Search results for: automated stock investment system.

Authors: Tomasz L. Nawrocki, Danuta Szwajca

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The growing importance of reputation in building enterprise value and achieving long-term competitive advantage creates the need for its measurement and evaluation for the management purposes (effective reputation and its risk management). The paper presents practical application of self-developed corporate reputation assessment model from the viewpoint of stock market investors. The model has a pioneer character and example analysis performed for selected industry is a form of specific test for this tool. In the proposed solution, three aspects - informational, financial and development, as well as social ones - were considered. It was also assumed that the individual sub-criteria will be based on public sources of information, and as the calculation apparatus, capable of obtaining synthetic final assessment, fuzzy logic will be used. The main reason for developing this model was to fulfill the gap in the scope of synthetic measure of corporate reputation that would provide higher degree of objectivity by relying on "hard" (not from surveys) and publicly available data. It should be also noted that results obtained on the basis of proposed corporate reputation assessment method give possibilities of various internal as well as inter-branch comparisons and analysis of corporate reputation impact.

Keywords: Corporate reputation, fuzzy logic, fuzzy model, stock market investors.

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Authors: Rung-Shiang Cheng, Wei-Jun Hong, Jheng-Syun Wang, Kawuu W. Lin

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Users rely increasingly on Location-Based Services (LBS) and automated navigation/guidance systems nowadays. However, while such services are easily implemented in outdoor environments using Global Positioning System (GPS) technology, a requirement still exists for accurate localization and guidance schemes in indoor settings. Accordingly, the present study presents a methodology based on GPS, Bluetooth Low Energy (BLE) beacons, and Near Field Communication (NFC) technology. Through establishing graphic information and the design of algorithm, this study develops a guidance system for indoor and outdoor on smartphones, with aim to provide users a smart life through this system. The presented system is implemented on a smartphone and evaluated on a student campus environment. The experimental results confirm the ability of the presented app to switch automatically from an outdoor mode to an indoor mode and to guide the user to the requested target destination via the shortest possible route.

Keywords: Beacon, BLE, Dijkstra algorithm, indoor, GPS, near field communication technology.

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Authors: H. C. Chinwenyi, H. D. Ibrahim, F. A. Ahmed

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In modern financial mathematics, valuing derivatives such as options is often a tedious task. This is simply because their fair and correct prices in the future are often probabilistic. This paper examines three different Stochastic Differential Equation (SDE) models in finance; the Constant Elasticity of Variance (CEV) model, the Balck-Karasinski model, and the Heston model. The various Martingales option price valuation formulas for these three models were obtained using the replicating portfolio method. Also, the numerical solution of the derived Martingales options price valuation equations for the SDEs models was carried out using the Monte Carlo method which was implemented using MATLAB. Furthermore, results from the numerical examples using published data from the Nigeria Stock Exchange (NSE), all share index data show the effect of increase in the underlying asset value (stock price) on the value of the European Put Option for these models. From the results obtained, we see that an increase in the stock price yields a decrease in the value of the European put option price. Hence, this guides the option holder in making a quality decision by not exercising his right on the option.

Keywords: Equivalent Martingale Measure, European Put Option, Girsanov Theorem, Martingales, Monte Carlo method, option price valuation, option price valuation formula.

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

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

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

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Authors: Xiaoyuan Yan, Min Xu

Abstract:

Truck platooning refers to a convoy of digitally connected automated trucks traveling safely with a small inter-vehicle gap. It has been identified as one of the most promising and applicable technologies towards automated and sustainable freight transportation. Although truck platooning delivers significant energy-saving benefits, it cannot be realized without good coordination of drivers’ shifts to lead the platoons subject to their mandatory breaks. Therefore, this study aims to route a fleet of trucks to their destinations using the least amount of fuel by maximizing platoon opportunities under the regulations of drivers’ mandatory breaks. We formulate this platoon coordination problem as a mixed-integer linear programming problem and solve it by CPLEX. Numerical experiments are conducted to demonstrate the effectiveness and efficiency of our proposed model. In addition, we also explore the impacts of drivers’ compulsory breaks on the fuel-savings performance. The results show a slight increase in the total fuel costs in the presence of drivers’ compulsory breaks, thanks to driving-while-resting benefit provided for the trailing trucks. This study may serve as a guide for the operators of automated freight transportation.

Keywords: Truck platooning, route optimization, compulsory breaks, energy saving.

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Authors: Ramaswamy Palaniappan

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In this paper, several improvements are proposed to previous work of automated classification of alcoholics and nonalcoholics. In the previous paper, multiplayer-perceptron neural network classifying energy of gamma band Visual Evoked Potential (VEP) signals gave the best classification performance using 800 VEP signals from 10 alcoholics and 10 non-alcoholics. Here, the dataset is extended to include 3560 VEP signals from 102 subjects: 62 alcoholics and 40 non-alcoholics. Three modifications are introduced to improve the classification performance: i) increasing the gamma band spectral range by increasing the pass-band width of the used filter ii) the use of Multiple Signal Classification algorithm to obtain the power of the dominant frequency in gamma band VEP signals as features and iii) the use of the simple but effective knearest neighbour classifier. To validate that these two modifications do give improved performance, a 10-fold cross validation classification (CVC) scheme is used. Repeat experiments of the previously used methodology for the extended dataset are performed here and improvement from 94.49% to 98.71% in maximum averaged CVC accuracy is obtained using the modifications. This latest results show that VEP based classification of alcoholics is worth exploring further for system development.

Keywords: Alcoholic, Multilayer-perceptron, Nearest neighbour, Gamma band, MUSIC, Visual evoked potential.

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Authors: Shigeaki Sakurai, Youichi Kitahata, Ryohei Orihara

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This paper proposes a method that discovers sequential patterns corresponding to user-s interests from sequential data. This method expresses the interests as constraint patterns. The constraint patterns can define relationships among attributes of the items composing the data. The method recursively decomposes the constraint patterns into constraint subpatterns. The method evaluates the constraint subpatterns in order to efficiently discover sequential patterns satisfying the constraint patterns. Also, this paper applies the method to the sequential data composed of stock price indexes and verifies its effectiveness through comparing it with a method without using the constraint patterns.

Keywords: Sequential pattern mining, Constraint pattern, Attribute constraint, Stock price indexes

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Authors: Dezie L. Warganegara, Dewi Tamara

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The objectives of this study is to investigate the existence of the sticky cost behavior of firms listed in the Indonesia Stock Exchange (IDX) and to find evidence on the effects of sticky operating expenses (SG&A expenses) on profitability of firms. For the first objective, this study finds that the sticky cost behavior does exist. For the second objective, this study finds that the stickier the operating expenses the lesser future profitability of the firms. This study concludes that sticky cost affects negatively to the performance and, therefore, firms should include flexibility in designing the cost structure of their firms.

Keywords: Operating Expenses, Profitability, SG&A, Sticky Costs, Indonesia Stock Exchange (IDX).

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Authors: M. Antonelli, G. Frosini, B. Lazzerini, F. Marcelloni

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In this paper we describe a computer-aided diagnosis (CAD) system for automated detection of pulmonary nodules in computed-tomography (CT) images. After extracting the pulmonary parenchyma using a combination of image processing techniques, a region growing method is applied to detect nodules based on 3D geometric features. We applied the CAD system to CT scans collected in a screening program for lung cancer detection. Each scan consists of a sequence of about 300 slices stored in DICOM (Digital Imaging and Communications in Medicine) format. All malignant nodules were detected and a low false-positive detection rate was achieved.

Keywords: computer assisted diagnosis, medical imagesegmentation, shape recognition.

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Authors: Nhien-An Le-Khac, Sammer Markos, M-Tahar Kechadi

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Today, money laundering (ML) poses a serious threat not only to financial institutions but also to the nation. This criminal activity is becoming more and more sophisticated and seems to have moved from the cliché of drug trafficking to financing terrorism and surely not forgetting personal gain. Most international financial institutions have been implementing anti-money laundering solutions (AML) to fight investment fraud. However, traditional investigative techniques consume numerous man-hours. Recently, data mining approaches have been developed and are considered as well-suited techniques for detecting ML activities. Within the scope of a collaboration project for the purpose of developing a new solution for the AML Units in an international investment bank, we proposed a data mining-based solution for AML. In this paper, we present a heuristics approach to improve the performance for this solution. We also show some preliminary results associated with this method on analysing transaction datasets.

Keywords: data mining, anti money laundering, clustering, heuristics.

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Authors: H. Shayeghi, M. Mahdavi

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Transmission network expansion planning (TNEP) is a basic part of power system planning that determines where, when and how many new transmission lines should be added to the network. Up till now, various methods have been presented to solve the static transmission network expansion planning (STNEP) problem. But in all of these methods, lines adequacy rate has not been considered at the end of planning horizon, i.e., expanded network misses adequacy after some times and needs to be expanded again. In this paper, expansion planning has been implemented by merging lines loading parameter in the STNEP and inserting investment cost into the fitness function constraints using genetic algorithm. Expanded network will possess a maximum adequacy to provide load demand and also the transmission lines overloaded later. Finally, adequacy index could be defined and used to compare some designs that have different investment costs and adequacy rates. In this paper, the proposed idea has been tested on the Garvers network. The results show that the network will possess maximum efficiency economically.

Keywords: Adequacy Optimization, Transmission Expansion Planning, DCGA.

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Authors: Slavka Zeković

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A preliminary evaluation of the urban land system is presented in the article together with the instruments of land policy in Serbia. The main reason for the analysis is demand for definition of reform framework for urban land management in Serbia in the period of transition towards market-led system. It is concluded that due to the limitations of the current regulation it will be impossible in the future to apply market principles in the urban land policy (supply and demand of land, land capitalization, investment efficiency, et al.). Based on the estimation that the urban land system and land policy are key factors of competitiveness between regions and towns in Serbia, it is necessary to initiate changes in this field. There are indicated on an option of privatization of urban public land and possible establishment of leasehold land. A comparative analysis of the possibilities of the reform urban land system in Serbia has been carried out in relation to two approaches of market systems: (a) with dominant private ownership of urban land (neo/liberal approach) and (b) with dominant public ownership of urban land (system of leasehold)whose findings can be a basis for further study of the new system in Serbia.. The attanied results are part of studies matter for the making of Strategy of territorial development of Serbia.

Keywords: Urban Land System, Urban Land Management, Instruments of Land Policy, Evaluation, Market.

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Authors: S. S. Ngu, L. C. Kho, T. P. Tan, M. S. Osman

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This work deals with the design of the robotic assembly system for the roller clamps. The task is characterized by high speed, high yield and safety engagement. This paper describes the design of different parts of an automated high speed machine to assemble the parts of roller clamps. The roller clamp robotic assembly system performs various processes in the assembly line which include clamp body and roller feeding, inserting the roller into the clamp body, and dividing the rejected clamp and successfully assembled clamp into their own tray. The electrical/electronics design of the machine is discussed. The target is to design a cost effective, minimum maintenance and high speed machine for the industry applications.

Keywords: Machine design, assembly machine, roller clamp, industry applications.

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Authors: Peter Sabev, Katalina Grigorova

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Test automation allows performing difficult and time consuming manual software testing tasks efficiently, quickly and repeatedly. However, development and maintenance of automated tests is expensive, so it needs a proper prioritization what to automate first. This paper describes a simple yet efficient approach for such prioritization of test cases based on the effort needed for both manual execution and software test automation. The suggested approach is very flexible because it allows working with a variety of assessment methods, and adding or removing new candidates at any time. The theoretical ideas presented in this article have been successfully applied in real world situations in several software companies by the authors and their colleagues including testing of real estate websites, cryptographic and authentication solutions, OSGi-based middleware framework that has been applied in various systems for smart homes, connected cars, production plants, sensors, home appliances, car head units and engine control units (ECU), vending machines, medical devices, industry equipment and other devices that either contain or are connected to an embedded service gateway.

Keywords: Automated Testing, Manual Testing, Test Automation, Software testing, Test Prioritization.

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Authors: Chih-Hsiang Chang

Abstract:

This study provides insight into the effects of investor sentiment, excess optimism, overconfidence, the disposition effect, and herding formation on momentum profits. This study contributes to the field by providing a further examination of the relationship between psychological factors and momentum profits. The empirical results show that there is no evidence of significant momentum profits in Taiwan’s stock market. Additionally, investor sentiment in Taiwan’s stock market significantly influences its momentum profits.

Keywords: Momentum profits, psychological factors, herding formation, investor sentiment.

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Authors: Aliakbar Akbari, Majid Hashemipour, Shiva Mirshahi

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Radio-frequency identification has entered as a beneficial means with conforming GS1 standards to provide the best solutions in the manufacturing area. It competes with other automated identification technologies e.g. barcodes and smart cards with regard to high speed scanning, reliability and accuracy as well. The purpose of this study is to improve production line-s performance by implementing RFID system in the manufacturing area on the basis of radio-frequency identification (RFID) system by 3D modeling in the program Cinema 4D R13 which provides obvious graphical scenes for users to portray their applications. Finally, with regard to improving system performance, it shows how RFID appears as a well-suited technology in a comparison of the barcode scanner to handle different kinds of raw materials in the production line base on logical process.

Keywords: Radio Frequency Identification, Manufacturing and Production Lines, 3D modeling

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Authors: Ho-Jun Jo, Wook-Won Kim, Yong-Sung Kim, Jin-O Kim

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The application of ESS (Energy Storage Systems) in the future grids has been the solution of the microgrid. However, high investment costs necessitate accurate modeling and control strategy of ESS to justify its economic viability and further underutilization. Therefore, the reasonable control strategy for ESS which is subjected to generator and usage helps to curtail the cost of investment and operation costs. The rated frequency in power system is decreased when the load is increasing unexpectedly; hence the thermal power is operated at the capacity of only its 95% for the Governor Free (GF) to adjust the frequency as reserve (5%) in practice. The ESS can be utilized with governor at the same time for the frequency response due to characteristic of its fast response speed and moreover, the cost of ESS is declined rapidly to the reasonable price. This paper presents the ESS control strategy to extend usage of the ESS taken account into governor’s ramp rate and reduce the governor’s intervention as well. All results in this paper are simulated by MATLAB.

Keywords: Micro grid, energy storage systems, ramp rate, control strategy.

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Authors: Dennys Robson Girardi, Hugo Bulegon, Claudia Maria Moro Barra

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Leprosy is an infectious disease caused by Mycobacterium Leprae, this disease, generally, compromises the neural fibers, leading to the development of disability. Disabilities are changes that limit daily activities or social life of a normal individual. When comes to leprosy, the study of disability considered the functional limitation (physical disabilities), the limitation of activity and social participation, which are measured respectively by the scales: EHF, SALSA and PARTICIPATION SCALE. The objective of this work is to propose an on-line monitoring of leprosy patients, which is based on information scales EHF, SALSA and PARTICIPATION SCALE. It is expected that the proposed system is applied in monitoring the patient during treatment and after healing therapy of the disease. The correlations that the system is between the scales create a variety of information, presented the state of the patient and full of changes or reductions in disability. The system provides reports with information from each of the scales and the relationships that exist between them. This way, health professionals, with access to patient information, can intervene with techniques for the Prevention of Disability. Through the automated scale, the system shows the level of the patient and allows the patient, or the responsible, to take a preventive measure. With an online system, it is possible take the assessments and monitor patients from anywhere.

Keywords: Leprosy, Medical Informatics, Decision SupportSystem, Disability.

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Authors: Marzuki Khalid, RubiyahYusof, AnisSalwaMohdKhairuddin

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An automated wood recognition system is designed to classify tropical wood species.The wood features are extracted based on two feature extractors: Basic Grey Level Aura Matrix (BGLAM) technique and statistical properties of pores distribution (SPPD) technique. Due to the nonlinearity of the tropical wood species separation boundaries, a pre classification stage is proposed which consists ofKmeans clusteringand kernel discriminant analysis (KDA). Finally, Linear Discriminant Analysis (LDA) classifier and KNearest Neighbour (KNN) are implemented for comparison purposes. The study involves comparison of the system with and without pre classification using KNN classifier and LDA classifier.The results show that the inclusion of the pre classification stage has improved the accuracy of both the LDA and KNN classifiers by more than 12%.

Keywords: Tropical wood species, nonlinear data, featureextractors, classification

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Authors: Ivanka Valova

Abstract:

This paper is aimed at using a multi-agent approach to monitor and diagnose a biotechnological system in order to validate certain control actions depending on the process development and the operating conditions. A multi-agent system is defined as a network of interacting software modules that collectively solve complex tasks. Remote monitoring and control of biotechnological processes is a necessity when automated and reliable systems operating with no interruption of certain activities are required. The advantage of our approach is in its flexibility, modularity and the possibility of improving by acquiring functionalities through the integration of artificial intelligence.

Keywords: Multi-agent approach, artificial intelligence, biotechnological processes, anaerobic biodegradation.

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Authors: M. Gooroochurn, D. Kerr, K. Bouazza-Marouf, M. Vloeberghs

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This paper presents the automated methods employed for extracting craniofacial landmarks in white light images as part of a registration framework designed to support three neurosurgical procedures. The intraoperative space is characterised by white light stereo imaging while the preoperative plan is performed on CT scans. The registration aims at aligning these two modalities to provide a calibrated environment to enable image-guided solutions. The neurosurgical procedures can then be carried out by mapping the entry and target points from CT space onto the patient-s space. The registration basis adopted consists of natural landmarks (eye corner and ear tragus). A 5mm accuracy is deemed sufficient for these three procedures and the validity of the selected registration basis in achieving this accuracy has been assessed by simulation studies. The registration protocol is briefly described, followed by a presentation of the automated techniques developed for the extraction of the craniofacial features and results obtained from tests on the AR and FERET databases. Since the three targeted neurosurgical procedures are routinely used for head injury management, the effect of bruised/swollen faces on the automated algorithms is assessed. A user-interactive method is proposed to deal with such unpredictable circumstances.

Keywords: Face Processing, Craniofacial Feature Extraction, Preoperative to Intraoperative Registration, Registration Basis.

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Authors: Nur Atiqah Rochin Demong, Jie Lu, Farookh Khadeer Hussain

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Property investment in the real estate industry has a high risk due to the uncertainty factors that will affect the decisions made and high cost. Analytic hierarchy process has existed for some time in which referred to an expert-s opinion to measure the uncertainty of the risk factors for the risk analysis. Therefore, different level of experts- experiences will create different opinion and lead to the conflict among the experts in the field. The objective of this paper is to propose a new technique to measure the uncertainty of the risk factors based on multidimensional data model and data mining techniques as deterministic approach. The propose technique consist of a basic framework which includes four modules: user, technology, end-user access tools and applications. The property investment risk analysis defines as a micro level analysis as the features of the property will be considered in the analysis in this paper.

Keywords: Uncertainty factors, data mining, multidimensional data model, risk analysis.

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Authors: Mona M. Salem, Khaled S. Al-Hagla, Hany M. Ayad

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The concept of urban metabolism has increasingly been employed in a diverse range of disciplines as a mean to analyze and theorize the city. Urban ecology has a particular focus on the implications of applying the metabolism concept to the urban realm. This approach has been developed by a few researchers, though it has rarely if ever been used in policy development for city planning. The aim of this research is to use ecologically informed urban planning interventions to increase the sustainability of urban metabolism; with special focus on land stock as a most important city resource by developing a system dynamic based DSS. This model identifies two critical management strategy variables for the Strategic Urban Plan Alexandria SUP 2032. As a result, this comprehensive and precise quantitative approach is needed to monitor, measure, evaluate and observe dynamic urban changes working as a decision support system (DSS) for policy making.

Keywords: Alexandria SUP 2032, DSS, ecology, land resource, LULCC, management, metabolism, model, scenarios, System dynamics, urban development.

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Authors: Ryan B. Escorial, Elmer A. Maravillas, Chris Jordan G. Aliac

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This study presents a small-scale water pumping system utilizing a fuzzy logic inference system attached to a renewable energy source. The fuzzy logic controller was designed and simulated in MATLAB fuzzy logic toolbox to examine the properties and characteristics of the input and output variables. The result of the simulation was implemented in a microcontroller, together with sensors, modules, and photovoltaic cells. The study used a grand rapid variety of lettuce, organic substrates, and foliar for observation of the capability of the device to irrigate crops. Two plant boxes intended for manual and automated irrigation were prepared with each box having 48 heads of lettuce. The observation of the system took 22-31 days, which is one harvest period of the crop. Results showed a 22.55% increase in agricultural productivity compared to manual irrigation. Aside from reducing human effort, and time, the smart irrigation system could help lessen some of the shortcomings of manual irrigations. It could facilitate the economical utilization of water, reducing consumption by 25%. The use of renewable energy could also help farmers reduce the cost of production by minimizing the use of diesel and gasoline.

Keywords: Fuzzy logic controller, intelligent system, precision agriculture, renewable energy.

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Authors: Yong-JuJeon, Doo-chul Choi, Jong Pil Yun, Changhyun Park, Homoon Bae, Sang Woo Kim

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This paper presents an automated inspection algorithm for a thick plate. Thick plates typically have various types of surface defects, such as scabs, scratches, and roller marks. These defects have individual characteristics including brightness and shape. Therefore, it is not simple to detect all the defects. In order to solve these problems and to detect defects more effectively, we propose a dual light switching lighting method and a defect detection algorithm based on Gabor filters.

Keywords: Thick plate, Defect, Inspection, Gabor filter, Dual Light Switching.

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Authors: Yuan-Hsiang Chang, Zhong-Xian Peng, Li-Der Jeng

Abstract:

Music has always been an integral part of human’s daily lives. But, for the most people, reading musical score and turning it into melody is not easy. This study aims to develop an Automatic music score recognition system using digital image processing, which can be used to read and analyze musical score images automatically. The technical approaches included: (1) staff region segmentation; (2) image preprocessing; (3) note recognition; and (4) accidental and rest recognition. Digital image processing techniques (e.g., horizontal /vertical projections, connected component labeling, morphological processing, template matching, etc.) were applied according to musical notes, accidents, and rests in staff notations. Preliminary results showed that our system could achieve detection and recognition rates of 96.3% and 91.7%, respectively. In conclusion, we presented an effective automated musical score recognition system that could be integrated in a system with a media player to play music/songs given input images of musical score. Ultimately, this system could also be incorporated in applications for mobile devices as a learning tool, such that a music player could learn to play music/songs.

Keywords: Connected component labeling, image processing, morphological processing, optical musical recognition.

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Authors: Christiono Utomo, Arazi Idrus, Isnanto, Annisa Nugraheni, Farida Rahmawati

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A Negotiation Support is required on a value-based decision to enable each stakeholder to evaluate and rank the solution alternatives before engaging into negotiation with the other stakeholders. This study demonstrates a process of negotiation support model for selection of a building system from value-based design perspective. The perspective is based on comparison of function and cost of a building system. Multi criteria decision techniques were applied to determine the relative value of the alternative solutions for performing the function. A satisfying option game theory are applied to the criteria of value-based decision which are LCC (life cycle cost) and function based FAST. The results demonstrate a negotiation process to select priorities of a building system. The support model can be extended to an automated negotiation by combining value based decision method, group decision and negotiation support.

Keywords: NSS, Value-based, Decision, Construction.

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Authors: Allaeddine Athmani, Abdelhacine Gouasmia, Tiago Ferreira, Romeu Vicente

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The seismic risk mitigation from the perspective of the old buildings stock is truly essential in Algerian urban areas, particularly those located in seismic prone regions, such as Annaba city, and which the old buildings present high levels of degradation associated with no seismic strengthening and/or rehabilitation concerns. In this sense, the present paper approaches the issue of the seismic vulnerability assessment of old masonry building stocks through the adaptation of a simplified methodology developed for a European context area similar to that of Annaba city, Algeria. Therefore, this method is used for the first level of seismic vulnerability assessment of the masonry buildings stock of the old city center of Annaba. This methodology is based on a vulnerability index that is suitable for the evaluation of damage and for the creation of large-scale loss scenarios. Over 380 buildings were evaluated in accordance with the referred methodology and the results obtained were then integrated into a Geographical Information System (GIS) tool. Such results can be used by the Annaba city council for supporting management decisions, based on a global view of the site under analysis, which led to more accurate and faster decisions for the risk mitigation strategies and rehabilitation plans.

Keywords: Damage scenarios, masonry buildings, old city center, seismic vulnerability, vulnerability index.

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Authors: Juha Korpijärvi, Jari Kortelainen

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The paper presents dynamic programming based model as a planning tool for the maintenance of electric power systems. Every distribution component has an exponential age depending reliability function to model the fault risk. In the moment of time when the fault costs exceed the investment costs of the new component the reinvestment of the component should be made. However, in some cases the overhauling of the old component may be more economical than the reinvestment. The comparison between overhauling and reinvestment is made by optimisation process. The goal of the optimisation process is to find the cost minimising maintenance program for electric power distribution system.

Keywords: Dynamic programming, Electric distribution system, Maintenance

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Authors: Bassam Baroma

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The main objective of this study is to test the relationship between numbers of variables representing the firm characteristics (market-related variables) and the extent of voluntary disclosure levels (forward-looking disclosure) in the annual reports of Egyptian firms listed on the Egyptian Stock Exchange. The results show that audit firm size is significantly positively correlated (in all the three years) with the level of forward-looking disclosure. However, industry type variable (which divided to: industries, cement, construction, petrochemicals and services), is found being insignificantly association with the level of forward-looking information disclosed in the annual reports for all the three years.

Keywords: Forward-looking disclosure, market-related variables, annual reports, Egyptian Stock Exchange.

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