Search results for: market return

Authors: Michiko Miyamoto

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The market for "functional foods" and "foods with functional claims" that are effective in maintaining and improving health, has expanded year by year due to the entry of major food and beverage manufacturers following the introduction of the specified health food system in 1991 in Japan. To bring health claims related products or services to the market, it is necessary to let consumers to learn about these products or services; an effective marketing through advertising are important. This research proposes a framework for an effective advertisement medium for the food supplement industry by using survey data of 2,500 people.

Keywords: Functional foods, dietary supplements, marketing strategy, structural equation modeling.

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Authors: Dalin Si, Azizan Aziz, Bertrand Lasternas

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To encourage building owners to purchase electricity at the wholesale market and reduce building peak demand, this study aims to develop models that predict day-ahead hourly electricity consumption and demand using artificial neural network (ANN) and support vector machine (SVM). All prediction models are built in Python, with tool Scikit-learn and Pybrain. The input data for both consumption and demand prediction are time stamp, outdoor dry bulb temperature, relative humidity, air handling unit (AHU), supply air temperature and solar radiation. Solar radiation, which is unavailable a day-ahead, is predicted at first, and then this estimation is used as an input to predict consumption and demand. Models to predict consumption and demand are trained in both SVM and ANN, and depend on cooling or heating, weekdays or weekends. The results show that ANN is the better option for both consumption and demand prediction. It can achieve 15.50% to 20.03% coefficient of variance of root mean square error (CVRMSE) for consumption prediction and 22.89% to 32.42% CVRMSE for demand prediction, respectively. To conclude, the presented models have potential to help building owners to purchase electricity at the wholesale market, but they are not robust when used in demand response control.

Keywords: Building energy prediction, data mining, demand response, electricity market.

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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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Authors: Rhoann Kerh, Chen-Fu Chien, Kuo-Yi Lin

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In the era of rapidly increasing notebook market, consumer electronics manufacturers are facing a highly dynamic and competitive environment. In particular, the product appearance is the first part for user to distinguish the product from the product of other brands. Notebook product should differ in its appearance to engage users and contribute to the user experience (UX). The UX evaluates various product concepts to find the design for user needs; in addition, help the designer to further understand the product appearance preference of different market segment. However, few studies have been done for exploring the relationship between consumer background and the reaction of product appearance. This study aims to propose a data mining framework to capture the user’s information and the important relation between product appearance factors. The proposed framework consists of problem definition and structuring, data preparation, rules generation, and results evaluation and interpretation. An empirical study has been done in Taiwan that recruited 168 subjects from different background to experience the appearance performance of 11 different portable computers. The results assist the designers to develop product strategies based on the characteristics of consumers and the product concept that related to the UX, which help to launch the products to the right customers and increase the market shares. The results have shown the practical feasibility of the proposed framework.

Keywords: Consumers Decision Making, Product Design, Rough Set Theory, User Experience.

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Authors: Bua Srikos, Phusit Phukamchanoad, Suwaree Yordchim

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The purpose is to study the model and characteristic of participation of the suitable community to lead to develop permanent water marketing in Bang Noi Floating Market, Bangkonti District, Samutsongkhram Province. A total of 342 survey questionnaire was administered to potential respondents. The researchers interviewed the leader of the community. Appreciation Influence Control (AIC) was used to talk with 20 villagers on arena. The findings revealed that overall, most people had the middle level of the participation in developing the durable Bang Noi Floating Market, Bangkonti, Samutsongkhram Province and in aspects of gaining benefits from developing it with atmosphere and a beautiful view for tourism. For example, the landscape is beautiful with public utilities. The participation in preserving and developing Bang Noi Floating Market remains in the former way of life. The basic factor of person affects to the participation of people such as age, level of education, career, and income per month. Most participants are the original hosts that have houses and shops located in the marketing and neighbor. These people involve with the benefits and have the power to make a water marketing strategy, the major role to set the information database. It also found that the leader and the villagers play the important role in setting a five-physical database. Data include level of information such as position of village, territory of village, road, river, and premises. Information of culture consists of a two-level of information, interesting point, and Itinerary. The information occurs from presenting and practicing by the leader and villagers in the community.All of phases are presented for listening and investigating database together in both the leader and villagers in the process of participation.

Keywords: Community Participation, Sustainable Development, Encouragement Tourism.

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Authors: Yerbol Sapargaliyev, Tatiana Kalganova

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Evolvable Hardware (EHW) has been regarded as adaptive system acquired by wide application market. Consumer market of any good requires diversity to satisfy consumers- preferences. Adaptation of EHW is a key technology that could provide individual approach to every particular user. This situation raises a question: how to set target for evolutionary algorithm? The existing techniques do not allow consumer to influence evolutionary process. Only designer at the moment is capable to influence the evolution. The proposed consumer-triggered evolution overcomes this problem by introducing new features to EHW that help adaptive system to obtain targets during consumer stage. Classification of EHW is given according to responsiveness, imitation of human behavior and target circuit response. Home intelligent water heating system is considered as an example.

Keywords: Actuators, consumer-triggered evolution, evolvable hardware, sensors.

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Authors: Eid Alotaibi

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The purpose of this study is to investigate the impact of tourists’ culture on perception and evaluation of hotel service experience and behavioral intentions. Drawing on Hofested’s cultural dimensions, this study seeks to further contribute towards understanding the effect of culture on perception and evaluation of hotels’ services, and whether there are differences between Saudi and European tourists’ perceptions of hotel services evaluation. A descriptive cross-sectional design was used in this study. Data were collected from tourists staying in five-star hotels in Saudi Arabia using the self-completion technique. The findings show that evaluations of hotel services differ from one culture to another. T-test results reveal that Saudis were more tolerant and reported significantly higher levels of satisfaction, were more likely to return and recommend the hotel, and perceived the price for the hotel stay as being good value for money as compared to their European counterparts. The sample was relatively small and specific to only five-star hotel evaluations. As a result, findings cannot be generalized to the wider tourist population. The results of this research have important implications for management within the Saudi hospitality industry. The study contributes to the tourist cultural theory by emphasizing the relative importance of cultural dimensions in-service evaluation. The author argues that no studies could be identified that compare Saudis and Europeans in their evaluations of their experiences staying at hotels. Therefore, the current study would enhance understanding of the effects of cultural factors on service evaluations and provide valuable input for international market segmentation and resource allocation in the Saudi hotel industry.

Keywords: Culture, tourist, service experience, hotel industry, Hofested’s cultural dimensions.

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Authors: Petr Cernohorsky, Jan Voracek

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Well-developed strategic marketing planning is the essential prerequisite for establishment of the right and unique competitive advantage. Typical market, however, is a heterogeneous and decentralized structure with natural involvement of individual or group subjectivity and irrationality. These features cannot be fully expressed with one-shot rigorous formal models based on, e.g. mathematics, statistics or empirical formulas. We present an innovative solution, extending the domain of agent based computational economics towards the concept of hybrid modeling in service provider and consumer market such as telecommunications. The behavior of the market is described by two classes of agents - consumer and service provider agents - whose internal dynamics are fundamentally different. Customers are rather free multi-state structures, adjusting behavior and preferences quickly in accordance with time and changing environment. Producers, on the contrary, are traditionally structured companies with comparable internal processes and specific managerial policies. Their business momentum is higher and immediate reaction possibilities limited. This limitation underlines importance of proper strategic planning as the main process advising managers in time whether to continue with more or less the same business or whether to consider the need for future structural changes that would ensure retention of existing customers or acquisition of new ones.

Keywords: Agent-based computational economics, hybrid modeling, strategic marketing, system dynamics.

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Authors: Justinian Anatory, Ekael Stephen Manase

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The use of mobile phones is growing tremendously all over the world. In Tanzania there are a number of operators licensed by Tanzania Communications Regulatory Authority (TCRA) aiming at attracting customers into their networks. So far telecommunications market competition has been very stiff. Various measures are being taken by mobile operators to survive in the market. Such measure include introducing of different air time bundles on daily, weekly and monthly at lower tariffs. Other measures include the introduction of normal tariff, tourist package and one network. Despite of all these strategies, there is a dynamic competition in the market which needs to be explored. Some influences which attract customers to choose a certain mobile operator are of particular interest. This paper is investigating if the network effects and Quality of Services (QoS) influence mobile customers in selection of their mobile network operators. Seventy seven students from high learning institutions in Dodoma Municipality in Tanzania participated in responding to prepared questionnaires. The data was analyzed using Statistical Package for Social Science (SPSS) Software. The results indicate that, network coverage does influence customers in selection of mobile operators. In addition, this paper proposes further research in some areas especially where the study came up with different findings from what the theory has in place.

Keywords: Network effects, Quality of services, Consumer Buying, mobile operators.

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Authors: Tien-Shun Chan, Yung-Chung Chang, Cheng-Yu Chu, Wen-Hui Chen, Yuan-Lin Chen, Shun-Chong Wang, Chang-Chun Wang

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98% of the energy needed in Taiwan has been imported. The prices of petroleum and electricity have been increasing. In addition, facility capacity, amount of electricity generation, amount of electricity consumption and number of Taiwan Power Company customers have continued to increase. For these reasons energy conservation has become an important topic. In the past linear regression was used to establish the power consumption models for chillers. In this study, grey prediction is used to evaluate the power consumption of a chiller so as to lower the total power consumption at peak-load (so that the relevant power providers do not need to keep on increasing their power generation capacity and facility capacity). In grey prediction, only several numerical values (at least four numerical values) are needed to establish the power consumption models for chillers. If PLR, the temperatures of supply chilled-water and return chilled-water, and the temperatures of supply cooling-water and return cooling-water are taken into consideration, quite accurate results (with the accuracy close to 99% for short-term predictions) may be obtained. Through such methods, we can predict whether the power consumption at peak-load will exceed the contract power capacity signed by the corresponding entity and Taiwan Power Company. If the power consumption at peak-load exceeds the power demand, the temperature of the supply chilled-water may be adjusted so as to reduce the PLR and hence lower the power consumption.

Keywords: Gery system theory, grey prediction, chller.

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Authors: Jolanta Brodowska-Szewczuk

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The article includes the results and conclusions from empirical researches that had been done. The research focuses on the impact of investments made in small and medium-sized enterprises financed from EU funds on the competitiveness of these companies. The researches includes financial results in sales revenue and net income, expenses, and many other new products/services on offer, higher quality products and services, more modern methods of production, innovation in management processes, increase in the number of customers, increase in market share, increase in profitability of production and provision of services. The main conclusions are that, companies with direct investments under this measure shall apply the modern methods of production. The consequence of this is to increase the quality of our products and services. Furthermore, both small and medium-sized enterprises have introduced new products and services. Investments were carried out, thus enabling better work organization in enterprises. Entrepreneurs would guarantee higher quality of service, which would result in better relationships with their customers, what is more, noting the rise in number of clients. More than half of the companies indicated that the investments contributed to the increase in market share. Same thing as for market reach and brand recognition of particular company. An interesting finding is that, investments in small enterprises were more effective than medium-sized enterprises.

Keywords: Competitiveness, efficiency, EU funds, small and medium-sized enterprises.

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Authors: Heeyong Noh, Sungjoo Lee

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The goal of this research is discovering the determinants of the success or failure of external cooperation in small and medium enterprises (SMEs). For this, a survey was given to 190 SMEs that experienced external cooperation within the last 3 years. A logistic regression model was used to derive organizational or strategic characteristics that significantly influence whether external collaboration of domestic SMEs is successful or not. Results suggest that research and development (R&D) features in general characteristics (both idea creation and discovering market opportunities) that focused on and emphasized indirected-market stakeholders (such as complementary companies and affiliates) and strategies in innovative strategic characteristics raise the probability of successful external cooperation. This can be used meaningfully to build a policy or strategy for inducing successful external cooperation or to understand the innovation of SMEs.

Keywords: External collaboration, Innovation strategy, Logisticregression, SMEs.

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Authors: Mohammed A. Kafaji

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This paper aims to investigate the influence of quality of education and quality of research, provided by local educational institutions, on the adoption of Information and Communication Technology (ICT) in managing business operations for companies in Saudi market. A model was developed and tested using data collected from 138 Chief Executive Officers (CEOs) of foreign companies in diverse business sectors. The data is analyzed and managed using multivariate approaches through standard statistical packages. The results showed that educational quality has little contribution to the ICT adoption while research quality seems to play a more prominent role. These results are analyzed in terms of business environment and market constraints and further extended to the perceived effectiveness of applied pedagogical approaches in schools and universities.

Keywords: Domestic Competition, Quality of Education, Quality of Research, ICT Adoption, Mediation.

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Authors: Maia Seturi, Tamari Todua

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Economic growth is seen as the increase in the production capacity of a country. It enables a country to produce more and more material wealth and social benefits. Today, the success of any product on the market is closely related to the issue of branding. The brand is a source of information for a user/consumer, which helps to simplify the choice of goods and reduce consumer risk. The paper studies the role of branding in order to promote Georgian tea brands. The main focus of the research is directed to consumer attitudes regarding Georgian tea brands. The methodology of the paper is based on marketing research. The findings study revealed that the majority of consumers prefer foreign tea brands. The final part of the article presents the main recommendations.

Keywords: Marketing research, customer behavior, brand, successful brand.

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Authors: M. Osipova

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Thanks to informational technologies development every sphere of economics is becoming more and more datacentralized as people are generating huge datasets containing information on any aspect of their life. Applying research of such data to human resources management allows getting scarce statistics on labor market state including salary expectations and potential employees’ typical career behavior, and this information can become a reliable basis for management decisions. The following article presents results of career behavior research based on freely accessible resume data. Information used for study is much wider than one usually uses in human resources surveys. That is why there is enough data for statistically significant results even for subgroups analysis.

Keywords: Human resources management, labor market, salary expectations, statistics, turnover.

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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.

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Authors: Mohammad Namazi, Mohammad Sadeghzadeh Maharluie

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Predicting earnings management is vital for the capital market participants, financial analysts and managers. The aim of this research is attempting to respond to this query: Is there a significant difference between the regression model and neural networks’ models in predicting earnings management, and which one leads to a superior prediction of it? In approaching this question, a Linear Regression (LR) model was compared with two neural networks including Multi-Layer Perceptron (MLP), and Generalized Regression Neural Network (GRNN). The population of this study includes 94 listed companies in Tehran Stock Exchange (TSE) market from 2003 to 2011. After the results of all models were acquired, ANOVA was exerted to test the hypotheses. In general, the summary of statistical results showed that the precision of GRNN did not exhibit a significant difference in comparison with MLP. In addition, the mean square error of the MLP and GRNN showed a significant difference with the multi variable LR model. These findings support the notion of nonlinear behavior of the earnings management. Therefore, it is more appropriate for capital market participants to analyze earnings management based upon neural networks techniques, and not to adopt linear regression models.

Keywords: Earnings management, generalized regression neural networks, linear regression, multi-layer perceptron, Tehran stock exchange.

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Authors: F. Pagliara, F. Mauriello

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The objective of this paper is to investigate the relationship between the increase of accessibility brought by high speed rail (HSR) systems and the tourism market in Italy. The impacts of HSR projects on tourism can be quantified in different ways. In this manuscript, an empirical analysis has been carried out with the aid of a dataset containing information both on tourism and transport for 99 Italian provinces during the 2006-2016 period. Panel data regression models have been considered, since they allow modelling a wide variety of correlation patterns. Results show that HSR has an impact on the choice of a given destination for Italian tourists while the presence of a second level hub mainly affects foreign tourists. Attraction variables are also significant for both categories and the variables concerning security, such as number of crimes registered in a given destination, have a negative impact on the choice of a destination.

Keywords: Tourists, overnights, high speed rail, attractions, security.

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Authors: Chun-Der Chen, Yi-Wen Fan, Cheng-Kiang Farn

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In today-s competitive global business environment, the concept of supply chain management (SCM) continues to become increasingly market-oriented, shifting the primary driver of the value chain from supply to demand. Recent recommendations encourage researchers to focus investigations on the supply chain process integration (SCPI) capabilities that integrate a focal firm with its network of suppliers and business customers to create value for it. However, theoretical and empirical researches pertaining to the antecedents and consequences of a focal firm-s SCPI capabilities have been limited and piecemeal. The purpose of this study is to investigate the critical determinants and consequences of a focal firm-s SCPI capabilities. We test our proposed research framework using a sample of 139 sales managers of manufacturing industries in Taiwan, our research findings show that (1) both perceived business customer-s power and focal firm-s market-oriented culture positively influences a focal firm-s SCPI capabilities, and (2) SCPI capabilities positively influence a focal firm-s SCM performance, both operational and strategic benefits. Implications for practitioners and researchers and suggestions for future research are also addressed in this study.

Keywords: Supply chain process integration capabilities, Perceived business customer's power, Market-oriented culture, Supply chain management performance.

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Authors: D. Kubiliute

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The Republic of Lithuania is known as a trusted location for global business institutions and it attracts investors with its competitive environment for financial service providers. Along with the aspiration to offer a strong results-oriented and innovations-driven environment for financial service providers, Lithuanian regulatory authorities consistently implement the European Union's high regulatory standards for financial activities including sustainability-related disclosures. Since the European Union directed its policy towards transition to a climate-neutral, green, competitive and inclusive economy, additional regulatory requirements for financial market participants are adopted: disclosure of sustainable activities, transparency, prevention of greenwashing, and other. The financial sector is one of the key factors influencing the implementation of sustainability objectives in the European Union policies and mitigating the negative effects of climate change – public funds are not enough to make a significant impact on sustainable investments, therefore directing public and private capital to green projects may help to finance the necessary changes. The topic of the study is original and has not yet been widely analyzed in Lithuanian legal discourse. There are used quantitative and qualitative methodologies, logical, systematic and critical analysis principles, hence the aim of this study is to reveal the problematic of the implementation of regulation on sustainability in the Lithuanian financial sector. Additional regulatory requirements could cause serious changes in financial business operations: additional funds, employees and time have to be dedicated in order the companies could implement these regulations. Lack of knowledge and data on how to implement new regulatory requirements towards sustainable reporting causes a lot of uncertainty for financial market participants. And for some companies it might even be an essential point in terms of business continuity. It is considered that the supervisory authorities should find a balance between financial market needs and legal regulation.

Keywords: Financial, market participant, legal, regulation, sustainability.

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Authors: Mateusz Rak

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Objective: The paper aims to present various sources of competitive advantage which may occur when an enterprise strategically applies its concept of corporate philanthropy. Methodology: The review of the literature and available reports on the research regarding corporate philanthropy. Results: Strategic philanthropy is a positive phenomenon. Unfortunately, enterprises in Poland do not see all positive sides of such activities yet. Three kinds of corporate philanthropy may be described. They are to fulfil a social duty, improve the company reputation and gain a competitive edge. Practical implications: Showing enterprises the advantages of taking philanthropic actions, in particular, a large role of strategic philanthropy in gaining a competitive edge in the market as well as how to avoid negative consequences of corporate philanthropy. The paper presents corporate philanthropy on a few layers: as a CSR element, actions generating values in products, actions improving a corporate image in the market, altruist actions of employees.

Keywords: Corporate philanthropy, corporate social responsibility, corporate foundations, CSR.

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Authors: Anam Azam, Muhammad Rafiq

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The study identified the socio-economic and demographic factors of both married and unmarried females in third world countries. Almost all the countries have same problems but we have selected Pakistan as a sample country. The main purpose of this study was to examine which factors forced women to participate in labor market. So the best technique of data collection was survey of both married and unmarried females between the ages of 20 to 49. Two models (probit and logit) were used to analyze the factors which effect on FLFP. The result showed that some factors e.g. age; education and marital status have significant effect on FLFP. The findings showed that educated women and those who belong to joint families are more participate because of financial pressure.

Keywords: Education, Financial status, Family pressure Labor Market participation.

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Authors: M. F. Wu, F. T. Cheng, C. S. Wu, M. C. Tan

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It is a critical time to upgrade technology and increase value added with manufacturing skills developing and management strategies that will highly satisfy the customers need in the precision machinery global market. In recent years, the supply side, each precision machinery manufacturers in each country are facing the pressures of price reducing from the demand side voices that pushes the high-end precision machinery manufacturers adopts low-cost and high-quality strategy to retrieve the market. Because of the trend of the global market, the manufacturers must take price reducing strategies and upgrade technology of low-end machinery for differentiations to consolidate the market.By using six key success factors (KSFs), customer perceived value, customer satisfaction, customer service, product design, product effectiveness and machine structure quality are causal conditions to explore the impact of competitive advantage of the enterprise, such as overall profitability and product pricing power. This research uses key success paths (KSPs) approach and f/s QCA software to explore various combinations of causal relationships, so as to fully understand the performance level of KSFs and business objectives in order to achieve competitive advantage. In this study, the combination of a causal relationships, are called Key Success Paths (KSPs). The key success paths guide the enterprise to achieve the specific outcomes of business. The findings of this study indicate that there are thirteen KSPs to achieve the overall profitability, sixteen KSPs to achieve the product pricing power and seventeen KSPs to achieve both overall profitability and pricing power of the enterprise. The KSPs provide the directions of resources integration and allocation, improve utilization efficiency of limited resources to realize the continuous vision of the enterprise.

Keywords: Precision Machinery Industry, Key Success Factors (KSPs), Key Success Paths (KSPs), Overall Profitability, Product Pricing Power, Competitive Advantages.

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Authors: Mehdi Shami Zanjani, Roshanak Rouzbehani, Hosein Dabbagh

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Although current competitive challenges induced by today-s digital economy place their main emphasis on organizational knowledge, customer knowledge has been overlooked. On the other hand, the business community has finally begun to realize the important role customer knowledge can play in the organizational boundaries of the corporate arena. As a result, there is an emerging market for the tools and utilities whose objective is to provide the intelligence for knowledge sharing between the businesses and their customers. In this paper, we present a conceptual model of customer knowledge management by identifying and analyzing the existing tools in the market. The focus will be upon the emerging British dotcom industry whose customer based B2C behavior has been an influential part of the knowledge based intelligence tools in existence today.

Keywords: Customer knowledge, customer knowledge management, knowledge management, B2C E-commerce.

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Authors: Amaral, António, Araújo, Madalena

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This paper seeks to give a general idea of the universe of project portfolio management, from its multidisciplinary nature, to the many challenges it raises, passing through the different techniques, models and tools used to solve the multiple problems known. It is intended to contribute to the clarification, with great depth, of the impacts and relationships involved in managing the projects- portfolio. It aims at proposing a technique for the project alignment with the organisational strategy, in order to select projects that later on will be considered in the analysis and selection of the portfolio. We consider the development of a methodology for assessing the project alignment index very relevant in the global market scenario. It can help organisations to gain a greater awareness of market dynamics, speed up the decision process and increase its consistency, thus enabling the strategic alignment and the improvement of the organisational performance.

Keywords: Project Portfolio Management Cycle, Project Portfolio Selection, Resource Assignment, Strategy Alignment technique

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Authors: Manu Krishnan, Phil Jacoby

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In this paper, we discuss the paradigm shift in bank capital from the “gone concern" to the “going concern" mindset. We then propose a methodology for pricing a product of this shift called Contingent Capital Notes (“CoCos"). The Merton Model can determine a price for credit risk by using the firm-s equity value as a call option on those assets. Our pricing methodology for CoCos also uses the credit spread implied by the Merton Model in a subsequent derivative form created by John Hull et al . Here, a market implied asset volatility is calculated by using observed market CDS spreads. This implied asset volatility is then used to estimate the probability of triggering a predetermined “contingency event" given the distanceto- trigger (DTT). The paper then investigates the effect of varying DTTs and recovery assumptions on the CoCo yield. We conclude with an investment rationale.

Keywords: CoCo, Contingent capital, Bank Capital, Tier1 Capital

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Authors: Mncedisi Trinity Dewa, Andre F. Van Der Merwe, Stephen Matope

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Tool, Die and Mould-making (TDM) firms have been known to play a pivotal role in the growth and development of the manufacturing sectors in most economies. Their output contributes significantly to the quality, cost and delivery speed of final manufactured parts. Unfortunately, the South African Tool, Die and Mould-making manufacturers have not been competing on the local or global market in a significant way. This reality has hampered the productivity and growth of the sector thus attracting intervention. The paper explores the shortcomings South African toolmakers have to overcome to restore their competitive position globally. Results from a global benchmarking survey on the tooling sector are used to establish a roadmap of what South African toolmakers can do to become a productive, World Class force on the global market.

Keywords: Competitive performance objectives, lead time, toolmakers, world-class manufacturing.

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Authors: Raif Parlakkaya, Ahmet Diken, Erkan Kara

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This paper examines the relationship between corporate governance rating and stock prices of 26 Turkish firms listed in Turkish stock exchange (Borsa Istanbul) by using panel data analysis over five-year period. The paper also investigates the stock performance of firms with governance rating with regards to the market portfolio (i.e. BIST 100 Index) both prior and after governance scoring began. The empirical results show that there is no relation between corporate governance rating and stock prices when using panel data for annual variation in both rating score and stock prices. Further analysis indicates surprising results that while the selected firms outperform the market significantly prior to rating, the same performance does not continue afterwards.

Keywords: Corporate governance, stock price, performance, panel data analysis.

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Authors: Yu J. Chiu, Chia H. Yeh

Abstract:

Innovation is more important in any companies. However, it is not easy to measure the innovation performance correctly. Patent is one of measuring index nowadays. This paper wants to purpose an approach for valuing patents based on market reaction to patent infringement litigations. The interesting phenomenon is found from collection of patent infringement litigation events. That is if any patent litigation event occurs the stock value will follow changing. The plaintiffs- stock value raises some percentage. According to this interesting phenomenon, the relationship between patent litigation and stock value is tested and verified. And then, the stock value variation is used to deduce the infringed patents- value. The purpose of this study is providing another concept model to evaluate the infringed patents. This study can provide a decision assist system to help drafting patent litigation strategy and determine the technology value

Keywords: Patent valuation, infringement litigations, stock value, artificial neural networks.

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Authors: Rizauddin Ramli, Jaber Abu Qudeiri, Hidehiko Yamamoto

Abstract:

Nowadays the market for industrial companies is becoming more and more globalized and highly competitive, forcing them to shorten the duration of the manufacturing system development time in order to reduce the time to market. In order to achieve this target, the hierarchical systems used in previous manufacturing systems are not enough because they cannot deal effectively with unexpected situations. To achieve flexibility in manufacturing systems, the concept of an Autonomous Decentralized Flexible Manufacturing System (AD-FMS) is useful. In this paper, we introduce a hypothetical reasoning based algorithm called the Algorithm for Future Anticipative Reasoning (AFAR) which is able to decide on a conceivable next action of an Automated Guided Vehicle (AGV) that works autonomously in the AD-FMS.

Keywords: Flexible Manufacturing System, Automated GuidedVehicle, Hypothetical Reasoning, Autonomous Decentralized.

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