Search results for: interactive stock markets

Authors: K. Prachumrak, T. Kanchanapornchai

Abstract:

This research simulates one of the natural phenomena, the ocean wave. Our goal is to be able to simulate the ocean wave at real-time rate with the water surface interacting with objects. The wave in this research is calm and smooth caused by the force of the wind above the ocean surface. In order to make the simulation of the wave real-time, the implementation of the GPU and the multithreading techniques are used here. Based on the fact that the new generation CPUs, for personal computers, have multi cores, they are useful for the multithread. This technique utilizes more than one core at a time. This simulation is programmed by C language with OpenGL. To make the simulation of the wave look more realistic, we applied an OpenGL technique called cube mapping (environmental mapping) to make water surface reflective and more realistic.

Keywords: Interactive wave, ocean wave, wind effect, multithread

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Authors: Somchai Supattarakul, Anya Khanthavit

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This study aims at providing empirical evidence on a comparison of two equity valuation models: (1) the dividend discount model (DDM) and (2) the residual income model (RIM), in estimating equity values of Thai firms during 1995-2004. Results suggest that DDM and RIM underestimate equity values of Thai firms and that RIM outperforms DDM in predicting cross-sectional stock prices. Results on regression of cross-sectional stock prices on the decomposed DDM and RIM equity values indicate that book value of equity provides the greatest incremental explanatory power, relative to other components in DDM and RIM terminal values, suggesting that book value distortions resulting from accounting procedures and choices are less severe than forecast and measurement errors in discount rates and growth rates. We also document that the incremental explanatory power of book value of equity during 1998-2004, representing the information environment under Thai Accounting Standards reformed after the 1997 economic crisis to conform to International Accounting Standards, is significantly greater than that during 1995-1996, representing the information environment under the pre-reformed Thai Accounting Standards. This implies that the book value distortions are less severe under the 1997 Reformed Thai Accounting Standards than the pre-reformed Thai Accounting Standards.

Keywords: Dividend Discount Model, Equity Valuation Model, Residual Income Model, Thai Stock Market

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Authors: Amel Abdoullah Ahmed Dghais, Mohd Tahir Ismail

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In this paper the core objective is to apply discrete wavelet transform and maximal overlap discrete wavelet transform functions namely Haar, Daubechies2, Symmlet4, Coiflet2 and discrete approximation of the Meyer wavelets in non stationary financial time series data from Dow Jones index (DJIA30) of US stock market. The data consists of 2048 daily data of closing index from December 17, 2004 to October 23, 2012. Unit root test affirms that the data is non stationary in the level. A comparison between the results to transform non stationary data to stationary data using aforesaid transforms is given which clearly shows that the decomposition stock market index by discrete wavelet transform is better than maximal overlap discrete wavelet transform for original data.

Keywords: Discrete wavelet transform, maximal overlap discrete wavelet transform, stationarity, autocorrelation function.

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Authors: Ioannis Andrianakis, Vasileios Gkatas, Nikos Eleftheriadis, Alexios Ellinidis, Ermioni Avramidou

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The paper discusses the main aspects involved in the development of a supply chain management system using the developed PredictionSCMS software as a basis for the discussion. The discussion is focused on three topics: the first is demand forecasting, where we present the predictive algorithms implemented and discuss related concepts such as the calculation of the safety stock, the effect of out-of-stock days etc. The second topic concerns the design of a supply chain, where the core parameters involved in the process are given, together with a methodology of incorporating these parameters in a meaningful order creation strategy. Finally, the paper discusses some critical events that can happen during the operation of a supply chain management system and how the developed software notifies the end user about their occurrence.

Keywords: Demand forecasting, machine learning, risk management, supply chain design.

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Authors: A. H. W. Goh, Y. S. Yong, C. H. Chan, S. J. Then, L. P. Chu, S. W. Chau, H. W. Hon

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This paper proposes an alternative control mechanism for an interactive Pan/Tilt/Zoom (PTZ) camera control system. Instead of using a mouse or a joystick, the proposed mechanism utilizes a Nintendo Wii remote and infrared (IR) sensor bar. The Wii remote has buttons that allows the user to control the movement of a PTZ camera through Bluetooth connectivity. In addition, the Wii remote has a built-in motion sensor that allows the user to give control signals to the PTZ camera through pitch and roll movement. A stationary IR sensor bar, placed at some distance away opposite the Wii remote, enables the detection of yaw movement. In addition, the Wii remote-s built-in IR camera has the ability to detect its spatial position, and thus generates a control signal when the user moves the Wii remote. Some experiments are carried out and their performances are compared with an industry-standard PTZ joystick.

Keywords: Bluetooth, Infrared, Pan/Tilt/Zoom, PTZ Camera, Visual Surveillance, Wii Remote

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Authors: Yuan L. Lai, Yong R. Chen, Jui P. Hung, Tzuo L. Luo, Hsi H. Hsiao

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Chatter vibration has been a troublesome problem for a machine tool toward the high precision and high speed machining. Essentially, the machining performance is determined by the dynamic characteristics of the machine tool structure and dynamics of cutting process. Therefore the dynamic vibration behavior of spindle tool system greatly determines the performance of machine tool. The purpose of this study is to investigate the influences of the machine frame structure on the dynamic frequency of spindle tool unit through finite element modeling approach. To this end, a realistic finite element model of the vertical milling system was created by incorporated the spindle-bearing model into the spindle head stock of the machine frame. Using this model, the dynamic characteristics of the milling machines with different structural designs of spindle head stock and identical spindle tool unit were demonstrated. The results of the finite element modeling reveal that the spindle tool unit behaves more compliant when the excited frequency approaches the natural mode of the spindle tool; while the spindle tool show a higher dynamic stiffness at lower frequency that may be initiated by the structural mode of milling head. Under this condition, it is concluded that the structural configuration of spindle head stock associated with the vertical column of milling machine plays an important role in determining the machining dynamics of the spindle unit.

Keywords: Machine tools, Compliance, Frequency response function, Machine frame structure, Spindle unit

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Authors: Achim Kampker, Kai Kreiskoether, Johannes Wagner, Sarah Fluchs

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The growing speed of innovation in related industries requires the automotive industry to adapt and increase release frequencies of new vehicle derivatives which implies a significant reduction of investments per vehicle and ramp-up times. Emerging markets in various parts of the world augment the currently dominating established main automotive markets. Local content requirements such as import tariffs on final products impede the accessibility of these micro markets, which is why in the future market exploitation will not be driven by pure sales activities anymore but rather by setting up local assembly units. The aim of this paper is to provide an overview of the concept of decentralized assembly and to discuss and critically assess some currently researched and crucial approaches in production technology. In order to determine the scope in which complementary mobile assembly can be profitable for manufacturers, a general cost model is set up and each cost driver is assessed with respect to varying levels of decentralization. One main result of the paper is that the presented approaches offer huge cost-saving potentials and are thus critical for future production strategies. Nevertheless, they still need to be further exploited in order for decentralized assembly to be profitable for companies. The optimal level of decentralization must, however, be specifically determined in each case and cannot be defined in general.

Keywords: Automotive assembly, e-mobility, production technology, small series assembly.

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Authors: Shaila Rana, Wasim Alhamdani

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Effective cybersecurity learning relies on an engaging, interactive, and entertaining activity that fosters positive learning outcomes. VR cybersecurity training may provide a training format that is engaging, interactive, and entertaining. A methodological approach and framework are needed to allow trainers and educators to employ VR cybersecurity training methods to promote positive learning outcomes. Thus, this paper aims to create an approach that cybersecurity trainers can follow to create a VR cybersecurity training module. This methodology utilizes concepts from other cybersecurity training frameworks, such as NICE and CyTrONE. Other cybersecurity training frameworks do not incorporate the use of VR. VR training proposes unique challenges that cannot be addressed in current cybersecurity training frameworks. Subsequently, this ontology utilizes concepts to develop VR training to create a relevant methodology for creating VR cybersecurity training modules.

Keywords: Virtual reality cybersecurity training, VR cybersecurity training, traditional cybersecurity training, ontology.

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Authors: Jing Hang Choo, Soon Nyean Cheong, Yee Lien Lee, Sze Hou Teh

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The advancement of smartphones, wireless networking and Near Field Communication (NFC) technology have opened up a new approach to indoor navigation. Although NFC technology has been used to support electronic commerce, access control, and ticketing, there is a lack of research work on building NFC-based indoor navigation system for smartphone users. This paper presents an indoor interactive navigation system (named I2Navi) based on NFC technology for users to navigate within a building with ease using their smartphones. The I2Navi system has been implemented at the Faculty of Engineering (FOE), Multimedia University (MMU) to enable students, parents, visitors who own NFC-enabled Android smartphones to navigate themselves within the faculty. An evaluation is carried out and the results show positive response to the proposed indoor navigation system using NFC and smartphone technologies.

Keywords: Near Field Communication, indoor navigation system, smartphones.

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Authors: Wilaiwan Sornpoon, Sébastien Bonnet, Savitri Garivait

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Open burning of sugarcane fields is recognized to have a negative impact on soil by degrading its properties, especially soil organic carbon (SOC) content. Better understating the effect of open burning on soil carbon dynamics is crucial for documenting the carbon sequestration capacity of agricultural soils. In this study, experiments to investigate soil carbon stocks under burned and unburned sugarcane plantation systems in Thailand were conducted. The results showed that cultivation fields without open burning during 5 consecutive years enabled to increase the SOC content at a rate of 1.37 Mg ha^-1y^-1. Also it was found that sugarcane fields burning led to about 15% reduction of the total carbon stock in the 0-30 cm soil layer. The overall increase in SOC under unburned practice is mainly due to the large input of organic material through the use of sugarcane residues. 

Keywords: Soil organic carbon, Soil inorganic carbon, Carbon sequestration, Open burning, Sugarcane.

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Authors: M. G. Mattos, J. E. Pécora Jr, T. A. Briso

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Today's challenging business environment, with unpredictable demand and volatility, requires a supply chain strategy that handles uncertainty and risks in the right way. Even though inventory models have been previously explored, this paper seeks to apply these concepts on a practical situation. This study involves the inventory replenishment problem, applying techniques that are mainly based on mathematical assumptions and modeling. The primary goal is to improve the retailer’s supply chain processes taking store differences when setting the various target stock levels. Through inventory review policy, picking piece implementation and minimum exposure definition, we were able not only to promote the inventory reduction as well as improve sales results. The inventory management theory from literature review was then tested on a single case study regarding a particular department in one of the largest Latam retail chains.

Keywords: Inventory, distribution, retail, risk, safety stock, sales, uncertainty.

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Authors: YuLung Wu, YuTien Wu, ShuMey Yu

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Game-based learning can enhance the learning motivation of students and provide a means for them to learn through playing games. This study used augmented reality technology to develop an interactive card game as a game-based teaching aid for delivering elementary school science course content with the aim of enhancing student learning processes and outcomes. Through playing the proposed card game, students can familiarize themselves with appearance, features, and foraging behaviors of insects. The system records the actions of students, enabling teachers to determine their students’ learning progress. In this study, 37 students participated in an assessment experiment and provided feedback through questionnaires. Their responses indicated that they were significantly more motivated to learn after playing the game, and their feedback was mostly positive.

Keywords: Game-based learning, learning motivation, teaching aid, augmented reality.

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Authors: Afef Badri

Abstract:

Metaphorical creativity does not constitute a static property of discourse. It is an interactive dynamic process created online. There has been a lack of research concerning online produced metaphorical creativity. This paper intends to account for metaphorical creativity in online talk-in-interaction as a dynamic process that emerges as discourse unfolds. It brings together insights from the emergentist approach to the study of metaphor in verbal interactions and insights from conceptual blending approach as a model for analysing online metaphorical constructions to propose a model for studying metaphorical creativity in interactive talk. The model is based on three focal points. First, metaphorical creativity is a dynamic emergent and open-to-change process that evolves in real time as interlocutors constantly blend and re-blend previous metaphorical contributions. Second, it is not a product of isolated individual minds but a joint achievement that is co-constructed and co-elaborated by interlocutors. The third and most important point is that the emergent process of metaphorical creativity is tightly shaped by contextual variables surrounding talk-in-interaction. It is grounded in the framework of interpretation of interlocutors. It is constrained by preceding contributions in a way that creates textual cohesion of the verbal exchange and it is also a goal-oriented process predefined by the communicative intention of each participant in a way that reveals the ideological coherence/incoherence of the entire conversation.

Keywords: Communicative intention, conceptual blending, contextual variables, the emergentist approach, ideological coherence, metaphorical creativity, textual cohesion

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Authors: Josiel Delgadillo, Johnson Kinyua, Charles Mutigwe

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The purpose of sentiment analysis is to determine the sentiment strength (e.g., positive, negative, neutral) from a textual source for good decision-making. Natural Language Processing (NLP) in domains such as financial markets requires knowledge of domain ontology, and pre-trained language models, such as BERT, have made significant breakthroughs in various NLP tasks by training on large-scale un-labeled generic corpora such as Wikipedia. However, sentiment analysis is a strong domain-dependent task. The rapid growth of social media has given users a platform to share their experiences and views about products, services, and processes, including financial markets. StockTwits and Twitter are social networks that allow the public to express their sentiments in real time. Hence, leveraging the success of unsupervised pre-training and a large amount of financial text available on social media platforms could potentially benefit a wide range of financial applications. This work is focused on sentiment analysis using social media text on platforms such as StockTwits and Twitter. To meet this need, SkyBERT, a domain-specific language model pre-trained and fine-tuned on financial corpora, has been developed. The results show that SkyBERT outperforms current state-of-the-art models in financial sentiment analysis. Extensive experimental results demonstrate the effectiveness and robustness of SkyBERT.

Keywords: BERT, financial markets, Twitter, sentiment analysis.

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Authors: Muhammad Nawaz, Sandeep N. Kundu, Farha Sattar

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Augmented reality sandbox adds new dimensions to education and learning process. It can be a core component of geoscience teaching and learning to understand the geographic contexts and landform processes. Augmented reality sandbox is a useful tool not only to create an interactive learning environment through spatial visualization but also it can provide an active learning experience to students and enhances the cognition process of learning. Augmented reality sandbox can be used as an interactive learning tool to teach geomorphic and landform processes. This article explains the augmented reality sandbox and the constructivism approach for geoscience teaching and learning, and endeavours to explore the ways to teach the geographic processes using the three-dimensional digital environment for the deep learning of the geoscience concepts interactively.

Keywords: Augmented Reality Sandbox, constructivism, deep learning, geoscience.

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Authors: Manuela Nayantara Jeyaraj

Abstract:

Having moved into the 21^st century, it is way past being arguable that innovative technology needs to be incorporated into conventional classroom teaching. Though the Western world has found presumable success in achieving this, it is still a concept under battle in developing countries such as Sri Lanka. Reaching the acme of implementing interactive virtual learning within classrooms is a struggling idealistic fascination within the island. In order to overcome this problem, this study is set to reveal facts that limit the implementation of virtual, interactive learning within the school classrooms and provide hacks that could prove the augmented use of the Virtual World to enhance teaching and learning experiences. As each classroom moves along with the usage of technology to fulfill its functionalities, a few intense hacks provided will build the administrative onuses on a virtual system. These hacks may divulge barriers based on social conventions, financial boundaries, digital literacy, intellectual capacity of the staff, and highlight the impediments in introducing students to an interactive virtual learning environment and thereby provide the necessary actions or changes to be made to succeed and march along in creating an intellectual society built on virtual learning and lifestyle. This digital learning environment will be composed of multimedia presentations, trivia and pop quizzes conducted on a GUI, assessments conducted via a virtual system, records maintained on a database, etc. The ultimate objective of this study could enhance every child's basic learning environment; hence, diminishing the digital divide that exists in certain communities.

Keywords: Digital divide, digital learning, digitization, Sri Lanka, teaching methodologies.

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Authors: Molly P. M. Wong

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In this study, a blended and interactive e-learning Courseware that our team developed will be introduced, and our team’s experiences on how the e-learning Courseware and the flipped classroom benefit student learning in bioethics in the medical program will be shared. This study is a continuation of the previously established study, which provides a summary of the well-developed e-learning Courseware in a blended learning approach and an update on its efficiency and efficacy. First, a collection of animated videos capturing selected topics of bioethics and related ethical issues and dilemma will be introduced. Next, a selection of problem-based learning videos (“simulated doctor-patient role play”) with pop-up questions and discussions will be further discussed. Our findings demonstrated that these activities launched by the Courseware strongly engaged students in bioethics education and enhanced students’ critical thinking and creativity. Moreover, the educational benefits of the online art exhibition, art jamming and competition will be discussed, through which students could express bioethics through arts and enrich their learning in medical research in an interactive, fun and entertaining way, strengthening their interests in bioethics. Furthermore, online survey questionnaires and focus group interviews were conducted. Our results indicated that implementing the e-learning Courseware with a flipped classroom in bioethics education enhanced both active learning and student engagement. In conclusion, our Courseware not only reinforces education in art, bioethics and medicine, but also benefits students in understanding and critical thinking in socio-ethical issues, and serves as a valuable learning tool in bioethics teaching and learning.

Keywords: Bioethics, courseware, e-learning, flipped classroom.

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Authors: Maria E. Eggink

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It is the aim of this paper to place the role of innovation in economic development in its theoretical context through a literature review. The review compares classical economic theory and the neoclassical theories of “equilibrium in the markets” and “perfectly competitive markets” with the Schumpeterian theory. It was found that Schumpeter’s role in contributing towards economic development theories, and by creating awareness of the role of innovation in these theories is of immeasurable importance. His contribution led to a change in economic thinking, although this was only realized much later than when his theories were first published. The neo-Schumpeterian thinking expanded on the Schumpeterian theory by studying innovation within a system of interaction among different role players. Studies on innovation should be founded in the neo-Schumpeterian school of thought in order to accommodate the complexity of the innovation system concept.

Keywords: Economic development, evolutionary economics, innovation, Schumpeter.

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Authors: Nicoletta Adamo-Villani, Gerardo Beni, Jeremy White

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We introduce, a new interactive 3D simulation system of ocular motion and expressions suitable for: (1) character animation applications to game design, film production, HCI (Human Computer Interface), conversational animated agents, and virtual reality; (2) medical applications (ophthalmic neurological and muscular pathologies: research and education); and (3) real time simulation of unconscious cognitive and emotional responses (for use, e.g., in psychological research). The system is comprised of: (1) a physiologically accurate parameterized 3D model of the eyes, eyelids, and eyebrow regions; and (2) a prototype device for realtime control of eye motions and expressions, including unconsciously produced expressions, for application as in (1), (2), and (3) above. The 3D eye simulation system, created using state-of-the-art computer animation technology and 'optimized' for use with an interactive and web deliverable platform, is, to our knowledge, the most advanced/realistic available so far for applications to character animation and medical pedagogy.

Keywords: 3D animation, HCI, medical simulation, ocularmotion and expression.

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Authors: Nicoletta Adamo-Villani, Gerardo Beni, Jeremy White

Abstract:

We introduce a new interactive 3D simulator of ocular motion and expressions suitable for: (1) character animation applications to game design, film production, HCI (Human Computer Interface), conversational animated agents, and virtual reality; (2) medical applications (ophthalmic neurological and muscular pathologies: research and education); and (3) real time simulation of unconscious cognitive and emotional responses (for use, e.g., in psychological research). Using state-of-the-art computer animation technology we have modeled and rigged a physiologically accurate 3D model of the eyes, eyelids, and eyebrow regions and we have 'optimized' it for use with an interactive and web deliverable platform. In addition, we have realized a prototype device for realtime control of eye motions and expressions, including unconsciously produced expressions, for application as in (1), (2), and (3) above. The 3D simulator of eye motion and ocular expression is, to our knowledge, the most advanced/realistic available so far for applications in character animation and medical pedagogy.

Keywords: 3D animation, HCI, medical simulation, ocularmotion and expression.

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Authors: Chih-Hsiang Chang, Pei-Shan Kao

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This paper discusses the reaction of investors in the Taiwan stock market to the most probable unknown earnings-related information and the most probable known earnings-related information. As compared with the previous literature regarding the effect of an official announcement of earnings forecast revision, this paper further analyzes investors’ cognitive bias toward the unknown and known earnings-related information, and the role of media during the investors' reactions to the foresaid information shocks. The empirical results show that both the unknown and known earnings-related information provides useful information content for a stock market. In addition, cognitive bias and disposition effect are the behavioral pitfalls that commonly occur in the process of the investors' reactions to the earnings-related information. Finally, media coverage has a remarkable influence upon the investors' trading decisions.

Keywords: Cognitive bias, role of media, disposition effect, earnings-related information, behavioral pitfall.

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Authors: Fernando Miguel Campos, Carlos Ferreira, João Pestana, Pedro Campos, Nils Ehrenberg, Wojciech Hydzik

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The current trend of organizations offering their workers open-office spaces and co-working offices has been primed for stimulating teamwork and collaboration. However, this is not always valid as these kinds of spaces bring other types of challenges that compromise workers productivity and creativity. We present an approach for improving creativity and productivity at the workspace by redesigning an office chair that incorporates subtle technological elements that help users focus, relax and being more productive and creative. This sheds light on how we can better design interactive furniture for such popular contexts, as we develop this new chair through a multidisciplinary approach using ergonomics, interior design, interaction design, hardware and software engineering and psychology.

Keywords: Creativity, co-working, ergonomics, human-computer interaction, interaction, interactive furniture, productivity.

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Authors: S. Sabbour, H. Lasi, P. von Tessin

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The purpose of this study is two-fold. First, it attempts to explore potential opportunities for utilizing visual interactive simulations along with Business Intelligence (BI) as a decision support tool for strategic decision making. Second, it tries to figure out the essential top-level managerial requirements that would transform strategic decision simulation into an integral component of BI systems. The domain of particular interest was the application of visual interactive simulation capabilities in the field of supply chains. A qualitative exploratory method was applied, through the use of interviews with two leading companies. The collected data was then analysed to demonstrate the difference between the literature perspective and the practical managerial perspective on the issue. The results of the study suggest that although the use of simulation particularly in managing supply chains is very evident in literature, yet, in practice such utilization is still in its infancy, particularly regarding strategic decisions. Based on the insights a prototype of a simulation based BI-solution-extension was developed and evaluated.

Keywords: Business Intelligence, decision support, strategic decisions, simulation, SCM.

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Authors: Ashish Saini, A.K. Saxena

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In competitive electricity markets all over the world, an adoption of suitable transmission pricing model is a problem as transmission segment still operates as a monopoly. Transmission pricing is an important tool to promote investment for various transmission services in order to provide economic, secure and reliable electricity to bulk and retail customers. The nodal pricing based on SRMC (Short Run Marginal Cost) is found extremely useful by researchers for sending correct economic signals. The marginal prices must be determined as a part of solution to optimization problem i.e. to maximize the social welfare. The need to maximize the social welfare subject to number of system operational constraints is a major challenge from computation and societal point of views. The purpose of this paper is to present a nodal transmission pricing model based on SRMC by developing new mathematical expressions of real and reactive power marginal prices using GA-Fuzzy based optimal power flow framework. The impacts of selecting different social welfare functions on power marginal prices are analyzed and verified with results reported in literature. Network revenues for two different power systems are determined using expressions derived for real and reactive power marginal prices in this paper.

Keywords: Deregulation, electricity markets, nodal pricing, social welfare function, short run marginal cost.

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Authors: Ivo Jánský, Milan Rippel

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The paper evaluates several hundred one-day-ahead VaR forecasting models in the time period between the years 2004 and 2009 on data from six world stock indices - DJI, GSPC, IXIC, FTSE, GDAXI and N225. The models model mean using the ARMA processes with up to two lags and variance with one of GARCH, EGARCH or TARCH processes with up to two lags. The models are estimated on the data from the in-sample period and their forecasting accuracy is evaluated on the out-of-sample data, which are more volatile. The main aim of the paper is to test whether a model estimated on data with lower volatility can be used in periods with higher volatility. The evaluation is based on the conditional coverage test and is performed on each stock index separately. The primary result of the paper is that the volatility is best modelled using a GARCH process and that an ARMA process pattern cannot be found in analyzed time series.

Keywords: VaR, risk analysis, conditional volatility, garch, egarch, tarch, moving average process, autoregressive process

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Authors: Ilaria Lucrezia Amerise

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Electricity markets throughout the world have undergone substantial changes. Accurate, reliable, clear and comprehensible modeling and forecasting of different variables (loads and prices in the first instance) have achieved increasing importance. In this paper, we describe the actual state of the art focusing on reg-SARMA methods, which have proven to be flexible enough to accommodate the electricity price/load behavior satisfactory. More specifically, we will discuss: 1) The dichotomy between point and interval forecasts; 2) The difficult choice between stochastic (e.g. climatic variation) and non-deterministic predictors (e.g. calendar variables); 3) The confrontation between modelling a single aggregate time series or creating separated and potentially different models of sub-series. The noteworthy point that we would like to make it emerge is that prices and loads require different approaches that appear irreconcilable even though must be made reconcilable for the interests and activities of energy companies.

Keywords: Forecasting problem, interval forecasts, time series, electricity prices, reg-plus-SARMA methods.

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Authors: Margareta Ilkova, Petr Teply

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The article deals with dividends and their distribution from investors from a theoretical point of view. Some studies try to analyzed the reaction of the market on the dividend announcement and found out the change of dividend policy is associated with abnormal returns around the dividend announcement date. Another researches directly questioned the investors about their dividend preference and beliefs. Investors want the dividend from many reasons (e.g. some of them explain the dividend preference by the existence of transaction cost; investors prefer the dividend today, because there is less risky; the managers have private information about the firm). The most controversial theory of dividend policy was developed by Modigliani and Miller (1961) who demonstrated that in the perfect and complete capital markets the dividend policy is irrelevant and the value of the company is independent of its payout policy. Nevertheless, in the real world the capital markets are imperfect, because of asymmetric information, transaction costs, incomplete contracting possibilities and taxes.

Keywords: dividend distribution, taxation, payout policy, investor, Modigliani and Miller theorem

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Authors: A. Ruimi, S. Goyal, B. M. Nour

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Interactive web-based computer simulations are needed by the medical community to replicate the experience of surgical procedures as closely and realistically as possible without the need to practice on corpses, animals and/or plastic models. In this paper, we offer a review on current state of the research on simulations of surgical threads, identify future needs and present our proposed plans to meet them. Our goal is to create a physics-based simulator, which will predict the behavior of surgical thread when subjected to conditions commonly encountered during surgery. To that end, we will i) develop three dimensional finite element models based on the Cosserat theory of elasticity ii) test and feedback results with the medical community and iii) develop a web-based user interface to run/command our simulator and visualize the results. The impacts of our research are that i) it will contribute to the development of a new generation of training for medical school students and ii) the simulator will be useful to expert surgeons in developing new, better and less risky procedures.

Keywords: Cosserat rod-theory, FEM simulations, Modeling, Surgical thread.

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Authors: Govind Shay Sharma, Randhir Singh Baghel

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The stock management of raw materials and finished goods is a significant issue for industries in fulfilling customer demand. Optimization of inventory strategies is crucial to enhancing customer service, reducing lead times and costs, and meeting market demand. This paper suggests finding an approach to predict the optimum stock level by utilizing past stocks and forecasting the required quantities. In this paper, we utilized Artificial Neural Network (ANN) to determine the optimal value. The objective of this paper is to discuss the optimized ANN that can find the best solution for the inventory model. In the context of the paper, we mentioned that the k-means algorithm is employed to create homogeneous groups of items. These groups likely exhibit similar characteristics or attributes that make them suitable for being managed using uniform inventory control policies. The paper proposes a method that uses the neural fit algorithm to control the cost of inventory.

Keywords: Artificial Neural Network, inventory management, optimization, distributor center.

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Authors: H. Rafiei, M. Rabbani

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This paper proposes a new decision making structure to determine the appropriate product delivery strategy for different products in a manufacturing system among make-to-stock, make-toorder, and hybrid strategy. Given product delivery strategies for all products in the manufacturing system, the position of the Order Penetrating Point (OPP) can be located regarding the delivery strategies among which location of OPP in hybrid strategy is a cumbersome task. In this regard, we employ analytic network process, because there are varieties of interrelated driving factors involved in choosing the right location. Moreover, the proposed structure is augmented with fuzzy sets theory in order to cope with the uncertainty of judgments. Finally, applicability of the proposed structure is proven in practice through a real industrial case company. The numerical results demonstrate the efficiency of the proposed decision making structure in order partitioning and OPP location.

Keywords: Hybrid make-to-stock/make-to-order, Multi-attribute decision making, Order partitioning, Order penetration point.

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