Search results for: stock market integration.

Authors: C. Slim

Abstract:

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

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

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Authors: Bita Mashayekhi, Hamid Kalhornia

Abstract:

One of the most important roles of financial reporting is improving the firms’ investment decisions; however, there is not much supporting evidence for this claim in emerging markets like Iran. In this study, the effect of financial reporting transparency in investment efficiency of Iranian firms has been investigated. In order to do this, 336 listed companies on Tehran Stock Exchange (TSE) has been selected for time period 2012 to 2015 as research sample. For testing our main hypothesis, we classified sample firms into two groups based on their deviation from expected investment: under-investment and over-investment cases. The results indicate that there is positive significant relationship between financial transparency and investment efficiency. In the other words, transparency can mitigate both underinvestment and overinvestment situations.

Keywords: Corporate governance, disclosure, investment decisions, investment efficiency, transparency.

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Authors: Moustafa Osman Mohammed

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Integration sustainability outcomes give attention to construction ecology in the design review of urban environments to comply with Earth’s System that is composed of integral parts of the (i.e., physical, chemical and biological components). Naturally, exchange patterns of industrial ecology have consistent and periodic cycles to preserve energy flows and materials in Earth’s System. When engineering topology is affecting internal and external processes in system networks, it postulated the valence of the first-level spatial outcome (i.e., project compatibility success). These instrumentalities are dependent on relating the second-level outcome (i.e., participant security satisfaction). The construction ecology-based topology (i.e., as feedback energy system) flows from biotic and abiotic resources in the entire Earth’s ecosystems. These spatial outcomes are providing an innovation, as entails a wide range of interactions to state, regulate and feedback “topology” to flow as “interdisciplinary equilibrium” of ecosystems. The interrelation dynamics of ecosystems are performing a process in a certain location within an appropriate time for characterizing their unique structure in “equilibrium patterns”, such as biosphere and collecting a composite structure of many distributed feedback flows. These interdisciplinary systems regulate their dynamics within complex structures. These dynamic mechanisms of the ecosystem regulate physical and chemical properties to enable a gradual and prolonged incremental pattern to develop a stable structure. The engineering topology of construction ecology for integration sustainability outcomes offers an interesting tool for ecologists and engineers in the simulation paradigm as an initial form of development structure within compatible computer software. This approach argues from ecology, resource savings, static load design, financial other pragmatic reasons, while an artistic/architectural perspective, these are not decisive. The paper described an attempt to unify analytic and analogical spatial modeling in developing urban environments as a relational setting, using optimization software and applied as an example of integrated industrial ecology where the construction process is based on a topology optimization approach.

Keywords: Construction ecology, industrial ecology, urban topology, environmental planning.

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Authors: Cristian Păuna

Abstract:

In the first decades of the 21st century, in the electronic trading environment, algorithmic capital investments became the primary tool to make a profit by speculations in financial markets. A significant number of traders, private or institutional investors are participating in the capital markets every day using automated algorithms. The autonomous trading software is today a considerable part in the business intelligence system of any modern financial activity. The trading decisions and orders are made automatically by computers using different mathematical models. This paper will present one of these models called Price Prediction Line. A mathematical algorithm will be revealed to build a reliable trend line, which is the base for limit conditions and automated investment signals, the core for a computerized investment system. The paper will guide how to apply these tools to generate entry and exit investment signals, limit conditions to build a mathematical filter for the investment opportunities, and the methodology to integrate all of these in automated investment software. The paper will also present trading results obtained for the leading German financial market index with the presented methods to analyze and to compare different automated investment algorithms. It was found that a specific mathematical algorithm can be optimized and integrated into an automated trading system with good and sustained results for the leading German Market. Investment results will be compared in order to qualify the presented model. In conclusion, a 1:6.12 risk was obtained to reward ratio applying the trigonometric method to the DAX Deutscher Aktienindex on 24 months investment. These results are superior to those obtained with other similar models as this paper reveal. The general idea sustained by this paper is that the Price Prediction Line model presented is a reliable capital investment methodology that can be successfully applied to build an automated investment system with excellent results.

Keywords: Algorithmic trading, automated investment system, DAX Deutscher Aktienindex.

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Authors: Lucian Munteanu

Abstract:

The move towards internationalization of accounting encountered a great boost, when in 2002 EU delegated the IASB to provide the accounting standards to be applied inside its frontiers. Among the incentives of the standardization of accounting on the international level, is the reduction of the cost of capital. Romania made the move towards IFRS before EU, when the country was not yet a member of it. Even if this made Romania a special case, it was scarcely approached. The leak of real data is usually the reason for avoiding. The novelty of this paper is that it offers an insight from the reality of Romanian companies and their view regarding the IFRS. The paper is based on a survey that the authors made among the companies listed on the first two tiers of the Bucharest Stock Exchange (BSE), which are basically, the most important companies in the country.

Keywords: Cost of capital, IFRS, information asymmetry, transparency.

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Authors: Hicham Benamirouche, Oum Elkheir Moussi

Abstract:

The purpose of the study is to examine the dynamics of Algeria’s natural gas exports through the Autoregressive Distributed Lag (ARDL) bounds testing approach with break points. The analysis was carried out for the period from 1967 to 2015. Based on imperfect substitution specification, the ARDL approach reveals a long-run equilibrium relationship between Algeria’s Natural gas exports and their determinant factors (Algeria’s gas reserves, Domestic gas consumption, Europe’s GDP per capita, relative prices, the European gas production and the market share of competitors). All the long-run elasticities estimated are statistically significant with a large impact of domestic factors, which constitute the supply constraints. In short term, the elasticities are statistically significant, and almost comparable to those of the long term. Furthermore, the speed of adjustment towards long-run equilibrium is less than one year because of the little flexibility of the long term export contracts. Two break points have been estimated when we employ the domestic gas consumption as a break variable; 1984 and 2010, which reflect the arbitration policy between the domestic gas market and gas exports.

Keywords: Natural gas exports, elasticity, ARDL bounds testing, break points, Algeria.

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Authors: Pranav Raghav Sood

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India is currently the second most populous nation in the world with over 1.2 billion people, growing annually at the rate of 1.5%. It is experiencing a surge in energy demands, expected to grow more than three to four times in 25 years. Most of the energy requirements are currently satisfied by the import of fossil fuels – coal, petroleum-based products and natural gas. Biofuels can satisfy these energy needs in an environmentally benign and cost effective manner while reducing dependence on import of fossil fuels, thus providing National Energy Security. Among various forms of bioenergy, bioethanol is one of the major options for India because of availability of feed stock crops. This paper presents an overview on bioethanol production and technology, steps taken by the Indian government to facilitate and bring about optimal development and utilization of indigenous biomass feedstocks for production of this biofuel.

Keywords: Bioethanol, Fossil fuel, Biofuel, energy

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Authors: Benazeer Md. Shahzada, Verelst Jan, Van Grembergen Wim, Mannaert Herwig

Abstract:

This article is an extension and a practical application approach of Wheeler-s NEBIC theory (Net Enabled Business Innovation Cycle). NEBIC theory is a new approach in IS research and can be used for dynamic environment related to new technology. Firms can follow the market changes rapidly with support of the IT resources. Flexible firms adapt their market strategies, and respond more quickly to customers changing behaviors. When every leading firm in an industry has access to the same IT resources, the way that these IT resources are managed will determine the competitive advantages or disadvantages of firm. From Dynamic Capabilities Perspective and from newly introduced NEBIC theory by Wheeler, we know that only IT resources cannot deliver customer value but good configuration of those resources can guarantee customer value by choosing the right emerging technology, grasping the economic opportunities through business innovation and growth. We found evidences in literature that SOA (Service Oriented Architecture) is a promising emerging technology which can deliver the desired economic opportunity through modularity, flexibility and loosecoupling. SOA can also help firms to connect in network which can open a new window of opportunity to collaborate in innovation and right kind of outsourcing

Keywords: Absorptive capacity, Dynamic Capability, Netenabled business innovation cycle, Service oriented architecture.

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Authors: Jung-Lo Park, Sung-Sik Kim, Sun-Young Choi, Ju-Hyung Kim, Jae-Jun Kim

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Sub-prime mortgage crisis which began in the US is regarded as the most economic crisis since the Great Depression in the early 20th century. Especially, hidden problems on efficient operation of a business were disclosed at a time and many financial institutions went bankrupt and filed for court receivership. The collapses of physical market lead to bankruptcy of manufacturing and construction businesses. This study is to analyze dynamic efficiency of construction businesses during the five years at the turn of the global financial crisis. By discovering the trend and stability of efficiency of a construction business, this study-s objective is to improve management efficiency of a construction business in the ever-changing construction market. Variables were selected by analyzing corporate information on top 20 construction businesses in Korea and analyzed for static efficiency in 2008 and dynamic efficiency between 2006 and 2010. Unlike other studies, this study succeeded in deducing efficiency trend and stability of a construction business for five years by using the DEA/Window model. Using the analysis result, efficient and inefficient companies could be figured out. In addition, relative efficiency among DMU was measured by comparing the relationship between input and output variables of construction businesses. This study can be used as a literature to improve management efficiency for companies with low efficiency based on efficiency analysis of construction businesses.

Keywords: Construction Company, DEA, DEA/Window, Efficiency Analysis

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Authors: Joanna Stawska

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The main objective of this article is to examine the impact of interest rates on investments in Poland in the context of financial crisis. The paper also investigates the dependence of bank loans to enterprises on interbank market rates. The article studies the impact of interbank market rate on the level of investments in Poland. Besides, this article focuses on the research of the correlation between the level of corporate loans and the amount of investments in Poland in order to determine the indirect impact of central bank interest rates through the transmission mechanism of monetary policy on the real economy. To achieve the objective we have used econometric and statistical research methods like: econometric model and Pearson correlation coefficient. This analysis suggests that the central bank reference rate inversely proportionally affects the level of investments in Poland and this dependence is moderate. This is also important issue because it is related to preparing of Poland to accession to euro area. The research is important from both theoretical and empirical points of view. The formulated conclusions and recommendations determine the practical significance of the paper which may be used in the decision making process of monetary and economic authorities of the country.

Keywords: Central bank, financial crisis, interest rate, investments.

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Authors: G. Guramishvili, M. Moistsrapishvili, L. Andghuladze

Abstract:

In the article are considered the problems arising at increasing of transferring from rolling stock axles on rail loading from 210 KN up to 270 KN and is offered for rail strength analysis definition of rail force loading complex integral characteristic with taking into account all affecting force factors that is characterizing specific operation condition of rail structure and defines the working capability of structure.

As result of analysis due mentioned method is obtained that in the conditions of 270 KN loading the rail meets the working assessment criteria of rail and rail structures: Strength, rail track stability, rail links stability and its transverse stability, traffic safety condition that is rather important for post-Soviet countries railways.

Keywords: Axial loading, rail force loading, rail structure, rail strength analysis, rail track stability.

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Authors: Y. V. Kim

Abstract:

This article presents an approach with regards to the Functional Testing of Space System (SS) that could be a space vehicle (spacecraft-S/C) and/or its equipment and components – S/C subsystems. This test should finalize the Space Qualification Tests (SQT) campaign. It could be considered as a generic test and used for a wide class of SS that, from the point of view of System Dynamics and Control Theory, may be described by the ordinary differential equations. The suggested methodology is based on using semi-natural experiment laboratory stand that does not require complicated, precise and expensive technological control-verification equipment. However, it allows for testing totally assembled system during Assembling, Integration and Testing (AIT) activities at the final phase of SQT, involving system hardware (HW) and software (SW). The test physically activates system input (sensors) and output (actuators) and requires recording their outputs in real time. The data are then inserted in a laboratory computer, where it is post-experiment processed by the MATLAB/Simulink Identification Toolbox. It allows for estimating the system dynamics in the form of estimation of its differential equation coefficients through the verification experimental test and comparing them with expected mathematical model, prematurely verified by mathematical simulation during the design process. Mathematical simulation results presented in the article show that this approach could be applicable and helpful in SQT practice. Further semi-natural experiments should specify detail requirements for the test laboratory equipment and test-procedures.

Keywords: system dynamics, space system ground tests, space qualification, system dynamics identification, satellite attitude control, assembling integration and testing

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Authors: Thomas Meier

Abstract:

One of the major challenges for sustainable smart building systems is to support device interoperability, i.e. connecting sensor or actuator devices from different vendors, and present their functionality to the external applications. Furthermore, smart building systems are supposed to connect with devices that are not available yet, i.e. devices that become available on the market sometime later. It is of vital importance that a sustainable smart building platform provides an appropriate external interface that can be leveraged by external applications and smart services. An external platform interface must be stable and independent of specific devices and should support flexible and scalable usage scenarios. A typical approach applied in smart home systems is based on a generic device interface used within the smart building platform. Device functions, even of rather complex devices, are mapped to that generic base type interface by means of specific device drivers. Our new approach, presented in this work, extends that approach by using the smart building system’s rule engine to create complex virtual devices that can represent the most diverse properties of real devices. We examined and evaluated both approaches by means of a practical case study using a smart building system that we have developed. We show that the solution we present allows the highest degree of flexibility without affecting external application interface stability and scalability. In contrast to other systems our approach supports complex virtual device configuration on application layer (e.g. by administration users) instead of device configuration at platform layer (e.g. platform operators). Based on our work, we can show that our approach supports almost arbitrarily flexible use case scenarios without affecting the external application interface stability. However, the cost of this approach is additional appropriate configuration overhead and additional resource consumption at the IoT platform level that must be considered by platform operators. We conclude that the concept of complex virtual devices presented in this work can be applied to improve the usability and device interoperability of sustainable intelligent building systems significantly.

Keywords: Complex virtual devices, device integration, device interoperability, Internet of Things, smart building platform.

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Authors: Nikolaos Sariannidis, Grigoris Giannarakis, Nikolaos Litinas, Nikos Kartalis

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This study investigates the relationship between 10 year bond value, Yen/U.S dollar exchange rate, non-farm payrolls (all employs) and crude oil to U.S. Dow Jones Sustainability Index. A GARCH model is used to test these relationships for the period January 1st 1999 to January 31st 2008 using monthly data. Results show that an increase of the 10 year bond and non farm payrolls (all employs) lead to an increase of the D.J.S.I returns. On the contrary the volatility of the Yen/U.S dollar exchange rates as well as the increase of crude oil returns has negative effects on the U.S D.J.S.I returns. This study aims at assisting investors to understand the influences certain macroeconomic indicators have on the companies- stock returns as reported by the D.J.S.I.

Keywords: Bond value, Corporate Social Responsibility, Crudeoil, D.J.S.I United States, Exchange rate, GARCH, Non-farmpayrolls.

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Authors: Miho Tsukamoto

Abstract:

Since the initial creation of the Barbie doll in 1959, it became a symbol of US society. Likewise, the Licca-chan, a Japanese doll created in 1967, also became a Japanese symbolic doll of Japanese society. Prior to the introduction of Licca-chan, Barbie was already marketed in Japan but their sales were dismal. Licca-chan (an actual name: Kayama Licca) is a plastic doll with a variety of sizes ranging from 21.0 cm to 29.0 cm which many Japanese girls dream of having. For over 35 years, the manufacturer, Takara Co., Ltd. has sold over 48 million dolls and has produced doll houses, accessories, clothes, and Licca-chan video games for the Nintendo DS. Many First-generation Licca-chan consumers still are enamored with Licca-chan, and go to Licca-chan House, in an amusement park with their daughters. These people are called Licca-chan maniacs, as they enjoy touring the Licca-chan’s factory in Tohoku or purchase various Licca-chan accessories. After the successful launch of Licca-chan into the Japanese market, a mixed-like doll from the US and Japan, a doll, JeNny, was later sold in the same Japanese market by Takara Co., Ltd. in 1982. Comparison of these cultural iconic dolls, Barbie and Licca-chan, are analyzed in this paper. In fact, these dolls have concepts of girls’ dreams. By using concepts of mythology of Jean Baudrillard, these dolls can be represented idealized images of figures in the products for consumers, but at the same time, consumers can see products with different perspectives, which can cause controversy.

Keywords: Barbie, Dolls, JeNny, Idealization, Licca-chan.

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Authors: Ernest Nweke, Enkhtuya Bavuudorj

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The harsh realities of the scandalous failure of several notable corporations in the past two decades have inextricably resulted in a surge in corporate governance studies. Nevertheless, little or no attention has been paid to corporate governance studies in Mongolian firms and much less to the comprehension of the correlation among ownership structure, corporate governance mechanisms and trend of innovative activities. Innovation is the bed rock of enterprise success. However, the funding and support for innovative activities in many firms are to a great extent determined by the incentives provided by the firm’s internal and external governance mechanisms. Mongolia is an East Asian country currently undergoing a fast-paced transition from socialist to democratic system and it is a widely held view that private ownership as against public ownership fosters innovation. Hence, following the privatization policy of Mongolian Government which has led to the transfer of the ownership of hitherto state controlled and state directed firms to private individuals and organizations, expectations are high that sufficient motivation would be provided for firm managers to engage in innovative activities. This research focuses on the relationship between ownership structure, corporate governance on one hand and the level of innovation on the hand. The paper is empirical in nature and derives data from both reliable secondary and primary sources. Secondary data for the study was in respect of ownership structure of Mongolian listed firms and innovation trend in Mongolia generally. These were analyzed using tables, charts, bars and percentages. Personal interviews and surveys were held to collect primary data. Primary data was in respect of corporate governance practices in Mongolian firms and were collected using structured questionnaire. Out of a population of three hundred and twenty (320) companies listed on the Mongolian Stock Exchange (MSE), a sample size of thirty (30) randomly selected companies was utilized for the study. Five (5) management level employees were surveyed in each selected firm giving a total of one hundred and fifty (150) respondents. Data collected were analyzed and research hypotheses tested using Chi-Square test statistic. Research results showed that corporate governance mechanisms were better and have significantly improved overtime in privately held as opposed to publicly owned firms. Consequently, the levels of innovation in privately held firms were considerably higher. It was concluded that a significant and positive relationship exists between private ownership and good corporate governance on one hand and the level of funding provided for innovative activities in Mongolian firms on the other hand.

Keywords: Corporate governance, innovation, ownership structure, stock exchange.

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Authors: Edward Pol

Abstract:

All companies are confronted with the need to innovate in order to meet market demands. In so doing they are challenged with the dilemma of whether to aim to be first into the market with a new innovative product, or to deliberately wait and learn from a pioneers’ mistakes; potentially avoiding higher risks. It is therefore important to critically understand from a first mover advantage and disadvantage perspective the decision-making implications of defence industry transformation onset by an innovative paradigm shift. This paper will argue that the type of industry characteristics matter, especially when considering what role the clients play in the innovation process and what their level of influence is. Through investigation of qualitative case study research, this inquiry will focus on first mover advantages and first mover disadvantages with a view to establish practical and value-added academic findings by focusing on specific industries where the clients play an active role in cooperation with the supplier innovation. The resulting findings will help managers to mitigate risk in innovative technology introduction. A selection from several defence industry innovations is specifically chosen because of the client–supplier relationship that typically differs from traditional first mover research. In this instance, case studies will be used referencing vertical-take-off-and-landing defence equipment innovations. 

Keywords: innovation, pioneer, first mover advantage, first mover disadvantage, risk

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Authors: Nebu Tom John, N. Dhinakaran

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Multiparty voice over IP (MVoIP) systems allows a group of people to freely communicate each other via the internet, which have many applications such as online gaming, teleconferencing, online stock trading etc. Peertalk is a peer to peer multiparty voice over IP system (MVoIP) which is more feasible than existing approaches such as p2p overlay multicast and coupled distributed processing. Since the stream mixing and distribution are done by the peers, it is vulnerable to major security threats like nodes misbehavior, eavesdropping, Sybil attacks, Denial of Service (DoS), call tampering, Man in the Middle attacks etc. To thwart the security threats, a security framework called PEERTS (PEEred Reputed Trustworthy System for peertalk) is implemented so that efficient and secure communication can be carried out between peers.

Keywords: Key management system, peer-to-peer voice streaming, reputed trust management system, voice-over-IP.

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Authors: Maria Damian, Carmen G. Bonaci, Jiří Strouhal, Razvan V. Mustata, Dumitru Matis, Jiřina Bokšová

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In the current context of globalization, a large number of companies sought to develop as a group in order to reach to other markets or meet the necessary criteria for listing on a stock exchange. The issue of consolidated financial statements prepared by a parent, an investor or a venture and the financial reporting standards guiding them therefore becomes even more important. The aim of our paper is to expose this issue in a consistent manner, first by summarizing the international accounting and financial reporting standards applicable before the 1st of January 2013 and considering the role of the crisis in shaping the standard setting process, and secondly by analyzing the newly issued/modified standards and main changes being brought

Keywords: Consolidated financial statements, control, IFRS 10, financial crisis.

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Authors: M. Pervan, I. Pervan, M. Todoric

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Using data of listed Croatian firms from the Zagreb Stock Exchange we analyze the relationship between firm ownership (ownership concentration and type) and performance (ROA). Empirical research was conducted for the period 2003-2010, yielding with the total of 1,430 observations. Empirical findings based on dynamic panel analysis indicate that ownership concentration variable - CR4 is negatively related with performance, i.e. listed firms with dispersed ownership perform better than firms with concentrated ownership. Also, the research indicated that foreign controlled listed firms perform better than domestically controlled firms. Majority state owned firms perform worse than privately held firms but dummy variable for privately controlled firms was not statistically significant in the estimated panel model.

Keywords: Croatia, firm, ownership, performance

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Authors: Mohammed Sani Abdulai

Abstract:

Government budgets are the primary instruments for formulating and implementing a country’s fiscal policy objectives, development priorities, and the overall socio-economic aspirations of its people. Thus, in this paper, the author examined the Government of Ghana’s budgets with respect to their functions, coverage, classifications, and integration with the country’s chart of accounts. The author did so by amalgamating the research findings of extant literature with (a) the operational and procedural guidelines underpinning the formulation and execution of the government’s budgets; (b) the recommendations made by various development partners and thinktanks on reforming the country’s budgeting processes and procedures; and (c) the lessons Ghana could learn from the budget reform efforts of other countries. By way of research findings, the paper showed that the Government of Ghana’s budgets in terms of function are both eclectic and multidimensional. On coverage, the paper showed that the country’s budgets duly cover the revenues and expenditures of the general government (i.e., both the central and sub-national governments). Finally, on classifications, the paper noted with delight the Government of Ghana’s effort in providing classificatory codes to both its national development agenda and such international development goals as the AU’s Agenda 2063 and the UN’s Sustainable Development Goals. However, the paper found some significant lapses that require a complete overhaul and structuring on the integrations of its budget classifications with its chart of accounts. Thus, the paper concluded with a detailed examination of the challenges confronting the country’s current chart of accounts and recommendations for addressing them.

Keywords: Budget, budgetary transactions, budgetary governance, Chart of Accounts, classification, composition, coverage, Public Financial Management.

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Authors: Xin Bai, Kresimir Sivoncik, Damla Turgut, Ladislau Bölöni

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Market based models are frequently used in the resource allocation on the computational grid. However, as the size of the grid grows, it becomes difficult for the customer to negotiate directly with all the providers. Middle agents are introduced to mediate between the providers and customers and facilitate the resource allocation process. The most frequently deployed middle agents are the matchmakers and the brokers. The matchmaking agent finds possible candidate providers who can satisfy the requirements of the consumers, after which the customer directly negotiates with the candidates. The broker agents are mediating the negotiation with the providers in real time. In this paper we present a new type of middle agent, the marketmaker. Its operation is based on two parallel operations - through the investment process the marketmaker is acquiring resources and resource reservations in large quantities, while through the resale process it sells them to the customers. The operation of the marketmaker is based on the fact that through its global view of the grid it can perform a more efficient resource allocation than the one possible in one-to-one negotiations between the customers and providers. We present the operation and algorithms governing the operation of the marketmaker agent, contrasting it with the matchmaker and broker agents. Through a series of simulations in the task oriented domain we compare the operation of the three agents types. We find that the use of marketmaker agent leads to a better performance in the allocation of large tasks and a significant reduction of the messaging overhead.

Keywords: grid computing, autonomous agents, market-basedgrid

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Authors: S. Mahalakshmi, B. Senthil Arasu

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As per the recent changes happening in the global policies, climate related changes and the impact it causes across every sector are viewed as green swan events – in essence, climate related changes can happen often and lead to risk and lot of uncertainty, but need to be mitigated instead of considering them as black swan events. This brings about a question on how this risk can be computed, so that the financial institutions can plan to mitigate it. Climate related changes impact all risk types – credit risk, market risk, operational risk, liquidity risk, reputational risk and others. And the models required to compute this have to consider the different industrial needs of the counterparty, as well as the factors that are contributing to this – be it in the form of different risk drivers, or the different transmission channels or the different approaches and the granular form of data availability. This brings out to the suggestion that the climate related changes, though it affects Pillar I risks, will be a Pillar II risk. This has to be modeled specifically based on the financial institution’s actual exposure to different industries, instead of generalizing the risk charge. And this will have to be considered as the additional capital to be met by the financial institution in addition to their Pillar I risks, as well as the existing Pillar II risks. In this paper, we present a risk assessment framework to model and assess climate change risks - for both credit and market risks. This framework helps in assessing the different scenarios, and how the different transition risks affect the risk associated with the different parties. This research paper delves on the topic of increase in concentration of greenhouse gases, that in turn causing global warming. It then considers the various scenarios of having the different risk drivers impacting credit and market risk of an institution, by understanding the transmission channels, and also considering the transition risk. The paper then focuses on the industry that’s fast seeing a disruption: automobile industry. The paper uses the framework to show how the climate changes and the change to the relevant policies have impacted the entire financial institution. Appropriate statistical models for forecasting, anomaly detection and scenario modeling are built to demonstrate how the framework can be used by the relevant agencies to understand their financial risks. The paper also focuses on the climate risk calculation for the Pillar II capital calculations, and how it will make sense for the bank to maintain this in addition to their regular Pillar I and Pillar II capital.

Keywords: Capital calculation, climate risk, credit risk, pillar II risk, scenario modeling.

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Authors: S. Madhavi, S. Abirami, C. Bharathi, B. Ekambaram, T. Krishna Sankar, A. Nattudurai, N. Vijayarangan

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The high utilization rate of Automated Teller Machine (ATM) has inevitably caused the phenomena of waiting for a long time in the queue. This in turn has increased the out of stock situations. The ATM utilization helps to determine the usage level and states the necessity of the ATM based on the utilization of the ATM system. The time in which the ATM used more frequently (peak time) and based on the predicted solution the necessary actions are taken by the bank management. The analysis can be done by using the concept of Data Mining and the major part are analyzed based on the predictive data mining. The results are predicted from the historical data (past data) and track the relevant solution which is required. Weka tool is used for the analysis of data based on predictive data mining.

Keywords: ATM, Bank Management, Data Mining, Historical data, Predictive Data Mining, Weka tool.

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Authors: Ana-Marija Stjepić, Dalia Suša Vugec

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Today, digital transformation is one of the leading topics that occupy the attention of scientific circles and business experts. Organizational success is most often reflected through the successful managing of business processes. Given the growing market for digital innovations and its ever-increasing impact on business, organizations need to be prepared for organizational changes that come with the digital era. In order to maintain their competitive advantage in the global market, organizations must adapt their processes to new digitalization conditions. The main goal of this study is to point out the link between the digital transformation and the business process management concept. Therefore, in order to contribute to the scientific field that explores the potential relation between business process management concept and digital transformation, a literature review has been conducted. Papers have been searched within the Business Process Management Journal by keywords related to the term digital transformation. Selected papers have been analyzed according to the topic, type of publication, year of publication, keywords, etc. The results reveal a growing number of papers published on the topic of digital transformation to the Business Process Management Journal, but the lack of case studies. This paper contributes to the extension of academic literature in this important, yet insufficiently researched, scientific field that creates the bond between two strong concepts of digital transformation and business process management.

Keywords: Business process management, digital transformation, digitalization, process change.

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Authors: Othman Maklouf, Ahmed Adwaib

Abstract:

This paper introduces a comparative study between the main GPS\INS coupling schemes, this will include the loosely coupled and tightly coupled configurations, several types of situations and operational conditions, in which the data fusion process is done using Kalman filtering. This will include the importance of sensors calibration as well as the alignment of the strap down inertial navigation system. The limitations of the inertial navigation systems are investigated.

Keywords: GPS, INS, Kalman Filter.

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Authors: Hajar Mohammadpour Kachlami , Ghasem Javadzadeh Moghtader , Habib Mohammadpour Kachlami

Abstract:

Nowadays due to globalization of economy and competition environment, innovation and technology plays key role at creation of wealth and economic growth of countries. In fact prompt growth of practical and technologic knowledge may results in social benefits for countries when changes into effective innovation. Considering the importance of innovation for the development of countries, this study addresses the radical technological innovation introduced by nanopapers at different stages of producing paper including stock preparation, using authorized additives, fillers and pigments, using retention, calender, stages of producing conductive paper, porous nanopaper and Layer by layer self-assembly. Research results show that in coming years the jungle related products will lose considerable portion of their market share, unless embracing radical innovation. Although incremental innovations can make this industry still competitive in mid-term, but to have economic growth and competitive advantage in long term, radical innovations are necessary. Radical innovations can lead to new products and materials which their applications in packaging industry can produce value added. However application of nanotechnology in this industry can be costly, it can be done in cooperation with other industries to make the maximum use of nanotechnology possible. Therefore this technology can be used in all the production process resulting in the mass production of simple and flexible papers with low cost and special properties such as facility at shape, form, easy transportation, light weight, recovery and recycle marketing abilities, and sealing. Improving the resistance of the packaging materials without reducing the performance of packaging materials enhances the quality and the value added of packaging. Improving the cellulose at nano scale can have considerable electron optical and magnetic effects leading to improvement in packaging and value added. Comparing to the specifications of thermoplastic products and ordinary papers, nanopapers show much better performance in terms of effective mechanical indexes such as the modulus of elasticity, tensile strength, and strain-stress. In densities lower than 640 kgm -3, due to the network structure of nanofibers and the balanced and randomized distribution of NFC in flat space, these specifications will even improve more. For nanopapers, strains are 1,4Gpa, 84Mpa and 17%, 13,3 Gpa, 214Mpa and 10% respectively. In layer by layer self assembly method (LbL) the tensile strength of nanopaper with Tio3 particles and Sio2 and halloysite clay nanotube are 30,4 ±7.6Nm/g and 13,6 ±0.8Nm/g and 14±0.3,3Nm/g respectively that fall within acceptable range of similar samples with virgin fiber. The usage of improved brightness and porosity index in nanopapers can create more competitive advantages at packaging industry.

Keywords: Innovation; NanoPaper; Nanofiber; Packaging

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Authors: S. Farzi

Abstract:

Recently, a lot of attention has been devoted to advanced techniques of system modeling. PNN(polynomial neural network) is a GMDH-type algorithm (Group Method of Data Handling) which is one of the useful method for modeling nonlinear systems but PNN performance depends strongly on the number of input variables and the order of polynomial which are determined by trial and error. In this paper, we introduce GPNN (genetic polynomial neural network) to improve the performance of PNN. GPNN determines the number of input variables and the order of all neurons with GA (genetic algorithm). We use GA to search between all possible values for the number of input variables and the order of polynomial. GPNN performance is obtained by two nonlinear systems. the quadratic equation and the time series Dow Jones stock index are two case studies for obtaining the GPNN performance.

Keywords: GMDH, GPNN, GA, PNN.

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Authors: Y. Haik

Abstract:

The objective of this study is to present a micro mechanical pump that was fabricated using SwIFT™ microfabrication surface micromachining process and to demonstrate the feasibility of integrating such micro pump into a micro analysis system. The micropump circulates the bio-sample and magnetic nanoparticles through different compartments to separate and purify the targeted bio-sample. This article reports the flow characteristics in the microchannels and in a crescent micro pump.

Keywords: Crescent micropumps, microanalysis, nanoparticles.

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Authors: Laila Ozola, Evita Straumite

Abstract:

Celiac disease is a permanent enteropathy caused by the ingestion of gluten, a protein occurring in wheat, rye and barley. The only way of the effective daily treatment is a strict gluten-free diet. From the investigation of products available in the local market, it was found that Latvian producers do not offer gluten-free products. The aim of this research was to study and analyze changes of celiac patient’s attitude to gluten-free product quality and availability in the Latvian market and purchasing habits. The survey was designed using website www.visidati.lv, and a questionnaire was sent to people suffering from celiac disease. The first time the respondents were asked to fill in the questionnaire in 2011, but now repeatedly from the beginning of September 2013 till the end of January 2014. The questionnaire was performed with 75 celiac patients, respondents were from all Latvian regions and they answered 16 questions. One of the most important questions was aimed to find out consumers’ opinion about quality of gluten-free products, consumption patterns of gluten-free products, and, moreover, their interest in products made in Latvia. Respondents were asked to name gluten-free products they mainly buy and give specific purchase locations, evaluate the quality of products and necessity for products produced in Latvia. The results of questionnaire show that the consumers are satisfied with the quality of gluten-free flour, flour blends, sweets and pasta, but are not satisfied with the quality of bread and confectionery available in the Latvian markets.

Keywords: Consumers, gluten-free products, quality, survey.

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