Search results for: agricultural market

Authors: A. Kablan

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The prediction of financial time series is a very complicated process. If the efficient market hypothesis holds, then the predictability of most financial time series would be a rather controversial issue, due to the fact that the current price contains already all available information in the market. This paper extends the Adaptive Neuro Fuzzy Inference System for High Frequency Trading which is an expert system that is capable of using fuzzy reasoning combined with the pattern recognition capability of neural networks to be used in financial forecasting and trading in high frequency. However, in order to eliminate unnecessary input in the training phase a new event based volatility model was proposed. Taking volatility and the scaling laws of financial time series into consideration has brought about the development of the Intraday Seasonality Observation Model. This new model allows the observation of specific events and seasonalities in data and subsequently removes any unnecessary data. This new event based volatility model provides the ANFIS system with more accurate input and has increased the overall performance of the system.

Keywords: Adaptive Neuro-fuzzy Inference system, High Frequency Trading, Intraday Seasonality Observation Model.

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Authors: Zahra Hatami, Hesham Ali, David Volkman

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Selecting a portfolio for investing is a crucial decision for individuals and legal entities. In the last two decades, with economic globalization, a stream of financial innovations has rushed to the aid of financial institutions. The importance of selecting stocks for the portfolio is always a challenging task for investors. This study aims to create a financial network to identify optimal portfolios using network centralities metrics. This research presents a community detection technique of superior stocks that can be described as an optimal stock portfolio to be used by investors. By using the advantages of a network and its property in extracted communities, a group of stocks was selected for each of the various time periods. The performance of the optimal portfolios was compared to the famous index. Their Sharpe ratio was calculated in a timely manner to evaluate their profit for making decisions. The analysis shows that the selected potential portfolio from stocks with low centrality measurement can outperform the market; however, they have a lower Sharpe ratio than stocks with high centrality scores. In other words, stocks with low centralities could outperform the S&P500 yet have a lower Sharpe ratio than high central stocks.

Keywords: Portfolio management performance, network analysis, centrality measurements, Sharpe ratio.

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Authors: Marzena Świgoń

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Nowadays, graduates should be prepared for serious challenges in the internal and external labor market. The notion that a degree is a “passport to employment” has been relegated to the past. In the last few years a phenomenon in the form of the increasing unemployment of highly educated young people in EU countries, including Poland has been observed. Empirical studies were conducted among Polish students in the scope of the so-called self-perceived employability review. In this study, a special scale was used which consisted of 19 statements regarding five components: student’s perception of university; field of study; self-belief; state of the external labor market; and, personal knowledge management. The respondent group consisted of final-year master’s students of International Relations at the University of Warmia and Mazury in Olsztyn, Poland. The findings of the empirical studies were compiled using statistical methods: descriptive statistics and inferential statistics. In general, in light of the conducted studies, the self-perceived employability of the Polish students was not high. Limitations of the studies were discussed, as well as the implications for future research in the scope of the students’ employability.

Keywords: Self-perceived employability, students of international relations, university education.

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Authors: Oluwatoyin D. Kolawole, Oarabile Mogobe, Lapologang Magole

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Although many factors play a significant role in agricultural production and productivity, the importance of soil fertility cannot be underestimated. The extent to which small farmers are able to manage the fertility of their farmlands is crucial in agricultural development particularly in sub-Saharan Africa (SSA).  This paper assesses the nutrient status of selected farmers’ fields in relation to how government policy addresses the allocation of and access to agricultural inputs (e.g. chemical fertilizers) in a unique social-ecological environment of the Okavango Delta in northern Botswana. It also analyses small farmers and soil scientists’ perceptions about the political economy of integrated soil fertility management (ISFM) in the area. A multi-stage sampling procedure was used to elicit quantitative and qualitative information from 228 farmers and 9 soil researchers through the use of interview schedules and questionnaires, respectively. Knowledge validation workshops and focus group discussions (FGDs) were also used to collect qualitative data from farmers. Thirty-three composite soil samples were collected from 30 farmers’ plots in three farming communities of Makalamabedi, Nokaneng and Mohembo for laboratory analysis. While meeting points exist, farmers and scientists have divergent perspectives on soil fertility management. Laboratory analysis carried out shows that most soils in the wetland and the adjoining dry-land/upland surroundings are low in essential nutrients as well as in cation exchange capacity (CEC). Although results suggest the identification and use of appropriate inorganic fertilizers, the low CEC is an indication that holistic cultural practices, which are beyond mere chemical fertilizations, are critical and more desirable for improved soil health and sustainable livelihoods in the area. Farmers’ age (t= -0.728; p≤0.10); their perceptions about the political economy (t = -0.485; p≤0.01) of ISFM; and their preference for the use of local knowledge in soil fertility management (t = -10.254; p≤0.01) had a significant relationship with how they perceived their involvement in the implementation of ISFM.

Keywords: Access, Botswana, ecology, inputs, Okavango Delta, policy, scientists, small farmers, soil fertility.

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Authors: André C. Silva, Mariana R. Barros, Elenice M. S. Silva, Douglas. Y. Marinho, Diego F. Lopes, Débora N. Sousa, Raphael S. Tomáz

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Modern agriculture requires productivity, efficiency and quality. Therefore, there is need for agricultural limestone implementation that provides adequate amounts of calcium and magnesium carbonates in order to correct soil acidity. During the limestone process, fine particles (with average size under 400#) are generated. These particles do not have economic value in agricultural and metallurgical sectors due their size. When limestone is used for agriculture purposes, these fine particles can be easily transported by wind generated air pollution. Therefore, briquetting, a mineral processing technique, was used to mitigate this problem resulting in an agglomerated product suitable for agriculture use. Briquetting uses compressive pressure to agglomerate fine particles. It can be aided by agglutination agents, allowing adjustments in shape, size and mechanical parameters of the mass. Briquettes can generate extra profits for mineral industry, presenting as a distinct product for agriculture, and can reduce the environmental liabilities of the fine particles storage or disposition. The produced limestone briquettes were subjected to shatter and water action resistance tests. The results show that after six minutes completely submerged in water, the briquettes where fully diluted, a highly favorable result considering its use for soil acidity correction.

Keywords: Agglomeration, briquetting, limestone, agriculture.

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Authors: Ercan Ceyhan, Ali Kahraman, Hasan Dalgıç

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This research was made during the 2011 and 2012 growing periods in the trial filed of "Research Station for Management of Soil Water and Desertification" according to “Randomized Blocks Design” with 3 replications. Research material was the following chickpea genotype; CA119, CA128, CA149, CA150, CA222, CA250, CA254 and other 2 commercial varieties named as Gökçe and Yaşa. Some agronomical characteristics such as plant height (cm), number of pod per plant, number of seed per pod, number of seed per plant, 1000 seed weight (g) and seed yield (kg ha^-1) were determined. Statistically significant variations were found amongst the genotypes for all variables except seeds per pod. Means of the two years showed the range for plant height was from 52.83cm (Gökçe) to 73.00cm (CA150), number of pod per plant was from 14.00 (CA149) to 26.83 (CA261), number of seed per pod was from 1.10 (Gökçe) to 1.19 (CA149 and CA250), number of seed per plant was from 16.28 (CA149) to 31.65 (CA261), 1000 seed weight was from 295.85g (CA149) to 437.80g (CA261) and seed yield was from 1342.73 kg ha^-1 (CA261) to 2161.50 kg ha^-1 (CA128). Results of the research implicated that the new developed lines were superior compared with the control (commercial) varieties by means of most of the characteristics.

Keywords: Agricultural characters, chickpea, seed yield.

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Authors: Khalid Safaa Hashim Al Khalidy, Ali Jalil Abdul Kareem Chabuk, Majid Mohammed Ali Kadhim

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This research aims to study the lead pollution in the air of Babylon governorate that resulted generally from vehicles exhausts in addition to industrial and human activities.Vehicles number in Babylon governorate increased significantly after year 2003 that resulted with increase in lead emissions into the air.Measurement of lead emissions was done in seven stations distributed randomly in Babylon governorate. These stations where located in Industrial (Al-Sena'ay) Quarter, 60 street (near to Babylon sewer directorate), 40 Street (near to the first intersection), Al-Hashmia city, Al-Mahaweel city, , Al- Musayab city in addition to another station in Sayd Idris village belong to Abugharaq district (Agricultural station for comparison). The measured concentrations in these stations were compared with the standard limits of Environmental Protection Agency EPA (2 μg /m3). The results of this study showed that the average of lead concentrations ,in Babylon governorate during year 2010, was (3.13 μg/m3) which was greater than standard limits (2 μg/m3). The maximum concentration of lead was (6.41 μg / m3) recorded in the Industrial (Al-Sena'ay) Quarter during April month, while the minimum concentrations was (0.36 μg / m3) recorded in the agricultural station (Abugharaq) during December month.

Keywords: Lead, pollution, lead concentration

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Authors: Cristian Păuna

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In the first decades of the 21st century, in the electronic trading environment, algorithmic capital investments became the primary tool to make a profit by speculations in financial markets. A significant number of traders, private or institutional investors are participating in the capital markets every day using automated algorithms. The autonomous trading software is today a considerable part in the business intelligence system of any modern financial activity. The trading decisions and orders are made automatically by computers using different mathematical models. This paper will present one of these models called Price Prediction Line. A mathematical algorithm will be revealed to build a reliable trend line, which is the base for limit conditions and automated investment signals, the core for a computerized investment system. The paper will guide how to apply these tools to generate entry and exit investment signals, limit conditions to build a mathematical filter for the investment opportunities, and the methodology to integrate all of these in automated investment software. The paper will also present trading results obtained for the leading German financial market index with the presented methods to analyze and to compare different automated investment algorithms. It was found that a specific mathematical algorithm can be optimized and integrated into an automated trading system with good and sustained results for the leading German Market. Investment results will be compared in order to qualify the presented model. In conclusion, a 1:6.12 risk was obtained to reward ratio applying the trigonometric method to the DAX Deutscher Aktienindex on 24 months investment. These results are superior to those obtained with other similar models as this paper reveal. The general idea sustained by this paper is that the Price Prediction Line model presented is a reliable capital investment methodology that can be successfully applied to build an automated investment system with excellent results.

Keywords: Algorithmic trading, automated investment system, DAX Deutscher Aktienindex.

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Authors: Hicham Benamirouche, Oum Elkheir Moussi

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The purpose of the study is to examine the dynamics of Algeria’s natural gas exports through the Autoregressive Distributed Lag (ARDL) bounds testing approach with break points. The analysis was carried out for the period from 1967 to 2015. Based on imperfect substitution specification, the ARDL approach reveals a long-run equilibrium relationship between Algeria’s Natural gas exports and their determinant factors (Algeria’s gas reserves, Domestic gas consumption, Europe’s GDP per capita, relative prices, the European gas production and the market share of competitors). All the long-run elasticities estimated are statistically significant with a large impact of domestic factors, which constitute the supply constraints. In short term, the elasticities are statistically significant, and almost comparable to those of the long term. Furthermore, the speed of adjustment towards long-run equilibrium is less than one year because of the little flexibility of the long term export contracts. Two break points have been estimated when we employ the domestic gas consumption as a break variable; 1984 and 2010, which reflect the arbitration policy between the domestic gas market and gas exports.

Keywords: Natural gas exports, elasticity, ARDL bounds testing, break points, Algeria.

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Authors: Kayoko Yamamoto

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This study focuses on an evaluation of Hokkaido which is the northernmost and largest prefecture by surface area in Japan and particularly on two points: the rivalry between all kinds of land use such as urban land and agricultural and forestry land in various cities and their surrounding areas and the possibilities for forestry biomass in areas other than those mentioned above and grasps which areas require examination of the nature of land use control and guidance through conducting land use analysis at the district level using GIS (Geographic Information Systems). The results of analysis in this study demonstrated that it is essential to divide the whole of Hokkaido into two areas: those within delineated city planning areas and those outside of delineated city planning areas and to conduct an evaluation of each land use control. In delineated urban areas, particularly urban areas, it is essential to re-examine land use from the point of view of compact cities or smart cities along with conducting an evaluation of land use control that focuses on issues of rivalry between all kinds of land use such as urban land and agricultural and forestry land. In areas outside of delineated urban areas, it is desirable to aim to build a specific community recycling range based on forest biomass utilization by conducting an evaluation of land use control concerning the possibilities for forest biomass focusing particularly on forests within and outside of city planning areas.

Keywords: Land Use Control, Urbanization, Forestry Biomass, Geographic Information Systems (GIS), Hokkaido

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Authors: Benazeer Md. Shahzada, Verelst Jan, Van Grembergen Wim, Mannaert Herwig

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This article is an extension and a practical application approach of Wheeler-s NEBIC theory (Net Enabled Business Innovation Cycle). NEBIC theory is a new approach in IS research and can be used for dynamic environment related to new technology. Firms can follow the market changes rapidly with support of the IT resources. Flexible firms adapt their market strategies, and respond more quickly to customers changing behaviors. When every leading firm in an industry has access to the same IT resources, the way that these IT resources are managed will determine the competitive advantages or disadvantages of firm. From Dynamic Capabilities Perspective and from newly introduced NEBIC theory by Wheeler, we know that only IT resources cannot deliver customer value but good configuration of those resources can guarantee customer value by choosing the right emerging technology, grasping the economic opportunities through business innovation and growth. We found evidences in literature that SOA (Service Oriented Architecture) is a promising emerging technology which can deliver the desired economic opportunity through modularity, flexibility and loosecoupling. SOA can also help firms to connect in network which can open a new window of opportunity to collaborate in innovation and right kind of outsourcing

Keywords: Absorptive capacity, Dynamic Capability, Netenabled business innovation cycle, Service oriented architecture.

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Authors: Jung-Lo Park, Sung-Sik Kim, Sun-Young Choi, Ju-Hyung Kim, Jae-Jun Kim

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Sub-prime mortgage crisis which began in the US is regarded as the most economic crisis since the Great Depression in the early 20th century. Especially, hidden problems on efficient operation of a business were disclosed at a time and many financial institutions went bankrupt and filed for court receivership. The collapses of physical market lead to bankruptcy of manufacturing and construction businesses. This study is to analyze dynamic efficiency of construction businesses during the five years at the turn of the global financial crisis. By discovering the trend and stability of efficiency of a construction business, this study-s objective is to improve management efficiency of a construction business in the ever-changing construction market. Variables were selected by analyzing corporate information on top 20 construction businesses in Korea and analyzed for static efficiency in 2008 and dynamic efficiency between 2006 and 2010. Unlike other studies, this study succeeded in deducing efficiency trend and stability of a construction business for five years by using the DEA/Window model. Using the analysis result, efficient and inefficient companies could be figured out. In addition, relative efficiency among DMU was measured by comparing the relationship between input and output variables of construction businesses. This study can be used as a literature to improve management efficiency for companies with low efficiency based on efficiency analysis of construction businesses.

Keywords: Construction Company, DEA, DEA/Window, Efficiency Analysis

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Authors: Joanna Stawska

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The main objective of this article is to examine the impact of interest rates on investments in Poland in the context of financial crisis. The paper also investigates the dependence of bank loans to enterprises on interbank market rates. The article studies the impact of interbank market rate on the level of investments in Poland. Besides, this article focuses on the research of the correlation between the level of corporate loans and the amount of investments in Poland in order to determine the indirect impact of central bank interest rates through the transmission mechanism of monetary policy on the real economy. To achieve the objective we have used econometric and statistical research methods like: econometric model and Pearson correlation coefficient. This analysis suggests that the central bank reference rate inversely proportionally affects the level of investments in Poland and this dependence is moderate. This is also important issue because it is related to preparing of Poland to accession to euro area. The research is important from both theoretical and empirical points of view. The formulated conclusions and recommendations determine the practical significance of the paper which may be used in the decision making process of monetary and economic authorities of the country.

Keywords: Central bank, financial crisis, interest rate, investments.

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Authors: Rinku Dhanker, Suman Chaudhary, Tanvi Bhatia, Sneh Goyal

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Municipal Solid Waste (MSW), being a rich source of organic materials, can be used for agricultural applications as an important source of nutrients for soil and plants. This is also an alternative beneficial management practice for MSW generated in developing countries. In the present study, MSW treated soil samples from last four to six years at farmer’s field in Rohtak and Gurgaon states (Haryana, India) were collected. The samples were analyzed for all-important agricultural parameters and compared with the control untreated soil samples. The treated soil at farmer’s field showed increase in total N by 48 to 68%, P by 45.7 to 51.3%, and K by 60 to 67% compared to untreated soil samples. Application of sewage sludge at different sites led to increase in microbial biomass C by 60 to 68% compared to untreated soil. There was significant increase in total Cu, Cr, Ni, Fe, Pb, and Zn in all sewage sludge amended soil samples; however, concentration of all the metals were still below the current permitted (EU) limits. To study the adverse effect of heavy metals accumulation on various soil microbial activities, the sewage sludge samples (from wastewater treatment plant at Gurgaon) were artificially contaminated with heavy metal concentration above the EU limits. They were then applied to soil samples with different rates (0.5 to 4.0%) and incubated for 90 days under laboratory conditions. The samples were drawn at different intervals and analyzed for various parameters like pH, EC, total N, P, K, microbial biomass C, carbon mineralization, and diethylenetriaminepentaacetic acid (DTPA) exactable heavy metals. The results were compared to the uncontaminated sewage sludge. The increasing level of sewage sludge from 0.5 to 4% led to build of organic C and total N, P and K content at the early stages of incubation. But, organic C was decreased after 90 days because of decomposition of organic matter. Biomass production was significantly increased in both contaminated and uncontaminated sewage soil samples, but also led to slight increases in metal accumulation and their bioavailability in soil. The maximum metal concentrations were found in treatment with 4% of contaminated sewage sludge amendment.

Keywords: Heavy metals, municipal sewage sludge, sustainable agriculture, soil fertility, quality.

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Authors: Miho Tsukamoto

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Since the initial creation of the Barbie doll in 1959, it became a symbol of US society. Likewise, the Licca-chan, a Japanese doll created in 1967, also became a Japanese symbolic doll of Japanese society. Prior to the introduction of Licca-chan, Barbie was already marketed in Japan but their sales were dismal. Licca-chan (an actual name: Kayama Licca) is a plastic doll with a variety of sizes ranging from 21.0 cm to 29.0 cm which many Japanese girls dream of having. For over 35 years, the manufacturer, Takara Co., Ltd. has sold over 48 million dolls and has produced doll houses, accessories, clothes, and Licca-chan video games for the Nintendo DS. Many First-generation Licca-chan consumers still are enamored with Licca-chan, and go to Licca-chan House, in an amusement park with their daughters. These people are called Licca-chan maniacs, as they enjoy touring the Licca-chan’s factory in Tohoku or purchase various Licca-chan accessories. After the successful launch of Licca-chan into the Japanese market, a mixed-like doll from the US and Japan, a doll, JeNny, was later sold in the same Japanese market by Takara Co., Ltd. in 1982. Comparison of these cultural iconic dolls, Barbie and Licca-chan, are analyzed in this paper. In fact, these dolls have concepts of girls’ dreams. By using concepts of mythology of Jean Baudrillard, these dolls can be represented idealized images of figures in the products for consumers, but at the same time, consumers can see products with different perspectives, which can cause controversy.

Keywords: Barbie, Dolls, JeNny, Idealization, Licca-chan.

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Authors: Edward Pol

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All companies are confronted with the need to innovate in order to meet market demands. In so doing they are challenged with the dilemma of whether to aim to be first into the market with a new innovative product, or to deliberately wait and learn from a pioneers’ mistakes; potentially avoiding higher risks. It is therefore important to critically understand from a first mover advantage and disadvantage perspective the decision-making implications of defence industry transformation onset by an innovative paradigm shift. This paper will argue that the type of industry characteristics matter, especially when considering what role the clients play in the innovation process and what their level of influence is. Through investigation of qualitative case study research, this inquiry will focus on first mover advantages and first mover disadvantages with a view to establish practical and value-added academic findings by focusing on specific industries where the clients play an active role in cooperation with the supplier innovation. The resulting findings will help managers to mitigate risk in innovative technology introduction. A selection from several defence industry innovations is specifically chosen because of the client–supplier relationship that typically differs from traditional first mover research. In this instance, case studies will be used referencing vertical-take-off-and-landing defence equipment innovations. 

Keywords: innovation, pioneer, first mover advantage, first mover disadvantage, risk

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Authors: Xin Bai, Kresimir Sivoncik, Damla Turgut, Ladislau Bölöni

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Market based models are frequently used in the resource allocation on the computational grid. However, as the size of the grid grows, it becomes difficult for the customer to negotiate directly with all the providers. Middle agents are introduced to mediate between the providers and customers and facilitate the resource allocation process. The most frequently deployed middle agents are the matchmakers and the brokers. The matchmaking agent finds possible candidate providers who can satisfy the requirements of the consumers, after which the customer directly negotiates with the candidates. The broker agents are mediating the negotiation with the providers in real time. In this paper we present a new type of middle agent, the marketmaker. Its operation is based on two parallel operations - through the investment process the marketmaker is acquiring resources and resource reservations in large quantities, while through the resale process it sells them to the customers. The operation of the marketmaker is based on the fact that through its global view of the grid it can perform a more efficient resource allocation than the one possible in one-to-one negotiations between the customers and providers. We present the operation and algorithms governing the operation of the marketmaker agent, contrasting it with the matchmaker and broker agents. Through a series of simulations in the task oriented domain we compare the operation of the three agents types. We find that the use of marketmaker agent leads to a better performance in the allocation of large tasks and a significant reduction of the messaging overhead.

Keywords: grid computing, autonomous agents, market-basedgrid

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Authors: S. Mahalakshmi, B. Senthil Arasu

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As per the recent changes happening in the global policies, climate related changes and the impact it causes across every sector are viewed as green swan events – in essence, climate related changes can happen often and lead to risk and lot of uncertainty, but need to be mitigated instead of considering them as black swan events. This brings about a question on how this risk can be computed, so that the financial institutions can plan to mitigate it. Climate related changes impact all risk types – credit risk, market risk, operational risk, liquidity risk, reputational risk and others. And the models required to compute this have to consider the different industrial needs of the counterparty, as well as the factors that are contributing to this – be it in the form of different risk drivers, or the different transmission channels or the different approaches and the granular form of data availability. This brings out to the suggestion that the climate related changes, though it affects Pillar I risks, will be a Pillar II risk. This has to be modeled specifically based on the financial institution’s actual exposure to different industries, instead of generalizing the risk charge. And this will have to be considered as the additional capital to be met by the financial institution in addition to their Pillar I risks, as well as the existing Pillar II risks. In this paper, we present a risk assessment framework to model and assess climate change risks - for both credit and market risks. This framework helps in assessing the different scenarios, and how the different transition risks affect the risk associated with the different parties. This research paper delves on the topic of increase in concentration of greenhouse gases, that in turn causing global warming. It then considers the various scenarios of having the different risk drivers impacting credit and market risk of an institution, by understanding the transmission channels, and also considering the transition risk. The paper then focuses on the industry that’s fast seeing a disruption: automobile industry. The paper uses the framework to show how the climate changes and the change to the relevant policies have impacted the entire financial institution. Appropriate statistical models for forecasting, anomaly detection and scenario modeling are built to demonstrate how the framework can be used by the relevant agencies to understand their financial risks. The paper also focuses on the climate risk calculation for the Pillar II capital calculations, and how it will make sense for the bank to maintain this in addition to their regular Pillar I and Pillar II capital.

Keywords: Capital calculation, climate risk, credit risk, pillar II risk, scenario modeling.

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Authors: Petre Voicu, Mircea Oaida, Radu Vasiu, Catalin Gheorghiu, Aurel Dumitru

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The present work deals with the way in which food and tobacco waste can be used in agriculture. As a result of the lack of efficient technologies for their recycling, we are currently faced with the appearance of appreciable quantities of residual organic residues that find their use only very rarely and only after long storage in landfills. The main disadvantages of long storage of organic waste are the unpleasant smell, the high content of pathogenic agents, and the high content in the water. The release of these enormous amounts imperatively demands the finding of solutions to ensure the avoidance of environmental pollution. The measure practiced by us and presented in this paper consists of the processing of this waste in special installations, testing in pilot experimental perimeters, and later administration on agricultural lands without harming the quality of the soil, agricultural crops, and the environment. The current crisis of raw materials and energy also raises special problems in the field of organic waste valorization, an activity that takes place with low energy consumption. At the same time, their composition recommends them as useful secondary sources in agriculture. The transformation of food scraps and other residues concentrated organics thus acquires a new orientation, in which these materials are seen as important secondary resources. The utilization of food and tobacco waste in agriculture is also stimulated by the increasing lack of chemical fertilizers and the continuous increase in their price, under the conditions that the soil requires increased amounts of fertilizers in order to obtain high, stable, and profitable production. The need to maintain and increase the humus content of the soil is also taken into account, as an essential factor of its fertility, as a source and reserve of nutrients and microelements, as an important factor in increasing the buffering capacity of the soil, and the more reserved use of chemical fertilizers, improving the structure and permeability for water with positive effects on the quality of agricultural works and preventing the excess and/or deficit of moisture in the soil.

Keywords: Organic residue, food and tannery waste, fertilizer, soil.

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Authors: Ching-Feng Chen, Ching-Chih Tsai

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With the size of the transistor gradually approaching the physical limit, it challenges the persistence of Moore’s Law due to such issues of the short channel effect and the development of the high numerical aperture (NA) lithography equipment. In the context of the ever-increasing technical requirements of portable devices and high-performance computing (HPC), relying on the law continuation to enhance the chip density will no longer support the prospects of the electronics industry. Weighing the chip’s power consumption-performance-area-cost-cycle time to market (PPACC) is an updated benchmark to drive the evolution of the advanced wafer nanometer (nm). The advent of two and half- and three-dimensional (2.5 and 3D)- Very-Large-Scale Integration (VLSI) packaging based on Through Silicon Via (TSV) technology has updated the traditional die assembly methods and provided the solution. This overview investigates the up-to-date and cutting-edge packaging technologies for 2.5D and 3D integrated circuits (IC) based on the updated transistor structure and technology nodes. We conclude that multi-chip solutions for 2.5D and 3D IC packaging can prolong Moore’s Law.

Keywords: Moore’s Law, High Numerical Aperture, Power Consumption-Performance-Area-Cost-Cycle Time to Market, PPACC, 2.5 and 3D-Very-Large-Scale Integration Packaging, Through Silicon Vi.

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Authors: Sara Jelodarian

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Organic agriculture is a kind of living and dynamic agriculture that was introduced in the early 20^th century. The fundamental basis for organic agriculture is in harmony with nature. This version of farming emphasizes removing growth hormones, chemical fertilizers, toxins, radiation, genetic manipulation and instead, integration of modern scientific techniques (such as biologic and microbial control) that leads to the production of healthy food and the preservation of the environment and use of agricultural products such as forage and manure. Supports from governments for the markets producing organic products and taking advantage of the experiences from other successful societies in this field can help progress the positive and effective aspects of this technology, especially in developing countries. This research proves that till 2030, 25% of the global agricultural lands would be covered by organic farming. Consequently Iran, due to its rich genetic resources and various climates, can be a pioneer in promoting organic products. In addition, for sustainable farming, blend of organic and other innovative systems is needed. Important limitations exist to accept these systems, also a diversity of policy instruments will be required to comfort their development and implementation. The paper was conducted to results of compilation of reports, issues, books, articles related to the subject with library studies and research. Likewise we combined experimental and survey to get data.

Keywords: Development, production markets, progress, strategic role, technology.

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Authors: Ana-Marija Stjepić, Dalia Suša Vugec

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Today, digital transformation is one of the leading topics that occupy the attention of scientific circles and business experts. Organizational success is most often reflected through the successful managing of business processes. Given the growing market for digital innovations and its ever-increasing impact on business, organizations need to be prepared for organizational changes that come with the digital era. In order to maintain their competitive advantage in the global market, organizations must adapt their processes to new digitalization conditions. The main goal of this study is to point out the link between the digital transformation and the business process management concept. Therefore, in order to contribute to the scientific field that explores the potential relation between business process management concept and digital transformation, a literature review has been conducted. Papers have been searched within the Business Process Management Journal by keywords related to the term digital transformation. Selected papers have been analyzed according to the topic, type of publication, year of publication, keywords, etc. The results reveal a growing number of papers published on the topic of digital transformation to the Business Process Management Journal, but the lack of case studies. This paper contributes to the extension of academic literature in this important, yet insufficiently researched, scientific field that creates the bond between two strong concepts of digital transformation and business process management.

Keywords: Business process management, digital transformation, digitalization, process change.

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Authors: Chansheng He, Carlo DeMarchi

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A physically based, spatially-distributed water quality model is being developed to simulate spatial and temporal distributions of material transport in the Great Lakes Watersheds of the U.S. Multiple databases of meteorology, land use, topography, hydrography, soils, agricultural statistics, and water quality were used to estimate nonpoint source loading potential in the study watersheds. Animal manure production was computed from tabulations of animals by zip code area for the census years of 1987, 1992, 1997, and 2002. Relative chemical loadings for agricultural land use were calculated from fertilizer and pesticide estimates by crop for the same periods. Comparison of these estimates to the monitored total phosphorous load indicates that both point and nonpoint sources are major contributors to the total nutrient loads in the study watersheds, with nonpoint sources being the largest contributor, particularly in the rural watersheds. These estimates are used as the input to the distributed water quality model for simulating pollutant transport through surface and subsurface processes to Great Lakes waters. Visualization and GIS interfaces are developed to visualize the spatial and temporal distribution of the pollutant transport in support of water management programs.

Keywords: Distributed Large Basin Runoff Model, Great LakesWatersheds, nonpoint source pollution, and point sources.

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Authors: Laila Ozola, Evita Straumite

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Celiac disease is a permanent enteropathy caused by the ingestion of gluten, a protein occurring in wheat, rye and barley. The only way of the effective daily treatment is a strict gluten-free diet. From the investigation of products available in the local market, it was found that Latvian producers do not offer gluten-free products. The aim of this research was to study and analyze changes of celiac patient’s attitude to gluten-free product quality and availability in the Latvian market and purchasing habits. The survey was designed using website www.visidati.lv, and a questionnaire was sent to people suffering from celiac disease. The first time the respondents were asked to fill in the questionnaire in 2011, but now repeatedly from the beginning of September 2013 till the end of January 2014. The questionnaire was performed with 75 celiac patients, respondents were from all Latvian regions and they answered 16 questions. One of the most important questions was aimed to find out consumers’ opinion about quality of gluten-free products, consumption patterns of gluten-free products, and, moreover, their interest in products made in Latvia. Respondents were asked to name gluten-free products they mainly buy and give specific purchase locations, evaluate the quality of products and necessity for products produced in Latvia. The results of questionnaire show that the consumers are satisfied with the quality of gluten-free flour, flour blends, sweets and pasta, but are not satisfied with the quality of bread and confectionery available in the Latvian markets.

Keywords: Consumers, gluten-free products, quality, survey.

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Authors: Ali Reza Vaezi, Ouldouz Bakhshi Rad

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Gully erosion is a widespread and often dramatic form of soil erosion caused by water during and immediately after heavy rainfall. It occurs when flowing surface water is channelled across unprotected land and washes away the soil along the drainage lines. The formation of gully is influenced by various factors, including climate, drainage surface area, slope gradient, vegetation cover, land use, and soil properties. It is a very important problem in semi-arid regions, where soils have lower organic matter and are weakly aggregated. Intensive agriculture and tillage along the slope can accelerate soil erosion by water in the region. There is little information on the development of gully erosion in agricultural rainfed areas. Therefore, this study was carried out to investigate the relationship between gully erosion and morphometric characteristics of the drainage area and the effects of soil properties and soil management factors (land use and tillage method) on gully development. A field study was done in a 900 km2 agricultural area in Hshtroud township located in the south of East Azerbaijan province, NW Iran. Toward this, 222 gullies created in rainfed lands were found in the area. Some properties of gullies, consisting of length, width, depth, height difference, cross section area, and volume, were determined. Drainage areas for each or some gullies were determined, and their boundaries were drawn. Additionally, the surface area of each drainage, land use, tillage direction, and soil properties that may affect gully formation were determined. The soil erodibility factor (K) defined in the Universal Soil Loss Equation (USLE) was estimated based on five soil properties (silt and very fine sand, coarse sand, organic matter, soil structure code, and soil permeability). Gully development in each drainage area was quantified using its volume and soil loss. The dependency of gully development on drainage area characteristics (surface area, land use, tillage direction, and soil properties) was determined using correlation matrix analysis. Based on the results, gully length was the most important morphometric characteristic indicating the development of gully erosion in the lands. Gully development in the area was related to slope gradient (r = -0.26), surface area (r = 0.71), the area of rainfed lands (r = 0.23), and the area of rainfed tilled along the slope (r = 0.24). Nevertheless, its correlation with the area of pasture and soil erodibility factor (K) was not significant. Among the characteristics of drainage area, surface area is the major factor controlling gully volume in the agricultural land. No significant correlation was found between gully erosion and soil erodibility factor (K) estimated by the USLE. It seems the estimated soil erodibility cannot describe the susceptibility of the study soils to the gully erosion process. In these soils, aggregate stability and soil permeability are the two soil physical properties that affect the actual soil erodibility and in consequence, these soil properties can control gully erosion in the rainfed lands. 

Keywords: Agricultural area, gully properties, soil structure, USLE, Universal Soil Loss Equation.

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Authors: B. Marasović, S. Pivac, S. V. Vukasović

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Constructing a portfolio of investments is one of the most significant financial decisions facing individuals and institutions. In accordance with the modern portfolio theory maximization of return at minimal risk should be the investment goal of any successful investor. In addition, the costs incurred when setting up a new portfolio or rebalancing an existing portfolio must be included in any realistic analysis. In this paper rebalancing an investment portfolio in the presence of transaction costs on the Croatian capital market is analyzed. The model applied in the paper is an extension of the standard portfolio mean-variance optimization model in which transaction costs are incurred to rebalance an investment portfolio. This model allows different costs for different securities, and different costs for buying and selling. In order to find efficient portfolio, using this model, first, the solution of quadratic programming problem of similar size to the Markowitz model, and then the solution of a linear programming problem have to be found. Furthermore, in the paper the impact of transaction costs on the efficient frontier is investigated. Moreover, it is shown that global minimum variance portfolio on the efficient frontier always has the same level of the risk regardless of the amount of transaction costs. Although efficient frontier position depends of both transaction costs amount and initial portfolio it can be concluded that extreme right portfolio on the efficient frontier always contains only one stock with the highest expected return and the highest risk.

Keywords: Croatian capital market, Fractional quadratic programming, Markowitz model, Portfolio optimization, Transaction costs.

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Authors: Anwar Hasan Abdullah Othman, Ahamed Kameel, Hasanuddeen Abdul Aziz

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In this study, attempt has been made to investigate the relationship specifically the causal relation between fund unit prices of Islamic equity unit trust fund which measure by fund NAV and the selected macro-economic variables of Malaysian economy by using VECM causality test and Granger causality test. Monthly data has been used from Jan, 2006 to Dec, 2012 for all the variables. The findings of the study showed that industrial production index, political election and financial crisis are the only variables having unidirectional causal relationship with fund unit price. However the global oil price is having bidirectional causality with fund NAV. Thus, it is concluded that the equity unit trust fund industry in Malaysia is an inefficient market with respect to the industrial production index, global oil prices, political election and financial crisis. However the market is approaching towards informational efficiency at least with respect to four macroeconomic variables, treasury bill rate, money supply, foreign exchange rate, and corruption index.

Keywords: Fund unit price, unit trust industry, Malaysia, macroeconomic variables, causality.

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Authors: Fl. Loury, P. Sablonière

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In this paper a stochastic scenario-based model predictive control applied to molten salt storage systems in concentrated solar tower power plant is presented. The main goal of this study is to build up a tool to analyze current and expected future resources for evaluating the weekly power to be advertised on electricity secondary market. This tool will allow plant operator to maximize profits while hedging the impact on the system of stochastic variables such as resources or sunlight shortage.

Solving the problem first requires a mixed logic dynamic modeling of the plant. The two stochastic variables, respectively the sunlight incoming energy and electricity demands from secondary market, are modeled by least square regression. Robustness is achieved by drawing a certain number of random variables realizations and applying the most restrictive one to the system. This scenario approach control technique provides the plant operator a confidence interval containing a given percentage of possible stochastic variable realizations in such a way that robust control is always achieved within its bounds. The results obtained from many trajectory simulations show the existence of a ‘’reliable’’ interval, which experimentally confirms the algorithm robustness.

Keywords: Molten Salt Storage System, Concentrated Solar Tower Power Plant, Robust Stochastic Model Predictive Control.

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Authors: Yannick Verbelen, Sam De Winne, Niek Blondeel, Ann Peeters, An Braeken, Abdellah Touhafi

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The growing popularity of solid state thermoelectric devices in cooling applications has sparked an increasing diversity of thermoelectric coolers (TECs) on the market, commonly known as “Peltier modules”. They can also be used as generators, converting a temperature difference into electric power, and opportunities are plentiful to make use of these devices as thermoelectric generators (TEGs) to supply energy to low power, autonomous embedded electronic applications. Their adoption as energy harvesters in this new domain of usage is obstructed by the complex thermoelectric models commonly associated with TEGs. Low cost TECs for the consumer market lack the required parameters to use the models because they are not intended for this mode of operation, thereby urging an alternative method to obtain electric power estimations in specific operating conditions. The design of the test setup implemented in this paper is specifically targeted at benchmarking commercial, off-the-shelf TECs for use as energy harvesters in domestic environments: applications with limited temperature differences and space available. The usefulness is demonstrated by testing and comparing single and multi stage TECs with different sizes. The effect of a boost converter stage on the thermoelectric end-to-end efficiency is also discussed.

Keywords: Thermoelectric cooler, TEC, complementary balanced energy harvesting, step-up converter, DC/DC converter, embedded systems, energy harvesting, thermal harvesting.

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Authors: Clement M. Matasane, Mohamed T. Kahn

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Biomass resources such as animal waste, agricultural and acro-industrial residues, forestry and woodland waste, and industrial and municipal solid wastes provide alternative means to utilize its untapped potential for biomass/biofuel renewable energy systems. In addition, crop residues (i.e., grain, starch, and energy crops) are commonly available in the district and play an essential role in community farming activities. The remote sensing technology (mappings) and geographic information systems tool will be used to determine the biomass potential in the Vhembe District Municipality. The detailed assessment, estimation, and modeling in quantifying their distribution, abundance, and quality yield an effective and efficient use of their potential. This paper aims to examine the potential and prospects of deploying bioenergy systems in small or micro-systems in the district for community use and applications. This deployment of the biofuels/biomass systems will help communities for sustainable energy supply from their traditional energy use into innovative and suitable methods that improve their livelihood. The study demonstrates the potential applications of Geographical Information Systems (GIS) in spatial mapping analysis, evaluation, modeling, and decision support for easy access to renewable energy systems.

Keywords: Agricultural crops, waste materials, biomass potentials, bioenergy potentials, GIS mappings, environmental data, renewable energy deployment, sustainable energy supply.

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