Search results for: Stock Price forecast

Authors: Khaing Win Mar, Thinn Thu Naing

Abstract:

Nowadays, precipitation prediction is required for proper planning and management of water resources. Prediction with neural network models has received increasing interest in various research and application domains. However, it is difficult to determine the best neural network architecture for prediction since it is not immediately obvious how many input or hidden nodes are used in the model. In this paper, neural network model is used as a forecasting tool. The major aim is to evaluate a suitable neural network model for monthly precipitation mapping of Myanmar. Using 3-layerd neural network models, 100 cases are tested by changing the number of input and hidden nodes from 1 to 10 nodes, respectively, and only one outputnode used. The optimum model with the suitable number of nodes is selected in accordance with the minimum forecast error. In measuring network performance using Root Mean Square Error (RMSE), experimental results significantly show that 3 inputs-10 hiddens-1 output architecture model gives the best prediction result for monthly precipitation in Myanmar.

Keywords: Precipitation prediction, monthly precipitation, neural network models, Myanmar.

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Authors: Tim D. Sass, Pe, Leed

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The rising price of fossil fuels, government incentives and growing public aware-ness for the need to implement sustainable energy supplies has resulted in a large in-crease in solar panel installations across the country. For many sites the most eco-nomical solar panel installation uses existing, southerly facing rooftops. Adding solar panels to an existing roof typically means increased loads that must be borne by the building-s structural elements. The structural design professional is responsible for ensuring a new solar panel installation is properly supported by an existing structure and configured to maximize energy generation.

Keywords: Solar Panel, Structures, Structural Design.

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Authors: Bita Mashayekhi, Hamid Kalhornia

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One of the most important roles of financial reporting is improving the firms’ investment decisions; however, there is not much supporting evidence for this claim in emerging markets like Iran. In this study, the effect of financial reporting transparency in investment efficiency of Iranian firms has been investigated. In order to do this, 336 listed companies on Tehran Stock Exchange (TSE) has been selected for time period 2012 to 2015 as research sample. For testing our main hypothesis, we classified sample firms into two groups based on their deviation from expected investment: under-investment and over-investment cases. The results indicate that there is positive significant relationship between financial transparency and investment efficiency. In the other words, transparency can mitigate both underinvestment and overinvestment situations.

Keywords: Corporate governance, disclosure, investment decisions, investment efficiency, transparency.

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Authors: Amro Issam Hamed Attia Ramadan, Marco Zappatore, Pasquale Balena, Antonella Longo

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Considering the energy crisis that is hitting Europe, it becomes increasingly necessary to change energy policies to depend less on fossil fuels and replace them with energy from renewable sources. This has triggered the urge to use clean energy, not only to satisfy energy needs and fulfill the required consumption, but also to decrease the danger of climatic changes due to harmful emissions. Many countries have already started creating energy communities based on renewable energy sources. The first step to understanding energy needs in any place is to perfectly know the consumption. In this work, we aim to estimate electricity consumption for a municipality that makes up part of a rural area located in southern Italy using forecast models that allow for the estimation of electricity consumption for the next 10 years, and we then apply the same model to the province where the municipality is located and estimate the future consumption for the same period to examine whether it is possible to start from the municipality level to reach the province level when creating energy communities.

Keywords: ARIMA, electricity consumption, forecasting models, time series.

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Authors: Smajo Bisanovic, Mensur Hajro, Muris Dlakic

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This paper presents one comprehensive modelling approach for maintenance scheduling problem of thermal power units in competitive market. This problem is formulated as a 0/1 mixedinteger linear programming model. Model incorporates long-term bilateral contracts with defined profiles of power and price, and weekly forecasted market prices for market auction. The effectiveness of the proposed model is demonstrated through case study with detailed discussion.

Keywords: Maintenance scheduling, bilateral contracts, market prices, profit.

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Authors: Lucian Munteanu

Abstract:

The move towards internationalization of accounting encountered a great boost, when in 2002 EU delegated the IASB to provide the accounting standards to be applied inside its frontiers. Among the incentives of the standardization of accounting on the international level, is the reduction of the cost of capital. Romania made the move towards IFRS before EU, when the country was not yet a member of it. Even if this made Romania a special case, it was scarcely approached. The leak of real data is usually the reason for avoiding. The novelty of this paper is that it offers an insight from the reality of Romanian companies and their view regarding the IFRS. The paper is based on a survey that the authors made among the companies listed on the first two tiers of the Bucharest Stock Exchange (BSE), which are basically, the most important companies in the country.

Keywords: Cost of capital, IFRS, information asymmetry, transparency.

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Authors: Oana Pop, Constantin Barbulescu, Mircea Nemes, Stefan Kilyeni

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The tracing methods determine the contribution the power system sources have in their supplying. The methods can be used to assess the transmission prices, but also to recover the transmission fixed cost. In this paper is presented the influence of the modification of commons structure has on the specific price of transfer. The operator must make use of a few basic principles about allocation. Most tracing methods are based on the proportional sharing principle. In this paper Kirschen method is used. In order to illustrate this method, the 25- bus test system is used, elaborated within the Electrical Power Engineering Department, from Timisoara, Romania.

Keywords: Power systems, P-U bus, P-Q bus, tracing methods.

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Authors: Milad Eghtedari Naeini, Gholamreza Heravi

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In this paper, based on the past project cost and time performance, a model for forecasting project cost performance is developed. This study presents a probabilistic project control concept to assure an acceptable forecast of project cost performance. In this concept project activities are classified into sub-groups entitled control accounts. Then obtain the Stochastic S-Curve (SS-Curve), for each sub-group and the project SS-Curve is obtained by summing sub-groups- SS-Curves. In this model, project cost uncertainties are considered through Beta distribution functions of the project activities costs required to complete the project at every selected time sections through project accomplishment, which are extracted from a variety of sources. Based on this model, after a percentage of the project progress, the project performance is measured via Earned Value Management to adjust the primary cost probability distribution functions. Then, accordingly the future project cost performance is predicted by using the Monte-Carlo simulation method.

Keywords: Monte Carlo method, Probabilistic model, Project forecasting, Stochastic S-curve

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Authors: Pranav Raghav Sood

Abstract:

India is currently the second most populous nation in the world with over 1.2 billion people, growing annually at the rate of 1.5%. It is experiencing a surge in energy demands, expected to grow more than three to four times in 25 years. Most of the energy requirements are currently satisfied by the import of fossil fuels – coal, petroleum-based products and natural gas. Biofuels can satisfy these energy needs in an environmentally benign and cost effective manner while reducing dependence on import of fossil fuels, thus providing National Energy Security. Among various forms of bioenergy, bioethanol is one of the major options for India because of availability of feed stock crops. This paper presents an overview on bioethanol production and technology, steps taken by the Indian government to facilitate and bring about optimal development and utilization of indigenous biomass feedstocks for production of this biofuel.

Keywords: Bioethanol, Fossil fuel, Biofuel, energy

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Authors: Dawei Lin

Abstract:

This research proposes an Interactive 3D Experience to enhance customer value in the fantasy era. As products reach maturity, they become more similar in the range of functions that they provide. This leads to competition via reduced retail price and ultimately reduced profitability. A competitive design method is therefore needed that can produce higher value products. An Enhanced Value Experience has been identified that can assist designers to provide quality products and to give them a unique positioning. On the basis of this value opportunity, the method of Interactive 3D Experience has been formulated and applied to the domain of retail furniture. Through this, customers can create their own personalized styling via the interactive 3D platform.

Keywords: Interactive 3D experience, enhanced valueexperience, value opportunity, personalized styling.

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Authors: N. J. Imu, N. Rabbani, Md E. Hossain

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Achieving national climate goals requires transforming the energy system and increasing the use of renewable energy in Bangladesh as renewable energy offers an environmentally friendly energy supply. In view of this, Bangladesh has set a goal of 100% renewable power generation by 2050. Among all the renewable energy, solar is the most effective and popular source of renewable energy in Bangladesh. In order to build up on-grid and off-grid solar systems to increase energy transformation, monocrystalline type (highly efficient) solar module, and the polycrystalline type (low-efficient) solar module are commonly used. Due to their low price and availability, polycrystalline-type solar modules dominated the local market in the past years. However, in recent times the use of monocrystalline types modules has increased considerably owing to the significant decrease in price difference that existed between these two modules. Despite the deployment of both mono- and poly-crystalline modules in the market, the proliferation of low-quality solar panels are dominating the market resulting in reduced generation of solar electricity than expected. This situation is further aggravated by insufficient information regarding the effect of solar irradiation on solar module performance in relation to the quality of the materials used for the production of the module. This research aims to evaluate the efficiency of monocrystalline and polycrystalline solar modules that are available in Bangladesh by considering seasonal variations. Both types of solar modules have been tested for three different capacities 45W, 60W, and 100W in Dhaka regions to evaluate their power generation capability under Standard Test Conditions (STC). Module testing data were recorded twelve months in a full year from January to December. Data for solar irradiation were collected using HT304N while HT I-V400 multifunction instrument was used for testing voltage and current of photovoltaic (PV) systems and complete power quality analyzer. Results obtained in this study indicated differences between the efficiencies of polycrystalline and monocrystalline solar modules under the country’s solar irradiation. The average efficiencies of 45W, 60W, and 100W monocrystalline solar panels were recorded as 11.73%, 13.41%, and 15.37% respectively while for polycrystalline panels were 8.66%, 9.37%, and 12.34%. Monocrystalline solar panels, which offer greater working output than polycrystalline ones, are also represented by the Pearson Correlation value. The output of polycrystalline solar panels fluctuated highly with the changes in irradiation and temperature whereas monocrystalline panels were much stable.

Keywords: Solar energy, solar irradiation, efficiency, polycrystalline solar module, monocrystalline solar module, SPSS analysis.

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Authors: Kepeng Li

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This paper examines the phenomenon of recidivism in the Chinese stock market, emphasizing the significance of mitigating repeat offences within the corporate domain. Using a contingency model and data from Chinese publicly listed companies (1999-2018), the study investigates the impact of underperformance, governance factors, and managerial traits on unethical conduct. The research suggests that persistently unmet economic objectives can foster problem-focused exploration, potentially leading to misconduct. Furthermore, the study considers the unique cultural context of China, where “guanxi” and corruption may influence corporate behavior. It concludes that governance mechanisms play a pivotal role in regulating corporate behavior, underscoring the necessity for enhanced oversight and enforcement of corporate governance standards.

Keywords: Recidivism, corporate misbehavior, BTOF, aspiration level, corporate governance, individual characteristics.

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Authors: G. Guramishvili, M. Moistsrapishvili, L. Andghuladze

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In the article are considered the problems arising at increasing of transferring from rolling stock axles on rail loading from 210 KN up to 270 KN and is offered for rail strength analysis definition of rail force loading complex integral characteristic with taking into account all affecting force factors that is characterizing specific operation condition of rail structure and defines the working capability of structure.

As result of analysis due mentioned method is obtained that in the conditions of 270 KN loading the rail meets the working assessment criteria of rail and rail structures: Strength, rail track stability, rail links stability and its transverse stability, traffic safety condition that is rather important for post-Soviet countries railways.

Keywords: Axial loading, rail force loading, rail structure, rail strength analysis, rail track stability.

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Authors: Nikolaos Sariannidis, Grigoris Giannarakis, Nikolaos Litinas, Nikos Kartalis

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This study investigates the relationship between 10 year bond value, Yen/U.S dollar exchange rate, non-farm payrolls (all employs) and crude oil to U.S. Dow Jones Sustainability Index. A GARCH model is used to test these relationships for the period January 1st 1999 to January 31st 2008 using monthly data. Results show that an increase of the 10 year bond and non farm payrolls (all employs) lead to an increase of the D.J.S.I returns. On the contrary the volatility of the Yen/U.S dollar exchange rates as well as the increase of crude oil returns has negative effects on the U.S D.J.S.I returns. This study aims at assisting investors to understand the influences certain macroeconomic indicators have on the companies- stock returns as reported by the D.J.S.I.

Keywords: Bond value, Corporate Social Responsibility, Crudeoil, D.J.S.I United States, Exchange rate, GARCH, Non-farmpayrolls.

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Authors: Aparna Viswanath

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

Keywords: Financial Derivatives, Forward, Futures, Options, Risk Management.

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Authors: Cheng-Chi Lee, Min-Shiang Hwang, Shu-Yin Hsiao

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Network exchange is now widely used. However, it still cannot avoid the problems evolving from network exchange. For example. A buyer may not receive the order even if he/she makes the payment. For another example, the seller possibly get nothing even when the merchandise is sent. Some studies about the fair exchange have proposed protocols for the design of efficiency and exploited the signature property to specify that two parties agree on the exchange. The information about purchased item and price are disclosed in this way. This paper proposes a new fair network payment protocol with off-line trusted third party. The proposed protocol can protect the buyers- purchase message from being traced. In addition, the proposed protocol can meet the proposed requirements. The most significant feature is Non-transfer property we achieved.

Keywords: E-commerce, digital signature, fair exchange, security.

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Authors: M. M. Hossain, M. Z. Hasan, M. Alauddin, S. Akhter

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Climate change has become a major concern across the world as the intensity along with quantity of the rainfall, mean surface temperature and other climatic parameters have been changed not only in Bangladesh but also in the entire globe. Bangladesh has already experienced many natural hazards. Among them changing of rainfall pattern, erratic and heavy rainfalls are very common. But changes of rainfall pattern and its amount is still in question to some extent. This study aimed to unfold how the historical rainfalls varied over time and how would be their future trends. In this context, historical rainfall data (1975-2014) were collected from Bangladesh Metrological Department (BMD) and then a time series model was developed using Box-Jenkins algorithm in IBM SPSS to forecast the future rainfall. From the historical data analysis, this study revealed that the amount of rainfall decreased over the time and shifted to the post monsoons. Forecasted rainfall shows that the pre-monsoon and early monsoon will get drier in future whereas late monsoon and post monsoon will show huge fluctuations in rainfall magnitudes with temporal variations which means Bangladesh will get comparatively drier seasons in future which may be a serious problem for the country as it depends on agriculture.

Keywords: Monsoon, Pre-monsoon, rainfall, pattern, variations, IBM-SPSS.

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Authors: Ernest Nweke, Enkhtuya Bavuudorj

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The harsh realities of the scandalous failure of several notable corporations in the past two decades have inextricably resulted in a surge in corporate governance studies. Nevertheless, little or no attention has been paid to corporate governance studies in Mongolian firms and much less to the comprehension of the correlation among ownership structure, corporate governance mechanisms and trend of innovative activities. Innovation is the bed rock of enterprise success. However, the funding and support for innovative activities in many firms are to a great extent determined by the incentives provided by the firm’s internal and external governance mechanisms. Mongolia is an East Asian country currently undergoing a fast-paced transition from socialist to democratic system and it is a widely held view that private ownership as against public ownership fosters innovation. Hence, following the privatization policy of Mongolian Government which has led to the transfer of the ownership of hitherto state controlled and state directed firms to private individuals and organizations, expectations are high that sufficient motivation would be provided for firm managers to engage in innovative activities. This research focuses on the relationship between ownership structure, corporate governance on one hand and the level of innovation on the hand. The paper is empirical in nature and derives data from both reliable secondary and primary sources. Secondary data for the study was in respect of ownership structure of Mongolian listed firms and innovation trend in Mongolia generally. These were analyzed using tables, charts, bars and percentages. Personal interviews and surveys were held to collect primary data. Primary data was in respect of corporate governance practices in Mongolian firms and were collected using structured questionnaire. Out of a population of three hundred and twenty (320) companies listed on the Mongolian Stock Exchange (MSE), a sample size of thirty (30) randomly selected companies was utilized for the study. Five (5) management level employees were surveyed in each selected firm giving a total of one hundred and fifty (150) respondents. Data collected were analyzed and research hypotheses tested using Chi-Square test statistic. Research results showed that corporate governance mechanisms were better and have significantly improved overtime in privately held as opposed to publicly owned firms. Consequently, the levels of innovation in privately held firms were considerably higher. It was concluded that a significant and positive relationship exists between private ownership and good corporate governance on one hand and the level of funding provided for innovative activities in Mongolian firms on the other hand.

Keywords: Corporate governance, innovation, ownership structure, stock exchange.

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Authors: Nebu Tom John, N. Dhinakaran

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Multiparty voice over IP (MVoIP) systems allows a group of people to freely communicate each other via the internet, which have many applications such as online gaming, teleconferencing, online stock trading etc. Peertalk is a peer to peer multiparty voice over IP system (MVoIP) which is more feasible than existing approaches such as p2p overlay multicast and coupled distributed processing. Since the stream mixing and distribution are done by the peers, it is vulnerable to major security threats like nodes misbehavior, eavesdropping, Sybil attacks, Denial of Service (DoS), call tampering, Man in the Middle attacks etc. To thwart the security threats, a security framework called PEERTS (PEEred Reputed Trustworthy System for peertalk) is implemented so that efficient and secure communication can be carried out between peers.

Keywords: Key management system, peer-to-peer voice streaming, reputed trust management system, voice-over-IP.

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Authors: Ajay Shekhar Pandey, D. Singh, S. K. Sinha

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A clustering based technique has been developed and implemented for Short Term Load Forecasting, in this article. Formulation has been done using Mean Absolute Percentage Error (MAPE) as an objective function. Data Matrix and cluster size are optimization variables. Model designed, uses two temperature variables. This is compared with six input Radial Basis Function Neural Network (RBFNN) and Fuzzy Inference Neural Network (FINN) for the data of the same system, for same time period. The fuzzy inference system has the network structure and the training procedure of a neural network which initially creates a rule base from existing historical load data. It is observed that the proposed clustering based model is giving better forecasting accuracy as compared to the other two methods. Test results also indicate that the RBFNN can forecast future loads with accuracy comparable to that of proposed method, where as the training time required in the case of FINN is much less.

Keywords: Load forecasting, clustering, fuzzy inference.

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Authors: Bita Mashayekhi, Zeynab Lotfi Aghel

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The determinants of Earnings Response Coefficient (ERC), including firm size, earnings growth, and earnings persistence are studied in this research. These determinants are supposed to be moderator variables that affect ERC and Return Response Coefficient. The research sample contains 82 Iranian listed companies in Tehran Stock Exchange (TSE) from 2001 to 2012. Gathered data have been processed by EVIEWS Software. Results show a significant positive relation between firm size and ERC, and also between earnings growth and ERC; however, there is no significant relation between earnings persistence and ERC. Also, the results show that ERC will be increased by firm size and earnings growth, but there is no relation between earnings persistence and ERC.

Keywords: Earnings response coefficient, return response coefficient, firm size, earnings growth, earnings persistence.

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Authors: Eduardo F. Arias, William Cooke III, Zhaofei Fan, William Kingery

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During the last decade Panicum virgatum, known as Switchgrass, has been broadly studied because of its remarkable attributes as a substitute pasture and as a functional biofuel source. The objective of this investigation was to establish soil suitability for Switchgrass in the State of Mississippi. A linear weighted additive model was developed to forecast soil suitability. Multicriteria analysis and Sensitivity analysis were utilized to adjust and optimize the model. The model was fit using seven years of field data associated with soils characteristics collected from Natural Resources Conservation System - United States Department of Agriculture (NRCS-USDA). The best model was selected by correlating calculated biomass yield with each model's soils-based output for Switchgrass suitability. Coefficient of determination (r2) was the decisive factor used to establish the 'best' soil suitability model. Coefficients associated with the 'best' model were implemented within a Geographic Information System (GIS) to create a map of relative soil suitability for Switchgrass in Mississippi. A Geodatabase associated with soil parameters was built and is available for future Geographic Information System use.

Keywords: Aptness, GIS, sensitivity analysis, switchgrass, soil.

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Authors: Maria Damian, Carmen G. Bonaci, Jiří Strouhal, Razvan V. Mustata, Dumitru Matis, Jiřina Bokšová

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In the current context of globalization, a large number of companies sought to develop as a group in order to reach to other markets or meet the necessary criteria for listing on a stock exchange. The issue of consolidated financial statements prepared by a parent, an investor or a venture and the financial reporting standards guiding them therefore becomes even more important. The aim of our paper is to expose this issue in a consistent manner, first by summarizing the international accounting and financial reporting standards applicable before the 1st of January 2013 and considering the role of the crisis in shaping the standard setting process, and secondly by analyzing the newly issued/modified standards and main changes being brought

Keywords: Consolidated financial statements, control, IFRS 10, financial crisis.

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Authors: M. Pervan, I. Pervan, M. Todoric

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Using data of listed Croatian firms from the Zagreb Stock Exchange we analyze the relationship between firm ownership (ownership concentration and type) and performance (ROA). Empirical research was conducted for the period 2003-2010, yielding with the total of 1,430 observations. Empirical findings based on dynamic panel analysis indicate that ownership concentration variable - CR4 is negatively related with performance, i.e. listed firms with dispersed ownership perform better than firms with concentrated ownership. Also, the research indicated that foreign controlled listed firms perform better than domestically controlled firms. Majority state owned firms perform worse than privately held firms but dummy variable for privately controlled firms was not statistically significant in the estimated panel model.

Keywords: Croatia, firm, ownership, performance

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Authors: S. Madhavi, S. Abirami, C. Bharathi, B. Ekambaram, T. Krishna Sankar, A. Nattudurai, N. Vijayarangan

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The high utilization rate of Automated Teller Machine (ATM) has inevitably caused the phenomena of waiting for a long time in the queue. This in turn has increased the out of stock situations. The ATM utilization helps to determine the usage level and states the necessity of the ATM based on the utilization of the ATM system. The time in which the ATM used more frequently (peak time) and based on the predicted solution the necessary actions are taken by the bank management. The analysis can be done by using the concept of Data Mining and the major part are analyzed based on the predictive data mining. The results are predicted from the historical data (past data) and track the relevant solution which is required. Weka tool is used for the analysis of data based on predictive data mining.

Keywords: ATM, Bank Management, Data Mining, Historical data, Predictive Data Mining, Weka tool.

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Authors: Mangesh R. Phate, V. H. Tatwawadi

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This paper is intended to develop an artificial neural network (ANN) based model of material removal rate (MRR) in the turning of ferrous and nonferrous material in a Indian small-scale industry. MRR of the formulated model was proved with the testing data and artificial neural network (ANN) model was developed for the analysis and prediction of the relationship between inputs and output parameters during the turning of ferrous and nonferrous materials. The input parameters of this model are operator, work-piece, cutting process, cutting tool, machine and the environment.

The ANN model consists of a three layered feedforward back propagation neural network. The network is trained with pairs of independent/dependent datasets generated when machining ferrous and nonferrous material. A very good performance of the neural network, in terms of contract with experimental data, was achieved. The model may be used for the testing and forecast of the complex relationship between dependent and the independent parameters in turning operations.

Keywords: Field data based model, Artificial neural network, Simulation, Convectional Turning, Material removal rate.

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Authors: Helene Le Cadre

Abstract:

Three service providers in competition, try to optimize their quality of service / content level and their service access price. But, they have to deal with uncertainty on the consumers- preferences. To reduce their uncertainty, they have the opportunity to buy information and to build alliances. We determine the Shapley value which is a fair way to allocate the grand coalition-s revenue between the service providers. Then, we identify the values of β (consumers- sensitivity coefficient to the quality of service / contents) for which allocating the grand coalition-s revenue using the Shapley value guarantees the system stability. For other values of β, we prove that it is possible for the regulator to impose a per-period interest rate maximizing the market coverage under equal allocation rules.

Keywords: Alliance, Shapley value, Stability, Repeated game, Interest rate.

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Authors: S. Farzi

Abstract:

Recently, a lot of attention has been devoted to advanced techniques of system modeling. PNN(polynomial neural network) is a GMDH-type algorithm (Group Method of Data Handling) which is one of the useful method for modeling nonlinear systems but PNN performance depends strongly on the number of input variables and the order of polynomial which are determined by trial and error. In this paper, we introduce GPNN (genetic polynomial neural network) to improve the performance of PNN. GPNN determines the number of input variables and the order of all neurons with GA (genetic algorithm). We use GA to search between all possible values for the number of input variables and the order of polynomial. GPNN performance is obtained by two nonlinear systems. the quadratic equation and the time series Dow Jones stock index are two case studies for obtaining the GPNN performance.

Keywords: GMDH, GPNN, GA, PNN.

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Authors: Kairat Zatov, Tursun Gabitov, Maral Botaeva, Moldagaliyev Bauyrzhan, Saira Shamahay

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Unlike Christianity and Buddhism, Islam, being one of the three universal world religions, actively penetrates into people-s everyday life. The main reason for this is that in Islam the religion and ideology, philosophy, religious organizations and state bodies are closely interrelated. In order to analyze the state of being of interrelations of religion and civil society in Kazakhstan, it is necessary to study Islam and its relations with spiritual culture of the society. According to the Constitution of the Republic of Kazakhstan the religion is separated from the state, i.e. each performs its own function without interfering into each other-s affairs. The right of the citizens of our republic to freedom of thinking and faith is based on the Constitution of the RK, Civil Code, Law “On freedom of faith and religious unions in the Republic of Kazakhstan". Legislatively secured separation of the mosque and church from the state does not mean that religion has no influence on the latter. The state, consisting of citizens with their own beliefs, including religious ones, cannot be isolated from the influence of religion. Nowadays it is commonly accepted that it is not possible to understand and forecast key social processes without taking into account the religious factor.

Keywords: Kazakhstan, Islam, Shamanism, tradition and innovation, fundamentalism, religious culture, spirit worship, tolerance, sectarianism, extremism and civilization.

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Authors: Sahar Modirzadehbami, Gholamreza Mansourfar

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Different types of Islamic debts have been increasingly utilized as preferred means of debt funding by Malaysian private firms in recent years. This study examines the impact of Islamic debts announcement on private firms- stock returns. Our sample includes forty five listed companies on Bursa Malaysia involved in issuing of Islamic debts during 2005 to 2008. The abnormal returns and cumulative average abnormal returns are calculated and tested using standard event study methodology. The results show that a significant, negative abnormal return occurs one day before announcement date. This negative abnormal return is representing market participant-s adverse attitude toward Islamic private debt announcement during the research period.

Keywords: Announcement effect, Event study, Islamic debts, Malaysia, Sukuk

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