Search results for: Financial Risk

Authors: Eleftherios Giovanis

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In this paper discrete choice models, Logit and Probit are examined in order to predict the economic recession or expansion periods in USA. Additionally we propose an adaptive neuro-fuzzy inference system with triangular membership function. We examine the in-sample period 1947-2005 and we test the models in the out-of sample period 2006-2009. The forecasting results indicate that the Adaptive Neuro-fuzzy Inference System (ANFIS) model outperforms significant the Logit and Probit models in the out-of sample period. This indicates that neuro-fuzzy model provides a better and more reliable signal on whether or not a financial crisis will take place.

Keywords: ANFIS, discrete choice models, financial crisis, USeconomy

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Authors: Marjan Mahdavi-Roshan, Arsalan Salari, Mahboobeh Gholipour, Moona Naghshbandi

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Background and objectives: Before any nutritional intervention, it is necessary to have the prospect of eating habits of people with cardiovascular risk factors. In this study, we assessed the adherence of healthy diet based on Mediterranean dietary pattern and related factors in adults in the north of Iran. Methods: This study was conducted on 550 men and women with cardiovascular risk factors that referred to Heshmat hospital in Rasht, northern Iran. Information was collected by interview and reading medical history and measuring anthropometric indexes. The Mediterranean Diet Adherence Screener was used for assessing dietary adherence, this screener was modified according to religious beliefs and culture of Iran. Results: The mean age of participants was 58±0.38 years. The mean of body mass index was 27±0.01 kg/m², and the mean of waist circumference was 98±0.2 cm. The mean of dietary adherence was 5.76±0.07. 45% of participants had low adherence, and just 4% had suitable adherence. The mean of dietary adherence in men was significantly higher than women (p=0. 07). Participants in rural area and high educational participants insignificantly had an unsuitable dietary Adherence. There was no significant association between some cardiovascular disease risk factors and dietary adherence. Conclusion: Education to different group about dietary intake correction and using a Mediterranean dietary pattern that is similar to dietary intake in the north of Iran, for controlling cardiovascular disease is necessary.

Keywords: Dietary adherence, Mediterranean dietary pattern, cardiovascular disease, north of Iran.

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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: E. Mulliner, V. Maliene

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The concept of housing affordability is a contested issue, but a pressing and widespread problem for many countries. Simple ratio measures based on housing expenditure and income are habitually used to defined and assess housing affordability. However, conceptualising and measuring affordability in this manner focuses only on financial attributes and fails to deal with wider issues such as housing quality, location and access to services and facilities. The research is based on the notion that the housing affordability problem encompasses more than the financial costs of housing and a households ability to meet such costs and must address larger issues such as social and environmental sustainability and the welfare of households. Therefore, the need arises for a broad and more encompassing set of attributes by which housing affordability can be assessed. This paper presents a system of criteria by which the affordability of different housing locations could be assessed in a comprehensive and sustainable manner. Moreover, the paper explores the way in which such criteria could be measured.

Keywords: Affordable housing, attributes, housing affordability, sustainable communities

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Authors: Zh.Mingaleva, K.Balkova

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Innovations and innovative activity get the increasing value for successful financial and economic activity of the countries and regions. The level of innovative sphere development determines place of a country or a region in world economy and forms a basis of steady economic growth. This article is devoted to different aspects of organization of the national economic safety in the conditions of innovative development, its problems, risks and threats. Economy can be considered as aspiring for transition to innovative way only with finding of economic safety: financial independence, power stability and technological progress. There are statistical indicators, defining the level of economic security and factors, threatening economic safety of the state. The research is based on the analysis of factors and indicators in conditions of innovative development. The paper is illustrated by the examples of possible estimated system of the economic safety level.

Keywords: Economic safety, innovative activity, innovative development, innovative economy

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Authors: Krisada Sungkhamanee

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The objectives of this research are to search the management pattern of Bang Khonthi lodging entrepreneurs for sufficient economy ways, to know the threat that affects this sector and design fit arrangement model to sustain their business with Samut Songkram style. What will happen if they do not use this approach? Will they have a financial crisis? The data and information are collected by informal discussions with 8 managers and 400 questionnaires. A mixed methods of both qualitative research and quantitative research are used. Bent Flyvbjerg-s phronesis is utilized for this analysis. Our research will prove that sufficient economy can help small business firms to solve their problems. We think that the results of our research will be a financial model to solve many problems of the entrepreneurs and this way will can be a model for other provinces of Thailand.

Keywords: Bang Khonthi, Lodging Business, Sufficient Economy.

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Authors: C. Caçador, M. J. Reis Lima, J. Oliveira, M. J. Veiga, M. Teixeira Veríssimo, F. Ramos, M. C. Castilho, E. Teixeira-Lemos

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In the present study we evaluated the nutritional status of 214 institutionalized elderly residents of both genders, aged 65 years and older of 11 care homes located in the district of Viseu (center of Portugal). The evaluation was based on anthropometric measurements and the Mini Nutritional Assessment (MNA) score.

The mean age of the subjects was 82.3 ± 6.1 years-old. Most of the elderly residents were female (72.0%). The majority had 4 years of formal education (51.9%) and was widowed (74.3%) or married (14.0%).

Men presented a mean age of 81.2±8.5 years-old, weight 69.3±14.5 kg and BMI 25.33±6.5 kg/m². In women, the mean age was 84.5±8.2 years-old, weight 61.2±14.7 kg and BMI 27.43±5.6 kg/m².

The evaluation of the nutritional status using the MNA score showed that 24.0% of the residents show a risk of undernutrition and 76.0% of them were well nourished.

There was a high prevalence of obese (24.8%) and overweight residents (33.2%) according to the BMI. 7.5% were considered underweight.

We also found that according to their waist circumference measurements 88.3% of the residents were at risk for cardiovascular disease (CVD) and 64.0% of them presented very high risk for CVD (WC≥88 cm for women and WC ≥102 cm for men).

The present study revealed the coexistence of a dual form of malnutrition (undernourished and overweight) among the institutionalized Portuguese concomitantly with an excess of abdominal adiposity. The high prevalence of residents at high risk for CVD should not be overlooked.

Given the vulnerability of the group of institutionalized elderly, our study highlights the importance of the classification of nutritional status based on both instruments: the BMI and the MNA.

Keywords: Nutritional status, MNA, BMI, elderly.

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Authors: Jin-Tae Lee, Jung-Hoon Suh, Sang-Soo Jang, Jae-Il Lee

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Information and communication service providers (ICSP) that are significant in size and provide Internet-based services take administrative, technical, and physical protection measures via the information security check service (ISCS). These protection measures are the minimum action necessary to secure the stability and continuity of the information and communication services (ICS) that they provide. Thus, information assets are essential to providing ICS, and deciding the relative importance of target assets for protection is a critical procedure. The risk analysis model designed to decide the relative importance of information assets, which is described in this study, evaluates information assets from many angles, in order to choose which ones should be given priority when it comes to protection. Many-sided risk analysis (MSRS) grades the importance of information assets, based on evaluation of major security check items, evaluation of the dependency on the information and communication facility (ICF) and influence on potential incidents, and evaluation of major items according to their service classification, in order to identify the ISCS target. MSRS could be an efficient risk analysis model to help ICSPs to identify their core information assets and take information protection measures first, so that stability of the ICS can be ensured.

Keywords: Information Asset, Information CommunicationFacility, Evaluation, ISCS (Information Security Check Service), Evaluation, Grade.

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Authors: V. Sulakatko, F. U. Vogdt, I. Lill

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Construction technology and on-site construction activities have a direct influence on the life cycle costs of energy efficiently renovated apartment buildings. The systematic inadequacies of the External Thermal Insulation Composite System (ETICS) which occur during the construction phase increase the risk for all stakeholders, reduce mechanical durability and increase the life cycle costs of the building. The economic effect of these shortcomings can be minimised if the risk of the most significant on-site activities is recognised. The objective of the presented ETICS economic assessment concept is to evaluate the economic influence of on-site shortcomings and reveal their significance to the foreseeable future repair costs. The model assembles repair techniques, discusses their direct cost calculation methods, argues over the proper usage of net present value over the life cycle of the building, and proposes a simulation tool to evaluate the risk of on-site activities. As the technique is dependent on the selected real interest rate, a sensitivity analysis is anticipated to determine the validity of the recommendations. After the verification of the model on the sample buildings by the industry, it is expected to increase economic rationality of resource allocation and reduce high-risk systematic shortcomings during the construction process of ETICS.

Keywords: Activity-based cost estimating, Cost estimation, ETICS, Life cycle costing.

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Authors: Zeinep A. Berkimbayeva, Almagul T. Mansharipova, Elmira M. Khussainova, Leyla B. Djansugurova

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It is believed that DNA damaging toxic metabolites contributes to the development of different pathological conditions. To prevent harmful influence of toxic agents, cells developed number of protecting mechanisms, such as enzymatic reaction of detoxification of reactive metabolites and repair of DNA damage. The aim of the study was to examine the association between polymorphism of GSTT1/GSTM1 and XRCC1/3 genes and coronary artery disease (CAD) incidence. To examine a polymorphism of these genes in CAD susceptibility in patients and controls, PCR based genotyping assay was performed. For GST genes, frequency of GSTM1 null genotype among CAD affected group was significantly increased than in control group (P<0.001). Frequencies of the GSTT1 null and positive alleles are almost equal in both groups (P>0.1). We found that neither XRCC1 Arg399Gln nor XRCC3 Thr241Met were associated with CAD risk. Obtained data suggests that GSTM1 null genotype carriers are more susceptible to CAD development.

Keywords: Cardiovascular disease, DNA reparation, gene polymorphism, risk factors, xenobiotic detoxification.

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Authors: Marko Čular

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The aim of this paper is to raise general awareness of transparency importance for audit firms and for audit services’ users. This paper analyzes transparency of audit firms that audited financial statements of listed companies, for year 2011 and 2012. We use this two years because in the meantime Code of Ethics for Professional Accountants has been adopted. This paper investigates whether transparency reports of audit firms are in accordance with the Croatian Audit Act and whether there is a difference on transparency in observed years. For this paper quality index of transparency report and financial indicators of audit firms are used to get conclusion about condition of audit firms transparency reporting. Results of our study indicate that audit firms are not fully transparent, looking for both years. Transparency of audit firms in 2012 has improved significantly, compared with transparency in 2011.

Keywords: Transparency report, Index quality of transparency report, Croatian Audit Act, Code of Ethics for Professional Accountants.

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Authors: Katleho D. Makatjane, Kalebe M. Kalebe

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The present paper used time-varying parameters which are based on the score function of a probability density at time t to model volatility of saving rate. We used a scaled likelihood function to update the parameters of the model overtime. Our results revealed high diligence of time-varying since the location parameter is greater than zero. Furthermore, we discovered a leptokurtic condition on saving rate’s distribution. Kapetanios, Shin-Shell Nonlinear Augmented Dickey-Fuller (KSS-NADF) test showed that the saving rate has a nonlinear unit root; therefore, it can be modeled by a generalised autoregressive score (GAS) model. Additionally, value at risk (VaR) and conditional tail expectation (CTE) indicate that 99% of the time people in Lesotho are saving more than spending. This puts the economy in high risk of not expanding. Therefore, the monetary policy committee (MPC) of Lesotho should revise their monetary policies towards this high saving rates risk.

Keywords: Generalized autoregressive score, time-varying, saving rate, Lesotho.

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Authors: H. B. Nguendo Yongsi, Thora M. Herrmann, A. Lutumba Ntetu, Rémy Sietchiping, Christopher Bryant

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Health problems linked to urban growth are current major concerns of developing countries. In 2002 and 2005, an interdisciplinary program “Populations et Espaces ├á Risques SANitaires" (PERSAN) was set up under the patronage of the Development and Research Institute. Centered on health in Cameroon-s urban environment, the program mainly sought to (i) identify diarrhoea risk factors in Yaoundé, (ii) to measure their prevalence and apprehend their spatial distribution. The crosssectional epidemiological study that was carried out revealed a diarrheic prevalence of 14.4% (437 cases of diarrhoea on the 3,034 children examined). Also, among risk factors studied, household refuse management methods used by city dwellers were statistically associated to these diarrhoeas. Moreover, it happened that levels of diarrhoeal attacks varied consistently from one neighbourhood to another because of the discrepancy urbanization process of the Yaoundé metropolis.

Keywords: Diarrhea, health risk, household refuses handling, sanitation, Yaoundé.

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Authors: George Yungchih Wang

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This paper argues that increased uncertainty, in certain situations, may actually encourage investment. Since earlier studies mostly base their arguments on the assumption of geometric Brownian motion, the study extends the assumption to alternative stochastic processes, such as mixed diffusion-jump, mean-reverting process, and jump amplitude process. A general approach of Monte Carlo simulation is developed to derive optimal investment trigger for the situation that the closed-form solution could not be readily obtained under the assumption of alternative process. The main finding is that the overall effect of uncertainty on investment is interpreted by the probability of investing, and the relationship appears to be an invested U-shaped curve between uncertainty and investment. The implication is that uncertainty does not always discourage investment even under several sources of uncertainty. Furthermore, high-risk projects are not always dominated by low-risk projects because the high-risk projects may have a positive realization effect on encouraging investment.

Keywords: real options, geometric Brownian motion, mixeddiffusion-jump process, mean- reverting process, jump amplitudeprocess

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Authors: J. K. Visser, H. T. Malan

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A need exists to identify the sources of risks associated with the process automation systems within petrochemical companies or similar energy related industries. These companies use many different process automation technologies in its value chain. A crucial part of the process automation system is the information technology component featuring in the supervisory control layer. The ever-changing technology within the process automation layers and the rate at which it advances pose a risk to safe and predictable automation system performance. The age of the automation equipment also provides challenges to the operations and maintenance managers of the plant due to obsolescence and unavailability of spare parts. The main objective of this research was to determine the risk sources associated with the equipment that is part of the process automation systems. A secondary objective was to establish whether technology managers and technicians were aware of the risks and share the same viewpoint on the importance of the risks associated with automation systems. A conceptual model for risk sources of automation systems was formulated from models and frameworks in literature. This model comprised six categories of risk which forms the basis for identifying specific risks. This model was used to develop a questionnaire that was sent to 172 instrument technicians and technology managers in the company to obtain primary data. 75 completed and useful responses were received. These responses were analyzed statistically to determine the highest risk sources and to determine whether there was difference in opinion between technology managers and technicians. The most important risks that were revealed in this study are: 1) the lack of skilled technicians, 2) integration capability of third-party system software, 3) reliability of the process automation hardware, 4) excessive costs pertaining to performing maintenance and migrations on process automation systems, and 5) requirements of having third-party communication interfacing compatibility as well as real-time communication networks.

Keywords: Distributed control system, identification of risks, information technology, process automation system.

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Authors: Kottaridi Klimentia, Demopoulos Vasilis, Sidiropoulos Anastasios, Ihara Diego, Nikolaidis Vasileios, Antonopoulos Dimitrios

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Aflatoxins are highly poisonous and carcinogenic compounds produced by species of the genus Aspergillus spp. that can infect a variety of agricultural foods, including dried figs. Biological and environmental factors, such as population, pathogenicity and aflatoxinogenic capacity of the strains, topography, soil and climate parameters of the fig orchards are believed to have a strong effect on aflatoxin levels. Existing methods for aflatoxin detection and measurement, such as high-performance liquid chromatography (HPLC), and enzyme-linked immunosorbent assay (ELISA), can provide accurate results, but the procedures are usually time-consuming, sample-destructive and expensive. Predicting aflatoxin levels prior to crop harvest is useful for minimizing the health and financial impact of a contaminated crop. Consequently, there is interest in developing a tool that predicts aflatoxin levels based on topography and soil analysis data of fig orchards. This paper describes the development of a risk assessment tool for the contamination of aflatoxin on dried figs, based on the location and altitude of the fig orchards, the population of the fungus Aspergillus spp. in the soil, and soil parameters such as pH, saturation percentage (SP), electrical conductivity (EC), organic matter, particle size analysis (sand, silt, clay), concentration of the exchangeable cations (Ca, Mg, K, Na), extractable P and trace of elements (B, Fe, Mn, Zn and Cu), by employing machine learning methods. In particular, our proposed method integrates three machine learning techniques i.e., dimensionality reduction on the original dataset (Principal Component Analysis), metric learning (Mahalanobis Metric for Clustering) and K-nearest Neighbors learning algorithm (KNN), into an enhanced model, with mean performance equal to 85% by terms of the Pearson Correlation Coefficient (PCC) between observed and predicted values.

Keywords: aflatoxins, Aspergillus spp., dried figs, k-nearest neighbors, machine learning, prediction

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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: Michael Ajide Oyinloye

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Generally the natural environment is made up of air, water and soil. The release of emission of industrial waste into anyone of the components of the environment causes pollution. Industrial pollution significantly threatens the inherent right of people, to the enjoyment of a safe and secure environment. The aim of this paper is to assess the effect of environmental pollution and health risks of residents living near Ewekoro cement factory. The research made use of IKONOS imagery for Geographical Information System (GIS) to buffer and extract buildings that are less than 1km to the factory, within 1km to 5km and above 5km to the factory. Also questionnaire was used to elicit information on the socio-economic factors, effect of environmental pollution on residents and measures adopted to control industrial pollution on the residents. Findings show that most buildings that fall between less than 1km and 1km to 5km to the factory have high health risk in the study area. The study recommended total relocation for the residents of the study area to reduce health risk problems.

Keywords: Environmental pollution, Ewekoro, GIS, Health risk, Satellite imagery.

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Authors: Seham Ghalwash, Ayman Ismail

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Resources are crucial to the development and sustainability of social ventures. Thus, resources and resources scarcity are central concepts to study and understand the phenomenon of social entrepreneurship specially in developing countries where resources are very limited. Social entrepreneurs in developing countries face bigger challenges because financial resources are scarce. The empirical findings in this paper suggest that social enterprises in poor resources environments survive and grow because of the existence of social and human capitals in which they serve as prerequisites for the physical resources required for sustainability. This research paper explores how governments and policymakers might take nativities to support and foster social entrepreneurial activities in a resource-constraints environment reflecting on the experiences of Egypt-based social enterprises.

Keywords: Social ventures, financial constraints, intangible resources, scarce resources, legitimacy, developing countries, Egypt.

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Authors: Nael Y. Zabel, Maged E. Georgy, Moheeb E. Ibrahim

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A knowledge-based expert system with the acronym RASPE is developed as an application tool to help decision makers in construction companies make informed decisions about managing risks in pipeline construction projects. Choosing to use expert systems from all available artificial intelligence techniques is due to the fact that an expert system is more suited to representing a domain’s knowledge and the reasoning behind domain-specific decisions. The knowledge-based expert system can capture the knowledge in the form of conditional rules which represent various project scenarios and potential risk mitigation/response actions. The built knowledge in RASPE is utilized through the underlying inference engine that allows the firing of rules relevant to a project scenario into consideration. Paper provides an overview of the knowledge acquisition process and goes about describing the knowledge structure which is divided up into four major modules. The paper shows one module in full detail for illustration purposes and concludes with insightful remarks.

Keywords: Expert System, Knowledge Management, Pipeline Projects, Risk Mismanagement.

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Authors: David Calderón Villegas, Thomas Kalitzky

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Run-of-river (RoR) hydropower projects represent a viable, clean, and cost-effective alternative to dam-based plants and provide decentralized power production. However, RoR schemes’ cost-effectiveness depends on the proper selection of site and design flow, which is a challenging task because it requires multivariate analysis. In this respect, this study presents the development of an investment decision support tool for assessing the optimal size of an RoR scheme considering the technical, environmental, and cost constraints. The net present value (NPV) from a project perspective is used as an objective function for supporting the investment decision. The tool has been tested by applying it to an actual RoR project recently proposed in Colombia. The obtained results show that the optimum point in financial terms does not match the flow that maximizes energy generation from exploiting the river's available flow. For the case study, the flow that maximizes energy corresponds to a value of 5.1 m3/s. In comparison, an amount of 2.1 m3/s maximizes the investors NPV. Finally, a sensitivity analysis is performed to determine the NPV as a function of the debt rate changes and the electricity prices and the CapEx. Even for the worst-case scenario, the optimal size represents a positive business case with an NPV of 2.2 USD million and an internal rate of return (IRR) 1.5 times higher than the discount rate. 

Keywords: small hydropower, renewable energy, RoR schemes, optimal sizing, financial analysis

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Authors: Isaias Ramirez, Jose Luis Silva, Carlos Gonzalez, Gustavo Candelaria, Jose Pepe Rasgado, Carlos Carrillo

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This paper presents the experience in an eLearning training project that is being implemented for electrical planning engineers from the national Mexican utility Comision Federal de Electricidad (CFE) Distribution. This modality is implemented and will be used in the utility for training purposes to help personnel in their daily technical activities. One important advantage of this training project is that once it is implemented and applied, financial resources will be saved by CFE Distribution Company because online training will be used in all the country; the infrastructure for the eLearning training will be uploaded in computational servers installed in the National CFE Distribution Training Department, in Ciudad de Mexico, and can be used in workplaces of 16 Distribution Divisions and 150 Zones of CFE Distribution. In this way, workers will not need to travel to the National Training Department, saving enormous efforts, financial, and human resources.

Keywords: Moodle, eLearning, corporate training, electrical planning engineer.

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Authors: Noor A. Auzairy, Rubi Ahmad, Catherine S.F. Ho, Ros Z. Z. Sapian

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This paper is to explore the relationship and the level of stock market integration of the Asian countries, primarily concentrating on Malaysia, Thailand, Indonesia, and South Korea, with the world from January 1997 to December 2009. The degree of short-run and long-run stock market integration of those Asian countries are analyzed in order to determine the significance of series of regional and world financial crises, liberalization policies and other financial reforms in influencing the level of stock market integration. To test for cointegration, this paper applies coefficient correlation, univariate regression analyses, cointegration tests, and vector autoregressive models (VAR) by using the four Asian stock markets main indices and the MSCI World index. The empirical findings from this work reveal that there is no long-run stock market integration for the four countries and the world market. However, there is short run integration.

Keywords: Asia, integration, relationship, stock market.

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Authors: Mohammad Aziz Shah Mohamed Arip, Aslina Ahmad, Fauziah Mohd Sa'ad, Samsiah Mohd Jais, Syed Sofian Syed Salim

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This experimental study evaluates the effect of using Cognitive-Behavioral Therapy (CBT) and Multidimensional Self- Concept Model (MSCM) in a drug prevention programme to increase resiliency and reduce aggression among at-risk youth in Malaysia. A number of 60 (N=60) university students who were at-risk of taking drugs were involved in this study. Participants were identified with self-rating scales, Adolescent Resilience Attitude Scale (ARAS) and Aggression Questionnaire. Based on the mean score of these instruments, the participants were divided into the treatment group, and the control group. Data were analyzed using t-test. The finding showed that the mean score of resiliency was increased in the treatment group compared to the control group. It also shows that the mean score of aggression was reduced in the treatment group compared to the control group. Drug Prevention Programme was found to help in enhancing resiliency and reducing aggression among participants in the treatment group compared to the controlled group. Implications were given regarding the preventive actions on drug abuse among youth in Malaysia.

Keywords: Drug Prevention Programme, Cognitive-Behavioral Therapy (CBT), Multidimensional Self Concept Model (MSCM), resiliency, aggression, at-risk youth.

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Authors: E. Harrer, M. Mauerhofer, T. Werginz

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As a result of intensive competition, the building sector is suffering from a high degree of rivalry. Furthermore, there can be observed an unbalanced distribution of project risks. Clients are aimed to shift their own risks into the sphere of the constructors or planners. The consequence of this is that the number of conflicts between the involved parties is inordinately high or even increasing; an alternative approach to counter on that developments are cooperative project forms in the construction sector. This research compares conventional contract models and models with partnering agreements to examine the influence on project risks by an early integration of the involved parties. The goal is to show up deviations in different project stages from the design phase to the project transfer phase. These deviations are evaluated by a survey of experts from the three spheres: clients, contractors and planners. By rating the influence of the participants on specific risk factors it is possible to identify factors which are relevant for a smooth project execution.

Keywords: Collaborative work, construction industry, contract-models, influence, partnering, project management, risk.

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Authors: Hung T. Tsou, Hsuan Y. Hsu

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Service innovations are central concerns in fast changing environment. Due to the fitness in customer demands and advances in information technologies (IT) in service management, an expanded conceptualization of e-service innovation is required. Specially, innovation practices have become increasingly more challenging, driving managers to employ a different open innovation model to maintain competitive advantages. At the same time, firms need to interact with external and internal customers in innovative environments, like the open innovation networks, to co-create values. Based on these issues, an important conceptual framework of e-service innovation is developed. This paper aims to examine the contributing factors on e-service innovation and firm performance, including financial and non-financial aspects. The study concludes by showing how e-service innovation will play a significant role in growing the overall values of the firm. The discussion and conclusion will lead to a stronger understanding of e-service innovation and co-creating values with customers within open innovation networks.

Keywords: e-Service innovation, performance, open innovation networks, co-create value.

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Authors: F. Niazkar, N. Arab-Moghaddam

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In this research, effort was made to identify and evaluate barriers to the development of entrepreneurship among Iranian entrepreneur women who were graduated from universities. In this study, perspectives of thirty-seven available entrepreneur women were examined. In order to prepare questionnaires and receive knowledge about barriers among these women, seven cases of entrepreneur women took part in in-depth interviews. Then, to evaluate the importance of barriers, the researchers made a questionnaire with closed questions in which the barriers were classified into the following categories: personal-familial barriers; socio-cultural barriers; economic-financial-commercial barriers; and structural barriers. Entrepreneur women were requested to rate the importance of each item. The results indicated that there were different obstacles among entrepreneur women. The order of the important barriers was as fallow: economic-financial-commercial, structural, socio-cultural, and personal-familial.

Keywords: Barriers to Entrepreneurship, Entrepreneur Women

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Authors: G. Arslan, S. Kivrak

Abstract:

Achieving success is a highly critical issue for the companies to survive in a competitive business environment. The construction industry is also an area where there is strong competition due to a large number of construction contractors. There have been many factors such as qualified employees, quality workmanship and financial management that can lead to company success in the construction industry. The aim of this study was to investigate the critical factors leading to construction company success. Within this context, a survey was carried out among 40 Turkish construction companies which are located in the Northwest region of Turkey. In this survey, top-level managers and owners of the companies were interviewed. The interviews took place over a five month period between January and May 2007. Finally, the ranking of the critical success factors has been determined by using the Simple Multi Attribute Rating Technique (SMART). Based on the results, business management, financial conditions and owner/manager characteristics were determined as the most important factors to company success.

Keywords: Company success, construction, organization, success factors.

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Authors: Mariam Vardiashvili

Abstract:

The economic value of the asset impairment process is quite large. Impairment reflects the reduction of future economic benefits or service potentials itemized in the asset. The assets owned by public sector entities bring economic benefits or are used for delivery of the free-of-charge services. Consequently, they are classified as cash-generating and non-cash-generating assets. IPSAS 21 - Impairment of non-cash-generating assets, and IPSAS 26 - Impairment of cash-generating assets, have been designed considering this specificity.  When measuring impairment of assets, it is important to select the relevant methods. For measurement of the impaired Non-Cash-Generating Assets, IPSAS 21 recommends three methods: Depreciated Replacement Cost Approach, Restoration Cost Approach, and  Service Units Approach. Impairment of Value in Use of Cash-Generating Assets (according to IPSAS 26) is measured by discounted value of the money sources to be received in future. Value in use of the cash-generating asserts (as per IPSAS 26) is measured by the discounted value of the money sources to be received in the future. The article provides classification of the assets in the public sector  as non-cash-generating assets and cash-generating assets and, deals also with the factors which should be considered when evaluating  impairment of assets. An essence of impairment of the non-financial assets and the methods of measurement thereof evaluation are formulated according to IPSAS 21 and IPSAS 26. The main emphasis is put on different methods of measurement of the value in use of the impaired Cash-Generating Assets and Non-Cash-Generation Assets and the methods of their selection. The traditional and the expected cash flow approaches for calculation of the discounted value are reviewed. The article also discusses the issues of recognition of impairment loss and its reflection in the financial reporting. The article concludes that despite a functional purpose of the impaired asset, whichever method is used for measuring the asset, presentation of realistic information regarding the value of the assets should be ensured in the financial reporting. In the theoretical development of the issue, the methods of scientific abstraction, analysis and synthesis were used. The research was carried out with a systemic approach. The research process uses international standards of accounting, theoretical researches and publications of Georgian and foreign scientists.

Keywords: Non-cash-generating assets, cash-generating assets, recoverable value, recoverable service amount, value in use.

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Authors: R. Bourziza, W. El Khoumsi, I. Mghabbar, I. Rahou

Abstract:

The flood-risk zones called Merjas are lowlands that are flooded during the rainy season. Indeed, these depressed areas were reclaimed to dry them out in order to exploit their agricultural potential. Thus, farmers were able to start exploiting these drained lands. As the development of modern agriculture in Morocco progressed, farmers began to practice irrigated agriculture. In a context of vulnerability to floods and the need for optimal exploitation of the agricultural potential of the flood-risk zones, the question of how farmers are adapting to this context and the degree of exploitation of this potential arises. It is in these circumstances that this work was initiated, aiming at the characterization of irrigation practices in the flood-risk zones of the Ghareb lowland (Morocco). This characterization is based on two main axes: the characterization of irrigation techniques used, as well as the management of irrigation in these areas. In order to achieve our objective, two complementary approaches have been adopted; the first one is based on interviews with administrative agents and on farmer surveys, and the second one is based on field measurements of a few parameters, such as flow rate, pressure, uniformity coefficient of drippers and salinity. The results of this work led to conclude that the choice of the practiced crop (crop resistant to excess water in winter and vegetable crops during other seasons) and the availability and nature of water resources are the main criteria that determine the choice of the irrigation system. Even if irrigation management is imprecise, farmers are able to achieve agricultural yields that are comparable to those recorded in the entire irrigated perimeter. However, agricultural yields in these areas are still threatened by climate change, since these areas play the role of water retaining basins during floods by protecting the downstream areas, which can also damage the crops there instilled during the autumn. This work has also noted that the predominance of private pumping in flood-risk zones in the coastal zone creates a risk of marine intrusion, which risks endangering the groundwater table. Thus, this work enabled us to understand the functioning and the adaptation measures of these vulnerable zones for the sustainability of the Merjas and a better valorization of these marginalized lowlands.

Keywords: Flood-risk zones, irrigation practices, climate change, adaptation measures.

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