Search results for: stock investment analysis.

Authors: Amel Abdoullah Ahmed Dghais, Mohd Tahir Ismail

Abstract:

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

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

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 4673

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

Abstract:

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

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

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 73

Authors: A. Sivakumar, S. S. Darun Prakash, P. Navaneethakrishnan

Abstract:

In and around Erode District, it is estimated that more than 1250 chemical and allied textile processing fabric industries are affected, partially closed and shut off for various reasons such as poor management, poor supplier performance, lack of planning for productivity, fluctuation of output, poor investment, waste analysis, labor problems, capital/labor ratio, accumulation of stocks, poor maintenance of resources, deficiencies in the quality of fabric, low capacity utilization, age of plant and equipment, high investment and input but low throughput, poor research and development, lack of energy, workers’ fear of loss of jobs, work force mix and work ethic. The main objective of this work is to analyze the existing conditions in textile fabric sector, validate the break even of Total Productivity (TP), analyze, design and implement fuzzy sets and mathematical programming for improvement of productivity and quality dimensions in the fabric processing industry. It needs to be compatible with the reality of textile and fabric processing industries. The highly risk events from productivity and quality dimension were found by fuzzy systems and results are wrapped up among the textile fabric processing industry.

Keywords: Break Even Point, Fuzzy Crisp Data, Fuzzy Sets, Productivity, Productivity Cycle, Total Productive Maintenance.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1848

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

Abstract:

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

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

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2785

Authors: D. de Matías Batalla

Abstract:

This paper develops and extended eclectic paradigm to fit the firm internationalization process with the real international business world. The approach is based on Dunning´s, introducing new concepts like mode of entry, international joint venture o international mergers and acquisitions. At the same time is presented a model to describe the Spanish international mergers and acquisitions in order to determinate the most important factor that influence in this type of foreign direct investment.

Keywords: Dunning, eclectic paradigm, foreign direct investment, IJV, international business, international management, multinational firms, firm internationalization process, M&A.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3017

Authors: Simon Huston, Ebraheim Lahbash, Ali Parsa

Abstract:

The development of the United Arab Emirates (UAE) into a regional trade, tourism, finance and logistics hub has transformed its real estate markets. However, speculative activity and price volatility remain concerns. UAE residential market values (MV) are exposed to fluctuations in capital flows and migration which, in turn, are affected by geopolitical uncertainty, oil price volatility and global investment market sentiment. Internally, a complex interplay between administrative boundaries, land tenure, building quality and evolving location characteristics fragments UAE residential property markets. In short, the UAE Residential Valuation System (UAE-RVS) confronts multiple challenges to collect, filter and analyze relevant information in complex and dynamic spatial and capital markets. A robust (RVS) can mitigate the risk of unhelpful volatility, speculative excess or investment mistakes. The research outlines the institutional, ontological, dynamic and epistemological issues at play. We highlight the importance of system capabilities, valuation standard salience and stakeholders trust.

Keywords: Valuation, property rights, information, institutions, trust, salience.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2336

Authors: Peng Yew Wong

Abstract:

House prices in the Australian capital cities were at record levels subsequent to Global Financial Crisis (GFC) 2008 and many believed that foreign investors, especially the Chinese investors, were the main reason for the Australian capital cities’ house prices escalation. This research conducted an Australian cross border semi-structured interviews in Shanghai, China to uncover historical evidence and emerging trend supporting the existence of a significant relationship between overseas investors and residential housing markets performance in Australia subsequent to the GFC 2008. Some unique investment strategies of private investors from China which emphasised on non-capitalist factors such as early education were identified, alongside with some insights on the significant China government policies that have incentivised the cross border investments from China. It is believed that this understanding will assist policy makers to effectively manage the overheated Australian residential property market without compromising the steady flow of FREI.

Keywords: Australian housing market, residential property, foreign real estate investment, education, China investor.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1535

Authors: Wilaiwan Sornpoon, Sébastien Bonnet, Savitri Garivait

Abstract:

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

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

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3333

Authors: V. Benidze

Abstract:

After the Rose Revolution of 2003, Georgia has achieved an unparalleled socioeconomic success. However, economic growth since 2012 has been sluggish and certainly not enough to rapidly improve the county’s standard of living that still remains substantially low compared to that in developed nations. Recent poor economic performance has shown that some key challenges need to be addressed if Georgia is to achieve high future economic growth that will decrease the poverty rate and create a middle class in the country. This paper offers in detail analysis of the economic performance of Georgia since 2012 and identifies key challenges facing the country’s economy. The main challenge going forward will be transforming Georgia from a consumption-driven to a production-oriented economy. It is identified that mobilizing domestic investment through savings, attracting foreign investment in tradable sectors and expanding the country’s export base will be crucial in the facilitation of the above-mentioned structural transformation. As the outcome of the research, the paper suggests a strategy for accelerating Georgia’ future economic growth and offers recommendations based on the relevant conclusions.

Keywords: Challenges, development, economic growth, economic policy, Georgia.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 910

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

Abstract:

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

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

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1777

Authors: Amadi Ugwulo Chinyere, Lewis D. Gbarayorks, Emem N. H. Inamete

Abstract:

In this paper, the mandatory contribution, additional voluntary contribution (AVC) and administrative charges are merged together to determine the optimal investment strategy (OIS) for a pension plan member (PPM) in a defined contribution (DC) pension scheme under the modified constant elasticity of variance (M-CEV) model. We assume that the voluntary contribution is a stochastic process and a portfolio consisting of one risk free asset and one risky asset modeled by the M-CEV model is considered. Also, a stochastic differential equation consisting of PPM’s monthly contributions, voluntary contributions and administrative charges is obtained. More so, an optimization problem in the form of Hamilton Jacobi Bellman equation which is a nonlinear partial differential equation is obtained. Using power transformation and change of variables method, an explicit solution of the OIS and the value function are obtained under constant absolute risk averse (CARA). Furthermore, numerical simulations on the impact of some sensitive parameters on OIS were discussed extensively. Finally, our result generalizes some existing result in the literature.

Keywords: DC pension fund, modified constant elasticity of variance, optimal investment strategies, voluntary contribution, administrative charges.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 290

Authors: Ke Zhao, Ballarat Colin Richardson, Jerry Courvisanos, John Crawford

Abstract:

Climate change has profound consequences for the agriculture of south-eastern Australia and its climate-induced water shortage in the Murray-Darling Basin. Post Keynesian Economics (PKE) macro-dynamics, along with Kaleckian investment and growth theory, are used to develop an ecological-economic system dynamics model of this complex nonlinear river basin system. The Murray- Darling Basin Simulation Model (MDB-SM) uses the principles of PKE to incorporate the fundamental uncertainty of economic behaviors of farmers regarding the investments they make and the climate change they face, particularly as regards water ecosystem services. MDB-SM provides a framework for macroeconomic policies, especially for long-term fiscal policy and for policy directed at the sustainability of agricultural water, as measured by socio-economic well-being considerations, which include sustainable consumption and investment in the river basin. The model can also reproduce other ecological and economic aspects and, for certain parameters and initial values, exhibit endogenous business cycles and ecological sustainability with realistic characteristics. Most importantly, MDBSM provides a platform for the analysis of alternative economic policy scenarios. These results reveal the importance of understanding water ecosystem adaptation under climate change by integrating a PKE macroeconomic analytical framework with the system dynamics modelling approach. Once parameterised and supplied with historical initial values, MDB-SM should prove to be a practical tool to provide alternative long-term policy simulations of agricultural water and socio-economic well-being.

Keywords: Agricultural water, Macroeconomic dynamics, Modeling, Investment dynamics, Sustainability, Unemployment, Economics, Keynesian, Kaleckian.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2129

Authors: M. A. Spielmann, L. Schebek

Abstract:

In order to reach the long-term national climate goals of the German government for the building sector, substantial energetic measures have to be executed. Historically, those measures were primarily energetic efficiency measures at the buildings’ shells. Advanced technologies for the on-site generation of heat (or other types of energy) often are not feasible at this small spatial scale of a single building. Therefore, the present approach uses the spatially larger dimension of a quarter. The main focus of the present paper is the long-term economic-ecological assessment of available decentralized heat-generating (CHP power plants and electrical heat pumps) technologies at the quarter level for the German unrefurbished residential buildings. Three distinct terms have to be described methodologically: i) Quarter approach, ii) Economic assessment, iii) Ecological assessment. The quarter approach is used to enable synergies and scaling effects over a single-building. For the present study, generic quarters that are differentiated according to significant parameters concerning their heat demand are used. The core differentiation of those quarters is made by the construction time period of the buildings. The economic assessment as the second crucial parameter is executed with the following structure: Full costs are quantized for each technology combination and quarter. The investment costs are analyzed on an annual basis and are modeled with the acquisition of debt. Annuity loans are assumed. Consequently, for each generic quarter, an optimal technology combination for decentralized heat generation is provided in each year of the temporal boundaries (2016-2050). The ecological assessment elaborates for each technology combination and each quarter a Life Cycle assessment. The measured impact category hereby is GWP 100. The technology combinations for heat production can be therefore compared against each other concerning their long-term climatic impacts. Core results of the approach can be differentiated to an economic and ecological dimension. With an annual resolution, the investment and running costs of different energetic technology combinations are quantified. For each quarter an optimal technology combination for local heat supply and/or energetic refurbishment of the buildings within the quarter is provided. Coherently to the economic assessment, the climatic impacts of the technology combinations are quantized and compared against each other.

Keywords: Building sector, heat, LCA, quarter level, systemic approach.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 909

Authors: Kolis Karel, Kubicek Ales

Abstract:

The purpose of this paper is to explore the relationship between the customers- issues in company corporate governance and the financial performance. At the beginning theoretical background consisting stakeholder theory and corporate governance is presented. On this theoretical background, the empirical research is built, collecting data of 60 Czech joint stock companies- boards considering their relationships with customers. Correlation analysis and multivariate regression analysis were employed to test the sample on two hypotheses. The weak positive correlation between stakeholder approach and the company size was identified. But both hypotheses were not supported, because there was no significant relation of independent variables to financial performance.

Keywords: customers, stakeholder theory, corporate governance, financial performance

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 4628

Authors: Chih-Hsiang Chang, Pei-Shan Kao

Abstract:

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

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

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 835

Authors: Ilhan Keskin, Hasan Bulent Kantarcı

Abstract:

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

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

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2567

Authors: Muritala Babatunde Hassan

Abstract:

In the contemporary global political economy, foreign direct investment (FDI) is gaining currency on daily basis. Notably, the end of the Cold War has brought about the dominance of neoliberal ideology with its mantra of private-sector-led economy. As such, nation-states now see FDI attraction as an important element in their approach to national development. Governments and policy makers are preoccupying themselves with unraveling the best strategies to not only attract more FDI but also to attain the desired socio-economic development status. In Nigeria, the perceived development potentials of FDI have brought about aggressive hunt for foreign investors, most especially since transition to civilian rule in May 1999. Series of liberal and market oriented strategies are being adopted not only to attract foreign investors but largely to stimulate private sector participation in the economy. It is on this premise that this study interrogates the politics of FDI attraction for domestic development in Nigeria between 1999 and 2014, with the ultimate aim of examining the nexus between regime type and the ability of a state to attract and benefit from FDI. Building its analysis within the framework of institutional utilitarianism, the study posits that the essential FDI strategies for achieving the greatest happiness for the greatest number of Nigerians are political not economic. Both content analysis and descriptive survey methodology were employed in carrying out the study. Content analysis involves desk review of literatures that culminated in the development of the study’s conceptual and theoretical framework of analysis. The study finds no significant relationship between transition to democracy and FDI inflows in Nigeria, as most of the attracted investments during the period of the study were market and resource seeking as was the case during the military regime, thereby contributing minimally to the socio-economic development of the country. It is also found that the country placed much emphasis on liberalization and incentives for FDI attraction at the neglect of improving the domestic investment environment. Consequently, poor state of infrastructure, weak institutional capability and insecurity were identified as the major factors seriously hindering the success of Nigeria in exploiting FDI for domestic development. Given the reality of the currency of FDI as a vector of economic globalization and that Nigeria is trailing the line of private-sector-led approach to development, it is recommended that emphasis should be placed on those measures aimed at improving the infrastructural facilities, building solid institutional framework, enhancing skill and technological transfer and coordinating FDI promotion activities by different agencies and at different levels of government.

Keywords: Foreign capital, politics, socio-economic development, FDI attraction strategies, Redemocratization.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 830

Authors: Govind Shay Sharma, Randhir Singh Baghel

Abstract:

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

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

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 104

Authors: Dany Ng Cheong Vee, Preethee Nunkoo Gonpot, Noor-Ul-Hacq Sookia

Abstract:

In this paper, we consider the application of Extreme Value Theory as a risk measurement tool. The Value at Risk, for a set of indices, from six Stock Exchanges of Frontier markets is calculated using the Peaks over Threshold method and the performance of the model index-wise is evaluated using coverage tests and loss functions. Our results show that “fattailedness” alone of the data is not enough to justify the use of EVT as a VaR approach. The structure of the returns dynamics is also a determining factor. This approach works fine in markets which have had extremes occurring in the past thus making the model capable of coping with extremes coming up (Colombo, Tunisia and Zagreb Stock Exchanges). On the other hand, we find that indices with lower past than present volatility fail to adequately deal with future extremes (Mauritius and Kazakhstan). We also conclude that using EVT alone produces quite static VaR figures not reflecting the actual dynamics of the data.

Keywords: Extreme Value theory, Financial Crisis 2008, Frontier Markets, Value at Risk.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2339

Authors: H. Rafiei, M. Rabbani

Abstract:

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

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

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2175

Authors: Ie-jung Choi

Abstract:

Since the feasibility study of R&D programs have been initiated for efficient public R&D investments, year 2008, feasibility studies have improved in terms of precision. Although experience related to these studies of R&D programs have increased to a certain point, still methodological improvement is required. The feasibility studies of R&D programs are consisted of various viewpoints, such as technology, policy, and economics. This research is to provide improvement methods to the economic perspective; especially the cost estimation process of R&D activities. First of all, the fundamental concept of cost estimation is reviewed. After the review, a statistical and econometric analysis method is applied as empirical analysis. Conclusively, limitations and further research directions are provided.

Keywords: Cost Estimation, R&D Program, Feasibility AnalysisStudy.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1587

Authors: A. Charlangsut, M. Boonthienthong, N. Rugthaicharoencheep

Abstract:

This paper proposes a mathematical model for transmission expansion employing optimization method with scenario analysis approach. Economic transmission planning, on the other hand, seeks investment opportunities so that network expansions can generate more economic benefits than the costs. This approach can be used as a decision model for building new transmission lines added to the existing transmission system minimizing costs of the entire system subject to various system’s constraints and consider of loss value of transmission system and N-1 checking. The results show that the proposed model is efficient to be applied for the larger scale of power system topology.

Keywords: Transmission Expansion Planning, Economic Dispatch, Scenario Analysis, Contingency.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2054

Authors: Teboho J. Mosikari, Johannes T. Tsoku, Diteboho L. Xaba

Abstract:

The increase of capital mobility across emerging economies has become an interesting topic for many economic policy makers. The current study tests the validity of Feldstein–Horioka puzzle for 5 BRICS countries. The sample period of the study runs from 2001 to 2014. The study uses the following parameter estimates well known as the Fully Modified OLS (FMOLS), and Dynamic OLS (DOLS). The results of the study show that investment and savings are cointegrated in the long run. The parameters estimated using FMOLS and DOLS are 0.85 and 0.74, respectively. These results imply that policy makers within BRICS countries have to consider flexible monetary and fiscal policy instruments to influence the mobility of capital with the bloc.

Keywords: Feldstein and Horioka puzzle, saving and investment, panel models, BRICS countries.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 957

Authors: Mercan Efe Güney, Barış Parlatangiller, Melik Ayer

Abstract:

In Turkey, while urban area boundaries are enlarged by making decisions on investment areas in cities, development plans are made according to government decisions, rather than scientific criteria. Even environment protection laws state that “if public interest is at stake”, areas under mandatory protection can be transformed into investment areas. This leads to destruction of valuable agricultural lands. Paper demonstrates loss of agricultural lands by superimposing plans, Suitability of the Lands for Agricultural Use and Google Earth Images in an exemplary settlement, and expresses that urban area boundaries should be included in legislation as an official boundary for all settlements.

Keywords: Agriculture, boundary, city planning, development plan, legislation.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1178

Authors: Dennis Corbett

Abstract:

The city of Melbourne in Victoria, Australia, provides a number of examples of how a growing city can integrate urban planning and water planning to achieve sustainable urban development, environmental protection, liveability and integrated water management outcomes, and move towards becoming a “Water Sensitive City". Three examples are provided - the development at Botanic Ridge, where a 318 hectare residential development is being planned and where integrated water management options are being implemented using a “triple bottom line" sustainability investment approach; the Toolern development, which will capture and reuse stormwater and recycled water to greatly reduce the suburb-s demand for potable water, and the development at Kalkallo where a 1,200 hectare industrial precinct development is planned which will merge design of the development's water supply, sewerage services and stormwater system. The Paper argues that an integrated urban planning and water planning approach is fundamental to creating liveable, vibrant communities which meet social and financial needs while being in harmony with the local environment. Further work is required on developing investment frameworks and risk analysis frameworks to ensure that all possible solutions can be assessed equally.

Keywords: Integrated water management, stormwater management, sustainable urban development.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2058

Authors: Saeid Norouzi, Ali Shams, Hassan Farhangi, Alireza Darvish

Abstract:

Hot tear cracking and residual stress are two different consequences of thermal stress both of which can be considered as casting problem. The purpose of the present study is simulation of the effect of casting shape characteristic on hot tearing and residual stress. This study shows that the temperature range for simulation of hot tearing and residual stress are different. In this study, in order to study the development of thermal stress and to predict the hot tearing and residual stress of shaped casting, MAGMASOFT simulation program was used. The strategy of this research was the prediction of hot tear location using pinpointing hot spot and thermal stress concentration zones. The results shows that existing of stress concentration zone increases the hot tearing probability and consequently reduces the amount of remaining residual stress in casting parts.

Keywords: Hot tearing, residual stress, simulation, investment casting.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2675

Authors: Wanida Suwunniponth

Abstract:

The objectives of this research were to study the influencing factors that contributed to the success of e-collaborative in e-commerce of B2C (Business to Customer) business in Bangkok, Thailand. The influencing factors included organization, people, information technology and the process of e-collaborative. A questionnaire was used to collect data from 200 small e-commerce businesses and the path analysis was utilized as the tool for data analysis. By using the path analysis, it was revealed that the factors concerning with organization, people and information technology played an influence on e-collaborative process and the success of ecollaborative, whereas the process of e-collaborative factor manipulated its success. The findings suggested that B2C ecommerce business in Thailand should opt in improvement approach in terms of managerial structure, leaderships, staff’s skills and knowledge, and investment of information technology in order to capacitate higher efficiency of e-collaborative process that would result in profit and competitive advantage.

Keywords: E-collaborative, E-commerce, B2C.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2003

Authors: Roman Asatryan

Abstract:

The decision-making processes in Corporate Social Responsibility (CSR) among firms in the airlines industry borders on the benefits that accrue to firms through those investments. The crux of the matter is how firms can quantify the benefits derived from such investments. This paper analyses the cost benefit adjustment strategies for firms in the airline industry in their CSR strategy adoption and implementation. The paper discusses the CBA model in order to understand the ways airlines can reduce costs and increase returns on CSR, or balance the cost and benefits. The analysis indicates that, economic concepts especially the CBA are useful, though they are not without challenges. This paper concludes that the CBA model gives a basic understanding of the motivations for investing in intangible assets like CSR. It sets the tone for formulating relevant hypothesis in empirical studies in investment in CSR and other intangible assets in business operations.

Keywords: Cost Benefit Analysis, Corporate Social Responsibility, airline industry.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 5018

Authors: Shigeaki Sakurai, Makino Kyoko, Shigeru Matsumoto

Abstract:

This paper proposes a method that predicts attractive evaluation objects. In the learning phase, the method inductively acquires trend rules from complex sequential data. The data is composed of two types of data. One is numerical sequential data. Each evaluation object has respective numerical sequential data. The other is text sequential data. Each evaluation object is described in texts. The trend rules represent changes of numerical values related to evaluation objects. In the prediction phase, the method applies new text sequential data to the trend rules and evaluates which evaluation objects are attractive. This paper verifies the effect of the proposed method by using stock price sequences and news headline sequences. In these sequences, each stock brand corresponds to an evaluation object. This paper discusses validity of predicted attractive evaluation objects, the process time of each phase, and the possibility of application tasks.

Keywords: Trend rule, frequent pattern, numerical sequential data, text sequential data, evaluation object.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1190

Authors: Wei Chen, Cui-you Yao, Yue Qiu

Abstract:

This paper deals with a portfolio selection problem based on the possibility theory under the assumption that the returns of assets are LR-type fuzzy numbers. A possibilistic portfolio model with transaction costs is proposed, in which the possibilistic mean value of the return is termed measure of investment return, and the possibilistic variance of the return is termed measure of investment risk. Due to considering transaction costs, the existing traditional optimization algorithms usually fail to find the optimal solution efficiently and heuristic algorithms can be the best method. Therefore, a particle swarm optimization is designed to solve the corresponding optimization problem. At last, a numerical example is given to illustrate our proposed effective means and approaches.

Keywords: Possibility theory, portfolio selection, transaction costs, particle swarm optimization.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1496