Search results for: financial analysis

Authors: Naoki Yamamoto, Jun Murakami, Chiharu Okuma, Yutaro Shigeto, Satoko Saito, Takashi Izumi, Nozomi Hayashida

Abstract:

Multi-dimensional principal component analysis (PCA) is the extension of the PCA, which is used widely as the dimensionality reduction technique in multivariate data analysis, to handle multi-dimensional data. To calculate the PCA the singular value decomposition (SVD) is commonly employed by the reason of its numerical stability. The multi-dimensional PCA can be calculated by using the higher-order SVD (HOSVD), which is proposed by Lathauwer et al., similarly with the case of ordinary PCA. In this paper, we apply the multi-dimensional PCA to the multi-dimensional medical data including the functional independence measure (FIM) score, and describe the results of experimental analysis.

Keywords: multi-dimensional principal component analysis, higher-order SVD (HOSVD), functional independence measure (FIM), medical data, tensor decomposition

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Authors: Malaw Ndiaye, Karim Konate

Abstract:

Smart contracts are computer protocols that facilitate, verify, and execute the negotiation or execution of a contract, or that render a contractual term unnecessary. Blockchain and smart contracts can be used to facilitate almost any financial transaction. Thanks to these smart contracts, the settlement of dividends and coupons could be automated. Smart contracts have become lucrative and profitable targets for attackers because they can hold a great amount of money. Smart contracts, although widely used in blockchain technology, are far from perfect due to security concerns. Although a series of attacks are listed, there is a lack of discussions and proposals on improving security. This survey takes stock of smart contract security from a more comprehensive perspective by correlating the level of vulnerability and systematic review of security levels in smart contracts.

Keywords: Blockchain, bitcoin, smart Contract, criminal smart contract, security.

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Authors: Yiannis Smirlis, Dimitris K. Despotis

Abstract:

This study performs a comparative analysis of the 21 Greek Universities in terms of their public funding, awarded for covering their operating expenditure. First it introduces a DEA/MCDM model that allocates the fund into four expenditure factors in the most favorable way for each university. Then, it presents a common, consensual assessment model to reallocate the amounts, remaining in the same level of total public budget. From the analysis it derives that a number of universities cannot justify the public funding in terms of their size and operational workload. For them, the sufficient reduction of their public funding amount is estimated as a future target. Due to the lack of precise data for a number of expenditure criteria, the analysis is based on a mixed crisp-ordinal data set.

Keywords: Data envelopment analysis, Greek universities, operating expenditures, ordinal data.

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Authors: P. Bhramara, V. D. Rao, K. V. Sharma , T. K. K. Reddy

Abstract:

In designing of condensers, the prediction of pressure drop is as important as the prediction of heat transfer coefficient. Modeling of two phase flow, particularly liquid – vapor flow under diabatic conditions inside a horizontal tube using CFD analysis is difficult with the available two phase models in FLUENT due to continuously changing flow patterns. In the present analysis, CFD analysis of two phase flow of refrigerants inside a horizontal tube of inner diameter, 0.0085 m and 1.2 m length is carried out using homogeneous model under adiabatic conditions. The refrigerants considered are R22, R134a and R407C. The analysis is performed at different saturation temperatures and at different flow rates to evaluate the local frictional pressure drop. Using Homogeneous model, average properties are obtained for each of the refrigerants that is considered as single phase pseudo fluid. The so obtained pressure drop data is compared with the separated flow models available in literature.

Keywords: Adiabatic conditions, CFD analysis, Homogeneousmodel and Liquid – Vapor flow.

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Authors: Jochen Edmund Kerschenbauer, Roman Salinger, Daniel Strametz

Abstract:

Insufficient informal communication systems can lead to the first crisis (‘Crisis of Leadership’) for start-ups. Management Control Systems (MCS) are one way for high-technology start-ups to successfully overcome these problems. So far the literature has investigated the incubation of a start-up, but focused less on the post-incubation stage. This paper focuses on the use of MCS in post-incubation and, if failed start-ups agree, on how MCS are used. We conducted 14 semi-structured interviews for this purpose, to obtain our results. The overall conclusion is that the majority of the companies were closed down due to a combination of strategic, operative and financial reasons.

Keywords: Closed down, high-technology, incubation, Levers of Control, management control systems, post-incubation, start-ups.

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Authors: Wanda Luen-Wun Siu, Xiaowen Zhang

Abstract:

This paper offered the primary methodical proof on how director remuneration related to enterprise earnings in listed firms in China in light of most evidence focusing on cross-sectional data or data in a short span of time. Using full economic and business panel data on China’s publicly listed enterprise from 1999 to 2020 over two decades in the China Stock Market & Accounting Research database, we found statistically significant positive associations between director pay and firm performance in privately owned firms over this period, supporting the agency theory. In contrast, among the state-owned enterprises, there was a reverse relation between director compensation and firm financial performance, contributing to the existing literature. But the results also revealed that state-owned enterprises financially performed as well as private enterprises. Such findings suggested that state ownership might line up officials’ career incentives with party prime concern rather than pecuniary incentives. Also, CEO duality enhanced firm performance. As such, allegiance to the party and possible advancement to an upper-level political position would motivate company directors in state-owned enterprises. On the other hand, directors in privately owned enterprises might be motivated by monetary incentives. In addition, a statistical regression model was proposed and tested to get the results of the performance of state-owned enterprises. Finally, some suggestions were made about how to improve the institutional management of government-owned corporations in China.

Keywords: China’s listed Firm, director compensation, CEO duality, firm performance, panel analysis.

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Authors: Hyeondal Jeong, Yoonjung Baek

Abstract:

This research examines the effects of positive psychological capital (or PsyCap) on employee’s outcomes (satisfaction, commitment, organizational citizenship behavior, innovation behavior and individual creativity). This study conducted a meta-analysis of articles published in the Republic of Korea. As a result, positive psychological capital has a positive effect on the behavior of employees. Heterogeneity was identified among the studies included in the analysis and the context factors were analyzed; the study proposes contextual factors such as team tenure. The moderating effect of team tenure was not statistically significant. The implications were discussed based on the analysis results.

Keywords: Positive psychological capital, satisfaction, commitment, OCB, creativity, meta-analysis.

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Authors: J. R. Wang, S. W. Chen, Y. Chiang, W. S. Hsu, J. H. Yang, Y. S. Tseng, C. Shih

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In this research, the HABIT analysis methodology was established for Maanshan nuclear power plant (NPP). The Final Safety Analysis Report (FSAR), reports, and other data were used in this study. To evaluate the control room habitability under the CO₂ storage burst, the HABIT methodology was used to perform this analysis. The HABIT result was below the R.G. 1.78 failure criteria. This indicates that Maanshan NPP habitability can be maintained. Additionally, the sensitivity study of the parameters (wind speed, atmospheric stability classification, air temperature, and control room intake flow rate) was also performed in this research.

Keywords: PWR, HABIT, habitability, Maanshan.

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Authors: Srikanth L., Neelima Satyam D.

Abstract:

The transmission line towers are one of the important life line structures in the distribution of power from the source to the various places for several purposes. The predominant external loads which act on these towers are wind and earthquake loads. In this present study tower is analyzed using Indian Standards IS: 875:1987(Wind Load), IS: 802:1995(Structural steel), IS:1893:2002 (Earthquake) and dynamic analysis of tower has been performed considering ground motion of 2001 Bhuj Earthquake (India). The dynamic analysis was performed considering a tower system consisting two towers spaced 800m apart and 35m height each. This analysis has been performed using numerical time stepping finite difference method which is central difference method were employed by a developed MATLAB program to get the normalized ground motion parameters includes acceleration, frequency, velocity which are important in designing the tower. The tower is analyzed using response spectrum analysis.

Keywords: Response Spectra, Dynamic Analysis, Central Difference Method, Transmission Tower.

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Authors: Zhang Yan, Yu Bin

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Principle component analysis is often combined with the state-of-art classification algorithms to recognize human faces. However, principle component analysis can only capture these features contributing to the global characteristics of data because it is a global feature selection algorithm. It misses those features contributing to the local characteristics of data because each principal component only contains some levels of global characteristics of data. In this study, we present a novel face recognition approach using non-negative principal component analysis which is added with the constraint of non-negative to improve data locality and contribute to elucidating latent data structures. Experiments are performed on the Cambridge ORL face database. We demonstrate the strong performances of the algorithm in recognizing human faces in comparison with PCA and NREMF approaches.

Keywords: classification, face recognition, non-negativeprinciple component analysis (NPCA)

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Authors: Simeon Karafolas, Maciej Woźniak

Abstract:

Guarantee schemes have been introduced in the economic and financial system as response to difficulties of SMEs for the access to the banking credit. Guarantee companies first appeared at the 19e century. Last wave of the development of those schemes appeared at the decade of 1990’s in particular to the new countries members of the EU. Guarantee schemes are presented as public owned guarantee companies, private ones mainly through a mutual form, but also under a mixed form. The paper based on guarantee schemes of five countries tries to investigate the differences that can exist within different guarantee companies. This investigation is based on some indicators that are time of response to the demand of guarantee, threshold of guarantee, acceptance of applications for guarantee, jobs created or saved and bureaucratic issues. It appears that guarantee companies have not the same reaction to the demand of SMEs and some of them are much more active.

Keywords: DIFASS, Guarantees, Loans.

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Authors: H. Z. Ulukan, E. Demircioğlu, M. Erol Genevois

Abstract:

The scope of this paper and the aim of proposed model were to apply monetary Input –Output (I-O) analysis to point out the importance of reusing know-how and other requirements in order to reduce the production costs in a manufacturing process for a laptop computer. I-O approach using the monetary input-output model is employed to demonstrate the impacts of different factors in a manufacturing process. A sensitivity analysis showing the correlation between these different factors is also presented. It is expected that the recommended model would have an advantageous effect in the cost minimization process.

Keywords: Input-Output Analysis, Monetary Input-Output Model, Manufacturing Process, Laptop Computer.

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Authors: Jeeeun Kim, Sungjoo Lee

Abstract:

This research proposes a methodology for patent-citation-based technology input-output analysis by applying the patent information to input-output analysis developed for the dependencies among different industries. For this analysis, a technology relationship matrix and its components, as well as input and technology inducement coefficients, are constructed using patent information. Then, a technology inducement coefficient is calculated by normalizing the degree of citation from certain IPCs to the different IPCs (International patent classification) or to the same IPCs. Finally, we construct a Dependency Structure Matrix (DSM) based on the technology inducement coefficient to suggest a useful application for this methodology.

Keywords: Technology spillover effect, technology relationship, IO table, technology inducement coefficients, patent analysis, patent citation.

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Authors: Chunling Cong, Chris.P.Tsokos

Abstract:

The objective of the present research manuscript is to perform parametric, nonparametric, and decision tree analysis to evaluate two treatments that are being used for breast cancer patients. Our study is based on utilizing real data which was initially used in “Tamoxifen with or without breast irradiation in women of 50 years of age or older with early breast cancer" [1], and the data is supplied to us by N.A. Ibrahim “Decision tree for competing risks survival probability in breast cancer study" [2]. We agree upon certain aspects of our findings with the published results. However, in this manuscript, we focus on relapse time of breast cancer patients instead of survival time and parametric analysis instead of semi-parametric decision tree analysis is applied to provide more precise recommendations of effectiveness of the two treatments with respect to reoccurrence of breast cancer.

Keywords: decision tree, breast cancer treatments, parametricanalysis, non-parametric analysis

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Authors: Mevlüt Burak Dalmış, Kemal Yaman

Abstract:

In this study, flutter characteristics of cantilever rectangular plate structure under incompressible flow regime are investigated by comparing the results of commercial flutter analysis program ZAERO^© with wind tunnel tests conducted in Ankara Wind Tunnel (ART). A rectangular polycarbonate (PC) plate, 5x125x1000 mm in dimensions, is used for both numerical and experimental investigations. Analysis and test results are very compatible with each other. A comparison between two different solution methods (g and k-method) of ZAERO^© is also done. It is seen that, k-method gives closer result than the other one. However, g-method results are on conservative side and it is better to use conservative results namely g-method results. Even if the modal analysis results are used for the flutter analysis for this simple structure, a modal test should be conducted in order to validate the modal analysis results to have accurate flutter analysis results for more complicated structures.

Keywords: Flutter, plate, subsonic flow, wind tunnel.

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Authors: Nikoloudi Anastasia, Tsalampouni Aikaterini

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The present paper aims to present the significant role that the concept of governance can play in order to combine naturals resources as useful funding basis for the formation of a stable and effective welfare state model. The combination of those two different fields aims to represent the modern trends of our era as the means to solve the severe financial and economic issues caused mostly due to the malfunction of the welfare state and its public sector. European Union and Asian countries (especially China) are the main areas of interest since EU experiences a fiscal and economic crisis while China rules the area of the natural resources exploiting 97% of rare earths elements worldwide.

Keywords: Governance, natural resources, rare earths elements, welfare state.

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Authors: Edwaldo R. B. Monteiro, Patricia D. M. Plentz, Edson R. De Pieri

Abstract:

Mobile robotics is gaining an increasingly important role in modern society. Several potentially dangerous or laborious tasks for human are assigned to mobile robots, which are increasingly capable. Many of these tasks need to be performed within a specified period, i.e, meet a deadline. Missing the deadline can result in financial and/or material losses. Mechanisms for predicting the missing of deadlines are fundamental because corrective actions can be taken to avoid or minimize the losses resulting from missing the deadline. In this work we propose a simple but reliable deadline missing prediction mechanism for mobile robots through the use of historical data and we use the Pioneer 3-DX robot for experiments and simulations, one of the most popular robots in academia.

Keywords: Deadline missing, historical data, mobile robots, prediction mechanism.

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Authors: I. Lucas, N. Schomberg, F-A. Couturier

Abstract:

Most empirical studies have analyzed how liquidity risks faced by individual institutions turn into systemic risk. Recent banking crisis has highlighted the importance of grasping and controlling the systemic risk, and the acceptance by Central Banks to ease their monetary policies for saving default or illiquid banks. This last point shows that banks would pay less attention to liquidity risk which, in turn, can become a new important channel of loss. The financial regulation focuses on the most important and “systemic” banks in the global network. However, to quantify the expected loss associated with liquidity risk, it is worth to analyze sensitivity to this channel for the various elements of the global bank network. A small bank is not considered as potentially systemic; however the interaction of small banks all together can become a systemic element. This paper analyzes the impact of medium and small banks interaction on a set of banks which is considered as the core of the network. The proposed method uses the structure of agent-based model in a two-class environment. In first class, the data from actual balance sheets of 22 large and systemic banks (such as BNP Paribas or Barclays) are collected. In second one, to model a network as closely as possible to actual interbank market, 578 fictitious banks smaller than the ones belonging to first class have been split into two groups of small and medium ones. All banks are active on the European interbank network and have deposit and market activity. A simulation of 12 three month periods representing a midterm time interval three years is projected. In each period, there is a set of behavioral descriptions: repayment of matured loans, liquidation of deposits, income from securities, collection of new deposits, new demands of credit, and securities sale. The last two actions are part of refunding process developed in this paper. To strengthen reliability of proposed model, random parameters dynamics are managed with stochastic equations as rates the variations of which are generated by Vasicek model. The Central Bank is considered as the lender of last resort which allows banks to borrow at REPO rate and some ejection conditions of banks from the system are introduced.

Liquidity crunch due to exogenous crisis is simulated in the first class and the loss impact on other bank classes is analyzed though aggregate values representing the aggregate of loans and/or the aggregate of borrowing between classes. It is mainly shown that the three groups of European interbank network do not have the same response, and that intermediate banks are the most sensitive to liquidity risk.

Keywords: Systemic Risk, Financial Contagion, Liquidity Risk, Interbank Market, Network Model.

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Authors: D. Seenivasan, K. Shanthi

Abstract:

Botnets are one of the most serious and widespread cyber threats. Today botnets have been facilitating many cybercrimes, especially financial, top secret thefts. Botnets can be available for lease in the market and are utilized by the cybercriminals to launch massive attacks like DDoS, click fraud, phishing attacks etc., Several large institutions, hospitals, banks, government organizations and many social networks such as twitter, facebook etc., became the target of the botmasters. Recently, noteworthy researches have been carried out to detect bot, C&C channels, botnet and botmasters. Using many sophisticated technologies, botmasters made botnet a titan of the cyber world. Innumerable challenges have been put forth by the botmasters to the researchers in the detection of botnet. In this paper we present a survey of different types of botnet C&C channels and also provide a comparison of various botnet categories. Finally we hope that our survey will create awareness for forthcoming botnet research endeavors.

Keywords: Bot, Botmaster, Botnet, Botnet cloud, Mobile Botnet.

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Authors: Zeinab Ghasemi, S. Amirhassan Monadjemi, Abbas Vafaei

Abstract:

This paper presents a comparative analysis of a new unsupervised PCA-based technique for steel plates texture segmentation towards defect detection. The proposed scheme called Variance Based Component Analysis or VBCA employs PCA for feature extraction, applies a feature reduction algorithm based on variance of eigenpictures and classifies the pixels as defective and normal. While the classic PCA uses a clusterer like Kmeans for pixel clustering, VBCA employs thresholding and some post processing operations to label pixels as defective and normal. The experimental results show that proposed algorithm called VBCA is 12.46% more accurate and 78.85% faster than the classic PCA.

Keywords: Principal Component Analysis; Variance Based Component Analysis; Defect Detection; Texture Segmentation.

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Authors: Vitalice K. Oduol

Abstract:

The paper considers a single-server queue with fixedsize batch Poisson arrivals and exponential service times, a model that is useful for a buffer that accepts messages arriving as fixed size batches of packets and releases them one packet at time. Transient performance measures for queues have long been recognized as being complementary to the steady-state analysis. The focus of the paper is on the use of the functions that arise in the analysis of the transient behaviour of the queuing system. The paper exploits practical modelling to obtain a solution to the integral equation encountered in the analysis. Results obtained indicate that under heavy load conditions, there is significant disparity in the statistics between the transient and steady state values.

Keywords: batch arrivals, modelling, single-server queue, time-varying probabilities, transient analysis.

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Authors: Alan Dormer

Abstract:

Business rules are widely used within the services sector. They provide consistency and allow relatively unskilled staff to process complex transactions correctly. But there are many examples where the rules themselves have an impact on the costs and profits of an organisation. Financial services, transport and human services are areas where the rules themselves can impact the bottom line in a predictable way. If this is the case, how can we find that set of rules that maximise profit, performance or customer service, or any other key performance indicators? The manufacturing, energy and process industries have embraced mathematical optimisation techniques to improve efficiency, increase production and so on. This paper explores several real world (but simplified) problems in the services sector and shows how business rules can be optimised. It also examines the similarities and differences between the service and other sectors, and how optimisation techniques could be used to deliver similar benefits.

Keywords: Business rules, services, optimisation.

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Authors: András Király, Tamás Varga, János Abonyi

Abstract:

Since supply chains highly impact the financial performance of companies, it is important to optimize and analyze their Key Performance Indicators (KPI). The synergistic combination of Particle Swarm Optimization (PSO) and Monte Carlo simulation is applied to determine the optimal reorder point of warehouses in supply chains. The goal of the optimization is the minimization of the objective function calculated as the linear combination of holding and order costs. The required values of service levels of the warehouses represent non-linear constraints in the PSO. The results illustrate that the developed stochastic simulator and optimization tool is flexible enough to handle complex situations.

Keywords: stochastic processes, empirical distributions, Monte Carlo simulation, PSO, supply chain management

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Authors: C. M. De Marco Muscat-Fenech, A. M. Grech La Rosa

Abstract:

Although a lot of importance has been given to resistance analysis for various vessel types, explicit guidelines applied to multihull vessels have not been clearly defined.  The purpose of this investigation is to highlight the importance of the vessel’s layout in terms of three axes, the transverse (separation), the longitudinal (stagger) and the vertical (draught) with respect to resistance analysis. When a vessel has the potential to experience less resistance at a particular range of speeds a vast selection of opportunities are made available for both the commercial and leisure market.

Keywords: Multihull, Reistance, Trimaran.

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Authors: Wondwosen Teshome B.

Abstract:

Since 1991 Ethiopia has officially adopted multi-party democracy. At present, there are 89 registered political parties in the country. Though political parties play an important role in the functioning of a democratic government, how to fund them is an issue of major concern. Political parties and individual candidates running for political office have to raise funds for election campaigns, and to survive as political candidates. The aim of this paper is to examine party funding problems in Africa by taking the case of Ethiopia as an example. The paper also evaluates the motives of local and international donors in giving financial and material support to political parties in emerging democracies and assesses the merits and de-merits of their donations.

Keywords: Africa, State funding, Ethiopia, Political finance, Political party, Western donors.

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Authors: Lorenzo Putzu, Cecilia Di Ruberto

Abstract:

The counting and analysis of blood cells allows the evaluation and diagnosis of a vast number of diseases. In particular, the analysis of white blood cells (WBCs) is a topic of great interest to hematologists. Nowadays the morphological analysis of blood cells is performed manually by skilled operators. This involves numerous drawbacks, such as slowness of the analysis and a nonstandard accuracy, dependent on the operator skills. In literature there are only few examples of automated systems in order to analyze the white blood cells, most of which only partial. This paper presents a complete and fully automatic method for white blood cells identification from microscopic images. The proposed method firstly individuates white blood cells from which, subsequently, nucleus and cytoplasm are extracted. The whole work has been developed using MATLAB environment, in particular the Image Processing Toolbox.

Keywords: Automatic detection, Biomedical image processing, Segmentation, White blood cell analysis.

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Authors: T. Watanabe

Abstract:

Combustion analysis of suspended sodium droplet is performed by solving numerically the Navier-Stokes equations and the energy conservation equations. The combustion model consists of the pre-ignition and post-ignition models. The reaction rate for the pre-ignition model is based on the chemical kinetics, while that for the post-ignition model is based on the mass transfer rate of oxygen. The calculated droplet temperature is shown to be in good agreement with the existing experimental data. The temperature field in and around the droplet is obtained as well as the droplet shape variation, and the present numerical model is confirmed to be effective for the combustion analysis.

Keywords: Combustion, analysis, sodium, droplet.

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Authors: M. K. Pradhan, Mayank Meena, Shubham Sen, Arvind Singh

Abstract:

In this study, a multi objective optimization for end milling of Al 6061 alloy has been presented to provide better surface quality and higher Material Removal Rate (MRR). The input parameters considered for the analysis are spindle speed, depth of cut and feed. The experiments were planned as per Taguchis design of experiment, with L27 orthogonal array. The Grey Relational Analysis (GRA) has been used for transforming multiple quality responses into a single response and the weights of the each performance characteristics are determined by employing the Principal Component Analysis (PCA), so that their relative importance can be properly and objectively described. The results reveal that Taguchi based G-PCA can effectively acquire the optimal combination of cutting parameters.

Keywords: Material Removal Rate, Surface Roughness, Taguchi Method, Grey Relational Analysis, Principal Component Analysis.

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Authors: Ana Paula Monte, Christiane Fontenete

Abstract:

As current business environment is demanding a constant adaptation of companies, the planning and strategic management should be an ongoing and natural process in all kind of organizations. The use of management and monitoring strategic performance tools such as the Balanced Scorecard (BSC) have been popular; even to Small and Medium-sized Enterprises. This paper aims to investigate whether the BSC is being used in monitoring the performance of small businesses, particularly in small fuel retailers companies, which are competing in co-branding; and if not, it aims to identify its strategic orientation in order to recommend a possible strategy map for those managers that are willing to adopt this model as an alternative to traditional ones for organizational performance evaluation, which often focus only on evaluation of the organizational financial performance.

Keywords: Balanced Scorecard, Performance Management and Evaluation, SMEs, Strategy Maps

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Authors: E. Rahmathulla Noufal

Abstract:

Investigating the dynamic responses of high rise structures under the effect of siesmic ground motion is extremely important for the proper analysis and design of multitoried structures. Since the presence of infilled walls strongly influences the behaviour of frame systems in multistoried buildings, there is an increased need for developing guidelines for the analysis and design of infilled frames under the effect of dynamic loads for safe and proper design of buildings. In this manuscript, we evaluate the natural frequencies and natural periods of single bay single storey frames considering the effect of infill walls by using the Eigen value analysis and validating with SAP 2000 (free vibration analysis). Various parameters obtained from the diagonal strut model followed for the free vibration analysis is then compared with the Finite Element model, where infill is modeled as shell elements (four noded). We also evaluated the effect of various parameters on the natural periods of vibration obtained by free vibration analysis in SAP 2000 comparing them with those obtained by the empirical expressions presented in I.S. 1893(Part I)- 2002.

Keywords: Infilled frame, eigen value analysis, free vibration analysis, diagonal strut model, finite element model, SAP 2000, natural period.

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