Search results for: pricing European options

Authors: Juha Kettunen

Abstract:

The study analyzes the quality and the size of the strategic network of higher education institutions and the concept of fitness for purpose in quality assurance. It also analyses the transaction costs of networking that have consequences on the number of members in the network. Empirical evidence is presented from the Consortium on Applied Research and Professional Education, which is a European strategic network of six higher education institutions. The results of the study support the argument that the number of members in the strategic network should be relatively small to provide high-quality results. The practical importance is that networking has been able to promote international research and development projects. The results of this study are important for those who want to design and improve international networks in higher education.

Keywords: Higher education, network, research and development, strategic management.

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Authors: Philip Speranza

Abstract:

As everyday transit options are shifting from autocentric to pedestrian and bicycle oriented modes for healthy living, downtown streets are becoming more attractive places to live. However, tools and methods to measure the natural environment at the small scale of streets do not exist. Fortunately, a combination of mobile data collection technology and parametric urban design software now allows an interface to relate urban ecological conditions. This paper describes creation of an interactive tool to measure urban phenomena of air, water, and heat/light at the scale of new three-by-three block pedestrianized areas in Barcelona called Superilles. Each Superilla limits transit to the exterior of the blocks and to create more walkable and bikeable interior streets for healthy living. The research will describe the integration of data collection, analysis, and design output via a live interface using parametric software Rhino Grasshopper and the Human User Interface (UI) plugin.

Keywords: Transit, urban design, GIS, parametric design, Superilles, Barcelona, urban ecology.

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Authors: Hussain Ali Bekhet, Endang Jati Mat Sahid

Abstract:

For the past few decades, the Malaysian economy has expanded at an impressive pace, whilst, the Malaysian population has registered a relatively high growth rate. These factors had driven the growth of final energy demand. The ballooning energy demand coupled with the country’s limited indigenous energy resources have resulted in an increased of the country’s net import. Therefore, acknowledging the precarious position of the country’s energy self-sufficiency, this study has identified three main concerns regarding energy security, namely; over-dependence on fossil fuel, increasing energy import dependency, and increasing energy consumption per capita. This paper discusses the recent energy demand and supply trends, highlights the policies that are affecting energy security in Malaysia and suggests strategic options towards achieving energy security. The paper suggested that diversifying energy sources, reducing carbon content of energy, efficient utilization of energy and facilitating low-carbon industries could further enhance the effectiveness of the measures as the introduction of policies and initiatives will be more holistic.

Keywords: Energy security, electricity, energy policy, renewable energy, energy efficiency, Malaysia.

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Authors: Andrzej Przemyslaw Kusnierczak

Abstract:

Advances in technology (e.g. the internet, telecommunication) and political changes (fewer trade barriers and an enlarged European Union, ASEAN, NAFTA and other organizations) have led to develop international competition and expand into new markets. Companies in Thailand, Asia and around the globe are increasingly being pressured on price and for faster time to enter the market. At the same time, new markets are appearing and many companies are looking for changes and shifts in their domestic markets. These factors have enabled the rapid growth for companies and globalizing many different business activities during the product development process from research and development (R&D) to production. This research will show and clarify methods how to develop global product. Also, it will show how important is a global product impact into Thai Economy development.

Keywords: Development, global, management, product.

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Authors: Orathai Wongmetha, Lih-Shang Ke

Abstract:

The quality attributes and storage life of 'Jinhwang' mango fruit can be effectively maintained with 1-methylcyclopropene (1-MCP) application and/or chitosan coating. 'Jinhwang' mango fruit was treated with 5 μl l-1 1-MCP for 12 h, dipped with 0.5 % chitosan, 5 μl l-1 1-MCP combine with 0.5 % chitosan and untreated (control) then stored at 10oC. Mango treated with 1-MCP maintained firmness, sucrose and starch content. Chitosan coating delayed firmness loss, sucrose content and the fruit decay when compare with control. Application of 1-MCP combine with chitosan also delayed firmness loss, sucrose content and starch content during storage. Furthermore, chitosan coating and combine treatment prolonged storage life of mango up to 29 days after storage while 1-MCP extended to 28 days after storage. Therefore, using all application of chitosan coating or 1-MCP combine with chitosan or 1-MCP in mango at 10oC is a feasible technology for maintains quality and prolongs storage life in order to expand marketability and export options.

Keywords: 1-Methylcyclopropene (1-MCP), chitosan, quality, storage life

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Authors: Azhar E. Serikkaliyeva, Nurzhamal A. Aldabek

Abstract:

The purpose of this article is to analyze economic and political tendencies of development of integration processes with different developing level and speed on the Eurasian space, by considering two organizations at the region – Eurasian Economic Community and Shanghai Cooperation Organization, by considering the interests of participations in organizations of Russia and China as a global powers and Kazakhstan as a leader among the Central Asian countries. This article investigates what certain goals Eurasian countries (especially Russia, Kazakhstan and China) are waiting from integration within the SCO and the EurAsEC, linking the process with the theories of regional integration. After European debt crisis it is more topically to research the integration within the specific region's conditions.

Keywords: Eurasian Economic Community, China, Kazakhstan, Shanghai Cooperation Organization, Regional integration, Russia.

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Authors: B. Montero, M. Rico, A. Ares, R. Bouza

Abstract:

The development of competences and practical capacities of students is getting an important incidence into the guidelines of the European Higher Education Area (EHEA). The methodology applied in this work is based on the education through directed resolution of practical cases. All cases are related to professional tasks that the students will have to develop in their future career. The method is intended to form the necessary competences of students of the Marine Engineering and Maritime Transport Degree in the matter of “Physics". The experience was applied in the course of 2011/2012. Students were grouped, and a practical task was assigned to them, that should be developed and solved within the team. The aim was to realize students learning by three ways: their own knowledge, the contribution of their teammates and the teacher's direction. The results of the evaluation were compared with those obtained previously by the traditional teaching method.

Keywords: Cooperation, Marine Engineering, Self-learning skills.

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Authors: Eugene Y. C. Wong, Henry Y. K. Lau, Mardjuki Raman

Abstract:

CO₂ emissions from maritime transport operations represent a substantial part of the total greenhouse gas emission. Vessels are designed with better energy efficiency. Minimizing CO₂ emission in maritime operations plays an important role in supply chain decarbonisation. This paper reviews the initiatives on slow steaming operations towards the reduction of carbon emission. It investigates the relationship and impact among slow steaming cost reduction, carbon emission reduction, and shipment delay. A scenario-based cost-driven decision support model is developed to facilitate the selection of the optimal slow steaming options, considering the cost on bunker fuel consumption, available speed, carbon emission, and shipment delay. The incorporation of the social cost of cargo is reviewed and suggested. Additional measures on the effect of vessels sizes, routing, and type of fuels towards decarbonisation are discussed.

Keywords: Slow steaming, carbon emission, maritime logistics, sustainability, green supply chain.

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Authors: D. Tsuanyo, D. Aussel, Y. Azoumah, P. Neveu

Abstract:

An innovative concept called “Flexy-Energy” is developing at 2iE. This concept aims to produce electricity at lower cost by smartly mix different available energy sources in accordance to the load profile of the region. With a higher solar irradiation and due to the fact that Diesel generator are massively used in sub-Saharan rural areas, PV/Diesel hybrid systems could be a good application of this concept and a good solution to electrify this region, provided they are reliable, cost effective and economically attractive to investors. Presentation of the developed approach is the aims of this paper. The PV/Diesel hybrid system designed consists to produce electricity and/or heat from a coupling between Diesel Diesel generators and PV panels without batteries storage, while ensuring the substitution of gasoil by bio-fuels available in the area where the system will be installed. The optimal design of this system is based on his technical performances; the Life Cycle Cost (LCC) and Levelized Cost of Energy are developed and use as economic criteria. The Net Present Value (NPV), the internal rate of return (IRR) and the discounted payback (DPB) are also evaluated according to dual electricity pricing (in sunny and unsunny hours). The PV/Diesel hybrid system obtained is compared to the standalone Diesel Diesel generators. The approach carried out in this paper has been applied to Siby village in Mali (Latitude 12 ° 23'N 8 ° 20'W) with 295 kWh as daily demand.This approach provides optimal physical characteristics (size of the components, number of component) and dynamical characteristics in real time (number of Diesel generator on, their load rate, fuel specific consumptions, and PV penetration rate) of the system. The system obtained is slightly cost effective; but could be improved with optimized tariffing strategies.

Keywords: Investments criteria, Optimization, PV hybrid, Sizing, Rural electrification.

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Authors: Seyed Abolhasan Naeini, M. Mortezaee

Abstract:

Various factors such as the method of installation, the pile type, the pile material and the pile shape, can affect the final bearing capacity of a pile executed in the soil; among them, the method of installation is of special importance. The physical modeling is among the best options in the laboratory study of the piles behavior. Therefore, the current paper first presents and reviews the frustum confining vessel (FCV) as a suitable tool for physical modeling of deep foundations. Then, by describing the loading tests of two open-ended and closed-end steel piles, each of which has been performed in two methods, “with displacement" and "without displacement", the effect of end conditions and installation method on the final bearing capacity of the pile is investigated. The soil used in the current paper is silty sand of Firuzkuh, Iran. The results of the experiments show that in general the without displacement installation method has a larger bearing capacity in both piles, and in a specific method of installation the closed ended pile shows a slightly higher bearing capacity.

Keywords: physical modeling, frustum confining vessel, pile, bearing capacity, installation method

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Authors: Ioan Popa, Cristiana Tudor, Radu Lupu

Abstract:

The interdependences among stock market indices were studied for a long while by academics in the entire world. The current financial crisis opened the door to a wide range of opinions concerning the understanding and measurement of the connections considered to provide the controversial phenomenon of market integration. Using data on the log-returns of 17 stock market indices that include most of the CEE markets, from 2005 until 2009, our paper studies the problem of these dependences using a new methodological tool that takes into account both the volatility clustering effect and the stochastic properties of these linkages through a Dynamic Conditional System of Simultaneous Equations. We find that the crisis is well captured by our model as it provides evidence for the high volatility – high dependence effect.

Keywords: Stock market interdependences, Dynamic System ofSimultaneous Equations, financial crisis

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Authors: Wei-Ju, Huang

Abstract:

It is claimed that a new style of urban planning and policy intertwined with ICT is emerging and urban planning and ICT policy are no longer considered as separate disciplines. The interactions between electronic spaces and urban spaces are so complex and uncertain that confront urban planners and policy makers with great challenges. However, the assumption about the relationship between ICT and urban planning is mainly based on North American and European experiences. In the light of empirical evidence from Taipei City, this paper shows that this new type of urban planning and policy intertwined with ICT has existed in Asian city for a decade as well. Based on these results, this paper further reviews how the Taipei City government implements this new type of urban ICT planning and the validity and realism of its underlying assumptions. Finally, it also explores the extent to which urban ICT planning could promote positive synergies between physical and electronic developments.

Keywords: ICT, Taipei City, Urban ICT Planning.

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Authors: S. Jakšić, B. Žmuk

Abstract:

The paper investigates the key factors of export dynamics for a set of Central and Southeast European (CSEE) countries in the context of current economic and financial crisis. In order to model the export dynamics a Global Vector Auto Regressive (GVAR) model is defined. As opposed to models which model each country separately, the GVAR combines all country models in a global model which enables obtaining important information on spillover effects in the context of globalisation and rising international linkages. The results of the study indicate that for most of the CSEE countries, exports are mainly driven by domestic shocks, both in the short run and in the long run. This study is the first application of the GVAR model to studying the export dynamics in the CSEE countries and therefore the results of the study present an important empirical contribution.

Keywords: Export, GFEVD, Global VAR, International trade, weak exogeneity.

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Authors: May A. Massoud

Abstract:

The availability of water in adequate quantity and quality is imperative for sustainable development. Worldwide, significant imbalance exists with regards to sustainable development particularly from a water and sanitation perspective. Water is a critical component of public health, and failure to supply safe water will place a heavy burden on the entire population. Although the 21st century has witnessed wealth and advanced development, it has not been realized everywhere. Billions of people are still striving to access the most basic human needs which are food, shelter, safe drinking water and adequate sanitation. The global picture conceals various inequalities particularly with regards to sanitation coverage in rural and urban areas. Currently, water scarcity and in particular water governance is the main challenge which will cause a threat to sustainable development goals. Within the context of water, sanitation and health, sustainable development is a confusing concept primarily when examined from the viewpoint of policy options for developing countries. This perspective paper aims to summarize and critically evaluate evidence of published studies in relation to water, sanitation and health and to identify relevant solutions to reduce public health impacts. Evidently, improving water and sanitation services will result in significant and lasting gains in health and economic development.

Keywords: developing countries, health, sanitation, sustainability, water

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Authors: Sz. Klátyik, B. Darvas, M. Mörtl, M. Ottucsák, E. Takács, H. Bánáti, L. Simon, G. Gyurcsó, A. Székács

Abstract:

Environmental and health safety of condiments used for spicing food products in food processing or by culinary means receive relatively low attention, even though possible contamination of spices may affect food quality and safety. Contamination surveys mostly focus on microbial contaminants or their secondary metabolites, mycotoxins. Chemical contaminants, particularly pesticide residues, however, are clearly substantial factors in the case of given condiments in the Capsicum family including spice paprika and chilli. To assess food safety and support the quality of the Hungaricum product spice paprika, the pesticide residue status of spice paprika and chilli is assessed on the basis of reported pesticide contamination cases and non-compliances in the Rapid Alert System for Food and Feed of the European Union since 1998.

Keywords: Spice paprika, Capsicum, pesticide residues, RASFF.

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Authors: Juraj Camaj, Martin Kendra, Jaroslav Masek

Abstract:

The paper is focused to the evaluation railway tracks in the Slovakia by using Multi-Criteria method. Evaluation of railway tracks has important impacts for the assessment of investment in technical equipment. Evaluation of railway tracks also has an important impact for the allocation of marshalling yards. Marshalling yards are in transport model as centers for the operation assigned catchment area. This model is one of the effective ways to meet the development strategy of the European Community's railways. By applying this model in practice, a transport company can guarantee a higher quality of service and then expect an increase in performance. The model is also applicable to other rail networks. This model supplements a theoretical problem of train formation problem of new ways of looking at evaluation of factors affecting the organization of wagon flows.

Keywords: Railway track, multi-criteria methods, evaluation, transportation model.

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Authors: Juha Kettunen

Abstract:

The purpose of this study is to visualize the strategic network of higher education institutions and its strategic directions. The strategy map of the balanced scorecard approach is developed to describe the strategic objectives and their causal relationships in higher education. The empirical part of the study presents the survey results of the desired strategic directions of the network obtained from the teachers and other staff of the member institutions. Research and development projects are the most important form of activity in the network, but education and many other forms also turn out to be important. The results of this study support the argument that a strategic innovation alliance is a suitable and useful way to promote collaboration among European higher education institutions. The results of the study can be used by those who wish to promote such international collaboration among higher education institutions.

Keywords: Balanced scorecard, higher education, social networking, strategic planning.

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Authors: M. S. Indati, H. A. Bekhet

Abstract:

Global CO₂ emission and increasing fuel consumption to meet energy demand has become a threat in recent decades. Effort to reduce the CO₂ emission is now a matter of priority in most countries of the world including Malaysia. Transportation has been identified as the most intensive sector of carbon-based fuels and achievement of the voluntary target to meet 40% carbon intensity reduction set at the 15^th Conference of the Parties (COP15) means that the emission from the transport sector must be reduced accordingly. This posed a great challenge to Malaysia and effort has to be made to embrace suitable and appropriate energy policy for sustainable energy and emission reduction of this sector. The focus of this paper is to analyze the trends of Malaysia’s energy consumption and emission of four different transport sub-sectors (road, rail, aviation and maritime). Underlying factors influencing the growth of energy consumption and emission trends are discussed. Besides, technology status towards energy efficiency in transportation sub-sectors is presented. By reviewing the existing policies and trends of energy used, the paper highlights prospective policy options towards achieving emission reduction in the transportation sector.

Keywords: CO2 Emission, Energy policy, Fuel consumption, Transportation sector, Malaysia.

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Authors: J. Palán, M. Zemko

Abstract:

COMTES FHT has been active in a field of research and development of high-strength wires for quite some time. The main material was pure titanium. The primary goal of this effort is to develop a continuous production process for ultrafine and nanostructured materials with the aid of severe plastic deformation (SPD). This article outlines mechanical and microstructural properties of the materials and the options available for testing the components made of these materials. Ti Grade 2 and Grade 4 wires are the key products of interest. Ti Grade 2 with ultrafine to nano-sized grain shows ultimate strength of up to 1050 MPa. Ti Grade 4 reaches ultimate strengths of up to 1250 MPa. These values are twice or three times as higher as those found in the unprocessed material. For those fields of medicine where implantable metallic materials are used, bulk ultrafine to nanostructured titanium is available. It is manufactured by SPD techniques. These processes leave the chemical properties of the initial material unchanged but markedly improve its final mechanical properties, in particular, the strength. Ultrafine to nanostructured titanium retains all the significant and, from the biological viewpoint, desirable properties that are important for its use in medicine, i.e. those properties which made pure titanium the preferred material also for dental implants.

Keywords: CONFORM SPD, ECAP, titanium, rotary swaging.

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Authors: Juha Kettunen

Abstract:

This study analyzes the quality and the size of the strategic network of higher education institutions. The study analyses the concept of fitness for purpose in quality assurance. It also analyses the transaction costs of networking that have consequences on the number of members in the network. Empirical evidence is presented of the Consortium on Applied Research and Professional Education, which is a European strategic network of six higher education institutions. The results of the study support the argument that the number of members in the strategic network should be relatively small to provide high quality results. The practical importance is that networking has been able to promote international research and development projects. The results of this study are important for those who want to design and improve international networks in higher education.

Keywords: Higher education, network, research and development, strategic management.

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Authors: Ketevan Kokrashvili, Rusudan Kutateladze, Nino Pailodze

Abstract:

Importance of management of legal entities under private law of which especially corporate management, as well as looking for ways of its improvement and perfection has become especially relevant in the twenty-first century, which was greatly contributed to by the global economic crisis. Some states have adopted Corporate Governance Codes; the European Union has set to work on a series of directives the main purpose of which is an improvement of corporate governance, provision of greater transparency and implementation of an effective control mechanism. This process is not yet completed, and various problematic issues associated with management of legal persons are still being debated among practitioner experts and scholars. Georgia is not an exception in this regard. The article discusses the legislative gaps, and in some cases, discrepancies having arisen in legal relationships under private law and having caused many practical problems. This especially applies to the management of capital companies.

Keywords: Business entities, corporate management, public capital management, collective norms, existing problems, legal discrepancies.

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Authors: Anita Kéri

Abstract:

Recent developments in the field of education have led to a renewed interest in teaching methodologies and practices. Gamification is fast becoming a key instrument in the education of new generations and besides other methods, serious games have become the center of attention. Ready-built serious games are available for most higher education institutions to buy and implement. However, monetary restraints and the unalterable nature of the games might deter most higher education institutions from the application of these serious games. Therefore, there is a continuously growing need for a customizable serious game that has been developed based on a concrete need analysis and experts’ opinion. There has been little evidence so far of serious games that have been created based on relevant and current need analysis from higher education institution teachers, professional practitioners and students themselves. Therefore, the aim of this current paper is to analyze the needs of higher education institution educators with special emphasis on their needs, the applicability of serious games in their classrooms, and exploring options for the development of a customizable serious game framework. The paper undertakes to analyze workshop discussions on implementing serious games in education and propose a customizable serious game framework applicable in the education of the new generation. Research results show that the most important feature of a serious game is its customizability. The fact that practitioners are able to manage different scenarios and upload their own content to a game seems to be a key to the increasingly widespread application of serious games in the classroom.

Keywords: Education, gamification, game-based learning, serious games.

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Authors: Charalampos Saridakis, Stelios Tsafarakis

Abstract:

Although environmental concern is on the rise across Europe, current market data indicate that adoption rates of environmentally friendly vehicles remain extremely low. Against this background, the aim of this paper is to a) assess preferences of European consumers for clean-fuel cars and their characteristics and b) design car lines that optimize the combination of fuel types among models in the line-up. In this direction, the authors introduce a new evolutionary mechanism and implement it to stated-preference data derived from a large-scale choice-based conjoint experiment that measures consumer preferences for various factors affecting clean-fuel vehicle (CFV) adoption. The proposed two-step methodology provides interesting insights into how new and existing fuel-types can be combined in a car line that maximizes customer satisfaction.

Keywords: Clean-fuel vehicles, product line design, conjoint analysis, choice experiment, differential evolution.

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Authors: Alfonso Bahillo, Juan Blas, Santiago Mazuelas, Patricia Fernanadez, Ruben Mateo Lorenzo, Evaristo Jose Abril

Abstract:

The wide increase and diffusion on telecommunication technologies have caused a huge spread of electromagnetic sources in most European Countries. Since the public is continuously being exposed to electromagnetic radiation the possible health effects have become the focus of population concerns. As a result, electromagnetic field monitoring stations which control field strength in commercial frequency bands are being placed on the flat roof of many buildings. However there is no guidance on where to place them. This paper presents an analysis of frequency, polarization and angles of incidence of a plane wave which impinges on a flat roof security wall and its dependence on electromagnetic field strength meters placement.

Keywords: EM field exposition, EM field strength meter, FDTD method, flat roof security wall, plane wave propagation.

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Authors: Mohammad Reza Oftadeh

Abstract:

The purpose of the article is to describe project objective structure (POS) concept that was developed on research activities and experiences about project management, Balanced Scorecard (BSC) and European Foundation Quality Management Excellence Model (EFQM Excellence Model). Furthermore, this paper tries to define a balanced, systematic, and integrated measurement approach to meet project objectives and project strategic goals based on a process-oriented model. In this paper, POS is suggested in order to measure project performance in the project life cycle. After using the POS model, the project manager can ensure in order to achieve the project objectives on the project charter. This concept can help project managers to implement integrated and balanced monitoring and control project work.

Keywords: Project objectives, project performance management, PMBOK, key performance indicators, integration management.

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Authors: Nafe Moradkhani, Frederick Benaben, Benoit Montreuil, Ali Vatankhah Barenji, Dima Nazzal

Abstract:

In the context of the global pandemic, the practical management of the 2020 presidential election in the USA was a strong concern. To anticipate and prepare for this election accurately, one of the main challenges was to confront: (i) forecasts of voter turnout, (ii) capacities of the facilities and, (iii) potential configuration options of resources. The approach chosen to conduct this anticipative study consists of collecting data about forecasts and using simulation models to work simultaneously on resource allocation and facility configuration of polling places in Fulton County, Georgia’s largest county. This article presents the results of the simulations of such places facing pre-identified potential risks. These results are oriented towards the efficiency of these places according to different criteria (health, trust, comfort). Then a dynamic framework is introduced to describe risks as physical forces perturbing the efficiency of the observed system. Finally, the main benefits and contributions resulting from this simulation campaign are presented.

Keywords: performance, decision support, simulation, artificial intelligence, risk management, election, pandemics, information system

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Authors: Karakulov Y., Baizakova K.

Abstract:

Kazakhstan attaches the great importance to cooperation with European countries within the framework of multilateral security organizations such as NATO. Cooperation of Kazakhstan with the NATO is a prominent aspect of strengthening of regional security of republic. It covers a wide spectrum of areas, such as reform of sector of defense and security, military operative compatibility of armed forces of NATO member-countries and Kazakhstan, civil emergency planning and scientific cooperation. The cooperation between Kazakhstan and NATO is based on the mutual interests of neighboring republics in the region so that the existing forms of cooperation between Kazakhstan and NATO will not be negatively perceived both in Asia as well as among CIS countries. Kazakhstan tailors its participation in the PfP programme through an annual Individual Partnership Programme, selecting those activities that will help achieve the goals it has set in the IPAP. Level of cooperation within the limits of PfP essentially differs on each republic. Cooperation with Kazakhstan progressed most of all since has been signed IPAP from the NATO

Keywords: Central Asia, Kazakhstan, NATO cooperation, regional security

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Authors: D. Danesh, M. J. Ryan, A. Abbasi

Abstract:

Project Portfolio Management (PPM) is an essential component of an organisation’s strategic procedures, which requires attention of several factors to envisage a range of long-term outcomes to support strategic project portfolio decisions. To evaluate overall efficiency at the portfolio level, it is essential to identify the functionality of specific projects as well as to aggregate those findings in a mathematically meaningful manner that indicates the strategic significance of the associated projects at a number of levels of abstraction. PPM success is directly associated with the quality of decisions made and poor judgment increases portfolio costs. Hence, various Multi-Criteria Decision Making (MCDM) techniques have been designed and employed to support the decision-making functions. This paper reviews possible options to enhance the decision-making outcomes in organisational portfolio management processes using the Analytic Hierarchy Process (AHP) both from academic and practical perspectives and will examine the usability, certainty and quality of the technique. The results of the study will also provide insight into the technical risk associated with current decision-making model to underpin initiative tracking and strategic portfolio management.

Keywords: Analytic hierarchy process, decision support systems, multi-criteria decision-making, project portfolio management.

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Authors: Kristýna Pokorná, Petr Teplý

Abstract:

This paper focuses on sovereign credit risk meaning a hot topic related to the current Eurozone crisis. In the light of the recent financial crisis, market perception of the creditworthiness of individual sovereigns has changed significantly. Before the outbreak of the financial crisis, market participants did not differentiate between credit risk born by individual states despite different levels of public indebtedness. In the proceeding of the financial crisis, the market participants became aware of the worsening fiscal situation in the European countries and started to discriminate among government issuers. Concerns about the increasing sovereign risk were reflected in surging sovereign risk premium. The main of this paper is to shed light on the characteristics of the sovereign risk with the special attention paid to the mutual relation between credit spread and the CDS premium as the main measures of the sovereign risk premium.

Keywords: cointegration, credit default swap, credit risk, credit spread, sovereign risk

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Authors: B. Zvirbule, I. Vilka

Abstract:

The Baltic States regained independence and started the pathway from command economy to market economy and entered European Union at the same time. Latter internationally recognized evaluations for the countries are diverse. The present diversity of the Baltic States -Economic Development is a subject of interest because of the similarities – all three are small, open economies, countries have similar geographic location and initially likewise historical and political backgrounds. This article explains relationship between social environment, business environment and economic growth. It argues that the elements of social environment underlie more successful economic development. It researches the causes, why Estonia has performed better in economic outcomes and development. The article analyses selection of socio-economic indicators of all three Baltic States – Latvia, Lithuania and Estonia for the time period of ten years to include the influence of economic cycles.

Keywords: Baltic States, economic development, economic growth, level of education, social environment.

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