Search results for: crisis of enterprise.

Authors: Kristýna Pokorná, Petr Teplý

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This paper focuses on sovereign credit risk meaning a hot topic related to the current Eurozone crisis. In the light of the recent financial crisis, market perception of the creditworthiness of individual sovereigns has changed significantly. Before the outbreak of the financial crisis, market participants did not differentiate between credit risk born by individual states despite different levels of public indebtedness. In the proceeding of the financial crisis, the market participants became aware of the worsening fiscal situation in the European countries and started to discriminate among government issuers. Concerns about the increasing sovereign risk were reflected in surging sovereign risk premium. The main of this paper is to shed light on the characteristics of the sovereign risk with the special attention paid to the mutual relation between credit spread and the CDS premium as the main measures of the sovereign risk premium.

Keywords: cointegration, credit default swap, credit risk, credit spread, sovereign risk

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Authors: A. Capodieci, G. Del Fiore, L. Mainetti

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Recently, the use of web 2.0 tools has increased in companies and public administration organisations. This phenomenon, known as "Enterprise 2.0", has, de facto, modified common organisational and operative practices. This has led “knowledge workers” to change their working practices through the use of Web 2.0 communication tools. Unfortunately, these tools have not been integrated with existing enterprise information systems, a situation that could potentially lead to a loss of information. This is an important problem in an organisational context, because knowledge of information exchanged within the organisation is needed to increase the efficiency and competitiveness of the organisation. In this article we demonstrate that it is possible to capture this knowledge using collaboration processes, which are processes of abstraction created in accordance with design patterns and applied to new organisational operative practices.

Keywords: Business Practices, Business Process Patterns, Collaboration Tools, Enterprise 2.0, Knowledge Workers.

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Authors: Tania Elena González Alvarado, Ma. Antonieta Martín Granados

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The aim of this paper is to explain what a multienterprise tie is, what evidence its analysis provides and how does the cooperation mechanism influence the establishment of a multienterprise tie. The study focuses on businesses of smaller dimension, geographically dispersed and whose businessmen are learning to cooperate in an international environment. The empirical evidence obtained at this moment permits to conclude the following: The tie is not long-lasting, it has an end; opportunism is an opportunity to learn; the multi-enterprise tie is a space to learn about the cooperation mechanism; the local tie permits a businessman to alternate between competition and cooperation strategies; the disappearance of a tie is an experience of learning for a businessman, diminishing the possibility of failure in the next tie; the cooperation mechanism tends to eliminate hierarchical relations; the multienterprise tie diminishes the asymmetries and permits SME-s to have a better position when they negotiate with large companies; the multi-enterprise tie impacts positively on the local system. The collection of empirical evidence was done trough the following instruments: direct observation in a business encounter to which the businesses attended in 2003 (202 Mexican agro industry SME-s), a survey applied in 2004 (129), a questionnaire applied in 2005 (86 businesses), field visits to the businesses during the period 2006-2008 and; a survey applied by telephone in 2008 (55 Mexican agro industry SME-s).

Keywords: Cooperation, multi-enterprise tie, links, networks.

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Authors: Petr Teply

Abstract:

While the form of crises may change, their essence remains the same (such as a cycle of abundant liquidity, rapid credit growth, and a low-inflation environment followed by an asset-price bubble). The current market turbulence began in mid-2000s when the US economy shifted to imbalanced both internal and external macroeconomic positions. We see two key causes of these problems – loose US monetary policy in early 2000s and US government guarantees issued on the securities by government-sponsored enterprises what was further fueled by financial innovations such as structured credit products. We have discovered both negative and positive lessons deriving from this crisis and divided the negative lessons into three groups: financial products and valuation, processes and business models, and strategic issues. Moreover, we address key risk management lessons and exit strategies derived from the current crisis and recommend policies that should help diminish the negative impact of future potential crises.

Keywords: exist strategy, global crisis, risk management, corporate governance

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Authors: G. T. Balakayeva, K. K. Nurlybayeva, M. B. Zhanuzakov

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In the proposed work, we have developed software and designed a software architecture for the implementation of enterprise business processes. The proposed software has a multi-level architecture using a domain-specific tool. The developed architecture is a guarantor of the availability, reliability and security of the system and the implementation of business processes, which are the basis for effective enterprise management. Automating business processes, automating the algorithmic stages of an enterprise, developing optimal algorithms for managing activities, controlling and monitoring, reducing risks and improving results help organizations achieve strategic goals quickly and efficiently. The software described in this article can connect to the corporate information system via two methods: a desktop client and a web client. With an appeal to the application server, the desktop client program connects to the information system on the company's work PCs over a local network. Outside the organization, the user can interact with the information system via a web browser, which acts as a web client and connects to a web server. The developed software consists of several integrated modules that share resources and interact with each other through an API. The following technology stack was used during development: Node js, React js, MongoDB, Ngnix, Cloud Technologies, Python.

Keywords: Algorithms, document processing, automation, integrated modules, software architecture, software design, information system.

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Authors: Beata Wentura-Dudek

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In the United States in 2007-2010 before the crisis, the US labour market policy focused mainly on providing residents with unemployment insurance, after the recession this policy changed. The aim of the article was to present quantitative research presenting the most effective labor market instruments contributing to reducing unemployment during the crisis in the USA. The article presents research based on the analysis of available documents and statistical data. The results of the conducted research show that the most effective forms of counteracting unemployment at that time were: direct job creation, job search assistance, subsidized employment, training and employment promotion using new technologies, including social media.

Keywords: United States, financial crisis, unemployment, employment promotion, social media, job creation, training, labour market, employment agencies, lifelong learning, job search assistance, subsidized employment, companies, tax.

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Authors: Rajendra M. Sonar

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The recent trend has been using hybrid approach rather than using a single intelligent technique to solve the problems. In this paper, we describe and discuss a framework to develop enterprise solutions that are backed by intelligent techniques. The framework not only uses intelligent techniques themselves but it is a complete environment that includes various interfaces and components to develop the intelligent solutions. The framework is completely Web-based and uses XML extensively. It can work like shared plat-form to be accessed by multiple developers, users and decision makers.

Keywords: Intelligent System Development Framework, WebbasedIntelligent Systems, Retail Banking.

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Authors: Gavin J. Baxter, Mark H. Stansfield

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This paper reviews the internal use of blogs and their potential effectiveness as organisational learning tools. Since the emergence of the concept of ‘Enterprise 2.0’ there remains a lack of empirical evidence associated with how organisations are applying social media tools and whether they are effective towards supporting organisational learning. Surprisingly, blogs, one of the more traditional social media tools, still remains under-researched in the context of ‘Enterprise 2.0’ and organisational learning. The aim of this paper is to identify the theoretical linkage between blogs and organisational learning in addition to reviewing prior research on organisational blogging exploring why this area remains underresearched. Through a literature review, one of the principal findings of this paper is that organisational blogs have a mutual compatibility with the interpretivist aspect of organisational learning. This paper further advocates that further empirical work in this subject area is required to substantiate this theoretical assumption.

Keywords: Blogs, Enterprise 2.0, Organisational Learning, Social Media Tools.

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Authors: Craig Loschmann

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With the global financial crisis turning into what more and more appears to be a prolonged “Great Recession", we are witnessing marked reductions in remittance transfers to developing countries with the likely possibility that overall flows will decline even further in the near future. With countless families reliant on remittance inflows as a source of income maintaining their economic livelihood, a reduction would put many at risk of falling below or deeper into poverty. Recognizing the importance of remittance inflows as a lifeline to the poor, policy should aim to (1) reduce the barriers to remit in both sending and receiving nations thus easing the decline in transfers; (2) leverage the development impacts of remittances; and (3) buffer vulnerable groups dependent on remittance transfers as a source of livelihood through sound countercyclical macroeconomic policies.

Keywords: crisis, migration, remittance, livelihood.

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Authors: M. Župan, V. Budimir

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The main problems of data centric and open source project are large number of developers and changes of core framework. Model-View-Control (MVC) design pattern significantly improved the development and adjustments of complex projects. Entity framework as a Model layer in MVC architecture has simplified communication with the database. How often are the new technologies used and whether they have potentials for designing more efficient Enterprise Resource Planning (ERP) system that will be more suited to accountants?

Keywords: Accounting, Enterprise Resource Planning, Model- View-Control, Object Role Modeling, Open Source

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Authors: Redha M. Elhuni

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The critical key success factors, which have to be targeted with appropriate change management, are the user acceptance and support of a new Enterprise Resource Planning (ERP) system at the early implementation stages. This becomes even more important in Arab context where national and organisational culture with a different value and belief system, resulting in different management styles, might not complement with Western business culture embedded in the predefined standard business processes of existing ERP packages. This study explains and critically evaluates research into national and organizational culture and the influence of different national cultures on the implementation and reengineering process of ERP packages in an Arab context. Using a case study, realized through a quantitative survey testing five of Martinsons’s and Davison’s propositions in a Libyan sample company, confirmed the expected results from the literature review that culture has an impact on the implementation process and that employee empowerment is an unavoidable consequence of an ERP implementation.

Keywords: Enterprise resource planning, ERP systems, organisational culture, Arab context.

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Authors: B. Cortés, A. Boza, D. Pérez, L. Cuenca

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The Internet of Things (IoT) field has been applied in industries with different purposes. Sensing Enterprise (SE) is an attribute of an enterprise or a network that allows it to react to business stimuli originating on the Internet. These fields have come into focus recently on the enterprises, and there is some evidence of the use and implications in supply chain management, while finding it as an interesting aspect to work on. This paper presents a revision and proposals of IoT applications in supply chain management.

Keywords: Internet of Things, Sensing Enterprises, Supply Chain Management, Industrial, Production Systems, Sensor.

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Authors: Zdeněk Mikoláš, Zuzana Wozniaková

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In the 21. century it comes true, that competitiveness of the firm is - to a considerable level - influenced by its participation in the chain of suppliers, customers and partners and by the way how the subject cooperates in the chain. This is valid also for new forms of enterprise such as virtual organization or virtual firm. In the first part of the paper there are determined the differences between these forms of enterprise. Another part will bring methodological framework for analysis of the factors, that influence the competitiveness of the virtual organization from spontaneity and order point of view.

Keywords: abstraction, competitiveness, order, potential, spontaneity, virtual firm, virtual organization.

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Authors: Jui-Liang Hsu

Abstract:

The purpose of this study was to investigate the impact of the development of Szuchung Creek take for the cause of the critical success factors, This research is to use the depth interviews, document analysis and Modified-Delphi technique survey of nine depth interviews with experts and 14 experts of Modified-Delphi technique questionnaire and inviting as the research object, Szuchung Creek Hot Springs for the scope of the study. The results show, Szuchung Creek Hot Springs development take for career success factors for the following reasons: 1. Government. 2. Opportunities. 3. Factors of production. 4. Demand conditions. 5. Corporate structure and the degree of competition. 6. Related and supporting industries. Furthermore, Szuchung Creek hot springs, itself already has a number of critical success factors. Contingent less than or inadequacies by Szuchung Creek take for the enterprise development to take for the cause of the critical success factors as the basis for correcting, planning out for local use improvement strategies to achieve the objective of sustainable management.

Keywords: Hot spring industry, Critical Success Fators, Szuchung Creek, Take for the enterprise, Modified-Delphi technique, Hot Spring Areas.

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Authors: Birgül Şakar

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This study1 holds for the formation of international financial crisis and political factors for economic crisis in Turkey, are evaluated in chronological order. The international arena and relevant studies conducted in Turkey work in the literature are assessed. The main purpose of the study is to hold the linkage between the crises and political stability in Turkey in details, and to examine the position of Turkey in this regard. The introduction part follows the literature survey on the models explaining causes and results of the crises, the second part of the study. In the third part, the formations of the world financial crises are studied. The fourth part, financial crisis in Turkey in 1994, 2000, 2001 and 2008 are reviewed and their political reasons are analyzed. In the last part of the study the results and recommendations are held. Political administrations have laid the grounds for an economic crisis in Turkey. In this study, the emergence of an economic crisis in Turkey and the developments after the crisis are chronologically examined and an explanation is offered as to the cause and effect relationship between the political administration and economic equilibrium in the country. Economic crises can be characterized as follows: high prices of consumables, high interest rates, current account deficits, budget deficits, structural defects in government finance, rising inflation and fixed currency applications, rising government debt, declining savings rates and increased dependency on foreign capital stock. Entering into the conditions of crisis during a time when the exchange value of the country-s national currency was rising, speculative finance movements and shrinking of foreign currency reserves happened due to expectations for devaluation and because of foreign investors- resistance to financing national debt, and a financial risk occurs. During the February 2001 crisis and immediately following, devaluation and reduction of value occurred in Turkey-s stock market. While changing over to the system of floating exchange rates in the midst of this crisis, the effects of the crisis on the real economy are discussed in this study. Administered politics include financial reforms, such as the rearrangement of banking systems. These reforms followed with the provision of foreign financial support. There have been winners and losers in the imbalance of income distribution, which has recently become more evident in Turkey-s fragile economy.

Keywords: Economics, marketing crisis, financial reforms, political economy

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Authors: U. Şendurur, B. Nazlıoğlu

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Using Turkish data, in this study it is investigated that whether a firm’s ownership structure has an impact on its stock prices after the crisis. A linear regression model is conducted on the data of non-financial firms that are trading in Istanbul Stock Exchange 100 Index (ISE 100) index. The findings show that, all explanatory variables such as inside ownership, largest ownership, concentrated ownership, foreign shareholders, family controlled and dispersed ownership are not very important to explain stock prices after the crisis. Family controlled firms and concentrated ownership is positively related to stock price, dispersed ownership, largest ownership, foreign shareholders, and inside ownership structures have negative interaction between stock prices, but because of the p value is not under the value of 0.05 this relation is not significant. In addition, the analysis shows that, the shares of firms that have inside, largest and dispersed ownership structure are outperform comparing with the other firms. Furthermore, ownership concentrated firms outperform to family controlled firms.

Keywords: Financial crisis, ISE 100 Index, Ownership structure, Stock price.

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Authors: Vineet Kansal

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Enterprise Wide Information Systems (EWIS) implementation involves the entire business and will require changes throughout the firm. Because of the scope, complexity and continuous nature of ERP, the project-based approach to managing the implementation process resulted in failure rates of between 60% and 80%. In recent years ERP systems have received much attention. The organizational relevance and risk of ERP projects make it important for organizations to focus on ways to make ERP implementation successful. Once these systems are in place, however, their performance depends on the identified macro variables viz. 'Business Process', 'Decision Making' and 'Individual / Group working'. The questionnaire was designed and administered. The responses from 92 organizations were compiled. The relationship of these variables with EWIS performance is analyzed using inferential statistical measurements. The study helps to understand the performance of model presented. The study suggested in keeping away from the calamities and thereby giving the necessary competitive edge. Whenever some discrepancy is identified during the process of performance appraisal care has to be taken to draft necessary preventive measures. If all these measures are taken care off then the EWIS performance will definitely deliver the results.

Keywords: Enterprise Systems, performance, technology

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Authors: K. Lee

Abstract:

Many teachers are experienced; however, experience does not necessarily equate to excellence. Excellence in teaching is the single most powerful influence on student achievement. This qualitative, interpretivist case study investigates the practices of one of the nation’s most acknowledged teachers in enterprise education. In a number of semi-structured interviews, and observational visits, this remote regional teacher talked freely about what skills and strategies she used to achieve this success. Findings from this study were compared to key ideas developed by Professor John Hattie with regards to differences between expert, excellent and experienced teachers. Key findings showed the ‘expert teacher’ central to this study; ensured learning was engaging, challenging yet achievable for all (for both teacher and student of all abilities), authentic and driven by local needs, involved community supports; and ensured the process and learning was constantly monitored and teaching adjusted accordingly. It is anticipated that the data collected via observations, semi-structured interviews, and document analysis will help others to support students to gain greater success (in whatever form that may take).

Keywords: Expert teacher, enterprise education, excellence, skills and strategies.

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Authors: Jiří Barta

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The paper deals with results of a project “Interoperability Workplaces to Support Teaching of Security Management in a Computer Network". This project is focused on the perspectives and possibilities of "new approaches" to education, training and crisis communication of rescue teams in the Czech Republic. It means that common technologies considering new perspectives are used to educate selected members of crisis management. The main part concentrates on possibilities of application of new technology and computer-aided tools to education and training of Integrated Rescue System teams.This project uses the COST principle for the creation of specialized centers and for all communication between these workplaces.

Keywords: Communication of Crisis Management, Information System, Interoperability, specializedcenter, Security Oriented Information System.

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Authors: Eleftherios Giovanis

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In this paper discrete choice models, Logit and Probit are examined in order to predict the economic recession or expansion periods in USA. Additionally we propose an adaptive neuro-fuzzy inference system with triangular membership function. We examine the in-sample period 1947-2005 and we test the models in the out-of sample period 2006-2009. The forecasting results indicate that the Adaptive Neuro-fuzzy Inference System (ANFIS) model outperforms significant the Logit and Probit models in the out-of sample period. This indicates that neuro-fuzzy model provides a better and more reliable signal on whether or not a financial crisis will take place.

Keywords: ANFIS, discrete choice models, financial crisis, USeconomy

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Authors: Petr Seďa

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This paper deals with heterogeneous autoregressive models of realized volatility (HAR-RV models) on high-frequency data of stock indices in the USA. Its aim is to capture the behavior of three groups of market participants trading on a daily, weekly and monthly basis and assess their role in predicting the daily realized volatility. The benefits of this work lies mainly in the application of heterogeneous autoregressive models of realized volatility on stock indices in the USA with a special aim to analyze an impact of the global financial crisis on applied models forecasting performance. We use three data sets, the first one from the period before the global financial crisis occurred in the years 2006-2007, the second one from the period when the global financial crisis fully hit the U.S. financial market in 2008-2009 years, and the last period was defined over 2010-2011 years. The model output indicates that estimated realized volatility in the market is very much determined by daily traders and in some cases excludes the impact of those market participants who trade on monthly basis.

Keywords: Global financial crisis, heterogeneous autoregressive model, in-sample forecast, realized volatility, U.S. stock market.

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Authors: Ioan Popa, Cristiana Tudor, Radu Lupu

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The interdependences among stock market indices were studied for a long while by academics in the entire world. The current financial crisis opened the door to a wide range of opinions concerning the understanding and measurement of the connections considered to provide the controversial phenomenon of market integration. Using data on the log-returns of 17 stock market indices that include most of the CEE markets, from 2005 until 2009, our paper studies the problem of these dependences using a new methodological tool that takes into account both the volatility clustering effect and the stochastic properties of these linkages through a Dynamic Conditional System of Simultaneous Equations. We find that the crisis is well captured by our model as it provides evidence for the high volatility – high dependence effect.

Keywords: Stock market interdependences, Dynamic System ofSimultaneous Equations, financial crisis

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Authors: Karoliina Nisula, Samuli Pekkola

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Business education has been criticized for being too theoretical and distant from business life. Different types of experiential learning environments ranging from manual role-play to computer simulations and enterprise resource planning (ERP) systems have been used to introduce the realistic and practical experience into business learning. Each of these learning environments approaches business learning from a different perspective. The implementations tend to be individual exercises supplementing the traditional courses. We suggest combining them into a business skills laboratory resembling an actual workplace. In this paper, we present a concrete implementation of an ERP-supported business learning environment that is used throughout the first year undergraduate business curriculum. We validate the implementation by evaluating the learning outcomes through the different domains of Bloom’s taxonomy. We use the role-play oriented practice enterprise model as a comparison group. Our findings indicate that using the ERP simulation improves the poor and average students’ lower-level cognitive learning. On the affective domain, the ERP-simulation appears to enhance motivation to learn as well as perceived acquisition of practical hands-on skills.

Keywords: Business simulations, experiential learning, ERP systems, learning environments.

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Authors: Jiří Barta

Abstract:

At the present time, awareness, education, computer simulation and information systems protection are very serious and relevant topics. The article deals with perspectives and possibilities of implementation of emergence or natural hazard threats into the system which is developed for communication among members of crisis management staffs. The Czech Hydro-Meteorological Institute with its System of Integrated Warning Service resents the largest usable base of information. National information systems are connected to foreign systems, especially to flooding emergency systems of neighboring countries, systems of European Union and international organizations where the Czech Republic is a member. Use of outputs of particular information systems and computer simulations on a single communication interface of information system for communication among members of crisis management staff and setting the site interoperability in the net will lead to time savings in decision-making processes in solving extraordinary events and crisis situations. Faster managing of an extraordinary event or a crisis situation will bring positive effects and minimize the impact of negative effects on the environment.

Keywords: Computer simulation, communication, continuity, critical infrastructure, information systems, safety.

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Authors: C. P. Autry, A.W. Roscoe

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Authentication protocols based on public key infrastructure (PKI) and trusted third party (TTP) are no longer adequate for industrial scale IoT networks thanks to issues such as low compute and power availability, the use of widely distributed and commercial off-the-shelf (COTS) systems, and the increasingly sophisticated attackers and attacks we now have to counter. For example, there is increasing concern about nation-state-based interference and future quantum computing capability. We have examined this space from first principles and have developed several approaches to group and point-to-point authentication for IoT that do not depend on the use of a centralised client-server model. We emphasise the use of quantum resistant primitives such as strong cryptographic hashing and the use multi-factor authentication.

Keywords: Authentication, enterprise IoT cybersecurity, public key infrastructure, trusted third party.

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Authors: Madina Kenzhegaranova, Aibol Mukhsiynov, Houman Sanandaji

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The article is about government programs and projects and their description which are aimed at improving the socioeconomic situation in the Republic of Kazakhstan. A brief historical overview, as well as information about current socio-economic, political and transitional contexts of the country are provided. Two theories were described in the article to inform this descriptive study. According to the United Nation's Development Reports for 2005 and 2011, the country's human development index (HDI) rose by several points despite the socio-economic and political imbalances taking place in the republic since it gained its independence in 1991. It is stated in the article that government support programs are one of the crucial factors that increase the population welfare which in its turn may lead to reduction of social crisis processes in the country.

Keywords: human capital, social crisis, state programs, unemployment

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Authors: Gerhard Peter

Abstract:

In this paper, we present an integrated framework that governs the introduction of social media into enterprises and its evaluation. It is argued that the framework should address the following issues: (1) the contribution of social media for increasing efficiency and improving the quality of working life; (2) the level on which this contribution happens (i.e., individual, team, or organisation); (3) a description of the processes for implementing and evaluating social media; and the role of (4) organisational culture and (5) management. We also report the results of a case study where the framework has been employed to introduce a social networking platform at a German enterprise. This paper only considers the internal use of social media.

Keywords: Case study, enterprise 2.0, framework, introducing and evaluating social media, social media.

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Authors: Ong Sing Goh, C. Ardil, Chun Che Fung, Kok Wai Wong, Arnold Depickere

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In this paper, we proposed a new framework to incorporate an intelligent agent software robot into a crisis communication portal (CCNet) in order to send alert news to subscribed users via email and other mobile services such as Short Message Service (SMS), Multimedia Messaging Service (MMS) and General Packet Radio Services (GPRS). The content on the mobile services can be delivered either through mobile phone or Personal Digital Assistance (PDA). This research has shown that with our proposed framework, the embodied conversation agents system can handle questions intelligently with our multilayer architecture. At the same time, the extended framework can take care of delivery content through a more humanoid interface on mobile devices.

Keywords: Crisis Communication Network (CCNet), EmbodiedConversational Agents (ECAs), Mobile Services, ArtificialIntelligence Neural-network Identity (AINI)

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Authors: J. Palecek, R. Hajkova, A. Oulehlova, H. Malachova

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Increase of emergency incidents and crisis situations requires proactive crisis management of authorities and for its solution. Application Business Continuity Management helps the crisis management authorities to quickly and responsibly respond to threats. It also helps effectively and efficiently planning powers and resources. The main goal of this article is describing Military Continuity Management System (MCMS) based on the principles of Business Continuity Management System (BCMS) for dealing with floods in the territory of the selected municipalities. There are explained steps of loading, running and evaluating activities in the software application MCMS. Software MCMS provides complete control over the tasks, contribute a comprehensive and responsible approach solutions to solution floods in the municipality.

Keywords: Business Continuity Management, Floods Plan, Flood Activity, Level of Flood Activity.

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Authors: Andrea Paltrinieri, Alberto Dreassi, Stefano Miani, Alex Sclip

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The financial crises caused a collapse in prices of most asset classes, raising the attention on alternative investments such as sukuk, a smaller, fast growing but often misunderstood market. We study diversification benefits of sukuk, their correlation with other asset classes and the effects of their inclusion in investment portfolios of institutional and retail investors, through a comprehensive comparison of their risk/return profiles during and after the financial crisis. We find a beneficial performance adjusted for the specific volatility together with a lower correlation especially during the financial crisis. The distribution of sukuk returns is positively skewed and leptokurtic, with a risk/return profile similarly to high yield bonds. Overall, our results suggest that sukuk present diversification opportunities, a significant volatility-adjusted performance and lower correlations especially during the financial crisis. Our findings are relevant for a number of institutional investors. Long term investors, such as life insurers would benefit from sukuk’s protective features during financial crisis yet keeping return and growth opportunities, whereas banks would gain due to their role of placers, advisors, market makers or underwriters.

Keywords: Asset allocation, asset performance, sukuk, zero beta asset.

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