Search results for: European Union banks
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 616

Search results for: European Union banks

226 Critical Issues of Inclusion of Aviation in EU Emissions Trading System

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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225 Comparison of Eurocodes EN310 and EN789 in Determining the Bending Strength and Modulus of Elasticity of Red Seraya Plywood Panel

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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224 Slovenian Text-to-Speech Synthesis for Speech User Interfaces

Authors: Jerneja Žganec Gros, Aleš Mihelič, Nikola Pavešić, Mario Žganec, Stanislav Gruden

Abstract:

The paper presents the design concept of a unitselection text-to-speech synthesis system for the Slovenian language. Due to its modular and upgradable architecture, the system can be used in a variety of speech user interface applications, ranging from server carrier-grade voice portal applications, desktop user interfaces to specialized embedded devices. Since memory and processing power requirements are important factors for a possible implementation in embedded devices, lexica and speech corpora need to be reduced. We describe a simple and efficient implementation of a greedy subset selection algorithm that extracts a compact subset of high coverage text sentences. The experiment on a reference text corpus showed that the subset selection algorithm produced a compact sentence subset with a small redundancy. The adequacy of the spoken output was evaluated by several subjective tests as they are recommended by the International Telecommunication Union ITU.

Keywords: text-to-speech synthesis, prosody modeling, speech user interface.

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223 IAS 41 Implementation Challenges – The Case of Romania

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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222 Synthesis, Physicochemical Characterization and Study of the Antimicrobial Activity of Chlorobutanol

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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221 Freedom of Expression and Its Restriction in Audio Visual Media

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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220 Preliminary Evaluation of Feasibility for Wind Energy Production on Offshore Extraction Platforms

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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219 Improved Closed Set Text-Independent Speaker Identification by Combining MFCC with Evidence from Flipped Filter Banks

Authors: Sandipan Chakroborty, Anindya Roy, Goutam Saha

Abstract:

A state of the art Speaker Identification (SI) system requires a robust feature extraction unit followed by a speaker modeling scheme for generalized representation of these features. Over the years, Mel-Frequency Cepstral Coefficients (MFCC) modeled on the human auditory system has been used as a standard acoustic feature set for SI applications. However, due to the structure of its filter bank, it captures vocal tract characteristics more effectively in the lower frequency regions. This paper proposes a new set of features using a complementary filter bank structure which improves distinguishability of speaker specific cues present in the higher frequency zone. Unlike high level features that are difficult to extract, the proposed feature set involves little computational burden during the extraction process. When combined with MFCC via a parallel implementation of speaker models, the proposed feature set outperforms baseline MFCC significantly. This proposition is validated by experiments conducted on two different kinds of public databases namely YOHO (microphone speech) and POLYCOST (telephone speech) with Gaussian Mixture Models (GMM) as a Classifier for various model orders.

Keywords: Complementary Information, Filter Bank, GMM, IMFCC, MFCC, Speaker Identification, Speaker Recognition.

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218 Synthesis, Physicochemical Characterization and Study of the Antimicrobial Activity of Chlorobutanol

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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217 In Search of Zero Beta Assets: Evidence from the Sukuk Market

Authors: Andrea Paltrinieri, Alberto Dreassi, Stefano Miani, Alex Sclip

Abstract:

The financial crises caused a collapse in prices of most asset classes, raising the attention on alternative investments such as sukuk, a smaller, fast growing but often misunderstood market. We study diversification benefits of sukuk, their correlation with other asset classes and the effects of their inclusion in investment portfolios of institutional and retail investors, through a comprehensive comparison of their risk/return profiles during and after the financial crisis. We find a beneficial performance adjusted for the specific volatility together with a lower correlation especially during the financial crisis. The distribution of sukuk returns is positively skewed and leptokurtic, with a risk/return profile similarly to high yield bonds. Overall, our results suggest that sukuk present diversification opportunities, a significant volatility-adjusted performance and lower correlations especially during the financial crisis. Our findings are relevant for a number of institutional investors. Long term investors, such as life insurers would benefit from sukuk’s protective features during financial crisis yet keeping return and growth opportunities, whereas banks would gain due to their role of placers, advisors, market makers or underwriters.

Keywords: Asset allocation, asset performance, sukuk, zero beta asset.

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216 Flood-Induced River Disruption: Geomorphic Imprints and Topographic Effects in Kelantan River Catchment from Kemubu to Kuala Besar, Kelantan, Malaysia

Authors: Mohamad Muqtada Ali Khan, Nor Ashikin Shaari, Donny Adriansyah Bin Nazaruddin, Hafzan Eva Bt Mansoor

Abstract:

Floods play a key role in landform evolution of an area. This process is likely to alter the topography of the earth’s surface. The present study area, Kota Bharu is very prone to floods extends from upstream of Kelantan River near Kemubu to the downstream area near Kuala Besar. These flood events which occur every year in the study area exhibit a strong bearing on river morphological set-up. In the present study, three satellite imageries of different time periods have been used to manifest the post-flood landform changes. The pre-processing of the images such as subset, geometric corrections and atmospheric corrections were carried-out using ENVI 4.5 followed by the analysis processes. Twenty sets of cross sections were plotted using software Erdas 9.2, ERDAS and ArcGis 10 for the all three images. The results show a significant change in the length of the cross section which suggest that the geomorphological processes play a key role in carving and shaping the river banks during the floods. 

Keywords: Flood Induced, Geomorphic imprints, Kelantan river, Malaysia.

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215 The Impact of Corporate Governance Regulation in the Nigerian Banking Sector

Authors: Simisola I. Akintoye, Sunday K. Iyaniwura

Abstract:

Recent global corporate failures have called for increase in the need to regulate corporate governance across the world. In Nigeria, the impact of corporate governance regulation in the banking sector has reached epidemic levels contributing to the country’s economic depression. This study critically evaluates Nigeria’s corporate governance regime and explores how weak regulation has impacted on the banking sector. By adopting a socio legal methodology, the study analyses both theoretical and empirical works from a socio-scientific point of view to examine the role of Nigeria’s legal, cultural and social arrangements in corporate governance regulation. The study reveals that Nigeria’s institutional arrangement has contributed to its weak system of corporate governance regulation with adverse effects on the banking sector. The research mainly impacts on current global corporate governance literature in sub-Saharan Africa by contributing to knowledge of the peculiarities of corporate governance regulation in different institutional jurisdictions. The particular focus on emerging economies such as Nigeria expands on the need for countries to develop a bespoke system of corporate governance regulation that takes into consideration the peculiarities of individual countries devoid of external influence.

Keywords: Banks, corporate governance, emerging economies, Nigeria.

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214 Innovation, e-Learning and Higher Education: An Example of a University- LMS Adoption Process

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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213 Reliability of Digital FSO Links in Europe

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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212 The Model of Blended Learning and Its Use at Foreign Language Teaching

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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211 Survey Based Data Security Evaluation in Pakistan Financial Institutions against Malicious Attacks

Authors: Naveed Ghani, Samreen Javed

Abstract:

In today’s heterogeneous network environment, there is a growing demand for distrust clients to jointly execute secure network to prevent from malicious attacks as the defining task of propagating malicious code is to locate new targets to attack. Residual risk is always there no matter what solutions are implemented or whet so ever security methodology or standards being adapted. Security is the first and crucial phase in the field of Computer Science. The main aim of the Computer Security is gathering of information with secure network. No one need wonder what all that malware is trying to do: It's trying to steal money through data theft, bank transfers, stolen passwords, or swiped identities. From there, with the help of our survey we learn about the importance of white listing, antimalware programs, security patches, log files, honey pots, and more used in banks for financial data protection but there’s also a need of implementing the IPV6 tunneling with Crypto data transformation according to the requirements of new technology to prevent the organization from new Malware attacks and crafting of its own messages and sending them to the target. In this paper the writer has given the idea of implementing IPV6 Tunneling Secessions on private data transmission from financial organizations whose secrecy needed to be safeguarded.

Keywords: Network worms, malware infection propagating malicious code, virus, security, VPN.

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210 Online Programme of Excellence Model (OPEM)

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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209 Sustainability through Self-Restriction: Livelihood Strategies of Urban Households in Kazakhstan

Authors: Daurenbek Kuleimenov

Abstract:

Urban life is characterized by rapid changes and high influence of market institutions on livelihood strategies of households to get sustainability, especially in countries of former Soviet Union challenged transformation of economy to the market type. Moving from socialistic worldviews to capitalistic ones which as usual regulated by free markets has been enough big challenge for households in urban area, which have to face with adaptation to new systems. Influence of market institutions on everyday life and planning system of households can destroy traditional household dispositions of the sustainable managing of a family budget. New changes of economy system can lead to splitting up large social networks and appearing new risky livelihood strategies of households. Urban households from Astana that is the capital city of Kazakhstan were interviewed within international research project “Livelihoods Strategies of Private Households in Central Asia. A Rural-Urban Comparison in Kazakhstan and Kyrgyzstan”, which enables to explore urgent issues of livelihood strategies of urban households in current Kazakhstan under influence of the spreading of market institutions from the micro level research focus of their everyday life.

Keywords: Market institutions, Sustainability, Transformation economy, Urban households.

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208 Food Security in Nigeria: An Examination of Food Availability and Accessibility in Nigeria

Authors: Chimaobi Valentine Okolo, Chizoba Obidigbo

Abstract:

As a basic physiology need, threat to sufficient food production is threat to human survival. Food security has been an issue that has gained global concern. This paper looks at the food security in Nigeria by assessing the availability of food and accessibility of the available food. The paper employed multiple linear regression technique and graphic trends of growth rates of relevant variables to show the situation of food security in Nigeria. Results of the tests revealed that population growth rate was higher than the growth rate of food availability in Nigeria for the earlier period of the study. Commercial bank credit to agricultural sector, foreign exchange utilization for food and the Agricultural Credit Guarantee Scheme Fund (ACGSF) contributed significantly to food availability in Nigeria. Food prices grew at a faster rate than the average income level, making it difficult to access sufficient food. It implies that prior to the year 2012; there was insufficient food to feed the Nigerian populace. However, continued credit to the food and agricultural sector will ensure sustained and sufficient production of food in Nigeria. Microfinance banks should make sufficient credit available to smallholder farmer. Government should further control and subsidize the rising price of food to make it more accessible by the people.

Keywords: Food security, food availability and food accessibility.

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207 Risk Assessment of Acrylamide Intake from Roasted Potatoes in Latvia

Authors: Irisa Murniece, Daina Karklina, Ruta Galoburda

Abstract:

From food consumption surveys has been found that potato consumption comparing to other European countries is one of the highest. Hence acrylamide (AA) intake coming from fried potatoes in population might be high as well. The aim of the research was to determine acrylamide content and estimate intake of acrylamide from roasted potatoes bred and cultivated in Latvia. Five common Latvian potato varieties were selected: Lenora, Brasla, Imanta, Zile, and Madara. A two-year research was conducted during two periods: just after harvesting and after six months of storage. Time and temperature (210 ± 5°C) was recorded during frying. AA was extracted from potatoes by solid phase extraction and AA content was determined by LC-MS/MS. estimated intake of acrylamide ranges from 0.012 to 0.496μgkg-1 BW per day.

Keywords: potato, roasting, variety, acrylamide, Latvia, risk assessment.

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206 Hydrogeological Aspects of Washing Waste Reuse in Quarry Lakes Rehabilitation

Authors: Paola Gattinoni, Laura Scesi

Abstract:

According to the European laws, there is the possibility of reusing the washing wastes for the environmental requalification of quarry lakes. The paper deals with the hydrogeological aspects involved in this possibility, as the introduction of finest wastes in the quarry lakes can generate alterations of the hydrogeological setting of the area, and problems for the future accessibility of the zone. To evaluate the hydrogeological compatibility of the washing wastes reuse in quarry lakes a groundwater numerical model was carried out, pointing out both the hydrogeological feasibility of this intervention and some guide lines for its optimization, in terms of inflow point with regard the groundwater flow direction and loss of volume in the quarry lake.

Keywords: Groundwater numerical modeling, hydrogeologicalalteration, quarry lake, silty-clay wastes.

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205 Current Situation of Maritime Transport and Logistics in Myanmar

Authors: S. N. S. Thein, H. L. Yang, Z. B. Liu

Abstract:

There are many modes of transport. Among them, maritime transport is a major transportation mode of international trade. In the Republic of the Union of Myanmar (Burma), water transportation served as one of the most important modes of transport for country's exports and imports. Getting the accurate information and data-gathering activity are the most important aspects for any study field. Therefore, in this research, a historical review of the development of ports in Myanmar and how they have changed had been carried out. All the relevant literature and documents have also been reviewed, studied, and organized. The sources of collected data are from reports, journals, internet, as well as from the publications of authorized organizations and international associations. To get better understanding about real situation of maritime transport and logistics in Myanmar; current condition of existing ports, expansion and on-going projects, and future port development plans are described successively. Hence, the main purpose of this study is to build up a comprehensive picture of maritime transport and logistics, in addition to border trade within ASEAN and Myanmar. It will help for academic researchers, decision makers, and stakeholders for national planning as well as for the local and foreign investors to recognize current situation of maritime transport and logistics in Myanmar.

Keywords: ASEAN, border trade, logistics, maritime transport, ports of Myanmar.

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204 An Empirical Analysis of the Board Composition Concerning Logistics Competencies

Authors: Ingrid Göpfert, Michael Stephan, Wanja Wellbrock, Malte Ackermann

Abstract:

Empirical insights into the implementation of logistics competencies at the top management level are scarce. This paper addresses this issue with an explorative approach which is based on a dataset of 872 observations in the years 2000, 2004 and 2008 using quantitative content analysis from annual reports of the 500 publicly listed firms with the highest global research and development expenditures according to the British Department for Business Innovation and Skills. We find that logistics competencies are more pronounced in Asian companies than in their European or American counterparts. On an industrial level the results are quite mixed. Using partial point-biserial correlations we show that logistics competencies are positively related to financial performance.

Keywords: Logistics, supply chain management, content analysis, executive boards, multinational corporations.

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203 Basket Option Pricing under Jump Diffusion Models

Authors: Ali Safdari-Vaighani

Abstract:

Pricing financial contracts on several underlying assets received more and more interest as a demand for complex derivatives. The option pricing under asset price involving jump diffusion processes leads to the partial integral differential equation (PIDEs), which is an extension of the Black-Scholes PDE with a new integral term. The aim of this paper is to show how basket option prices in the jump diffusion models, mainly on the Merton model, can be computed using RBF based approximation methods. For a test problem, the RBF-PU method is applied for numerical solution of partial integral differential equation arising from the two-asset European vanilla put options. The numerical result shows the accuracy and efficiency of the presented method.

Keywords: Radial basis function, basket option, jump diffusion, RBF-PUM.

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202 The Impact of Corporate Governance on Risk Taking in European Insurance Industry

Authors: Francesco Venuti, Simona Alfiero

Abstract:

The aim of this paper is to develop an empirical research on the nature and consequences of corporate governance on Eurozone Insurance Industry risk taking attitude. More particularly, we analyzed the effect of public ownership on risk taking with respect to privately held Insurance Companies. We also analyzed the effects on risk taking attitude of different degrees of ownership concentration, directors compensation, and the dimension/diversity of the Board of Directors. Our results provide quite strong evidence that, coherently with the Agency Theory, publicly traded insurance companies with more concentrated ownership are less risky than the corresponding privately held.

Keywords: Agency theory, corporate governance, insurance companies, risk taking.

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201 Hybrid Authentication System Using QR Code with OTP

Authors: Salim Istyaq

Abstract:

As we know, number of Internet users are increasing drastically. Now, people are using different online services provided by banks, colleges/schools, hospitals, online utility, bill payment and online shopping sites. To access online services, text-based authentication system is in use. The text-based authentication scheme faces some drawbacks with usability and security issues that bring troubles to users. The core element of computational trust is identity. The aim of the paper is to make the system more compliable for the imposters and more reliable for the users, by using the graphical authentication approach. In this paper, we are using the more powerful tool of encoding the options in graphical QR format and also there will be the acknowledgment which will send to the user’s mobile for final verification. The main methodology depends upon the encryption option and final verification by confirming a set of pass phrase on the legal users, the outcome of the result is very powerful as it only gives the result at once when the process is successfully done. All processes are cross linked serially as the output of the 1st process, is the input of the 2nd and so on. The system is a combination of recognition and pure recall based technique. Presented scheme is useful for devices like PDAs, iPod, phone etc. which are more handy and convenient to use than traditional desktop computer systems.

Keywords: Graphical Password, OTP, QR Codes, Recognition based graphical user authentication, usability and security.

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200 A Retrospective of Wind Turbine Architectural Integration in the Built Environment

Authors: Stefano Degrassi, Marco Raciti Castelli, Ernesto Benini

Abstract:

Since the European renewable energy directives set the target for 22.1% of electricity generation to be supplied by 2010 [1], there has been increased interest in using green technologies also within the urban enviroment. The most commonly considered installations are solar thermal and solar photovoltaics. Nevertheless, as observed by Bahaj et al. [2], small scale turbines can reduce the built enviroment related CO2 emissions. Thus, in the last few years, an increasing number of manufacturers have developed small wind turbines specifically designed for the built enviroment. The present work focuses on the integration into architectural systems of such installations and presents a survey of successful case studies.

Keywords: Wind turbines, architectural integration, wind resources, urban areas, built enviroment, renewable technologies.

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199 Everyday Life in the City of Kyzylorda and Almaty in the 20-30-s of the XX Century (State Health Services)

Authors: Zhalmagambetov Yerlanbek, Assymova Dariya, Tashieva Saltanat, and Aliya Bolatkhan

Abstract:

The relevance of the study of everyday life in Almaty and Kyzylorda are associated with the emergence of the modern trends in historiography and socializing areas of government reform. The relevance is due to the fact that in the early twentieth century Kyzylorda and Almaty began to develop as a city and this period has a special place in the life of the state. An interesting aspect of the everyday life of the inhabitants of the new city, which was built in the era of Stalin's Five-Year Plans, can be examined through the eyes of the Soviet people living in a specific environment, reflecting the life of the citizens. The study of industrialization of the Soviet Union and the attention paid to new developments in the first five years of everyday aspects as the impact of the modernization of the 1930s was one of the decisive factors in the lives of residents. Among these factors, we would like to highlight the medical field, which is the basis of all human life, specifically focusing on the state of medicine in Alma-Ata in the first 20-30-years of the twentieth century, and analyze the different aspects of human life, determining the quality of medical care to the population during this period.

Keywords: Alma Ata, capital, epidemic diseases, health care, Kyzylorda, the USSR, Vernyj.

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198 Problems of Innovation Development of Wireless Data Transfer Branch in the Cellular Market of Kazakhstan

Authors: Yessengeldy Kuanyshpayev

Abstract:

Now in some countries of the world the cellular market is on the point of saturation, in others - positive dynamics of development kept on. The reasons for it are also different, but there are united by their general susceptibility to innovation changes, if they are really innovative. If to take as an example the cellular market of Kazakhstan it is defined by the low percent of smart phones at consumers, the low population density, undercapacity of the 3G channel, and absence of universal access to the LTE technology that limits dynamical growth of this branch. These moments are aggravated by failures of starting commercial projects by private companies which prevent to be implemented and widely adopted to a new product among consumers. The object of the research is possible integration of wireless and program technologies at which introduction the idea can regenerate in an innovation. The analysis of existing projects in the market and the possible union of the technologies through a prism of theoretical bases of innovative activity shows that efficiency of the company by development and introduction of innovations is possible only thanks to strict observance of all terms and conditions of the innovative process which main term is profit. Despite that fact that on a global scale the innovativeness issue of companies is very popular, there are no researches about possibility of innovative breaks in the field of wireless access to the Internet in the cellular market of Kazakhstan.

Keywords: Cellular market, commercialization, innovation, the effectiveness of company.

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197 A “Greedy“ Czech Manufacturing Case

Authors: George Cristian Gruia, Michal Kavan

Abstract:

The article describes a case study on one of Czech Republic-s manufacturing middle size enterprises (ME), where due to the European financial crisis, production lines had to be redesigned and optimized in order to minimize the total costs of the production of goods. It is considered an optimization problem of minimizing the total cost of the work load, according to the costs of the possible locations of the workplaces, with an application of the Greedy algorithm and a partial analogy to a Set Packing Problem. The displacement of working tables in a company should be as a one-toone monotone increasing function in order for the total costs of production of the goods to be at minimum. We use a heuristic approach with greedy algorithm for solving this linear optimization problem, regardless the possible greediness which may appear and we apply it in a Czech ME.

Keywords: Czech, greedy algorithm, minimize, total costs.

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