Search results for: technical trading rules

Authors: Mazidah Tajjudin, Mohd Hezri Fazalul Rahiman, Norhashim Mohd Arshad, Ramli Adnan

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In process control applications, above 90% of the controllers are of PID type. This paper proposed a robust PI controller with fractional-order integrator. The PI parameters were obtained using classical Ziegler-Nichols rules but enhanced with the application of error filter cascaded to the fractional-order PI. The controller was applied on steam temperature process that was described by FOPDT transfer function. The process can be classified as lag dominating process with very small relative dead-time. The proposed control scheme was compared with other PI controller tuned using Ziegler-Nichols and AMIGO rules. Other PI controller with fractional-order integrator known as F-MIGO was also considered. All the controllers were subjected to set point change and load disturbance tests. The performance was measured using Integral of Squared Error (ISE) and Integral of Control Signal (ICO). The proposed controller produced best performance for all the tests with the least ISE index.

Keywords: PID controller, fractional-order PID controller, PI control tuning, steam temperature control, Ziegler-Nichols tuning.

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Authors: Shigeaki Sakurai, Makino Kyoko, Shigeru Matsumoto

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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.

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Authors: Mohammed F. Haddad, Mohammad A. Albenayyan

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Realistically, 3-D printing as a technology has not yet reached the required maturity level to handle construction housing projects for citizens on a country scale. However, potentially, it has all of the required elements for addressing this issue. There are two main high-level elements of this technology that need to be capitalized on in order for the technology to reach its full potential: technical and logistical. This paper aims to cover how 3-D printing can be a viable technical solution for housing projects and describes the impact of 3-D printing technical features on the logistical aspects of completing a housing project. Additionally, a perspective about 3-D printing in Saudi Arabia will be presented in order to give the reader an idea of where the Kingdom stands in the deployment of this technology. Finally, a glimpse will be given regarding the potential utilization of this technology for space applications.

Keywords: Large-scale 3-D printing, additive manufacturing, D-shape, contour crafting.

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Authors: Yang Bao, Shi Wei Deng, Wang Qun Lin

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This paper introduces the concept and principle of data cleaning, analyzes the types and causes of dirty data, and proposes several key steps of typical cleaning process, puts forward a well scalability and versatility data cleaning framework, in view of data with attribute dependency relation, designs several of violation data discovery algorithms by formal formula, which can obtain inconsistent data to all target columns with condition attribute dependent no matter data is structured (SQL) or unstructured (NoSql), and gives 6 data cleaning methods based on these algorithms.

Keywords: Data cleaning, dependency rules, violation data discovery, data repair.

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Authors: C. A. Corzo, N. Zhang, F. Corzo

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Insider abuse has recently been reported as one of the more frequently occurring security incidents, suggesting that more security is required for detecting and preventing unauthorised financial transactions entered by authorised users. To address the problem, and based on the observation that all authorised interbanking financial transactions trigger or are triggered by other transactions in a workflow, we have developed a security solution based on a redefined understanding of an audit workflow. One audit workflow where there is a log file containing the complete workflow activity of financial transactions directly related to one financial transaction (an electronic deal recorded at an e-trading system). The new security solution contemplates any two parties interacting on the basis of financial transactions recorded by their users in related but distinct automated financial systems. In the new definition interorganizational and intra-organization interactions can be described in one unique audit trail. This concept expands the current ideas of audit trails by adapting them to actual e-trading workflow activity, i.e. intra-organizational and inter-organizational activity. With the above, a security auditing service is designed to detect integrity drifts with and between organizations in order to detect unauthorised financial transactions entered by authorised users.

Keywords: Intrusion Detection and Prevention, Authentica-transtionand Identification.

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Authors: Fadl M. Ba-Alwi, Kamal K. Bharadwaj

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In this paper a novel algorithm is proposed that integrates the process of fuzzy hierarchy generation and rule discovery for automated discovery of Production Rules with Fuzzy Hierarchy (PRFH) in large databases.A concept of frequency matrix (Freq) introduced to summarize large database that helps in minimizing the number of database accesses, identification and removal of irrelevant attribute values and weak classes during the fuzzy hierarchy generation.Experimental results have established the effectiveness of the proposed algorithm.

Keywords: Data Mining, Degree of subsumption, Freq matrix, Fuzzy hierarchy.

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Authors: Chen Wu, Jingyu Yang

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Using maximal consistent blocks of tolerance relation on the universe in incomplete decision table, the concepts of join block and meet block are introduced and studied. Including tolerance class, other blocks such as tolerant kernel and compatible kernel of an object are also discussed at the same time. Upper and lower approximations based on those blocks are also defined. Default definite decision rules acquired from incomplete decision table are proposed in the paper. An incremental algorithm to update default definite decision rules is suggested for effective mining tasks from incomplete decision table into which data is appended. Through an example, we demonstrate how default definite decision rules based on maximal consistent blocks, join blocks and meet blocks are acquired and how optimization is done in support of discernibility matrix and discernibility function in the incomplete decision table.

Keywords: rough set, incomplete decision table, maximalconsistent block, default definite decision rule, join and meet block.

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Authors: Mai Al-Subaie

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This research suggests that women in traditional families of Saudi Arabia are divided into two groups, the one who conforms to the society and the new type of women that has been emerged due to the changing and development of the culture, who do not want to conform to the rules. The factors underlying the differences were explored by using a test and an interview. And that concluded some of the main factors that were a real affect of why some women still want to follow the society and traditional rules, and other want to break free.

Keywords: Conformity, Non-Conformity, Saudi Arabia, Women.

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Authors: Maria J. Garcia-Garcia, Concepcion Gonzalez-Garcia, Gabriel A. Dorado, Luis J. Fernandez

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The results obtained after incorporating the competence “creativity" to the subject Technical Drawing of the first course of the Degree in Forestry, Technical University of Madrid, are presented in this study.At first, learning activities which could serve two functions at the same time -developing students- creativity and developing other specific competences of the subject- were considered. Besides, changes in the assessment procedure were made and a method which analyzes two aspects of the assessment of the competence creativity was established. On the one hand, the products are evaluated by analyzing the outcomes obtained by students in the essays suggested and by establishing a parameter to assess the creativity expressed in those essays. On the other, an assessment of the student is directly carried out through a psychometric test which has been previously chosen by the team.Moreover, these results can be applied to similar or could be of general application.

Keywords: assessment competence, assessment creativity, creativity, generic competences

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Authors: F. H. Abanda, B. Kamsu-Foguem, J. H. M. Tah

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Construction cost estimation is one of the most important aspects of construction project design. For generations, the process of cost estimating has been manual, time-consuming and error-prone. This has partly led to most cost estimates to be unclear and riddled with inaccuracies that at times lead to over- or underestimation of construction cost. The development of standard set of measurement rules that are understandable by all those involved in a construction project, have not totally solved the challenges. Emerging Building Information Modelling (BIM) technologies can exploit standard measurement methods to automate cost estimation process and improve accuracies. This requires standard measurement methods to be structured in ontological and machine readable format; so that BIM software packages can easily read them. Most standard measurement methods are still text-based in textbooks and require manual editing into tables or Spreadsheet during cost estimation. The aim of this study is to explore the development of an ontology based on New Rules of Measurement (NRM) commonly used in the UK for cost estimation. The methodology adopted is Methontology, one of the most widely used ontology engineering methodologies. The challenges in this exploratory study are also reported and recommendations for future studies proposed.

Keywords: BIM, Construction projects, Cost estimation, NRM, Ontology.

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Authors: R.A.Mahdavinejad

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In this paper, multi-processors job shop scheduling problems are solved by a heuristic algorithm based on the hybrid of priority dispatching rules according to an ant colony optimization algorithm. The objective function is to minimize the makespan, i.e. total completion time, in which a simultanous presence of various kinds of ferons is allowed. By using the suitable hybrid of priority dispatching rules, the process of finding the best solution will be improved. Ant colony optimization algorithm, not only promote the ability of this proposed algorithm, but also decreases the total working time because of decreasing in setup times and modifying the working production line. Thus, the similar work has the same production lines. Other advantage of this algorithm is that the similar machines (not the same) can be considered. So, these machines are able to process a job with different processing and setup times. According to this capability and from this algorithm evaluation point of view, a number of test problems are solved and the associated results are analyzed. The results show a significant decrease in throughput time. It also shows that, this algorithm is able to recognize the bottleneck machine and to schedule jobs in an efficient way.

Keywords: Job shops scheduling, Priority dispatching rules, Makespan, Hybrid heuristic algorithm.

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Authors: A. M. Pashayev, D. D. Askerov, C. Ardil, R. A. Sadiqov, P. S. Abdullayev

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Researches show that probability-statistical methods application, especially at the early stage of the aviation Gas Turbine Engine (GTE) technical condition diagnosing, when the flight information has property of the fuzzy, limitation and uncertainty is unfounded. Hence the efficiency of application of new technology Soft Computing at these diagnosing stages with the using of the Fuzzy Logic and Neural Networks methods is considered. According to the purpose of this problem training with high accuracy of fuzzy multiple linear and non-linear models (fuzzy regression equations) which received on the statistical fuzzy data basis is made. For GTE technical condition more adequate model making dynamics of skewness and kurtosis coefficients- changes are analysed. Researches of skewness and kurtosis coefficients values- changes show that, distributions of GTE work parameters have fuzzy character. Hence consideration of fuzzy skewness and kurtosis coefficients is expedient. Investigation of the basic characteristics changes- dynamics of GTE work parameters allows drawing conclusion on necessity of the Fuzzy Statistical Analysis at preliminary identification of the engines' technical condition. Researches of correlation coefficients values- changes shows also on their fuzzy character. Therefore for models choice the application of the Fuzzy Correlation Analysis results is offered. At the information sufficiency is offered to use recurrent algorithm of aviation GTE technical condition identification (Hard Computing technology is used) on measurements of input and output parameters of the multiple linear and non-linear generalised models at presence of noise measured (the new recursive Least Squares Method (LSM)). The developed GTE condition monitoring system provides stageby- stage estimation of engine technical conditions. As application of the given technique the estimation of the new operating aviation engine technical condition was made.

Keywords: aviation gas turbine engine, technical condition, fuzzy logic, neural networks, fuzzy statistics

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Authors: Ching-Feng Chen, Shih-Kai Chen

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The Floating Photovoltaic (FPV) system highlights economic benefits and energy performance to carbon dioxide (CO2) discharges. Due to land resource scarcity and many negligent water territories, such as reservoirs, dams, and lakes in Japan and Taiwan, both countries are actively developing FPV and responding to the pricing of the emissions trading systems (ETS). This paper performs a case study through a synthesis approach to compare the economic indicators between the FPVs of Taiwan’s Agongdian Reservoir and Japan’s Yamakura Dam. The research results show that the metrics of the system capacity, installation costs, bank interest rates, and ETS and Electricity Bills affect FPV operating gains. In the post-Feed-In-Tariff (FIT) phase, investing in FPV in Japan is more profitable than in Taiwan. The former’s positive net present value (NPV), eminent internal rate of return (IRR) (11.6%), and benefit-cost ratio (BCR) above 1 (2.0) at the discount rate of 10% indicate that investing the FPV in Japan is more favorable than in Taiwan. In addition, the breakeven point is modest (about 61.3%). The presented methodology in the study helps investors evaluate schemes’ pros and cons and determine whether a decision is beneficial while funding PV or FPV projects.

Keywords: Carbon Border Adjustment Mechanism, Floating Photovoltaic, Emissions Trading Systems, Net Present Value, NPV, Internal Rate of Return, IRR, Benefit-Cost Ratio.

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Authors: Ersin Kaya, Bulent Oran, Ahmet Arslan

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In this study, fuzzy rule-based classifier is used for the diagnosis of congenital heart disease. Congenital heart diseases are defined as structural or functional heart disease. Medical data sets were obtained from Pediatric Cardiology Department at Selcuk University, from years 2000 to 2003. Firstly, fuzzy rules were generated by using medical data. Then the weights of fuzzy rules were calculated. Two different reasoning methods as “weighted vote method" and “singles winner method" were used in this study. The results of fuzzy classifiers were compared.

Keywords: Congenital heart disease, Fuzzy rule-basedclassifiers, Classification

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Authors: Zeynep İltüzer Samur, Gül Tekin Temur

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Due to the increasing and varying risks that economic units face with, derivative instruments gain substantial importance, and trading volumes of derivatives have reached very significant level. Parallel with these high trading volumes, researchers have developed many different models. Some are parametric, some are nonparametric. In this study, the aim is to analyse the success of artificial neural network in pricing of options with S&P 100 index options data. Generally, the previous studies cover the data of European type call options. This study includes not only European call option but also American call and put options and European put options. Three data sets are used to perform three different ANN models. One only includes data that are directly observed from the economic environment, i.e. strike price, spot price, interest rate, maturity, type of the contract. The others include an extra input that is not an observable data but a parameter, i.e. volatility. With these detail data, the performance of ANN in put/call dimension, American/European dimension, moneyness dimension is analyzed and whether the contribution of the volatility in neural network analysis make improvement in prediction performance or not is examined. The most striking results revealed by the study is that ANN shows better performance when pricing call options compared to put options; and the use of volatility parameter as an input does not improve the performance.

Keywords: Option Pricing, Neural Network, S&P 100 Index, American/European options

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Authors: Elke Mackensen

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Systems Engineering plays a key role during industrial product development of complex technical systems. The need for systems engineers in industry is growing. But there is a gap between the industrial need and the academic education. Normally the academic education is focused on the domain specific design, implementation and testing of technical systems. Necessary systems engineering expertise like knowledge about requirements analysis, product cost estimation, management or social skills are poorly taught. Thus there is the need of new academic concepts for teaching systems engineering skills. This paper presents a project-orientated training concept to prepare students from different technical degree programs for systems engineering activities. The training concept has been initially implemented and applied in the industrial engineering master program of the University of Applied Sciences Offenburg.

Keywords: Educational systems engineering training, requirements analysis, system modelling, SysML.

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Authors: M. R. Aghaebrahimi, S. H. Zahiri, M. Amiri

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In this paper a data miner based on the learning automata is proposed and is called LA-miner. The LA-miner extracts classification rules from data sets automatically. The proposed algorithm is established based on the function optimization using learning automata. The experimental results on three benchmarks indicate that the performance of the proposed LA-miner is comparable with (sometimes better than) the Ant-miner (a data miner algorithm based on the Ant Colony optimization algorithm) and CNZ (a well-known data mining algorithm for classification).

Keywords: Data mining, Learning automata, Classification rules, Knowledge discovery.

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Authors: Hsien-cheng Chou, Fei-pei Lai, Hung-chang Lee

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At present, dictionary attack has been the basic tool for recovering key passwords. In order to avoid dictionary attack, users purposely choose another character strings as passwords. According to statistics, about 14% of users choose keys on a keyboard (Kkey, for short) as passwords. This paper develops a framework system to attack the password chosen from Kkeys and analyzes its efficiency. Within this system, we build up keyboard rules using the adjacent and parallel relationship among Kkeys and then use these Kkey rules to generate password databases by depth-first search method. According to the experiment results, we find the key space of databases derived from these Kkey rules that could be far smaller than the password databases generated within brute-force attack, thus effectively narrowing down the scope of attack research. Taking one general Kkey rule, the combinations in all printable characters (94 types) with Kkey adjacent and parallel relationship, as an example, the derived key space is about 240 smaller than those in brute-force attack. In addition, we demonstrate the method's practicality and value by successfully cracking the access password to UNIX and PC using the password databases created

Keywords: Brute-force attack, dictionary attack, depth-firstsearch, password attack.

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Authors: Janet L. Kourik, Jiangping Wang

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Software-as-a-Service (SaaS) is a form of cloud computing that relieves the user of the burden of hardware and software installation and management. SaaS can be used at the course level to enhance curricula and student experience. When cloud computing and SaaS are included in educational literature, the focus is typically on implementing administrative functions. Yet, SaaS can make more immediate and substantial contributions to the technical course content in educational offerings. This paper explores cloud computing and SaaS, provides examples, reports on experiences using SaaS to offer specialized software in courses, and analyzes the advantages and disadvantages of using SaaS at the course level. The paper contributes to the literature in higher education by analyzing the major technical concepts, potential, and constraints for using SaaS to deliver specialized software at the course level. Further it may enable more educators and students to benefit from this emerging technology.

Keywords: Cloud computing, software-as-a-service, e-service, higher education.

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Authors: M. Yosofi, S. Ezeddini, A. Ollivier, V. Lavaste, C. Mayousse

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Additive manufacturing processes have changed significantly in a wide range of industries and their application progressed from rapid prototyping to production of end-use products. However, their environmental impact is still a rather open question. In order to support the growth of this technology in the industrial sector, environmental aspects should be considered and predictive models may help monitor and reduce the environmental footprint of the processes. This work presents predictive models based on a previously developed methodology for the environmental impact evaluation combined with a technical and economical assessment. Here we applied the methodology to the Fused Deposition Modeling process. First, we present the predictive models relative to different types of machines. Then, we present a decision-making tool designed to identify the optimum manufacturing strategy regarding technical, economic, and environmental criteria.

Keywords: Additive manufacturing, decision-makings, environmental impact, predictive models.

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Authors: Dae-Hee Son, Seung-Hwa Kang, Sang-Hee Kang, Soon-Ryul Nam

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Wind farms usually produce power irregularly, due to  unpredictable change of wind speed. Accordingly, we should  determine the penetration limit of wind power to consider stability of  power system and build a facility to control the wind power. The  operational limit of wind power is determined as the minimum  between the technical limit and the dynamic limit of wind power. The  technical limit is calculated by the number of generators and the  dynamic limit is calculated by the constraint of frequency variation  when a wind farm is disconnected suddenly. According to the  determined operational limit of wind power, pitch angles of wind  generators are controlled. PSS/E simulation results show that the pitch  angles were correctly controlled when wind speeds are changed in  addition to loads.

Keywords: Pitch Angle, Dynamic limit, Operational limit, Technical limit.

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Authors: Haibo Hu, Dan Yang, Chunxiao Ye, Chunlei Fu, Ren Li

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High quality requirements analysis is one of the most crucial activities to ensure the success of a software project, so that requirements verification for software system becomes more and more important in Requirements Engineering (RE) and it is one of the most helpful strategies for improving the quality of software system. Related works show that requirement elicitation and analysis can be facilitated by ontological approaches and semantic web technologies. In this paper, we proposed a hybrid method which aims to verify requirements with structural and formal semantics to detect interactions. The proposed method is twofold: one is for modeling requirements with the semantic web language OWL, to construct a semantic context; the other is a set of interaction detection rules which are derived from scenario-based analysis and represented with semantic web rule language (SWRL). SWRL based rules are working with rule engines like Jess to reason in semantic context for requirements thus to detect interactions. The benefits of the proposed method lie in three aspects: the method (i) provides systematic steps for modeling requirements with an ontological approach, (ii) offers synergy of requirements elicitation and domain engineering for knowledge sharing, and (3)the proposed rules can systematically assist in requirements interaction detection.

Keywords: Requirements Engineering, Semantic Web, OWL, Requirements Interaction Detection, SWRL.

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Authors: M. Benattou, K. Tamine

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This paper presents a distributed intrusion detection system IDS, based on the concept of specialized distributed agents community representing agents with the same purpose for detecting distributed attacks. The semantic of intrusion events occurring in a predetermined network has been defined. The correlation rules referring the process which our proposed IDS combines the captured events that is distributed both spatially and temporally. And then the proposed IDS tries to extract significant and broad patterns for set of well-known attacks. The primary goal of our work is to provide intrusion detection and real-time prevention capability against insider attacks in distributed and fully automated environments.

Keywords: Mobile agent, specialized agent, interpreter agent, event rules, correlation.

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Authors: Jurifa Mat Lazi, Zulkifilie Ibrahim, Marizan Sulaiman, Fizatul Aini Patakor, Siti Noormiza Mat Isa

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Dual motor drives fed by single inverter is purposely designed to reduced size and cost with respect to single motor drives fed by single inverter. Previous researches on dual motor drives only focus on the modulation and the averaging techniques. Only a few of them, study the performance of the drives based on different speed controller other than Proportional and Integrator (PI) controller. This paper presents a detailed comparative study on fuzzy rule-base in Fuzzy Logic speed Controller (FLC) for Dual Permanent Magnet Synchronous Motor (PMSM) drives. Two fuzzy speed controllers which are standard and simplified fuzzy speed controllers are designed and the results are compared and evaluated. The standard fuzzy controller consists of 49 rules while the proposed controller consists of 9 rules determined by selecting the most dominant rules only. Both designs are compared for wide range of speed and the robustness of both controllers over load disturbance changes is tested to demonstrate the effectiveness of the simplified/reduced rulebase.

Keywords: Dual Motor Drives, Fuzzy Logic Speed Controller, Reduced Rule-Base, PMSM

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Authors: Suraiya Jabin, Kamal K. Bharadwaj

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In the recent past Learning Classifier Systems have been successfully used for data mining. Learning Classifier System (LCS) is basically a machine learning technique which combines evolutionary computing, reinforcement learning, supervised or unsupervised learning and heuristics to produce adaptive systems. A LCS learns by interacting with an environment from which it receives feedback in the form of numerical reward. Learning is achieved by trying to maximize the amount of reward received. All LCSs models more or less, comprise four main components; a finite population of condition–action rules, called classifiers; the performance component, which governs the interaction with the environment; the credit assignment component, which distributes the reward received from the environment to the classifiers accountable for the rewards obtained; the discovery component, which is responsible for discovering better rules and improving existing ones through a genetic algorithm. The concatenate of the production rules in the LCS form the genotype, and therefore the GA should operate on a population of classifier systems. This approach is known as the 'Pittsburgh' Classifier Systems. Other LCS that perform their GA at the rule level within a population are known as 'Mitchigan' Classifier Systems. The most predominant representation of the discovered knowledge is the standard production rules (PRs) in the form of IF P THEN D. The PRs, however, are unable to handle exceptions and do not exhibit variable precision. The Censored Production Rules (CPRs), an extension of PRs, were proposed by Michalski and Winston that exhibit variable precision and supports an efficient mechanism for handling exceptions. A CPR is an augmented production rule of the form: IF P THEN D UNLESS C, where Censor C is an exception to the rule. Such rules are employed in situations, in which conditional statement IF P THEN D holds frequently and the assertion C holds rarely. By using a rule of this type we are free to ignore the exception conditions, when the resources needed to establish its presence are tight or there is simply no information available as to whether it holds or not. Thus, the IF P THEN D part of CPR expresses important information, while the UNLESS C part acts only as a switch and changes the polarity of D to ~D. In this paper Pittsburgh style LCSs approach is used for automated discovery of CPRs. An appropriate encoding scheme is suggested to represent a chromosome consisting of fixed size set of CPRs. Suitable genetic operators are designed for the set of CPRs and individual CPRs and also appropriate fitness function is proposed that incorporates basic constraints on CPR. Experimental results are presented to demonstrate the performance of the proposed learning classifier system.

Keywords: Censored Production Rule, Data Mining, GeneticAlgorithm, Learning Classifier System, Machine Learning, PittsburgApproach, , Reinforcement learning.

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Authors: Nermin Sökmen

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An effort estimation model is needed for softwareintensive projects that consist of hardware, embedded software or some combination of the two, as well as high level software solutions. This paper first focuses on functional decomposition techniques to measure functional complexity of a computer system and investigates its impact on system development effort. Later, it examines effects of technical difficulty and design team capability factors in order to construct the best effort estimation model. With using traditional regression analysis technique, the study develops a system development effort estimation model which takes functional complexity, technical difficulty and design team capability factors as input parameters. Finally, the assumptions of the model are tested.

Keywords: Functional complexity, functional decomposition, development effort, technical difficulty, design team capability, regression analysis.

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Authors: H. Florianová, J. Nešleha

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Financial derivatives are considered to be risky investment instruments which could possibly bring another financial crisis. As prevention, European Union and its member states have released new legal acts adjusting this area of law in recent years. There have been several cases in history of capital markets worldwide where it was shown that legislature may affect behavior of subjects on capital markets. In our paper we analyze main events on selected European stock exchanges in order to apply them on three chosen markets - Czech capital market represented by Prague Stock Exchange, German capital market represented by Deutsche Börse and Polish capital market represented by Warsaw Stock Exchange. We follow time series of development of the sum of listed derivatives on these three stock exchanges in order to evaluate popularity of those exchanges. Afterwards we compare newly listed derivatives in relation to the speed of development of these exchanges. We also make a comparison between trends in derivatives and shares development. We explain how a legal regulation may affect situation on capital markets. If the regulation is too strict, potential investors or traders are not willing to undertake it and move to other markets. On the other hand, if the regulation is too vague, trading scandals occur and the market is not reliable from the prospect of potential investors or issuers. We see that making the regulation stricter usually discourages subjects to stay on the market immediately although making the regulation vaguer to interest more subjects is usually much slower process.

Keywords: Capital markets, financial derivatives, investors' behavior, regulation.

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Authors: Payal Abichandani, Rishi Prakash, Paras Nath Barwal, B. K. Murthy

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Information generated from various computerization processes is a potential rich source of knowledge for its designated community. To pass this information from generation to generation without modifying the meaning is a challenging activity. To preserve and archive the data for future generations it’s very essential to prove the authenticity of the data. It can be achieved by extracting the metadata from the data which can prove the authenticity and create trust on the archived data. Subsequent challenge is the technology obsolescence. Metadata extraction and standardization can be effectively used to resolve and tackle this problem. Metadata can be categorized at two levels i.e. Technical and Domain level broadly. Technical metadata will provide the information that can be used to understand and interpret the data record, but only this level of metadata isn’t sufficient to create trustworthiness. We have developed a tool which will extract and standardize the technical as well as domain level metadata. This paper is about the different features of the tool and how we have developed this.  

Keywords: Digital Preservation, Metadata, OAIS, PDI, XML.

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Authors: Marisa Catarina da Conceição Dinis

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The commercial companies’ management has suffered an important material and legal transformation in the last years, mainly related to the changes in the Portuguese legal framework and because of the fact they were recently object of great expansion. In fact, next to the smaller family businesses, whose management is regularly assumed by partners, companies with social investment highly scattered, whose owners are completely out from administration, are now arising. In those particular cases, the business transactions are much more complex and require from the companies’ managers a highly technical knowledge and some specific professionals’ skills and abilities. This kind of administration carries a high-level risk that can both result in great success or in great losses. Knowing that the administration performance can result in important losses to the companies, the Portuguese legislator has created a legal structure to impute them some responsibilities and sanctions. The main goal of this study is to analyze the Portuguese law and some jurisprudence about companies’ management rules and about the conflicts between the directors and the company. In order to achieve these purposes we have to consider, on the one hand, the legal duties directly connected to the directors’ functions and on the other hand the disrespect for those same rules. The Portuguese law in this matter, influenced by the common law, determines that the directors’ attitude should be guided by loyalty and honesty. Consequently, we must reflect in which cases the administrators should respond to losses that they might cause to companies as a result of their duties’ disrespect. In this way is necessary to study the business judgment rule wich is a rule that refers to a liability exclusion rule. We intend, in the same way, to evaluate if the civil liability that results from the directors’ duties disrespect can extend itself to those who have elected them ignoring or even knowing that they don´t have the necessary skills or appropriate knowledge to the position they hold. To charge directors’, without ruining entrepreneurship, charging, in the same way, those who select them reinforces the need for more responsible and cautious attitudes which will lead consequently to more confidence in the markets.

Keywords: Duty of loyalty, duty of care, business judgment rule, civil liability of directors.

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Authors: Youngmee Shin, Hyunjoo Bae

Abstract:

In order to provide existing SOAP (Simple Object Access Protocol)-based Web services with users who are familiar with REST (REpresentational State Transfer)-style Web services, this paper proposes Web service providing method using Web service transformation. This enables SOAP-based service providers to define rules for mapping from RESTful Web services to SOAP-based ones. Using these mapping rules, HTTP request messages for RESTful services are converted automatically into SOAP-based service invocations. Web service providers need not develop duplicate RESTful services and they can avoid programming mediation modules per service. Furthermore, they need not equip mediation middleware like ESB (Enterprise Service Bus) only for the purpose of transformation of two different Web service styles.

Keywords: REST, SOAP, Web Services, Web ServiceTransformation.

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