Abstract: In July 1, 2007, Taiwan Stock Exchange (TWSE) on
market observation post system (MOPS) adds a new "Financial
reference database" for investors to do investment reference. This
database as a warning to public offering companies listed on the
public financial information and it original within eight targets. In
this paper, this database provided by the indicators for the application
of company financial crisis early warning model verify that the
database provided by the indicator forecast for the financial crisis,
whether or not companies have a high accuracy rate as opposed to
domestic and foreign scholars have positive results. There is use of
Logistic Regression Model application of the financial early warning
model, in which no joined back-conditions is the first model, joined it
in is the second model, has been taken occurred in the financial crisis
of companies to research samples and then business took place
before the financial crisis point with T-1 and T-2 sample data to do
positive analysis. The results show that this database provided the
debt ratio and net per share for the best forecast variables.
Abstract: Today, advantage of biotechnology especially in environmental issues compared to other technologies is irrefragable. Kimia Gharb Gostar Industries Company, as a largest producer of citric acid in Middle East, applies biotechnology for this goal. Citrogypsum is a by–product of citric acid production and it considered as a valid residuum of this company. At this paper summary of acid citric production and condition of Citrogypsum production in company were introduced in addition to defmition of Citrogypsum production and its applications in world. According to these information and evaluation of present conditions about Iran needing to Citrogypsum, the best priority was introduced and emphasized on strategy selection and proper programming for self-sufficiency. The Delphi technique was used to elicit expert opinions about criteria for evaluating the usages. The criteria identified by the experts were profitability, capacity of production, the degree of investment, marketable, production ease and time production. The Analytical Hierarchy Process (ARP) and Expert Choice software were used to compare the alternatives on the criteria derived from the Delphi process.
Abstract: Pipeline infrastructures normally represent high cost of investment and the pipeline must be free from risks that could cause environmental hazard and potential threats to personnel safety. Pipeline integrity such monitoring and management become very crucial to provide unimpeded transportation and avoiding unnecessary production deferment. Thus proper cleaning and inspection is the key to safe and reliable pipeline operation and plays an important role in pipeline integrity management program and has become a standard industry procedure. In view of this, understanding the motion (dynamic behavior), prediction and control of the PIG speed is important in executing pigging operation as it offers significant benefits, such as estimating PIG arrival time at receiving station, planning for suitable pigging operation, and improves efficiency of pigging tasks. The objective of this paper is to review recent developments in speed control system of pipeline PIGs. The review carried out would serve as an industrial application in a form of quick reference of recent developments in pipeline PIG speed control system, and further initiate others to add-in/update the list in the future leading to knowledge based data, and would attract active interest of others to share their view points.
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: The building of a factory can be a strategic investment
owing to its long service life. An evaluation that only focuses, for
example, on payments for the building, the technical equipment of
the factory, and the personnel for the enterprise is – considering the
complexity of the system factory – not sufficient for this long-term
view. The success of an investment is secured, among other things,
by the attainment of nonmonetary goals, too, like transformability.
Such aspects are not considered in traditional investment calculations
like the net present value method. This paper closes this gap with the
enhanced economic evaluation (EWR) for factory planning. The
procedure and the first results of an application in a project are
presented.
Abstract: The relation between taxation states and foreign direct
investment has been studied for several perspectives and with states
of different levels of development. Usually it's only considered the
impact of tax level on the foreign direct investment volume. This
paper enhances this view by assuming that multinationals companies
(MNC) can use transfer prices systems and have got investment
timing flexibility. Thus, it evaluates the impact of the use of
international transfer pricing systems on the states- policy and on the
investment timing of the multinational companies. In uncertain
business environments (with periodical release of news), the
investment can increase if MNC detain investment delay options.
This paper shows how tax differentials can attract foreign direct
investments (FDI) and influence MNC behavior. The equilibrium is
set in a global environment where MNC can shift their profits
between states depending on the corporate tax rates. Assuming the
use of transfer pricing schemes, this paper confirms the relationship
between MNC behavior and the release of new business news.
Abstract: The main thrust of this paper is to assess the level of disclosure in the annual reports of non-financial Greek firms and to empirically investigate the hypothesized impact of several firm characteristics on the extent of mandatory disclosure. A disclosure checklist consisting of 100 mandatory items was developed to assess the level of disclosure in the 2009 annual reports of 43 Greek companies listed at the Athens stock exchange. The association between the level of disclosure and some firm characteristics was examined using multiple linear regression analysis. The study reveals that Greek companies on general have responded adequately to the mandatory disclosure requirements of the regulatory bodies. The findings also indicate that firm size was significant positively associated with the level of disclosure. The remaining variables such as age, profitability, liquidity, and board composition were found to be insignificant in explaining the variation of mandatory disclosures. The outcome of this study is undoubtedly of great concern to the investment community at large to assist in evaluating the extent of mandatory disclosure by Greek firms and explaining the variation of disclosure in light of firm-specific characteristics.
Abstract: Dew harvesting needs only weak investment and
exploits a free, clean and inexhaustible energy. This study aims to
measure the relative contributions of dew and rain water in the
Mediterranean Dalmatian coast and islands of Croatia and determine
whether dew water is potable. Two sites were chosen, an open site on
the coast favourable to dew formation (Zadar) and a less favourable
site in a circus of mountains in Komiža (Vis Island). Between July
1st, 2003 and October 31st, 2006, dew hasbeen daily collected on a 1
m2 tilted (30°) test dew condenser together with ordinary
meteorological data (air temperature and relative humidity, cloud
coverage, windspeed and direction). The mean yearly cumulative
dew yields were found to be 20 mm (Zadar) and 9.3 mm (Komiža ).
During the dry season (May to October), monthly cumulative dew
water yield can represent up to 38% of water collected by rain fall. In
July 2003 and 2006, dew water represented about 120% of the
monthly cumulative rain water. Dew and rain water were analyzed in
Zadar. The corresponding parameters were measured: pH, electrical
conductivity, major anions (HCO3
-, Cl-, SO4
2-
, NO3
-
, ,) and major
cations (NH4
+, Na+, K+, Ca2+, Mg2+. Both dew and rain water are in
conformity with the WHO directives for potability except Mg2+.
Using existing roofs and refurbishing the abandoned impluviums to
permit dew collection could then provide a useful supplementary
amount of water, especially during the dry season.
Abstract: The distillation process in the general sense is a
relatively simple technique from the standpoints of its principles.
When dedicating distillation to water treatment and specifically
producing fresh water from sea, ocean and/ briny waters it is
interesting to notice that distillation has no limitations or domains of
applicability regarding the nature or the type of the feedstock water.
This is not the case however for other techniques that are
technologically quite complex, necessitate bigger capital investments
and are limited in their usability. In a previous paper we have
explored some of the effects of temperature on yield. In this paper,
we continue building onto that knowledge base and focus on the
effects of several additional engineering and design variables on
productivity.
Abstract: In recent years, strategic alliances have taken
increasing importance as a means to control competitive forces and to
enter into new markets. Joint ventures are one of the most frequently
used contractual forms in strategic alliances. There are various
motivations for cooperation between two or more firms e.g.,
accessing to technical know-how, accessing to financial resources
and managing risks. The firms must know about these motivations to
encourage for establishing joint venture. So, it is important for
managers to understand about these motives. On the other hand, the
cooperation section is one of the most effective parts in each country.
In this way, our study identifies goals of joint venture between
cooperative manufacturing firms, and prioritizes those using
TOPSIS1. The results show that the most important of joint venture
goals are: accessing to managerial know-how, sharing total capital
investment.
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: 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: Transport and logistics are the lifeblood of societies.
There is a strong correlation between overall growth in economic
activity and growth of transport. The movement of people and goods
has the potential for creating wealth and prosperity, therefore the
state of transportation infrastructure and especially the condition of
road networks is often a governmental priority. The design, building
and maintenance of national roads constitute a substantial share of
government budgets. Taking into account the magnitude and
importance of these investments, the expedience, efficiency and
sustainability of these projects are of great public interest. This paper
provides an overview of supply chain management principles applied
to road construction. In addition, road construction performance
measurement systems and ICT solutions are discussed. Road
construction in Estonia is analyzed. The authors propose the
development of a national performance measurement system for road
construction.
Abstract: Pressures for urban redevelopment are intensifying in
all large cities. A new logic for urban development is required –
green urbanism – that provides a spatial framework for directing
population and investment inwards to brownfields and greyfields
precincts, rather than outwards to the greenfields. This represents
both a major opportunity and a major challenge for city planners in
pluralist liberal democracies. However, plans for more compact
forms of urban redevelopment are stalling in the face of community
resistance. A new paradigm and spatial planning platform is required
that will support timely multi-level and multi-actor stakeholder
engagement, resulting in the emergence of consensus plans for
precinct-level urban regeneration capable of more rapid
implementation. Using Melbourne, Australia as a case study, this
paper addresses two of the urban intervention challenges – where and
how – via the application of a 21st century planning tool ENVISION
created for this purpose.
Abstract: In this paper the Analytic Network Process (ANP) is
applied to the selection of photovoltaic (PV) solar power projects.
These projects follow a long management and execution process
from plant site selection to plant start-up. As a consequence, there are
many risks of time delays and even of project stoppage.
In the case study presented in this paper a top manager of an
important Spanish company that operates in the power market has to
decide on the best PV project (from four alternative projects) to
invest based on risk minimization. The manager identified 50 project
execution delay and/or stoppage risks.
The influences among elements of the network (groups of risks
and alternatives) were identified and analyzed using the ANP
multicriteria decision analysis method. After analyzing the results the
main conclusion is that the network model can manage all the
information of the real-world problem and thus it is a decision
analysis model recommended by the authors. The strengths and
weaknesses ANP as a multicriteria decision analysis tool are also
described in the paper.
Abstract: In the present article, a new method has been developed to enhance the application of equipment monitoring, which in turn results in improving condition-based maintenance economic impact in an automobile parts manufacturing factory. This study also describes how an effective software with a simple database can be utilized to achieve cost-effective improvements in maintenance performance. The most important results of this project are indicated here: 1. 63% reduction in direct and indirect maintenance costs. 2. Creating a proper database to analyse failures. 3. Creating a method to control system performance and develop it to similar systems. 4. Designing a software to analyse database and consequently create technical knowledge to face unusual condition of the system. Moreover, the results of this study have shown that the concept and philosophy of maintenance has not been understood in most Iranian industries. Thus, more investment is strongly required to improve maintenance conditions.
Abstract: A techno-economic evaluation for efficient use of
energy in a large scale industrial plant of methanol is carried out.
This assessment is based on integration of a gas turbine with an
existing plant of methanol in which the outlet gas products of
exothermic reactor is expanded to power generation. Also, it is
decided that methanol production rate is constant through addition of
power generation system to the existing methanol plant. Having
incorporated a gas turbine with the existing plant, the economic
results showed total investment of MUSD 16.9, energy saving of 3.6
MUSD/yr with payback period of approximately 4.7 years.
Abstract: Setting up of rural telecentres, popularly referred to as
Common Service Centres (CSCs), are considered one of the initial
forerunners of rural e-Governance initiatives under the Government
of India-s National e-Governance Plan (NeGP). CSCs are
implemented on public-private partnership (PPP) – where State
governments play a major role in facilitating the establishment of
CSCs and investments are made by private companies referred to as
Service Centre Agencies (SCAs). CSC implementation is expected to
help in improving public service delivery in a transparent and
efficient manner. However, there is very little research undertaken to
study the actual impact of CSC implementation at the grassroots
level. This paper addresses the gap by identifying the circumstances,
concerns and expectations from the point-of-view of citizens and
examining the finer aspects of social processes in the context of rural
e-Governance.
Abstract: Building Sector is the major electricity consumer and
it is costly to building owners. Therefore the application of thermal
energy storage (TES) has gained attractive to reduce energy cost.
Many attractive tariff packages are being offered by the electricity
provider to promote TES. The tariff packages offered higher cost of
electricity during peak period and lower cost of electricity during off
peak period. This paper presented the return of initial investment by
implementing a centralized air-conditioning plant integrated with
thermal energy storage with partially operation strategies. Building
load profile will be calculated hourly according to building
specification and building usage trend. TES operation conditions will
be designed according to building load demand profile, storage
capacity, tariff packages and peak/off peak period. The Payback
Period analysis method was used to evaluate economic analysis. The
investment is considered a good investment where by the initial cost
is recovered less than ten than seven years.
Abstract: This paper presents a genetic algorithm based
approach for solving security constrained optimal power flow
problem (SCOPF) including FACTS devices. The optimal location of
FACTS devices are identified using an index called overload index
and the optimal values are obtained using an enhanced genetic
algorithm. The optimal allocation by the proposed method optimizes
the investment, taking into account its effects on security in terms of
the alleviation of line overloads. The proposed approach has been
tested on IEEE-30 bus system to show the effectiveness of the
proposed algorithm for solving the SCOPF problem.