Search results for: internal market

Authors: M. Khoshab, M. J. Sedigh

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Dynamic systems, which in mathematical point of view are those governed by differential equations, are much more difficult to study and to predict their behavior in comparison with static systems which are governed by algebraic equations. Economical systems such as market are among complicated dynamic systems. This paper tries to adopt a very simple mathematical model for market and to study effect of supply and demand function on behavior of the market while the supply side experiences a lag due to production restrictions.

Keywords: Dynamic System, Lag on Supply Demand, Market Stability, Supply Demand Model.

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Authors: M. Pervan, T. Pavic Kramaric

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The aim of this paper is to investigate the influence of market share and diversification on the nonlife insurers- performance. The underlying relationships have been investigated in different industries and different disciplines (economics, management...), still, no consistency exists either in the magnitude or statistical significance of the relationship between market share (and diversification as well) on one side and companies- performance on the other side. Moreover, the direction of the relationship is also somewhat questionable. While some authors find this relationship to be positive, the others reveal its negative association. In order to test the influence of market share and diversification on companies- performance in Croatian nonlife insurance industry for the period from 1999 to 2009, we designed an empirical model in which we included the following independent variables: firms- profitability from previous years, market share, diversification and control variables (i.e. ownership, industrial concentration, GDP per capita, inflation). Using the two-step generalized method of moments (GMM) estimator we found evidence of a positive and statistically significant influence of both, market share and diversification, on insurers- profitability.

Keywords: Diversification, market share, nonlife insurance

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Authors: B. A. Parate, C. P. Shetty

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This research article describes the evaluation methodology of an internal ballistics of multi-perforated grain in a closed vessel (CV). The propellant testing in a CV is conducted to characterize the propellants and to ascertain the various internal ballistic parameters. The assessment of an internal ballistics plays a very crucial role for suitability of its use in the selection for a given particular application. The propellant used in defense sectors has to satisfy the user requirements as per laid down specifications. The outputs from CV evaluation of multi-propellant grain are maximum pressure of 226.75 MPa, differentiation of pressure with respect to time of 36.99 MPa/ms, average vivacity of 9.990×10-4/MPa ms, force constant of 933.9 J/g, rise time of 9.85 ms, pressure index of 0.878 including burning coefficient of 0.2919. This paper addresses an internal ballistic of multi-perforated grain, propellant selection, its calculation, and evaluation of various parameters in a CV testing. For the current analysis, the propellant is evaluated in 100 cc CV with propellant mass 20 g. The loading density of propellant is 0.2 g/cc. The method for determination of internal ballistic properties consists of burning of propellant mass under constant volume.

Keywords: Burning rate, closed vessel, force constant, internal ballistic, loading density, maximum pressure, multi-propellant grain, propellant, rise time, vivacity.

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Authors: Daurenbek Kuleimenov, Elmira Otar

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Market institutions extension within transit societies  contributes to constituting the new type of middle class and  households livelihood strategies. The middle class households as an  example of prosperity in many cases encourage the ordinary ones to  do the same economic actions. Therefore, practices of using market  institutions by middle class households in transit societies, which are  mostly characterized by huge influence of traditional attitudes, can  carry habitual features for the whole society. Market institutions  consumption habit of the middle class households makes them  trendsetters of economic habits of other households while adapting to  the market economy. Moreover different social-economic positions  of households lead them to different consuming results such as  worsening or improving household economy due to indebtedness.

 

Keywords: Middle class, Households, Market institutions, Transition.

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Authors: Tomasz L. Nawrocki, Danuta Szwajca

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The growing importance of reputation in building enterprise value and achieving long-term competitive advantage creates the need for its measurement and evaluation for the management purposes (effective reputation and its risk management). The paper presents practical application of self-developed corporate reputation assessment model from the viewpoint of stock market investors. The model has a pioneer character and example analysis performed for selected industry is a form of specific test for this tool. In the proposed solution, three aspects - informational, financial and development, as well as social ones - were considered. It was also assumed that the individual sub-criteria will be based on public sources of information, and as the calculation apparatus, capable of obtaining synthetic final assessment, fuzzy logic will be used. The main reason for developing this model was to fulfill the gap in the scope of synthetic measure of corporate reputation that would provide higher degree of objectivity by relying on "hard" (not from surveys) and publicly available data. It should be also noted that results obtained on the basis of proposed corporate reputation assessment method give possibilities of various internal as well as inter-branch comparisons and analysis of corporate reputation impact.

Keywords: Corporate reputation, fuzzy logic, fuzzy model, stock market investors.

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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: Andreea Maier, Diana Nicoară, Dorin Maier, Maria-Mihaela Suărăsan, Alexandra Anastasiu

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Innovation is becoming more and more important in modern society. There are a lot of researches on different kinds of innovation but marketing innovation is one kind of innovation that has not been studied frequently before. Marketing innovation is defined as a new way in which companies can market themselves to potential or existing customers. The study shows some key elements for marketing innovation that are worth paying attention to when implementing marketing innovation projects. Examples of such key elements are: paying attention to the neglected market, suitable market segmentatio reliable market information, public relationship, increased customer value, combination of market factors, explore different marketing channels and the use of technology in combination with what? Beside the key elements for marketing innovation, we also present some risks that may occur, such as cost, market uncertainty, information leakage, imitation and overdependence on experience. By proposing a set of indicators to measure marketing innovation, the article offers solutions for marketing innovation implementation so that any organization can achieve optimal results.

Keywords: Innovation, marketing innovation, performance in an organization.

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Authors: O. V. Missioura

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MC (Management Control)& IC (Internal Control) – what is the relationship? (an empirical study into the definitions between MC and IC) based on the wider considerations of Internal Control and Management Control terms, attention is focused not only on the financial aspects but also more on the soft aspects of the business, such as culture, behaviour, standards and values. The limited considerations of Management Control are focused mainly in the hard, financial aspects of business operation. The definitions of Management Control and Internal Control are often used interchangeably and the results of this empirical study reveal that Management Control is part of Internal Control, there is no causal link between the two concepts. Based on the interpretation of the respondents, the term Management Control has moved from a broad term to a more limited term with the soft aspects of the influencing of behaviour, performance measurements, incentives and culture. This paper is an exploratory study based on qualitative research and on a qualitative matrix method analysis of the thematic definition of the terms Management Control and Internal Control.

Keywords: Management Control (MC), Internal Control (IC), definition, causal link, COSO 1992/2004, CoCo (Canadian Institute of Chartered Accountants), Russian CG code (КОДЕКС) , limited and broad concepts MC and IC.

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Authors: Michael Torggler

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IT consultants often take over an important role as an interface between technological, organizational and managerial structures. As a result, the services offered are in many cases assigned to different disciplines which can cause a lack of transparency on the market for consulting services. However, not all consulting products are suitable for every company because of different frameworks and business processes. In this context the questions arises as to what consulting products are currently offered and how they can be compared as well as how the market for IT consulting services is structured on the supply side. The presented study aims to shed light on the IT consulting market by giving an overview of the current structure of the supply-side for IT consulting services as well as proposing a categorization of the currently available consulting services (consulting fields) in order to provide a theoretical background for the empirical study. Apart from these theoretical considerations, the empirical results of field surveys on the Austrian IT consulting market are presented and analyzed.

Keywords: IT Consulting, Management Consulting, ISConsulting, Consulting Fields, Market study.

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Authors: Antoni Wibowo, Harry Pujianto, Dewi Retno Sari Saputro

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The stock market can provide huge profits in a relatively short time in financial sector; however, it also has a high risk for investors and traders if they are not careful to look the factors that affect the stock market. Therefore, they should give attention to the dynamic fluctuations and movements of the stock market to optimize profits from their investment. In this paper, we present a nonlinear autoregressive exogenous model (NARX) to predict the movements of stock market; especially, the movements of the closing price index. As case study, we consider to predict the movement of the closing price in Indonesia composite index (IHSG) and choose the best structures of NARX for IHSG’s prediction.

Keywords: NARX, prediction, stock market, time series.

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Authors: Izzati K. Khalid, Nor Fadzillah M. Mokhtar, Norihan Md. Arifin

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The effect of internal heat generation is applied to the Rayleigh-Benard convection in a horizontal micropolar fluid layer. The bounding surfaces of the liquids are considered to be rigid-free, rigid-rigid and free-free with the combination of isothermal on the spin-vanishing boundaries. A linear stability analysis is used and the Galerkin method is employed to find the critical stability parameters numerically. It is shown that the critical Rayleigh number decreases as the value of internal heat generation increase and hence destabilize the system.

Keywords: Internal heat generation, micropolar fluid, rayleighbenard convection.

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Authors: Haiyan Wang

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Business interpreting talents are in badly need for local economic development, but currently there are problems of traditional business interpreting training mode in China. In view of the good opportunity for college business interpreters provided by international trading center development in Qingdao China and with the aim of being in line with market demand and enhancing business interpreters' employment competitive advantage, this paper aims to explore how to cultivate interdisciplinary business interpreting talents based on market demand.

Keywords: Interdisciplinary talents, business interpreting, market demand.

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Authors: Lucky Farha, Martha L. Hall

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The current adaptive clothing brands are limited in numbers and specific categories. This study explores clothing challenges for children with Down syndrome and factors that influence their perception of adaptive clothing brands. Another aim of this study was to explore brands' challenges in the adaptive business and factors that influence their perceptions towards the adaptive market. In order to determine the market barriers affecting adaptive target market needs, we applied Technology Acceptance Model. After interviewing and surveying parents/caregivers having children with Down syndrome and current adaptive brands, the results found education as the significant gap in the adaptive clothing market yet to be overcome. Based on the finding, several recommendations were suggested to improve the current barriers in the adaptive clothing market.

Keywords: Adaptive fashion, disability, functional clothing, clothing needs assessment, Down syndrome, clothing challenge.

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Authors: Fury Khristianty Fitriyah

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This study aims to identify the extent of the role of the Satuan Pengawas Intern (Internal Audit Unit) in detecting and preventing fraud in public universities in West Java under the Ministry of Research, Technology and Higher Education. The research method applied was a qualitative case study approach, while the unit of analysis for this study is the Internal Audit Unit at each public university. Results of this study indicate that the Internal Audit Unit is able to detect and prevent fraud within a public university environment by means of red flags to mark accounting anomalies. These stem from inaccurate budget planning that prompts inappropriate use of funds, exacerbated by late disbursements of funds, which potentially lead to fictitious transactions, and discrepancies in recording state-owned assets into a state property management system (SIMAK BMN), which, if not conducted properly, potentially causes loss to the state.

Keywords: Internal Audit Unit, efficiency, fraud, public university.

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Authors: Weifeng Wang, Hengbin Zheng, Xianwei Zeng

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The launching nose plays an important role in the incremental launching construction. The parameters of the launching nose essentially affect the internal forces of the girder during the construction. The appropriate parameters can decrease the internal forces in the girder and save the material and reduce the cost. The simplified structural model, which is made with displacement method according to the characteristic of incremental launching construction and the variation rule of the internal forces, calculates and analyzes the effect of the length, the rigidity and weight of launch nose on the internal forces of girder during the incremental launching construction. The method, which can calculate the launching nose parameters for the optimum incremental launching construction, is achieved. This method is simple, reliable and easy for practical use.

Keywords: incremental launching, launching nose, optimumanalysis, displacement method

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Authors: Abdurrahim Dal, Tuncay Karaçay

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Dynamics of a rotor supported by air bearings is strongly depends on the pressure distribution between the rotor and the bearing. In this study, internal pressure in air bearings is numerical and experimental analyzed for different radial clearances. Firstly the pressure distribution between rotor and bearing is modeled using Reynold's equation and this model is solved numerically. The rotor-bearing system is also modeled in four degree of freedom and it is simulated for different radial clearances. Then, in order to validate numerical results, a test rig is designed and the rotor bearing system is run under the same operational conditions. Pressure signals of left and right bearings are recorded. Internal pressure variations are compared for numerical and experimental results for different radial clearances.

Keywords: Air bearing, internal pressure, Reynold’s equation, rotor.

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Authors: M. Paroncini, F. Corvaro, G. Nardini, S. Pistolesi

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A lightpipe is an about 99 percent specular reflective mirror pipe or duct that is used for the transmission of the daylight from the outside into a building. The lightpipes are usually used in the daylighting buildings, in the residential, industrial and commercial sectors. This paper is about the performances of a lightpipe installed in a laboratory (3 m x 2.6 m x 3 m) without windows. The aim is to analyse the luminous intensity distribution for several sky/sun conditions. The lightpipe was monitored during the year 2006. The lightpipe is 1 m long and the diameter of the top collector and of the internal diffuser device is 0.25 m. In the laboratory there are seven illuminance sensors: one external is located on the roof of the laboratory and six internal sensors are connected to a data acquisition system. The internal sensors are positioned under the internal diffusive device at an height of 0.85 m from the floor to simulate a working plane. The numerical data are obtained through a simulation software. This paper shows the comparison between the experimental and numerical results concerning the behavior of the lightpipe.

Keywords: Daylighting, Desktop Radiance, Lightpipe.

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Authors: E. Kharaishvili, M. Chavleishvili, M. Natsvaladze

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The article presents the trends in Georgian wine market development and evaluates the competitive advantages of Georgia to enter the wine market based on its customs, traditions and historical practices combined with modern technologies. In order to analyze the supply of wine, dynamics of vineyard land area and grape varieties are discussed, trends in wine production are presented, trends in export and import are evaluated, local wine market, its micro and macro environments are studied and analyzed based on the interviews with experts and analysis of initial recording materials. For strengthening its position on the international market, the level of competitiveness of Georgian wine is defined, which is evaluated by “ex-ante” and “ex-post” methods, as well as by four basic and two additional factors of the Porter’s diamond method; potential advantages and disadvantages of Georgian wine are revealed. Conclusions are made by identifying the factors that hinder the development of Georgian wine market. Based on the conclusions, relevant recommendations are developed.

Keywords: Georgian wine market, competitive advantage, bio wine, export-import, Porter's diamond model.

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Authors: S. Masteika, A.V. Rutkauskas, A. Tamosaitis

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The paper investigates downtrend algorithm and trading strategy based on chart pattern recognition and technical analysis in futures market. The proposed chart formation is a pattern with the lowest low in the middle and one higher low on each side. The contribution of this paper lies in the reinforcement of statements about the profitability of momentum trend trading strategies. Practical benefit of the research is a trading algorithm in falling markets and back-test analysis in futures markets. When based on daily data, the algorithm has generated positive results, especially when the market had downtrend period. Downtrend algorithm can be applied as a hedge strategy against possible sudden market crashes. The proposed strategy can be interesting for futures traders, hedge funds or scientific researchers performing technical or algorithmic market analysis based on momentum trend trading.

Keywords: trading algorithm, chart pattern, downtrend trading, futures market, hedging

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Authors: Sunday. E. Ogundipe, Abiola Idowu, Lawrencia. O. Ogundipe

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This study examines the impact of working capital management on firms- performance and market value of the firms in Nigeria. A sample of fifty four non-financial quoted firms in Nigeria listed on the Nigeria Stock Exchange was used for this study. Data were collected from annual reports of the sampled firms for the period 1995-2009. This result shows there is a significant negative relationship between cash conversion cycle and market valuation and firm-s performance. It also shows that debt ratio is positively related to market valuation and negatively related firm-s performance. The findings confirm that there is a significant relationship between Market valuation, profitability and working capital component in line with previous studies. This mean that Nigeria firms should ensure adequate management of working capital especially cash conversion cycle components of account receivables, account payables and inventories, as efficiency working capital management is expected to contribute positively to the firms- market value.

Keywords: Cash Conversion Cycle, Firms' Performance, Market Valuation, Working Capital Management

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Authors: F. Gökgöz, M. E. Atmaca

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Electricity plays an indispensable role in human life and the economy. It is a unique product or service that must be balanced instantaneously, as electricity is not stored, generation and consumption should be proportional. Effective and efficient use of electricity is very important not only for society, but also for the environment. A competitive electricity market is one of the best ways to provide a suitable platform for effective and efficient use of electricity. On the other hand, it carries some risks that should be carefully managed by the market players. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Markowitz’s Mean-variance, Down-side and Semi-variance methods for a case study. Performance of optimal electricity sale solutions are measured and evaluated via Sharpe-Ratio, and the optimal portfolio solutions are improved. Two years of historical weekdays’ price data of the Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: Electricity market, portfolio optimization, risk management in electricity market, Sharpe ratio.

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Authors: Norfifah Bachok, Norihan Md. Arifin

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In this paper we use classical linear stability theory to investigate the effects of uniform internal heat generation on the onset of Marangoni convection in a horizontal layer of fluid heated from below. We use a analytical technique to obtain the close form analytical expression for the onset of Marangoni convection when the lower boundary is conducting with free-slip condition. We show that the effect of increasing the internal heat generation is always to destabilize the layer.

Keywords: Marangoni convection, heat generation, free-slip

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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: C. Asarkaya, S. Z. Siretioglu Girgin

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Turkish migrants constitute the largest group among people with migration background living in Germany. Turkish women’s labor market participation is of significant importance for their social and economic integration to the German society. This paper thus aims to investigate their labor market positions. Turkish migrant women participate less in the labor market compared to men, and are responsible for most of the housework, child care, and elderly care. This is due to their traditional roles in the family, educational level, insufficient knowledge of German language, and insufficient professional experience. We strongly recommend that wide-reaching integration policies for women are formulated, so as to encourage participation of not only migrant women but also their husbands, fathers and/or brothers, and natives.

Keywords: Empowerment, Germany, Labor Market, Migration, Turkish, Women.

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Authors: Chun-Ying Lee, Kuan-Hui Cheng, Mei-Wen Wu

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The nickel-manganese (Ni-Mn) alloy coating prepared from DC electrodeposition process in sulphamate bath was studied. The effects of process parameters, such as current density and electrolyte composition, on the cathodic current efficiency, microstructure, internal stress and mechanical properties were investigated. Because of its crucial effect on the application to the electroforming of microelectronic components, the development of low internal stress coating with high leveling power was emphasized. It was found that both the coating’s manganese content and the cathodic current efficiency increased with the raise in current density. In addition, the internal stress of the deposited coating showed compressive nature at low current densities while changed to tensile one at higher current densities. Moreover, the metallographic observation, X-ray diffraction measurement, and polarization curve measurement were conducted. It was found that the Ni-Mn coating consisted of nano-sized columnar grains and the maximum hardness of the coating was associated with (111) preferred orientation in the microstructure. The grain size was refined along with the increase in the manganese content of the coating, which accordingly, raised its hardness and resistance to annealing softening. In summary, the Ni-Mn coating prepared at lower current density of 1-2 A/dm2 had low internal stress, high leveling power, and better corrosion resistance.

Keywords: DC plating, internal stress, leveling power, Ni-Mn coating.

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Authors: F. Gökgöz, M. E. Atmaca

Abstract:

Electricity has an indispensable role in human daily life, technological development and economy. It is a special product or service that should be instantaneously generated and consumed. Sources of the world are limited so that effective and efficient use of them is very important not only for human life and environment but also for technological and economic development. Competitive electricity market is one of the important way that provides suitable platform for effective and efficient use of electricity. Besides benefits, it brings along some risks that should be carefully managed by a market player like Electricity Generation Company. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Value at Risk methods for case studies. Performance of optimal electricity sale solutions are measured and the portfolio performance has been evaluated via Sharpe-Ratio, and compared with conventional approach. Biennial historical electricity price data of Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: Electricity market, portfolio optimization, risk management, Sharpe ratio, value at risk.

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Authors: V. Polenta, S. D. Garvey, D. Chronopoulos, A. C. Long, H. P. Morvan

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A parametric study on circular thin-walled pipes subjected to pure bending is performed. Both straight and curved pipes are considered. Ratio D/t, initial pipe curvature and internal pressure are the parameters varying in the analyses. The study is mainly FEA-based. It is found that negative curvatures (opposite to bending moment) considerably increase stiffness and buckling limit of the pipe when no internal pressure is acting and, similarly, positive curvatures decrease the stiffness and buckling limit. For internal pressurised pipes the effects of initial pipe curvature are less relevant. Results show that this phenomenon is in relationship with the cross-section deformation due to bending moment, which undergoes relevant ovalisation for no pressurised pipes and little ovalisation for pressurised pipes.

Keywords: Buckling, curved pipes, internal pressure, ovalisation, pure bending, thin-walled pipes.

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Authors: Chanin Yoopetch, Natcha Toemtemsab

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The purpose of this study was to explore the demographic differences of international tourists according to three main factors, including the value of time, shopping behavior and shopping motivation. The Chatuchak Weekend Market is known as one of the biggest weekend markets in the world. Too little academic studies had been conducted in this area of weekend market, despite its growth and continuous development. In general, both domestic visitors and international tourists are attracted to the perception of cheap and bargaining prices the weekend market. However, systematic research study can provide reliable understanding of the perception of the visitors. This study focused on the group of international tourists who visited the market and aimed to provide better insights based on the differences in their demographic factors. Findings indicated that several differences in value of time, shopping behavior, and shopping motivation were identified by gender, income and age. Research implications and directions for further studies were discussed.

Keywords: Value of Time, Shopping Behavior, Shopping Motivation, Chatuchak Weekend Market.

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Authors: A. Novikova, L. Rocchi, G. Startiene

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Market and non-market outputs are produced jointly in agriculture. Their supply depends on the intensity and type of production. The role of agriculture as an economic activity and its effects are important for the Lithuanian case study, as agricultural land covers more than a half of country. Positive and negative externalities, created in agriculture are not considered in the market. Therefore, specific techniques such as stated preferences methods, in particular choice experiments (CE) are used for evaluation of non-market outputs in agriculture. The main aim of this paper is to present construction of the research path for evaluation of non-market farming system outputs in Lithuania. The conventional and organic farming, covering crops (including both cereal and industrial crops) and livestock (including dairy and cattle) production has been selected. The CE method and nested logit (NL) model were selected as appropriate for evaluation of non-market outputs of different farming systems in Lithuania. A pilot survey was implemented between October–November 2018, in order to test and improve the CE questionnaire. The results of the survey showed that the questionnaire is accepted and well understood by the respondents. The econometric modelling showed that the selected NL model could be used for the main survey. The understanding of the differences between organic and conventional farming by residents was identified. It was revealed that they are more willing to choose organic farming in comparison to conventional farming.

Keywords: Choice experiments, farming system, Lithuania market outputs, non-market outputs.

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Authors: M. Kargar, A. Isazadeh, F. Fartash, T. Saderi

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In this paper we suggest a method for setting electronic credits for the customers. In this method banks and market-sites help each other to make doing large shopping through internet so easy. By developing this system, the people who have less money to buy most of the things they want, become able to buy all of them just through a credit. This credit is given by market-sites through a banking control on it. The method suggested can stop being imprisoned because of banking debts.

Keywords: E-Business, E-Credit, Market-site, Buy-site, Bank, E-Commerce.

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