Search results for: lessons learned from global financial crisis

Authors: Zohreh Soltani, Seyedmohammadhossein Hosseinian

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Reduction of energy consumption in built infrastructure, through the installation of energy-efficient technologies, is a major approach to achieving sustainability. In practice, the viability of energy efficiency projects strongly depends on the cost reimbursement and profitability. These projects are subject to failure if the actual cost savings do not reimburse the project cost promptly. In such cases, refinancing could be a solution to benefit from the long-term returns of the project, if implemented wisely. However, very little is still known about the effect of refinancing options on financial performance of energy efficiency projects. In order to fill this gap, the present study investigates the financial behavior of energy efficiency projects with focus on refinancing options, such as Leveraged Loans. A System Dynamics (SD) model is introduced, and the model application is presented using an actual case-study data. The case study results indicate that while high-interest start-ups make using Leveraged Loan inevitable, refinancing can rescue the project and bring about profitability. This paper also presents some managerial implications of refinancing energy efficiency projects based on the case-study analysis. Results of this study help to implement financially viable energy efficiency projects so that the community could benefit from their environmental advantages widely.

Keywords: Energy efficiency projects, leveraged loan, refinancing, sustainability.

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Authors: Petri Kouvo, Aino Kainulainen, Kimmo Koivunen

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Separate collection system for recyclable wastes in the Helsinki region was ranked second best of European capitals. The collection system includes paper, cardboard, glass, metals and biowaste. Residual waste is collected and used in energy production. The collection system excluding paper is managed by the Helsinki Region Environmental Services HSY, a public organization owned by four municipalities (Helsinki, Espoo, Kauniainen and Vantaa). Paper collection is handled by the producer responsibility scheme. The efficiency of the collection system in the Helsinki region relies on a good coverage of door-to-door-collection. All properties with 10 or more dwelling units are required to source separate biowaste and cardboard. This covers about 75% of the population of the area. The obligation is extended to glass and metal in properties with 20 or more dwelling units. Other success factors include public awareness campaigns and a fee system that encourages recycling. As a result of waste management regulations for source separation of recyclables and biowaste, nearly 50 percent of recycling rate of household waste has been reached. For households and small and medium size enterprises, there is a sorting station fleet of five stations available. More than 50 percent of wastes received at sorting stations is utilized as material. The separate collection of plastic packaging in Finland will begin in 2016 within the producer responsibility scheme. HSY started supplementing the national bring point system with door-to-door-collection and pilot operations will begin in spring 2016. The result of plastic packages pilot project has been encouraging. Until the end of 2016, over 3500 apartment buildings have been joined the piloting, and more than 1800 tons of plastic packages have been collected separately. In the summer 2015 a novel partial flow digestion process combining digestion and tunnel composting was adopted for source separated household and commercial biowaste management. The product gas form digestion process is converted in to heat and electricity in piston engine and organic Rankine cycle process with very high overall efficiency. This paper describes the efficient collection system and discusses key success factors as well as main obstacles and lessons learned as well as the partial flow process for biowaste management.

Keywords: Biowaste, HSY, MSW, plastic packages, recycling, separate collection.

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Authors: Anabel Fernandez, Leandro Rodriguez-Ortiz, Rosa Rodríguez

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Due to the negative impact of fossil fuels, renewable energies are promising sources to limit global temperature rise and damage to the environment. Also, the development of technology is focused on obtaining energetic products from renewable sources. In this study, a thermodynamic model including exergy balance and a subsequent Life Cycle Assessment (LCA) were carried out for four subsystems of the integrated gasification-combustion of pinewood. Results of exergy analysis and LCA showed the process feasibility in terms of exergy efficiency and global energy efficiency of the life cycle (GEELC). Moreover, the energy return on investment (EROI) index was calculated. The global exergy efficiency resulted in 67%. For pretreatment, reaction, cleaning, and electric generation subsystems, the results were 85%, 59%, 87%, and 29%, respectively. Results of LCA indicated that the emissions from the electric generation caused the most damage to the atmosphere, water, and soil. GEELC resulted in 31.09% for the global process. This result suggested the environmental feasibility of an integrated gasification-combustion system. EROI resulted in 3.15, which determines the sustainability of the process.

Keywords: Exergy analysis, Life Cycle Assessment, LCA, renewability, sustainability.

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Authors: Ondřej Nowak

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This paper presents an exploration into the structure of the corporate governance network and interlocking directorates in the Czech Republic. First a literature overview and a basic terminology of the network theory is presented. Further in the text, statistics and other calculations relevant to corporate governance networks are presented. For this purpose an empirical data set consisting of 2 906 joint stock companies in the Czech Republic was examined. Industries with the highest average number of interlocks per company were healthcare, and energy and utilities. There is no observable link between the financial performance of the company and the number of its interlocks. Also interlocks with financial companies are very rare.

Keywords: Corporate Governance, Interlocking Directorates, Network Theory, Czech Republic.

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Authors: C. Slim

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Traditional techniques for analyzing time series are based on the notion of stationarity of phenomena under study, but in reality most economic and financial series do not verify this hypothesis, which implies the implementation of specific tools for the detection of such behavior. In this paper, we study nonstationary non-seasonal time series tests in a non-exhaustive manner. We formalize the problem of nonstationary processes with numerical simulations and take stock of their statistical characteristics. The theoretical aspects of some of the most common unit root tests will be discussed. We detail the specification of the tests, showing the advantages and disadvantages of each. The empirical study focuses on the application of these tests to the exchange rate (USD/TND) and the Consumer Price Index (CPI) in Tunisia, in order to compare the Power of these tests with the characteristics of the series.

Keywords: Stationarity, unit root tests, economic time series.

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Authors: Fabrício José Piacente, Vanessa de Cillos Silva, Thigo Luiz Mello Melato

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The construction industry has been demonstrating increased growth and importance in Brazil’s national economic development. This study aims to evaluate the financial performance of the leading companies in the construction sector in Brazil in the period from 2009 to 2012. An analysis is made of the capital structure, liquidity, and profitability of the six largest companies in the construction sector in Brazil: Brookfield, Cyrela, Gafisa, MRV, PDG and Rossi. The results are then compared with standard industry ratios. It was found that among the companies analyzed, MRV and Cyrela showed the best relative performance in the period under consideration.

Keywords: Accounting ratios, construction, financial performance.

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Authors: Yalda Safaralipour, Seyed Ahmad Shahgoli

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Nowadays over-consumption of fossil energy in buildings especially in residential buildings and also considering the increase in populations, the crisis of energy shortage in a near future is predictable. The recent performance of developed countries in construction with the aim of decreasing fossil energies shows that these countries have understood the incoming crisis and has taken reasonable and basic actions in this regard. However, Iranian architecture, with several thousands years of history, has acquired and executed invaluable experiences in designing, adapting and coordinating with the nature. Architectural studies during the recent decades show that imitating modern western architecture results in high energy wastage beside the fact that it not reasonably adaptable and corresponded with the habits and customs of people unlike the architecture in the past which was compatible and adaptable with the climatic conditions and this necessitates optimal using of renewable energies more than ever. This paper studies problems of design, execution and living in today's houses and reviews the characteristics of climatic elements paying special attention to the performance of trombe wall and solar greenhouse in traditional houses and offers some suggestions for combining these two elements and a climatic strategy.

Keywords: Climatic Designing, Housing in Hot & Dry Area, Solar Greenhouse, Trombe Wall.

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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: A. Alirezaei, S. Vahdani

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This study estimates the seismic demands of tall buildings with central symmetric setbacks by using nonlinear time history analysis. Three setback structures, all 60-story high with setback in three levels, are used for evaluation. The effects of irregularities occurred by setback are evaluated by determination of global-drift, story-displacement and story drift. Story-displacement is modified by roof displacement and first story displacement and story drift is modified by global drift. All results are calculated at the center of mass and in x and y direction. Also the absolute values of these quantities are determined. The results show that increasing of vertical irregularities increases the global drift of the structure and enlarges the deformations in the height of the structure. It is also observed that the effects of geometry irregularity in the seismic deformations of setback structures are higher than those of mass irregularity.

Keywords: Deformation demand, drift, setback, tall building.

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Authors: F. Di Pillo, G. Capece, L. Cricelli, N. Levialdi

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The liberalization and privatization processes have forced public utility companies to face new competitive challenges, implementing strategies to gain market share and, at the same time, keep the old customers. To this end, many companies have carried out mergers, acquisitions and conglomerations in order to diversify their business. This paper focuses on companies operating in the free energy market in Italy. In the last decade, this sector has undergone profound changes that have radically changed the competitive scenario and have led companies to implement diversification strategies of the business. Our work aims to evaluate the economic and financial performances obtained by energy companies, following the beginning of the liberalization process, verifying the possible relationship with the implemented diversification strategies.

Keywords: Business diversification strategies, M&A, the Italian energy market liberalization, economic and financial performances.

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Authors: Roshayani Arshad, Normah Omar, Siti Fatimah Awang

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The move from cash accounting to accrual accounting, or rule-based to principle-based accounting, by many governments is part of an ongoing efforts in promoting a more business-like and performance-focused public sector. Using questionnaire responses from preparers of financial statements of public universities in Malaysia, this study examines the implementation challenges and benefits of principle-based accounting. Results from these responses suggest that most respondents perceived significant costs would be incurred in relation to staff training and recruitment of staffs with relevant technical knowledge. In addition, most respondents also perceived that there will be significant changes in the current accounting system and structure in order to comply with the principle-based accounting requirements. However, most respondents perceived that these changes might not result in significant benefits for management purposes, for example, financial management, budgeting and allocation of resources. Nevertheless, most respondents perceived that principle-based accounting information would facilitate the monitoring function of the board. The general perception is that adoption of principle-based accounting information is not significantly useful than rule-based accounting information is expected to change over time as preparers of the financial statements gradually understand and appreciate the benefits of principle-based accounting information. This infers that the perceived usefulness of different accounting system is a function of familiarity by the preparers.

Keywords: Accrual accounting, principle-based accounting, public sector, rule-based accounting.

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Authors: Grigoris Giannarakis, Nikolaos Litinas, Ioannis Theotokas

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The aim of the study is to investigate a number of characteristics of Corporate Social Responsibility (CSR) indicators that should be adopted by CSR assessment methodologies. For the purpose of this paper, a survey among the Greek companies that belong to FTSE 20 in Athens Exchange (FTSE/Athex-20) has been conducted, as these companies are expected to pioneer in the field of CSR. The results show consensus as regards the characteristics of indicators such as the need for the adoption of general and specific sector indicators, financial and non-financial indicators, the origin and the weight rate. However, the results are contradictory concerning the appropriate number of indicators for the assessment of CSR and the unit of measurement. Finally, the company-s sector is a more important dimension of CSR than the size and the country where the company operates. The purpose of this paper is to standardize the main characteristics of CSR indicators.

Keywords: Corporate social responsibility, Greece, Indicators

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Authors: Amina Amirat, Abdelfettah Bouri

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If price and quantity are the fundamental building blocks of any theory of market interactions, the importance of trading volume in understanding the behavior of financial markets is clear. However, while many economic models of financial markets have been developed to explain the behavior of prices -predictability, variability, and information content- far less attention has been devoted to explaining the behavior of trading volume. In this article, we hope to expand our understanding of trading volume by developing a new measure of herding behavior based on a cross sectional dispersion of volumes betas. We apply our measure to the Toronto stock exchange using monthly data from January 2000 to December 2002. Our findings show that the herd phenomenon consists of three essential components: stationary herding, intentional herding and the feedback herding.

Keywords: Herding behavior, market return, trading volume.

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Authors: Patrick M. Stanton, William R. McCumber

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Using a large dataset of more than 2,400 individual microfinance institutions (MFIs) from 120 countries from 1999 to 2016, this study finds that nearly half of the international MFIs operate as for-profit institutions. Formal institutions (business regulatory environment, property rights, social protection, and a developed financial sector) impact the likelihood of MFIs being for-profit across countries. Cultural differences across countries (power distance, individualism, masculinity, and indulgence) seem to be a factor in the legal status of the MFI (non-profit or for-profit). MFIs in countries with stronger formal institutions, a greater degree of power distance, and a higher degree of collectivism experience better financial and social performance.

Keywords: Hofstede cultural dimensions, international finance, microfinance institutions, non-profit.

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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: M. A. Meslem

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For precise geoid determination, we use a reference field to subtract long and medium wavelength of the gravity field from observations data when we use the remove-compute-restore technique. Therefore, a comparison study between considered models should be made in order to select the optimal reference gravity field to be used. In this context, two recent global geopotential models have been selected to perform this comparison study over Northern Algeria. The Earth Gravitational Model (EGM2008) and the Global Gravity Model (GECO) conceived with a combination of the first model with anomalous potential derived from a GOCE satellite-only global model. Free air gravity anomalies in the area under study have been used to compute residual data using both gravity field models and a Digital Terrain Model (DTM) to subtract the residual terrain effect from the gravity observations. Residual data were used to generate local empirical covariance functions and their fitting to the closed form in order to compare their statistical behaviors according to both cases. Finally, height anomalies were computed from both geopotential models and compared to a set of GPS levelled points on benchmarks using least squares adjustment. The result described in details in this paper regarding these two models has pointed out a slight advantage of GECO global model globally through error degree variances comparison and ground-truth evaluation.

Keywords: Quasigeoid, gravity anomalies, covariance, GGM.

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Authors: Dhaksha Vivekanandan

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DeFi is a network that avoids reliance on financial intermediaries through its peer-to-peer financial network. DeFi operates outside of government control; hence, it is important for us to understand its impacts. This study employs a literature review to understand DeFi and its emergence, as well as its implications on transparency, social impact, and regulation. Further, three case studies are analysed within the context of these categories. DeFi’s provision of increased transparency poses environmental and storage costs and can lead to user privacy being endangered. DeFi allows for the provision of entrepreneurial incentives and protection against monetary censorship and capital control. Despite DeFi's transparency issues and volatility costs, it has huge potential to reduce poverty; however, regulation surrounding DeFi still requires further tightening by governments.

Keywords: DeFi, transparency, regulation, social impact.

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Authors: Asadollah Aghajani, Yaghoub Jalilian

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Using the concept of measure of noncompactness, we present some results concerning the existence, uniform local attractivity and global attractivity of solutions for a functional integral equation. Our results improve and extend some previous known results and based on weaker conditions. Some examples which show that our results are applicable when the previous results are inapplicable are also included.

Keywords: Functional integral equation, fixed-point, measure of noncompactness, attractive solution, asymptotic stability.

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Authors: Ujjwala Bhand, Mridula Goel

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Global Competitiveness Index (GCI) prepared by World Economic Forum has become a benchmark in studying the competitiveness of countries and for understanding the factors that enable competitiveness. Innovation is a key pillar in competitiveness and has the unique property of enabling exponential economic growth. This paper attempts to analyze how the pillars comprising the Global Competitiveness Index affect innovation and whether GDP growth can directly affect innovation outcomes for a country. The key objective of the study is to identify areas on which governments of developing countries can focus policies and programs to improve their country’s innovativeness. We have compiled a panel data set for top innovating countries and large emerging economies called BRICS from 2007-08 to 2014-15 in order to find the significant factors that affect innovation. The results of the regression analysis suggest that government should make policies to improve labor market efficiency, establish sophisticated business networks, provide basic health and primary education to its people and strengthen the quality of higher education and training services in the economy. The achievements of smaller economies on innovation suggest that concerted efforts by governments can counter any size related disadvantage, and in fact can provide greater flexibility and speed in encouraging innovation.

Keywords: Innovation, Global Competitiveness Index, BRICS, economic growth.

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Authors: A. Bumbová, M. Čáslavský, F. Božek, J. Dvořák, E. Bakoš

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The paper presents the case study of hazard identification and sensitivity of potential resource of emergency water supply as part of the application of methodology classifying the resources of drinking water for emergency supply of population. The case study has been carried out on a selected resource of emergency water supply in one region of the Czech Republic. The hazard identification and sensitivity of potential resource of emergency water supply is based on a unique procedure and developed general registers of selected types of hazards and sensitivities. The registers have been developed with the help of the “Fault Tree Analysis” method in combination with the “What if method”. The identified hazards for the assessed resource include hailstorms and torrential rains, drought, soil erosion, accidents of farm machinery, and agricultural production. The developed registers of hazards and vulnerabilities and a semi-quantitative assessment of hazards for individual parts of hydrological structure and technological elements of presented drilled wells are the basis for a semi-quantitative risk assessment of potential resource of emergency supply of population and the subsequent classification of such resource within the system of crisis planning.

Keywords: Hazard identification, register of hazards, sensitivity identification, register of sensitivity, emergency water supply, state of crisis, resource of emergency water supply, ground water.

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Authors: J. Furuya, S. Kobayashi, S. D. Meyer

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This research examines possible effects of climatic change focusing on global warming and its impacts on world agricultural product markets, by using a world food model developed to consider climate changes. GDP and population for each scenario were constructed by IPCC and climate data for each scenario was reported by the Hadley Center and are used in this research to consider results in different contexts. Production and consumption of primary agriculture crops of the world for each socio-economic scenario are obtained and investigated by using the modified world food model. Simulation results show that crop production in some countries or regions will have different trends depending on the context. These alternative contexts depend on the rate of GDP growth, population, temperature, and rainfall. Results suggest that the development of environment friendly technologies lead to more consumption of food in many developing countries. Relationships among environmental policy, clean energy development, and poverty elimination warrant further investigation.

Keywords: Global warming, SRES scenarios, World food model.

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Authors: Sheng Teng Huang, Shigeru Yoshida

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Strategic alliances generally mean the cooperation or collaboration between firms which pursue for a synergy that each member hopes the benefits from the alliances would be much more than those from individual efforts. Past researches provide us sufficient theories and considerations for alliance forming in liner shipping market. This research reviews important academic journals for the past decade regarding to the most important reasons to form the alliances. We would explain the motive of alliances and details of shipping cooperation in literature review. The paper also empirically investigates the key service quality requirements improved through alliances by using quality function deployment (QFD). Moreover, the research investigates famous shipping reports, shipping consultant websites and most recent shipping publications to find out the executive-s viewpoint of several leading carriers among top 20 to assess current shipping strategic alliance on Asia/Europe route. These comments provide meaningful managerial reasons to consider alliance formations and search if there is any gap between the theories and industrial practice. Analysis of the empirical investigation and top management-s perspective on current market situation will contribute us some meaningful managerial suggestions to evaluate these theories applied to current strategic alliances.

Keywords: Liner shipping, Strategic alliances, quality function deployment, service quality.

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Authors: Huei-Fu Lu

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This paper is to develop a fuzzy net present value (FNPV) method by taking vague cash flow and imprecise required rate of return into account for evaluating the value of the Build-Operate-Transfer (BOT) sport facilities. In order to clearly manifest a more realistic capital budgeting model based on the classical net present value (NPV) method, some uncertain financial elements in NPV formula will be fuzzified as triangular fuzzy numbers. Through the conscientious manipulation of fuzzy set theory, we will find that the proposed FNPV model is a more explicit extension of classical (crisp) model and could be more practicable for the financial managers to capture the essence of capital budgeting of sport facilities than non-fuzzy model.

Keywords: Fuzzy sets; Capital budgeting, Sport facility, Net present value (NPV), Build-Operate-Transfer (BOT) scheme

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Authors: Y. Z. Wu, Z. Dong, S. K. You

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Global approximation using metamodel for complex mathematical function or computer model over a large variable domain is often needed in sensibility analysis, computer simulation, optimal control, and global design optimization of complex, multiphysics systems. To overcome the limitations of the existing response surface (RS), surrogate or metamodel modeling methods for complex models over large variable domain, a new adaptive and regressive RS modeling method using quadratic functions and local area model improvement schemes is introduced. The method applies an iterative and Latin hypercube sampling based RS update process, divides the entire domain of design variables into multiple cells, identifies rougher cells with large modeling error, and further divides these cells along the roughest dimension direction. A small number of additional sampling points from the original, expensive model are added over the small and isolated rough cells to improve the RS model locally until the model accuracy criteria are satisfied. The method then combines local RS cells to regenerate the global RS model with satisfactory accuracy. An effective RS cells sorting algorithm is also introduced to improve the efficiency of model evaluation. Benchmark tests are presented and use of the new metamodeling method to replace complex hybrid electrical vehicle powertrain performance model in vehicle design optimization and optimal control are discussed.

Keywords: Global approximation, polynomial response surface, domain decomposition, domain combination, multiphysics modeling, hybrid powertrain optimization

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Authors: Ashanie Guanathillake, Kithsiri Samarasinghe

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Wireless Sensor Networks consist of inexpensive, low power sensor nodes deployed to monitor the environment and collect data. Gathering information in an energy efficient manner is a critical aspect to prolong the network lifetime. Clustering  algorithms have an advantage of enhancing the network lifetime. Current clustering algorithms usually focus on global re-clustering and local re-clustering separately. This paper, proposed a combination of those two reclustering methods to reduce the energy consumption of the network. Furthermore, the proposed algorithm can apply to homogeneous as well as heterogeneous wireless sensor networks. In addition, the cluster head rotation happens, only when its energy drops below a dynamic threshold value computed by the algorithm. The simulation result shows that the proposed algorithm prolong the network lifetime compared to existing algorithms.

Keywords: Energy efficient, Global re-clustering, Local re-clustering, Wireless sensor networks.

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Authors: J. M. de Luis Ruiz, P. M. Sierra García, R. P. García, R. P. Álvarez, F. P. García, E. C. López

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Given the evolution of viaducts, structural health monitoring requires more complex techniques to define their state. two alternatives can be distinguished: experimental and operational modal analysis. Although accelerometers or Global Positioning System (GPS) have been applied for the monitoring of structures under exploitation, the dynamic monitoring during the stage of construction is not common. This research analyzes whether GPS data can be applied to certain dynamic geometric controls of evolving structures. The fundamentals of this work were applied to the New Bridge of Cádiz (Spain), a worldwide milestone in bridge building. GPS data were recorded with an interval of 1 second during the erection of segments and turned to the frequency domain with Fourier transform. The vibration period and amplitude were contrasted with those provided by the finite element model, with differences of less than 10%, which is admissible. This process provides a vibration record of the structure with GPS, avoiding specific equipment.

Keywords: Fourier transform, global position system, operational modal analysis, structural health monitoring.

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Authors: M. Bakhouya, S. A. Bahra, T. El-Ghazawi

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The Partitioned Global Address Space (PGAS) programming paradigm offers ease-of-use in expressing parallelism through a global shared address space while emphasizing performance by providing locality awareness through the partitioning of this address space. Therefore, the interest in PGAS programming languages is growing and many new languages have emerged and are becoming ubiquitously available on nearly all modern parallel architectures. Recently, new parallel machines with multiple cores are designed for targeting high performance applications. Most of the efforts have gone into benchmarking but there are a few examples of real high performance applications running on multicore machines. In this paper, we present and evaluate a parallelization technique for implementing a local DNA sequence alignment algorithm using a PGAS based language, UPC (Unified Parallel C) on a chip multithreading architecture, the UltraSPARC T1.

Keywords: Partitioned Global Address Space, Unified Parallel C, Multicore machines, Multi-threading Architecture, Sequence alignment.

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Authors: Martin Hans Knahl

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The Internet is the global data communications infrastructure based on the interconnection of both public and private networks using protocols that implement Internetworking on a global scale. Hence the control of protocol and infrastructure development, resource allocation and network operation are crucial and interlinked aspects. Internet Governance is the hotly debated and contentious subject that refers to the global control and operation of key Internet infrastructure such as domain name servers and resources such as domain names. It is impossible to separate technical and political positions as they are interlinked. Furthermore the existence of a global market, transparency and competition impact upon Internet Governance and related topics such as network neutrality and security. Current trends and developments regarding Internet governance with a focus on the policy-making process, security and control have been observed to evaluate current and future implications on the Internet. The multi stakeholder approach to Internet Governance discussed in this paper presents a number of opportunities, issues and developments that will affect the future direction of the Internet. Internet operation, maintenance and advisory organisations such as the Internet Corporation for Assigned Names and Numbers (ICANN) or the Internet Governance Forum (IGF) are currently in the process of formulating policies for future Internet Governance. Given the controversial nature of the issues at stake and the current lack of agreement it is predicted that institutional as well as market governance will remain present for the network access and content.

Keywords: Internet Governance, ICANN, Democracy, Security

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Authors: Mustapha Achibane, Imane Allam

Abstract:

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: Guy Rosman, Alexander M. Bronstein, Michael M. Bronstein, Ron Kimmel

Abstract:

We present a new algorithm for nonlinear dimensionality reduction that consistently uses global information, and that enables understanding the intrinsic geometry of non-convex manifolds. Compared to methods that consider only local information, our method appears to be more robust to noise. Unlike most methods that incorporate global information, the proposed approach automatically handles non-convexity of the data manifold. We demonstrate the performance of our algorithm and compare it to state-of-the-art methods on synthetic as well as real data.

Keywords: Dimensionality reduction, manifold learning, multidimensional scaling, geodesic distance, boundary detection.

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