Search results for: Investment

Authors: Wuthichai Wongthatsanekorn

Abstract:

Plastic waste is a big issue in Thailand, but the amount of recycled plastic in Thailand is still low due to the high investment and operating cost. Hence, the rest of plastic waste are burnt to destroy or sent to the landfills. In order to be financial viable, an effective reverse logistics infrastructure is required to support the product recovery activities. However, there is a conflict between reducing the cost and raising environmental protection level. The purpose of this study is to build a goal programming (GP) so that it can be used to help analyze the proper planning of the Thailand-s plastic recycling system that involves multiple objectives. This study considers three objectives; reducing total cost, increasing the amount of plastic recovery, and raising the desired plastic materials in recycling process. The results from two priority structures show that it is necessary to raise the total cost budget in order to achieve targets on amount of recycled plastic and desired plastic materials.

Keywords: Goal Programming, Plastic Recycling, Thailand.

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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: Aiyeloja A.A, Ogunjinmi A.A

Abstract:

The recurring decimal of rural and urban poverty in Nigeria, resulting from lack of sustainable livelihood activities by the people due to non-diversification of the economy, necessitated this study. One hundred snail farmers were randomly selected in Akure North and Akure South Local Government areas of Ondo State, Southwest Nigeria where snail farming is widely practised. Data collection was through questionnaires administration and onsite observation of farms. Data obtained were subjected to descriptive statistics, Student-s t-test and regression analysis. Cost benefit ratio (CBR) and rate of return on investment (RORI) were calculated in order to determine the poverty alleviation potentials of snail farming in the study areas. Although snail farming was profitable and viable, it was below poverty line. With time and more knowledge in its farming activities, and with more people taking to snail production, its poverty alleviation and reduction potentials will increase.

Keywords: Alleviation, farming, Nigeria, potential, poverty, snail.

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Authors: Mohd Abdullah

Abstract:

This review describes some of the effects of repetitive strain/stress injury (RSI) on the human body especially among computer professionals today that spend extended hours of prolonged sitting in front of a computer day in and day out. The review briefly introduces the main factors that contribute to an increase of RSI among such computer professionals. The review briefly discusses how the human spinal column and knees are mainly affected by the onset of RSI resulting in poor posture. The root and secondary causes and effects of RSI are reviewed. The importance and value of the various breathing techniques are reviewed in an attempt to alleviate some of the effects of RSI. The review concludes with a small sample of suggested office stretches and poses geared towards at reducing RSI follows in this review. Readers will learn about the effects of RSI, as well as ways to cope with it. A better understanding of coping strategies may lead to well-being and a healthier overall lifestyle. Ultimately, the investment of time to connect with oneself with the poses and the power of the breath would promote a well-being that is overall healthier thus resulting in a better ability to cope/manage life stresses.

Keywords: Health, wellness, repetitive, chairs.

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Authors: Amir Lotfi, Seyed Hamid Hosseini

Abstract:

During the recent past, due to the increase of electrical energy demand and governmental resources constraints in creating additional capacity in the generation, transmission, and distribution, privatization, and restructuring in electrical industry have been considered. So, in most of the countries, different parts of electrical industry like generation, transmission, and distribution have been separated in order to create competition. Considering these changes, environmental issues, energy growth, investment of private equity in energy generation units and difficulties of transmission lines expansion, distributed generation (DG) units have been used in power systems. Moreover, reduction in the need for transmission and distribution, the increase of reliability, improvement of power quality, and reduction of power loss have caused DG to be placed in power systems. On the other hand, considering low liquidity need, private investors tend to spend their money for DGs. In this project, the main goal is to offer an algorithm for planning and placing DGs in order to reduce the need for transmission and distribution network.

Keywords: Planning, transmission, distributed generation, power security, power systems.

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Authors: Crystal X. Jiang, Tess Han, George J. Titus, Matthew J. Liberatore

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Information is a critical asset and an important source for gaining competitive advantage in firms. The effective maintenance of IT becomes an important task. In order to better understand the determinants of IT effectiveness, this study employs the Industrial Organization (I/O) and Resource Based View (RBV) theories and investigates the industry effect and several major firmspecific factors in relation to their impact on firms- IT effectiveness. The data consist of a panel data of ten-year observations of firms whose IT excellence had been recognized by the CIO Magazine. The non-profit organizations were deliberately excluded, as explained later. The results showed that the effectiveness of IT management varied significantly across industries. Industry also moderated the effects of firm demographic factors such as size and age on IT effectiveness. Surprisingly, R & D investment intensity had negative correlation to IT effectiveness. For managers and practitioners, this study offers some insights for evaluation criteria and expectation for IT project success. Finally, the empirical results indicate that the sustainability of IT effectiveness appears to be short in duration.

Keywords: Firm effect, industry effect, IT effectiveness, sustained IT effectiveness.

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Authors: Saleh Komies, Mona Alharbi, Razan Alhayyani, Mozah Almulhim, Roseanne Khawaja, Ahmed Alradhi

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One of the proposed solutions that face some challenges is encouraging sustainable energy consumption across Saudi Arabia through crowdfunding platforms. To address these challenges, we need to determine the level of awareness of crowdfunding and green projects, as well as the preferences and willingness of Saudis to utilize crowdfunding as an alternative funding source for green projects in Saudi Arabia. In this study, we aim to determine the influence of environmental awareness and concern on the propensity to crowdfund green projects. The survey is being conducted as part of environmental initiatives to assess public perceptions and opinions on crowdfunding green projects in Saudi Arabia. A total of 450 responses to an online questionnaire distributed via convenience and snowball sampling were utilized for data analysis. The survey reveals that Saudis have a low understanding of crowdfunding concepts and a relatively high understanding of implementing green projects. The public is interested in crowdfunding green projects if there is a return on investment.

Keywords: Crowdfunding, green projects, renewable energy, Saudi Arabia, solar farms, wind resources.

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Authors: Jin Xu, Albert Y.S. Lam, Victor O.K. Li

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Stock portfolio selection is a classic problem in finance, and it involves deciding how to allocate an institution-s or an individual-s wealth to a number of stocks, with certain investment objectives (return and risk). In this paper, we adopt the classical Markowitz mean-variance model and consider an additional common realistic constraint, namely, the cardinality constraint. Thus, stock portfolio optimization becomes a mixed-integer quadratic programming problem and it is difficult to be solved by exact optimization algorithms. Chemical Reaction Optimization (CRO), which mimics the molecular interactions in a chemical reaction process, is a population-based metaheuristic method. Two different types of CRO, named canonical CRO and Super Molecule-based CRO (S-CRO), are proposed to solve the stock portfolio selection problem. We test both canonical CRO and S-CRO on a benchmark and compare their performance under two criteria: Markowitz efficient frontier (Pareto frontier) and Sharpe ratio. Computational experiments suggest that S-CRO is promising in handling the stock portfolio optimization problem.

Keywords: Stock portfolio selection, Markowitz model, Chemical Reaction Optimization, Sharpe ratio

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Authors: S. K. Dewangan, K. R. Sahu, S. K. Patnayak, S. Soni

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Among many agro- based cottage industries in India sericulture has been promoted as an agro-based, labor intensive, rural oriented cottage industry, providing gainful employment mainly to the weaker and marginalized section of the society specially tribal. Sericulture occupies the place of pride in the rural economy can be practiced even with very low land holding, low gestation, high returns make sericulture an ideal program, requiring little capital investment. In 2010-2011 the employment in sericulture sector was 72.5 lakh persons. The involvement of landless rural people in tasar sericulture is because they understood its potential for rural and tribal upliftment. This article demonstrates that certain developmental initiatives have been playing an important role in the socio-economic progress of tribal masses in Raigarh district and explains the increased returns from sericulture as a result of development programs. The study concludes with some suggestions to improve the long term feasibility of sericulture.

Keywords: Development, Employment, Income, Sericulture, Tribal, Tasar,

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Authors: Sanjoy Mukherjee

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Discussions on concepts of Single Axis Tracker (SAT) are becoming more and more apt for developing countries like India not just as an advancement in racking technology but due to the utmost necessity of reaching at the lowest Levelized Cost of Energy (LCOE) targets. With this increasing competition and significant fall in feed-in tariffs of solar PV projects, developers are under constant pressure to secure investment for their projects and eventually earn profits from them. Moreover, being the second largest populated country, India suffers from scarcity of land because of higher average population density. So, to mitigate the risk of this dual edged sword with reducing trend of unit (kWh) cost at one side and utilization of land on the other, tracking evolved as the call of the hour. Therefore, the prime objectives of this paper are not only to showcase how STT proves to be an effective mechanism to get more gain in Global Incidence in collector plane (G_inc) with respect to traditional mounting systems but also to introduce Seasonally Tilted Tracker (STT) technology as a possible option for high latitude locations.

Keywords: Tracking system, grid-connected PV systems, cost reduction.

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Authors: M. Priscila Ramos, Omar O. Chisari, Juan Pablo Vila Martínez

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Current literature about trade liberalization of environmental goods and services (EGS) raises doubts about the extent of the triple win-win situation for trade, development and the environment. However, much of this literature does not consider the possibility that this agreement carries technological transmissions, either through trade or foreign direct investment. This paper presents a computable general equilibrium model calibrated for Argentina, where there are alternative technologies (one dirty and one clean according to carbon emissions) to produce the same goods. In this context, the trade liberalization of EGS allows to increase GDP, trade, reduce unemployment and improve the households welfare. However, the capital mobility appears as the key assumption to jointly reach the environmental target, when the positive scale effect generated by the increase in trade is offset by the change in the composition of production (composition and technical effects by the use of the clean alternative technology) and of consumption (composition effect by substitution of relatively lesspolluting imported goods).

Keywords: CGE modeling, CO2 emissions, composition effect, scale effect, technique effect, trade liberalization of EGS.

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Authors: Nasrin Farajiparvar

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In the present article, a new method has been developed to enhance the application of equipment monitoring, which in turn results in improving condition-based maintenance economic impact in an automobile parts manufacturing factory. This study also describes how an effective software with a simple database can be utilized to achieve cost-effective improvements in maintenance performance. The most important results of this project are indicated here: 1. 63% reduction in direct and indirect maintenance costs. 2. Creating a proper database to analyse failures. 3. Creating a method to control system performance and develop it to similar systems. 4. Designing a software to analyse database and consequently create technical knowledge to face unusual condition of the system. Moreover, the results of this study have shown that the concept and philosophy of maintenance has not been understood in most Iranian industries. Thus, more investment is strongly required to improve maintenance conditions.

Keywords: Condition-based maintenance, Economic savings, Iran industries, Machine life prediction software.

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Authors: Beata Czarnacka-Chrobot

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Majority of Business Software Systems (BSS) Development and Enhancement Projects (D&EP) fail to meet criteria of their effectiveness, what leads to the considerable financial losses. One of the fundamental reasons for such projects- exceptionally low success rate are improperly derived estimates for their costs and time. In the case of BSS D&EP these attributes are determined by the work effort, meanwhile reliable and objective effort estimation still appears to be a great challenge to the software engineering. Thus this paper is aimed at presenting the most important synthetic conclusions coming from the author-s own studies concerning the main factors of effective BSS D&EP work effort estimation. Thanks to the rational investment decisions made on the basis of reliable and objective criteria it is possible to reduce losses caused not only by abandoned projects but also by large scale of overrunning the time and costs of BSS D&EP execution.

Keywords: Benchmarking data, business software systems development and enhancement projects, effort estimation, software engineering economics, software functional size measurement.

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Authors: Peter Newton, Peter Newman, Stephen Glackin, Roman Trubka

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Pressures for urban redevelopment are intensifying in all large cities. A new logic for urban development is required – green urbanism – that provides a spatial framework for directing population and investment inwards to brownfields and greyfields precincts, rather than outwards to the greenfields. This represents both a major opportunity and a major challenge for city planners in pluralist liberal democracies. However, plans for more compact forms of urban redevelopment are stalling in the face of community resistance. A new paradigm and spatial planning platform is required that will support timely multi-level and multi-actor stakeholder engagement, resulting in the emergence of consensus plans for precinct-level urban regeneration capable of more rapid implementation. Using Melbourne, Australia as a case study, this paper addresses two of the urban intervention challenges – where and how – via the application of a 21st century planning tool ENVISION created for this purpose.

Keywords: Green urbanism, greyfields, planning tools, urban regeneration.

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Authors: Tin Seong Kam, Ketan Barshikar, Shaun Tan

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The advances in location-based data collection technologies such as GPS, RFID etc. and the rapid reduction of their costs provide us with a huge and continuously increasing amount of data about movement of vehicles, people and goods in an urban area. This explosive growth of geospatially-referenced data has far outpaced the planner-s ability to utilize and transform the data into insightful information thus creating an adverse impact on the return on the investment made to collect and manage this data. Addressing this pressing need, we designed and developed DIVAD, a dynamic and interactive visual analytics dashboard to allow city planners to explore and analyze city-s transportation data to gain valuable insights about city-s traffic flow and transportation requirements. We demonstrate the potential of DIVAD through the use of interactive choropleth and hexagon binning maps to explore and analyze large taxi-transportation data of Singapore for different geographic and time zones.

Keywords: Geographic Information System (GIS), MovementData, GeoVisual Analytics, Urban Planning.

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

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This paper deals with the optimal choice and allocation of multi FACTS devices in Deregulated power system using Evolutionary Programming method. The objective 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 are simulated in this study such as UPFC, TCSC, TCPST, and SVC. 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 allocation of FACTS devices in deregulated electricity market environment. The standard data of IEEE 14 Bus systems has been taken into account and simulated with aid of MAT-lab software and results were obtained.

Keywords: FACTS devices, Optimal allocation, Deregulated electricity market, Evolutionary programming, Mat Lab.

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Authors: Chih-Hsiang Chang, Fang-Jyun Su

Abstract:

This paper explores whether stock characteristics influence the herding formation among investors in the US equity market. To extend the research scope of the existing literature, this paper further examines the role that stock risk characteristics play in the US equity market, and the way they influence investors’ decision-making. First, empirical results show that whether general stocks or high-risk stocks, there are no herding behaviors among the investors in the US equity market during the whole research period or during four great events. Moreover, stock characteristics have great influence on investors’ trading decisions. Finally, there is a bidirectional lead-lag relationship of the herding formation between high-risk stocks and low-risk stocks, but the influence of high-risk stocks on the low-risk stocks is stronger than that of low-risk stocks on the high-risk stocks.

Keywords: Stock characteristics, herding formation, investment decision, US equity market, lead-lag relationship.

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Authors: Y. Egercioglu, S. Yalciner

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With the development of technology, the growing trend of fast and safe passenger transport, air pollution, traffic congestion, increase in problems such as the increasing population and the high cost of private vehicle usage made many cities around the world with a population of more or less, start to build rail systems as a means of urban transport in order to ensure the economic and environmental sustainability and more efficient use of land in the city. The implementation phase of rail systems costs much more than other public transport systems. However, social and economic returns in the long term made these systems the most popular investment tool for planned and developing cities. In our country, the purpose, goals and policies of transportation plans are away from integrity, and the problems are not clearly detected. Also, not defined and incomplete assessment of transportation systems and insufficient financial analysis are the most important cause of failure. Rail systems and other transportation systems to be addressed as a whole is seen as the main factor in increasing efficiency in applications that are not integrated yet in our country to come to this point has led to the problem.

Keywords: Urban Transportation Projects, Urban Light Rail Systems, Urbanization, Izmir.

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Authors: Javier Parra-Domínguez, Juan Manuel Corchado

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At present, public efficiency is a concept that intends to maximize return on public investment focus on minimizing the use of resources and maximizing the outputs. The concept takes into account statistical criteria drawn up according to techniques such as DEA (Data Envelopment Analysis). The purpose of the current work is to consider, more precisely, the theoretical application of CBR (Case-Based Reasoning) from economics and computer science, as a preliminary step to improving the efficiency of law enforcement agencies (public sector). With the aim of increasing the efficiency of the public sector, we have entered into a phase whose main objective is the implementation of new technologies. Our main conclusion is that the application of computer techniques, such as CBR, has become key to the efficiency of the public sector, which continues to require economic valuation based on methodologies such as DEA. As a theoretical result and conclusion, the incorporation of CBR systems will reduce the number of inputs and increase, theoretically, the number of outputs generated based on previous computer knowledge.

Keywords: Case-based reasoning, knowledge, police, public efficiency.

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Authors: Paitoon Kraipornsak

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Government spending is categorized into consumption spending and capital spending. Three categories of private consumption are used: food consumption, nonfood consumption, and services consumption. The estimated model indicates substitution effects of government consumption spending on budget shares of private nonfood consumption and of government capital spending on budget share of private food consumption. However, the results do not indicate whether the negative effects of changes in the budget shares of the nonfood and the food consumption equates to reduce total private consumption. The concept of aggregate demand comprising consumption, investment, government spending (consumption spending and capital spending), export, and import are used to estimate their relationship by using the Vector Error Correction Mechanism. The study found no effect of government capital spending on either the private consumption or the growth of GDP while the government consumption spending has negative effect on the growth of GDP.

Keywords: Complementary effect, government capital spending, government consumption spending, private consumption on food, nonfood, and services, substitution effect, vector error correction mechanism.

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Authors: Toshihiko Takemura, Makoto Osajima, Masatoshi Kawano

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This paper includes a positive analysis to quantitatively grasp the relationship among vulnerability, information security incidents, and the countermeasures by using data based on a 2007 questionnaire survey for Japanese ISPs (Internet Service Providers). To grasp the relationships, logistic regression analysis is used. The results clarify that there are relationships between information security incidents and the countermeasures. Concretely, there is a positive relationship between information security incidents and the number of information security systems introduced as well as a negative relationship between information security incidents and information security education. It is also pointed out that (especially, local) ISPs do not execute efficient information security countermeasures/ investment concerned with systems, and it is suggested that they should positively execute information security education. In addition, to further heighten the information security level of Japanese telecommunication infrastructure, the necessity and importance of the government to implement policy to support the countermeasures of ISPs is insisted.

Keywords: Information security countermeasures, information security incidents, internet service providers, positive analysis

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Authors: Giovane Gurgel, Cristina S. Rodrigues, Filipa D. Vieira

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IFRN – Mossoró is a Brazilian technical education institute that develops several activities to encourage entrepreneurship, such as a curricular discipline about enterprise management and the existence of a business incubator. Despite efforts, the business incubator does not produce the expected effects. Therefore, what predisposes students to start their own business? If literature review explores determinant factors like the family and personal characteristics, it can be sustained that entrepreneurship skills can be taught since primary level, until university level. This paper presents the results of research project “Empreende IFRN” to understand the entrepreneurial predisposition and intention of the students from technical level courses. Data from 365 students from technical level courses reveal an increased entrepreneurial intention of students during time (from a 2 years period to someday in the future). The entrepreneurial behavior of parents affects students’ perception about starting their own business. Students also present a cautions behavior, preferring bank deposit and investment fund instead starting a business.

Keywords: Brazil, Entrepreneurial intention, Entrepreneurship, Secondary technical students.

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Authors: H. Fallah, Z. Naddaf Baghdadabadi

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Planning of economic activities development has various dimensions one of which determines adequate capacity of economic activities in provinces regarding the government-s goals. Paralleling planning goals of economic activities development including subjects being focused on the view statement is effective to better realize the statement's goals. Current paper presents a native framework for economic activities development in provincial level. Triple steps within the framework are concordant with the view statement-s goals achievement. At first step of the proposed framework, economic activities are being prioritized in terms of employment indices, and secondly economic activities regarding to the province's relative advantages are being recognized. In the third step, desirable capacity of economic activities is determined with regards to the government's goals and effective constraints in economic activities development. Development of economic activities related to the provinces- relative advantages, contributes on regional balance and on equal development of economic activities. Furthermore, results of the framework enable more confident investment, affect employment development and remove unemployment concern as the main goals of the view statement.

Keywords: Development, economic activity, regional planning, view statement.

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Authors: Chiung-ying Lee, Chia-hua Chang

Abstract:

In July 1, 2007, Taiwan Stock Exchange (TWSE) on market observation post system (MOPS) adds a new "Financial reference database" for investors to do investment reference. This database as a warning to public offering companies listed on the public financial information and it original within eight targets. In this paper, this database provided by the indicators for the application of company financial crisis early warning model verify that the database provided by the indicator forecast for the financial crisis, whether or not companies have a high accuracy rate as opposed to domestic and foreign scholars have positive results. There is use of Logistic Regression Model application of the financial early warning model, in which no joined back-conditions is the first model, joined it in is the second model, has been taken occurred in the financial crisis of companies to research samples and then business took place before the financial crisis point with T-1 and T-2 sample data to do positive analysis. The results show that this database provided the debt ratio and net per share for the best forecast variables.

Keywords: Financial reference database, Financial early warning model, Logistic Regression.

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Authors: Despina Galani, Anastasios Alexandridis, Antonios Stavropoulos

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The main thrust of this paper is to assess the level of disclosure in the annual reports of non-financial Greek firms and to empirically investigate the hypothesized impact of several firm characteristics on the extent of mandatory disclosure. A disclosure checklist consisting of 100 mandatory items was developed to assess the level of disclosure in the 2009 annual reports of 43 Greek companies listed at the Athens stock exchange. The association between the level of disclosure and some firm characteristics was examined using multiple linear regression analysis. The study reveals that Greek companies on general have responded adequately to the mandatory disclosure requirements of the regulatory bodies. The findings also indicate that firm size was significant positively associated with the level of disclosure. The remaining variables such as age, profitability, liquidity, and board composition were found to be insignificant in explaining the variation of mandatory disclosures. The outcome of this study is undoubtedly of great concern to the investment community at large to assist in evaluating the extent of mandatory disclosure by Greek firms and explaining the variation of disclosure in light of firm-specific characteristics.

Keywords: Mandatory disclosure, Annual report, Disclosure index

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Authors: González Carreño G., Rejas Muslera Rj., Padilla Fernández-Vega J., Cepeda González M. I.

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Automobile Industry has great importance in the Spanish economy (8,7 % of the active Spanish population is employed in this sector).The above mentioned sector has been one of the principal sectors affected by the current economic crisis, consistently, the budgets in advertising have been severely limited (46,9 % less in the period of reference), these needs of reduction have originated a substantial change in the advertising strategy (from 2007 the increase of the advertising investment in Internet is 251,6 %), and increase profitability. The growing use of social media by consumers therefore makes online consumer conversations an attractive additional format for Automobile firms to promote products at a lower cost. This research analyzes the relation between the activity in Social Media and the design in the car industry, looking for relations between strategies of design based on Social Media and sales and a channel of information for companies to know what the consumer preferences. For this ongoing research we used a longitudinal withdrawal of information has been used using information of panel. Managerial and research implications of the finding are discussed.

Keywords: Automobile Industry, Design, Economics Crisis, Innovation, Internet, Social Media.

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Authors: Kehinde Damilola Ilesanmi, Dev Datt Tewari

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South Africa is in its post-industrial era moving from the primary and secondary sector to the tertiary sector. The study investigated the impact of the disaggregated energy consumption (coal, oil, and electricity) on the primary, secondary and tertiary sectors of the economy between 1980 and 2012 in South Africa. Using vector error correction model, it was established that South Africa is an energy dependent economy, and that energy (especially electricity and oil) is a limiting factor of growth. This implies that implementation of energy conservation policies may hamper economic growth. Output growth is significantly outpacing energy supply, which has necessitated load shedding. To meet up the excess energy demand, there is a need to increase the generating capacity which will necessitate increased investment in the electricity sector as well as strategic steps to increase oil production. There is also need to explore more renewable energy sources, in order to meet the growing energy demand without compromising growth and environmental sustainability. Policy makers should also pursue energy efficiency policies especially at sectoral level of the economy.

Keywords: Causality, economic growth, energy consumption, hypothesis, sectoral output.

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Authors: Saemee Han, Kittipong Buranakulpairoj

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Many new experimental films which were free from conventional movie forms have appeared since Nubellbak Movement in the late 1950s. Forty years after the movement started, on March 13th, 1995, on the 100th anniversary of the birth of film, the declaration called Dogme 95, was issued in Copenhagen, Denmark. It aimed to create a new style of avant-garde film, and showed a tendency toward being anti-Hollywood and anti-genre, which were against the highly popular Hollywood trend of movies based on large-scale investment. The main idea of Dogme 95 is the opposition to 'the writer's doctrine' that a film should be the artist's individual work and to 'the overuse of technology' in film. The key figures declared ten principles called 'Vow of Chastity', by which new movie forms were to be produced. Interview (2000), directed by Byunhyuk, was made in 2000, five years after Dogme 95 was declared. This movie was dedicated as the first Asian Dogme. This study will survey the relationship between Korean film and the Vow of Chastity through the Korean films released in theaters from a viewpoint of technology and content. It also will call attention to its effects on and significance to Korean film in modern society.

Keywords: Anti-Hollywood, Dogme 95, Korean Films, Vow of Chastity.

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Authors: Collins C. Ngwakwe

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The objective of this paper is to establish a possible relationship between sustainable business practice and firm performance. Using a field survey methodology, a sample of sixty manufacturing companies in Nigeria was studied. The firms were categorised into two groups, environmentally 'responsible' and 'irresponsible' firms. An investigation was undertaken into the possible relationship between firm performance and three selected indicators of sustainable business practice: employee health and safety (EHS), waste management (WM), and community development (CD), common within the 30 'responsible' firms. Findings from empirical results reveal that the sustainable practices of the 'responsible' firms are significantly related with firm performance. In addition, sustainable practices are inversely related with fines and penalties. The paper concludes that, within the Nigerian setting at least, sustainability affects corporate performance and sustainability may be a possible tool for corporate conflict resolution as evidenced in the reduction of fines, penalties and compensations. The paper therefore recommends research into the relationship between sustainability and conflict management.

Keywords: Environmental responsibility, environmental investment, social responsibility, sustainable business, social ethics, environmental ethics.

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Authors: Stefaan Pauwels, Koen Inghelbrecht, Dries Heyman, Pieter Marius

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Literature reveals that many investors rely on technical trading rules when making investment decisions. If stock markets are efficient, one cannot achieve superior results by using these trading rules. However, if market inefficiencies are present, profitable opportunities may arise. The aim of this study is to investigate the effectiveness of technical trading rules in 34 emerging stock markets. The performance of the rules is evaluated by utilizing White-s Reality Check and the Superior Predictive Ability test of Hansen, along with an adjustment for transaction costs. These tests are able to evaluate whether the best model performs better than a buy-and-hold benchmark. Further, they provide an answer to data snooping problems, which is essential to obtain unbiased outcomes. Based on our results we conclude that technical trading rules are not able to outperform a naïve buy-and-hold benchmark on a consistent basis. However, we do find significant trading rule profits in 4 of the 34 investigated markets. We also present evidence that technical analysis is more profitable in crisis situations. Nevertheless, this result is relatively weak.

Keywords: technical trading rules, Reality Check, Superior Predictive Ability, emerging stock markets, data snooping

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