Search results for: European Union banks

Authors: Afonso, S. C., Fernandes, P. O., Monte, A. P.

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Modern times call organizations to have an active role in the social arena, through Corporate Social Responsibility (CSR). The objective of this research was to test the hypothesis that there is a positive relation between social performance and economic performance, and if there is a positive correlation between social performance and financial-economic performance. To test these theories a measure of social performance, based on the Green Book of Commission of the European Community, was used in a group of nineteen Portuguese top companies, listed on the PSI 20 index, through a period of five years, since 2005 to 2009. A clusters analysis was applied to group companies by their social performance and to compare and correlate their economic performance. Results indicate that companies that had a better social performance are not the ones who had a better economic performance, and suggest that the middle path might provide a good relation CSR-Economic performance, as a basis to a sustainable development.

Keywords: Corporate Social Responsibility, Economic Performance, Win-Win relationship

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Authors: MP. Mulaudzi, MA. Petersen, J. Mukuddem-Petersen , IM. Schoeman, B. de Waal, JM. Manale

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This conference paper discusses a risk allocation problem for subprime investing banks involving investment in subprime structured mortgage products (SMPs) and Treasuries. In order to solve this problem, we develop a L'evy process-based model of jump diffusion-type for investment choice in subprime SMPs and Treasuries. This model incorporates subprime SMP losses for which credit default insurance in the form of credit default swaps (CDSs) can be purchased. In essence, we solve a mean swap-at-risk (SaR) optimization problem for investment which determines optimal allocation between SMPs and Treasuries subject to credit risk protection via CDSs. In this regard, SaR is indicative of how much protection investors must purchase from swap protection sellers in order to cover possible losses from SMP default. Here, SaR is defined in terms of value-at-risk (VaR). Finally, we provide an analysis of the aforementioned optimization problem and its connections with the subprime mortgage crisis (SMC).

Keywords: Investors; Jump Diffusion Process, Structured Mortgage Products, Treasuries, Credit Risk, Credit Default Swaps, Tranching Risk, Counterparty Risk, Value-at-Risk, Swaps-at-Risk, Subprime Mortgage Crisis.

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Authors: Sanjeev Kumar Appicharla

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This paper presents the results of the modelling and analysis of the European Railway Traffic Management (ERTMS) safety critical incident to raise awareness of biases in systems engineering process on the Cambrian Railway in the UK using the RAIB 17/2019 as a primary input. The RAIB, the UK independent accident investigator, published the Report- RAIB 17/2019 giving the details of their investigation of the focal event in the form of immediate cause, causal factors and underlying factors and recommendations to prevent a repeat of the safety-critical incident on the Cambrian Line. The Systems for Investigation of Railway Interfaces (SIRI) is the Methodology used to model and analyse the safety-critical incident. The SIRI Methodology uses the Swiss Cheese Model to model the incident and identify latent failure conditions (potentially less than adequate conditions) by means of the Management Oversight and Risk Tree technique. The benefits of the SIRI Methodology are threefold: first is that it incorporates “Heuristics and Biases” approach, in the Management Oversight and Risk Tree technique to identify systematic errors. Civil engineering and programme management railway professionals are aware of role “optimism bias” plays in programme cost overruns and are aware of bow tie (fault and event tree) model-based safety risk modelling technique. However, the role of systematic errors due to “Heuristics and Biases” is not appreciated as yet. This overcomes the problems of omission of human and organisational factors from accident analysis. Second, the scope of the investigation includes all levels of the socio-technical system, including government, regulatory, railway safety bodies, duty holders, signalling firms and transport planners, and front-line staff such that lessons learned at the decision making and implementation level as well. Third, the author’s past accident case studies are supplemented with research pieces of evidence drawn from the practitioner’s and academic researchers’ publications as well. This is to discuss the role of system thinking to improve the decision making and risk management processes and practices in the IEC 15288 Systems Engineering standard, and in the industrial context such as the GB railways and Artificial Intelligence (AI) contexts as well.

Keywords: Accident analysis, AI algorithm internal audit, bounded rationality, Byzantine failures, heuristics and biases approach.

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Authors: Yee Yee Htun, Dr. Khaing Khaing Aye

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Morphological operators transform the original image into another image through the interaction with the other image of certain shape and size which is known as the structure element. Mathematical morphology provides a systematic approach to analyze the geometric characteristics of signals or images, and has been applied widely too many applications such as edge detection, objection segmentation, noise suppression and so on. Fuzzy Mathematical Morphology aims to extend the binary morphological operators to grey-level images. In order to define the basic morphological operations such as fuzzy erosion, dilation, opening and closing, a general method based upon fuzzy implication and inclusion grade operators is introduced. The fuzzy morphological operations extend the ordinary morphological operations by using fuzzy sets where for fuzzy sets, the union operation is replaced by a maximum operation, and the intersection operation is replaced by a minimum operation. In this work, it consists of two articles. In the first one, fuzzy set theory, fuzzy Mathematical morphology which is based on fuzzy logic and fuzzy set theory; fuzzy Mathematical operations and their properties will be studied in details. As a second part, the application of fuzziness in Mathematical morphology in practical work such as image processing will be discussed with the illustration problems.

Keywords: Binary Morphological, Fuzzy sets, Grayscalemorphology, Image processing, Mathematical morphology.

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Authors: K. Dimitropoulos, N. Grammalidis, I. Gragopoulos, H. Gao, Th. Heuer, M. Weinmann, S. Voit, C. Stockhammer, U. Hartmann, N. Pavlidou

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Existing ground movement surveillance technologies at airports are subjected to limitations due to shadowing effects or multiple reflections. Therefore, there is a strong demand for a new sensing technology, which will be cost effective and will provide detection of non-cooperative targets under any weather conditions. This paper aims to present a new intelligent system, developed within the framework of the EC-funded ISMAEL project, which is based on a new magnetic sensing technology and provides detection, tracking and automatic classification of targets moving on the airport surface. The system is currently being installed at two European airports. Initial experimental results under real airport traffic demonstrate the great potential of the proposed system.

Keywords: Air traffic management, magnetic sensors, multitracking, A-SMGCS.

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Authors: Ali A. Hammadi

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In this work, a practical study on a commissioned Giga Passive Optical Network (GPON) fiber to the home access network in Kuwait is presented. The work covers the framework of the conceptual design of the deployed Passive Optical Networks (PONs), access network, optical fiber cable network distribution, technologies, and standards. The work also describes methodologies applied by system engineers for design of Optical Network Terminals (ONTs) and Optical Line Terminals (OLTs) transceivers with respect to the distance, operating wavelengths, splitting ratios. The results have demonstrated and justified the limitation of transmission distance of a PON link in Fiber to The Premises (FTTP) to not exceed 20 km. Optical Time Domain Reflector (OTDR) test has been carried for this project to confirm compliance with International Telecommunication Union (ITU) specifications regarding the total length of the deployed optical cable, total loss in dB, and loss per km in dB/km with respect to the operating wavelengths. OTDR test results with traces for segments of implemented fiber network will be provided and discussed.

Keywords: Passive optical networks, fiber to the premises, access network, OTDR.

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Authors: Raquel P. F. Guiné, Daniela V. T. A. Costa, Paula M. R. Correia, Moisés Castro, Luis T. Guerra, Cristina A. Costa

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The aim of this work was to characterize a potential target group of people interested in participating into a training program in organic farming in the context of mobile-learning. The information sought addressed in particular, but not exclusively, possible contents, formats and forms of evaluation that will contribute to define the course objectives and curriculum, as well as to ensure that the course meets the needs of the learners and their preferences. The sample was selected among different European countries. The questionnaires were delivered electronically for answering on-line and in the end 135 consented valid questionnaires were obtained. The results allowed characterizing the target group and identifying their training needs and preferences towards m-learning formats, giving valuable tools to design the training offer.

Keywords: Mobile-learning, organic farming, rural development, survey.

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Authors: Juha Kettunen

Abstract:

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

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

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Authors: Juraj Belan, Lenka Hurtalová, Eva Tillová, Alan Vaško, Milan Uhríčik

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High pressure turbine (HPT) blades of DV – 2 jet engines are made from Ni – based superalloy. This alloy was originally manufactured in the Soviet Union and referred as ŽS6K. For improving alloy’s high temperature resistance are blades coated with Al – Si diffusion layer. A regular operation temperature of HPT blades vary from 705°C to 750°C depending on jet engine regime. An overcrossing working temperature range causes degradation of the protective coating as well as base material which microstructure is formed by the gamma matrix and strengthening phase gamma prime (forming small particles in the microstructure). Diffusion processes inside the material during exposition of the material to high temperatures causes mainly coarsening of the gamma prime particles, thus decreasing its strengthening effect. Degradation of the Al – Si coating caused its thickness growth. All the microstructure changes and coating layer thickness growth results in decreasing of the turbine blade operation lifetime.

Keywords: Alitize coating layer, gamma prime phase, high temperature degradation, Ni – base superalloy ŽS6K, turbine blade.

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Authors: J. E. Ortiz, P. Plaza, J. Herrero, I. Cabria, J. L. Blanco, J. Gavilanes, J. I. Escavy, I. López-Cilla, V. Yagüe, C. Pérez, S. Rodríguez, J. Rico, C. Serrano, J. Bernat

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The development of Artificial Intelligence services in mining processes, specifically in aggregate quarries, is facilitating automation and improving numerous aspects of operations. Ultimately, AI is transforming the mining industry by improving efficiency, safety and sustainability. With the ability to analyze large amounts of data and make autonomous decisions, AI offers great opportunities to optimize mining operations and maximize the economic and social benefits of this vital industry. Within the framework of the European DIGIECOQUARRY project, various services were developed for the identification of material quality, production estimation, detection of anomalies and prediction of consumption and production automatically with good results.

Keywords: Aggregates, artificial intelligence, automatization, mining operations.

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Authors: Azhar E. Serikkaliyeva, Nurzhamal A. Aldabek

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

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

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

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

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

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Authors: Joe Walsh, Mike Climstein, Ian Timothy Heazlewood, Stephen Burke, Jyrki Kettunen, Kent Adams, Mark DeBeliso

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Thousands of masters athletes participate quadrennially in the World Masters Games (WMG), yet this cohort of athletes remains proportionately under-investigated. Due to a growing global obesity pandemic in context of benefits of physical activity across the lifespan, the prevalence of obesity in this unique population was of particular interest. Data gathered on a sub-sample of 535 football code athletes, aged 31-72 yrs ( =47.4, s =±7.1), competing at the Sydney World Masters Games (2009) demonstrated a significantly (p<0.001), reduced classification of obesity using Body Mass Index (BMI) when compared to data on the Australian national population. This evidence of improved classification in one index of health (BMI<30) implies there are either improved levels of this index of health due to adherence to sport or possibly the reduced BMI is advantageous and contributes to this cohort adhering (or being attracted) to masters sport. Given the worldwide focus on the obesity epidemic and the need for a multi-faceted solution to this problem, demonstration of these middle to older aged adults having improved BMI over the general population is of particular interest.

Keywords: BMI, masters athlete, rugby union, soccer, touch football

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Authors: Mustapha Achibane, Imane Allam

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Since the nineties, all Moroccan banking institutions have to respect an arsenal of prudential ratios. The respect of these prudential measures aims to ensure the financial system stability. In order to do so, regulatory authorities tried to reduce the financial and operational risks incurred by the banking entities. Meanwhile, regulatory authorities demanded a balance sheet management work from banks. They also asked them to establish a management control system to manage operational risk, as well as an effort in terms of incurred risk-based commitments. Therefore, the prudential approach has a macroeconomic nature and it is presented as a determinant of the operational, microeconomic approach. This operational approach takes the form of a strategy that each banking entity must develop to manage the different banking risks. This study seeks to analyze the problem of risk management between the prudential and the operational approaches. It was processed through a literature review followed by an analysis of the Moroccan banking sector’s performance. At first, we will reconcile the inductive logic and then, the analytical one. The first approach consists of analyzing the phenomenon from a normative and conceptual perspective, while the second one will consist of considering the Moroccan banking system and analyzing the behavior of Moroccan banking entities in terms of risk management and performance. The results identified a favorable growth in terms of performance, despite the huge provisioning effort made to meet the international standards and the harmonization of the regulations.

Keywords: Banking performance, financial intermediation, operational approach, prudential standards, risk management.

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Authors: M. Pisol B Mat Isa, Asmak Ab Rahman, Hezlina Bt M Hashim, Abd Mutalib B Embong

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Al-Murabahah is an Islamic financing facility used in asset financing, the profit rate of the contract is determined by components which are also being used in the conventional banking. Such are cost of fund, overhead cost, risk premium cost and bank-s profit margin. At the same time, the profit rate determined by Islamic banking system also refers to Inter-Bank Offered Rate (LIBOR) in London as a benchmark. This practice has risen arguments among Muslim scholars in term of its validity of the contract; whether the contract maintains the Shariah compliance or not. This paper aims to explore the view of Shariah towards the above components practiced by Islamic Banking in determining the profit rate of al-murabahah asset financing in Malaysia. This is a comparative research which applied the views of Muslim scholars from all major mazahibs in Islamic jurisprudence and examined the practices by Islamic banks in Malaysia for the above components. The study found that the shariah accepts all the components with conditions. The cost of fund is accepted as a portion of al-mudarabah-s profit, the overhead cost is accepted as a cost of product, risk premium cost consist of business risk and mitigation risk are accepted through the concept of alta-awun and bank-s profit margin is accepted as a right of bank after venturing in risky investment.

Keywords: Islamic banking, Islamic finance, al-murabahah and asset financing

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Authors: Nwobu Obiamaka, Owolabi Akintola

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This study examined the extent of statistical significant difference between the economic, environmental, governance and social aspects of sustainability reporting as a result of board committee on sustainability and time (year) of reporting for business organizations in the Nigerian banking sector. The years of reporting under consideration were 2010, 2011, 2012 and 2013. Content analysis methodology was employed through a reporting index used to score the amount of economic, environmental, governance and social indicators of sustainability reporting. The results of this study indicated that business organizations with board committee on sustainability had more indicators of sustainability reporting than those without board committees on sustainability issues. Also, sustainability reporting in 2013 was higher than that of prior years (2012, 2011 and 2010) for the economic, environmental and social indicators. The governance indicators of 2012 was highest compared to the other years (2013, 2011 and 2010) under consideration in this study. The implication of this finding is that business organizations that have board committees on sustainability are monitored by such boards to report more to their stakeholders. On the other hand, business organizations are appreciating the need to engage in sustainability reporting with each passing year. This could be due to the Central Bank of Nigeria (CBN) Sustainability Reporting framework that business organizations in the banking sector have to adhere to. When sustainability issues are monitored from the board of directors, business organizations are likely to increase and improve on their sustainability reporting.

Keywords: Governance, organizations, reporting, sustainability.

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Authors: Ioan Popa, Cristiana Tudor, Radu Lupu

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

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

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Authors: Wei-Ju, Huang

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

Keywords: ICT, Taipei City, Urban ICT Planning.

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Authors: B. F. Oliveira, T. I. Gonçalves, M. M. Sousa, S. M. Pimenta, O. F. Ramalho, J. B. Cruz, F. V. Barbosa

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The EU Circular Economy action plan, launched in 2020, is one of the major initiatives to promote the transition into a more sustainable industry. The circular economy is a popular concept used by many companies nowadays. Some industries are better forwarded to this reality than others, and the tannery industry is a sector that needs more attention due to its strong environmental impact caused by its dimension, intensive resources consumption, lack of recyclability, and second use of its products, as well as the industrial effluents generated by the manufacturing processes. For these reasons, the zero-waste goal and the European objectives are further being achieved. In this context, a need arises to provide an effective methodology that allows to determine the level of circularity of tannery companies. Regarding the complexity of the circular economy concept, few factories have a specialist in sustainability to assess the company’s circularity or have the ability to implement circular strategies that could benefit the manufacturing processes. Although there are several methodologies to assess circularity in specific industrial sectors, there is not an easy go-to methodology applied in factories aiming for cleaner production. Therefore, a straightforward methodology to assess the level of circularity, in this case of a tannery industry, is presented and discussed in this work, allowing any company to measure the impact of its activities. The methodology developed consists in calculating the Overall Circular Index (OCI) by evaluating the circularity of four key areas -energy, material, economy and social- in a specific factory. The index is a value between 0 and 1, where 0 means a linear economy, and 1 is a complete circular economy. Each key area has a sub-index, obtained through key performance indicators (KPIs) regarding each theme, and the OCI reflects the average of the four sub-indexes. Some fieldwork in the appointed company was required in order to obtain all the necessary data. By having separate sub-indexes, one can observe which areas are more linear than others. Thus, it is possible to work on the most critical areas by implementing strategies to increase the OCI. After these strategies are implemented, the OCI is recalculated to check the improvements made and any other changes in the remaining sub-indexes. As such, the methodology in discussion works through continuous improvement, constantly reevaluating and improving the circularity of the factory. The methodology is also flexible enough to be implemented in any industrial sector by adapting the KPIs. This methodology was implemented in a selected Portuguese small and medium-sized enterprises (SME) tannery industry and proved to be a relevant tool to measure the circularity level of the factory. It was witnessed that it is easier for non-specialists to evaluate circularity and identify possible solutions to increase its value, as well as learn how one action can impact their environment. In the end, energetic and environmental inefficiencies were identified and corrected, increasing the sustainability and circularity of the company. Through this work, important contributions were provided, helping the Portuguese SMEs to achieve the European and UN 2030 sustainable goals.

Keywords: Circular economy, circularity index, sustainability, tannery industry, zero-waste.

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Authors: S. Jakšić, B. Žmuk

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

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

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Authors: Juraj Camaj, Martin Kendra, Jaroslav Masek

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

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

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Authors: Juha Kettunen

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

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

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Authors: Aryanejad Mir Bahador Goli, Zahra Honarmand Shah Zileh

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In most study fields, a phenomenon may not be studied directly but it will be examined indirectly by phenomenon model. Making an accurate model of system, there is attained new information from modeled phenomenon without any charge, danger, etc... there have been developed more solutions for describing and analyzing the recent complicated systems but few of them have analyzed the performance in the range of system description. Petri nets are of limited solutions which may make such union. Petri nets are being applied in problems related to modeling and designing the systems. Theory of Petri nets allow a system to model mathematically by a Petri net and analyzing the Petri net can then determine main information of modeled system-s structure and dynamic. This information can be used for assessing the performance of systems and suggesting corrections in the system. In this paper, beside the introduction of Petri nets, a real case study will be studied in order to show the application of generalized stochastic Petri nets in modeling a resource sharing production system and evaluating the efficiency of its machines and robots. The modeling tool used here is SHARP software which calculates specific indicators helping to make decision.

Keywords: Flexible manufacturing system, generalizedstochastic Petri nets, Markov chain, performance evaluation.

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Authors: Juha Kettunen

Abstract:

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

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

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Authors: Andrea Bellucci, Martina Tofi

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The aim of paper is to analyze business models of bancassurance in Italy for life business. The life insurance business is very developed in the Italian market and banks branches have 80% of the market share. Given its maturity, the life insurance market needs to consolidate its organizational form to allow for the development of non-life business, which nowadays collects few premiums but represents a great opportunity to enlarge the market share of bancassurance using its strength in the distribution channel while the market share of independent agents is decreasing. Starting with the main business model of bancassurance for life business, this paper will analyze the performances of life companies in the Italian market by balance sheet indicators and by main discriminant variables of business models. The study will observe trends from 2013 to 2015 for the Italian market by exploiting a database managed by Associazione Nazionale delle Imprese di Assicurazione (ANIA). The applied approach is based on a bottom-up analysis starting with variables and indicators to define business models’ classification. The statistical classification algorithm proposed by Ward is employed to design business models’ profiles. Results from the analysis will be a representation of the main business models built by their profile related to indicators. In that way, an unsupervised analysis is developed that has the limit of its judgmental dimension based on research opinion, but it is possible to obtain a design of effective business models.

Keywords: Balance sheet indicators, Bancassurance, business models, ward algorithm.

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Authors: Charalampos Saridakis, Stelios Tsafarakis

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

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

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

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

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

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Authors: Kobra Nalbandi, Bahram Baghban Kohnehrouz, Khalil Alami Saeed

Abstract:

The low level of foreign genes expression in transgenic plants is a key factor that limits plant genetic engineering. Because of the critical regulatory activity of the promoters on gene transcription, they are studied extensively to improve the efficiency of the plant transgenic system. The strong constitutive promoters, such as CaMV 35S promoter and Ubiqutin 1 maize are usually used in plant biotechnology research. However the expression level of the foreign genes in all tissues is often undesirable. But using a strong seed-specific promoter to limit gene expression in the seed solves such problems. The purpose of this study is to isolate one of the seed specific promoters of Hordeum vulgare. So one of the common varieties of Hordeum vulgare in Iran was selected and their genomes extracted then the D-Hordein promoter amplified using the specific designed primers. Then the amplified fragment of the insert cloned in an appropriate vector and then transformed to E. coli. At last for the final admission of accuracy the cloned fragments sent for sequencing. Sequencing analysis showed that the cloned fragment DHPcontained motifs; like TATA box, CAAT-box, CCGTCC-box, AMYBOX1 and E-box etc., which constituted the seed-specific promoter activity. The results were compared with sequences existing in data banks. D-Hordein promoters of Alger has 99% similarity at 100 % coverage. The results also showed that D-Hordein promoter of barley and HMW promoter of wheat are too similar.

Keywords: Barley, Seed specific promoter, Hordein.

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Authors: Mohammad Reza Oftadeh

Abstract:

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

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

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Authors: Irena Palić

Abstract:

The main objective of the research in this paper is to empirically assess the causal relationship of private savings and economic growth in the Republic of Croatia. Households’ savings are approximated by household deposits in banks, while domestic income is approximated by industrial production volume indices. Vector Autoregression model and Granger causality tests are used to in order to analyse the relationship among private savings and economic growth. Since ADF unit root tests have shown that both mentioned series are non stationary at levels, series are first differenced in order to become stationary. Therefore, VAR model is estimated with percentage change in private savings and percentage change in domestic income, which can be interpreted as economic growth in case of positive percentage change in domestic income. The Granger causality test has shown that there is no causal relationship among private savings and economic growth in Croatia. The impulse response functions have shown that the impact of shock in domestic income on private savings change is stronger than the impact of private saving on growth. Variance decompositions show that both economic growth and private saving change explain the largest part of its own forecast variance. The research has shown that the link between private savings economic and growth in Croatia is weak, what is in line with relevant empirical research in small open economies.

Keywords: Economic growth, Granger causality, innovation analysis, private savings, Vector Autoregression model.

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