Abstract: The city of Melbourne in Victoria, Australia, provides a number of examples of how a growing city can integrate urban planning and water planning to achieve sustainable urban development, environmental protection, liveability and integrated water management outcomes, and move towards becoming a “Water Sensitive City". Three examples are provided - the development at Botanic Ridge, where a 318 hectare residential development is being planned and where integrated water management options are being implemented using a “triple bottom line" sustainability investment approach; the Toolern development, which will capture and reuse stormwater and recycled water to greatly reduce the suburb-s demand for potable water, and the development at Kalkallo where a 1,200 hectare industrial precinct development is planned which will merge design of the development's water supply, sewerage services and stormwater system. The Paper argues that an integrated urban planning and water planning approach is fundamental to creating liveable, vibrant communities which meet social and financial needs while being in harmony with the local environment. Further work is required on developing investment frameworks and risk analysis frameworks to ensure that all possible solutions can be assessed equally.
Abstract: Technology transfer by international trade and
foreign direct investment is the most important positive
outcome of open economy. It is widely accepted that new
technology and knowledge have an important role in
enhancing economic growth. Human capital is the other
important factor assisting economic growth. In this study, the
role of human capital in the growth process is examined in a
view of new endogenous growth theory emphasizing on the
technology transfer resulting from international trade. Using
the panel data of 10 developed and 10 developing countries,
impact of human capital and openness on the rate of economic
growth of different countries is analysed. Evidence suggests
the view that human capital and openness contribute to the
economic growth in both developing and developed countries,
but with different rates.
Abstract: Electric vehicles are considered as technology which
can significantly reduce the problems related to road transport such
as increasing GHG emissions, air pollutions and energy import
dependency.
The core objective of this paper is to analyze the current energetic,
ecological and economic characteristics of different types of electric
vehicles.
The major conclusions of this analysis are: The high investments
cost are the major barrier for broad market breakthrough of battery
electric vehicles and fuel cell vehicles. For battery electric vehicles
also the limited driving range states a key obstacle. The analyzed
hybrids could in principle serve as a bridging technology. However,
due to their tank-to-wheel emissions they cannot state a proper
solution for urban areas.
Finally, the most important perception is that also battery electric
vehicles and fuel cell vehicles are environmentally benign solution if
the primary fuel source is renewable.
Abstract: Economic crime (i.e. corporate fraud) has a
significant impact on business. This study analyzes the fraud cases
reported by the Malaysian Securities Commission. Frauds involving
market manipulation and/or illegal share trading are the most
common types of fraud reported over the 6 years analyzed. The
highest number of frauds reported involved investment and fund
holding companies. Alarmingly the results indicate quite a high
number of frauds cases are committed by management. The higher
number of Chinese perpetrators may be due to fact that they are the
dominant group in Malaysian business. The result also shows that
more than half of companies involved with fraud are privately held
companies in the investment/fund/finance sector. The results of this
study highlight general characteristic of perpetrators (person and
company) that commit fraud which could help the regulators in their
monitoring and enforcement activities. To investors, this would help
in analyzing their business investment or portfolio risk.
Abstract: For decades financial economists have been attempted to determine the optimal investment policy by recognizing the option value embedded in irreversible investment whose project value evolves as a geometric Brownian motion (GBM). This paper aims to examine the effects of the optimal investment trigger and of the misspecification of stochastic processes on investment in real options applications. Specifically, the former explores the consequence of adopting optimal investment rules on the distributions of corporate value under the correct assumption of stochastic process while the latter analyzes the influence on the distributions of corporate value as a result of the misspecification of stochastic processes, i.e., mistaking an alternative process as a GBM. It is found that adopting the correct optimal investment policy may increase corporate value by shifting the value distribution rightward, and the misspecification effect may decrease corporate value by shifting the value distribution leftward. The adoption of the optimal investment trigger has a major impact on investment to such an extent that the downside risk of investment is truncated at the project value of zero, thereby moving the value distributions rightward. The analytical framework is also extended to situations where collection lags are in place, and the result indicates that collection lags reduce the effects of investment trigger and misspecification on investment in an opposite way.
Abstract: Hot tear cracking and residual stress are two different consequences of thermal stress both of which can be considered as casting problem. The purpose of the present study is simulation of the effect of casting shape characteristic on hot tearing and residual stress. This study shows that the temperature range for simulation of hot tearing and residual stress are different. In this study, in order to study the development of thermal stress and to predict the hot tearing and residual stress of shaped casting, MAGMASOFT simulation program was used. The strategy of this research was the prediction of hot tear location using pinpointing hot spot and thermal stress concentration zones. The results shows that existing of stress concentration zone increases the hot tearing probability and consequently reduces the amount of remaining residual stress in casting parts.
Abstract: Market based models are frequently used in the resource
allocation on the computational grid. However, as the size of
the grid grows, it becomes difficult for the customer to negotiate
directly with all the providers. Middle agents are introduced to
mediate between the providers and customers and facilitate the
resource allocation process. The most frequently deployed middle
agents are the matchmakers and the brokers. The matchmaking agent
finds possible candidate providers who can satisfy the requirements
of the consumers, after which the customer directly negotiates with
the candidates. The broker agents are mediating the negotiation with
the providers in real time.
In this paper we present a new type of middle agent, the marketmaker.
Its operation is based on two parallel operations - through
the investment process the marketmaker is acquiring resources and
resource reservations in large quantities, while through the resale process
it sells them to the customers. The operation of the marketmaker
is based on the fact that through its global view of the grid it can
perform a more efficient resource allocation than the one possible in
one-to-one negotiations between the customers and providers.
We present the operation and algorithms governing the operation
of the marketmaker agent, contrasting it with the matchmaker and
broker agents. Through a series of simulations in the task oriented
domain we compare the operation of the three agents types. We find
that the use of marketmaker agent leads to a better performance in the
allocation of large tasks and a significant reduction of the messaging
overhead.
Abstract: It has been always observed that the effectiveness of
MIS as a support tool for management decisions degenerate after
time of implementation, despite the substantial investments being
made. This is true for organizations at the initial stages of MIS
implementations, manual or computerized. A survey of a sample of
middle to top managers in business and government institutions was
made. A large ratio indicates that the MIS has lost its impact on the
day-to-day operations, and even the response lag time expands
sometimes indefinitely. The data indicates an infant mortality
phenomenon of the bathtub model. Reasons may be monotonous
nature of MIS delivery, irrelevance, irreverence, timeliness, and lack
of adequate detail. All those reasons collaborate to create a degree of
degeneracy. We investigate and model as a bathtub model the
phenomenon of MIS degeneracy that inflicts the MIS systems and
renders it ineffective. A degeneracy index is developed to identify
the status of the MIS system and possible remedies to prevent the
onset of total collapse of the system to the point of being useless.
Abstract: Operational risk has become one of the most discussed topics in the financial industry in the recent years. The reasons for this attention can be attributed to higher investments in information systems and technology, the increasing wave of mergers and acquisitions and emergence of new financial instruments. In addition, the New Basel Capital Accord (known as Basel II) demands a capital requirement for operational risk and further motivates financial institutions to more precisely measure and manage this type of risk. The aim of this paper is to shed light on main characteristics of operational risk management and common applied methods: scenario analysis, key risk indicators, risk control self assessment and loss distribution approach.
Abstract: In this paper, we propose a multiple objective optimization model with respect to portfolio selection problem for investors looking forward to diversify their equity investments in a number of equity markets. Based on Markowitz-s M-V model we developed a Fuzzy Mixed Integer Multi-Objective Nonlinear Programming Problem (FMIMONLP) to maximize the investors- future gains on equity markets, reach the optimal proportion of the budget to be invested in different equities. A numerical example with a comprehensive analysis on artificial data from several equity markets is presented in order to illustrate the proposed model and its solution method. The model performed well compared with the deterministic version of the model.
Abstract: Corporate Social Responsibility (CSR) has become a
new trend of business governance. Few research studies on CSR
published in Taiwanese academia, especially for medical settings, we
were interested in probing the relationship of CSR and financial
performance in medical settings in Taiwan. The results illustrate that:
(1) a time delay effect exists with a lag between CSR effort and its
performance in the hospital foundation, (2) input into the internal
domains of CSR will be helpful to improve employee productivity in
the hospital foundation, and (3) input into the external domains of CSR
will be helpful in improving financial performance in the hospital
foundation. This study overviews CSR in the medical industry in
Taiwan and the relationship of CSR and financial performance.
Discussions of possible implications from the study results are applied
to consult the CSR concept that will be transferred into a business
strategy for the organization manager.
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: Transmission network expansion planning (TNEP) is a basic part of power system planning that determines where, when and how many new transmission lines should be added to the network. Up till now, various methods have been presented to solve the static transmission network expansion planning (STNEP) problem. But in all of these methods, lines adequacy rate has not been considered at the end of planning horizon, i.e., expanded network misses adequacy after some times and needs to be expanded again. In this paper, expansion planning has been implemented by merging lines loading parameter in the STNEP and inserting investment cost into the fitness function constraints using genetic algorithm. Expanded network will possess a maximum adequacy to provide load demand and also the transmission lines overloaded later. Finally, adequacy index could be defined and used to compare some designs that have different investment costs and adequacy rates. In this paper, the proposed idea has been tested on the Garvers network. The results show that the network will possess maximum efficiency economically.
Abstract: One of the important steps in a safety and risk management system is the economical evaluation of occupational accident and diseases costs in order to decrease accidents from reoccurring in the workplace. This study proposed a plausible method for calculating occupational accident costs and illnesses in work place. This method design for cost estimation takes into account both the personnel, organizational level as well as the community level especially intended for an Iranian work place. The research indicates that a using systematic method for calculating costs which also provides risk evaluation can help managers to plan correctly the investment in health and safety measures. Using this method is that not only is it comprehensive, easy and practical and could be applied in practice by a manager within a short period of time but it also shows the importance of accident costs as well as calculates the real cost of an accident and illnesses.
Abstract: Transmission network expansion planning (TNEP) is an important component of power system planning that its task is to minimize the network construction and operational cost while satisfying the demand increasing, imposed technical and economic conditions. Up till now, various methods have been presented to solve the static transmission network expansion planning (STNEP) problem. But in all of these methods, the lines adequacy rate has not been studied after the planning horizon, i.e. when the expanded network misses its adequacy and needs to be expanded again. In this paper, in order to take transmission lines condition after expansion in to account from the line loading view point, the adequacy of transmission network is considered for solution of STNEP problem. To obtain optimal network arrangement, a decimal codification genetic algorithm (DCGA) is being used for minimizing the network construction and operational cost. The effectiveness of the proposed idea is tested on the Garver's six-bus network. The results evaluation reveals that the annual worth of network adequacy has a considerable effect on the network arrangement. In addition, the obtained network, based on the DCGA, has lower investment cost and higher adequacy rate. Thus, the network satisfies the requirements of delivering electric power more safely and reliably to load centers.
Abstract: The aim of this article is to assess the existing
business models used by the banks operating in the CEE countries in
the time period from 2006 till 2011.
In order to obtain research results, the authors performed
qualitative analysis of the scientific literature on bank business
models, which have been grouped into clusters that consist of such
components as: 1) capital and reserves; 2) assets; 3) deposits, and 4)
loans.
In their turn, bank business models have been developed based on
the types of core activities of the banks, and have been divided into
four groups: Wholesale, Investment, Retail and Universal Banks.
Descriptive statistics have been used to analyse the models,
determining mean, minimal and maximal values of constituent
cluster components, as well as standard deviation. The analysis of
the data is based on such bank variable indices as Return on Assets
(ROA) and Return on Equity (ROE).
Abstract: Automobile Industry has great importance in the
Spanish economy (8,7 % of the active Spanish population is
employed in this sector).The above mentioned sector has been one of
the principal sectors affected by the current economic crisis,
consistently, the budgets in advertising have been severely limited
(46,9 % less in the period of reference), these needs of reduction
have originated a substantial change in the advertising strategy (from
2007 the increase of the advertising investment in Internet is 251,6
%), and increase profitability. The growing use of social media by
consumers therefore makes online consumer conversations an
attractive additional format for Automobile firms to promote
products at a lower cost. This research analyzes the relation between
the activity in Social Media and the design in the car industry,
looking for relations between strategies of design based on Social
Media and sales and a channel of information for companies to know
what the consumer preferences. For this ongoing research we used a
longitudinal withdrawal of information has been used using
information of panel. Managerial and research implications of the
finding are discussed.
Abstract: The past decade has witnessed a good opportunities
for city development schemes in UK. The government encouraged
restoration of city centers to comprise mixed use developments with
high density residential apartments. Investments in regeneration areas
were doing well according to the analyses of Property Databank
(IPD). However, more recent analysis by IPD has shown that since
2007, property in regeneration areas has been more vulnerable to the
market downturn than other types of investment property. The early
stages of a property market downturn may be felt most in
regeneration where funding, investor confidence and occupier
demand would dissipate because the sector was considered more
marginal or risky when development costs rise. Moreover, the Bank
of England survey shows that lenders have sequentially tightened the
availability of credit for commercial real estate since mid-2007. A
sharp reduction in the willingness of banks to lend on commercial
property was recorded. The credit crunch has already affected
commercial property but its impact has been particularly severe in
certain kinds of properties where residential developments are
extremely difficult, in particular city centre apartments and buy-to-let
markets. Commercial property – retail, industrial leisure and mixed
use were also pressed, in Birmingham; tens of mixed use plots were
built to replace old factories in the heart of the city. The purpose of
these developments was to enable young professionals to work and
live in same place. Thousands of people lost their jobs during the
recession, moreover lending was more difficult and the future of
many developments is unknown. The recession casts its shadow upon
the society due to cuts in public spending by government, Inflation,
rising tuition fees and high rise in unemployment generated anger and
hatred was spreading among youth causing vandalism and riots in
many cities. Recent riots targeted many mixed used development in
the UK where banks, shops, restaurants and big stores were robbed
and set into fire leaving residents with horror and shock. This paper
examines the impact of the recession and riots on mixed use
development in UK.
Abstract: Not only is municipal pattern the institution basement of urban management, but it also determines the forms of the management results. There-s a considerable possibility of bankruptcy for China-s current municipal pattern as it-s an overdraft of land deal in fact. Based on the analysis of China-s current municipal pattern, the passage proposed an assumption of a new pattern verified legitimacy by conceptual as well as econometric models. Conclusion is: the added supernumerary value of investment in public goods was not included in China-s current municipal pattern, but hidden in the rising housing prices; we should set housing tax or municipal tax to optimize the municipal pattern, to correct the behavior of local governments and to ensure the regular development of China-s urbanization.
Abstract: Property investment in the real estate industry has a
high risk due to the uncertainty factors that will affect the decisions
made and high cost. Analytic hierarchy process has existed for some
time in which referred to an expert-s opinion to measure the
uncertainty of the risk factors for the risk analysis. Therefore,
different level of experts- experiences will create different opinion
and lead to the conflict among the experts in the field. The objective
of this paper is to propose a new technique to measure the uncertainty
of the risk factors based on multidimensional data model and data
mining techniques as deterministic approach. The propose technique
consist of a basic framework which includes four modules: user,
technology, end-user access tools and applications. The property
investment risk analysis defines as a micro level analysis as the
features of the property will be considered in the analysis in this
paper.