Search results for: Mean Capital of Industry

Authors: H. Florianová, J. Nešleha

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Financial derivatives are considered to be risky investment instruments which could possibly bring another financial crisis. As prevention, European Union and its member states have released new legal acts adjusting this area of law in recent years. There have been several cases in history of capital markets worldwide where it was shown that legislature may affect behavior of subjects on capital markets. In our paper we analyze main events on selected European stock exchanges in order to apply them on three chosen markets - Czech capital market represented by Prague Stock Exchange, German capital market represented by Deutsche Börse and Polish capital market represented by Warsaw Stock Exchange. We follow time series of development of the sum of listed derivatives on these three stock exchanges in order to evaluate popularity of those exchanges. Afterwards we compare newly listed derivatives in relation to the speed of development of these exchanges. We also make a comparison between trends in derivatives and shares development. We explain how a legal regulation may affect situation on capital markets. If the regulation is too strict, potential investors or traders are not willing to undertake it and move to other markets. On the other hand, if the regulation is too vague, trading scandals occur and the market is not reliable from the prospect of potential investors or issuers. We see that making the regulation stricter usually discourages subjects to stay on the market immediately although making the regulation vaguer to interest more subjects is usually much slower process.

Keywords: Capital markets, financial derivatives, investors' behavior, regulation.

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Authors: Jindřiška Šedová, Miloš Šeda

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This paper summarizes and compares approaches to solving the knapsack problem and its known application in capital budgeting. The first approach uses deterministic methods and can be applied to small-size tasks with a single constraint. We can also apply commercial software systems such as the GAMS modelling system. However, because of NP-completeness of the problem, more complex problem instances must be solved by means of heuristic techniques to achieve an approximation of the exact solution in a reasonable amount of time. We show the problem representation and parameter settings for a genetic algorithm framework.

Keywords: Capital budgeting, knapsack problem, GAMS, heuristic method, genetic algorithm.

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Authors: E. Heikkilä

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The paper discusses European Lifelong Learning policy in the European enlargement to the Balkan. The European Lifelong Learning policy with Human Capital approach is researched in the country case of Macedonia. The paper argues that Human Capital approach focusing on instrumental and economic importance of learning for employability and economic growth needs to be complemented with Capability Approach for intrinsic and noneconomic needs of learning among the ethnic minorities. The paper identifies two dimensions of importance – minority languages and civic education – that the Capability Approach may develop to guarantee equal opportunities to all to benefit from European educational and lifelong learning development and to build an inclusive and socially just democracy in Macedonia.

Keywords: Capability approach, European lifelong learning, human capital theory.

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Authors: Vinay K. Nangia, Cashmira Pramanik

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Academia-industry relationship is not like that of technology donator-acceptor, but is of interactive and collaborative nature, acknowledging and ensuring mutual respect for each other-s role and contributions with an eye to attaining the true purpose of such relationships, namely, bringing about research-outcome synergy. Indeed, academia-industry interactions are a system that requires active and collaborative participations of all the stakeholders. This paper examines various issues associated with academic institutions and industry collaboration with special attention to the nature of resources and potentialities of stakeholders in the context of knowledge management. This paper also explores the barriers of academia-industry interaction. It identifies potential areas where industry-s participation with academia would be most effective for synergism. Lastly, this paper proposes an integrated model of several new collaborative approaches that are possible, mainly in the Indian scenario to strengthen academia-industry interface.

Keywords: academia-industry, interface, knowledge economy, technology transfer.

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Authors: Yanqun Li, Hong Geng

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The occurrence of Wenchuan earthquake in 2008 has led to severe damage to the rural areas of Chengdu city, such as the rupture of the social network, the stagnation of economic production and the rupture of living space. The post-disaster reconstruction has become a sustainable issue. As an important link to maintain the order of rural social development, social network should be an important content of post-disaster reconstruction. Therefore, this paper takes rural reconstruction communities in earthquake-stricken areas of Chengdu as the research object and adopts sociological research methods such as field survey, observation and interview to try to understand the transformation of rural social relations network under the influence of earthquake and its impact on rural space. It has found that rural societies under the earthquake generally experienced three phases: the break of stable social relations, the transition of temporary non-normal state, and the reorganization of social networks. The connotation of phased rural social relations also changed accordingly: turn to a new division of labor on the social orientation, turn to a capital flow and redistribution in new production mode on the capital orientation, and turn to relative decentralization after concentration on the spatial dimension. Along with such changes, rural areas have emerged some social issues such as the alienation of competition in the new industry division, the low social connection, the significant redistribution of capital, and the lack of public space. Based on a comprehensive review of these issues, this paper proposes the corresponding response mechanism. First of all, a reasonable division of labor should be established within the villages to realize diversified commodity supply. Secondly, the villages should adjust the industrial type to promote the equitable participation of capital allocation groups. Finally, external public spaces should be added to strengthen the field of social interaction within the communities.

Keywords: Social relations, social support networks, industrial division, capital allocation, public space.

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Authors: Azaz Zaman, Mirazur Rahman

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Capital market is a crucial financial market place where companies and the government can raise long-term funds and, at the same time, investors get the opportunity to invest in the listed companies. Capital markets play a vital role not only in shifting the funds from surplus entity to deficit for investment, but also in the overall economic development of any developing country like Bangladesh. Being the first and biggest capital market of Bangladesh, Dhaka Stock Exchange (DSE) is the prime bourse of the country. The differences in the investment preference— among three broad categories of investors in DSE including individual investors, institutional investors, and government— are easily observed. Authors of this article have used five categories of investors such as sponsors or directors of the company, institutional investors, foreign investors, government, and the general public in order to present a comparative analysis of their investment patterns. Obtaining data on the percentage of investment by these five types of investors in different sectors from the DSE website, this study aims to analyze the sector-wise investment preference of these investors using August 2018 data. The study has found that the sponsors or directors of the company have the highest percentage of investment in the textile industry which is close to 16%. The Bangladesh government, as an investor, has the highest percentage of investment in the fuel & power sector, approximately 32%. It has also found that the mutual funds' sector is mostly financed by institutional investors, nearly 28%. Foreign investors have their most investments in the banking sector, which is close to 22%. It has also revealed that the textile sector is mostly financed by the general public, close to 17%. Nevertheless, general public, surprisingly, has the lowest percentage of investment in the telecommunication sector, which is 0.10%.

Keywords: Stock market investment, Dhaka stock exchange, capital market, Bangladesh.

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Authors: Sabry A. El Azazy

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Tourism plays an essential role in supporting the National Economy. Egypt was ranked as one of the most attractive touristic destinations worldwide. Tourism as a service sector affects political events and unstable conditions. Within the revolution of January 25th, 2011, tourism became below standards, and the archeological heritage sites were subject to threat. Because of the political tension and social instability, Egypt's tourism sector has drastically dropped. Currently, Egypt is working on overcoming the crisis caused by political unrest. However, it is expected to take a long time to get back to where it was, especially in terms of regaining the confidence of travelers in the country's ability to guarantee and maintain security and stability. Recently, many great projects have been done, such as; New Administrative Cairo Capital, New Suez Canal logistic project, New City of Al Alamin, New Grand Egyptian Museum, as well as other great projects that reflect positively on the tourism industry and archaeological heritage development in Egypt.

Keywords: Archaeology, archaeological heritage, attractions, national economy, political events, touristic destinations, tourism industry.

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Authors: Kho Mei Ye, Hamzah Abdul Rahman

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The purpose of this study is to identify the underlying causes of late payment from the contractors- perspective in the Malaysian construction industry and to recommend effective solutions to mitigate late payment problems. The target groups of respondents in this study were Grades G3, G5, G6 and G7 contractors with specialization in building works and civil engineering works registered with the Construction Industry Development Board (CIDB) in Malaysia. Results from this study were analyzed with Statistical Package for the Social Science (SPSS 15.0). From this study, it was found that respondents have highest ranked five significant variables out of a total of forty-one variables which can caused late payment problems: a) cash flow problems due to deficiencies in client-s management capacity (mean = 3.96); b) client-s ineffective utilization of funds (mean = 3.88); c) scarcity of capital to finance the project (mean = 3.81); d) clients failure to generate income from bank when sales of houses do not hit the targeted amount (mean=3.72); and e) poor cash flow because of lack of proper process implementation, delay in releasing of the retention monies to contractor and delay in the evaluation and certification of interim and final payment (mean = 3.66).

Keywords: Underlying causes, late payment, constructionindustry, Malaysia.

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Authors: A. Vinay, Mary Josephine, Shreesha. S. Rao, Dhande Kranthi Kumar, J. Nandini

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This paper looks at the development of Fisheries education in Karnataka and the supply of skilled human capital to the sector. The study tries to analyse their job occupancy patterns, Compound Growth Rate (CGR) and forecasts the fisheries graduates supply using the Holt method. In Karnataka, fisheries are one of the neglected allied sectors of agriculture in spite of having enormous scope and potential to contribute to the State's agriculture GDP. The State Government has been negligent in absorbing skilled human capital for the development of fisheries, as there are so many vacant positions in both education institutes, as well as the State fisheries department. CGR and forecasting of fisheries graduates shows a positive growth rate and increasing trend, from which we can understand that by proper utilization of skilled human capital can bring development in the fisheries sector of Karnataka.

Keywords: Compound growth rate, fisheries education, Holt method, skilled human capital.

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Authors: Giseob Byun, Ji Yeon Cho, Bong Gyou Lee

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The purpose of this study is to analyze Green IT industry in major developed countries and to suggest overall directions for IT-Energy convergence industry. Recently, IT industry is pointed out as a problem such as environmental pollution, energy exhaustion, and high energy consumption. Therefore, Green IT gets focused which concerns as solution of these problems. However, since it is a beginning stage of this convergence area, there are only a few studies of IT-Energy convergence industry. According to this, this study examined the major developed countries in terms of institution arrangements, resources, markets and companies based on Van de Ven(1999)'s social system framework that shows relationship among key components of industrial infrastructure. Subsequently, the direction of the future study of convergence on IT and Energy industry is proposed.

Keywords: Green IT, Energy industry, Convergence, Social System Framework.

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Authors: Ģirts Brasliņš, Ilja Arefjevs, Nadežda Tarakanova

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The objective of countercyclical capital buffer is to encourage banks to build up buffers in good times that can be drawn down in bad times. The aim of the report is to assess such decisions by banks derived from three approaches. The approaches are the aggregate credit-to-GDP ratio, credit growth as well as banking sector profits. The approaches are implemented for Estonia, Latvia and Lithuania for the time period 2000-2012. The report compares three approaches and analyses their relevance to the Baltic States by testing the correlation between a growth in studied variables and a growth of corresponding gaps. Methods used in the empirical part of the report are econometric analysis as well as economic analysis, development indicators, relative and absolute indicators and other methods. The research outcome is a cross-Baltic comparison of two alternative approaches to establish or release a countercyclical capital buffer by banks and their implications for each Baltic country.

Keywords: Basel III, countercyclical capital buffer, banks, credit growth, Baltic States.

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Authors: Jerome V. Cleofas

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Cyberspace has become a more viable arena for budding artists to share musical acts through digital forms. The increasing relevance of online communities has attracted scholars from various fields demonstrating its influence on social capital. This paper extends this understanding of social capital among Filipino music artists belonging to the SoundCloud Philippines Facebook Group. The study makes use of various qualitative data obtained from key-informant interviews and participant observation of online and physical encounters, analyzed using the case study approach. Soundcloud Philippines has over seven-hundred members and is composed of Filipino singers, instrumentalists, composers, arrangers, producers, multimedia artists and event managers. Group interactions are a mix of online encounters based on Facebook and SoundCloud and physical encounters through meet-ups and events. Benefits reaped from the community are informational, technical, instrumental, promotional, motivational and social support. Under the guidance of online group administrators, collaborative activities such as music productions, concerts and events transpire. Most conflicts and problems arising are resolved peacefully. Social capital in SoundCloud Philippines is mobilized through recognition, respect and reciprocity.

Keywords: Facebook, music artists, online communities, social capital.

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Authors: Hsiu-Hua Cheng

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This study analyzed the creativity of student teams participating in an exploratory information system development project (ISDP) and examined antecedents of their creativity. By using partial least squares (PLS) to analyze a sample of thirty-six teams enrolled in an information system department project training course that required three semesters of project-based lessons, the results found social capitals (structural, relational and cognitive social capital) positively influence knowledge integration. However, relational social capital does not significantly influence knowledge integration. Knowledge integration positively affects team creativity. This study also demonstrated that social capitals significantly influence team creativity through knowledge integration. The implications of our findings for future research are discussed.

Keywords: Information system development project (ISDP), Social capital, Knowledge integration, Team creativity.

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Authors: Kiurski J., Marić B., Djaković V., Adamović S., Oros I., Krstić J.

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This paper presents the study of parameters affecting the environment protection in the printing industry. The paper has also compared LCA studies performed within the printing industry in order to identify common practices, limitations, areas for improvement, and opportunities for standardization. This comparison is focused on the data sources and methodologies used in the printing pollutants register. The presented concepts, methodology and results represent the contribution to the sustainable development management. Furthermore, the paper analyzes the result of the quantitative identification of hazardous substances emitted in printing industry of Novi Sad.

Keywords: LCA, parameters of pollution, printing industry, register

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Authors: Ying Wang

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Service trade is an important force of influencing economic development. A review on the related literatures is done firstly. Then through the construction of a Diamond Model, the main factors which influence the competitiveness of Chinese service trade are determined. With three competitiveness indexes served as the reference series respectively, the influencing factors served as the comparable series, three grey incidence models are then built up to conduct an empirical analysis on the main factors influencing the competitiveness of service trade after China entering WTO. The result indicates that urbanization level, open degree of service industry and foreign direct investment have larger impacts on Chinese service trade competitiveness, followed in turn by GDP in service industry and human capital, while commodity trade has the minimum impact. Further discussion provides train of thought for the upgrade of Chinese service trade competitiveness.

Keywords: Service Trade, Competitiveness, Diamond Model, Grey Incidence Model.

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Authors: Ming Guan

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This paper proposes a simple model of economic geography within the Dixit-Stiglitz-Iceberg framework that may be used to analyze migration patterns among three cities. The cost–benefit tradeoffs affecting incentives for three types of migration, including echelon migration, are discussed. This paper develops a tractable, heterogeneous-agent, general equilibrium model, where agents share constant human capital, and explores the relationship between the benefits of echelon migration and gross human capital. Using Chinese numerical solutions, we study the manifestation of echelon migration and how it responds to changes in transportation cost and elasticity of substitution. Numerical results demonstrate that (i) there are positive relationships between a migration-s benefit-and-wage ratio, (ii) there are positive relationships between gross human capital ratios and wage ratios as to origin and destination, and (iii) we identify 13 varieties of human capital convergence among cities. In particular, this model predicts population shock resulting from the processes of migration choice and echelon migration.

Keywords: Dixit-Stiglitz-Iceberg framework, elasticity , echelonmigration, trade-off

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Authors: T. H. Bitebe, T. M. Lima, F. Charrua-Santos, C. J. Matias Oliveira

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This study aims to present a proposal for an economic integration model for the development of the manufacturing industry in Cabinda, Angola. It seeks to analyze the degree of economic integration of Cabinda and the dynamics of the manufacturing industry. Therefore, in the same way, to gather information to support the decision-making for public financing programs that will aim at the disengagement of the manufacturing industry in Angola and Cabinda in particular. The Cabinda Province is the 18^th of Angola, the enclave is located in a privileged area of the African and arable land.

Keywords: Economic integration, industrial development, Cabinda industry, Angola.

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Authors: Yongyoon Suh, Yongtae Park

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The interaction among information and communication technology (ICT) industries is a recently ubiquitous phenomenon through fixed-mobile integration. To monitor the impact of interaction, previous research has mainly focused on measuring spillover effect among ICT industries using various methods. Among others, inter-industry analysis is one of the useful methods for examining spillover effect between industries. However, more complex ICT industries become, more important the impact within an industry is. Inter-industry analysis is limited in mirroring intra-relationships within an industry. Thus, this study applies the analytic network process (ANP) to measure the spillover effect, capturing all of the intra and inter-relationships. Using ANP-based intra and inter-industry analysis, the spillover effect is effectively measured, mirroring the complex structure of ICT industries. A main ICT industry and its linkages are also explored to show the current structure of ICT industries. The proposed approach is expected to allow policy makers to understand interactions of ICT industries and their impact.

Keywords: ANP, intra and inter-industry analysis, spillover effect

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Authors: Petr Teply

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The New Basel Capital Accord (Basel II) influences how financial institutions around the world, and especially European Union institutions, determine the amount of capital to reserve. However, as the recent global crisis has shown, the revision of Basel II is needed to reflect current trends, such as increased volatility and correlation, in the world financial markets. The overall objective of Basel II is to increase the safety and soundness of the international financial system. Basel II builds on three main pillars: Pillar I deals with the minimum capital requirements for credit, market and operational risk, Pillar II focuses on the supervisory review process and finally Pillar III promotes market discipline through enhanced disclosure requirements for banks. The aim of this paper is to provide the historical background, key features and impact of Basel II on financial markets. Moreover, we discuss new proposals for international bank regulation (sometimes referred to as Basel III) which include requirements for higher quality, constituency and transparency of banks' capital and risk management, regulation of OTC markets and introduction of new liquidity standards for internationally active banks.

Keywords: Basel II, Basel III, risk management, bank regulation

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Authors: Raúl González Muñoz, Essam Shehab, Martin Weinitzke, Chris Fowler, Paul Baguley

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Software applications have become crucial for the aerospace industry, providing a wide range of functionalities and capabilities. However, due to the considerable time difference between aircraft and software life cycles, obsolescence has turned into a major challenge for industry in last decades. This paper aims to provide a view on the different causes of software obsolescence within aerospace industry, as well as a perception on the importance of each of them. The key research question addressed is what drives software obsolescence in the aerospace industry, managing large software application portfolios. This question has been addressed by conducting firstly an in depth review of current literature and secondly by arranging an industry workshop with professionals from aerospace and consulting companies. The result is a set of drivers of software obsolescence, distributed among three different environments and several domains. By incorporating monitoring methodologies to assess those software obsolescence drivers, benefits in maintenance efforts and operations disruption avoidance are expected.

Keywords: Aerospace industry, obsolescence drivers, software lifecycle, software obsolescence.

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Authors: I. Rodionov, A. Semenov, E. Gosteva, O. Sokolova

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The venture capital becomes more and more advanced and effective source of the innovation project financing, connected with a high-risk level. In the developed countries, it plays a key role in transforming innovation projects into successful businesses and creating the prosperity of the modern economy. In Russia, there are many necessary preconditions for creation of the effective venture investment system: the network of the public institutes for innovation financing operates; there is a significant number of the small and medium-sized enterprises, capable to sell production with good market potential. However, the current system does not confirm the necessary level of efficiency in practice that can be substantially explained by the absence of the accurate plan of action to form the national venture model and by the lack of experience of successful venture deals with profitable exits in Russian economy. This paper studies the influence of various factors on the venture industry development by the example of the IT-sector in Russia. The choice of the sector is based on the fact, that this segment is the main driver of the venture capital market growth in Russia, and the necessary set of data exists. The size of investment of the second round is used as the dependent variable. To analyse the influence of the previous round, such determinant as the volume of the previous (first) round investments is used. There is also used a dummy variable in regression to examine that the participation of an investor with high reputation and experience in the previous round can influence the size of the next investment round. The regression analysis of short-term interrelations between studied variables reveals prevailing influence of the volume of the first round investments on the venture investments volume of the second round. The most important determinant of the value of the second-round investment is the value of first–round investment, so it means that the most competitive on the Russian market are the start-up teams that can attract more money on the start, and the target market growth is not the factor of crucial importance. This supports the point of view that VC in Russia is driven by endogenous factors and not by exogenous ones that are based on global market growth.

Keywords: Venture industry, venture investment, determinants of the venture sector development, IT-sector.

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Authors: Wuttigrai Ngamsirijit

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Talent management in today’s modern organizations has become data-driven due to a demand for objective human resource decision making and development of analytics technologies. HR managers have been faced with some obstacles in exploiting data and information to obtain their effective talent management decisions. These include process-based data and records; insufficient human capital-related measures and metrics; lack of capabilities in data modeling in strategic manners; and, time consuming to add up numbers and make decisions. This paper proposes a framework of talent management through integration of talent value chain and human capital analytics approaches. It encompasses key data, measures, and metrics regarding strategic talent management decisions along the organizational and talent value chain. Moreover, specific predictive and prescriptive models incorporating these data and information are recommended to help managers in understanding the state of talent, gaps in managing talent and the organization, and the ways to develop optimized talent strategies.    

Keywords: Decision making, human capital analytics, talent management, talent value chain.

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Authors: Safaee Safiollah , Javadi Alimohammad, Javadi Maryam

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Internet access is a vital part of the modern world and an important tool in the education of our children. It is present in schools, homes and even shopping malls. Mastering the use of the internet is likely to be an important skill for those entering the job markets of the future. An internet user can be anyone he or she wants to be in an online chat room, or play thrilling and challenging games against other players from all corners of the globe. It seems at present time (or near future) for many people relationships in the real world may be neglected as those in the virtual world increase in importance. Internet is provided a fast mode of transportation caused freedom from family bonds and mixing with different cultures and new communities. This research is an attempt to study effect of Internet on Social capital. For this purpose a survey technique on the sample size amounted 168 students of Payame Noor University of Kermanshah city in country of Iran were considered. Degree of social capital is moderate. With the help of the Multi-variable Regression, variables of Iranian message attractive, Interest to internet with effect of positive and variable Creating a cordial atmosphere with negative effect be significant.

Keywords: Internet, Social Capital, social participation Social trust

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Authors: Frederick Wedzerai Nyakudya

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In this paper, we examine the relationship between human capital, personal wealth and social capital to explain the differences in start-up rates between female and male entrepreneurs. Since our dependent variable is dichotomous, we examine the determinants of these using a maximum likelihood logit estimator. We used the Global Entrepreneurship Monitor database covering the period 2006 to 2009 with 421 usable cases drawn from the Lower Layer Super Output Areas in East Midlands in the United Kingdom. We found evidence indicating that a female positively moderates the positive relationships between indicators of human capital and personal wealth with start-up activity. The findings have implications for programs, policies, and practices to encourage more females to engage in start-up activity.

Keywords: Entrepreneurship, Global Entrepreneurship Monitor, gender gap, women's entrepreneurship.

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Authors: Milan Rippel, Petr Teply

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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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Authors: Hamze Torabian, Mohammad Mehrabioun Mohammadi

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Like many other industries, the payment industry has been affected by digital transformation. The importance of digital transformation in the payment industry is very crucial. Because the payment industry is considered a leading industry in digital and emerging technologies, and the digitalization of other industries such as retail, health, and telecommunication, it also depends on the growth rate of digitalized payment systems. One of the technological innovations in service management is Field Service Management (FSM). Despite the widespread use of FSM in various industries such as petrochemical, health, maintenance, etc., this technology can also be recruited in the payment industry, transforming the payment industry into a more agile and efficient one. Accordingly, the present study pays close attention to the application of FSM in the payment industry. Given the importance of merchants' bargaining power in the payment industry, this study aims to use FSM in the digital transformation initiative with a targeted focus on providing real-time services to merchants. The research method consists of three parts. Firstly, conducting the review of past research, applications of FSM in the payment industry are considered. In the next step, merchants' benefits such as emotional, functional, economic, and social benefits in using FSM are identified using in-depth interviews and content analysis methods. The related business model in helping the payment industry transforming into a more agile and efficient industry is considered in the following step. The results revealed the 10 main pillars required to realize the digital transformation of payment systems using FSM.

Keywords: Digital transformation, field service management, merchant support systems, payment industry.

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Authors: J. Arneric, A. Rozga

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In this paper usefulness of quasi-Newton iteration procedure in parameters estimation of the conditional variance equation within BHHH algorithm is presented. Analytical solution of maximization of the likelihood function using first and second derivatives is too complex when the variance is time-varying. The advantage of BHHH algorithm in comparison to the other optimization algorithms is that requires no third derivatives with assured convergence. To simplify optimization procedure BHHH algorithm uses the approximation of the matrix of second derivatives according to information identity. However, parameters estimation in a/symmetric GARCH(1,1) model assuming normal distribution of returns is not that simple, i.e. it is difficult to solve it analytically. Maximum of the likelihood function can be founded by iteration procedure until no further increase can be found. Because the solutions of the numerical optimization are very sensitive to the initial values, GARCH(1,1) model starting parameters are defined. The number of iterations can be reduced using starting values close to the global maximum. Optimization procedure will be illustrated in framework of modeling volatility on daily basis of the most liquid stocks on Croatian capital market: Podravka stocks (food industry), Petrokemija stocks (fertilizer industry) and Ericsson Nikola Tesla stocks (information-s-communications industry).

Keywords: Heteroscedasticity, Log-likelihood Maximization, Quasi-Newton iteration procedure, Volatility.

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Authors: Huei-Fu Lu

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This paper is to develop a fuzzy net present value (FNPV) method by taking vague cash flow and imprecise required rate of return into account for evaluating the value of the Build-Operate-Transfer (BOT) sport facilities. In order to clearly manifest a more realistic capital budgeting model based on the classical net present value (NPV) method, some uncertain financial elements in NPV formula will be fuzzified as triangular fuzzy numbers. Through the conscientious manipulation of fuzzy set theory, we will find that the proposed FNPV model is a more explicit extension of classical (crisp) model and could be more practicable for the financial managers to capture the essence of capital budgeting of sport facilities than non-fuzzy model.

Keywords: Fuzzy sets; Capital budgeting, Sport facility, Net present value (NPV), Build-Operate-Transfer (BOT) scheme

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Authors: Benjamin Osei-Tutu

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Food contaminated with biological, chemical and physical hazards usually leads to foodborne illnesses which in turn increase the disease burden of developing and developed economies. Restaurants play a key role in the food service industry and violations in application of standardized food safety management systems in these establishments have been associated with foodborne disease outbreaks. This study was undertaken to assess the level of compliance to the Code of practice that was developed and implemented after conducting needs assessment of the food safety management systems employed by the Food Service Establishments in Ghana. Data on pre-licence inspections were reviewed to assess the compliance of the Food Service Establishments. During the period under review (2012-2016), 74.52% of the food service facilities in the hospitality industry were in compliance with the FDA’s code of practice. Main violations observed during the study bordered on facility layout and fabrication (61.8%) and this is because these facilities may not have been built for use as a food service establishment. Another fact that came to the fore was that the redesigning of the facilities to bring them into compliance required capital intensive investments, which some establishments are not prepared for. Other challenges faced by the industry regarded issues on records and documentations, personnel facilities and hygiene, raw materials acquisition, storage and control, and cold storage.

Keywords: Assessment, Accra, food safety management systems, restaurants, hotel.

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Authors: Dandong Ge, Lei Tong

Abstract:

This paper studies the cultural creative industry's characteristics between the eastern and western of Zhejiang Province. Through the Comparative analysis, this paper works out that the cultural creative industry in western Zhejiang Province is mainly promoted by the inside force, and its level of development is obviously much lower than the eastern Zhejiang Province whose cultural creative industry is mainly pulled by outside forces. So this paper worked out some strategies for the development of cultural creative industry in western Zhejiang Province, which are based on the economic foundation and the cultural resource endowments. Finally these strategies will help to improve the whole development level of western Zhejiang Province, and contribute to the balance development between the west and east of Zhejiang Province.

Keywords: Cultural creative industry, underdeveloped, western Zhejiang, strategies.

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