Search results for: Legal Rules
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 698

Search results for: Legal Rules

488 Development of Genetic-based Machine Learning for Network Intrusion Detection (GBML-NID)

Authors: Wafa' S.Al-Sharafat, Reyadh Naoum

Abstract:

Society has grown to rely on Internet services, and the number of Internet users increases every day. As more and more users become connected to the network, the window of opportunity for malicious users to do their damage becomes very great and lucrative. The objective of this paper is to incorporate different techniques into classier system to detect and classify intrusion from normal network packet. Among several techniques, Steady State Genetic-based Machine Leaning Algorithm (SSGBML) will be used to detect intrusions. Where Steady State Genetic Algorithm (SSGA), Simple Genetic Algorithm (SGA), Modified Genetic Algorithm and Zeroth Level Classifier system are investigated in this research. SSGA is used as a discovery mechanism instead of SGA. SGA replaces all old rules with new produced rule preventing old good rules from participating in the next rule generation. Zeroth Level Classifier System is used to play the role of detector by matching incoming environment message with classifiers to determine whether the current message is normal or intrusion and receiving feedback from environment. Finally, in order to attain the best results, Modified SSGA will enhance our discovery engine by using Fuzzy Logic to optimize crossover and mutation probability. The experiments and evaluations of the proposed method were performed with the KDD 99 intrusion detection dataset.

Keywords: MSSGBML, Network Intrusion Detection, SGA, SSGA.

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487 The Application of Real Options to Capital Budgeting

Authors: George Yungchih Wang

Abstract:

Real options theory suggests that managerial flexibility embedded within irreversible investments can account for a significant value in project valuation. Although the argument has become the dominant focus of capital investment theory over decades, yet recent survey literature in capital budgeting indicates that corporate practitioners still do not explicitly apply real options in investment decisions. In this paper, we explore how real options decision criteria can be transformed into equivalent capital budgeting criteria under the consideration of uncertainty, assuming that underlying stochastic process follows a geometric Brownian motion (GBM), a mixed diffusion-jump (MX), or a mean-reverting process (MR). These equivalent valuation techniques can be readily decomposed into conventional investment rules and “option impacts", the latter of which describe the impacts on optimal investment rules with the option value considered. Based on numerical analysis and Monte Carlo simulation, three major findings are derived. First, it is shown that real options could be successfully integrated into the mindset of conventional capital budgeting. Second, the inclusion of option impacts tends to delay investment. It is indicated that the delay effect is the most significant under a GBM process and the least significant under a MR process. Third, it is optimal to adopt the new capital budgeting criteria in investment decision-making and adopting a suboptimal investment rule without considering real options could lead to a substantial loss in value.

Keywords: real options, capital budgeting, geometric Brownianmotion, mixed diffusion-jump, mean-reverting process

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486 Impact of Changes in Excise Tax Rate for Strong Alcohol on Consumption and State Revenues in Latvia

Authors: A. Strateičuks, V. Kaže, R. Škapars

Abstract:

State tax revenues in most countries started to decrease during the recession. Government of Latvia decided to compensate the decline by increasing rates of several taxes including excise tax on strong alcohol. The total increase in 2009 constituted 42% and the rate increased from 896€ to 1 266€ for 100l of absolute alcohol. Since then this has had a negative impact on consumption volumes and the split between legal and illegal market. The legal alcohol sales decreased by almost 50% (by volume), consequentially having negative effect on the State revenues from VAT and excise tax. Estimated results for 2010 are indicating 54 million € decrease in VAT, excise tax and other taxes versus 2008 (excise tax -19 million €, VAT -30 million €, other taxes -5 million €). The paper aims to analyze impact of the increase in excise tax on consumption patterns, State revenues and competitiveness of the local companies to draw up proposals for the state authorities regarding more effective tax policies. The analysis reveals a relationship between excise tax rate, illegal alcohol market and State revenues. The results can be used to improve excise tax system and effectiveness in Latvia.

Keywords: State revenues, alcohol market, excise tax, competitiveness, consumption.

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485 The Problem of Reconciling the Principle of Confidentiality in Foreign Investment Arbitration with the Public Interest

Authors: Bárbara Magalhães Bravo, Cláudia Figueiras

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The economical globalization through the liberalization of the markets and capitals boosted the economical development of the nations and the needs for sorting out the disputes arising from the foreign investment. The arbitration, for all the inherent advantages, such as swiftness, arbitrators’ specialise skills and impartiality sets a pacifier tool for the interest in account. Safeguarded the public interest, we face the problem of the confidentiality in the arbitration. The urgent development of impelling mechanisms concerning transparency, guaranty and protection of the interest in account, reveals itself urgent. Through a bibliography review, we will dense the state of art, by going through the several solutions concerning, and pointing out the most suitable. Through the jurisprudential analysis we will point out the solution for the conflict confidentiality/public interest. The transparency, inextricable from the public interest, imposes the arbitration process can be open to all citizens. Transparency rules have been considered at the UNCITRAL in attempting to conciliate the necessity of publicity and the public interest, however still insufficient. The arbitration of foreign investment carries consequences to the citizens of the State. Articulating mechanisms between the arbitral procedures secrecy and the public interest should be adopted. The arbitration of foreign investment, being a tertius genius between the international arbitration and the administrative arbitration would claim its own regulation in each and every States where the confidentiality rules and its exceptions could be identified. One should enquiry where the limit of the citizens’ individual rights protection and the public interest should give way to the principle of transparency

Keywords: Arbitration, foreign investment, transparency, confidentiality, international centre for settlement of investment disputes UNCITRAL.

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484 Performing Diagnosis in Building with Partially Valid Heterogeneous Tests

Authors: Houda Najeh, Mahendra Pratap Singh, Stéphane Ploix, Antoine Caucheteux, Karim Chabir, Mohamed Naceur Abdelkrim

Abstract:

Building system is highly vulnerable to different kinds of faults and human misbehaviors. Energy efficiency and user comfort are directly targeted due to abnormalities in building operation. The available fault diagnosis tools and methodologies particularly rely on rules or pure model-based approaches. It is assumed that model or rule-based test could be applied to any situation without taking into account actual testing contexts. Contextual tests with validity domain could reduce a lot of the design of detection tests. The main objective of this paper is to consider fault validity when validate the test model considering the non-modeled events such as occupancy, weather conditions, door and window openings and the integration of the knowledge of the expert on the state of the system. The concept of heterogeneous tests is combined with test validity to generate fault diagnoses. A combination of rules, range and model-based tests known as heterogeneous tests are proposed to reduce the modeling complexity. Calculation of logical diagnoses coming from artificial intelligence provides a global explanation consistent with the test result. An application example shows the efficiency of the proposed technique: an office setting at Grenoble Institute of Technology.

Keywords: Heterogeneous tests, validity, building system, sensor grids, sensor fault, diagnosis, fault detection and isolation.

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483 Reconsidering the Legitimacy of Capital Punishment in the Interpretation of the Human Right to Life in the Two Traditional Approaches

Authors: Yujie Zhang

Abstract:

There are debates around the legitimacy of capital punishment, i.e., whether death could serve as a proper execution in our legal system or not. Different arguments have been raised. However, none of them seem able to provide a determined answer to the issue; this results in a lack of instruction in the legal practice. This article, therefore, devotes itself to the effort to find such an answer. It takes the perspective of rights, through interpreting the concept of right to life, which capital punishment appears to be in confliction with in the two traditional approaches, to reveal a possibly best account of the right and its conclusion on capital punishment. However, this effort is not a normative one which focuses on what ought to be. It means the article does not try to work out which argument we should choose and solve the hot debate on whether capital punishment should be allowed or not. It, again, does not propose which perspective we should take to approach this issue or generally which account of right must be better; rather, it is more a thought experiment. It attempts to raise a new perspective to approach the issue of the legitimacy of capital punishment. Both its perspective and conclusion therefore are tentative: what if we view this issue in a way we have never tried before, for example the different accounts of right to life? In this sense, the perspective could be defied, while the conclusion could be rejected. Other perspectives and conclusions are also possible. Notwithstanding, this tentative perspective and account of the right still could not be denied from serving as a potential approach, since it does have the ability to provide us with a determined attitude toward capital punishment that is hard to achieve through existing arguments.

Keywords: Capital punishment, right to life, theories of rights, the choice theory.

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482 Integrating Computational Intelligence Techniques and Assessment Agents in ELearning Environments

Authors: Konstantinos C. Giotopoulos, Christos E. Alexakos, Grigorios N. Beligiannis, Spiridon D.Likothanassis

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In this contribution an innovative platform is being presented that integrates intelligent agents and evolutionary computation techniques in legacy e-learning environments. It introduces the design and development of a scalable and interoperable integration platform supporting: I) various assessment agents for e-learning environments, II) a specific resource retrieval agent for the provision of additional information from Internet sources matching the needs and profile of the specific user and III) a genetic algorithm designed to extract efficient information (classifying rules) based on the students- answering input data. The agents are implemented in order to provide intelligent assessment services based on computational intelligence techniques such as Bayesian Networks and Genetic Algorithms. The proposed Genetic Algorithm (GA) is used in order to extract efficient information (classifying rules) based on the students- answering input data. The idea of using a GA in order to fulfil this difficult task came from the fact that GAs have been widely used in applications including classification of unknown data. The utilization of new and emerging technologies like web services allows integrating the provided services to any web based legacy e-learning environment.

Keywords: Bayesian Networks, Computational Intelligencetechniques, E-learning legacy systems, Service Oriented Integration, Intelligent Agents, Genetic Algorithms.

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481 The Impact of Corporate Governance Regulation in the Nigerian Banking Sector

Authors: Simisola I. Akintoye, Sunday K. Iyaniwura

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Recent global corporate failures have called for increase in the need to regulate corporate governance across the world. In Nigeria, the impact of corporate governance regulation in the banking sector has reached epidemic levels contributing to the country’s economic depression. This study critically evaluates Nigeria’s corporate governance regime and explores how weak regulation has impacted on the banking sector. By adopting a socio legal methodology, the study analyses both theoretical and empirical works from a socio-scientific point of view to examine the role of Nigeria’s legal, cultural and social arrangements in corporate governance regulation. The study reveals that Nigeria’s institutional arrangement has contributed to its weak system of corporate governance regulation with adverse effects on the banking sector. The research mainly impacts on current global corporate governance literature in sub-Saharan Africa by contributing to knowledge of the peculiarities of corporate governance regulation in different institutional jurisdictions. The particular focus on emerging economies such as Nigeria expands on the need for countries to develop a bespoke system of corporate governance regulation that takes into consideration the peculiarities of individual countries devoid of external influence.

Keywords: Banks, corporate governance, emerging economies, Nigeria.

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480 Power System Damping Using Hierarchical Fuzzy Multi- Input PSS and Communication Lines Active Power Deviations Input and SVC

Authors: Mohammad Hasan Raouf, Ahmad Rouhani, Mohammad Abedini, Ebrahim Rasooli Anarmarzi

Abstract:

In this paper the application of a hierarchical fuzzy system (HFS) based on MPSS and SVC in multi-machine environment is studied. Also the effect of communication lines active power variance signal between two ΔPTie-line regions, as one of the inputs of hierarchical fuzzy multi-input PSS and SVC (HFMPSS & SVC), on the increase of low frequency oscillation damping is examined. In the MPSS, to have better efficiency an auxiliary signal of reactive power deviation (ΔQ) is added with ΔP+ Δω input type PSS. The number of rules grows exponentially with the number of variables in a classic fuzzy system. To reduce the number of rules the HFS consists of a number of low-dimensional fuzzy systems in a hierarchical structure. Phasor model of SVC is described and used in this paper. The performances of MPSS and ΔPTie-line based HFMPSS and also the proposed method in damping inter-area mode of oscillation are examined in response to disturbances. The efficiency of the proposed model is examined by simulating a four-machine power system. Results show that the proposed method is performing satisfactorily within the whole range of disturbances and reduces the cost of system.

Keywords: Communication lines active power variance signal, Hierarchical fuzzy system (HFS), Multi-input power system stabilizer (MPSS), Static VAR compensator (SVC).

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479 The Transfer of Low-Cost Housing in South Africa: Problems and Impediments

Authors: Gert Van Schalkwyk, Chris Cloete

Abstract:

South Africa is experiencing a massive housing backlog in urban low-cost housing. A backlog in the transfer of low-cost housing units is exacerbated by various impediments and delays that exist in the current legal framework. Structured interviews were conducted with 45 practicing conveyancers and 15 deeds office examiners at the Deeds Office in Pretoria, South Africa. One of the largest, the Deeds Office in Pretoria implements a uniform registration process and can be regarded as representative of other deeds offices in South Africa. It was established that a low percentage of low-cost properties are freely transferable. The main economic impediments are the absence of financing and the affordability or payment of rates and taxes to local government. Encroachment of buildings on neighbouring stands caused by enlargement of existing small units on small stands also cause long-term unresolved legal disputes. In addition, as transfer of properties is dependent on the proper functioning of administrative functions of various government departments, the adverse service delivery of government departments hampers transfer. Addressing the identified problems will contribute to a more sustainable process for the transfer of low-cost housing units in South Africa.

Keywords: Conveyancing, low-cost housing, South Africa, tenure, transfer, titling.

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478 Risk Management Strategy for Protecting Cultural Heritage: Case Study of the Institute of Egypt

Authors: Amany A. Ragheb, Ghada Ragheb, Abd ElRahman A.

Abstract:

Egypt has a countless heritage of mansions, castles, cities, towns, villages, industrial and manufacturing sites. This richness of heritage provides endless and matchless prospects for culture. Despite being famous worldwide, Egypt’s heritage still is in constant need of protection. Political conflicts and religious revolutions form a direct threat to buildings in various areas, historic, archaeological sites, and religious monuments. Egypt has witnessed two revolutions in less than 60 years; both had an impact on its architectural heritage. In this paper, the authors aim to review legal and policy framework to protect the cultural heritage and present the risk management strategy for cultural heritage in conflict. Through a review of selected international models of devastated architectural heritage in conflict zones and highlighting some of their changes, we can learn from the experiences of other countries to assist towards the development of a methodology to halt the plundering of architectural heritage. Finally, the paper makes an effort to enhance the formulation of a risk management strategy for protection and conservation of cultural heritage, through which to end the plundering of Egypt’s architectural legacy in the Egyptian community (revolutions, 1952 and 2011); and by presenting to its surrounding community the benefits derived from maintaining it.

Keywords: Cultural heritage, legal regulation, risk management, preservation.

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477 Cumulative Learning based on Dynamic Clustering of Hierarchical Production Rules(HPRs)

Authors: Kamal K.Bharadwaj, Rekha Kandwal

Abstract:

An important structuring mechanism for knowledge bases is building clusters based on the content of their knowledge objects. The objects are clustered based on the principle of maximizing the intraclass similarity and minimizing the interclass similarity. Clustering can also facilitate taxonomy formation, that is, the organization of observations into a hierarchy of classes that group similar events together. Hierarchical representation allows us to easily manage the complexity of knowledge, to view the knowledge at different levels of details, and to focus our attention on the interesting aspects only. One of such efficient and easy to understand systems is Hierarchical Production rule (HPRs) system. A HPR, a standard production rule augmented with generality and specificity information, is of the following form Decision If < condition> Generality Specificity . HPRs systems are capable of handling taxonomical structures inherent in the knowledge about the real world. In this paper, a set of related HPRs is called a cluster and is represented by a HPR-tree. This paper discusses an algorithm based on cumulative learning scenario for dynamic structuring of clusters. The proposed scheme incrementally incorporates new knowledge into the set of clusters from the previous episodes and also maintains summary of clusters as Synopsis to be used in the future episodes. Examples are given to demonstrate the behaviour of the proposed scheme. The suggested incremental structuring of clusters would be useful in mining data streams.

Keywords: Cumulative learning, clustering, data mining, hierarchical production rules.

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476 SMaTTS: Standard Malay Text to Speech System

Authors: Othman O. Khalifa, Zakiah Hanim Ahmad, Teddy Surya Gunawan

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This paper presents a rule-based text- to- speech (TTS) Synthesis System for Standard Malay, namely SMaTTS. The proposed system using sinusoidal method and some pre- recorded wave files in generating speech for the system. The use of phone database significantly decreases the amount of computer memory space used, thus making the system very light and embeddable. The overall system was comprised of two phases the Natural Language Processing (NLP) that consisted of the high-level processing of text analysis, phonetic analysis, text normalization and morphophonemic module. The module was designed specially for SM to overcome few problems in defining the rules for SM orthography system before it can be passed to the DSP module. The second phase is the Digital Signal Processing (DSP) which operated on the low-level process of the speech waveform generation. A developed an intelligible and adequately natural sounding formant-based speech synthesis system with a light and user-friendly Graphical User Interface (GUI) is introduced. A Standard Malay Language (SM) phoneme set and an inclusive set of phone database have been constructed carefully for this phone-based speech synthesizer. By applying the generative phonology, a comprehensive letter-to-sound (LTS) rules and a pronunciation lexicon have been invented for SMaTTS. As for the evaluation tests, a set of Diagnostic Rhyme Test (DRT) word list was compiled and several experiments have been performed to evaluate the quality of the synthesized speech by analyzing the Mean Opinion Score (MOS) obtained. The overall performance of the system as well as the room for improvements was thoroughly discussed.

Keywords: Natural Language Processing, Text-To-Speech (TTS), Diphone, source filter, low-/ high- level synthesis.

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475 Defect Prevention and Detection of DSP-software

Authors: Deng Shiwei

Abstract:

The users are now expecting higher level of DSP(Digital Signal Processing) software quality than ever before. Prevention and detection of defect are critical elements of software quality assurance. In this paper, principles and rules for prevention and detection of defect are suggested, which are not universal guidelines, but are useful for both novice and experienced DSP software developers.

Keywords: defect detection, defect prevention, DSP-software, software development, software testing.

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474 Towards a Deeper Understanding of 21st Century Global Terrorism

Authors: Francis Jegede

Abstract:

This paper examines essential issues relating to the rise and nature of violent extremism involving non-state actors and groups in the early 21st century. The global trends in terrorism and violent extremism are examined in relation to Western governments’ counter terror operations. The paper analyses the existing legal framework for fighting violent extremism and terrorism and highlights the inherent limitations of the current International Law of War in dealing with the growing challenges posed by terrorists and violent extremist groups. The paper discusses how terrorist groups use civilians, women and children as tools and weapon of war to fuel their campaign of terror and suggests ways in which the international community could deal with the challenge of fighting terrorist groups without putting civilians, women and children in harm way. The paper emphasises the need to uphold human rights values and respect for the law of war in our response to global terrorism. The paper poses the question as to whether the current legal framework for dealing with terrorist groups is sufficient without contravening the essential provisions and ethos of the International Law of War and Human Rights. While the paper explains how terrorist groups flagrantly disregard the rule of law and disrespect human rights in their campaign of terror, it also notes instances in which the current Western strategy in fighting terrorism may be viewed or considered as conflicting with human rights and international law.

Keywords: Terrorism, law of war, international law, violent extremism.

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473 Closed Will in Russian Civil Law: Specific Aspects

Authors: Farida Buniatova

Abstract:

Testamentary succession rules in the Russian Federation have been developing intensively since the collapse of the Soviet Union. The article analyzes specific aspects of the closed will in Russian civil law. It discusses advantages and drawbacks of the closed will. In addition to that, the paper focuses on the will drafting and attestation procedures. The research provides ways to improve and enhance Russian legislation governing the closed will.

Keywords: Closed will, testamentary succession, testator, will.

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472 Propagation of a Generalized Beam in ABCD System

Authors: Halil Tanyer Eyyuboğu

Abstract:

For a generalized Hermite sinosiodal / hyperbolic Gaussian beam passing through an ABCD system with a finite aperture, the propagation properties are derived using the Collins integral. The results are obtained in the form of intensity graphs indicating that previously demonstrated rules of reciprocity are applicable, while the existence of the aperture accelerates this transformation.

Keywords: Optical communications, Hermite-Gaussian beams, ABCD system.

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471 Identification of the Electronic City Application Obstacles in Iran

Authors: E. Asgharizadeh, M. Ajalli Geshlajoughi, S. R. Safavi Mirmahalleh

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Amazing development of the information technology, communications and internet expansion as well as the requirements of the city managers to new ideas to run the city and higher participation of the citizens encourage us to complete the electronic city as soon as possible. The foundations of this electronic city are in information technology. People-s participation in metropolitan management is a crucial topic. Information technology does not impede this matter. It can ameliorate populace-s participation and better interactions between the citizens and the city managers. Citizens can proffer their ideas, beliefs and votes through digital mass media based upon the internet and computerization plexuses on the topical matters to receive appropriate replies and services. They can participate in urban projects by becoming cognizant of the city views. The most significant challenges are as follows: information and communicative management, altering citizens- views, as well as legal and office documents Electronic city obstacles have been identified in this research. The required data were forgathered through questionnaires to identify the barriers from a statistical community comprising specialists and practitioners of the ministry of information technology and communication, the municipality information technology organization. The conclusions demonstrate that the prioritized electronic city application barriers in Iran are as follows: The support quandaries (non-financial ones), behavioral, cultural and educational plights, the security, legal and license predicaments, the hardware, orismological and infrastructural curbs, the software and fiscal problems.

Keywords: Electronic city, urban management, populace's participation, electronic government, electronic services, electronic organization, electronic infrastructure.

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470 A New Fuzzy DSS/ES for Stock Portfolio Selection using Technical and Fundamental Approaches in Parallel

Authors: H. Zarei, M. H. Fazel Zarandi, M. Karbasian

Abstract:

A Decision Support System/Expert System for stock portfolio selection presented where at first step, both technical and fundamental data used to estimate technical and fundamental return and risk (1st phase); Then, the estimated values are aggregated with the investor preferences (2nd phase) to produce convenient stock portfolio. In the 1st phase, there are two expert systems, each of which is responsible for technical or fundamental estimation. In the technical expert system, for each stock, twenty seven candidates are identified and with using rough sets-based clustering method (RC) the effective variables have been selected. Next, for each stock two fuzzy rulebases are developed with fuzzy C-Mean method and Takai-Sugeno- Kang (TSK) approach; one for return estimation and the other for risk. Thereafter, the parameters of the rule-bases are tuned with backpropagation method. In parallel, for fundamental expert systems, fuzzy rule-bases have been identified in the form of “IF-THEN" rules through brainstorming with the stock market experts and the input data have been derived from financial statements; as a result two fuzzy rule-bases have been generated for all the stocks, one for return and the other for risk. In the 2nd phase, user preferences represented by four criteria and are obtained by questionnaire. Using an expert system, four estimated values of return and risk have been aggregated with the respective values of user preference. At last, a fuzzy rule base having four rules, treats these values and produce a ranking score for each stock which will lead to a satisfactory portfolio for the user. The stocks of six manufacturing companies and the period of 2003-2006 selected for data gathering.

Keywords: Stock Portfolio Selection, Fuzzy Rule-Base ExpertSystems, Financial Decision Support Systems, Technical Analysis, Fundamental Analysis.

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469 Pruning Algorithm for the Minimum Rule Reduct Generation

Authors: Şahin Emrah Amrahov, Fatih Aybar, Serhat Doğan

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In this paper we consider the rule reduct generation problem. Rule Reduct Generation (RG) and Modified Rule Generation (MRG) algorithms, that are used to solve this problem, are well-known. Alternative to these algorithms, we develop Pruning Rule Generation (PRG) algorithm. We compare the PRG algorithm with RG and MRG.

Keywords: Rough sets, Decision rules, Rule induction, Classification.

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468 The Role of the Accused’s Attorney in the Criminal Justice System of Iran, Mashhad 2014

Authors: Mahdi Karimi

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One of the most basic standards of fair trial is the right to defense, hire an attorney and its presence in the hearing stages. On the one hand, based on the reason and justice, as the legal issues, particularly criminal affairs, become complicated, the accused must benefit from an attorney in the court in order to defend itself which requires legal knowledge. On the other hand, as the judicial system has jurists such as investigation judges at its disposal, the accused must enjoy the same right to defend itself and reject allegations so that the balance is maintained between the litigating parties based on the principle of "equality of arms". The right to adequate time and facilities for defense is cited among the principles and rights relevant to the proceedings in international regulations such as the International Covenant on Civil and Political Rights. The innovations made in the Code of Criminal Procedure in 2013 guaranteed the presence of the accused’s attorney in the proceedings. The present study aims at assessing the result of the aforementioned guarantee in practice and made attempts to investigate the effect of the presence of accused’s attorney on reducing the punishment by asking the question and addressing the statistical population of this study including 48 judges of lower courts and courts of appeal. It seems that in despite of guarantees provided in the new Code of Criminal Procedure, Iran's penal system, does not tolerate the presence of an attorney in practice.

Keywords: Defense attorney, equality of arms, fair trial, reducing the penalty, right to defense.

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467 Impact of Regulation on Trading in Financial Derivatives in Europe

Authors: H. Florianová, J. Nešleha

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Financial derivatives are considered to be risky investment instruments which could possibly bring another financial crisis. As prevention, European Union and its member states have released new legal acts adjusting this area of law in recent years. There have been several cases in history of capital markets worldwide where it was shown that legislature may affect behavior of subjects on capital markets. In our paper we analyze main events on selected European stock exchanges in order to apply them on three chosen markets - Czech capital market represented by Prague Stock Exchange, German capital market represented by Deutsche Börse and Polish capital market represented by Warsaw Stock Exchange. We follow time series of development of the sum of listed derivatives on these three stock exchanges in order to evaluate popularity of those exchanges. Afterwards we compare newly listed derivatives in relation to the speed of development of these exchanges. We also make a comparison between trends in derivatives and shares development. We explain how a legal regulation may affect situation on capital markets. If the regulation is too strict, potential investors or traders are not willing to undertake it and move to other markets. On the other hand, if the regulation is too vague, trading scandals occur and the market is not reliable from the prospect of potential investors or issuers. We see that making the regulation stricter usually discourages subjects to stay on the market immediately although making the regulation vaguer to interest more subjects is usually much slower process.

Keywords: Capital markets, financial derivatives, investors' behavior, regulation.

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466 Analyzing the Prospects and Challenges in Implementing the Legal Framework for Competition Regulation in Nigeria

Authors: Oluchukwu P. Obioma, Amarachi R. Dike

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Competition law promotes market competition by regulating anti-competitive conduct by undertakings. There is a need for a third party to regulate the market for efficiency and supervision, since, if the market is left unchecked, it may be skewed against the consumers and the economy. Competition law is geared towards the protection of consumers from economic exploitation. It is the duty of every rational government to optimally manage its economic system by employing the best regulatory practices over the market to ensure it functions effectively and efficiently. The Nigerian government has done this by enacting the Federal Competition and Consumer Protection Act, 2018 (FCCPA). This is a comprehensive legal framework with the objective of governing competition issues in Nigeria. Prior to its enactment, the competition law regime in Nigeria was grossly inadequate despite Nigeria being the biggest economy in Africa. This latest legislation has become a bold step in the right direction. This study will use the doctrinal methodology in analyzing the FCCPA, 2018 in order to discover the extent to which the Act will guard against anti-competitive practices and promote competitive markets for the benefit of the Nigerian economy and consumers. The study finds that although the FCCPA, 2018 provides for the regulation of competition in Nigeria, there is a need to effectively tackle the challenges to the implementation of the Act and the development of anti-trust jurisprudence in Nigeria. This study concludes that incisive implementation of competition law in Nigeria will help protect consumers and create a conducive environment for economic growth, development, and protection of consumers from obnoxious competition practices.

Keywords: Anti-competitive practices, competition law, competition regulation, consumer protection.

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465 Legal Doctrine on Rylands v. Fletcher: One more time on Feasibility of a General Clause of Strict Liability in the UK

Authors: Maria Lubomira Kubica

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The paper reveals the birth and evolution of the British precedent Rylands v. Fletcher that, once adopted on the other side of the Ocean (in United States), gave rise to a general clause of liability for abnormally dangerous activities recognized by the §20 of the American Restatements of the Law Third, Liability for Physical and Emotional Harm. The main goal of the paper was to analyze the development of the legal doctrine and of the case law posterior to the precedent together with the intent of the British judicature to leapfrog from the traditional rule contained in Rylands v. Fletcher to a general clause similar to that introduced in the United States and recently also on the European level. As it is well known, within the scope of tort law two different initiatives compete with the aim of harmonizing the European laws: European Group on Tort Law with its Principles of European Tort Law (hereinafter PETL) in which article 5:101 sets forth a general clause for strict liability for abnormally dangerous activities and Study Group on European Civil Code with its Common Frame of Reference (CFR) which promotes rather ad hoc model of listing out determined cases of strict liability. Very narrow application scope of the art. 5:101 PETL, restricted only to abnormally dangerous activities, stays in opposition to very broad spectrum of strict liability cases governed by the CFR. The former is a perfect example of a general clause that offers a minimum and basic standard, possibly acceptable also in those countries in which, like in the United Kingdom, this regime of liability is completely marginalized.

Keywords: Abnormally dangerous activities, general clause, Rylands v. Fletcher, strict liability.

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464 Public Financial Management in Ghana: A Move beyond Reforms to Consolidation and Sustainability

Authors: Mohammed Sani Abdulai

Abstract:

Ghana’s Public Financial Management reforms have been going on for some two decades now (1997/98 to 2017/18). Given this long period of reforms, Ghana in 2019 is putting together both a Public Financial Management (PFM) strategy and a Ghana Integrated Financial Management Information System (GIFMIS) strategy for the next 5-years (2020-2024). The primary aim of these dual strategies is assisting the country in moving beyond reforms to consolidation and sustainability. In this paper we, first, examined the evolution of Ghana’s PFM reforms. We, secondly, reviewed the legal and institutional reforms undertaken to strengthen the country’s key PFM institutions. Thirdly, we summarized the strengths and weaknesses identified by the 2018 Public Expenditure and Financial Accountability (PEFA) assessment of Ghana’s PFM system relating to its macro-fiscal framework, budget preparation and approval, budget execution, accounting and fiscal reporting as well as external scrutiny and audit. We, finally, considered what the country should be doing to achieve its intended goal of PFM consolidation and sustainability. Using a qualitative method of review and analysis of existing documents, we, through this paper, brought to the fore the lessons that could be learnt by other developing countries from Ghana’s PFM reforms experiences. These lessons included the need to: (a) undergird any PFM reform with a comprehensive PFM reform strategy; (b) undertake a legal and institutional reforms of the key PFM institutions; (c) assess the strengths and weaknesses of those reforms using PFM performance evaluation tools such as PEFA framework; and (d) move beyond reforms to consolidation and sustainability.

Keywords: Public financial management, public expenditure and financial accountability (PEFA), reforms, consolidation, sustainability.

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463 The Optimization of Decision Rules in Multimodal Decision-Level Fusion Scheme

Authors: Andrey V. Timofeev, Dmitry V. Egorov

Abstract:

This paper introduces an original method of parametric optimization of the structure for multimodal decisionlevel fusion scheme which combines the results of the partial solution of the classification task obtained from assembly of the mono-modal classifiers. As a result, a multimodal fusion classifier which has the minimum value of the total error rate has been obtained.

Keywords: Сlassification accuracy, fusion solution, total error rate.

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462 Dynamic Network Routing Method Based on Chromosome Learning

Authors: Xun Liang

Abstract:

In this paper, we probe into the traffic assignment problem by the chromosome-learning-based path finding method in simulation, which is to model the driver' behavior in the with-in-a-day process. By simply making a combination and a change of the traffic route chromosomes, the driver at the intersection chooses his next route. The various crossover and mutation rules are proposed with extensive examples.

Keywords: Chromosome learning, crossover, mutation, traffic path finding.

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461 Fuzzy PID Controller with Coupled Rules for a Nonlinear Quarter Car Model

Authors: Şaban Çetin, Özgür Demir

Abstract:

In this study, Fuzzy PID Control scheme is designed for an active suspension system. The main goal of an active suspension system for using in a vehicle model is reducing body deflections and handling high comfort for a passenger car. The present system was modelled as a two-degree-of-freedom (2-DOF) nonlinear vehicle model.

Keywords: Active suspension system, Fuzzy PID controller, a nonlinear quarter car model.

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460 Selection Standards for National Teams: Theory and Practice

Authors: Alexey Kulik

Abstract:

This article deals with selection standards for national sport teams. The author examines the legal framework for selection criteria and suggests using the most honest criteria.

Keywords: National teams, Standards of forming teams, Selection standards, Sport legislations.

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459 Application of Association Rule Mining in Supplier Selection Criteria

Authors: A. Haery, N. Salmasi, M. Modarres Yazdi, H. Iranmanesh

Abstract:

In this paper the application of rule mining in order to review the effective factors on supplier selection is reviewed in the following three sections 1) criteria selecting and information gathering 2) performing association rule mining 3) validation and constituting rule base. Afterwards a few of applications of rule base is explained. Then, a numerical example is presented and analyzed by Clementine software. Some of extracted rules as well as the results are presented at the end.

Keywords: Association rule mining, data mining, supplierselection criteria.

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