Search results for: credit spread

Authors: Abigail Qian Zhou

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Since China has entered an era of mass tourism, there has been a fundamental change in the way Chinese people approach and perceive the image of other countries. With the advent of the new media era, social networking sites such as Sina Weibo have become a tool for many foreign governmental organizations to spread and promote their national image. Among them, the Japan National Tourism Organization (JNTO) was one of the first foreign official tourism agencies to register with Sina Weibo and actively implement communication activities. Due to historical and political reasons, cognition of Japan's national image by the Chinese has always been complicated and contradictory. However, since 2015, China has become the largest source of tourists visiting Japan. This clearly indicates that the broadening of Japan's national image in China has been effective and has value worthy of reference in promoting a positive Chinese perception of Japan and encouraging Japanese tourism. Within this context and using the method of content analysis in media studies through content mining software, this study analyzed how JNTO’s Sina Weibo accounts have constructed and spread Japan's national image. This study also summarized the characteristics of its content and form, and finally revealed the strategy of JNTO in building its international image. The findings of this study not only add a tourism-based perspective to traditional national image communications research, but also provide some reference for the effective international dissemination of national image in the future.

Keywords: National image, tourism, international communication, Japan, China.

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Authors: Tamara Kelly

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The past decade has witnessed a good opportunities for city development schemes in UK. The government encouraged restoration of city centers to comprise mixed use developments with high density residential apartments. Investments in regeneration areas were doing well according to the analyses of Property Databank (IPD). However, more recent analysis by IPD has shown that since 2007, property in regeneration areas has been more vulnerable to the market downturn than other types of investment property. The early stages of a property market downturn may be felt most in regeneration where funding, investor confidence and occupier demand would dissipate because the sector was considered more marginal or risky when development costs rise. Moreover, the Bank of England survey shows that lenders have sequentially tightened the availability of credit for commercial real estate since mid-2007. A sharp reduction in the willingness of banks to lend on commercial property was recorded. The credit crunch has already affected commercial property but its impact has been particularly severe in certain kinds of properties where residential developments are extremely difficult, in particular city centre apartments and buy-to-let markets. Commercial property – retail, industrial leisure and mixed use were also pressed, in Birmingham; tens of mixed use plots were built to replace old factories in the heart of the city. The purpose of these developments was to enable young professionals to work and live in same place. Thousands of people lost their jobs during the recession, moreover lending was more difficult and the future of many developments is unknown. The recession casts its shadow upon the society due to cuts in public spending by government, Inflation, rising tuition fees and high rise in unemployment generated anger and hatred was spreading among youth causing vandalism and riots in many cities. Recent riots targeted many mixed used development in the UK where banks, shops, restaurants and big stores were robbed and set into fire leaving residents with horror and shock. This paper examines the impact of the recession and riots on mixed use development in UK.

Keywords: Diversity, mixed use development, outdoor comfort, public realm, safe places, safety by design.

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Authors: C. Recommandé, J.C. Blind, A. Clavel, R. Gourichon, V. Le Gal

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Simulations are developed in this paper with usual DSGE model equations. The model is based on simplified version of Smets-Wouters equations in use at European Central Bank which implies 10 macro-economic variables: consumption, investment, wages, inflation, capital stock, interest rates, production, capital accumulation, labour and credit rate, and allows take into consideration the banking system. Throughout the simulations, this model will be used to evaluate the impact of rate shocks recounting the actions of the European Central Bank during 2008.

Keywords: CC-LM, Central Bank, DSGE, Liquidity Shock, Non-standard Intervention.

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Authors: Amir Hossein Ghaffari Nejad, Forouhar Ferdowsi, Reza Mashhadi

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In the interest-free banking system of Iran, the savings of society are in the form of bank deposits, and banks using the Islamic contracts, allocate the resources to applicants for obtaining facilities and credit. In the meantime, the central bank, with the aim of introducing monetary policy, determines the maximum interest rate on bank deposits in terms of macroeconomic requirements. But in recent years, the country's economic constraints with the stagflation and the consequence of the institutional weaknesses of the financial market of Iran have resulted in massive disturbances in the balance sheet of the banking system, resulting in a period of mismatch maturity in the banks' assets and liabilities and the implementation of a Ponzi game. This issue caused determination of the interest rate in long-term bank deposit contracts to be associated with non-observance of the maximum rate set by the central bank. The result of this condition was in the allocation of new sources of equipment to meet past commitments towards the old depositors and, as a result, a significant part of the supply of equipment was leaked out of the facilitating cycle and credit crunch emerged. The purpose of this study is to identify the most important factors affecting the occurrence of non-confirmatory financial banking behavior using data from 19 public and private banks of Iran. For this purpose, the causes of this non-confirmatory behavior of banks have been investigated using the panel vector autoregression method (PVAR) for the period of 2007-2015. Granger's causality test results suggest that the return of parallel markets for bank deposits, non-performing loans and the high share of the ratio of facilities to banks' deposits are all a cause of the formation of non-confirmatory behavior. Also, according to the results of impulse response functions and variance decomposition, NPL and the ratio of facilities to deposits have the highest long-term effect and also have a high contribution to explaining the changes in banks' non-confirmatory behavior in determining the interest rate on deposits.

Keywords: Non-conformity behavior, Ponzi game, panel vector autoregression, nonperforming loans.

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Authors: M. Stoklasa, H. Starzyczna, P. Sykorova

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This paper presents partial results of primary research on consumer purchasing behavior in times of crisis. It starts with brief theoretical debate on purchasing behavior and short secondary research related to the issues, which is used for the comparison of results. For purpose of collecting data, questionnaire survey was given to 355 respondents in Moravian-Silesian region. Hypotheses deal with the relationship of the financial situation of the respondents and their purchasing behavior. The research analysis disclosed that consumers change their behavior during crisis and MS region has some specifics compared to other regions.

Keywords: Crisis, financial situation, consumer behavior, postponement of purchases, consumer credit.

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Authors: Christian P. Crisostomo, Chrysline Margus N. Piñol

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A zero-field ferromagnetic Ising model is utilized to simulate the propagation of infection in a population that assumes a square lattice structure. The rate of infection increases with temperature. The disease spreads faster among individuals with low J values. Such effect, however, diminishes at higher temperatures.

Keywords: Epidemiology, Ising model, lattice models

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Authors: Benjamin Osae Agyei, Hypolite Bayor

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This present experiment was carried out during the 2012 cropping season, at the Farming for the Future Experimental Field of the University for Development Studies, Nyankpala Campus in the Northern Region of Ghana. The objective of the experiment was to determine the carrot growth and yield responses to poultry manure and N.P.K (15:15:15). Six treatments (Control (no amendment), 20 t/ha poultry manure (PM), 40 t/ha PM, 70 t/ha PM, 35 t/ha PM + 0.11t/ha N.P.K and 0.23 t/ha N.P.K) with three replications for each were laid in a Randomized Complete Block Design (RCBD). Data were collected on plant height, number of leaves per plant, canopy spread, root diameter, root weight, and root length. Microsoft Excel and Genstat Statistical Package (9^th edition) were used for the data analysis. The treatment means were compared by using Least Significant Difference at 10%. Generally, the results showed that there were no significant differences (P>0.1) among the treatments with respect to number of leaves per plant, root diameter, root weight, and root length. However, significant differences occurred among plant heights and canopy spreads. Plant height treated with 40 t/ha PM at the fourth week after planting and canopy spread at eight weeks after planting and ten weeks after planting by 70 t/ha PM and 20 t/ha PM respectively showed significant difference (P<0.1). The study recommended that any of the amended treatments can be applied at their recommended rates to plots for carrot production, since there were no significant differences among the treatments.

Keywords: Poultry manure, N.P.K., soil amendment, growth, yield, carrot.

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Authors: Süleyman Hakan Yılmaz, Yasemin Gülşen Yılmaz

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The Gezi Park protests of 2013 have significantly changed the Turkish agenda and its effects have been felt historically. The protests, which rapidly spread throughout the country, were triggered by the proposal to recreate the Ottoman Army Barracks to function as a shopping mall on Gezi Park located in Istanbul’s Taksim neighbourhood despite the oppositions of several NGOs and when trees were cut in the park for this purpose. Once the news that the construction vehicles entered the park on May 27 spread on social media, activists moved into the park to stop the demolition, against whom the police used disproportioned force. With this police intervention and the then prime-minister Tayyip Erdoğan's insistent statements about the construction plans, the protests turned into anti- government demonstrations, which then spread to the rest of the country, mainly in big cities like Ankara and Izmir. According to the Ministry of Internal Affairs’ June 23rd reports, 2.5 million people joined the demonstrations in 79 provinces, that is all of them, except for the provinces of Bayburt and Bingöl, while even more people shared their opinions via social networks. As a result of these events, 8 civilians and 2 security personnel lost their lives, namely police chief Mustafa Sarı, police officer Ahmet Küçükdağ, citizens Mehmet Ayvalıtaş, Abdullah Cömert, Ethem Sarısülük, Ali İsmail Korkmaz, Ahmet Atakan, Berkin Elvan, Burak Can Karamanoğlu, Mehmet İstif, and Elif Çermik, and 8163 more were injured. Besides being a turning point in Turkish history, the Gezi Park protests also had broad repercussions in both in Turkish and in global media, which focused on Turkey throughout the events. Our study conducts content analysis of three Turkish reporting newspapers with varying ideological standpoints, Hürriyet, Cumhuriyet ve Yeni Şafak, in order to reveal their basic approach to news casting in context of the Gezi Park protests. Headlines, news segments, and news content relating to the Gezi protests were treated and analysed for this purpose. The aim of this study is to understand the social effects of the Gezi Park protests through media samples with varying political attitudes towards news casting.

Keywords: Gezi Park, media, news casting, tree.

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Authors: A. K. Pathak, K. Ojha

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Methane is the second most important greenhouse gas (GHG) after carbon dioxide. Amount of methane emission from energy sector is increasing day by day with various activities. In present work, various sources of methane emission from upstream, middle stream and downstream of oil & gas sectors are identified and categorised as per IPCC-2006 guidelines. Data were collected from various oil & gas sector like (i) exploration & production of oil & gas (ii) supply through pipelines (iii) refinery throughput & production (iv) storage & transportation (v) usage. Methane emission factors for various categories were determined applying Tier-II and Tier-I approach using the collected data. Total methane emission from Indian Oil & Gas sectors was thus estimated for the year 1990 to 2007.

Keywords: Carbon credit, Climate change, Methane emission, Oil & Gas production

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Authors: Tasneem Halawani, Yamen Khateeb

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With customers’ ever-increasing expectations for fast services provisioning for all their business needs, information technology (IT) organizations, as business partners, have to cope with this demanding environment and deliver their services in the most effective and efficient way. The purpose of this paper is to identify optimization and automation opportunities for the top requested IT services in a heterogenic digital environment and widely spread customer base. In collaboration with systems, processes, and subject matter experts (SMEs), the processes in scope were approached by analyzing four-year related historical data, identifying and surveying stakeholders, modeling the as-is processes, and studying systems integration/automation capabilities. This effort resulted in identifying several pain areas, including standardization, unnecessary customer and IT involvement, manual steps, systems integration, and performance measurement. These pain areas were addressed by standardizing the top five requested IT services, eliminating/automating 43 steps, and utilizing a single platform for end-to-end process execution. In conclusion, the optimization of IT service request processes in a heterogenic digital environment and widely spread customer base is challenging, yet achievable without compromising the service quality and customers’ added value. Further studies can focus on measuring the value of the eliminated/automated process steps to quantify the enhancement impact. Moreover, a similar approach can be utilized to optimize other IT service requests, with a focus on business criticality.

Keywords: Automation, customer value, heterogenic, integration, IT services, optimization, processes.

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Authors: Nerguè Kassahan Kone, Souleymane Oumtanaga

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The third generation (3G) of cellular system adopted the spread spectrum as solution for the transmission of the data in the physical layer. Contrary to systems IS-95 or CDMAOne (systems with spread spectrum of the preceding generation), the new standard, called Universal Mobil Telecommunications System (UMTS), uses long codes in the down link. The system is conceived for the vocal communication and the transmission of the data. In particular, the down link is very important, because of the asymmetrical request of the data, i.e., more remote loading towards the mobiles than towards the basic station. Moreover, the UMTS uses for the down link an orthogonal spreading out with a variable factor of spreading out (OVSF for Orthogonal Variable Spreading Factor). This characteristic makes it possible to increase the flow of data of one or more users by reducing their factor of spreading out without changing the factor of spreading out of other users. In the current standard of the UMTS, two techniques to increase the performances of the down link were proposed, the diversity of sending antenna and the codes space-time. These two techniques fight only fainding. The receiver proposed for the mobil station is the RAKE, but one can imagine a receiver more sophisticated, able to reduce the interference between users and the impact of the coloured noise and interferences to narrow band. In this context, where the users have long codes synchronized with variable factor of spreading out and ignorance by the mobile of the other active codes/users, the use of the sequences of code pseudo-noises different lengths is presented in the form of one of the most appropriate solutions.

Keywords: DS-CDMA, multiple access interference, ratio Signal / interference + Noise.

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Authors: T. Delval, C. Sauvage, Q. Jullien, R. Viano, T. Diallo, B. Collignan, G. Picinbono

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In the context of the international spread of COVID-19, the Centre Scientifique et Technique du Bâtiment (CSTB) has led a joint research with the French government authorities Hauts-de-Seine department, to analyse the risk in school spaces according to their configuration, ventilation system and spatial segmentation strategy. This paper describes the main results of this joint research. A multidisciplinary team involving experts in indoor air quality/ventilation, pedestrian movements and IT domains was established to develop a COVID risk analysis tool based on Building Information Model. The work started with specific analysis on two pilot schools in order to provide for the local administration specifications to minimize the spread of the virus. Different recommendations were published to optimize/validate the use of ventilation systems and the strategy of student occupancy and student flow segmentation within the building. This COVID expertise has been digitized in order to manage a quick risk analysis on the entire building that could be used by the public administration through an easy user interface implemented in a free BIM Management software. One of the most interesting results is to enable a dynamic comparison of different ventilation system scenarios and space occupation strategy inside the BIM model. This concurrent engineering approach provides users with the optimal solution according to both ventilation and pedestrian flow expertise.

Keywords: BIM, knowledge management, system expert, risk management, indoor ventilation, pedestrian movement, integrated design.

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Authors: W. Triampo, D. Baowan, I.M. Tang, N. Nuttavut, J. Wong-Ekkabut, G. Doungchawee

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In this work, we consider a deterministic model for the transmission of leptospirosis which is currently spreading in the Thai population. The SIR model which incorporates the features of this disease is applied to the epidemiological data in Thailand. It is seen that the numerical solutions of the SIR equations are in good agreement with real empirical data. Further improvements are discussed.

Keywords: Leptospirosis, SIR Model, Deterministic model, Thailand.

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Authors: Justinian Anatory

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power-line networks are promise infrastructure for broadband services provision to end users. However, the network performance is affected by stochastic channel changing which is due to load impedances, number of branches and branched line lengths. It has been proposed that multi-carrier modulations techniques such as orthogonal frequency division multiplexing (OFDM), Multi-Carrier Spread Spectrum (MC-SS), wavelet OFDM can be used in such environment. This paper investigates the performance of different indoor topologies of power-line networks that uses MC-SS modulation scheme.It is observed that when a branch is added in the link between sending and receiving end of an indoor channel an average of 2.5dB power loss is found. In additional, when the branch is added at a node an average of 1dB power loss is found. Additionally when the terminal impedances of the branch change from line characteristic impedance to impedance either higher or lower values the channel performances were tremendously improved. For example changing terminal load from characteristic impedance (85 .) to 5 . the signal to noise ratio (SNR) required to attain the same performances were decreased from 37dB to 24dB respectively. Also, changing the terminal load from channel characteristic impedance (85 .) to very higher impedance (1600 .) the SNR required to maintain the same performances were decreased from 37dB to 23dB. The result concludes that MC-SS performs better compared with OFDM techniques in all aspects and especially when the channel is terminated in either higher or lower impedances.

Keywords: Communication channel model; Broadband Powerlinecommunication; Branched network; OFDM; Delay Spread, MCSS;impulsive noise; load impedance

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Authors: Jisun Mo, Paola Boarin

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The impact of common buildings on climate and environment has prompted people to get involved in the green building standards aimed at implementing rating tools or certifications. Thus, green building rating systems were introduced to the construction industry, and the demand for certified green buildings has increased gradually and succeeded considerably in enhancing people’s environmental awareness. However, the existing certification process has been unsatisfactory in attracting stakeholders and/or professionals who are actively engaged in adopting a rating system. It is because they have faced recurring barriers regarding limited information in understanding the rating process, time-consuming procedures and higher costs, which have a direct influence on pursuing green building rating systems. To promote the achievement of green building certifications within the building industry more successfully, this paper aims at designing a Pre-Assessment Tool (PAT) framework that can help stakeholders and/or professionals engaged in the construction industry to clarify their basic knowledge, timeframe and extra costs needed to activate a green building certification. First, taking the first steps towards the rating tool seems to be complicated because of upfront commitment to understanding the overall rating procedure is required. This conceptual PAT framework can increase basic knowledge of the rating tool and the certification process, mainly in terms of all resources or information of each credit requirements. Second, the assessment process of rating tools is generally known as a “lengthy and time-consuming system”, contributing to unenthusiastic reactions concerning green building projects. The proposed framework can predict the timeframe needed to identify how long it will take for a green project to process each credit requirement and the documentation required from the beginning of the certification process to final approval. Finally, most people often have the initial perception that pursuing green building certification costs more than constructing a non-green building, which makes it more difficult to execute rating tools. To overcome this issue, this PAT will help users to estimate the extra expenses such as certification fees and third-party contributions based on the track of the amount of time it takes to implement the rating tool throughout all the related stages. Also, it can prevent unexpected or hidden costs occurring in the process of assessment. Therefore, this proposed PAT framework can be recommended as an effective method to support the decision-making of inexperienced users and play an important role in promoting green building certification.

Keywords: Barriers, certification process, green building rating systems, pre-assessment tool.

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Authors: V. H. Mankar, T. S. Das, S. K. Sarkar

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In this paper, we have proposed a novel blind watermarking architecture towards its hardware implementation in VLSI. In order to facilitate this hardware realization, cellular automata (CA) concept is introduced. The CA has been already accepted as an attractive structure for VLSI implementation because of its modularity, parallelism, high performance and reliability. The hardware realizable multiresolution spread spectrum watermarking techniques are very few in numbers in spite of their best ever resiliency against signal impairments. This is because of the computational cost and complexity associated with their different filter banks and lifting techniques. The concept of cellular automata theory in order to form a new transform domain technique i.e. Cellular Automata Transform (CAT) have been incorporated. Since CA provides spreading sequences having very low cross-correlation properties, the CA based pseudorandom sequence generator is considered in the present work. Considering the watermarking technique as a digital communication process, an error control coding (ECC) must be incorporated in the data hiding schemes. Besides the hardware implementation of entire CA based data hiding technique, the individual blocks of the algorithm using CA provide the best result than that of some other methods irrespective of the hardware and software technique. The Cellular Automata Transform, CA based PN sequence generator, and CA ECC are the requisite blocks that are developed not only to meet the reliable hardware requirements but also for the basic spread spectrum watermarking features. The proposed algorithm shows statistical invisibility and resiliency against various common signal-processing operations. This algorithmic design utilizes the existing allocated bandwidth in the data transmission channel in a more efficient manner.

Keywords: Cellular automata, watermarking, error control coding, PN sequence, VLSI.

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Authors: Simeon Karafolas, Maciej Woźniak

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Guarantee schemes have been introduced in the economic and financial system as response to difficulties of SMEs for the access to the banking credit. Guarantee companies first appeared at the 19e century. Last wave of the development of those schemes appeared at the decade of 1990’s in particular to the new countries members of the EU. Guarantee schemes are presented as public owned guarantee companies, private ones mainly through a mutual form, but also under a mixed form. The paper based on guarantee schemes of five countries tries to investigate the differences that can exist within different guarantee companies. This investigation is based on some indicators that are time of response to the demand of guarantee, threshold of guarantee, acceptance of applications for guarantee, jobs created or saved and bureaucratic issues. It appears that guarantee companies have not the same reaction to the demand of SMEs and some of them are much more active.

Keywords: DIFASS, Guarantees, Loans.

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Authors: Abeer Aljohani

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The COVID-19 virus spread has been one of the extreme pandemics across the globe. It is also referred as corona virus which is a contagious disease that continuously mutates into numerous variants. Currently, the B.1.1.529 variant labeled as Omicron is detected in South Africa. The huge spread of COVID-19 disease has affected several lives and has surged exceptional pressure on the healthcare systems worldwide. Also, everyday life and the global economy have been at stake. Numerous COVID-19 cases have produced a huge burden on hospitals as well as health workers. To reduce this burden, this paper predicts COVID-19 disease based on the symptoms and medical history of the patient. As machine learning is a widely accepted area and gives promising results for healthcare, this research presents an architecture for COVID-19 detection using ML techniques integrated with feature dimensionality reduction. This paper uses a standard University of California Irvine (UCI) dataset for predicting COVID-19 disease. This dataset comprises symptoms of 5434 patients. This paper also compares several supervised ML techniques on the presented architecture. The architecture has also utilized 10-fold cross validation process for generalization and Principal Component Analysis (PCA) technique for feature reduction. Standard parameters are used to evaluate the proposed architecture including F1-Score, precision, accuracy, recall, Receiver Operating Characteristic (ROC) and Area under Curve (AUC). The results depict that Decision tree, Random Forest and neural networks outperform all other state-of-the-art ML techniques. This result can be used to effectively identify COVID-19 infection cases.

Keywords: Supervised machine learning, COVID-19 prediction, healthcare analytics, Random Forest, Neural Network.

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Authors: Yujun Zheng, Qin Song, Haihe Shi, and Jinyun Xue

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There are a number of different cars for transferring hundreds of close contacts of swine influenza patients to hospital, and we need to carefully assign the passengers to those cars in order to minimize the risk of influenza spreading during transportation. The paper presents an approach to straightforward obtain the optimal solution of the relaxed problems, and develops two iterative improvement algorithms to effectively tackle the general problem.

Keywords: Influenza spread, discrete optimization, stationary point, iterative improvement

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Authors: Vipul M. Patel, Hemantkumar B. Mehta

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Technological innovations in electronic world demand novel, compact, simple in design, less costly and effective heat transfer devices. Closed Loop Pulsating Heat Pipe (CLPHP) is a passive phase change heat transfer device and has potential to transfer heat quickly and efficiently from source to sink. Thermal performance of a CLPHP is governed by various parameters such as number of U-turns, orientations, input heat, working fluids and filling ratio. The present paper is an attempt to predict the thermal performance of a CLPHP using Artificial Neural Network (ANN). Filling ratio and heat input are considered as input parameters while thermal resistance is set as target parameter. Types of neural networks considered in the present paper are radial basis, generalized regression, linear layer, cascade forward back propagation, feed forward back propagation; feed forward distributed time delay, layer recurrent and Elman back propagation. Linear, logistic sigmoid, tangent sigmoid and Radial Basis Gaussian Function are used as transfer functions. Prediction accuracy is measured based on the experimental data reported by the researchers in open literature as a function of Mean Absolute Relative Deviation (MARD). The prediction of a generalized regression ANN model with spread constant of 4.8 is found in agreement with the experimental data for MARD in the range of ±1.81%.

Keywords: ANN models, CLPHP, filling ratio, generalized regression, spread constant.

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Authors: Paolo Pietro Biancone

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The spread of Islamic financial instruments is an opportunity to offer integration for the immigrant population and to attract, through the specific products, the richness of sovereign funds from the "Arab" countries. However, it is important to consider the possibility of comparing a traditional finance model, which in recent times has given rise to many doubts, with an "alternative" finance model, where the ethical aspect arising from religious principles is very important.

Keywords: Banks, Europe, Islamic Finance, Italy.

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Authors: Asnate Kirse, Daina Karklina, Sandra Muizniece-Brasava, Ruta Galoburda

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Pulses are high in plant protein and dietary fiber, and contain slowly digestible starches. Innovative products from pulses could increase their consumption and benefit consumer health. This study was conducted to evaluate physicochemical stability of processed cowpea (Vigna unguiculata (L.) Walp. cv. Fradel) and maple pea (Pisum sativum var. arvense L. cv. Bruno) spreads at 5 °C temperature during 62-day storage. Physicochemical stability of pulse spreads was compared after sous vide treatment (80 °C/15 min) and high pressure processing (700 MPa/10 min/20 °C). Pulse spreads were made by homogenizing cooked pulses in a food processor together with salt, citric acid, oil, and bruschetta seasoning. A total of four different pulse spreads were studied: Cowpea spread without and with seasoning, maple pea spread without and with seasoning. Transparent PA/PE and light proof PET/ALU/PA/PP film pouches were used for packaging of pulse spreads under vacuum. The parameters investigated were pH, water activity and mass losses. Pulse spreads were tested on days 0, 15, 29, 42, 50, 57 and 62. The results showed that sous-vide treatment and high pressure processing had an insignificant influence on pH, water activity and mass losses after processing, irrespective of packaging material did not change (p>0.1). pH and water activity of sous-vide treated and high pressure processed pulse spreads in different packaging materials proved to be stable throughout the storage. Mass losses during storage accounted to 0.1% losses. Chosen sous-vide treatment and high pressure processing regimes and packaging materials are suitable to maintain consistent physicochemical quality of the new products during 62-day storage.

Keywords: Cowpea, flexible packaging, maple pea, pH, water activity.

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Authors: M. C. Arcuri, L. Gai, F. Ielasi

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Italian Central Guarantee Fund (CGF) has the purpose to facilitate Small and Medium-sized Enterprises (SMEs)’ access to credit. The aim of the paper is to study the evaluation method adopted by the CGF with regard to SMEs requiring its intervention. This is even more important in the light of the recent CGF reform. We analyse an initial sample of more than 500.000 guarantees from 2012 to 2018. We distinguish between a counter-guarantee delivered to a mutual guarantee institution and a guarantee directly delivered to a bank. We investigate the impact of variables related to the operations and the SMEs on Altman Z’’-score and the score consistent with CGF methodology. We verify that the type of intervention affects the scores and the initial condition changes with the new assessment criterions. 

Keywords: Banks, default risk, Italian Guarantee Fund, mutual guarantee institutions.

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Authors: R. Mangiaracina, A. Perego, F. Campari

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Despite the fact that B2c eCommerce has become important in numerous economies, its adoption varies from country to country. This paper aims to identify the factors affecting (enabling or inhibiting) B2c eCommerce and to determine their quantitative impact on the diffusion of online sales across countries. A dynamic panel model analyzing the relationship between 13 factors (Macroeconomic, Demographic, Socio-Cultural, Infrastructural and Offer related) stemming from a complete literature analysis and the B2c eCommerce value in 45 countries over 9 years has been developed. Having a positive correlation coefficient, GDP, mobile penetration, Internet user penetration and credit card penetration resulted as enabling drivers of the B2c eCommerce value across countries, whereas, having a negative correlation coefficient,equal distribution of income and the development of traditional retailing network act as inhibiting factors.

Keywords: B2c eCommerce diffusion, influencing factors, dynamic panel model

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Authors: Wang Xu, Yao Yangyang, Lin Ying, Wang Zhenzhen

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Intelligent Transportation System integrates various modern advanced technologies into the ground transportation system, and it will be the goal of urban transport system in the future because of its comprehensive effects. However, it also brings some problems, such as project performance assessment, fairness of benefiting groups, fund management, which are directly related to its operation and implementation. Wuhan has difficulties in organizing transportation because of its nature feature (river and lake), therefore, calling Service of Taxi plays an important role in transportation. This paper researches on calling Service of Taxi in Wuhan, based on quantitative and qualitative analysis. It analyzes its operations management systematically, including business model, finance, usage analysis and users evaluation. As for business model, it is that the government leads the operation at the initial stage, and the third part dominates the operation at the mature stage, which not only eases the pressure of the third part and benefits the spread of the calling service at the initial stage, but also alleviates financial pressure of government and improve the efficiency of the operation at the mature stage. As for finance, it draws that this service will bring heavy financial burden of equipments, but it will be alleviated in the future because of its spread. As for usage analysis, through data comparison, this service can bring some benefits for taxi drivers, and time and spatial distribution of usage have certain features. As for user evaluation, it analyzes using group and the reason why choosing it. At last, according to the analysis above, the paper puts forward the potentials, limitations, and future development strategies for it.

Keywords: Assessment, Calling service of taxi, Operations management, Strategies, Using groups.

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Authors: Lars Silver, Björn Berggren, Andreas Fili

Abstract:

The financial crisis has decreased the opportunities of small businesses to acquire financing through conventional financial actors, such as commercial banks. This credit constraint is partly the reason for the emergence of new alternatives of financing, in addition to the spreading opportunities for communication and secure financial transfer through Internet. One of the most interesting venues for finance is termed “crowdfunding". As the term suggests crowdfunding is an appeal to prospective customers and investors to form a crowd that will finance projects that otherwise would find it hard to generate support through the most common financial actors. Crowdfunding is in this paper divided into different models; the threshold model, the microfinance model, the micro loan model and the equity model. All these models add to the financial possibilities of emerging entrepreneurs.

Keywords: Entrepreneurship, crowdfunding, equity finance, bank finance.

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Authors: Seyedehzahra Mirrahimi, Nik Lukman Nik Ibrahim, M. Surat

Abstract:

This paper investigated the impact of ceiling height and window head heights variation on daylighting inside architectural teaching studio with a full width window. In architectural education, using the studio is more than normal classroom in most credit hours. Therefore, window position, size and dimension of studio have direct influence on level of daylighting. Daylighting design is a critical factor that improves student learning, concentration and behavior, in addition to these, it also reduces energy consumption. The methodology of analysis involves using Radiance in IES software under overcast and cloudy sky in Malaysia. It has been established that presentation of daylighting of architecture studio can be enhanced by changing the ceiling heights and window level, because, different ceiling heights and window head heights can contribute to different range of daylight levels.

Keywords: Ceiling height, window head height, daylighting, studio architecture, simulation.

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Authors: Mikko Löytynoja, Nedeljko Cvejic, Tapio Seppänen

Abstract:

In this paper we introduce three watermarking methods that can be used to count the number of times that a user has played some content. The proposed methods are tested with audio content in our experimental system using the most common signal processing attacks. The test results show that the watermarking methods used enable the watermark to be extracted under the most common attacks with a low bit error rate.

Keywords: Digital rights management, restricted usage, content protection, spread spectrum, audio watermarking.

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Authors: Jan Zeman

Abstract:

The paper describes the futures trading and aims to design the speculators trading strategy. The problem is formulated as the decision making task and such as is solved. The solution of the task leads to complex mathematical problems and the approximations of the decision making is demanded. Two kind of approximation are used in the paper: Monte Carlo for the multi-step prediction and iteration spread in time for the optimization. The solution is applied to the real-market data and the results of the off-line experiments are presented.

Keywords: futures trading, decision making

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Authors: Stefanos V. Fotopoulos, Harry V. Papapanagos, Fotios M. Siokis

Abstract:

This paper tries to shed light on the existence of a bank lending channel (BLC) in South Eastern European countries (SEE). Based on a VAR framework we test the responsiveness of credit supply to monetary policy shocks. By compiling a new data set and using the reserve requirement ratio, among others, as the policy instrument we measure the effectiveness of the BLC and the buffering effect of the banks in the SEE countries. The results indicate that loan supply is significantly affected by shifts in monetary policy, when demand factors are controlled. Furthermore, by analyzing the effect of the Greek banks in the region we conclude that Greek banks do buffer the negative effects of monetary policy transmission. By having a significant market share of the SEE-s banking markets we argue that Greek banks influence positively the economic growth of SEE countries.

Keywords: Bank Lending Channel, Monetary Policy Transmission, Policy Buffering, South Eastern Europe

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