Search results for: financial constraints

Authors: Bi-Huei Tsai

Abstract:

Previous studies on financial distress prediction choose the conventional failing and non-failing dichotomy; however, the distressed extent differs substantially among different financial distress events. To solve the problem, “non-distressed”, “slightlydistressed” and “reorganization and bankruptcy” are used in our article to approximate the continuum of corporate financial health. This paper explains different financial distress events using the two-stage method. First, this investigation adopts firm-specific financial ratios, corporate governance and market factors to measure the probability of various financial distress events based on multinomial logit models. Specifically, the bootstrapping simulation is performed to examine the difference of estimated misclassifying cost (EMC). Second, this work further applies macroeconomic factors to establish the credit cycle index and determines the distressed cut-off indicator of the two-stage models using such index. Two different models, one-stage and two-stage prediction models are developed to forecast financial distress, and the results acquired from different models are compared with each other, and with the collected data. The findings show that the one-stage model has the lower misclassification error rate than the two-stage model. The one-stage model is more accurate than the two-stage model.

Keywords: Multinomial logit model, corporate governance, company failure, reorganization, bankruptcy.

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Authors: Farhad Namdari, Reza Sedaghati

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Economic dispatch (ED) has been considered to be one of the key functions in electric power system operation which can help to build up effective generating management plans. The practical ED problem has non-smooth cost function with nonlinear constraints which make it difficult to be effectively solved. This paper presents a novel heuristic and efficient optimization approach based on the new Bat algorithm (BA) to solve the practical non-smooth economic dispatch problem. The proposed algorithm easily takes care of different constraints. In addition, two newly introduced modifications method is developed to improve the variety of the bat population when increasing the convergence speed simultaneously. The simulation results obtained by the proposed algorithms are compared with the results obtained using other recently develop methods available in the literature.

Keywords: Non-smooth, economic dispatch, bat-inspired, nonlinear practical constraints, modified bat algorithm.

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Authors: Xiangbin Zhu

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Advances in computing applications in recent years have prompted the demand for more flexible scheduling models for QoS demand. Moreover, in practical applications, partly violated temporal constraints can be tolerated if the violation meets certain distribution. So we need extend the traditional Liu and Lanland model to adapt to these circumstances. There are two extensions, which are the (m, k)-firm model and Window-Constrained model. This paper researches on weakly hard real-time constraints and their combination to support QoS. The fact that a practical application can tolerate some violations of temporal constraint under certain distribution is employed to support adaptive QoS on the open real-time system. The experiment results show these approaches are effective compared to traditional scheduling algorithms.

Keywords: Weakly Hard Real-Time, Real-Time, Scheduling, Quality of Service.

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Authors: G. Chandana Sushma, T. R. Jyothsna

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This paper presents optimal Phasor Measurement Unit (PMU) Placement in network using a genetic algorithm approach as it is infeasible and require high installation cost to place PMUs at every bus in network. This paper proposes optimal PMU allocation considering observability and redundancy utilizing Genetic Algorithm (GA) approach. The nonlinear constraints of buses are modeled to give accurate results. Constraints associated with Zero Injection (ZI) buses and radial buses are modeled to optimize number of locations for PMU placement. GA is modeled with ZI bus constraints to minimize number of locations without losing complete observability. Redundancy of every bus in network is computed to show optimum redundancy of complete system network. The performance of method is measured by Bus Observability Index (BOI) and Complete System Observability Performance Index (CSOPI). MATLAB simulations are carried out on IEEE -14, -30 and -57 bus-systems and compared with other methods in literature survey to show the effectiveness of the proposed approach.

Keywords: Constraints, genetic algorithm, observability, phasor measurement units, redundancy, synchrophasors, zero injection bus.

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Authors: Arvind Bhardwaj, Ajay Gupta, Arun Kanda

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Theory of Constraints has been emerging as an important tool for optimization of manufacturing/service systems. Goldratt in his first book “ The Goal " gave the introduction on Theory of Constraints and its applications in a factory scenario. A large number of production managers around the globe read this book but only a few could implement it in their plants because the book did not explain the steps to implement TOC in the factory. To overcome these limitations, Goldratt wrote this book to explain TOC, DBR and the method to implement it. In this paper, an attempt has been made to summarize the salient features of TOC and DBR listed in the book and the correct approach to implement TOC in a factory setting. The simulator available along with the book was actually used by the authors and the claim of Goldratt regarding the use of DBR and Buffer management to ease the work of production managers was tested and was found to be correct.

Keywords: Drum Buffer Rope (DBR), Optimized ProductionTechnology (OPT), Capacity Constrained Resource (CCR)

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Authors: Anatoli Torokhti, Stan Miklavcic

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We study a new technique for optimal data compression subject to conditions of causality and different types of memory. The technique is based on the assumption that some information about compressed data can be obtained from a solution of the associated problem without constraints of causality and memory. This allows us to consider two separate problem related to compression and decompression subject to those constraints. Their solutions are given and the analysis of the associated errors is provided.

Keywords: stochastic signals, optimization problems in signal processing.

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Authors: Esmail Limouzade, Mahmood.Joorabian, Najaf Hedayat

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This paper undertakes the problem of optimal capacitor placement in a distribution system. The problem is how to optimally determine the locations to install capacitors, the types and sizes of capacitors to he installed and, during each load level,the control settings of these capacitors in order that a desired objective function is minimized while the load constraints,network constraints and operational constraints (e.g. voltage profile) at different load levels are satisfied. The problem is formulated as a combinatorial optimization problem with a nondifferentiable objective function. Four solution mythologies based on algorithms (GA),tabu search (TS), and hybrid GA-SA algorithms are presented.The solution methodologies are preceded by a sensitivity analysis to select the candidate capacitor installation locations.

Keywords: Genetic Algorithm (GA) , capacitor placement, voltage profile, network losses, Simulated Annealing, distribution network.

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Authors: G. Shojatalab

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In this paper, all variables are supposed to be integer and positive. In this modern method, objective function is assumed to be maximized or minimized but constraints are always explained like less or equal to. In this method, choosing a dual combination of ideal nonequivalent and omitting one of variables. With continuing this act, finally, having one nonequivalent with (n-m+1) unknown quantities in which final nonequivalent, m is counter for constraints, n is counter for variables of decision.

Keywords: Integer, Programming, Operation Research, Variables of decision.

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Authors: Humayun Murshed, Shibly Abdullah

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The research conducted in early seventies apparently assumed the existence of a universal decision model for union negotiators and furthermore tended to regard financial information as a ‘neutral’ input into a rational decision making process. However, research in the eighties began to question the neutrality of financial information as an input in collective bargaining rather viewing it as a potentially effective means for controlling the labour force. Furthermore, this later research also started challenging the simplistic assumptions relating particularly to union objectives which have underpinned the earlier search for universal union decision models. Despite the above developments there seems to be a dearth of studies in developing countries concerning the use of financial information in collective bargaining. This paper seeks to begin to remedy this deficiency. Utilising a case study approach based on two enterprises, one in the public sector and the other a multinational, the universal decision model is rejected and it is argued that the decision whether or not to use financial information is a contingent one and such a contingency is largely defined by the context and environment in which both union and management negotiators work. An attempt is also made to identify the factors constraining as well as promoting the use of financial information in collective bargaining, these being regarded as unique to the organisations within which the case studies are conducted.

Keywords: Collective Bargaining, Developing Countries, Disclosures, Financial Information.

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Authors: Ali Serhan Koyuncugil, Nermin Ozgulbas

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In this paper, a data mining model to SMEs for detecting financial and operational risk indicators by data mining is presenting. The identification of the risk factors by clarifying the relationship between the variables defines the discovery of knowledge from the financial and operational variables. Automatic and estimation oriented information discovery process coincides the definition of data mining. During the formation of model; an easy to understand, easy to interpret and easy to apply utilitarian model that is far from the requirement of theoretical background is targeted by the discovery of the implicit relationships between the data and the identification of effect level of every factor. In addition, this paper is based on a project which was funded by The Scientific and Technological Research Council of Turkey (TUBITAK).

Keywords: Risk Management, Financial Risk, Operational Risk, Financial Early Warning System, Data Mining, CHAID Decision Tree Algorithm, SMEs.

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Authors: Nurul Liyana Abdul Aziz, Nur Aidya Hanum Aizam

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Course timetabling problems occur every semester in a university which includes the allocation of resources (subjects, lecturers and students) to a number of fixed rooms and timeslots. The assignment is carried out in a way such that there are no conflicts within rooms, students and lecturers, as well as fulfilling a range of constraints. The constraints consist of rules and policies set up by the universities as well as lecturers’ and students’ preferences of courses to be allocated in specific timeslots. This paper specifically focuses on the preferences of the course timetabling problem in one of the public universities in Malaysia. The demands will be considered into our existing mathematical model to make it more generalized and can be used widely. We have distributed questionnaires to a number of lecturers and students of the university to investigate their demands and preferences for their desired course timetable. We classify the preferences thus converting them to construct one mathematical model that can produce such timetable.

Keywords: University course timetabling problem, integer programming, preferences, constraints.

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Authors: Hamzah Hussein Al-mawali, Yuserrie Zainuddin, Noor Nasir Kader Ali

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The purpose of this paper is to contribute to the body of knowledge in the area of management accounting, particularly performance measurement systems within the BSC framework, by investigating empirically the extent of multiple performance measures usage and their effects on the financial performance of Jordanian banks in the branches level. Nevertheless, the result of this study shows that the non-financial measures usages, particularly, customer oriented indicators and product/ service oriented indicators, appears to be important as it enhances firm performance. Remarkably, the findings reveal that there is positive relationship between the usages of multiple performance measures via overall BSC measures and financial performance in the branches level.

Keywords: Performance measurements systems, BalancedScorecard, Jordan.

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Authors: Uttam Vijay, Nitin Gupta

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Due to heavy energy constraints in WSNs clustering is an efficient way to manage the energy in sensors. There are many methods already proposed in the area of clustering and research is still going on to make clustering more energy efficient. In our paper we are proposing a minimum spanning tree based clustering using divide and conquer approach. The MST based clustering was first proposed in 1970’s for large databases. Here we are taking divide and conquer approach and implementing it for wireless sensor networks with the constraints attached to the sensor networks. This Divide and conquer approach is implemented in a way that we don’t have to construct the whole MST before clustering but we just find the edge which will be the part of the MST to a corresponding graph and divide the graph in clusters there itself if that edge from the graph can be removed judging on certain constraints and hence saving lot of computation.

Keywords: Algorithm, Clustering, Edge-Weighted Graph, Weighted-LEACH.

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Authors: Heng Ma

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Aiming at the problems existing in low-carbon technology of Chinese manufacturing industries, such as irrational energy structure, lack of technological innovation, financial constraints, this paper puts forward the suggestion that the leading role of the government is combined with the roles of enterprises and market. That is, through increasing the governmental funding the adjustment of the industrial structures and enhancement of the legal supervision are supported. Technological innovation is accelerated by the enterprises, and the carbon trading will be promoted so as to trigger the low-carbon revolution in Chinese manufacturing field.

Keywords: Low-carbon economy, traditional manufacturing industry, industrial structure, carbon emission reduction.

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Authors: Aries Susanty

Abstract:

The inability to implement the principles of good corporate governance (GCG) as demonstrated in the surveys is due to a number of constraints which can be classified into three; namely internal constraints, external constraints, and constraints coming from the structure of ownership. The issues in the internal constraints mentioned are related to the function of several elements of the company. As a business organization, corporation is unable to achieve its goal to successfully implement GCG principles since it is not support by its internal elements- functions. Two of several numbers of internal elements of a company are ethical work climate and leadership style of the top management. To prove the correlation between internal function of organization (in this case ethical work climate and transformational leadership) and the successful implementation of GCG principles, this study proposes two hypotheses to be empirically tested on thirty surveyed organizations; eleven of which are state-owned companies and nineteen are private companies. These thirty corporations are listed in the Jakarta Stock Exchange. All state-owned companies in the samples are those which have been privatized. The research showed that internal function of organization give support to the successful implementation of GCG principle. In this research we can prove that : (i) ethical work climate has positive significance of correlation with the successful implementation of social awareness principle (one of principles on GCG) and, (ii) only at the state-owned companies, transformational leadership have positive significance effect to forming the ethical work climate.

Keywords: Good Corporate Governance Principles, Ethical Work Climate, Transformational Leadership

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Authors: Zahra Amirhosseini, Alireza Bashiri

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The aim of this study was to examine and identify the type of Iranian financial market in terms of being symmetrical or asymmetrical and to measure relationship between type of market and the market's indices. In this study, daily information on the market-s Share Price Index, Industrial Index and Top Fifty Most Active Companies during the years 1999-2010 has been used. In addition, to determine type of the financial market, rate of return on Security is taken into account. In this research, by using logistic regression analysis methods, relationship of the market type with the above mentioned indices have been examined. The results showed that the type of the financial market has a positive significant association with market share price index and Industrial Index. Index of Top Fifty Most Active Companies is significantly associated with type of financial market, however this relationship is inverse.

Keywords: All Share Price Index, Asymmetrical Market, Industrial Index, Symmetrical Market, Top Fifty Most Active Companies Index

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Authors: M.Y. Pua, M.C. Tan, L.W. Tan, N. Ab.Aziz, F.S. Taip

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The most common type of controller being used in the industry is PI(D) controller which has been used since 1945 and is still being widely used due to its efficiency and simplicity. In most cases, the PI(D) controller was tuned without taking into consideration of the effect of actuator saturation. In real processes, the most common actuator which is valve will act as constraint and restrict the controller output. Since the controller is not designed to encounter saturation, the process may windup and consequently resulted in large oscillation or may become unstable. Usually, an antiwindup compensator is added to the feedback control loop to reduce the deterioration effect of integral windup. This research aims to specifically control processes with constraints. The proposed method was applied to two different types of food processes, which are blending and spray drying. Simulations were done using MATLAB and the performances of the proposed method were compared with other conventional methods. The proposed technique was able to control the processes and avoid saturation such that no anti windup compensator is needed.

Keywords: constraints, food process control, first order plusdead time process, PI

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Authors: S. Forughi, A. De Zoysa, S. Bhati

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The present study focuses on the environmental performance of the companies in the electricity-producing sector and its relationship with their financial performance. We will review the major studies that examined the relationship between the environmental and financial performance of firms in various industries. While the classical economic debates consider the environmental friendly activities costly and harmful to a firm’s profitability, it is claimed that firms will be rewarded with higher profitability in long run through the investments in environmental friendly activities. In this context, prior studies have examined the relationship between the environmental and financial performance of firms operating in different industry sectors. Our study will employ an environmental indicator to increase the accuracy of the results and be employed as an independent variable in our developed econometric model to evaluate the impact of the financial performance of the firms on their environmental friendly activities in the context of companies operating in the Australian electricity-producing sector. As a result, we expect our methodology to contribute to the literature and the findings of the study will help us to provide recommendations and policy implications to the electricity producers.

Keywords: Australian electricity sector, efficiency measurement, environmental-financial performance interaction, environmental index.

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Authors: Hamdon A. Abdelrhman

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The purpose of the analysis is estimation of viability and profitability of kenaf plant farming in Kelantan State. The monetary information was gathered through interviewing kenaf growers as well group discussion. In addition, the production statistics were collected from Kenaf factory administrative group. The monetary data were analyzed using the Precision financial Calculator. For kenaf production per hectare three scenarios of productivity were adopted, they were 15, 12 and ten; the research results exposed that, when kenaf productivity was 15 ton and the agronomist received financial supports from kenaf administration, the margin profit reached up to 37% which is almost dual profitability that is expected without government support. The financial analysis explains that, the adopted scenarios of the productivity are feasible when Benefit Cost Ratio (BCR) was used as financial indicator. Nonetheless, the kenaf productivity of 15 ton is the superlative viable among the others and payback period is 5 years which equals to middle period time to return the invested amount back. The study concluded that for the farmer to increase the productivity of kenaf per hectare the well farming practices as well as continuously farmers financial support are highly needed.

Keywords: Margin profit, farming practices, financial analysis, kenaf cultivation.

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Authors: Josiel Delgadillo, Johnson Kinyua, Charles Mutigwe

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The purpose of sentiment analysis is to determine the sentiment strength (e.g., positive, negative, neutral) from a textual source for good decision-making. Natural Language Processing (NLP) in domains such as financial markets requires knowledge of domain ontology, and pre-trained language models, such as BERT, have made significant breakthroughs in various NLP tasks by training on large-scale un-labeled generic corpora such as Wikipedia. However, sentiment analysis is a strong domain-dependent task. The rapid growth of social media has given users a platform to share their experiences and views about products, services, and processes, including financial markets. StockTwits and Twitter are social networks that allow the public to express their sentiments in real time. Hence, leveraging the success of unsupervised pre-training and a large amount of financial text available on social media platforms could potentially benefit a wide range of financial applications. This work is focused on sentiment analysis using social media text on platforms such as StockTwits and Twitter. To meet this need, SkyBERT, a domain-specific language model pre-trained and fine-tuned on financial corpora, has been developed. The results show that SkyBERT outperforms current state-of-the-art models in financial sentiment analysis. Extensive experimental results demonstrate the effectiveness and robustness of SkyBERT.

Keywords: BERT, financial markets, Twitter, sentiment analysis.

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Authors: V. Masilamani, Kamala Krithivasan

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We study the problem of reconstructing a three dimensional binary matrices whose interiors are only accessible through few projections. Such question is prominently motivated by the demand in material science for developing tool for reconstruction of crystalline structures from their images obtained by high-resolution transmission electron microscopy. Various approaches have been suggested to reconstruct 3D-object (crystalline structure) by reconstructing slice of the 3D-object. To handle the ill-posedness of the problem, a priori information such as convexity, connectivity and periodicity are used to limit the number of possible solutions. Formally, 3Dobject (crystalline structure) having a priory information is modeled by a class of 3D-binary matrices satisfying a priori information. We consider 3D-binary matrices with periodicity constraints, and we propose a polynomial time algorithm to reconstruct 3D-binary matrices with periodicity constraints from two orthogonal projections.

Keywords: 3D-Binary Matrix Reconstruction, Computed Tomography, Discrete Tomography, Integral Max Flow Problem.

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Authors: Aleksandra Nocoń (Szunke)

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The study is a review of the literature concerning the consequences of non-standard monetary policy, which are used by central banks during unconventional periods, threatening banking sector instability. In particular, the attention was paid to the effects of non-standard monetary policy tools for financial markets. However, the empirical evidence about their effects and real consequences for financial markets is still not final. The main aim of the study is to survey consequences of standard and non-standard monetary policy instruments, implemented during the global financial crisis in the United States, United Kingdom and euro area, with particular attention to the results for the stabilization of global financial markets. The study consists mainly of the empirical review, indicating the impact of the implementation of these tools for financial markets. The following research methods were used in the study: literature studies, including domestic and foreign literature, cause and effect analysis and statistical analysis.

Keywords: Asset purchase facility, consequences of monetary policy instruments, non-standard monetary policy, Quantitative Easing.

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Authors: Bita Mashayekhi, Hamid Kalhornia

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

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

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Authors: Mohammad Mirwais Yusufi

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Skillful management is one of the most important success factors for today’s farms. When a farm is well managed, it can generate funds for its sustainability. Grape is one of the most diffused fruits in the world and one of the most important cash crops with high potential of production in Afghanistan as well. While there are several organizations intervening for improvement of this cash crop, the quality and quantity are still not satisfactory for producers and external markets. The situation has not changed over the years. Therefore, a survey was conducted in 2017 with 60 grape growers, supported by questionnaires in Mirbachakot, Kalakan and Shakardara districts of Kabul province. The purpose was to get an understanding of the current socio-demographic characteristics of farmers, management methods, constraints, farm size, yield and contribution of grape farming to household income. Findings indicate that grape farming was predominant 83.3% male, 16.6% female and small-scale farmers were the main grape producers, 60% < 1 ha of land under grape production. Likewise, 50% had more than > 10 years and 33.3% between 1-5 years’ experience in grape farming. The high level of illiteracy and diseases had significant digit effect on growth, yield and quality of grapes. The results showed that vineyard management operations to protect grapes from mechanical damage are very poor or completely absent. Comparing developed countries, table grape is one of the fruits with the highest input of technology, while in developing countries the cost of labor is low but the purchase of the equipment is very high due to financial situation. Hence the low quality and quantity of grape are influenced by poor management methods, such as non-availability of experts and lack of technical guidance in the study site. Thereby, the study suggested that improved agricultural extension services and managerial skills could contribute to addressing the problems.

Keywords: Efficient resources use, management skills, constraints factors, Kabul.

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Authors: Changju Lee, Seungmo Ku, Sondo Kim, Woojin Chang

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How to detecting financial bubble? Addressing this simple question has been the focus of a vast amount of empirical research spanning almost half a century. However, financial bubble is hard to observe and varying over the time; there needs to be more research on this area. In this paper, we used abnormal difference between common stocks price and those preferred stocks price to explain financial bubble. First, we proposed the ‘W-index’ which indicates spread between common stocks and those preferred stocks in stock market. Second, to prove that this ‘W-index’ is valid for measuring financial bubble, we showed that there is an inverse relationship between this ‘W-index’ and S&P500 rate of return. Specifically, our hypothesis is that when ‘W-index’ is comparably higher than other periods, financial bubbles are added up in stock market and vice versa; according to our hypothesis, if investors made long term investments when ‘W-index’ is high, they would have negative rate of return; however, if investors made long term investments when ‘W-index’ is low, they would have positive rate of return. By comparing correlation values and adjusted R-squared values of between W-index and S&P500 return, VIX index and S&P500 return, and TED index and S&P500 return, we showed only W-index has significant relationship between S&P500 rate of return. In addition, we figured out how long investors should hold their investment position regard the effect of financial bubble. Using this W-index, investors could measure financial bubble in the market and invest with low risk.

Keywords: Financial bubbles, detection, preferred stocks, pairs trading, future return, forecast.

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Authors: Mohammad Reza Ghasemi, Amin Ghorbani

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The main goal of the present work is to decrease the computational burden for optimum design of steel frames with frequency constraints using a new type of neural networks called Wavelet Neural Network. It is contested to train a suitable neural network for frequency approximation work as the analysis program. The combination of wavelet theory and Neural Networks (NN) has lead to the development of wavelet neural networks. Wavelet neural networks are feed-forward networks using wavelet as activation function. Wavelets are mathematical functions within suitable inner parameters, which help them to approximate arbitrary functions. WNN was used to predict the frequency of the structures. In WNN a RAtional function with Second order Poles (RASP) wavelet was used as a transfer function. It is shown that the convergence speed was faster than other neural networks. Also comparisons of WNN with the embedded Artificial Neural Network (ANN) and with approximate techniques and also with analytical solutions are available in the literature.

Keywords: Weight Minimization, Frequency Constraints, Steel Frames, ANN, WNN, RASP Function.

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Authors: Wojciech B. Cieśliński, Igor Perechuda

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The paper identifies the features of Polish sports clubs in the particular organizational forms: profit and nonprofit. Identification and description of these features is carried out in terms of financial efficiency of the given organizational form. Under the terms of the efficiency the research allows you to specify the advantages of particular organizational sports club form and the following limitations. Paper considers features of sports clubs in range of Polish conditions as legal regulations. The sources of the functioning efficiency of sports clubs may lie in the organizational forms in which they operate. Each of the available forms can be considered either a for-profit or nonprofit enterprise. Depending on this classification there are different capabilities of increasing organizational and financial efficiency of a given sports club. Authors start with general classification and difference between for-profit and non-profit sport clubs. Next identifies specific financial and organizational conditions of both organizational form and then show examples of mixed activity forms and their efficiency effect.

Keywords: Financial efficiency, for-profit, non-profit, sports club.

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Authors: Su Xiaohan, Jin Chicheng, Liu Yijing, Burra Venkata Durga Kumar

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Energy-aware scheduling in real-time systems aims to minimize energy consumption, but issues related to resource reservation and timing constraints remain challenges. This study focuses on analyzing two scheduling algorithms, Fair-Share Scheduling (FFS) and Priority-Driven Preemptive Scheduling (PDPS), for solving these issues and energy-aware scheduling in real-time systems. Based on research on both algorithms and the processes of solving two problems, it can be found that FFS ensures fair allocation of resources but needs to improve with an imbalanced system load. And PDPS prioritizes tasks based on criticality to meet timing constraints through preemption but relies heavily on task prioritization and may not be energy efficient. Therefore, improvements to both algorithms with energy-aware features will be proposed. Future work should focus on developing hybrid scheduling techniques that minimize energy consumption through intelligent task prioritization, resource allocation, and meeting time constraints.

Keywords: Energy-aware scheduling, fair-share scheduling, priority-driven preemptive scheduling, real-time systems, optimization, resource reservation, timing constraints.

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Authors: D. Kubiliute

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The Republic of Lithuania is known as a trusted location for global business institutions and it attracts investors with its competitive environment for financial service providers. Along with the aspiration to offer a strong results-oriented and innovations-driven environment for financial service providers, Lithuanian regulatory authorities consistently implement the European Union's high regulatory standards for financial activities including sustainability-related disclosures. Since the European Union directed its policy towards transition to a climate-neutral, green, competitive and inclusive economy, additional regulatory requirements for financial market participants are adopted: disclosure of sustainable activities, transparency, prevention of greenwashing, and other. The financial sector is one of the key factors influencing the implementation of sustainability objectives in the European Union policies and mitigating the negative effects of climate change – public funds are not enough to make a significant impact on sustainable investments, therefore directing public and private capital to green projects may help to finance the necessary changes. The topic of the study is original and has not yet been widely analyzed in Lithuanian legal discourse. There are used quantitative and qualitative methodologies, logical, systematic and critical analysis principles, hence the aim of this study is to reveal the problematic of the implementation of regulation on sustainability in the Lithuanian financial sector. Additional regulatory requirements could cause serious changes in financial business operations: additional funds, employees and time have to be dedicated in order the companies could implement these regulations. Lack of knowledge and data on how to implement new regulatory requirements towards sustainable reporting causes a lot of uncertainty for financial market participants. And for some companies it might even be an essential point in terms of business continuity. It is considered that the supervisory authorities should find a balance between financial market needs and legal regulation.

Keywords: Financial, market participant, legal, regulation, sustainability.

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Authors: Jing Yu, Hongyang Liu, Dong Hao

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On-Orbit Refueling is of great significance in extending space crafts' lifetime. The problem of minimum-fuel, time-fixed, Peer-to-Peer On-Orbit Refueling mission planning is addressed here with the particular aim of assigning fuel-insufficient satellites to the fuel-sufficient satellites and optimizing each rendezvous trajectory. Constraints including perturbation, communication link, sun illumination, hold points for different rendezvous phases, and sensor switching are considered. A planning model has established as well as a two-level solution method. The upper level deals with target assignment based on fuel equilibrium criterion, while the lower level solves constrained trajectory optimization using special maneuver strategies. Simulations show that the developed method could effectively resolve the Peer-to-Peer On-Orbit Refueling mission planning problem and deal with complex constraints.

Keywords: Mission planning, orbital rendezvous, on-orbit refueling, space mission.

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