Search results for: financial statement

Authors: Muhammad Naveed, Yang Caixia

Abstract:

The need for national space legislation is pivotal, particularly in light of the fact that in recent years space activities have grown immensely both in volume and diversity. Countries are progressively developing capabilities in space exploration and scientific discoveries, market their capabilities to manufacture satellites, provide launch services from their facilities and are looking to privatize and commercialize their space resources. Today, nations are also seeking to comprehend the technological and financial potential of the private sector and are considering to share their financial burdens with them and to limit their exposures to risks, but they are lagging behind in legal framework in this regard. In the perspective of these emerging developments, it is therefore, felt that national space legislation should be enacted with the goal of building and implementing a vibrant and transparent legal framework at the national level to hasten investments and to ensure growth in this capital intensive - highly yield strategic sector. This study looks at (I) the international legal framework that governs space activities; (II) motivation behind making national space laws; and (III) the need for national space legislation. The paper concludes with some recommendations with regards to the conceivable future direction for national space legislation, in particular space empowered sub-areas for countries.

Keywords: International conventions, national legislation, space faring nation, space law.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1153

Authors: Edikan E. Akpanibah, Ogunmodimu Dupe Catherine

Abstract:

The relevance of geometric Brownian motion (GBM) in modelling the behaviour of stock market prices (SMP) cannot be over emphasized taking into consideration the volatility of the SMP. Consequently, there is need to investigate how GBM models are being estimated and used in financial market to predict SMP. To achieve this, the GBM estimation and its application to the SMP of some selected companies are studied. The normal and log-normal distributions were used to determine the expected value, variance and co-variance. Furthermore, the GBM model was used to predict the SMP of some selected companies over a period of time and the mean absolute percentage error (MAPE) were calculated and used to determine the accuracy of the GBM model in predicting the SMP of the four companies under consideration. It was observed that for all the four companies, their MAPE values were within the region of acceptance. Also, the MAPE values of our data were compared to an existing literature to test the accuracy of our prediction with respect to time of investment. Finally, some numerical simulations of the graphs of the SMP, expectations and variance of the four companies over a period of time were presented using MATLAB programming software.

Keywords: Stock Market, Geometric Brownian Motion, normal and log-normal distribution, mean absolute percentage error.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 175

Authors: Patrick O. Bobbie, Prince S. Attrams

Abstract:

In recent times, the rapid change in new technologies has spurred up the way and manner records are handled in educational institutions. Also, there is a need for reliable access and ease-of use to these records, resulting in increased productivity in organizations. In academic institutions, such benefits help in quality assessments, institutional performance, and assessments of teaching and evaluation methods. Students in educational institutions benefit the most when advanced technologies are deployed in accessing records. This research paper discusses the use of biometric technologies coupled with smartcard technologies to provide a unique way of identifying students and matching their data to financial records to grant them access to restricted areas such as examination halls. The system developed in this paper, has an identity verification component as part of its main functionalities. A systematic software development cycle of analysis, design, coding, testing and support was used. The system provides a secured way of verifying student’s identity and real time verification of financial records. An advanced prototype version of the system has been developed for testing purposes.

Keywords: Biometrics, fingerprints, identity-verification, smartcards.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2004

Authors: Leandi Steenkamp

Abstract:

The sectional title industry has been a part of the property landscape in South Africa for almost half a century, and plays a significant role in addressing the housing problem in the country. Stakeholders such as owners and investors in sectional title property are in most cases not directly involved in the management thereof, and place reliance on the audited annual financial statements of bodies corporate for decision-making purposes. Although the industry seems to be highly regulated, the legislation regarding accounting and auditing of sectional title is vague and ambiguous. Furthermore, there are no industry-specific auditing and accounting standards to guide accounting and auditing practitioners in performing their work and industry financial benchmarks are not readily available. In addition, financial pressure on sectional title schemes is often very high due to the fact that some owners exercise unrealistic pressure to keep monthly levies as low as possible. All these factors have an impact on the business risk as well as audit risk of bodies corporate. Very little academic research has been undertaken on the sectional title industry in South Africa from an accounting and auditing perspective. The aim of this paper is threefold: Firstly, to discuss the findings of a literature review on uncertainties, ambiguity and confusing aspects in current legislation regarding the audit of a sectional title property that may cause or increase audit and business risk. Secondly, empirical findings of risk-related aspects from the results of interviews with three groups of body corporate role-players will be discussed. The role-players were body corporate trustee chairpersons, body corporate managing agents and accounting and auditing practitioners of bodies corporate. Specific reference will be made to business risk and audit risk. Thirdly, practical recommendations will be made on possibilities of closing the audit expectation gap, and further research opportunities in this regard will be discussed.

Keywords: Assurance, audit, audit risk, body corporate, corporate governance, sectional title.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1231

Authors: Karolina Patora

Abstract:

This article investigates liquidity risk management by banks, which has gained significant importance since the global financial crisis of 2008. The issue is of particular interest for countries like Poland, in which foreign capital plays a dominant role. Such an ownership structure poses certain risks to the local banking sector, which faces an increased probability of the withdrawal of funding or assets’ transfers abroad in case of a crisis. Both these factors can have a detrimental influence on the liquidity position of foreign-owned banks and hence negatively affect the financial stability of the whole banking sector. The aim of this study is to evaluate the impact of a dominating share of foreign investors in the Polish banking sector on the liquidity position of commercial banks. The study hypothesizes that the ownership structure of the Polish banking sector, in which there are banks predominantly controlled by foreign investors, does not pose a threat to the liquidity position of Polish banks. A supplementary research hypothesis is that the liquidity risk profile of foreign-owned banks differs from that of domestic banks. The sample consists of 14 foreign-owned banks and 5 domestic banks owned by local investors, which together constitute approximately 87% of the banking sector’s assets. The data covers the period of 2004–2014. The results of the regression models show no evidence of significant differences in terms of the dynamics of changes of the liquidity buffers between the foreign-owned and domestic banks, although the signs of the coefficients might suggest that the foreign-owned banks were decreasing the holdings of liquid assets at a slower pace over the examined period, compared to the domestic banks. However, no proof of the statistical significance of these findings has been found. The supplementary research hypothesis that the liquidity risk profile of foreign-controlled banks differs from that of domestic banks was rejected.

Keywords: Financial stability, foreign-owned banks, liquidity position, liquidity risk.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1052

Authors: Eun-JungKo, Bur-Deul Yoon, Sung-Won Choi, Hong-Kyu Kim

Abstract:

Jacobs, A.B. (1993) stated that "When I think of a city, the first thing that comes to mind is the street. If the street is interesting, the rest of the city is interesting. If the street is mundane, the city is also mundane." In this statement, he expresses the importance of the streetscape and the street environment. The objective of this paper is to analyze the spatial relationships of the streetscape that affect the general public's preference of the cityscape. Furthermore, this research focuses on the important role that streetscape plays in public perception of the city by the pedestrians who experience it daily. The subject of this paper is eight of the "Design Seoul Street."The analysis and survey results show the preference criteria that affect the streetscape and ultimately the cityscape. This research endeavor shows that differences in physical form, shape, size, color, locations, and context are important.

Keywords: Cityscape, Design Seoul Street, street, streetscape.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1248

Authors: O. V. Missioura

Abstract:

MC (Management Control)& IC (Internal Control) – what is the relationship? (an empirical study into the definitions between MC and IC) based on the wider considerations of Internal Control and Management Control terms, attention is focused not only on the financial aspects but also more on the soft aspects of the business, such as culture, behaviour, standards and values. The limited considerations of Management Control are focused mainly in the hard, financial aspects of business operation. The definitions of Management Control and Internal Control are often used interchangeably and the results of this empirical study reveal that Management Control is part of Internal Control, there is no causal link between the two concepts. Based on the interpretation of the respondents, the term Management Control has moved from a broad term to a more limited term with the soft aspects of the influencing of behaviour, performance measurements, incentives and culture. This paper is an exploratory study based on qualitative research and on a qualitative matrix method analysis of the thematic definition of the terms Management Control and Internal Control.

Keywords: Management Control (MC), Internal Control (IC), definition, causal link, COSO 1992/2004, CoCo (Canadian Institute of Chartered Accountants), Russian CG code (КОДЕКС) , limited and broad concepts MC and IC.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1728

Authors: Siti Norfazlina Yusoff, Noorlailahusna Mohd Yusof

Abstract:

The aging of the workforce is occurring globally and has significant impact on organizations. The Malaysian population is ageing. Although, not as quickly as the populations of a number of Asian nations, or of parts of Europe; the rate is sufficient to cause a concern. The life expectancy of Malaysians has increased in year 2012 with an average of 73.8 years or equal to 71.1 years for males and 76.7 years for females. The birth and death rates are 26.05 births/1,000 population and 5.29 deaths/1,000 population respectively. These figures have placed a greater liability on the government’s shoulder, and have become a push factor for the country to revise a new retirement age for the public servants. The ‘aged population’ impinged on the new challenges faced by the Malaysian government, which had to deal with an unproductive aged workforce. A new retirement age from 58 to 60 years old has been introduced and this could have a positive effect on this cohort, in maintaining financial security. However, keeping older employees might affect organizations’ performance and productivity. The organizations need to pay more attention on them, since they are less effective and might be affected by numerous health problems. An innovative culture should be introduced and this could be a good indicator for organizations that deal with these ‘expensive’ workers.

Keywords: Aged workforce, financial relief, innovative culture retirement policy.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1808

Authors: Ali Hajiesmaeili, Mehdi Rahimi, Ehsan Jaberi, Amir Abbas Hosseini

Abstract:

The purpose of this study is investigating the influences of logistics performance on organizational performance including both marketing & financial aspects, and showing the financial impacts of selecting the right marketing and logistics priorities in line with their supply chain type, and also giving the practitioners an advance identification of their priorities and participation types of supply chain, and the best combination of their strategies and resources in this regard. We made use of the original model’s questionnaire to gather all expert’s data and also SPSS and AMOS Ver.22 to analyze the gathered data. CFA method was also used to test whether a relationship between observed variables and their underlying latent constructs exists. Supply chain strategy implementation leads to logistics performance improvement, and marketing performance will be affected as well. Logistics service providers should focus on enhancement of supply chain performance, since logistics performance has been considered as a basis of evaluation of supply chain management strategy. Consequently, performance of the organization will be enhanced. This case is the first research made in Iran that analyzes the relationship between Logistics & Organizational performance in Home Appliances and Home Entertainment companies.

Keywords: Logistics, organizational performance, supply chain, supply chain strategy.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3499

Authors: Junaid Rashid, Waqar Mehmood, Muhammad Wasif Nisar

Abstract:

This survey paper shows the recent state of model comparison as it’s applies to Model Driven engineering. In Model Driven Engineering to calculate the difference between the models is a very important and challenging task. There are number of tasks involved in model differencing that firstly starts with identifying and matching the elements of the model. In this paper, we discuss how model matching is accomplished, the strategies, techniques and the types of the model. We also discuss the future direction. We found out that many of the latest model comparison strategies are geared near enabling Meta model and similarity based matching. Therefore model versioning is the most dominant application of the model comparison. Recently to work on comparison for versioning has begun to deteriorate, giving way to different applications. Ultimately there is wide change among the tools in the measure of client exertion needed to perform model comparisons, as some require more push to encourage more sweeping statement and expressive force.

Keywords: Model comparison, model clone detection, model versioning, EMF Model, model diff.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2128

Authors: Mohammed Sani Abdulai

Abstract:

Public sector budgeting, all over the world, is underpinned by some universally accepted principles of sound budget management such as budget unity, universality, annuality, and a balanced budget. These traditional principles, though fundamental, had, in recent years, been augmented by the more modern principles of budgeting within fiscal objective, alignment with medium-term strategic plans as well as the observance of such related concepts as transparency, openness and accessibility. In this paper, we have endeavored to shed light, from literature and practice, on the meaning and purposes of such fundamental budgeting principles. We have also assessed the extent to which the Government of Ghana’s budget complies with the four traditional principles of budget unity, universality, annuality, and a balanced budget and the three out of the ten modern principles of budgetary governance of Organisation for Economic Co-operation and Development (OECD). We did so by using a qualitative method of review and analysis of existing documents and the performance assessment reports on Ghana’s Public Financial Management (PFM) measured using such frameworks as the Public Expenditure and Financial Accountability (PEFA), the Open Budget Survey (OBS) and its Index (OBI), the reports and action plans of Open Government Partnership (OGP) and the Global Initiative for Fiscal Transparency (GIFT). Other performance assessment reports that were relied on included, but not limited to, the Joint Evaluation Report of PFM in Ghana, 2001-2010, and the Joint Evaluation of Budget Support to Ghana, 2005-2015. We have, through this paper, brought to the fore the lessons that could be learned on how those budgetary principles undergird the Government of Ghana’s budget formulation, execution, accounting, control, and oversight. These lessons include, but are not limited to, the need for both scholars and practitioners in the PFM space to be aware of the impact of those principles on public sector budgeting.

Keywords: Annulaity, Balanced Budget, Budget Unity, Budgetary Principles, OECD’s Principles on Budgetary Governance, Open Budget Index, Public Expenditure and Financial Accountability, Universality.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 583

Authors: Maha Hammami, Olfa Benouda Sioud

Abstract:

This study investigates the reliability of management earnings forecasts with reference to these two ingredients: verifiability and neutrality. Specifically, we examine the biasedness (or accuracy) of management earnings forecasts and company specific characteristics that can be associated with accuracy. Based on sample of 102 IPO prospectuses published for admission on NYSE Euronext Paris from 2002 to 2010, we found that these forecasts are on average optimistic and two of the five test variables, earnings variability and financial leverage are significant in explaining ex post bias. Acknowledging the possibility that the bias is the result of the managers’ forecasting behavior, we then examine whether managers decide to under-predict, over-predict or forecast accurately for self-serving purposes. Explicitly, we examine the role of financial distress, operating performance, ownership by insiders and the economy state in influencing managers’ forecasting preferences. We find that managers of distressed firms seem to over-predict future earnings. We also find that when managers are given more stock options, they tend to under-predict future earnings. Finally, we conclude that the management earnings forecasts are affected by an intentional bias due to managers’ forecasting preferences.

Keywords: Intentional bias, Management earnings forecasts, neutrality, verifiability.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2202

Authors: N. D. Karande, G. A. Patil

Abstract:

Databases have become ubiquitous. Almost all IT applications are storing into and retrieving information from databases. Retrieving information from the database requires knowledge of technical languages such as Structured Query Language (SQL). However majority of the users who interact with the databases do not have a technical background and are intimidated by the idea of using languages such as SQL. This has led to the development of a few Natural Language Database Interfaces (NLDBIs). A NLDBI allows the user to query the database in a natural language. This paper highlights on architecture of new NLDBI system, its implementation and discusses on results obtained. In most of the typical NLDBI systems the natural language statement is converted into an internal representation based on the syntactic and semantic knowledge of the natural language. This representation is then converted into queries using a representation converter. A natural language query is translated to an equivalent SQL query after processing through various stages. The work has been experimented on primitive database queries with certain constraints.

Keywords: Natural language database interface, representation converter, syntactic and semantic knowledge

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2654

Authors: Mei-Fang Wu, Shu-Li Wang, Tsung-Yueh Lu, Feng-Tsung Cheng

Abstract:

Strengthening core competitiveness is the main goal of enterprises in a fierce competitive environment. Accurate cost information is a great help for managers in dealing with operation strategies. This paper establishes a profitability management mechanism that applies the Activity-Based Benefit approach (ABBA) to solve the profitability for each customer from the market. ABBA provides financial and non-financial information for the operation, but also indicates what resources have expired in the operational process. The customer profit management model shows the level of profitability of each customer for the company. The empirical data were gathered from a case company operating in the leather industry in Taiwan. The research findings indicate that 30% of customers create little profit for the company as a result of asking for over 5% of sales discounts. Those customers ask for sales discount because of color differences of leather products. This paper provides a customer’s profitability evaluation mechanism to help enterprises to greatly improve operating effectiveness and promote operational activity efficiency and overall operation profitability.

Keywords: Activity-based benefit approach, customer profit analysis, leather industry, profitability management mechanism.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 904

Authors: Wei Zhang, Su-Yan Tang, Yi-Fan Zhu, Wei-Ping Wang

Abstract:

Support vector regression (SVR) has been regarded as a state-of-the-art method for approximation and regression. The importance of kernel function, which is so-called admissible support vector kernel (SV kernel) in SVR, has motivated many studies on its composition. The Gaussian kernel (RBF) is regarded as a “best" choice of SV kernel used by non-expert in SVR, whereas there is no evidence, except for its superior performance on some practical applications, to prove the statement. Its well-known that reproducing kernel (R.K) is also a SV kernel which possesses many important properties, e.g. positive definiteness, reproducing property and composing complex R.K by simpler ones. However, there are a limited number of R.Ks with explicit forms and consequently few quantitative comparison studies in practice. In this paper, two R.Ks, i.e. SV kernels, composed by the sum and product of a translation invariant kernel in a Sobolev space are proposed. An exploratory study on the performance of SVR based general R.K is presented through a systematic comparison to that of RBF using multiple criteria and synthetic problems. The results show that the R.K is an equivalent or even better SV kernel than RBF for the problems with more input variables (more than 5, especially more than 10) and higher nonlinearity.

Keywords: admissible support vector kernel, reproducing kernel, reproducing kernel Hilbert space, support vector regression.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1540

Authors: H. Sajjadi, M. Gorji, GH.R. Kefayati, D. D. Ganji, M. Shayan Nia

Abstract:

In this paper Lattice Boltzmann simulation of turbulent natural convection with large-eddy simulations (LES) in a square cavity which is filled by water has been investigated. The present results are validated by finds of other investigations which have been done with different numerical methods. Calculations were performed for high Rayleigh numbers of Ra=108 and 109. The results confirm that this method is in acceptable agreement with other verifications of such a flow. In this investigation is tried to present Large-eddy turbulence flow model by Lattice Boltzmann Method (LBM) with a clear and simple statement. Effects of increase in Rayleigh number are displayed on streamlines, isotherm counters and average Nusselt number. Result shows that the average Nusselt number enhances with growth of the Rayleigh numbers.

Keywords: Turbulent natural convection, Large Eddy Simulation, Lattice Boltzmann Method

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1966

Authors: Niloofar Yousefi, Marie Alaghband, Ivan Garibay

Abstract:

With the increase of credit card usage, the volume of credit card misuse also has significantly increased, which may cause appreciable financial losses for both credit card holders and financial organizations issuing credit cards. As a result, financial organizations are working hard on developing and deploying credit card fraud detection methods, in order to adapt to ever-evolving, increasingly sophisticated defrauding strategies and identifying illicit transactions as quickly as possible to protect themselves and their customers. Compounding on the complex nature of such adverse strategies, credit card fraudulent activities are rare events compared to the number of legitimate transactions. Hence, the challenge to develop fraud detection that are accurate and efficient is substantially intensified and, as a consequence, credit card fraud detection has lately become a very active area of research. In this work, we provide a survey of current techniques most relevant to the problem of credit card fraud detection. We carry out our survey in two main parts. In the first part, we focus on studies utilizing classical machine learning models, which mostly employ traditional transnational features to make fraud predictions. These models typically rely on some static physical characteristics, such as what the user knows (knowledge-based method), or what he/she has access to (object-based method). In the second part of our survey, we review more advanced techniques of user authentication, which use behavioral biometrics to identify an individual based on his/her unique behavior while he/she is interacting with his/her electronic devices. These approaches rely on how people behave (instead of what they do), which cannot be easily forged. By providing an overview of current approaches and the results reported in the literature, this survey aims to drive the future research agenda for the community in order to develop more accurate, reliable and scalable models of credit card fraud detection.

Keywords: credit card fraud detection, user authentication, behavioral biometrics, machine learning, literature survey

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 464

Authors: Pauliasi Tony Fakahau

Abstract:

This paper provides an overview of the impact of the revenue reform programme on vulnerable communities in the Kingdom of Tonga. Economic turmoil and mismanagement during the late 1990s forced the government to seek technical and financial assistance from the Asian Development Bank to undertake a comprehensive Economic and Public Sector Reform (EPSR) programme. The EPSR is a Western model recommended by donor agencies as the solution to Tonga’s economic challenges. The EPSR programme included public sector reform, private sector growth, and revenue generation. Tax reform was the main tool for revenue generation, which set out to strengthen tax compliance and administration as well as implement a value-added consumption tax. The EPSR is based on Western values and ideology but failed to recognise that Tongan cultural values are important to the local community. Two participant groups were interviewed. Participant group one consisted of 51 people representing vulnerable communities. Participant group two consisted of six people from the government and business sector who were from the elite of Tongan society. The Kakala Research Methodology provided the framework for the research, and the Talanoa Research Method was used to conduct semi-structured interviews in the homes of the first group and in the workplaces of the second group. The research found a heavy burden of the consumption tax on the purchasing power of participant group one (vulnerable participants), having an impact on nearly every financial transaction they made. Participant group one’s main financial priorities were kavenga fakalotu (obligations to the church), kavenga fakafāmili (obligations to the family) and kavenga fakafonua (obligations to cultural events for the village, nobility, and royalty). The findings identified inequalities of the revenue reform, especially from consumption tax, for vulnerable people and communities compared to the elite of society. The research concluded that government and donor agencies need ameliorating policies to reduce the burden of tax on vulnerable groups more susceptible to the impact of revenue reform.

Keywords: Tax reform, Tonga vulnerable community revenue, revenue reform, public sector reform.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 221

Authors: Ilhan Keskin, Hasan Bulent Kantarcı

Abstract:

In this study, one of the tools of Islamic financing known as “Sukuk” a non-interest bearing investment which has started to be implemented in Turkey and the world as a whole is discussed. In order to increase the vitality and efficiency of the economy, by taking lessons from the recent economic crisis new developments in the banking and investment sector are being expanded. The purpose of all investors is to obtain more revenue through the use of capital. The inability of traditional investment tools to meet the expectations of investors and the interest based financial system where one investor benefits at the expense of another there has been the need for a different, reliable and noninterest bearing financial market that is consistent with the Islamic rule. As a result an alternative and more reliable interest free financing tool “Sukuk” rental certificates covering people who are sensitive to Islamic rules, appeal to all segments, hidden remaining capital that contributes to the economy, reduce disparities in income distribution, common risk sharing system of profit and loss sharing has emerged. Today, for the structural countries by examining the state of the world market economy the applicability, enactment and future issues associated with this attractive kind of Islamic finance namely the “Sukuk” market has been explained.

Keywords: Islamic finance, Islamic markets, non-interest bearing, rental certificates.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2563

Authors: Tsai-Hsiu Lin

Abstract:

Presentism is one of the orientations of teachers’ teaching culture. However, there are few researchers to explore it in Taiwan. The objective of this study is to establish an expert-based determination of the content of teachers’ presentism in Taiwan. The author reviewed the works of Jackson, Lortie, and Hargreaves and employed Hargreaves’ three forms of teachers’ presentism as a framework to design the questionnaire of this study. The questionnaire of teachers’ presentism comprised of 42 statements. A three-round web-based Delphi survey was proposed to 14 participants (two teacher educators, two educational administrators, three school principals, and seven schoolteachers), 13 participants (92.86%) completed the three-rounds of the study. The participants were invited to indicate the importance of each statement. The Delphi study used means and standard deviation to present information concerning the collective judgments of respondents. Finally, the author obtained consensual results for 67% (28/42). However, the outcome of this study could be the result of identifying a series of general statements rather than an in-depth exposition of the topic.

Keywords: Delphi Technique, teachers’ presentism, sociology of teaching, teaching culture.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 823

Authors: Jung-Lo Park, Sung-Sik Kim, Sun-Young Choi, Ju-Hyung Kim, Jae-Jun Kim

Abstract:

Sub-prime mortgage crisis which began in the US is regarded as the most economic crisis since the Great Depression in the early 20th century. Especially, hidden problems on efficient operation of a business were disclosed at a time and many financial institutions went bankrupt and filed for court receivership. The collapses of physical market lead to bankruptcy of manufacturing and construction businesses. This study is to analyze dynamic efficiency of construction businesses during the five years at the turn of the global financial crisis. By discovering the trend and stability of efficiency of a construction business, this study-s objective is to improve management efficiency of a construction business in the ever-changing construction market. Variables were selected by analyzing corporate information on top 20 construction businesses in Korea and analyzed for static efficiency in 2008 and dynamic efficiency between 2006 and 2010. Unlike other studies, this study succeeded in deducing efficiency trend and stability of a construction business for five years by using the DEA/Window model. Using the analysis result, efficient and inefficient companies could be figured out. In addition, relative efficiency among DMU was measured by comparing the relationship between input and output variables of construction businesses. This study can be used as a literature to improve management efficiency for companies with low efficiency based on efficiency analysis of construction businesses.

Keywords: Construction Company, DEA, DEA/Window, Efficiency Analysis

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1936

Authors: Mary L. G. S. Senna, Afonso R. Aquino, Veruska C. Dutra, Carlos H. C. Tolentino

Abstract:

The quality of life index, despite elucidating many discussions, the conceptual subjectivity of the term does not show precision, and consequently, many researchers seek to develop methods aiming to measure this concept, bringing it to a more concrete approach. In this study, the quality of life index method was used to analyze the population of Mateiros, Tocantins, Brazil for quality of life. After data collection, it was compared the quality of life index between the population and the group of beneficiaries of the Brazilian government assistance program Bolsa Família (Family Allowance). Some of the people interviewed receive financial aid from the federal government program Bolsa Família (22%). Comparisons were made among the final score of the quality of life index of the Mateiros population and the following factors: Gender, age, education, those working or not with tourism and those who receive or do not receive the Bolsa Família. It was observed that only the factor, Bolsa Família (p-score 0.0138), shows an association with quality of life improvement, noticing that those who have financial aid had a higher quality of life improvement than the rest of the population. It was concluded that, government assistance has shown a decisive element on the enhancement of Mateiros population quality of life, indicating that similar actions should be maintained.

Keywords: Quality of life index, government aid to families, sustainable tourism, Bolsa Familia.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1749

Authors: Carlos Sanchís-Pedregosa, José A. D. M achuca, María del Mar González-Zamora

Abstract:

The growing outsourcing of logistics services resulting from the ongoing current in firms of costs reduction/increased efficiency means that it is becoming more and more important for the companies doing the outsourcing to carry out a proper evaluation. The multiple definitions and measures of logistics service performance found in research on the topic create a certain degree of confusion and do not clear the way towards the proper measurement of their performance. Do a model and a specific set of indicators exist that can be considered appropriate for measuring the performance of logistics services outsourcing in industrial environments? Are said indicators in keeping with the objectives pursued by outsourcing? We aim to answer these and other research questions in the study we have initiated in the field within the framework of the international High Performance Manufacturing (HPM) project of which this paper forms part. As the first stage of this research, this paper reviews articles dealing with the topic published in the last 15 years with the aim of detecting the models most used to make this measurement and determining which performance indicators are proposed as part of said models and which are most used. The first steps are also taken in determining whether these indicators, financial and operational, cover the aims that are being pursued when outsourcing logistics services. The findings show there is a wide variety of both models and indicators used. This would seem to testify to the need to continue with our research in order to try to propose a model and a set of indicators for measuring the performance of logistics services outsourcing in industrial environments.

Keywords: Logistics, objectives, outsourcing, performancemeasurement systems

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2081

Authors: Isaura Esther Solano Núñez, David Suarez

Abstract:

The main purpose of this research is to discover what causes death in children of the Wayuu community, and deeply analyze those results in order to take corrective measures to properly control infant mortality. We consider important to determine the reasons that are producing early death in this specific type of population, since they are the most vulnerable to high risk environmental conditions. In this way, the government, through competent authorities, may develop prevention policies and the right measures to avoid an increase of this tragic fact. The methodology used to develop this investigation is data mining, which consists in gaining and examining large amounts of data to produce new and valuable information. Through this technique it has been possible to determine that the child population is dying mostly from malnutrition. In short, this technique has been very useful to develop this study; it has allowed us to transform large amounts of information into a conclusive and important statement, which has made it easier to take appropriate steps to resolve a particular situation.

Keywords: Malnutrition, datamining, analytical, descriptive, population, wayuu, indigenous.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 639

Authors: H. D. Ibrahim, H. C. Chinwenyi, A. H. Usman

Abstract:

Valuing derivatives (options, futures, swaps, forwards, etc.) is one uneasy task in financial mathematics. The two ways this problem can be effectively resolved in finance is by the use of two methods (Martingales and Partial Differential Equations (PDEs)) to obtain their respective options price valuation formulas. This research paper examined two different stochastic financial models which are Constant Elasticity of Variance (CEV) model and Black-Karasinski term structure model. Assuming their respective option price valuation formulas, we proved the analogous of the Martingales and PDEs options price valuation formulas for the two different Stochastic Differential Equation (SDE) models. This was accomplished by using the applications of Girsanov theorem for defining an Equivalent Martingale Measure (EMM) and the Feynman-Kac theorem. The results obtained show the systematic proof for analogous of the two (Martingales and PDEs) options price valuation formulas beginning with the Martingales option price formula and arriving back at the Black-Scholes parabolic PDEs and vice versa.

Keywords: Option price valuation, Martingales, Partial Differential Equations, PDEs, Equivalent Martingale Measure, Girsanov Theorem, Feyman-Kac Theorem, European Put Option.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 318

Authors: Taylan Kabbani, Ekrem Duman

Abstract:

Deep Reinforcement Learning (DRL) algorithms can scale to previously intractable problems. The automation of profit generation in the stock market is possible using DRL, by combining  the financial assets price ”prediction” step and the ”allocation” step of the portfolio in one unified process to produce fully autonomous systems capable of interacting with its environment to make optimal decisions through trial and error. This work represents a DRL model to generate profitable trades in the stock market, effectively overcoming the limitations of supervised learning approaches. We formulate the trading problem as a Partially observed Markov Decision Process (POMDP) model, considering the constraints imposed by the stock market, such as liquidity and transaction costs. We then solved the formulated POMDP problem using the Twin Delayed Deep Deterministic Policy Gradient (TD3) algorithm and achieved a 2.68 Sharpe ratio on the test dataset. From the point of view of stock market forecasting and the intelligent decision-making mechanism, this paper demonstrates the superiority of DRL in financial markets over other types of machine learning and proves its credibility and advantages of strategic decision-making.

Keywords: Autonomous agent, deep reinforcement learning, MDP, sentiment analysis, stock market, technical indicators, twin delayed deep deterministic policy gradient.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 460

Authors: Anwar Hasan Abdullah Othman, Ahamed Kameel, Hasanuddeen Abdul Aziz

Abstract:

In this study, attempt has been made to investigate the relationship specifically the causal relation between fund unit prices of Islamic equity unit trust fund which measure by fund NAV and the selected macro-economic variables of Malaysian economy by using VECM causality test and Granger causality test. Monthly data has been used from Jan, 2006 to Dec, 2012 for all the variables. The findings of the study showed that industrial production index, political election and financial crisis are the only variables having unidirectional causal relationship with fund unit price. However the global oil price is having bidirectional causality with fund NAV. Thus, it is concluded that the equity unit trust fund industry in Malaysia is an inefficient market with respect to the industrial production index, global oil prices, political election and financial crisis. However the market is approaching towards informational efficiency at least with respect to four macroeconomic variables, treasury bill rate, money supply, foreign exchange rate, and corruption index.

Keywords: Fund unit price, unit trust industry, Malaysia, macroeconomic variables, causality.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3556

Authors: Ilias A. Makris

Abstract:

In this work, we attempt to associate firm characteristics with innovative activity. We collect microdata from listed firms of selected Eurozone Country-members, after the beginning of 2007 financial crisis. The following literature, several indicators of growth and performance were selected and tested for their ability to interpret innovative activity. The main scope is to examine the possible differences in performance and growth between innovative and non-innovative firms, during a severe recession. Additionally to that, a special focus will be held on whether macroeconomic performance and national innovation system, determines the extent of innovators' performance. Preliminary findings, through correlation matrices and non-parametric tests, strongly indicate the positive relation between innovative activity and most of the measures used (profitability, size, employment), confirming that even during a recessionary period, innovative firms not only survive but also seem to succeed better economic results in almost all indexes relative to non-innovative. However, even though innovators seem to perform better in all economies examined, the extent of that performance seems to be strongly affected by the supportive mechanisms (financial and structural) that their country provides. Thus, it is clear, that the technologically intensive 'gap' between European South and North, during the economic crisis, became chaotic, due to the harsh austerity measures and reduced budgets in those countries, even in sectors with high potentials in economic activity and employment, impairing the effects of crisis and enhancing the vicious circle of recession.

Keywords: Eurozone, innovative activity, development, firm performance, non-parametric tests.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1407

Authors: Sareh Rajabi, Salwa Bheiry

Abstract:

In general, Covid-19 created many financial and non-financial damages to the economy and community. Level and severity of covid-19 as pandemic case varies over the region and due to different types of the projects. Covid-19 virus emerged as one of the most imperative risk management factors word-wide recently. Therefore, as part of portfolio management assessment, it is essential to evaluate severity of such risk on the project and program in portfolio management level to avoid any risky portfolio. Covid-19 appeared very effectively in South America, part of Europe and Middle East. Such pandemic infection affected the whole universe, due to lock down, interruption in supply chain management, health and safety requirements, transportations and commercial impacts. Therefore, this research proposes Analytical Hierarchy Process (AHP) to analyze and assess such pandemic case like Covid-19 and its impacts on the construction projects. The AHP technique uses four sub-criteria: Health and safety, commercial risk, completion risk and contractual risk to evaluate the project and program. The result will provide the decision makers with information which project has higher or lower risk in case of Covid-19 and pandemic scenario. Therefore, the decision makers can have most feasible solution based on effective weighted criteria for project selection within their portfolio to match with the organization’s strategies.

Keywords: Portfolio management, risk management, COVID-19, analytical hierarchy process technique.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 758

Authors: Kari Björn

Abstract:

Introduction of games has expanded the application area of computer-aided learning tools to wide variety of age groups of learners. Serious games engage the learners into a real-world -type of simulation and potentially enrich the learning experience. Institutional background of a Bachelor’s level engineering program in Information and Communication Technology is introduced, with detailed focus on one of its majors, Health Technology. As part of a Customer Oriented Software Application thematic semester, one particular course of “eHealth Business and Solutions” is described and reflected in a gamified framework. Learning a consistent view into vast literature of business management, strategies, marketing and finance in a very limited time enforces selection of topics relevant to the industry. Health Technology is a novel and growing industry with a growing sector in consumer wearable devices and homecare applications. The business sector is attracting new entrepreneurs and impatient investor funds. From engineering education point of view the sector is driven by miniaturizing electronics, sensors and wireless applications. However, the market is highly consumer-driven and usability, safety and data integrity requirements are extremely high. When the same technology is used in analysis or treatment of patients, very strict regulatory measures are enforced. The paper introduces a course structure using gamification as a tool to learn the most essential in a new market: customer value proposition design, followed by a market entry game. Students analyze the existing market size and pricing structure of eHealth web-service market and enter the market as a steering group of their company, competing against the legacy players and with each other. The market is growing but has its rules of demand and supply balance. New products can be developed with an R&D-investment, and targeted to market with unique quality- and price-combinations. Product cost structure can be improved by investing to enhanced production capacity. Investments can be funded optionally by foreign capital. Students make management decisions and face the dynamics of the market competition in form of income statement and balance sheet after each decision cycle. The focus of the learning outcome is to understand customer value creation to be the source of cash flow. The benefit of gamification is to enrich the learning experience on structure and meaning of financial statements. The paper describes the gamification approach and discusses outcomes after two course implementations. Along the case description of learning challenges, some unexpected misconceptions are noted. Improvements of the game or the semi-gamified teaching pedagogy are discussed. The case description serves as an additional support to new game coordinator, as well as helps to improve the method. Overall, the gamified approach has helped to engage engineering student to business studies in an energizing way.

Keywords: Engineering education, integrated curriculum, learning experience, learning outcomes.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 914