Abstract: Lack of resources for road infrastructure financing is a
problem that currently affects not only eastern European economies
but also many other countries especially in relation to the impact of
global financial crisis. In this context, we are talking about the socalled
short-investment problem as a result of long-term lack of
investment resources. Based on an analysis of road infrastructure
financing in the Czech Republic this article points out at weaknesses
of current system and proposes a long-term planning methodology
supported by system approach. Within this methodology and using
created system dynamic model the article predicts the development of
short-investment problem in the Country and in reaction on the
downward trend of certain sources the article presents various
scenarios resulting from the change of the structure of financial
sources. In the discussion the article focuses more closely on the
possibility of introduction of tax on vehicles instead of taxes with
declining revenue streams and estimates its approximate price in
relation to reaching various solutions of short-investment in time.
Abstract: This paper focuses on sovereign credit risk meaning a
hot topic related to the current Eurozone crisis. In the light of the
recent financial crisis, market perception of the creditworthiness of
individual sovereigns has changed significantly. Before the outbreak
of the financial crisis, market participants did not differentiate
between credit risk born by individual states despite different levels
of public indebtedness. In the proceeding of the financial crisis, the
market participants became aware of the worsening fiscal situation in
the European countries and started to discriminate among
government issuers. Concerns about the increasing sovereign risk
were reflected in surging sovereign risk premium. The main of this
paper is to shed light on the characteristics of the sovereign risk with
the special attention paid to the mutual relation between credit spread
and the CDS premium as the main measures of the sovereign risk
premium.
Abstract: Since the 1980s, banks and financial service institutions have been running in an endless race of innovation to cope with the advancing technology, the fierce competition, and the more sophisticated and demanding customers. In order to guide their innovation efforts, several researches were conducted to identify the success and failure factors of new financial services. These mainly included organizational factors, marketplace factors and new service development process factors. They almost all emphasized the importance of customer and market orientation as a response to the highly perceptual and intangible characteristics of financial services. However, they deemphasized the critical characteristics of high involvement of risk and close correlation with the economic conditions, a factor that heavily contributed to the Global financial Crisis of 2008. This paper reviews the success and failure factors of new financial services. It then adds new perspectives emerging from the analysis of the role of innovation in the global financial crisis.
Abstract: In this paper discrete choice models, Logit and Probit
are examined in order to predict the economic recession or expansion
periods in USA. Additionally we propose an adaptive neuro-fuzzy
inference system with triangular membership function. We examine
the in-sample period 1947-2005 and we test the models in the out-of
sample period 2006-2009. The forecasting results indicate that the
Adaptive Neuro-fuzzy Inference System (ANFIS) model outperforms
significant the Logit and Probit models in the out-of sample period.
This indicates that neuro-fuzzy model provides a better and more
reliable signal on whether or not a financial crisis will take place.
Abstract: Disordered function of maniphalanx and difficulty with
ambulation will occur insofar as a human has a failure in the spinal
marrow. Cervical spondylotic myelopathy as one of the myelopathy
emanates from not only external factors but also increased age. In
addition, the diacrisis is difficult since cervical spondylotic
myelopathy is evaluated by a doctor-s neurological remark and
imaging findings. As a quantitative method for measuring the degree
of disability, hand-operated triangle step test (for short, TST) has
formulated. In this research, a full automatic triangle step counter
apparatus is designed and developed to measure the degree of
disability in an accurate fashion according to the principle of TST. The
step counter apparatus whose shape is a low triangle pole displays the
number of stepping upon each corner. Furthermore, the apparatus has
two modes of operation. Namely, one is for measuring the degree of
disability and the other for rehabilitation exercise. In terms of
usefulness, clinical practice should be executed before too long.
Abstract: With the implied volatility as an important factor in
financial decision-making, in particular in option pricing valuation,
and also the given fact that the pricing biases of Leland option pricing
models and the implied volatility structure for the options are related,
this study considers examining the implied adjusted volatility smile
patterns and term structures in the S&P/ASX 200 index options using
the different Leland option pricing models. The examination of the
implied adjusted volatility smiles and term structures in the
Australian index options market covers the global financial crisis in
the mid-2007. The implied adjusted volatility was found to escalate
approximately triple the rate prior the crisis.
Abstract: The separation of dissolved gas including dissolved oxygen can be used in breathing for a human under water. When one is suddenly wrecked or meets a tsunami, one is instantly drowned and cannot breathe under water. To avoid this crisis, when we meet waves, the dissolved gas separated from water by wave is used, while air can be used to breathe when we are about to escape from water. In this thesis, we investigated the separation characteristics of dissolved gas using the pipe type of hollow fiber membrane with polypropylene and the nude type of one with polysulfone. The hollow fiber membranes with good characteristics under water are used to separate the dissolved gas. The hollow fiber membranes with good characteristics in an air are used to transfer air. The combination of membranes with good separation characteristics under water and good transferring one in an air is used to breathe instantly under water to be alive at crisis. These results showed that polypropylene represented better performance than polysulfone under both of air and water conditions.
Abstract: There are three distinct stages in the evolution of
economic thought, namely:
1. in the first stage, the major concern was to accelerate
economic growth with increased availability of material
goods, especially in developing economies with very low
living standards, because poverty eradication meant faster
economic growth.
2. in the second stage, economists made distinction between
growth and development. Development was seen as going
beyond economic growth, and bringing certain changes in
the structure of the economy with more equitable
distribution of the benefits of growth, with the growth
coming automatic and sustained.
3. the third stage is now reached. Our concern is now with
“sustainable development", that is, development not only
for the present but also of the future.
Thus the focus changed from “sustained growth" to “sustained
development". Sustained development brings to the fore the long
term relationship between the ecology and economic development.
Since the creation of UNEP in 1972 it has worked for
development without destruction for environmentally sound and
sustained development. It was realised that the environment cannot
be viewed in a vaccum, it is not separate from development, nor is it
competing. It suggested for the integration of the environment with
development whereby ecological factors enter development planning,
socio-economic policies, cost-benefit analysis, trade, technology
transfer, waste management, educational and other specific areas.
Industrialisation has contributed to the growth of economy of
several countries. It has improved the standards of living of its people
and provided benefits to the society. It has also created in the process
great environmental problems like climate change, forest destruction
and denudation, soil erosion and desertification etc.
On the other hand, industry has provided jobs and improved the
prospects of wealth for the industrialists. The working class
communities had to simply put up with the high levels of pollution in
order to keep up their jobs and also to save their income.
There are many roots of the environmental problem. They may be
political, economic, cultural and technological conditions of the
modern society. The experts concede that industrial growth lies
somewhere close to the heart of the matter. Therefore, the objective
of this paper is not to document all roots of an environmental crisis
but rather to discuss the effects of industrial growth and
development.
We have come to the conclusion that although public intervention
is often unnecessary to ensure that perfectly competitive markets will
function in society-s best interests, such intervention is necessary
when firms or consumers pollute.
Abstract: The purpose of this article is to analyze economic and
political tendencies of development of integration processes with
different developing level and speed on the Eurasian space, by considering two organizations at the region – Eurasian Economic
Community and Shanghai Cooperation Organization, by considering the interests of participations in organizations of Russia and China as
a global powers and Kazakhstan as a leader among the Central Asian
countries. This article investigates what certain goals Eurasian
countries (especially Russia, Kazakhstan and China) are waiting from integration within the SCO and the EurAsEC, linking the process
with the theories of regional integration. After European debt crisis it is more topically to research the integration within the specific
region's conditions.
Abstract: Sub-prime mortgage crisis which began in the US is
regarded as the most economic crisis since the Great Depression in the
early 20th century. Especially, hidden problems on efficient operation
of a business were disclosed at a time and many financial institutions
went bankrupt and filed for court receivership. The collapses of
physical market lead to bankruptcy of manufacturing and construction
businesses. This study is to analyze dynamic efficiency of construction
businesses during the five years at the turn of the global financial
crisis. By discovering the trend and stability of efficiency of a
construction business, this study-s objective is to improve
management efficiency of a construction business in the
ever-changing construction market. Variables were selected by
analyzing corporate information on top 20 construction businesses in
Korea and analyzed for static efficiency in 2008 and dynamic
efficiency between 2006 and 2010. Unlike other studies, this study
succeeded in deducing efficiency trend and stability of a construction
business for five years by using the DEA/Window model. Using the
analysis result, efficient and inefficient companies could be figured
out. In addition, relative efficiency among DMU was measured by
comparing the relationship between input and output variables of
construction businesses. This study can be used as a literature to
improve management efficiency for companies with low efficiency
based on efficiency analysis of construction businesses.
Abstract: The need to implement intelligent highways is much
more emphasized with the growth of vehicle production line as well as vehicle intelligence. The control of intelligent vehicles in order to
reduce human error and boost ease congestion is not accomplished solely by the aid of human resources. The present article is an attempt
to introduce an intelligent control system based on a single central computer. In this project, central computer, without utilizing Global
Positioning System (GPS), is capable of tracking all vehicles, crisis management and control, traffic guidance and recording traffic
crimes along the highway. By the help of RFID technology, vehicles
are connected to computerized systems, intelligent light poles and
other available hardware along the way. By the aid of Wimax
communicative technology, all components of the system are
virtually connected together through local and global networks
devised in them and the energy of the network is provided by the
solar cells installed on the intelligent light poles.
Abstract: Islamic banking is one the most blossoming doctrine in
economic system of the world. The Fast growing awareness about
Islamic financial system has brought strong feeling to Muslims to
confront the western interest-based economic cycle. The Islamic
economic system is emerging as a reliable alternative to the interest
based system. This study is proposed to ascertain the motivational
factors encouraging people to go for Islamic banking in Pakistan.
These pulsing factors are determined by generation of hypothesis that
there are certain factors which are urging people to opt Islamic
banking system and to see the differences in their ranking by applying
Friedman test. These factors include: Economically derived factors
such as stability of Islamic banks in crisis, profit and loss sharing
doctrine and equity sharing etc. This study also highlights the
religiously derived factors such as interest free banking, Shariah
tenets and supervisory of Islamic Shariah board and sociopsychological
factors.
Abstract: The deficit of power for electricity demand reaches
almost 30% for consumers in the last few years. This reflects with
continually increasing the price of electricity, and today the price for
small industry is almost 110Euro/MWh. The high price is additional
problem for the owners in the economy crisis which is reflected with
higher price of the goods.
The paper gives analyses of the energy needs for real agro
complex in Macedonia, private vinery with capacity of over 2 million
liters in a year and with self grapes and fruits fields. The existing
power supply is from grid with 10/04 kV transformer. The
geographical and meteorological condition of the vinery location
gives opportunity for including renewable as a power supply option
for the vinery complex.
After observation of the monthly energy needs for the vinery, the
base scenario is the existing power supply from the distribution grid.
The electricity bill in small industry has three factors: electricity in
high and low tariffs in kWh and the power engaged for the
technological process of production in kW. These three factors make
the total electricity bill and it is over 110 Euro/MWh which is the
price near competitive for renewable option. On the other side
investments in renewable (especially photovoltaic (PV)) has tendency
of decreasing with price of near 1,5 Euro/W. This means that
renewable with PV can be real option for power supply for small
industry capacities (under 500kW installed power).
Therefore, the other scenarios give the option with PV and the last
one includes wind option. The paper presents some scenarios for
power supply of the vinery as the followings:
• Base scenario of existing conventional power supply from the
grid
• Scenario with implementation of renewable of Photovoltaic
• Scenario with implementation of renewable of Photovoltaic and
Wind power
The total power installed in a vinery is near 570 kW, but the
maximum needs are around 250kW. At the end of the full paper some
of the results from scenarios will be presented. The paper also
includes the environmental impacts of the renewable scenarios, as
well as financial needs for investments and revenues from renewable.
Abstract: The paper presents the case study of hazard
identification and sensitivity of potential resource of emergency
water supply as part of the application of methodology classifying
the resources of drinking water for emergency supply of population.
The case study has been carried out on a selected resource of
emergency water supply in one region of the Czech Republic. The
hazard identification and sensitivity of potential resource of
emergency water supply is based on a unique procedure and
developed general registers of selected types of hazards and
sensitivities. The registers have been developed with the help of the
“Fault Tree Analysis” method in combination with the “What if
method”. The identified hazards for the assessed resource include
hailstorms and torrential rains, drought, soil erosion, accidents of
farm machinery, and agricultural production. The developed registers
of hazards and vulnerabilities and a semi-quantitative assessment of
hazards for individual parts of hydrological structure and
technological elements of presented drilled wells are the basis for a
semi-quantitative risk assessment of potential resource of emergency
supply of population and the subsequent classification of such
resource within the system of crisis planning.
Abstract: The objectives of this research are to search the
management pattern of Nakhon Pathom lodging entrepreneurs for
sufficient economy ways, to know the threat that affects this sector
and design fit arrangement model to sustain their business with
Nakhon Pathom style. What will happen if they do not use this
approach? Will they have a financial crisis? The data and
information are collected by informal discussions with 12 managers
and 400 questionnaires. A mixed method of both qualitative research
and quantitative research are used. Bent Flyvbjerg’s phronesis is
utilized for this analysis. Our research will prove that sufficient
economy can help small business firms to solve their problems. We
think that the results of our research will be a financial model to
solve many problems of the entrepreneurs and this way will can be a
model for other provinces of Thailand.
Abstract: With high speed vessels getting ever more sophisti-cated, travelling at higher and higher speeds and operating in With high speed vessels getting ever more sophisticated,
travelling at higher and higher speeds and operating in areas of
high maritime traffic density, training becomes of the highest priority
to ensure that safety levels are maintained, and risks are adequately
mitigated. Training onboard the actual craft on the actual route still
remains the most effective way for crews to gain experience. However,
operational experience and incidents during the last 10 years
demonstrate the need for supplementary training whether in the area
of simulation or man to man, man/ machine interaction. Training and
familiarisation of the crew is the most important aspect in preventing
incidents. The use of simulator, computer and web based training
systems in conjunction with onboard training focusing on critical
situations will improve the man machine interaction and thereby
reduce the risk of accidents. Today, both ship simulator and bridge
teamwork courses are now becoming the norm in order to improve
further emergency response and crisis management skills. One of the
main causes of accidents is the human factor. An efficient way to
reduce human errors is to provide high-quality training to the personnel
and to select the navigators carefully.areas of high maritime traffic density, training becomes of the highest priority to ensure that safety levels are maintained, and risks are adequately mitigated. Training onboard the actual craft on the actual route still remains the most effective way for crews to gain experience. How-ever, operational experience and incidents during the last 10 years demonstrate the need for supplementary training whether in the area of simulation or man to man, man/ machine interaction. Training and familiarisation of the crew is the most important aspect in preventing incidents. The use of simulator, computer and web based training systems in conjunction with onboard training focusing on critical situations will improve the man machine interaction and thereby reduce the risk of accidents. Today, both ship simulator and bridge teamwork courses are now becoming the norm in order to improve further emergency response and crisis management skills. One of the main causes of accidents is the human factor. An efficient way to reduce human errors is to provide high-quality training to the person-nel and to select the navigators carefully. KeywordsCBT - WBT systems, Human factors.
Abstract: Phishing scheme is a new emerged security issue of
E-Commerce Crime in globalization. In this paper, the legal scaffold
of Malaysia, United States and United Kingdom are analyzed and
followed by discussion on critical issues that rose due to phishing
activities. The result revealed that inadequacy of current legal
framework is the main challenge to govern this epidemic. However,
lack of awareness among consumers, crisis on merchant-s
responsibility and lack of intrusion reports and incentive arrangement
contributes to phishing proliferating. Prevention is always better than
curb. By the end of this paper, some best practices for consumers and
corporations are suggested.
Abstract: In this paper we designed and implemented a new
ensemble of classifiers based on a sequence of classifiers which were
specialized in regions of the training dataset where errors of its
trained homologous are concentrated. In order to separate this
regions, and to determine the aptitude of each classifier to properly
respond to a new case, it was used another set of classifiers built
hierarchically. We explored a selection based variant to combine the
base classifiers. We validated this model with different base
classifiers using 37 training datasets. It was carried out a statistical
comparison of these models with the well known Bagging and
Boosting, obtaining significantly superior results with the
hierarchical ensemble using Multilayer Perceptron as base classifier.
Therefore, we demonstrated the efficacy of the proposed ensemble,
as well as its applicability to general problems.
Abstract: We present a simulation and realization of a battery
charge regulator (BCR) in microsatellite earth observation. The tests
were performed on battery pack 12volt, capacity 24Ah and the solar array open circuit voltage of 100 volt and optimum power of about
250 watt. The battery charge is made by solar module. The principle is to adapt the output voltage of the solar module to the battery by
using the technique of pulse width modulation (PWM). Among the different techniques of charge battery, we opted for the technique of
the controller ON/OFF is a standard technique and simple, it-s easy to
be board executed validation will be made by simulation "Proteus Isis
Professional software ". The circuit and the program of this prototype
are based on the PIC16F877 microcontroller, a serial interface connecting a PC is also realized, to view and save data and graphics
in real time, for visualization of data and graphs we develop an interface tool “visual basic.net (VB)--.
Abstract: Using Turkish data, in this study it is investigated that
whether a firm’s ownership structure has an impact on its stock
prices after the crisis. A linear regression model is conducted on the
data of non-financial firms that are trading in Istanbul Stock
Exchange 100 Index (ISE 100) index. The findings show that, all
explanatory variables such as inside ownership, largest ownership,
concentrated ownership, foreign shareholders, family controlled and
dispersed ownership are not very important to explain stock prices
after the crisis. Family controlled firms and concentrated ownership
is positively related to stock price, dispersed ownership, largest
ownership, foreign shareholders, and inside ownership structures
have negative interaction between stock prices, but because of the p
value is not under the value of 0.05 this relation is not significant. In
addition, the analysis shows that, the shares of firms that have inside,
largest and dispersed ownership structure are outperform comparing
with the other firms. Furthermore, ownership concentrated firms
outperform to family controlled firms.