Search results for: Artificial stock markets

Authors: Viktória Sugár, Attila Talamon, András Horkai, Michihiro Kita

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The dense urban fabric of the Budapest 7th district is known as the former Jewish Quarter. The majority of the historical building stock contains multi-story tenement houses with courtyards, built around the end of the 19^th century. Various rehabilitation and urban planning attempt occurred until today, mostly left unfinished. Present paper collects the past rehabilitation plans, actions and their effect which took place in the former Jewish District of Budapest. The authors aim to assess the boundaries of a complex building stock rehabilitation, by taking into account the monument protection guidelines. As a main focus of the research, structural as well as energetic rehabilitation possibilities are analyzed in case of each building by using Geographic Information System (GIS) methods.

Keywords: Geographic information system, Hungary, Jewish quarter, monument, protection, rehabilitation.

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Authors: Bhawat Chiamjinnawat

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The agri-food market transformation has implied market growth for the fruit industry in Thailand. This article focuses on analysis of farmer competence and farm resources which affect market strategies used by fruit farmers in Chanthaburi province of Thailand. The survey data were collected through the use of face-to-face interviews with structured questionnaires. This study identified 14 drivers related to farmer competence and farm resources of which some had significant effect on the decision to use either high-value markets or traditional markets. The results suggest that farmers who used high-value markets were better educated and they had longer experience and larger sized business. Identifying the important factors that match with the market transformation provides policy with opportunities to support the fruit farmers to increase their market power. Policies that promote business expansion of agricultural cooperatives and knowledge sharing among farmers are recommended to reduce limitations due to limited knowledge, low experience, and small business sizes.

Keywords: Farmer competence, farm resources, fruit industry, high-value markets, Thailand.

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Authors: Suthawan Chirapanda

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International trade involves both large and small firms engaged in business overseas. Possible drivers that force companies to enter international markets include increasing competition at the domestic market, maturing domestic markets, and limited domestic market opportunities. Technology is an important driving factor in shaping international marketing strategy as well as in driving force towards a more global marketplace, especially technology in communication. It includes telephones, the internet, computer systems and e-mail. There are three main marketing strategy choices, namely standardization approach, adaptation approach and middleof- the-road approach that companies implement to overseas markets. The decision depends on situations and factors facing the companies in the international markets. In this paper, the contingency concept is considered that no single strategy can be effective in all contexts. The effect of strategy on performance depends on specific situational variables. Strategic fit is employed to investigate export marketing strategy adaptation under certain environmental conditions, which in turn can lead to superior performance.

Keywords: Contingency approach, international marketing strategy, strategic fit, technological environment

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Authors: Sawcen Chebaane, Hakim Ben Othman

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This paper investigates the effect of International Financial Reporting Standards (IFRS) adoption on the frequency of earnings managements towards small positive profits. We focus on two emerging markets IFRS adopters: South Africa and Turkey. We tested our logistic regression using appropriate panelestimation techniques over a sample of 330 South African and 210 Turkish firm-year observations over the period 2002-2008. Our results document that mandatory adoption of IFRS is not associated with a reduction in earnings management towards small positive profits in emerging markets. These results contradict most of the previous findings of the studies conducted in developed countries. Based on the legal system factor, we compare the intensity of earnings management between a code law country (Turkey) and a common law country (South Africa) over the pre and post-adoption periods. Our findings show that the frequency of such earnings management practice increases significantly for the code law country.

Keywords: Civil law, common law, emerging markets, Mandatory IFRS adoption, small positive profits.

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Authors: Andrzej Przemyslaw Kusnierczak

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Advances in technology (e.g. the internet, telecommunication) and political changes (fewer trade barriers and an enlarged European Union, ASEAN, NAFTA and other organizations) have led to develop international competition and expand into new markets. Companies in Thailand, Asia and around the globe are increasingly being pressured on price and for faster time to enter the market. At the same time, new markets are appearing and many companies are looking for changes and shifts in their domestic markets. These factors have enabled the rapid growth for companies and globalizing many different business activities during the product development process from research and development (R&D) to production. This research will show and clarify methods how to develop global product. Also, it will show how important is a global product impact into Thai Economy development.

Keywords: Development, global, management, product.

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Authors: Viktória Sugár, Zoltán Laczó, András Horkai, Gyula Kiss, Attila Talamon

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The majority of the building stock of Budapest inner districts was built around the turn of the 19^th and 20^th century. Although the structural stability of the buildings is not questioned, as the load bearing structures are in sufficient state, the secondary structures are aged, resulting unsatisfactory energetic state. The renovation of these historical buildings requires special methodology and technology: their ornamented facades and custom-made fenestration cannot be insulated or exchanged with conventional solutions without damaging the heritage values. The present paper aims to introduce and systematize the possible technological solutions for heritage respecting energy retrofit in case of a historical residential building stock. Through case study, the possible energy saving potential is also calculated using multiple renovation scenarios.

Keywords: Energy efficiency, heritage, historical building, renovation, technical solutions.

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Authors: Piotr Prewysz-Kwinto

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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: A. J. Regan, F. J. Lidgey, M. Betteridge, P. Georgiou, C. Toumazou, K. Hayatleh, J. R. Dibble

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Our goal is development of an algorithm capable of predicting the directional trend of the Standard and Poor’s 500 index (S&P 500). Extensive research has been published attempting to predict different financial markets using historical data testing on an in-sample and trend basis, with many authors employing excessively complex mathematical techniques. In reviewing and evaluating these in-sample methodologies, it became evident that this approach was unable to achieve sufficiently reliable prediction performance for commercial exploitation. For these reasons, we moved to an out-ofsample strategy based on linear regression analysis of an extensive set of financial data correlated with historical closing prices of the S&P 500. We are pleased to report a directional trend accuracy of greater than 55% for tomorrow (t+1) in predicting the S&P 500.

Keywords: Financial algorithm, GPU, S&P 500, stock market prediction.

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Authors: Lipeng Zhang, Limei Li, Yanming Pearl Zhang

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This paper takes a philosophical view as axiom, and reveals the relationship between information theory and Natural Intelligence and Artificial Intelligence under real world conditions. This paper also derives the relationship between natural intelligence and nature. According to communication principle of information theory, Natural Intelligence can be divided into real part and virtual part. Based on information theory principle that Information does not increase, the restriction mechanism of Natural Intelligence creativity is conducted. The restriction mechanism of creativity reveals the limit of natural intelligence and artificial intelligence. The paper provides a new angle to observe natural intelligence and artificial intelligence.

Keywords: Natural intelligence, artificial intelligence, creativity, information theory.

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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: Ling Shi Cai, Leau Yu Beng, Charlie Albert Lasuin, Tan Soo Fun, Chin Pei Yee

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This paper explains the development of Multifunctional Barcode Inventory Management System (MBIMS) to manage inventory and stock ordering. Today, most of the retailing market is still manually record their stocks and its effectiveness is quite low. By providing MBIMS, it will bring effectiveness to retailing market in inventory management. MBIMS will not only save time in recording input, output and refilling the inventory stock, but also in calculating remaining stock and provide auto-ordering function. This system is developed through System Development Life Cycle (SDLC) and the flow and structure of the system is fully built based on requirements of a retailing market. Furthermore, this system has been developed from methodical research and study where each part of the system is vigilantly designed. Thus, MBIMS will offer a good solution to the retailing market in achieving effectiveness and efficiency in inventory management.

Keywords: Inventory, Retailing Market, Barcode, Automated Alerting and Ordering

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Authors: A.R. Yari, M.R. Sadri

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For the first incumbent operator it is very important to understand how to react when the second operator comes to the market. In this paper which is prepared for preliminary study of GSM market in Iran, we have studied five MENA markets according to the similarity point of view. This paper aims at analyzing the impact of second entrants in selected markets on certain marketing key performance indicators (KPI) such as: Market shares (by operator), prepaid share, minutes of use (MoU), Price and average revenue per user (ARPU) (for total market each).

Keywords: GSM Market, Second entrant, MENA.

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Authors: Satjaporn Tungsong, Gun Srijuntongsiri

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This research seeks to investigate the frequency and profitability of index arbitrage opportunities involving the SET50 futures, SET50 component stocks, and the ThaiDEX SET50 ETF (ticker symbol: TDEX). In particular, the frequency and profit of arbitrage are measured in the following three arbitrage tests: (1) SET50 futures vs. ThaiDEX SET50 ETF, (2) SET50 futures vs. SET50 component stocks, and (3) ThaiDEX SET50 ETF vs. SET50 component stocks are investigated. For tests (2) and (3), the problems involve conic optimization and quadratic programming as subproblems. This research is first to apply conic optimization and quadratic programming techniques in the context of index arbitrage and is first to investigate such index arbitrage in the Thai equity and derivatives markets. Thus, the contribution of this study is twofold. First, its results would help understand the contribution of the derivatives securities to the efficiency of the Thai markets. Second, the methodology employed in this study can be applied to other geographical markets, with minor adjustments.

Keywords: Conic optimization, Equity index arbitrage, Executionlags, Quadratic programming, SET50 index futures, ThaiDEX SET50ETF, Transaction costs

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Authors: Hosein Hamisheh Bahar, Mohammad Hossein Fazel Zarandi, Akbar Esfahanipour

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In this paper, a hybrid expert system is developed by using fuzzy genetic network programming with reinforcement learning (GNP-RL). In this system, the frame-based structure of the system uses the trading rules extracted by GNP. These rules are extracted by using technical indices of the stock prices in the training time period. For developing this system, we applied fuzzy node transition and decision making in both processing and judgment nodes of GNP-RL. Consequently, using these method not only did increase the accuracy of node transition and decision making in GNP's nodes, but also extended the GNP's binary signals to ternary trading signals. In the other words, in our proposed Fuzzy GNP-RL model, a No Trade signal is added to conventional Buy or Sell signals. Finally, the obtained rules are used in a frame-based system implemented in Kappa-PC software. This developed trading system has been used to generate trading signals for ten companies listed in Tehran Stock Exchange (TSE). The simulation results in the testing time period shows that the developed system has more favorable performance in comparison with the Buy and Hold strategy.

Keywords: Fuzzy genetic network programming, hybrid expert system, technical trading signal, Tehran stock exchange.

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Authors: Masahiro Ohmura, Koh Kakusho, Takeshi Okadome

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This paper presents a regression model with autocorrelated errors in which the inputs are social moods obtained by analyzing the adjectives in Twitter posts using a document topic model, where document topics are extracted using LDA. The regression model predicts Dow Jones Industrial Average (DJIA) more precisely than autoregressive moving-average models.

Keywords: Regression model, social mood, stock market prediction, Twitter.

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Authors: Artur Matuck, Guilherme F. Nobre

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Machines can be either tool, media, or social agents. Advances in technology have been delivering machines capable of autonomous expression, both through communication and art. This paper deals with models (theoretical approach) and experiments (applied approach) related to artificial agents. On one hand it traces how social sciences' scholars have worked with topics such as text automatization, man-machine writing cooperation, and communication. On the other hand it covers how computer sciences' scholars have built communicative and artistic machines, including the programming of creativity. The aim is to present a brief survey on artificially intelligent communicators and artificially creative writers, and provide the basis to understand the meta-authorship and also to new and further man-machine co-authorship.

Keywords: Artificial communication, artificial creativity, artificial writers, meta-authorship, robotic art.

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Authors: Mohammad Hadi Zohdi, Mohamad Reza Dalvand, Maryam Zohdi

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In this research relationship between to be smooth the interest and output of accepted companies stock at negotiable paper exchange of Tehran is studied. Static community capacity included 363 companies member of negotiable paper exchange of Tehran that 54 companies were, by considering research limitation, selected from 2004 to 2009. Needed data for model test in librarian method was chosen from RAH AVARDE NOVIN informative banks, TADBIR and collecting needed data was selected from Tehran negotiable paper exchange archive. Given results show that in spite of belief among people based on companies have more smooth interest have more output, but resulted outcomes of test-done reveals that there is no relation between smooth interest and stock output.

Keywords: Smooth interest, interest fluctuation, interest level, output average, cost capital

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Authors: Haroon Altarawneh, Sattam Allahawiah

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This paper has two main ideas. Firstly, it describes Evans and Wurster-s concepts “the trade-off between reach and richness", and relates them to the impact of technology on the virtual markets. Authors Evans and Wurster see the transfer of information as a 'trade'off between richness and reach-. Reach refers to the number of people who share particular information, with Richness ['Rich'] being a more complex concept combining: bandwidth, customization, interactivity, reliability, security and currency. Traditional shopping limits the number of shops the shopper is able to visit due to time and other cost constraints; the time spent traveling consequently leaves the shopper with less time to evaluate the product. The paper concludes that although the Web provides Reach, offering Richness and the sense of community required for creating and sustaining relationships with potential clients could be difficult.

Keywords: Internet, Web sites, Richness and Reach, Ecommerce, virtual markets.

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Authors: GuentherSchuh, Till Potente, SaschaFuchs, Annika Hauptvogel, Tobias Welter

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Producing companies aspire to high delivery availability despite appearing disruptions. To ensure high delivery availability safety stocksare required. Howeversafety stock leads to additional capital commitment and compensates disruptions instead of solving the reasons.The intention is to increase the stability in production by configuring the production planning and control systematically. Thus the safety stock can be reduced. The largest proportion of inventory in producing companies is caused by batch inventory, schedule deviations and variability of demand rates.These reasons for high inventory levels can be reduced by configuring the production planning and control specifically. Hence the inventory level can be reduced. This is enabled by synchronizing the lot size straightening the demand as well as optimizing the releasing order, sequencing and capacity control.

Keywords: inventory level, inventory management, production planning and control, safety stock

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Authors: Mohammad Ghavami, Reza S. Dilmaghani

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This paper presents an adaptive framework for modelling financial markets using equity risk premiums, risk free rates and volatilities. The recorded economic factors are initially used to train four adaptive filters for a certain limited period of time in the past. Once the systems are trained, the adjusted coefficients are used for modelling and prediction of an important financial market index. Two different approaches based on least mean squares (LMS) and recursive least squares (RLS) algorithms are investigated. Performance analysis of each method in terms of the mean squared error (MSE) is presented and the results are discussed. Computer simulations carried out using recorded data show MSEs of 4% and 3.4% for the next month prediction using LMS and RLS adaptive algorithms, respectively. In terms of twelve months prediction, RLS method shows a better tendency estimation compared to the LMS algorithm.

Keywords: Prediction of financial markets, Adaptive methods, MSE, LSE.

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Authors: Jolly Shah, S.S.Rattan, B.C.Nakra

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Automatic control of the robotic manipulator involves study of kinematics and dynamics as a major issue. This paper involves the forward and inverse kinematics of 2-DOF robotic manipulator with revolute joints. In this study the Denavit- Hartenberg (D-H) model is used to model robot links and joints. Also forward and inverse kinematics solution has been achieved using Artificial Neural Networks for 2-DOF robotic manipulator. It shows that by using artificial neural network the solution we get is faster, acceptable and has zero error.

Keywords: Artificial Neural Network, Forward Kinematics, Inverse Kinematics, Robotic Manipulator

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Authors: Reza Dinarvand, Mahdi Sadeghian, Somaye Sadeghian

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Prediction of the ultimate bearing capacity of piles (Qu) is one of the basic issues in geotechnical engineering. So far, several methods have been used to estimate Qu, including the recently developed artificial intelligence methods. In recent years, optimization algorithms have been used to minimize artificial network errors, such as colony algorithms, genetic algorithms, imperialist competitive algorithms, and so on. In the present research, artificial neural networks based on colonial competition algorithm (ANN-ICA) were used, and their results were compared with other methods. The results of laboratory tests of short piles in clayey soils with parameters such as pile diameter, pile buried length, eccentricity of load and undrained shear resistance of soil were used for modeling and evaluation. The results showed that ICA-based artificial neural networks predicted lateral bearing capacity of short piles with a correlation coefficient of 0.9865 for training data and 0.975 for test data. Furthermore, the results of the model indicated the superiority of ICA-based artificial neural networks compared to back-propagation artificial neural networks as well as the Broms and Hansen methods.

Keywords: Lateral bearing capacity, short pile, clayey soil, artificial neural network, Imperialist competition algorithm.

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Authors: Maria Damian, Carmen G. Bonaci, Jiří Strouhal, Razvan V. Mustata, Dumitru Matis, Jiřina Bokšová

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In the current context of globalization, a large number of companies sought to develop as a group in order to reach to other markets or meet the necessary criteria for listing on a stock exchange. The issue of consolidated financial statements prepared by a parent, an investor or a venture and the financial reporting standards guiding them therefore becomes even more important. The aim of our paper is to expose this issue in a consistent manner, first by summarizing the international accounting and financial reporting standards applicable before the 1st of January 2013 and considering the role of the crisis in shaping the standard setting process, and secondly by analyzing the newly issued/modified standards and main changes being brought

Keywords: Consolidated financial statements, control, IFRS 10, financial crisis.

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Authors: Khaled M. Alhawiti

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This research study aims to present a retrospective study about speech recognition systems and artificial intelligence. Speech recognition has become one of the widely used technologies, as it offers great opportunity to interact and communicate with automated machines. Precisely, it can be affirmed that speech recognition facilitates its users and helps them to perform their daily routine tasks, in a more convenient and effective manner. This research intends to present the illustration of recent technological advancements, which are associated with artificial intelligence. Recent researches have revealed the fact that speech recognition is found to be the utmost issue, which affects the decoding of speech. In order to overcome these issues, different statistical models were developed by the researchers. Some of the most prominent statistical models include acoustic model (AM), language model (LM), lexicon model, and hidden Markov models (HMM). The research will help in understanding all of these statistical models of speech recognition. Researchers have also formulated different decoding methods, which are being utilized for realistic decoding tasks and constrained artificial languages. These decoding methods include pattern recognition, acoustic phonetic, and artificial intelligence. It has been recognized that artificial intelligence is the most efficient and reliable methods, which are being used in speech recognition.

Keywords: Speech recognition, acoustic phonetic, artificial intelligence, Hidden Markov Models (HMM), statistical models of speech recognition, human machine performance.

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Authors: K. A. Laptinskiy, S. A. Burikov, A. M. Vervald, S. A. Dolenko, T. A. Dolenko

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The article presents the results of the application of artificial neural networks to separate the fluorescent contribution of nanodiamonds used as biomarkers, adsorbents and carriers of drugs in biomedicine, from a fluorescent background of own biological fluorophores. The principal possibility of solving this problem is shown. Use of neural network architecture let to detect fluorescence of nanodiamonds against the background autofluorescence of egg white with high accuracy - better than 3 ug/ml.

Keywords: Artificial neural networks, fluorescence, data aggregation.

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Authors: Yuji Kageyama, Shin Nagata, Tatsuya Takino, Izuru Nomura, Hiroyuki Kamata

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In previous study, technique to estimate a self-location by using a lunar image is proposed.We consider the improvement of the conventional method in consideration of FPGA implementationin this paper. Specifically, we introduce Artificial Bee Colony algorithm for reduction of search time.In addition, we use fixed point arithmetic to enable high-speed operation on FPGA.

Keywords: SLIM, Artificial Bee Colony Algorithm, Location Estimate.

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Authors: Meng-Hui Chen, Pei-Chann Chang, Wei-Hsiu Huang

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Artificial Immune System is adopted as a Heuristic Algorithm to solve the combinatorial problems for decades. Nevertheless, many of these applications took advantage of the benefit for applications but seldom proposed approaches for enhancing the efficiency. In this paper, we continue the previous research to develop a Self-evolving Artificial Immune System II via coordinating the T and B cell in Immune System and built a block-based artificial chromosome for speeding up the computation time and better performance for different complexities of problems. Through the design of Plasma cell and clonal selection which are relative the function of the Immune Response. The Immune Response will help the AIS have the global and local searching ability and preventing trapped in local optima. From the experimental result, the significant performance validates the SEAIS II is effective when solving the permutation flows-hop problems.

Keywords: Artificial Immune System, Clonal Selection, Immune Response, Permutation Flow-shop Scheduling Problems

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Authors: M. Mohagheghian, A. M. Ghaedi, A. Vafaei

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An artificial neural network (ANN) model is presented for the prediction of kinematic viscosity of binary mixtures of poly (ethylene glycol) (PEG) in water as a function of temperature, number-average molecular weight and mass fraction. Kinematic viscosities data of aqueous solutions for PEG (0.55419×10-6 – 9.875×10-6 m2/s) were obtained from the literature for a wide range of temperatures (277.15 - 338.15 K), number-average molecular weight (200 -10000), and mass fraction (0.0 – 1.0). A three layer feed-forward artificial neural network was employed. This model predicts the kinematic viscosity with a mean square error (MSE) of 0.281 and the coefficient of determination (R2) of 0.983. The results show that the kinematic viscosity of binary mixture of PEG in water could be successfully predicted using an artificial neural network model.

Keywords: Artificial neural network, kinematic viscosity, poly ethylene glycol (PEG)

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Authors: Chin Wen Cheong

Abstract:

This study employs a bivariate asymmetric GARCH model to reveal the hidden dynamics price changes and volatility among the emerging markets of Thailand and Malaysian after the Asian financial crisis from January 2001 to December 2008. Our results indicated that the equity markets are sharing the common information (shock) that transmitted among each others. These empirical findings are used to demonstrate the importance of shock and volatility dynamic transmissions in the cross-market hedging and market risk.

Keywords: multivariate ARCH, structural change, value at risk.

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Authors: S. Homrossukon, D. Aromstain

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The simple methods used to plan and measure non patterned production system are developed from the basic definition of working efficiency. Processing time is assigned as the variable and used to write the equation of production efficiency. Consequently, such equation is extensively used to develop the planning method for production of interest using one-dimensional stock cutting problem. The application of the developed method shows that production efficiency and production planning can be determined effectively.

Keywords: Production Planning, Parallel Machine, Production Measurement, Cutting and Packing.

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