Search results for: European Put Option.

Authors: Phutthiwat Waiyawuththanapoom, Wannapong Waiyawuththanapoom, Pimploi Tirastittam

Abstract:

Nowadays, it is a globalization era which social media plays an important role to the lifestyle as an information source, tools to connect people together and etc. This research is object to find out about the significant level of the social media as a distribution channel to the agriculture product of Thailand. In this research, the agriculture product is the Rice Berry which is the cross-bred unmilled rice producing dark violet grain, is a combination of Hom Nin Rice and Thai Jasmine/ Fragrant Rice 105. Rice Berry has a very high nutrition and nice aroma so the product is in the growth stage of the product cycle. The problem for the Rice Berry product in Thailand is the production and the distribution channel. This study is to confirm that the social media is another option as the distribution channel for the product which is not a mass production product. This will be the role model for the other niche market product to select the distribution channel.

Keywords: Distribution, Social Media, Rice Berry, Distribution Channel.

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Authors: Jiri Barta, Jiri F. Urbanek

Abstract:

This paper deals with a protection of the national and European infrastructure. It is issue nowadays. The paper deals with the perspectives and possibilities of "smart solutions" to critical infrastructure protection. The research project deals with computers aided technologies are used from the perspective of new, better protection of selected infrastructure objects. Protection is focused on communication and information channels. These communication and information channels are very important for the functioning of the system of protection of critical infrastructure elements.

Keywords: Interoperability, Communication systems, Controlling Process, Critical Infrastructure, Crisis Workplaces. Continuity.

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Authors: Matěj Kuc

Abstract:

This paper compares different types of profitability measures of cooperative banks from two developed regions: the European Union and the United States of America together with Canada. We created balanced dataset of more than 200 cooperative banks covering 2011-2016 period. We made series of tests and run Random Effects estimation on panel data. We found that American and Canadian cooperatives are more profitable in terms of return on assets (ROA) and return on equity (ROE). There is no significant difference in net interest margin (NIM). Our results show that the North American cooperative banks accommodated better to the current market environment.

Keywords: Cooperative banking, panel data, profitability measures, random effects.

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Authors: Mihaela Munteanu (Pila), Silvius Stanciu

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This paper presents the aspects of the official control of fishery in the Republic of Moldova. Currently, the regulations and the activity of national institutions with responsibilities in the field of food quality are in a process of harmonization with the European rules, aiming at European integration, quality improvement and providing a higher level of food safety. The National Agency for Food Safety is the main national body with responsibilities in the field of food safety. In the field of fishery products, the Agency carries out an intensive activity of informing the citizen and controlling the products marketed. The paper presents the dangers related to the consumption of fish and fishery products traded on the national market, the sanitary-veterinary inspections conducted by the profile institution and the improper situations identified. The national market of fishery products depends largely on imports, mainly focused on ocean fish. The research carried out has shown that during the period 2011-2018, following the inspections carried out on fishery products traded on the national market, a number of inconsistencies have been identified. Thus, indigenous products were frequently detected with sensory characteristics unfit for consumption, and being commercialized in inappropriate locations or contaminated with chemical pollutants. On import products controlled, the most frequent inconsistent situations have been represented by inconsistent sensory aspects and by parasite contamination. Taking into account the specific aspects of aquatic products, including the high level of alterability, special conditions of growth, marketing, culinary preparation and consumption are necessary in order to decrease the risk of disease over the population. Certificates, attestations and other documents certifying the quality of batches, completed by additional laboratory examinations, are necessary in order to increase the level of confidence on the quality of products marketed in the Republic. The implementation of various control procedures and mechanisms at national level, correlated with the focused activity of the specialized institutions, can decrease the risk of contamination and avoid cases of disease on the population due to the consumption of fishery products.

Keywords: Fishery products, food safety, insurance, inspection, Republic of Moldova.

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Authors: A. M. Jungudo, M. A. Lasan

Abstract:

Affordable housing has long been one of the basic necessities of life to man. The ever rising prices of building materials are one of the major causes of housing shortage in many developing countries. Breaching the gap of housing needs in developing countries like Nigeria is an awaiting task longing for attention. This is due to lack of research in the development of local materials that will suit the troubled economies of these countries. The use of earth material to meet the housing needs is a sustainable option and its material is freely available universally. However, people are doubtful of using the earth material due to its modest outlook and uncertain durability. This research aims at enhancing the durability of Compressed Earth Bricks (CEBs) using stone dust as a stabilizer. The result indicates that partial replacement of lateritic soil with stone dust at 30% improves its compressive strength along with abrasive resistance.

Keywords: Laterite, stone dust, compressed earth bricks, durability.

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Authors: Marasovic Branka, Aljinovic Zdravka, Poklepovic Tea

Abstract:

Numerical methods like binomial and trinomial trees and finite difference methods can be used to price a wide range of options contracts for which there are no known analytical solutions. American options are the most famous of that kind of options. Besides numerical methods, American options can be valued with the approximation formulas, like Bjerksund-Stensland formulas from 1993 and 2002. When the value of American option is approximated by Bjerksund-Stensland formulas, the computer time spent to carry out that calculation is very short. The computer time spent using numerical methods can vary from less than one second to several minutes or even hours. However to be able to conduct a comparative analysis of numerical methods and Bjerksund-Stensland formulas, we will limit computer calculation time of numerical method to less than one second. Therefore, we ask the question: Which method will be most accurate at nearly the same computer calculation time?

Keywords: Bjerksund and Stensland approximations, Computational analysis, Finance, Options pricing, Numerical methods.

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Authors: F. Lazzali, M. Farsi

Abstract:

Several models of vulnerability assessment have been proposed. The selection of one of these models depends on the objectives of the study. The classical methodologies for seismic vulnerability analysis, as a part of seismic risk analysis, have been formulated with statistical criteria based on a rapid observation. The information relating to the buildings performance is statistically elaborated. In this paper, we use the European Macroseismic Scale EMS-98 to define the relationship between damage and macroseismic intensity to assess the seismic vulnerability. Applying to Algiers area, the first step is to identify building typologies and to assign vulnerability classes. In the second step, damages are investigated according to EMS-98.

Keywords: Damage, EMS-98, inventory building, vulnerability classes

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Authors: Elizabeth M. Hodge, Sharon K. Collins, Eric Kisling

Abstract:

Virtual environments are a hot topic in academia and more importantly in courses offered via distance education. Today-s gaming generation view virtual worlds as strong social and interactive mediums for communicating and socializing. And while institutions of higher education are challenged with increasing enrollment while balancing budget cuts, offering effective courses via distance education become a valid option. Educators can utilize virtual worlds to offer students an enhanced learning environment which has the power to alleviate feelings of isolation through the promotion of communication, interaction, collaboration, teamwork, feedback, engagement and constructivists learning activities. This paper focuses on the use of virtual environments to facilitate interaction in distance education courses so as to produce positive learning outcomes for students. Furthermore, the instructional strategies were reviewed and discussed for use in virtual worlds to enhance learning within a social context.

Keywords: Virtual Environments, Second Life, Instructional Strategies and Technology

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Authors: Thomas Klauß

Abstract:

In networks, mainly small and medium-sized businesses benefit from the knowledge, experiences and solutions offered by experts from industry and science or from the exchange with practitioners. Associations which focus, among other things, on networking, information and knowledge transfer and which are interested in supporting such cooperations are especially well suited to provide such networks and the appropriate web platforms. Using METORA as an example – a project developed and run by the Federal Association for Information Economy, Telecommunications and New Media e.V. (BITKOM) for the Federal Ministry of Economics and Technology (BMWi) – This paper will discuss how associations and other network organizations can achieve this task and what conditions they have to consider.

Keywords: Associations, collaboration, communities, crossdepartmental organizations, semantic web, web 2.0.

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Authors: C. A. Alves, A. I. Calvo, D. J. Lopes, T. Nunes, A. Charron, M. Goriaux, P. Tassel, P. Perret

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The reduction in vehicle exhaust emissions achieved in the last two decades is offset by the growth in traffic, as well as by changes in the composition of emitted pollutants. The present investigation illustrates the emissions of in-use gasoline and diesel passenger cars using the official European driving cycle and the ARTEMIS real-world driving cycle. It was observed that some of the vehicles do not comply with the corresponding regulations. Significant differences in emissions were observed between driving cycles. Not all pollutants showed a tendency to decrease from Euro 3 to Euro 5.

Keywords: Chassis dynamometer, driving cycles, emission factors, exhaust emissions, light-duty vehicles.

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Authors: Zdenek Krnoul

Abstract:

This article investigates a contribution of synthesized visual speech. Synthesis of visual speech expressed by a computer consists in an animation in particular movements of lips. Visual speech is also necessary part of the non-manual component of a sign language. Appropriate methodology is proposed to determine the quality and the accuracy of synthesized visual speech. Proposed methodology is inspected on Czech speech. Hence, this article presents a procedure of recording of speech data in order to set a synthesis system as well as to evaluate synthesized speech. Furthermore, one option of the evaluation process is elaborated in the form of a perceptual test. This test procedure is verified on the measured data with two settings of the synthesis system. The results of the perceptual test are presented as a statistically significant increase of intelligibility evoked by real and synthesized visual speech. Now, the aim is to show one part of evaluation process which leads to more comprehensive evaluation of the sign speech synthesis system.

Keywords: Perception test, Sign speech synthesis, Talking head, Visual speech.

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Authors: Andrey R. Khazbulatov, Moldir Nurpeiis

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Contemporary science and technologies largely widen the gap between the spiritual and rational of the society. Industrial and technological breakthroughs might radically affect most processes in the society, thus losing the cultural heritage. The thinkers recognized the dangers of the decadence in the first place. In the present article the ways of preserving cultural heritage have been investigated. Memory has always been a necessary condition for selfidentification, - continuity is based on this. The authors have supported the hypothesis that continuity and ethnic memory are the very mechanisms that preserve cultural heritage. Such problemformulating will facilitate another, new look at the material, spiritual and arts spheres of the cultural heritage of numerous ethnic groups. The fundamental works by major European and Kazakh scientists have been taken as a basis for the research done.

Keywords: Continuity, cultural heritage, ethnic memory

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Authors: Imran Sarwar Bajwa

Abstract:

Internet is one of the major sources of information for the person belonging to almost all the fields of life. Major language that is used to publish information on internet is language. This thing becomes a problem in a country like Pakistan, where Urdu is the national language. Only 10% of Pakistan mass can understand English. The reason is millions of people are deprived of precious information available on internet. This paper presents a system for translation from English to Urdu. A module LESSA is used that uses a rule based algorithm to read the input text in English language, understand it and translate it into Urdu language. The designed approach was further incorporated to translate the complete website from English language o Urdu language. An option appears in the browser to translate the webpage in a new window. The designed system will help the millions of users of internet to get benefit of the internet and approach the latest information and knowledge posted daily on internet.

Keywords: Natural Language Translation, Text Understanding, Knowledge extraction, Text Processing

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Authors: S. P. Koko, K. Kusakana, H. J. Vermaak

Abstract:

Standalone micro-hydrokinetic river (MHR) system is one of the promising technologies to be used for remote rural electrification. It simply requires the flow of water instead of elevation or head, leading to expensive civil works. This paper demonstrates an economic benefit offered by a standalone MHR system when compared to the commonly used standalone systems such as solar, wind and diesel generator (DG) at the selected study site in Kwazulu Natal. Wind speed and solar radiation data of the selected rural site have been taken from national aeronautics and space administration (NASA) surface meteorology database. The hybrid optimization model for electric renewable (HOMER) software was used to determine the most feasible solution when using MHR, solar, wind or DG system to supply 5 rural houses. MHR system proved to be the best cost-effective option to consider at the study site due to its low cost of energy (COE) and low net present cost (NPC).

Keywords: Economic analysis, Micro-hydrokinetic system, Rural-electrification, Stand-alone system.

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Authors: Antonis Constantinides, Christos Yiallouras, Christakis Damianou

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The application of today's semiconductor transistors in high power UHF DVB-T linear amplifiers has evolved significantly by utilizing LDMOS technology. This fact provides engineers with the option to design a single transistor signal amplifier which enables output power and linearity that was unobtainable previously using bipolar junction transistors or later type first generation MOSFETS. The quiescent current stability in terms of thermal variations of the LDMOS guarantees a robust operation in any topology of DVB-T signal amplifiers. Otherwise, progressively uncontrolled heat dissipation enhancement on the LDMOS case can degrade the amplifier’s crucial parameters in regards to the gain, linearity and RF stability, resulting in dysfunctional operation or a total destruction of the unit. This paper presents one more sophisticated approach from the traditional biasing circuits used so far in LDMOS DVB-T amplifiers. It utilizes a microprocessor control technology, providing stability in topologies where IDQ must be perfectly accurate.

Keywords: Amplifier, DVB-T, LDMOS, MOSFETS.

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Authors: Radostina Popova

Abstract:

The paper presents an analysis of the innovation performance of small and medium-sized furniture enterprises in Bulgaria, accounting for over 97% of the companies in the sector. It contains advanced features of innovation in enterprises, specific features of the furniture industry in Bulgaria and analysis of the results of studies on the topic. The results from studies of three successive periods - 2006-2008; 2008-2010; 2010-2012, during which were studied 594 small and medium-sized furniture enterprises. There are commonly used in the EU definitions and indicators (European Commission, OECD, Oslo Manual), which allows for the comparability of results.

Keywords: Innovation activity, competitiveness of innovation, furniture enterprises in Bulgaria.

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Authors: Jana Chvalkovska, Petr Jansky, Petr Teply

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The impact assessment in its various forms has recently become a very important part of policy-making and legislation in many different countries. Regulatory impact assessment (RIA) is yet another set of analytical methods deployed in the legislation of the European Union, of many developed countries as well as in many developing ones such as Mexico, Malaysia and Philippines. The aim of this paper is to provide a theoretical background for economic models in regulatory impact assessment and an overview of their application especially on the financial market in the Czech Republic. We found out an inadequate application of these models, what makes room for further research in this field.

Keywords: regulatory impact assessment, RIA, impact evaluation, building societies, Czech Republic

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Authors: Paris Kitsos

Abstract:

In this paper the FPGA implementations for four stream ciphers are presented. The two stream ciphers, MUGI and SNOW 2.0 are recently adopted by the International Organization for Standardization ISO/IEC 18033-4:2005 standard. The other two stream ciphers, MICKEY 128 and TRIVIUM have been submitted and are under consideration for the eSTREAM, the ECRYPT (European Network of Excellence for Cryptology) Stream Cipher project. All ciphers were coded using VHDL language. For the hardware implementation, an FPGA device was used. The proposed implementations achieve throughputs range from 166 Mbps for MICKEY 128 to 6080 Mbps for MUGI.

Keywords: Cryptography, ISO/IEC 18033-4:2005 standard, Hardware implementation, Stream ciphers

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Authors: Eakkasak Susakunphaisan, Pichai Namprakai, Withaya Puangsombut

Abstract:

The objective of this paper was to designing a ventilation system to enhance the performance of roof solar collector (RSC) for reducing heat accumulation inside the house. The RSC has 1.8 m2 surface area made of CPAC monier roof tiles on the upper part and gypsum board on the lower part. The space between CPAC monier and gypsum board was fixed at 14 cm. Ventilation system of modified roof solar collector (modified RSC) consists of 9 tubes of 0.15m diameter and installed in the lower part of RSC. Experimental result showed that the temperature of the room, and attic temperature. The average temperature reduction of room of house used modified RSC is about 2oC. and the percentage of room temperature reduction varied between 0 to 10%. Therefore, modified RSC is an interesting option in the sense that it promotes solar energy and conserve energy.

Keywords: roof solar collector, heat accumulation

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Authors: Adam Niewiadomski

Abstract:

Political transition of agricultural properties in Poland and the former German Democratic Republic (GDR) after 1989 had to include not only Reprivatization but also the issue of returning the properties in kind to their former owners. Restitution in kind applied in GDR to all forms of ownership which were subject to expropriation between 1933 and 1989 except for properties taken over during Soviet occupation in 1945-49. This issue was one of the flashpoints during the process of ownership changes. Privatization, limited as it was, took place in unequal legal environment where only one group of owners was privileged. Executing restitution in kind created a feeling of uncertainty among potential real estate buyers.

Keywords: Reprivatization, agricultural properties, German Democratic Republic, Privatization

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Authors: M. Jarocka

Abstract:

The paper contains a review of the literature in terms of the critical analysis of methodologies of university ranking systems. Furthermore, the initiatives supported by the European Commission (U-Map, U-Multirank) and CHE Ranking are described. Special attention is paid to the tendencies in the development of ranking systems. According to the author, the ranking organizations should abandon the classic form of ranking, namely a hierarchical ordering of universities from “the best" to “the worse". In the empirical part of this paper, using one of the method of cluster analysis called k-means clustering, the author presents university classifications of the top universities from the Shanghai Jiao Tong University-s (SJTU) Academic Ranking of World Universities (ARWU).

Keywords: Classification, cluster analysis, ranking, university.

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

Abstract:

Different transportation modes have key operational advantages and disadvantages, providing a variety of different transport options to users and passengers. This paper reviews key variables for the competition between air transport and other transport modes. The aim of this paper is to review the competition between air transport and other transport modes, providing results in terms of perceived cost for the users, for destinations high competitiveness for all transport modes. The competitor analysis variables include the cost and time outputs for each transport option, highlighting the level of competitiveness on high demanded Origin-Destination corridors. The case study presents the output of a such analysis for the OD corridor in Greece that connects the Capital city (Athens) with the second largest city (Thessaloniki) and the different transport modes have been considered (air, train, road). Conventional wisdom is to present an easy to handle tool for planners, managers and decision makers towards pricing policy effectiveness and demand attractiveness, appropriate to use for other similar cases.

Keywords: Competitor analysis, generalized cost, transport economics, quantitative modelling.

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Authors: G. Petruzzelli, F. Pedron, M. Grifoni, F. Gorini, I. Rosellini, B. Pezzarossa

Abstract:

Composting is a controlled technology to enhance the natural aerobic process of organic wastes degradation. The resulting product is a humified material that is principally recyclable for agricultural purpose. The composting process is one of the most important tools for waste management, by the European Community legislation. In recent years composting has been increasingly used as a remediation technology to remove biodegradable contaminants from soil, and to modulate heavy metals bioavailability in phytoremediation strategies. An optimization in the recovery of resources from wastes through composting could enhance soil fertility and promote its use in the remediation biotechnologies of contaminated soils.

Keywords: Agriculture, biopile, compost, soil clean-up, waste recycling.

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Authors: Dorota Galeza

Abstract:

This paper argues that networks, such as the ECN and the American network, are affected by certain small events which are inherent to path dependence and preclude the full evolution towards efficiency. It is advocated that the American network is superior to the ECN in many respects due to its greater flexibility and longer history. This stems in particular from the creation of the American network, which was based on a small number of cases. Such a structure encourages further changes and modifications which are not necessarily radical. The ECN, by contrast, was established by legislative action, which explains its rigid structure and resistance to change. This paper is an attempt to transpose the superiority of the American network on to the ECN. It looks at concepts such as judicial cooperation, harmonisation of procedure, peer review and regulatory impact assessments (RIAs), and dispute resolution procedures.

Keywords: Antitrust, Competition, Networks, Path Dependence.

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Authors: Khaled Elbehiery, Hussam Elbehiery

Abstract:

Smart cities are a framework of technologies along with sustainable infrastructure to provide their citizens an improved quality of life, safer environment, affordability, and more, which in turn helps with the society's economic growth. The proposed research will focus on the primary building block of the smart city; the infrastructure of the house itself. The traditional method of building houses has been, for a long time, nothing but a costly manufacturing process, and consequently, buying a house becomes not an option for everyone anymore. The smart cities' Modular Houses are not using traditional building construction materials; the design reduces the common lengthy construction times and associated high costs. The Modular Houses are technological homes, low-cost and customizable based on a family's requirements. In addition, the Modular Houses are environmentally friendly and healthy enough to assist with the pandemic situation.

Keywords: Smart cities, modular houses, single-unit property, multi-unit property, mobility features, chain-supply, livable environment, carbon footprint.

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Authors: Ģirts Brasliņš, Ilja Arefjevs, Nadežda Tarakanova

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The objective of countercyclical capital buffer is to encourage banks to build up buffers in good times that can be drawn down in bad times. The aim of the report is to assess such decisions by banks derived from three approaches. The approaches are the aggregate credit-to-GDP ratio, credit growth as well as banking sector profits. The approaches are implemented for Estonia, Latvia and Lithuania for the time period 2000-2012. The report compares three approaches and analyses their relevance to the Baltic States by testing the correlation between a growth in studied variables and a growth of corresponding gaps. Methods used in the empirical part of the report are econometric analysis as well as economic analysis, development indicators, relative and absolute indicators and other methods. The research outcome is a cross-Baltic comparison of two alternative approaches to establish or release a countercyclical capital buffer by banks and their implications for each Baltic country.

Keywords: Basel III, countercyclical capital buffer, banks, credit growth, Baltic States.

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Authors: Maamar Ali Saud Al Tobi, Geraint Bevan, K. P. Ramachandran, Peter Wallace, David Harrison

Abstract:

Centrifugal pumps are complex machines which can experience different types of fault. Condition monitoring can be used in centrifugal pump fault detection through vibration analysis for mechanical and hydraulic forces. Vibration analysis methods have the potential to be combined with artificial intelligence systems where an automatic diagnostic method can be approached. An automatic fault diagnosis approach could be a good option to minimize human error and to provide a precise machine fault classification. This work aims to introduce an approach to centrifugal pump fault diagnosis based on artificial intelligence and genetic algorithm systems. An overview of the future works, research methodology and proposed experimental setup is presented and discussed. The expected results and outcomes based on the experimental work are illustrated.

Keywords: Centrifugal pump setup, vibration analysis, artificial intelligence, genetic algorithm.

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Authors: Jakub Hospodka

Abstract:

This paper dissertates about issues which may occur after next year will be major part of civil aviation in EU included into system of Emission trading. This system should help to fight against global warming and to fulfill Kyoto Protocol commitments of European countries. Main issues mentioned in this paper are connected with problem of radiative forcing from emissions and lack of their monitoring and charging in EU legislative. There are mentioned main differences between industrial emissions and emissions form aviation with notification about possible negative impacts of neglecting these differences. Special attention is dedicated to risk of possible reverse effect of inclusion aviation in EU ETS, which may theoretically occur.

Keywords: EU ETS, radiative forcing, aviation, emissiontrading.

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Authors: S.F. Tsen, M. Zamin Jumaat

Abstract:

The characteristic bending strength (MOR) and mean modulus of elasticity (MOE) of tropical hardwood red seraya (Shorea spp.) plywood were determined using European Standard EN310 and EN789. The thickness of the test specimen was 4.0mm, 7.0mm, 9.0mm, 12.0mm and 15.0mm. The experiment found that the MOR of red seraya plywood in EN310 is about 12% to 20% and 7% to 24% higher than EN789 whereas MOE were about 28% to 41% and 30% to 36% lower than those obtained from EN 789 for test specimens parallel and perpendicular to the grain direction. The linear regression shows that MOR and MOE for EN789 is about 0.8 times less and 1.5 times more than EN310. The experiment also found that the MOR and MOE of EN310 and EN789 also depend on the wood species that used in the experiment.

Keywords: Bending strength, Modulus of elasticity, EN310, EN789

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Authors: M. A. Amezcua-Allieri, E. Torres, J. A. Zermeño Eguía-Lis, M. Magdaleno, L. A. Melgarejo, E. Palmerín, A. Rosas, D. López, J. Aburto

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The use of biomass to produce renewable energy is one of the forms that can be used to reduce the impact of energy production. Like any other energy resource, there are limitations for biomass use, and it must compete not only with fossil fuels but also with other renewable energy sources such as solar or wind energy. Combustion is currently the most efficient and widely used waste-to-energy process, in the areas where direct use of biomass is possible, without the need to make large transfers of raw material. Many industrial facilities can use agricultural or forestry waste, straw, chips, bagasse, etc. in their thermal systems without making major transformations or adjustments in the feeding to the ovens, making this waste an attractive and cost-effective option in terms of availability, access, and costs. In spite of the facilities and benefits, the environmental reasons (emission of gases and particulate material) are decisive for its use for energy purpose. This paper describes a valorization of residues from forest industry to generate energy, using a case study.

Keywords: Bioenergy, forest waste, life-cycle assessment, waste-to-energy, electricity.

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