Search results for: Financial stability
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 1888

Search results for: Financial stability

1498 Suitability of Entry into the Euro Area: An Excursion in Selected Economies

Authors: Ludk Benada, Jindika Sedova

Abstract:

The current situation in the eurozone raises a number of topics for discussion and to help in finding an answer to the question of whether a common currency is a more suitable means of coping with the impact of the financial crisis or whether national currencies are better suited to this. The economic situation in the EU is now considerably volatile and, due to problems with the fulfilment of the Maastricht convergence criteria, it is now being considered whether, in their further development, new member states will decide to distance themselves from the euro or will, in an attempt to overcome the crisis, speed up the adoption of the euro. The Czech Republic is one country with little interest in adopting the euro, justified by the fact that a better alternative to dealing with this crisis is an independent monetary policy and its ability to respond flexibly to the economic situation not only in Europe, but around the world. One attribute of the crisis in the Czech Republic and its mitigation is the freely floating exchange rate of the national currency. It is not only the Czech Republic that is attempting to alleviate the impact of the crisis, but also new EU member countries facing fresh questions to which theory have yet to provide wholly satisfactory answers. These questions undoubtedly include the problem of inflation targeting and the choice of appropriate instruments for achieving financial stability. The difficulty lies in the fact that these objectives may be contradictory and may require more than one means of achieving them. In this respect we may assume that membership of the euro zone might not in itself mitigate the development of the recession or protect the nation from future crises. We are of the opinion that the decisive factor in the development of any economy will continue to be the domestic economic policy and the operability of market economic mechanisms. We attempt to document this fact using selected countries as examples, these being the Czech Republic, Poland, Hungary, and Slovakia.

Keywords: Currency exchange rate, Maastricht convergence criteria, monetary union, public finances.

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1497 Stable Delta-Sigma Modulator with Signal Dependent Forward Path Gain for Industrial Applications

Authors: K. Diwakar, K. Aanandha Saravanan, C. Senthilpari

Abstract:

Higher order ΔΣ Modulator (DSM) is basically an unstable system. The approximate conditions for stability cannot be used for the design of a DSM for industrial applications where risk is involved. The existing second order, single stage, single bit, unity feedback gain , discrete DSM cannot be used for the normalized full range (-1 to +1) of an input signal since the DSM becomes unstable when the input signal is above ±0.55. The stability is also not guaranteed for input signals of amplitude less than ±0.55. In the present paper, the above mentioned second order DSM is modified with input signal dependent forward path gain. The proposed DSM is suitable for industrial applications where one needs the digital representation of the analog input signal, during each sampling period. The proposed DSM can operate almost for the full range of input signals (-0.95 to +0.95) without causing instability, assuming that the second integrator output should not exceed the circuit supply voltage, ±15 Volts.

Keywords: DSM, stability, SNR, state variables.

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1496 Mathieu Stability of Offshore Buoyant Leg Storage and Regasification Platform

Authors: S. Chandrasekaran, P. A. Kiran

Abstract:

Increasing demand for large-sized Floating, Storage and Regasification Units (FSRUs) for oil and gas industries led to the development of novel geometric form of Buoyant Leg Storage and Regasification Platform (BLSRP). BLSRP consists of a circular deck supported by six buoyant legs placed symmetrically with respect to wave direction. Circular deck is connected to buoyant legs using hinged joints, which restrain transfer of rotational response from the legs to deck and vice-versa. Buoyant legs are connected to seabed using taut moored system with high initial pretension, enabling rigid body motion in vertical plane. Encountered environmental loads induce dynamic tether tension variations, which in turn affect stability of the platform. The present study investigates Mathieu stability of BLSRP under the postulated tether pullout cases by inducing additional tension in the tethers. From the numerical studies carried out, it is seen that postulated tether pullout on any one of the buoyant legs does not result in Mathieu type instability even under excessive tether tension. This is due to the presence of hinged joints, which are capable of dissipating the unbalanced loads to other legs. However, under tether pullout of consecutive buoyant legs, Mathieu-type instability is observed.

Keywords: Offshore platforms, stability, postulated failure, dynamic tether tension.

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1495 Atomic Clusters: A Unique Building Motif for Future Smart Nanomaterials

Authors: Debesh R. Roy

Abstract:

The fundamental issue in understanding the origin and growth mechanism of nanomaterials, from a fundamental unit is a big challenging problem to the scientists. Recently, an immense attention is generated to the researchers for prediction of exceptionally stable atomic cluster units as the building units for future smart materials. The present study is a systematic investigation on the stability and electronic properties of a series of bimetallic (semiconductor-alkaline earth) clusters, viz., BxMg3 (x=1-5) is performed, in search for exceptional and/ or unusual stable motifs. A very popular hybrid exchange-correlation functional, B3LYP along with a higher basis set, viz., 6-31+G[d,p] is employed for this purpose under the density functional formalism. The magic stability among the concerned clusters is explained using the jellium model. It is evident from the present study that the magic stability of B4Mg3 cluster arises due to the jellium shell closure.

Keywords: Atomic Clusters, Density Functional Theory, Jellium Model, Magic Clusters, Smart Nanomaterials.

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1494 Study of Compatibility and Oxidation Stability of Vegetable Insulating Oils

Authors: Helena M. Wilhelm, Paulo O. Fernandes, Laís P. Dill, Kethlyn G. Moscon

Abstract:

The use of vegetable oil (or natural ester) as an insulating fluid in electrical transformers is a trend that aims to contribute to environmental preservation since it is biodegradable and non-toxic. Besides, vegetable oil has high flash and combustion points, being considered a fire safety fluid. However, vegetable oil is usually less stable towards oxidation than mineral oil. Both insulating fluids, mineral and vegetable oils, need to be tested periodically according to specific standards. Oxidation stability can be determined by the induction period measured by conductivity method (Rancimat) by monitoring the effectivity of oil’s antioxidant additives, a methodology already developed for food application and biodiesel but still not standardized for insulating fluids. Besides adequate oxidation stability, fluids must be compatible with transformer's construction materials under normal operating conditions to ensure that damage to the oil and parts of the transformer does not occur. ASTM standard and Brazilian normative differ in parameters evaluated, which reveals the need to regulate tests for each oil type. The aim of this study was to assess oxidation stability and compatibility of vegetable oils to suggest the best way to assure a viable performance of vegetable oil as transformer insulating fluid. The determination of the induction period for several vegetable insulating oils from the local market by using Rancimat was carried out according to BS EN 14112 standard, at different temperatures (110, 120, and 130 °C). Also, the compatibility of vegetable oil was assessed according to ASTM and ABNT NBR standards. The main results showed that the best temperature for use in the Rancimat test is 130 °C, which allows a better observation of conductivity change. The compatibility test results presented differences between vegetable and mineral oil standards that should be taken into account in oil testing since materials compatibility and oxidation stability are essential for equipment reliability.

Keywords: Compatibility, Rancimat, natural ester, vegetable oil.

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1493 Complex Dynamics of Bertrand Duopoly Games with Bounded Rationality

Authors: Jixiang Zhang, Guocheng Wang

Abstract:

A dynamic of Bertrand duopoly game is analyzed, where players use different production methods and choose their prices with bounded rationality. The equilibriums of the corresponding discrete dynamical systems are investigated. The stability conditions of Nash equilibrium under a local adjustment process are studied. The stability conditions of Nash equilibrium under a local adjustment process are studied. The stability of Nash equilibrium, as some parameters of the model are varied, gives rise to complex dynamics such as cycles of higher order and chaos. On this basis, we discover that an increase of adjustment speed of bounded rational player can make Bertrand market sink into the chaotic state. Finally, the complex dynamics, bifurcations and chaos are displayed by numerical simulation.

Keywords: Bertrand duopoly model, Discrete dynamical system, Heterogeneous expectations, Nash equilibrium.

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1492 Modelling the Role of Prophylaxis in Malaria Prevention

Authors: Farai Nyabadza

Abstract:

Malaria is by far the world-s most persistent tropical parasitic disease and is endemic to tropical areas where the climatic and weather conditions allow continuous breeding of the mosquitoes that spread malaria. A mathematical model for the transmission of malaria with prophylaxis prevention is analyzed. The stability analysis of the equilibria is presented with the aim of finding threshold conditions under which malaria clears or persists in the human population. Our results suggest that eradication of mosquitoes and prophylaxis prevention can significantly reduce the malaria burden on the human population.

Keywords: Prophylaxis prevention, basic reproductive number, stability.

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1491 Existence and Stability of Anti-periodic Solutions for an Impulsive Cohen-Grossberg SICNNs on Time Scales

Authors: Meng Hu, Lili Wang

Abstract:

By using the method of coincidence degree and constructing suitable Lyapunov functional, some sufficient conditions are established for the existence and global exponential stability of antiperiodic solutions for a kind of impulsive Cohen-Grossberg shunting inhibitory cellular neural networks (CGSICNNs) on time scales. An example is given to illustrate our results.

Keywords: Anti-periodic solution, coincidence degree, CGSICNNs, impulse, time scales.

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1490 Love and Money: Societal Attitudes Toward Income Disparities in Age-Gap Relationships

Authors: Victoria S. Scarratt

Abstract:

Couples involved in age-gap relationships generally evoke negative stereotypes, opinions, and social disapproval. This research seeks to examine whether financial disparities in age-discrepant relationships cause negative attitudes in study participants. It was hypothesized that an age-gap couple (29-year difference) would receive a greater degree of societal disapproval when the couple also had a large salary-gap compared to a similarly aged couple (1-year difference) with a salary-gap. Additionally, there would be no significant difference between age-gap couples without a salary-gap compared to a similarly aged couple without a salary gap. To test the hypothesis, participants were given one of four scenarios regarding a couple in a romantic relationship. Then they were asked to respond to nine Likert scale questions. Results indicated that participants perceived age-gap relationships with a salary disparity to be less equitable in regard to a power imbalance between the couple and the financial and general gain that one partner will receive. A significant interaction was also detected for evoking feelings of disgust in participants, and how morally correct it is for the couple to continue their relationship.

Keywords: Age-gap relationships, financial discrepancies, love, relationships, societal stigmas.

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1489 A Combined Conventional and Differential Evolution Method for Model Order Reduction

Authors: J. S. Yadav, N. P. Patidar, J. Singhai, S. Panda, C. Ardil

Abstract:

In this paper a mixed method by combining an evolutionary and a conventional technique is proposed for reduction of Single Input Single Output (SISO) continuous systems into Reduced Order Model (ROM). In the conventional technique, the mixed advantages of Mihailov stability criterion and continued Fraction Expansions (CFE) technique is employed where the reduced denominator polynomial is derived using Mihailov stability criterion and the numerator is obtained by matching the quotients of the Cauer second form of Continued fraction expansions. Then, retaining the numerator polynomial, the denominator polynomial is recalculated by an evolutionary technique. In the evolutionary method, the recently proposed Differential Evolution (DE) optimization technique is employed. DE method is based on the minimization of the Integral Squared Error (ISE) between the transient responses of original higher order model and the reduced order model pertaining to a unit step input. The proposed method is illustrated through a numerical example and compared with ROM where both numerator and denominator polynomials are obtained by conventional method to show its superiority.

Keywords: Reduced Order Modeling, Stability, Mihailov Stability Criterion, Continued Fraction Expansions, Differential Evolution, Integral Squared Error.

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1488 Effect of Core Stability Ex ercises on Trunk Muscle Balance in Healthy Adult Individuals

Authors: Amira A. A. Abdallah, Amir A. Beltagi

Abstract:

Background: Core stability training has recently attracted attention for improving muscle balance and optimizing performance in healthy and unhealthy individuals. Purpose: This study investigated the effect of beginner’s core stability exercises on trunk flexors’/extensors’ peak torque ratio and trunk flexors’ and extensors’ peak torques. Methods: Thirty five healthy individuals participated in the study. They were randomly assigned to two groups; experimental “group I, n=20” and control “group II, n=15”. Their mean age, weight and height were 20.7±2.4 vs. 20.3±0.61 years, 66.5±12.1 vs. 68.57±12.2 kg and 166.7±7.8 vs. 164.28 ±7.59 cm. for group I vs. group II. Data were collected using the Biodex Isokinetic system. The participants were tested twice; before and after a 6-week period during which group I performed a core stability training program. Results: The 2x2 Mixed Design ANOVA revealed that there were no significant differences (p>0.025) in the trunk flexors’/extensors’ peak torque ratio between the pre-test and post-test conditions for either group. Moreover, there were no significant differences (p>0.025) in the trunk flexion/extension ratios between both groups at either condition. However, the 2x2 Mixed Design MANOVA revealed significant increases (p<0.025) in the trunk flexors’ and extensors’ peak torques in the post-test condition compared with the pre-test in group I with no significant differences (p>0.025) in group II. Moreover, there was a significant increase (p<0.025) in the trunk flexors’ peak torque only in group I compared with group II in the post-test condition with no significant differences in the other conditions. Interpretation/Conclusion: The improvement in muscle performance indicated by the increase in the trunk flexors’ and extensors’ peak torques in the experimental group recommends including core stability training in the exercise programs that aim to improve muscle performance.

Keywords: Core Stability, Isokinetic, Trunk Muscles.

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1487 A Cohesive Lagrangian Swarm and Its Application to Multiple Unicycle-like Vehicles

Authors: Jito Vanualailai, Bibhya Sharma

Abstract:

Swarm principles are increasingly being used to design controllers for the coordination of multi-robot systems or, in general, multi-agent systems. This paper proposes a two-dimensional Lagrangian swarm model that enables the planar agents, modeled as point masses, to swarm whilst effectively avoiding each other and obstacles in the environment. A novel method, based on an extended Lyapunov approach, is used to construct the model. Importantly, the Lyapunov method ensures a form of practical stability that guarantees an emergent behavior, namely, a cohesive and wellspaced swarm with a constant arrangement of individuals about the swarm centroid. Computer simulations illustrate this basic feature of collective behavior. As an application, we show how multiple planar mobile unicycle-like robots swarm to eventually form patterns in which their velocities and orientations stabilize.

Keywords: Attractive-repulsive swarm model, individual-based swarm model, Lagrangian swarm model, Lyapunov stability, Lyapunov-like function, practical stability, unicycle.

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1486 A Study on the Relation between Auditor Rotation and Audit Quality in Iranian Firms

Authors: Bita Mashayekhi, Marjan Fayyazi, Parisa Sefati

Abstract:

Audit quality is a popular topic in accounting and auditing research because recent decades’ financial crises reduce the reliability of financial reports to public investors and cause significant doubt about the audit profession. Therefore, doing research to identify effective factors in improving audit quality is necessary for bringing back public investors’ trust to financial statements as well as audit reports. In this study, we explore the relationship between audit rotation and audit quality. For this purpose, we employ the Duff (2009) model of audit quality to measure audit quality and use a questionnaire survey of 27 audit service quality attributes. Our results show that there is a negative relationship between auditor’s rotation and audit quality as we consider the auditor’s reputation, capability, assurance, experience, and responsiveness as surrogates for audit quality. There is no evidence for verifying a same relationship when we use the auditor’s independence and expertise for measuring audit quality.

Keywords: Audit quality, auditor’s rotation, reputation, capability, assurance, experience, responsiveness, independence, expertise.

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1485 Efficacy and Stability of Ceramic Powder to Inactivate Avian Influenza Virus

Authors: Chanathip Thammakarn, Misato Tsujimura, Keisuke Satoh, Tomomi Hasegawa, Miho Tamura, Akinobu Kawamura, Yuki Ishida, Atsushi Suguro, Hakimullah Hakim, Sakchai Ruenphet, , Kazuaki Takehara

Abstract:

This experiment aims to demonstrate the efficacy of ceramic powder derived from various sources to inactivate avian influenza virus and its possibility to use in the environment. The ceramics used in the present experiment were derived from chicken feces (CF), scallop shell (SS), polyvinyl chloride (PVC) and soybean (SB). All ceramics were mixed with low pathogenic AIV (LPAIV) H7N1, and then kept at room temperature. The recovered virus was titrated onto Madin-Darby canine kidney (MDCK) cells. All ceramics were assessed the inactivation stability in the environment by keeping under sunlight and under wet-dry condition until reached 7 week or 7 resuspension times respectively. The results indicate that all ceramics have excellent efficacy to inactivate LPAIV. This efficacy can be maintained under the simulated condition. The ceramics are expected to be the good materials for application in the biosecurity system at farms.

Keywords: Avian Influenza, Ceramics, Efficacy, Stability.

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1484 Chemical Destabilization on Water in Crude Oil Emulsions

Authors: Abdurahman H. N., M. Nuraini

Abstract:

Experimental data are presented to show the influence of different types of chemical demulsifier on the stability and demulsification of emulsions. Three groups of demulsifier with different functional groups were used in this work namely amines, alcohol and polyhydric alcohol. The results obtained in this study have exposed the capability of chemical breaking agents in destabilization of water in crude oil emulsions. From the present study, found that molecular weight of the demulsifier were influent the capability of the emulsion to separate.

Keywords: Demulsification, emulsions, stability, breakingagent, destabilization.

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1483 Local Stability of Equilibria: Leptospirosis

Authors: Rujira Kongnuy

Abstract:

Leptospirosis is recognized as an important zoonosis in tropical regions well as an important animal disease with substantial loss in production. In this study, the model for the transmission of the Leptospirosis disease to human population are discussed. Model is described the vector population dynamics and the Leptospirosis transmission to the human population are discussed. Local analysis of equilibria are given. We confirm the results by using numerical results.

Keywords: Eigenvalues, Leptospirosis, Local Stability, Numerical Result

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1482 Designing for Sustainable Public Housing from Property Management and Financial Feasibility Perspectives

Authors: Kung-Jen Tu

Abstract:

Many public housing properties developed by local governments in Taiwan in the 1980s have deteriorated severely as these rental apartment buildings aged. The lack of building maintainability considerations during project design phase as well as insufficient maintenance funds have made it difficult and costly for local governments to maintain and keep public housing properties in good shape. In order to assist the local governments in achieving and delivering sustainable public housing, this paper intends to present a developed design evaluation method to be used to evaluate the presented design schemes from property management and financial feasibility perspectives during project design phase of public housing projects. The design evaluation results, i.e. the property management and financial implications of presented design schemes that could occur later during the building operation and maintenance phase, will be reported to the client (the government) and design schemes revised consequently. It is proposed that the design evaluation be performed from two main perspectives: (1) Operation and property management perspective: Three criteria such as spatial appropriateness, people and vehicle circulation and control, property management working spaces are used to evaluate the ‘operation and PM effectiveness’ of a design scheme. (2) Financial feasibility perspective: Four types of financial analyses are performed to assess the long term financial feasibility of a presented design scheme, such as operational and rental income analysis, management fund analysis, regular operational and property management service expense analysis, capital expense analysis. The ongoing Chung-Li Public Housing Project developed by the Taoyuan City Government will be used as a case to demonstrate how the presented design evaluation method is implemented. The results of property management assessment as well as the annual operational and capital expenses of a proposed design scheme are presented.

Keywords: Design evaluation method, management fund, operational and capital expenses, rental apartment buildings.

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1481 Small Signal Stability Enhancement for Hybrid Power Systems by SVC

Authors: Ali Dehghani, Mojtaba Hakimzadeh, Amir Habibi, Navid Mehdizadeh Afroozi

Abstract:

In this paper an isolated wind-diesel hybrid power system has been considered for reactive power control study having an induction generator for wind power conversion and synchronous alternator with automatic voltage regulator (AVR) for diesel unit is presented. The dynamic voltage stability evaluation is dependent on small signal analysis considering a Static VAR Compensator (SVC) and IEEE type -I excitation system. It's shown that the variable reactive power source like SVC is crucial to meet the varying demand of reactive power by induction generator and load and to acquire an excellent voltage regulation of the system with minimum fluctuations. Integral square error (ISE) criterion can be used to evaluate the optimum setting of gain parameters. Finally the dynamic responses of the power systems considered with optimum gain setting will also be presented.

Keywords: SVC, Small Signal Stability, Reactive Power, Control, Hybrid System.

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1480 A Lagrangian Hamiltonian Computational Method for Hyper-Elastic Structural Dynamics

Authors: Hosein Falahaty, Hitoshi Gotoh, Abbas Khayyer

Abstract:

Performance of a Hamiltonian based particle method in simulation of nonlinear structural dynamics is subjected to investigation in terms of stability and accuracy. The governing equation of motion is derived based on Hamilton's principle of least action, while the deformation gradient is obtained according to Weighted Least Square method. The hyper-elasticity models of Saint Venant-Kirchhoff and a compressible version similar to Mooney- Rivlin are engaged for the calculation of second Piola-Kirchhoff stress tensor, respectively. Stability along with accuracy of numerical model is verified by reproducing critical stress fields in static and dynamic responses. As the results, although performance of Hamiltonian based model is evaluated as being acceptable in dealing with intense extensional stress fields, however kinds of instabilities reveal in the case of violent collision which can be most likely attributed to zero energy singular modes.

Keywords: Hamilton's principle of least action, particle based method, hyper-elasticity, analysis of stability.

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1479 STATCOM based Damping Controller in Power Systems for Enhance the Power System Stability

Authors: Sangram Keshori Mohapatra, Sidhartha Panda, Prasant Kumar Satpathy

Abstract:

This paper describes the power-system stability improvement by a static synchronous compensator (STATCOM) based damping controller with Differential evolution (DE) algorithm is used to find out the optimal controller parameters. The present study considered both local and remote signals with associated time delays. The performances of the proposed controllers have been compared with different disturbances for both single-machine infinite bus power system and multi-machine power system. The performance of the proposed controllers with variations in the signal transmission delays has also been investigated. To show the effectiveness and robustness of the proposed controller the Simulation results are presented under different disturbances and loading conditions.

Keywords: Controller Design, Differential Evolution Algorithm Static Synchronous Compensator, Time Delay, Power System Stability, Single Machine Infinite-bus Power System, Multi-Machine Power System.

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1478 Adaptive Functional Projective Lag Synchronization of Lorenz System

Authors: Tae H. Lee, J.H. Park, S.M. Lee, H.Y. Jung

Abstract:

This paper addresses functional projective lag synchronization of Lorenz system with four unknown parameters, where the output of the master system lags behind the output of the slave system proportionally. For this purpose, an adaptive control law is proposed to make the states of two identical Lorenz systems asymptotically synchronize up. Based on Lyapunov stability theory, a novel criterion is given for asymptotical stability of the null solution of an error dynamics. Finally, some numerical examples are provided to show the effectiveness of our results.

Keywords: Adaptive function projective synchronization, Chaotic system, Lag synchronization, Lyapunov method

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1477 A Variable Structure MRAC for a Class of MIMO Systems

Authors: Ardeshir Karami Mohammadi

Abstract:

A Variable Structure Model Reference Adaptive Controller using state variables is proposed for a class of multi input-multi output systems. Adaptation law is of variable structure type and switching functions is designed based on stability requirements. Global exponential stability is proved based on Lyapunov criterion. Transient behavior is analyzed using sliding mode control and shows perfect model following at a finite time.

Keywords: Adaptive control, Model reference, Variablestructure, MIMO system.

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1476 Crank-Nicolson Difference Scheme for the Generalized Rosenau-Burgers Equation

Authors: Kelong Zheng, Jinsong Hu,

Abstract:

In this paper, numerical solution for the generalized Rosenau-Burgers equation is considered and Crank-Nicolson finite difference scheme is proposed. Existence of the solutions for the difference scheme has been shown. Stability, convergence and priori error estimate of the scheme are proved. Numerical results demonstrate that the scheme is efficient and reliable.

Keywords: Generalized Rosenau-Burgers equation, difference scheme, stability, convergence.

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1475 Studying the Behavior of Asphalt Mix and Their Properties in the Presence of Nano Materials

Authors: Aman Patidar, Dipankar Sarkar, Manish Pal

Abstract:

Due to rapid development, increase in the traffic load, higher traffic volume and seasonal variation in temperature, asphalt pavement shows distresses like rutting, fatigue and thermal cracking etc. because of this pavement fails during service life so that bitumen needs to be modified with some additive. In this study VG30 grade bitumen modify with addition of nanosilica with 1% to 5% (increment of 1%) by weight of bitumen. Hot mix asphalt (HMA) have higher mixing, laying and rolling temperatures which leads to higher consumption of fuel. To address this issue, a nano material named ZycoTherm which is chemical warm mix asphalt (WMA) additive is added to bitumen. Nanosilica modification (NSMB) results in the increase in stability compared to unmodified bitumen (UMB). WMA modified mix shows slightly higher stability than UMB and NSMB in a lower bitumen content. The Retained stability and tensile strength ratio (TSR) is more than 75% and 80% respectively for both mixes. Nanosilica with WMA has more resistant to temperature susceptibility, moisture susceptibility and short term aging than NSMB.

Keywords: HMA, nanosilica, NSMB, temperature, TSR, UMB, WMA.

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1474 Exploring the Effect of Accounting Information on Systematic Risk: An Empirical Evidence of Tehran Stock Exchange

Authors: Mojtaba Rezaei, Elham Heydari

Abstract:

This paper highlights the empirical results of analyzing the correlation between accounting information and systematic risk. This association is analyzed among financial ratios and systematic risk by considering the financial statement of 39 companies listed on the Tehran Stock Exchange (TSE) for five years (2014-2018). Financial ratios have been categorized into four groups and to describe the special features, as representative of accounting information we selected: Return on Asset (ROA), Debt Ratio (Total Debt to Total Asset), Current Ratio (current assets to current debt), Asset Turnover (Net sales to Total assets), and Total Assets. The hypotheses were tested through simple and multiple linear regression and T-student test. The findings illustrate that there is no significant relationship between accounting information and market risk. This indicates that in the selected sample, historical accounting information does not fully reflect the price of stocks.

Keywords: Accounting information, market risk, systematic risk, efficient market hypothesis, EMH, Tehran Stock Exchange, TSE.

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1473 Impact of Regulation on Trading in Financial Derivatives in Europe

Authors: H. Florianová, J. Nešleha

Abstract:

Financial derivatives are considered to be risky investment instruments which could possibly bring another financial crisis. As prevention, European Union and its member states have released new legal acts adjusting this area of law in recent years. There have been several cases in history of capital markets worldwide where it was shown that legislature may affect behavior of subjects on capital markets. In our paper we analyze main events on selected European stock exchanges in order to apply them on three chosen markets - Czech capital market represented by Prague Stock Exchange, German capital market represented by Deutsche Börse and Polish capital market represented by Warsaw Stock Exchange. We follow time series of development of the sum of listed derivatives on these three stock exchanges in order to evaluate popularity of those exchanges. Afterwards we compare newly listed derivatives in relation to the speed of development of these exchanges. We also make a comparison between trends in derivatives and shares development. We explain how a legal regulation may affect situation on capital markets. If the regulation is too strict, potential investors or traders are not willing to undertake it and move to other markets. On the other hand, if the regulation is too vague, trading scandals occur and the market is not reliable from the prospect of potential investors or issuers. We see that making the regulation stricter usually discourages subjects to stay on the market immediately although making the regulation vaguer to interest more subjects is usually much slower process.

Keywords: Capital markets, financial derivatives, investors' behavior, regulation.

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1472 Concrete Recycling in Egypt for Construction Applications: A technical and Financial Feasibility Model

Authors: Omar Farahat Hassanein, A. Samer Ezeldin

Abstract:

The construction industry is a very dynamic field. Every day new technologies and methods are developed to fasten the process and increase its efficiency. Hence, if a project uses fewer resources it will be more efficient.

This paper examines the recycling of concrete construction and demolition (C&D) waste to reuse it as aggregates in on-site applications for construction projects in Egypt and possibly in the Middle East. The study focuses on a stationary plant setting. The machinery set-up used in the plant is analyzed technically and financially.

The findings are gathered and grouped to obtain a comprehensive cost-benefit financial model to demonstrate the feasibility of establishing and operating a concrete recycling plant. Furthermore, a detailed business plan including the time and hierarchy is proposed. 

Keywords: Construction wastes, recycling, sustainability, financial model, concrete recycling, concrete life cycle.

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1471 Cost-Optimized SSB Transmitter with High Frequency Stability and Selectivity

Authors: J. P. Dubois

Abstract:

Single side band modulation is a widespread technique in communication with significant impact on communication technologies such as DSL modems and ATSC TV. Its widespread utilization is due to its bandwidth and power saving characteristics. In this paper, we present a new scheme for SSB signal generation which is cost efficient and enjoys superior characteristics in terms of frequency stability, selectivity, and robustness to noise. In the process, we develop novel Hilbert transform properties.

Keywords: Crystal filter, frequency drift, frequency mixing, Hilbert transform, phasing, selectivity, single side band AM.

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1470 Effect of Packaging Methods and Storage Time on Oxidative Stability of Traditional Fermented Sausage

Authors: Vladimir M. Tomović, Branislav V. Šojić, Predrag M. Ikonić, Ljiljana S. Petrović, Anamarija I. Mandić, Natalija R. Džinić, Snežana B. Škaljac, Tatjana A. Tasić, Marija R. Jokanović

Abstract:

In this paper influence of packaging method (vacuum and modified atmosphere packaging) on lipid oxidative stability and sensory properties of odor and taste of the traditional sausage Petrovská klobása were examined. These parameters were examined during storage period (7 months). In the end of storage period, vacuum packed sausage showed better oxidative stability. Propanal content was significantly lower (P<0.05) in vacuum packed sausage compared to these values in unpacked and modified atmosphere packaging sausage. Hexanal content in vacuum packed sausage was 1.85 μg/g, in MAP sausage 2.98 μg/g and in unpacked sausage 4.94 μg/g. After 2 and 7 months of storage, sausages packed in vacuum had the highest grades for sensory properties of odor and taste.

Keywords: Lipid oxidation, MAP, sensory properties, traditional sausage, vacuum.

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1469 Stability of Property (gm) under Perturbation and Spectral Properties Type Weyl Theorems

Authors: M. H. M. Rashid

Abstract:

A Banach space operator T obeys property (gm) if the isolated points of the spectrum σ(T) of T which are eigenvalues are exactly those points λ of the spectrum for which T − λI is a left Drazin invertible. In this article, we study the stability of property (gm), for a bounded operator acting on a Banach space, under perturbation by finite rank operators, by nilpotent operators, by quasi-nilpotent operators, or more generally by algebraic operators commuting with T.

Keywords: Weyl’s theorem, Weyl spectrum, polaroid operators, property (gm), property (m).

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