Search results for: Financial status

Authors: Nhien-An Le-Khac, Sammer Markos, M-Tahar Kechadi

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Today, money laundering (ML) poses a serious threat not only to financial institutions but also to the nation. This criminal activity is becoming more and more sophisticated and seems to have moved from the cliché of drug trafficking to financing terrorism and surely not forgetting personal gain. Most international financial institutions have been implementing anti-money laundering solutions (AML) to fight investment fraud. However, traditional investigative techniques consume numerous man-hours. Recently, data mining approaches have been developed and are considered as well-suited techniques for detecting ML activities. Within the scope of a collaboration project for the purpose of developing a new solution for the AML Units in an international investment bank, we proposed a data mining-based solution for AML. In this paper, we present a heuristics approach to improve the performance for this solution. We also show some preliminary results associated with this method on analysing transaction datasets.

Keywords: data mining, anti money laundering, clustering, heuristics.

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Authors: Siti Juryiah Mohd Khalid, Norazlina Dol

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Academic libraries in Malaysia are still not prepared for disaster even though several occasions have been reported. The study sets out to assess the current status of preparedness in disaster management among Malaysian academic libraries in the State of Selangor and the Federal Territory of Kuala Lumpur. To obtain a base level of knowledge on disaster preparedness of current practices, a questionnaire was distributed to chief librarians or their assignees in charge of disaster or emergency preparedness at 40 academic libraries and 34 responses were received. The study revolved around the current status of preparedness, on various issues including existence of disaster preparedness plan among academic libraries in Malaysia, disaster experiences by the academic libraries, funding, risk assessment activities and involvement of library staff in disaster management. Frequency and percentage tables were used in the analysis of the data collected. Some of the academic libraries under study have experienced one form of disaster or the other. Most of the academic libraries do not have a written disaster preparedness plan. The risk assessments and staff involvement in disaster preparedness by these libraries were generally adequate.

Keywords: Academic libraries, disaster preparedness plan, disaster management, emergency plan.

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Authors: Chatchai Pesee

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This paper examines long-range dependence or longmemory of financial time series on the exchange rate data by the fractional Brownian motion (fBm). The principle of spectral density function in Section 2 is used to find the range of Hurst parameter (H) of the fBm. If 0< H <1/2, then it has a short-range dependence (SRD). It simulates long-memory or long-range dependence (LRD) if 1/2< H <1. The curve of exchange rate data is fBm because of the specific appearance of the Hurst parameter (H). Furthermore, some of the definitions of the fBm, long-range dependence and selfsimilarity are reviewed in Section II as well. Our results indicate that there exists a long-memory or a long-range dependence (LRD) for the exchange rate data in section III. Long-range dependence of the exchange rate data and estimation of the Hurst parameter (H) are discussed in Section IV, while a conclusion is discussed in Section V.

Keywords: Fractional Brownian motion, long-rangedependence, memory, short-range dependence.

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Authors: R. Rajabpour, N. Talebbeydokhti, M. H. Ahmadi

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In recent years, new techniques for solving complex problems in engineering are proposed. One of these techniques is JPSO algorithm. With innovative changes in the nature of the jump algorithm JPSO, it is possible to construct a graph-based solution with a new algorithm called G-JPSO. In this paper, a new algorithm to solve the optimal control problem Fletcher-Powell and optimal control of pumps in water distribution network was evaluated. Optimal control of pumps comprise of optimum timetable operation (status on and off) for each of the pumps at the desired time interval. Maximum number of status on and off for each pumps imposed to the objective function as another constraint. To determine the optimal operation of pumps, a model-based optimization-simulation algorithm was developed based on G-JPSO and JPSO algorithms. The proposed algorithm results were compared well with the ant colony algorithm, genetic and JPSO results. This shows the robustness of proposed algorithm in finding near optimum solutions with reasonable computational cost.

Keywords: G-JPSO, operation, optimization, pumping station, water distribution networks.

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Authors: Jimaima Lako, Subramaniam Sotheeswaran, Ketan Christi

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The 15-a-side Fiji rugby team trains well in preparations for any rugby competition but rarely performs to expectations. In order to help the Fiji local based rugby players to identify some key basic areas in improving their performance, a series of workshops were conducted to assess their nutritional status and dietary habits in relation to energy demand during rugby matches. The nutrition workshop included the administration of questionnaires to 19 local based rugby players, requesting the following information: usual food intakes, training camp food intakes, carbohydrate loading, pre-game meals and post-game meals. The study revealed that poor eating habits of the players resulted in the low carbohydrate intake, which may have contributed to increase levels of fatigue leading to loss of stamina even before the second half of the game. It appears that the diet of most 15-a-side players does not provide enough energy to enable them to last the full eightyminutes of the game.

Keywords: Fiji rugby, Food habits, Physical fitness, Training meals

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Authors: Abdalla Kablan, Joseph Falzon

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This paper is motivated by the aspect of uncertainty in financial decision making, and how artificial intelligence and soft computing, with its uncertainty reducing aspects can be used for algorithmic trading applications that trade in high frequency. This paper presents an optimized high frequency trading system that has been combined with various moving averages to produce a hybrid system that outperforms trading systems that rely solely on moving averages. The paper optimizes an adaptive neuro-fuzzy inference system that takes both the price and its moving average as input, learns to predict price movements from training data consisting of intraday data, dynamically switches between the best performing moving averages, and performs decision making of when to buy or sell a certain currency in high frequency.

Keywords: Financial decision making, High frequency trading, Adaprive neuro-fuzzy systems, moving average strategy.

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Authors: José M. Merigó, Montserrat Casanovas

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We present the induced generalized hybrid averaging (IGHA) operator. It is a new aggregation operator that generalizes the hybrid averaging (HA) by using generalized means and order inducing variables. With this formulation, we get a wide range of mean operators such as the induced HA (IHA), the induced hybrid quadratic averaging (IHQA), the HA, etc. The ordered weighted averaging (OWA) operator and the weighted average (WA) are included as special cases of the HA operator. Therefore, with this generalization we can obtain a wide range of aggregation operators such as the induced generalized OWA (IGOWA), the generalized OWA (GOWA), etc. We further generalize the IGHA operator by using quasi-arithmetic means. Then, we get the Quasi-IHA operator. Finally, we also develop an illustrative example of the new approach in a financial decision making problem. The main advantage of the IGHA is that it gives a more complete view of the decision problem to the decision maker because it considers a wide range of situations depending on the operator used.

Keywords: Decision making, Aggregation operators, OWA operator, Generalized means, Selection of investments.

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Authors: Marcela Capcarova, Adriana Kolesarova, Marina Medvedova, Peter Petruska, Alexander V. Sirotkin

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The aim of this study was to determine the activity of superoxide dismutase (SOD), glutathione peroxidase (GPx), total antioxidant status (TAS) and accumulation of Hsp70 in porcine ovarian granulosa cells after deoxynivalenol (DON) and zearalenone (ZEA) exposure in vitro. Porcine ovarian granulosa cells were incubated with DON/ZEA administrations as follows: group A (10/10 ng/mL), group B (100/100 ng/mL), group C (1000/1000 ng/mL), and the control group without any additions for 24h. In this study mycotoxins developed stress reaction of porcine ovarian granulosa cells and increased accumulation of Hsp70 what resulted in increasing activities of SOD and GPx in groups with lower doses of mycotoxins. High dose of DON and ZEA had opposite effect on GPx activity than the lower doses. Slight increase in TAS of porcine granulosa cells was observed after mycotoxins exposure. These results contribute towards the understanding of cellular stress and its response.

Keywords: Deoxynivalenol, zearalenone, antioxidants, Hsp70, granulosa cells.

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Authors: Miyako Oulevey, David Lavallee, Naohiko Kohtake

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Retirement from sport can be stressful to athletes for many reasons. Accordingly, it is necessary to match coping strategies depending on the stressors. One of the athlete career assistance programs for Japanese top athletes in Japan, the Japan Olympic Committee Career Academy (JCA), has focused on the service contents regarding occupational supports which can be said to cope with financial and occupational stress; however, other supports such as psychological support were unclear due to the lack of psychological professionals in the JCA. Tailoring the program, it is important to match the needs of the athletes at athletic retirement with the service contents. Japanese Olympic athletes have been found to retire for different reasons. Especially female athletes who competed in the Summer Olympic Games were found to retire with psychological reasons. The purpose of this research was to investigate the types of stressors Japanese female athletes experience as a result of athletic retirement. As part of the study, 44 female retired athletes from 13 competitive sports completed an open-ended questionnaire. The KJ method was used to analyze stress experienced as a result of retirement. As a result, nine conceptualized stressors were aggregated such as “Conflict with athletic identity”, “Desire to live as an athlete”, and “Career plan after retirement”. In order to match the coping strategies according to the stressors, each stressor was classified with the four types of adjustments; psychological, social, financial, and occupational changes. As a result, the stressor relating to psychological adjustment accounted for 69.0% of coping-related needs, the financial and occupational adjustment was 21.8%, and social adjustment was 9.2%. In conclusion, coping strategies according to the stressors are suggested.

Keywords: Athletic retirement, coping, female athlete, stress.

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Authors: Romain Ben Taleb, Aurélie Montarnal, Matthieu Lauras, Mathieu Dahan, Romain Miclo

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To be competitive and sustainable, any company has to maximize its value. However, unlike listed companies that can assess their values based on market shares, most Small and Medium Enterprises (SMEs) which are non-listed cannot have direct and live access to this critical information. Traditional accounting reports only give limited insights to SME decision-makers about the real impact of their day-to-day decisions on the company’s performance and value. Most of the time, an SME’s financial valuation is made one time a year as the associated process is time and resource-consuming, requiring several months and external expertise to be completed. To solve this issue, we propose in this paper a value-oriented metamodel that enables real-time and dynamic assessment of the SME’s value based on the large definition of their assets. These assets cover a wider scope of resources of the company and better account for immaterial assets. The proposal, which is illustrated in a case study, discusses the benefits of incorporating assets in the SME valuation.

Keywords: SME, metamodel, decision support system, financial valuation.

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Authors: Eugen Pop, Mihai Barbos, Razvan Lupu

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The client server systems using mobile communications networks for data transmission became very attractive for many economic agents, in the purpose of promoting and offering electronic services to their clients. E-services are suitable for business developing and financial benefits increasing. The products or services can be efficiently delivered to a large number of clients, using mobile Internet access technologies. The clients can have access to e-services, anywhere and anytime, with the support of 3G, GPRS, WLAN, etc., channels bandwidth, data services and protocols. Based on the mobile communications networks evolution and development, a convergence of technological and financial interests of mobile operators, software developers, mobile terminals producers and e-content providers is established. These will lead to a high level of integration of IT&C resources and will facilitate the value added services delivery through the mobile communications networks. In this paper it is presented a client server system, for e-services access, with Smartphones and PDA-s mobile software applications, installed on Symbian and Windows Mobile operating systems.

Keywords: Client server system, e-services access, mobile communications, PDA, Smartphone.

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Authors: Emine Demiray, Şensu Curabay

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Distance education program is a dimension of contemporary and new education technologies. Concepts and applications in this field are the results of a series of educational demands and developments in various communication and education technologies. Distance education applications have some conceptual bases. These are creating new education opportunities, realizing work-education unity, getting democratic in education, lifelong education, tendency to individual matters, effective use of institutions, integration of technology and education, tendency to individual and social needs, taking three dimensional integration as the main principle (publishing, printed materials and face to face education), reaching maximum mass, individual and mass education integrity and education demand and financial matters balance. Economics, Business Administration and Open Education faculties, which have been giving education within Anadolu University since 1982 in Turkey, are carrying on education with nearly 1.000.000 students. The aim of this study is to determine organizational commitment levels of students who have been studying at Anadolu University Economics, Business Administration and Open Education faculties in the scope of affective, continuance and nominative commitment in Allen&Meyer model. In the study, organizational commitment of the Economics, Business Administration and Open Education faculty students, who are receiving education by means of distance education, to their faculties is dealt after introducing Anadolu University Distance Education system which gives higher education via distance education method in Turkey. In order to increase the success level of faculties it is required for students to have high level of organizational commitment to their faculties. A questionnaire has been applied by using “Organizational Commitment Scale", developed by Meyer&Allen to determine organizational commitments of Economics, Business Administration and Open Education students. Organizational commitment is dealt with as affective, continuance and nominative commitment. The questionnaire was applied face to face to randomly chosen 500 students living in Eskişehir and the data was downloaded to the computer by using SPSS program and the results were analyzed in terms of demographic features (gender, age, marital status, years of study, work and income level) of students by using frequency test, ttest and ANOVA test. As a result of these analyses, when the comments of Open Education Faculty students on levels of affective, continuance and nominative commitment to their faculties were examined, it has been revealed that continuance commitment level has the highest rate. Among the female participants; continuance commitment is high in the age range of 30-40, for normative commitment it is 17-22. However no dominant age range was defined for affective commitment. Regarding the marital status; continuance commitment average is higher among married participants; but nominative affective commitment average is higher among single participants. As to the years of study, affective and continuance commitment is higher among senior students while normative commitment is higher among junior students. Moreover; in terms of continuance, affective and normative commitment, those who do not work and have low income have higher level of all there commitment types than those who work and have relatively high income.

Keywords: Open education, Organizational commitment, Distance education.

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Authors: Sumalee Lekprayura

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The purposes of this research were 1) to study consumer-based equity of luxury brands, 2) to study consumers- purchase intention for luxury brands, 3) to study direct factors affecting purchase intention towards luxury brands, and 4) to study indirect factors affecting purchase intention towards luxury brands through brand consciousness and brand equity to analyze information by descriptive statistic and hierarchical stepwise regression analysis. The findings revealed that the eight variables of the framework which were: need for uniqueness, normative susceptibility, status consumption, brand consciousness, brand awareness, perceived quality, brand association, and brand loyalty affected the purchase intention of the luxury brands (at the significance of 0.05). Brand Loyalty had the strongest direct effect while status consumption had the strongest indirect effect affecting the purchase intention towards luxury brands. Brand consciousness and brand equity had the mediators through the purchase intention of the luxury brands (at the significance of 0.05).

Keywords: Brand Consciousness, Brand Equity, Luxury Brands, Purchase intention.

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Authors: Drago Jakovcevic, Mihovil Andelinovic, Igor Husak

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The aim of this paper is to explore the economic circumstances in which the selective credit policy, the least used instrument of four types of instruments on disposal to central banks, should be used. The most significant example includes the use of selective credit policies in response to the emergence of the global financial crisis by the FED. Specifics of the potential use of selective credit policies as the instigator of economic growth in Croatia, a small open economy, are determined by high euroization of financial system, fixed exchange rate and long-term trend growth of external debt that is related to the need to maintain high levels of foreign reserves. In such conditions, the classic forms of selective credit policies are unsuitable for the introduction. Several alternative approaches to implement selective credit policies are examined in this paper. Also, thorough analysis of distribution of selective monetary policy loans among economic sectors in Croatia is conducted in order to minimize the risk of investing funds and maximize the return, in order to influence the GDP growth.

Keywords: Global crisis, Selective credit policy, Small open economy.

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Authors: Hsiao-Tien Pao, Yi-Ying Li, Hsin-Chia Fu

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This paper addressed the impacts of energy consumption, economic growth, financial development, and population size on environmental degradation using grey relational analysis (GRA) for China, where foreign direct investment (FDI) inflows is the proxy variable for financial development. The more recent historical data during the period 2004–2011 are used, because the use of very old data for data analysis may not be suitable for rapidly developing countries. The results of the GRA indicate that the linkage effects of energy consumption–emissions and GDP–emissions are ranked first and second, respectively. These reveal that energy consumption and economic growth are strongly correlated with emissions. Higher economic growth requires more energy consumption and increasing environmental pollution. Likewise, more efficient energy use needs a higher level of economic development. Therefore, policies to improve energy efficiency and create a low-carbon economy can reduce emissions without hurting economic growth. The finding of FDI–emissions linkage is ranked third. This indicates that China do not apply weak environmental regulations to attract inward FDI. Furthermore, China’s government in attracting inward FDI should strengthen environmental policy. The finding of population–emissions linkage effect is ranked fourth, implying that population size does not directly affect CO₂ emissions, even though China has the world’s largest population, and Chinese people are very economical use of energy-related products. Overall, the energy conservation, improving efficiency, managing demand, and financial development, which aim at curtailing waste of energy, reducing both energy consumption and emissions, and without loss of the country’s competitiveness, can be adopted for developing economies. The GRA is one of the best way to use a lower data to build a dynamic analysis model.

Keywords: Grey relational analysis, foreign direct investment, CO2 emissions, China.

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Authors: Isa Nakhai Kamal Abadi, Esmaeel Saberi, Ehsan Mirjafari

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While financial institutions have faced difficulties over the years for a multitude of reasons, the major cause of serious banking problems continues to be directly related to lax credit standards for borrowers and counterparties, poor portfolio risk management, or a lack of attention to changes in economic or other circumstances that can lead to a deterioration in the credit standing of a bank's counterparties. Credit risk is most simply defined as the potential that a bank borrower or counterparty will fail to meet its obligations in accordance with agreed terms. The goal of credit risk management is to maximize a bank's risk-adjusted rate of return by maintaining credit risk exposure within acceptable parameters. Banks need to manage the credit risk inherent in the entire portfolio as well as the risk in individual credits or transactions. Banks should also consider the relationships between credit risk and other risks. The effective management of credit risk is a critical component of a comprehensive approach to risk management and essential to the long-term success of any banking organization. In this research we also study the relationship between credit risk indices and borrower-s timely payback in Karafarin bank.

Keywords: Financial Ratios; Spearman Test; Bank OperationsRisk

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Authors: A. Iqbal, N. Khalid, S. Rafiq

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The interrelationship between international stock markets has been a key study area among the financial market researchers for international portfolio management and risk measurement. The characteristics of security returns and their dynamics play a vital role in the financial market theory. This study is an attempt to find out the dynamic linkages among the equity market of USA and emerging markets of Pakistan and India using daily data covering the period of January 2003–December 2009. The study utilizes Johansen (Journal of Economic Dynamics and Control, 12, 1988) and Johansen and Juselius (Oxford Bulletin of Economics and Statistics, 52, 1990) cointegration procedure for long run relationship and Granger-causality tests based on Toda and Yamamoto (Journal of Econometrics, 66, 1995) methodology. No cointegration was found among stock markets of USA, Pakistan and India, while Granger-causality test showed the evidence of unidirectional causality running from New York stock exchange to Bombay and Karachi stock exchanges.

Keywords: Causality, Cointegration, India, Pakistan, Stock Markets, US.

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Authors: Helena Costa Oliveira, Carmem Oliveira, Rita Moutinho

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The Balanced Scorecard (BSC) is a continuous strategic monitoring model focused not only on financial issues but also on internal processes, patients/users, and learning and growth. Initially dedicated to business management, it currently serves organizations of other natures - such as hospitals. This paper presents a BSC designed for a Portuguese Acute Pain Unit (APU). This study is qualitative and based on the experience of collaborators at the APU. The management of APU is based on four perspectives – users, internal processes, learning and growth, and financial and legal. For each perspective, there were identified strategic objectives, critical factors, lead indicators and initiatives. The strategic map of the APU outlining sustained strategic relations among strategic objectives. This study contributes to the development of research in the health management area as it explores how organizational insufficiencies and inconsistencies in this particular case can be addressed, through the identification of critical factors, to clearly establish core outcomes and initiatives to set up.

Keywords: Acute pain unit, balanced scorecard, hospital management, organizational performance, Portugal.

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Authors: Omer Nebil Yaveroglu, Tolga Can

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In this study, a high accuracy protein-protein interaction prediction method is developed. The importance of the proposed method is that it only uses sequence information of proteins while predicting interaction. The method extracts phylogenetic profiles of proteins by using their sequence information. Combining the phylogenetic profiles of two proteins by checking existence of homologs in different species and fitting this combined profile into a statistical model, it is possible to make predictions about the interaction status of two proteins. For this purpose, we apply a collection of pattern recognition techniques on the dataset of combined phylogenetic profiles of protein pairs. Support Vector Machines, Feature Extraction using ReliefF, Naive Bayes Classification, K-Nearest Neighborhood Classification, Decision Trees, and Random Forest Classification are the methods we applied for finding the classification method that best predicts the interaction status of protein pairs. Random Forest Classification outperformed all other methods with a prediction accuracy of 76.93%

Keywords: Protein Interaction Prediction, Phylogenetic Profile, SVM , ReliefF, Decision Trees, Random Forest Classification

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Authors: U. Şendurur, B. Nazlıoğlu

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Using Turkish data, in this study it is investigated that whether a firm’s ownership structure has an impact on its stock prices after the crisis. A linear regression model is conducted on the data of non-financial firms that are trading in Istanbul Stock Exchange 100 Index (ISE 100) index. The findings show that, all explanatory variables such as inside ownership, largest ownership, concentrated ownership, foreign shareholders, family controlled and dispersed ownership are not very important to explain stock prices after the crisis. Family controlled firms and concentrated ownership is positively related to stock price, dispersed ownership, largest ownership, foreign shareholders, and inside ownership structures have negative interaction between stock prices, but because of the p value is not under the value of 0.05 this relation is not significant. In addition, the analysis shows that, the shares of firms that have inside, largest and dispersed ownership structure are outperform comparing with the other firms. Furthermore, ownership concentrated firms outperform to family controlled firms.

Keywords: Financial crisis, ISE 100 Index, Ownership structure, Stock price.

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Authors: Ivana Tadić, Snježana Pivac

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Although human resources are recognized as the crucial companies’ resources and their positive influence on companies’ performances has been confirmed through different researches, scientists are still debating it. In order to contribute this debate, this paper firstly discusses the most important human resource management elements and practices and its influence on companies’ success. Afterwards it defines human resource “bundles” – interrelated and internally consistent human resource practices, complementary to each other, or the most important human resource practices and elements regarding Croatian companies and its human resource management activities. Finally, the paper provides empirical results; more precisely it reveals the relation of the level of development of human resource management function (“bundles”) and companies’ financial performances (using profitability ratios, liquidity ratios, solvency ratios and a group of additional ratios related to employees’ indicators).

Keywords: Companies’ performances, human resource bundles, multivariate statistical analysis.

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Authors: Patchalaphon Seeladlao, Anocha Kimkong

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The aims of this study were to compare the differences of being good membership behavior among faculties and staffs of Suan Sunandha Rajabhat University with different sex, age, income, education, marital status, and working period, and investigate the relationships between organizational commitment and being good membership behavior. The research methodology employed a questionnaire as a quantitative method. The respondents were 305 faculties and staffs of Suan Sunandha Rajabhat University. This research used Percentage, Mean, Standard Deviation, t-test, One-Way ANOVA Analysis of Variance, and Pearson’s Product Moment Correlation Coefficient in data analysis. The results showed that organizational commitment among faculties and staffs of Suan Sunandha Rajabhat University was at a high level. In addition, differences in sex, age, income, education, marital status, and working period revealed differences in being good membership behavior. The results also indicated that organizational commitment was significantly related to being good membership behavior.

Keywords: Being Good membership behavior, Organizational Commitment.

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Authors: Danae Venieri, Christos Theodoropoulos, Maria Lagkadinou, Joan Iliopoulou-Georgudaki

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Changes in the sensory, chemical and microbiological quality of the Mediterranean hake during post-catch handling and distribution were investigated. 115 fish samples were seasonally received during three stages of the transfer route from the sea to the consumer and two storage methods were recorded, seawater and ice storage. Microbiological evaluation revealed higher status for the ice stored samples regarding heterotrophic bacteria (2.68 log cfu/g and 1.92 log cfu/g at 22oC and 37°C respectively) and psychrotrophic counts (3.20 log cfu/g), with statistically significant differences among storage methods. Sensory evaluation also revealed higher status for the ice stored samples with a mean quality index of 0.17 and a spoilage time estimated at 30 hours, in contrast to seawater storage, which varied from 0.28 to 0.3, and a 14-hour estimated spoilage. Detected pathogens were identified mainly in the seawater stored samples, posing questions on the quality of the product reaching the seafood markets.

Keywords: Merluccius merluccius, Microbiological quality, Psychrotrophic bacteria, Sensory evaluation.

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Authors: LC Chong , A Yaacob, MH Rosli, Y Adam, A Yusuf , MS Omar-Fauzee, N Sutresna, Berliana, HH Pramono, M Nazrul-Hakim

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Currently, there is no database or local norms for the physical performance of Malaysian rugby players. This database or norms are vital for Malaysian-s sports development as programs can be setup to improve the current status. This pilot study was conducted to evaluate the status of our semi professional rugby players. The rugby players were randomly selected from the Malaysian National team and several clubs in the Klang valley, Kuala Lumpur Malaysia. 54 male rugby players (Age: 24.41 ± 4.06 years) were selected for this pilot study. Height, bodyweight, percentage body fat and body mass index (BMI) and several other physical tests were performed. Results from the BLEEP test revealed an average of level 9, shuttle 2 for the players. Interestingly, forwards were taller, heavier, and had lower maximal aerobic power than backs in the same team. In conclusion, the physical characteristics of the rugby players were much lower when compared to international players from other countries. From this pilot study, the physical performance of the Malaysian team must be improved in order to further develop the sports.

Keywords: Rugby, Malaysia, Fitness, Collision sports

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Authors: Ornst J., Voracek J., Allouache A., Allouache D.

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Lack of resources for road infrastructure financing is a problem that currently affects not only eastern European economies but also many other countries especially in relation to the impact of global financial crisis. In this context, we are talking about the socalled short-investment problem as a result of long-term lack of investment resources. Based on an analysis of road infrastructure financing in the Czech Republic this article points out at weaknesses of current system and proposes a long-term planning methodology supported by system approach. Within this methodology and using created system dynamic model the article predicts the development of short-investment problem in the Country and in reaction on the downward trend of certain sources the article presents various scenarios resulting from the change of the structure of financial sources. In the discussion the article focuses more closely on the possibility of introduction of tax on vehicles instead of taxes with declining revenue streams and estimates its approximate price in relation to reaching various solutions of short-investment in time.

Keywords: Road financing, road infrastructure development, system dynamics

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Authors: Miroslava Šidlovská, Ida Petrovičová, Tomáš Pilka, Branislav Kolena

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Phthalates are ubiquitous environmental pollutants well known because of their endocrine disrupting activity in human organism. The aim of our study was, by biological monitoring, investigate exposure to phthalates of Roma ethnicity group i.e. children and adults from 5 families (n=29, average age 11.8 ± 7.6 years) living in western Slovakia. Additionally, we analysed some associations between anthropometric measures, questionnaire data i.e. socio-economic status, eating and drinking habits, practise of personal care products and household conditions in comparison with concentrations of phthalate metabolites. We used for analysis of urine samples high performance liquid chromatography and tandem mass spectrometry (HPLC-MS/MS) to determine concentrations of phthalate metabolites monoethyl phthalate (MEP), mono-n-butyl phthalate (MnBP), mono-iso-butyl phthalate (MiBP), mono(2-ethyl- 5-hydroxyhexyl) phthalate (5OH-MEHP), mono(2-ethyl-5-oxohexyl) phthalate (5oxo-MEHP) and mono(2-etylhexyl) phthalate (MEHP). Our results indicate that ethnicity, lower socioeconomic status and different housing conditions in Roma population can affect urinary concentration of phthalate metabolites.

Keywords: Biomonitoring, ethnicity, human exposure, phthalate metabolites.

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Authors: Edward C. W. Chan, Benny C. F. Cheung

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In the knowledge economy, the financial indicator is not the unique instrument to gauge the performance of a company. The role of intellectual capital contributing to the company performance is increasing. To measure the company performance due to intellectual capital, the value-added intellectual capital (VAIC) model is adopted to measure the intellectual capital utilization efficiency of the subject companies. The purpose of this study is to review the readiness of measuring intellectual capital for the Hong Kong listed companies in the property development and property investment industry by using VAIC model. This study covers the financial reports from the representative Hong Kong listed property development companies and property investment companies in the period 2014-2019. The findings from this study indicated the industry is ready for IC measurement employing VAIC framework but not yet ready for using the extended VAIC model.

Keywords: Intellectual capital, intellectual capital measurement, property development, property investment, Skandia Navigator, VAIC.

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Authors: Chrysoula Karathanasi, Senad Karavdic, Angela Odero, Michèle Baumann

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It is not only the economic determinants that impact on life conditions, but maintaining a good level of life satisfaction (LS) may also be an important challenge currently. In Luxembourg, university students receive financial aid from the government. They are then registered at the Centre for Documentation and Information on Higher Education (CEDIES). Luxembourg is built on migration with almost half its population consisting of foreigners. It is upon this basis that our research aims to analyze the associations with mental health factors (health satisfaction, psychological quality of life, worry), perceived financial situation, career attitudes (adaptability, optimism, knowledge, planning) and LS, for non-Luxembourgish and native postgraduate students. Between 2012 and 2013, postgraduates registered at CEDIES were contacted by post and asked to participate in an online survey with either the option of English or French. The study population comprised of 644 respondents. Our statistical analysis excluded: those born abroad who had Luxembourgish citizenship, or those born in Luxembourg who did not have citizenship. Two groups were formed one consisting 147 non-Luxembourgish and the other 284 natives. A single item measured LS (1=not at all satisfied to 10=very satisfied). Bivariate tests, correlations and multiple linear regression models were used in which only significant relationships (p<0.05) were integrated. Among the two groups no differences were found between LS indicators (7.8/10 non-Luxembourgish; 8.0/10 natives) as both were higher than the European indicator of 7.2/10 (for 25-34 years). In the case of non-Luxembourgish students, they were older than natives (29.3 years vs. 26.3 years) perceived their financial situation as more difficult, and a higher percentage of their parents had an education level higher than a Bachelor's degree (father 59.2% vs 44.6% for natives; mother 51.4% vs 33.7% for natives). In addition, the father’s education was related to the LS of postgraduates and the higher was the score, the greater was the contribution to LS. Whereas for native students, when their scores of health satisfaction and career optimism were higher, their LS’ score was higher. For both groups their LS was linked to mental health-related factors, perception of their financial situation, career optimism, adaptability and planning. The higher the psychological quality of life score was, the greater the LS of postgraduates’ was. Good health and positive attitudes related to the job market enhanced their LS indicator.

Keywords: Career attitudes, fathers’ education level, life satisfaction, mental health.

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Authors: A. G. Margaryan

Abstract:

Aims and Objectives: Assessment of health status and detection disorders of external respiration functions (ERF) during preventative medical examination among physicians of Armenia. Subjects and Methods: Overall, fifty-nine physicians (17 men and 42 women) were examined and spirometry was carried out. The average age of the physicians was 50 years old. The studies were conducted on the Micromedical MicroLab 3500 Spirometer. Results: 25.4% among 59 examined physicians are overweight; 22.0% of them suffer from obesity. Two physicians are currently smokers. About half of the examined physicians (50.8%) at the time of examination were diagnosed with some diseases and had different health-related problems (excluding the problems related to vision and hearing). FVC was 2.94±0.1, FEV1 – 2.64±0.1, PEF – 329.7±19.9, and FEV₁%/FVC – 89.7±1.3. Pathological changes of ERF are identified in 23 (39.0%) cases. 28.8% of physicians had first degree of restrictive disorders, 3.4% – first degree of combined obstructive/ restrictive disorders, 6.8% – second degree of combined obstructive/ restrictive disorders. Only three physicians with disorders of the ERF were diagnosed with chronic bronchitis and bronchial asthma. There were no statistically significant changes in ERF depending on the severity of obesity (P> 0.05). Conclusion: The study showed the prevalence of ERF among physicians, observing mainly mild and moderate changes in ERF parameters.

Keywords: Armenia, external respiration function, health status, physicians.

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Authors: Milan Rippel, Petr Teply

Abstract:

This paper focuses on operational risk measurement techniques and on economic capital estimation methods. A data sample of operational losses provided by an anonymous Central European bank is analyzed using several approaches. Loss Distribution Approach and scenario analysis method are considered. Custom plausible loss events defined in a particular scenario are merged with the original data sample and their impact on capital estimates and on the financial institution is evaluated. Two main questions are assessed – What is the most appropriate statistical method to measure and model operational loss data distribution? and What is the impact of hypothetical plausible events on the financial institution? The g&h distribution was evaluated to be the most suitable one for operational risk modeling. The method based on the combination of historical loss events modeling and scenario analysis provides reasonable capital estimates and allows for the measurement of the impact of extreme events on banking operations.

Keywords: operational risk, scenario analysis, economic capital, loss distribution approach, extreme value theory, stress testing

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