Search results for: lessons learned from global financial crisis

Authors: Nasir Baba Ahmed, Nicolas Daclin, Marc Olivaux, Gilles Dusserre

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The Mobile field hospital is critical in terms of managing emergencies in crisis. It is a sub-section of the main hospitals and the health sector, tasked with delivering responsive, immediate, and efficient medical services during a crisis. With the aim to prevent further crisis, the assessment of the cyber assets follows different methods, to distinguish its strengths and weaknesses, and in turn achieve cyber resiliency. The work focuses on assessments of cyber resilience in field hospitals with trends growing in both the field hospital and the health sector in general. This creates opportunities for the adverse attackers and the response improvement objectives for attaining cyber resilience, as the assessments allow users and stakeholders to know the level of risks with regards to its cyber assets. Thus, the purpose is to show the possible threat vectors which open up opportunities, with contrast to current trends in the assessment of the mobile field hospitals’ cyber assets.

Keywords: Assessment framework, cyber resilience, cyber security, Mobile Field Hospital.

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Authors: Laura Zizka, Gaby Probst

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The COVID-19 pandemic has affected the way Higher Education Institutions (HEIs) have given their courses. From emergency remote where all students and faculty were immediately confined to home teaching and learning, the continuing evolving sanitary situation obliged HEIs to adopt other methods of teaching and learning from blended courses that included both synchronous and asynchronous courses and activities to HyFlex models where some students were on campus while others followed the course simultaneously online. Each semester brought new challenges for HEIs and, subsequently, additional emotional reactions. This paper investigates the affective side of teaching and learning in various online modalities and its toll on students and faculty members over the past three semesters. The findings confirm that students and faculty who have more self-efficacy, flexibility, and resilience reported positive emotions and embraced the opportunities that these past semesters have offered. While HEIs have begun a new semester in an attempt to return to ‘normal’ face-to-face courses, this paper posits that there are lessons to be learned from these past three semesters. The opportunities that arose from the challenge of the pandemic should be considered when moving forward by focusing on a greater emphasis on the affective aspect of teaching and learning in HEIs worldwide. 

Keywords: affective teaching and learning, engagement, interaction, motivation, social presence

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Authors: Wojciech B. Cieśliński, Igor Perechuda

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The paper identifies the features of Polish sports clubs in the particular organizational forms: profit and nonprofit. Identification and description of these features is carried out in terms of financial efficiency of the given organizational form. Under the terms of the efficiency the research allows you to specify the advantages of particular organizational sports club form and the following limitations. Paper considers features of sports clubs in range of Polish conditions as legal regulations. The sources of the functioning efficiency of sports clubs may lie in the organizational forms in which they operate. Each of the available forms can be considered either a for-profit or nonprofit enterprise. Depending on this classification there are different capabilities of increasing organizational and financial efficiency of a given sports club. Authors start with general classification and difference between for-profit and non-profit sport clubs. Next identifies specific financial and organizational conditions of both organizational form and then show examples of mixed activity forms and their efficiency effect.

Keywords: Financial efficiency, for-profit, non-profit, sports club.

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Authors: Leehter Yao, Chin-Chin Lin

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A novel method of learning complex fuzzy decision regions in the n-dimensional feature space is proposed. Through the fuzzy decision regions, a given pattern's class membership value of every class is determined instead of the conventional crisp class the pattern belongs to. The n-dimensional fuzzy decision region is approximated by union of hyperellipsoids. By explicitly parameterizing these hyperellipsoids, the decision regions are determined by estimating the parameters of each hyperellipsoid.Genetic Algorithm is applied to estimate the parameters of each region component. With the global optimization ability of GA, the learned decision region can be arbitrarily complex.

Keywords: Ellipsoid, genetic algorithm, decision regions, classification.

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Authors: Ion Baş, Claudiu Zoicaş, Angela Ioniţâ

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In most of the cases, natural disasters lead to the necessity of evacuating people. The quality of evacuation management is dramatically improved by the use of information provided by decision support systems, which become indispensable in case of large scale evacuation operations. This paper presents a best practice case study. In November 2007, officers from the Emergency Situations Inspectorate “Crisana" of Bihor County from Romania participated to a cross-border evacuation exercise, when 700 people have been evacuated from Netherlands to Belgium. One of the main objectives of the exercise was the test of four different decision support systems. Afterwards, based on that experience, software system called TEVAC (Trans Border Evacuation) has been developed “in house" by the experts of this institution. This original software system was successfully tested in September 2008, during the deployment of the international exercise EU-HUROMEX 2008, the scenario involving real evacuation of 200 persons from Hungary to Romania. Based on the lessons learned and results, starting from April 2009, the TEVAC software is used by all Emergency Situations Inspectorates all over Romania.

Keywords: Emergency evacuation, Searching Features, TEVAC(Trans Border Evacuation) software system, User Interface Design.

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Authors: Kwame B. O. Amoah

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This paper focuses on retrofitting an old existing office building to a net-zero energy building (NZEB). An existing small office building in Melbourne, Florida, was chosen as a case study to integrate state-of-the-art design strategies and energy-efficient building systems to improve building performance and reduce energy consumption. The study aimed to explore possible ways to maximize energy savings and renewable energy generation sources to cover the building's remaining energy needs necessary to achieve net-zero energy goals. A series of retrofit options were reviewed and adopted with some significant additional decision considerations. Detailed processes and considerations leading to zero energy are well documented in this study, with lessons learned adequately outlined. Based on building energy simulations, multiple design considerations were investigated, such as emerging state-of-the-art technologies, material selection, improvements to the building envelope, optimization of the HVAC, lighting systems, and occupancy loads analysis, as well as the application of renewable energy sources. The comparative analysis of simulation results was used to determine how specific techniques led to energy saving and cost reductions. The research results indicate that this small office building can meet net-zero energy use after appropriate design manipulations and renewable energy sources.

Keywords: Energy consumption, building energy analysis, energy retrofits, energy-efficiency.

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Authors: Hai-Ning Liang, Xiaowei Dai, Nancy Diniz, Charles Fleming, Woon Kian Chong

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Media displays in public areas are becoming increasingly pervasive—they are used in many settings, come in different sizes, serve different purposes, and have varied degrees of interactivity. In this paper, we aim to provide a survey of how these displays, often named media façades, are used in the wild in a city in China which is undergoing a rapid growth. This survey is intended to raise greater awareness and discussion about the use and effect of these displays in public areas. Through this survey, we have been able to distill some lessons of what is good, bad, and ugly about some current examples of media displays used in a city that is transitioning into becoming a modern one and one that is located in one of the fastest growing areas in Asia. With this research, we hope that we can provide technology designers and architects with some general principles that can help them integrate these types of technologies into their architectural creations.

Keywords: Large displays, media façades, interaction design, architectural displays.

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Authors: Piotr Prewysz-Kwinto

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A dynamic development of financial market is accompanied by the emergence of new products on stock exchanges which give absolutely new possibilities of investing money. Currently, the most innovative financial instruments offered to investors are exchange traded products (ETP). They can be defined as financial instruments whose price depends on the value of the underlying instrument. Thus, they offer investors a possibility of making a profit that results from the change in value of the underlying instrument without having to buy it. Currently, the Warsaw Stock Exchange offers many types of ETPs. They are investment products with full or partial capital protection, products without capital protection as well as leverage products, issued on such underlying instruments as indices, sector indices, commodity indices, prices of energy commodities, precious metals, agricultural produce or prices of shares of domestic and foreign companies. This paper presents the mechanism of functioning of ETP available on the Warsaw Stock Exchange and the results of the analysis of statistical data on these financial instruments.

Keywords: Exchange traded products, financial market, investment, stock exchange.

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Authors: K. Jaroensutasinee

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The general global behavior of particle S a non-linear (Q - xy)2 potential cannot be revealed a Poincare surface of section method (PSS) because inost trajectories take practically infinitely long time to integrate numerically before they come back to the surface. In this study as an alternative to PSS, a multiple scale perturbation is applied to analyze global adiabatic, non-adiabatic and chaotic behavior of particles in this potential. It was found that the results can be summarized as a form of a Fermi-like map. Additionally, this method gives a variation of global stochasticity criteria with Q.

Keywords: Multiple Scak Perturbation The Poincare Surface or Section, Fermi Map

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Authors: R. Henry, J-B. Paulin, St. Fauchille, Ph. Delord, K. Benkirane, A. Brunel

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In this paper the CVA computation of interest rate swap is presented based on its rating. Rating and probability default given by Moody’s Investors Service are used to calculate our CVA for a specific swap with different maturities. With this computation the influence of rating variation can be shown on CVA. Application is made to the analysis of Greek CDS variation during the period of Greek crisis between 2008 and 2011. The main point is the determination of correlation between the fluctuation of Greek CDS cumulative value and the variation of swap CVA due to change of rating.

Keywords: CDS, Computation, CVA, Greek Crisis, Interest Rate Swap, Maturity, Rating, Swap.

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Authors: Ichihan Tai, Bill Olson, Paul Blessner

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Traditional early warning systems that alarm against crisis are generally based on structured or numerical data; therefore, a system that can make predictions based on unstructured textual data, an uncorrelated data source, is a great complement to the traditional early warning systems. The Chicago Board Options Exchange (CBOE) Volatility Index (VIX), commonly referred to as the fear index, measures the cost of insurance against market crash, and spikes in the event of crisis. In this study, news data is consumed for prediction of whether there will be a market-wide crisis by predicting the movement of the fear index, and the historical references to similar events are presented in an unsupervised manner. Topic modeling-based prediction and representation are made based on daily news data between 1990 and 2015 from The Wall Street Journal against VIX index data from CBOE.

Keywords: Early Warning System, Knowledge Management, Topic Modeling, Market Prediction.

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Authors: Raif Parlakkaya, Umran Kahraman, Huseyin Cetin

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Internet financial reporting and corporate governance issues are in the focus of academic and professional studies due to their attributed importance by stakeholders of corporations. Major aim of this study is to reveal the relationship between internet financial reporting which is held as dependent variable and some indicators of corporate governance such as the ratio of managerial ownership, blockholder ownership, number of independent members in the board of directors, frequency of meetings by audit committee and education level of audit committee members which are held as independent variables. Main purpose is to reveal the effect of corporate governance on the voluntary efforts of Internet Financial reporting. The scope of the research is limited to the Turkish Corporations listed in Borsa Istanbul (Istanbul Stock Exchange) and findings which are generated by means of SPSS software are revealed in results section and interpreted in conclusions.

Keywords: Audit Committee, Corporate Governance, Internet Financial Reporting, Managerial Ownership.

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Authors: Kazeem Oluwakemi Oseni, Kate Dingley

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e-Service has moved from the usual manual and traditional way of rendering services to electronic service provision for the public and there are several reasons for implementing these services, Airline ticketing have gone from its manual traditional way to an intelligent web-driven service of purchasing. Many companies have seen their profits doubled through the use of online services in their operation and a typical example is Hewlett Packard (HP) which is rapidly transforming their after sales business into a profit generating e-service business unit. This paper will examine the various challenges confronting e- Service adoption and implementation in Nigeria and also analyse lessons learnt from e-Service adoption and implementation in Asia to see how it could be useful in Nigeria which is a lower middle income country. From the analysis of the online survey data, it has been identified that the public in Nigeria are much aware of e-Services but successful adoption and implementation have been the problems faced.

Keywords: Adoption, Asia, e-Government Service, Implementation, Nigeria.

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Authors: Shibly Abdullah

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This paper provides an overview of fundamental philosophical and functional differences in conventional and Islamic accounting. The aim of this research is to undertake a detailed analysis focus on specific illustrations drawn from both these systems and highlight how these differences implicate in recording financial transactions and preparation of financial reports for a range of stakeholders. Accounting as being universally considered as a platform for providing a ‘true and fair’ view of corporate entities can be challenged in the current world view, as the business environment has evolved and transformed significantly. Growth of the non-traditional corporate entity such as Islamic financial institutions, fundamentally questions the applicability of conventional accounting standards in preparation of Shariah-compliant financial reporting. Coupled with this, there are significant concerns about the wider applicability of Islamic accounting standards and framework in order to achieve reporting practices satisfying the information needs generally. Against the backdrop of such a context, this paper raises fundamental question as to how potential convergence could be achieved between these two systems in order to provide users’ a transparent and comparable state of financial information resulting in an alternative framework of financial reporting.

Keywords: Accounting, Islamic accounting, conventional accounting, corporate reporting.

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Authors: Shouzhen Zeng

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We present a new intuitionistic fuzzy aggregation operator called the intuitionistic fuzzy ordered weighted averaging-weighted average (IFOWAWA) operator. The main advantage of the IFOWAWA operator is that it unifies the OWA operator with the WA in the same formulation considering the degree of importance that each concept has in the aggregation. Moreover, it is able to deal with an uncertain environment that can be assessed with intuitionistic fuzzy numbers. We study some of its main properties and we see that it has a lot of particular cases such as the intuitionistic fuzzy weighted average (IFWA) and the intuitionistic fuzzy OWA (IFOWA) operator. Finally, we study the applicability of the new approach on a financial decision making problem concerning the selection of financial strategies.

Keywords: Intuitionistic fuzzy numbers, Weighted average, OWA operator, Financial decision making

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Authors: K. Matušínská, H. Starzyczná, M. Stoklasa

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The paper deals with finding and describing of the effective marketing communication forms relating to the segment 50+ in the financial market in the Czech Republic. The segment 50+ can be seen as a great marketing potential in the future but unfortunately the Czech financial institutions haven´t still reacted enough to this fact and they haven´t prepared appropriate marketing programs for this customers´ segment. Demographic aging is a fundamental characteristic of the current European population evolution but the perspective of further population aging is more noticeable in the Czech Republic. This paper is based on data from one part of primary marketing research. Paper determinates the basic problem areas as well as definition of marketing communication in the financial market, defining the primary research problem, hypothesis and primary research methodology. Finally suitable marketing communication approach to selected sub-segment at age of 50-60 years is proposed according to marketing research findings.

Keywords: Population aging in the Czech Republic, segment 50+, financial services, marketing communication, marketing research, marketing communication approach.

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Authors: Ion Smeureanu, Marian Dardala, Adriana Reveiu

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The new programming technologies allow for the creation of components which can be automatically or manually assembled to reach a new experience in knowledge understanding and mastering or in getting skills for a specific knowledge area. The project proposes an interactive framework that permits the creation, combination and utilization of components that are specific to mathematical training in high schools. The main framework-s objectives are: • authoring lessons by the teacher or the students; all they need are simple operating skills for Equation Editor (or something similar, or Latex); the rest are just drag & drop operations, inserting data into a grid, or navigating through menus • allowing sonorous presentations of mathematical texts and solving hints (easier understood by the students) • offering graphical representations of a mathematical function edited in Equation • storing of learning objects in a database • storing of predefined lessons (efficient for expressions and commands, the rest being calculations; allows a high compression) • viewing and/or modifying predefined lessons, according to the curricula The whole thing is focused on a mathematical expressions minicompiler, storing the code that will be later used for different purposes (tables, graphics, and optimisations). Programming technologies used. A Visual C# .NET implementation is proposed. New and innovative digital learning objects for mathematics will be developed; they are capable to interpret, contextualize and react depending on the architecture where they are assembled.

Keywords: Adaptor, automatic assembly learning component and user control.

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Authors: Eric Kojo Wu Aikins

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This paper contributes to the debate on the proximate causes of climate change. Also, it discusses the impact of the global temperature increases since the beginning of the twentieth century and the effectiveness of climate change models in isolating the primary cause (anthropogenic influences or natural variability in temperature) of the observed temperature increases that occurred within this period. The paper argues that if climate scientist and policymakers ignore the anthropogenic influence (greenhouse gases) on global warming on the pretense of lack of agreement among various climate models and their inability to account for all the necessary factors of global warming at all levels the current efforts of greenhouse emissions control and global warming as a whole could be exacerbated.

Keywords: Anthropogenic Effects, Arctic, Climate Change, Natural Variability.

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Authors: Victoria Wolf, Renata Dobrucka, Robert Prezkop, Stephan Haubold

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The COVID-19 causes a worldwide crisis and has an impact in every dimension of the economy. Organizations with the ability to adapt to new developments and which innovate solutions for the disrupted world during and after the Corona crises have the opportunity to not only survive the crisis but rather to use new trends to implement new business models and gain advantage. In this context, startups seem to have better opportunities to manage the Corona crisis through their innovation-based nature. The main result of this paper is the understanding that by applying a startup orientated innovation (SOCI) strategy, established companies can be motivated to meet the challenge of COVID-19 in a similar way like startups. This result can be achieved by describing the role of innovation and a SOCI strategy as helpful methods for organizations to meet the coming challenges during and after the COVID-19 epidemics. In addition to this, this paper presents a practical application of SOCI through the PANDA approach of the Fresenius University of Applied Sciences in Germany and discuss it in the context of COVID-19 as an exemplary successful real-world implementation of SOCI strategy.

Keywords: COVID-19, innovation, open innovation, startup, SOCI framework.

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Authors: Kerem Ok, Serafettin Senturk, Serdar Aktas, Cem Cevikbas

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Mobile technology is very popular nowadays and it provides a digital world where users can experience many value-added services. Service Providers are also eager to offer diverse value-added services to users such as digital identity, mobile financial services and so on. In this context, the security of data storage in smartphones and the security of communication between the smartphone and service provider are critical for the success of these services. In order to provide the required security functions, the SIM card is one acceptable alternative. Since SIM cards include a Secure Element, they are able to store sensitive data, create cryptographically secure keys, encrypt and decrypt data. In this paper, we design and implement a SIM and a smartphone framework that uses a SIM card for secure key generation, key storage, data encryption, data decryption and digital signing for mobile financial services. Our frameworks show that the SIM card can be used as a controlled Secure Element to provide required security functions for popular e-services such as mobile financial services.

Keywords: SIM Card, mobile financial services, cryptography, secure data storage.

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Authors: Yu-Yu Wang, Shih-Hua Hsieh, Ru-Shian Hsieh

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Wishes and choices being respected, and the right to be supported rather than coerced, have been internationally recognized as the human rights of persons with mental illness. In Taiwan, ‘coerced hospitalization’ has become difficult since the revision of the mental health legislation in 2007. Despite trend towards human rights, the real problem families face when their family members are in mental health crisis is the lack of alternative services. This study aims to explore: 1) When is hospitalization seen as the only solution by family members? 2) What are the barriers for arranging hospitalization, and how are they managed? 3) What have family carers learned, in their experiences of caring for their family members with mental illness? To answer these questions, qualitative approach was adopted, and focus group interviews were taken to collect data. This study includes 24 family carers. The main findings of this research include: First, hospital is the last resort for carers in helplessness. Family carers tend to do everything they could to provide care at home for their family members with mental illness. Carers seek hospitalization only when a patient’s behavior is too violent, weird, and/or abnormal, and beyond their ability to manage. Hospitalization, nevertheless, is never an easy choice. Obstacles emanate from the attitudes of the medical doctors, the restricted areas of ambulance service, and insufficient information from the carers’ part. On the other hand, with some professionals’ proactive assistance, access to medical care while in crisis becomes possible. Some family carers obtained help from the medical doctor, nurse, therapist and social workers. Some experienced good help from policemen, taxi drivers, and security guards at the hospital. The difficulty in accessing medical care prompts carers to work harder on assisting their family members with mental illness to stay in stable states. Carers found different ways of helping the ‘person’ to get along with the ‘illness’ and have better quality of life. Taking back ‘the right to control’ in utilizing medication, from passiveness to negotiating with medical doctors and seeking alternative therapies, are seen in many carers’ efforts. Besides, trying to maintain regular activities in daily life and play normal family roles are also experienced as important. Furthermore, talking with the patient as a person is also important. The authors conclude that in order to protect the human rights of persons with mental illness, it is crucial to make the medical care system more flexible and to make the services more humane: sufficient information should be provided and communicated, and efforts should be made to maintain the person’s social roles and to support the family.

Keywords: Family carers, coercive treatment, independent living, mental health crisis, persons with mental illness.

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Authors: A. A. Ghanim

Abstract:

The Kingdom of Saudi Arabia (KSA) is heading towards a severe and rapidly expanding water crisis, which can have negative impacts on the country’s environment and economy. Of the total water consumption in KSA, the agricultural sector accounts for nearly 87% of the total water use and, therefore, any attempt that overlooks this sector will not help in improving the sustainability of the country’s water resources. KSA Vision 2030 gives priority of water use in the agriculture sector for the regions that have natural renewable water resources. It means that there is little concern for making reuse of municipal wastewater for irrigation purposes in any region in general and in water-scarce regions in particular. The use of treated wastewater is very limited in Saudi Arabia, but it has very considerable potential for future expansion due its numerous beneficial uses. This study reviews the current situation of water resources in Saudi Arabia, providing more highlights on agriculture and wastewater reuse. The reviewed study is proposing some corrective measures for development and better management of water resources in the Kingdom. Suggestions also include consideration of treated water as an alternative source for irrigation in some regions of the country. The study concluded that a sustainable solution for the water crisis in KSA requires implementation of multiple measures in an integrated manner. The integrated solution plan should focus on two main directions: first, improving the current management practices of the existing water resources; second, developing new water supplies from both conventional and non-conventional sources.

Keywords: Saudi Arabia, water resources, water crisis, treated wastewater.

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Authors: Ivan Lovrinović, Gordana Kordić, Martina Nakić

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There are little subjects in macroeconomics that are so widely discussed, but at the same time controversial and without a clear solution such as the choice of exchange rate regime. National authorities need to take into consideration numerous fundamentals, trying to fulfil goals of economic growth, low and stable inflation and international stability. This paper focuses on the countries of ex- Yugoslavia and their exchange rate history as independent states. We follow the development of the regimes in 6 countries during the transition through the financial crisis of the second part of the 2000s to the prospects of their final goal: full membership in the European Union. Main question is to what extent has the exchange regime contributed to their economic success, considering other objective factors.

Keywords: European Union, exchange rate regime, ex- Yugoslavia countries

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Authors: Mansoor Momeni, Mahmoud Dehghan Nayeri, Ali Faal Ghayoumi, Hoda Ghorbani

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This research is aimed to describe the application of robust regression and its advantages over the least square regression method in analyzing financial data. To do this, relationship between earning per share, book value of equity per share and share price as price model and earning per share, annual change of earning per share and return of stock as return model is discussed using both robust and least square regressions, and finally the outcomes are compared. Comparing the results from the robust regression and the least square regression shows that the former can provide the possibility of a better and more realistic analysis owing to eliminating or reducing the contribution of outliers and influential data. Therefore, robust regression is recommended for getting more precise results in financial data analysis.

Keywords: Financial data analysis, Influential data, Outliers, Robust regression.

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Authors: Alireza Azimi Sani , Shahram Chaharmahalie

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Internal controls of accounting are an essential business function for a growth-oriented organization, and include the elements of risk assessment, information communications and even employees' roles and responsibilities. Internal controls of accounting systems are designed to protect a company from fraud, abuse and inaccurate data recording and help organizations keep track of essential financial activities. Internal controls of accounting provide a streamlined solution for organizing all accounting procedures and ensuring that the accounting cycle is completed consistently and successfully. Implementing a formal Accounting Procedures Manual for the organization allows the financial department to facilitate several processes and maintain rigorous standards. Internal controls also allow organizations to keep detailed records, manage and organize important financial transactions and set a high standard for the organization's financial management structure and protocols. A well-implemented system also reduces the risk of accounting errors and abuse. A well-implemented controls system allows a company's financial managers to regulate and streamline all functions of the accounting department. Internal controls of accounting can be set up for every area to track deposits, monitor check handling, keep track of creditor accounts, and even assess budgets and financial statements on an ongoing basis. Setting up an effective accounting system to monitor accounting reports, analyze records and protect sensitive financial information also can help a company set clear goals and make accurate projections. Creating efficient accounting processes allows an organization to set specific policies and protocols on accounting procedures, and reach its financial objectives on a regular basis. Internal accounting controls can help keep track of such areas as cash-receipt recording, payroll management, appropriate recording of grants and gifts, cash disbursements by authorized personnel, and the recording of assets. These systems also can take into account any government regulations and requirements for financial reporting.

Keywords: Internal controls, risk assessment, financial management.

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Authors: S. Impey, D. Berry, S. Furtado, M. Galvin, L. Grogan, O. Hardiman, L. Hederman, M. Heverin, V. Wade, L. Douris, D. O'Sullivan, G. Stephens

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Healthcare is a knowledge-rich environment. This knowledge, while valuable, is not always accessible outside the borders of individual clinics. This research aims to address part of this problem (at a study site) by constructing a maximal data set (knowledge artefact) for motor neurone disease (MND). This data set is proposed as an initial knowledge base for a concurrent project to develop an MND patient data platform. It represents the domain knowledge at the study site for the duration of the research (12 months). A knowledge elicitation method was also developed from the lessons learned during this process - the WICKED method. WICKED is an anagram of the words: eliciting and confirming data, information, knowledge, wisdom. But it is also a reference to the concept of wicked problems, which are complex and challenging, as is eliciting expert knowledge. The method was evaluated at a second site, and benefits and limitations were noted. Benefits include that the method provided a systematic way to manage data, information, knowledge and wisdom (DIKW) from various sources, including healthcare specialists and existing data sets. Limitations surrounded the time required and how the data set produced only represents DIKW known during the research period. Future work is underway to address these limitations.

Keywords: Healthcare, knowledge acquisition, maximal data sets, action design science.

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Authors: Ugwuanyi, Georgina Obinne, Ugwu, Joy Nonye

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This paper examines the effect of corporate diversification on the profitability of the Financial services sector in Nigeria. The study relied on historic accounting data generated from financial (annual) reports and accounts of sampled banks between the period 1998 and 2007 (a ten-year period). A regression equation was formulated, in line with previous studies to shed light on the effect of corporate diversification on the profitability of the Financial services sector in Nigeria. The results of the regression analysis revealed that diversification impacts strongly on banks profitability. Conclusively the paper produces strong evidence to assert that diversification impacts positively and significantly on banks profitability because among other things such diversified banks can pool their internally generated funds and allocate them properly.

Keywords: Diversification, firm size, operational efficiency, profitability

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Authors: Mohammad Ghavami, Reza S. Dilmaghani

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This paper presents an adaptive framework for modelling financial markets using equity risk premiums, risk free rates and volatilities. The recorded economic factors are initially used to train four adaptive filters for a certain limited period of time in the past. Once the systems are trained, the adjusted coefficients are used for modelling and prediction of an important financial market index. Two different approaches based on least mean squares (LMS) and recursive least squares (RLS) algorithms are investigated. Performance analysis of each method in terms of the mean squared error (MSE) is presented and the results are discussed. Computer simulations carried out using recorded data show MSEs of 4% and 3.4% for the next month prediction using LMS and RLS adaptive algorithms, respectively. In terms of twelve months prediction, RLS method shows a better tendency estimation compared to the LMS algorithm.

Keywords: Prediction of financial markets, Adaptive methods, MSE, LSE.

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Authors: Nikoloudi Anastasia, Tsalampouni Aikaterini

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The present paper aims to present the significant role that the concept of governance can play in order to combine naturals resources as useful funding basis for the formation of a stable and effective welfare state model. The combination of those two different fields aims to represent the modern trends of our era as the means to solve the severe financial and economic issues caused mostly due to the malfunction of the welfare state and its public sector. European Union and Asian countries (especially China) are the main areas of interest since EU experiences a fiscal and economic crisis while China rules the area of the natural resources exploiting 97% of rare earths elements worldwide.

Keywords: Governance, natural resources, rare earths elements, welfare state.

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Authors: Alka Obadić

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The research concentrates on the role of tourism in generating female employment and on impact of gender discrimination in tourism sector. Unfortunately, in many countries there are still some barriers to the inclusion of women at all hierarchical levels of tourism labor market. Research analysis focuses on EU countries where tourism is a main employer of women. The analysis shows that women represent over third persons employed in the non-financial business economy and almost two thirds in core tourism activities. Women's gross hourly earnings in accommodation and food services were below those of men in the European Union and only countries who recorded increase of gender pay gap from the beginning of crisis are Bulgaria and Croatia. Women in tourism industry are still overrepresented in lower status jobs with fewer opportunities for career progression and are often treated unequally.

Keywords: Employment, gender discrimination, tourism, women’s participation.

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