Search results for: Stock market investment

Authors: Wanda Luen-Wun Siu, Xiaowen Zhang

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The outbreak of COVID-19 epidemic has caused great difficulties for South-South cooperation, but there are also opportunities. China’s health diplomacy has changed from dispatching medical teams, assisting in the construction of hospitals, and to encouraging medical investment in the Africa health sector. This paper adopted a retrospective review of China’s health statecraft in Africa from 1963 to 2020. Findings suggested that China has a preference for aiding Africa health infrastructure and sending medical teams to African countries and it is both socially and financially sustainable. China’s health diplomacy in Africa is a success and has established secure diplomatic relations with African countries, thanks to the medical and health assistance to Africa over 60 years. This research contributes to the literature of health diplomacy and indicates that China’s health aid has fostered cooperation at the medical and diplomatic levels.

Keywords: Africa, bilateral relations, China’s Health Diplomacy, COVID-19.

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Authors: Josip Visković, Josip Arnerić, Ante Rozga

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Based on the fact that volatility is time varying in high frequency data and that periods of high volatility tend to cluster, the most successful and popular models in modeling time varying volatility are GARCH type models. When financial returns exhibit sudden jumps that are due to structural breaks, standard GARCH models show high volatility persistence, i.e. integrated behavior of the conditional variance. In such situations models in which the parameters are allowed to change over time are more appropriate. This paper compares different GARCH models in terms of their ability to describe structural changes in returns caused by financial crisis at stock markets of six selected central and east European countries. The empirical analysis demonstrates that Markov regime switching GARCH model resolves the problem of excessive persistence and outperforms uni-regime GARCH models in forecasting volatility when sudden switching occurs in response to financial crisis.

Keywords: Central and east European countries, financial crisis, Markov switching GARCH model, transition probabilities.

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Authors: Reihaneh Montazeri Shatouri, Rosmini Omar, Kunio Igusa

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Although automotive industry has brought different beneficiaries to human life, it is being pointed out as one of the major cause of global air pollution which resulted in climate change, smog, green house gases (GHGs), and human diseases by many reasons. Since auto industry is one of the largest consumers of fossil fuels, the realization of green innovations is becoming a crucial choice to meet the challenges towards sustainable development. Recently, many auto manufacturers have embarked on green technology initiatives to gain a competitive advantage in the global market; however, innovative manufacturing systems and technologies can enhance operational performance only if the human resource management is in place to elicit the motivation of the employees and develop their organizational expertise. No organization can perform at peak levels unless each employee is committed to the company goals and works as an effective team member. Strategic human resource practices are the primary means by which firms can shape the skills, attitudes, and behavior of individuals to align with the business strategic objectives. This study investigates on the comprehensive approach of multiple advanced technology innovations and human resource management at Toyota Motor Corporation as the market leader of full hybrid technology in the automotive industry. Then, HRM framework of the company is described and three sets of human resource practices that support the innovation-oriented HR system, presented. Finally, a conceptual framework for innovativeness in green technology in automotive industry by applying a deliberate strategic HR management system and knowledge management with the intervening factors of organizational culture, knowledge application and knowledge sharing is proposed.

Keywords: Automotive Industry, Green Technology, Innovation, Strategic Human Resource Management

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Authors: Hilmi Rafet Yüncü

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Today Internet has very important role to promote products and services all over the world. Companies and destinations in tourism industry use Internet to sell and to promote their core products to directly potential tourists. Internet technologies have redefined the relationships between tourists, tourism companies, and travel agents. The new relationship allows for accessing and tapping tourism information and services. Internet technologies ensure new opportunities to available for the tourism industry, including travel accommodation, and tourist destination organizations. Websites are important devices to the marketing of a destination. Most people make a research about the destination before arriving via internet. Governments have a considerable role in the process of marketing tourism destinations. Governments make policies and regulations; furthermore, they help to market destinations to potential tourists. Governments have a comprehensive overview of the sector to see changes in tourism market and design better policies, programs and marketing plans. At the same time, governments support developing of alternative tourism in the country with regulations and marketing tools. The aim of this study is to analyse of an Internet website of governmental tourism portal in Turkey to determine effectiveness about gastronomy tourism. The Turkish government has established a culture portal for foreign and local tourists. The Portal provides local and general information about tourism attractions of cities and Turkey. There are 81 official cities in Turkey and all these cities are conducted to analyse to determine how effective marketing is done by Turkish Government in the manner of gastronomy tourism. A content analysis will be conducted to Internet website of the portal with food content, recipes and gastronomic feature of cities.

Keywords: Content analysis, culture portal, gastronomy tourism, Turkey.

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Authors: Y. Okude, S. Sakaki, S. Yoshihara, B. J. MacDonald

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In recent years asymmetric cross section aluminum alloy stock has been finding increasing use in various industrial manufacturing areas such as general structures and automotive components. In these areas, components are generally required to have complex curved configuration and, as such, a bending process is required during manufacture. Undesirable deformation in bending processes such as flattening or wrinkling can easily occur when thin-walled sections are bent. Hence, a thorough understanding of the bending behavior of such sections is needed to prevent these undesirable deformations. In this study, the bending behavior of asymmetric channel section was examined using finite element analysis (FEA). Typical methods of preventing undesirable deformation, such as asymmetric laminated elastic mandrels were included in FEA model of draw bending. Additionally, axial tension was applied to prevent wrinkling. By utilizing the FE simulations effect of restriction dies and axial tension on undesirable deformation during the process was clarified.

Keywords: bending, draw bending, asymmetric channel section, restriction dies, axial tension, FEA

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Authors: Grigoris Giannarakis, Despina Galani, Charitoudi Georgia, Nikolaos Litinas

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The Corporate Social Responsibility (CSR) performance has garnered significant interest during the last two decades as numerous methodologies are proposed by Social Responsible Investment (SRI) indexes. The weight of each indicator is a crucial component of the CSR measurement procedures. Based on a previous study, the appropriate weight of each proposed indicator for the Greek telecommunication sector is specified using the rank reciprocal weighting. The Kendall-s Coefficient of Concordance and Spearman Correlation Coefficient non-parametric tests are adopted to determine the level of consensus among the experts concerning the importance rank of indicators. The results show that there is no consensus regarding the rank of indicators in most of stakeholders- domains. The equal weight for all indicators could be proposed as a solution for the lack of consensus among the experts. The study recommends three different equations concerning the adopted weight approach.

Keywords: Corporate Social Responsibility, Indicator, Weight.

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Authors: Mwafak Shakoor

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The purpose of this study was to reduce patient waiting times, improve system throughput and improve resources utilization in radiology department. A discrete event simulation model was developed using Arena simulation software to investigate different alternatives to improve the overall system delivery based on adding resource scenarios due to the linkage between patient waiting times and resource availability. The study revealed that there is no addition investment need to procure additional scanner but hospital management deploy managerial tactics to enhance machine utilization and reduce the long waiting time in the department.

Keywords: Arena, Computed Tomography (CT), Discrete event simulation, Healthcare modeling, Radiology department, Waiting time.

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Authors: M. K. Witek-Hajduk, T. M. Napiórkowski

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A number of studies discussed the topic of benefits of retailers-manufacturers cooperation and coopetition. However, there are only few publications focused on the benefits of cooperation and coopetition between retailers and their suppliers of durable consumer goods; especially in the context of business model of cooperating partners. This paper aims to provide a clustering approach to segment retailers selling consumer durables according to the benefits they obtain from their cooperation with key manufacturers and differentiate the said retailers’ in term of the business models of cooperating partners. For the purpose of the study, a survey (with a CATI method) collected data on 603 consumer durables retailers present on the Polish market. Retailers are clustered both, with hierarchical and non-hierarchical methods. Five distinctive groups of consumer durables’ retailers are (based on the studied benefits) identified using the two-stage clustering approach. The clusters are then characterized with a set of exogenous variables, key of which are business models employed by the retailer and its partnering key manufacturer. The paper finds that the a combination of a medium sized retailer classified as an Integrator with a chiefly domestic capital and a manufacturer categorized as a Market Player will yield the highest benefits. On the other side of the spectrum is medium sized Distributor retailer with solely domestic capital – in this case, the business model of the cooperating manufactrer appears to be irreleveant. This paper is the one of the first empirical study using cluster analysis on primary data that defines the types of cooperation between consumer durables’ retailers and manufacturers – their key suppliers. The analysis integrates a perspective of both retailers’ and manufacturers’ business models and matches them with individual and joint benefits.

Keywords: Business model, cooperation, cluster analysis, retailer-manufacturer relationships.

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Authors: J. Szolomicki, H. Golasz-Szolomicka

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This paper presents elements of architectural and structural analysis of selected high-rise buildings in the Polish capital city of Warsaw. When analyzing the architecture of Warsaw, it can be concluded that it is currently a rapidly growing city with technologically advanced skyscrapers that belong to the category of intelligent buildings. The constructional boom over the last dozen years has seen the erection of postmodern skyscrapers for office and residential use. This article focuses on how Warsaw has recently joined the most architecturally interesting cities in Europe. Warsaw is currently in fifth place in Europe in terms of the number of skyscrapers and is considered the second most preferred city in Europe (after London) for investment related to them. However, the architectural development of the city could not take place without the participation of eminent Polish and foreign architects such as Stefan Kuryłowicz, Lary Oltmans, Helmut Jahn or Daniel Libeskind.

Keywords: Core structure, raft foundation, tall buildings.

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Authors: Insaf Mehani, Bachir Bouchekima

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The fight against climate change and the replacement of fossil energies nearing exhaustion gradually emerge as major societal and economic challenges. It is possible to develop common dates of low commercial value, and put on the local and international market a new generation of products with high added values such as bio ethanol. Besides its use in chemical synthesis, bio ethanol can be blended with gasoline to produce a clean fuel while improving the octane.

Keywords: Bio energy, waste dates, bio ethanol.

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Authors: A. Bakhtiar, B. Purwanggono, N. Metasari

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PT XYZ is a bottled drinking water company. To preserve production resources owned by the company so that the resources could be utilized well, it has implemented maintenance management system, which has important role in company's profitability, and is one of the factors influenced overall company's performance. Yet, up to now the company has never measured maintenance activities' contribution to company's performance. Performance evaluation is done according to adapted Balanced Scorecard model fitted to maintenance function context. This model includes six perspectives: innovation and growth, production, maintenance, environment, costumer, and finance. Actual performance measurement is done through Analytic Hierarchy Process and Objective Matrix. From the research done, we can conclude that the company's maintenance function is categorized in moderate performance. But, there are some indicators which has high priority but low performance, which are: costumers' complain rate, work lateness rate, and Return on Investment.

Keywords: Maintenance, performance, balanced scorecard, objective matrix.

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Authors: Mahdieh Allahviranloo

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This paper introduces a mixed integer programming model to find the optimum development plan for port Anzali. The model minimizes total system costs taking into account both port infrastructure costs and shipping costs. Due to the multipurpose function of the port, the model consists of 1020 decision variables and 2490 constraints. Results of the model determine the optimum number of berths that should be constructed in each period and for each type of cargo. In addition to, the results of sensitivity analysis on port operation quantity provide useful information for managers to choose the best scenario for port planning with the lowest investment risks. Despite all limitations-due to data availability-the model offers a straightforward decision tools to port planners aspiring to achieve optimum port planning steps.

Keywords: MILP, Multipurpose Terminal, Port Operation Optimization, Port Anzali.

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Authors: N. Behidj, K. Benyounes, T. Dahmane, A. Allem

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The aim of this study was to investigate the antimicrobial activity of flavonoids isolated from the aerial part of a medicinal plant which is Thymus inodorusby the middle agar diffusion method on following microorganisms. We have Staphylococcus aureus, Escherichia coli, Pseudomonas fluorescens, AspergillusNiger, Aspergillus fumigatus and Candida albicans. During this study, flavonoids extracted by stripping with steam are performed. The yields of flavonoids is 7.242% for the aqueous extract and 28.86% for butanol extract, 29.875% for the extract of ethyl acetate and 22.9% for the extract of di - ethyl. The evaluation of the antibacterial effect shows that the diameter of the zone of inhibition varies from one microorganism to another. The operation values obtained show that the bacterial strain P fluoresces, and 3 yeasts and molds; A. Niger, A. fumigatus and C. albicansare the most resistant. But it is noted that, S. aureus is shown more sensitive to crude extracts, the stock solution and the various dilutions. Finally for the minimum inhibitory concentration is estimated only with the crude extract of Thymus inodorus flavonoid.Indeed, these extracts inhibit the growth of Gram + bacteria at a concentration varying between 0.5% and 1%. While for bacteria to Gram -, it is limited to a concentration of 0.5%.

Keywords: Antimicrobial activity, flavonoids, strains, Thymus inodorus.

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

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

Keywords: Multihull, Reistance, Trimaran.

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Authors: Charles Mothobiso

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This study attempts to identify the client’s main priority when delivering green projects. The aim is to compare whether clients’ interests are similar when delivering conventional buildings as compared to green buildings. Private clients invest more in green buildings as compared to government and parastatal entities. Private clients prioritize on maximizing a return on investment and they mainly invest in energy-saving buildings that have low life cycle costs. Private clients are perceived to be more knowledgeable about the benefits of green building projects as compared to government and parastatal clients. A shortage of expertise and managerial skill leads to the low adaptation of green buildings in government and parastatal projects. Other factors that seem to prevent the adoption of green buildings are the preparedness of the supply chain within the industry and inappropriate procurement strategies adopted by clients.

Keywords: Construction clients, design team, green buildings procurement.

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Authors: H. N. Mehmanparast, J.M. Mac-Thiong., Y. Petit

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Transpedicular screw fixation in spinal fractures, degenerative changes, or deformities is a well-established procedure. However, important rate of fixation failure due to screw bending, loosening, or pullout are still reported particularly in weak bone stock in osteoporosis. To overcome the problem, mechanism of failure has to be fully investigated in vitro. Post-mortem human subjects are less accessible and animal cadavers comprise limitations due to different geometry and mechanical properties. Therefore, the development of a synthetic model mimicking the realistic human vertebra is highly demanded. A bone surrogate, composed of Polyurethane (PU) foam analogous to cancellous bone porous structure, was tested for 3 different densities in this study. The mechanical properties were investigated under uniaxial compression test by minimizing the end artifacts on specimens. The results indicated that PU foam of 0.32 g.cm-3 density has comparable mechanical properties to human cancellous bone in terms of young-s modulus and yield strength. Therefore, the obtained information can be considered as primary step for developing a realistic cancellous bone of human vertebral body. Further evaluations are also recommended for other density groups.

Keywords: Cancellous bone, Pedicle screw, Polyurethane foam, Synthetic bone

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Authors: Azwadi Ali

Abstract:

The survival of publicly listed companies largely depends on their stocks being liquidly traded. This goal can be achieved when new investors are attracted to invest on companies- stocks. Among different groups of investors, individual investors are generally less able to objectively evaluate companies- risks and returns, and tend to be emotionally biased in their investing decisions. Therefore their decisions may be formed as a result of perceived risks and returns, and influenced by companies- images. This study finds that perceived risk, perceived returns and trust directly affect individual investors- trading decisions while attitude towards brand partially mediates the relationships. This finding suggests that, in courting individual investors, companies still need to perform financially while building a good image can result in their stocks being accepted quicker than the stocks of good performing companies with hidden images.

Keywords: Behavioral Finance, Investment, Attitude towardsBrand, Partial Least Squares

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Authors: Ying Wang

Abstract:

Service trade is an important force of influencing economic development. A review on the related literatures is done firstly. Then through the construction of a Diamond Model, the main factors which influence the competitiveness of Chinese service trade are determined. With three competitiveness indexes served as the reference series respectively, the influencing factors served as the comparable series, three grey incidence models are then built up to conduct an empirical analysis on the main factors influencing the competitiveness of service trade after China entering WTO. The result indicates that urbanization level, open degree of service industry and foreign direct investment have larger impacts on Chinese service trade competitiveness, followed in turn by GDP in service industry and human capital, while commodity trade has the minimum impact. Further discussion provides train of thought for the upgrade of Chinese service trade competitiveness.

Keywords: Service Trade, Competitiveness, Diamond Model, Grey Incidence Model.

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Authors: R. Tirado, G. Habert, A. Mailhac, S. Laurenceau

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The rapid development of cities implies significant material inflows and outflows. The construction sector is one of the main consumers of raw materials and producers of waste. The waste from the building sector, for its quantity and potential for recovery, constitutes significant deposits requiring major efforts, by combining different actors, to achieve the circular economy's objectives. It is necessary to understand and know the current construction actors' knowledge of stocks, urban metabolism, deposits, and recovery practices in this context. This article aims to explore the role of local governments in planning strategies by facilitating a circular economy. In particular, the principal opportunities and challenges of communities for applying the principles of the circular economy in the building sector will be identified. The approach used for the study was to conduct semi-structured interviews with those responsible for circular economy projects within local administrations of some communities in France. The results show territories' involvement in the inclusion and application of the principles of the circular economy in the building sector. The main challenges encountered are numerous, hence the importance of having identified and described them so that the different actors can work to meet them.

Keywords: Building stock, circular economy, interview, local authorities.

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Authors: Bashar Mudhaffar Abdullah, Rahimi M. Yusop, Jumat Salimon, Emad Yousif, Nadia Salih

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A study on the physicochemical properties of Jatropha curcas seed oil for industrial applications were carried out. Physicochemical properties of J. curcas seed oil (59.32% lipids) showed high content of LA (36.70%), iodine value (104.90 mg/g) and saponification value (203.36 mg/g). The present study shows that, J. curcas seed oil is rich in oleic and linoleic acids. The J. curcas seed oil with the highest amount of polyunsaturated fatty acids (linoleic acid) can find an application in surface coating industries and biolubricant base oil applications, whereas the high amount of monounsaturated fatty acid can find an application as a biodiesel feed stock. J. curcas seed oil contains major TAG of monounsaturated OLL, POL, SLL, PLL, OOL, OOO and POP followed by LLL. J. curcas seed oil can be classified as unsaturated oil with an unsaturated fat level of 80.42%. Hence the J. curcas seed oil has great potential for industrial applications such as in paint and surface coatings, production of biodiesel and biolubricant. Therefore, it is crucial to have more research on J. curcas seed oil in the future to explore its potential as a future industrial oilseed crop.

Keywords: Physical, chemical, Jatropha curcas seed oil, industrial applications.

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Authors: Somkiat Tangjitsitcharoen, Suthas Ratanakuakangwan, Matchulika Khonmeak, Nattadate Fuangworawong

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This research aims to analyze the regenerative burner and the recuperative burner for the different reheating furnaces in the steel industry. The warm air temperatures of the burners are determined to suit with the sizes of the reheating furnaces by considering the air temperature, the fuel cost and the investment cost. The calculations of the payback period and the net present value are studied to compare the burners for the different reheating furnaces. The energy balance is utilized to calculate and compare the energy used in the different sizes of reheating furnaces for each burner. It is found that the warm air temperature is different if the sizes of reheating furnaces are varied. Based on the considerations of the net present value and the payback period, the regenerative burner is suitable for all plants at the same life of the burner. Finally, the sensitivity analysis of all factors has been discussed in this research.

Keywords: Energy Balance, Recuperative Burner, Regenerative Burner, Reheating Furnace.

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Authors: Wei Lo, Ming-En Kuo

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While to minimize the overall project cost is always one of the objectives of construction managers, to obtain the maximum economic return is definitely one the ultimate goals of the project investors. As there is a trade-off relationship between the project time and cost, and the project delivery time directly affects the timing of economic recovery of an investment project, to provide a method that can quantify the relationship between the project delivery time and cost, and identify the optimal delivery time to maximize economic return has always been the focus of researchers and industrial practitioners. Using genetic algorithms, this study introduces an optimization model that can quantify the relationship between the project delivery time and cost and furthermore, determine the optimal delivery time to maximize the economic return of the project. The results provide objective quantification for accurately evaluating the project delivery time and cost, and facilitate the analysis of the economic return of a project.

Keywords: Time-Cost Trade-Off, Genetic Algorithms, Resource Integration, Economic return.

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Authors: Neha Asthana, Vishal Krishna Prasad

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Collaborative Planning and Forecasting is an innovative and systematic approach towards productive integration and assimilation of data synergized into information. The changing and variable market dynamics have persuaded global business chains to incorporate Collaborative Planning and Forecasting as an imperative tool. Thus, it is essential for the supply chains to constantly improvise, update its nature, and mould as per changing global environment.

Keywords: Information transfer, Forecasting, Optimization.

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Authors: Matthias Minich, B. Harriehausen-Muehlbauer, C. Wentzel

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Today-s economy is in a permanent change, causing merger and acquisitions and co operations between enterprises. As a consequence, process adaptations and realignments result in systems integration and software development projects. Processes and procedures to execute such projects are still reliant on craftsman-ship of highly skilled workers. A generally accepted, industrialized production, characterized by high efficiency and quality, seems inevitable. In spite of this, current concepts of software industrialization are aimed at traditional software engineering and do not consider the characteristics of systems integration. The present work points out these particularities and discusses the applicability of existing industrial concepts in the systems integration domain. Consequently it defines further areas of research necessary to bring the field of systems integration closer to an industrialized production, allowing a higher efficiency, quality and return on investment.

Keywords: Software Industrialization, Systems Integration, Software Product Lines, Component Based Development, Model Driven Development.

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Authors: Manish Kumar

Abstract:

Reinforced cement concrete is getting extensively used for construction of different type of structures for the last one century. During this period, we have constructed many structures like buildings, bridges, industrial structures, pavement, water tanks etc. using this construction material. These structures have been created with huge investment of resources. It is essential to maintain those structures in functional condition. Since deterioration in RCC Structures is a common and natural phenomenon it is required to have a detailed plan, methodology for structural repair and rehabilitation shall be in place for dealing such issues. It is important to know exact reason of distress, type of distress and correct method of repair concrete structures. The different methods of repair are described in paper according to distress category which can be refereed for repair. Major finding of the study is that to protect our structure we need to have maintenance frequency and correct material to be chosen for repair. Also workmanship during repair needs to be taken utmost care for quality repair.

Keywords: Deterioration, functional condition, reinforced cement concrete, resources.

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Authors: Wanida Suwunniponth

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The objectives of this research were to study the influencing factors that contributed to the success of e-collaborative in e-commerce of B2C (Business to Customer) business in Bangkok, Thailand. The influencing factors included organization, people, information technology and the process of e-collaborative. A questionnaire was used to collect data from 200 small e-commerce businesses and the path analysis was utilized as the tool for data analysis. By using the path analysis, it was revealed that the factors concerning with organization, people and information technology played an influence on e-collaborative process and the success of ecollaborative, whereas the process of e-collaborative factor manipulated its success. The findings suggested that B2C ecommerce business in Thailand should opt in improvement approach in terms of managerial structure, leaderships, staff’s skills and knowledge, and investment of information technology in order to capacitate higher efficiency of e-collaborative process that would result in profit and competitive advantage.

Keywords: E-collaborative, E-commerce, B2C.

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Authors: Roman Asatryan

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The decision-making processes in Corporate Social Responsibility (CSR) among firms in the airlines industry borders on the benefits that accrue to firms through those investments. The crux of the matter is how firms can quantify the benefits derived from such investments. This paper analyses the cost benefit adjustment strategies for firms in the airline industry in their CSR strategy adoption and implementation. The paper discusses the CBA model in order to understand the ways airlines can reduce costs and increase returns on CSR, or balance the cost and benefits. The analysis indicates that, economic concepts especially the CBA are useful, though they are not without challenges. This paper concludes that the CBA model gives a basic understanding of the motivations for investing in intangible assets like CSR. It sets the tone for formulating relevant hypothesis in empirical studies in investment in CSR and other intangible assets in business operations.

Keywords: Cost Benefit Analysis, Corporate Social Responsibility, airline industry.

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Authors: Kyonghoon Kim, Wonyoung Park, Taeil Park

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Aging infrastructures became a serious social problem. This brought out the increased need for the legislation of a new strict guideline for infrastructure management. Although existing guidelines provided basics of how to evaluate and manage the condition of infrastructures, they needed improvements for their evaluation procedures. Most guidelines mainly focused on the structural condition of infrastructures and did not properly reflect service aspects of infrastructures such as performance, public demand, capacity, etc., which were significantly valuable to public. Regardless of the importance, these factors were often neglected in infrastructure evaluations, because they were quite subjective and difficult to quantify in rational manner. Thus, this study proposed a framework to properly identify and evaluate the service indicators. This study showed that service indicators could be grouped into two categories and properly evaluated using AHP and Fuzzy. Overall, proposed framework is expected to assist governmental agency in establishing effective investment strategies for infrastructure improvements.

Keywords: Infrastructure, evaluation, serviceability, fuzzy.

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Authors: Sunday E. Ogundipe, Rafiu O. Salawu, Lawrencia O. Ogundipe

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The study examines the determinants of corporate cash holding of non-financial quoted firms in Nigeria using a sample of fifty four non-financial quoted firms listed on the Nigeria Stock Exchange for the period 1995-2009. Data were sourced from the Annual reports of the sampled firms and analyzed using Generalized Method of Moments(GMM). The study finds evidence supportive of a target adjustment model and that firms can not instantaneously adjust towards the target cash level owing to the fact that adjustment cost being costly,. Also, the result shows significant negative relationship between cash holdings and firm size, net working capital, return on asset and bank relationship and positive relationship with growth opportunities, leverage, inventories, account receivables and financial distress. Furthermore, there is no significant relationship between cash holdings and cash flow. In Nigerian setting, most of the variables that are relevant for explaining cash holdings in the Developed countries are found by this study to be relevant also in Nigeria.

Keywords: Adjustment Model , Cash holding, Determinant, Generalized Method of Moments(GMM)

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Authors: Ion Smeureanu, Adriana Reveiu, Marian Dardala, Titus Felix Furtuna, Roman Kanala

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This paper proposes a linear model for optimizing domestic energy consumption in Romania. The particularity of the model is that it is putting in competition both tangible technologies and thermal insulation projects with different financing modes. The model is optimizing the energy system by minimizing the global discounted cost in household sector, by integrating residential lighting, space heating, hot water, combined space heating – hot water, as well as space cooling, in a monolithic model. Another demand sector included is the passenger transport. This paper focuses on space heating part, analyzing technical and economic issues related to investment decisions to envelope and insulate buildings, in order to minimize energy consumption.

Keywords: Consumer behavior, energy modelling, Open Source Energy Modeling System (OSeMOSYS), MARKAL/TIMES Romanian energy model.

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