Search results for: financial losses

Authors: Salah Alrabeei, Mohammad Yousuf

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The goal of option pricing theory is to help the investors to manage their money, enhance returns and control their financial future by theoretically valuing their options. However, most of the option pricing models have no analytical solution. Furthermore, not all the numerical methods are efficient to solve these models because they have nonsmoothing payoffs or discontinuous derivatives at the exercise price. In this paper, we solve the American option under jump diffusion models by using efficient time-dependent numerical methods. several techniques are integrated to reduced the overcome the computational complexity. Fast Fourier Transform (FFT) algorithm is used as a matrix-vector multiplication solver, which reduces the complexity from O(M2) into O(M logM). Partial fraction decomposition technique is applied to rational approximation schemes to overcome the complexity of inverting polynomial of matrices. The proposed method is easy to implement on serial or parallel versions. Numerical results are presented to prove the accuracy and efficiency of the proposed method.

Keywords: Integral differential equations, American options, jump–diffusion model, rational approximation.

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Authors: Despina Galani, Anastasios Alexandridis, Antonios Stavropoulos

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The main thrust of this paper is to assess the level of disclosure in the annual reports of non-financial Greek firms and to empirically investigate the hypothesized impact of several firm characteristics on the extent of mandatory disclosure. A disclosure checklist consisting of 100 mandatory items was developed to assess the level of disclosure in the 2009 annual reports of 43 Greek companies listed at the Athens stock exchange. The association between the level of disclosure and some firm characteristics was examined using multiple linear regression analysis. The study reveals that Greek companies on general have responded adequately to the mandatory disclosure requirements of the regulatory bodies. The findings also indicate that firm size was significant positively associated with the level of disclosure. The remaining variables such as age, profitability, liquidity, and board composition were found to be insignificant in explaining the variation of mandatory disclosures. The outcome of this study is undoubtedly of great concern to the investment community at large to assist in evaluating the extent of mandatory disclosure by Greek firms and explaining the variation of disclosure in light of firm-specific characteristics.

Keywords: Mandatory disclosure, Annual report, Disclosure index

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Authors: Mohamed Haffar, Muhammad Abdul Aziz, Ahmad Ghoneim

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The importance of having a good organizational culture that supports employee job satisfaction has fascinated both the business and academic world because of a tantalizing promise: culture can be fundamental to the enhancement of financial performance. This promise has led to growing interest for both researchers and practitioners in attempting to understand the influence of organizational culture on employees’ satisfaction and organizational performance. Even though the relationship between organizational culture and employee job satisfaction have gained attention in the literature, the majority of studies have been conducted within manufacturing organizations and tend to oversee the impact of culture on employee job satisfaction in a service-based environment. Thus, the main driving force of this study was to explore the role of organizational culture types in facilitating employee job satisfaction at Emerald Publishing Group. Interviews qualitative data analysis indicated that Emerald’s culture dominated by adhocracy and clan culture values. In addition, the findings provided evidence, which demonstrated that group and adhocracy organizational culture types play key roles in facilitating employee job satisfaction in a service-based environment.

Keywords: Employee satisfaction, organizational culture, performance, service based environment.

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Authors: Sawcen Chebaane, Hakim Ben Othman

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This paper investigates the effect of International Financial Reporting Standards (IFRS) adoption on the frequency of earnings managements towards small positive profits. We focus on two emerging markets IFRS adopters: South Africa and Turkey. We tested our logistic regression using appropriate panelestimation techniques over a sample of 330 South African and 210 Turkish firm-year observations over the period 2002-2008. Our results document that mandatory adoption of IFRS is not associated with a reduction in earnings management towards small positive profits in emerging markets. These results contradict most of the previous findings of the studies conducted in developed countries. Based on the legal system factor, we compare the intensity of earnings management between a code law country (Turkey) and a common law country (South Africa) over the pre and post-adoption periods. Our findings show that the frequency of such earnings management practice increases significantly for the code law country.

Keywords: Civil law, common law, emerging markets, Mandatory IFRS adoption, small positive profits.

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Authors: Mohamed Moustafa Soliman, Mohamed Abd Elsalam

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Recent financial international scandals around the world have led to a number of investigations into the effectiveness of corporate governance practices and audit quality. Although evidence of corporate governance practices and audit quality exists from developed economies, very scanty studies have been conducted in Egypt where corporate governance is just evolving. Therefore, this study provides evidence on the effectiveness of corporate governance practices and audit quality from a developing country. The data for analysis are gathered from the top 50 most active companies in the Egyptian Stock Exchange, covering the three year period 2007-2009. Logistic regression was used in investigating the questions that were raised in the study. Findings from the study show that board independence; CEO duality and audit committees significantly have relationship with audit quality. The results also, indicate that institutional investor and managerial ownership have no significantly relationship with audit quality. Evidence also exist that size of the company; complexity and business leverage are important factors in audit quality for companies quoted on the Egypt Stock Exchange.

Keywords: Corporate governance, Boards of directors, corporate ownership, Audit Committees, Audit quality, and Egypt.

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Authors: Ashkan Mirzay Fashami

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This study examines the effects of auditor switch, auditee’s industry, and auditee’s location on audit fees in Australia. It uses fee data of Australian Securities Exchange 500 companies, considering all industry classifications throughout the country from 2006 until 2016. Main findings show that auditor switch does not affect audit fees. However, auditee’s industry affects audit fees. This effect occurs in information technology, financials, energy, and materials sectors among the top 500 companies. Financials, energy, and materials sectors face a fee rise, whereas information technology has a fee cut. The extent of fee changes is different among various industries, wherein the financial sector has the highest increase. Further, auditee’s location affects audit fees. Top 500 companies in Hobart, Perth, and Brisbane face a fee reduction, wherein the highest cut is in Hobart. Further analysis suggests that the Australian audit market is being increasingly concentrated in the hands of the Big Four audit firms.

Keywords: Audit fee, auditor switch, Australia, industry, location.

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Authors: I.Daut, N. Gomesh, M. Irwanto, Y. M. Irwan

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Public awareness towards green energy are on the rise and this can be prove by many product being manufactured or prerequired to be made as energy saving devices mainly to save consumer from spending more on utility billing. These schemes are popular nowadays and many homemade appliances are turned into energy saving gadget which attracts the attention of consumers. Knowing the public demands and pattern towards purchasing home appliances thus the idea of “energy saving suction hood (ESSH)" is proposed. The ESSH can be used in many places that require smoke ventilation or even to reduce the room temperature as many conventional suction hoods (CSH) do, but this device works automatically by the usage of sensors that detects the smoke/temperature and automatically spins the exhaust fan. As it turns, the mechanical rotation rotates the AC generator which is coupled together with the fan and then charges the battery. The innovation of this product is, it does not rely on the utility supply as it is also hook up with a solar panel which also charges the battery, Secondly, it generates energy as the exhaust fan mechanically rotates. Thirdly, an energy loop back feature is introduced to this system which will supply for the ventilator fan. Another major innovation is towards interfacing this device with an in house production of generator. This generator is produced by proper design on stator as well as rotor to reduce the losses. A comparison is made between the ESSH and the CSH and result shows that the ESSH saves 172.8kWh/year of utility supply which is used by CSH. This amount of energy can save RM 3.14 from monthly utility bill and a total of RM 37.67 per year. In fact this product can generate 175 Watt of power from generator(75W) and solar panel(100W) that can be used either to supply other household appliances and/or to loop back to supply the fans motor. The innovation of this system is essential for future production of other equipment by using the loopback power method and turning most equipment into a standalone system.

Keywords: Energy saving suction hood (ESSH), conventional suction hoods (CSH), energy, and power

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Authors: Rusudan Kinkladze, Guguli Kurashvili, Ketevan Chitaladze

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Foreign direct investment is a driving force in the development of the interdependent national economies, and the study and analysis of investments is an urgent problem. It is particularly important for transitional economies, such as Georgia, and the study and analysis of investments is an urgent problem. Consequently, the goal of the research is the study and analysis of direct foreign investments in Georgia, and identification and forecasting of modern trends, and covers the period of 2006-2015. The study uses the methods of statistical observation, grouping and analysis, the methods of analytical indicators of time series, trend identification and the predicted values are calculated, as well as various literary and Internet sources relevant to the research. The findings showed that modern investment policy In Georgia is favorable for domestic as well as foreign investors. Georgia is still a net importer of investments. In 2015, the top 10 investing countries was led by Azerbaijan, United Kingdom and Netherlands, and the largest share of FDIs were allocated in the transport and communication sector; the financial sector was the second, followed by the health and social work sector, and the same trend will continue in the future. 

Keywords: Foreign Direct Investments, methods, statistics, analysis.

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Authors: Zach-Amaury Boufoy-Bastick, Lenandlar Singh

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Computer-mediated communication technologies which provide for virtual communities have typically evolved in a cross-dichotomous manner, such that technical constructs of the technology have evolved independently from the social environment of the community. The present paper analyses some limitations of current implementations of computer-mediated communication technology that are implied by such a dichotomy, and discusses their inhibiting effects on possible developments of virtual communities. A Socio-Technical Indicator Model is introduced that utilizes integrated feedback to describe, simulate and operationalise increasing representativeness within a variety of structurally and parametrically diverse systems. In illustration, applications of the model are briefly described for financial markets and for eco-systems. A detailed application is then provided to resolve the aforementioned technical limitations of moderation on the evolution of virtual communities. The application parameterises virtual communities to function as self-transforming social-technical systems which are sensitive to emergent and shifting community values as products of on-going communications within the collective.

Keywords: Virtual community, e-democracy, feedback systems, moderation.

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Authors: Peter Benneth, Tsaroh N. Theophilus, Prince Benjamin

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This research work aims at studying the application of Legendre Transformation Method (LTM) to Hamilton Jacobi Bellman (HJB) equation which is an example of optimal control problem. We discuss the steps involved in modelling the HJB equation as it relates to mathematical finance by applying the Ito’s lemma and maximum principle theorem. By applying the LTM and dual theory, the resultant HJB equation is transformed to a linear Partial Differential Equation (PDE). Also, the Optimal Investment Strategy (OIS) and the optimal value function were obtained under the exponential utility function. Furthermore, some numerical results were also presented with observations that the OIS under exponential utility is directly proportional to the appreciation rate of the risky asset and inversely proportional to the instantaneous volatility, predetermined interest rate, risk averse coefficient. Finally, it was observed that the optimal fund size is an increasing function of the risk free interest rate. This result is consistent with some existing results.

Keywords: Legendre transformation method, Optimal investment strategy, Ito’s lemma, Hamilton Jacobi Bellman equation, Geometric Brownian motion, financial market.

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Authors: Antonio Espingardeiro

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It is likely that robots will cross the boundaries of industry into households over the next decades. With demographic challenges worldwide, the future ageing populations will require the introduction of assistive technologies capable of providing, care, human dignity and quality of life through the aging process. Robotics technology has a high potential for being used in the areas of social and healthcare by promoting a wide range of activities such as entertainment, companionship, supervision or cognitive and physical assistance. However such close Human Robotics Interaction (HRI) encompass a rich set of ethical scenarios that need to be addressed before Socially Assistive Robots (SARs) reach the global markets. Such interactions with robots may seem a worthy goal for many technical/financial reasons but inevitably require close attention to the ethical dimensions of such interactions. This article investigates the current HRI benchmark of social success. It revises it according to the ethical principles of beneficence, non-maleficence and justice aligned with social care ethos. An extension of such benchmark is proposed based on an empirical study of HRIs conducted with elderly groups.

Keywords: HRI, SARs, Social Success, Benchmark, Elderly care.

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Authors: Deepak Goswami, Padma Lochan Hazarika, Kandarpa Kumar Sarma

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The customary practice of identifying industrial sickness is a set traditional techniques which rely upon a range of manual monitoring and compilation of financial records. It makes the process tedious, time consuming and often are susceptible to manipulation. Therefore, certain readily available tools are required which can deal with such uncertain situations arising out of industrial sickness. It is more significant for a country like India where the fruits of development are rarely equally distributed. In this paper, we propose an approach based on Artificial Neural Network (ANN) to deal with industrial sickness with specific focus on a few such units taken from a less developed north-east (NE) Indian state like Assam. The proposed system provides decision regarding industrial sickness using eight different parameters which are directly related to the stages of sickness of such units. The mechanism primarily uses certain signals and symptoms of industrial health to decide upon the state of a unit. Specifically, we formulate an ANN based block with data obtained from a few selected units of Assam so that required decisions related to industrial health could be taken. The system thus formulated could become an important part of planning and development. It can also contribute towards computerization of decision support systems related to industrial health and help in better management.

Keywords: Industrial, Health, Classification, ANN, MLP, MSE.

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Authors: Zahra Morshedi

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Environmental considerations have become an integral part of developmental thinking and decision making in many countries. It is growing rapidly in importance as a discipline of its own. Preventive approaches have been used at the evolutional process of environmental management as a broad and dynamic system for dealing with pollution and environmental degradation. In this regard, Environmental Assessment as an activity for identification and prediction of project’s impacts carried out in the world and its legal significance dates back to late 1960. In Iran, according to the Article 2 of Environmental Protection Act, Environmental Impact Assessment (EIA) should be prepared for seven categories of project. This article has been actively implementing by Department of Environment at 1997. World Bank in 1989 attempted to introducing application of Environmental Assessment for making decision about projects which are required financial assistance in developing countries. So, preparing EIA for obtaining World Bank loan was obligated. Alborz Project is one of the World Bank Projects in Iran which is environmentally significant. Seven out of ten W.B safeguard policies were considered at this project. In this paper, Alborz project, objectives, safeguard policies and role of environmental management will be elaborated

Keywords: AILWMP, EIA, Environmental Management, Safeguard Policies.

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

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

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

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Authors: Faezeh Mosallat, Eric L. Bibeau, Tarek El Mekkawy

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Parabolic solar trough systems have seen limited deployments in cold northern climates as they are more suitable for electricity production in southern latitudes. A numerical dynamic model is developed to simulate troughs installed in cold climates and validated using a parabolic solar trough facility in Winnipeg. The model is developed in Simulink and will be utilized to simulate a trigeneration system for heating, cooling and electricity generation in remote northern communities. The main objective of this simulation is to obtain operational data of solar troughs in cold climates and use the model to determine ways to improve the economics and address cold weather issues. In this paper the validated Simulink model is applied to simulate a solar assisted absorption cooling system along with electricity generation using Organic Rankine Cycle (ORC) and thermal storage. A control strategy is employed to distribute the heated oil from solar collectors among the above three systems considering the temperature requirements. This modelling provides dynamic performance results using measured meteorological data recorded every minute at the solar facility location. The purpose of this modeling approach is to accurately predict system performance at each time step considering the solar radiation fluctuations due to passing clouds. Optimization of the controller in cold temperatures is another goal of the simulation to for example minimize heat losses in winter when energy demand is high and solar resources are low. The solar absorption cooling is modeled to use the generated heat from the solar trough system and provide cooling in summer for a greenhouse which is located next to the solar field. The results of the simulation are presented for a summer day in Winnipeg which includes comparison of performance parameters of the absorption cooling and ORC systems at different heat transfer fluid (HTF) temperatures.

Keywords: Absorption cooling, parabolic solar trough, remote community, organic Rankine cycle.

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Authors: Ganiyu Amuda Yusuf, Sarajul Fikri Mohamed

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The procurement and cost management approach adopted for mechanical and electrical (M&E) services in Malaysian construction industry have been criticized for its inefficiency. The study examined early cost estimating practices adopted for mechanical and electrical services (M&E) in Malaysia so as to understand the level of compliance of the current techniques with best practices. The methodology adopted for the study is a review of bidding documents used on both completed and on – going building projects awarded between 2008 – 2010 under 9th Malaysian Plan. The analysis revealed that, M&E services cost cannot be reliably estimated at pre-contract stage; the bidding techniques adopted for M&E services failed to provide uniform basis for contractors to submit tender; detailed measurement of items were not made which could complicate post contract cost control and financial management. The paper concluded that, there is need to follow a structured approach in determining the pre-contract cost estimate for M&E services which will serve as a virile tool for post contract cost control.

Keywords: Cost Management, Mechanical and Electrical Services, Procurement, Standard Method of Measurement

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Authors: Matthew D. Baffa

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Infrared thermography is a non-destructive test method used to estimate surface temperatures based on the amount of electromagnetic energy radiated by building envelope components. These surface temperatures are indicators of various qualitative building envelope deficiencies such as locations and extent of heat loss, thermal bridging, damaged or missing thermal insulation, air leakage, and moisture presence in roof, floor, and wall assemblies. Although infrared thermography is commonly used for qualitative deficiency detection in buildings, this study assesses its use as a quantitative method to estimate the overall thermal conductance value (U-value) of the exterior above-grade walls of a study home. The overall U-value of exterior above-grade walls in a home provides useful insight into the energy consumption and thermal comfort of a home. Three methodologies from the literature were employed to estimate the overall U-value by equating conductive heat loss through the exterior above-grade walls to the sum of convective and radiant heat losses of the walls. Outdoor infrared thermography field measurements of the exterior above-grade wall surface and reflective temperatures and emissivity values for various components of the exterior above-grade wall assemblies were carried out during winter months at the study home using a basic thermal imager device. The overall U-values estimated from each methodology from the literature using the recorded field measurements were compared to the nominal exterior above-grade wall overall U-value calculated from materials and dimensions detailed in architectural drawings of the study home. The nominal overall U-value was validated through calendarization and weather normalization of utility bills for the study home as well as various estimated heat loss quantities from a HOT2000 computer model of the study home and other methods. Under ideal environmental conditions, the estimated overall U-values deviated from the nominal overall U-value between ±2% to ±33%. This study suggests infrared thermography can estimate the overall U-value of exterior above-grade walls in low-rise residential homes with a fair amount of accuracy.

Keywords: Emissivity, heat loss, infrared thermography, thermal conductance.

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Authors: Isaac Kofi Mensah, Mi Jianing

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The lack of Information and Communication Technologies (ICT) infrastructure in African countries is hampering the successful adoption, development and implementation of e-government in Africa. Electronic government is the use of ICTs to modernize government public administration processes and to provide government services to citizens with a purpose to enhance efficiency, accountability, and transparency in government’s interaction with the citizenry. ICT application in public administration has the potential to modernize and create smarter government and improvement in public service delivery. China’s Internet Plus policy and One Belt One Road strategy present a golden opportunity for countries in Africa to attract the huge financial investment through Chinese IT companies to develop and close Africa’s ICT infrastructure gap. This study recommends the establishment of One Belt One Road ICT Infrastructure Fund for Africa (OBOR ICT Fund for Africa) to enable countries in Africa to source solely for the purpose of ICT infrastructure development in the public sector/government machinery which would in turn promote the adoption and development of e-government in the public sectors of respective countries in Africa.

Keywords: E-government, public service delivery, internet plus, one belt one road initiative, China, Africa.

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Authors: Aqeel Akhtar

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One of prevailing modes of finance in emerging Islamic banking system is Murabah’a. It means a financial dealing or transaction in which seller tells cost of the goods to be sold to buyer. Otherwise, the transaction would become invalid. In this mainstream, import Murabah’a transaction is divergent in such a way that the cost is not recognized and identified due to execution of import transaction in foreign currency i.e. US Dollar and the next transaction of Murabaha’a with the client is executed in local currency. Since this transaction is executed in dual currency i.e. bank pays supplier in foreign currency and executes Murabah’a with its client in local currency and it is not allowed in according to Islamic Injunctions as mentioned in hadith narrated by Hazrat Ibn-e-Umar (May Allah be pleased with them) used to sell his camels with Dirhams and take dinars instead and vice versa. Upon revealing before the Prophet (Peace be upon him), he was advised that it must not be contingent in the agreement and the ready rate would be applied and possession of one of the consideration is compulsory. The solution in this regard is that the import Murabah’a transaction should be in single currency However, other currency can be paid in payment at the time of payment in a very indispensable situation provided that ready rate would be applied. Moreover, some of other solutions have also been given in this regard.

Keywords: Shariah compliance, import murabaha, islamic banking, product development.

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Authors: Tea Poklepović, Zdravka Aljinović, Branka Marasović

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Due to the importance of yield curve and its estimation it is inevitable to have valid methods for yield curve forecasting in cases when there are scarce issues of securities and/or week trade on a secondary market. Therefore in this paper, after the estimation of weekly yield curves on Croatian financial market from October 2011 to August 2012 using Nelson-Siegel and Svensson models, yield curves are forecasted using Vector autoregressive model and Neural networks. In general, it can be concluded that both forecasting methods have good prediction abilities where forecasting of yield curves based on Nelson Siegel estimation model give better results in sense of lower Mean Squared Error than forecasting based on Svensson model Also, in this case Neural networks provide slightly better results. Finally, it can be concluded that most appropriate way of yield curve prediction is Neural networks using Nelson-Siegel estimation of yield curves.

Keywords: Nelson-Siegel model, Neural networks, Svensson model, Vector autoregressive model, Yield curve.

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Authors: Md Y. Reja, Samuel D. Brody, Wesley E. Highfield, Galen D. Newman

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Historically, wetlands in the United States have been lost due to agriculture, anthropogenic activities, and rapid urbanization along the coast. Such losses of wetlands have resulted in high flooding risk for coastal communities over the period of time. In addition, alteration of wetlands via the Section 404 Clean Water Act permits can increase the flooding risk to future hurricane events, as the cumulative impact of this program is poorly understood and under-accounted. Further, recovery after hurricane events is acting as an encouragement for new development and reconstruction activities by converting wetlands under the wetland alteration permitting program. This study investigates the degree to which hurricane recovery activities in coastal communities are undermining the ability of these places to absorb the impacts of future storm events. Specifically, this work explores how and to what extent wetlands are being affected by the federal permitting program post-Hurricane Ike in 2008. Wetland alteration patterns are examined across three counties (Harris, Galveston, and Chambers County) along the Texas Gulf Coast over a 10-year time period, from 2004-2013 (five years before and after Hurricane Ike) by conducting descriptive spatial analyses. Results indicate that after Hurricane Ike, the number of permits substantially increased in Harris and Chambers County. The vast majority of individual and nationwide type permits were issued within the 100-year floodplain, storm surge zones, and areas damaged by Ike flooding, suggesting that recovery after the hurricane is compromising the ecological resiliency on which coastal communities depend. The authors expect that the findings of this study can increase awareness to policy makers and hazard mitigation planners regarding how to manage wetlands during a long-term recovery process to maintain their natural functions for future flood mitigation.

Keywords: Ecological resiliency, Hurricane Ike, recovery, Section 404 permitting, wetland alteration.

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Authors: Hamidou Diallo, Marianne Guille

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This paper identifies leading triggers of deficient episodes in terms of GDP growth based on a sample of countries at different stages of development over 1994-2017. Using logit models, we build early warning systems (EWS) and our results show important differences between developing countries (DCs) and advanced economies (AEs). For AEs, the main predictors of the probability of entering in a GDP growth deficient episode are the deterioration of external imbalances and the vulnerability of fiscal position while DCs face different challenges that need to be considered. The key indicators for them are first, the low ability to pay its debts and second, their belonging or not to a common currency area. We also build homogeneous pools of countries inside AEs and DCs. For AEs, the evolution of the proportion of countries in the riskiest pool is marked first, by three distinct peaks just after the high-tech bubble burst, the global financial crisis and the European sovereign debt crisis, and second by a very low minimum level in 2006 and 2007. In contrast, the situation of DCs is characterized first by a relative stability of this proportion and then by an upward trend from 2006, that can be explained by more unfavorable socio-political environment leading to shortcomings in the fiscal consolidation.

Keywords: GDP growth, early warning system, advanced economies, developing countries.

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Authors: Majid Amidpour, Parisa Karimi, Marzieh Joda

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For the last few years, release of burned undesirable by-products has become a challenging issue in oil industries. Flaring, as one of the main sources of air contamination, involves detrimental and long-lasting effects on human health and is considered a substantial reason for energy losses worldwide. This research involves studying the implications of two main flare gas recovery methods at three oil refineries, all in Iran as the case I, case II, and case III in which the production capacities are increasing respectively. In the proposed methods, flare gases are converted into more valuable products, before combustion by the flare networks. The first approach involves collecting, compressing and converting the flare gas to smokeless fuel which can be used in the fuel gas system of the refineries. The other scenario includes utilizing the flare gas as a feed into liquefied petroleum gas (LPG) production unit already established in the refineries. The processes of these scenarios are simulated, and the capital investment is calculated for each procedure. The cumulative profits of the scenarios are evaluated using Net Present Value method. Furthermore, the sensitivity analysis based on total propane and butane mole fraction is carried out to make a rational comparison for LPG production approach, and the results are illustrated for different mole fractions of propane and butane. As the mole fraction of propane and butane contained in LPG differs in summer and winter seasons, the results corresponding to LPG scenario are demonstrated for each season. The results of the simulations show that cumulative profit in fuel gas production scenario and LPG production rate increase with the capacity of the refineries. Moreover, the investment return time in LPG production method experiences a decline, followed by a rising trend with an increase in C₃ and C₄ content. The minimum value of time return occurs at propane and butane sum concentration values of 0.7, 0.6, and 0.7 in case I, II, and III, respectively. Based on comparison of the time of investment return and cumulative profit, fuel gas production is the superior scenario for three case studies.

Keywords: Flare gas reduction, liquefied petroleum gas, fuel gas, net present value method, sensitivity analysis.

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Authors: Latha Parameswaran, K. Anbumani

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Multimedia security is an incredibly significant area of concern. The paper aims to discuss a robust image watermarking scheme, which can withstand geometric attacks. The source image is initially moment normalized in order to make it withstand geometric attacks. The moment normalized image is wavelet transformed. The first level wavelet transformed image is segmented into blocks if size 8x8. The product of mean and standard and standard deviation of each block is computed. The second level wavelet transformed image is divided into 8x8 blocks. The product of block mean and the standard deviation are computed. The difference between products in the two levels forms the watermark. The watermark is inserted by modulating the coefficients of the mid frequencies. The modulated image is inverse wavelet transformed and inverse moment normalized to generate the watermarked image. The watermarked image is now ready for transmission. The proposed scheme can be used to validate identification cards and financial instruments. The performance of this scheme has been evaluated using a set of parameters. Experimental results show the effectiveness of this scheme.

Keywords: Image moments, wavelets, content-based watermarking, moment normalization, geometric attacks.

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Authors: Zohreh Bang Tavakoli, Shuktika Chatterjee

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This study investigates the fiscal policy impact on countries’ economic growth in developing countries with a different external debt level. The fiscal policy effectiveness has been re-emphasized in the global financial crisis of 2008 with the external debt as its new contemporary driver. Different theories have proposed the economic consequence of fiscal policy, specifically for developing countries. However, fiscal policy literature is lacking research regarding the fiscal policy’s effectiveness with the external debt’s contributions through comprehensive study. Also, high levels of external debt will influence economic growth. Through foreign resources and channel of investment in which high level of debt decreases the amount of foreign investment in the developing countries. The finding of this study suggests that only countries with a low external debt level and appropriate fiscal policies and good quality institutions can gain the proper quantity and quality of foreign investors in which will help the economic growth. For this, this research is examining the impact of fiscal policy on developing countries' economic growth in the situation of different external debt levels.

Keywords: fiscal policy, external debt, gross domestic product, developing countries

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Authors: Gianluigi De Mare, Tony Leopoldo Luigi Lenza, Rino Conte

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The evolution of technology and construction techniques has enabled the upgrading of transport networks. In particular, the high-speed rail networks allow convoys to peak at above 300 km/h. These structures, however, often significantly impact the surrounding environment. Among the effects of greater importance are the ones provoked by the soundwave connected to train transit. The wave propagation affects the quality of life in areas surrounding the tracks, often for several hundred metres. There are substantial damages to properties (buildings and land), in terms of market depreciation. The present study, integrating expertise in acoustics, computering and evaluation fields, outlines a useful model to select project paths so as to minimize the noise impact and reduce the causes of possible litigation. It also facilitates the rational selection of initiatives to contain the environmental damage to the already existing railway tracks. The research is developed with reference to the Italian regulatory framework (usually more stringent than European and international standards) and refers to a case study concerning the high speed network in Italy.

Keywords: Impact, compensation for financial loss, depreciation of property, railway network design, genetic algorithms.

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Authors: Prasansha Kumari

Abstract:

This paper intends to identify and analyze customer adoption and attitudes towards mobile banking facilities. The study uses six perceived characteristics of innovation that can be used to form a favorable or unfavorable attitude toward an innovation, namely: Relative advantage, compatibility, complexity, trailability, risk, and observability. Collected data were analyzed using Pearson Chi-Square test. The results showed that mobile bank users were predominantly males. There is a growing trend among young, educated customers towards converting to mobile banking in Sri Lanka. The research outcomes suggested that all the six factors are statistically highly significant in influencing mobile banking adoption and attitude formation towards mobile banking in Sri Lanka. The major reasons for adopting mobile banking services are the accessibility and availability of services regardless of time and place. Over the 75 percent of the respondents mentioned that savings in time and effort and low financial costs of conducting mobile banking were advantageous. Issue of security was found to be the most important factor that motivated consumer adoption and attitude formation towards mobile banking. Main barriers to mobile banking were the lack of technological skills, the traditional cash‐carry banking culture, and the lack of awareness and insufficient guidance to using mobile banking.

Keywords: Compatibility, complexity, mobile banking, risk.

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Authors: Nadira Kaimova

Abstract:

In this paper it was examined the influence of margin regulation on stock market volatility in EU 1993 – 2014. Regulating margin requirements or haircuts for securities financing transactions has for a long time been considered as a potential tool to limit the build-up of leverage and dampen volatility in financial markets. The margin requirement dictates how much investors can borrow against these securities. Margin can be an important part of investment. Using daily and monthly stock returns and there is no convincing evidence that EU Regulation margin requirements have served to dampen stock market volatility. In this paper was detected the expected negative relation between margin requirements and the amount of margin credit outstanding. Also, it confirmed that changes in margin requirements by the EU regulation have tended to follow than lead changes in market volatility. For the analysis have been used the modified Levene statistics to test whether the standard deviation of stock returns in the 25, 50 and 100 days preceding margin changes is the same as that in the succeeding 25, 50 and 100 days. The analysis started in May 1993 when it was first empowered to set the initial margin requirement and the last sample was in May 2014. To test whether margin requirements influence stock market volatility over the long term, the sample of stock returns was divided into 14 periods, according to the 14 changes in margin requirements.

Keywords: Levene statistic, Margin Regulation, Stock Market, Volatility.

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Authors: M. Osmani, A. O'Reilly

Abstract:

Housebuilders in England have been the target of numerous government policies in recent years promoting increased productivity and affordability. As a result, the housebuilding industry is currently faced with objectives to improve the affordability and sustainability of new homes whilst also increasing production rates to 240,000 per year by 2016.Yet amidst a faltering economic climate, the UK Government is forging ahead with the 'Code for Sustainable Homes', which includes stringent sustainable standards for all new homes and sets ambitious targets for the housebuilding industry, the culmination of which is the production of zero carbon homes by 2016.Great uncertainty exists amongst housebuilders as to the costs, benefits and risks of building zero carbon homes. This paper examines the key barriers to zero carbon homes from housebuilders- perspective. A comprehensive opinion on the challenges to deliver zero carbon homes is gathered through a questionnaire survey issued to the major housing developers in England. The study found that a number of cultural, legislative, and financial barriers stand in the way of the widespread construction of zero carbon homes. The study concludes with several recommendations to both the Government and the housebuilding industry to address the barriers that hinder a successful delivery of zero carbon homes in England.

Keywords: Zero carbon homes, Code for Sustainable Homes, housebuilders, England

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Authors: S. Sieniutycz

Abstract:

This paper unifies power optimization approaches in various energy converters, such as: thermal, solar, chemical, and electrochemical engines, in particular fuel cells. Thermodynamics leads to converter-s efficiency and limiting power. Efficiency equations serve to solve problems of upgrading and downgrading of resources. While optimization of steady systems applies the differential calculus and Lagrange multipliers, dynamic optimization involves variational calculus and dynamic programming. In reacting systems chemical affinity constitutes a prevailing component of an overall efficiency, thus the power is analyzed in terms of an active part of chemical affinity. The main novelty of the present paper in the energy yield context consists in showing that the generalized heat flux Q (involving the traditional heat flux q plus the product of temperature and the sum products of partial entropies and fluxes of species) plays in complex cases (solar, chemical and electrochemical) the same role as the traditional heat q in pure heat engines. The presented methodology is also applied to power limits in fuel cells as to systems which are electrochemical flow engines propelled by chemical reactions. The performance of fuel cells is determined by magnitudes and directions of participating streams and mechanism of electric current generation. Voltage lowering below the reversible voltage is a proper measure of cells imperfection. The voltage losses, called polarization, include the contributions of three main sources: activation, ohmic and concentration. Examples show power maxima in fuel cells and prove the relevance of the extension of the thermal machine theory to chemical and electrochemical systems. The main novelty of the present paper in the FC context consists in introducing an effective or reduced Gibbs free energy change between products p and reactants s which take into account the decrease of voltage and power caused by the incomplete conversion of the overall reaction.

Keywords: Power yield, entropy production, chemical engines, fuel cells, exergy.

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