Abstract: For decades financial economists have been attempted to determine the optimal investment policy by recognizing the option value embedded in irreversible investment whose project value evolves as a geometric Brownian motion (GBM). This paper aims to examine the effects of the optimal investment trigger and of the misspecification of stochastic processes on investment in real options applications. Specifically, the former explores the consequence of adopting optimal investment rules on the distributions of corporate value under the correct assumption of stochastic process while the latter analyzes the influence on the distributions of corporate value as a result of the misspecification of stochastic processes, i.e., mistaking an alternative process as a GBM. It is found that adopting the correct optimal investment policy may increase corporate value by shifting the value distribution rightward, and the misspecification effect may decrease corporate value by shifting the value distribution leftward. The adoption of the optimal investment trigger has a major impact on investment to such an extent that the downside risk of investment is truncated at the project value of zero, thereby moving the value distributions rightward. The analytical framework is also extended to situations where collection lags are in place, and the result indicates that collection lags reduce the effects of investment trigger and misspecification on investment in an opposite way.
Abstract: Compliance requires an effective communication
within an enterprise as well as towards a company-s external
environment. This requirement commences with the
implementation of compliance within large scale compliance
projects and still persists in the compliance reporting within
standard operations. On the one hand the understanding of
compliance necessities within the organization is promoted.
On the other hand reduction of asymmetric information with
compliance stakeholders is achieved. To reach this goal, a
central reporting must provide a consolidated view of different
compliance efforts- statuses. A concept which could be
adapted for this purpose is the balanced scorecard by Kaplan /
Norton. This concept has not been analyzed in detail
concerning its adequacy for a holistic compliance reporting
starting in compliance projects until later usage in regularly
compliance operations.
At first, this paper evaluates if a holistic compliance
reporting can be designed by using the balanced scorecard
concept. The current status of compliance reporting clearly
shows that scorecards are generally accepted as a compliance
reporting tool and are already used for corporate governance
reporting. Additional specialized compliance IT - solutions
exist in the market. After the scorecard-s adequacy is
thoroughly examined and proofed, an example strategy map as
the basis to derive a compliance balanced scorecard is defined.
This definition answers the question on proceeding in
designing a compliance reporting tool.
Abstract: Out of all visual arts including: painting, sculpture,
graphics, photography, architecture, and others, architecture is by far
the most complex one, because the art category is only one of its
determinants. Architecture, to some extent includes other arts which
can significantly influence the shaping of an urban space (artistic
interventions). These arts largely shape the visual culture in
combination with other categories: film, TV, Internet, information
technologies that are "changing the world" etc. In the area of
architecture and urbanism, visual culture is achieved through the
aspects of visual spatial effects. In this context, a complex visual
deliberation about designing urban areas in order to contribute to the
urban visual culture, and with it restore the cultural identity of the
city, is becoming almost the primary concept of contemporary urban
and architectural practice. Research in this paper relate to the city of
Niksic and its place in the visual urban culture. We are looking at the
city’s existing visual effects and determining the directions of
transformability of its physical structure in order to achieve the visual
realization of an urban area and the renewal of cultural identity of a
modern city.
Abstract: the article analyzes the development prospects of
education system in Kazakhstan. Education is among key sources of
culture and social mobility. Modern education must become civic
which means availability of high quality education to all people
irrespective of their racial, ethnic, religious, social, gender and any
other differences. Socially focused nature of modernization of
Kazakhstan-s society is predicated upon formation of a civic
education model in the future. Kazakhstan-s education system
undergoes intensive reforms first of all intended to achieve
international education standards and integration into the global
educational and information space.
Abstract: Probabilistic techniques in computer programs are becoming
more and more widely used. Therefore, there is a big
interest in the formal specification, verification, and development
of probabilistic programs. In our work-in-progress project, we are
attempting to make a constructive framework for developing probabilistic
programs formally. The main contribution of this paper
is to introduce an intermediate artifact of our work, a Z-based
formalism called PZ, by which one can build set theoretical models of
probabilistic programs. We propose to use a constructive set theory,
called CZ set theory, to interpret the specifications written in PZ.
Since CZ has an interpretation in Martin-L¨of-s theory of types, this
idea enables us to derive probabilistic programs from correctness
proofs of their PZ specifications.
Abstract: We discuss a theoretical conceptual framework to help
understand how the new business analytics technologies have
diffused in firms. We draw on three theoretical perspectives for this
purpose. They are innovation diffusion theory, IT Business Value
and the technology-organization-environment theory. We develop a
conceptual framework that helps understand the interlinkages among
factors affecting diffusion of business analytics and its impact on
performance.
Abstract: Obsessive-Compulsive Disorder (OCD) is a common
and disabling condition. Therapist-delivered treatments that use
exposure and response prevention have been found to be very
effective in treating OCD, although they are costly and associated
with high rates of attrition. Effective treatments that can be made
widely available without the need for therapist contact are urgently
needed. This case study represents the first published investigation of
a self-administered cognitive treatment for OCD in a 50-year old
female with a 20 year history of OCD. The treatment evaluation
occurred over 27 weeks, including 12 weeks of self-administration of
the Danger Ideation Reduction Therapy (DIRT) program. Decreases
of between 23% to 33% on measures from pre-treatment to follow-up
were observed. Bearing in mind the methodological limitations
associated with a case study, we conclude that the results reported
here are encouraging and indicate that further research effort
evaluating the effectiveness of self-administered DIRT is warranted.
Abstract: Recent progress in calculation of the one-loop selfenergy
of the electron bound in the Coulomb field is summarized.
The relativistic multipole expansion is introduced. This expansion
is based on a single assumption: except for the part of the time
component of the electron four-momentum corresponding to the
electron rest mass, the exchange of four-momentum between the
virtual electron and photon can be treated perturbatively. For non Sstates
and normalized difference n3En −E1 of the S-states this
itself yields very accurate results after taking the method to the third
order. For the ground state the perturbation treatment of the electron
virtual states with very high three-momentum is to be avoided. For
these states one can always rearrange the pertinent expression in such
a way that free-particle approximation is allowed. Combination of
the relativistic multipole expansion and free-particle approximation
yields very accurate result after taking the method to the ninth order.
These results are in very good agreement with the previous results
obtained by the partial wave expansion and definitely exclude the
possibility that the uncertainity in determination of the proton radius
comes from the uncertainity in the calculation of the one-loop selfenergy.
Abstract: High-voltage power transmission lines are the back
bone of electrical power utilities. The stability and continuous
monitoring of this critical infrastructure is pivotal. Nine-Sigma
representing Eskom Holding SOC limited, South Africa has a major
problem on proactive detection of fallen power lines and real time
sagging measurement together with slipping of such conductors. The
main objective of this research is to innovate RFID technology to
solve this challenge. Various options and technologies such as GPS,
PLC, image processing, MR sensors and etc., have been reviewed
and draw backs were made. The potential of RFID to give precision
measurement will be observed and presented. The future research
will look at magnetic and electrical interference as well as corona
effect on the technology.
Abstract: In this paper we present a computational model for pronominal anaphora resolution in Turkish. The model is based on Hobbs’ Naїve Algorithm [4, 5, 6], which exploits only the surface syntax of sentences in a given text.
Abstract: School physical education, through its objectives and
contents, efficiently valorizes the pupils- abilities, developing them,
especially the coordinative skill component, which is the basis of
movement learning, of the development of the daily motility and also
of the special, refined motility required by the practice of certain
sports. Medium school age offers the nervous and motor substratum
needed for the acquisition of complex motor habits, a substratum that
is essential for the coordinative skill. Individuals differ as to the level
at which this function is performed, the extent to which this function
turns an individual into a person that is adapted and adaptable to
complex and various situations. Spatio-temporal orientation, together
with movement combination and coupling, and with kinesthetic,
balance, motor reaction, movement transformation and rhythm
differentiation form the coordinative skills. From our viewpoint,
these are characteristic features with high levels of manifestation in a
complex psychomotor act - valorizing the quality of one-s talent - as
well as indices pertaining to one-s psychomotor intelligence and
creativity.
Abstract: The design of a complete expansion that allows for
compact representation of certain relevant classes of signals is a
central problem in signal processing applications. Achieving such a
representation means knowing the signal features for the purpose of
denoising, classification, interpolation and forecasting. Multilayer
Neural Networks are relatively a new class of techniques that are
mathematically proven to approximate any continuous function
arbitrarily well. Radial Basis Function Networks, which make use of
Gaussian activation function, are also shown to be a universal
approximator. In this age of ever-increasing digitization in the
storage, processing, analysis and communication of information,
there are numerous examples of applications where one needs to
construct a continuously defined function or numerical algorithm to
approximate, represent and reconstruct the given discrete data of a
signal. Many a times one wishes to manipulate the data in a way that
requires information not included explicitly in the data, which is
done through interpolation and/or extrapolation.
Tidal data are a very perfect example of time series and many
statistical techniques have been applied for tidal data analysis and
representation. ANN is recent addition to such techniques. In the
present paper we describe the time series representation capabilities
of a special type of ANN- Radial Basis Function networks and
present the results of tidal data representation using RBF. Tidal data
analysis & representation is one of the important requirements in
marine science for forecasting.
Abstract: Users of computer systems may often require the
private transfer of messages/communications between parties across
a network. Information warfare and the protection and dominance of
information in the military context is a prime example of an
application area in which the confidentiality of data needs to be
maintained. The safe transportation of critical data is therefore often
a vital requirement for many private communications. However,
unwanted interception/sniffing of communications is also a
possibility. An elementary stealthy transfer scheme is therefore
proposed by the authors. This scheme makes use of encoding,
splitting of a message and the use of a hashing algorithm to verify the
correctness of the reconstructed message. For this proof-of-concept
purpose, the authors have experimented with the random sending of
encoded parts of a message and the construction thereof to
demonstrate how data can stealthily be transferred across a network
so as to prevent the obvious retrieval of data.
Abstract: This paper presents the determination of the proper
quality costs parameters which provide the optimum return. The
system dynamics simulation was applied. The simulation model was
constructed by the real data from a case of the electronic devices
manufacturer in Thailand. The Steepest Descent algorithm was
employed to optimise. The experimental results show that the
company should spend on prevention and appraisal activities for 850
and 10 Baht/day respectively. It provides minimum cumulative total
quality cost, which is 258,000 Baht in twelve months. The effect of
the step size in the stage of improving the variables to the optimum
was also investigated. It can be stated that the smaller step size
provided a better result with more experimental runs. However, the
different yield in this case is not significant in practice. Therefore, the
greater step size is recommended because the region of optima could
be reached more easily and rapidly.
Abstract: In this study an extensive experimental research is
carried out to develop a better understanding of the effects of Piano Key (PK) weir geometry on weir flow threshold submergence.
Experiments were conducted in a 12 m long, 0.4 m wide and 0.7 m deep rectangular glass wall flume. The main objectives were to
investigate the effect of the PK weir geometries including the weir
length, weir height, inlet-outlet key widths, upstream and
downstream apex overhangs, and slopped floors on threshold submergence and study the hydraulic flow characteristics. From the
experimental results, a practical formula is proposed to evaluate the flow threshold submergence over PK weirs.
Abstract: It is necessary to incorporate technological advances
achieved in the field of engineering into dentistry in order to enhance
the process of diagnosis, treatment planning and enable the doctors to
render better treatment to their patients. To achieve this ultimate goal
long distance collaborations are often necessary. This paper discusses
the various collaborative tools and their applications to solve a few
burning problems confronted by the dentists. Customization is often
the solution to most of the problems. But rapid designing,
development and cost effective manufacturing is a difficult task to
achieve. This problem can be solved using the technique of digital
manufacturing. Cases from 6 major branches of dentistry have been
discussed and possible solutions with the help of state of art
technology using rapid digital manufacturing have been proposed in
the present paper. The paper also entails the usage of existing tools in
collaborative and digital manufacturing area.
Abstract: The purpose of this paper is to describe the process of
setting up a learning community within an elementary school in
Ontario, Canada. The description is provided through reflection and
examination of field notes taken during the yearlong training and
implementation process. Specifically the impact of teachers- capacity
on the creation of a learning community was of interest. This paper is
intended to inform and add to the debate around the tensions that
exist in implementing a bottom-up professional development model
like the learning community in a top-down organizational structure.
My reflections of the process illustrate that implementation of the
learning community professional development model may be
difficult and yet transformative in the professional lives of the
teachers, students, and administration involved in the change process.
I conclude by suggesting the need for a new model of professional
development that requires a transformative shift in power dynamics
and a shift in the view of what constitutes effective professional
learning.
Abstract: Diabetes is one of the high prevalence diseases
worldwide with increased number of complications, with retinopathy
as one of the most common one. This paper describes how data
mining and case-based reasoning were integrated to predict
retinopathy prevalence among diabetes patients in Malaysia. The
knowledge base required was built after literature reviews and
interviews with medical experts. A total of 140 diabetes patients- data
were used to train the prediction system. A voting mechanism selects
the best prediction results from the two techniques used. It has been
successfully proven that both data mining and case-based reasoning
can be used for retinopathy prediction with an improved accuracy of
85%.
Abstract: There are multiple reasons to expect that detecting the
word order errors in a text will be a difficult problem, and detection
rates reported in the literature are in fact low. Although grammatical
rules constructed by computer linguists improve the performance of
grammar checker in word order diagnosis, the repairing task is still
very difficult. This paper presents an approach for repairing word
order errors in English text by reordering words in a sentence and
choosing the version that maximizes the number of trigram hits
according to a language model. The novelty of this method concerns
the use of an efficient confusion matrix technique for reordering the
words. The comparative advantage of this method is that works with
a large set of words, and avoids the laborious and costly process of
collecting word order errors for creating error patterns.
Abstract: During the past decade, pond aeration systems have
been developed which will sustain large quantities of fish and
invertebrate biomass. Dissolved Oxygen (DO) is considered to be
among the most important water quality parameters in fish culture.
Fishponds in aquaculture farms are usually located in remote areas
where grid lines are at far distance. Aeration of ponds is required to
prevent mortality and to intensify production, especially when
feeding is practical, and in warm regions. To increase pond
production it is necessary to control dissolved oxygen. Artificial
intelligence (AI) techniques are becoming useful as alternate
approaches to conventional techniques or as components of
integrated systems. They have been used to solve complicated
practical problems in various areas and are becoming more and more
popular nowadays. This paper presents a new design of diffused
aeration system using fuel cell as a power source. Also fuzzy logic
control Technique (FLC) is used for controlling the speed of air flow
rate from the blower to air piping connected to the pond by adjusting
blower speed. MATLAB SIMULINK results show high performance
of fuzzy logic control (FLC).