Search results for: Financial Derivatives

Authors: Mohammed Sani Abdulai

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Public sector budgeting, all over the world, is underpinned by some universally accepted principles of sound budget management such as budget unity, universality, annuality, and a balanced budget. These traditional principles, though fundamental, had, in recent years, been augmented by the more modern principles of budgeting within fiscal objective, alignment with medium-term strategic plans as well as the observance of such related concepts as transparency, openness and accessibility. In this paper, we have endeavored to shed light, from literature and practice, on the meaning and purposes of such fundamental budgeting principles. We have also assessed the extent to which the Government of Ghana’s budget complies with the four traditional principles of budget unity, universality, annuality, and a balanced budget and the three out of the ten modern principles of budgetary governance of Organisation for Economic Co-operation and Development (OECD). We did so by using a qualitative method of review and analysis of existing documents and the performance assessment reports on Ghana’s Public Financial Management (PFM) measured using such frameworks as the Public Expenditure and Financial Accountability (PEFA), the Open Budget Survey (OBS) and its Index (OBI), the reports and action plans of Open Government Partnership (OGP) and the Global Initiative for Fiscal Transparency (GIFT). Other performance assessment reports that were relied on included, but not limited to, the Joint Evaluation Report of PFM in Ghana, 2001-2010, and the Joint Evaluation of Budget Support to Ghana, 2005-2015. We have, through this paper, brought to the fore the lessons that could be learned on how those budgetary principles undergird the Government of Ghana’s budget formulation, execution, accounting, control, and oversight. These lessons include, but are not limited to, the need for both scholars and practitioners in the PFM space to be aware of the impact of those principles on public sector budgeting.

Keywords: Annulaity, Balanced Budget, Budget Unity, Budgetary Principles, OECD’s Principles on Budgetary Governance, Open Budget Index, Public Expenditure and Financial Accountability, Universality.

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Authors: Rabindra Prasad Dhakal, Tatsuya Oshima, Yoshinari Baba

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The polyfunctional and highly reactive bio-polymer, the chitosan was first regioselectively converted into dialkylated chitosan using dimsyl anionic solution(NaH in DMSO) and bromodecane after protecting amino groups by phthalic anhydride. The dibenzo-18-crown-6-ether, on the other hand, was converted into its carbonyl derivatives via Duff reaction prior to incorporate into chitosan by Schiff base formation. Thus formed diformylated dibenzo-18-crown-6-ether was condensed with lipophilic chitosan to prepare the novel solvent extraction reagent. The products were characterized mainly by IR and 1H-NMR. Hence, the multidentate crown ether-embedded polyfunctional bio-material was tested for extraction of Pd(II) and Pt(IV) in aqueous solution.

Keywords: Lipophilic chitosan, Duff reaction, crown ether and precious metal ions extraction.

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Authors: Vicente F. P. Aleixo, Augusto C. F. Saraiva, Jordan Del Nero

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The production of devices in nanoscale with specific molecular rectifying function is one of the most significant goals in state-of-art technology. In this work we show by ab initio quantum mechanics calculations coupled with non-equilibrium Green function, the design of an organic two-terminal device. These molecular structures have molecular source and drain with several bridge length (from five up to 11 double bonds). Our results are consistent with significant features as a molecular rectifier and can be raised up as: (a) it can be used as bi-directional symmetrical rectifier; (b) two devices integrated in one (FET with one operational region, and Thyristor thiristor); (c) Inherent stability due small intrinsic capacitance under forward/reverse bias. We utilize a scheme for the transport mechanism based on previous properties of ¤Ç bonds type that can be successfully utilized to construct organic nanodevices.

Keywords: ab initio, Carotenoid, Charge Transfer, Nanodevice

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Authors: Maha Hammami, Olfa Benouda Sioud

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This study investigates the reliability of management earnings forecasts with reference to these two ingredients: verifiability and neutrality. Specifically, we examine the biasedness (or accuracy) of management earnings forecasts and company specific characteristics that can be associated with accuracy. Based on sample of 102 IPO prospectuses published for admission on NYSE Euronext Paris from 2002 to 2010, we found that these forecasts are on average optimistic and two of the five test variables, earnings variability and financial leverage are significant in explaining ex post bias. Acknowledging the possibility that the bias is the result of the managers’ forecasting behavior, we then examine whether managers decide to under-predict, over-predict or forecast accurately for self-serving purposes. Explicitly, we examine the role of financial distress, operating performance, ownership by insiders and the economy state in influencing managers’ forecasting preferences. We find that managers of distressed firms seem to over-predict future earnings. We also find that when managers are given more stock options, they tend to under-predict future earnings. Finally, we conclude that the management earnings forecasts are affected by an intentional bias due to managers’ forecasting preferences.

Keywords: Intentional bias, Management earnings forecasts, neutrality, verifiability.

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Authors: A. Komarovska, V. Kreicbergs, F. Diminš

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Hydroxymethylfurfural (HMF) is formed by thermally treating products rich in carbohydrates. HMF and other furan derivatives are toxic. The aim of the research was to establish the content of HMF in gingerbread biscuits with honey and sugar syrup additives by using three leavening agents— ammonium carbonate (NH4HCO3 and (NH4)2CO3), baking powder, and baking soda (NaHCO3). The content of HMF is significantly affected by the leavening agent used. The content of HMF with honey where ammonium carbonate was used as additive range from 5.7 to 27.3mg 100g-1, but when sugar syrup is used the content varies from 2.3 to 7.4mg 100g-1. When baking powder and baking soda are used as leavening agents, the content of HMF exceeds 4mg 100g-1 in the event honey had been added and the baking time had been longer (10 minutes at 180°C or 9 minutes at 200°C).

Keywords: gingerbread biscuits, honey, hydroxymethylfurfural, rippers.

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Authors: Mei-Fang Wu, Shu-Li Wang, Tsung-Yueh Lu, Feng-Tsung Cheng

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Strengthening core competitiveness is the main goal of enterprises in a fierce competitive environment. Accurate cost information is a great help for managers in dealing with operation strategies. This paper establishes a profitability management mechanism that applies the Activity-Based Benefit approach (ABBA) to solve the profitability for each customer from the market. ABBA provides financial and non-financial information for the operation, but also indicates what resources have expired in the operational process. The customer profit management model shows the level of profitability of each customer for the company. The empirical data were gathered from a case company operating in the leather industry in Taiwan. The research findings indicate that 30% of customers create little profit for the company as a result of asking for over 5% of sales discounts. Those customers ask for sales discount because of color differences of leather products. This paper provides a customer’s profitability evaluation mechanism to help enterprises to greatly improve operating effectiveness and promote operational activity efficiency and overall operation profitability.

Keywords: Activity-based benefit approach, customer profit analysis, leather industry, profitability management mechanism.

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Authors: Niloofar Yousefi, Marie Alaghband, Ivan Garibay

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With the increase of credit card usage, the volume of credit card misuse also has significantly increased, which may cause appreciable financial losses for both credit card holders and financial organizations issuing credit cards. As a result, financial organizations are working hard on developing and deploying credit card fraud detection methods, in order to adapt to ever-evolving, increasingly sophisticated defrauding strategies and identifying illicit transactions as quickly as possible to protect themselves and their customers. Compounding on the complex nature of such adverse strategies, credit card fraudulent activities are rare events compared to the number of legitimate transactions. Hence, the challenge to develop fraud detection that are accurate and efficient is substantially intensified and, as a consequence, credit card fraud detection has lately become a very active area of research. In this work, we provide a survey of current techniques most relevant to the problem of credit card fraud detection. We carry out our survey in two main parts. In the first part, we focus on studies utilizing classical machine learning models, which mostly employ traditional transnational features to make fraud predictions. These models typically rely on some static physical characteristics, such as what the user knows (knowledge-based method), or what he/she has access to (object-based method). In the second part of our survey, we review more advanced techniques of user authentication, which use behavioral biometrics to identify an individual based on his/her unique behavior while he/she is interacting with his/her electronic devices. These approaches rely on how people behave (instead of what they do), which cannot be easily forged. By providing an overview of current approaches and the results reported in the literature, this survey aims to drive the future research agenda for the community in order to develop more accurate, reliable and scalable models of credit card fraud detection.

Keywords: credit card fraud detection, user authentication, behavioral biometrics, machine learning, literature survey

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Authors: Kazem Ghanbari, Yousef Gholami

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This paper deals with study about fractional order impulsive Hamiltonian systems and fractional impulsive Sturm-Liouville type problems derived from these systems. The main purpose of this paper devotes to obtain so called Lyapunov type inequalities for mentioned problems. Also, in view point on applicability of obtained inequalities, some qualitative properties such as stability, disconjugacy, nonexistence and oscillatory behaviour of fractional Hamiltonian systems and fractional Sturm-Liouville type problems under impulsive conditions will be derived. At the end, we want to point out that for studying fractional order Hamiltonian systems, we will apply recently introduced fractional Conformable operators.

Keywords: Fractional derivatives and integrals, Hamiltonian system, Lyapunov type inequalities, stability, disconjugacy.

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Authors: Pauliasi Tony Fakahau

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This paper provides an overview of the impact of the revenue reform programme on vulnerable communities in the Kingdom of Tonga. Economic turmoil and mismanagement during the late 1990s forced the government to seek technical and financial assistance from the Asian Development Bank to undertake a comprehensive Economic and Public Sector Reform (EPSR) programme. The EPSR is a Western model recommended by donor agencies as the solution to Tonga’s economic challenges. The EPSR programme included public sector reform, private sector growth, and revenue generation. Tax reform was the main tool for revenue generation, which set out to strengthen tax compliance and administration as well as implement a value-added consumption tax. The EPSR is based on Western values and ideology but failed to recognise that Tongan cultural values are important to the local community. Two participant groups were interviewed. Participant group one consisted of 51 people representing vulnerable communities. Participant group two consisted of six people from the government and business sector who were from the elite of Tongan society. The Kakala Research Methodology provided the framework for the research, and the Talanoa Research Method was used to conduct semi-structured interviews in the homes of the first group and in the workplaces of the second group. The research found a heavy burden of the consumption tax on the purchasing power of participant group one (vulnerable participants), having an impact on nearly every financial transaction they made. Participant group one’s main financial priorities were kavenga fakalotu (obligations to the church), kavenga fakafāmili (obligations to the family) and kavenga fakafonua (obligations to cultural events for the village, nobility, and royalty). The findings identified inequalities of the revenue reform, especially from consumption tax, for vulnerable people and communities compared to the elite of society. The research concluded that government and donor agencies need ameliorating policies to reduce the burden of tax on vulnerable groups more susceptible to the impact of revenue reform.

Keywords: Tax reform, Tonga vulnerable community revenue, revenue reform, public sector reform.

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Authors: Ilhan Keskin, Hasan Bulent Kantarcı

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In this study, one of the tools of Islamic financing known as “Sukuk” a non-interest bearing investment which has started to be implemented in Turkey and the world as a whole is discussed. In order to increase the vitality and efficiency of the economy, by taking lessons from the recent economic crisis new developments in the banking and investment sector are being expanded. The purpose of all investors is to obtain more revenue through the use of capital. The inability of traditional investment tools to meet the expectations of investors and the interest based financial system where one investor benefits at the expense of another there has been the need for a different, reliable and noninterest bearing financial market that is consistent with the Islamic rule. As a result an alternative and more reliable interest free financing tool “Sukuk” rental certificates covering people who are sensitive to Islamic rules, appeal to all segments, hidden remaining capital that contributes to the economy, reduce disparities in income distribution, common risk sharing system of profit and loss sharing has emerged. Today, for the structural countries by examining the state of the world market economy the applicability, enactment and future issues associated with this attractive kind of Islamic finance namely the “Sukuk” market has been explained.

Keywords: Islamic finance, Islamic markets, non-interest bearing, rental certificates.

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Authors: Jung-Lo Park, Sung-Sik Kim, Sun-Young Choi, Ju-Hyung Kim, Jae-Jun Kim

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Sub-prime mortgage crisis which began in the US is regarded as the most economic crisis since the Great Depression in the early 20th century. Especially, hidden problems on efficient operation of a business were disclosed at a time and many financial institutions went bankrupt and filed for court receivership. The collapses of physical market lead to bankruptcy of manufacturing and construction businesses. This study is to analyze dynamic efficiency of construction businesses during the five years at the turn of the global financial crisis. By discovering the trend and stability of efficiency of a construction business, this study-s objective is to improve management efficiency of a construction business in the ever-changing construction market. Variables were selected by analyzing corporate information on top 20 construction businesses in Korea and analyzed for static efficiency in 2008 and dynamic efficiency between 2006 and 2010. Unlike other studies, this study succeeded in deducing efficiency trend and stability of a construction business for five years by using the DEA/Window model. Using the analysis result, efficient and inefficient companies could be figured out. In addition, relative efficiency among DMU was measured by comparing the relationship between input and output variables of construction businesses. This study can be used as a literature to improve management efficiency for companies with low efficiency based on efficiency analysis of construction businesses.

Keywords: Construction Company, DEA, DEA/Window, Efficiency Analysis

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Authors: Mary L. G. S. Senna, Afonso R. Aquino, Veruska C. Dutra, Carlos H. C. Tolentino

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The quality of life index, despite elucidating many discussions, the conceptual subjectivity of the term does not show precision, and consequently, many researchers seek to develop methods aiming to measure this concept, bringing it to a more concrete approach. In this study, the quality of life index method was used to analyze the population of Mateiros, Tocantins, Brazil for quality of life. After data collection, it was compared the quality of life index between the population and the group of beneficiaries of the Brazilian government assistance program Bolsa Família (Family Allowance). Some of the people interviewed receive financial aid from the federal government program Bolsa Família (22%). Comparisons were made among the final score of the quality of life index of the Mateiros population and the following factors: Gender, age, education, those working or not with tourism and those who receive or do not receive the Bolsa Família. It was observed that only the factor, Bolsa Família (p-score 0.0138), shows an association with quality of life improvement, noticing that those who have financial aid had a higher quality of life improvement than the rest of the population. It was concluded that, government assistance has shown a decisive element on the enhancement of Mateiros population quality of life, indicating that similar actions should be maintained.

Keywords: Quality of life index, government aid to families, sustainable tourism, Bolsa Familia.

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Authors: Daomao Yang, Qizhi Wang

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Monoterpenoids are mainly found in plant essential oils and they are ideal substrates for biotransformation into oxygen-containing derivatives with important commercial value due to their low price and simple structure. In this paper, eleven strains of endophytic fungi from Praxelis clematidea were used as test strains to conduct the whole cell biotransformation of the monoterpenoids: (+)-limonene, (-)-limonene and myrcene. The fungi were inoculated in 50 ml Sabouraud medium and incubated at 30 ℃ with the agitation of 150 r/min for 6 d, and then 0.5% (v/v) substrates were added into the medium and biotransformed for further 3 d. Afterwards the cultures were filtered, and extracted using equal volume of ethyl acetate. The metabolites were analyzed by GC-MS technique with NIST database. The Total Ion Chromatogram of the extractions from the eleven strains showed that the main product of (+)- and (-)-limonene biotransformation was limonene-1,2-diol, while it is limonene and linalool oxide for biotransformation of myrcene. This work will help screen the microorganisms to biotransform the monoterpenes.

Keywords: Endophytic fungi, (+)–limonene, (-)–limonene, myrcene.

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Authors: B. I. Yun

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A dual-reciprocity boundary element method is presented for the numerical solution of a class of axisymmetric elastodynamic problems. The domain integrals that arise in the integrodifferential formulation are converted to line integrals by using the dual-reciprocity method together suitably constructed interpolating functions. The second order time derivatives of the displacement in the governing partial differential equations are suppressed by using Laplace transformation. In the Laplace transform domain, the problem under consideration is eventually reduced to solving a system of linear algebraic equations. Once the linear algebraic equations are solved, the displacement and stress fields in the physical domain can be recovered by using a numerical technique for inverting Laplace transforms.

Keywords: Axisymmetric elasticity, boundary element method, dual-reciprocity method, Laplace transform.

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Authors: Carlos Sanchís-Pedregosa, José A. D. M achuca, María del Mar González-Zamora

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The growing outsourcing of logistics services resulting from the ongoing current in firms of costs reduction/increased efficiency means that it is becoming more and more important for the companies doing the outsourcing to carry out a proper evaluation. The multiple definitions and measures of logistics service performance found in research on the topic create a certain degree of confusion and do not clear the way towards the proper measurement of their performance. Do a model and a specific set of indicators exist that can be considered appropriate for measuring the performance of logistics services outsourcing in industrial environments? Are said indicators in keeping with the objectives pursued by outsourcing? We aim to answer these and other research questions in the study we have initiated in the field within the framework of the international High Performance Manufacturing (HPM) project of which this paper forms part. As the first stage of this research, this paper reviews articles dealing with the topic published in the last 15 years with the aim of detecting the models most used to make this measurement and determining which performance indicators are proposed as part of said models and which are most used. The first steps are also taken in determining whether these indicators, financial and operational, cover the aims that are being pursued when outsourcing logistics services. The findings show there is a wide variety of both models and indicators used. This would seem to testify to the need to continue with our research in order to try to propose a model and a set of indicators for measuring the performance of logistics services outsourcing in industrial environments.

Keywords: Logistics, objectives, outsourcing, performancemeasurement systems

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Authors: U.K. Saha, L.K. Arora

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The multiindex Mittag-Leffler (M-L) function and the multiindex Dzrbashjan-Gelfond-Leontiev (D-G-L) differentiation and integration play a very pivotal role in the theory and applications of generalized fractional calculus. The object of this paper is to investigate the relations that exist between the Riemann-Liouville fractional calculus and multiindex Dzrbashjan-Gelfond-Leontiev differentiation and integration with multiindex Mittag-Leffler function.

Keywords: Multiindex Mittag-Leffler function, Multiindex Dzrbashjan-Gelfond-Leontiev differentiation and integration, Riemann-Liouville fractional integrals and derivatives.

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Authors: A. V. Goncharova, T. A. Karpenyuk, Y. S. Tsurkan, R. U. Beisembaeva, A. M. Kalbaeva, T. D. Mukasheva, L. V. Ignatova

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Microorganisms isolated from water and soil of Kazakhstan to identify potential high-effective producers of the arachidonic acid, exhibiting a wide range of physiological activity and having practical applications were screened. Based on the results of two independent tests (the test on the sensitivity of the growth processes of microorganisms to acetylsalicylic acid - an irreversible inhibitor of PGH-synthase involved in the metabolism of arachidonic acid and its derivatives, the test for inhibition of peroxidase activity of membrane-bounding fraction of PGH - synthase by acetylsalicylic acid) were selected microbial cultures which are potential highproducer of arachidonic acid. They are characterized by a stable strong growth in the laboratory conditions. Identification of microorganism cultures based on morphological, physiological, biochemical and molecular genetic characteristics was performed.

Keywords: Arachidonic acid, aspirin-sensitive culture, bacteria, producers, screening.

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Authors: A. N. K. Nasir, R. M. T. Raja Ismail, M. A. Ahmad

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The objective of this paper is to compare the time specification performance between conventional controller PID and modern controller SMC for an inverted pendulum system. The goal is to determine which control strategy delivers better performance with respect to pendulum-s angle and cart-s position. The inverted pendulum represents a challenging control problem, which continually moves toward an uncontrolled state. Two controllers are presented such as Sliding Mode Control (SMC) and Proportional- Integral-Derivatives (PID) controllers for controlling the highly nonlinear system of inverted pendulum model. Simulation study has been done in Matlab Mfile and simulink environment shows that both controllers are capable to control multi output inverted pendulum system successfully. The result shows that Sliding Mode Control (SMC) produced better response compared to PID control strategies and the responses are presented in time domain with the details analysis.

Keywords: SMC, PID, Inverted Pendulum System.

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Authors: A. Bahrampour, A. Iadicicco, G. De Luca, M. Giordano, A. Cutolo, L. Monsù Scolaro, A. Cusano

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In this work we report on preliminary analysis of a novel optoelectronic gas sensor based on an optical fiber integrated with a tetrakis(4-sulfonatophenyl)porphyrin (TPPS) thin film. The sensitive materials are selectively deposited on the core region of a fiber tip by UV light induced deposition technique. A simple and cheap process which can be easily extended to different porphyrin derivatives. When the TPPS film on the fiber tip is exposed to acid and/or base vapors, dramatic changes occur in the aggregation structure of the dye molecules in the film, from J- to H-type, resulting in a profound modification of their corresponding reflectance spectra. From the achieved experimental results it is evident that the presence of intense and narrow band peaks in the reflected spectra could be monitored to detect hazardous vapors.

Keywords: Optical fiber sensor, Porphyrins, Thin films UV induced deposition, TPPS.

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Authors: Giovanni Incerti

Abstract:

The motion planning technique described in this paper has been developed to eliminate or reduce the residual vibrations of belt-driven rotary platforms, while maintaining unchanged the motion time and the total angular displacement of the platform. The proposed approach is based on a suitable choice of the motion command given to the servomotor that drives the mechanical device; this command is defined by some numerical coefficients which determine the shape of the displacement, velocity and acceleration profiles. Using a numerical optimization technique, these coefficients can be changed without altering the continuity conditions imposed on the displacement and its time derivatives at the initial and final time instants. The proposed technique can be easily and quickly implemented on an actual device, since it requires only a simple modification of the motion command profile mapped in the memory of the electronic motion controller.

Keywords: Command shaping, residual vibrations, belt transmission, servomechanism.

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Authors: Taylan Kabbani, Ekrem Duman

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Deep Reinforcement Learning (DRL) algorithms can scale to previously intractable problems. The automation of profit generation in the stock market is possible using DRL, by combining  the financial assets price ”prediction” step and the ”allocation” step of the portfolio in one unified process to produce fully autonomous systems capable of interacting with its environment to make optimal decisions through trial and error. This work represents a DRL model to generate profitable trades in the stock market, effectively overcoming the limitations of supervised learning approaches. We formulate the trading problem as a Partially observed Markov Decision Process (POMDP) model, considering the constraints imposed by the stock market, such as liquidity and transaction costs. We then solved the formulated POMDP problem using the Twin Delayed Deep Deterministic Policy Gradient (TD3) algorithm and achieved a 2.68 Sharpe ratio on the test dataset. From the point of view of stock market forecasting and the intelligent decision-making mechanism, this paper demonstrates the superiority of DRL in financial markets over other types of machine learning and proves its credibility and advantages of strategic decision-making.

Keywords: Autonomous agent, deep reinforcement learning, MDP, sentiment analysis, stock market, technical indicators, twin delayed deep deterministic policy gradient.

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Authors: Denis Trcek

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Trust is essential for further and wider acceptance of contemporary e-services. It was first addressed almost thirty years ago in Trusted Computer System Evaluation Criteria standard by the US DoD. But this and other proposed approaches of that period were actually solving security. Roughly some ten years ago, methodologies followed that addressed trust phenomenon at its core, and they were based on Bayesian statistics and its derivatives, while some approaches were based on game theory. However, trust is a manifestation of judgment and reasoning processes. It has to be dealt with in accordance with this fact and adequately supported in cyber environment. On the basis of the results in the field of psychology and our own findings, a methodology called qualitative algebra has been developed, which deals with so far overlooked elements of trust phenomenon. It complements existing methodologies and provides a basis for a practical technical solution that supports management of trust in contemporary computing environments. Such solution is also presented at the end of this paper.

Keywords: internet security, trust management, multi-agent systems, reasoning and judgment, modeling and simulation, qualitativealgebra

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Authors: Fatma Keskin Arabul, Ibrahim Senol, Ahmet Yigit Arabul, Ali Rifat Boynuegri

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On account of the concern of the fossil fuel is depleting and its negative effects on the environment, interest in alternative energy sources is increasing day by day. However, considering the importance of transportation in human life, instead of oil and its derivatives fueled vehicles with internal combustion engines, electric vehicles which are sensitive to the environment and working with electrical energy has begun to develop. In this study, simulation was carried out for providing energy management and recovering regenerative braking in fuel cell-battery hybrid electric vehicle. The main power supply of the vehicle is fuel cell on the other hand not only instantaneous power is supplied by the battery but also the energy generated due to regenerative breaking is stored in the battery. Obtained results of the simulation is analyzed and discussed.

Keywords: Electric vehicles, fuel cell, battery, regenerative braking, energy management.

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Authors: Anwar Hasan Abdullah Othman, Ahamed Kameel, Hasanuddeen Abdul Aziz

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In this study, attempt has been made to investigate the relationship specifically the causal relation between fund unit prices of Islamic equity unit trust fund which measure by fund NAV and the selected macro-economic variables of Malaysian economy by using VECM causality test and Granger causality test. Monthly data has been used from Jan, 2006 to Dec, 2012 for all the variables. The findings of the study showed that industrial production index, political election and financial crisis are the only variables having unidirectional causal relationship with fund unit price. However the global oil price is having bidirectional causality with fund NAV. Thus, it is concluded that the equity unit trust fund industry in Malaysia is an inefficient market with respect to the industrial production index, global oil prices, political election and financial crisis. However the market is approaching towards informational efficiency at least with respect to four macroeconomic variables, treasury bill rate, money supply, foreign exchange rate, and corruption index.

Keywords: Fund unit price, unit trust industry, Malaysia, macroeconomic variables, causality.

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Authors: Ilias A. Makris

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In this work, we attempt to associate firm characteristics with innovative activity. We collect microdata from listed firms of selected Eurozone Country-members, after the beginning of 2007 financial crisis. The following literature, several indicators of growth and performance were selected and tested for their ability to interpret innovative activity. The main scope is to examine the possible differences in performance and growth between innovative and non-innovative firms, during a severe recession. Additionally to that, a special focus will be held on whether macroeconomic performance and national innovation system, determines the extent of innovators' performance. Preliminary findings, through correlation matrices and non-parametric tests, strongly indicate the positive relation between innovative activity and most of the measures used (profitability, size, employment), confirming that even during a recessionary period, innovative firms not only survive but also seem to succeed better economic results in almost all indexes relative to non-innovative. However, even though innovators seem to perform better in all economies examined, the extent of that performance seems to be strongly affected by the supportive mechanisms (financial and structural) that their country provides. Thus, it is clear, that the technologically intensive 'gap' between European South and North, during the economic crisis, became chaotic, due to the harsh austerity measures and reduced budgets in those countries, even in sectors with high potentials in economic activity and employment, impairing the effects of crisis and enhancing the vicious circle of recession.

Keywords: Eurozone, innovative activity, development, firm performance, non-parametric tests.

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Authors: Marita Pigłowska, Beata Kurc, Maciej Galiński

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The application of carbon materials in the branches of the electrochemical industry shows an increasing tendency each year due to the many interesting properties they possess. These are, among others, a well-developed specific surface, porosity, high sorption capacity, good adsorption properties, low bulk density, electrical conductivity and chemical resistance. All these properties allow for their effective use, among others in supercapacitors, which can store electric charges of the order of 100 F due to carbon electrodes constituting the capacitor plates. Coals (including expanded graphite, carbon black, graphite carbon fibers, activated carbon) are commonly used in electrochemical methods of removing oil derivatives from water after tanker disasters, e.g., phenols and their derivatives by their electrochemical anodic oxidation. Phenol can occupy practically the entire surface of carbon material and leave the water clean of hydrophobic impurities. Regeneration of such electrodes is also not complicated, it is carried out by electrochemical methods consisting in unblocking the pores and reducing resistances, and thus their reactivation for subsequent adsorption processes. Graphite is commonly used as an anode material in lithium-ion cells, while due to the limited capacity it offers (372 mAh g-1), new solutions are sought that meet both capacitive, efficiency and economic criteria. Increasingly, biodegradable materials, green materials, biomass, waste (including agricultural waste) are used in order to reuse them and reduce greenhouse effects and, above all, to meet the biodegradability criterion necessary for the production of lithium-ion cells as chemical power sources. The most common of these materials are cellulose, starch, wheat, rice, and corn waste, e.g., from agricultural, paper and pharmaceutical production. Such products are subjected to appropriate treatments depending on the desired application (including chemical, thermal, electrochemical). Starch is a biodegradable polysaccharide that consists of polymeric units such as amylose and amylopectin that build an ordered (linear) and amorphous (branched) structure of the polymer. Carbon is also used as a catalyst. Elemental carbon has become available in many nano-structured forms representing the hybridization combinations found in the primary carbon allotropes, and the materials can be enriched with a large number of surface functional groups. There are many examples of catalytic applications of coal in the literature, but the development of this field has been hampered by the lack of a conceptual approach combining structure and function and a lack of understanding of material synthesis. In the context of catalytic applications, the integrity of carbon environmental management properties and parameters such as metal conductivity range and bond sequence management should be characterized. Such data, along with surface and textured information, can form the basis for the provision of network support services.

Keywords: carbon materials, catalysis, BET, capacitors, lithium ion cell

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Authors: Sareh Rajabi, Salwa Bheiry

Abstract:

In general, Covid-19 created many financial and non-financial damages to the economy and community. Level and severity of covid-19 as pandemic case varies over the region and due to different types of the projects. Covid-19 virus emerged as one of the most imperative risk management factors word-wide recently. Therefore, as part of portfolio management assessment, it is essential to evaluate severity of such risk on the project and program in portfolio management level to avoid any risky portfolio. Covid-19 appeared very effectively in South America, part of Europe and Middle East. Such pandemic infection affected the whole universe, due to lock down, interruption in supply chain management, health and safety requirements, transportations and commercial impacts. Therefore, this research proposes Analytical Hierarchy Process (AHP) to analyze and assess such pandemic case like Covid-19 and its impacts on the construction projects. The AHP technique uses four sub-criteria: Health and safety, commercial risk, completion risk and contractual risk to evaluate the project and program. The result will provide the decision makers with information which project has higher or lower risk in case of Covid-19 and pandemic scenario. Therefore, the decision makers can have most feasible solution based on effective weighted criteria for project selection within their portfolio to match with the organization’s strategies.

Keywords: Portfolio management, risk management, COVID-19, analytical hierarchy process technique.

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Authors: José M. Brotons, Manuel E. Sansalvador

Abstract:

The relationship between Corporate Social Responsibility (CSR) and financial performance (FP) is a subject of great interest that has not yet been resolved. In this work, we have developed a new and original tool to measure this relation. The tool quantifies the value contributed to companies that are committed to CSR. The theoretical model used is the fuzzy discounted cash flow method. Two assumptions have been considered, the first, the company has implemented the IQNet SR10 certification, and the second, the company has not implemented that certification. For the first one, the growth rate used for the time horizon is the rate maintained by the company after obtaining the IQNet SR10 certificate. For the second one, both, the growth rates company prior to the implementation of the certification, and the evolution of the sector will be taken into account. By using triangular fuzzy numbers, it is possible to deal adequately with each company’s forecasts as well as the information corresponding to the sector. Once the annual growth rate of the sales is obtained, the profit and loss accounts are generated from the annual estimate sales. For the remaining elements of this account, their regression with the nets sales has been considered. The difference between these two valuations, made in a fuzzy environment, allows obtaining the value of the IQNet SR10 certification. Although this study presents an innovative methodology to quantify the relation between CSR and FP, the authors are aware that only one company has been analyzed. This is precisely the main limitation of this study which in turn opens up an interesting line for future research: to broaden the sample of companies.

Keywords: Corporate social responsibility, case study, financial performance, company valuation.

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Authors: Shujun Fu, Qiuqi Ruan, Wenqia Wang

Abstract:

Image interpolation is a common problem in imaging applications. However, most interpolation algorithms in existence suffer visually to some extent the effects of blurred edges and jagged artifacts in the image. This paper presents an adaptive feature preserving bidirectional flow process, where an inverse diffusion is performed to enhance edges along the normal directions to the isophote lines (edges), while a normal diffusion is done to remove artifacts (''jaggies'') along the tangent directions. In order to preserve image features such as edges, angles and textures, the nonlinear diffusion coefficients are locally adjusted according to the first and second order directional derivatives of the image. Experimental results on synthetic images and nature images demonstrate that our interpolation algorithm substantially improves the subjective quality of the interpolated images over conventional interpolations.

Keywords: anisotropic diffusion, bidirectional flow, directionalderivatives, edge enhancement, image interpolation, inverse flow, shock filter.

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Authors: Ponco Iswanto, Mochammad Chasani, Muhammad Hanafi, Iqmal Tahir, Eva Vaulina YD, Harjono, Lestari Solikhati, Winkanda S. Putra, Yayuk Yuliantini

Abstract:

Quantitative Structure-Activity Relationship (QSAR) approach for discovering novel more active Calanone derivative as anti-leukemia compound has been conducted. There are 6 experimental activities of Calanone compounds against leukemia cell L1210 that are used as material of the research. Calculation of theoretical predictors (independent variables) was performed by AM1 semiempirical method. The QSAR equation is determined by Principle Component Regression (PCR) analysis, with Log IC50 as dependent variable and the independent variables are atomic net charges, dipole moment (μ), and coefficient partition of noctanol/ water (Log P). Three novel Calanone derivatives that obtained by this research have higher activity against leukemia cell L1210 than pure Calanone.

Keywords: AM1 semiempirical calculation, Calanone, Principle Component Regression, QSAR approach.

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