Search results for: Data Quality; Financial Report; Information; XBRL

Authors: B. Frączek

Abstract:

The paper analyses the usage of the Internet by university students in Visegrad Countries (4V Countries) who study economic fields in their formal and informal financial education and captures the areas of untapped potential of Internet in educational processes. Higher education and training, technological readiness, and the financial market development are in the group of pillars, that are key for efficiency driven economies. These three pillars have become an inspiration to the research on using the Internet in the financial education among economic university students as the group of the best educated people in finance. The financial education is a process that allows for improving the level of financial literacy. In turn, the financial literacy it is the set of financial knowledge, skills, awareness and patterns influencing the financial decisions. The level of financial literacy influences the level of financial well-being of individuals, determines the scale of saving of households and at the same time gives the greater chance for sustainable and more predictable development of the financial market with the positive impact on economy. The financial literacy is necessary for each group of society but its appropriate level is desirable especially in respect of economics students as future participants of financial markets as well as the experts and advisors in financial decision making. The low level of financial literacy is the great problem of many target groups in both developing and developed countries and the financial education is seen as the best way of improving this situation. Also the financial inclusion plays the special role in enhancing the level of financial literacy in the aspect of education by practice as well as due to interrelation between level of financial literacy and degree of financial inclusion. Despite many initiatives under financial education, the level of financial literacy is still very low. Scientists still search for new ways of solving this problem. One of the proposal is more effective usage of the new technology in financial education, especially the Internet, because of the growing popularity of e-learning and the increasing number of Internet users, especially among young people who are called the Generation Net. Due to special role of the university students studying the economics fields for the future financial markets, students of four universities from Visegrad Countries (Czech Republic, Hungary, Poland and Slovakia) were invited to participate in the survey. The aim of the article is to present the level and ways of using the Internet technology in financial education and indicating the so far unused or underused opportunities.

Keywords: Financial education, financial inclusion, financial literacy, usage of Internet in education.

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Authors: Youngji Yoo, Seung Hwan Park, Daewoong An, Sung-Shick Kim, Jun-Geol Baek

Abstract:

The yield management system is very important to produce high-quality semiconductor chips in the semiconductor manufacturing process. In order to improve quality of semiconductors, various tests are conducted in the post fabrication (FAB) process. During the test process, large amount of data are collected and the data includes a lot of information about defect. In general, the defect on the wafer is the main causes of yield loss. Therefore, analyzing the defect data is necessary to improve performance of yield prediction. The wafer bin map (WBM) is one of the data collected in the test process and includes defect information such as the fail bit patterns. The fail bit has characteristics of spatial point patterns. Therefore, this paper proposes the feature extraction method using the spatial point pattern analysis. Actual data obtained from the semiconductor process is used for experiments and the experimental result shows that the proposed method is more accurately recognize the fail bit patterns.

Keywords: Semiconductor, wafer bin map (WBM), feature extraction, spatial point patterns, contour map.

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Authors: Piotr Prewysz Kwinto, Grażyna Voss

Abstract:

Accounting policies are a set of solutions compliant with legal regulations that an entity selects and adopts, and which guarantee a proper quality of financial statements. Those solutions may differ depending on whether the entity adopts national or international accounting standards. The aim of this article is to present accounting principles (policies) in Polish and international legal regulations and their adoption in selected Polish companies listed on the Warsaw Stock Exchange. The research method adopted in this work is the analysis and evaluation of legal conditions in Polish companies.

Keywords: Accounting policies, International Financial Reporting Standards, Financial statement, Method of measuring.

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Authors: Chyng Sun

Abstract:

This brief report examines correlations between Korean men’s interest in gonzo pornography, perceptions of pornography’s functional value, and use of condoms. The report found that, neither a higher interest in gonzo or the perception that pornography is a source of sexual information was directly related to condom utilization. However, interest in gonzo pornography interacted with pornography perceptions to predict condomless sex. The findings suggest that Korean men who 1) had higher interest in viewing gonzo pornography, and 2) had a tendency to view pornography as a source of sexual information, are more likely to have sex without condoms. That is, when viewers consider pornography to be a form of sexual education, they are more likely to use the learned pornographic script to inform their sexual behavior.

Keywords: Korean, male, pornography, sexuality.

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Authors: Petr Seďa

Abstract:

This paper deals with heterogeneous autoregressive models of realized volatility (HAR-RV models) on high-frequency data of stock indices in the USA. Its aim is to capture the behavior of three groups of market participants trading on a daily, weekly and monthly basis and assess their role in predicting the daily realized volatility. The benefits of this work lies mainly in the application of heterogeneous autoregressive models of realized volatility on stock indices in the USA with a special aim to analyze an impact of the global financial crisis on applied models forecasting performance. We use three data sets, the first one from the period before the global financial crisis occurred in the years 2006-2007, the second one from the period when the global financial crisis fully hit the U.S. financial market in 2008-2009 years, and the last period was defined over 2010-2011 years. The model output indicates that estimated realized volatility in the market is very much determined by daily traders and in some cases excludes the impact of those market participants who trade on monthly basis.

Keywords: Global financial crisis, heterogeneous autoregressive model, in-sample forecast, realized volatility, U.S. stock market.

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Authors: Julia Kucerova, Jaroslav Polec, Darina Tarcsiova

Abstract:

Visual information is very important in human perception of surrounding world. Video is one of the most common ways to capture visual information. The video capability has many benefits and can be used in various applications. For the most part, the video information is used to bring entertainment and help to relax, moreover, it can improve the quality of life of deaf people. Visual information is crucial for hearing impaired people, it allows them to communicate personally, using the sign language; some parts of the person being spoken to, are more important than others (e.g. hands, face). Therefore, the information about visually relevant parts of the image, allows us to design objective metric for this specific case. In this paper, we present an example of an objective metric based on human visual attention and detection of salient object in the observed scene.

Keywords: sign language, objective video quality, visual attention, saliency

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Authors: Liming Chen, Baoxin Xiu, Zhaoyun Ding, Bin Liu, Xianqiang Zhu

Abstract:

In the era of big data, public investors are faced with more complicated information related to investment decisions than ever before. To survive in the fierce competition, it has become increasingly urgent for investors to combine multi-source knowledge and evaluate the companies’ true value efficiently. For this, a rule-based ontology reasoning method is proposed to support steel companies’ value assessment. Considering the delay in financial disclosure and based on cost-benefit analysis, this paper introduces the supply chain enterprises financial analysis and constructs the ontology model used to value the value of steel company. In addition, domain knowledge is formally expressed with the help of Web Ontology Language (OWL) language and SWRL (Semantic Web Rule Language) rules. Finally, a case study on a steel company in China proved the effectiveness of the method we proposed.

Keywords: Financial ontology, steel company, supply chain, ontology reasoning.

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Authors: H. Ashrafi, S. Ebrahimi, H. Kamalzadeh

Abstract:

With the development of business competition, it is important for healthcare providers to improve their service qualities. In order to improve service quality of a clinic, four important dimensions are defined: tangibles, responsiveness, empathy, and reliability. Moreover, there are several service stages in hospitals such as financial screening and examination. One of the most challenging limitations for improving service quality is budget which impressively affects the service quality. In this paper, we present an approach to address budget uncertainty and provide guidelines for service resource allocation. In this paper, a service quality improvement approach is proposed which can be adopted to multistage service processes to improve service quality, while controlling the costs. A multi-objective function based on the importance of each area and dimension is defined to link operational variables to service quality dimensions. The results demonstrate that our approach is not ultra-conservative and it shows the actual condition very well. Moreover, it is shown that different strategies can affect the number of employees in different stages.

Keywords: Service quality assessment, healthcare resource allocation, robust optimization, budget uncertainty.

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Authors: Bi-Huei Tsai

Abstract:

Previous studies on financial distress prediction choose the conventional failing and non-failing dichotomy; however, the distressed extent differs substantially among different financial distress events. To solve the problem, “non-distressed”, “slightlydistressed” and “reorganization and bankruptcy” are used in our article to approximate the continuum of corporate financial health. This paper explains different financial distress events using the two-stage method. First, this investigation adopts firm-specific financial ratios, corporate governance and market factors to measure the probability of various financial distress events based on multinomial logit models. Specifically, the bootstrapping simulation is performed to examine the difference of estimated misclassifying cost (EMC). Second, this work further applies macroeconomic factors to establish the credit cycle index and determines the distressed cut-off indicator of the two-stage models using such index. Two different models, one-stage and two-stage prediction models are developed to forecast financial distress, and the results acquired from different models are compared with each other, and with the collected data. The findings show that the one-stage model has the lower misclassification error rate than the two-stage model. The one-stage model is more accurate than the two-stage model.

Keywords: Multinomial logit model, corporate governance, company failure, reorganization, bankruptcy.

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Authors: T. Miková

Abstract:

This paper analyzes the effect of a single uniform accounting rule on reporting quality by investigating the influence of IFRS on earnings management. This paper examines whether earnings management is reduced after IFRS adoption through the use of “loss avoidance thresholds”, a method that has been verified in earlier studies. This paper concentrates on two European countries: one that represents the continental code law tradition with weak protection of investors (France) and one that represents the Anglo-American common law tradition, which typically implies a strong enforcement system (the United Kingdom).

The research investigates a sample of 526 companies (6822 firm-year observations) during the years 2000 – 2013. The results are different for the two jurisdictions. This study demonstrates that a single set of accounting standards contributes to better reporting quality and reduces the pervasiveness of earnings management in France. In contrast, there is no evidence that a reduction in earnings management followed the implementation of IFRS in the United Kingdom. Due to the fact that IFRS benefit France but not the United Kingdom, other political and economic factors, such legal system or capital market strength, must play a significant role in influencing the comparability and transparency cross-border companies’ financial statements. Overall, the result suggests that IFRS moderately contribute to the accounting quality of reported financial statements and bring benefit for stakeholders, though the role played by other economic factors cannot be discounted.

Keywords: Accounting Standards, Earnings Management, International Financial Reporting Standards, Loss Avoidance, Reporting Quality.

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Authors: S. Wechmongkhonkon, N.Poomtong, S. Areerachakul

Abstract:

Water quality is a subject of ongoing concern. Deterioration of water quality has initiated serious management efforts in many countries. This study endeavors to automatically classify water quality. The water quality classes are evaluated using 6 factor indices. These factors are pH value (pH), Dissolved Oxygen (DO), Biochemical Oxygen Demand (BOD), Nitrate Nitrogen (NO3N), Ammonia Nitrogen (NH3N) and Total Coliform (TColiform). The methodology involves applying data mining techniques using multilayer perceptron (MLP) neural network models. The data consisted of 11 sites of canals in Dusit district in Bangkok, Thailand. The data is obtained from the Department of Drainage and Sewerage Bangkok Metropolitan Administration during 2007-2011. The results of multilayer perceptron neural network exhibit a high accuracy multilayer perception rate at 96.52% in classifying the water quality of Dusit district canal in Bangkok Subsequently, this encouraging result could be applied with plan and management source of water quality.

Keywords: artificial neural network, classification, surface water quality

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Authors: Mohammed A. Gharawi, Majed M. Khoja

Abstract:

This paper is a report on the findings of a study conducted at the Institute of Public Administration (IPA) in Saudi Arabia. The paper applied both qualitative and quantitative approaches to assess the levels of basic computer applications’ skills among students enrolled in the preparatory programs of the institution. Qualitative data have been collected from semi-structured interviews with the instructors who have previously been assigned to teach Introduction to information technology courses. Quantitative data were collected by executing a self-report questionnaire and a written statistical test. Three hundred eighty enrolled students responded to the questionnaire and one hundred forty two accomplished the statistical test. The results indicate the lack of necessary skills to deal with computer applications among most of the students who are enrolled in the IPA’s preparatory programs.

Keywords: Assessment, Computer Applications, Computer Literacy, Institute of Public Administration, Saudi Arabia.

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Authors: Suttipong Boonphadung

Abstract:

The research on ARCS for critical information retrieval development aimed to (1) investigate conditions of critical information retrieval skill of the Mathematics pre-service teachers before applying ARCS model in learning activities, (2) study and analyze the development of critical information retrieval skill of the Mathematics pre-service teachers after utilizing ARCS model in learning activities, and (3) evaluate the Mathematics pre-service teachers’ satisfaction on using ARCS model in learning activities as a tool to development critical information retrieval skill. Forty-one of 4th year Mathematics pre-service teachers who have enrolled in the subject of Research for Learning Development of semester 2 in 2012 were purposively selected as the research cohort. The research tools were self-report and interview questionnaire that was approved as content validity and reliability (IOC=.66-1.00, α =.834). The research found that critical information retrieval skill of the research samples before using ARCS model in learning activities was in the normal high level. According to the in-depth interview and focus group, the result however showed that the pre-service teachers still lack inadequate and effective knowledge in information retrieval. Additionally, critical information retrieval skill of the research cohort after applying ARCS model in learning activities appeared to be high level. The result revealed that the pre-service teachers are able to explain the method of searching, extraction, and selecting information as well as evaluating quality of information, and effectively making decision in accepting information. Moreover, the research discovered that the pre-service teachers showed normal high to highest level of satisfaction on using ARCS model in learning activities as a tool to development their critical information retrieval skill.

Keywords: Critical information retrieval skill, ARCS model, Satisfaction.

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Authors: Sharifah Sumayyah Engku Alwi, Masrah Azrifah Azmi Murad

Abstract:

The development of the information technology and Internet has been transforming the healthcare industry. The internet is continuously accessed to seek for health information and there are variety of sources, including search engines, health websites, and social networking sites. Providing more and better information on health may empower individuals, however, ensuring a high quality and trusted health information could pose a challenge. Moreover, there is an ever-increasing amount of information available, but they are not necessarily accurate and up to date. Thus, this paper aims to provide an insight of the models and frameworks related to online health information seeking of consumers. It begins by exploring the definition of information behavior and information seeking to provide a better understanding of the concept of information seeking. In this study, critical factors such as performance expectancy, effort expectancy, and social influence will be studied in relation to the value of seeking health information. It also aims to analyze the effect of age, gender, and health status as the moderator on the factors that influence online health information seeking, i.e. trust and information quality. A preliminary survey will be carried out among the health professionals to clarify the research problems which exist in the real world, at the same time producing a conceptual framework. A final survey will be distributed to five states of Malaysia, to solicit the feedback on the framework. Data will be analyzed using SPSS and SmartPLS 3.0 analysis tools. It is hoped that at the end of this study, a novel framework that can improve online health information seeking is developed. Finally, this paper concludes with some suggestions on the models and frameworks that could improve online health information seeking.

Keywords: Information behavior, information seeking, online health information, technology acceptance model, the theory of planned behavior, UTAUT.

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Authors: Tasawar Nawaz

Abstract:

Promotion of socioeconomic justice through redistribution of wealth is one of the most salient features of Islamic economic system. Islamic financial institutions known as Islamic banks are used to implement this in practice under the guidelines of Islamic Shariah law. Islamic banking systems strive to promote and achieve financial inclusion among the society by offering interest-free banking and risk-sharing financing solutions. Shariah-compliant micro finance is one of the most popular financial instruments used by Islamic banks to enhance access to finance. Benevolent loan (or Qard-al-Hassanah) is one of the popular financial tools used by the Islamic banks to promote financial inclusion. This aspect of Islamic banking is empirically examined in this paper with specific reference to firm’s resources, largely defined here as intellectual capital. The paper finds that Islamic banks promote financial inclusion by exploiting available resources especially, the human intellectual capital.

Keywords: Financial inclusion, intellectual capital, Qard-al-Hassanah, Islamic banking.

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Authors: Wei-Hsuan Lee, Chien-Hua Wang, Chin-Tzong Pang

Abstract:

This paper applies fuzzy set theory to evaluate the service quality of online auction. Service quality is a composition of various criteria. Among them many intangible attributes are difficult to measure. This characteristic introduces the obstacles for respondent in replying to the survey. So as to overcome this problem, we invite fuzzy set theory into the measurement of performance. By using AHP in obtaining criteria and TOPSIS in ranking, we found the most concerned dimension of service quality is Transaction Safety Mechanism and the least is Charge Item. Regarding to the most concerned attributes are information security, accuracy and information.

Keywords: AHP, Fuzzy set theory, TOPSIS, Online auction, Servicequality

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Authors: Jeroen S. de Bruin, Karin Schindler, Christian Schuh

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With increasingly more mobile health applications appearing due to the popularity of smartphones, the possibility arises that these data can be used to improve the medical diagnostic process, as well as the overall quality of healthcare, while at the same time lowering costs. However, as of yet there have been no reports of a successful combination of patient-generated data from smartphones with data from clinical routine. In this paper we describe how these two types of data can be combined in a secure way without modification to hospital information systems, and how they can together be used in a medical expert system for automatic nutritional classification and triage.

Keywords: Data integration, disease-related malnutrition, expert systems, mobile health.

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Authors: Y. Atilgan Şengül

Abstract:

Health information technologies promise higher quality, safer care and much more for both patients and professionals. Despite their promise, they are costly to develop and difficult to implement. On the other hand, user acceptance and usage determine the success of implemented information technology in healthcare. This study provides a model to understand health professionals’ perception and expectation of health information technology. Extensive literature review has been conducted to determine the main factors to be measured. A questionnaire has been designed as a measurement model and submitted to the personnel of an in vitro fertilization clinic. The respondents’ degree of agreement according to five-point Likert scale was 72% for convenient access to data and 69.4% for the importance of data security. There was a significant difference in acceptance of electronic data storage for female respondents. Also, other significant differences between professions were obtained.

Keywords: Healthcare, health informatics, medical record system, questionnaire.

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Authors: Shaya Alshahrani

Abstract:

Perceived risks play a major role in consumer intentions, behaviors, attitudes, and decisions about online shopping in the KSA. This paper investigates the influence of six perceived risk dimensions on Saudi consumers: product risk, information risk, financial risk, privacy and security risk, delivery risk, and terms and conditions risk empirically. To ensure the success of this study, a random survey was distributed to reflect the consumers’ perceived risk and to enable the generalization of the results. Data were collected from 323 respondents in the Kingdom of Saudi Arabia (KSA): 50 who had never shopped online and 273 who had done so. The results indicated that all six risks influenced the respondents’ perceptions of online shopping. The non-online shoppers perceived financial and delivery risks as the most significant barriers to online shopping. This was followed closely by performance, information, and privacy and security risks. Terms and conditions were perceived as less significant. The online consumers considered delivery and performance risks to be the most significant influences on internet shopping. This was followed closely by information and terms and conditions. Financial and privacy and security risks were perceived as less significant. This paper argues that introducing adequate legal solutions to addressing related problems arising from this study is an urgent need. This may enhance consumer trust in the KSA online market, increase consumers’ intentions regarding online shopping, and improve consumer protection.

Keywords: Perceived risk, consumer protection, online shopping, Saudi Arabia, online contracts, e-commerce.

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Authors: M. Amir Abas, M. Dahlui

Abstract:

This paper presents the development of analysis tools for Home Agriculture project. The tools are required for monitoring the condition of greenhouse which involves two components: measurement hardware and data analysis engine. Measurement hardware is functioned to measure environment parameters such as temperature, humidity, air quality, dust and etc while analysis tool is used to analyse and interpret the integrated data against the condition of weather, quality of health, irradiance, quality of soil and etc. The current development of the tools is completed for off-line data recorded technique. The data is saved in MMC and transferred via ZigBee to Environment Data Manager (EDM) for data analysis. EDM converts the raw data and plot three combination graphs. It has been applied in monitoring three months data measurement for irradiance, temperature and humidity of the greenhouse..

Keywords: Monitoring, Environment, Greenhouse, Analysis tools

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Authors: Kuo-Cheng Liu

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In this paper, we propose ablock-wise watermarking scheme for color image authentication to resist malicious tampering of digital media. The thresholding technique is incorporated into the scheme such that the tampered region of the color image can be recovered with high quality while the proofing result is obtained. The watermark for each block consists of its dual authentication data and the corresponding feature information. The feature information for recovery iscomputed bythe thresholding technique. In the proofing process, we propose a dual-option parity check method to proof the validity of image blocks. In the recovery process, the feature information of each block embedded into the color image is rebuilt for high quality recovery. The simulation results show that the proposed watermarking scheme can effectively proof the tempered region with high detection rate and can recover the tempered region with high quality.

Keywords: thresholding technique, tamper proofing, tamper recovery

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Authors: Sherif G. Aly

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In this article, we introduce a mechanism by which the same concept of differentiated services used in network transmission can be applied to provide quality of service levels to pervasive systems applications. The classical DiffServ model, including marking and classification, assured forwarding, and expedited forwarding, are all utilized to create quality of service guarantees for various pervasive applications requiring different levels of quality of service. Through a collection of various sensors, personal devices, and data sources, the transmission of contextsensitive data can automatically occur within a pervasive system with a given quality of service level. Triggers, initiators, sources, and receivers are four entities labeled in our mechanism. An explanation of the role of each is provided, and how quality of service is guaranteed.

Keywords: Pervasive systems, quality of service, differentiated services, mobile devices.

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Authors: Jihyun Song, Kyeongjoo Kim, Minsoo Lee

Abstract:

Due to the development of information technology and wireless Internet technology, various data are being generated in various fields. These data are advantageous in that they provide real-time information to the users themselves. However, when the data are accumulated and analyzed, more various information can be extracted. In addition, development and dissemination of boards such as Arduino and Raspberry Pie have made it possible to easily test various sensors, and it is possible to collect sensor data directly by using database application tools such as MySQL. These directly collected data can be used for various research and can be useful as data for data mining. However, there are many difficulties in using the board to collect data, and there are many difficulties in using it when the user is not a computer programmer, or when using it for the first time. Even if data are collected, lack of expert knowledge or experience may cause difficulties in data analysis and visualization. In this paper, we aim to construct a library for sensor data collection and analysis to overcome these problems.

Keywords: Clustering, data mining, DBSCAN, k-means, k-medoids, sensor data.

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Authors: Hironori Karachi, Haruka Yamashita

Abstract:

Recently, the system of quick response (QR) code is getting popular. Many companies introduce new QR code payment services and the services are competing with each other to increase the number of users. For increasing the number of users, we should grasp the difference of feature of the demographic information, usage information, and value of users between services. In this study, we conduct an analysis of real-world data provided by Nomura Research Institute including the demographic data of users and information of users’ usages of two services; LINE Pay, and PayPay. For analyzing such data and interpret the feature of them, Nonnegative Matrix Factorization (NMF) is widely used; however, in case of the target data, there is a problem of the missing data. EM-algorithm NMF (EMNMF) to complete unknown values for understanding the feature of the given data presented by matrix shape. Moreover, for comparing the result of the NMF analysis of two matrices, there is Discriminant NMF (DNMF) shows the difference of users features between two matrices. In this study, we combine EMNMF and DNMF and also analyze the target data. As the interpretation, we show the difference of the features of users between LINE Pay and Paypay.

Keywords: Data science, non-negative matrix factorization, missing data, quality of services.

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Authors: Myo Min Aung, Yoon Seok Chang, Woo Ram Kim

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This paper presents a cold chain monitoring system which focuses on assessment of quality and dynamic pricing information about food in cold chain. Cold chain is composed of many actors and stages; however it can be seen as a single entity since a breakdown in temperature control at any stage can impact the final quality of the product. In a cold chain, the shelf life, quality, and safety of perishable food throughout the supply chain is greatly impacted by environmental factors especially temperature. In this paper, a prototype application is implemented to retrieve timetemperature history, the current quality and the dynamic price setting according to changing quality impacted by temperature fluctuations in real-time.

Keywords: Cold chain, monitoring, quality, temperature, traceability.

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Authors: Bahaa Khalil, Taha B. M. J. Ouarda, André St-Hilaire

Abstract:

The world economic crises and budget constraints have caused authorities, especially those in developing countries, to rationalize water quality monitoring activities. Rationalization consists of reducing the number of monitoring sites, the number of samples, and/or the number of water quality variables measured. The reduction in water quality variables is usually based on correlation. If two variables exhibit high correlation, it is an indication that some of the information produced may be redundant. Consequently, one variable can be discontinued, and the other continues to be measured. Later, the ordinary least squares (OLS) regression technique is employed to reconstitute information about discontinued variable by using the continuously measured one as an explanatory variable. In this paper, two record extension techniques are employed to reconstitute information about discontinued water quality variables, the OLS and the Line of Organic Correlation (LOC). An empirical experiment is conducted using water quality records from the Nile Delta water quality monitoring network in Egypt. The record extension techniques are compared for their ability to predict different statistical parameters of the discontinued variables. Results show that the OLS is better at estimating individual water quality records. However, results indicate an underestimation of the variance in the extended records. The LOC technique is superior in preserving characteristics of the entire distribution and avoids underestimation of the variance. It is concluded from this study that the OLS can be used for the substitution of missing values, while LOC is preferable for inferring statements about the probability distribution.

Keywords: Record extension, record augmentation, monitoringnetworks, water quality indicators.

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Authors: Piotr Prewysz-Kwinto

Abstract:

A dynamic development of financial market is accompanied by the emergence of new products on stock exchanges which give absolutely new possibilities of investing money. Currently, the most innovative financial instruments offered to investors are exchange traded products (ETP). They can be defined as financial instruments whose price depends on the value of the underlying instrument. Thus, they offer investors a possibility of making a profit that results from the change in value of the underlying instrument without having to buy it. Currently, the Warsaw Stock Exchange offers many types of ETPs. They are investment products with full or partial capital protection, products without capital protection as well as leverage products, issued on such underlying instruments as indices, sector indices, commodity indices, prices of energy commodities, precious metals, agricultural produce or prices of shares of domestic and foreign companies. This paper presents the mechanism of functioning of ETP available on the Warsaw Stock Exchange and the results of the analysis of statistical data on these financial instruments.

Keywords: Exchange traded products, financial market, investment, stock exchange.

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Authors: Petr Teply

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The New Basel Capital Accord (Basel II) influences how financial institutions around the world, and especially European Union institutions, determine the amount of capital to reserve. However, as the recent global crisis has shown, the revision of Basel II is needed to reflect current trends, such as increased volatility and correlation, in the world financial markets. The overall objective of Basel II is to increase the safety and soundness of the international financial system. Basel II builds on three main pillars: Pillar I deals with the minimum capital requirements for credit, market and operational risk, Pillar II focuses on the supervisory review process and finally Pillar III promotes market discipline through enhanced disclosure requirements for banks. The aim of this paper is to provide the historical background, key features and impact of Basel II on financial markets. Moreover, we discuss new proposals for international bank regulation (sometimes referred to as Basel III) which include requirements for higher quality, constituency and transparency of banks' capital and risk management, regulation of OTC markets and introduction of new liquidity standards for internationally active banks.

Keywords: Basel II, Basel III, risk management, bank regulation

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Authors: Emmanuel D. Buedi, K. O. Boateng, Griffith S. Klogo

Abstract:

Electrical distribution networks are prone to power quality disturbances originating from the complexity of the distribution network, mode of distribution (overhead or underground) and types of loads used by customers. Data on the types of disturbances present and frequency of occurrence is needed for economic evaluation and hence finding solution to the problem. Utility companies have resorted to using secondary power quality devices such as smart meters to help gather the required data. Even though this approach is easier to adopt, data gathered from these devices may not serve the required purpose, since the installation of these devices in the electrical network usually does not conform to available PQM placement methods. This paper presents a design of a PQM that is capable of integrating into an existing DAS infrastructure to take advantage of available placement methodologies. The monitoring component of the design is implemented and installed to monitor an existing LV network. Data from the monitor is analyzed and presented. A portion of the LV network of the Electricity Company of Ghana is modeled in MATLAB-Simulink and analyzed under various earth fault conditions. The results presented show the ability of the PQM to detect and analyze PQ disturbance such as voltage sag and overvoltage. By adopting a placement methodology and installing these nodes, utilities are assured of accurate and reliable information with respect to the quality of power delivered to consumers.

Keywords: Power quality, remote monitoring, distributed automation system, economic evaluation, LV network.

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Authors: Chuen Tse Kuah, Kuan Yew Wong, Farzad Behrouzi

Abstract:

This paper is aimed to give an illustration on the application of Data Envelopment Analysis (DEA) as a tool to assess Quality Management (QM) efficiency. A variant of DEA, slack based measure (SBM) is used for this purpose. From this study, it is found that DEA is suitable to measure QM efficiency and give improvement suggestions to the inefficient QM.

Keywords: Quality Management, Data Envelopment Analysis, Slack Based Measure, Efficiency Measurement.

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