Search results for: bond markets

Authors: Ioan Popa, Radu Lupu, Cristiana Tudor

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In this paper, we apply the FM methodology to the cross-section of Romanian-listed common stocks and investigate the explanatory power of market beta on the cross-section of commons stock returns from Bucharest Stock Exchange. Various assumptions are empirically tested, such us linearity, market efficiency, the “no systematic effect of non-beta risk" hypothesis or the positive expected risk-return trade-off hypothesis. We find that the Romanian stock market shows the same properties as the other emerging markets in terms of efficiency and significance of the linear riskreturn models. Our analysis included weekly returns from January 2002 until May 2010 and the portfolio formation, estimation and testing was performed in a rolling manner using 51 observations (one year) for each stage of the analysis.

Keywords: Bucharest Stock Exchange, Fama-Macbeth methodology, systematic risk, non-linear risk-return dependence.

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Authors: M.M. Jafarpour, Ar. Foolad, M.K. Mansouri, Z. Nikbakhsh, H. Saeedizade

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Ammonia nitrogen is one of the most hazardous water pollutants, discharging into water receptors through industrial effluents. Negative environmental impacts of such chemical species in hydrosphere include accelerated eutrophication, water toxicity and harming the aquatics. Natural zeolite clinoptilolite has very high selectivity & capacity for ammonium cation sorption. It occurs in high abundances and rich mines of this zeolite exist in different parts of Iran and thus are available more cheaply and with different sizing. The aim of this study is to investigate ammonia nitrogen removal over this natural sorbent from real samples of high polluted wastewater discharging from a fertilizer producing plant. The experimental results showed that this natural sorbent without even any pre treatment system & with the same particle size available in Iranian markets has still high capability & selectivity in ammonia nitrogen removal both in batch and continuous tests.

Keywords: Ammonia nitrogen removal, Clinoptilolite, Naturalzeolite, Waste water.

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Authors: S. Mahmoodzadeh, J. Shahrabi, M. A. Torkamani, J. Sabaghzadeh Ghomi

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Recognizing behavioral patterns of financial markets is essential for traders. Japanese candlestick chart is a common tool to visualize and analyze such patterns in an economic time series. Since the world was introduced to Japanese candlestick charting, traders saw how combining this tool with intelligent technical approaches creates a powerful formula for the savvy investors. This paper propose a generalization to box counting method of Grassberger-Procaccia, which is based on computing the correlation dimension of Japanese candlesticks instead commonly used 'close' points. The results of this method applied on several foreign exchange rates vs. IRR (Iranian Rial). Satisfactorily show lower chaotic dimension of Japanese candlesticks series than regular Grassberger-Procaccia method applied merely on close points of these same candles. This means there is some valuable information inside candlesticks.

Keywords: Chaos, Japanese candlestick, generalized box counting, strange attractor.

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Authors: Iasha Meskhia, Rusudan Seturidze

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Free access for Georgian goods to the EU markets is one of the important factors for Georgia’s economic development, attraction of investments and raising the standard of living. The European Union is the most important trade partner for Georgia. Great experience has been accumulated with respect to removing trade barriers between Georgia and the European Union. Despite it, certain problems still persist.

In the present article, we have reviewed the systems of preferences with the European Union, the EU’s Generalized System of Preferences (GSP) and the essence of ongoing reform; we have assessed weak and strong sides of relations established between the European Union and Georgia in this regard; analyzed Georgia’s export and import over the past years; also reviewed the prospect of a unified database; established existing and anticipated positive and negative factors. Based on the analysis, we have provided the relevant recommendations. 

Keywords: EU-Georgia trade, EU’s GSP reform, Georgia’s export-import, REX system.

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Authors: Mansur Hamma-adama, Abdul-Basit Sa’eed Ahmad

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Construction Industry is evolving amid the fourth industrial revolution. Transportation, commerce, manufacturing and many other industries ripened the current technological advancement and are striving to utilise every development in the IT sector. The procurement of construction works is known to be very conventional and backward in the adoption of digitalisation. The construction industry's procurement and supply chain are blamed for the most inflated cost of construction projects, mainly attributed to a lack of transparency and trust between the industry stakeholders. This research explores the challenges of e-procurement adoption in the industry and identifies the potential opportunities for its usage. This investigation's data are acquired through interviews, and the data are analysed using qualitative content analysis. This study reveals compounding challenges (i.e., corruption and lack of commitment) that lead to the failure of such efforts in Nigeria and the potential prospects (i.e., transparency and efficiency). This study is essential in developing a more effective and transparent process of procurement so that the Nigerian construction industry is not be left behind in the fast-digitalising markets.

Keywords: Challenges, construction industry, corruption, e-procurement, Nigeria, opportunities.

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Authors: A. Deręgowska, J. Depciuch, R. Wojnarowska, J. Polit, D. Broda, H. Nechai, M. Gonchar, and E. Sheregii

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16-Mercaptohexadecanoic acid (MHDA) and tripeptide glutathione conjugated with gold nanoparticles (Au-NPs) are characterized by Fourier Transform InfaRared (FTIR) spectroscopy combined with Surface-enhanced Raman scattering (SERS) spectroscopy. Surface Plasmon Resonance (SPR) technique based on FTIR spectroscopy has become an important tool in biophysics, which is perspective for the study of organic compounds. FTIR-spectra of MHDA shows the line at 2500 cm-1 attributed to thiol group which is modified by presence of Au-NPs, suggesting the formation of bond between thiol group and gold. We also can observe the peaks originate from characteristic chemical group. A Raman spectrum of the same sample is also promising. Our preliminary experiments confirm that SERS-effect takes place for MHDA connected with Au-NPs and enable us to detected small number (less than 106 cm-2) of MHDA molecules. Combination of spectroscopy methods: FTIR and SERS – enable to study optical properties of Au- NPs and immobilized bio-molecules in context of a bio-nano-sensors.

Keywords: Glutathione; gold nanoparticles, Fourier transform infrared spectroscopy, MHDA, surface-enhanced Raman scattering.

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Authors: Ahmed Fathi Mohamed, Nasir Shafiq, M. F. Nuruddin, Ali Elheber

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Implementing significant advantages in the supply of self-compacting concrete (SCC) is necessary because of the, negative features of SCC. Examples of these features are the ductility problem along with the very high cost of its constituted materials. Silica fume with steel fiber can fix this matter by improving the ductility and decreasing the total cost of SCC by varying the cement ingredients. Many different researchers have found that there have not been enough research carried out on the steel fiber-reinforced self-compacting concrete (SFRSCC) produced with silica fume. This paper inspects both the fresh and the mechanical properties of SFRSCC with silica fume, the fresh qualities where slump flow, slump T₅₀ and V- funnel. While, the mechanical characteristics were the compressive strength, ultrasound pulse velocity (UPV) and elastic modulus of the concrete samples. The experimental results have proven that steel fiber can enhance the mechanical features. In addition, the silica fume within the entire hybrid mix may possibly adapt the fiber dispersion and strengthen deficits due to the fibers. It could also improve the strength plus the bond between the fiber and the matrix with a dense calcium silicate-hydrate gel in SFRSCC. The concluded result was predicted using linear mathematical models and was found to be in great agreement with the experimental results.

Keywords: Self-compacting concrete, silica fume, steel fiber, fresh and mechanical properties.

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Authors: F. Gökgöz, M. E. Atmaca

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Electricity plays an indispensable role in human life and the economy. It is a unique product or service that must be balanced instantaneously, as electricity is not stored, generation and consumption should be proportional. Effective and efficient use of electricity is very important not only for society, but also for the environment. A competitive electricity market is one of the best ways to provide a suitable platform for effective and efficient use of electricity. On the other hand, it carries some risks that should be carefully managed by the market players. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Markowitz’s Mean-variance, Down-side and Semi-variance methods for a case study. Performance of optimal electricity sale solutions are measured and evaluated via Sharpe-Ratio, and the optimal portfolio solutions are improved. Two years of historical weekdays’ price data of the Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: Electricity market, portfolio optimization, risk management in electricity market, Sharpe ratio.

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Authors: Valentina Ndou, Laura Schina, Giuseppina Passiante, Pasquale Del Vecchio, Marco De Maggio

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The aim of this paper is to propose a dynamic integrated approach, based on modularity concept and on the business ecosystem approach, that exploit different eBusiness services for SMEs under an open business network platform. The adoption of this approach enables firms to collaborate locally for delivering the best product/service to the customers as well as globally by accessing international markets, interrelate directly with the customers, create relationships and collaborate with worldwide actors. The paper will be structured as following: We will start by offering an overview of the state of the art of eBusiness platforms among SME of food and tourism firms and then we discuss the main drawbacks that characterize them. The digital business ecosystem approach and the modularity concept will be described as the theoretical ground in which our proposed integrated model is rooted. Finally, the proposed model along with a discussion of the main value creation potentialities it might create for SMEs will be presented.

Keywords: component, Complexity; Digital Business Ecosystem, e Business Platforms, Modularity, Networks.

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Authors: Dai Miyamoto

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This paper examines the factors, which determine R&D outsourcing behaviour at Japanese firms, from the viewpoints of transaction cost and strategic management, since the latter half of the 1990s. This study uses empirical analysis, which involves the application of large-sample data. The principal findings of this paper are listed below. Firms that belong to a wider corporate group are more active in executing R&D outsourcing activities. Diversification strategies such as the expansion of product and sales markets have a positive effect on the R&D outsourcing behaviour of firms. Moreover, while quantitative R&D resources have positive influences on R&D outsourcing, qualitative indices have no effect. These facts suggest that R&D outsourcing behaviour of Japanese firms are consistent with the two perspectives of transaction cost and strategic management. Specifically, a conventional corporate group network plays an important role in R&D outsourcing behaviour. Firms that execute R&D outsourcing leverage 'old' networks to construct 'new' networks and use both networks properly.

Keywords: Corporate Group Networks, R&D Outsourcing, Strategic Management Perspective, Transaction Cost Perspective.

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Authors: Yung C. Ho, Hui C. Fang, Ming J. Hsieh

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When consistently innovative business-models can give companies a competitive advantage, longitudinal empirical research, which can reflect dynamic business-model changes, has yet to prove a definitive connection. This study consequently employs a dynamic perspective in conjunction with innovation theory to examine the relationship between the types of business-model innovation and firm value. This study tries to examine various types of business-model innovation in high-end and low-end technology industries such as HTC and the 7-Eleven chain stores with research periods of 14 years and 32 years, respectively. The empirical results suggest that adopting radical business-model innovation in addition to expanding new target markets can successfully lead to a competitive advantage. Sustained advanced technological competences and service/product innovation are the key successful factors in high-end and low-end technology industry business-models respectively. In sum up, the business-model innovation can yield a higher market value and financial value in high-end technology industries than low-end ones.

Keywords: Business-model, Dynamic Perspective, Firm Value, Innovation

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Authors: Hugo Rodríguez

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The patenting of inventions is the result of an organized effort to achieve technological improvement and its consequent positive impact on the population's standard of living. Technology exports, either of high-tech goods or of Information and Communication Technology (ICT) services, represent the level of acceptance that world markets have of that technology acquired or developed by a country, either in public or private settings. A quantitative measure of the above variables is expected to have a positive and relevant impact on the level of economic development of the countries, measured on this first occasion through their level of Gross Domestic Product (GDP). And in that sense, it not only explains the performance of an economy but the difference between nations. We present an econometric model where we seek to explain the difference between the GDP levels of 178 countries through their different performance in the outputs of the technological production process. We take the variables of Patenting, ICT Exports and High Technology Exports as results of the innovation process. This model achieves an explanatory power for four annual cuts (2000, 2005, 2010 and 2015) equivalent to an adjusted r2 of 0.91, 0.87, 0.91 and 0.96, respectively.

Keywords: Development, exports, patents, technology.

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Authors: J. Furuya, S. Kobayashi, S. D. Meyer

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This research examines possible effects of climatic change focusing on global warming and its impacts on world agricultural product markets, by using a world food model developed to consider climate changes. GDP and population for each scenario were constructed by IPCC and climate data for each scenario was reported by the Hadley Center and are used in this research to consider results in different contexts. Production and consumption of primary agriculture crops of the world for each socio-economic scenario are obtained and investigated by using the modified world food model. Simulation results show that crop production in some countries or regions will have different trends depending on the context. These alternative contexts depend on the rate of GDP growth, population, temperature, and rainfall. Results suggest that the development of environment friendly technologies lead to more consumption of food in many developing countries. Relationships among environmental policy, clean energy development, and poverty elimination warrant further investigation.

Keywords: Global warming, SRES scenarios, World food model.

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Authors: R. A. Sabir , X. Xinping , S.A. Sabr

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This paper has presented research in progress concerning the contribution of target costing approach to achievement competitive price in the Iraqi firm. The title of the paper is one of the subjects that get large concerns in the finance and business world in the present time. That is because many competitive firms have appeared in the regional and global markets and the rapid changes that covered all fields of life. On the other hand, this paper concentrated on lack knowledge of the industrial firms, regarding the significant role of target cost for achieving the competitive prices. The paper depends on the main supposition, using the competitive price to get the target cost in the industrial firms. In order to achieve competitive advantage in business world the firms should rely on modern methods to manage cost and profit. From strategic perspective the target cost achieves a so powerful competitive advantage represented in cost reduction. Nevertheless the target cost does not exclude the calculation and survey of costs during the production process. Products- estimated costs are calculated and compared with the target costs.

Keywords: Target Costing, Competitive Price, Target Profit, Iraq Kurdistan Region.

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Authors: Abioye A. Oyenuga, Rao Bhamidimarri

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Hurling a successful Construction and Demolition Waste (C&DW) recycling operation around the globe is a challenge today, predominantly because secondary materials markets are yet to be integrated. Reducing, Reusing and recycling of (C&DW) have been employed over the years, and various techniques have been investigated. However, the economic and environmental viability of its application seems limited. This paper discusses the costs and benefits in using secondary materials and focus on investigating reuse and recycling process for five major types of construction materials: concrete, metal, wood, cardboard/paper and plasterboard. Data obtained from demolition specialists and contractors are considered and evaluated. The research paper found that construction material recovery process fully incorporate a 3R’s principle contributing to saving energy and natural resources. This scrutiny leads to the empathy of grand challenges in construction material recovery process. Recommendations to deepen material recovery process are also discussed.

Keywords: Construction & Demolition Waste (C&DW), 3R concept, Recycling, Reuse, Life-Cycle Assessment (LCA), Waste Management.

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Authors: Chanin Yoopetch, Natcha Toemtemsab

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The purpose of this study was to explore the demographic differences of international tourists according to three main factors, including the value of time, shopping behavior and shopping motivation. The Chatuchak Weekend Market is known as one of the biggest weekend markets in the world. Too little academic studies had been conducted in this area of weekend market, despite its growth and continuous development. In general, both domestic visitors and international tourists are attracted to the perception of cheap and bargaining prices the weekend market. However, systematic research study can provide reliable understanding of the perception of the visitors. This study focused on the group of international tourists who visited the market and aimed to provide better insights based on the differences in their demographic factors. Findings indicated that several differences in value of time, shopping behavior, and shopping motivation were identified by gender, income and age. Research implications and directions for further studies were discussed.

Keywords: Value of Time, Shopping Behavior, Shopping Motivation, Chatuchak Weekend Market.

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Authors: Seyed Mohammad Reza Hosseini

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The new institutional Economics helps generalization and expansion of new classic by adding the institution theories to Economic. It is clear that the appropriate institution is among the factors that lead to success in Economic programs. If the institutional are appropriate, the society will save the source and when we make use of time to apply the program, there will be welfare and average revenue product will also increase. In Economy, one should not expect the real manifestation of Economic programs only with a model for estimating and predicting rather institutions of the same purpose and along with production are needed to form the process of growth and development costs. In this research, the institution role in transaction costs, financial markets, distribution of revenue and capital and its influence on the process of growth and development are investigated so that handicaps and problems of Iran Economic Institutions can be recognized. In other words, incapability, non productivity and ambiguity of the institution in Iran Economic are some of the factors that handicap Economic growth and development. For example, Iran government as an important institution while having 20 ministries,83 organizations and 60 years of programming could not go along the growth and development but why?

Keywords: Institution, New institutional economics, Transaction costs.

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Authors: Siddhant Sahu, P. James Daniel Paul

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Technical analysis comprised by various technical indicators is a holistic way of representing price movement of stocks in the market. Various forms of indicators have evolved from the primitive ones in the past decades. There have been many attempts to introduce volume as a major determinant to determine strong patterns in market forecasting. The law of demand defines the relationship between the volume and price. Most of the traders are familiar with the volume game. Including the time dimension to the law of demand provides a different visualization to the theory. While attempting the same, it was found that there are different thresholds in the market for different companies. These thresholds have a significant influence on the price. This article is an attempt in determining the thresholds for companies using the three dimensional graphs for optimizing the portfolios. It also emphasizes on the magnitude of importance of volumes as a key factor for determining of predicting strong price movements, bullish and bearish markets. It uses a comprehensive data set of major companies which form a major chunk of the Indian automotive sector and are thus used as an illustration.

Keywords: Technical Analysis, Expert System, Law of demand, Stocks, Portfolio Analysis, Indian Automotive Sector.

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Authors: Ali N. Suri, Ahmad A. Al-Makhlufi

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Sandwich construction is widely accepted as a method of construction especially in the aircraft industry. It is a type of stressed skin construction formed by bonding two thin faces to a thick core, the faces resist all of the applied edge loads and provide all or nearly all of the required rigidities, the core spaces the faces to increase cross section moment of inertia about common neutral axis and transmit shear between them provides a perfect bond between core and faces is made.

Material for face sheets can be of metal or reinforced plastics laminates, core material can be metallic cores of thin sheets forming corrugation or honeycomb, or non metallic core of Balsa wood, plastic foams, or honeycomb made of reinforced plastics.

For in plane axial loading web core and web-foam core Sandwich panels can fail by local buckling of plates forming the cross section with buckling wave length of the order of length of spacing between webs.

In this study local buckling of web core and web-foam core Sandwich panels is carried out for given materials of facing and core, and given panel overall dimension for different combinations of cross section geometries.

The Finite Strip Method is used for the analysis, and Fortran based computer program is developed and used.

Keywords: Local Buckling, Finite Strip, Sandwich panels, Web and foam core.

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Authors: Valentina Di Maria, Anton Ianakiev

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The use OF adhesive anchors for wooden constructions is an efficient technology to connect and design timber members in new timber structures and to rehabilitate the damaged structural members of historical buildings. Due to the lack of standard regulation in this specific area of structural design, designers’ choices are still supported by test analysis that enables knowledge, and the prediction, of the structural behaviour of glued in rod joints. The paper outlines an experimental research activity aimed at identifying the tensile resistance capacity of several new adhesive joint prototypes made of epoxy resin, steel bar and timber, Oak and Douglas Fir species. The development of new adhesive connectors has been carried out by using epoxy to glue stainless steel bars into pre-drilled holes, characterised by smooth and rough internal surfaces, in timber samples. The realization of a threaded contact surface using a specific drill bit has led to an improved bond between wood and epoxy. The applied changes have also reduced the cost of the joints’ production. The paper presents the results of this parametric analysis and a Finite Element analysis that enables identification and study of the internal stress distribution in the proposed adhesive anchors.

Keywords: Glued in rod joints, adhesive anchors, timber, epoxy, rough contact surface, threaded hole shape.

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Authors: Ana-Marija Stjepić, Dalia Suša Vugec

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Today, digital transformation is one of the leading topics that occupy the attention of scientific circles and business experts. Organizational success is most often reflected through the successful managing of business processes. Given the growing market for digital innovations and its ever-increasing impact on business, organizations need to be prepared for organizational changes that come with the digital era. In order to maintain their competitive advantage in the global market, organizations must adapt their processes to new digitalization conditions. The main goal of this study is to point out the link between the digital transformation and the business process management concept. Therefore, in order to contribute to the scientific field that explores the potential relation between business process management concept and digital transformation, a literature review has been conducted. Papers have been searched within the Business Process Management Journal by keywords related to the term digital transformation. Selected papers have been analyzed according to the topic, type of publication, year of publication, keywords, etc. The results reveal a growing number of papers published on the topic of digital transformation to the Business Process Management Journal, but the lack of case studies. This paper contributes to the extension of academic literature in this important, yet insufficiently researched, scientific field that creates the bond between two strong concepts of digital transformation and business process management.

Keywords: Business process management, digital transformation, digitalization, process change.

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Authors: Niti Kammuang-lue, Kritsada On-ai, Phrut Sakulchangsatjatai, Pradit Terdtoon

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The objectives of this paper are to investigate effects of dimensionless numbers on thermal performance of the vertical closed-loop pulsating heat pipe (VCLPHP) and to establish a correlation to predict the thermal performance of the VCLPHP. The CLPHPs were made of long copper capillary tubes with inner diameters of 1.50, 1.78, and 2.16mm and bent into 26 turns. Then, both ends were connected together to form a loop. The evaporator, adiabatic, and condenser sections length were equal to 50 and 150 mm. R123, R141b, acetone, ethanol, and water were chosen as variable working fluids with constant filling ratio of 50% by total volume. Inlet temperature of heating medium and adiabatic section temperature was constantly controlled at 80 and 50^oC, respectively. Thermal performance was represented in a term of Kutateladze number (Ku). It can be concluded that when Prandtl number of liquid working fluid (Pr_l), and Karman number (Ka) increases, thermal performance increases. On contrary, when Bond number (Bo), Jacob number (Ja), and Aspect ratio (L_e/D_i) increases, thermal performance decreases. Moreover, the correlation to predict more precise thermal performance has been successfully established by analyzing on all dimensionless numbers that have effect on the thermal performance of the VCLPHP.

Keywords: Vertical closed-loop pulsating heat pipe, working fluid, thermal performance, dimensionless parameter.

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Authors: Danielle Sandler dos Passos, Helder Coelho, Flávia Mori Sarti

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Analysing the world banking sector, we realize that traditional risk measurement methodologies no longer reflect the actual scenario with uncertainty and leave out events that can change the dynamics of markets. Considering this, regulators and financial institutions began to search more realistic models. The aim is to include external influences and interdependencies between agents, to describe and measure the operationalization of these complex systems and their risks in a more coherent and credible way. Within this context, X-Events are more frequent than assumed and, with uncertainties and constant changes, the concept of antifragility starts to gain great prominence in comparison to others methodologies of risk management. It is very useful to analyse whether a system succumbs (fragile), resists (robust) or gets benefits (antifragile) from disorder and stress. Thus, this work proposes the creation of the Banking Antifragility Index (BAI), which is based on the calculation of a triangular fuzzy number – to "quantify" qualitative criteria linked to antifragility.

Keywords: Complex adaptive systems, X-events, risk management, antifragility, banking antifragility index, triangular fuzzy number.

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Authors: A. Zaidi, F. Khelifi, R. Masmoudi, M. Bouhicha

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5

In order to eradicate the degradation of reinforced concrete structures due to the steel corrosion, professionals in constructions suggest using fiber reinforced polymers (FRP) for their excellent properties. Nevertheless, high temperatures may affect the bond between FRP bar and concrete, and consequently the serviceability of FRP-reinforced concrete structures. This paper presents a nonlinear numerical investigation using ADINA software to investigate the effect of the spacing between glass FRP (GFRP) bars embedded in concrete on circumferential thermal deformations and the distribution of radial thermal cracks in reinforced concrete beams submitted to high temperature variations up to 60 °C for asymmetrical problems. The thermal deformations predicted from nonlinear finite elements model, at the FRP bar/concrete interface and at the external surface of concrete cover, were established as a function of the ratio of concrete cover thickness to FRP bar diameter (c/d_b) and the ratio of spacing between FRP bars in concrete to FRP bar diameter (e/d_b). Numerical results show that the circumferential thermal deformations at the external surface of concrete cover are linear until cracking thermal load varied from 32 to 55 °C corresponding to the ratio of e/d_b varied from 1.3 to 2.3, respectively. However, for ratios e/d_b >2.3 and c/d_b >1.6, the thermal deformations at the external surface of concrete cover exhibit linear behavior without any cracks observed on the specified surface. The numerical results are compared to those obtained from analytical models validated by experimental tests.

Keywords: Concrete beam, FRP bars, spacing effect, thermal deformation.

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Authors: Phumelele P. Kubheka, Pius A. Owolawi, Gbolahan Aiyetoro

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Twitter is one of the most popular social media platforms where users share their opinions on different subjects. Twitter can be considered a great source for mining text due to the high volumes of data generated through the platform daily. Many industries such as telecommunication companies can leverage the availability of Twitter data to better understand their markets and make an appropriate business decision. This study performs topic modeling on Twitter data using Latent Dirichlet Allocation (LDA). The obtained results are benchmarked with another topic modeling technique, Latent Semantic Indexing (LSI). The study aims to retrieve topics on a Twitter dataset containing user tweets on South African Telcos. Results from this study show that LSI is much faster than LDA. However, LDA yields better results with higher topic coherence by 8% for the best-performing model in this experiment. A higher topic coherence score indicates better performance of the model.

Keywords: Big data, latent Dirichlet allocation, latent semantic indexing, Telco, topic modeling, Twitter.

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Authors: Waldemiro Francisco Sorte Junior

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The Japanese integrative approach to social systems can be observed in supply chain management as well as in the relationship between public and private sectors. Both the Lean Production System and the Developmental State Model are characterized by efforts towards the achievement of mutual goals, resulting in initiatives for capacity building which emphasize the system level. In Brazil, although organizations undertake efforts to build capabilities at the individual and organizational levels, the system level is being neglected. Fieldwork data confirmed the findings of other studies in terms of the lack of integration in supply chain management in the Brazilian automobile industry. Moreover, due to the absence of an active role of the Brazilian state in its relationship with the private sector, automakers are not fully exploiting the opportunities in the domestic and regional markets. For promoting a higher level of economic growth as well as to increase the degree of spill-over of technologies and techniques, a more integrative approach is needed.

Keywords: Integration, Lean Production System, DevelopmentalState Model, Brazilian automobile industry.

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Authors: O. A. Novitskaya

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The emerging markets of post-USSR countries have attracted Western multinational companies; however, weak institutions and unstable host country environments have hindered the implementation of successful management practices. The Ukrainian market, in light of recent events, is particularly interesting to study for its compatibility with Western businesses. This paper focuses on factors that can facilitate or inhibit the transfer of human resource management practices from Western headquarters to Ukrainian subsidiaries. To explain the national context’s effects better, a business systems approach has been applied to a qualitative study of 16 wholly owned Western subsidiaries, dissecting the reasons for a weak integration of Western practices in Ukraine. Results show that underdeveloped institutions have forced companies to develop additional practices that compensate for national weaknesses, as well as to adjust to a constantly changing environment. Flexibility and local responsiveness were observed as vital for success in Ukraine.

Keywords: Business system, HR practices, human resource management, multinational companies, Ukraine.

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Authors: Mădălina Maria Gîrbină, Cătălin Nicolae Albu, Nadia Albu

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After the accounting scandals and the financial crisis, regulators have stressed the need for more financial experts on boards. Several studies conducted in countries with developed capital markets report positive effects of board financial competencies. As each country offers a different context and specific institutional factors this paper addresses the subject in the context of Romania. The Romanian capital market offers an interesting research field because of the heterogeneity of listed firms. After analyzing board members education based on public information posted on listed companies websites and their annual reports we found a positive association between the proportion of board members holding a postgraduate degree in financial fields and market based performance measured by Tobin q. We found also that the proportion of Board members holding degrees in financial fields is higher in bigger firms and firms with more concentrated ownership.

Keywords: financial education, corporate governance, board

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Authors: A. A. K. Abou-Arab, M. A. Abou Donia, Sherif R. Mohamed, A. K. Enab

Abstract:

Lead being a toxic heavy metal that mankind is exposed to the highest levels of this metal. There are different sources of environmental pollution with lead as lead alkyl additives in petrol and manufacturing processes. The contaminated atmosphere in urban and industrial areas by lead in Egypt may lead to the contamination of foods beside the other different sources. The present investigation studied the risk assessment of lead in some Egyptian edible vegetables and fruits collected from different environments in Greater Cairo Governorate, i.e. industrial, heavy traffic and rural areas. A total of 325 leafy and fruity vegetables and fruits samples belonging to 11, 6 and 4 different species, respectively were randomly collected from markets of the three main models. Data indicated the variation of lead levels in different three areas. The highest levels of lead were detected in the samples collected from industrial and traffic areas. However, the lowest levels were found in the rural areas. It could be concluded that determination of lead levels in foods from different localities and environments at regularly is very important.

Keywords: Heavy metals, Lead, Vegetables, Fruits, Environments.

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Authors: G. Erkomaishvili, M. Kobalava, T. Lazariashvili, M. Saghareishvili

Abstract:

The article discusses the consumer market of agricultural products and agricultural policy in Georgia. It is noted that development of the strategic areas of the agricultural sector needs a special support. These strategic areas should create the country's major export potential. It is important to develop strategies to access to the international markets, form extensive marketing network etc., which will become the basis for the promotion and revenue growth of the country. The Georgian agricultural sector, with the right state policy and support, can achieve success and gain access to the world market with competitive agricultural products. The paper discusses the current condition of agriculture, export and import of agricultural products and agricultural policy in Georgia. The conducted research concludes the information that there is an increasing demand on the green goods in the world market. Natural and climatic conditions of Georgia give a serious possibility of implementing it. The research presents an agricultural development strategy in Georgia and the findings and based on them recommendations are proposed.

Keywords: Agriculture, agricultural cooperative society agricultural insurance, agricultural policy, export-import of agricultural products.

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