Search results for: Market Crash

Authors: Amina Amirat, Abdelfettah Bouri

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If price and quantity are the fundamental building blocks of any theory of market interactions, the importance of trading volume in understanding the behavior of financial markets is clear. However, while many economic models of financial markets have been developed to explain the behavior of prices -predictability, variability, and information content- far less attention has been devoted to explaining the behavior of trading volume. In this article, we hope to expand our understanding of trading volume by developing a new measure of herding behavior based on a cross sectional dispersion of volumes betas. We apply our measure to the Toronto stock exchange using monthly data from January 2000 to December 2002. Our findings show that the herd phenomenon consists of three essential components: stationary herding, intentional herding and the feedback herding.

Keywords: Herding behavior, market return, trading volume.

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Authors: Justinian Anatory, Ekael Stephen Manase

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The use of mobile phones is growing tremendously all over the world. In Tanzania there are a number of operators licensed by Tanzania Communications Regulatory Authority (TCRA) aiming at attracting customers into their networks. So far telecommunications market competition has been very stiff. Various measures are being taken by mobile operators to survive in the market. Such measure include introducing of different air time bundles on daily, weekly and monthly at lower tariffs. Other measures include the introduction of normal tariff, tourist package and one network. Despite of all these strategies, there is a dynamic competition in the market which needs to be explored. Some influences which attract customers to choose a certain mobile operator are of particular interest. This paper is investigating if the network effects and Quality of Services (QoS) influence mobile customers in selection of their mobile network operators. Seventy seven students from high learning institutions in Dodoma Municipality in Tanzania participated in responding to prepared questionnaires. The data was analyzed using Statistical Package for Social Science (SPSS) Software. The results indicate that, network coverage does influence customers in selection of mobile operators. In addition, this paper proposes further research in some areas especially where the study came up with different findings from what the theory has in place.

Keywords: Network effects, Quality of services, Consumer Buying, mobile operators.

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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: Heeyong Noh, Sungjoo Lee

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The goal of this research is discovering the determinants of the success or failure of external cooperation in small and medium enterprises (SMEs). For this, a survey was given to 190 SMEs that experienced external cooperation within the last 3 years. A logistic regression model was used to derive organizational or strategic characteristics that significantly influence whether external collaboration of domestic SMEs is successful or not. Results suggest that research and development (R&D) features in general characteristics (both idea creation and discovering market opportunities) that focused on and emphasized indirected-market stakeholders (such as complementary companies and affiliates) and strategies in innovative strategic characteristics raise the probability of successful external cooperation. This can be used meaningfully to build a policy or strategy for inducing successful external cooperation or to understand the innovation of SMEs.

Keywords: External collaboration, Innovation strategy, Logisticregression, SMEs.

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Authors: Mohammed A. Kafaji

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This paper aims to investigate the influence of quality of education and quality of research, provided by local educational institutions, on the adoption of Information and Communication Technology (ICT) in managing business operations for companies in Saudi market. A model was developed and tested using data collected from 138 Chief Executive Officers (CEOs) of foreign companies in diverse business sectors. The data is analyzed and managed using multivariate approaches through standard statistical packages. The results showed that educational quality has little contribution to the ICT adoption while research quality seems to play a more prominent role. These results are analyzed in terms of business environment and market constraints and further extended to the perceived effectiveness of applied pedagogical approaches in schools and universities.

Keywords: Domestic Competition, Quality of Education, Quality of Research, ICT Adoption, Mediation.

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Authors: Maia Seturi, Tamari Todua

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Economic growth is seen as the increase in the production capacity of a country. It enables a country to produce more and more material wealth and social benefits. Today, the success of any product on the market is closely related to the issue of branding. The brand is a source of information for a user/consumer, which helps to simplify the choice of goods and reduce consumer risk. The paper studies the role of branding in order to promote Georgian tea brands. The main focus of the research is directed to consumer attitudes regarding Georgian tea brands. The methodology of the paper is based on marketing research. The findings study revealed that the majority of consumers prefer foreign tea brands. The final part of the article presents the main recommendations.

Keywords: Marketing research, customer behavior, brand, successful brand.

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Authors: M. Osipova

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Thanks to informational technologies development every sphere of economics is becoming more and more datacentralized as people are generating huge datasets containing information on any aspect of their life. Applying research of such data to human resources management allows getting scarce statistics on labor market state including salary expectations and potential employees’ typical career behavior, and this information can become a reliable basis for management decisions. The following article presents results of career behavior research based on freely accessible resume data. Information used for study is much wider than one usually uses in human resources surveys. That is why there is enough data for statistically significant results even for subgroups analysis.

Keywords: Human resources management, labor market, salary expectations, statistics, turnover.

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Authors: Kari Björn

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Introduction of games has expanded the application area of computer-aided learning tools to wide variety of age groups of learners. Serious games engage the learners into a real-world -type of simulation and potentially enrich the learning experience. Institutional background of a Bachelor’s level engineering program in Information and Communication Technology is introduced, with detailed focus on one of its majors, Health Technology. As part of a Customer Oriented Software Application thematic semester, one particular course of “eHealth Business and Solutions” is described and reflected in a gamified framework. Learning a consistent view into vast literature of business management, strategies, marketing and finance in a very limited time enforces selection of topics relevant to the industry. Health Technology is a novel and growing industry with a growing sector in consumer wearable devices and homecare applications. The business sector is attracting new entrepreneurs and impatient investor funds. From engineering education point of view the sector is driven by miniaturizing electronics, sensors and wireless applications. However, the market is highly consumer-driven and usability, safety and data integrity requirements are extremely high. When the same technology is used in analysis or treatment of patients, very strict regulatory measures are enforced. The paper introduces a course structure using gamification as a tool to learn the most essential in a new market: customer value proposition design, followed by a market entry game. Students analyze the existing market size and pricing structure of eHealth web-service market and enter the market as a steering group of their company, competing against the legacy players and with each other. The market is growing but has its rules of demand and supply balance. New products can be developed with an R&D-investment, and targeted to market with unique quality- and price-combinations. Product cost structure can be improved by investing to enhanced production capacity. Investments can be funded optionally by foreign capital. Students make management decisions and face the dynamics of the market competition in form of income statement and balance sheet after each decision cycle. The focus of the learning outcome is to understand customer value creation to be the source of cash flow. The benefit of gamification is to enrich the learning experience on structure and meaning of financial statements. The paper describes the gamification approach and discusses outcomes after two course implementations. Along the case description of learning challenges, some unexpected misconceptions are noted. Improvements of the game or the semi-gamified teaching pedagogy are discussed. The case description serves as an additional support to new game coordinator, as well as helps to improve the method. Overall, the gamified approach has helped to engage engineering student to business studies in an energizing way.

Keywords: Engineering education, integrated curriculum, learning experience, learning outcomes.

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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: F. Pagliara, F. Mauriello

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The objective of this paper is to investigate the relationship between the increase of accessibility brought by high speed rail (HSR) systems and the tourism market in Italy. The impacts of HSR projects on tourism can be quantified in different ways. In this manuscript, an empirical analysis has been carried out with the aid of a dataset containing information both on tourism and transport for 99 Italian provinces during the 2006-2016 period. Panel data regression models have been considered, since they allow modelling a wide variety of correlation patterns. Results show that HSR has an impact on the choice of a given destination for Italian tourists while the presence of a second level hub mainly affects foreign tourists. Attraction variables are also significant for both categories and the variables concerning security, such as number of crimes registered in a given destination, have a negative impact on the choice of a destination.

Keywords: Tourists, overnights, high speed rail, attractions, security.

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Authors: Chun-Der Chen, Yi-Wen Fan, Cheng-Kiang Farn

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In today-s competitive global business environment, the concept of supply chain management (SCM) continues to become increasingly market-oriented, shifting the primary driver of the value chain from supply to demand. Recent recommendations encourage researchers to focus investigations on the supply chain process integration (SCPI) capabilities that integrate a focal firm with its network of suppliers and business customers to create value for it. However, theoretical and empirical researches pertaining to the antecedents and consequences of a focal firm-s SCPI capabilities have been limited and piecemeal. The purpose of this study is to investigate the critical determinants and consequences of a focal firm-s SCPI capabilities. We test our proposed research framework using a sample of 139 sales managers of manufacturing industries in Taiwan, our research findings show that (1) both perceived business customer-s power and focal firm-s market-oriented culture positively influences a focal firm-s SCPI capabilities, and (2) SCPI capabilities positively influence a focal firm-s SCM performance, both operational and strategic benefits. Implications for practitioners and researchers and suggestions for future research are also addressed in this study.

Keywords: Supply chain process integration capabilities, Perceived business customer's power, Market-oriented culture, Supply chain management performance.

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Authors: D. Kubiliute

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

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

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Authors: B. Käfer, V. K. Bheemineni, H. Lammer, M. Kotnik, F. O. Riemelmoser

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Axial compression tests are performed on circular tubes made of Aluminum EN AW 6060 (AlMgSi0.5 alloy) in T66 state. All the received tubes have the uniform outer diameter of 40mm and thickness of 1.5mm. Two different lengths 100mm and 200mm are used in the analysis. After performing compression tests on the uniform tube, important crashworthy parameters like peak force, average force, crush efficiency and energy absorption are measured. The present paper has given importance to increase the percentage of crush efficiency without decreasing the value energy absorption of a tube, so a circumferential notch was introduced on the top section of the tube. The effects of position and cut-out lengths of a circumferential notch on the crush efficiency are well explained with relative deformation modes and force-displacement curves. The numerical simulations were carried on the software tool ANSYS/LS-DYNA. It is seen that the numerical results are reasonably good in agreement with the experimental results. 

Keywords: Crash box, Notch triggering, Energy absorption, FEM simulation.

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Authors: Mateusz Rak

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Objective: The paper aims to present various sources of competitive advantage which may occur when an enterprise strategically applies its concept of corporate philanthropy. Methodology: The review of the literature and available reports on the research regarding corporate philanthropy. Results: Strategic philanthropy is a positive phenomenon. Unfortunately, enterprises in Poland do not see all positive sides of such activities yet. Three kinds of corporate philanthropy may be described. They are to fulfil a social duty, improve the company reputation and gain a competitive edge. Practical implications: Showing enterprises the advantages of taking philanthropic actions, in particular, a large role of strategic philanthropy in gaining a competitive edge in the market as well as how to avoid negative consequences of corporate philanthropy. The paper presents corporate philanthropy on a few layers: as a CSR element, actions generating values in products, actions improving a corporate image in the market, altruist actions of employees.

Keywords: Corporate philanthropy, corporate social responsibility, corporate foundations, CSR.

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Authors: Iracema Machado de Aragão Gomes, Íkaro Daniel Carvalho Barreto, Suzana Leitão Russo

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Policies that support entrepreneurship are keys to the generation of new business. In Brazil, seed capital, installation of technology parks, programs and zero interest financing, economic subsidy as Program First Innovative Company (PRIME) are examples of incentive policies. For the implementation of PRIME, in particular the Brazilian Innovation Agency (FINEP) decentralized operationalization so that business incubators could select innovative projects. This paper analyzes the program PRIME Business Incubator Center of the State of Sergipe (CISE) after calculating the mean and standard deviation of the grades obtained by companies in the factors of innovation, market potential, financial return economic, market strategy and staff and application of the Mann-Whitney test.

Keywords: Entrepreneurship, innovation, technology parks, business incubators.

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Authors: Anam Azam, Muhammad Rafiq

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The study identified the socio-economic and demographic factors of both married and unmarried females in third world countries. Almost all the countries have same problems but we have selected Pakistan as a sample country. The main purpose of this study was to examine which factors forced women to participate in labor market. So the best technique of data collection was survey of both married and unmarried females between the ages of 20 to 49. Two models (probit and logit) were used to analyze the factors which effect on FLFP. The result showed that some factors e.g. age; education and marital status have significant effect on FLFP. The findings showed that educated women and those who belong to joint families are more participate because of financial pressure.

Keywords: Education, Financial status, Family pressure Labor Market participation.

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Authors: M. F. Wu, F. T. Cheng, C. S. Wu, M. C. Tan

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It is a critical time to upgrade technology and increase value added with manufacturing skills developing and management strategies that will highly satisfy the customers need in the precision machinery global market. In recent years, the supply side, each precision machinery manufacturers in each country are facing the pressures of price reducing from the demand side voices that pushes the high-end precision machinery manufacturers adopts low-cost and high-quality strategy to retrieve the market. Because of the trend of the global market, the manufacturers must take price reducing strategies and upgrade technology of low-end machinery for differentiations to consolidate the market.By using six key success factors (KSFs), customer perceived value, customer satisfaction, customer service, product design, product effectiveness and machine structure quality are causal conditions to explore the impact of competitive advantage of the enterprise, such as overall profitability and product pricing power. This research uses key success paths (KSPs) approach and f/s QCA software to explore various combinations of causal relationships, so as to fully understand the performance level of KSFs and business objectives in order to achieve competitive advantage. In this study, the combination of a causal relationships, are called Key Success Paths (KSPs). The key success paths guide the enterprise to achieve the specific outcomes of business. The findings of this study indicate that there are thirteen KSPs to achieve the overall profitability, sixteen KSPs to achieve the product pricing power and seventeen KSPs to achieve both overall profitability and pricing power of the enterprise. The KSPs provide the directions of resources integration and allocation, improve utilization efficiency of limited resources to realize the continuous vision of the enterprise.

Keywords: Precision Machinery Industry, Key Success Factors (KSPs), Key Success Paths (KSPs), Overall Profitability, Product Pricing Power, Competitive Advantages.

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Authors: Shobhit Mittal

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Headcount budgeting stands as a pivotal element in organizational financial management, extending beyond traditional budgeting to encompass strategic resource allocation for workforce-related expenses. This process is integral to maintaining financial stability and fostering a productive workforce, requiring a comprehensive analysis of factors such as market trends, business growth projections, and evolving workforce skill requirements. It demands a collaborative approach, primarily involving Human Resources (HR) and finance departments, to align workforce planning with an organization's financial capabilities and strategic objectives. The dynamic nature of headcount budgeting necessitates continuous monitoring and adjustment in response to economic fluctuations, business strategy shifts, technological advancements, and market dynamics. Its significance in talent management is also highlighted, aligning financial planning with talent acquisition and retention strategies to ensure a competitive edge in the market. The consequences of incorrect headcount budgeting are explored, showing how it can lead to financial strain, operational inefficiencies, and hindered strategic objectives. Examining case studies like IBM's strategic workforce rebalancing and Microsoft's shift for long-term success, the importance of aligning headcount budgeting with organizational goals is underscored. These examples illustrate that effective headcount budgeting transcends its role as a financial tool, emerging as a strategic element crucial for an organization's success. This necessitates continuous refinement and adaptation to align with evolving business goals and market conditions, highlighting its role as a key driver in organizational success and sustainability.

Keywords: Strategic planning, fiscal budget, headcount planning, resource allocation, financial management, decision-making, operational efficiency, risk management, headcount budget.

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Authors: Roohi Shabrin S., Devi Prasad B., Prabu D., Pallavi R. S., Revathi P.

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Due to memory leaks, often-valuable system memory gets wasted and denied for other processes thereby affecting the computational performance. If an application-s memory usage exceeds virtual memory size, it can leads to system crash. Current memory leak detection techniques for clusters are reactive and display the memory leak information after the execution of the process (they detect memory leak only after it occur). This paper presents a Dynamic Memory Monitoring Agent (DMMA) technique. DMMA framework is a dynamic memory leak detection, that detects the memory leak while application is in execution phase, when memory leak in any process in the cluster is identified by DMMA it gives information to the end users to enable them to take corrective actions and also DMMA submit the affected process to healthy node in the system. Thus provides reliable service to the user. DMMA maintains information about memory consumption of executing processes and based on this information and critical states, DMMA can improve reliability and efficaciousness of cluster computing.

Keywords: Dynamic Memory Monitoring Agent (DMMA), Cluster Computing, Memory Leak, Fault Tolerant Framework, Dynamic Memory Leak Detection (DMLD).

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Authors: Mehdi Shami Zanjani, Roshanak Rouzbehani, Hosein Dabbagh

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Although current competitive challenges induced by today-s digital economy place their main emphasis on organizational knowledge, customer knowledge has been overlooked. On the other hand, the business community has finally begun to realize the important role customer knowledge can play in the organizational boundaries of the corporate arena. As a result, there is an emerging market for the tools and utilities whose objective is to provide the intelligence for knowledge sharing between the businesses and their customers. In this paper, we present a conceptual model of customer knowledge management by identifying and analyzing the existing tools in the market. The focus will be upon the emerging British dotcom industry whose customer based B2C behavior has been an influential part of the knowledge based intelligence tools in existence today.

Keywords: Customer knowledge, customer knowledge management, knowledge management, B2C E-commerce.

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Authors: Yaojun Wang, Yaoqing Wang

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Stock selection is an important decision-making problem. Many machine learning and data mining technologies are employed to build automatic stock-selection system. A profitable stock-selection system should consider the stock’s investment value and the market timing. In this paper, we present a hybrid system including both engage for stock selection. This system uses a case-based reasoning (CBR) model to execute the stock classification, uses a decision-tree model to help with market timing and stock selection. The experiments show that the performance of this hybrid system is better than that of other techniques regarding to the classification accuracy, the average return and the Sharpe ratio.

Keywords: Case-based reasoning, decision tree, stock selection, machine learning.

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Authors: Amaral, António, Araújo, Madalena

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This paper seeks to give a general idea of the universe of project portfolio management, from its multidisciplinary nature, to the many challenges it raises, passing through the different techniques, models and tools used to solve the multiple problems known. It is intended to contribute to the clarification, with great depth, of the impacts and relationships involved in managing the projects- portfolio. It aims at proposing a technique for the project alignment with the organisational strategy, in order to select projects that later on will be considered in the analysis and selection of the portfolio. We consider the development of a methodology for assessing the project alignment index very relevant in the global market scenario. It can help organisations to gain a greater awareness of market dynamics, speed up the decision process and increase its consistency, thus enabling the strategic alignment and the improvement of the organisational performance.

Keywords: Project Portfolio Management Cycle, Project Portfolio Selection, Resource Assignment, Strategy Alignment technique

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Authors: Manu Krishnan, Phil Jacoby

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In this paper, we discuss the paradigm shift in bank capital from the “gone concern" to the “going concern" mindset. We then propose a methodology for pricing a product of this shift called Contingent Capital Notes (“CoCos"). The Merton Model can determine a price for credit risk by using the firm-s equity value as a call option on those assets. Our pricing methodology for CoCos also uses the credit spread implied by the Merton Model in a subsequent derivative form created by John Hull et al . Here, a market implied asset volatility is calculated by using observed market CDS spreads. This implied asset volatility is then used to estimate the probability of triggering a predetermined “contingency event" given the distanceto- trigger (DTT). The paper then investigates the effect of varying DTTs and recovery assumptions on the CoCo yield. We conclude with an investment rationale.

Keywords: CoCo, Contingent capital, Bank Capital, Tier1 Capital

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Authors: Mncedisi Trinity Dewa, Andre F. Van Der Merwe, Stephen Matope

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Tool, Die and Mould-making (TDM) firms have been known to play a pivotal role in the growth and development of the manufacturing sectors in most economies. Their output contributes significantly to the quality, cost and delivery speed of final manufactured parts. Unfortunately, the South African Tool, Die and Mould-making manufacturers have not been competing on the local or global market in a significant way. This reality has hampered the productivity and growth of the sector thus attracting intervention. The paper explores the shortcomings South African toolmakers have to overcome to restore their competitive position globally. Results from a global benchmarking survey on the tooling sector are used to establish a roadmap of what South African toolmakers can do to become a productive, World Class force on the global market.

Keywords: Competitive performance objectives, lead time, toolmakers, world-class manufacturing.

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Authors: Raif Parlakkaya, Ahmet Diken, Erkan Kara

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This paper examines the relationship between corporate governance rating and stock prices of 26 Turkish firms listed in Turkish stock exchange (Borsa Istanbul) by using panel data analysis over five-year period. The paper also investigates the stock performance of firms with governance rating with regards to the market portfolio (i.e. BIST 100 Index) both prior and after governance scoring began. The empirical results show that there is no relation between corporate governance rating and stock prices when using panel data for annual variation in both rating score and stock prices. Further analysis indicates surprising results that while the selected firms outperform the market significantly prior to rating, the same performance does not continue afterwards.

Keywords: Corporate governance, stock price, performance, panel data analysis.

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Authors: Yu J. Chiu, Chia H. Yeh

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Innovation is more important in any companies. However, it is not easy to measure the innovation performance correctly. Patent is one of measuring index nowadays. This paper wants to purpose an approach for valuing patents based on market reaction to patent infringement litigations. The interesting phenomenon is found from collection of patent infringement litigation events. That is if any patent litigation event occurs the stock value will follow changing. The plaintiffs- stock value raises some percentage. According to this interesting phenomenon, the relationship between patent litigation and stock value is tested and verified. And then, the stock value variation is used to deduce the infringed patents- value. The purpose of this study is providing another concept model to evaluate the infringed patents. This study can provide a decision assist system to help drafting patent litigation strategy and determine the technology value

Keywords: Patent valuation, infringement litigations, stock value, artificial neural networks.

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Authors: Rizauddin Ramli, Jaber Abu Qudeiri, Hidehiko Yamamoto

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Nowadays the market for industrial companies is becoming more and more globalized and highly competitive, forcing them to shorten the duration of the manufacturing system development time in order to reduce the time to market. In order to achieve this target, the hierarchical systems used in previous manufacturing systems are not enough because they cannot deal effectively with unexpected situations. To achieve flexibility in manufacturing systems, the concept of an Autonomous Decentralized Flexible Manufacturing System (AD-FMS) is useful. In this paper, we introduce a hypothetical reasoning based algorithm called the Algorithm for Future Anticipative Reasoning (AFAR) which is able to decide on a conceivable next action of an Automated Guided Vehicle (AGV) that works autonomously in the AD-FMS.

Keywords: Flexible Manufacturing System, Automated GuidedVehicle, Hypothetical Reasoning, Autonomous Decentralized.

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Authors: C. Mătusescu, C. Mares, C. Gilia

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The Implementation of the Union law faces major challenges today. If for a long period of time, the Community and the Union have persevered in their legislative vocation, now one can notice that this large legislative quantity has complicated the task of knowledge and of application the European standards. Under these circumstances, it became necessary, in order to give effectiveness to the European legislation, the development of some operational application criteria and the generation of some new implementation tools. The correct application of the European Union legislation by the national public administrations was considered by the European Commission as being crucial for further integration and proper functioning of the internal market. Among the initiatives launched in the past years to promote the exchange of good administrative practices in the correct application of European Union legislation, SOLVIT net has proved to be one of the most effective.

Keywords: Cooperation, European law, informal mechanisms, internal market, SOLVIT.

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Authors: Maja Martinovic, Valentina Zarkovic, Hrvoje Maljak

Abstract:

Europe is one of the most popular tourist destinations in the world, in which tourism occupies a significant place among the most relevant economic activities, and this applies to the Republic of Croatia as well. Based on this study, the authors intended to encourage and support the creation of an effective tourism policy in Croatia that would be based on the profiling of certain target groups. Another objective was to compare the results obtained from the customer analysis with the market analysis of the tourism industry in Croatia. The objective is to adapt the current tourist offer according to the identified needs and expectations of a particular tourist group in order to increase the attractiveness of Croatia as a tourist destination and motivate greater attendance of the targeted tourist groups. The current research was oriented towards the Russian market as the target group. Therefore, the authors wanted to encourage a discussion on how to attract more Russian guests. Consequently, the intention of the research was a detailed analysis of Russian tourists, in order to gain a better understanding of their travelling motives and tendencies. Furthermore, attention was paid to the expectations of Russian customers and to compare them with the Croatian tourist offer, and to determine whether there is a possibility for an overlap. The method used to obtain the information required was a survey conducted among Russian citizens about their travelling habits. The research was carried out on the basis of 166 participants of different age, gender, profession and income group. The sampling and distribution of the survey took place between May and July 2016. The results provided from the research indicate that Croatian tourism has certain unrealized potential considering the popularization of Croatia as a tourist destination, and there is a capacity for increasing the revenues within the group of Russian tourists. Such a conclusion is based on the fact that the Croatian tourist offer and the preferences of the Russian guests are compatible, i.e. they overlap in many aspects. The results demonstrate that beautiful nature, cultural and historical heritage as well as the sun and sea, play a leading role in attracting more Russian tourists. It is precisely these elements that form the three pillars of the Croatian tourist offer. On the other hand, the profiling revealed that the most desirable destinations for the Russian guests are Italy and Spain, both of which provide the same main tourist attractions as Croatia. Therefore, the focus of the strategic ideas given in the paper shifted to other tourism segments, such as type of accommodation, sales channels, travel motives, additional offer and seasonality etc., in order to gain advantage in the Russian market, the Mediterranean region and tourism in general. The purpose of the research is to serve as a foundation for analysing the attractiveness of the other tourist destinations in the Russian market, as well as to be a general basis for a more detailed profiling of the various specific target groups of the Russian and other tourist groups.

Keywords: Croatia, Russian market, target groups, tourism, tourist destination.

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Authors: Peter Ndichu Muriuki

Abstract:

Assassination of politicians, school mass murders, purported suicides, aircraft crash, mass shootings by police, sinking of sea ferries, mysterious car accidents, mass fire deaths and horrificterror attacks are some of the cases that bring forth scientific and legal conflicts. Questions about truth, justice and human rights are raised by both victims and perpetrators/offenders as they seek to understand why and how it happened to them. This kind of questioning manifests itself in medical-criminological-legalpsychological and scientific realms. An agreement towards truthinvestigations for possible legal-political-psychological transitory issues such as prosecution, victim-offender mediation, healing, reconciliation, amnesty, reparation, restitution, and policy formulations is seen as one way of transforming these conflicts. Forensic scientists and pathologists in particular have formed professional groups where the complexities between legal truth and scientific truth are dramatized and elucidated within the anatomy of courtrooms. This paper focuses on how pathological truth and legal truth interact with each other in Kenya’s criminal justice system. 

Keywords: Forensic pathology, forensic science, pathological truth, truth investigations.

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