Search results for: stock%20selection

Authors: Merve Sogancioglu, Esra Yel, Ferda Tartar, Nihan Canan Iskender

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Waste polyethylene (PE) is classified as waste low density polyethylene (LDPE) and waste high density polyethylene (HDPE) according to their densities. Pyrolysis of plastic waste may have an important role in dealing with the enormous amounts of plastic waste produced all over the world, by decreasing their negative impact on the environment. This waste may be converted into economically valuable hydrocarbons, which can be used both as fuels and as feed stock in the petrochemical industry. End product yields and properties depend on the plastic waste composition. Pyrolytic biochar is one of the most important products of waste plastics pyrolysis. In this study, HDPE and LDPE plastic wastes were co-pyrolyzed together with waste olive pomace. Pyrolysis runs were performed at temperature 700°C with heating rates of 5°C/min. Higher pyrolysis oil and gas yields were observed by the using waste olive pomace. The biochar yields of HDPE- olive pomace and LDPEolive pomace were 6.37% and 7.26% respectively for 50% olive pomace doses. The calorific value of HDPE-olive pomace and LDPE-olive pomace of pyrolysis oil were 8350 and 8495 kCal.

Keywords: Biochar, co-pyrolysis, waste plastic, waste olive pomace.

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Authors: Mona M. Salem, Khaled S. Al-Hagla, Hany M. Ayad

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The concept of urban metabolism has increasingly been employed in a diverse range of disciplines as a mean to analyze and theorize the city. Urban ecology has a particular focus on the implications of applying the metabolism concept to the urban realm. This approach has been developed by a few researchers, though it has rarely if ever been used in policy development for city planning. The aim of this research is to use ecologically informed urban planning interventions to increase the sustainability of urban metabolism; with special focus on land stock as a most important city resource by developing a system dynamic based DSS. This model identifies two critical management strategy variables for the Strategic Urban Plan Alexandria SUP 2032. As a result, this comprehensive and precise quantitative approach is needed to monitor, measure, evaluate and observe dynamic urban changes working as a decision support system (DSS) for policy making.

Keywords: Alexandria SUP 2032, DSS, ecology, land resource, LULCC, management, metabolism, model, scenarios, System dynamics, urban development.

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Authors: Tina Vuko, Marija Maretić, Marko Čular

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The aim of this study is to analyze the role and effectiveness of internal mechanism (audit committee) of corporate governance on credit institutions performance in Croatia. Based on research objective, sample of 78 credit institutions listed on Zagreb Stock Exchange, from 2007 to 2012, has been collected and efficiency index of audit committee (EIAC) has been created. Based on the sample and created EIAC, conclusions are as follows: audit committees of credit institutions have medium efficiency, based on EIAC measurement; there is a significant difference in audit committee effectiveness, in observed period; there is no positive relationship between audit committee effectiveness and credit institution performance; there is a significant difference between level of audit committee effectiveness and audit firm type. Future research should contain increased number of elements in EIAC creation and increased sample, for all obligators who need to establish audit committee.

Keywords: Corporate Governance, Audit Committee, Financial Institutions, Efficiency Index of Audit Committee.

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Authors: Danijela Tuljak-Suban, Valter Suban

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Food as perishable goods represents a specific and sensitive part in the supply chain theory, since changing physical or chemical characteristics considerably influence the approach to stock management. The most delicate phase of this process is transportation, where it becomes difficult to ensure the stable conditions which limit deterioration, since the value of the deterioration rate could be easily influenced by the mode of transportation. The fuzzy definition of variables allows one to take these variations into account. Furthermore, an appropriate choice of the defuzzification method permits one to adapt results to real conditions as far as possible. In this article those methods which take into account the relationship between the deterioration rate of perishable goods and transportation by ship will be applied with the aim of (a) minimizing the total cost function, defined as the sum of the ordering cost, holding cost, disposing cost and transportation costs, and (b) improving the supply chain sustainability by reducing environmental impact and waste disposal costs.

Keywords: Perishable goods, fuzzy reasoning, transport by ship, supply chain sustainability.

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Authors: Nariman O. Kandil, Ehab K. Abou-Elkheir, Amr M. Kotb

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Effective IT governance guarantees the strategic alignment of IT and business goals, risk mitigation control, and better IT and business performance. This study seeks to examine empirically the extent of IT governance implementation within the firms listed on the Egyptian Stock Exchange (EGX30) and its determinants. Accordingly, 18 semi-structured interviews, face to face, phone, and video-conferencing, using various tools (e.g., WebEx, Zoom, and Microsoft Teams) were undertaken at the interviewees’ offices in Egypt between the end of November 2019 and the end of August 2020. Results suggest that there are variances in the extent of IT Governance (ITG) implementation within the firms listed on the EGX30, mainly caused by the industry type and internal and external triggers. The results also suggest that the organization size, the type of auditor, the criticality of the industry, the effective processes & key performance indicators (KPIs), and the information intensity expertise of the chief information officers (CIOs) have a significant impact on ITG implementation within the firms.

Keywords: Effective IT governance, Egyptian Market, information security, risk controls.

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Authors: Tahvilian R., Siahi Shadbad MR., Hamishehkar H., Aghababa Gharehbagh V.

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Nowadays pharmaceutical care departments located in hospitals are amongst the important pillars of the healthcare system. The aim of this study was to evaluate quality of hospital drugstores affiliated with Kermanshah University of Medical Sciences. In this cross-sectional study a validated questionnaire was used. The questionnaire was filled in by the one of the researchers in all seventeen hospital drugstores located in the teaching and nonteaching hospitals affiliated with Kermanshah University of Medical Sciences. The results shows that in observed hospitals,24% of pharmacy environments, 25% of pharmacy store and storage conditions, 49% of storage procedure, 25% of ordering drugs and supplies, 73% of receiving supplies (proper procedure are fallowed for receiving supplies), 35% of receiving supplies (prompt action taken if deterioration of drugs received is suspected), 23.35% of drugs delivery to patients and finally 0% of stock cards are used for proper inventory control have full compliance with standards.

Keywords: Hospital pharmacy standards, Kermanshah, pharmacy management

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Authors: Mădălina Maria Gîrbină, Cătălin Nicolae Albu, Nadia Albu

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After the accounting scandals and the financial crisis, regulators have stressed the need for more financial experts on boards. Several studies conducted in countries with developed capital markets report positive effects of board financial competencies. As each country offers a different context and specific institutional factors this paper addresses the subject in the context of Romania. The Romanian capital market offers an interesting research field because of the heterogeneity of listed firms. After analyzing board members education based on public information posted on listed companies websites and their annual reports we found a positive association between the proportion of board members holding a postgraduate degree in financial fields and market based performance measured by Tobin q. We found also that the proportion of Board members holding degrees in financial fields is higher in bigger firms and firms with more concentrated ownership.

Keywords: financial education, corporate governance, board

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Authors: Muh. Hisjam, Nancy Oktyajati, Wakhid A. Jauhari, Wahyudi Sutopo

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This research is intended to develop a raw material allocation model in timber processing industry in Perum Perhutani Unit I, Central Java, Indonesia. The model can be used to determine the quantity of allocation of timber between chain in the supply chain to select supplier considering factors that are log price and the distance. In determining the quantity of allocation of timber between chains in the supply chain, the model considers the optimal inventory in each chain. Whilst the optimal inventory is determined based on demand forecast, the capacity and safety stock. Problem solving allocation is conducted by developing linear programming model that aims to minimize the total cost of the purchase, transportation cost and storage costs at each chain. The results of numerical examples show that the proposed model can generate savings of the purchase cost of 20.84% and select suppliers with mileage closer.

Keywords: Allocation model, linear programming, purchase costs, storage costs, suppliers, transportation costs.

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Authors: Adamu Danlami Ahmed

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Inventory management is the determinant of effective and efficient work for any manager. This study looked at the relationship between inventory management and financial performance. The population of the study comprises all conglomerate quoted companies in the Nigerian Stock Exchange market as at 31^st December 2010. The scope of the study covered the period from 2010 to 2014. Descriptive, Pearson correlation and multiple regressions are used to analyze the data. It was found that inventory management is significantly related to the profitability of the company. This entails that an efficient management of the inventory cycle will enhance the profitability of the company. Also, lack of proper management of it will hinder the financial performance of organizations. Based on the results, it was recommended that a conglomerate company should try to see that inventories are kept to a minimum, as well as make sure the proper checks are maintained to make sure only needed inventories are in the store. As well as to keep track of the movement of goods, in order to avoid unnecessary delay of finished and work in progress (WIP) goods in the store and warehouse.

Keywords: Finished goods, work in progress, financial performance, inventory.

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Authors: Eman M. Wahba, Noha M. Galal, Khaled S. El-Kilany

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Spare parts inventory management is one of the major areas of inventory research. Analysis of recent literature showed that an approach integrating spare parts classification, demand forecasting, and stock control policies is essential; however, adapting this integrated approach is limited. This work presents an integrated framework for spare part inventory management and an Excel based application developed for the implementation of the proposed framework. A multi-criteria analysis has been used for spare classification. Forecasting of spare parts- intermittent demand has been incorporated into the application using three different forecasting models; namely, normal distribution, exponential smoothing, and Croston method. The application is also capable of running with different inventory control policies. To illustrate the performance of the proposed framework and the developed application; the framework is applied to different items at a service organization. The results achieved are presented and possible areas for future work are highlighted.

Keywords: Demand forecasting, intermittent demand, inventory management, integrated approach, spare parts, spare part classification

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Authors: Chiung-ying Lee, Chia-hua Chang

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In July 1, 2007, Taiwan Stock Exchange (TWSE) on market observation post system (MOPS) adds a new "Financial reference database" for investors to do investment reference. This database as a warning to public offering companies listed on the public financial information and it original within eight targets. In this paper, this database provided by the indicators for the application of company financial crisis early warning model verify that the database provided by the indicator forecast for the financial crisis, whether or not companies have a high accuracy rate as opposed to domestic and foreign scholars have positive results. There is use of Logistic Regression Model application of the financial early warning model, in which no joined back-conditions is the first model, joined it in is the second model, has been taken occurred in the financial crisis of companies to research samples and then business took place before the financial crisis point with T-1 and T-2 sample data to do positive analysis. The results show that this database provided the debt ratio and net per share for the best forecast variables.

Keywords: Financial reference database, Financial early warning model, Logistic Regression.

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Authors: Anita Kéri

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Higher education marketing has been a widely researched field in recent years. Due to the increasing competition among higher education institutions worldwide, it has become crucial to target foreign students with effective marketing tools. Online marketing tools became central to attracting, retaining, and satisfying the needs of foreign students. Therefore, the aim of the current study is to reveal how the online marketing tools of a Hungarian university are perceived visually by its first-year foreign students, with special emphasis on the university webpage content. Eye-camera tracking and retrospective think aloud interviews were used to measure visual perceptions. Results show that freshmen students remember those online marketing content more that have familiar content on them. Pictures of real-life students and their experiences attract students’ attention more, and they also remember information on these webpage elements more, compared to designs with stock photos. This research uses eye camera tracking in the field of higher education marketing, thereby providing insight into the perception of online higher education marketing for foreign students.

Keywords: Higher education, marketing, eye-camera, visual perception.

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Authors: Josip Visković, Josip Arnerić, Ante Rozga

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Based on the fact that volatility is time varying in high frequency data and that periods of high volatility tend to cluster, the most successful and popular models in modeling time varying volatility are GARCH type models. When financial returns exhibit sudden jumps that are due to structural breaks, standard GARCH models show high volatility persistence, i.e. integrated behavior of the conditional variance. In such situations models in which the parameters are allowed to change over time are more appropriate. This paper compares different GARCH models in terms of their ability to describe structural changes in returns caused by financial crisis at stock markets of six selected central and east European countries. The empirical analysis demonstrates that Markov regime switching GARCH model resolves the problem of excessive persistence and outperforms uni-regime GARCH models in forecasting volatility when sudden switching occurs in response to financial crisis.

Keywords: Central and east European countries, financial crisis, Markov switching GARCH model, transition probabilities.

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Authors: Despina Galani, Anastasios Alexandridis, Antonios Stavropoulos

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The main thrust of this paper is to assess the level of disclosure in the annual reports of non-financial Greek firms and to empirically investigate the hypothesized impact of several firm characteristics on the extent of mandatory disclosure. A disclosure checklist consisting of 100 mandatory items was developed to assess the level of disclosure in the 2009 annual reports of 43 Greek companies listed at the Athens stock exchange. The association between the level of disclosure and some firm characteristics was examined using multiple linear regression analysis. The study reveals that Greek companies on general have responded adequately to the mandatory disclosure requirements of the regulatory bodies. The findings also indicate that firm size was significant positively associated with the level of disclosure. The remaining variables such as age, profitability, liquidity, and board composition were found to be insignificant in explaining the variation of mandatory disclosures. The outcome of this study is undoubtedly of great concern to the investment community at large to assist in evaluating the extent of mandatory disclosure by Greek firms and explaining the variation of disclosure in light of firm-specific characteristics.

Keywords: Mandatory disclosure, Annual report, Disclosure index

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Authors: Y. Okude, S. Sakaki, S. Yoshihara, B. J. MacDonald

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In recent years asymmetric cross section aluminum alloy stock has been finding increasing use in various industrial manufacturing areas such as general structures and automotive components. In these areas, components are generally required to have complex curved configuration and, as such, a bending process is required during manufacture. Undesirable deformation in bending processes such as flattening or wrinkling can easily occur when thin-walled sections are bent. Hence, a thorough understanding of the bending behavior of such sections is needed to prevent these undesirable deformations. In this study, the bending behavior of asymmetric channel section was examined using finite element analysis (FEA). Typical methods of preventing undesirable deformation, such as asymmetric laminated elastic mandrels were included in FEA model of draw bending. Additionally, axial tension was applied to prevent wrinkling. By utilizing the FE simulations effect of restriction dies and axial tension on undesirable deformation during the process was clarified.

Keywords: bending, draw bending, asymmetric channel section, restriction dies, axial tension, FEA

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Authors: Sunday. E. Ogundipe, Abiola Idowu, Lawrencia. O. Ogundipe

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This study examines the impact of working capital management on firms- performance and market value of the firms in Nigeria. A sample of fifty four non-financial quoted firms in Nigeria listed on the Nigeria Stock Exchange was used for this study. Data were collected from annual reports of the sampled firms for the period 1995-2009. This result shows there is a significant negative relationship between cash conversion cycle and market valuation and firm-s performance. It also shows that debt ratio is positively related to market valuation and negatively related firm-s performance. The findings confirm that there is a significant relationship between Market valuation, profitability and working capital component in line with previous studies. This mean that Nigeria firms should ensure adequate management of working capital especially cash conversion cycle components of account receivables, account payables and inventories, as efficiency working capital management is expected to contribute positively to the firms- market value.

Keywords: Cash Conversion Cycle, Firms' Performance, Market Valuation, Working Capital Management

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Authors: N. Behidj, K. Benyounes, T. Dahmane, A. Allem

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The aim of this study was to investigate the antimicrobial activity of flavonoids isolated from the aerial part of a medicinal plant which is Thymus inodorusby the middle agar diffusion method on following microorganisms. We have Staphylococcus aureus, Escherichia coli, Pseudomonas fluorescens, AspergillusNiger, Aspergillus fumigatus and Candida albicans. During this study, flavonoids extracted by stripping with steam are performed. The yields of flavonoids is 7.242% for the aqueous extract and 28.86% for butanol extract, 29.875% for the extract of ethyl acetate and 22.9% for the extract of di - ethyl. The evaluation of the antibacterial effect shows that the diameter of the zone of inhibition varies from one microorganism to another. The operation values obtained show that the bacterial strain P fluoresces, and 3 yeasts and molds; A. Niger, A. fumigatus and C. albicansare the most resistant. But it is noted that, S. aureus is shown more sensitive to crude extracts, the stock solution and the various dilutions. Finally for the minimum inhibitory concentration is estimated only with the crude extract of Thymus inodorus flavonoid.Indeed, these extracts inhibit the growth of Gram + bacteria at a concentration varying between 0.5% and 1%. While for bacteria to Gram -, it is limited to a concentration of 0.5%.

Keywords: Antimicrobial activity, flavonoids, strains, Thymus inodorus.

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Authors: H. N. Mehmanparast, J.M. Mac-Thiong., Y. Petit

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Transpedicular screw fixation in spinal fractures, degenerative changes, or deformities is a well-established procedure. However, important rate of fixation failure due to screw bending, loosening, or pullout are still reported particularly in weak bone stock in osteoporosis. To overcome the problem, mechanism of failure has to be fully investigated in vitro. Post-mortem human subjects are less accessible and animal cadavers comprise limitations due to different geometry and mechanical properties. Therefore, the development of a synthetic model mimicking the realistic human vertebra is highly demanded. A bone surrogate, composed of Polyurethane (PU) foam analogous to cancellous bone porous structure, was tested for 3 different densities in this study. The mechanical properties were investigated under uniaxial compression test by minimizing the end artifacts on specimens. The results indicated that PU foam of 0.32 g.cm-3 density has comparable mechanical properties to human cancellous bone in terms of young-s modulus and yield strength. Therefore, the obtained information can be considered as primary step for developing a realistic cancellous bone of human vertebral body. Further evaluations are also recommended for other density groups.

Keywords: Cancellous bone, Pedicle screw, Polyurethane foam, Synthetic bone

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Authors: R. Tirado, G. Habert, A. Mailhac, S. Laurenceau

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The rapid development of cities implies significant material inflows and outflows. The construction sector is one of the main consumers of raw materials and producers of waste. The waste from the building sector, for its quantity and potential for recovery, constitutes significant deposits requiring major efforts, by combining different actors, to achieve the circular economy's objectives. It is necessary to understand and know the current construction actors' knowledge of stocks, urban metabolism, deposits, and recovery practices in this context. This article aims to explore the role of local governments in planning strategies by facilitating a circular economy. In particular, the principal opportunities and challenges of communities for applying the principles of the circular economy in the building sector will be identified. The approach used for the study was to conduct semi-structured interviews with those responsible for circular economy projects within local administrations of some communities in France. The results show territories' involvement in the inclusion and application of the principles of the circular economy in the building sector. The main challenges encountered are numerous, hence the importance of having identified and described them so that the different actors can work to meet them.

Keywords: Building stock, circular economy, interview, local authorities.

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Authors: Bashar Mudhaffar Abdullah, Rahimi M. Yusop, Jumat Salimon, Emad Yousif, Nadia Salih

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A study on the physicochemical properties of Jatropha curcas seed oil for industrial applications were carried out. Physicochemical properties of J. curcas seed oil (59.32% lipids) showed high content of LA (36.70%), iodine value (104.90 mg/g) and saponification value (203.36 mg/g). The present study shows that, J. curcas seed oil is rich in oleic and linoleic acids. The J. curcas seed oil with the highest amount of polyunsaturated fatty acids (linoleic acid) can find an application in surface coating industries and biolubricant base oil applications, whereas the high amount of monounsaturated fatty acid can find an application as a biodiesel feed stock. J. curcas seed oil contains major TAG of monounsaturated OLL, POL, SLL, PLL, OOL, OOO and POP followed by LLL. J. curcas seed oil can be classified as unsaturated oil with an unsaturated fat level of 80.42%. Hence the J. curcas seed oil has great potential for industrial applications such as in paint and surface coatings, production of biodiesel and biolubricant. Therefore, it is crucial to have more research on J. curcas seed oil in the future to explore its potential as a future industrial oilseed crop.

Keywords: Physical, chemical, Jatropha curcas seed oil, industrial applications.

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Authors: Sunday E. Ogundipe, Rafiu O. Salawu, Lawrencia O. Ogundipe

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The study examines the determinants of corporate cash holding of non-financial quoted firms in Nigeria using a sample of fifty four non-financial quoted firms listed on the Nigeria Stock Exchange for the period 1995-2009. Data were sourced from the Annual reports of the sampled firms and analyzed using Generalized Method of Moments(GMM). The study finds evidence supportive of a target adjustment model and that firms can not instantaneously adjust towards the target cash level owing to the fact that adjustment cost being costly,. Also, the result shows significant negative relationship between cash holdings and firm size, net working capital, return on asset and bank relationship and positive relationship with growth opportunities, leverage, inventories, account receivables and financial distress. Furthermore, there is no significant relationship between cash holdings and cash flow. In Nigerian setting, most of the variables that are relevant for explaining cash holdings in the Developed countries are found by this study to be relevant also in Nigeria.

Keywords: Adjustment Model , Cash holding, Determinant, Generalized Method of Moments(GMM)

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Authors: Stefano Sorace, Gloria Terenzi

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The seismic rehabilitation designs of two reinforced concrete school buildings, representative of a wide stock of similar edifices designed under earlier editions of the Italian Technical Standards, are presented in this paper. The mutual retrofit solution elaborated for the two buildings consists in the incorporation of a dissipative bracing system including pressurized fluid viscous springdampers as passive protective devices. The mechanical parameters, layouts and locations selected for the constituting elements of the system; the architectural renovation projects developed to properly incorporate the structural interventions and improve the appearance of the buildings; highlights of the installation works already completed in one of the two structures; and a synthesis of the performance assessment analyses carried out in original and rehabilitated conditions, are illustrated. The results of the analyses show a remarkable enhancement of the seismic response capacities of both structures. This allows reaching the high performance objectives postulated in the retrofit designs with much lower costs and architectural intrusion as compared to traditional rehabilitation interventions designed for the same objectives.

Keywords: Seismic rehabilitation, R/C structures, performance analysis, dissipative braces, fluid viscous dampers.

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Authors: Maha Hammami, Olfa Benouda Sioud

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This study investigates the reliability of management earnings forecasts with reference to these two ingredients: verifiability and neutrality. Specifically, we examine the biasedness (or accuracy) of management earnings forecasts and company specific characteristics that can be associated with accuracy. Based on sample of 102 IPO prospectuses published for admission on NYSE Euronext Paris from 2002 to 2010, we found that these forecasts are on average optimistic and two of the five test variables, earnings variability and financial leverage are significant in explaining ex post bias. Acknowledging the possibility that the bias is the result of the managers’ forecasting behavior, we then examine whether managers decide to under-predict, over-predict or forecast accurately for self-serving purposes. Explicitly, we examine the role of financial distress, operating performance, ownership by insiders and the economy state in influencing managers’ forecasting preferences. We find that managers of distressed firms seem to over-predict future earnings. We also find that when managers are given more stock options, they tend to under-predict future earnings. Finally, we conclude that the management earnings forecasts are affected by an intentional bias due to managers’ forecasting preferences.

Keywords: Intentional bias, Management earnings forecasts, neutrality, verifiability.

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Authors: F. Rahnamay Roodposhti, S. A. Nabavi Chashmi

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The role of corporate governance is to reduce the divergence of interests between shareholders and managers. The role of corporate governance is more useful when managers have an incentive to deviate from shareholders- interests. One example of management-s deviation from shareholders- interests is the management of earnings through the use of accounting accruals. This paper examines the association between corporate governance internal mechanisms ownership concentration, board independence, the existence of CEO-Chairman duality and earnings management. Firm size and leverage are control variables. The population used in this study comprises firms listed on the Tehran Stock Exchange (TSE) between 2004 and 2008, the sample comprises 196 firms. Panel Data method is employed as technique to estimate the model. We find that there is negative significant association between ownership concentration and board independence manage earnings with earnings management, there is negative significant association between the existence of CEO-Chairman duality and earnings management. This study also found a positive significant association between control variable (firm size and leverage) and earnings management.

Keywords: Earnings management, board independence, ownership concentration, corporate governance.

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Authors: A. H. Tadevosyan, S. K. Mayrapetyan, N. B. Tavakalyan, K. I. Pyuskyulyan, A. H. Hovsepyan, S. N. Sergeeva

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Soil contamination with radiocesium has a long-term radiological impact due to its long physical half-life (30.1 years for ¹³⁷Cs and 2 years for ¹³⁴Cs) and its high biological availability. ¹³⁷Cs causes the largest concerns because of its deleterious effect on agriculture and stock farming, and, thus, human life for decades. One of the important aspects of the problem of contaminated soils remediation is understand of protective actions aimed at the reduction of biological migration of radionuclides in soil-plant system. The most effective way to bind radionuclides is the use of selective sorbents. The proposed research mainly aims to achieve control on transfer of ¹³⁷Cs in a system growing media – plant due to counter ions variation in the polymeric sorbents. As research object Japanese basil - Perilla frutescens was chosen. Productivity of plants depending on the presence (control-without presence of polymer) and type of polymer material, as well as content of ¹³⁷Cs in plant material has been determined. The character of different polymers influences on the ¹³⁷Cs migration in growing media – plant system as well as accumulation in the plants has been cleared up.

Keywords: Radioceaseum, Japanese basil, polymer, soil-plant system.

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Authors: M. Philokyprou, A. Michael

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Contemporary theories of sustainability, concerning the natural and built environment, have recently introduced an environmental attitude towards the architectural design that, in turn, affects the practice of conservation and reuse of the existing building stock. This paper presents an environmentally friendly approach towards the conservation of vernacular architecture and it is based on the results of a research program which involved the investigation of sustainable design elements of traditional buildings in Cyprus. The research in question showed that Cypriot vernacular architecture gave more emphasis on cooling rather than heating strategies. Another notable finding of the investigation was the great importance given to courtyards as they enhance considerably, and in various ways, the microclimatic conditions of the immediate environment with favorable results throughout the year. Moreover, it was shown that the reduction in temperature fluctuation observed in the closed and semi-open spaces, compared to the respective temperature fluctuation of the external environment -due to the thermal inertia of the building envelope- helps towards the achievement of more comfortable living conditions within traditional dwellings. This paper concludes with a proposal of a sustainable approach towards the conservation of the existing environment and the introduction of new environmental criteria for the conservation of traditional buildings, beyond the aesthetic, morphological and structural ones that are generally applied.

Keywords: Bioclimatic, conservation, environmental, traditional dwellings, vernacular architecture.

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Authors: P. Mbecke

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The role of the government to tangibly alleviate poverty, improve and sustain the quality of people’s lives remains a “work in progress” twenty-two years after the dawn of democracy in South Africa despite a host of socio-economic programs and pro-poor policies and legislations. This paper assesses the development process and the implementation of the White Paper on Families in South Africa as one of the pro-poor policies intended to curb poverty and redress the imbalances of the apartheid regime. The paper is the result of a qualitative implementation research theory facilitated through in-depth interviews with social work managers complemented by literature and policy review techniques. It investigates the level of basic knowledge and understanding as well as the implementation challenges of the White Paper on Families as causes of its failure. The paper emphasizes the importance of the family-centered approach in the implementation of pro-poor policies. To facilitate the understanding of the White Paper on Families by its users, the Department of Social Development needs take stock of the identified challenges of its implementation so as to facilitate its success in fostering positive family well-being that will directly contributes to the overall socio-economic development of South Africa.

Keywords: Poverty alleviation, pro-poor policy, social development, social welfare, South Africa.

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Authors: Juan Llopis, Reyes Gonzalez, Jose Gasco

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This paper has as its main aim to analyse how corporate web pages can become an essential tool in order to detect strategic trends by firms or sectors, and even a primary source for benchmarking. This technique has made it possible to identify the key issues in the strategic management of the most excellent large Spanish firms and also to describe trends in their long-range planning, a way of working that can be generalised to any country or firm group. More precisely, two objectives were sought. The first one consisted in showing the way in which corporate websites make it possible to obtain direct information about the strategic variables which can define firms. This tool is dynamic (since web pages are constantly updated) as well as direct and reliable, since the information comes from the firm itself, not from comments of third parties (such as journalists, academicians, consultants...). When this information is analysed for a group of firms, one can observe their characteristics in terms of both managerial tasks and business management. As for the second objective, the methodology proposed served to describe the corporate profile of the large Spanish enterprises included in the Ibex35 (the Ibex35 or Iberia Index is the reference index in the Spanish Stock Exchange and gathers periodically the 35 most outstanding Spanish firms). An attempt is therefore made to define the long-range planning that would be characteristic of the largest Spanish firms.

Keywords: Web Pages, Strategic Management, Corporate Description, Large Firms, Spain.

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Authors: Pirom Thangchitpianpol, Suttipong Jumroonrut

Abstract:

This research investigates the distribution of food demand for animal food and the optimum amount of that food production at minimum cost. The data consist of customer purchase orders for the food of laying hens, price of food for laying hens, cost per unit for the food inventory, cost related to food of laying hens in which the food is out of stock, such as fine, overtime, urgent purchase for material. They were collected from January, 1990 to December, 2013 from a factory in Nakhonratchasima province. The collected data are analyzed in order to explore the distribution of the monthly food demand for the laying hens and to see the rate of inventory per unit. The results are used in a stochastic linear programming model for aggregate planning in which the optimum production or minimum cost could be obtained. Programming algorithms in MATLAB and tools in Linprog software are used to get the solution. The distribution of the food demand for laying hens and the random numbers are used in the model. The study shows that the distribution of monthly food demand for laying has a normal distribution, the monthly average amount (unit: 30 kg) of production from January to December. The minimum total cost average for 12 months is Baht 62,329,181.77. Therefore, the production planning can reduce the cost by 14.64% from real cost.

Keywords: Animal food, Stochastic linear programming, Production planning, Demand Uncertainty.

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

Abstract:

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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