Search results for: stock market integration.

Authors: Kazuhide Sugiyama, Hiroshi Osada

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Lately management strategy that put Industrial Design (ID) in its core is recognized more important, as technology and price alone cannot differentiate a product. The needs to shorten the time to develop a product also shorten the development period of ID, and it necessitates the ID process management. This research analyzes the status of integration process of ID and Engineering Design (ED) of office equipment that requires the collaboration of ID and ED to clarify the issues for the efficiency of the development and to propose solutions.

Keywords: Industrial Design (ID), Engineering Design (ED), Integration process, Office equipment

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Authors: B. Bakken, O. Boe

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The Norwegian Military Academy (Army) has initiated a project with the main ambition to explore possible avenues to enhancing operational effectiveness through an increased use of simulation-based training and exercises. Within a cost/benefit framework, we discuss opportunities and limitations of vertical and horizontal integration of the existing tactical training system. Vertical integration implies expanding the existing training system to span the full range of training from tactical level (platoon, company) to command and staff level (battalion, brigade). Horizontal integration means including other domains than army tactics and staff procedures in the training, such as military ethics, foreign languages, leadership and decision making. We discuss each of the integration options with respect to purpose and content of training, "best practice" for organising and conducting simulation-based training, and suggest how to evaluate training procedures and measure learning outcomes. We conclude by giving guidelines towards further explorative work and possible implementation.

Keywords: Effectiveness, integration, simulation, training.

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Authors: Paul Lajbcygier, Seng Lee

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Co-integration models the long-term, equilibrium relationship of two or more related financial variables. Even if cointegration is found, in the short run, there may be deviations from the long run equilibrium relationship. The aim of this work is to forecast these deviations using neural networks and create a trading strategy based on them. A case study is used: co-integration residuals from Australian Bank Bill futures are forecast and traded using various exogenous input variables combined with neural networks. The choice of the optimal exogenous input variables chosen for each neural network, undertaken in previous work [1], is validated by comparing the forecasts and corresponding profitability of each, using a trading strategy.

Keywords: Artificial neural networks, co-integration, forecasting, trading rule.

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Authors: Huei-Wen Lin

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This study explored the relationship between psychological traits, demographics and financial behavioral biases for individual investors in Taiwan stock market. By using questionnaire survey method conducted in 2010, there are 554 valid convenient samples collected to examine the determinants of three types of behavioral biases. Based on literature review, two hypothesized models are constructed and further used to evaluate the effects of big five personality traits and demographic variables on investment biases through Structural Equation Model (SEM) analysis. The results showed that investment biases of individual investors are significantly related to four personality traits as well as some demographics.

Keywords: Behavioral finance, Big Five, Disposition effect, Herding, Overconfidence, Personality traits.

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Authors: F. Gökgöz, M. E. Atmaca

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Electricity plays an indispensable role in human life and the economy. It is a unique product or service that must be balanced instantaneously, as electricity is not stored, generation and consumption should be proportional. Effective and efficient use of electricity is very important not only for society, but also for the environment. A competitive electricity market is one of the best ways to provide a suitable platform for effective and efficient use of electricity. On the other hand, it carries some risks that should be carefully managed by the market players. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Markowitz’s Mean-variance, Down-side and Semi-variance methods for a case study. Performance of optimal electricity sale solutions are measured and evaluated via Sharpe-Ratio, and the optimal portfolio solutions are improved. Two years of historical weekdays’ price data of the Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: Electricity market, portfolio optimization, risk management in electricity market, Sharpe ratio.

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Authors: G. C. Mahata, A. Goswami

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This paper deals with infinite time horizon fuzzy Economic Order Quantity (EOQ) models for deteriorating items with  stock dependent demand rate and nonlinear holding costs by taking deterioration rate θ0 as a triangular fuzzy number  (θ0 −δ 1, θ0, θ0 +δ 2), where 1 2 0 0 <δ ,δ <θ are fixed real numbers. The traditional parameters such as unit cost and ordering  cost have been kept constant but holding cost is considered to vary. Two possibilities of variations in the holding cost function namely, a non-linear function of the length of time for which the item is held in stock and a non-linear function of the amount of on-hand inventory have been used in the models. The approximate optimal solution for the fuzzy cost functions in both these cases have been obtained and the effect of non-linearity in holding costs is studied with the help of a numerical example.

Keywords: Inventory Model, Deterioration, Holding Cost, Fuzzy Total Cost, Extension Principle.

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Authors: Ali Faal Ghayoumi, Mahmoud Dehghan Nayeri, Manouchehre Ansari, Taha Raeesi

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This study aims to investigate empirically the valuerelevance of accounting information to domestic investors in Tehran stock exchange from 1999 to 2006. During the present research impacts of two factors, including positive vs. negative earnings and the firm size are considered as well. The authors used earnings per share and annual change of earnings per share as the income statement indices, and book value of equity per share as the balance sheet index. Return and Price models through regression analysis are deployed in order to test the research hypothesis. Results depicted that accounting information is value-relevance to domestic investors in Tehran Stock Exchange according to both studied models. However, income statement information has more value-relevance than the balance sheet information. Furthermore, positive vs. negative earnings and firm size seems to have significant impact on valuerelevance of accounting information.

Keywords: Value-Relevance of Accounting Information, Iranianstock exchange, Return Model, Price Model

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Authors: F. Gökgöz, M. E. Atmaca

Abstract:

Electricity has an indispensable role in human daily life, technological development and economy. It is a special product or service that should be instantaneously generated and consumed. Sources of the world are limited so that effective and efficient use of them is very important not only for human life and environment but also for technological and economic development. Competitive electricity market is one of the important way that provides suitable platform for effective and efficient use of electricity. Besides benefits, it brings along some risks that should be carefully managed by a market player like Electricity Generation Company. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Value at Risk methods for case studies. Performance of optimal electricity sale solutions are measured and the portfolio performance has been evaluated via Sharpe-Ratio, and compared with conventional approach. Biennial historical electricity price data of Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: Electricity market, portfolio optimization, risk management, Sharpe ratio, value at risk.

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Authors: Chanin Yoopetch, Natcha Toemtemsab

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The purpose of this study was to explore the demographic differences of international tourists according to three main factors, including the value of time, shopping behavior and shopping motivation. The Chatuchak Weekend Market is known as one of the biggest weekend markets in the world. Too little academic studies had been conducted in this area of weekend market, despite its growth and continuous development. In general, both domestic visitors and international tourists are attracted to the perception of cheap and bargaining prices the weekend market. However, systematic research study can provide reliable understanding of the perception of the visitors. This study focused on the group of international tourists who visited the market and aimed to provide better insights based on the differences in their demographic factors. Findings indicated that several differences in value of time, shopping behavior, and shopping motivation were identified by gender, income and age. Research implications and directions for further studies were discussed.

Keywords: Value of Time, Shopping Behavior, Shopping Motivation, Chatuchak Weekend Market.

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Authors: Kadyraliyeva Altynay Mustafayevna, Zholdubayeva Azhar Kuanyshbekovna, Alimzhanova Aliya Sharabekovna, Zhiyenbekova Ainur Abdurakhmanovna, Asanov Seylbek Sadikovich

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The article analyses historical aspects of the formation of the Kazakh nation in the conditions of the multicultural society. The authors underline cultural integration as a significant stage of the cultural advancement of the Kazakh nation. The transition to the modern-style houses, the adoption and development of the secular education gave a rise to the development of the society and culture on the whole.

Keywords: Assimilation, culture genesis, cultural integration, multiculturalism

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Authors: Bastian Haarmann, Lukas Sikorski

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In this paper, we introduce an NLG application for the automatic creation of ready-to-publish texts from big data. The resulting fully automatic generated news stories have a high resemblance to the style in which the human writer would draw up such a story. Topics include soccer games, stock exchange market reports, and weather forecasts. Each generated text is unique. Readyto-publish stories written by a computer application can help humans to quickly grasp the outcomes of big data analyses, save timeconsuming pre-formulations for journalists and cater to rather small audiences by offering stories that would otherwise not exist. 

Keywords: Big data, natural language generation, publishing, robotic journalism.

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Authors: Birol Yildiz, Abdullah Yalama, Metin Coskun

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Many studies have shown that Artificial Neural Networks (ANN) have been widely used for forecasting financial markets, because of many financial and economic variables are nonlinear, and an ANN can model flexible linear or non-linear relationship among variables. The purpose of the study was to employ an ANN models to predict the direction of the Istanbul Stock Exchange National 100 Indices (ISE National-100). As a result of this study, the model forecast the direction of the ISE National-100 to an accuracy of 74, 51%.

Keywords: Artificial Neural Networks, Istanbul StockExchange, Non-linear Modeling.

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Authors: Oscar Javier Herrera, Manuel Ángel Camacho

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This paper addresses a cutting edge method of business demand forecasting, based on an empirical probability function when the historical behavior of the data is random. Additionally, it presents error determination based on the numerical method technique ‘propagation of errors.’ The methodology was conducted characterization and process diagnostics demand planning as part of the production management, then new ways to predict its value through techniques of probability and to calculate their mistake investigated, it was tools used numerical methods. All this based on the behavior of the data. This analysis was determined considering the specific business circumstances of a company in the sector of communications, located in the city of Bogota, Colombia. In conclusion, using this application it was possible to obtain the adequate stock of the products required by the company to provide its services, helping the company reduce its service time, increase the client satisfaction rate, reduce stock which has not been in rotation for a long time, code its inventory, and plan reorder points for the replenishment of stock.

Keywords: Demand Forecasting, Empirical Distribution, Propagation of Error.

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Authors: Ibrahim Shaker, Amr El Hossany, Moustafa Osman, Mohamed El Raey

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This paper will explore integration model between GIS–SCADA system and enclosure quantification model to approach the impact of failure-safe event. There are real demands to identify spatial objects and improve control system performance. Nevertheless, the employed methodology is predicting electro-mechanic operations and corresponding time to environmental incident variations. Open processing, as object systems technology, is presented for integration enclosure database with minimal memory size and computation time via connectivity drivers such as ODBC:JDBC during main stages of GIS–SCADA connection. The function of Geographic Information System is manipulating power distribution in contrast to developing issues. In other ward, GIS-SCADA systems integration will require numerical objects of process to enable system model calibration and estimation demands, determine of past events for analysis and prediction of emergency situations for response training.

Keywords: Air dispersion model, integration power system, SCADA systems, GIS system, environmental management.

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Authors: Montri Maleewong, Sirod Sirisup

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The POD-assisted projective integration method based on the equation-free framework is presented in this paper. The method is essentially based on the slow manifold governing of given system. We have applied two variants which are the “on-line" and “off-line" methods for solving the one-dimensional viscous Bergers- equation. For the on-line method, we have computed the slow manifold by extracting the POD modes and used them on-the-fly along the projective integration process without assuming knowledge of the underlying slow manifold. In contrast, the underlying slow manifold must be computed prior to the projective integration process for the off-line method. The projective step is performed by the forward Euler method. Numerical experiments show that for the case of nonperiodic system, the on-line method is more efficient than the off-line method. Besides, the online approach is more realistic when apply the POD-assisted projective integration method to solve any systems. The critical value of the projective time step which directly limits the efficiency of both methods is also shown.

Keywords: Projective integration, POD method, equation-free.

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Authors: Angela Odero, Chrysoula Karathanasi, Michèle Baumann

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Integration of foreign communities has been a forefront issue in Luxembourg for some time now. The country’s continued progress depends largely on the successful integration of immigrants. The aim of our study was to analyze factors which intervene in the course of integration of Non-EU citizens through the discourse of Non-EU citizens residing in Luxembourg, who have signed the Welcome and Integration Contract (CAI). The two-year contract offers integration services to assist foreigners in getting settled in the country. Semi-structured focus group discussions with 50 volunteers were held in English, French, Spanish, Serbo-Croatian or Chinese. Participants were asked to talk about their integration experiences. Recorded then transcribed, the transcriptions were analyzed with the help of NVivo 10, a qualitative analysis software. A systematic and reiterative analysis of decomposing and reconstituting was realized through (1) the identification of predetermined categories (difficulties, challenges and integration needs) (2) initial coding – the grouping together of similar ideas (3) axial coding – the regrouping of items from the initial coding in new ways in order to create sub-categories and identify other core dimensions. Our results show that intervening factors include language acquisition, professional career and socio-cultural activities or events. Each of these factors constitutes different components whose weight shifts from person to person and from situation to situation. Connecting these three emergent factors are two elements essential to the success of the immigrant’s integration – the role of time and deliberate effort from the immigrants, the community, and the formal institutions charged with helping immigrants integrate. We propose a theoretical model where the factors described may be classified in terms of how they predispose, facilitate, and / or reinforce the process towards a successful integration. Measures currently in place propose one size fits all programs yet integrative measures which target the family unit and those customized to target groups based on their needs would work best.

Keywords: Integration, Integration Services, Non-EU citizens, Qualitative Analysis, Third Country Nationals.

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Authors: A. Novikova, L. Rocchi, G. Startiene

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Market and non-market outputs are produced jointly in agriculture. Their supply depends on the intensity and type of production. The role of agriculture as an economic activity and its effects are important for the Lithuanian case study, as agricultural land covers more than a half of country. Positive and negative externalities, created in agriculture are not considered in the market. Therefore, specific techniques such as stated preferences methods, in particular choice experiments (CE) are used for evaluation of non-market outputs in agriculture. The main aim of this paper is to present construction of the research path for evaluation of non-market farming system outputs in Lithuania. The conventional and organic farming, covering crops (including both cereal and industrial crops) and livestock (including dairy and cattle) production has been selected. The CE method and nested logit (NL) model were selected as appropriate for evaluation of non-market outputs of different farming systems in Lithuania. A pilot survey was implemented between October–November 2018, in order to test and improve the CE questionnaire. The results of the survey showed that the questionnaire is accepted and well understood by the respondents. The econometric modelling showed that the selected NL model could be used for the main survey. The understanding of the differences between organic and conventional farming by residents was identified. It was revealed that they are more willing to choose organic farming in comparison to conventional farming.

Keywords: Choice experiments, farming system, Lithuania market outputs, non-market outputs.

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Authors: M. Kargar, A. Isazadeh, F. Fartash, T. Saderi

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In this paper we suggest a method for setting electronic credits for the customers. In this method banks and market-sites help each other to make doing large shopping through internet so easy. By developing this system, the people who have less money to buy most of the things they want, become able to buy all of them just through a credit. This credit is given by market-sites through a banking control on it. The method suggested can stop being imprisoned because of banking debts.

Keywords: E-Business, E-Credit, Market-site, Buy-site, Bank, E-Commerce.

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Authors: Tea Poklepović, Zdravka Aljinović, Mario Matković

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Modern Portfolio Theory (MPT) according to Markowitz states that investors form mean-variance efficient portfolios which maximizes their utility. Markowitz proposed the standard deviation as a simple measure for portfolio risk and the lower semi-variance as the only risk measure of interest to rational investors. This paper uses a third volatility estimator based on intraday data and compares three efficient frontiers on the Croatian Stock Market. The results show that range-based volatility estimator outperforms both mean-variance and lower semi-variance model.

Keywords: Variance, lower semi-variance, range-based volatility.

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Authors: Adama Sow, Abdoulaye Guiss´e, Oumar Niang

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To assist medical diagnosis, we propose a federation of several existing and open medical ontologies and terminologies. The goal is to merge the strengths of all these resources to provide clinicians the access to a variety of shared knowledges that can facilitate identification and association of human diseases and all of their available characteristic signs such as symptoms and clinical signs. This work results to an integration model loaded from target known ontologies of the bioportal platform such as DOID, MESH, and SNOMED for diseases selection, SYMP, and CSSO for all existing signs.

Keywords: Medical decision, medical ontologies, ontologies integration, linked data, knowledge ingeneering, e-health system.

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Authors: Neha Asthana, Vishal Krishna Prasad

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Collaborative Planning and Forecasting is an innovative and systematic approach towards productive integration and assimilation of data synergized into information. The changing and variable market dynamics have persuaded global business chains to incorporate Collaborative Planning and Forecasting as an imperative tool. Thus, it is essential for the supply chains to constantly improvise, update its nature, and mould as per changing global environment.

Keywords: Information transfer, Forecasting, Optimization.

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Authors: S. Yessengabulov, A. Uyzbayeva

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Residential buildings fund of Kazakhstan was built in the Soviet time about 35-60 years ago without considering energy efficiency measures. Currently, most of these buildings are in a rundown condition and fail to meet the minimum of hygienic, sanitary and comfortable living requirements. The paper aims to examine the reports of recent building energy survey activities in the country and provide a possible solution for retrofitting existing housing stock built before 1989 which could be applicable for building envelope in cold climate. Methodology also includes two-dimensional modeling of possible practical solutions and further recommendations.

Keywords: Energy audit, energy efficient buildings in Kazakhstan, retrofit, two-dimensional conduction heat transfer analysis

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Authors: U.K. Saha, L.K. Arora

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The multiindex Mittag-Leffler (M-L) function and the multiindex Dzrbashjan-Gelfond-Leontiev (D-G-L) differentiation and integration play a very pivotal role in the theory and applications of generalized fractional calculus. The object of this paper is to investigate the relations that exist between the Riemann-Liouville fractional calculus and multiindex Dzrbashjan-Gelfond-Leontiev differentiation and integration with multiindex Mittag-Leffler function.

Keywords: Multiindex Mittag-Leffler function, Multiindex Dzrbashjan-Gelfond-Leontiev differentiation and integration, Riemann-Liouville fractional integrals and derivatives.

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Authors: Reinhold Decker, Christian Holsing, Sascha Lerke

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This paper presents a new growing neural network for cluster analysis and market segmentation, which optimizes the size and structure of clusters by iteratively checking them for multivariate normality. We combine the recently published SGNN approach [8] with the basic principle underlying the Gaussian-means algorithm [13] and the Mardia test for multivariate normality [18, 19]. The new approach distinguishes from existing ones by its holistic design and its great autonomy regarding the clustering process as a whole. Its performance is demonstrated by means of synthetic 2D data and by real lifestyle survey data usable for market segmentation.

Keywords: Artificial neural network, clustering, multivariatenormality, market segmentation, self-organization

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Authors: B. Marasović, S. Pivac, S. V. Vukasović

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Constructing a portfolio of investments is one of the most significant financial decisions facing individuals and institutions. In accordance with the modern portfolio theory maximization of return at minimal risk should be the investment goal of any successful investor. In addition, the costs incurred when setting up a new portfolio or rebalancing an existing portfolio must be included in any realistic analysis. In this paper rebalancing an investment portfolio in the presence of transaction costs on the Croatian capital market is analyzed. The model applied in the paper is an extension of the standard portfolio mean-variance optimization model in which transaction costs are incurred to rebalance an investment portfolio. This model allows different costs for different securities, and different costs for buying and selling. In order to find efficient portfolio, using this model, first, the solution of quadratic programming problem of similar size to the Markowitz model, and then the solution of a linear programming problem have to be found. Furthermore, in the paper the impact of transaction costs on the efficient frontier is investigated. Moreover, it is shown that global minimum variance portfolio on the efficient frontier always has the same level of the risk regardless of the amount of transaction costs. Although efficient frontier position depends of both transaction costs amount and initial portfolio it can be concluded that extreme right portfolio on the efficient frontier always contains only one stock with the highest expected return and the highest risk.

Keywords: Croatian capital market, Fractional quadratic programming, Markowitz model, Portfolio optimization, Transaction costs.

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Authors: Roman Ružarovský, Radovan Holubek, Daynier Rolando Delgado Sobrino

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Currently is characterized production engineering together with the integration of industrial automation and robotics such very quick view of to manufacture the products. The production range is continuously changing, expanding and producers have to be flexible in this regard. It means that need to offer production possibilities, which can respond to the quick change. Engineering product development is focused on supporting CAD software, such systems are mainly used for product design. That manufacturers are competitive, it should be kept procured machines made available capable of responding to output flexibility. In response to that problem is the development of flexible manufacturing systems, consisting of various automated systems. The integration of flexible manufacturing systems and subunits together with product design and of engineering is a possible solution for this issue. Integration is possible through the implementation of CIM systems. Such a solution and finding a hyphen between CAD and procurement system ICIM 3000 from Festo Co. is engaged in the research project and this contribution. This can be designed the products in CAD systems and watch the manufacturing process from order to shipping by the development of methods and processes of integration, This can be modeled in CAD systems products and watch the manufacturing process from order to shipping to develop methods and processes of integration, which will improve support for product design parameters by monitoring of the production process, by creating of programs for production using the CAD and therefore accelerates the a total of process from design to implementation.

Keywords: CAD- Computer Aided Design, CAM- Computer Aided Manufacturing, CIM- Computer integrated manufacturing, iCIM 3000, integration, direct production from CAD.

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Authors: Craig M. Allen

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Twenty two African entrepreneurs with Small and Medium Enterprises (SMEs) in a single social network centered around a non-Muslim population in a smaller African country, selected an Islamic financing structure, a form of Murabaha, based solely on market rationale. These entrepreneurs had all won procurement contracts from major purchasers of goods within their country and faced difficulty arranging traditional bank financing to support their supply-chain needs. The Murabaha-based structure satisfied their market-driven demand and provided an attractive alternative to the traditional bank-offered lending products. The Murabaha-styled trade-financing structure was not promoted with any religious implications, but solely as a market solution to the existing problems associated with bank-related financing. This indicates the strong market forces that draw SMEs to financing structures that are traditionally considered within the framework of Islamic finance.

Keywords: Africa, entrepreneurs, Islamic finance, market acceptance, Murabaha, SMEs.

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Authors: Noura Meshaan Al-Otaibi, Amin Yousef Noaman

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Nowadays scientific data is inevitably digital and stored in a wide variety of formats in heterogeneous systems. Scientists need to access an integrated view of remote or local heterogeneous data sources with advanced data accessing, analyzing, and visualization tools. This research suggests the use of Service Oriented Architecture (SOA) to integrate biological data from different data sources. This work shows SOA will solve the problems that facing integration process and if the biologist scientists can access the biological data in easier way. There are several methods to implement SOA but web service is the most popular method. The Microsoft .Net Framework used to implement proposed architecture.

Keywords: Bioinformatics, Biological data, Data Integration, SOA and Web Services.

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Authors: L. Aparecida Bastos, J. Leige Lopes, J. Crepaldi, R. Monteiro da Silva

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The objective of this study is to analyze the evolution of some social and economic indicators of Mercosur´s economies from 1980 to 2012, based on the statistics of the Latin American Integration Association (LAIA). The objective is to observe if after the accession of these economies to Mercosur (the first accessions occurred in 1994) these indicators showed better performance, in order to demonstrate if economic integration contributed to improved trade, macroeconomic performance, and level of social and economic development of member countries. To this end, the methodologies used will be a literature review and descriptive statistics. The theoretical framework that guides the work are the theories of Integration: Classical Liberal, Marxist and structural-proactive. The results reveal that most social and economic indicators showed better performance in those economies that joined Mercosur after 1994. This work is the result of an investigation already completed.

Keywords: Economic integration, mercosur, social indicators, economic indicators.

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Authors: Libena Cernohorska, Veronika Linhartova, Michal Sinka, Petr Teply

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The term private equity usually refers to any type of equity investment in an asset in which the equity is not freely tradable on a public stock market. Some researchers believe that private equity contributed to the extent of the crisis and increased the pace of its spread over the world. We do not agree with this. On the other hand, we argue that during the economic recession private equity might become an important source of funds for firms with special needs (e.g. for firms seeking buyout financing, venture capital, expansion capital or distress debt financing). However, over-regulation of private equity in both the European Union and the US can slow down this specific funding channel to the economy and deepen credit crunch during global crises.

Keywords: scredit lunch, distress debt, global crisis, private equity, regulation

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