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: Forming a legal culture among citizens is a
complicated and lengthy process, influencing all spheres of social
life. It includes promoting justice, learning rights and duties, the
introduction of juridical norms and knowledge, and also a process of
developing a system of legal acts and constitutional norms. Currently,
the evaluative and emotional influence of attempts to establish a legal
culture among the citizens of Kazakhstan is limited by real legal
practice. As a result, the values essential to a sound civil society are
absent from the consciousness of the Kazakh people who are thus, in
turn, not able to develop respect for these values. One of the
disadvantages of the modern Kazakh educational system is a
tendency to underrate the actual forces shaping the worldview of
Kazakh youths. The mass-media, which are going through a
personnel crisis, cannot provide society with the legal and political
information necessary to form the sort of legal culture required for a
true civil society.
Abstract: Drought is a phenomenon caused by
environmental and climatic changes. This phenomenon is
affected by shortage of rainfall and temperature. Dust is one
of important environmental problems caused by climate
change and drought. With recent multi-year drought, many
environmental crises caused by dust in Iran and Middle East.
Dust in the vast areas of the provinces occurs with high
frequency. By dust affecting many problems created in terms
of health, social and economic. In this study, we tried to study
the most important factors causing dust. In this way we have
used the satellite images and meteorological data. Finally,
strategies to deal with the dust will be mentioned.
Abstract: While the form of crises may change, their essence
remains the same (such as a cycle of abundant liquidity, rapid credit
growth, and a low-inflation environment followed by an asset-price
bubble). The current market turbulence began in mid-2000s when the
US economy shifted to imbalanced both internal and external
macroeconomic positions. We see two key causes of these problems
– loose US monetary policy in early 2000s and US government
guarantees issued on the securities by government-sponsored
enterprises what was further fueled by financial innovations such as
structured credit products. We have discovered both negative and
positive lessons deriving from this crisis and divided the negative
lessons into three groups: financial products and valuation, processes
and business models, and strategic issues. Moreover, we address key
risk management lessons and exit strategies derived from the current
crisis and recommend policies that should help diminish the negative
impact of future potential crises.
Abstract: Literature reveals that many investors rely on technical trading rules when making investment decisions. If stock markets are efficient, one cannot achieve superior results by using these trading rules. However, if market inefficiencies are present, profitable opportunities may arise. The aim of this study is to investigate the effectiveness of technical trading rules in 34 emerging stock markets. The performance of the rules is evaluated by utilizing White-s Reality Check and the Superior Predictive Ability test of Hansen, along with an adjustment for transaction costs. These tests are able to evaluate whether the best model performs better than a buy-and-hold benchmark. Further, they provide an answer to data snooping problems, which is essential to obtain unbiased outcomes. Based on our results we conclude that technical trading rules are not able to outperform a naïve buy-and-hold benchmark on a consistent basis. However, we do find significant trading rule profits in 4 of the 34 investigated markets. We also present evidence that technical analysis is more profitable in crisis situations. Nevertheless, this result is relatively weak.
Abstract: The contamination of 15 ground water resources
of a selected region earmarked for the emergency supply
of population has been monitored. The resources have been selected
on the basis of previous assessment of natural conditions
and the exploitation of territory in their surroundings and infiltration
area. Two resources out of 15 have been excluded from further
exploitation, because they have not met some of the 72 assessed
hygienic indicators of extended analysis. The remaining 13 resources
have been the subject of health risk analysis in relation
to the contamination by arsenic, lead, cadmium, mercury, nickel and
manganese. The risk analysis proved that all 13 resources meet
health standards with regard to the above mentioned purposefully
selected elements and may thus be included into crisis plans. Water
quality of ground resources may be assessed in the same way
with regard to other contaminants.
Abstract: This study aims at providing empirical evidence on a
comparison of two equity valuation models: (1) the dividend discount
model (DDM) and (2) the residual income model (RIM), in
estimating equity values of Thai firms during 1995-2004. Results
suggest that DDM and RIM underestimate equity values of Thai
firms and that RIM outperforms DDM in predicting cross-sectional
stock prices. Results on regression of cross-sectional stock prices on
the decomposed DDM and RIM equity values indicate that book
value of equity provides the greatest incremental explanatory power,
relative to other components in DDM and RIM terminal values,
suggesting that book value distortions resulting from accounting
procedures and choices are less severe than forecast and
measurement errors in discount rates and growth rates.
We also document that the incremental explanatory power of book
value of equity during 1998-2004, representing the information
environment under Thai Accounting Standards reformed after the
1997 economic crisis to conform to International Accounting
Standards, is significantly greater than that during 1995-1996,
representing the information environment under the pre-reformed
Thai Accounting Standards. This implies that the book value
distortions are less severe under the 1997 Reformed Thai Accounting
Standards than the pre-reformed Thai Accounting Standards.
Abstract: After the accounting scandals and the financial crisis, regulators have stressed the need for more financial experts on boards. Several studies conducted in countries with developed capital markets report positive effects of board financial competencies. As each country offers a different context and specific institutional factors this paper addresses the subject in the context of Romania. The Romanian capital market offers an interesting research field because of the heterogeneity of listed firms. After analyzing board members education based on public information posted on listed companies websites and their annual reports we found a positive association between the proportion of board members holding a postgraduate degree in financial fields and market based performance measured by Tobin q. We found also that the proportion of Board members holding degrees in financial fields is higher in bigger firms and firms with more concentrated ownership.
Abstract: The new status generated by technological advancements and changes in the global economy raises important issues on how communities and organisations need to innovate upon their traditional processes in order to adapt to the challenges of the Knowledge Society. The DialogoS+ European project aims to study the role of and promote social dialogue in the banking sector, strengthen the link between old and new members and make social dialogue at the European level a force for innovation and change, also given the context of the international crisis emerging in 2008- 2009. Under the scope of DialogoS+, this paper describes how the community of Europe-s banking sector trade unions attempted to adapt to the challenges of the Knowledge Society by exploiting the benefits of new channels of communication, learning, knowledge generation and diffusion focusing on the concept of roadmapping. Important dimensions of social dialogue such as collective bargaining and working conditions are addressed.
Abstract: Liquidity risk management ranks to key concepts
applied in finance. Liquidity is defined as a capacity to obtain
funding when needed, while liquidity risk means as a threat to this
capacity to generate cash at fair costs. In the paper we present
challenges of liquidity risk management resulting from the 2007-
2009 global financial upheaval. We see five main regulatory
liquidity risk management issues requiring revision in coming
years: liquidity measurement, intra-day and intra-group liquidity
management, contingency planning and liquidity buffers, liquidity
systems, controls and governance, and finally models testing the
viability of business liquidity models.
Abstract: In [4], Kipnis and Shamir have cryptanalised
a version of HFE of degree 2. In this paper, we describe the
generalization of this attack of HFE of degree more than 2.
We are based on Fourier Transformation to acheive partially
this attack.
Abstract: Climate change is a phenomenon has been based on
the available evidence from a very long time ago and now its
existence is very probable. The speed and nature of climate
parameters changes at the middle of twentieth century has been
different and its quickness more than the before and its trend changed
to some extent comparing to the past. Climate change issue now
regarded as not only one of the most common scientific topic but also
a social political one, is not a new issue. Climate change is a
complicated atmospheric oceanic phenomenon on a global scale and
long-term. Precipitation pattern change, fast decrease of snowcovered
resources and its rapid melting, increased evaporation, the
occurrence of destroying floods, water shortage crisis, severe
reduction at the rate of harvesting agricultural products and, so on are
all the significant of climate change. To cope with this phenomenon,
its consequences and events in which public instruction is the most
important but it may be climate that no significant cant and effective
action has been done so far. The present article is included a part of
one surrey about climate change in Fars. The study area having
annually mean temperature 14 and precipitation 320 mm .23 stations
inside the basin with a common 37 year statistical period have been
applied to the meteorology data (1974-2010). Man-kendal and
change factor methods are two statistical methods, applying them, the
trend of changes and the annual mean average temperature and the
annual minimum mean temperature were studied by using them.
Based on time series for each parameter, the annual mean average
temperature and the mean of annual maximum temperature have a
rising trend so that this trend is clearer to the mean of annual
maximum temperature.
Abstract: There are little subjects in macroeconomics that are so
widely discussed, but at the same time controversial and without a
clear solution such as the choice of exchange rate regime. National
authorities need to take into consideration numerous fundamentals,
trying to fulfil goals of economic growth, low and stable inflation
and international stability. This paper focuses on the countries of ex-
Yugoslavia and their exchange rate history as independent states. We
follow the development of the regimes in 6 countries during the
transition through the financial crisis of the second part of the 2000s
to the prospects of their final goal: full membership in the European
Union. Main question is to what extent has the exchange regime
contributed to their economic success, considering other objective
factors.
Abstract: Green incentives are included in the “American
Recovery and Reinvestment Act of 2009" (ARRA). It is, however,
unclear how these government incentives can be carried out most
effectively according to market-based principles and if they can serve
as a catalyst for an accelerated green transformation and an ultimate
solution to the current U.S. and global economic and financial crisis.
The article will compare the existing U.S. green economic policies
with those in Germany, identify problems, and suggest improvements
to allow the green stimulus incentives to achieve the best results in
the process of an accelerated green transformation. The author argues
that the current U.S. green stimulus incentives can only be most
successful if they are carried out as part of a visionary,
comprehensive, long-term, and consistent strategy of the green
economic transformation.
Abstract: Software crisis refers to the situation in which the developers are not able to complete the projects within time and budget constraints and moreover these overscheduled and over budget projects are of low quality as well. Several methodologies have been adopted form time to time to overcome this situation and now in the focus is component based software engineering. In this approach, emphasis is on reuse of already existing software artifacts. But the results can not be achieved just by preaching the principles; they need to be practiced as well. This paper highlights some of the very basic elements of this approach, which has to be in place to get the desired goals of high quality, low cost with shorter time-to-market software products.
Abstract: The interdependences among stock market indices
were studied for a long while by academics in the entire world. The
current financial crisis opened the door to a wide range of opinions
concerning the understanding and measurement of the connections
considered to provide the controversial phenomenon of market
integration. Using data on the log-returns of 17 stock market indices
that include most of the CEE markets, from 2005 until 2009, our
paper studies the problem of these dependences using a new
methodological tool that takes into account both the volatility
clustering effect and the stochastic properties of these linkages
through a Dynamic Conditional System of Simultaneous Equations.
We find that the crisis is well captured by our model as it provides
evidence for the high volatility – high dependence effect.
Abstract: The current situation in the eurozone raises a number of topics for discussion and to help in finding an answer to the question of whether a common currency is a more suitable means of coping with the impact of the financial crisis or whether national currencies are better suited to this. The economic situation in the EU is now considerably volatile and, due to problems with the fulfilment of the Maastricht convergence criteria, it is now being considered whether, in their further development, new member states will decide to distance themselves from the euro or will, in an attempt to overcome the crisis, speed up the adoption of the euro. The Czech Republic is one country with little interest in adopting the euro, justified by the fact that a better alternative to dealing with this crisis is an independent monetary policy and its ability to respond flexibly to the economic situation not only in Europe, but around the world. One attribute of the crisis in the Czech Republic and its mitigation is the freely floating exchange rate of the national currency. It is not only the Czech Republic that is attempting to alleviate the impact of the crisis, but also new EU member countries facing fresh questions to which theory have yet to provide wholly satisfactory answers. These questions undoubtedly include the problem of inflation targeting and the choice of appropriate instruments for achieving financial stability. The difficulty lies in the fact that these objectives may be contradictory and may require more than one means of achieving them. In this respect we may assume that membership of the euro zone might not in itself mitigate the development of the recession or protect the nation from future crises. We are of the opinion that the decisive factor in the development of any economy will continue to be the domestic economic policy and the operability of market economic mechanisms. We attempt to document this fact using selected countries as examples, these being the Czech Republic, Poland, Hungary, and Slovakia.
Abstract: Since 2008 a new economic crisis is present is the
entire planet. This crisis affects several domains of the economic but
also of the social life. Consumption decreases due to the lack of
necessary resources of households to increase their expenditures. The
car manufacturing is one of the main industrial activities in European
Union (EU) and the present crisis particularly affects it. The present
study examines the correlations between several socio-economic
indicators and car market in European Union. The target is to find out
the impact of the present economic crisis on the car market in EU.
Abstract: Due to the environmental and price issues of current
energy crisis, scientists and technologists around the globe are
intensively searching for new environmentally less-impact form of
clean energy that will reduce the high dependency on fossil fuel.
Particularly hydrogen can be produced from biomass via thermochemical
processes including pyrolysis and gasification due to the
economic advantage and can be further enhanced through in-situ
carbon dioxide removal using calcium oxide. This work focuses on
the synthesis and development of the flowsheet for the enhanced
biomass gasification process in PETRONAS-s iCON process
simulation software. This hydrogen prediction model is conducted at
operating temperature between 600 to 1000oC at atmospheric
pressure. Effects of temperature, steam-to-biomass ratio and
adsorbent-to-biomass ratio were studied and 0.85 mol fraction of
hydrogen is predicted in the product gas. Comparisons of the results
are also made with experimental data from literature. The
preliminary economic potential of developed system is RM 12.57 x
106 which equivalent to USD 3.77 x 106 annually shows economic
viability of this process.
Abstract: Societal security, continuity scenarios and methodological cycling approach explained in this article. Namely societal security organizational challenges ask implementation of international standards BS 25999-2 & global ISO 22300 which is a family of standards for business continuity management system. Efficient global organization system is distinguished of high entity´s complexity, connectivity & interoperability, having not only cooperative relations in a fact. Competing business have numerous participating ´enemies´, which are in apparent or hidden opponent and antagonistic roles with prosperous organization system, resulting to a crisis scene or even to a battle theatre. Organization business continuity scenarios are necessary for such ´a play´ preparedness, planning, management & overmastering in real environments.