Search results for: financial constraints

Authors: G. Sekeroglu, M. Altan

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Working capital is identified as firm’s all current assets. Inventories which are one of the working capital elements are very important among current assets for firms. Because, profitability is an indicator for firms’ financial success is provided with minimum cost and optimum inventory quantity. So in this study, it is investigated as comparatively that the effect of inventory management on the profitability of Turkish firms which operated in weaving industry, eatables industry, wholesale and retail industry in between 2003 – 2012 years. Research data consist of profitability ratios and inventory turnovers ratio calculated by using balance sheets and income statements of firms which operated in Borsa Istanbul (BIST). In this research, the relationship between inventories and profitability is investigated by using SPSS-20 software with regression and correlation analysis. The results achieved from three industry departments which exist in study interpreted as comparatively. Accordingly, it is determined that there is a positive relationship between inventory management and profitability in eatables industry. However, it was founded that there is no relationship between inventory management and profitability in weaving industry and wholesale and retail industry.

Keywords: Profitability, regression analysis, inventory management, working capital.

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Authors: Meet Shah, Ankita Aditya, Dhruv Bindra, V. S. Omkar, Aashruti Seervi

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In today's world, we need documents everywhere for a smooth workflow in the identification process or any other security aspects. The current system and techniques which are used for identification need one thing, that is ‘proof of existence’, which involves valid documents, for example, educational, financial, etc. The main issue with the current identity access management system and digital identification process is that the system is centralized in their network, which makes it inefficient. The paper presents the system which resolves all these cited issues. It is based on ‘blockchain’ technology, which is a 'decentralized system'. It allows transactions in a decentralized and immutable manner. The primary notion of the model is to ‘have everything with nothing’. It involves inter-linking required documents of a person with a single identity card so that a person can go anywhere without having the required documents with him/her. The person just needs to be physically present at a place wherein documents are necessary, and using a fingerprint impression and an iris scan print, the rest of the verification will progress. Furthermore, some technical overheads and advancements are listed. This paper also aims to layout its far-vision scenario of blockchain and its impact on future trends.

Keywords: Blockchain, decentralized system, fingerprint impression, identity management, iris scan.

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Authors: Corrado Grassi, Achim Schröter, Yves Gloy, Thomas Gries

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Air jet weaving is the most productive, but also the most energy consuming weaving method. Increasing energy costs and environmental impact are constantly a challenge for the manufacturers of weaving machines. Current technological developments concern with low energy costs, low environmental impact, high productivity, and constant product quality. The high degree of energy consumption of the method can be ascribed to the high need of compressed air. An energy efficiency method is applied to the air jet weaving technology. Such method identifies and classifies the main relevant energy consumers and processes from the exergy point of view and it leads to the identification of energy efficiency potentials during the weft insertion process. Starting from the design phase, energy efficiency is considered as the central requirement to be satisfied. The initial phase of the method consists of an analysis of the state of the art of the main weft insertion components in order to point out a prioritization of the high demanding energy components and processes. The identified major components are investigated to reduce the high demand of energy of the weft insertion process. During the interaction of the flow field coming from the relay nozzles within the profiled reed, only a minor part of the stream is really accelerating the weft yarn, hence resulting in large energy inefficiency. Different tools such as FEM analysis, CFD simulation models and experimental analysis are used in order to design a more energy efficient design of the involved components in the filling insertion. A different concept for the metal strip of the profiled reed is developed. The developed metal strip allows a reduction of the machine energy consumption. Based on a parametric and aerodynamic study, the designed reed transmits higher values of the flow power to the filling yarn. The innovative reed fulfills both the requirement of raising energy efficiency and the compliance with the weaving constraints.

Keywords: Air jet weaving, aerodynamic simulation, energy efficiency, experimental measurements, power costs, weft insertion.

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Authors: A. Alseiari, P. Farrell

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Maintenance has evolved into an imperative function, and contributes significantly to efficient and effective equipment performance. Total Productive Maintenance (TPM) is an ideal approach to support the development and implementation of operation performance improvement. It systematically aims to understand the function of equipment, the service quality relationship with equipment and the probable critical equipment failure conditions. Implementation of TPM programmes need strategic planning and there has been little research applied in this area within Middle-East power plants. In the power sector of Abu Dhabi, technologically and strategically, the power industry is extremely important, and it thus needs effective and efficient equipment management support. The aim of this paper is to investigate barriers to successful TPM implementation in the Abu Dhabi power industry. The study has been conducted in the context of a leading power company in the UAE. Semi-structured interviews were conducted with 16 employees, including maintenance and operation staff, and senior managers. The findings of this research identified seven key barriers, thus: managerial; organisational; cultural; financial; educational; communications; and auditing. With respect to the understanding of these barriers and obstacles in TPM implementation, the findings can contribute towards improved equipment operations and maintenance in power organisations.

Keywords: Abu Dhabi power industry, TPM implementation, key barriers, organisational culture, critical success factors.

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Authors: M. Boukhrouk, R. Ed-Dali

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Outbound tourism in Morocco, as in the majority of developing countries, reveals some of the aspects of inequality between the north and the south. Considered by some researchers as one of the facets of the development crisis, access to tourism and especially international tourism is a chance for a small minority with financial means, while the vast portions of the population dream rather of immigrating to a developed country for the sake of improving their standard of living. The right to travel is also limited by visa requirements, procedures in host countries, security and technical measures and creates discrimination in the practice of tourism. These conditions do not seem to be favorable to the democratization of the practice of international tourism for the populations of the southern countries. This paper is a contribution to the reading of the trends of outbound tourism in developing countries through the example of Morocco. It highlights the different aspects of Moroccan outbound tourism, destinations and the behavior of tourists through an analysis of the offer of a sample of 50 travel agencies. In the same vein, it offers a reading grid of the possibilities offered for the development of outbound tourism and the various existing obstacles to the democratization of international outbound tourism in the southern countries. This reading reveals the transformation in the behavior of Moroccan international tourists as well as the profound changes in Moroccan society, through a model of statistical analysis.

Keywords: Demand, Hajj, Morocco, outbound tourism, tendency, Umrah.

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Authors: M. Abdelhamid, I. Beshara, M. Ghoneim

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In Egypt, the concept of Asset Management (AM) is new; however, the need for applying it has become crucial because deteriorating or losing an asset is unaffordable in a developing country like Egypt. Therefore the current study focuses on educational buildings as one of the most important assets regarding planning, building, operating and maintenance expenditures. The main objective of this study is to develop a SAMF for educational buildings in Egypt. The General Authority for Educational Buildings (GAEB) was chosen as a case study of the current research as it represents the biggest governmental organization responsible for planning, operating and maintaining schools in Egypt. To achieve the research objective, structured interviews were conducted with senior managers of GAEB using a pre designed questionnaire to explore the current practice of AM. Gab analysis technique was applied against best practices compounded from a vast literature review to identify gaps between current practices and the desired one. The previous steps mainly revealed; limited knowledge about strategic asset management, no clear goals, no training, no real risk plan and lack of data, technical and financial resources. Based on the findings, a SAMF for GAEB was introduced and Framework implementation steps and assessment techniques were explained in detail.

Keywords: Strategic Asset Management, Educational Building, Framework, Gab Analysis, Developing Country.

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Authors: Mohammad Reza Pirestani, Hamid Reza Vosoghifar, Pegah Jazayeri

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In designing river intakes and diversion structures, it is paramount that the sediments entering the intake are minimized or, if possible, completely separated. Due to high water velocity, sediments can significantly damage hydraulic structures especially when mechanical equipment like pumps and turbines are used. This subsequently results in wasting water, electricity and further costs. Therefore, it is prudent to investigate and analyze the performance of lateral intakes affected by sediment control structures. Laboratory experiments, despite their vast potential and benefits, can face certain limitations and challenges. Some of these include: limitations in equipment and facilities, space constraints, equipment errors including lack of adequate precision or mal-operation, and finally, human error. Research has shown that in order to achieve the ultimate goal of intake structure design – which is to design longlasting and proficient structures – the best combination of sediment control structures (such as sill and submerged vanes) along with parameters that increase their performance (such as diversion angle and location) should be determined. Cost, difficulty of execution and environmental impacts should also be included in evaluating the optimal design. This solution can then be applied to similar problems in the future. Subsequently, the model used to arrive at the optimal design requires high level of accuracy and precision in order to avoid improper design and execution of projects. Process of creating and executing the design should be as comprehensive and applicable as possible. Therefore, it is important that influential parameters and vital criteria is fully understood and applied at all stages of choosing the optimal design. In this article, influential parameters on optimal performance of the intake, advantages and disadvantages, and efficiency of a given design are studied. Then, a multi-criterion decision matrix is utilized to choose the optimal model that can be used to determine the proper parameters in constructing the intake.

Keywords: Diversion structures lateral intake, multi criteria decision making, optimal design, sediment control.

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Authors: Raif Parlakkaya, Huseyin Cetin, Duygu Irdiren

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By the development of World Wide Web, the usage rate of Internet has rapidly grown globally; and provided a basis for the emergence of electronic business. As well as other sectors, the banking sector has adopted the use of internet with the developments in information and communication technologies. Due to the public disclosure and transparency principle of Corporate Governance, the importance of information disclosure of banks on their web sites has increased significantly. For the purpose of this study, a Bank Disclosure Attribute Index (BDAI) in Turkey has been constructed through classifying the information disclosure on banks’ web sites into general, financial, investors and corporate governance attributes. All 47 banks in Turkish Banking System have been evaluated according to the index with the aim of providing a comparison between banks. By Chi Square Test, Pearson Correlation, T-Test, and ANOVA statistical tools, it has been concluded that the majority of banks in Turkey have shared information on their web sites adequately with respect to their total index score. Although there is a positive correlation between various types of information on banks’ web sites, there is no uniformity among them. Also, no significant difference between various types of information disclosure and bank types has been observed. Compared with the total index score averages of the five largest banks in Turkey, there are some banks that need to improve the content of their web sites.

Keywords: Banking sector, public disclosure, Turkey, web site evaluation.

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Authors: Serkan Solmaz, Jean-Baptiste Gouriet, Nicolas Van de Wyer, Christophe Schram

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Efficiency of the cooling process for cryogenic propellant boiling in engine cooling channels on space applications is relentlessly affected by the phase change occurs during the boiling. The effectiveness of the cooling process strongly pertains to the type of the boiling regime such as nucleate and film. Geometric constraints like a non-transparent cooling channel unable to use any of visualization methods. The ultrasonic (US) technique as a non-destructive method (NDT) has therefore been applied almost in every engineering field for different purposes. Basically, the discontinuities emerge between mediums like boundaries among different phases. The sound wave emitted by the US transducer is both transmitted and reflected through a gas-liquid interface which makes able to detect different phases. Due to the thermal and structural concerns, it is impractical to sustain a direct contact between the US transducer and working fluid. Hence the transducer should be located outside of the cooling channel which results in additional interfaces and creates ambiguities on the applicability of the present method. In this work, an exploratory research is prompted so as to determine detection ability and applicability of the US technique on the cryogenic boiling process for a cooling cycle where the US transducer is taken place outside of the channel. Boiling of the cryogenics is a complex phenomenon which mainly brings several hindrances for experimental protocol because of thermal properties. Thus substitute materials are purposefully selected based on such parameters to simplify experiments. Aside from that, nucleate and film boiling regimes emerging during the boiling process are simply simulated using non-deformable stainless steel balls, air-bubble injection apparatuses and air clearances instead of conducting a real-time boiling process. A versatile detection algorithm is perennially developed concerning exploratory studies afterward. According to the algorithm developed, the phases can be distinguished 99% as no-phase, air-bubble, and air-film presences. The results show the detection ability and applicability of the US technique for an exploratory purpose.

Keywords: Ultrasound, ultrasonic, multiphase flow, boiling, cryogenics, detection algorithm.

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Authors: Nikolaos Georgantzis, Efi Vasileiou

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We present results from experimental price-setting oligopolies in which green firms undertake different levels of energy-saving investments motivated by public subsidies and demand-side advantages. We find that consumers reveal higher willingness to pay for greener sellers’ products. This observation in conjunction to the fact that greener sellers set higher prices is compatible with the use and interpretation of energy-saving behaviour as a differentiation strategy. However, sellers do not exploit the resulting advantage through sufficiently high price-cost margins, because they seem trapped into “run to stay still” competition. Regarding the use of public subsidies to energy-saving sellers we uncover an undesirable crowding-out effect of consumers’ intrinsic tendency to support green manufacturers. Namely, consumers may be less willing to support a green seller whose energy-saving strategy entails a direct financial benefit. Finally, we disentangle two alternative motivations for consumer’s attractions to pro-social firms; first, the self-interested recognition of the firm’s contribution to the public and private welfare and, second, the need to compensate a firm for the cost entailed in each pro-social action. Our results show the prevalence of the former over the latter.

Keywords: Corporate social responsibility, energy savings, public good, experiments, vertical differentiation, altruism.

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Authors: K. N. C. Njoku, Chinwendu Best Eleje, Christian Chukwuemeka Nwandu

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One of the problems facing most insurance companies is how best the burden of paying claims to its policy holders can be managed whenever need arises. Hence there is need for the insurer to buy a reinsurance contract in order to reduce risk which will enable the insurer to share the financial burden with the reinsurer. In this paper, the insurer’s and reinsurer’s strategy is investigated under the modified constant elasticity of variance (M-CEV) process and proportional administrative charges. The insurer considered investment in one risky asset and one risk free asset where the risky asset is modeled based on the M-CEV process which is an extension of constant elasticity of variance (CEV) process. Next, a nonlinear partial differential equation in the form of Hamilton Jacobi Bellman equation is obtained by dynamic programming approach. Using power transformation technique and variable change, the explicit solutions of the optimal investment strategy and optimal reinsurance strategy are obtained. Finally, some numerical simulations of some sensitive parameters were obtained and discussed in details where we observed that the modification factor only affects the optimal investment strategy and not the reinsurance strategy for an insurer with exponential utility function.

Keywords: Reinsurance strategy, Hamilton Jacobi Bellman equation, power transformation, M-CEV process, exponential utility.

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Authors: Dennis Corbett

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The city of Melbourne in Victoria, Australia, provides a number of examples of how a growing city can integrate urban planning and water planning to achieve sustainable urban development, environmental protection, liveability and integrated water management outcomes, and move towards becoming a “Water Sensitive City". Three examples are provided - the development at Botanic Ridge, where a 318 hectare residential development is being planned and where integrated water management options are being implemented using a “triple bottom line" sustainability investment approach; the Toolern development, which will capture and reuse stormwater and recycled water to greatly reduce the suburb-s demand for potable water, and the development at Kalkallo where a 1,200 hectare industrial precinct development is planned which will merge design of the development's water supply, sewerage services and stormwater system. The Paper argues that an integrated urban planning and water planning approach is fundamental to creating liveable, vibrant communities which meet social and financial needs while being in harmony with the local environment. Further work is required on developing investment frameworks and risk analysis frameworks to ensure that all possible solutions can be assessed equally.

Keywords: Integrated water management, stormwater management, sustainable urban development.

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Authors: R.V Pawar, P.P.Kajave, S.N.Mali

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The speech signal conveys information about the identity of the speaker. The area of speaker identification is concerned with extracting the identity of the person speaking the utterance. As speech interaction with computers becomes more pervasive in activities such as the telephone, financial transactions and information retrieval from speech databases, the utility of automatically identifying a speaker is based solely on vocal characteristic. This paper emphasizes on text dependent speaker identification, which deals with detecting a particular speaker from a known population. The system prompts the user to provide speech utterance. System identifies the user by comparing the codebook of speech utterance with those of the stored in the database and lists, which contain the most likely speakers, could have given that speech utterance. The speech signal is recorded for N speakers further the features are extracted. Feature extraction is done by means of LPC coefficients, calculating AMDF, and DFT. The neural network is trained by applying these features as input parameters. The features are stored in templates for further comparison. The features for the speaker who has to be identified are extracted and compared with the stored templates using Back Propogation Algorithm. Here, the trained network corresponds to the output; the input is the extracted features of the speaker to be identified. The network does the weight adjustment and the best match is found to identify the speaker. The number of epochs required to get the target decides the network performance.

Keywords: Average Mean Distance function, Backpropogation, Linear Predictive Coding, MultilayeredPerceptron,

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Authors: Dimitrios E. Kontaxis, George Litainas, Dimitrios P. Ptochos, Vaggelis P. Ptochos, Sotirios P. Ptochos, Dimitrios Beletsis, Konstantinos Kritikakis, Milan Sunaric

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Real-time monitoring of the supply chain conditions and procedures is a critical element for the optimal coordination and safety of the deliveries, as well as for the minimization of the delivery time and cost. Real time monitoring requires IoT data streams, which are related to the conditions of the products and the means of transport (e.g., location, temperature/humidity conditions, kinematic state, ambient light conditions, etc.). These streams are generated by battery-based IoT tracking devices, equipped with appropriate sensors, and are transmitted to a cloud-based back-end system. Proper handling and processing of the IoT data streams, using predictive and artificial intelligence algorithms, can provide significant and useful results, which can be exploited by the supply chain stakeholders in order to enhance their financial benefits, as well as the efficiency, security, transparency, coordination and sustainability of the supply chain procedures. The technology, the features and the characteristics of a complete, proprietary system, including hardware, firmware and software tools - developed in the context of a co-funded R&D program - are addressed and presented in this paper. 

Keywords: IoT embedded electronics, real-time monitoring, tracking device, sensor platform

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Authors: H. Chaker, T. Slama, N. Elyétim

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This paper analyzes the effects of gender, affiliation, prior work experience, social work, and vicarious learning through family role models on entrepreneurial skills development by students when they followed the teaching through the entrepreneurship method in Tunisia. We suggest that these variables enhance the development of students’ entrepreneurial skills when combined with teaching through entrepreneurship. The article assesses the impact of these combinations by comparing their effects on the development of thirteen students’ entrepreneurial competencies, namely entrepreneurial mindset, core self-evaluation, entrepreneurial attitude, entrepreneurial knowledge, creativity, financial literacy, managing ambiguity, marshaling of resources, planning, teaching methods, entrepreneurial teachers, innovative employee, and entrepreneurial intention. We use a two-sample independent t-test to make the comparison, and the results indicate that, when combined with teaching through the entrepreneurship method, students with prior work experience developed better six entrepreneurial skills; students with social work developed better three entrepreneurial skills, men developed better four entrepreneurial skills than women. However, all students developed their entrepreneurial skills through this practical method regardless of their affiliation and their vicarious learning through family role models.

Keywords: Affiliation, entrepreneurial skills, gender, role models, social work, teaching through entrepreneurship, vicarious learning, work experience.

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Authors: Zhanna Mingaleva, Irina Mirskikh

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Innovational development of regions in Russia is generally faced with the essential influence from federal and local authorities. The organization of effective mechanism of innovation development (and self-development) is impossible without establishment of defined institutional conditions in the analyzed field. Creative utilization of scientific concepts and information should merge, giving rise to continuing innovation and advanced production. The paper presents an analysis of institutional conditions in the field of creation and development of innovation activity infrastructure and transferring of knowledge and skills between different economic agents in Russia. Knowledge is mainly privately owned, developed through R&D investments and incorporated into technology or a product. Innovation infrastructure is a strong concentration mechanism of advanced facilities, which are mainly located inside large agglomerations or city-regions in order to benefit from scale effects in both input markets (human capital, private financial capital) and output markets (higher education services, research services). The empirical results of the paper show that in the presence of more efficient innovation and knowledge transfer and transcoding system and of a more open attitude of economic agents towards innovation, the innovation and knowledge capacity of regional economy is much higher.

Keywords: knowledge economy, innovational development, transfer of knowledge, institutional preconditions, innovation andknowledge capacity.

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Authors: Rajine Swetha R, B. Shekar Babu, Sumithra Devi K.A

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Electronic Systems are the core of everyday lives. They form an integral part in financial networks, mass transit, telephone systems, power plants and personal computers. Electronic systems are increasingly based on complex VLSI (Very Large Scale Integration) integrated circuits. Initial electronic design automation is concerned with the design and production of VLSI systems. The next important step in creating a VLSI circuit is Physical Design. The input to the physical design is a logical representation of the system under design. The output of this step is the layout of a physical package that optimally or near optimally realizes the logical representation. Physical design problems are combinatorial in nature and of large problem sizes. Darwin observed that, as variations are introduced into a population with each new generation, the less-fit individuals tend to extinct in the competition of basic necessities. This survival of fittest principle leads to evolution in species. The objective of the Genetic Algorithms (GA) is to find an optimal solution to a problem .Since GA-s are heuristic procedures that can function as optimizers, they are not guaranteed to find the optimum, but are able to find acceptable solutions for a wide range of problems. This survey paper aims at a study on Efficient Algorithms for VLSI Physical design and observes the common traits of the superior contributions.

Keywords: Genetic Algorithms, Physical Design, VLSI.

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Authors: Alhaji M. H. Conteh, Xiangbin Yan, Alfred V. Gborie

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The goal of this study was to increase the awareness of the description and assessments of rice acreage response and to offer mechanisms for agricultural policy scrutiny. The ordinary least square (OLS) technique was utilized to determine the coefficients of acreage response models for the rice varieties. The magnitudes of the coefficients (λ) of both the ROK lagged and NERICA lagged acreages were found positive and highly significant, which indicates that farmers’ adjustment rate was very low. Regarding lagged actual price for both the ROK and NERICE rice varieties, the short-run price elasticitieswere lower than long-run, which is suggesting a long term adjustment of the acreage under the crop.

However, the apparent recommendations for policy transformation are to open farm gate prices and to decrease government’s involvement in agricultural sector especially in the acquisition of agricultural inputs. Impending research have to be centered on how this might be better realized. Necessary conditions should be made available to the private sector by means of minimizing price volatility. In accordance with structural reforms, it is necessary to convey output prices to farmers with minimum distortion. There is need to eradicate price subsidies and control, which generate distortion in the market in addition to huge financial costs.

Keywords: Acreage response, rate of adjustment, rice varieties, Sierra Leone.

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Authors: Aspalella A. Rahman

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Money laundering has been described by many as the lifeblood of crime and is a major threat to the economic and social well-being of societies. It has been recognized that the banking system has long been the central element of money laundering. This is in part due to the complexity and confidentiality of the banking system itself. It is generally accepted that effective anti-money laundering (AML) measures adopted by banks will make it tougher for criminals to get their "dirty money" into the financial system. In fact, for law enforcement agencies, banks are considered to be an important source of valuable information for the detection of money laundering. However, from the banks- perspective, the main reason for their existence is to make as much profits as possible. Hence their cultural and commercial interests are totally distinct from that of the law enforcement authorities. Undoubtedly, AML laws create a major dilemma for banks as they produce a significant shift in the way banks interact with their customers. Furthermore, the implementation of the laws not only creates significant compliance problems for banks, but also has the potential to adversely affect the operations of banks. As such, it is legitimate to ask whether these laws are effective in preventing money launderers from using banks, or whether they simply put an unreasonable burden on banks and their customers. This paper attempts to address these issues and analyze them against the background of the Malaysian AML laws. It must be said that effective coordination between AML regulator and the banking industry is vital to minimize problems faced by the banks and thereby to ensure effective implementation of the laws in combating money laundering.

Keywords: Banking Industry, Bank Negara Money, Laundering, Malaysia.

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Authors: Jolanta Brodowska-Szewczuk

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The article includes the results and conclusions from empirical researches that had been done. The research focuses on the impact of investments made in small and medium-sized enterprises financed from EU funds on the competitiveness of these companies. The researches includes financial results in sales revenue and net income, expenses, and many other new products/services on offer, higher quality products and services, more modern methods of production, innovation in management processes, increase in the number of customers, increase in market share, increase in profitability of production and provision of services. The main conclusions are that, companies with direct investments under this measure shall apply the modern methods of production. The consequence of this is to increase the quality of our products and services. Furthermore, both small and medium-sized enterprises have introduced new products and services. Investments were carried out, thus enabling better work organization in enterprises. Entrepreneurs would guarantee higher quality of service, which would result in better relationships with their customers, what is more, noting the rise in number of clients. More than half of the companies indicated that the investments contributed to the increase in market share. Same thing as for market reach and brand recognition of particular company. An interesting finding is that, investments in small enterprises were more effective than medium-sized enterprises.

Keywords: Competitiveness, efficiency, EU funds, small and medium-sized enterprises.

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Authors: Rishabh Garg

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Traditionally, business parties build trust with a centralized operating mechanism, such as payment by letter of credit. However, the increase in cyber-attacks and malicious hacking has jeopardized business operations and finance practices. Emerging markets, due to their high banking risks and the large presence of digital financing, are looking for technology that enables transparency and traceability of any transaction in trade, finance or supply chain management. Blockchain systems, in the absence of any central authority, enable transactions across the globe with the help of decentralized applications. DApps consist of a front-end, a blockchain back-end, and middleware, that is, the code that connects the two. The front-end can be a sophisticated web app or mobile app, which is used to implement the functions/methods on the smart contract. Web apps can employ technologies such as HTML, CSS, React and Express. In this wake, fintech and blockchain products are popping up in brokerages, digital wallets, exchanges, post-trade clearance, settlement, middleware, infrastructure and base protocols. The present paper provides a technology driven solution, financial inclusion and innovative working paradigm for business and finance.

Keywords: Authentication, blockchain, channel, cryptography, DApps, data portability, Decentralized Public Key Infrastructure, Ethereum, hash function, Hashgraph, Privilege creep, Proof of Work algorithm, revocation, storage variables, Zero Knowledge Proof.

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Authors: Ana Pauna

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The Expert Witness Testimony in the Battered Woman Syndrome Expert witness testimony (EWT) is a kind of information given by an expert specialized in the field (here in BWS) to the jury in order to help the court better understand the case. EWT does not always work in favor of the battered women. Two main decision-making models are discussed in the paper: the Mathematical model and the Explanation model. In the first model, the jurors calculate ″the importance and strength of each piece of evidence″ whereas in the second model they try to integrate the EWT with the evidence and create a coherent story that would describe the crime. The jury often misunderstands and misjudges battered women for their action (or in this case inaction). They assume that these women are masochists and accept being mistreated for if a man abuses a woman constantly, she should and could divorce him or simply leave at any time. The research in the domain found that indeed, expert witness testimony has a powerful influence on juror’s decisions thus its quality needs to be further explored. One of the important factors that need further studies is a bias called the dispositionist worldview (a belief that what happens to people is of their own doing). This kind of attributional bias represents a tendency to think that a person’s behavior is due to his or her disposition, even when the behavior is clearly attributed to the situation. Hypothesis The hypothesis of this paper is that if a juror has a dispositionist worldview then he or she will blame the rape victim for triggering the assault. The juror would therefore commit the fundamental attribution error and believe that the victim’s disposition caused the rape and not the situation she was in. Methods The subjects in the study were 500 randomly sampled undergraduate students from McGill, Concordia, Université de Montréal and UQAM. Dispositional Worldview was scored on the Dispositionist Worldview Questionnaire. After reading the Rape Scenarios, each student was asked to play the role of a juror and answer a questionnaire consisting of 7 questions about the responsibility, causality and fault of the victim. Results The results confirm the hypothesis which states that if a juror has a dispositionist worldview then he or she will blame the rape victim for triggering the assault. By doing so, the juror commits the fundamental attribution error because he will believe that the victim’s disposition, and not the constraints or opportunities of the situation, caused the rape scenario.

Keywords: bias, expert/witness testimony, attribution error, jury, rape myth

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Authors: Petr Teply, Ondrej Vejdovec

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There are three main ways of categorizing capital in banking operations: accounting, regulatory and economic capital. However, the 2008-2009 global crisis has shown that none of these categories adequately reflects the real risks of bank operations, especially in light of the failures Bear Stearns, Lehman Brothers or Northern Rock. This paper deals with the economic capital allocation of global banks. In theory, economic capital should reflect the real risks of a bank and should be publicly available. Yet, as discovered during the global financial crisis, even when economic capital information was publicly disclosed, the underlying assumptions rendered the information useless. Specifically, some global banks that reported relatively high levels of economic capital before the crisis went bankrupt or had to be bailed-out by their government. And, only 15 out of 50 global banks reported their economic capital during the 2007-2010 period. In this paper, we analyze the changes in reported bank economic capital disclosure during this period. We conclude that relative shares of credit and business risks increased in 2010 compared to 2007, while both operational and market risks decreased their shares on the total economic capital of top-rated global banks. Generally speaking, higher levels of disclosure and transparency of bank operations are required to obtain more confidence from stakeholders. Moreover, additional risks such as liquidity risks should be included in these disclosures.

Keywords: global crisis, economic capital, risk management, risk allocation, bank

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Authors: Ashly Joseph

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Cloud computing has become an essential component of enterprises and organizations globally in the current era of digital technology. The cloud has a multitude of advantages, including scalability, flexibility, and cost-effectiveness, rendering it an appealing choice for data storage and processing. The increasing storage of sensitive information in cloud environments has raised significant concerns over the security of such systems. The frequency of cyber threats and attacks specifically aimed at cloud infrastructure has been increasing, presenting substantial dangers to the data, reputation, and financial stability of enterprises. Conventional security methods can become inadequate when confronted with ever intricate and dynamic threats. Artificial Intelligence (AI) technologies possess the capacity to significantly transform cloud security through their ability to promptly identify and thwart assaults, adjust to emerging risks, and offer intelligent perspectives for proactive security actions. The objective of this research study is to investigate the utilization of AI technologies in augmenting the security measures within cloud computing systems. This paper aims to offer significant insights and recommendations for businesses seeking to protect their cloud-based assets by analyzing the present state of cloud security, the capabilities of AI, and the possible advantages and obstacles associated with using AI into cloud security policies.

Keywords: Machine Learning, Natural Learning Processing, Denial-of-Service attacks, Sentiment Analysis, Cloud computing.

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Authors: Siti Azrina B. A. Aziz, Siti Hafizah A. Hamid

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New approaches to analyze and visualize data stream in real-time basis is important in making a prompt decision by the decision maker. Financial market trading and surveillance, large-scale emergency response and crowd control are some example scenarios that require real-time analytic and data visualization. This situation has led to the development of techniques and tools that support humans in analyzing the source data. With the emergence of Big Data and social media, new techniques and tools are required in order to process the streaming data. Today, ranges of tools which implement some of these functionalities are available. In this paper, we present chronological evolution evaluation of technologies for supporting of real-time analytic and visualization of the data stream. Based on the past research papers published from 2002 to 2014, we gathered the general information, main techniques, challenges and open issues. The techniques for streaming text visualization are identified based on Text Visualization Browser in chronological order. This paper aims to review the evolution of streaming text visualization techniques and tools, as well as to discuss the problems and challenges for each of identified tools.

Keywords: Information visualization, visual analytics, text mining, visual text analytics tools, big data visualization.

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Authors: Mohammad Namazi, Mohammad Sadeghzadeh Maharluie

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Predicting earnings management is vital for the capital market participants, financial analysts and managers. The aim of this research is attempting to respond to this query: Is there a significant difference between the regression model and neural networks’ models in predicting earnings management, and which one leads to a superior prediction of it? In approaching this question, a Linear Regression (LR) model was compared with two neural networks including Multi-Layer Perceptron (MLP), and Generalized Regression Neural Network (GRNN). The population of this study includes 94 listed companies in Tehran Stock Exchange (TSE) market from 2003 to 2011. After the results of all models were acquired, ANOVA was exerted to test the hypotheses. In general, the summary of statistical results showed that the precision of GRNN did not exhibit a significant difference in comparison with MLP. In addition, the mean square error of the MLP and GRNN showed a significant difference with the multi variable LR model. These findings support the notion of nonlinear behavior of the earnings management. Therefore, it is more appropriate for capital market participants to analyze earnings management based upon neural networks techniques, and not to adopt linear regression models.

Keywords: Earnings management, generalized regression neural networks, linear regression, multi-layer perceptron, Tehran stock exchange.

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Authors: Sabina Jordan, Miha Tomšič, Friderik Knez, Marjana Šijanec Zavrl

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To determine the possibilities for the implementation of sustainable building indicators in Slovenia, testing of the first version of the indicators, developed in the CARE4CLIMATE project and based on the EU Level(s) framework, was carried out in 2022. Invited and interested stakeholders of the construction process were provided with video content and instructions on the Slovenian e-platform of sustainable building indicators. In addition, workshops and lectures with individual subjects were also performed. The final phase of the training and testing procedure included a questionnaire, which was used to obtain information about the participants' opinions regarding the indicators. The analysis of the results of the testing, which was focused on level 2, confirmed the key preliminary finding of the development group, namely that currently, due to the lack of certain knowledge, data, and tools, all indicators for this level are not yet feasible in practice. The research also highlighted the greater need for training and specialization of experts in this field. At the same time, it showed that the testing of the first version itself was a big challenge: only 30 experts fully participated and filled out the online questionnaire. This number seems alarmingly low at first glance, but compared to level(s) testing in the EU member states, it is much more than 50 times higher. However, for the further execution of the indicators in Slovenia, it will therefore be necessary to invest a lot of effort and engagement. It is likely that state support will also be needed, for example, in the form of financial mechanisms or incentives and/or legislative background.

Keywords: Sustainability, building indicator, project CARE4CLIMATE, alpha version SLO kTG, Level(s), sustainable construction stakeholders.

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Authors: B. Marasović, S. Pivac, S. V. Vukasović

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Constructing a portfolio of investments is one of the most significant financial decisions facing individuals and institutions. In accordance with the modern portfolio theory maximization of return at minimal risk should be the investment goal of any successful investor. In addition, the costs incurred when setting up a new portfolio or rebalancing an existing portfolio must be included in any realistic analysis. In this paper rebalancing an investment portfolio in the presence of transaction costs on the Croatian capital market is analyzed. The model applied in the paper is an extension of the standard portfolio mean-variance optimization model in which transaction costs are incurred to rebalance an investment portfolio. This model allows different costs for different securities, and different costs for buying and selling. In order to find efficient portfolio, using this model, first, the solution of quadratic programming problem of similar size to the Markowitz model, and then the solution of a linear programming problem have to be found. Furthermore, in the paper the impact of transaction costs on the efficient frontier is investigated. Moreover, it is shown that global minimum variance portfolio on the efficient frontier always has the same level of the risk regardless of the amount of transaction costs. Although efficient frontier position depends of both transaction costs amount and initial portfolio it can be concluded that extreme right portfolio on the efficient frontier always contains only one stock with the highest expected return and the highest risk.

Keywords: Croatian capital market, Fractional quadratic programming, Markowitz model, Portfolio optimization, Transaction costs.

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Authors: Hamed Zolfaghari, Mojtaba Kord

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Project planners and controllers are frequently faced with the challenge of inadequate software for the preparation of automatic project progress reports based on actual project information updates. They usually make dashboards in Microsoft Excel, which is local and not applicable online. Another shortcoming is that Microsoft project does not store the data in database, so the data cannot automatically be imported from Microsoft Project into Microsoft Excel. This study aimed to propose a model for the preparation of reports on automatic online project progress based on actual project information updates by the integration of Primavera P6, SQL database, and Power BI (Business Intelligence) for a construction project. The designed model could be applicable to project planners and controller agents by enabling them to prepare project reports automatically and immediately after updating the project schedule using actual information. To develop the model, the data were entered into P6, and the information was stored on the SQL database. The proposed model could prepare a wide range of reports, such as earned value management, Human Resource (HR) reports, and financial, physical, and risk reports automatically on the Power BI application. Furthermore, the reports could be published and shared online.

Keywords: Primavera P6, SQL, Power BI, Earned Value Management, Integration Management.

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

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Transport infrastructure assets are key components of the national asset portfolio. The decision to invest in a new infrastructure in transports could take from a few years to some decades. This is mainly because of the need to reserve and spent many capitals, the long payback period, the number of the stakeholders involved in decision process and –many times- the investment and business risks are high. Therefore, the decision assessment framework is an essential challenge linked with the key decision factors meet the stakeholder expectations highlighting project trade-offs, financial risks, business uncertainties and market limitations. This paper examines the decision process for new transport infrastructure projects in cross border regions, where a wide range of stakeholders with different expectation is involved. According to a consequences analysis systemic approach, the relationship of transport infrastructure development, economic system development and stakeholder expectation is analyzed. Adopting the on system of system methodological approach, the decision making framework, variables, inputs and outputs are defined, highlighting the key shareholder’s role and expectations. The application provides the methodology outputs presenting the proposed decision framework for a strategic railway project in north Greece deals with the upgrade of the existing railway corridor connecting Greece, Turkey and Bulgaria.

Keywords: System of system approach, decision making, cross-border, infrastructure project.

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