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 main objective of this paper is to analyse the influence of preparation and control of orders on performance. The focused activities explored in this research are: procurement, production and distribution. These changes in performance were obtained through improvement of the supply chain. It is proved using all the company activities that it is possible to increase de efficiency and do services in an adequate way, placing the products in the market efficiently. For that, it was explored the importance of the supply chain, with privilege to the practical environment and the quantification of the obtained results.
Abstract: Information sharing and exchange, rather than
information processing, is what characterizes information
technology in the 21st century. Ontologies, as shared common
understanding, gain increasing attention, as they appear as the
most promising solution to enable information sharing both at
a semantic level and in a machine-processable way. Domain
Ontology-based modeling has been exploited to provide
shareability and information exchange among diversified,
heterogeneous applications of enterprises.
Contextual ontologies are “an explicit specification of
contextual conceptualization". That is: ontology is
characterized by concepts that have multiple representations
and they may exist in several contexts. Hence, contextual
ontologies are a set of concepts and relationships, which are
seen from different perspectives. Contextualization is to allow
for ontologies to be partitioned according to their contexts.
The need for contextual ontologies in enterprise modeling
has become crucial due to the nature of today's competitive
market. Information resources in enterprise is distributed and
diversified and is in need to be shared and communicated
locally through the intranet and globally though the internet.
This paper discusses the roles that ontologies play in an
enterprise modeling, and how ontologies assist in building a
conceptual model in order to provide communicative and
interoperable information systems. The issue of enterprise
modeling based on contextual domain ontology is also
investigated, and a framework is proposed for an enterprise
model that consists of various applications.
Abstract: Groundwater has become the most dependable source
of fresh water for agriculture, domestic and industrial uses in the past
few decades. This wide use of groundwater if left uncontrolled and
unseen will lead to overexploitation causing sea water intrusion in the
coastal areas and illegal water marketing. Several Policies and Acts
have been enacted to regulate and manage the use of this valuable
resource. In spite of this the over extraction of groundwater beyond
the recharging capacity of aquifers and depletion in the quality of
groundwater is continuing. The current study aims at reviewing the
Acts and Policies existing in the State of Tamil Nadu and in the
National level regarding groundwater regulation and management.
Further an analysis is made on the rights associated with the usage of
groundwater resources and the gaps in these policies have been
analyzed. Some suggestions are made to reform the existing
groundwater policies for better management and regulation of the
resource.
Abstract: There are many debates now regarding undervalued
and overvalued currencies currently traded on the world financial
market. This paper contributes to these debates from a theoretical
point of view. We present the three most commonly used methods of
estimating the equilibrium real effective exchange rate (REER):
macroeconomic balance approach, external sustainability approach
and equilibrium real effective exchange rate approach in the reduced
form. Moreover, we discuss key concepts of the calculation of the
real exchange rate (RER) based on applied explanatory variables:
nominal exchange rates, terms of trade and tradable and non-tradable
goods. Last but not least, we discuss the three main driving forces
behind real exchange rates movements which include terms of trade,
relative productivity growth and the interest rate differential.
Abstract: This study examines the issue of recommendation
sources from the perspectives of gender and consumers- perceived
risk, and validates a model for the antecedents of consumer online
purchases. The method of obtaining quantitative data was that of the
instrument of a survey questionnaire. Data were collected via
questionnaires from 396 undergraduate students aged 18-24, and a
multiple regression analysis was conducted to identify causal
relationships. Empirical findings established the link between
recommendation sources (word-of-mouth, advertising, and
recommendation systems) and the likelihood of making online
purchases and demonstrated the role of gender and perceived risk as
moderators in this context. The results showed that the effects of
word-of-mouth on online purchase intentions were stronger than those
of advertising and recommendation systems. In addition, female
consumers have less experience with online purchases, so they may be
more likely than males to refer to recommendations during the
decision-making process. The findings of the study will help
marketers to address the recommendation factor which influences
consumers- intention to purchase and to improve firm performances to
meet consumer needs.
Abstract: The study will search the level of existence of the
sweethearting in Saudi Arabia's Supermarkets in Riyadh.
Sweethearting occurs when frontline workers give unauthorized free
or uncounted goods and services to customer-s conspirators. The
store managers and /or security managers were asked about the
sweethearting that occurs in the supermarkets. The characteristics of
sweethearting in Riyadh stores were investigated. Two independent
variables were related to the report of sweethearting. These
independent variables are: The effect of store environment on
sweethearting and the security techniques and loss prevention
electronics techniques used. This study expected to shed the light
about the level of sweethearting in Saudi Arabia and the factors
behind it. This study will serve as an exploratory study for such
phenomenon in Saudi Arabia as well as both descriptive for the
characteristics of sweethearting and explanatory study to link
between the environmental and security systems factors to
sweethearting.
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: In this paper a new approach for transmission pricing
is presented. The main idea is voltage angle allocation, i.e.
determining the contribution of each contract on the voltage angle of
each bus. DC power flow is used to compute a primary solution for
angle decomposition. To consider the impacts of system non-linearity
on angle decomposition, the primary solution is corrected in different
iterations of decoupled Newton-Raphson power flow. Then, the
contribution of each contract on power flow of each transmission line
is computed based on angle decomposition. Contract-related flows
are used as a measure for “extent of use" of transmission network
capacity and consequently transmission pricing. The presented
approach is applied to a 4-bus test system and IEEE 30-bus test
system.
Abstract: The main goal in this paper is to quantify the quality of
different techniques for radiation treatment plans, a back-propagation
artificial neural network (ANN) combined with biomedicine theory
was used to model thirteen dosimetric parameters and to calculate
two dosimetric indices. The correlations between dosimetric indices
and quality of life were extracted as the features and used in the ANN
model to make decisions in the clinic. The simulation results show
that a trained multilayer back-propagation neural network model can
help a doctor accept or reject a plan efficiently. In addition, the
models are flexible and whenever a new treatment technique enters
the market, the feature variables simply need to be imported and the
model re-trained for it to be ready for use.
Abstract: In the era of great competition, understanding and satisfying
customers- requirements are the critical tasks for a company
to make a profits. Customer relationship management (CRM) thus
becomes an important business issue at present. With the help of
the data mining techniques, the manager can explore and analyze
from a large quantity of data to discover meaningful patterns and
rules. Among all methods, well-known association rule is most
commonly seen. This paper is based on Apriori algorithm and uses
genetic algorithms combining a data mining method to discover fuzzy
classification rules. The mined results can be applied in CRM to
help decision marker make correct business decisions for marketing
strategies.
Abstract: The concept of flexible manufacturing is highly
appealing in gaining a competitive edge in the market by quickly
adapting to the changing customer needs. Scheduling jobs on flexible
manufacturing systems (FMSs) is a challenging task of managing the
available flexibility on the shop floor to react to the dynamics of the
environment in real-time. In this paper, an agent-oriented scheduling
framework that can be integrated with a real or a simulated FMS is
proposed. This framework works in stochastic environments with a
dynamic model of job arrival. It supports a hierarchical cooperative
scheduling that builds on the available flexibility of the shop floor.
Testing the framework on a model of a real FMS showed the
capability of the proposed approach to overcome the drawbacks of
the conventional approaches and maintain a near optimal solution
despite the dynamics of the operational environment.
Abstract: The fact that traditional food safety system in the
absence of food safety culture is inadequate has recently become a
cause of concern for food safety professionals and other stakeholders.
Focusing on implementation of traditional food safety system i.e
HACCP prerequisite program and HACCP without the presence of
food safety culture in the food industry has led to the processing,
marketing and distribution of contaminated foods. The results of this
are regular out breaks of food borne illnesses and recalls of foods
from retail outlets with serious consequences to the consumers and
manufacturers alike. This article will consider the importance of food
safety culture, the cases of outbreaks and recalls that occurred when
companies did not make food safety culture a priority. Most
importantly, the food safety cultures of some food industries in South
Africa were assessed from responses to questionnaires from food
safety/food industry professionals in Durban South Africa. The
article was concluded by recommending that both food
industry employees and employers alike take food safety culture
seriously.
Abstract: This study analyses store layout among the many
factors that underlie supermarket store design, this; in terms of what to
display in a shop and where to place the items. This report examines
newly-opened stores and evaluates their interior shop floor layouts,
which we then attempt to categorize by various styles. We then
consider the interaction between shop floor layout and customer
behavior from the perspective of the supermarket as the seller. At this
point, we focus on the “store magnets"–the main sections within the
shop likely to attract customers into the store.
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: 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: IT consultants often take over an important role as an
interface between technological, organizational and managerial
structures. As a result, the services offered are in many cases
assigned to different disciplines which can cause a lack of
transparency on the market for consulting services. However, not all
consulting products are suitable for every company because of
different frameworks and business processes. In this context the
questions arises as to what consulting products are currently offered
and how they can be compared as well as how the market for IT
consulting services is structured on the supply side. The presented
study aims to shed light on the IT consulting market by giving an
overview of the current structure of the supply-side for IT consulting
services as well as proposing a categorization of the currently
available consulting services (consulting fields) in order to provide a
theoretical background for the empirical study. Apart from these
theoretical considerations, the empirical results of field surveys on
the Austrian IT consulting market are presented and analyzed.
Abstract: Organizational culture fosters innovation, and
innovation is the main engine to be sustained within the uncertainty
market. Like other countries, the construction industry significantly
contributes to the economy, society and technology of Malaysia, yet,
innovation is still considered slow compared to other industries such
as manufacturing. Given the important role of an architect as the key
player and the contributor of new ideas in the construction industry,
there is a call to identify the issue and improve the current situation
by focusing on the architectural firms. In addition, the existing
studies tend to focus only on a few dimensions of organizational
culture and very few studies consider whether innovation is being
generated or adopted. Hence, the present research tends to fill in the
gap by identifying the organizational cultures that foster or hinder
innovation generation and/or innovation adoption, and propose a
model of organizational culture and innovation generation and/or
adoption.
Abstract: There are increasingly plagiarism offences for
students in higher education in the digital educational world. On the
other hand, various and competitive online assessment and
plagiarism detection tools are available in the market. Taking the
University of Glamorgan as a case study, this paper describes and
introduces an institutional journey on electronic plagiarism detection
to inform the initial experience of an innovative tool and method
which could be further explored in the future research. The
comparative study and system workflow for e-plagiarism detection
tool are discussed. Benefits for both academics and students are also
presented. Electronic plagiarism detection tools brought great
benefits to both academics and students in Glamorgan. On the other
hand, the debates raised in such initial experience are discussed.
Abstract: The goal of this research is discovering the
determinants of the success or failure of external cooperation in small
and medium enterprises (SMEs). For this, a survey was given to 190
SMEs that experienced external cooperation within the last 3 years. A
logistic regression model was used to derive organizational or strategic
characteristics that significantly influence whether external
collaboration of domestic SMEs is successful or not. Results suggest
that research and development (R&D) features in general
characteristics (both idea creation and discovering market
opportunities) that focused on and emphasized indirected-market
stakeholders (such as complementary companies and affiliates) and
strategies in innovative strategic characteristics raise the probability of
successful external cooperation. This can be used meaningfully to
build a policy or strategy for inducing successful external cooperation
or to understand the innovation of SMEs.