Abstract: This paper presents an integrated knowledge-based
approach to multi-scale modeling of aquatic systems, with a view to
enhancing predictive power and aiding environmental management
and policy-making. The basic phases of this approach have been
exemplified in the case of a bay in Saronicos Gulf (Attiki, Greece).
The results showed a significant problem with rising phytoplankton
blooms linked to excessive microbial growth, arisen mostly due to
increased nitrogen inflows; therefore, the nitrification/denitrification
processes of the benthic and water column sub-systems have
provided the quality variables to be monitored for assessing
environmental status. It is thereby demonstrated that the proposed
approach facilitates modeling choices and implementation option
decisions, while it provides substantial support for knowledge and
experience capitalization in long-term water management.
Abstract: This study analyzed the creativity of student teams
participating in an exploratory information system development
project (ISDP) and examined antecedents of their creativity. By using
partial least squares (PLS) to analyze a sample of thirty-six teams
enrolled in an information system department project training course
that required three semesters of project-based lessons, the results
found social capitals (structural, relational and cognitive social capital)
positively influence knowledge integration. However, relational social
capital does not significantly influence knowledge integration.
Knowledge integration positively affects team creativity. This study
also demonstrated that social capitals significantly influence team
creativity through knowledge integration. The implications of our
findings for future research are discussed.
Abstract: 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.
Abstract: The Informational Infrastructures of small and medium-sized manufacturing enterprises are relatively poor, there are serious shortages of capitals which can be invested in informatization construction, computer hardware and software resources, and human resources. To address the informatization issue in small and medium-sized manufacturing enterprises, and enable them to the application of advanced management thinking and enhance their competitiveness, the paper establish a manufacturing-oriented small and medium-sized enterprises informatization platform based on the ASP business intelligence technology, which effectively improves the scientificity of enterprises decision and management informatization.
Abstract: Basel III (or the Third Basel Accord) is a global
regulatory standard on bank capital adequacy, stress testing and
market liquidity risk agreed upon by the members of the Basel
Committee on Banking Supervision in 2010-2011, and scheduled to
be introduced from 2013 until 2018. Basel III is a comprehensive set
of reform measures. These measures aim to; (1) improve the banking
sector-s ability to absorb shocks arising from financial and economic
stress, whatever the source, (2) improve risk management and
governance, (3) strengthen banks- transparency and disclosures.
Similarly the reform target; (1) bank level or micro-prudential,
regulation, which will help raise the resilience of individual banking
institutions to periods of stress. (2) Macro-prudential regulations,
system wide risk that can build up across the banking sector as well
as the pro-cyclical implication of these risks over time. These two
approaches to supervision are complementary as greater resilience at
the individual bank level reduces the risk system wide shocks.
Macroeconomic impact of Basel III; OECD estimates that the
medium-term impact of Basel III implementation on GDP growth is
in the range -0,05 percent to -0,15 percent per year. On the other hand
economic output is mainly affected by an increase in bank lending
spreads as banks pass a rise in banking funding costs, due to higher
capital requirements, to their customers. Consequently the estimated
effects on GDP growth assume no active response from monetary
policy. Basel III impact on economic output could be offset by a
reduction (or delayed increase) in monetary policy rates by about 30
to 80 basis points. The aim of this paper is to create a framework
based on the recent regulations in order to prevent financial crises.
Thus the need to overcome the global financial crisis will contribute
to financial crises that may occur in the future periods. In the first
part of the paper, the effects of the global crisis on the banking
system examine the concept of financial regulations. In the second
part; especially in the financial regulations and Basel III are analyzed.
The last section in this paper explored the possible consequences of
the macroeconomic impacts of Basel III.
Abstract: Mathematical models of dynamics employing exterior calculus are mathematical representations of the same unifying principle; namely, the description of a dynamic system with a characteristic differential one-form on an odd-dimensional differentiable manifold leads, by analysis with exterior calculus, to a set of differential equations and a characteristic tangent vector (vortex vector) which define transformations of the system. Using this principle, a mathematical model for economic growth is constructed by proposing a characteristic differential one-form for economic growth dynamics (analogous to the action in Hamiltonian dynamics), then generating a pair of characteristic differential equations and solving these equations for the rate of economic growth as a function of labor and capital. By contracting the characteristic differential one-form with the vortex vector, the Lagrangian for economic growth dynamics is obtained.
Abstract: The study analyzed the risk and returns of commercial-property in Southwestern Nigeria and selected stocksmarket investment between 2000 and 2009; compared the inflation hedging characteristics and diversification potentials of investing in commercial-property and selected stock- market investment. Primary data were collected on characteristics, rental and capital values of commercial- properties from their property managers through the use of questionnaire. Secondary data on stock prices and dividends on banking, insurance and conglomerates sectors were sourced from the Nigerian Stock Exchange (2000-2009). The result showed that average return on all the selected stock- investments was higher than that of commercial-property. As regards risk, commercial-property indicated lower risk, compared to stocks. Also the stock-investment had better inflation hedging capacity than commercial-properties; combination of both had diversification potentials. The study concluded that stock-market investment offered attractive higher return than commercial-property although with higher risk and there could be diversification benefits in combining commercial-property with stock- investment.
Abstract: According to the theory of capital structure, this paper uses principal component analysis and linear regression analysis to study the relationship between the debt characteristics of the private listed companies in Jiangsu Province and their business performance. The results show that the average debt ratio of the 29 private listed companies selected from the sample is lower. And it is found that for the sample whose debt ratio is lower than 80%, its debt ratio is negatively related to corporate performance, while for the sample whose debt ratio is beyond 80%, the relationship of debt financing and enterprise performance shows the different trends. The conclusions reflect the drawbacks may exist that the debt ratio is relatively low and having not take full advantage of debt governance effect of the private listed companies in Jiangsu Province.
Abstract: Due to the recovering global economy, enterprises are
increasingly focusing on logistics. Investing in logistic measures for
a production generates a large potential for achieving a good starting
point within a competitive field. Unlike during the global economic
crisis, enterprises are now challenged with investing available capital
to maximize profits. In order to be able to create an informed and
quantifiably comprehensible basis for a decision, enterprises need an
adequate model for logistically and monetarily evaluating measures
in production. The Collaborate Research Centre 489 (SFB 489) at the
Institute for Production Systems (IFA) developed a Logistic
Information System which provides support in making decisions and
is designed specifically for the forging industry. The aim of a project
that has been applied for is to now transfer this process in order to
develop a universal approach to logistically and monetarily evaluate
measures in production.
Abstract: To strengthen the capital market, there is a need to
integrate the capital markets within the region by removing legal or informal restriction, specifically, stock market liberalization. Thus the paper is to investigate the effects of the subsequent stock market liberalization on stock market integration in 4 ASEAN countries (Malaysia, Indonesia, Thailand, Singapore) and Korea from 1997 to 2007. The correlation between stock market liberalization and stock
market integration are to be examined by analyzing the stock prices
and returns within the region and in comparison with the world
MSCI index. Event study method is to be used with windows of ±12
months and T-7 + T. The results show that the subsequent stock
market liberalization generally, gives minor positive effects to stock
returns, except for one or two countries. The subsequent
liberalization also integrates the markets short-run and long-run.
Abstract: The term private equity usually refers to any type of
equity investment in an asset in which the equity is not freely
tradable on a public stock market. Some researchers believe that
private equity contributed to the extent of the crisis and increased
the pace of its spread over the world. We do not agree with this.
On the other hand, we argue that during the economic recession
private equity might become an important source of funds for firms
with special needs (e.g. for firms seeking buyout financing, venture
capital, expansion capital or distress debt financing). However,
over-regulation of private equity in both the European Union and
the US can slow down this specific funding channel to the
economy and deepen credit crunch during global crises.
Abstract: The utilization of renewable energy sources in electric
power systems is increasing quickly because of public apprehensions
for unpleasant environmental impacts and increase in the energy
costs involved with the use of conventional energy sources. Despite
the application of these energy sources can considerably diminish the
system fuel costs, they can also have significant influence on the
system reliability. Therefore an appropriate combination of the
system reliability indices level and capital investment costs of system
is vital. This paper presents a hybrid wind/photovoltaic plant, with
the aim of supplying IEEE reliability test system load pattern while
the plant capital investment costs is minimized by applying a hybrid
particle swarm optimization (PSO) / harmony search (HS) approach,
and the system fulfills the appropriate level of reliability.
Abstract: Real options theory suggests that managerial flexibility embedded within irreversible investments can account for a significant value in project valuation. Although the argument has become the dominant focus of capital investment theory over decades, yet recent survey literature in capital budgeting indicates that corporate practitioners still do not explicitly apply real options in investment decisions. In this paper, we explore how real options decision criteria can be transformed into equivalent capital budgeting criteria under the consideration of uncertainty, assuming that underlying stochastic process follows a geometric Brownian motion (GBM), a mixed diffusion-jump (MX), or a mean-reverting process (MR). These equivalent valuation techniques can be readily decomposed into conventional investment rules and “option impacts", the latter of which describe the impacts on optimal investment rules with the option value considered. Based on numerical analysis and Monte Carlo simulation, three major findings are derived. First, it is shown that real options could be successfully integrated into the mindset of conventional capital budgeting. Second, the inclusion of option impacts tends to delay investment. It is indicated that the delay effect is the most significant under a GBM process and the least significant under a MR process. Third, it is optimal to adopt the new capital budgeting criteria in investment decision-making and adopting a suboptimal investment rule without considering real options could lead to a substantial loss in value.
Abstract: In this paper, we present a technical and an economic
assessment of several sources of renewable energy in Saudi Arabia;
mainly solar, wind, hydro and biomass. We analyze the
environmental and climatic conditions in relation to these sources
and give an overview of some of the existing clean energy
technologies. Using standardized cost and efficiency data, we carry
out a cost benefit analysis to understand the economic factors
influencing the sustainability of energy production from renewable
sources in light of the energy cost and demand in the Saudi market.
Finally, we take a look at the Saudi petroleum industry and the
existing sources of conventional energy and assess the potential of
building a successful market for renewable energy under the
constraints imposed by the flow of subsidized cheap oil. We show
that while some renewable energy resources are well suited for
distributed or grid connected generation in the kingdom, their
viability is greatly undercut by the well developed and well
capitalized oil industry.
Abstract: Being creative in an educational environment, such as in the university, has many times been downplayed by bureaucracy, human inadequacy and physical hindrance. These factors control, stifle and subsequently condemn this natural phenomenon which is normally exuded by the tertiary community. If taken in a positive light, creativity has always led to many new discoveries and inventions. These creations are then gradually developed for the university reputation and achievements, in all fields of studies from the sciences to the humanities. This paper attempts to explore, through more than twenty years of observation, issues that stifle the university citizenry – academicians and students- – creativity. It also scrutinizes how enhancement of such creativity can be further supported by bureaucracy simplicity, encouraging and developing human potential and constructing uncompromising physical infrastructure and administrative support. These ideals – all of which can help to promote creativity, increases the productivity of the university community in aspects of teaching, research, publication, innovation and commercialization; be it at national as well as at international arena for the good of human and societal growth and development. This discursive presentation hopes to address another issue on promoting university community creativity through several deliverables which require cooperation from every quarter of the institution so that being creative continues to be promoted for sustainable human capital growth and development of the country, if not, the global community.
Abstract: Public administration institutions in cooperation with
politicians are not the sole policy decision makers in full meaning
any longer. Meanwhile, a special role, namely steering the decision
making process, could be delegated to them.
Despite the wide scientific discussion on different aspects what
has direct impact on policy creation, there is a lack of holistic
practical managerial advice, which could integrate infrastructure of
policy decision making with intellectual capital and with
interconnection of partnership. The proposed harmonized decision
making model of process, people and partnership entitled by
acronym HM-3P is analyzed as a framework for implementation of
public administration steering role seeking the coherent social
involvement in policy decision making.
Abstract: The paper presents an analysis of linkages and
structures of co-operation and their intensity like the potential for the
establishment of clusters in the Central and Eastern (Pannonian)
Croatian. Starting from the theoretical elaboration of the need for
entrepreneurs to organize through the cluster model and the terms of
their self-actualization, related to the importance of traditional values
in terms of benefits, social capital and assess where the company now
is, in order to prove the need to create their own identity in terms of
clustering. The institutional dimensions of social capital where the
public sector has the best role in creating the social structure of
clusters, and social dimensions of social capital in terms of trust,
cooperation and networking will be analyzed to what extent the trust
and coherency are present between companies in the Brod posavina
and Pozega slavonia County, expressed through the readiness of
inclusion in clusters in the NUTS II region - Central and Eastern
(Pannonian) Croatia, as a homogeneous economic entity, with
emphasis on limiting factors that stand in the way of greater
competitiveness.
Abstract: Natural disasters, including earthquake, kill many people around the world every year. Society rescue actions, which start after the earthquake and are called LAST in abbreviation, include locating, access, stabilization and transportation. In the present article, we have studied the process of local accessibility to the injured and transporting them to health care centers. With regard the heavy traffic load due to earthquake, the destruction of connecting roads and bridges and the heavy debris in alleys and street, which put the lives of the injured and the people buried under the debris in danger, accelerating the rescue actions and facilitating the accessibilities are of great importance, obviously. Tehran, the capital of Iran, is among the crowded cities in the world and is the center of extensive economic, political, cultural and social activities. Tehran has a population of about 9.5 millions and because of the immigration of people from the surrounding cities. Furthermore, considering the fact that Tehran is located on two important and large faults, a 6 Richter magnitude earthquake in this city could lead to the greatest catastrophe during the entire human history. The present study is a kind of review and a major part of the required information for it, has been obtained from libraries all of the rescue vehicles around the world, including rescue helicopters, ambulances, fire fighting vehicles and rescue boats, and their applied technology, and also the robots specifically designed for the rescue system and the advantages and disadvantages of them, have been investigated. The studies show that there is a significant relationship between the rescue team-s arrival time at the incident zone and the number of saved people; so that, if the duration of burial under debris 30 minutes, the probability of survival is %99.3, after a day is %81, after 2days is %19 and after 5days is %7.4. The exiting transport systems all have some defects. If these defects are removed, more people could be saved each hour and the preparedness against natural disasters is increased. In this study, transport system has been designed for the rescue team and the injured; which could carry the rescue team to the incident zone and the injured to the health care centers. In addition, this system is able to fly in the air and move on the earth as well; so that the destruction of roads and the heavy traffic load could not prevent the rescue team from arriving early at the incident zone. The system also has the equipment required firebird for debris removing, optimum transport of the injured and first aid.
Abstract: This paper is to develop a fuzzy net present value (FNPV) method by taking vague cash flow and imprecise required rate of return into account for evaluating the value of the Build-Operate-Transfer (BOT) sport facilities. In order to clearly manifest a more realistic capital budgeting model based on the classical net present value (NPV) method, some uncertain financial elements in NPV formula will be fuzzified as triangular fuzzy numbers. Through the conscientious manipulation of fuzzy set theory, we will find that the proposed FNPV model is a more explicit extension of classical (crisp) model and could be more practicable for the financial managers to capture the essence of capital budgeting of sport facilities than non-fuzzy model.
Abstract: This study was carried out in Ankara, the capital city of Turkey, in order to determine how people living in the slums of Ankara benefit from educational equality. Within the scope of the research, interviews were made with 64 families whose children have been getting education from the primary schools of these parts and the data of the study was collected by the researcher. The results of the research demonstrate that the children getting education in the slums of Ankara can not experience educational equality and justice. The results of this study show that the opportunities of the schools in the slums of Ankara are very limited, so the individuals in these districts can not equally benefit from the education. The families are aware of the problem they are faced with. KeywordsDiscrimination, inequality, primary education, slums of Turkey.