Search results for: retirement financial planning

Authors: Chen Chou, Feng-Tyan Lin

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Big Data has been attracted a lot of attentions in many fields for analyzing research issues based on a large number of maternal data. Electronic Toll Collection (ETC) is one of Intelligent Transportation System (ITS) applications in Taiwan, used to record starting point, end point, distance and travel time of vehicle on the national freeway. This study, taking advantage of ETC big data, combined with urban planning theory, attempts to explore various phenomena of inter-city transportation activities. ETC, one of government's open data, is numerous, complete and quick-update. One may recall that living area has been delimited with location, population, area and subjective consciousness. However, these factors cannot appropriately reflect what people’s movement path is in daily life. In this study, the concept of "Living Area" is replaced by "Influence Range" to show dynamic and variation with time and purposes of activities. This study uses data mining with Python and Excel, and visualizes the number of trips with GIS to explore influence range of Tainan city and the purpose of trips, and discuss living area delimited in current. It dialogues between the concepts of "Central Place Theory" and "Living Area", presents the new point of view, integrates the application of big data, urban planning and transportation. The finding will be valuable for resource allocation and land apportionment of spatial planning.

Keywords: Big Data, ITS, influence range, living area, central place theory, visualization.

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Authors: U. Şendurur, B. Nazlıoğlu

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Using Turkish data, in this study it is investigated that whether a firm’s ownership structure has an impact on its stock prices after the crisis. A linear regression model is conducted on the data of non-financial firms that are trading in Istanbul Stock Exchange 100 Index (ISE 100) index. The findings show that, all explanatory variables such as inside ownership, largest ownership, concentrated ownership, foreign shareholders, family controlled and dispersed ownership are not very important to explain stock prices after the crisis. Family controlled firms and concentrated ownership is positively related to stock price, dispersed ownership, largest ownership, foreign shareholders, and inside ownership structures have negative interaction between stock prices, but because of the p value is not under the value of 0.05 this relation is not significant. In addition, the analysis shows that, the shares of firms that have inside, largest and dispersed ownership structure are outperform comparing with the other firms. Furthermore, ownership concentrated firms outperform to family controlled firms.

Keywords: Financial crisis, ISE 100 Index, Ownership structure, Stock price.

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Authors: Ivana Tadić, Snježana Pivac

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Although human resources are recognized as the crucial companies’ resources and their positive influence on companies’ performances has been confirmed through different researches, scientists are still debating it. In order to contribute this debate, this paper firstly discusses the most important human resource management elements and practices and its influence on companies’ success. Afterwards it defines human resource “bundles” – interrelated and internally consistent human resource practices, complementary to each other, or the most important human resource practices and elements regarding Croatian companies and its human resource management activities. Finally, the paper provides empirical results; more precisely it reveals the relation of the level of development of human resource management function (“bundles”) and companies’ financial performances (using profitability ratios, liquidity ratios, solvency ratios and a group of additional ratios related to employees’ indicators).

Keywords: Companies’ performances, human resource bundles, multivariate statistical analysis.

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Authors: Q. Han, W. Schaefer, N. Barry

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To coop with urbanization issues and the economic need for expansion, the city of Jakarta is planning to reclaim more land in the Jakarta Bay. However, the reclamation activities of some islands have barely started and already the developers are facing difficulties in finding sufficient quantities of sand as fill material. When addressing the problem of sand scarcity in the case of Jakarta where, an excess of waste production, an inadequate solid waste management system and a lack of dumping ground pose a major problem, it is hard not to think of the use of waste as alternative fill material. This paper analyses the possibilities of using waste in the land reclamation projects, considering the governmental, social, environmental and economic context of the city. The results identify types of waste that could be used, ways of using those types of waste and implementation conditions for the city of Jakarta.

Keywords: Waste Management systems, Land reclamation, Multi Criteria Analysis, Scenario planning.

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Authors: Marios M. Hadjiandreou, Raul Conejeros, Ian Wilson

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This study presents a mathematical modeling approach to the planning of HIV therapies on an individual basis. The model replicates clinical data from typical-progressors to AIDS for all stages of the disease with good agreement. Clinical data from rapid-progressors and long-term non-progressors is also matched by estimation of immune system parameters only. The ability of the model to reproduce these phenomena validates the formulation, a fact which is exploited in the investigation of effective therapies. The therapy investigation suggests that, unlike continuous therapy, structured treatment interruptions (STIs) are able to control the increase in both the drug-sensitive and drug-resistant virus population and, hence, prevent the ultimate progression from HIV to AIDS. The optimization results further suggest that even patients characterised by the same progression type can respond very differently to the same treatment and that the latter should be designed on a case-by-case basis. Such a methodology is presented here.

Keywords: AIDS, chemotherapy, mathematical modeling, optimal control, progression.

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Authors: P. Techaratpong

Abstract:

This research aims to study the role of cultural production in urban regeneration and argue that cultural production, if properly used, can play a vital role in reviving cities and create substantial positive impacts to the cities. The argument can be elucidated by the case study of Amphawa, a district in Samutsongkram province, Thailand, as an example of successful use of cultural productions. The conceptual framework is based on the model of culture contributions in regeneration to examine the impacts.

The research methodology is qualitative. This study found that cultural productions can revive cities into vibrant ones and exert considerable impacts: physical, social and economic.

It is suggested that, despite that there is not one-fit-all model, cultural production can be an important initiative for any city transformation if it is appropriately implemented. The city planners and authorities ought to consider the conditions and factors and design a specific plan to fit the city context and integrated with other planning.

Keywords: Cultural production, culture, cultural planning, impact, urban regeneration.

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Authors: I. Mahdavi, A. Jazayeri, M. Jahromi, R. Jafari, H. Iranmanesh

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One of the most important problems in production planning of flexible manufacturing system (FMS) is machine tool selection and operation allocation problem that directly influences the production costs and times .In this paper minimizing machining cost, set-up cost and material handling cost as a multi-objective problem in flexible manufacturing systems environment are considered. We present a 0-1 integer linear programming model for the multiobjective machine tool selection and operation allocation problem and due to the large scale nature of the problem, solving the problem to obtain optimal solution in a reasonable time is infeasible, Paretoant colony optimization (P-ACO) approach for solving the multiobjective problem in reasonable time is developed. Experimental results indicate effectiveness of the proposed algorithm for solving the problem.

Keywords: Flexible manufacturing system, Production planning, Machine tool selection, Operation allocation, Multiobjective optimization, Metaheuristic.

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Authors: A. T. M. Shahjahan, M. D. Kamrul Islam, Saikat Mitra, Kutub Uddin Chisty

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Due to rapid pressured of population growth, city has started to lose its old tradition. City becomes congested with uncomfortably living. Urban renewal refers orderly development of settlements as well as land redevelopment. For this paper Chittagong city has been selected as study area. It had a great tradition but it has been losing its concord. Land use pattern of this place is also haphazard due to lack of planning intervention. Renewal plan is needed to ascertain suitable redevelopment and to recommend on preservation of city heritage structure. The goal of this study is to prepare a renewal plan using local planning approach. Social impact methods have been used to achieve this goal. Both primary and secondary data are used to achieve the goal. This study may find out a complete solution for healthy living in old Part of city. This study will help to preserve its tradition and makes urban lives more livable.

Keywords: Renewal Plan, Social Impact.

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Authors: Edward C. W. Chan, Benny C. F. Cheung

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In the knowledge economy, the financial indicator is not the unique instrument to gauge the performance of a company. The role of intellectual capital contributing to the company performance is increasing. To measure the company performance due to intellectual capital, the value-added intellectual capital (VAIC) model is adopted to measure the intellectual capital utilization efficiency of the subject companies. The purpose of this study is to review the readiness of measuring intellectual capital for the Hong Kong listed companies in the property development and property investment industry by using VAIC model. This study covers the financial reports from the representative Hong Kong listed property development companies and property investment companies in the period 2014-2019. The findings from this study indicated the industry is ready for IC measurement employing VAIC framework but not yet ready for using the extended VAIC model.

Keywords: Intellectual capital, intellectual capital measurement, property development, property investment, Skandia Navigator, VAIC.

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Authors: Milan Rippel, Petr Teply

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This paper focuses on operational risk measurement techniques and on economic capital estimation methods. A data sample of operational losses provided by an anonymous Central European bank is analyzed using several approaches. Loss Distribution Approach and scenario analysis method are considered. Custom plausible loss events defined in a particular scenario are merged with the original data sample and their impact on capital estimates and on the financial institution is evaluated. Two main questions are assessed – What is the most appropriate statistical method to measure and model operational loss data distribution? and What is the impact of hypothetical plausible events on the financial institution? The g&h distribution was evaluated to be the most suitable one for operational risk modeling. The method based on the combination of historical loss events modeling and scenario analysis provides reasonable capital estimates and allows for the measurement of the impact of extreme events on banking operations.

Keywords: operational risk, scenario analysis, economic capital, loss distribution approach, extreme value theory, stress testing

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Authors: Suffian H. Ayub, Mohammed R. Hamzah, Nor H. Abdullah, Sharipah N. Syed Azmy, Hishammudin S.

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The liberalisation of the education industry has exposed the institute of higher learning (IHL) in Malaysia to the financial challenges. Without good financial standing, public institution will rely on the government funding. Ostensibly, this contradicts with the government’s aspiration to make universities self-sufficient. With stiff competition from private institutes of higher learning, IHL need to be prepared at the forefront level. The corporate identity itself is the entrance to the world of higher learning and it is in this uniqueness, it will be able to distinguish itself from competitors. This paper examined the perception of the stakeholders at one of the public universities in the east coast region in Malaysia on the perceived reputation and how the university communicate its preparedness for self-sustainability through corporate identity. The findings indicated while the stakeholders embraced the challenges in facing the stiff competition and struggling market conditions, most of them felt the university should put more efforts in mobilising the corporate identity to its constituencies.

Keywords: Communication, corporate identity, market conditions, universities.

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Authors: Lubna Shaheen

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Palestinian cities face the challenges of land scarcity, high population growth rates, rapid urbanization, uneven development and territorial fragmentation. Due to geopolitical constrains and the absence of an effective Palestinian planning institution, urban development in Palestinian cities has not followed any discernable planning scheme. This has led to a number of internal contradictions in the structure of cities, and adversely affected land use, the provision of urban services, and the quality of the living environment. This paper explores these challenges, and the potential that exists for introducing a more sustainable urban development pattern in Palestinian cities. It assesses alternative development approaches with a particular focus on sustainable development, promoting ecodevelopment imperatives, limiting random urbanization, and meeting present and future challenges, including fulfilling the needs of the people and conserving the scarce land and limited natural resources. This paper concludes by offering conceptual proposals and guidelines for promoting sustainable physical development in Palestinian cities.

Keywords: Palestinian Cities, Rapid urbanization, Sustainableurban development.

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Authors: Sami Mustafa M. E. Ahmed, Noor Amila Wan Abdullah Zawawi, Zulkipli B. Ghazali

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Construction industry is considered as one of the main contributor of natural resources depletion, responsible for high level pollution and it is one of the attributes that pose climate changes and other environmental threats. A lot of efforts had and have been done to reduce and control these impacts. Project Environmental Management (PEM) includes the processes required to ensure that the impacts of the project execution to the surrounding environment will remain within the limits stated in legal permits. The main aim of most of researches conducted managing Environmental Impacts (EI) is to protect earth planet from pollution. Those researches are presenting four major environmental elements; Environmental Management Systems (EMS), Environmental Design (ED), Environmental Planning (EP) and Environmental Impacts Assessments (EIA). Although everything has been said about environmental management for construction projects, but almost everything remains to be said and therefore to be explored or rediscovered because incontestably, almost everything remains to be done. This paper aimed at reviewing some of what has been said about PEM. Also one of its objectives is to explore and rediscover the whole view of managing the EI problems by proposing a framework that based on the relation between these environmental researches.

Keywords: Environmental planning, sustainable design, EIA and EMS.

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Authors: Mohamed Saad Ahmed Hussien

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This paper discusses the risk management in Islamic banks and aims to determine the difference in the practices and methods of risk management in those banks compared to the conventional banks, and to make a case study of the biggest Islamic bank in Egypt (Faisal Islamic Bank of Egypt) to identify the most important financial risks faced and how to manage those risks. It was found that Islamic banks face two types of risks. The first type is similar to the risks in conventional banks; the second type is the additional risks which facing the Islamic banks only as a result of some Islamic modes of financing. With regard to the risk management, Islamic banks such as conventional banks applied the regulatory rules issued by the Central Banks and the Basel Committee; Islamic banks also applied the instructions and procedures issued by the Islamic Financial Services Board (IFSB). Also, Islamic banks are similar to the conventional banks in the practices and methods which they use to manage the risks. And there are some factors that may affect the risk management in Islamic banks, such as the size of the bank and the efficiency of the administration and the staff of the bank.

Keywords: Conventional banks, Faisal Islamic Bank of Egypt, Islamic banks, risk management.

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Authors: Pradeep Kulshrestha, Maulana Ayoub Ali

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The level of penetration of Islamic banking products and services has recorded a reasonable growth at an exponential rate in many parts of the world. There are many factors which have contributed to this growth including, but not limited to the rapid growth of number of Muslims who are uncomfortable with the conventional ways of banking, interest and higher interest rates scheduled by conventional banks and financial institutions as well as the financial inclusion campaign conducted in many countries. The system is facing legal challenges which open the research fdoor for practitioners and academicians for the sake of finding out solutions to those challenges. This paper tries to investigate the development of the Islamic banking system in the United Kingdom (UK), Saudi Arabia, Malaysia, Iran, Kenya, Nigeria and Uganda in order to understand the modalities which have been employed to run an Islamic banking system in the aforementioned countries. The methodology which has been employed in doing this research paper is Doctrinal, of which legislations, policies and other legal tools have been carefully studied and analysed. Again, papers from academic journals, books and financial reports have been deeply analysed for the purpose of enriching the paper and come up with a tangible results. The paper found that in Asia, Malaysia has created the smoothest legal platform for Islamic banking system to work properly in the country. The United Kingdom has tried harder to smooth the banking system without affecting the conventional banking methods and without favouring the operations of Islamic banks. It also tries harder to make UK as an Islamic banking and finance hub in Europe. The entire banking system in Iran is Islamic, while Nigeria has undergone several legal reforms to suit Islamic banking system in the country. Kenya and Uganda are at a different pace in making Islamic Banking system work alongside the conventional banking system.  

Keywords: Shariah, Islamic banking, law, alternative banking.

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Authors: Ishani Pruthi, William Burch Jr

Abstract:

The concept of sacred and nature have long been interlinked. Various cultural aspects such as religion, faith, traditions bring people closer to nature and the natural environment. Memorial Parks and Sacred Groves are examples of two such cultural landscapes that exist today. The project mainly deals with the significance of such sites to the environment and the deep rooted significance it has to the people. These parks and groves play an important role in biodiversity conservation and environmental protection. There are many differences between the establishment of memorial parks and sacred groves, but the underlying significance is the same. Sentiments, emotions play an important role in landscape planning and management. Hence the people and communities living at these sites need to be involved in any planning activity or decisions. The conservation of the environment should appeal to the sentiments of the people; the need to be 'with nature' should be used in the setting up of memorial forests and in the preservation of sacred groves.

Keywords: Sacred groves, memorial forests, community based natural resource management.

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Authors: Abduladim Maitieg, Kevin Lynch, Mark Johnson

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The goal of the Libyan Environmental General Authority (EGA) and National Oil Corporation (Department of Health, Safety & Environment) during the last 5 years has been to adopt a common approach to coastal and marine spatial planning. Protection and planning of the coastal zone is a significant for Libya, due to the length of coast and, the high rate of oil export, and spills’ potential negative impacts on coastal and marine habitats. Coastal resource scenarios constitute an important tool for exploring the long-term and short-term consequences of oil spill impact and available response options that would provide an integrated perspective on mitigation. To investigate that, this paper reviews the Misratah coastal parameters to present the physical and human controls and attributes of coastal habitats as the first step in understanding how they may be damaged by an oil spill. This paper also investigates costal resources, providing a better understanding of the resources and factors that impact the integrity of the ecosystem. Therefore, the study described the potential spatial distribution of oil spill risk and the coastal resources value, and also created spatial maps of coastal resources and their vulnerability to oil spills along the coast. This study proposes an analysis of coastal resources condition at a local level in the Misratah region of the Mediterranean Sea, considering the implementation of coastal and marine spatial planning over time as an indication of the will to manage urban development. Oil spill contamination analysis and their impact on the coastal resources depend on (1) oil spill sequence, (2) oil spill location, (3) oil spill movement near the coastal area. The resulting maps show natural, socio-economic activity, environmental resources along of the coast, and oil spill location. Moreover, the study provides significant geodatabase information which is required for coastal sensitivity index mapping and coastal management studies. The outcome of study provides the information necessary to set an Environmental Sensitivity Index (ESI) for the Misratah shoreline, which can be used for management of coastal resources and setting boundaries for each coastal sensitivity sectors, as well as to help planners measure the impact of oil spills on coastal resources. Geographic Information System (GIS) tools were used in order to store and illustrate the spatial convergence of existing socio-economic activities such as fishing, tourism, and the salt industry, and ecosystem components such as sea turtle nesting area, Sabkha habitats, and migratory birds feeding sites. These geodatabases help planners investigate the vulnerability of coastal resources to an oil spill.

Keywords: Coastal and marine spatial planning advancement training, GIS mapping, human uses, ecosystem components, Misratah coast, Libyan, oil spill.

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Authors: Esra E. Aleisa

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A local municipality has decided to build a sewage pit to receive residential sewage waste arriving by tank trucks. Daily accumulated waste are to be pumped to a nearby waste water treatment facility to be re-consumed for agricultural and construction projects. A discrete-event simulation model using Arena Software was constructed to assist in defining the capacity of the system in cubic meters, number of tank trucks to use the system, number of unload docks required, number of standby areas needed and manpower required for data collection at entrance checkpoint and truck tank load toxicity testing. The results of the model are statistically validated. Simulation turned out to be an excellent tool in the facility planning effort for the pit project, as it insured smooth flow lines of tank trucks load discharge and best utilization of facilities on site.

Keywords: Discrete-event simulation, Facilities Planning, Layout, Pit, Sewage management.

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Authors: Muhammad Naveed, Yang Caixia

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The need for national space legislation is pivotal, particularly in light of the fact that in recent years space activities have grown immensely both in volume and diversity. Countries are progressively developing capabilities in space exploration and scientific discoveries, market their capabilities to manufacture satellites, provide launch services from their facilities and are looking to privatize and commercialize their space resources. Today, nations are also seeking to comprehend the technological and financial potential of the private sector and are considering to share their financial burdens with them and to limit their exposures to risks, but they are lagging behind in legal framework in this regard. In the perspective of these emerging developments, it is therefore, felt that national space legislation should be enacted with the goal of building and implementing a vibrant and transparent legal framework at the national level to hasten investments and to ensure growth in this capital intensive - highly yield strategic sector. This study looks at (I) the international legal framework that governs space activities; (II) motivation behind making national space laws; and (III) the need for national space legislation. The paper concludes with some recommendations with regards to the conceivable future direction for national space legislation, in particular space empowered sub-areas for countries.

Keywords: International conventions, national legislation, space faring nation, space law.

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Authors: Q. Han, W. Schaefer, R. van den Berg

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This paper deals with stakeholders’ decisions within energy neutral urban redevelopment processes. The decisions of these stakeholders during the process will make or break energy neutral ambitions. An extensive form of game theory model gave insight in the behavioral differences of stakeholders regarding energy neutral ambitions and the effects of the changing legislation. The results show that new legislation regarding spatial planning slightly influences the behavior of stakeholders. An active behavior of the municipality will still result in the best outcome. Nevertheless, the municipality becomes more powerful when acting passively and can make the use of planning tools to provide governance towards energy neutral urban redevelopment. Moreover, organizational support, recognizing the necessity for energy neutrality, keeping focused and collaboration among stakeholders are crucial elements to achieve the objective of an energy neutral urban (re)development.

Keywords: Energy neutrality urban (re)development, stakeholder behavior, legislation, game theory.

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Authors: R. Tandlich, S. Hoossein, K. A. Tagwira, M. M. Marais, T. A. Ludwig, R. P. Chidziva, M. N. Munodawafa, W. M. Wrench

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Response to the public health-related emergencies is analysed here for a rural university in South Africa. The structure of the designated emergency plan covers all the phases of the disaster management cycle. The plan contains elements of the vulnerability model and the technocratic model of emergency management. The response structures are vertically and horizontally integrated, while the planning contains elements of scenario-based and functional planning. The available number of medical professionals at the Rhodes University, along with the medical insurance rates, makes the staff and students potentially more medically vulnerable than the South African population. The main improvements of the emergency management are required in the tornado response and the information dissemination during health emergencies. The latter should involve the increased use of social media and e-mails, following the Taylor model of communication. Infrastructure must be improved in the telecommunication sector in the face of unpredictable electricity outages.

Keywords: Public health, Rural university, Taylor model of communication.

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Authors: Edikan E. Akpanibah, Ogunmodimu Dupe Catherine

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The relevance of geometric Brownian motion (GBM) in modelling the behaviour of stock market prices (SMP) cannot be over emphasized taking into consideration the volatility of the SMP. Consequently, there is need to investigate how GBM models are being estimated and used in financial market to predict SMP. To achieve this, the GBM estimation and its application to the SMP of some selected companies are studied. The normal and log-normal distributions were used to determine the expected value, variance and co-variance. Furthermore, the GBM model was used to predict the SMP of some selected companies over a period of time and the mean absolute percentage error (MAPE) were calculated and used to determine the accuracy of the GBM model in predicting the SMP of the four companies under consideration. It was observed that for all the four companies, their MAPE values were within the region of acceptance. Also, the MAPE values of our data were compared to an existing literature to test the accuracy of our prediction with respect to time of investment. Finally, some numerical simulations of the graphs of the SMP, expectations and variance of the four companies over a period of time were presented using MATLAB programming software.

Keywords: Stock Market, Geometric Brownian Motion, normal and log-normal distribution, mean absolute percentage error.

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Authors: Patrick O. Bobbie, Prince S. Attrams

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In recent times, the rapid change in new technologies has spurred up the way and manner records are handled in educational institutions. Also, there is a need for reliable access and ease-of use to these records, resulting in increased productivity in organizations. In academic institutions, such benefits help in quality assessments, institutional performance, and assessments of teaching and evaluation methods. Students in educational institutions benefit the most when advanced technologies are deployed in accessing records. This research paper discusses the use of biometric technologies coupled with smartcard technologies to provide a unique way of identifying students and matching their data to financial records to grant them access to restricted areas such as examination halls. The system developed in this paper, has an identity verification component as part of its main functionalities. A systematic software development cycle of analysis, design, coding, testing and support was used. The system provides a secured way of verifying student’s identity and real time verification of financial records. An advanced prototype version of the system has been developed for testing purposes.

Keywords: Biometrics, fingerprints, identity-verification, smartcards.

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Authors: Aleksandra Aleksandrovna Filimonova, Lev Sergeevich Kazarinov, Tatyana Aleksandrovna Barbasova

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A method of effective planning and control of industrial facility energy consumption is offered. The method allows optimally arranging the management and full control of complex production facilities in accordance with the criteria of minimal technical and economic losses at the forecasting control. The method is based on the optimal construction of the power efficiency characteristics with the prescribed accuracy. The problem of optimal designing of the forecasting model is solved on the basis of three criteria: maximizing the weighted sum of the points of forecasting with the prescribed accuracy; the solving of the problem by the standard principles at the incomplete statistic data on the basis of minimization of the regularized function; minimizing the technical and economic losses due to the forecasting errors.

Keywords: Energy consumption, energy efficiency, energy management system, forecasting model, power efficiency characteristics.

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Authors: Karin Hansson, Göran Cars, Mats Danielson, Love Ekenberg, Aron Larsson

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Within the realm of e-government, the development has moved towards testing new means for democratic decisionmaking, like e-panels, electronic discussion forums, and polls. Although such new developments seem promising, they are not problem-free, and the outcomes are seldom used in the subsequent formal political procedures. Nevertheless, process models offer promising potential when it comes to structuring and supporting transparency of decision processes in order to facilitate the integration of the public into decision-making procedures in a reasonable and manageable way. Based on real-life cases of urban planning processes in Sweden, we present an outline for an integrated framework for public decision making to: a) provide tools for citizens to organize discussion and create opinions; b) enable governments, authorities, and institutions to better analyse these opinions; and c) enable governments to account for this information in planning and societal decision making by employing a process model for structured public decision making.

Keywords: Negotiation games, Agenda setting, Multi-criteria decision analysis, Elicitation method.

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Authors: Leandi Steenkamp

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The sectional title industry has been a part of the property landscape in South Africa for almost half a century, and plays a significant role in addressing the housing problem in the country. Stakeholders such as owners and investors in sectional title property are in most cases not directly involved in the management thereof, and place reliance on the audited annual financial statements of bodies corporate for decision-making purposes. Although the industry seems to be highly regulated, the legislation regarding accounting and auditing of sectional title is vague and ambiguous. Furthermore, there are no industry-specific auditing and accounting standards to guide accounting and auditing practitioners in performing their work and industry financial benchmarks are not readily available. In addition, financial pressure on sectional title schemes is often very high due to the fact that some owners exercise unrealistic pressure to keep monthly levies as low as possible. All these factors have an impact on the business risk as well as audit risk of bodies corporate. Very little academic research has been undertaken on the sectional title industry in South Africa from an accounting and auditing perspective. The aim of this paper is threefold: Firstly, to discuss the findings of a literature review on uncertainties, ambiguity and confusing aspects in current legislation regarding the audit of a sectional title property that may cause or increase audit and business risk. Secondly, empirical findings of risk-related aspects from the results of interviews with three groups of body corporate role-players will be discussed. The role-players were body corporate trustee chairpersons, body corporate managing agents and accounting and auditing practitioners of bodies corporate. Specific reference will be made to business risk and audit risk. Thirdly, practical recommendations will be made on possibilities of closing the audit expectation gap, and further research opportunities in this regard will be discussed.

Keywords: Assurance, audit, audit risk, body corporate, corporate governance, sectional title.

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Authors: Amit Gil, Helman Stern, Yael Edan

Abstract:

A cognitive collaborative reinforcement learning algorithm (CCRL) that incorporates an advisor into the learning process is developed to improve supervised learning. An autonomous learner is enabled with a self awareness cognitive skill to decide when to solicit instructions from the advisor. The learner can also assess the value of advice, and accept or reject it. The method is evaluated for robotic motion planning using simulation. Tests are conducted for advisors with skill levels from expert to novice. The CCRL algorithm and a combined method integrating its logic with Clouse-s Introspection Approach, outperformed a base-line fully autonomous learner, and demonstrated robust performance when dealing with various advisor skill levels, learning to accept advice received from an expert, while rejecting that of less skilled collaborators. Although the CCRL algorithm is based on RL, it fits other machine learning methods, since advisor-s actions are only added to the outer layer.

Keywords: Robot learning, human-robot collaboration, motion planning, reinforcement learning.

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Authors: Karolina Patora

Abstract:

This article investigates liquidity risk management by banks, which has gained significant importance since the global financial crisis of 2008. The issue is of particular interest for countries like Poland, in which foreign capital plays a dominant role. Such an ownership structure poses certain risks to the local banking sector, which faces an increased probability of the withdrawal of funding or assets’ transfers abroad in case of a crisis. Both these factors can have a detrimental influence on the liquidity position of foreign-owned banks and hence negatively affect the financial stability of the whole banking sector. The aim of this study is to evaluate the impact of a dominating share of foreign investors in the Polish banking sector on the liquidity position of commercial banks. The study hypothesizes that the ownership structure of the Polish banking sector, in which there are banks predominantly controlled by foreign investors, does not pose a threat to the liquidity position of Polish banks. A supplementary research hypothesis is that the liquidity risk profile of foreign-owned banks differs from that of domestic banks. The sample consists of 14 foreign-owned banks and 5 domestic banks owned by local investors, which together constitute approximately 87% of the banking sector’s assets. The data covers the period of 2004–2014. The results of the regression models show no evidence of significant differences in terms of the dynamics of changes of the liquidity buffers between the foreign-owned and domestic banks, although the signs of the coefficients might suggest that the foreign-owned banks were decreasing the holdings of liquid assets at a slower pace over the examined period, compared to the domestic banks. However, no proof of the statistical significance of these findings has been found. The supplementary research hypothesis that the liquidity risk profile of foreign-controlled banks differs from that of domestic banks was rejected.

Keywords: Financial stability, foreign-owned banks, liquidity position, liquidity risk.

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Authors: Zarabizan Zakaria, Syuhaida Ismail, Aminah Md. Yusof

Abstract:

Delay can be defined as time overrun or extension of time to complete the project. There are high possibilities that delay issues in final account closing cannot be avoided especially in construction project in Malaysia which is unique and dynamic in the terms of nature of design and technical skill. Delay in final account closing is a situation when the actual planning (time and budget allocation) of a construction project exceeds the planned schedule or on the other hand, final account closing exceeds the time and other provisions specified in the contract. The causes of delay discussed in this paper are appraised from the literature review. There are two main types of delay: excusable delay and non-excusable delay. The literature reviews on the delay in final account closing which is then translated into a theoretical framework are summarized in the context of construction players and academician perspective. It is anticipated that the finding reported in this paper could assist the planning of future strategies and guidelines of final account closing for the betterment of construction projects in Malaysia.

Keywords: Construction industry, construction contract, final account closing, delay.

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Authors: Tunjo Peric, Zoran Babic

Abstract:

The authors of this work indicate by means of a concrete example that it is possible to apply efficaciously the method of multiple criteria programming in dealing with the problem of determining the optimal production plan for a certain period of time. The work presents: (1) the selection of optimization criteria, (2) the setting of the problem of determining an optimal production plan, (3) the setting of the model of multiple criteria programming in finding a solution to a given problem, (4) the revised surrogate trade-off method, (5) generalized multicriteria model for solving production planning problem and problem of choosing technological variants in the metal manufacturing industry. In the final part of this work the authors reflect on the application of the method of multiple criteria programming while determining the optimal production plan in manufacturing enterprises.

Keywords: multi-criteria programming, production planning, technological variant, Surrogate Worth Trade-off Method.

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