Search results for: complex investment goods

Authors: Steffen C. Eickemeyer, Tim Borcherding, Peter Nyhuis, Hannover

Abstract:

Planning capacities when regenerating complex investment goods involves particular challenges in that the planning is subject to a large degree of uncertainty regarding load information. Using information fusion – by applying Bayesian Networks – a method is being developed for forecasting the anticipated expenditures (human labor, tool and machinery utilization, time etc.) for regenerating a good. The generated forecasts then later serve as a tool for planning capacities and ensure a greater stability in the planning processes.

Keywords: Bayesian networks, capacity planning, complex investment goods, damages library, forecasting, information fusion, regeneration.

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Authors: Christina Tay

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This paper investigates the impact of Information and Communication Technology (ICT) on bilateral trade in goods. Empirical analysis is performed on the United States and 34 partnering countries from 2000 to 2013. Our econometric model fits the data well, explaining 52% of the variation in trade flows for goods trade, 53.2% of the variation in trade flows for goods export and 48% of the variation in trade flows for goods import. For every 10% increase in fixed broadband Internet subscribers per 100 people increases, goods trade by 7.9% and for every 5% increase in fixed broadband Internet subscribers per 100 people, goods export increases by 11%. For every 1% increase in fixed telephone line penetration per 100 people, goods trade increases by 26.3%, goods export increases by 24.4% and goods import increases by 24.8%. For every 1% increase in mobile-cellular telephone subscriptions, goods trade decreases by 29.6% and goods export decreases by 27.1%, whilst for every 0.01% increase in mobile-cellular telephone subscriptions, goods import decreases by 34.3%. For every 1% increase in the percentage of population who used the Internet from any location in the last 12 months Internet, goods trade increases by 32.5%, goods export increases by 38.9%, goods import increases by 33%. All our trade determinants as well as our ICT variables have significances on goods exports for the US. We can also draw from our study that the US relies more rather heavily on ICT for its goods export compared to goods import.

Keywords: Bilateral trade, goods trade, information and communication technologies, Internet.

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Authors: Mohammad Ali Tabarzad, Caro Lucas, Nassim Jafarzadeh Eslami

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After the development of the Internet a suitable discipline for trading goods electronically has been emerged. However, this type of markets is not still mature enough in order to become independent and get closer to seller/buyer-s needs. Furthermore, the buyable and sellable goods in these markets still don-t have essential standards for being well-defined. In this paper, we will present a model for development of a market which can contain goods with variable definitions and we will also investigate its characteristics. Besides, by noticing the fact that people have different discriminations, it-s figured out that the significance of each attribute of a specific product may vary from different people-s view points. Consequently we-ll present a model for weighting and accordingly different people-s view points could be satisfied. These two aspects will be discussed completely throughout this paper.

Keywords: Electronic markets, selection of multi attributegoods, data infusion.

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Authors: JunSeok Hwang, Mohsen Gerami

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Knowledge is the foundation for growth and development. Investment in knowledge improves new method for originate knowledge society and knowledge economy. Investment in knowledge embraces expenditure on education and R&D and software. Measuring of investment in knowledge is characteristically complicated. We examine the influence of investment in knowledge in multifactor productivity growth and numbers of patent. We analyze the annual growth of investment in knowledge and we estimate portion of each country intended for produce total investment in knowledge on the whole OECD. We determine the relative efficiency of average patent numbers with average investment in knowledge and we compare GDP growth rates and growth of knowledge investment. The main purpose in this paper is to study to evaluate different aspect, influence and output of investment in knowledge in OECD countries.

Keywords: Knowledge, GDP, Multifactor productivity, Investment, efficiency.

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Authors: Bita Mashayekhi, Hamid Kalhornia

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One of the most important roles of financial reporting is improving the firms’ investment decisions; however, there is not much supporting evidence for this claim in emerging markets like Iran. In this study, the effect of financial reporting transparency in investment efficiency of Iranian firms has been investigated. In order to do this, 336 listed companies on Tehran Stock Exchange (TSE) has been selected for time period 2012 to 2015 as research sample. For testing our main hypothesis, we classified sample firms into two groups based on their deviation from expected investment: under-investment and over-investment cases. The results indicate that there is positive significant relationship between financial transparency and investment efficiency. In the other words, transparency can mitigate both underinvestment and overinvestment situations.

Keywords: Corporate governance, disclosure, investment decisions, investment efficiency, transparency.

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Authors: Thorben Kuprat, Julian Becker, Jonas Mayer, Peter Nyhuis

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For years now, it has been recognized that logistic performance capability contributes enormously to a production enterprise’s competitiveness and as such is a critical control lever. In doing so, the orientation on customer wishes (e.g. delivery dates) represents a key parameter not only in the value-adding production but also in product regeneration. Since production and regeneration processes have different characteristics, production planning and control measures cannot be directly transferred to regeneration processes. As part of a special research project, the Institute of Production Systems and Logistics Hannover is focused on increasing the logistic performance capability of regeneration processes for complex capital goods. The aim is to ensure logistic targets are met by implementing a model specifically designed to align the capacities and load in regeneration processes.

Keywords: Capacity planning, complex capital goods, logistic performance, regeneration process.

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Authors: M. Priscila Ramos, Omar O. Chisari, Juan Pablo Vila Martínez

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Current literature about trade liberalization of environmental goods and services (EGS) raises doubts about the extent of the triple win-win situation for trade, development and the environment. However, much of this literature does not consider the possibility that this agreement carries technological transmissions, either through trade or foreign direct investment. This paper presents a computable general equilibrium model calibrated for Argentina, where there are alternative technologies (one dirty and one clean according to carbon emissions) to produce the same goods. In this context, the trade liberalization of EGS allows to increase GDP, trade, reduce unemployment and improve the households welfare. However, the capital mobility appears as the key assumption to jointly reach the environmental target, when the positive scale effect generated by the increase in trade is offset by the change in the composition of production (composition and technical effects by the use of the clean alternative technology) and of consumption (composition effect by substitution of relatively lesspolluting imported goods).

Keywords: CGE modeling, CO2 emissions, composition effect, scale effect, technique effect, trade liberalization of EGS.

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Authors: Glenda Minguito, Jenith Banluta

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One of the critical aspects of humanitarian operations is the distribution of relief goods to an affected community. The common assumption is that relief goods are prepositioned during disasters which are not applicable in developing countries like the Philippines. During disasters, the on-the-ground government agencies and responders have to procure, sort, weigh and pack the relief goods. There is a need to review the relief goods preparation as it seriously affects the delivery of necessary aid for human survival. This study also identifies the ideal location of the assembly hub to minimize the distance to the affected community. This paper reveals that location and resources are dependent on the type of disasters encountered at the local level. The Center-of-Gravity method and Multiple Activity Chart were applied in the analysis.

Keywords: Humanitarian supply chain, location decision, resource allocation, local level.

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Authors: George Yungchih Wang

Abstract:

For decades financial economists have been attempted to determine the optimal investment policy by recognizing the option value embedded in irreversible investment whose project value evolves as a geometric Brownian motion (GBM). This paper aims to examine the effects of the optimal investment trigger and of the misspecification of stochastic processes on investment in real options applications. Specifically, the former explores the consequence of adopting optimal investment rules on the distributions of corporate value under the correct assumption of stochastic process while the latter analyzes the influence on the distributions of corporate value as a result of the misspecification of stochastic processes, i.e., mistaking an alternative process as a GBM. It is found that adopting the correct optimal investment policy may increase corporate value by shifting the value distribution rightward, and the misspecification effect may decrease corporate value by shifting the value distribution leftward. The adoption of the optimal investment trigger has a major impact on investment to such an extent that the downside risk of investment is truncated at the project value of zero, thereby moving the value distributions rightward. The analytical framework is also extended to situations where collection lags are in place, and the result indicates that collection lags reduce the effects of investment trigger and misspecification on investment in an opposite way.

Keywords: GBM, real options, investment trigger, misspecification, collection lags

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Authors: Maqbool Hussain Sial, Maaida Hussain Hashmi, Sofia Anwar

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The present research was focused to investigate the role of investment in the course of economic growth with reference to Pakistan. The study analyzed the role of the public and private investment and impact of the political and macroeconomic uncertainty on economic growth of Pakistan by using the vector autoregressive approach (VAR). In long-run both public and private investment showed a positive impact on economic growth but the growth was largely driven by private investment as compared to public investment. Government consumption expenditure, economic uncertainty and political instability hampered the economic growth of Pakistan. In short-run the private investment positively influences the growth but there was negative and insignificant effect of the public investment and government consumption expenditure on the growth. There was a positive relationship found between economic uncertainty (proxy for inflation) and GDP in short run.

Keywords: Investment, Government Consumption, Growth, Co-integration, Pakistan.

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Authors: Ling Zheng, Yaping Wei, Kang Cao, Zheng Huang, Songpo Shi

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Not only is municipal pattern the institution basement of urban management, but it also determines the forms of the management results. There-s a considerable possibility of bankruptcy for China-s current municipal pattern as it-s an overdraft of land deal in fact. Based on the analysis of China-s current municipal pattern, the passage proposed an assumption of a new pattern verified legitimacy by conceptual as well as econometric models. Conclusion is: the added supernumerary value of investment in public goods was not included in China-s current municipal pattern, but hidden in the rising housing prices; we should set housing tax or municipal tax to optimize the municipal pattern, to correct the behavior of local governments and to ensure the regular development of China-s urbanization.

Keywords: Urban management, China's municipal pattern, land financial institution, housing tax, Public goods.

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Authors: S. L. Tulasi Devi, R. N. Rao

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This paper focuses attention on specific aspects of entrepreneurial decisions relating to investment, both in the total fixed investments and plant & machinery (separately). Demand and financial factors, internal and external, are considered in the investment analysis. Finally the influence of determinants of fixed investment and investment plans are examined in Electric Power industry in India.

Keywords: Determinants, Electric Power Industry, Fixed Assets, Econometric Analysis.

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Authors: Hussam Al-Shorman, Yosef Hasan Jbara

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A business case is a proposal for an investment initiative to satisfy business and functional requirements. The business case provides the foundation for tactical decision making and technology risk management. It helps to clarify how the organization will use its resources in the best way by providing justification for investment of resources. This paper describes how simulation was used for business case benefits and return on investment for the procurement of 8 production machines. With investment costs of about 4.7 million dollars and annual operating costs of about 1.3 million, we needed to determine if the machines would provide enough cost savings and cost avoidance. We constructed a model of the existing factory environment consisting of 8 machines and subsequently, we conducted average day simulations with light and heavy volumes to facilitate planning decisions required to be documented and substantiated in the business case.

Keywords: Investment cost, business case, return on investment, simulation.

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Authors: Chih-Hsiang Chang, Liang-Chien Lee, Shu-Ling Wu

Abstract:

This study investigates the investors- behavioral reaction to the investment rating change announcements from the views of behavioral finance. The empirical results indicate that self-interest does affect the intention of securities firms to release investment ratings for individual stocks. In addition, behavioral pitfalls are also found in the response of retail investors to investment rating change announcements.

Keywords: Investment ratings, Behavioral finance, Self-interest, Behavioral pitfalls

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Authors: M. Mahdavi, E. Mahdavi

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In this research, STNEP is being studied considering network adequacy and limitation of investment cost by decimal codification genetic algorithm (DCGA). The goal is obtaining the maximum of network adequacy with lowest expansion cost for a specific investment. Finally, the proposed idea is applied to the Garvers 6-bus network. The results show that considering the network adequacy for solution of STNEP problem is caused that among of expansion plans for a determined investment, configuration which has relatively lower expansion cost and higher adequacy is proposed by GA based method. Finally, with respect to the curve of adequacy versus expansion cost it can be said that more optimal configurations for expansion of network are obtained with lower investment costs.

Keywords: TNEP, Network Adequacy, Investment Cost, GA

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Authors: M. Chavleishvili

Abstract:

The paper presents the analysis of the current situation of agricultural development in Georgia. The investment environment that supports development of the agricultural sector is evaluated and the key priorities are identified. The analysis of the projects already implemented with state and EU support, as well as those that are being currently implemented is presented. The policy and the programs supporting development of agricultural sector are analyzed. Based on an analysis of the evaluations of experts and the primary accounting documents, the outcomes of investment programs, their advantages and disadvantages, are studied. Through identifying investment programs in the agricultural sector of Georgia, corresponding conclusions are made, based on which some recommendations are developed.

Keywords: Agriculture, investments, investment programs, projects.

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Authors: Chimaobi V. Okolo, Afamefuna J. Ani, Ebere U. Okolo

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This paper seeks to assess the implications of insurance to foreign direct investment inflow in Nigeria. Multiple linear regression technique and correlation matrix test were employed to measure the extent to which foreign direct investment was influenced. The result showed that insurance premium (IP), asset size of insurance industry (AS), and total investment of the industry (TI) impacted significantly and positively on foreign direct investment inflow in Nigeria. There should be effective risk transfer mechanism and financial intermediation, which gives the investor confidence in the risk management strength of the host country.

Keywords: Foreign direct investment, insurance.

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Authors: Chang Lee Shu-Jung, Mei-Se Chien, Chien-Chiang Lee, Hui-Ting Hu

Abstract:

This paper applies recursive cointegration analysis to examine the dynamic changes in Feldstein-Horioka saving-investment (S-I) coefficients across China and the ASEAN-5 countries over time. To the extent that the S-I coefficients measure international capital mobility, the main empirical results are as follows. The recursive trace statistics show that the investment- savings nexus varies in these six countries. There is no cointegration between investment and savings in three countries (China, Malaysia, and Singapore), which means that the mobility of the capital markets in the three is high and that domestic investment in them will be financed by the global pool of capital. As to the other three countries (Indonesia, Thailand, and Philippines), there is cointegration between investment and savings for part of the sample period in the three, including before 2002 for Thailand, before 2001 for Indonesia, and before 2002 for Philippines. This shows these three countries achieved highly mobile and open capital markets later.

Keywords: Investment, savings, recursive cointegration test, ASEAN, China.

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Authors: Amirreza Attarzadeh

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This paper aims to investigate the relationship between economic variables, e.g., inflation rate, interest rate, trade openness and the growth rate of GDP, with domestic investment. The present study also draws on conceptual economy related theories to verify the negative effect of interest rates on domestic investment. However, trade openness and growth rate had a positive correlation, and the inflation rate may have a positive or negative impact on domestic investment.

Keywords: Inflation rate, growth rate of GDP, interest rate, trade openness, domestic investment.

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Authors: Piotr Prewysz-Kwinto

Abstract:

The market of financial instruments with high risk is developing very dynamically in recent years and attracts more and more interest of investors. It consists essentially of two groups of instruments, i.e. derivatives and exchange traded product (ETP), and each year new types are introduced and offered to investors. The aim of this paper is to present the principles concerning financial instruments with high investment risk available on the Warsaw Stock Exchange (WSE), because they have quite complex constructions, and to evaluate the development of this market. In order to achieve this aim, statistical data from 2014-2016 was analyzed. The results confirm that the financial instruments with high investment risk available on the WSE constitute a diversified and the most numerous group of financial instruments and attract the most interest of investors. Responsible investing requires, however, a good knowledge of how they work and how they can generate profit to not expose oneself to unexpected losses.

Keywords: Derivatives, exchange traded products, financial instruments, financial market, risk, stock exchange.

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Authors: Pei-Hsing Huang, Wei-Ju Huang

Abstract:

Investment casting is commonly used in the production of metallic components with complex shapes, due to its high dimensional precision, good surface finish, and low cost. However, the process is cumbersome, and the period between trial casting and final production can be very long, thereby limiting business opportunities and competitiveness. In this study, we replaced conventional wax injection with stereolithography (SLA) 3D printing to speed up the trial process and reduce costs. We also used silicone molds to further reduce costs to avoid the high costs imposed by photosensitive resin.

Keywords: Investment casting, stereolithography, wax molding, 3D printing.

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Authors: Hycham Aboutaleb, Bruno Monsuez

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Current systems complexity has reached a degree that requires addressing conception and design issues while taking into account environmental, operational, social, legal and financial aspects. Therefore, one of the main challenges is the way complex systems are specified and designed. The exponential growing effort, cost and time investment of complex systems in modeling phase emphasize the need for a paradigm, a framework and an environment to handle the system model complexity. For that, it is necessary to understand the expectations of the human user of the model and his limits. This paper presents a generic framework for designing complex systems, highlights the requirements a system model needs to fulfill to meet human user expectations, and suggests a graphbased formalism for modeling complex systems. Finally, a set of transformations are defined to handle the model complexity.

Keywords: Higraph-based, formalism, system engineering paradigm, modeling requirements, graph-based transformations.

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Authors: Shoji Katagiri

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This paper is to clarify the relationship between ICT and income inequality. To do so, we develop the general equilibrium model with ICT investment, obtain the equilibrium solutions, and then simulate the model with these solutions for some OECD countries. As a result, generally, during the corresponding periods we confirm that the relationship between ICT investment and income inequality is positive. In this mode, the increment of the ratio of ICT investment to the aggregated investment in stock enhances the capital’s share of income, and finally leads to income inequality such as the increase of the share of the top decile income. Although we confirm the positive relationship between ICT investment and income inequality, the upward trend for that relationship depends on the values of parameters for the making use of the simulations and these parameters are not deterministic in the magnitudes on the calculated results for the simulations.

Keywords: ICT, inequality, capital accumulation, technology.

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Authors: George Yungchih Wang

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This paper argues that increased uncertainty, in certain situations, may actually encourage investment. Since earlier studies mostly base their arguments on the assumption of geometric Brownian motion, the study extends the assumption to alternative stochastic processes, such as mixed diffusion-jump, mean-reverting process, and jump amplitude process. A general approach of Monte Carlo simulation is developed to derive optimal investment trigger for the situation that the closed-form solution could not be readily obtained under the assumption of alternative process. The main finding is that the overall effect of uncertainty on investment is interpreted by the probability of investing, and the relationship appears to be an invested U-shaped curve between uncertainty and investment. The implication is that uncertainty does not always discourage investment even under several sources of uncertainty. Furthermore, high-risk projects are not always dominated by low-risk projects because the high-risk projects may have a positive realization effect on encouraging investment.

Keywords: real options, geometric Brownian motion, mixeddiffusion-jump process, mean- reverting process, jump amplitudeprocess

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Authors: I. Khutsishvili, G. Sirbiladze, B. Ghvaberidze

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This work proposes a fuzzy methodology to support the investment decisions. While choosing among competitive investment projects, the methodology makes ranking of projects using the new aggregation OWA operator – AsPOWA, presented in the environment of possibility uncertainty. For numerical evaluation of the weighting vector associated with the AsPOWA operator the mathematical programming problem is constructed. On the basis of the AsPOWA operator the projects’ group ranking maximum criteria is constructed. The methodology also allows making the most profitable investments into several of the project using the method developed by the authors for discrete possibilistic bicriteria problems. The article provides an example of the investment decision-making that explains the work of the proposed methodology.

Keywords: Expert evaluations, investment decision making, OWA operator, possibility uncertainty.

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Authors: Pieter C. M. Cornelis

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(European) theme parks invest approximately 10 percent of their yearly turnover into new rides and park improvements. Without these investments these parks assume not to be a very competitive and appealing daytrip for their target audiences. However, the impact of investments in attracting new visitors is not well-known and seems to differ dramatically between parks. This paper presents a case study from the Netherlands in which a small amusement park applied a suggested, not yet proven, investment method. The results of the investment are discussed in (a) the form of return on investment and (b) the success of the predictions with regard to this investment. Suggestions for future research are presented.

Keywords: Entertainment industry, innovation, investments, theme parks.

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Authors: J. Zambujal-Oliveira

Abstract:

The relation between taxation states and foreign direct investment has been studied for several perspectives and with states of different levels of development. Usually it's only considered the impact of tax level on the foreign direct investment volume. This paper enhances this view by assuming that multinationals companies (MNC) can use transfer prices systems and have got investment timing flexibility. Thus, it evaluates the impact of the use of international transfer pricing systems on the states- policy and on the investment timing of the multinational companies. In uncertain business environments (with periodical release of news), the investment can increase if MNC detain investment delay options. This paper shows how tax differentials can attract foreign direct investments (FDI) and influence MNC behavior. The equilibrium is set in a global environment where MNC can shift their profits between states depending on the corporate tax rates. Assuming the use of transfer pricing schemes, this paper confirms the relationship between MNC behavior and the release of new business news.

Keywords: Corporate Taxation, International Profit Shifting, Real Options

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Authors: Charawee Butbumrung

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The purpose of this study is to evaluate the monetary worthiness of investment and the usefulness of risk estimation as a tool employed by a production section of an electronic factory. This study employed the case study of accidents occurring in production areas. Data is collected from interviews with six production of safety coordinators and collect the information from the relevant section. The study will present the ratio of benefits compared with the operation costs for investment. The result showed that it is worthwhile for investment with the safety measures. In addition, the organizations must be able to analyze the causes of accidents about the benefits of investing in protective working process. They also need to quickly provide the manual for the staff to learn how to protect themselves from accidents and how to use all of the safety equipment.

Keywords: Cost and benefit, enterprises in Thailand, investment in safety and health, risk estimation.

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Authors: Wissam B. Fahed

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Entrepreneurship has become an important and extensively researched concept in business studies. Research on foreign direct investment (FDI) has become widespread due to the growth of FDI and its importance in globalization. Most entrepreneurship studies examined the importance and influence of entrepreneurial orientation in a micro-level context. On the other hand, studies and research concerning FDI used statistical techniques to analyze the effect, determinants, and motives of FDI on a macroeconomic level, ignoring empirical studies on other noneconomic determinants. In order to bridge the gap between the theory and empirical evidence on FDI and the theory and research on entrepreneurship, this study examines the impact of entrepreneurship on inward foreign direct investment. The relationship between entrepreneurship and foreign direct investment is investigated through regression analysis of pooled time-series and cross-sectional data. The results suggest that entrepreneurship has a significant effect on FDI.

Keywords: Entrepreneurship, foreign direct investment, globalization, economic freedom.

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Authors: Popoola, C. F., Akinsanya, K., Babarinde, S. B., Farinde, D. A.

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This study investigated published financial statement as correlate of investment decision among commercial bank stakeholders in Nigeria. A correlation research design was used in the study. 180 users of published financial statement were purposively sampled from Lagos and Ibadan. Data generated were analyzed using Pearson correlation and regression. The findings of the study revealed that, balance sheet is negatively related with investment decision (r= -.483; p<.01) while income statement (r= .249; p<.001), notes on the account (r= .230; p<.001), cash flow statement (r= .202; p<.001), value added statement (r= .328; p<.001) and five-year financial summary (r= .191; p<.01) are positively related with investment decision. Findings also revealed that components of published financial statement significantly predicted good investment decision (R²= .983; F_(5,175)=284.5; p<.05) for commercial bank stakeholders. Therefore, it was suggested that Nigeria banks and professional bodies should instigate programs that will increase the knowledge of stakeholders on published financial statement.

Keywords: Commercial banks, Financial statement, Income Statement, Investment decision, Stakeholders.

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