Search results for: Stock market investment

Authors: Zohreh Bang Tavakoli, Shuktika Chatterjee

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This study investigates the fiscal policy impact on countries’ economic growth in developing countries with a different external debt level. The fiscal policy effectiveness has been re-emphasized in the global financial crisis of 2008 with the external debt as its new contemporary driver. Different theories have proposed the economic consequence of fiscal policy, specifically for developing countries. However, fiscal policy literature is lacking research regarding the fiscal policy’s effectiveness with the external debt’s contributions through comprehensive study. Also, high levels of external debt will influence economic growth. Through foreign resources and channel of investment in which high level of debt decreases the amount of foreign investment in the developing countries. The finding of this study suggests that only countries with a low external debt level and appropriate fiscal policies and good quality institutions can gain the proper quantity and quality of foreign investors in which will help the economic growth. For this, this research is examining the impact of fiscal policy on developing countries' economic growth in the situation of different external debt levels.

Keywords: fiscal policy, external debt, gross domestic product, developing countries

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Authors: Chimaobi V. Okolo, Kenneth A. Okpala, Johnbull S. Ogboi

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A teeming set of doctors that graduated from various universities within and outside Nigeria with the hope of practicing in the country, has their hope shattered because of poor financing, lack of medical equipments and a very weak healthcare systems. Such hydra headed challenges, allows room for quackery which increasingly contributes to the cause of mortality in Nigeria. With a view of reversing the challenges of healthcare delivery and financing in Nigeria, African Health Market for Equity (AHME), a project funded by the Bill and Melinda Gates foundation [With contribution from Department For International Development (DFID)] and currently implemented in three African Countries (Nigeria, Kenya and Ghana) over a Five (5) year period supports the healthcare sector via Medical credit fund (MCF). The study examines the impact of credit policy and medical credit funding on Nigerian health market. Ordinary least square analysis, correlation and granger causality tests were employed to measure the extent to which the Nigerian healthcare market has been influenced. Medical credit fund significantly and positively influenced average monthly turnover of private healthcare providers and Commercial bank’s lending rate had a weak relationship with access to credit/approved loans (13.46%). The programme has so far made 13.91% progress, which is very poor, considering the minimum targeted private health care providers (437.6) and expected number of loan approvals (180.4) for the two years. Medical credit policy in Nigeria should be revised to include private healthcare providers in rural area for more positive impact and increased returns. Good brand advert and sensitization of the programme to stakeholders and health pressure group, and an extension of the programme beyond five years is necessary to better address the issues raised in the study.

Keywords: Credit, health market, medical credit facility, policy.

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Authors: Rao Fu, Jie Chen, Shutian Zeng, Yiping Zhuang, Agus Sudjianto

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Generative Adversarial Net (GAN) has proved to be a powerful machine learning tool in image data analysis and generation. In this paper, we propose to use Conditional Generative Adversarial Net (CGAN) to learn and simulate time series data. The conditions include both categorical and continuous variables with different auxiliary information. Our simulation studies show that CGAN has the capability to learn different types of normal and heavy-tailed distributions, as well as dependent structures of different time series. It also has the capability to generate conditional predictive distributions consistent with training data distributions. We also provide an in-depth discussion on the rationale behind GAN and the neural networks as hierarchical splines to establish a clear connection with existing statistical methods of distribution generation. In practice, CGAN has a wide range of applications in market risk and counterparty risk analysis: it can be applied to learn historical data and generate scenarios for the calculation of Value-at-Risk (VaR) and Expected Shortfall (ES), and it can also predict the movement of the market risk factors. We present a real data analysis including a backtesting to demonstrate that CGAN can outperform Historical Simulation (HS), a popular method in market risk analysis to calculate VaR. CGAN can also be applied in economic time series modeling and forecasting. In this regard, we have included an example of hypothetical shock analysis for economic models and the generation of potential CCAR scenarios by CGAN at the end of the paper.

Keywords: Conditional Generative Adversarial Net, market and credit risk management, neural network, time series.

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Authors: Aparna Viswanath

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Electricity spot prices are highly volatile under optimal generation capacity scenarios due to factors such as nonstorability of electricity, peak demand at certain periods, generator outages, fuel uncertainty for renewable energy generators, huge investments and time needed for generation capacity expansion etc. As a result market participants are exposed to price and volume risk, which has led to the development of risk management practices. This paper provides an overview of risk management practices by market participants in electricity markets using financial derivatives.

Keywords: Financial Derivatives, Forward, Futures, Options, Risk Management.

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Authors: A. Appe, B. Poluparthi, L. Kasivajjula, U. Mv, S. Bagadi, P. Modi, A. Singh, H. Gunupudi, S. Troiano, J. Paul, J. Stovall, J. Yamamoto

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The necessity of data-driven decisions in healthcare strategy formulation is rapidly increasing. A reliable framework which helps identify factors impacting a healthcare provider facility or a hospital (from here on termed as facility) market share is of key importance. This pilot study aims at developing a data-driven machine learning-regression framework which aids strategists in formulating key decisions to improve the facility’s market share which in turn impacts in improving the quality of healthcare services. The US (United States) healthcare business is chosen for the study, and the data spanning 60 key facilities in Washington State and about 3 years of historical data are considered. In the current analysis, market share is termed as the ratio of the facility’s encounters to the total encounters among the group of potential competitor facilities. The current study proposes a two-pronged approach of competitor identification and regression approach to evaluate and predict market share, respectively. Leveraged model agnostic technique, SHAP (SHapley Additive exPlanations), to quantify the relative importance of features impacting the market share. Typical techniques in literature to quantify the degree of competitiveness among facilities use an empirical method to calculate a competitive factor to interpret the severity of competition. The proposed method identifies a pool of competitors, develops Directed Acyclic Graphs (DAGs) and feature level word vectors, and evaluates the key connected components at the facility level. This technique is robust since it is data-driven, which minimizes the bias from empirical techniques. The DAGs factor in partial correlations at various segregations and key demographics of facilities along with a placeholder to factor in various business rules (for e.g., quantifying the patient exchanges, provider references, and sister facilities). Identified are the multiple groups of competitors among facilities. Leveraging the competitors' identified developed and fine-tuned Random Forest Regression model to predict the market share. To identify key drivers of market share at an overall level, permutation feature importance of the attributes was calculated. For relative quantification of features at a facility level, incorporated SHAP, a model agnostic explainer. This helped to identify and rank the attributes at each facility which impacts the market share. This approach proposes an amalgamation of the two popular and efficient modeling practices, viz., machine learning with graphs and tree-based regression techniques to reduce the bias. With these, we helped to drive strategic business decisions.

Keywords: Competition, DAGs, hospital, healthcare, machine learning, market share, random forest, SHAP.

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Authors: Jana Chvalkovska, Petr Jansky, Petr Teply

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The impact assessment in its various forms has recently become a very important part of policy-making and legislation in many different countries. Regulatory impact assessment (RIA) is yet another set of analytical methods deployed in the legislation of the European Union, of many developed countries as well as in many developing ones such as Mexico, Malaysia and Philippines. The aim of this paper is to provide a theoretical background for economic models in regulatory impact assessment and an overview of their application especially on the financial market in the Czech Republic. We found out an inadequate application of these models, what makes room for further research in this field.

Keywords: regulatory impact assessment, RIA, impact evaluation, building societies, Czech Republic

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Authors: Markéta Gregušová, Vladimíra Schindlerová, Ivana Šajdlerová, Petr Mohyla, Jan Kedroň

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Company managers are always looking for more and more opportunities to succeed in today's fiercely competitive market. To maintain your place among the successful companies on the market today or to come up with a revolutionary business idea is much more difficult than before. Each new or improved method, tool, or approach that can improve the functioning of business processes or even of the entire system is worth checking and verification. The use of simulation in the design of manufacturing systems and their management in practice is one of the ways without increased risk, which makes it possible to find the optimal parameters of manufacturing processes and systems. The paper presents an example of use of simulation for solution of the bottleneck problem in the concrete company.

Keywords: Practical applications, business processes, systems, simulation.

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Authors: W. Sutopo, M. Hisjam, Yuniaristanto

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In general, small-scale vegetables farmers experience problems in improving the safety and quality of vegetables supplied to high-class consumers in modern retailers. They also lack of information to access market. The farmers group and/or cooperative (FGC) should be able to assist its members by providing training in handling and packing vegetables and enhancing marketing capabilities to sell commodities to the modern retailers. This study proposes an agri-food supply chain (ASC) model that involves the corporate social responsibility (CSR) activities to cultivate the capabilities of farmers to access market. Multi period ASC model is formulated as Weighted Goal Programming (WGP) to analyze the impacts of CSR programs to empower the FGCs in managing the small-scale vegetables farmers. The results show that the proposed model can be used to determine the priority of programs in order to maximize the four goals to be achieved in the CSR programs.

Keywords: agri-food supply chain, corporate social responsibility, small-scale vegetables farmers, weighted goal programming.

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Authors: A. Strateičuks, V. Kaže, R. Škapars

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State tax revenues in most countries started to decrease during the recession. Government of Latvia decided to compensate the decline by increasing rates of several taxes including excise tax on strong alcohol. The total increase in 2009 constituted 42% and the rate increased from 896€ to 1 266€ for 100l of absolute alcohol. Since then this has had a negative impact on consumption volumes and the split between legal and illegal market. The legal alcohol sales decreased by almost 50% (by volume), consequentially having negative effect on the State revenues from VAT and excise tax. Estimated results for 2010 are indicating 54 million € decrease in VAT, excise tax and other taxes versus 2008 (excise tax -19 million €, VAT -30 million €, other taxes -5 million €). The paper aims to analyze impact of the increase in excise tax on consumption patterns, State revenues and competitiveness of the local companies to draw up proposals for the state authorities regarding more effective tax policies. The analysis reveals a relationship between excise tax rate, illegal alcohol market and State revenues. The results can be used to improve excise tax system and effectiveness in Latvia.

Keywords: State revenues, alcohol market, excise tax, competitiveness, consumption.

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

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Transport infrastructure assets are key components of the national asset portfolio. The decision to invest in a new infrastructure in transports could take from a few years to some decades. This is mainly because of the need to reserve and spent many capitals, the long payback period, the number of the stakeholders involved in decision process and –many times- the investment and business risks are high. Therefore, the decision assessment framework is an essential challenge linked with the key decision factors meet the stakeholder expectations highlighting project trade-offs, financial risks, business uncertainties and market limitations. This paper examines the decision process for new transport infrastructure projects in cross border regions, where a wide range of stakeholders with different expectation is involved. According to a consequences analysis systemic approach, the relationship of transport infrastructure development, economic system development and stakeholder expectation is analyzed. Adopting the on system of system methodological approach, the decision making framework, variables, inputs and outputs are defined, highlighting the key shareholder’s role and expectations. The application provides the methodology outputs presenting the proposed decision framework for a strategic railway project in north Greece deals with the upgrade of the existing railway corridor connecting Greece, Turkey and Bulgaria.

Keywords: System of system approach, decision making, cross-border, infrastructure project.

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Authors: Larisa N. Pop, Irina M. Ban

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This paper aims to present the main instruments used in the economic literature for measuring the price risk, pointing out on the advantages brought by the conditional variance in this respect. The theoretical approach will be exemplified by elaborating an EGARCH model for the price returns of wheat, both on Romanian and on international market. To our knowledge, no previous empirical research, either on price risk measurement for the Romanian markets or studies that use the ARIMA-EGARCH methodology, have been conducted. After estimating the corresponding models, the paper will compare the estimated conditional variance on the two markets.

Keywords: conditional variance, GARCH models, price risk, volatility

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Authors: Wanda Luen-Wun Siu, Xiaowen Zhang

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This paper offered the primary methodical proof on how Corporate Social Responsibility (CSR) reporting related to enterprise earnings in listed firms in China in light of most evidence focusing on cross-sectional data or data in a short span of time. Using full economic and business panel data on China’s publicly listed enterprises from 2006 to 2020 over two decades in the China Stock Market & Accounting Research database, we found initial evidence of significant direct relations between CSR reporting and firm corporate performance in both state-owned and privately-owned firms over this period, supporting the stakeholder theory. Results also revealed that state-owned enterprises performed as well as private enterprises in the current period. But private enterprises performed better than state-owned enterprises in the subsequent years. Moreover, the release of social responsibility reports had the more significant impact on the financial performance of state-owned and private enterprises in the current period than in the subsequent periods. Specifically, CSR release was not significantly associated to the financial performance of state-owned enterprises on the lag of the first, second, and third periods. But it had an impact on the lag of the first, second, and third periods among private enterprises. Such findings suggested that CSR reporting helped improve the corporate financial performance of state-owned and private enterprises in the current period, but this kind of effect was more significant among private enterprises in the lag periods.

Keywords: China’s Listed Firm, CSR reporting, financial performance, panel analysis.

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Authors: Jan Sindelar

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The paper presents an applied study of a multivariate AR(p) process fitted to daily data from U.S. commodity futures markets with the use of Bayesian statistics. In the first part a detailed description of the methods used is given. In the second part two BVAR models are chosen one with assumption of lognormal, the second with normal distribution of prices conditioned on the parameters. For a comparison two simple benchmark models are chosen that are commonly used in todays Financial Mathematics. The article compares the quality of predictions of all the models, tries to find an adequate rate of forgetting of information and questions the validity of Efficient Market Hypothesis in the semi-strong form.

Keywords: Vector auto-regression, forecasting, financial, Bayesian, efficient markets.

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Authors: G. Erkomaishvili

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The paper discusses mineral water consumer market and development policy in Georgia, the tools and measures, which will contribute to production of mineral waters and increase its export. The paper studies and analyses current situation in mineral water production sector as well as the factors affecting increase and reduction of its export. It’s noted that in order to gain and maintain competitive advantage, it’s necessary to provide continuous supply of high quality goods with modern design, open new distribution channels to enter new markets, carry out broad promotional activities, organize e-commerce. Economic policy plays an important role in protecting markets from counterfeit goods. The state also plays an important role in attracting foreign direct investments. Stable business environment and export oriented strategy is the basis for the country’s economic growth. Based on the research, the paper suggests the strategy for improving competitiveness of Georgian mineral waters; relevant conclusions and recommendations are provided.

Keywords: Mineral waters, consumer market for mineral waters, export of mineral waters, mineral water development policy in Georgia.

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Authors: Elijah Acquah-Andoh

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The UK has had its fair share of the shale gas revolutionary waves blowing across the global oil and gas industry at present. Although, its exploitation is widely agreed to have been delayed, shale gas was looked upon favorably by the UK Parliament when they recognized it as genuine energy source and granted licenses to industry to search and extract the resource. This, although a significant progress by industry, there yet remains another test the UK fracking resource must pass in order to render shale gas extraction feasible – it must be economically extractible and sustainably so. Developing unconventional resources is much more expensive and risky, and for shale gas wells, producing in commercial volumes is conditional upon drilling horizontal wells and hydraulic fracturing, techniques which increase CAPEX. Meanwhile, investment in shale gas development projects is sensitive to gas price and technical and geological risks. Using a Two-Factor Model, the economics of the Bowland shale wells were analyzed and the operational conditions under which fracking is profitable in the UK was characterized. We find that there is a great degree of flexibility about Opex spending; hence Opex does not pose much threat to the fracking industry in the UK. However, we discover Bowland shale gas wells fail to add value at gas price of $8/ Mmbtu. A minimum gas price of $12/Mmbtu at Opex of no more than $2/ Mcf and no more than $14.95M Capex are required to create value within the present petroleum tax regime, in the UK fracking industry.

Keywords: Capex, economical, investment, profitability, shale gas development, sustainable.

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Authors: Davinder Singh, Jaimal Singh Khamba, Tarun Nanda

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MSMEs are regarded as the sunrise sector of the Indian economy in view of its large potential for growth and likely socio economic impact specifically on employment and income generation. In today’s competitive business environment, global competition forces companies to continuously seek ways of improving their products and services. The pressure on organizations to adapt to new technologies and external threats requires resourcefulness, creativity and innovation. Market has become more open, competitive and customers more demanding. Without continuous technology innovation, no organization can ever remain competitive. Innovations reflect a critical way in which organizations respond to either technological or market challenges. The need of the market is to deliver high quality products through continuous changing in features in product, improve existing products, reduce their cost, and improve employee skills, training, technology infrastructure and financial policies. Therefore, the key factor of organization’s ability to change is innovation. The study presents a detailed review of literature on the role of technology innovation in improving manufacturing performance of industries.

Keywords: Competitive, Manufacturing performance, MSMEs, Technological Innovation.

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Authors: Matthias Schmidt, Steffen C. Eickemeyer, Prof. Peter Nyhuis

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Guaranteeing the availability of the required parts at the scheduled time represents a key logistical challenge. This is especially important when several parts are required together. This article describes a tool that supports the positioning in the area of conflict between low stock costs and a high service level for a consumer.

Keywords: Systems Modeling, Manufacturing Systems, Simulation & Control, logistics and supply chain management

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Authors: Yue-Yang Chen, Hui-Ling Huang, Wan-Yu Yu, Chung-Lun Wei

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In recent years, though, the concept of fit has been now in widespread used in strategic management research, it is in its infancy for applying fit concept to service innovation issue. Therefore, drawing on the concept of fit, this present research proposed an innovation service fit model within service innovation, market orientation, marketing strategy, and IT adoption are coexisted. The perspective of fit as covariation will be employed to test the hypothesis and identify the effects of fit. We contend that the fit among these four factors will contribution to business performance. Finally, according to the empirical data collected from manufacturing, service, and financial industry in Taiwan, meaningful findings and conclusions will be proposed and discussed.

Keywords: Service innovation, market orientation, IT adoption, marketing strategy, fit

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Authors: Pawit Tangviroon, Apichit Svang-Ariyaskul

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As the limited availability of petroleum-based fuel has been a major concern, biodiesel is one of the most attractive alternative fuels because it is renewable and it also has advantages over the conventional petroleum-base diesel. At Present, productions of biodiesel generally perform by transesterification of vegetable oils with low molecular weight alcohol, mainly methanol, using chemical catalysts. Methanol is petrochemical product that makes biodiesel producing from methanol to be not pure renewable energy source. Therefore, ethanol as a product produced by fermentation processes. It appears as a potential feed stock that makes biodiesel to be pure renewable alternative fuel. The research is conducted based on two biodiesel production processes by reacting soybean oils with methanol and ethanol. Life cycle assessment was carried out in order to evaluate the environmental impacts and to identify the process alternative. Nine mid-point impact categories are investigated. The results indicate that better performance on abiotic depletion potential (ADP) and acidification potential (AP) are observed in biodiesel production from methanol when compared with biodiesel production from ethanol due to less energy consumption during the production processes. Except for ADP and AP, using methanol as feed stock does not show any advantages over biodiesel from ethanol. The single score method is also included in this study in order to identify the best option between two processes of biodiesel production. The global normalization and weighting factor based on ecotaxes are used and it shows that producing biodiesel form ethanol has less environmental load compare to biodiesel from methanol.

Keywords: Biodiesel, Ethanol, Life Cycle Assessment, Methanol, Soybean Oil.

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Authors: Riham A. Ragheb, Ingy M. Naguib

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Conservation and urban investment are a prerequisite to improve the quality of life. Since the historic street is a part of the economic system, it should be able to play an important role in the city development by upgrading all services, public open spaces and reuse of historical buildings and sites. Furthermore, historical conservation enriches the political, economic, social, cultural and functional aspects of the site. Rosetta has been selected as an area of study because it has a unique character due to its possession of a variety of monuments and historical buildings. The aim of this research is to analyze the existing situation of an historic street named El Sheikh Kandil, to be able to identify the potentials and problems. The paper gives a proposal for the redesign and reinvestment of the street and the reuse for the historical buildings to serve the community, users and visitors. Then, it concludes with recommendations to improve quality of life through the rehabilitation of the historical buildings and strengthening of the cultural and historical identity of the street. Rosetta city can benefit from these development proposals by preserving and revitalizing its unique character which leads to tourism development and benefits from the new investments.

Keywords: Adaptive reuse, heritage street, historic investment, restoration, urban design.

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Authors: Hesham Abdel-Khalek, Sherif M. Hafez, Abdel-Hamid M. el-Lakany, Yasser Abuel-Magd

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Investment in a constructed facility represents a cost in the short term that returns benefits only over the long term use of the facility. Thus, the costs occur earlier than the benefits, and the owners of facilities must obtain the capital resources to finance the costs of construction. A project cannot proceed without an adequate financing, and the cost of providing an adequate financing can be quite large. For these reasons, the attention to the project finance is an important aspect of project management. Finance is also a concern to the other organizations involved in a project such as the general contractor and material suppliers. Unless an owner immediately and completely covers the costs incurred by each participant, these organizations face financing problems of their own. At a more general level, the project finance is the only one aspect of the general problem of corporate finance. If numerous projects are considered and financed together, then the net cash flow requirements constitute the corporate financing problem for capital investment. Whether project finance is performed at the project or at the corporate level does not alter the basic financing problem .In this paper, we will first consider facility financing from the owner's perspective, with due consideration for its interaction with other organizations involved in a project. Later, we discuss the problems of construction financing which are crucial to the profitability and solvency of construction contractors. The objective of this paper is to present the steps utilized to determine the best combination of minimum project financing. The proposed model considers financing; schedule and maximum net area .The proposed model is called Project Financing and Schedule Integration using Genetic Algorithms "PFSIGA". This model intended to determine more steps (maximum net area) for any project with a subproject. An illustrative example will demonstrate the feature of this technique. The model verification and testing are put into consideration.

Keywords: Project Management, Large-scale ConstructionProjects, Cash flow, Interest, Investment, Loan, Optimization, Scheduling, Financing and Genetic Algorithms.

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Authors: S. Al Wadi, Mohd Tahir Ismail, Samsul Ariffin Abdul Karim

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It is well known that during the developments in the economic sector and through the financial crises occur everywhere in the whole world, volatility measurement is the most important concept in financial time series. Therefore in this paper we discuss the volatility for Amman stocks market (Jordan) for certain period of time. Since wavelet transform is one of the most famous filtering methods and grows up very quickly in the last decade, we compare this method with the traditional technique, Fast Fourier transform to decide the best method for analyzing the volatility. The comparison will be done on some of the statistical properties by using Matlab program.

Keywords: Fast Fourier transforms, Haar wavelet transform, Matlab (Wavelet tools), stocks market, Volatility.

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Authors: A. Bodak, A. Cierniak-Emerych, M. Gableta, A. Pietroń-Pyszczek, K. Piwowar-Sulej

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Modern organizations operate under the pressure of dynamic and often unpredictable changes, both in external and internal environment. Market success, in this context, requires a particular competence in the form of flexibility, interpreted here both on the level of individuals and on the level of organization. This paper addresses the changes taking place in the sphere of employment, as observed in economic entities operating on Polish market. Based on own empirical studies, the authors focus on the progressing trend of ‘flexibilization’ of employment, particularly in the context of transformations in organizational structure, designed to facilitate the transition into management by projects and differentiation of labor forms.

Keywords: Flexibility of employment, changes in organizational structure, forms of employment, social effects of flexibility.

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Authors: M. Susithra, R. Gnanadass

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Ancillary services are support services which are essential for humanizing and enhancing the reliability and security of the electric power system. Reactive power ancillary service is one of the important ancillary services in a restructured electricity market which determines the cost of supplying ancillary services and finding of how this cost would change with respect to operating decisions. This paper presents a new formation that can be used to minimize the Independent System Operator (ISO)’s total payment for reactive power ancillary service. The modified power flow tracing algorithm estimates the availability of reserve reactive power for ancillary service. In order to find optimum reactive power dispatch, Biogeography based optimization method (BPO) is proposed. Market Reactive Clearing Price (MRCP) is then estimated and it encourages generator companies (GENCOs) to participate in an ancillary service. Finally, optimal weighting factor and real time utilization factor of reactive power give the minimum ISO’s total payment. The effectiveness of proposed design is verified using IEEE 30 bus system.

Keywords: Biogeography based optimization method, Power flow tracing method, Reactive generation capability curve and Reactive power ancillary service.

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Authors: Thamo Sutharssan, Diogo Montalvao, Yong Chen, Wen-Chung Wang, Claudia Pisac

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A combined heat and power (CHP) system is an efficient and clean way to generate power (electricity). Heat produced by the CHP system can be used for water and space heating. The CHP system which uses hydrogen as fuel produces zero carbon emission. Its’ efficiency can reach more than 80% whereas that of a traditional power station can only reach up to 50% because much of the thermal energy is wasted. The other advantages of CHP systems include that they can decentralize energy generation, improve energy security and sustainability, and significantly reduce the energy cost to the users. This paper presents the economic benefits of using a CHP system in the domestic environment. For this analysis, natural gas is considered as potential fuel as the hydrogen fuel cell based CHP systems are rarely used. UK government incentives for CHP systems are also considered as the added benefit. Results show that CHP requires a significant initial investment in returns it can reduce the annual energy bill significantly. Results show that an investment may be paid back in 7 years. After the back period, CHP can run for about 3 years as most of the CHP manufacturers provide 10 year warranty.

Keywords: Combined Heat and Power, Clean Energy, Hydrogen Fuel Cell, Economic Analysis of CHP, Zero Emission.

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Authors: Amruta Khairnar, Joy Sen

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Disparity in India has been persisting since independence causing many socioeconomic problems and its removal has become the most prime objective of the planned development in India. Hence the paper attempts to study the disparity at State and Regional level and gives inclusive planning guidelines to achieve balanced regional development. At State level, the relative socioeconomic backwardness of Vidarbha Region based on Interregional analysis using selected indicators like Foreign Direct Investment, Human Development Index, Per Capita District Domestic Product has been assessed and broad guidelines have been proposed. In the later part at Regional level, the relative backwardness of districts based on Intraregional analysis using socioeconomic indicators has been assessed within Nagpur sub region and factors responsible for backwardness & disparity have been indicated. The policy guidelines for Identified sub region have been proposed based on the most significant factor and their extent of relationship explaining backwardness Nagpur sub region.

Keywords: Balanced Growth, Foreign Direct Investment, Human Development Index, Per Capita District Domestic Product, Regional Disparity, Socioeconomic Inequality, Vidarbha Region.

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Authors: Majid Amidpour, Parisa Karimi, Marzieh Joda

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For the last few years, release of burned undesirable by-products has become a challenging issue in oil industries. Flaring, as one of the main sources of air contamination, involves detrimental and long-lasting effects on human health and is considered a substantial reason for energy losses worldwide. This research involves studying the implications of two main flare gas recovery methods at three oil refineries, all in Iran as the case I, case II, and case III in which the production capacities are increasing respectively. In the proposed methods, flare gases are converted into more valuable products, before combustion by the flare networks. The first approach involves collecting, compressing and converting the flare gas to smokeless fuel which can be used in the fuel gas system of the refineries. The other scenario includes utilizing the flare gas as a feed into liquefied petroleum gas (LPG) production unit already established in the refineries. The processes of these scenarios are simulated, and the capital investment is calculated for each procedure. The cumulative profits of the scenarios are evaluated using Net Present Value method. Furthermore, the sensitivity analysis based on total propane and butane mole fraction is carried out to make a rational comparison for LPG production approach, and the results are illustrated for different mole fractions of propane and butane. As the mole fraction of propane and butane contained in LPG differs in summer and winter seasons, the results corresponding to LPG scenario are demonstrated for each season. The results of the simulations show that cumulative profit in fuel gas production scenario and LPG production rate increase with the capacity of the refineries. Moreover, the investment return time in LPG production method experiences a decline, followed by a rising trend with an increase in C₃ and C₄ content. The minimum value of time return occurs at propane and butane sum concentration values of 0.7, 0.6, and 0.7 in case I, II, and III, respectively. Based on comparison of the time of investment return and cumulative profit, fuel gas production is the superior scenario for three case studies.

Keywords: Flare gas reduction, liquefied petroleum gas, fuel gas, net present value method, sensitivity analysis.

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Authors: Farnaz G. Nezami, Mir B. Aryanezhad, Seyed J. Sadjadi

Abstract:

In this paper a nonlinear model is presented to demonstrate the relation between production and marketing departments. By introducing some functions such as pricing cost and market share loss functions it will be tried to show some aspects of market modelling which has not been regarded before. The proposed model will be a constrained signomial geometric programming model. For model solving, after variables- modifications an iterative technique based on the concept of geometric mean will be introduced to solve the resulting non-standard posynomial model which can be applied to a wide variety of models in non-standard posynomial geometric programming form. At the end a numerical analysis will be presented to accredit the validity of the mentioned model.

Keywords: Geometric programming, marketing, nonlinear optimization, production.

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Authors: Jan Cernohorsky

Abstract:

This article aims to assess the evolution of imperfect competition in selected banking markets, in particular in the banking markets of Slovakia, Poland, Hungary, Slovenia and Croatia. Another objective is to assess the evolution of the relationship of imperfect competition and profit development in the banking markets. The article first provides an overview of literature on the topic. It then measures the degree of imperfect competition in individual markets using the Herfindahl-Hirschman Index. The commonly used indicator of total assets was chosen as an indicator. Based on this measurement, the individual banking sectors are categorized into theoretical definitions of the various types of imperfect competition - namely all surveyed banking sectors falling within the theoretical definition of monopolistic competition. Subsequently, using correlation analysis, i.e., the Pearson correlation coefficient, or the Spearman correlation coefficient, the connection between the evolution of imperfect competition and the development of the gross profit on selected banking markets was surveyed. It was found that with the exception of the banking market in Slovenia, where there is a positive correlation; there is no correlation between the evolution of imperfect competition and profit development in the selected markets. This means a recommendation for the regulators that it is not appropriate to rationalize a higher degree of regulation in granting banking licenses on the size of the profits attained in the banking market, as the relationship between the degree of concentration in the banking market and the amount of profit according to our measurements does not exist.

Keywords: Banking system, imperfect competition, profitability.

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Authors: Wanda Luen-Wun Siu, Xiaowen Zhang

Abstract:

This paper offered the primary methodical proof on how director remuneration related to enterprise earnings in listed firms in China in light of most evidence focusing on cross-sectional data or data in a short span of time. Using full economic and business panel data on China’s publicly listed enterprise from 1999 to 2020 over two decades in the China Stock Market & Accounting Research database, we found statistically significant positive associations between director pay and firm performance in privately owned firms over this period, supporting the agency theory. In contrast, among the state-owned enterprises, there was a reverse relation between director compensation and firm financial performance, contributing to the existing literature. But the results also revealed that state-owned enterprises financially performed as well as private enterprises. Such findings suggested that state ownership might line up officials’ career incentives with party prime concern rather than pecuniary incentives. Also, CEO duality enhanced firm performance. As such, allegiance to the party and possible advancement to an upper-level political position would motivate company directors in state-owned enterprises. On the other hand, directors in privately owned enterprises might be motivated by monetary incentives. In addition, a statistical regression model was proposed and tested to get the results of the performance of state-owned enterprises. Finally, some suggestions were made about how to improve the institutional management of government-owned corporations in China.

Keywords: China’s listed Firm, director compensation, CEO duality, firm performance, panel analysis.

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