Search results for: Relation between Market Orientation and Competitiveness

Authors: Jan Sindelar

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The paper presents an applied study of a multivariate AR(p) process fitted to daily data from U.S. commodity futures markets with the use of Bayesian statistics. In the first part a detailed description of the methods used is given. In the second part two BVAR models are chosen one with assumption of lognormal, the second with normal distribution of prices conditioned on the parameters. For a comparison two simple benchmark models are chosen that are commonly used in todays Financial Mathematics. The article compares the quality of predictions of all the models, tries to find an adequate rate of forgetting of information and questions the validity of Efficient Market Hypothesis in the semi-strong form.

Keywords: Vector auto-regression, forecasting, financial, Bayesian, efficient markets.

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Authors: Sang-Soo Kim, Seong-Bae Park, Sang-Jo Lee

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In this paper, we propose a method of resolving dependency ambiguities of Korean subordinate clauses based on Support Vector Machines (SVMs). Dependency analysis of clauses is well known to be one of the most difficult tasks in parsing sentences, especially in Korean. In order to solve this problem, we assume that the dependency relation of Korean subordinate clauses is the dependency relation among verb phrase, verb and endings in the clauses. As a result, this problem is represented as a binary classification task. In order to apply SVMs to this problem, we selected two kinds of features: static and dynamic features. The experimental results on STEP2000 corpus show that our system achieves the accuracy of 73.5%.

Keywords: Dependency analysis, subordinate clauses, binaryclassification, support vector machines.

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Authors: Peng Yew Wong

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House prices in the Australian capital cities were at record levels subsequent to Global Financial Crisis (GFC) 2008 and many believed that foreign investors, especially the Chinese investors, were the main reason for the Australian capital cities’ house prices escalation. This research conducted an Australian cross border semi-structured interviews in Shanghai, China to uncover historical evidence and emerging trend supporting the existence of a significant relationship between overseas investors and residential housing markets performance in Australia subsequent to the GFC 2008. Some unique investment strategies of private investors from China which emphasised on non-capitalist factors such as early education were identified, alongside with some insights on the significant China government policies that have incentivised the cross border investments from China. It is believed that this understanding will assist policy makers to effectively manage the overheated Australian residential property market without compromising the steady flow of FREI.

Keywords: Australian housing market, residential property, foreign real estate investment, education, China investor.

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Authors: Davinder Singh, Jaimal Singh Khamba, Tarun Nanda

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MSMEs are regarded as the sunrise sector of the Indian economy in view of its large potential for growth and likely socio economic impact specifically on employment and income generation. In today’s competitive business environment, global competition forces companies to continuously seek ways of improving their products and services. The pressure on organizations to adapt to new technologies and external threats requires resourcefulness, creativity and innovation. Market has become more open, competitive and customers more demanding. Without continuous technology innovation, no organization can ever remain competitive. Innovations reflect a critical way in which organizations respond to either technological or market challenges. The need of the market is to deliver high quality products through continuous changing in features in product, improve existing products, reduce their cost, and improve employee skills, training, technology infrastructure and financial policies. Therefore, the key factor of organization’s ability to change is innovation. The study presents a detailed review of literature on the role of technology innovation in improving manufacturing performance of industries.

Keywords: Competitive, Manufacturing performance, MSMEs, Technological Innovation.

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Authors: M. Mazhar Manzoor, Nasar.A, A. Sattar

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In the open space of decision support system the mental impression of a manager-s decision has been the subject of large importance than the ordinary famous one, when helped by decision support system. Much of this study is an attempt to realize the relation of decision support system usage and decision outcomes that governs the system. For example, several researchers have proposed so many different models to analyze the linkage between decision support system processes and results of decision making. This study draws the important relation of manager-s mental approach with the use of decision support system. The findings of this paper are theoretical attempts to provide Decision Support System (DSS) in a way to exhibit and promote the learning in semi structured area. The proposed model shows the points of one-s learning improvements and maintains a theoretical approach in order to explore the DSS contribution in enhancing the decision forming and governing the system.

Keywords: Decision Support System , Learning Organization,

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Authors: Nasim Fallahi, Erasmo Carrera, Alfonso Pagani

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Variable angle tow describes the fibres which are curvilinearly steered in a composite lamina. Significantly, stiffness tailoring freedom of VAT composite laminate can be enlarged and enabled. Composite structures with curvilinear fibres have been shown to improve the buckling load carrying capability in contrast with the straight laminate composites. However, the optimal design and analysis of VAT are faced with high computational efforts due to the increasing number of variables. In this article, an efficient optimum solution has been used in combination with 1D Carrera’s Unified Formulation (CUF) to investigate the optimum fibre orientation angles for buckling analysis. The particular emphasis is on the LE-based CUF models, which provide a Lagrange Expansions to address a layerwise description of the problem unknowns. The first critical buckling load has been considered under simply supported boundary conditions. Special attention is lead to the sensitivity of buckling load corresponding to the fibre orientation angle in comparison with the results which obtain through the Genetic Algorithm (GA) optimization frame and then Artificial Neural Network (ANN) is applied to investigate the accuracy of the optimized model. As a result, numerical CUF approach with an optimal solution demonstrates the robustness and computational efficiency of proposed optimum methodology.

Keywords: Beam structures, layerwise, optimization, variable angle tow, neural network

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Authors: Ahmed M. Eltohamy

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In this paper, an experimental and numerical study was adopted to investigate the effect geogrid soil reinforcement pre-stressing on the pressure settlement relation of sand bed supporting a strip foundation. The studied parameters include foundation depth and pre-stress ratio for the cases of one and two pre-stressed reinforcement layers. The study reflected that pre-stressing of soil reinforcement resulted in a marked enhancement in reinforced bed soil stiffness compared to the reinforced soil without pre-stress. The best benefit of pre-stressing reinforcement was obtained as the overburden pressure and pre-straining ratio increase. Pre-stressing of double reinforcement topmost layers results in further enhancement of stress strain relation of bed soil.

Keywords: Geogrid reinforcement, strip footing, pre-stress, bearing capacity.

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Authors: A. Soualem

Abstract:

Springback is a significant problem in the sheet metal forming process. When the tools are released after the stage of forming, the product springs out, because of the action of the internal stresses. In many cases the deviation of form is too large and the compensation of the springback is necessary. The precise prediction of the springback of product is increasingly significant for the design of the tools and for compensation because of the higher ratio of the yield stress to the elastic modulus. The main object in this paper was to study the effect of the anisotropy on the springback for three directions of rolling: 0°, 45° and 90°. At the same time, we highlighted the influence of three different metallic materials: Aluminum, Steel and Galvanized steel. The original of our purpose consist on tests which are ensured by adapting a U-type stretching-bending device on a tensile testing machine, where we studied and quantified the variation of the springback according to the direction of rolling. We also showed the role of lubrication in the reduction of the springback. Moreover, in this work, we have studied important characteristics in deep drawing process which is a springback. We have presented defaults that are showed in this process and many parameters influenced a springback. Finally, our results works lead us to understand the influence of grains orientation with different metallic materials on the springback and drawing some conclusions how to concept deep drawing tools. In addition, the conducted work represents a fundamental contribution in the discussion the industry application.

Keywords: Deep-Drawing, Grains orientation, Laminate Tool, Springback.

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Authors: S. Al Wadi, Mohd Tahir Ismail, Samsul Ariffin Abdul Karim

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It is well known that during the developments in the economic sector and through the financial crises occur everywhere in the whole world, volatility measurement is the most important concept in financial time series. Therefore in this paper we discuss the volatility for Amman stocks market (Jordan) for certain period of time. Since wavelet transform is one of the most famous filtering methods and grows up very quickly in the last decade, we compare this method with the traditional technique, Fast Fourier transform to decide the best method for analyzing the volatility. The comparison will be done on some of the statistical properties by using Matlab program.

Keywords: Fast Fourier transforms, Haar wavelet transform, Matlab (Wavelet tools), stocks market, Volatility.

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

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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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Authors: B. Groß, P. Fronia, P. Nyhuis

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In addition to the production, which is already frequently optimized, improving the distribution logistics also opens up tremendous potential for increasing an enterprise’s competitiveness. Here too though, numerous interactions need to be taken into account, enterprises thus need to be able to identify and weigh between different potentials for economically efficient optimizations. In order to be able to assess potentials, enterprises require a suitable method. This paper first briefly presents the need for this research before introducing the procedure that will be used to develop an appropriate method that not only considers interactions but is also quickly and easily implemented.

Keywords: Distribution Logistics, Evaluation of Potential, Methods, Model.

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Authors: A. Bodak, A. Cierniak-Emerych, M. Gableta, A. Pietroń-Pyszczek, K. Piwowar-Sulej

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Modern organizations operate under the pressure of dynamic and often unpredictable changes, both in external and internal environment. Market success, in this context, requires a particular competence in the form of flexibility, interpreted here both on the level of individuals and on the level of organization. This paper addresses the changes taking place in the sphere of employment, as observed in economic entities operating on Polish market. Based on own empirical studies, the authors focus on the progressing trend of ‘flexibilization’ of employment, particularly in the context of transformations in organizational structure, designed to facilitate the transition into management by projects and differentiation of labor forms.

Keywords: Flexibility of employment, changes in organizational structure, forms of employment, social effects of flexibility.

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Authors: Safak Baykal

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The purpose of this study is analyzing the relationship between trust and social capital of people with using Social Network Analysis. In this study, two aspects of social capital will be focused: Bonding, homophilous social capital (BoSC), and Bridging, heterophilous social capital (BrSC). These two aspects diverge each other regarding to the social theories. The other concept of the study is Trust (Tr), namely interpersonal trust, willing to ascribe good intentions to and have confidence in the words and actions of other people. In this study, the sample group, 61 people, was selected from a private firm from the defense industry. The relation between BoSC/BrSC and Tr is shown by using Social Network Analysis (SNA) and statistical analysis with Likert type-questionnaire. The results of the analysis show the Cronbach’s alpha value is 0.756 and social capital values (BoSC/BrSC) is not correlated with Tr values of the people.

Keywords: Social capital, interpersonal trust, social network analysis (SNA).

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Authors: Tomasz L. Nawrocki, Danuta Szwajca

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The growing importance of reputation in building enterprise value and achieving long-term competitive advantage creates the need for its measurement and evaluation for the management purposes (effective reputation and its risk management). The paper presents practical application of self-developed corporate reputation assessment model from the viewpoint of stock market investors. The model has a pioneer character and example analysis performed for selected industry is a form of specific test for this tool. In the proposed solution, three aspects - informational, financial and development, as well as social ones - were considered. It was also assumed that the individual sub-criteria will be based on public sources of information, and as the calculation apparatus, capable of obtaining synthetic final assessment, fuzzy logic will be used. The main reason for developing this model was to fulfill the gap in the scope of synthetic measure of corporate reputation that would provide higher degree of objectivity by relying on "hard" (not from surveys) and publicly available data. It should be also noted that results obtained on the basis of proposed corporate reputation assessment method give possibilities of various internal as well as inter-branch comparisons and analysis of corporate reputation impact.

Keywords: Corporate reputation, fuzzy logic, fuzzy model, stock market investors.

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Authors: M. Susithra, R. Gnanadass

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Ancillary services are support services which are essential for humanizing and enhancing the reliability and security of the electric power system. Reactive power ancillary service is one of the important ancillary services in a restructured electricity market which determines the cost of supplying ancillary services and finding of how this cost would change with respect to operating decisions. This paper presents a new formation that can be used to minimize the Independent System Operator (ISO)’s total payment for reactive power ancillary service. The modified power flow tracing algorithm estimates the availability of reserve reactive power for ancillary service. In order to find optimum reactive power dispatch, Biogeography based optimization method (BPO) is proposed. Market Reactive Clearing Price (MRCP) is then estimated and it encourages generator companies (GENCOs) to participate in an ancillary service. Finally, optimal weighting factor and real time utilization factor of reactive power give the minimum ISO’s total payment. The effectiveness of proposed design is verified using IEEE 30 bus system.

Keywords: Biogeography based optimization method, Power flow tracing method, Reactive generation capability curve and Reactive power ancillary service.

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Authors: Julius Onyancha, Valentina Plekhanova

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One of the significant issues facing web users is the amount of noise in web data which hinders the process of finding useful information in relation to their dynamic interests. Current research works consider noise as any data that does not form part of the main web page and propose noise web data reduction tools which mainly focus on eliminating noise in relation to the content and layout of web data. This paper argues that not all data that form part of the main web page is of a user interest and not all noise data is actually noise to a given user. Therefore, learning of noise web data allocated to the user requests ensures not only reduction of noisiness level in a web user profile, but also a decrease in the loss of useful information hence improves the quality of a web user profile. Noise Web Data Learning (NWDL) tool/algorithm capable of learning noise web data in web user profile is proposed. The proposed work considers elimination of noise data in relation to dynamic user interest. In order to validate the performance of the proposed work, an experimental design setup is presented. The results obtained are compared with the current algorithms applied in noise web data reduction process. The experimental results show that the proposed work considers the dynamic change of user interest prior to elimination of noise data. The proposed work contributes towards improving the quality of a web user profile by reducing the amount of useful information eliminated as noise.

Keywords: Web log data, web user profile, user interest, noise web data learning, machine learning.

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Authors: Lucie Valečková

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In contemporary global and dynamically developing environment there is a need of the strategic planning fundamental. It is complicated, but at the same time important process from the point of view of continual keeping of competitive advantage. The aim of the paper is formulation of strategic goals for the needs of the small enterprises. There will be used Balanced Scorecard as a balanced system of the indicators for the clearing and transferring vision into particular goals. In particular perspectives the theme will be focused on strategic goals. Consequently will be mention the concept of the competitiveness IDINMOSU. This connect to Balanced Scorecard.

Keywords: Corporate strategic management, strategic goals, Balanced Scorecard, strategic operations

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Authors: M. Rossini, A. Portioli Studacher

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The market competition is moving from the single firm to the whole supply chain because of increasing competition and growing need for operational efficiencies and customer orientation. Supply chain management allows companies to look beyond their organizational boundaries to develop and leverage resources and capabilities of their supply chain partners. This creates competitive advantages in the marketplace and because of this SCM has acquired strategic importance. Lean Approach is a management strategy that focuses on reducing every type of waste present in an organization. This approach is becoming more and more popular among supply chain managers. The supply chain application of lean approach is not frequent. In particular, it is not well studied which are the impacts of lean approach principles in a supply chain context. In literature there are only few studies aimed at understanding the qualitative impact of the lean approach in supply chains. Therefore, the goal of this research work is to study the impacts of lean principles implementation along a supply chain. To achieve this, a simulation model of a threeechelon multi-product supply chain has been built. Kanban system (and several priority policies) and setup time reduction degrees are implemented in the lean-configured supply chain to apply pull and lot-sizing decrease principles respectively. To evaluate the benefits of lean approach, lean supply chain is compared with an EOQ-configured supply chain. The simulation results show that Kanban system and setup-time reduction improve inventory stock level. They also show that logistics efforts are affected to lean implementation degree. The paper concludes describing performances of lean supply chain in different contexts.

Keywords: Inventory policy, Kanban, lean supply chain, simulation study, supply chain management, planning.

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Authors: Shiuh-Jer Huang, Chen-Zon Yan, C. K. Huang, Chun-Chien Ting

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Since the vision system application in industrial environment for autonomous purposes is required intensely, the image recognition technique becomes an important research topic. Here, deep learning algorithm is employed in image system to recognize the industrial object and integrate with a 7A6 Series Manipulator for object automatic gripping task. PC and Graphic Processing Unit (GPU) are chosen to construct the 3D Vision Recognition System. Depth Camera (Intel RealSense SR300) is employed to extract the image for object recognition and coordinate derivation. The YOLOv2 scheme is adopted in Convolution neural network (CNN) structure for object classification and center point prediction. Additionally, image processing strategy is used to find the object contour for calculating the object orientation angle. Then, the specified object location and orientation information are sent to robotic controller. Finally, a six-axis manipulator can grasp the specific object in a random environment based on the user command and the extracted image information. The experimental results show that YOLOv2 has been successfully employed to detect the object location and category with confidence near 0.9 and 3D position error less than 0.4 mm. It is useful for future intelligent robotic application in industrial 4.0 environment.

Keywords: Deep learning, image processing, convolution neural network, YOLOv2, 7A6 series manipulator.

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Authors: P. Vosynek, T. Návrat, M. Peč, J. Pořízka, P. Diviš

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Bone properties and response behavior after static or dynamic activation (loading) are still interesting topics in many fields of the science especially in the biomechanical problems such as bone loss of astronauts in space, osteoporosis, bone remodeling after fracture or remodeling after surgery (endoprosthesis and implants) and in osteointegration. This contribution deals with the relation between physiological, demineralized and deproteinized state of the turkey long bone – tibia. Three methods for comparison were used: 1) densitometry, 2) three point bending and 3) frequency analysis. The main goal of this work was to describe the decrease of the protein (collagen) or mineral of the bone with relation to the fracture in three point bending. The comparison is linked to the problem of different bone mechanical behavior in physiological and osteoporotic state.

Keywords: Bone properties, long bone, osteoporosis, response behavior.

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Authors: Yun Mi, Ko, Hye Jung, Joo

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This study develops a relation to explore the factors influencing management and technology capabilities in strategic alliances. Alliances between firms are recognizing increasingly popular as a vehicle to create and extract greater value from the market. Firm’s alliance can be described as the collaborative problem solving process to solve problems jointly. This study starts from research questions what factors of firm’s management and technology characteristics affect performance of firms which are formed alliances. In this study, we investigated the effect of strategic alliances on company performance. That is, we try to identify whether firms made an alliance with other organizations are differed by characteristics of management and technology. And we test that alliance type and alliance experiences moderate the relationship between firm’s capabilities and its performance. We employ problem-solving perspective and resource-based view perspective to shed light on this research questions. The empirical work is based on the Survey of Business Activities conducted from2006 to 2008 by Statistics Korea. We verify correlations between to point out that these results contribute new empirical evidence on the effect of strategic alliances on company performance.

Keywords: Problem solving process, strategic alliance.

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Authors: Ricardo Mestre

Abstract:

The soundscape stands out as an agglomeration of sounds available in the world, associated with different contexts and origins, being a theme studied by various areas of knowledge, seeking to guide their benefits and their consequences, contributing to the welfare of society and other ecosystems. With the objective for a greater recognition of sound reality, through the selection and differentiation of sounds, the soundscape studies focus on the contribution for a better tuning of the world and to the balance and well-being of humanity. Sound environment, produced and created in various ways, can provide various sources of information, contributing to the orientation of the human being, alerting and manipulating him during his daily journey, like small notifications received on a cell phone or other device with these features. In this way, it becomes possible to give sound its due importance in relation to the processes of individual representation, in manners of social, professional and emotional life. Ensuring an individual representation means providing the human being with new tools for the long process of reflection by recognizing his environment, the sounds that represent him, and his perspective on his respective function in it. In order to provide more information about the importance of the sound environment inherent to the individual reality, one introduces the term sound instance, in order to refer to the whole sound field existing in the individual's life, which is divided into four distinct subfields, but essential to the process of individual representation, called sound matrix, sound cycles, sound traces and sound interference. Alongside volunteers we were able to create six representations of sound instances, based on the individual perception of his/her life, focusing on the present, past and future. With this investigation it was possible to determine that sound instance has a tool for self-recognition, considering the statements of opinion about the experience from the volunteers, reflecting about the three time lines, based on memories, thoughts and wishes.

Keywords: Sound instance, soundscape, sound art, self-recognition.

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Authors: Jan Cernohorsky

Abstract:

This article aims to assess the evolution of imperfect competition in selected banking markets, in particular in the banking markets of Slovakia, Poland, Hungary, Slovenia and Croatia. Another objective is to assess the evolution of the relationship of imperfect competition and profit development in the banking markets. The article first provides an overview of literature on the topic. It then measures the degree of imperfect competition in individual markets using the Herfindahl-Hirschman Index. The commonly used indicator of total assets was chosen as an indicator. Based on this measurement, the individual banking sectors are categorized into theoretical definitions of the various types of imperfect competition - namely all surveyed banking sectors falling within the theoretical definition of monopolistic competition. Subsequently, using correlation analysis, i.e., the Pearson correlation coefficient, or the Spearman correlation coefficient, the connection between the evolution of imperfect competition and the development of the gross profit on selected banking markets was surveyed. It was found that with the exception of the banking market in Slovenia, where there is a positive correlation; there is no correlation between the evolution of imperfect competition and profit development in the selected markets. This means a recommendation for the regulators that it is not appropriate to rationalize a higher degree of regulation in granting banking licenses on the size of the profits attained in the banking market, as the relationship between the degree of concentration in the banking market and the amount of profit according to our measurements does not exist.

Keywords: Banking system, imperfect competition, profitability.

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Authors: Daniel Santos, Bruno Ribeiro, Marco Amato, Antonio Fonseca

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In this paper we discuss the behaviour of the longitudinal modes of a magnetized non collisional plasma subjected to an external electromagnetic field. We apply a semiclassical formalism, with the electrons being studied in a quantum mechanical viewpoint whereas the electromagnetic field in the classical context. We calculate the dielectric function in order to obtains the modes and found that, unlike the Bernstein modes, the presence of radiation induces oscillations around the cyclotron harmonics, which are smoothed as the energy stored in the radiation field becomes small compared to the thermal energy of the electrons. We analyze the influence of the number of photon involved in the electronic transitions between the Landau levels and how the parameters such as the external fields strength, plasma density and temperature affect the dispersion relation

Keywords: Collective oscillations, External fields, Dispersion relation.

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Authors: J. Hodna, B. Dohnalkova, V. Petranek, R. Drochytka

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The paper is focused on the identification of limiting environmental factors of individual industrial floors on which newly developed polymer protection and repair systems with the use of secondary raw materials will be used. These mainly include floors with extreme stresses and special requirements for materials used. In relation to the environment of a particular industrial floor, it is necessary to ensure, for example, chemical stability, resistance to higher temperatures, resistance to higher mechanical stress, etc. for developed materials, which is reflected in the demands for the developed material systems. The paper describes individual environments and, in relation to them, also requirements for individual components of the developed materials and for the developed materials as a whole.

Keywords: Limits, environment, polymer, industrial floors, recycling, secondary raw material, protective system.

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Authors: M. Dachyar, Yudavedito

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The rising growth of the GSM cellular phone industry has tightening competition level between providers in making strategies enhancing the market shares in Indonesia. Tsel, as one of those companies, has to determine the proper strategy to sustain as well as improve the market share without reducing its operational income level. Portfolio simulation model is designed with a dynamic system approach. The result of this research is a recommendation to the company by optimizing its technological policies, services, and promotions. The tariff policies and the signal quality should not be the main focus because this company has had a large number of customers and a good infrastructural condition.

Keywords: Telecommunication industry, simulation, dynamic system, portfolio, quality services.

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Authors: Chih-Hsiang Chang

Abstract:

This study provides insight into the effects of investor sentiment, excess optimism, overconfidence, the disposition effect, and herding formation on momentum profits. This study contributes to the field by providing a further examination of the relationship between psychological factors and momentum profits. The empirical results show that there is no evidence of significant momentum profits in Taiwan’s stock market. Additionally, investor sentiment in Taiwan’s stock market significantly influences its momentum profits.

Keywords: Momentum profits, psychological factors, herding formation, investor sentiment.

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Authors: Karolína Vozková, Matěj Kuc

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This paper deals with the impact of decrease in interest rates on the performance of commercial and cooperative banks in the Eurozone measured by net interest margin. The analysis was performed on balanced dataset of 268 commercial and 726 cooperative banks spanning the 2008-2015 period. We employed Fixed Effects estimation panel method. As expected, we found a negative relationship between market rates and net interest margin. Our results suggest that the impact of negative interest income differs across individual banking business models. More precisely, those cooperative banks were much more hit by the decrease of market interest rates which might be due to their ownership structure and more restrictive business regulation.

Keywords: Cooperative banks, performance, negative interest rates, risk management.

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Authors: M.R. Ebrahimi, Z. Ghofrani, M. Ehsan

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One of the major problems in liberalized power markets is loss allocation. In this paper, a different method for allocating transmission losses to pool market participants is proposed. The proposed method is fundamentally based on decomposition of loss function and current projection concept. The method has been implemented and tested on several networks and one sample summarized in the paper. The results show that the method is comprehensive and fair to allocating the energy losses of a power market to its participants.

Keywords: Transmission loss, loss allocation, current projectionconcept, loss function decomposition.

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Authors: Ilhan Keskin, Hasan Bulent Kantarcı

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In this study, one of the tools of Islamic financing known as “Sukuk” a non-interest bearing investment which has started to be implemented in Turkey and the world as a whole is discussed. In order to increase the vitality and efficiency of the economy, by taking lessons from the recent economic crisis new developments in the banking and investment sector are being expanded. The purpose of all investors is to obtain more revenue through the use of capital. The inability of traditional investment tools to meet the expectations of investors and the interest based financial system where one investor benefits at the expense of another there has been the need for a different, reliable and noninterest bearing financial market that is consistent with the Islamic rule. As a result an alternative and more reliable interest free financing tool “Sukuk” rental certificates covering people who are sensitive to Islamic rules, appeal to all segments, hidden remaining capital that contributes to the economy, reduce disparities in income distribution, common risk sharing system of profit and loss sharing has emerged. Today, for the structural countries by examining the state of the world market economy the applicability, enactment and future issues associated with this attractive kind of Islamic finance namely the “Sukuk” market has been explained.

Keywords: Islamic finance, Islamic markets, non-interest bearing, rental certificates.

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