Search results for: Financial regulation

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

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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: Chokri Slim

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The neural network's performance can be measured by efficiency and accuracy. The major disadvantages of neural network approach are that the generalization capability of neural networks is often significantly low, and it may take a very long time to tune the weights in the net to generate an accurate model for a highly complex and nonlinear systems. This paper presents a novel Neuro-fuzzy architecture based on Extended Kalman filter. To test the performance and applicability of the proposed neuro-fuzzy model, simulation study of nonlinear complex dynamic system is carried out. The proposed method can be applied to an on-line incremental adaptive learning for the prediction of financial time series. A benchmark case studie is used to demonstrate that the proposed model is a superior neuro-fuzzy modeling technique.

Keywords: Neuro-fuzzy, Extended Kalman filter, nonlinear systems, financial time series.

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Authors: M. R. Bhuiyan, S. M. M. Hossain, M. Z. Islam

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Autism Spectrum Disorder (ASD) is the fastest growing serious developmental disorder characterized by social deficits, communicative difficulties, and repetitive behaviors. ASD is an emerging public health issue globally which is associated with huge financial burden to the family, community and the nation. The aim of this study was to assess the financial burden of family for the children with Autism spectrum Disorder. This cross-sectional study was carried out from July 2015 to June 2016 among 154 children with ASD to assess the financial burden of family. Data were collected by face-to-face interview with semi-structured questionnaire following systematic random sampling technique. Majority (73.4%) children were male and mean (±SD) age was 6.66 ± 2.97 years. Most (88.8%) of the children were from urban areas with average monthly family income Tk. 41785.71±23936.45. Average monthly direct cost of the children was Tk.17656.49 ± 9984.35, while indirect cost was Tk. 13462.90 ± 9713.54 and total treatment cost was Tk. 23076.62 ± 15341.09. Special education cost (Tk. 4871.00), cost of therapy (Tk. 4124.07) and travel cost (Tk. 3988.31) were the major types of direct cost, while loss of income (Tk.14570.18) was the chief indirect cost incurred by the families. The study found that majority (59.8%) of the children attended special schools were incurred Tk.20001-78700 as total treatment cost, which were statistically significant (p<0.001). Again, families with higher monthly family income incurred higher treatment cost (r=0.526, p<0.05). Difference between mean direct and indirect cost was found significant (t=4.190, df=61, p<0.001). According to the analysis of variance, mean difference of father’s educational status among direct cost (F=10.337, p<0.001) and total treatment cost (F=7.841, p<0.001), which were statistically significant. The study revealed that maximum children with ASD were under five years, three-fourth were male. According to monthly family income, maximum family were in middle class. The study recommends cost effective interventions and financial safety-net measures to reduce the financial burden of families for the children with ASD.

Keywords: Autism spectrum disorder, financial burden, direct cost, indirect cost, Special education.

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Authors: Nabli L., Dhouibi H., Collart Dutilleul S., Craye E.

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The existence of maximal durations drastically modifies the performance evaluation in Discrete Event Systems (DES). The same particularity may be found on systems where the associated constraints do not concern the time. For example weight measures, in chemical industry, are used in order to control the quantity of consumed raw materials. This parameter also takes a fundamental part in the product quality as the correct transformation process is based upon a given percentage of each essence. Weight regulation therefore increases the global productivity of the system by decreasing the quantity of rejected products. In this paper we present an approach based on mixing different characteristics theories, the fuzzy system and Petri net system to describe the behaviour. An industriel application on a tobacco manufacturing plant, where the critical parameter is the weight is presented as an illustration.

Keywords: Petri Net, Manufacturing systems, Performance evaluation, Fuzzy logic, Tolerant system.

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Authors: Zhanna Mingaleva, Irina Mirskikh

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Part IV of the Civil Code of the Russian Federation dedicated to legal regulation of Intellectual property rights came into force in 2008. It is a first attempt of codification in Intellectual property sphere in Russia. That is why a lot of new norms appeared. The main problem of the Russian Civil Code (part IV) is that many rules (norms of Law) contradict the norms of International Intellectual property Law (i.e. protection of inventions, creations, ideas, know-how, trade secrets, innovations). Intellectual property rights protect innovations and creations and reward innovative and creative activity. Intellectual property rights are international in character and in that respect they fit in rather well with the economic reality of the global economy. Inventors prefer not to take out a patent for inventions because it is a very difficult procedure, it takes a lot of time and is very expensive. That-s why they try to protect their inventions as ideas, know-how, confidential information. An idea is the main element of any object of Intellectual property (creation, invention, innovation, know-how, etc.). But ideas are not protected by Civil Code of Russian Federation. The aim of the paper is to reveal the main problems of legal regulation of Intellectual property in Russia and to suggest possible solutions. The authors of this paper have raised these essential issues through different activities. Through the panel survey, questionnaires which were spread among the participants of intellectual activities the main problems of implementation of innovations, protecting of the ideas and know-how were identified. The implementation of research results will help to solve economic and legal problems of innovations, transfer of innovations and intellectual property.1

Keywords: Innovation activities, intellectual property rights, know-how, patents, indicators of innovation activities

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Authors: S. S. Bhandari, N. Chakpitak, K. Meksamoot, T. Chandarasupsang

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Under the limitation of investment budget, a utility company is required to maximize the utilization of their existing assets during their life cycle satisfying both engineering and financial requirements. However, utility does not have knowledge about the status of each asset in the portfolio neither in terms of technical nor financial values. This paper presents a knowledge based model for the utility companies in order to make an optimal decision on power transformer with their utilization. CommonKADS methodology, a structured development for knowledge and expertise representation, is utilized for designing and developing knowledge based model. A case study of One MVA power transformer of Nepal Electricity Authority is presented. The results show that the reusable knowledge can be categorized, modeled and utilized within the utility company using the proposed methodologies. Moreover, the results depict that utility company can achieve both engineering and financial benefits from its utilization.

Keywords: CommonKADS, Knowledge Engineering, LifeCycle Management, Power Transformer.

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Authors: S. Mahalakshmi, B. Senthil Arasu

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As per the recent changes happening in the global policies, climate related changes and the impact it causes across every sector are viewed as green swan events – in essence, climate related changes can happen often and lead to risk and lot of uncertainty, but need to be mitigated instead of considering them as black swan events. This brings about a question on how this risk can be computed, so that the financial institutions can plan to mitigate it. Climate related changes impact all risk types – credit risk, market risk, operational risk, liquidity risk, reputational risk and others. And the models required to compute this have to consider the different industrial needs of the counterparty, as well as the factors that are contributing to this – be it in the form of different risk drivers, or the different transmission channels or the different approaches and the granular form of data availability. This brings out to the suggestion that the climate related changes, though it affects Pillar I risks, will be a Pillar II risk. This has to be modeled specifically based on the financial institution’s actual exposure to different industries, instead of generalizing the risk charge. And this will have to be considered as the additional capital to be met by the financial institution in addition to their Pillar I risks, as well as the existing Pillar II risks. In this paper, we present a risk assessment framework to model and assess climate change risks - for both credit and market risks. This framework helps in assessing the different scenarios, and how the different transition risks affect the risk associated with the different parties. This research paper delves on the topic of increase in concentration of greenhouse gases, that in turn causing global warming. It then considers the various scenarios of having the different risk drivers impacting credit and market risk of an institution, by understanding the transmission channels, and also considering the transition risk. The paper then focuses on the industry that’s fast seeing a disruption: automobile industry. The paper uses the framework to show how the climate changes and the change to the relevant policies have impacted the entire financial institution. Appropriate statistical models for forecasting, anomaly detection and scenario modeling are built to demonstrate how the framework can be used by the relevant agencies to understand their financial risks. The paper also focuses on the climate risk calculation for the Pillar II capital calculations, and how it will make sense for the bank to maintain this in addition to their regular Pillar I and Pillar II capital.

Keywords: Capital calculation, climate risk, credit risk, pillar II risk, scenario modeling.

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Authors: Juliana C. Alencar, Monica Ferreira do Amaral Porto

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The blue-green infrastructure in recent years has been pointed out as a possibility to increase the environmental quality of watersheds. The regulation ecosystem services brought by these areas are many, such as the improvement of the air quality of the air, water, soil, microclimate, besides helping to control the peak flows and to promote the quality of life of the population. This study proposes a blue-green infrastructure scenario for the Jaguaré watershed, located in the western zone of the São Paulo city in Brazil. Based on the proposed scenario, it was verified the impact of the adoption of the blue and green infrastructure in the control of the peak flow of the basin, the benefits for the avifauna that are also reflected in the flora and finally, the quantification of the regulation ecosystem services brought by the adoption of the scenario proposed. A survey of existing green areas and potential areas for expansion and connection of these areas to form a network in the watershed was carried out. Based on this proposed new network of green areas, the peak flow for the proposed scenario was calculated with the help of software, ABC6. Finally, a survey of the ecosystem services contemplated in the proposed scenario was made. It was possible to conclude that the blue and green infrastructure would provide several regulation ecosystem services for the watershed, such as the control of the peak flow, the connection frame between the forest fragments that promoted the environmental enrichment of these fragments, improvement of the microclimate and the provision of leisure areas for the population.

Keywords: Blue and green infrastructure, sustainable drainage, urban waters, ecosystem services.

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Authors: M. O. Welcome, Y. E. Razvodovsky, E. V. Pereverzeva, V. A. Pereverzev

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The error monitoring and processing system, EMPS is the system located in the substantia nigra of the midbrain, basal ganglia and cortex of the forebrain, and plays a leading role in error detection and correction. The main components of EMPS are the dopaminergic system and anterior cingulate cortex. Although, recent studies show that alcohol disrupts the EMPS, the ways in which alcohol affects this system are poorly understood. Based on current literature data, here we suggest a hypothesis of alcohol-related glucose-dependent system of error monitoring and processing, which holds that the disruption of the EMPS is related to the competency of glucose homeostasis regulation, which in turn may determine the dopamine level as a major component of EMPS. Alcohol may indirectly disrupt the EMPS by affecting dopamine level through disorders in blood glucose homeostasis regulation.

Keywords: Alcohol related disruption, Error monitoring andprocessing system, Mechanism.

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Authors: Li Jie, Zhang Wei

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In this paper, the problem of posture stabilization for a kinematic model of differential drive robots is studied. A more complex model of the kinematics of differential drive robots is used for the design of stabilizing control. This model is formulated in terms of the physical parameters of the system such as the radius of the wheels, and velocity of the wheels are the control inputs of it. In this paper, the framework of Lyapunov-based control design has been used to solve posture stabilization problem for the comprehensive model of differential drive robots. The results of the simulations show that the devised controller successfully solves the posture regulation problem. Finally, robustness and performance of the controller have been studied under system parameter uncertainty.

Keywords: Differential drive robots, nonlinear control, Lyapunov-based control design, posture regulation.

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Authors: Terezie Bartusková, Jitka Baňařová, Zuzana Kusněřová

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Importance of strategic planning is unquestionable. However, the practical implementation of a strategic plan faces too many obstacles. The aim of the article is explained the importance of strategic planning and to find how companies in Moravian-Silesian Region deal with strategic planning, and to introduce the model, which helps to set strategic goals in financial indicators area. This model should be part of the whole process of strategic planning and can be use to predict the future values of financial indicators of the company with regard to the factor, which influence these indicators.

Keywords: Planning of Potentials, Planning of Strategic Objectives, Portfolio Planning, Significant Factors, Strategic Planning.

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Authors: Aras Adhami Mirhoseini, Mohammad J. Yazdanpanah

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In this paper, we consider nested sliding mode control of SISO nonlinear systems, perturbed by bounded matched and unmatched uncertainties. The systems are assumed to be in strict-feedback form. A step wise procedure is introduced to obtain the controller. In each step, a continuous sliding mode controller is designed as virtual control law. Then the next step sliding surface is defined by using this virtual controller. These sliding surfaces are selected as nonlinear static functions of the system states. Finally in the last step, smooth static state feedback control law is determined such that the output reaches the desired set-point while the system is forced arbitrary close to the intersection of sliding surfaces and the states remain bounded.

Keywords: Sliding mode control, Strict-feedback form, Unmatched uncertainty, output regulation.

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Authors: El Falaki Brahim, Khalidi Idrissi Mohammed, Bennani Samir

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E-learning is not restricted to the use of new technologies for the online content, but also induces the adoption of new approaches to improve the quality of education. This quality depends on the ability of these approaches (technical and pedagogical) to provide an adaptive learning environment. Thus, the environment should include features that convey intentions and meeting the educational needs of learners by providing a customized learning path to acquiring a competency concerned In our proposal, we believe that an individualized learning path requires knowledge of the learner. Therefore, it must pass through a personalization of diagnosis to identify precisely the competency gaps to fill, and reduce the cognitive load To personalize the diagnosis and pertinently measure the competency gap, we suggest implementing the formative assessment in the e-learning environment and we propose the introduction of a pre-regulation process in the area of formative assessment, involving its individualization and implementation in e-learning.

Keywords: Competency-Based-Approach, E-learning, Formative assessment, learner model, Modeling, pre-regulation process

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Authors: S. Sadallah

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In this paper, dynamic programming is used to determine the optimal management of financial resources in company. Solution of the problem by consider into simpler substructures is constructed. The optimal management of internal capital of company are simulated. The tools applied in this development are based on graph theory. The software of given problems is built by using greedy algorithm. The obtained model and program maintenance enable us to define the optimal version of management of proper financial flows by using visual diagram on each level of investment.

Keywords: Management, software, optimal, greedy algorithm, graph-diagram.

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Authors: Ehsan Firouzfar, Maryam Attaran

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Heat pipes are two-phase heat transfer devices with high effective thermal conductivity. Due to the high heat transport capacity, heat exchanger with heat pipes has become much smaller than traditional heat exchangers in handling high heat fluxes. With the working fluid in a heat pipe, heat can be absorbed on the evaporator region and transported to the condenser region where the vapour condenses releasing the heat to the cooling media. Heat pipe technology has found increasing applications in enhancing the thermal performance of heat exchangers in microelectranics, energy saving in HVAC systems for operating rooms,surgery centers, hotels, cleanrooms etc, temperature regulation systems for the human body and other industrial sectors. Development activity in heat pipe and thermosyphon technology in asia in recent years is surveyed. Some new results obtained in Australia and other countries are also included.

Keywords: Heat pipe heat exchanger, Thermosyphone, effectiveness, HVAC system, energy saving, temperature regulation.

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Authors: C. Hipp

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The EU Regulation (EC) No 261/2004 under which air passengers can claim compensation in the event of denied boarding, cancellation or long delay of flights has to be regarded as a substantial progress for the consumer protection in the field of air transport since it went into force in February 2005. Nevertheless, different reviews of its effective functioning demonstrate that most passengers affected by service disruptions do not enforce their complaints and claims towards the airline. The main cause of this is not only the unclear legal situation due to the fact that the regulation itself suffers from many undetermined terms and loopholes it is also attributable to the strategy of the airlines which do not handle the complaints of the passengers or exclude their duty to compensate them. Economically contemplated, reasons like the long duration of a trial and the cost risk in relation to the amount of compensation make it comprehensible that passengers are deterred from enforcing their rights by filing a lawsuit. The paper focusses on the alternative dispute resolution namely the recently established conciliation bodies which deal with air passenger rights. In this paper, the Conciliation Body for Public Transport in Germany (Schlichtungsstelle für den öffentlichen Personenverkehr – SÖP) is examined as a successful example of independent consumer arbitration service. It was founded in 2009 and deals with complaints in the field of air passenger rights since November 2013. According to the current situation one has to admit that due to its structure and operation it meets on the one hand the needs of the airlines by giving them an efficient tool of their customer relation management and on the other hand that it contributes to the enforcement of air passenger rights effectively.

Keywords: Air passenger rights, alternative dispute resolution (ADR), consumer protection, EU law regulation (EC) No 261/2004.

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Authors: Victoria S. Scarratt

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Couples involved in age-gap relationships generally evoke negative stereotypes, opinions, and social disapproval. This research seeks to examine whether financial disparities in age-discrepant relationships cause negative attitudes in study participants. It was hypothesized that an age-gap couple (29-year difference) would receive a greater degree of societal disapproval when the couple also had a large salary-gap compared to a similarly aged couple (1-year difference) with a salary-gap. Additionally, there would be no significant difference between age-gap couples without a salary-gap compared to a similarly aged couple without a salary gap. To test the hypothesis, participants were given one of four scenarios regarding a couple in a romantic relationship. Then they were asked to respond to nine Likert scale questions. Results indicated that participants perceived age-gap relationships with a salary disparity to be less equitable in regard to a power imbalance between the couple and the financial and general gain that one partner will receive. A significant interaction was also detected for evoking feelings of disgust in participants, and how morally correct it is for the couple to continue their relationship.

Keywords: Age-gap relationships, financial discrepancies, love, relationships, societal stigmas.

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Authors: Bita Mashayekhi, Marjan Fayyazi, Parisa Sefati

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Audit quality is a popular topic in accounting and auditing research because recent decades’ financial crises reduce the reliability of financial reports to public investors and cause significant doubt about the audit profession. Therefore, doing research to identify effective factors in improving audit quality is necessary for bringing back public investors’ trust to financial statements as well as audit reports. In this study, we explore the relationship between audit rotation and audit quality. For this purpose, we employ the Duff (2009) model of audit quality to measure audit quality and use a questionnaire survey of 27 audit service quality attributes. Our results show that there is a negative relationship between auditor’s rotation and audit quality as we consider the auditor’s reputation, capability, assurance, experience, and responsiveness as surrogates for audit quality. There is no evidence for verifying a same relationship when we use the auditor’s independence and expertise for measuring audit quality.

Keywords: Audit quality, auditor’s rotation, reputation, capability, assurance, experience, responsiveness, independence, expertise.

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Authors: Kung-Jen Tu

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Many public housing properties developed by local governments in Taiwan in the 1980s have deteriorated severely as these rental apartment buildings aged. The lack of building maintainability considerations during project design phase as well as insufficient maintenance funds have made it difficult and costly for local governments to maintain and keep public housing properties in good shape. In order to assist the local governments in achieving and delivering sustainable public housing, this paper intends to present a developed design evaluation method to be used to evaluate the presented design schemes from property management and financial feasibility perspectives during project design phase of public housing projects. The design evaluation results, i.e. the property management and financial implications of presented design schemes that could occur later during the building operation and maintenance phase, will be reported to the client (the government) and design schemes revised consequently. It is proposed that the design evaluation be performed from two main perspectives: (1) Operation and property management perspective: Three criteria such as spatial appropriateness, people and vehicle circulation and control, property management working spaces are used to evaluate the ‘operation and PM effectiveness’ of a design scheme. (2) Financial feasibility perspective: Four types of financial analyses are performed to assess the long term financial feasibility of a presented design scheme, such as operational and rental income analysis, management fund analysis, regular operational and property management service expense analysis, capital expense analysis. The ongoing Chung-Li Public Housing Project developed by the Taoyuan City Government will be used as a case to demonstrate how the presented design evaluation method is implemented. The results of property management assessment as well as the annual operational and capital expenses of a proposed design scheme are presented.

Keywords: Design evaluation method, management fund, operational and capital expenses, rental apartment buildings.

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Authors: Mojtaba Rezaei, Elham Heydari

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This paper highlights the empirical results of analyzing the correlation between accounting information and systematic risk. This association is analyzed among financial ratios and systematic risk by considering the financial statement of 39 companies listed on the Tehran Stock Exchange (TSE) for five years (2014-2018). Financial ratios have been categorized into four groups and to describe the special features, as representative of accounting information we selected: Return on Asset (ROA), Debt Ratio (Total Debt to Total Asset), Current Ratio (current assets to current debt), Asset Turnover (Net sales to Total assets), and Total Assets. The hypotheses were tested through simple and multiple linear regression and T-student test. The findings illustrate that there is no significant relationship between accounting information and market risk. This indicates that in the selected sample, historical accounting information does not fully reflect the price of stocks.

Keywords: Accounting information, market risk, systematic risk, efficient market hypothesis, EMH, Tehran Stock Exchange, TSE.

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Authors: V.R Gannapathy, S.K Subramaniam, A.B Mohamad Diah, M.K Suaidi, A.H Hamidon

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The picture of a perfect road construction site is the one that utilizes conventional vertical road signs and a flagman to optimize the traffic flow with minimum hazel to the public. Former research has been carried out by Department of Occupational Safety and Health (DOSH) and Ministry of Works to further enhance smoothness in traffic operations and particularly in safety issues within work zones. This paper highlights on hazardous zones in a certain road construction or road maintenance site. Most cases show that the flagman falls into high risk of fatal accidents within work zone. Various measures have been taken by both the authorities and contractors to overcome such miseries, yet it-s impossible to eliminate the usage of a flagman since it is considered the best practice. With the implementation of new technologies in automating the traffic flow in road construction site, it is possible to eliminate the usage of a flagman. The intelligent traffic light system is designed to solve problems which contribute hazardous at road construction site and to be inline with the road safety regulation which is taken into granted.

Keywords: Intelligent Traffic Light, Critical Zones, Safety Regulation, Flagman

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Authors: Omar Farahat Hassanein, A. Samer Ezeldin

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The construction industry is a very dynamic field. Every day new technologies and methods are developed to fasten the process and increase its efficiency. Hence, if a project uses fewer resources it will be more efficient.

This paper examines the recycling of concrete construction and demolition (C&D) waste to reuse it as aggregates in on-site applications for construction projects in Egypt and possibly in the Middle East. The study focuses on a stationary plant setting. The machinery set-up used in the plant is analyzed technically and financially.

The findings are gathered and grouped to obtain a comprehensive cost-benefit financial model to demonstrate the feasibility of establishing and operating a concrete recycling plant. Furthermore, a detailed business plan including the time and hierarchy is proposed. 

Keywords: Construction wastes, recycling, sustainability, financial model, concrete recycling, concrete life cycle.

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Authors: Kittaya Somsai, Thanatchai Kulworawanichpong, Nitus Voraphonpiput

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This paper presents the DC voltage control design of D-STATCOM when the D-STATCOM is used for load voltage regulation. Although, the DC voltage can be controlled by active current of the D-STATCOM, reactive current still affects the DC voltage. To eliminate this effect, the control strategy with elimination effect of the reactive current is proposed and the results of the control with and without the elimination the effect of the reactive current are compared. For obtaining the proportional and integral gains of the PI controllers, the symmetrical optimum and genetic algorithms methods are applied. The stability margin of these methods are obtained and discussed in detail. In addition, the performance of the DC voltage control based on symmetrical optimum and genetic algorithms methods are compared. Effectiveness of the controllers designed was verified through computer simulation performed by using Power System Tool Block (PSB) in SIMULINK/MATLAB. The simulation results demonstrated that the DC voltage control proposed is effective in regulating DC voltage when the DSTATCOM is used for load voltage regulation.

Keywords: D-STATCOM, DC voltage control, Symmetrical optimum, Genetic algorithms

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Authors: J. Cheeneebash, K. B. Lallmamode, A. Gopaul

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Throughout this paper, a relatively new technique, the Tabu search variable selection model, is elaborated showing how it can be efficiently applied within the financial world whenever researchers come across the selection of a subset of variables from a whole set of descriptive variables under analysis. In the field of financial prediction, researchers often have to select a subset of variables from a larger set to solve different type of problems such as corporate bankruptcy prediction, personal bankruptcy prediction, mortgage, credit scoring and the Arbitrage Pricing Model (APM). Consequently, to demonstrate how the method operates and to illustrate its usefulness as well as its superiority compared to other commonly used methods, the Tabu search algorithm for variable selection is compared to two main alternative search procedures namely, the stepwise regression and the maximum R 2 improvement method. The Tabu search is then implemented in finance; where it attempts to predict corporate bankruptcy by selecting the most appropriate financial ratios and thus creating its own prediction score equation. In comparison to other methods, mostly the Altman Z-Score model, the Tabu search model produces a higher success rate in predicting correctly the failure of firms or the continuous running of existing entities.

Keywords: Predicting Bankruptcy, Tabu Search

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Authors: Saunah Zainon, Ruhaya Atan, Yap Bee Wah, Zarina Abu Bakar

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The primary objective of this study is to test whether there is any difference in performance between funded and nonfunded registered charity organizations. In this study, performance as the dependent variable is measured using total donations. Using a sample of 101 charity organizations registered with the Registry of Society, analysis of variance (ANOVA) results indicate that there is a difference in financial performance between funded and non-funded charity organizations. The study provides empirical evidence to resource providers and the policy makers in scrutinizing the decision to disburse their funds and resources to these charity organizations.

Keywords: charity organizations, donations, funded, non-funded

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Authors: Cristian Păuna

Abstract:

After the widespread release of electronic trading, automated trading systems have become a significant part of the business intelligence system of any modern financial investment company. An important part of the trades is made completely automatically today by computers using mathematical algorithms. The trading decisions are taken almost instantly by logical models and the orders are sent by low-latency automatic systems. This paper will present a real-time price prediction methodology designed especially for algorithmic trading. Based on the price cyclicality function, the methodology revealed will generate price cyclicality bands to predict the optimal levels for the entries and exits. In order to automate the trading decisions, the cyclicality bands will generate automated trading signals. We have found that the model can be used with good results to predict the changes in market behavior. Using these predictions, the model can automatically adapt the trading signals in real-time to maximize the trading results. The paper will reveal the methodology to optimize and implement this model in automated trading systems. After tests, it is proved that this methodology can be applied with good efficiency in different timeframes. Real trading results will be also displayed and analyzed in order to qualify the methodology and to compare it with other models. As a conclusion, it was found that the price prediction model using the price cyclicality function is a reliable trading methodology for algorithmic trading in the financial market.

Keywords: Algorithmic trading, automated trading systems, financial markets, high-frequency trading, price prediction.

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Authors: Rishabh Garg

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Blockchain technology can allow remote, untrusted parties in the banking and financial sector to reach consensus on the state of databases without the involvement of gatekeepers. Like a bookkeeper, it can manage all financial transactions including payments, settlements, fundraising, securities management, loans, credits and trade finance. It can outperform existing systems in terms of identity verification, asset transfers, peer-to-peer transfers, hedge funds, security and auditability. Blockchain-based decentralized finance (DeFi) is a new financial protocol. Being open and programmable, it enables various DeFi use-cases, including asset management, tokenization, tokenized derivatives, decentralized autonomous organizations, data analysis and valuation, payments, lending and borrowing, insurance, margin trading, prediction market, gambling and yield-farming, etc. In addition, it can ease financial transactions, cash-flow, use of programmable currency, no-loss lotteries, etc. This paper aims to assess the potential of decentralized finance by leveraging the blockchain-enabled Ethereum platform as an alternative to traditional finance. The study also aims to find out the impact of decentralized finance on prediction markets, quadratic funding and crowd-funding, together with the potential challenges and solutions associated with its implementation.

Keywords: Advance trading, crowd funding, exchange tokens, fund aggregation, margin trading, quadratic funding, smart contracts, streaming money, token derivatives.

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Authors: M. Stoklasa, H. Starzyczna, P. Sykorova

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This paper presents partial results of primary research on consumer purchasing behavior in times of crisis. It starts with brief theoretical debate on purchasing behavior and short secondary research related to the issues, which is used for the comparison of results. For purpose of collecting data, questionnaire survey was given to 355 respondents in Moravian-Silesian region. Hypotheses deal with the relationship of the financial situation of the respondents and their purchasing behavior. The research analysis disclosed that consumers change their behavior during crisis and MS region has some specifics compared to other regions.

Keywords: Crisis, financial situation, consumer behavior, postponement of purchases, consumer credit.

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Authors: Mohammad Ali Baradaran Ghahfarokhi, Parvin Baradaran Ghahfarokhi

Abstract:

In this paper, first we introduce the stable distribution, stable process and theirs characteristics. The a -stable distribution family has received great interest in the last decade due to its success in modeling data, which are too impulsive to be accommodated by the Gaussian distribution. In the second part, we propose major applications of alpha stable distribution in telecommunication, computer science such as network delays and signal processing and financial markets. At the end, we focus on using stable distribution to estimate measure of risk in stock markets and show simulated data with statistical softwares.

Keywords: stable distribution, SaS, infinite variance, heavy tail networks, VaR.

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Authors: R. Shivarudraswamy, D. N. Gaonkar

Abstract:

The continued interest in the use of distributed generation in recent years is leading to the growth in number of distributed generators connected to distribution networks. Steady state voltage rise resulting from the connection of these generators can be a major obstacle to their connection at lower voltage levels. The present electric distribution network is designed to keep the customer voltage within tolerance limit. This may require a reduction in connectable generation capacity, under utilization of appropriate generation sites. Thus distribution network operators need a proper voltage regulation method to allow the significant integration of distributed generation systems to existing network. In this work a voltage rise problem in a typical distribution system has been studied. A method for voltage regulation of distribution system with multiple DG system by coordinated operation distributed generator, capacitor and OLTC has been developed. A sensitivity based analysis has been carried out to determine the priority for individual generators in multiple DG environment. The effectiveness of the developed method has been evaluated under various cases through simulation results.

Keywords: Distributed generation, voltage control, sensitivity factor.

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