Underpricing of IPOs during Hot and Cold Market Periods on the South African Stock Exchange (JSE)

Underpricing is one anomaly in initial public offerings (IPO) literature that has been widely observed across different stock markets with different trends emerging over different time periods. This study seeks to determine how IPOs on the JSE performed on the first day, first week and first month over the period of 1996-2011. Underpricing trends are documented for both hot and cold market periods in terms of four main sectors (cyclical, defensive, growth stock and interest rate sensitive stocks). Using a sample of 360 listed companies on the JSE, the empirical findings established that IPOs on the JSE are significantly underpriced with an average market adjusted first day return of 62.9%. It is also established that hot market IPOs on the JSE are more underpriced than the cold market IPOs. Also observed is the fact that as the offer price per share increases above the median price for any given period, the level of underpricing decreases substantially. While significant differences exist in the level of underpricing of IPOs in the four different sectors in the hot and cold market periods, interest rates sensitive stocks showed a different trend from the other sectors and thus require further investigation to uncover this pattern.

European Ecological Network Natura 2000 - Opportunities and Threats

The research objective of the project and article “European Ecological Network Natura 2000 – opportunities and threats” Natura 2000 sites constitute a form of environmental protection, several legal problems are likely to result. Most controversially, certain sites will be subject to two regimes of protection: as national parks and as Natura 2000 sites. This dualism of the legal regulation makes it difficult to perform certain legal obligations related to the regimes envisaged under each form of environmental protection. Which regime and which obligations resulting from the particular form of environmental protection have priority and should prevail? What should be done if these obligations are contradictory? Furthermore, an institutional problem consists in that no public administration authority has the power to resolve legal conflicts concerning the application of a particular regime on a given site. There are also no criteria to decide priority and superiority of one form of environmental protection over the other. Which regulations are more important, those that pertain to national parks or to Natura 2000 sites? In the light of the current regulations, it is impossible to give a decisive answer to these questions. The internal hierarchy of forms of environmental protection has not been determined, and all such forms should be treated equally.

Knowledge Sharing Behaviour among Academic Staff at a Public Higher Education Institution in Malaysia

This study applied Theory of Planned Behaviour (TPB) to explain the knowledge sharing behaviour among academic staff at a Public Higher Education Institution (HEI) in Malaysia. The main objectives of this study are; to identify the components that influence knowledge sharing behaviour and to determine the levels of knowledge sharing behaviour among academic staff. A total of 200 respondents were participated in answering questionnaires. The findings of this study revealed that level of perceiving and implementing knowledge sharing behaviour among academic staff at a Public HEI in Malaysia exist but not openly or strongly practiced. The findings were discussed and recommendations for the future research were also addressed.

Mobile Phone as a Tool for Data Collection in Field Research

The necessity of accurate and timely field data is shared among organizations engaged in fundamentally different activities, public services or commercial operations. Basically, there are three major components in the process of the qualitative research: data collection, interpretation and organization of data, and analytic process. Representative technological advancements in terms of innovation have been made in mobile devices (mobile phone, PDA-s, tablets, laptops, etc). Resources that can be potentially applied on the data collection activity for field researches in order to improve this process. This paper presents and discuss the main features of a mobile phone based solution for field data collection, composed of basically three modules: a survey editor, a server web application and a client mobile application. The data gathering process begins with the survey creation module, which enables the production of tailored questionnaires. The field workforce receives the questionnaire(s) on their mobile phones to collect the interviews responses and sending them back to a server for immediate analysis.

PIELG: A Protein Interaction Extraction Systemusing a Link Grammar Parser from Biomedical Abstracts

Due to the ever growing amount of publications about protein-protein interactions, information extraction from text is increasingly recognized as one of crucial technologies in bioinformatics. This paper presents a Protein Interaction Extraction System using a Link Grammar Parser from biomedical abstracts (PIELG). PIELG uses linkage given by the Link Grammar Parser to start a case based analysis of contents of various syntactic roles as well as their linguistically significant and meaningful combinations. The system uses phrasal-prepositional verbs patterns to overcome preposition combinations problems. The recall and precision are 74.4% and 62.65%, respectively. Experimental evaluations with two other state-of-the-art extraction systems indicate that PIELG system achieves better performance. For further evaluation, the system is augmented with a graphical package (Cytoscape) for extracting protein interaction information from sequence databases. The result shows that the performance is remarkably promising.

Fractal Dimension of Breast Cancer Cell Migration in a Wound Healing Assay

Migration in breast cancer cell wound healing assay had been studied using image fractal dimension analysis. The migration of MDA-MB-231 cells (highly motile) in a wound healing assay was captured using time-lapse phase contrast video microscopy and compared to MDA-MB-468 cell migration (moderately motile). The Higuchi fractal method was used to compute the fractal dimension of the image intensity fluctuation along a single pixel width region parallel to the wound. The near-wound region fractal dimension was found to decrease three times faster in the MDA-MB- 231 cells initially as compared to the less cancerous MDA-MB-468 cells. The inner region fractal dimension was found to be fairly constant for both cell types in time and suggests a wound influence range of about 15 cell layer. The box-counting fractal dimension method was also used to study region of interest (ROI). The MDAMB- 468 ROI area fractal dimension was found to decrease continuously up to 7 hours. The MDA-MB-231 ROI area fractal dimension was found to increase and is consistent with the behavior of a HGF-treated MDA-MB-231 wound healing assay posted in the public domain. A fractal dimension based capacity index has been formulated to quantify the invasiveness of the MDA-MB-231 cells in the perpendicular-to-wound direction. Our results suggest that image intensity fluctuation fractal dimension analysis can be used as a tool to quantify cell migration in terms of cancer severity and treatment responses.

A “Greedy“ Czech Manufacturing Case

The article describes a case study on one of Czech Republic-s manufacturing middle size enterprises (ME), where due to the European financial crisis, production lines had to be redesigned and optimized in order to minimize the total costs of the production of goods. It is considered an optimization problem of minimizing the total cost of the work load, according to the costs of the possible locations of the workplaces, with an application of the Greedy algorithm and a partial analogy to a Set Packing Problem. The displacement of working tables in a company should be as a one-toone monotone increasing function in order for the total costs of production of the goods to be at minimum. We use a heuristic approach with greedy algorithm for solving this linear optimization problem, regardless the possible greediness which may appear and we apply it in a Czech ME.

Creating Maintenance Cost Model for University Buildings

Maintenance costs incurred on building differs. The difference can be as results of the types, functions, age, building health index, size, form height, location and complexity of the building. These are contributing to the difficulty in maintenance development of deterministic maintenance cost model. This paper is concerns with reporting the preliminary findings on the creation of building maintenance cost distributions for universities in Malaysia. This study is triggered by the need to provide guides on maintenance costs distributions for decision making. For this purpose, a survey questionnaire was conducted to investigate the distribution of maintenance costs in the universities. Altogether, responses were received from twenty universities comprising both private and publicly owned. The research found that engineering services, roofing and finishes were the elements contributing the larger segment of the maintenance costs. Furthermore, the study indicates the significance of maintenance cost distribution as decision making tool towards maintenance management.

A Critical Study of Media Profiling on Society-s Social Problems from a British Perspective

This article explores the sociological perspectives on social problems and the role of the media which has a delicate role to tread in balancing its duty to the public and the victim Whilst social problems have objective conditions, it is the subjective definition of such problems that ensure which social problem comes to the fore and which doesn-t. Further it explores the roles and functions of policymakers when addressing social problems and the impact of the inception of media profiling as well as the advantages and disadvantages of media profiling towards social problems. It focuses on the inception of media profiling due to its length and a follow up article will explore how current media profiling towards social problems have evolved since its inception.

State Programs Analysis and Social Crisis Management in the Republic of Kazakhstan: A Descriptive Study

The article is about government programs and projects and their description which are aimed at improving the socioeconomic situation in the Republic of Kazakhstan. A brief historical overview, as well as information about current socio-economic, political and transitional contexts of the country are provided. Two theories were described in the article to inform this descriptive study. According to the United Nation's Development Reports for 2005 and 2011, the country's human development index (HDI) rose by several points despite the socio-economic and political imbalances taking place in the republic since it gained its independence in 1991. It is stated in the article that government support programs are one of the crucial factors that increase the population welfare which in its turn may lead to reduction of social crisis processes in the country.

Challenges and Opportunities for Biodiversity Conservation and Sustainable Development of Ecotourism in Lalzi Bay, Durres County, Albania - Today's Science for Tomorrow's Management. A Methodology Guide with a Concrete Example by Lalzi Bay, Durres County, Albania

Tourism and coastal lines are the business sectors since centuries especially in the European Nations and Albania is one such spots. However, in recent decades tourism is experienced as vulnerability of the surrounding ecological conditions of air, soil, water, land and the communities that are dependant and sharing the ecosystem among flora and fauna. Experts opine that apart from the maintenance of near-originality of ecological biodiversity the tourism rather known as ecotourism an indigenous socio-cultural maintenance of indigenous/traditional knowledge of the local people must be well cared in order to sustain on sustainable grounds. As a general tendency, growth of tourism has been affected by the deterioration in the economic conditions on one aspect and unsustainable ecological areas affected since human interventions earlier to this has negative impact on futuristic tourist spots. However, tourism in Albania as of now is 11% of GDP and coastal regions accounting to 2-4%. An amicable Mediterranean climate with 300 sunny days similar parameters of Greece and Spain throws up sustainable ecotourism in future decades provided public services namely, transportation, road safety, lodging, food availability, recreational regiments, banking accessibility are as per the World Tourism Organizations- protocols. Thus as of Albanian situation, classification of ecotourism activities to safe-guard the localities with its maintenance of ecological land, water and climate has become a paramount importance with a wanting and satisfactory options through harnessing human energy for profit and fitness of ecological flora and fauna. A check on anthropogenic wastes and their safer utilizations inclusive of agricultural and industrial operations in line with Lalzi Bay Coastal Line are of utmost importance for the reason that the Adriatic Sea Coast is the one long stretch of Albanian Lifeline. The present work is based on the methodology of the sustainable management of the same issue.

Evaluation of the Degree of the Sufficiency of Public Green Spaces as an Indicator of Urban Density in the Chubu Metropolitan Area in Japan

This study uses GIS (Geographic Information Systems) to conduct an evaluation of the degree of the sufficiency of public green spaces such as parks and urban green areas as an indicator of the density of metropolitan areas, in particular the Chubu metropolitan area, in Japan. To that end, it first grasps the distribution situation of green spaces in the three metropolitan areas in Japan, especially in the Chubu metropolitan area, using GIS digital maps. And based on this result, it conducts a GIS evaluation of the degree of sufficiency of public green spaces and arranges the result for every distance belt from the central part to compare and exam for every distance belt away from the center in the Chubu metropolitan area. Furthermore, after pointing out the insufficient areas of public green spaces based on the result, it also proposes the improvement policy which can be introduced in the Chubu metropolitan area.

Hospital Administration for Humanized Healthcare in Thailand

Due to the emergence of “Humanized Healthcare" introduced by Professor Dr. Prawase Wasi in 2003[1], the development of this paradigm tends to be widely implemented. The organizations included Healthcare Accreditation Institute (public organization), National Health Foundation, Mahidol University in cooperation with Thai Health Promotion Foundation, and National Health Security Office (Thailand) have selected the hospitals or infirmaries that are qualified for humanized healthcare since 2008- 2010 and 35 of them are chosen to be the outstandingly navigating organizations for the development of humanized healthcare, humanized healthcare award [2]. The research aims to study the current issue, characteristics and patterns of hospital administration contributing to humanized healthcare system in Thailand. The selected case studies are from four hospitals including Dansai Crown Prince Hospital, Leoi; Ubolrattana Hospital, Khon Kaen; Kapho Hospital, Pattani; and Prathai Hospital, Nakhonrachasima. The methodology is in-depth interviewing with 10 staffs working as hospital executive directors, and representatives from leader groups including directors, multidisciplinary hospital committees, personnel development committees, physicians and nurses in each hospital. (Total=40) In addition, focus group discussions between hospital staffs and general people (including patients and their relatives, the community leader, and other people) are held by means of setting 4 groups including 8 people within each group. (Total=128) The observation on the working in each hospital is also implemented. The findings of the study reveal that there are five important aspects found in each hospital including (1) the quality improvement under the mental and spiritual development policy from the chief executives and lead teams, leaders as Role model and they have visionary leadership; (2) the participation hospital administration system focusing on learning process and stakeholder- needs, spiritual human resource management and development; (3) the relationship among people especially staffs, team work skills, mutual understanding, effective communication and personal inner-development; (4) organization culture relevant to the awareness of patients- rights as well as the participation policy including spiritual growth achieving to the same goals, sharing vision, developing public mind, and caring; and (5) healing structures or environment providing warmth and convenience for hospital staffs, patients and their relatives and visitors.

Investigating Sustainable Neighborhood Development in Jahanshahr

Nowadays, access to sustainable development in cities is assumed as one of the most important goals of urban managers. In the meanwhile, neighborhood as the smallest unit of urban spatial organization has a substantial effect on urban sustainability. Hence, attention to and focus on this subject is highly important in urban development plans. The objective of this study is evaluation of the status of Jahanshahr Neighborhood in Karaj city based on sustainable neighborhood development indicators. This research has been applied based on documentary method and field surveys. Also, evaluating of Jahanshahr Neighborhood of Karaj shows that it has a high level in sustainability in physical and economical dimension while a low level in cultural and social dimension. For this purpose, this neighborhood as a semi-sustainable neighborhood must take measures for development of collective spaces and efficiency of utilizing the public neighborhood spaces via collaboration of citizens and officials.

Free Convection Boundary Layer Flow of a Viscoelastic Fluid in the Presence of Heat Generation

The present paper considers the steady free convection boundary layer flow of a viscoelastics fluid with constant temperature in the presence of heat generation. The boundary layer equations are an order higher than those for the Newtonian (viscous) fluid and the adherence boundary conditions are insufficient to determine the solution of these equations completely. The governing boundary layer equations are first transformed into non-dimensional form by using special dimensionless group. Computations are performed numerically by using Keller-box method by augmenting an extra boundary condition at infinity and the results are displayed graphically to illustrate the influence of viscoelastic K, heat generation γ , and Prandtl Number, Pr parameters on the velocity and temperature profiles. The results of the surface shear stress in terms of the local skin friction and the surface rate of heat transfer in terms of the local Nusselt number for a selection of the heat generation parameterγ (=0.0, 0.2, 0.5, 0.8, 1.0) are obtained and presented in both tabular and graphical formats. Without effect of the internal heat generation inside the fluid domain for which we take γ = 0.0, the present numerical results show an excellent agreement with previous publication.

A Novel Approach to Avoid Billing Attack on VOIP System

In a recent year usage of VoIP subscription has increased tremendously as compare to Public Switching Telephone System(PSTN). A VoIP subscriber would like to know the exact tariffs of the calls made using VoIP. As the usage increases, the rate of fraud is also increases, causing users complain about excess billing. This in turn hampers the growth of VoIP .This paper describe the common frauds and attack on VoIP based system and make an attempt to solve the billing attack by creating secured channel between caller and callee.

GeNS: a Biological Data Integration Platform

The scientific achievements coming from molecular biology depend greatly on the capability of computational applications to analyze the laboratorial results. A comprehensive analysis of an experiment requires typically the simultaneous study of the obtained dataset with data that is available in several distinct public databases. Nevertheless, developing a centralized access to these distributed databases rises up a set of challenges such as: what is the best integration strategy, how to solve nomenclature clashes, how to solve database overlapping data and how to deal with huge datasets. In this paper we present GeNS, a system that uses a simple and yet innovative approach to address several biological data integration issues. Compared with existing systems, the main advantages of GeNS are related to its maintenance simplicity and to its coverage and scalability, in terms of number of supported databases and data types. To support our claims we present the current use of GeNS in two concrete applications. GeNS currently contains more than 140 million of biological relations and it can be publicly downloaded or remotely access through SOAP web services.

A Computer Proven Application of the Discrete Logarithm Problem

In this paper we analyze the application of a formal proof system to the discrete logarithm problem used in publickey cryptography. That means, we explore a computer verification of the ElGamal encryption scheme with the formal proof system Isabelle/HOL. More precisely, the functional correctness of this algorithm is formally verified with computer support. Besides, we present a formalization of the DSA signature scheme in the Isabelle/HOL system. We show that this scheme is correct what is a necessary condition for the usefulness of any cryptographic signature scheme.

Public R and D Risk and Risk Management Policy

R&D risk management has been suggested as one of the management approaches for accomplishing the goals of public R&D investment. The investment in basic science and core technology development is the essential roles of government for securing the social base needed for continuous economic growth. And, it is also an important role of the science and technology policy sectors to generate a positive environment in which the outcomes of public R&D can be diffused in a stable fashion by controlling the uncertainties and risk factors in advance that may arise during the application of such achievements to society and industry. Various policies have already been implemented to manage uncertainties and variables that may have negative impact on accomplishing public R& investment goals. But we may derive new policy measures for complementing the existing policies and for exploring progress direction by analyzing them in a policy package from the viewpoint of R&D risk management.

Interethnic and Interconfessional Agreements are Major Factors of the Political Stability in the Republic of Kazakhstan

In the article the historical formation of interethnic and interconfessional agreement policy in Kazakhstan and their developing features at present time will be analyzed. The successfully pursued by Kazakhstan at the present in the direction of ethnic and confessional policy is regarded as a major factor in promoting stability for the country.