Abstract: The survival of publicly listed companies largely
depends on their stocks being liquidly traded. This goal can be
achieved when new investors are attracted to invest on companies-
stocks. Among different groups of investors, individual investors are
generally less able to objectively evaluate companies- risks and
returns, and tend to be emotionally biased in their investing
decisions. Therefore their decisions may be formed as a result of
perceived risks and returns, and influenced by companies- images.
This study finds that perceived risk, perceived returns and trust
directly affect individual investors- trading decisions while attitude
towards brand partially mediates the relationships. This finding
suggests that, in courting individual investors, companies still need to
perform financially while building a good image can result in their
stocks being accepted quicker than the stocks of good performing
companies with hidden images.
Abstract: This is a comprehensive large-sample study of Australian earnings management. Using a sample of 4,844 firm-year observations across nine Australia industries from 2000 to 2006, we find substantial corporate earnings management activity across several Australian industries. We document strong evidence of size and return on assets being primary determinants of earnings management in Australia. The effects of size and return on assets are also found to be dominant in both income-increasing and incomedecreasing earnings manipulation. We also document that that periphery sector firms are more likely to involve larger magnitude of earnings management than firms in the core sector.
Abstract: A company CSR commitment, as stated in its Social
Report is, actually, perceived by its stakeholders?And in what
measure? Moreover, are stakeholders satisfied with the company
CSR efforts? Indeed, business returns from Corporate Social
Responsibility (CSR) practices, such as company reputation and
customer loyalty, depend heavily on how stakeholders perceive the
company social conduct. In this paper, we propose a methodology to
assess a company CSR commitment based on Global Reporting
Initiative (GRI) indicators, Content Analysis and a CSR positioning
matrix. We evaluate three aspects of CSR: the company commitment
disclosed through its Social Report; the company commitment
perceived by its stakeholders; the CSR commitment that stakeholders
require to the company. The positioning of the company under study
in the CSR matrix is based on the comparison among the three
commitment aspects (disclosed, perceived, required) and it allows
assessment and development of CSR strategies.
Abstract: In this paper optimal capacitor placement problem has
been formulated in a restructured distribution network. In this
scenario the distribution network operator can consider reactive
energy also as a service that can be sold to transmission system. Thus
search for optimal location, size and number of capacitor banks with
the objective of loss reduction, maximum income from selling
reactive energy to transmission system and return on investment for
capacitors, has been performed. Results is influenced with economic
value of reactive energy, therefore problem has been solved for
various amounts of it. The implemented optimization technique is
genetic algorithm. For any value of reactive power economic value,
when reverse of investment index increase and change from zero or
negative values to positive values, the threshold value of selling
reactive power has been obtained. This increasing price of economic
parameter is reasonable until the network losses is less than loss
before compensation.
Abstract: A Decision Support System/Expert System for stock
portfolio selection presented where at first step, both technical and
fundamental data used to estimate technical and fundamental return
and risk (1st phase); Then, the estimated values are aggregated with
the investor preferences (2nd phase) to produce convenient stock
portfolio.
In the 1st phase, there are two expert systems, each of which is
responsible for technical or fundamental estimation. In the technical
expert system, for each stock, twenty seven candidates are identified
and with using rough sets-based clustering method (RC) the effective
variables have been selected. Next, for each stock two fuzzy rulebases
are developed with fuzzy C-Mean method and Takai-Sugeno-
Kang (TSK) approach; one for return estimation and the other for
risk. Thereafter, the parameters of the rule-bases are tuned with backpropagation
method. In parallel, for fundamental expert systems,
fuzzy rule-bases have been identified in the form of “IF-THEN" rules
through brainstorming with the stock market experts and the input
data have been derived from financial statements; as a result two
fuzzy rule-bases have been generated for all the stocks, one for return
and the other for risk.
In the 2nd phase, user preferences represented by four criteria and
are obtained by questionnaire. Using an expert system, four estimated
values of return and risk have been aggregated with the respective
values of user preference. At last, a fuzzy rule base having four rules,
treats these values and produce a ranking score for each stock which
will lead to a satisfactory portfolio for the user.
The stocks of six manufacturing companies and the period of
2003-2006 selected for data gathering.
Abstract: The Far From Most Strings Problem (FFMSP) is to obtain a string which is far from as many as possible of a given set of strings. All the input and the output strings are of the same length, and two strings are said to be far if their hamming distance is greater than or equal to a given positive integer. FFMSP belongs to the class of sequences consensus problems which have applications in molecular biology. The problem is NP-hard; it does not admit a constant-ratio approximation either, unless P = NP. Therefore, in addition to exact and approximate algorithms, (meta)heuristic algorithms have been proposed for the problem in recent years. On the other hand, in the recent years, hybrid algorithms have been proposed and successfully used for many hard problems in a variety of domains. In this paper, a new metaheuristic algorithm, called Constructive Beam and Local Search (CBLS), is investigated for the problem, which is a hybridization of constructive beam search and local search algorithms. More specifically, the proposed algorithm consists of two phases, the first phase is to obtain several candidate solutions via the constructive beam search and the second phase is to apply local search to the candidate solutions obtained by the first phase. The best solution found is returned as the final solution to the problem. The proposed algorithm is also similar to memetic algorithms in the sense that both use local search to further improve individual solutions. The CBLS algorithm is compared with the most recent published algorithm for the problem, GRASP, with significantly positive results; the improvement is by order of magnitudes in most cases.
Abstract: Adaptive echo cancellers with two-path algorithm are
applied to avoid the false adaptation during the double-talk situation.
In the two-path algorithm, several transfer logic solutions have been
proposed to control the filter update. This paper presents an improved
transfer logic solution. It improves the convergence speed of the
two-path algorithm, and allows the reduction of the memory elements
and computational complexity. Results of simulations show the
improved performance of the proposed solution.
Abstract: A study was carried out to determine the effect of water quality on flotation performance. The experimental test work comprised of batch flotation tests using Denver lab cell for a period of 10 minutes. Nine different test runs were carried out in triplicates to ensure reproducibility using different water types from different thickener overflows, return and sewage effluent water (process water) and portable water. The water sources differed in pH, total dissolved solids, total suspended solids and conductivity. Process water was found to reduce the concentrate recovery and mass pull, while portable water increased the concentrate recovery and mass pull. Portable water reduced the concentrate grade while process water increased the concentrate grade. It is proposed that a combination of process water and portable water supply be used in flotation circuits to balance the different effects that the different water types have on the flotation efficiency.
Abstract: The Ministry of Defense (MoD) spends hundreds of
millions of dollars on software to support its infrastructure, operate
its weapons and provide command, control, communications,
computing, intelligence, surveillance, and reconnaissance (C4ISR)
functions. These and other all new advanced systems have a common
critical component is information technology. Defense and
Aerospace environment is continuously striving to keep up with
increasingly sophisticated Information Technology (IT) in order to
remain effective in today-s dynamic and unpredictable threat
environment. This makes it one of the largest and fastest growing
expenses of Defense. Hundreds of millions of dollars spent a year on
IT projects. But, too many of those millions are wasted on costly
mistakes. Systems that do not work properly, new components that
are not compatible with old once, trendily new applications that do
not really satisfy defense needs or lost though poorly managed
contracts.
This paper investigates and compiles the effective strategies that
aim to end exasperation with low returns and high cost of
Information Technology Acquisition for defense; it tries to show how
to maximize value while reducing time and expenditure.
Abstract: Stock portfolio selection is a classic problem in finance,
and it involves deciding how to allocate an institution-s or an individual-s
wealth to a number of stocks, with certain investment objectives
(return and risk). In this paper, we adopt the classical Markowitz
mean-variance model and consider an additional common realistic
constraint, namely, the cardinality constraint. Thus, stock portfolio
optimization becomes a mixed-integer quadratic programming problem
and it is difficult to be solved by exact optimization algorithms.
Chemical Reaction Optimization (CRO), which mimics the molecular
interactions in a chemical reaction process, is a population-based
metaheuristic method. Two different types of CRO, named canonical
CRO and Super Molecule-based CRO (S-CRO), are proposed to solve
the stock portfolio selection problem. We test both canonical CRO
and S-CRO on a benchmark and compare their performance under
two criteria: Markowitz efficient frontier (Pareto frontier) and Sharpe
ratio. Computational experiments suggest that S-CRO is promising
in handling the stock portfolio optimization problem.
Abstract: An effort to develop a unit commitment approach
capable of handling large power systems consisting of both thermal
and hydro generating units offers a large profitable return. In order to
be feasible, the method to be developed must be flexible, efficient
and reliable. In this paper, various proposed methods have been
described along with their strengths and weaknesses. As all of these
methods have some sort of weaknesses, a comprehensive algorithm
that combines the strengths of different methods and overcomes each
other-s weaknesses would be a suitable approach for solving
industry-grade unit commitment problem.
Abstract: Segmentation of Magnetic Resonance Imaging (MRI) images is the most challenging problems in medical imaging. This paper compares the performances of Seed-Based Region Growing (SBRG), Adaptive Network-Based Fuzzy Inference System (ANFIS) and Fuzzy c-Means (FCM) in brain abnormalities segmentation. Controlled experimental data is used, which designed in such a way that prior knowledge of the size of the abnormalities are known. This is done by cutting various sizes of abnormalities and pasting it onto normal brain tissues. The normal tissues or the background are divided into three different categories. The segmentation is done with fifty seven data of each category. The knowledge of the size of the abnormalities by the number of pixels are then compared with segmentation results of three techniques proposed. It was proven that the ANFIS returns the best segmentation performances in light abnormalities, whereas the SBRG on the other hand performed well in dark abnormalities segmentation.
Abstract: One of the major challenges in the Information
Retrieval field is handling the massive amount of information
available to Internet users. Existing ranking techniques and strategies
that govern the retrieval process fall short of expected accuracy.
Often relevant documents are buried deep in the list of documents
returned by the search engine. In order to improve retrieval accuracy
we examine the issue of language effect on the retrieval process.
Then, we propose a solution for a more biased, user-centric relevance
for retrieved data. The results demonstrate that using indices based
on variations of the same language enhances the accuracy of search
engines for individual users.
Abstract: This paper attempts to investigate the factors that influence hotel managers- attitudes towards sustainable tourism practices (STP) in Kuala Lumpur and the state of Selangor in Malaysia. The study distributes 104 questionnaires to hotels ranging from one star to five-star categories including budget hotels. Out of this figure, 60 copies of the questionnaires were returned and analyzed. The finding revealed that of all the seven factors investigated, only the variables measuring incentives and knowledge have significantly influenced sustainable tourism practices in the country. Therefore, government and other green bodies within the country should continue to provide hotels with incentives for sound technologies. Moreover, the government agencies should continue to educate hoteliers on the relevance of environmental protection for the successful implementation of sustainable tourism practices.
Abstract: The flow filed around a flatted-roof compound has
been investigated by means of 2D and 3D numerical simulations. A
constant wind velocity profile, based both on the maximum reference
wind speed in the building site (peak gust speed worked out for a 50-
year return period) and on the local roughness coefficient, has been
simulated in order to determine the wind-induced loads on top of the
roof. After determining the influence of the incoming wind directions
on the induced roof loads, a 2D analysis of the most severe load
condition has been performed, achieving a numerical quantification
of the expected wind-induced forces on the PV panels on top of the
roof.
Abstract: This study analyzes characteristics determining
member’s willingness to invest in cooperatives using ordered logit
model. The data were collected in a field survey among 122
cooperative members in north-central China. The descriptive analysis
of survey evidence suggests that cooperatives in China generally
having poor ability to deliver the processing services related to
product package, grading, and storage, performing worse in
profitability, inability of providing returns to capital and obtaining
agricultural loan. The regression results demonstrate that members’
farm size, their satisfaction with cooperative price preferential
services, attitudes toward cooperative operational scale and
development potential have statistically significant impact on
willingness to invest.
Abstract: The study aimed to verify a hypothesis that a sense of
fulfillment in student life and perceived stress in training in the
facilities could affect vocational identity among social welfare
university students, in order to acquire implications for enhancing the
vocational consciousness. A questionnaire survey was conducted with
388 third- and fourth-year students of training course for certified
social workers in three universities in A prefecture in Japan. The
questionnaire was returned by 338 students, and 288 responses
(85.2%) were valid and used for the analysis. As a SEM result, the
hypothesized model proved to be fit to the data. Path coefficient of
sense of fulfillment of student life to vocational identity was
statistically positive. Path coefficient of training stress to vocational
identity was statistically negative.
Abstract: Political transition of agricultural properties in Poland and the former German Democratic Republic (GDR) after 1989 had
to include not only Reprivatization but also the issue of returning the
properties in kind to their former owners. Restitution in kind applied
in GDR to all forms of ownership which were subject to
expropriation between 1933 and 1989 except for properties taken
over during Soviet occupation in 1945-49. This issue was one of the flashpoints during the process of ownership changes. Privatization,
limited as it was, took place in unequal legal environment where only
one group of owners was privileged. Executing restitution in kind
created a feeling of uncertainty among potential real estate buyers.
Abstract: A business case is a proposal for an investment
initiative to satisfy business and functional requirements. The
business case provides the foundation for tactical decision making
and technology risk management. It helps to clarify how the
organization will use its resources in the best way by providing
justification for investment of resources. This paper describes how
simulation was used for business case benefits and return on
investment for the procurement of 8 production machines. With
investment costs of about 4.7 million dollars and annual operating
costs of about 1.3 million, we needed to determine if the machines
would provide enough cost savings and cost avoidance. We
constructed a model of the existing factory environment consisting of
8 machines and subsequently, we conducted average day simulations
with light and heavy volumes to facilitate planning decisions
required to be documented and substantiated in the business case.
Abstract: UK breweries generate extensive by products in the
form of spent grain, slurry and yeast. Much of the spent grain is
produced by large breweries and processed in bulk for animal feed.
Spent brewery grains contain up to 20% protein dry weight and up to
60% fiber and are useful additions to animal feed. Bulk processing is
economic and allows spent grain to be sold so providing an income
to the brewery. A proportion of spent grain, however, is produced by
small local breweries and is more variably distributed to farms or
other users using intermittent collection methods. Such use is much
less economic and may incur losses if not carefully assessed for
transport costs. This study reports an economic returns of using wet
brewery spent grain (WBSG) in animal feed using the Co-product
Optimizer Decision Evaluator model (Cattle CODE) developed by
the University of Nebraska to predict performance and economic
returns when byproducts are fed to finishing cattle. The results
indicated that distance from brewery to farm had a significantly
greater effect on the economics of use of small brewery spent grain
and that alternative uses than cattle feed may be important to
develop.