Search results for: Freelance Market Structure

Authors: Taylan Kabbani, Ekrem Duman

Abstract:

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: Zeljana Aljinovic Barac, Marina Granic, Tina Vuko

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Study investigates the level and extent of voluntary disclosure practice in Croatia. The research was conducted on the sample of 130 medium and large companies. Findings indicate that two thirds of the companies analyzed disclose below-average number of additional information. The explanatory analyses has shown that firm size, listing status and industrial sector significantly and positively affect the level and extent of voluntary disclosure in the annual report of Croatian companies. On the other hand, profitability and ownership structure were found statistically insignificant. Unlike previous studies, this paper deals with level of voluntary disclosure of medium and large companies, as well as companies whose shares are not listed on the organized capital market, which can be found as our contribution. Also, the research makes contribution by providing the insights into voluntary disclosure practices in Croatia, as a case of macro-oriented accounting system economy, i.e. bank oriented economy with an emerging capital market.

Keywords: Annual report, Croatian companies, Disclosure index, Voluntary disclosure.

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Authors: P. Tej, P. Kněž, M. Blank

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The paper presents design and production of thin-walled U-profile footbridge made of UHPFRC. The main structure of the bridge is one prefabricated shell structure made of UHPFRC with dispersed steel fibers without any conventional reinforcement. The span of the bridge structure is 10 m and the clear width of 1.5 m. The thickness of the UHPFRC shell structure oscillated in an interval of 30-45 mm. Several calculations were made during the bridge design and compared with the experiments. For the purpose of verifying the calculations, a segment of 1.5 m was first produced, followed by the whole footbridge for testing. After the load tests were done, the design was optimized to cast the final footbridge.

Keywords: Footbridge, UHPFRC, non-linear analysis, shell structure.

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Authors: Oh Hyeon Jeon, WooYoung Jung

Abstract:

In this study, seepage analysis was performed by the level difference between upstream and downstream of weir structure for safety evaluation of weir structure against flooding. Monte Carlo Simulation method was employed by considering the probability distribution of the adjacent ground parameter, i.e., permeability coefficient of weir structure. Moreover, by using a commercially available finite element program (ABAQUS), modeling of the weir structure is carried out. Based on this model, the characteristic of water seepage during flooding was determined at each water level with consideration of the uncertainty of their corresponding permeability coefficient. Subsequently, fragility function could be constructed based on this response from numerical analysis; this fragility function results could be used to determine the weakness of weir structure subjected to flooding disaster. They can also be used as a reference data that can comprehensively predict the probability of failur,e and the degree of damage of a weir structure.

Keywords: Weir structure, seepage, flood disaster fragility, probabilistic risk assessment, Monte-Carlo Simulation, permeability coefficient.

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Authors: Lili Chen, Chao Yuan

Abstract:

On path space kQ, there is a trivial kQ^a-module structure determined by the multiplication of path algebra kQ^a and a trivial kQ^c-comodule structure determined by the comultiplication of path coalgebra kQ^c. In this paper, on path space kQ, a nontrivial kQ^a-module structure is defined, and it is proved that this nontrivial left kQ^a-module structure is isomorphic to the dual module structure of trivial right kQ^c-comodule. Dually, on path space kQ, a nontrivial kQ^c-comodule structure is defined, and it is proved that this nontrivial right kQ^c-comodule structure is isomorphic to the dual comodule structure of trivial left kQ^a-module. Finally, the trivial and nontrivial module structures on path space are compared from the aspect of submodule, and the trivial and nontrivial comodule structures on path space are compared from the aspect of subcomodule.

Keywords: Quiver, path space, module, comodule, dual.

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Authors: Natalya G. Filimonova, Mariya G. Ozerova, Irina N. Ermakova

Abstract:

The long-term strategy of the economic development of Russia up to 2030 is based on the concept of sustainable growth. The determining factor of such development is complex changes in the economic system which may be achieved by making progressive changes in its structure. The structural changes determine the character and the direction of economic development, as well as they include all elements of this system without exception, and their regulated character ensures the most rapid aim achievement. This article has discussed the industrial structure of the agriculture in Russia. With the use of the system of indexes, the article has determined the directions, intensity, and speed of structural shifts. The influence of structural changes on agricultural production development has been found out. It is noticed that the changes in the industrial structure are synchronized with the changes in the organisation and economic structure. Efficiency assessment of structural changes allowed to trace the efficiency of structural changes and elaborate the main directions for agricultural policy improvement.

Keywords: Russian agriculture system, sectoral structure, organizational and economic structure, structural changes.

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Authors: Chanpen Meenakorn

Abstract:

This research aims to study; (1) behavior of the tourists affecting the satisfaction level of tourism at the Amphawa floating market in Samut Songkhram province, (2) to study the satisfaction level of tourism at the Amphawa floating market. The research method will use quantitative research; data was collected by questionnaires distributed to the tourist who visits the Amphawa floating market for 480 samples. Data was analyzed by SPSS software to process descriptive statistic including frequency, percentage, mean, standard deviation and inferential statistic is t-test, F-test, and chi-square. The results showed that the behavior of tourists had known tourist attractions in the province comes from the mouth of relatives and friends suggested that he come here before and the reasons to visit is to want to pay homage to the various temples for the frequency to visit travel an average of 2-4 times and  the satisfaction of the tourists in the province found that the satisfaction level of tourists in the province at the significant level of the place, convenient  and services have a high level of satisfaction.

Keywords: Amphawa floating market behavior of the tourists, satisfaction level, sustainable tourism, Samut Songkhram province.

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Authors: Beata Wentura-Dudek

Abstract:

In Sweden the needs of the labor market are regularly monitored. Test results and forecasts translate directly into the education system in this country, which is largely a state system. Sweden is one of the first countries in Europe that has used active labor market policies. It is realized that there is an active unemployment which includes a wide range of activities that can be divided into three groups: Active forms of influencing the creation of new jobs, active forms that affect the labor supply and active forms for people with disabilities. Most of the funding is allocated there for subsidized employment and training. Research conducted in Sweden shows that active forms of counteracting unemployment focused on the long-term unemployed can significantly raise the level of employment in this group.

Keywords: Sweden, research conducted in Sweden, labour market, labour market policies, unemployment, active forms of influencing the creation of new jobs, active forms of counteracting unemployment, employment, subsidized employment education.

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Authors: M. F. Wu, F. T. Cheng, C. S. Wu, M. C. Tan

Abstract:

It is a critical time to upgrade technology and increase value added with manufacturing skills developing and management strategies that will highly satisfy the customers need in the precision machinery global market. In recent years, the supply side, each precision machinery manufacturers in each country are facing the pressures of price reducing from the demand side voices that pushes the high-end precision machinery manufacturers adopts low-cost and high-quality strategy to retrieve the market. Because of the trend of the global market, the manufacturers must take price reducing strategies and upgrade technology of low-end machinery for differentiations to consolidate the market.By using six key success factors (KSFs), customer perceived value, customer satisfaction, customer service, product design, product effectiveness and machine structure quality are causal conditions to explore the impact of competitive advantage of the enterprise, such as overall profitability and product pricing power. This research uses key success paths (KSPs) approach and f/s QCA software to explore various combinations of causal relationships, so as to fully understand the performance level of KSFs and business objectives in order to achieve competitive advantage. In this study, the combination of a causal relationships, are called Key Success Paths (KSPs). The key success paths guide the enterprise to achieve the specific outcomes of business. The findings of this study indicate that there are thirteen KSPs to achieve the overall profitability, sixteen KSPs to achieve the product pricing power and seventeen KSPs to achieve both overall profitability and pricing power of the enterprise. The KSPs provide the directions of resources integration and allocation, improve utilization efficiency of limited resources to realize the continuous vision of the enterprise.

Keywords: Precision Machinery Industry, Key Success Factors (KSPs), Key Success Paths (KSPs), Overall Profitability, Product Pricing Power, Competitive Advantages.

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Authors: Erhan Ata, Yusuf Yaylı

Abstract:

Let M be an almost split quaternionic manifold on which its almost split quaternionic structure is defined by a three dimensional subbundle V of ( T M) T (M) * Ôèù and {F,G,H} be a local basis for V . Suppose that the (global) (1, 2) tensor field defined[V ,V ]is defined by [V,V ] = [F,F]+[G,G] + [H,H], where [,] denotes the Nijenhuis bracket. In ref. [7], for the almost split-hypercomplex structureH = J α,α =1,2,3, and the Obata connection ÔêçH vanishes if and only if H is split-hypercomplex. In this study, we give a prof, in particular, prove that if either M is a split quaternionic Kaehler manifold, or if M is a splitcomplex manifold with almost split-complex structure F , then the vanishing [V ,V ] is equivalent to that of all the Nijenhuis brackets of {F,G,H}. It follows that the bundle V is trivial if and only if [V ,V ] = 0 .

Keywords: Almost split - hypercomplex structure, Almost split quaternionic structure, Almost split quaternion Kaehler manifold, Obata connection.

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Authors: Fan-Yong Meng

Abstract:

In this paper, a generalized form of the Banzhaf-Owen value for cooperative fuzzy games with a coalition structure is proposed. Its axiomatic system is given by extending crisp case. In order to better understand the Banzhaf-Owen value for fuzzy games with a coalition structure, we briefly introduce the Banzhaf-Owen values for two special kinds of fuzzy games with a coalition structure, and give their explicit forms.

Keywords: Cooperative fuzzy game, Banzhaf-Owen value, multi linear extension, Choquet integral.

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Authors: Nader Gharibnavaz, Naser Gharibnavaz

Abstract:

This study extends research on the relationship between marketing strategy and market segmentation by investigating on market segments in the cement industry. Competitive strength and rivals distance from the factory were used as business environment. A three segment (positive, neutral or indifferent and zero zones) were identified as strategic segments. For each segment a marketing strategy (aggressive, defensive and decline) were developed. This study employed data from cement industry to fulfill two objectives, the first is to give a framework to the segmentation of cement industry and the second is developing marketing strategy with varying competitive strength. Fifty six questionnaires containing close-and open-ended questions were collected and analyzed. Results supported the theory that segments tend to be more aggressive than defensive when competitive strength increases. It is concluded that high strength segments follow total market coverage, concentric diversification and frontal attack to their competitors. With decreased competitive strength, Business tends to follow multi-market strategy, product modification/improvement and flank attack to direct competitors for this kind of segments. Segments with weak competitive strength followed focus strategy and decline strategy.

Keywords: Marketing strategy, Competitive strength, Market Segmentation

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Authors: Samira Laidaoui, Mohammed Djermane, Nazihe Terfaya

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The fluid-structure coupling is a natural phenomenon which reflects the effects of two continuums: fluid and structure of different types in the reciprocal action on each other, involving knowledge of elasticity and fluid mechanics. The solution for such problems is based on the relations of continuum mechanics and is mostly solved with numerical methods. It is a computational challenge to solve such problems because of the complex geometries, intricate physics of fluids, and complicated fluid-structure interactions. The way in which the interaction between fluid and solid is described gives the largest opportunity for reducing the computational effort. In this paper, a problem of fluid structure interaction is investigated with two-way coupling method. The formulation Arbitrary Lagrangian-Eulerian (ALE) was used, by considering a dynamic grid, where the solid is described by a Lagrangian formulation and the fluid by a Eulerian formulation. The simulation was made on the ANSYS software.

Keywords: ALE, coupling, FEM, fluid-structure interaction, one-way method, two-way method.

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Authors: K. Balamurugan, V. Dharmalingam, R. Muralisachithanandam, R. Sankaran

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This paper deals with the optimal choice and location of FACTS devices in deregulated power systems using Differential Evolution algorithm. The main objective of this paper is to achieve the power system economic generation allocation and dispatch in deregulated electricity market. Using the proposed method, the locations of the FACTS devices, their types and ratings are optimized simultaneously. Different kinds of FACTS devices such as TCSC and SVC are simulated in this study. Furthermore, their investment costs are also considered. Simulation results validate the capability of this new approach in minimizing the overall system cost function, which includes the investment costs of the FACTS devices and the bid offers of the market participants. The proposed algorithm is an effective and practical method for the choice and location of suitable FACTS devices in deregulated electricity market.

Keywords: FACTS Devices, Deregulated Electricity Market, Optimal Location, Differential Evolution, Mat Lab.

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Authors: R. K. Singh, P. K. Jain

Abstract:

In the present paper, disc loaded interaction structure for potential application in wideband Gyro-TWT amplifier has been analyzed, taking all the space and modal harmonics into consideration, for the eigenwave solutions. The analysis has been restricted to azimuthally symmetric TE0,n mode. Dispersion characteristics have been plotted by varying the structure parameters and have been validated against HFSS simulation results. The variation of eigenvalue with respect to different structure parameters has also been presented. It has been observed that disc periodicity plays very important role for wideband operation of disc-loaded Gyro-TWT.

Keywords: Broadbanding, Disc-loaded interaction structure, Eigenvalue, Gyro-TWT, HFSS.

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Authors: K. Matušínská, H. Starzyczná, M. Stoklasa

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The paper deals with behaviour of the segment 50+ in the financial market in the Czech Republic. This segment could be said as the strong market power and it can be a crucial business potential for financial business units. The main defined objective of this paper is analysis of the customers´ behaviour of the segment 50- 60 years in the financial market in the Czech Republic and proposal making of the suitable marketing approach to satisfy their demands in the area of product, price, distribution and marketing communication policy. This paper is based on data from one part of primary marketing research. Paper determinates the basic problem areas as well as definition of financial services marketing, defining the primary research problem, hypothesis and primary research methodology. Finally suitable marketing approach to selected sub segment at age of 50-60 years is proposed according to marketing research findings.

Keywords: Population aging in the Czech Republic, Segment 50-60 years, Financial services marketing, Marketing research, Marketing approach.

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Authors: Ahmed Kiani

Abstract:

The United Arab Emirates is clearly facing a multitude of challenges in curbing its greenhouse gas emissions to meet its pre-allotted framework of Kyoto protocol and COP21 targets due to its hunger for modernization, industrialization, infrastructure growth, soaring population and oil and gas activity. In this work, we focus on the bonafide zero emission electric vehicles market penetration in the country’s transport industry for emission reduction. We study the global electric vehicle market trends, the complementary battery technologies and the trends by manufacturers, emission standards across borders and prioritized advancements which will ultimately dictate the terms of future conditions for the United Arab Emirate transport industry. Based on our findings and analysis at every stage of current viability and state-of-transport-affairs, we postulate policy recommendations to local governmental entities from a supply and demand perspective covering aspects of technology, infrastructure requirements, change in power dynamics, end user incentives program, market regulators behavior and communications amongst key stakeholders. 

Keywords: Electric vehicles, greenhouse gas emission reductions, market analysis, policy recommendations.

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Authors: Omar GACI, Stefan BALEV, Antoine DUTOT

Abstract:

In this paper we introduce the notion of protein interaction network. This is a graph whose vertices are the protein-s amino acids and whose edges are the interactions between them. Using a graph theory approach, we observe that according to their structural roles, the nodes interact differently. By leading a community structure detection, we confirm this specific behavior and describe thecommunities composition to finally propose a new approach to fold a protein interaction network.

Keywords: interaction network, protein structure, community structure detection.

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Authors: Mahmoud Miri, Soleiman Maramaee

Abstract:

Because of architectural condition and structure application, sometimes mass source and stiffness source are not coincidence, and the structure is irregular. The structure is also might be asymmetric as an asymmetric bracing in plan which leads to unbalance distribution of stiffness or because of unbalance distribution of the mass. Both condition lead to eccentricity and torsion in the structure. The deficiency of ordinary code to evaluate the performance of steel structures against earthquake has been caused designing based on performance level or capacity spectrum be used. By using the mentioned methods it is possible to design a structure that its behavior against different earthquakes be predictive. In this article 5- story buildings with different percentage of asymmetric which is because of stiffness changes have been designed. The static and dynamic nonlinear analysis under three acceleration recording has been done. Finally performance level of the structure has been evaluated.

Keywords: Seismic analysis, torsion, asymmetric, irregular building, stiffness source.

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Authors: Cheryl Marie Cordeiro

Abstract:

Although fisheries and aquaculture studies might seem marginal to international business (IB) studies in general, fisheries and aquaculture IB (FAIB) management is currently facing increasing pressure to meet global demand and consumption for fish in the next coming decades. In part address to this challenge, the purpose of this systematic review of literature (SLR) study is to investigate the use of the term ‘market access’ in its context of use in the generic literature and business sector discourse, in comparison to the more specific literature and discourse in fisheries, aquaculture and seafood. This SLR aims to uncover the knowledge/interest gaps between the academic subject discourses and business sector practices. Corpus driven in methodology and using a triangulation method of three different text analysis software including AntConc, VOSviewer and Web of Science (WoS) analytics, the SLR results indicate a gap in conceptual knowledge and business practices in how ‘market access’ is conceived and used in the context of the pharmaceutical healthcare industry and FAIB research and practice. While it is acknowledged that the product orientation of different business sectors might differ, this SLR study works with the assumption that both business sectors are global in orientation. These business sectors are complex in their operations from product to market. This SLR suggests a conceptual model in understanding the challenges, the potential barriers as well as avenues for solutions to developing market access for FAIB.

Keywords: Market access, fisheries and aquaculture, international business, systematic literature review.

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Authors: Mahmoud Miri, Soliman Maramaee

Abstract:

Because of architectural condition and structure application, sometimes mass source and stiffness source are not coincidence, and the structure is irregular. The structure is also might be asymmetric as an asymmetric bracing in plan which leads to unbalance distribution of stiffness or because of unbalance distribution of the mass. Both condition lead to eccentricity and torsion in the structure. The deficiency of ordinary code to evaluate the performance of steel structures against earthquake has been caused designing based on performance level or capacity spectrum be used. By using the mentioned methods it is possible to design a structure that its behavior against different earthquakes be predictive. In this article 5- story buildings with different percentage of asymmetric which is because of stiffness changes and kind of bracing (x and chevron bracing) have been designed. The static and dynamic nonlinear analysis under three acceleration recording has been done. Finally performance level of the structure has been evaluated.

Keywords: Asymmetric, irregular, seismic analysis, torsion.

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Authors: Tea Poklepović, Zdravka Aljinović, Branka Marasović

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Due to the importance of yield curve and its estimation it is inevitable to have valid methods for yield curve forecasting in cases when there are scarce issues of securities and/or week trade on a secondary market. Therefore in this paper, after the estimation of weekly yield curves on Croatian financial market from October 2011 to August 2012 using Nelson-Siegel and Svensson models, yield curves are forecasted using Vector autoregressive model and Neural networks. In general, it can be concluded that both forecasting methods have good prediction abilities where forecasting of yield curves based on Nelson Siegel estimation model give better results in sense of lower Mean Squared Error than forecasting based on Svensson model Also, in this case Neural networks provide slightly better results. Finally, it can be concluded that most appropriate way of yield curve prediction is Neural networks using Nelson-Siegel estimation of yield curves.

Keywords: Nelson-Siegel model, Neural networks, Svensson model, Vector autoregressive model, Yield curve.

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Authors: Osama Elsarrar, Marjorie Darrah, Richard Devin

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This paper discusses the idea of capturing an expert’s knowledge in the form of human understandable rules and then inserting these rules into a dynamic cell structure (DCS) neural network. The DCS is a form of self-organizing map that can be used for many purposes, including classification and prediction. This particular neural network is considered to be a topology preserving network that starts with no pre-structure, but assumes a structure once trained. The DCS has been used in mission and safety-critical applications, including adaptive flight control and health-monitoring in aerial vehicles. The approach is to insert expert knowledge into the DCS before training. Rules are translated into a pre-structure and then training data are presented. This idea has been demonstrated using the well-known Iris data set and it has been shown that inserting the pre-structure results in better accuracy with the same training.

Keywords: Neural network, rule extraction, rule insertion, self-organizing map.

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Authors: Vanessa de Cillos Silva, Fabrício José Piacente, Sônia Maria De Stefano Piedade, Valter Arthur

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The increasing concern in relation to safety and hygiene of food consumption makes it so that food conservation is studied. Food radiation is a technique used for conservation, but many consumers associate this technique with dangers such as environmental contamination and development of diseases. This research had the objective of evaluating the acceptance of radiated products by the consumer market in the city of Piracicaba/SP-Brasil. The methodology adopted was the application of a questionnaire in the city’s supermarkets. After the application, the data was tabulated and analyzed. It was observed that the majority of interviewees would not eat irradiated food. The unfamiliarity and questions about the safety of irradiated food were the main causes of your rejection.

Keywords: Irradiation, market acceptance, questionnaire, storage.

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Authors: F.Saadi, A.Aboudi Asl

Abstract:

In this paper, the dynamic analysis of fuel storage tanks has been studied and some equations are presented for the created fluid waves due to storage tank motions. Also, the equations for finite elements of fluid and structure interactions, and boundary conditions dominant on structure and fluid, were researched. In this paper, a numerical simulation is performed for the dynamic analysis of a storage tank contained a fluid. This simulation has carried out by ANSYS software, using FSI solver (Fluid and Structure Interaction solver), and by considering the simulated fluid dynamic motions due to earthquake loading, based on velocities and movements of structure and fluid according to all boundary conditions dominant on structure and fluid.

Keywords: fluid and structure interactions, finite elementmethod, ANSYS – FSI

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Authors: Vilma Deltuvaitė

Abstract:

Comparisons of financial development across countries are central to answering many of the questions on factors leading to economic development. For this reason this study analyzes the implications of financial system’s development on country’s economic development. The aim of the article: to analyze the impact of financial system’s development on economic development. The following research methods were used: systemic, logical and comparative analysis of scientific literature, analysis of statistical data, time series model (Autoregressive Distributed Lag (ARDL) Model). The empirical results suggest about positive short and long term effect of stock market development on GDP per capita.

Keywords: Banking sector, economic development, financial system’s development, stock market, private bond market.

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Authors: M. Nassereddine, J. Rizk, G. Nasserddine

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Performing High Voltage (HV) tasks with a multi craft work force create a special set of safety circumstances. This paper aims to present vital information relating to when it is acceptable to use a single or a two-layer soil structure. Also it discusses the implication of the high voltage infrastructure on the earth grid and the safety of this implication under a single or a two-layer soil structure. A multiple case study is investigated to show the importance of using the right soil resistivity structure during the earthing system design.

Keywords: Earth Grid, EPR, High Voltage, Soil Resistivity Structure, Step Voltage, Touch Voltage.

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Authors: G.B. Nurlikhina, G.N. Azhimetova, R. M. Ashimova

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Currently, one of the main directions is developing of development based on the clustering of economic operations of Kazakhstan, providing for the organization and concentration of production capacity in one region or the most optimal system. In the modern economic literature clustering is regarded as one of the most effective tools to ensure competitive businesses, and improve their business itself.

Keywords: A cluster, food market, innovation cluster.

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Authors: Bita Mashayekhi, Seyed Meisam Tabatabaie Nasab

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Intellectual capital is one of the most valuable and important parts of the intangible assets of enterprises especially in knowledge-based enterprises. With respect to increasing gap between the market value and the book value of the companies, intellectual capital is one of the components that can be placed in this gap. This paper uses the value added efficiency of the three components, capital employed, human capital and structural capital, to measure the intellectual capital efficiency of Iranian industries groups, listed in the Tehran Stock Exchange (TSE), using a 8 years period data set from 2005 to 2012. In order to analyze the effect of intellectual capital on the market-to-book value ratio of the companies, the data set was divided into 10 industries, Banking, Pharmaceutical, Metals & Mineral Nonmetallic, Food, Computer, Building, Investments, Chemical, Cement and Automotive, and the panel data method was applied to estimating pooled OLS. The results exhibited that value added of capital employed has a positive significant relation with increasing market value in the industries, Banking, Metals & Mineral Nonmetallic, Food, Computer, Chemical and Cement, and also, showed that value added efficiency of structural capital has a positive significant relation with increasing market value in the Banking, Pharmaceutical and Computer industries groups. The results of the value added showed a negative relation with the Banking and Pharmaceutical industries groups and a positive relation with computer and Automotive industries groups. Among the studied industries, computer industry has placed the widest gap between the market value and book value in its intellectual capital.

Keywords: Capital Employed, Human Capital, Intellectual Capital, Market-to-Book Value, Structural Capital, Value Added Efficiency.

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Authors: Hamed Alipour-Banaei, Farhad Mehdizadeh

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We report the design and characterization of ultra high quality factor filter based on one-dimensional photonic-crystal Thue- Morse sequence structure. The behavior of aperiodic array of photonic crystal structure is numerically investigated and we show that by changing the angle of incident wave, desired wavelengths could be tuned and a tunable filter is realized. Also it is shown that high quality factor filter be achieved in the telecommunication window around 1550 nm, with a device based on Thue-Morse structure. Simulation results show that the proposed structure has a quality factor more than 100000 and it is suitable for DWDM communication applications.

Keywords: Thue-Morse, filter, quality factor.

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