Search results for: stock market interdependence.

Authors: Ana Bobirca, Paul-Gabriel Miclaus

Abstract:

International competitiveness receives much attention nowadays, but up to now its assessment has been heavily based on manufacturing industry statistics. This paper addresses the need for competitiveness indicators that cover the service sector and sets out a multilevel framework for measuring international services trade competitiveness. The approach undertaken here aims at comparatively examining the international competitiveness of the EU-25 (the twenty-five European Union member states before the 1st of January 2007), Romanian and Bulgarian services trade, as well as the last two countries- structure of specialization on the EU-25 services market. The primary changes in the international competitiveness of three major services sectors – transportation, travel and other services - are analyzed. This research attempts to determine the ability of the two recent European Union (EU) member states to contend with the challenges that might arise from the hard competition within the enlarged EU, in the field of services trade.

Keywords: Bulgaria, EU-25, international competitiveness, international services trade, Romania.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2019

Authors: Dmitry A. Mikoyelov

Abstract:

The paper presents a set of guidelines for analysis of industrial embedded distributed systems and introduces a mathematical model derived from these guidelines. In this study, the author examines a set of modern communication technologies that are or possibly can be used to build communication links between the subsystems of a distributed embedded system. An investigation of these guidelines results in a algorithm for analysis of specific use cases of target technologies. A goal of the paper acts as an important base for ongoing research on comparison of communication technologies. The author describes the principles of the model and presents results of the test calculations. Practical implementation of target technologies and empirical experiment data are based on a practical experience during the design and test of specific distributed systems in Latvian market.

Keywords: Distributed embedded system, analytical model, communication technology.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1520

Authors: Jan Busch, Maurice Schmidt, Peter Nyhuis

Abstract:

The change of conditions for production companies in high-wage countries is characterized by the globalization of competition and the transition of a supplier´s to a buyer´s market. The companies need to face the challenges of reacting flexibly to these changes. Due to the significant and increasing degree of automation, assembly has become the most expensive production process. Regarding the reduction of production cost, assembly consequently offers a considerable rationalizing potential. Therefore, an aerodynamic feeding system has been developed at the Institute of Production Systems and Logistics (IFA), Leibniz Universitaet Hannover. This system has been enabled to adjust itself by using a genetic algorithm. The longer this genetic algorithm is executed the better is the feeding quality. In this paper, the relation between the system´s setting time and the feeding quality is observed and a function which enables the user to achieve the minimum of the total feeding time is presented.

Keywords: Aerodynamic feeding system, batch size, optimisation, setting time.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1453

Authors: Sayali Sandbhor, Ravindra Bapat, N. B. Chaphalkar

Abstract:

Decisions for investment, buying and selling of properties depend upon the market value of that property. Issues arise in arriving at the actual value of the property as well as computing the rate of returns from the estate. Addressing valuation related issues through an understanding of behavior of real property rates provide the means to explore the quality of past decisions and to make valid future decisions. Pune, an important city in India, has witnessed a high rate of growth in past few years. Increased demand for housing and investment in properties has led to increase in the rates of real estate. An attempt has been made to study the change and behavior of rates of real estate and factors influencing the same in Pune city.

Keywords: Real estate, valuation, property rates, trend analysis

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 9172

Authors: Vesna Vulić

Abstract:

Croatia has made large steps forward in the development of higher education over the past 10 years. Purposes and objectives of the tertiary education system are focused on the personal development of young people so that they obtain competences for employment on a flexible labour market. The most frequent tensions between the tertiary institutions and employers are complaints that the current tertiary education system still supplies students with an abundance of theoretical knowledge and not enough practical skills. Polytechnics and schools of professional higher education should deliver professional education and training that will satisfy the needs of their local communities. The 21^st century sets demand on undergraduates as well as their lecturers to strive for the highest standards. The skills students acquire during their studies should serve the needs of their future professional careers. In this context, teaching English for Specific Purposes (ESP) presents an enormous challenge for teachers. They have to cope with teaching the language in classes with a large number of students, limitations of time, inadequate equipment and teaching material; most frequently, this leads to focusing on specialist vocabulary neglecting the development of skills and competences required for future employment. Globalization has transformed the labour market and set new standards a perspective employee should meet. When knowledge of languages is considered, new generic skills and competences are required. Not only skillful written and oral communication is needed, but also information, media, and technology literacy, learning skills which include critical and creative thinking, collaborating and communicating, as well as social skills. The aim of this paper is to evaluate the needs of two groups of ESP first year Undergraduate Professional Administrative Study students taking ESP as a mandatory course: 47 first-year Undergraduate Professional Administrative Study students, 21 first-year employed part-time Undergraduate Professional Administrative Study students and 30 graduates with a degree in Undergraduate Professional Administrative Study with various amounts of work experience. The survey adopted a quantitative approach with the aim to determine the differences between the groups in their perception of the four language skills and different areas of law, as well as getting the insight into students' satisfaction with the current course and their motivation for studying ESP. Their perceptions will be compared to the results of the questionnaire conducted among sector professionals in order to examine how they perceive the same elements of the ESP course content and to what extent it fits into their working environment. The results of the survey indicated that there is a strong correlation between acquiring work experience and the level of importance given to particular areas of law studied in an ESP course which is in line with our initial hypothesis. In conclusion, the results of the survey should help lecturers in re-evaluating and updating their ESP course syllabi.

Keywords: English for Specific Purposes, ESP, language skills, motivation, needs analysis.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1120

Authors: C. A. Barros, Ana P. Barroso

Abstract:

Any industrial company needs to determine the amount of variation that exists within its measurement process and guarantee the reliability of their data, studying the performance of their measurement system, in terms of linearity, bias, repeatability and reproducibility and stability. This issue is critical for automotive industry suppliers, who are required to be certified by the 16949:2016 standard (replaces the ISO/TS 16949) of International Automotive Task Force, defining the requirements of a quality management system for companies in the automotive industry. Measurement System Analysis (MSA) is one of the mandatory tools. Frequently, the measurement system in companies is not connected to the equipment and do not incorporate the methods proposed by the Automotive Industry Action Group (AIAG). To address these constraints, an R&D project is in progress, whose objective is to develop a web and cloud-based MSA tool. This MSA tool incorporates Industry 4.0 concepts, such as, Internet of Things (IoT) protocols to assure the connection with the measuring equipment, cloud computing, artificial intelligence, statistical tools, and advanced mathematical algorithms. This paper presents the preliminary findings of the project. The web and cloud-based MSA tool is innovative because it implements all statistical tests proposed in the MSA-4 reference manual from AIAG as well as other emerging methods and techniques. As it is integrated with the measuring devices, it reduces the manual input of data and therefore the errors. The tool ensures traceability of all performed tests and can be used in quality laboratories and in the production lines. Besides, it monitors MSAs over time, allowing both the analysis of deviations from the variation of the measurements performed and the management of measurement equipment and calibrations. To develop the MSA tool a ten-step approach was implemented. Firstly, it was performed a benchmarking analysis of the current competitors and commercial solutions linked to MSA, concerning Industry 4.0 paradigm. Next, an analysis of the size of the target market for the MSA tool was done. Afterwards, data flow and traceability requirements were analysed in order to implement an IoT data network that interconnects with the equipment, preferably via wireless. The MSA web solution was designed under UI/UX principles and an API in python language was developed to perform the algorithms and the statistical analysis. Continuous validation of the tool by companies is being performed to assure real time management of the ‘big data’. The main results of this R&D project are: MSA Tool, web and cloud-based; Python API; New Algorithms to the market; and Style Guide of UI/UX of the tool. The MSA tool proposed adds value to the state of the art as it ensures an effective response to the new challenges of measurement systems, which are increasingly critical in production processes. Although the automotive industry has triggered the development of this innovative MSA tool, other industries would also benefit from it. Currently, companies from molds and plastics, chemical and food industry are already validating it.

Keywords: Automotive industry, Industry 4.0, internet of things, IATF 16949:2016, measurement system analysis.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 993

Authors: Pei-Ju Chao, Tsair-Fwu Lee, Wei-Luen Huang, Long-Chang Chen, Te-Jen Su, Wen-Ping Chen

Abstract:

The main goal in this paper is to quantify the quality of different techniques for radiation treatment plans, a back-propagation artificial neural network (ANN) combined with biomedicine theory was used to model thirteen dosimetric parameters and to calculate two dosimetric indices. The correlations between dosimetric indices and quality of life were extracted as the features and used in the ANN model to make decisions in the clinic. The simulation results show that a trained multilayer back-propagation neural network model can help a doctor accept or reject a plan efficiently. In addition, the models are flexible and whenever a new treatment technique enters the market, the feature variables simply need to be imported and the model re-trained for it to be ready for use.

Keywords: neural network, dosimetric index, radiation treatment, tumor

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1690

Authors: Reinhard Haas, Amela Ajanovic

Abstract:

In recent years various types of electric vehicles has gained again increasing attention as an environmentally benign technology in transport. Especially for urban areas with high local pollution this Zero-emission technology (at the point of use) is considered to provide proper solutions. Yet, the bad economics and the limited driving ranges are still major barriers for a broader market penetration of battery electric vehicles (BEV) and of fuel cell vehicles (FCV). The major result of our analyses is that the most important precondition for a further dissemination of BEV in urban areas are emission-free zones. This is an instrument which allows the promotion of BEV without providing excessive subsidies. In addition, it is important to note that the full benefits of EV can only be harvested if the electricity used is produced from renewable energy sources. That is to say, it has to be ensured that the use of BEV in urban areas is clearly linked to a green electricity purchase model. And moreover, the introduction of a CO2- emission-based tax system would support this requirement.

Keywords: Electric vehicles, economics, policies, history.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1825

Authors: Svetlana Saksonova

Abstract:

Every commercial bank optimises its asset portfolio depending on the profitability of assets and chosen or imposed constraints. This paper proposes and applies a stylized model for optimising banks' asset and liability structure, reflecting profitability of different asset categories and their risks as well as costs associated with different liability categories and reserve requirements. The level of detail for asset and liability categories is chosen to create a suitably parsimonious model and to include the most important categories in the model. It is shown that the most appropriate optimisation criterion for the model is the maximisation of the ratio of net interest income to assets. The maximisation of this ratio is subject to several constraints. Some are accounting identities or dictated by legislative requirements; others vary depending on the market objectives for a particular bank. The model predicts variable amount of assets allocated to loan provision.

Keywords: asset structure, commercial bank, model, optimisation

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2968

Authors: Chien-Hua Wang, Wei-Hsuan Lee, Chin-Tzong Pang

Abstract:

In data mining, the association rules are used to find for the associations between the different items of the transactions database. As the data collected and stored, rules of value can be found through association rules, which can be applied to help managers execute marketing strategies and establish sound market frameworks. This paper aims to use Fuzzy Frequent Pattern growth (FFP-growth) to derive from fuzzy association rules. At first, we apply fuzzy partition methods and decide a membership function of quantitative value for each transaction item. Next, we implement FFP-growth to deal with the process of data mining. In addition, in order to understand the impact of Apriori algorithm and FFP-growth algorithm on the execution time and the number of generated association rules, the experiment will be performed by using different sizes of databases and thresholds. Lastly, the experiment results show FFPgrowth algorithm is more efficient than other existing methods.

Keywords: Data mining, association rule, fuzzy frequent patterngrowth.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1800

Authors: Qitao Xie, Qingquan Zhang, Xiaofei Zhang, Di Tian, Ruixuan Wen, Ting Zhu, Ping Yi, Xin Li

Abstract:

Inspired by the recent movement of digital currency, we are building a question answering system concerning the subject of cryptocurrency using Bidirectional Encoder Representations from Transformers (BERT). The motivation behind this work is to properly assist digital currency investors by directing them to the corresponding knowledge bases that can offer them help and increase the querying speed. BERT, one of newest language models in natural language processing, was investigated to improve the quality of generated responses. We studied different combinations of hyperparameters of the BERT model to obtain the best fit responses. Further, we created an intelligent chatbot for cryptocurrency using BERT. A chatbot using BERT shows great potential for the further advancement of a cryptocurrency market tool. We show that the BERT neural networks generalize well to other tasks by applying it successfully to cryptocurrency.

Keywords: BERT, chatbot, cryptocurrency, deep learning.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 980

Authors: Gregor Radonjič, Aleksandra P. Korda, Damijan Krajnc

Abstract:

The aim of the study was to investigate whether there is the promotion of product ecodesign measures as a result of adopting ISO 14001 certification in manufacturing companies in the Republic of Slovenia. Companies gave the most of their product development attention to waste and energy reduction during manufacturing process and reduction of material consumption per unit of product. Regarding the importance of different ecodesign criteria reduction of material consumption per unit of product was reported as the most important criterion. Less attention is paid to endof- life issues considering recycling or packaging. Most manufacturing enterprises considered ISO 14001 standard as a very useful tool or at least a useful tool helping them to accelerate and establish product ecodesign activities. Two most frequently considered ecodesign drivers are increased competitive advantage and legal requirements and two most important barriers are high development costs and insufficient market demand.

Keywords: ecodesign, environmental management system, ISO 14001, products

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1530

Authors: B. Zvirbule, I. Vilka

Abstract:

The Baltic States regained independence and started the pathway from command economy to market economy and entered European Union at the same time. Latter internationally recognized evaluations for the countries are diverse. The present diversity of the Baltic States -Economic Development is a subject of interest because of the similarities – all three are small, open economies, countries have similar geographic location and initially likewise historical and political backgrounds. This article explains relationship between social environment, business environment and economic growth. It argues that the elements of social environment underlie more successful economic development. It researches the causes, why Estonia has performed better in economic outcomes and development. The article analyses selection of socio-economic indicators of all three Baltic States – Latvia, Lithuania and Estonia for the time period of ten years to include the influence of economic cycles.

Keywords: Baltic States, economic development, economic growth, level of education, social environment.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2292

Authors: Pavla Ruzickova, Petr Teply

Abstract:

There are many debates now regarding undervalued and overvalued currencies currently traded on the world financial market. This paper contributes to these debates from a theoretical point of view. We present the three most commonly used methods of estimating the equilibrium real effective exchange rate (REER): macroeconomic balance approach, external sustainability approach and equilibrium real effective exchange rate approach in the reduced form. Moreover, we discuss key concepts of the calculation of the real exchange rate (RER) based on applied explanatory variables: nominal exchange rates, terms of trade and tradable and non-tradable goods. Last but not least, we discuss the three main driving forces behind real exchange rates movements which include terms of trade, relative productivity growth and the interest rate differential.

Keywords: real exchange rate, real effective exchange rate, foreign exchange, terms of trade

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2489

Authors: Mimi Hafizah Abdullah, Hanani Farhah Harun, Nik Ruzni Nik Idris

Abstract:

With the implied volatility as an important factor in financial decision-making, in particular in option pricing valuation, and also the given fact that the pricing biases of Leland option pricing models and the implied volatility structure for the options are related, this study considers examining the implied adjusted volatility smile patterns and term structures in the S&P/ASX 200 index options using the different Leland option pricing models. The examination of the implied adjusted volatility smiles and term structures in the Australian index options market covers the global financial crisis in the mid-2007. The implied adjusted volatility was found to escalate approximately triple the rate prior the crisis.

Keywords: Implied adjusted volatility, Financial crisis, Leland option pricing models.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2945

Authors: S. Halioui, I. Arikan, M. Schmidt

Abstract:

Tourism sector in Tunisia faces several problems that range from economic challenges to environmental degradation and social instability. These problems have been intensified because of the increased competition in the tourism market, the political instability, financial crises, and recently terrorism problems have aggravated the situation. As a consequence, a new framework that promotes sustainable tourism in the country and increases its competitiveness is urgently needed. Planning for sustainable tourism sector requires the integration of complex interactions between economic, social and environmental aspects. Sustainable tourism principles can be implemented with the help of Strategic Environmental Assessment (SEA) process, which ensures the full integration of economic, social and environmental considerations while planning for the tourism sector in Tunisia. Results of the paper have broad implications for policy makers and tourism professionals.

Keywords: Sustainable tourism, strategic environmental assessment, tourism planning, policy.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1504

Authors: M.R. Ebrahimi, M. Ehsan

Abstract:

This paper presents a practical scheme that can be used for allocating the transmission loss to generators and loads. In this scheme first the share of a generator or load on the current through a branch is determined using Z-bus modified matrix. Then the current components are decomposed and the branch loss allocation is obtained. A motivation of proposed scheme is to improve the results of Z-bus method and to reach more fair allocation. The proposed scheme has been implemented and tested on several networks. To achieve practical and applicable results, the proposed scheme is simulated and compared on the transmission network (400kv) of Khorasan region in Iran and the 14-bus standard IEEE network. The results show that the proposed scheme is comprehensive and fair to allocating the energy losses of a power market to its participants.

Keywords: Transmission Loss, Loss Allocation, Z-bus modifiedmatrix, current Components Decomposition and Restructured PowerSystems

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1510

Authors: Margareta Ilkova, Petr Teply

Abstract:

The article deals with dividends and their distribution from investors from a theoretical point of view. Some studies try to analyzed the reaction of the market on the dividend announcement and found out the change of dividend policy is associated with abnormal returns around the dividend announcement date. Another researches directly questioned the investors about their dividend preference and beliefs. Investors want the dividend from many reasons (e.g. some of them explain the dividend preference by the existence of transaction cost; investors prefer the dividend today, because there is less risky; the managers have private information about the firm). The most controversial theory of dividend policy was developed by Modigliani and Miller (1961) who demonstrated that in the perfect and complete capital markets the dividend policy is irrelevant and the value of the company is independent of its payout policy. Nevertheless, in the real world the capital markets are imperfect, because of asymmetric information, transaction costs, incomplete contracting possibilities and taxes.

Keywords: dividend distribution, taxation, payout policy, investor, Modigliani and Miller theorem

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2120

Authors: Fatma Didin Sonmez

Abstract:

This survey of recent literature examines the link between growth and poverty. It is widely accepted that economic growth is a necessary condition for sustainable poverty reduction. But it is the fact that the economic growth of some countries has been pro-poor while others not. Some factors such as labor market, policies and demographic factors may lead to a weak relationship between economic performance and poverty rate. In this sense pro-growth policies should be pro-poor to increase the poverty alleviation effects of the growth. The purpose of this study is to review the recent studies on the effects of macroeconomic policies on poverty and inequality and to review the poverty analyses which examine the relationship between growth, poverty and inequality. Also this study provides some facts about the relationship between economic growth, inequality and poverty from Turkey. Keywordseconomic growth, inequality, macroeconomic policy, poverty

Keywords: economic growth, inequality, macroeconomic policy, poverty

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2123

Authors: M. N. Akhtar, J. N. Akhtar

Abstract:

The present study evaluates the properties of class F fly ash as a replacement of natural materials in civil engineering construction industry. The low-lime flash similar to class F is the prime variety generated in India, although it has significantly smaller volumes of high-lime fly ash as compared to class C. The chemical and physical characterization of the sample is carried out with the number of experimental approaches in order to investigate all relevant features present in the samples. For chemical analysis, elementary quantitative results from point analysis and scanning electron microscopy (SEM)/dispersive spectroscopy (EDS) techniques were used to identify the element images of different fractions. The physical properties found very close to the range of common soils. Furthermore, the fly ash-based bricks were prepared by the same sample of class F fly ash and the results of compressive strength similar to that of Standard Clay Brick Grade 1 available in the local market of India.

Keywords: Flyash, class F, class C, chemical, physical, SEM, EDS.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 859

Authors: Lejla Mušić

Abstract:

Gender dimension of migration analyzes the intersection in between the world statistics on male and female migrations, around the world, involving the questions of youth migrations. Comparative analyses of world migration statistics as methodology offer the insight into the position of women in labor market around world. There are different forms of youth debris in contemporary world. The main problems are illegal migration, feminization of poverty, kidnapping the girls in Nigeria, femicides in Juarez and Mexico. Illegal migrations involve forced labor, rape and prostitution. Transgender youth share ideas through the online media (anti-bullying videos) and develop their own styles such as anarcho-punk, rave, or rock. Therefore, the stronger gender equality laws and laws for protection of women on work should be enforced.

Keywords: Hyper feminization, rape, gangs of girls, rent boys masculinities, Varoç in Istanbul.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 807

Authors: Manal Rayes

Abstract:

In its efforts to utilize the information and communication technology to enhance the quality of public service delivery, national and local governments around the world are competing to introduce more ICT applications as tools to automate processes related to law enforcement or policy execution, increase citizen orientation, trust, and satisfaction, and create one-stop-shops for public services. In its implementation, e-Government ICTs need to maintain transparency, participation, and collaboration. Due to this diverse of mixed goals and requirements, e-Government systems need to be designed based on special design considerations in order to eliminate the risks of failure to compliance to government regulations, citizen dissatisfaction, or market repulsion. In this article we suggest a framework with guidelines for designing government information systems that takes into consideration the special requirements of the public sector. Then we introduce two case studies and show how applying those guidelines would result in a more solid system design.

Keywords: e-government, framework, guidelines, system design.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1658

Authors: Supachai Supmak, Yachai Limpiyakorn

Abstract:

Mutation testing can be applied for the quality assessment of test cases. Prioritization of mutation test generation has been a critical element of the industry practice that would contribute to the evaluation of test cases. The industry generally delivers the product under the condition of time to the market and thus, inevitably sacrifices software testing tasks, even though many test cases are required for software verification. This paper presents an approach of applying a social network centrality measure, PageRank, to prioritize mutation test generation. The source code with the highest values of PageRank, will be focused first when developing their test cases as these modules are vulnerable for defects or anomalies which may cause the consequent defects in many other associated modules. Moreover, the approach would help identify the reducible test cases in the test suite, still maintaining the same criteria as the original number of test cases.

Keywords: Software testing, mutation test, network centrality measure, test case prioritization.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 543

Authors: Andreea Maier, Stelian Brad, Mircea Fulea, Diana Nicoară, Dorin Maier

Abstract:

Today, any organization - regardless of the specific activity - must be prepared to face continuous radical changes, innovation thus becoming a condition of survival in a globalized market. Few managers have a wider vision that includes innovation, to enable better performance of the critical activities, namely the degree of novelty that it must submit an innovation to be considered as such. Companies need not only radical changes in the products or their services, but also to their business strategies. Not all managers have an overall view on the real size of necessary innovation potential. Unfortunately there is still no common understanding (and correct) of the term of innovation among managers. Moreover, not all managers are aware of the need for innovation. In these conditions, increasing the processes adaptability of firms (through innovation) to meet the needs and performance requirements is difficult without a systematic framework. To overcome this disadvantage, the authors propose a framework for designing an innovation management system,, to cover all the important aspects of a business system, to reach the actual performance of an organization.

Keywords: Innovation, innovation framework, innovation management system.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1958

Authors: Pinho C., Madaleno M.

Abstract:

German electricity European options on futures using Lévy processes for the underlying asset are examined. Implied volatility evolution, under each of the considered models, is discussed after calibrating for the Merton jump diffusion (MJD), variance gamma (VG), normal inverse Gaussian (NIG), Carr, Geman, Madan and Yor (CGMY) and the Black and Scholes (B&S) model. Implied volatility is examined for the entire sample period, revealing some curious features about market evolution, where data fitting performances of the five models are compared. It is shown that variance gamma processes provide relatively better results and that implied volatility shows significant differences through time, having increasingly evolved. Volatility changes for changed uncertainty, or else, increasing futures prices and there is evidence for the need to account for seasonality when modelling both electricity spot/futures prices and volatility.

Keywords: Calibration, Electricity Markets, Implied Volatility, Lévy Models, Options on Futures, Pricing

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 4807

Authors: E. Sok, Y. Zhuo, S. Wang

Abstract:

A hybrid Photovoltaic/Thermal (PV/T) solar system integrates photovoltaic and solar thermal technologies into one single solar energy device, with dual generation of electricity and heat energy. The aim of the present study is to evaluate the potential for introduction of the PV/T technology into Northern China. For this purpose, outdoor experiments were conducted on a prototype of a PV/T water-heating system. The annual thermal and electrical performances were investigated under the climatic conditions of Beijing. An economic analysis of the system was then carried out, followed by a sensitivity study. The analysis revealed that the hybrid system is not economically attractive with the current market and energy prices. However, considering the continuous commitment of the Chinese government towards policy development in the renewable energy sector, and technological improvements like the increasing cost-effectiveness of PV cells, PV/Thermal technology may become economically viable in the near future.

Keywords: Hybrid Photovoltaic/Thermal (PV/T), Solar energy, Economic analysis

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2361

Authors: Lee Woong-Kyu

Abstract:

Fierce competition in smartphone market may encourage users to switch brands when buying a new smartphone. However, many smartphone users continue to use the same brand although other branded smartphones are perceived to be more attractive. The purpose of this study is to identify and analyze the effects of brand loyalty toward incumbent smartphone on new smartphone adoption. For this purpose, a research model including two hypotheses, the positive effect on rational judgments and the negative effect on rational judgments, are proposed based on the dual process theory. For the validation of the research model, the data was collected by surveying Korean university students and tested by the group comparison between high and low brand loyalty. The results show that the two hypotheses were statistically supported.

Keywords: Brand loyalty, dual process theory, incumbent smartphone, smartphone adoption.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1646

Authors: Sittichai Kaewkuekool, Vanchai Laemlaksakul

Abstract:

At the present, auto part industries have become higher challenge in strategy market. As this consequence, manufacturers need to have better response to customers in terms of quality, cost, and delivery time. Moreover, they need to have a good management in factory to comply with international standard maximum capacity and lower cost. This would lead companies to have to order standard part from aboard and become the major cost of inventory. The development of auto part research by recycling materials experiment is to compare the auto parts from recycle materials to international auto parts (CKD). Factors studied in this research were the recycle material ratios of PU-foam, felt, and fabric. Results of recycling materials were considered in terms of qualities and properties on the parameters such as weight, sound absorption, water absorption, tensile strength, elongation, and heat resistance with the CKD. The results were showed that recycling materials would be used to replace for the CKD.

Keywords: International auto parts, recycling materials.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2074

Authors: Iman Atighi, Jalal Soleimannejad, Reza Pourjafarabadi, Saeid Moradpour

Abstract:

In the past, we could increase profit by increasing product prices. But in the new decade, a competitive market does not let us to increase profit with increased prices. Therefore, the only way to increase profit will be to reduce costs. A significant percentage of production costs are the maintenance costs, and analysis of these costs could achieve more profit. Most maintenance strategies such as RCM (Reliability-Center-Maintenance), TPM (Total Productivity Maintenance), PM (Preventive Maintenance) and etc., are trying to reduce maintenance costs. In this paper, decreasing the maintenance costs of Concentration Plant of Golgohar Iron Ore Mining & Industrial Company (GeG) was examined by using of MTBF (Mean Time Between Failures) and MTTR (Mean Time To Repair) analyses. These analyses showed that instead of buying new machines and increasing costs in order to promote capacity, the improving of MTBF and MTTR indexes would solve capacity problems in the best way and decrease costs.

Keywords: GeG Company, maintainability, maintenance costs, reliability-center-maintenance.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 717

Authors: Stefanos V. Fotopoulos, Harry V. Papapanagos, Fotios M. Siokis

Abstract:

This paper tries to shed light on the existence of a bank lending channel (BLC) in South Eastern European countries (SEE). Based on a VAR framework we test the responsiveness of credit supply to monetary policy shocks. By compiling a new data set and using the reserve requirement ratio, among others, as the policy instrument we measure the effectiveness of the BLC and the buffering effect of the banks in the SEE countries. The results indicate that loan supply is significantly affected by shifts in monetary policy, when demand factors are controlled. Furthermore, by analyzing the effect of the Greek banks in the region we conclude that Greek banks do buffer the negative effects of monetary policy transmission. By having a significant market share of the SEE-s banking markets we argue that Greek banks influence positively the economic growth of SEE countries.

Keywords: Bank Lending Channel, Monetary Policy Transmission, Policy Buffering, South Eastern Europe

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1693