Search results for: market segmentation model

Authors: Rohit Choudhry, Kumkum Garg

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In this paper, we propose a hybrid machine learning system based on Genetic Algorithm (GA) and Support Vector Machines (SVM) for stock market prediction. A variety of indicators from the technical analysis field of study are used as input features. We also make use of the correlation between stock prices of different companies to forecast the price of a stock, making use of technical indicators of highly correlated stocks, not only the stock to be predicted. The genetic algorithm is used to select the set of most informative input features from among all the technical indicators. The results show that the hybrid GA-SVM system outperforms the stand alone SVM system.

Keywords: Genetic Algorithms, Support Vector Machines, Stock Market Forecasting.

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Authors: Dmitry A. Mikoyelov

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The paper presents a set of guidelines for analysis of industrial embedded distributed systems and introduces a mathematical model derived from these guidelines. In this study, the author examines a set of modern communication technologies that are or possibly can be used to build communication links between the subsystems of a distributed embedded system. An investigation of these guidelines results in a algorithm for analysis of specific use cases of target technologies. A goal of the paper acts as an important base for ongoing research on comparison of communication technologies. The author describes the principles of the model and presents results of the test calculations. Practical implementation of target technologies and empirical experiment data are based on a practical experience during the design and test of specific distributed systems in Latvian market.

Keywords: Distributed embedded system, analytical model, communication technology.

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Authors: Fl. Loury, P. Sablonière

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In this paper a stochastic scenario-based model predictive control applied to molten salt storage systems in concentrated solar tower power plant is presented. The main goal of this study is to build up a tool to analyze current and expected future resources for evaluating the weekly power to be advertised on electricity secondary market. This tool will allow plant operator to maximize profits while hedging the impact on the system of stochastic variables such as resources or sunlight shortage.

Solving the problem first requires a mixed logic dynamic modeling of the plant. The two stochastic variables, respectively the sunlight incoming energy and electricity demands from secondary market, are modeled by least square regression. Robustness is achieved by drawing a certain number of random variables realizations and applying the most restrictive one to the system. This scenario approach control technique provides the plant operator a confidence interval containing a given percentage of possible stochastic variable realizations in such a way that robust control is always achieved within its bounds. The results obtained from many trajectory simulations show the existence of a ‘’reliable’’ interval, which experimentally confirms the algorithm robustness.

Keywords: Molten Salt Storage System, Concentrated Solar Tower Power Plant, Robust Stochastic Model Predictive Control.

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Authors: Vincent Fromentin

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This paper examines whether or not immigration has a positive influence on the duration of unemployment, in a macroeconomic perspective. We analyse also whether the degree of labor market integration can influence migration. The integration of immigrants into the labor market is a recurrence theme in the work on the economic consequences of immigration. However, to our knowledge, no researchers have studied the impact of immigration on unemployment duration, and vice versa. With two methodology of research (panel estimations (OLS and 2SLS) and panel cointegration techniques), we show that migration seems to influence positively the short-term unemployment and negatively long-term unemployment, for 14 OECD destination countries. In addition, immigration seems to be conditioned by the structural and institutional characteristics of the labour market.

Keywords: international migration, unemployment duration, OECD countries, panel data

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Authors: Agus Harjoko, Sri Hartati, Henry Dwiyasa

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There have been numerous implementations of security system using biometric, especially for identification and verification cases. An example of pattern used in biometric is the iris pattern in human eye. The iris pattern is considered unique for each person. The use of iris pattern poses problems in encoding the human iris. In this research, an efficient iris recognition method is proposed. In the proposed method the iris segmentation is based on the observation that the pupil has lower intensity than the iris, and the iris has lower intensity than the sclera. By detecting the boundary between the pupil and the iris and the boundary between the iris and the sclera, the iris area can be separated from pupil and sclera. A step is taken to reduce the effect of eyelashes and specular reflection of pupil. Then the four levels Coiflet wavelet transform is applied to the extracted iris image. The modified Hamming distance is employed to measure the similarity between two irises. This research yields the identification success rate of 84.25% for the CASIA version 1.0 database. The method gives an accuracy of 77.78% for the left eyes of MMU 1 database and 86.67% for the right eyes. The time required for the encoding process, from the segmentation until the iris code is generated, is 0.7096 seconds. These results show that the accuracy and speed of the method is better than many other methods.

Keywords: Biometric, iris recognition, wavelet transform.

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Authors: Wafa Ghonaim

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Though quite fast on growth, Islamic financing at large, and its diverse instruments, is a controversial matter among scholars. This is evident from the ongoing debates on its Shariah compliance. Arguments, however, are inciting doubts and concerns among clients about its credibility, which is harming this lucrative sector. The work here investigates, particularly, some issues related to the Tawarruq instrument. The work examines the issues of linking Murabaha and Wakala contracts, the reselling of commodities to same traders, and the transfer of ownerships. The work affirms that a multi-agent smart electronic market design would facilitate Shariah compliance. The smart market exploits the rational decision-making capabilities of autonomous proxy agents that enable the clients, traders, brokers, and the bank buy and sell commodities, and manage transactions and cash flow. The smart electronic market design delivers desirable qualities that terminate the need for Wakala contracts and the reselling of commodities to the same traders. It also resolves the ownership transfer issues by allowing stakeholders to trade independently. The bank administers the smart electronic market and assures reliability of trades, transactions and cash flow. A multi-agent simulation is presented to validate the concept and processes. We anticipate that the multi-agent smart electronic market design would deliver Shariah compliance of personal financing to the aspiration of scholars, banks, traders and potential clients.

Keywords: Islamic finance, Shariah compliance, smart electronic markets design, multi-agent systems.

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Authors: Durga Gautam, Mithulananthan Nadarajah

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This paper presents the influence of distributed generation (DG) on congestion and locational marginal price (LMP) in an optimal power flow (OPF) based wholesale electricity market. The problem of optimal placement to manage congestion and reduce LMP is formulated for the objective of social welfare maximization. From competitive electricity market standpoint, DGs have great value when they reduce load in particular locations and at particular times when feeders are heavily loaded. The paper lies on the groundwork that solution to optimal mix of generation and transmission resources can be achieved by addressing congestion and corresponding LMP. Obtained as lagrangian multiplier associated with active power flow equation for each node, LMP gives the short run marginal cost (SRMC) of electricity. Specific grid locations are examined to study the influence of DG penetration on congestion and corresponding shadow prices. The influence of DG on congestion and locational marginal prices has been demonstrated in a modified IEEE 14 bus test system.

Keywords: Congestion management, distributed generation, electricity market, locational marginal price, optimal power flow, social welfare.

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Authors: Jan Pavel

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Public procurement is one of the most important areas in the public sector that introduces a possibility for a corruption. Due to the volume of the funds that are allocated through this institution (in the EU countries it is between 10 – 15% of GDP), it has very serious implications for the efficiency of public expenditures and the overall economic efficiency as well. Indicators that are usually used for the measurement of the corruption (such as Corruption Perceptions Index - CPI) show that the worst situation is in the post-communist countries and Mediterranean countries. The presented paper uses the Czech Republic as an example of a post-communist country and analyses the factors which influence the scope of corruption in public procurement. Moreover, the paper discusses indicators that could point at the public procurement market inefficiency. The presented results show that post-communist states use the institute of public contracts significantly more than the old member countries of the continental Europe. It has a very important implication because it gives more space for corruption. Furthermore, it appears that the inefficient functioning of public procurement market is clearly manifested in the low number of bids, low level of market transparency and an ineffective control system. Some of the observed indicators are statistically significantly correlated with the CPI.

Keywords: Czech Republic, Corruption, Public Procurement, Post-Communist Countries

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Authors: F. Di Pillo, G. Capece, L. Cricelli, N. Levialdi

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The liberalization and privatization processes have forced public utility companies to face new competitive challenges, implementing strategies to gain market share and, at the same time, keep the old customers. To this end, many companies have carried out mergers, acquisitions and conglomerations in order to diversify their business. This paper focuses on companies operating in the free energy market in Italy. In the last decade, this sector has undergone profound changes that have radically changed the competitive scenario and have led companies to implement diversification strategies of the business. Our work aims to evaluate the economic and financial performances obtained by energy companies, following the beginning of the liberalization process, verifying the possible relationship with the implemented diversification strategies.

Keywords: Business diversification strategies, M&A, the Italian energy market liberalization, economic and financial performances.

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Authors: Camelia Iuliana Lungu, Chirața Caraiani, Cornelia Dascălu

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The business strategy of any company wanting to be competitive on the market should be designed around the concept of intangibles, with an increasingly decisive role in knowledge transfer of the biggest corporations. Advancing the research in these areas, this study integrates the two approaches, emphasizing the relationships between the components of intellectual capital and corporate social responsibility. The three dimensions of intellectual capital in terms of sustainability requirements are debated. The paper introduces the concept of sustainable intellectual capital and debates it within an assessment model designed on the base of key performance indicators. The results refer to the assessment of possible ways for including the information on intellectual capital and corporate responsibility within the corporate strategy. The conclusions enhance the need for companies to be ready to support the integration of this type of information the knowledge transfer process, in order to develop competitive advantage on the market.

Keywords: Corporate social responsibility, corporate strategy, intellectual capital, sustainability

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Authors: G. Erkomaishvili, M. Kobalava, T. Lazariashvili, M. Saghareishvili

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The article discusses the consumer market of agricultural products and agricultural policy in Georgia. It is noted that development of the strategic areas of the agricultural sector needs a special support. These strategic areas should create the country's major export potential. It is important to develop strategies to access to the international markets, form extensive marketing network etc., which will become the basis for the promotion and revenue growth of the country. The Georgian agricultural sector, with the right state policy and support, can achieve success and gain access to the world market with competitive agricultural products. The paper discusses the current condition of agriculture, export and import of agricultural products and agricultural policy in Georgia. The conducted research concludes the information that there is an increasing demand on the green goods in the world market. Natural and climatic conditions of Georgia give a serious possibility of implementing it. The research presents an agricultural development strategy in Georgia and the findings and based on them recommendations are proposed.

Keywords: Agriculture, agricultural cooperative society agricultural insurance, agricultural policy, export-import of agricultural products.

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Authors: Bassam Baroma

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The main objective of this study is to test the relationship between numbers of variables representing the firm characteristics (market-related variables) and the extent of voluntary disclosure levels (forward-looking disclosure) in the annual reports of Egyptian firms listed on the Egyptian Stock Exchange. The results show that audit firm size is significantly positively correlated (in all the three years) with the level of forward-looking disclosure. However, industry type variable (which divided to: industries, cement, construction, petrochemicals and services), is found being insignificantly association with the level of forward-looking information disclosed in the annual reports for all the three years.

Keywords: Forward-looking disclosure, market-related variables, annual reports, Egyptian Stock Exchange.

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Authors: Chiung-Hui Chen

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Traditional service channel is losing its edge due to emerging service technology. To establish interaction with the clients, the service industry is using effective mechanism to give clients direct access to services with emerging technologies. Thus, as service science receives attention, special and unique consumption pattern evolves; henceforth, leading to new market mechanism and influencing attitudes toward life and consumption patterns. The market demand for customized services is thus valued due to the emphasis of personal value, and is gradually changing the demand and supply relationship in the traditional industry. In respect of interior design service, in the process of traditional interior design, a designer converts to a concrete form the concept generated from the ideas and needs dictated by a user (client), by using his/her professional knowledge and drawing tool. The final product is generated through iterations of communication and modification, which is a very time-consuming process. Although this process has been accelerated with the help of computer graphics software today, repeated discussions and confirmations with users are still required to complete the task. In consideration of what is addressed above a space user’s life model is analyzed with visualization technique to create an interaction system modeled after interior design knowledge. The space user document intuitively personal life experience in a model requirement chart, allowing a researcher to analyze interrelation between analysis documents, identify the logic and the substance of data conversion. The repeated data which is documented are then transformed into design information for reuse and sharing. A professional interior designer may sort out the correlation among user’s preference, life pattern and design specification, thus deciding the critical design elements in the process of service design.

Keywords: Information Design, Life Model-Based, Aesthetic Computing, Communication.

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Authors: Ivan Pavic, Fran Galetic, Tomislava Pavic Kramaric

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The purpose of this article is to analyze the degree of concentration in the banking market in EU member states as well as to determine the impact of the length of EU membership on the degree of concentration. In that sense several analysis were conducted, specifically, panel analysis, calculation of correlation coefficient and regression analysis of the impact of the length of EU membership on the degree of concentration. Panel analysis was conducted to determine whether there is a similar trend of concentration in three groups of countries - countries with a low, moderate and high level of concentration. The conducted panel analysis showed that in EU countries with a moderate level of concentration, the level of concentration decreases. The calculation of correlation showed that, to some extent, with other influential factors, the length of EU membership negatively affects the market concentration of the banking market. Using the regression analysis for investigation of the influence of the length of EU membership on the level of concentration in the banking sector in a particular country, the results reveal that there is a negative effect of the length in EU membership on market concentration, although it is not significantly influential variable.

Keywords: Banking sector, concentration, EU

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Authors: Krassimir Todorov

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The purpose of the paper is to redefine the levels of structure of corporate, business and functional strategies that were established over the past several decades, to a conceptual model, consisting of corporate, business and operations strategies, that are reinforced by functional strategies. We will propose a conceptual framework of different perspectives in the role of strategic operations as a separate strategic place and reposition the remaining functional strategies as supporting tools, existing at all three levels. The proposed model is called ‘the strategic engine’, since the mutual relationships of its ingredients are identical with main elements and working principle of the internal combustion engine. Based on theoretical essence, related to every strategic level, we will prove that the strategic engine model is useful for managers seeking to safeguard the competitive advantage of their companies. Each strategy level is researched through its basic elements. At the corporate level we examine the scope of firm’s product, the vertical and geographical coverage. At the business level, the point of interest is limited to the SWOT analysis’ basic elements. While at operations level, the key research issue relates to the scope of the following performance indicators: cost, quality, speed, flexibility and dependability. In this relationship, the paper provides a different view for the role of operations strategy within the overall strategy concept. We will prove that the theoretical essence of operations goes far beyond the scope of traditionally accepted business functions. Exploring the applications of Resource-based theory and Market-based theory within the strategic levels framework, we will prove that there is a logical consequence of the theoretical impact in corporate, business and operations strategy – at every strategic level, the validity of one theory is substituted to the level of the other. Practical application of the conceptual model is tested in automotive industry. Actually, the proposed theoretical concept is inspired by a leading global automotive group – Inchcape PLC, listed on the London Stock Exchange, and constituent of the FTSE 250 Index.

Keywords: Business strategy, corporate strategy, functional strategies, operations strategy.

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Authors: Fernando C. Monteiro, Vasco Cadavez

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This paper presents a method for the detection of OD in the retina which takes advantage of the powerful preprocessing techniques such as the contrast enhancement, Gabor wavelet transform for vessel segmentation, mathematical morphology and Earth Mover-s distance (EMD) as the matching process. The OD detection algorithm is based on matching the expected directional pattern of the retinal blood vessels. Vessel segmentation method produces segmentations by classifying each image pixel as vessel or nonvessel, based on the pixel-s feature vector. Feature vectors are composed of the pixel-s intensity and 2D Gabor wavelet transform responses taken at multiple scales. A simple matched filter is proposed to roughly match the direction of the vessels at the OD vicinity using the EMD. The minimum distance provides an estimate of the OD center coordinates. The method-s performance is evaluated on publicly available DRIVE and STARE databases. On the DRIVE database the OD center was detected correctly in all of the 40 images (100%) and on the STARE database the OD was detected correctly in 76 out of the 81 images, even in rather difficult pathological situations.

Keywords: Diabetic retinopathy, Earth Mover's distance, Gabor wavelets, optic disc detection, retinal images

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Authors: Guoyuan Qi , Yskandar Hamam, Barend Jacobus van Wyk, Shengzhi Du

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The majority of existing predictors for time series are model-dependent and therefore require some prior knowledge for the identification of complex systems, usually involving system identification, extensive training, or online adaptation in the case of time-varying systems. Additionally, since a time series is usually generated by complex processes such as the stock market or other chaotic systems, identification, modeling or the online updating of parameters can be problematic. In this paper a model-free predictor (MFP) for a time series produced by an unknown nonlinear system or process is derived using tracking theory. An identical derivation of the MFP using the property of the Newton form of the interpolating polynomial is also presented. The MFP is able to accurately predict future values of a time series, is stable, has few tuning parameters and is desirable for engineering applications due to its simplicity, fast prediction speed and extremely low computational load. The performance of the proposed MFP is demonstrated using the prediction of the Dow Jones Industrial Average stock index.

Keywords: Forecast, model-free predictor, prediction, time series

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Authors: M. Chobotová, Ž. Rylková

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Time full of changes which is associated with globalization, tougher competition, changes in the structures of markets and economic downturn, that all force companies to think about their competitive advantages. These changes can bring the company a competitive advantage and that can help improve competitive position in the market. Policy of the European Union is focused on the fast growing innovative companies which quickly respond to market demands and consequently increase its competitiveness. To meet those objectives companies need the right conditions and support of their state.

Keywords: Innovation, performance, measurements metrics, indices.

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Authors: M. K. Witek-Hajduk, T. M. Napiórkowski

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A number of studies discussed the topic of benefits of retailers-manufacturers cooperation and coopetition. However, there are only few publications focused on the benefits of cooperation and coopetition between retailers and their suppliers of durable consumer goods; especially in the context of business model of cooperating partners. This paper aims to provide a clustering approach to segment retailers selling consumer durables according to the benefits they obtain from their cooperation with key manufacturers and differentiate the said retailers’ in term of the business models of cooperating partners. For the purpose of the study, a survey (with a CATI method) collected data on 603 consumer durables retailers present on the Polish market. Retailers are clustered both, with hierarchical and non-hierarchical methods. Five distinctive groups of consumer durables’ retailers are (based on the studied benefits) identified using the two-stage clustering approach. The clusters are then characterized with a set of exogenous variables, key of which are business models employed by the retailer and its partnering key manufacturer. The paper finds that the a combination of a medium sized retailer classified as an Integrator with a chiefly domestic capital and a manufacturer categorized as a Market Player will yield the highest benefits. On the other side of the spectrum is medium sized Distributor retailer with solely domestic capital – in this case, the business model of the cooperating manufactrer appears to be irreleveant. This paper is the one of the first empirical study using cluster analysis on primary data that defines the types of cooperation between consumer durables’ retailers and manufacturers – their key suppliers. The analysis integrates a perspective of both retailers’ and manufacturers’ business models and matches them with individual and joint benefits.

Keywords: Business model, cooperation, cluster analysis, retailer-manufacturer relationships.

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Authors: Chukiat Chaiboonsri, Satawat Wannapan

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This paper used an asymmetric informative concept to apply in the macroeconomic model estimation of the tourism sector in Thailand. The variables used to statistically analyze are Thailand international and domestic tourism revenues, the expenditures of foreign and domestic tourists, service investments by private sectors, service investments by the government of Thailand, Thailand service imports and exports, and net service income transfers. All of data is a time-series index which was observed between 2002 and 2015. Empirically, the tourism multiplier and accelerator were estimated by two statistical approaches. The first was the result of the Generalized Method of Moments model (GMM) based on the assumption which the tourism market in Thailand had perfect information (Symmetrical data). The second was the result of the Maximum Entropy Bootstrapping approach (MEboot) based on the process that attempted to deal with imperfect information and reduced uncertainty in data observations (Asymmetrical data). In addition, the tourism leakages were investigated by a simple model based on the injections and leakages concept. The empirical findings represented the parameters computed from the MEboot approach which is different from the GMM method. However, both of the MEboot estimation and GMM model suggests that Thailand’s tourism sectors are in a period capable of stimulating the economy.

Keywords: Thailand tourism, maximum entropy bootstrapping approach, macroeconomic model, asymmetric information.

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Authors: Pongsiri K.

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This research aimed to study the market feasibility for new brand coffee house, the case study of Thailand.. This study is a mixed methods research combining quantitative research and the qualitative research. Primary data 350 sets of questionnaires were distributed, and the high quality completed questionnaires of 320 sets returned. Research samples are identified as customers’ of Hi-end department stores in Thailand. The sources of secondary data were critical selected from highly reliable sources, both from public and private sectors. The results were used to classify the customer group into two main groups, the younger than 25 and the older than 25years old. Results of the younger group, are give priority to the dimension of coffee house and its services dimension more than others, then branding dimension and the product dimension respectively. On the other hand, the older group give the difference result as they rate the important of the branding, coffee house and its services, then the product respectively. Coffee consuming is not just the trend but it has become part of people lifestyle. And the new cultures also created by the wise businessman. Coffee was long produced and consumed in Thailand. But it is surprisingly the hi-end brand coffee houses in Thai market are mostly imported brands. The café business possibility for Thai brand coffee house in Thai market were discussed in the paper.

Keywords: Coffee House, Café, Coffee Consuming and new entry branding, market feasibility

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Authors: Mesbaholdin Salami, Farzad Movahedi Sobhani, Mohammad Sadegh Ghazizadeh

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Evaluation of organizational performance is among the most important measures that help organizations and entities continuously improve their efficiency. Organizations can use the existing data and results from the comparison of units under investigation to obtain an estimation of their performance. The Malmquist Productivity Index (MPI) is an important index in the evaluation of overall productivity, which considers technological developments and technical efficiency at the same time. This article proposed a model based on the multistage MPI, considering limited data (Grey’s theory). This model can evaluate the performance of units using limited and uncertain data in a multistage process. It was applied by the electricity market manager to Iran’s electric power supply chain (EPSC), which contains uncertain data, to evaluate the performance of its actors. Results from solving the model showed an improvement in the accuracy of future performance of the units under investigation, using the Grey’s system theory. This model can be used in all case studies, in which MPI is used and there are limited or uncertain data.

Keywords: Malmquist Index, Grey's Theory, Charnes Cooper & Rhodes (CCR) Model, network data envelopment analysis, Iran electricity power chain.

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Authors: S. Nandagopalan, N. Pradeep

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The aim of this paper is to propose a general framework for storing, analyzing, and extracting knowledge from two-dimensional echocardiographic images, color Doppler images, non-medical images, and general data sets. A number of high performance data mining algorithms have been used to carry out this task. Our framework encompasses four layers namely physical storage, object identification, knowledge discovery, user level. Techniques such as active contour model to identify the cardiac chambers, pixel classification to segment the color Doppler echo image, universal model for image retrieval, Bayesian method for classification, parallel algorithms for image segmentation, etc., were employed. Using the feature vector database that have been efficiently constructed, one can perform various data mining tasks like clustering, classification, etc. with efficient algorithms along with image mining given a query image. All these facilities are included in the framework that is supported by state-of-the-art user interface (UI). The algorithms were tested with actual patient data and Coral image database and the results show that their performance is better than the results reported already.

Keywords: Active Contour, Bayesian, Echocardiographic image, Feature vector.

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Authors: Cristian Păuna

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In the first decades of the 21st century, in the electronic trading environment, algorithmic capital investments became the primary tool to make a profit by speculations in financial markets. A significant number of traders, private or institutional investors are participating in the capital markets every day using automated algorithms. The autonomous trading software is today a considerable part in the business intelligence system of any modern financial activity. The trading decisions and orders are made automatically by computers using different mathematical models. This paper will present one of these models called Price Prediction Line. A mathematical algorithm will be revealed to build a reliable trend line, which is the base for limit conditions and automated investment signals, the core for a computerized investment system. The paper will guide how to apply these tools to generate entry and exit investment signals, limit conditions to build a mathematical filter for the investment opportunities, and the methodology to integrate all of these in automated investment software. The paper will also present trading results obtained for the leading German financial market index with the presented methods to analyze and to compare different automated investment algorithms. It was found that a specific mathematical algorithm can be optimized and integrated into an automated trading system with good and sustained results for the leading German Market. Investment results will be compared in order to qualify the presented model. In conclusion, a 1:6.12 risk was obtained to reward ratio applying the trigonometric method to the DAX Deutscher Aktienindex on 24 months investment. These results are superior to those obtained with other similar models as this paper reveal. The general idea sustained by this paper is that the Price Prediction Line model presented is a reliable capital investment methodology that can be successfully applied to build an automated investment system with excellent results.

Keywords: Algorithmic trading, automated investment system, DAX Deutscher Aktienindex.

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Authors: Lina Salim

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Modern retailers such as hypermarket/supermarket need to be more customer-oriented in order to survive in today-s competitive business world. As a result, the investigation of determinant factors of store loyalty becomes important issue for modern retailing players. This study suggests that consumers- store loyalty in the modern retailing market (hypermarkets and supermarkets) is influenced by environmental factors (such as store image, store personnel). Using a model of stimulus-organismresponse (S-O-R), this research examines S-R relationship of store loyalty. S-O-R framework is derived from the existence literature and tested empirically based on Indonesian consumers- experience. The stimuli for this study are store image, store personnel, satisfaction and culture factors. Affect, or the consumers- liking to modern retailing stores, mediates the chosen environmental factors on consumer-s store loyalty. The findings showed that store image, store satisfaction and culture have significant positive relationship to store loyalty via affect.

Keywords: Affect, Culture, Store Image, Store Loyalty, StorePersonnel, Store Satisfaction

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Authors: Mohammad Ali Tabarzad, Caro Lucas, Nassim Jafarzadeh Eslami

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After the development of the Internet a suitable discipline for trading goods electronically has been emerged. However, this type of markets is not still mature enough in order to become independent and get closer to seller/buyer-s needs. Furthermore, the buyable and sellable goods in these markets still don-t have essential standards for being well-defined. In this paper, we will present a model for development of a market which can contain goods with variable definitions and we will also investigate its characteristics. Besides, by noticing the fact that people have different discriminations, it-s figured out that the significance of each attribute of a specific product may vary from different people-s view points. Consequently we-ll present a model for weighting and accordingly different people-s view points could be satisfied. These two aspects will be discussed completely throughout this paper.

Keywords: Electronic markets, selection of multi attributegoods, data infusion.

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Authors: Bello Nurudeen Akinsola

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The study analyzed the risk and returns of commercial-property in Southwestern Nigeria and selected stocksmarket investment between 2000 and 2009; compared the inflation hedging characteristics and diversification potentials of investing in commercial-property and selected stock- market investment. Primary data were collected on characteristics, rental and capital values of commercial- properties from their property managers through the use of questionnaire. Secondary data on stock prices and dividends on banking, insurance and conglomerates sectors were sourced from the Nigerian Stock Exchange (2000-2009). The result showed that average return on all the selected stock- investments was higher than that of commercial-property. As regards risk, commercial-property indicated lower risk, compared to stocks. Also the stock-investment had better inflation hedging capacity than commercial-properties; combination of both had diversification potentials. The study concluded that stock-market investment offered attractive higher return than commercial-property although with higher risk and there could be diversification benefits in combining commercial-property with stock- investment.

Keywords: Commercial-Property, Return, Risk, Stock Market

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Authors: Slavka Zeković

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A preliminary evaluation of the urban land system is presented in the article together with the instruments of land policy in Serbia. The main reason for the analysis is demand for definition of reform framework for urban land management in Serbia in the period of transition towards market-led system. It is concluded that due to the limitations of the current regulation it will be impossible in the future to apply market principles in the urban land policy (supply and demand of land, land capitalization, investment efficiency, et al.). Based on the estimation that the urban land system and land policy are key factors of competitiveness between regions and towns in Serbia, it is necessary to initiate changes in this field. There are indicated on an option of privatization of urban public land and possible establishment of leasehold land. A comparative analysis of the possibilities of the reform urban land system in Serbia has been carried out in relation to two approaches of market systems: (a) with dominant private ownership of urban land (neo/liberal approach) and (b) with dominant public ownership of urban land (system of leasehold)whose findings can be a basis for further study of the new system in Serbia.. The attanied results are part of studies matter for the making of Strategy of territorial development of Serbia.

Keywords: Urban Land System, Urban Land Management, Instruments of Land Policy, Evaluation, Market.

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Authors: Imen Dhaou

Abstract:

This study examines conditional Value at Risk by applying the GJR-EVT-Copula model, and finds the optimal portfolio for eight Dow Jones Islamic-conventional pairs. Our methodology consists of modeling the data by a bivariate GJR-GARCH model in which we extract the filtered residuals and then apply the Peak over threshold model (POT) to fit the residual tails in order to model marginal distributions. After that, we use pair-copula to find the optimal portfolio risk dependence structure. Finally, with Monte Carlo simulations, we estimate the Value at Risk (VaR) and the conditional Value at Risk (CVaR). The empirical results show the VaR and CVaR values for an equally weighted portfolio of Dow Jones Islamic-conventional pairs. In sum, we found that the optimal investment focuses on Islamic-conventional US Market index pairs because of high investment proportion; however, all other index pairs have low investment proportion. These results deliver some real repercussions for portfolio managers and policymakers concerning to optimal asset allocations, portfolio risk management and the diversification advantages of these markets.

Keywords: CVaR, Dow Jones Islamic index, GJR-GARCH-EVT-pair copula, portfolio optimization.

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Authors: Morten Brøgger, Kim Wittchen

Abstract:

Focus on reducing energy consumption in existing buildings at large scale, e.g. in cities or countries, has been increasing in recent years. In order to reduce energy consumption in existing buildings, political incentive schemes are put in place and large scale investments are made by utility companies. Prioritising these investments requires a comprehensive overview of the energy consumption in the existing building stock, as well as potential energy-savings. However, a building stock comprises thousands of buildings with different characteristics making it difficult to model energy consumption accurately. Moreover, the complexity of the building stock makes it difficult to convey model results to policymakers and other stakeholders. In order to manage the complexity of the building stock, building archetypes are often employed in building stock energy models (BSEMs). Building archetypes are formed by segmenting the building stock according to specific characteristics. Segmenting the building stock according to building type and building age is common, among other things because this information is often easily available. This segmentation makes it easy to convey results to non-experts. However, using a single archetypical building to represent all buildings in a segment of the building stock is associated with loss of detail. Thermal characteristics are aggregated while other characteristics, which could affect the energy efficiency of a building, are disregarded. Thus, using a simplified representation of the building stock could come at the expense of the accuracy of the model. The present study evaluates the accuracy of a conventional archetype-based BSEM that segments the building stock according to building type- and age. The accuracy is evaluated in terms of the archetypes’ ability to accurately emulate the average energy demands of the corresponding buildings they were meant to represent. This is done for the buildings’ energy demands as a whole as well as for relevant sub-demands. Both are evaluated in relation to the type- and the age of the building. This should provide researchers, who use archetypes in BSEMs, with an indication of the expected accuracy of the conventional archetype model, as well as the accuracy lost in specific parts of the calculation, due to use of the archetype method.

Keywords: Building stock energy modelling, energy-savings, archetype.

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