Search results for: pricing European options

Authors: Dorota Galeza

Abstract:

This paper argues that networks, such as the ECN and the American network, are affected by certain small events which are inherent to path dependence and preclude the full evolution towards efficiency. It is advocated that the American network is superior to the ECN in many respects due to its greater flexibility and longer history. This stems in particular from the creation of the American network, which was based on a small number of cases. Such a structure encourages further changes and modifications which are not necessarily radical. The ECN, by contrast, was established by legislative action, which explains its rigid structure and resistance to change. This paper is an attempt to transpose the superiority of the American network on to the ECN. It looks at concepts such as judicial cooperation, harmonisation of procedure, peer review and regulatory impact assessments (RIAs), and dispute resolution procedures.

Keywords: Antitrust, Competition, Networks, Path Dependence.

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Authors: Edison Muzenda, Freeman Ntuli, Tsietsi Jefrey Pilusa

Abstract:

This paper highlights some interesting facts on South African-s waste situation and management strategies, in particular the Integrated Waste Management. South Africa supports a waste hierarchy by promoting cleaner production, waste minimisation, reuse, recycling and waste treatment with disposal and remediation as the last preferred options in waste management. The drivers for waste management techniques are identified as increased demand for waste service provision; increased demand for waste minimisation; recycling and recovery; land use, physical and environmental limitations; and socio-economic and demographic factors. The South African government recognizes the importance of scientific research as outlined on the white paper on Integrated Pollution and Waste Management (IP and WM) (DEAT, 2000).

Keywords: Cleaner production, demographic factors, environmental quality, integrated waste management, hierarchy, recycling

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Authors: Jakub Hospodka

Abstract:

This paper dissertates about issues which may occur after next year will be major part of civil aviation in EU included into system of Emission trading. This system should help to fight against global warming and to fulfill Kyoto Protocol commitments of European countries. Main issues mentioned in this paper are connected with problem of radiative forcing from emissions and lack of their monitoring and charging in EU legislative. There are mentioned main differences between industrial emissions and emissions form aviation with notification about possible negative impacts of neglecting these differences. Special attention is dedicated to risk of possible reverse effect of inclusion aviation in EU ETS, which may theoretically occur.

Keywords: EU ETS, radiative forcing, aviation, emissiontrading.

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Authors: S.F. Tsen, M. Zamin Jumaat

Abstract:

The characteristic bending strength (MOR) and mean modulus of elasticity (MOE) of tropical hardwood red seraya (Shorea spp.) plywood were determined using European Standard EN310 and EN789. The thickness of the test specimen was 4.0mm, 7.0mm, 9.0mm, 12.0mm and 15.0mm. The experiment found that the MOR of red seraya plywood in EN310 is about 12% to 20% and 7% to 24% higher than EN789 whereas MOE were about 28% to 41% and 30% to 36% lower than those obtained from EN 789 for test specimens parallel and perpendicular to the grain direction. The linear regression shows that MOR and MOE for EN789 is about 0.8 times less and 1.5 times more than EN310. The experiment also found that the MOR and MOE of EN310 and EN789 also depend on the wood species that used in the experiment.

Keywords: Bending strength, Modulus of elasticity, EN310, EN789

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Authors: Rafenomananjara Tsinjo Nirina, Tomoo Sekito, Andrianaivoravelona Jaconnet Oliva

Abstract:

Manufacturing a composite material from post-consumer bottles is an interesting outlet since Madagascar is still facing the challenges of managing plastic waste on the one hand and appropriate waste treatment facilities are not yet developed on the other hand. New waste management options are needed to divert End-Of-Life (EOL) soft plastic wastes from landfills and incineration. Waste polyethylene terephthalate (PET) bottles might be considered as a valuable resource and recovered into polymer concrete. The methodology is easy to implement and appropriate to the local context in Madagascar. This approach will contribute to the production of ecological building materials that might be profitable for the environment and the construction sector. This work aims to study the feasibility of using the post-consumer PET bottles as an alternative binding agent instead of the conventional Portland cement and water. Then, the mechanical and physical properties of the materials were evaluated.

Keywords: PET recycling, polymer concrete, ecological building materials, pollution mitigation.

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Authors: N. Webb, A. Buchanan

Abstract:

Digital and virtual heritage is often associated with the recreation of lost artefacts and architecture; however, we can also investigate works that were not completed, using digital tools and techniques. Here we explore physical evidence of a fourteenth-century Gothic vault located in the north transept of St Mary’s church in Nantwich, Cheshire, using existing springer stones that are built into the walls as a starting point. Digital surveying tools are used to document the architecture, followed by an analysis process to hypothesise and simulate possible design solutions, had the vault been completed. A number of options, both two-dimensionally and three-dimensionally, are discussed based on comparison with examples of other contemporary vaults, thus adding another specimen to the corpus of vault designs. Dissemination methods such as digital models and 3D prints are also explored as possible resources for demonstrating what the finished vault might have looked like for heritage interpretation and other purposes.

Keywords: Digital simulation, heritage interpretation, medieval vaults, virtual heritage, 3D scanning.

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Authors: Bakare Babatunde Femi

Abstract:

Municipal solid waste (MSW) comprises of a wide range of heterogeneous materials generated by individual, household or organization and may include food waste, garden wastes, papers, textiles, rubbers, plastics, glass, ceramics, metals, wood wastes, construction wastes but it is not limited to the above mentioned fractions. The most common Municipal Solid Waste pretreatment method in use is thermal pretreatment (incineration) and Mechanical Biological pretreatment. This paper presents an overview of these two pretreatment methods describing their benefits and laboratory scale reactors that simulate landfill conditions were constructed in order to compare emissions in terms of biogas production and leachate contamination between untreated Municipal Solid Waste and Mechanical Biological Pretreated waste. The findings of this study showed that Mechanical Biological pretreatment of waste reduces the emission level of waste and the benefit over the landfilling of untreated waste is significant.

Keywords: emissions, mechanical biological pretreatment, MSW, thermal pretreatment

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Authors: Liliana Feleagă, Niculae Feleagă, Vasile Răileanu

Abstract:

Although agriculture is an important part of the world economy, accounting in agriculture still has many shortcomings. The adoption of IAS 41 “Agriculture” has tried to improve this situation and increase the comparability of financial statements of entities in the agricultural sector. Although controversial, IAS 41 is the first step of a consistent transition to fair value assessment in the agricultural sector. The objective of our work is the analysis of IAS 41 and current accounting agricultural situation in Romania. Accounting regulations in Romania are in accordance with European directives and, in many respects, converged with IFRS referential. Provisions of IAS 41, however, are not reflected directly in Romanian regulations. With the increase of forest land transactions, it is expected that recognition and measurement of biological assets under IAS 41 to become a necessity.

Keywords: Accounting Agricultural, Biological Assets, Fair value, IAS 41

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Authors: N. Hadhoum, B. Guerfi, T. M. Sider, Z. Yassa, T. Djerboua, M. Boursouti, M. Mamou, F. Z. Hadjadj Aoul, L. R. Mekacher

Abstract:

Introduction and objectives: Chlorobutanol is a raw material, mainly used as an antiseptic and antimicrobial preservative in injectable and ophthalmic preparations. The main objective of our study was the synthesis and evaluation of the antimicrobial activity of chlorobutanol hemihydrates. Material and methods: Chlorobutanol was synthesized according to the nucleophilic addition reaction of chloroform to acetone, identified by an infrared absorption using Spectrum One FTIR spectrometer, melting point, Scanning electron microscopy and colorimetric reactions. The dosage of carvedilol active substance was carried out by assaying the degradation products of chlorobutanol in a basic solution. The chlorobutanol obtained was subjected to bacteriological tests in order to study its antimicrobial activity. The antibacterial activity was evaluated against strains such as Escherichia coli (ATCC 25 922), Staphylococcus aureus (ATCC 25 923) and Pseudomonas aeroginosa (ATCC = American type culture collection). The antifungal activity was evaluated against human pathogenic fungal strains, such as Candida albicans and Aspergillus niger provided by the parasitology laboratory of the Hospital of Tizi-Ouzou, Algeria. Results and discussion: Chlorobutanol was obtained in an acceptable yield. The characterization tests of the product obtained showed a white and crystalline appearance (confirmed by scanning electron microscopy), solubilities (in water, ethanol and glycerol), and a melting temperature in accordance with the requirements of the European pharmacopoeia. The colorimetric reactions were directed towards the presence of a trihalogenated carbon and an alcohol function. The spectral identification (IR) showed the presence of characteristic chlorobutanol peaks and confirmed the structure of the latter. The microbiological study revealed an antimicrobial effect on all strains tested (Sataphylococcus aureus (MIC = 1250 µg/ml), E. coli (MIC = 1250 µg/ml), Pseudomonas aeroginosa (MIC = 1250 µg/ml), Candida albicans (MIC =2500 µg/ml), Aspergillus niger (MIC =2500 µg/ml)) with MIC values close to literature data. Conclusion: Thus, on the whole, the synthesized chlorobutanol satisfied the requirements of the European Pharmacopoeia, and possesses antibacterial and antifungal activity; nevertheless, it is necessary to insist on the purification step of the product in order to eliminate the maximum impurities.

Keywords: Antimicrobial agent, bacterial and fungal strains, chlorobutanol, MIC.

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Authors: An-Jui. Li, Kelvin Lim, Chien-Kuo Chiu, Benson Hsiung

Abstract:

This paper details the utilization of artificial intelligence (AI) in the field of slope stability whereby quick and convenient solutions can be obtained using the developed tool. The AI tool used in this study is the artificial neural network (ANN), while the slope stability analysis methods are the finite element limit analysis methods. The developed tool allows for the prompt prediction of the safety factors of fill slopes and their corresponding probability of failure (depending on the degree of variation of the soil parameters), which can give the practicing engineer a reasonable basis in their decision making. In fact, the successful use of the Extreme Learning Machine (ELM) algorithm shows that slope stability analysis is no longer confined to the conventional methods of modeling, which at times may be tedious and repetitive during the preliminary design stage where the focus is more on cost saving options rather than detailed design. Therefore, similar ANN-based tools can be further developed to assist engineers in this aspect.

Keywords: Landslide, limit analysis, ANN, soil properties.

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Authors: Sevil Yildiz

Abstract:

Audio visual communication is a type of collective expression. Due to inform the masses, give direction to opinions, and establish public opinion, audio visual communication must be subjected to special restrictions. This has been stipulated in both the Constitution and the European Human Rights Agreement. This paper aims to review freedom of expression and its restriction in audio visual media. For this purpose, the authorization of the Radio and Television Supreme Council to impose sanctions as an independent administrative authority empowered to regulate the field of audio visual communication has been reviewed with regard to freedom of expression and its limits.

Keywords: Audio visual media, freedom of expression, its limits, Radio and Television Supreme Council.

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Authors: Osamah A. Alsayegh, Fatma A. Fairouz

Abstract:

This paper compares planning results of the electricity and water generation inventory up to year 2030 in the State of Kuwait. Currently, the generation inventory consists of oil and gas fired technologies only. The planning study considers two main cases. The first case, Reference case, examines a generation inventory based on oil and gas fired generation technologies only. The second case examines the inclusion of renewables as part of the generation inventory under two scenarios. In the first scenario, Ref-RE, renewable build-out is based on optimum economic performance of overall generation system. Result shows that the optimum installed renewable capacity with electric energy generation of 11% . In the second scenario, Ref-RE20, the renewable capacity build-out is forced to provide 20% of electric energy by 2030. The respective energy systems costs of Reference, Ref-RE and Ref-RE20 case scenarios reach US dollar 24, 10 and 14 billion annually in 2030.

Keywords: Generation inventory, solar, planning, TIMES, wind.

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Authors: M. Raciti Castelli, S. De Betta, E. Benini

Abstract:

A preliminary evaluation of the feasibility of installing small wind turbines on offshore oil and gas extraction platforms is presented. Some aerodynamic considerations are developed in order to determine the best rotor architecture to exploit the wind potential on such installations, assuming that wind conditions over the platforms are similar to those registered on the roofs of urban buildings. Economical considerations about both advantages and disadvantages of the exploitation of wind energy on offshore extraction platforms with respect to conventional offshore wind plants, is also presented. Finally, wind charts of European offshore winds are presented together with a map of the major offshore installations.

Keywords: Extraction platform, offshore wind energy, verticalaxis wind turbine (VAWT).

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Authors: E. Bárcena-Martín, S. Pérez-Moreno

Abstract:

This paper explores the extent of the gap in poverty rates between immigrant and native households in Spanish regions and assess to what extent regional differences in individual and contextual characteristics can explain the divergences in such a gap. By using multilevel techniques and European Union Survey on Income and Living Conditions, we estimate immigrant households experiments an increase of 76 per cent in the odds of being poor compared with a native one when we control by individual variables. In relation to regional differences in the risk of poverty, regionallevel variables have higher effect in the reduction of these differences than individual variables.

Keywords: Immigration, Multilevel Analysis, Poverty, Spanish Regions

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Authors: Tomáš Ludík, Josef Navrátil, Alena Langerová

Abstract:

Tackling emergency situations is performed based on emergency scenarios. These scenarios do not have a uniform form in the Czech Republic. They are unstructured and developed primarily in the text form. This does not allow solving emergency situations efficiently. For this reason, the paper aims at defining a Process Oriented Architecture to support and thus to improve tackling emergency situations in the Czech Republic. The innovative Process Oriented Architecture is based on the Workflow Reference Model while taking into account the options of Business Process Management Suites for the implementation of process oriented emergency scenarios. To verify the proposed architecture the Proof of Concept has been used which covers the reception of an emergency event at the district emergency operations centre. Within the particular implementation of the proposed architecture the Bonita Open Solution has been used. The architecture created in this way is suitable not only for emergency management, but also for educational purposes.

Keywords: Business Process Management Suite, Czech Republic, Emergency Scenarios, Process Execution, Process Oriented Architecture.

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Authors: Mihai Duguleana, Florin Girbacia, Cristian Postelnicu, Raffaello Brodi, Marcello Carrozzino

Abstract:

Augmented Reality (AR) has taken a big leap with the introduction of mobile applications which co-locate bi-dimensional (e.g. photo, video, text) and tridimensional information with the location of the user enriching his/her experience. This study presents the advantages of using Mobile Augmented Reality (MAR) technologies in traveling applications, improving cultural heritage exploration. We propose a location-based AR application which combines co-location with the augmented visual information about Pisa monuments to establish a friendly navigation in this historic city. AR was used to render contextual visual information in the outdoor environment. The developed Android-based application offers two different options: it provides the ability to identify the monuments positioned close to the user’s position and it offers location information for getting near the key touristic objectives. We present the process of creating the monuments’ 3D map database and the navigation algorithm.

Keywords: Augmented reality, electronic compass, GPS, location-based service.

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Authors: Aumnad Phdungsilp, Teeradej Wuttipornpun

Abstract:

Decision support based upon risk analysis into comparison of the electricity generation from different renewable energy technologies can provide information about their effects on the environment and society. The aim of this paper is to develop the assessment framework regarding risks to health and environment, and the society-s benefits of the electric power plant generation from different renewable sources. The multicriteria framework to multiattribute risk analysis technique and the decision analysis interview technique are applied in order to support the decisionmaking process for the implementing renewable energy projects to the Bangkok case study. Having analyses the local conditions and appropriate technologies, five renewable power plants are postulated as options. As this work demonstrates, the analysis can provide a tool to aid decision-makers for achieving targets related to promote sustainable energy system.

Keywords: Analytic Hierarchy Process, Bangkok, MultiattributeRisk Analysis, Renewable Energy Technology.

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Authors: H. Nadia, G. Bahdja, S. Thili Malha, Y. Zahoua, D. Taoufik, B. Mourad, M. Marzouk, F. Z. Hadjadj Aoul, L. R. Mekacher

Abstract:

Introduction and objectives: Chlorobutanol is a raw material, mainly used as an antiseptic and antimicrobial preservative in injectable and ophthalmic preparations. The main objective of our study was the synthesis and evaluation of the antimicrobial activity of chlorobutanol hemihydrates. Material and methods: Chlorobutanol was synthesized according to the nucleophilic addition reaction of chloroform to acetone, identified by an infrared absorption using Spectrum One FTIR spectrometer, melting point, Scanning electron microscopy and colorimetric reactions. The dosage of Carvedilol active substance was carried out by assaying the degradation products of chlorobutanol in a basic solution. The chlorobutanol obtained was subjected to bacteriological tests in order to study its antimicrobial activity. The antibacterial activity was evaluated against strains such as Escherichia coli (ATCC 25 922), Staphylococcus aureus (ATCC 25 923) and Pseudomonas aeroginosa (ATCC = American type culture collection). The antifungal activity was evaluated against human pathogenic fungal strains, such as Candida albicans and Aspergillus niger provided by the parasitology laboratory of the Hospital of Tizi-Ouzou, Algeria. Results and discussion: Chlorobutanol was obtained in an acceptable yield. The characterization tests of the product obtained showed a white and crystalline appearance (confirmed by scanning electron microscopy), solubilities (in water, ethanol and glycerol), and a melting temperature in accordance with the requirements of the European pharmacopoeia. The colorimetric reactions were directed towards the presence of a trihalogenated carbon and an alcohol function. The spectral identification (IR) showed the presence of characteristic chlorobutanol peaks and confirmed the structure of the latter. The microbiological study revealed an antimicrobial effect on all strains tested (Sataphylococcus aureus (MIC = 1250 µg/ml), E. coli (MIC = 1250 µg/ml), Pseudomonas aeroginosa (MIC = 1250 µg/ml), Candida albicans (MIC =2500 µg/ml), Aspergillus niger (MIC =2500 µg/ml)) with MIC values close to literature data. Conclusion: Thus, on the whole, the synthesized chlorobutanol satisfied the requirements of the European Pharmacopoeia, and possesses antibacterial and antifungal activity; nevertheless it is necessary to insist on the purification step of the product in order to eliminate the maximum impurities.

Keywords: Antimicrobial agent, bacterial and fungal strains, chlorobutanol, MIC.

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Authors: Michael Torggler

Abstract:

Modern information and communication technologies offer a variety of support options for the efficient handling of customer relationships. CRM systems have been developed, which are designed to support the processes in the areas of marketing, sales and service. Along with technological progress, CRM systems are constantly changing, i.e. the systems are continually enhanced by new functions. However, not all functions are suitable for every company because of different frameworks and business processes. In this context the question arises whether or not CRM systems are widely used in Austrian companies and which business processes are most frequently supported by CRM systems. This paper aims to shed light on the popularity of CRM systems in Austrian companies in general and the use of different functions to support their daily business. First of all, the paper provides a theoretical overview of the structure of modern CRM systems and proposes a categorization of currently available software functionality for collaborative, operational and analytical CRM processes, which provides the theoretical background for the empirical study. Apart from these theoretical considerations, the paper presents the empirical results of a field survey on the use of CRM systems in Austrian companies and analyzes its findings.

Keywords: CRM systems, CRM system adoption, CRM system diffusion, CRM functionality, Market study.

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Authors: Ana Mafalda Gonçalves, Neuza Pedro

Abstract:

The evolution of ICT has changed all sections of society and these changes have been creating an irreversible impact on higher education institutions, which are expected to adopt innovative technologies in their teaching practices. As theorical framework this study select Rogers theory of innovation diffusion which is widely used to illustrate how technologies move from a localized invented to a widespread evolution on organizational practices. Based on descriptive statistical data collected in a European higher education institution three years longitudinal study was conducted for analyzing and discussion the different stages of a LMS adoption process. Results show that ICT integration in higher education is not progressively successful and a linear process and multiple aspects must be taken into account.

Keywords: e-learning, higher education, LMS, innovation, technologies

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Authors: Zdenek Kolka, Otakar Wilfert, Viera Biolkova

Abstract:

The paper deals with an analysis of visibility records collected from 210 European airports to obtain a realistic estimation of the availability of Free Space Optical (FSO) data links. Commercially available optical links usually operate in the 850nm waveband. Thus the influence of the atmosphere on the optical beam and on the visible light is similar. Long-term visibility records represent an invaluable source of data for the estimation of the quality of service of FSO links. The model used characterizes both the statistical properties of fade depths and the statistical properties of individual fade durations. Results are presented for Italy, France, and Germany.

Keywords: Computer networks, free-space optical links, meteorology, quality of service.

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Authors: A. A. Kudysheva, A. N. Kudyshev

Abstract:

In present article the model of Blended Learning, its advantage at foreign language teaching, and also some problems that can arise during its use are considered. The Blended Learning is a special organization of learning, which allows to combine classroom work and modern technologies in electronic distance teaching environment. Nowadays a lot of European educational institutions and companies use such technology. Through this method: student gets the opportunity to learn in a group (classroom) with a teacher and additionally at home at a convenient time; student himself sets the optimal speed and intensity of the learning process; this method helps student to discipline himself and learn to work independently.

Keywords: Foreign language, information and communication technology (ICT), model of Blended Learning, virtual cool room, technophobia

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Authors: Burja C., Burja V.

Abstract:

The paper presents the Romanian realities and perspectives from the point of view of reaching the sustainable development model in the context of the recent accession to the European Union, based on the analysis of the indicators listed in the EU Sustainable Development Strategy. The analysis of the economic-social potential for sustainable development and of the environment aspects show that the objectives stipulated in the renewed EU Sustainable Development Strategy of 2006 can be reached, but an extra effort must be put-in in order to overcome the existing substantial gaps in several areas in relation to the developed countries of the EU. The paper-s conclusions show that even if sustainable development is not an easy target to reach in Romania, there are resources and a growing potential, which can lead to sustainable development if used rationally.

Keywords: Ecological dimension, economic-social potential, strategy, sustainable development

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Authors: M. Rodionov, Z. Dedovets

Abstract:

The article analyses the composition and structure of the motivationally oriented methodological system of teaching mathematics (purpose, content, methods, forms, and means of teaching), viewed through the prism of the student as the subject of the learning process. Particular attention is paid to the problem of methods of teaching mathematics, which are represented in the form of an ordered triad of attributes corresponding to the selected characteristics. A systematic analysis of possible options and their methodological interpretation enriched existing ideas about known methods and technologies of training, and significantly expanded their nomenclature by including previously unstudied combinations of characteristics. In addition, examples outlined in this article illustrate the possibilities of enhancing the motivational capacity of a particular method or technology in the real learning practice of teaching mathematics through more free goal-setting and varying the conditions of the problem situations. The authors recommend the implementation of different strategies according to their characteristics in teaching and learning mathematics in secondary schools.

Keywords: Education, methodological system, teaching of mathematics, teachers, lesson, students motivation, secondary school.

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Authors: Luis M. Villar, Olga M. Alegre

Abstract:

Finding effective ways of improving university quality assurance requires, as well, a retraining of the staff. This article illustrates an Online Programme of Excellence Model (OPEM), based on the European quality assurance model, for improving participants- formative programme standards. The results of applying this OPEM indicate the necessity of quality policies that support the evaluators- competencies to improve formative programmes. The study concludes by outlining how faculty and agency staff can use OPEM for the internal and external quality assurance of formative programmes.

Keywords: Formative assessment, Online faculty excellence program, Teaching competencies, University quality assurance.

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Authors: Libena Cernohorska, Veronika Linhartova, Michal Sinka, Petr Teply

Abstract:

The term private equity usually refers to any type of equity investment in an asset in which the equity is not freely tradable on a public stock market. Some researchers believe that private equity contributed to the extent of the crisis and increased the pace of its spread over the world. We do not agree with this. On the other hand, we argue that during the economic recession private equity might become an important source of funds for firms with special needs (e.g. for firms seeking buyout financing, venture capital, expansion capital or distress debt financing). However, over-regulation of private equity in both the European Union and the US can slow down this specific funding channel to the economy and deepen credit crunch during global crises.

Keywords: scredit lunch, distress debt, global crisis, private equity, regulation

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Authors: S. Karklina, I. Erins

Abstract:

The main problem is that there is a very low innovation performance in Latvia. Since Latvia is a Member State of European Union, it also shall have to fulfill the set targets and to improve innovative results.Universities are one of the main performers to provide innovative capacity of country. University, industry and government need to cooperate for getting best results.The intellectual property is one of the indicators to determine innovation level in the country or organization, and patents are one of the characteristics of intellectual property.The objective of the article is to determine indicators characterizing innovative environment in Latvia and influence of the development of universities on them.The methods that will be used in the article to achieve the objectives are quantitative and qualitative analysis of the literature, statistical data analysis and graphical analysis methods.

Keywords: HEI, innovations, Latvia, patents.

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Authors: Ichihan Tai, Bill Olson, Paul Blessner

Abstract:

Traditional early warning systems that alarm against crisis are generally based on structured or numerical data; therefore, a system that can make predictions based on unstructured textual data, an uncorrelated data source, is a great complement to the traditional early warning systems. The Chicago Board Options Exchange (CBOE) Volatility Index (VIX), commonly referred to as the fear index, measures the cost of insurance against market crash, and spikes in the event of crisis. In this study, news data is consumed for prediction of whether there will be a market-wide crisis by predicting the movement of the fear index, and the historical references to similar events are presented in an unsupervised manner. Topic modeling-based prediction and representation are made based on daily news data between 1990 and 2015 from The Wall Street Journal against VIX index data from CBOE.

Keywords: Early Warning System, Knowledge Management, Topic Modeling, Market Prediction.

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Authors: Nikoloudi Anastasia, Tsalampouni Aikaterini

Abstract:

The present paper aims to present the significant role that the concept of governance can play in order to combine naturals resources as useful funding basis for the formation of a stable and effective welfare state model. The combination of those two different fields aims to represent the modern trends of our era as the means to solve the severe financial and economic issues caused mostly due to the malfunction of the welfare state and its public sector. European Union and Asian countries (especially China) are the main areas of interest since EU experiences a fiscal and economic crisis while China rules the area of the natural resources exploiting 97% of rare earths elements worldwide.

Keywords: Governance, natural resources, rare earths elements, welfare state.

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Authors: Burja C., Burja V.

Abstract:

For Romania, the fulfilment of the obligations undertaken as a member state of the European Union in accordance with the Treaty of Accession requires the effective implementation of sustainable development principles and practices, this being the only reasonable development option, which adequately draws in on the economic, social and environment resources. Achieving this objective is based on a profound analysis of the realities in the Romanian economy, which will reflect the existent situation and the action directions for the future. The paper presents an analysis of the Romanian economic performances compared to the EU economy, based on the sustainable value (SV) model. The analysis highlighted the considerable gap between Romania and the EU regarding the sustainable capitalization of resources, the provided information being useful to justify strategic development decisions at a micro and macro levels.

Keywords: Sustainable value, sustainable development, opportunity cost, economic performance.

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