (SAM) in the thermal management solution (TMS) of the energy storage system (ESS). The TMS studied in this work is fluid cooling. In fluid cooling, both effective heat conduction and heat convection are indispensable due to the heat transfer from solid to fluid. Correspondingly, an efficient TMS requires a design investigation of the following parameters: fluid inlet temperature, ESS initial temperature, fluid flow rate, working c rate, continuous working time, and materials properties. Their variation induces a change of thermal performance in the battery module, which is usually evaluated by numerical simulation. Compared to complicated computation resources and long computation time in simulation, the SAM is developed in this article to predict the thermal influence within a few seconds. In SAM, a fast prediction model is reckoned by combining numerical simulation with theoretical/empirical equations. The SAM can explore the thermal effect of boundary parameters in both steady-state and transient heat transfer scenarios within a short time. Therefore, the SAM developed in this work can simplify the design cycle of TMS and inspire more possibilities in TMS design.

Keywords: Semi-analytic method, fast prediction model, thermal influence of boundary parameters, energy storage system.

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Authors: Roya Morad, W. Eirik Heintz

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The identity of a neighborhood is inevitably shaped by the architecture and the people of that place. Conventionally the streets within each neighborhood served as a semi-public-private extension of the private living spaces. The street as a design element formed a hybrid condition that was neither totally public nor private, and it encouraged social interactions. Thus through creating a sense of community, one of the most basic human needs of belonging was achieved. Similar to major global cities, Tehran has undergone serious urbanization. Developing into a capital city of high rises has resulted in an increase in urban density. Although allocating more residential units in each neighborhood was a critical response to the population boom and the limited land area of the city, it also created a crisis in terms of social communication and place attachment. District 10 in Tehran is a neighborhood that has undergone the most urban transformation among the other 22 districts in the capital and currently has the highest population density. This paper will explore how the active streets in district 10 have changed into their current condition of high rises with a lack of meaningful social interactions amongst its inhabitants. A residential building can be thought of as a large group of people. One would think that as the number of people increases, the opportunities for social communications would increase as well. However, according to the survey, there is an indirect relationship between the two. As the number of people of a residential building increases, the quality of each acquaintance reduces, and the depth of relationships between people tends to decrease. This comes from the anonymity of being part of a crowd and the lack of social spaces characterized by most high-rise apartment buildings. Without a sense of community, the attachment to a neighborhood is decreased. This paper further explores how the neighborhood participates to fulfill ones need for social interaction and focuses on the qualitative aspects of alternative spaces that can redevelop the sense of place attachment within the community.

Keywords: High density, place attachment, social communication, street life, urban transformation.

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Authors: S. Anastasiou, C. Nathanailides, P. Logothetis, G. Kanlis

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The purpose of the present work is to review some data for the management challenges that the aquaculture industry in Greece is currently facing. The results indicate that Greek aquaculture fish farms apply Human Resources Management (HRM) practices which can increase motivation, commitment and job satisfaction of their personnel. In turn, these practices can increase the productivity of the business. The Greek fish farms appear to invest in research and technological innovation with a good record in research activities and the generation of patents. Interestingly, the results of the present work were carried out during the period of the recent economic crisis in Greece. Several sectors of the Greek economy were severely affected by the financial problems of the Greek government and the Greek banks. Under the adverse economical conditions created by the Greek economic crisis, even the Greek aquaculture industry, which historically is considered as a thriving national exporting business sector, experienced harsh economic and market conditions. As a result of the global, European and national economic crisis, consumption of fish dropped while companies had to hold most of their stocked fish in order to regulated the flow to the market and the price. This occurred at a time where Banks in Greece had their own financial crisis – banking crisis - which resulted in limited access to lending for the all business sectors of the national economy including the Greek aquaculture industry. In spite of these economic conditions, the Greek aquaculture industry, after a series of mergers and acquisitions, has now stabilized production and exhibits very good prospects for future growth. Evidently, the firms had to cut salaries and on some occasions even pay their staff in arrears. Nevertheless, the results presented in this paper indicate that during the economic crisis, the surveyed fish farms maintained their HRM practices, investing in their human capital and technological input. In fact, human capital and technological input are the ticket for future success of companies in any business sector.

Keywords: Aquaculture, Human Resources Management.

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Authors: M. Hadi Kusuma, Nandy Putra, Anhar Riza Antariksawan, Ficky Augusta Imawan

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Heat pipe is considered to be applied as a passive system to remove residual heat that generated from reactor core when incident occur or from spent fuel storage pool. The objectives are to characterized the heat transfer phenomena, performance of heat pipe, and as a model for large heat pipe will be applied as passive cooling system on nuclear spent fuel pool storage. In this experimental wickless heat pipe or two-phase closed thermosyphon (TPCT) is used. Variation of heat flux are 611.24 Watt/m² - 3291.29 Watt/m². Variation of filling ratio are 45 - 70%. Variation of initial pressure are -62 to -74 cm Hg. Demineralized water is used as working fluid in the TPCT. The results showed that increasing of heat load leads to an increase of evaporation of the working fluid. The optimum filling ratio obtained for 60% of TPCT evaporator volume, and initial pressure variation gave different TPCT wall temperature characteristic. TPCT showed best performance with 60% filling ratio and can be consider to be applied as passive residual heat removal system or passive cooling system on spent fuel storage pool.

Keywords: Two-phase closed thermo syphon, heat pipe, passive cooling, spent fuel storage pool.

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Authors: K. Zuva, T. Zuva, K. O. M. Mapoka

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Cloud Computing (CC) has become one of the most talked about emerging technologies that provides powerful computing and large storage environments through the use of the Internet. Cloud computing provides different dynamically scalable computing resources as a service. It brings economic benefits to individuals and businesses that adopt the technology. In theory adoption of cloud computing reduces capital and operational expenditure on information technology. For this to be a reality there is need to solve some challenges and at the same time addressing concerns that consumers have about cloud computing. This paper looks at Cloud Computing in general then highlights the challenges of Cloud Computing and finally suggests solutions to some of the challenges.

Keywords: Cloud Computing, SaaS, PaaS, IaaS, Internet.

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Authors: Jacobus A. A. Lazenby

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As a result of the ever-changing environment and the demands of rganisations- customers, it is important to recognise the importance of some important managerial challenges. It is the sincere belief that failure to meet these challenges, will ultimately contribute to inevitable problems for organisations. This recognition requires from managers and by implication organisations to be engaged in ethical behaviour, identity awareness and learning organisational behaviour. All these aspects actually reflect on the importance of intellectual capital as the competitive weapons for organisations in the future.

Keywords: Ethical behaviour, identity awareness, learningbehaviour.

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Authors: Liliia N. Butymova, Vladimir Ya Modorskii

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To ensure the gas transmittal GCU's efficient operation, leakages through the labyrinth packings (LP) should be minimized. Leakages can be minimized by decreasing the LP gap, which in turn depends on thermal processes and possible rotor vibrations and is designed to ensure absence of mechanical contact. Vibration mitigation allows to minimize the LP gap. It is advantageous to research influence of processes in the dynamic gas-structure system on LP vibrations. This paper considers influence of rotor vibrations on LP gas dynamics and influence of the latter on the rotor structure within the FSI unidirectional dynamical coupled problem. Dependences of nonstationary parameters of gas-dynamic process in LP on rotor vibrations under various gas speeds and pressures, shaft rotation speeds and vibration amplitudes, and working medium features were studied. The programmed multi-processor ANSYS CFX was chosen as a numerical computation tool. The problem was solved using PNRPU high-capacity computer complex. Deformed shaft vibrations are replaced with an unyielding profile that moves in the fixed annulus "up-and-down" according to set harmonic rule. This solves a nonstationary gas-dynamic problem and determines time dependence of total gas-dynamic force value influencing the shaft. Pressure increase from 0.1 to 10 MPa causes growth of gas-dynamic force oscillation amplitude and frequency. The phase shift angle between gas-dynamic force oscillations and those of shaft displacement decreases from 3π/4 to π/2. Damping constant has maximum value under 1 MPa pressure in the gap. Increase of shaft oscillation frequency from 50 to 150 Hz under P=10 MPa causes growth of gas-dynamic force oscillation amplitude. Damping constant has maximum value at 50 Hz equaling 1.012. Increase of shaft vibration amplitude from 20 to 80 µm under P=10 MPa causes the rise of gas-dynamic force amplitude up to 20 times. Damping constant increases from 0.092 to 0.251. Calculations for various working substances (methane, perfect gas, air at 25 ˚С) prove the minimum gas-dynamic force persistent oscillating amplitude under P=0.1 MPa being observed in methane, and maximum in the air. Frequency remains almost unchanged and the phase shift in the air changes from 3π/4 to π/2. Calculations for various working substances (methane, perfect gas, air at 25 ˚С) prove the maximum gas-dynamic force oscillating amplitude under P=10 MPa being observed in methane, and minimum in the air. Air demonstrates surging. Increase of leakage speed from 0 to 20 m/s through LP under P=0.1 MPa causes the gas-dynamic force oscillating amplitude to decrease by 3 orders and oscillation frequency and the phase shift to increase 2 times and stabilize. Increase of leakage speed from 0 to 20 m/s in LP under P=1 MPa causes gas-dynamic force oscillating amplitude to decrease by almost 4 orders. The phase shift angle increases from π/72 to π/2. Oscillations become persistent. Flow rate proved to influence greatly on pressure oscillations amplitude and a phase shift angle. Work medium influence depends on operation conditions. At pressure growth, vibrations are mostly affected in methane (of working substances list considered), and at pressure decrease, in the air at 25 ˚С.

Keywords: Aeroelasticity, labyrinth packings, oscillation phase shift, vibration.

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Authors: Dongwan Kang, Joohyung Oh, Chaetae Im

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Advancement of communication technologies and smart devices in the recent times is leading to changes into the integrated wired and wireless communication environments. Since early days, businesses had started introducing environments for mobile device application to their operations in order to improve productivity (efficiency) and the closed corporate environment gradually shifted to an open structure. Recently, individual user's interest in working environment using mobile devices has increased and a new corporate working environment under the concept of BYOD is drawing attention. BYOD (bring your own device) is a concept where individuals bring in and use their own devices in business activities. Through BYOD, businesses can anticipate improved productivity (efficiency) and also a reduction in the cost of purchasing devices. However, as a result of security threats caused by frequent loss and theft of personal devices and corporate data leaks due to low security, companies are reluctant about adopting BYOD system. In addition, without considerations to diverse devices and connection environments, there are limitations in detecting abnormal behaviors, such as information leaks, using the existing network-based security equipment. This study suggests a method to detect abnormal behaviors according to individual behavioral patterns, rather than the existing signature-based malicious behavior detection, and discusses applications of this method in BYOD environment.

Keywords: BYOD, Security, Anomaly Behavior Detection.

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Authors: Mohammad Reza Mobinipouya, Zahra Barzegar

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Accurate and comprehensive thermodynamic properties of pure and mixture of refrigerants are in demand by both producers and users of these materials. Information about thermodynamic properties is important initially to qualify potential candidates for working fluids in refrigeration machinery. From practical point of view, Refrigerants and refrigerant mixtures are widely used as working fluids in many industrial applications, such as refrigerators, heat pumps, and power plants The present work is devoted to evaluating seven cubic equations of state (EOS) in predicting gas and liquid phase volumetric properties of nine ozone-safe refrigerants both in super and sub-critical regions. The evaluations, in sub-critical region, show that TWU and PR EOS are capable of predicting PVT properties of refrigerants R32 within 2%, R22, R134a, R152a and R143a within 1% and R123, R124, R125, TWU and PR EOS's, from literature data are 0.5% for R22, R32, R152a, R143a, and R125, 1% for R123, R134a, and R141b, and 2% for R124. Moreover, SRK EOS predicts PVT properties of R22, R125, and R123 to within aforementioned errors. The remaining EOS's predicts volumetric properties of this class of fluids with higher errors than those above mentioned which are at most 8%.In general, the results are in favor of the preference of TWU and PR EOS over other remaining EOS's in predicting densities of all mentioned refrigerants in both super and sub critical regions. Typically, this refrigerant is known to offer advantages such as ozone depleting potential equal to zero, Global warming potential equal to 140, and no toxic.

Keywords: Refrigerant, cooling systems, Sub-CriticalRegions, volumetric properties, efficiency.

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Authors: Vilasinee Jintalikhitdee, Saowapa Phaithayawat

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The research on “The Way of Life of the Civil Servant Community under the Bureau of the Royal Household” aims to study 1) the way of life of the people who live in the civil servant community in Tha Wasukri, and 2) the model of community administration of civil servants under the Bureau of the Royal Household. This research is conducted qualitatively and quantitatively by collecting data from interviews, focus group discussion, participant and non-participant observation along with the data from questionnaire based on age groups which include elder group, working age group and youth group. The result of the research shows that the origin of this community is related to the history during the Rama V’s reign. It has been a harbor for the king to boat in any royal ceremonies; this custom is still maintained until today. The status or position of person who serves the king in terms of working is often inherited from the bureau of the Royal Household based on his/her consanguinity and, hence, further receives the rights to live in the Tha Wasukri area. Therefore, this community has some special characteristics demonstrating the way of living influenced by the regulation of the Bureau of the Royal Household such as respecting elders and interdependence in which there is internal social organization with the practice of bureaucracy in going in and out the community. The person who has rights to live here must be friendly to everybody so that this community will be a safe place for lives and property. The administration based on the model of Bangkok for local administration was used as an external structure only, but the way of living still follows the practice of the Bureau of the Royal Household.

Keywords: The way of life, Community, Tha Wasukri.

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Authors: Liang-Chien Lee, Chih-Hsiang Chang, Ying-Shu Tseng

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Comparing with prior studies mainly focused on the effect of a certain event (it may be the initial announcement of bad news or the repeated announcements of identical bad news) on stock price, the aim of this study is to explore how investors react to subsequent bad news with identical content. Empirical results show that as a result of behavioral pitfalls, investors underreact to the initial announcement of the bad news (i.e., unknown bad news) and overreact to the repeated announcements of the identical bad news (i.e., known bad news).

Keywords: Subsequent bad news, Behavioral finance, Investors’ misreaction, Behavioral pitfalls.

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Authors: Xiaoshu Lu, Päivi Leino-Arjas, Kustaa Piha, Akseli Aittomäki, Peppiina Saastamoinen, Ossi Rahkonen, Eero Lahelma

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Sickness absence represents a major economic and social issue. Analysis of sick leave data is a recurrent challenge to analysts because of the complexity of the data structure which is often time dependent, highly skewed and clumped at zero. Ignoring these features to make statistical inference is likely to be inefficient and misguided. Traditional approaches do not address these problems. In this study, we discuss model methodologies in terms of statistical techniques for addressing the difficulties with sick leave data. We also introduce and demonstrate a new method by performing a longitudinal assessment of long-term absenteeism using a large registration dataset as a working example available from the Helsinki Health Study for municipal employees from Finland during the period of 1990-1999. We present a comparative study on model selection and a critical analysis of the temporal trends, the occurrence and degree of long-term sickness absences among municipal employees. The strengths of this working example include the large sample size over a long follow-up period providing strong evidence in supporting of the new model. Our main goal is to propose a way to select an appropriate model and to introduce a new methodology for analysing sickness absence data as well as to demonstrate model applicability to complicated longitudinal data.

Keywords: Sickness absence, longitudinal data, methodologies, mix-distribution model.

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Authors: J. George, M. Al Mutairi, W. Aljuryyad, A. Alhussanan, A. Alkashan, T. Aldoghiri, Z. Alamari, A. Albakr

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Introduction: Students make plans for their career and are keen in exploring options of employment in those carriers. They make their employment choice based on their desires and preferences. This study aims to identify if students of King Saud Bin Abdulaziz for Health Sciences, College of Applied Medical Sciences after obtaining appropriate education prefer to work as clinicians, university faculty, or full-time researchers. There are limited studies in Saudi Arabia exploring the university student’s employment choices and preferences. This study would help employers to build the required job positions and prevent misleading employers from opening undesired positions in the job market. Methodology: The study included 394 students from third and fourth years both male and female among the eighth programs of college of applied medical sciences, King Saud Bin Abdulaziz University for Health Sciences (KSAU-HS), Riyadh campus. A prospective quantitative cross-sectional study was conducted; data were collected by distributing a seven item questionnaire and analyzed using SPSS. Results: Among the participants, 358 (90.9%) of them chose one of the three listed career choices, 263 (66.8%) decided to work as hospital staff after their education, 75 students (19.0%) chose to work as a faculty member in a university after obtaining appropriate degree, 20 students (5.1%) preferred to work as full-time researcher after obtaining appropriate degree, the remaining 36 students (9.1%) had different career goals, such as obtaining a master degree after graduating, to obtain a bachelor of medicine and bachelor in surgery degree, and working in the private sector. The most recurrent reason behind the participants' choice was "career goal", where 276 (70.1%) chose it as a reason. Conclusion: The findings of the study showed that most student’s preferred to work in hospitals as clinicians, followed by choice of working as a faculty in a university, the least choice was to be working as full-time researchers.

Keywords: College of Applied Medical Sciences, employment ambitions, graduating students, King Saud bin Abdulaziz University for Health Sciences.

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Authors: A. Bobirca, A. Draghici

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The objective of this paper is to construct a creativity composite index designed to capture the growing role of creativity in driving economic and social development for the 27 European Union countries. The paper proposes a new approach for the measurement of EU-27 creative potential and for determining its capacity to attract and develop creative human capital. We apply a modified version of the 3T model developed by Richard Florida and Irene Tinagli for constructing a Euro-Creativity Index. The resulting indexes establish a quantitative base for policy makers, supporting their efforts to determine the contribution of creativity to economic development.

Keywords: European Creativity Index, talent, technology, tolerance

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Authors: Hatice Özbek, Caner Çil, Ahmet Rodoplu

Abstract:

Automotive lighting is the leading function in the configuration of vehicle architecture. Especially headlights and taillights from external lighting functions are among the structures that determine the stylistic character of the vehicle. At the same time, the fact that lighting functions are related to many other functions brings along difficulties in design. Customers expect maximum quality from the vehicle. In these circumstances, it is necessary to make designs that aim to keep the performance of bulbs with limited working lives at the highest level. With this study, the factors that influence the working lives of filament lamps were examined and bulb explosions that can occur sooner than anticipated in the future were prevented while the vehicle was still in the design phase by determining the relations with electrical, dynamical and static variables. Especially the filaments of the bulbs used in the front lighting of the vehicle are deformed in a shorter time due to the high voltage requirement. In addition to this, rear lighting lamps vibrate as a result of the tailgate opening and closing and cause the filaments to be exposed to high stress. With this study, the findings that cause bulb explosions were evaluated. Among the most important findings: 1. The structure of the cables to the lighting functions of the vehicle and the effect of the voltage values are drawn; 2. The effect of the vibration to bulb throughout the life of the vehicle; 3 The effect of the loads carried to bulb while the vehicle doors are opened and closed. At the end of the study, the maximum performance was established in the bulb lifetimes with the optimum changes made in the vehicle architecture based on the findings obtained.

Keywords: Vehicle architecture, automotive lighting functions, filament lamps, bulb lifetime.

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Authors: Nadeem Akhtar, Shan Bo

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This article illustrates that how non similar culture become a cause of constant anxiety among international students in China. For that, a survey was carried out among international students of Wuhan University, China. The association among non similar culture, non familiarity of Chinese culture, self finance students and food problem is looked at through a regression line, and in the light of empirical results, a model is anticipated which elucidates these results. Some suggestions were directed at the end which will help to mitigate the anxiety among prospective students in Chinese universities.

Keywords: Anxiety, international students, non similar culture, Wuhan University

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Authors: J. Leige Lopes, L. Aparecida Bastos, R. Monteiro da Silva

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The objective of this paper is to study the work of children and adolescents and the vicious circle of poverty from the perspective of Guinar Myrdal’s Theory of Circular Cumulative Causation. The objective is to show that if a person starts working in the juvenile phase of life they will be classified as poor or extremely poor when they are adult, which can to be observed in the case of Brazil, more specifically in the north and northeast. To do this, the methodology used was statistical and econometric analysis by applying a probit model. The main results show that: if people reside in the northeastern region of Brazil, and if they have a low educational level and if they start their professional life before the age 18, they will increase the likelihood that they will be poor or extremely poor. There is a consensus in the literature that one of the causes of the intergenerational transmission of poverty is related to child labor, this because when one starts their professional life while still in the toddler or adolescence stages of life, they end up sacrificing their studies. Because of their low level of education, children or adolescents are forced to perform low-paid functions and abandon school, becoming in the future, people who will be classified as poor or extremely poor. As a result of poverty, parents may be forced to send their children out to work when they are young, so that in the future they will also become poor adults, a process that is characterized as the "vicious circle of poverty."

Keywords: Children, adolescents, Gunnar Myrdal, poverty, vicious circle.

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Authors: Jemai Rabeb, Benhmidene Ali, Hidouri Khaoula, Chaouachi Bechir

Abstract:

The diffusion-absorption refrigeration cycle consists of a generator bubble pump, an absorber, an evaporator and a condenser, and usually operates with ammonia/water/ hydrogen or helium as the working fluid. The aim of this paper is to study the stability problem a bubble pump. In fact instability can caused a reduction of bubble pump efficiency. To achieve this goal, we have simulated the behaviour of two-phase flow in a bubble pump by using a drift flow model. Equations of a drift flow model are formulated in the transitional regime, non-adiabatic condition and thermodynamic equilibrium between the liquid and vapour phases. Equations resolution allowed to define void fraction, and liquid and vapour velocities, as well as pressure and mixing enthalpy. Ammonia-water mixing is used as working fluid, where ammonia mass fraction in the inlet is 0.6. Present simulation is conducted out for a heating flux of 2 kW/m² to 5 kW/m² and bubble pump tube length of 1 m and 2.5 mm of inner diameter. Simulation results reveal oscillations of vapour and liquid velocities along time. Oscillations decrease with time and with heat flux. For sufficient time the steady state is established, it is characterised by constant liquid velocity and void fraction values. However, vapour velocity does not have the same behaviour, it increases for steady state too. On the other hand, pressure drop oscillations are studied.

Keywords: Bubble pump, drift flow model, instability, simulation.

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Authors: I. Rodionov, A. Semenov, E. Gosteva, O. Sokolova

Abstract:

The venture capital becomes more and more advanced and effective source of the innovation project financing, connected with a high-risk level. In the developed countries, it plays a key role in transforming innovation projects into successful businesses and creating the prosperity of the modern economy. In Russia, there are many necessary preconditions for creation of the effective venture investment system: the network of the public institutes for innovation financing operates; there is a significant number of the small and medium-sized enterprises, capable to sell production with good market potential. However, the current system does not confirm the necessary level of efficiency in practice that can be substantially explained by the absence of the accurate plan of action to form the national venture model and by the lack of experience of successful venture deals with profitable exits in Russian economy. This paper studies the influence of various factors on the venture industry development by the example of the IT-sector in Russia. The choice of the sector is based on the fact, that this segment is the main driver of the venture capital market growth in Russia, and the necessary set of data exists. The size of investment of the second round is used as the dependent variable. To analyse the influence of the previous round, such determinant as the volume of the previous (first) round investments is used. There is also used a dummy variable in regression to examine that the participation of an investor with high reputation and experience in the previous round can influence the size of the next investment round. The regression analysis of short-term interrelations between studied variables reveals prevailing influence of the volume of the first round investments on the venture investments volume of the second round. The most important determinant of the value of the second-round investment is the value of first–round investment, so it means that the most competitive on the Russian market are the start-up teams that can attract more money on the start, and the target market growth is not the factor of crucial importance. This supports the point of view that VC in Russia is driven by endogenous factors and not by exogenous ones that are based on global market growth.

Keywords: Venture industry, venture investment, determinants of the venture sector development, IT-sector.

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