Abstract: Recent financial international scandals around the world have led to a number of investigations into the effectiveness of corporate governance practices and audit quality. Although evidence of corporate governance practices and audit quality exists from developed economies, very scanty studies have been conducted in Egypt where corporate governance is just evolving. Therefore, this study provides evidence on the effectiveness of corporate governance practices and audit quality from a developing country. The data for analysis are gathered from the top 50 most active companies in the Egyptian Stock Exchange, covering the three year period 2007-2009. Logistic regression was used in investigating the questions that were raised in the study. Findings from the study show that board independence; CEO duality and audit committees significantly have relationship with audit quality. The results also, indicate that institutional investor and managerial ownership have no significantly relationship with audit quality. Evidence also exist that size of the company; complexity and business leverage are important factors in audit quality for companies quoted on the Egypt Stock Exchange.
Abstract: The aim of this study was to investigate the influence
of reaction temperature and wheat straw moisture content on the
pyrolysis product yields, in the temperature range of 475-575 °C.
Samples of straw with moisture contents from 1.5 wt % to 15.0 wt %
were fed to a bench scale Pyrolysis Centrifuge Reactor (PCR). The
experimental results show that the changes in straw moisture content
have no significant effect on the distribution of pyrolysis product
yields. The maximum bio-oil yields approximately 60 (wt %, on dry
ash free feedstock basis) was observed around 525 °C - 550 °C for all
straw moisture levels. The water content in the wet straw bio-oil was
the highest. The heating value of bio-oil and solid char were
measured and the percentages of its energy distribution were
calculated. The energy distributions of bio-oil, char and gas were 56-
69 % 24-33 %, and 2-19 %, respectively.
Abstract: The paper evaluates several hundred one-day-ahead
VaR forecasting models in the time period between the years 2004
and 2009 on data from six world stock indices - DJI, GSPC, IXIC,
FTSE, GDAXI and N225. The models model mean using the ARMA
processes with up to two lags and variance with one of GARCH,
EGARCH or TARCH processes with up to two lags. The models are
estimated on the data from the in-sample period and their forecasting
accuracy is evaluated on the out-of-sample data, which are more
volatile. The main aim of the paper is to test whether a model
estimated on data with lower volatility can be used in periods with
higher volatility. The evaluation is based on the conditional coverage
test and is performed on each stock index separately. The primary
result of the paper is that the volatility is best modelled using a
GARCH process and that an ARMA process pattern cannot be found
in analyzed time series.
Abstract: Time series models have been used to make predictions of academic enrollments, weather, road accident, casualties and stock prices, etc. Based on the concepts of quartile regression models, we have developed a simple time variant quantile based fuzzy time series forecasting method. The proposed method bases the forecast using prediction of future trend of the data. In place of actual quantiles of the data at each point, we have converted the statistical concept into fuzzy concept by using fuzzy quantiles using fuzzy membership function ensemble. We have given a fuzzy metric to use the trend forecast and calculate the future value. The proposed model is applied for TAIFEX forecasting. It is shown that proposed method work best as compared to other models when compared with respect to model complexity and forecasting accuracy.
Abstract: In this paper, we propose a new hybrid learning model for stock market indices prediction by adding a passive congregation term to the standard hybrid model comprising Particle Swarm Optimization (PSO) with Genetic Algorithm (GA) operators in training Neural Networks (NN). This new passive congregation term is based on the cooperation between different particles in determining new positions rather than depending on the particles selfish thinking without considering other particles positions, thus it enables PSO to perform both the local and global search instead of only doing the local search. Experiment study carried out on the most famous European stock market indices in both long term and short term prediction shows significantly the influence of the passive congregation term in improving the prediction accuracy compared to standard hybrid model.
Abstract: This paper addresses a stock-cutting problem with rotation of items and without the guillotine cutting constraint. In order to solve the large-scale problem effectively and efficiently, we propose a simple but fast heuristic algorithm. It is shown that this heuristic outperforms the latest published algorithms for large-scale problem instances.
Abstract: Producing companies aspire to high delivery
availability despite appearing disruptions. To ensure high delivery
availability safety stocksare required. Howeversafety stock leads to
additional capital commitment and compensates disruptions instead
of solving the reasons.The intention is to increase the stability in
production by configuring the production planning and control
systematically. Thus the safety stock can be reduced. The largest
proportion of inventory in producing companies is caused by batch
inventory, schedule deviations and variability of demand rates.These
reasons for high inventory levels can be reduced by configuring the
production planning and control specifically. Hence the inventory
level can be reduced. This is enabled by synchronizing the lot size
straightening the demand as well as optimizing the releasing order,
sequencing and capacity control.
Abstract: In managing healthcare logistics, cost is not the only
factor to be considered. The level of items- criticality used in patient
care services plays an important role as well. A stock-out incident of
a high critical item could threaten a patient's life. In this paper, the
DMAIC (Define-Measure-Analyze-Improve-Control) methodology is
used to drive improvement projects based on customer driven critical
to quality characteristics at a Jordanian hospital. This paper shows
how the application of Six Sigma improves the performance of the
case hospital logistics system by reducing the number of stock-out
incidents.
Abstract: This study explored the relationship between
psychological traits, demographics and financial behavioral biases for
individual investors in Taiwan stock market. By using questionnaire
survey method conducted in 2010, there are 554 valid convenient
samples collected to examine the determinants of three types of
behavioral biases. Based on literature review, two hypothesized
models are constructed and further used to evaluate the effects of big
five personality traits and demographic variables on investment biases
through Structural Equation Model (SEM) analysis. The results
showed that investment biases of individual investors are significantly
related to four personality traits as well as some demographics.
Abstract: Nowadays due to globalization of economy and
competition environment, innovation and technology plays key role
at creation of wealth and economic growth of countries. In fact
prompt growth of practical and technologic knowledge may results in
social benefits for countries when changes into effective innovation.
Considering the importance of innovation for the development of
countries, this study addresses the radical technological innovation
introduced by nanopapers at different stages of producing paper
including stock preparation, using authorized additives, fillers and
pigments, using retention, calender, stages of producing conductive
paper, porous nanopaper and Layer by layer self-assembly. Research
results show that in coming years the jungle related products will lose
considerable portion of their market share, unless embracing radical
innovation. Although incremental innovations can make this industry
still competitive in mid-term, but to have economic growth and
competitive advantage in long term, radical innovations are
necessary. Radical innovations can lead to new products and
materials which their applications in packaging industry can produce
value added. However application of nanotechnology in this industry
can be costly, it can be done in cooperation with other industries to
make the maximum use of nanotechnology possible. Therefore this
technology can be used in all the production process resulting in the
mass production of simple and flexible papers with low cost and
special properties such as facility at shape, form, easy transportation,
light weight, recovery and recycle marketing abilities, and sealing.
Improving the resistance of the packaging materials without reducing
the performance of packaging materials enhances the quality and the
value added of packaging. Improving the cellulose at nano scale can
have considerable electron optical and magnetic effects leading to
improvement in packaging and value added. Comparing to the
specifications of thermoplastic products and ordinary papers,
nanopapers show much better performance in terms of effective
mechanical indexes such as the modulus of elasticity, tensile strength,
and strain-stress. In densities lower than 640 kgm -3, due to the
network structure of nanofibers and the balanced and randomized
distribution of NFC in flat space, these specifications will even
improve more. For nanopapers, strains are 1,4Gpa, 84Mpa and 17%,
13,3 Gpa, 214Mpa and 10% respectively. In layer by layer self
assembly method (LbL) the tensile strength of nanopaper with Tio3
particles and Sio2 and halloysite clay nanotube are 30,4 ±7.6Nm/g
and 13,6 ±0.8Nm/g and 14±0.3,3Nm/g respectively that fall within
acceptable range of similar samples with virgin fiber. The usage of
improved brightness and porosity index in nanopapers can create
more competitive advantages at packaging industry.
Abstract: In this paper 2D Simulation of catalytic Fixed Bed Reactor in Fischer-Tropsch Synthesis of GTL technology has been performed utilizing computational fluid dynamics (CFD). Synthesis gas (a mixture of carbon monoxide and hydrogen) has been used as feedstock. The reactor was modeled and the model equations were solved employing finite volume method. The model was validated against the experimental data reported in literature. The comparison showed a good agreement between simulation results and the experimental data. In addition, the model was applied to predict the concentration contours of the reactants and products along the length of reactor.
Abstract: Different types of Islamic debts have been
increasingly utilized as preferred means of debt funding by
Malaysian private firms in recent years. This study examines the
impact of Islamic debts announcement on private firms- stock
returns. Our sample includes forty five listed companies on Bursa
Malaysia involved in issuing of Islamic debts during 2005 to 2008.
The abnormal returns and cumulative average abnormal returns are
calculated and tested using standard event study methodology. The
results show that a significant, negative abnormal return occurs one
day before announcement date. This negative abnormal return is
representing market participant-s adverse attitude toward Islamic
private debt announcement during the research period.
Abstract: This paper deals with condition monitoring of electric switch machine for railway points. Point machine, as a complex electro-mechanical device, switch the track between two alternative routes. There has been an increasing interest in railway safety and the optimal management of railway equipments maintenance, e.g. point machine, in order to enhance railway service quality and reduce system failure. This paper explores the development of Kolmogorov- Smirnov (K-S) test to detect some point failures (external to the machine, slide chairs, fixing, stretchers, etc), while the point machine (inside the machine) is in its proper condition. Time-domain stator Current signatures of normal (healthy) and faulty points are taken by 3 Hall Effect sensors and are analyzed by K-S test. The test is simulated by creating three types of such failures, namely putting a hard stone and a soft stone between stock rail and switch blades as obstacles and also slide chairs- friction. The test has been applied for those three faults which the results show that K-S test can effectively be developed for the aim of other point failures detection, which their current signatures deviate parametrically from the healthy current signature. K-S test as an analysis technique, assuming that any defect has a specific probability distribution. Empirical cumulative distribution functions (ECDF) are used to differentiate these probability distributions. This test works based on the null hypothesis that ECDF of target distribution is statistically similar to ECDF of reference distribution. Therefore by comparing a given current signature (as target signal) from unknown switch state to a number of template signatures (as reference signal) from known switch states, it is possible to identify which is the most likely state of the point machine under analysis.
Abstract: Semisolid metal processing uses solid–liquid slurries
containing fine and globular solid particles uniformly distributed in a
liquid matrix, which can be handled as a solid and flow like a liquid.
In the recent years, many methods have been introduced for the
production of semisolid slurries since it is scientifically sound and
industrially viable with such preferred microstructures called
thixotropic microstructures as feedstock materials. One such process
that needs very low equipment investment and running costs is the
cooling slope. In this research by using a mechanical stirrer slurry
maker constructed by the authors, the effects of mechanical stirring
parameters such as: stirring time, stirring temperature and stirring
Speed on micro-structure and mechanical properties of A360
aluminum alloy in semi-solid forming, are investigated. It is
determined that mold temperature and holding time of part in
temperature of 580ºC have a great effect on micro-structure and
mechanical properties(stirring temperature of 585ºC, stirring time of
20 minutes and stirring speed of 425 RPM). By optimizing the
forming parameters, dendrite microstructure changes to globular and
mechanical properties improves. This is because of breaking and
globularzing dendrites of primary α-AL.
Abstract: In this paper, the American exchange option (AEO) valuation problem is modelled as a free boundary problem. The critical stock price for an AEO is satisfied an integral equation implicitly. When the remaining time is large enough, an asymptotic formula is provided for pricing an AEO. The numerical results reveal that our asymptotic pricing formula is robust and accurate for the long-term AEO.
Abstract: This study1 holds for the formation of international financial crisis and political factors for economic crisis in Turkey, are evaluated in chronological order. The international arena and relevant studies conducted in Turkey work in the literature are assessed. The main purpose of the study is to hold the linkage between the crises and political stability in Turkey in details, and to examine the position of Turkey in this regard. The introduction part follows the literature survey on the models explaining causes and results of the crises, the second part of the study. In the third part, the formations of the world financial crises are studied. The fourth part, financial crisis in Turkey in 1994, 2000, 2001 and 2008 are reviewed and their political reasons are analyzed. In the last part of the study the results and recommendations are held. Political administrations have laid the grounds for an economic crisis in Turkey. In this study, the emergence of an economic crisis in Turkey and the developments after the crisis are chronologically examined and an explanation is offered as to the cause and effect relationship between the political administration and economic equilibrium in the country. Economic crises can be characterized as follows: high prices of consumables, high interest rates, current account deficits, budget deficits, structural defects in government finance, rising inflation and fixed currency applications, rising government debt, declining savings rates and increased dependency on foreign capital stock. Entering into the conditions of crisis during a time when the exchange value of the country-s national currency was rising, speculative finance movements and shrinking of foreign currency reserves happened due to expectations for devaluation and because of foreign investors- resistance to financing national debt, and a financial risk occurs. During the February 2001 crisis and immediately following, devaluation and reduction of value occurred in Turkey-s stock market. While changing over to the system of floating exchange rates in the midst of this crisis, the effects of the crisis on the real economy are discussed in this study. Administered politics include financial reforms, such as the rearrangement of banking systems. These reforms followed with the provision of foreign financial support. There have been winners and losers in the imbalance of income distribution, which has recently become more evident in Turkey-s fragile economy.
Abstract: This study was aimed to determine seasonal variations
of leaf nutrient concentrations to define nutrient needs related to
growing period and to compare irrigation programs in terms of
nutrient uptake. In this study,'Starkrimson Delicious' variety grafted
onto seedling rootstock was used during 2009-2010 growing seasons.
The study was conducted at E─ƒirdir Fruit Growing Research Station.
Leaf samples were taken in five different sample seasons (May, June,
July, August and September). Four different pan coefficients (0.50,
0.75, 1.0, 1.25) were applied during drip irrigation treatments in 7
days irrigation interval. Leaf K, Mg, Ca, P, Fe, Zn, Mn and Cu
concentrations were determined.
The results showed that among the seasonal changes, the highest
concentrations of K, Mg, P and Mn in leaves were recorded in May,
followed by a decrease in the other months, while in contrast Ca and
Fe showed the lowest concentration in May.
Results of the study demonstrate that among irrigation programs K
and Cu concentration in plants was significantly influenced. Cu
concentrations decreased with seasonal variations and different
irrigation programs. Thus, nutrient needs of 'Starkrimson Delicious'apple trees at different growth stages should be taken into
consideration before making effective fertilization program.
Abstract: In recent decades, the lean methodology, and the
development of its principles and concepts have widely been applied
in supply chain management. One of the most important strategies of
being lean is having efficient inventory within the chain. On the other
hand, managing inventory efficiently requires appropriate
management of safety stock in order to protect against increasing
stretch in the breaking points of the supply chain, which in turn can
result in possible reduction of inventory. This paper applies a safety
stock cost minimization model in a manufacturing company. The
model results in optimum levels and locations of safety stock within
the company-s supply chain in order to minimize total logistics costs.
Abstract: This paper deals with heterogeneous autoregressive
models of realized volatility (HAR-RV models) on high-frequency
data of stock indices in the USA. Its aim is to capture the behavior of
three groups of market participants trading on a daily, weekly and
monthly basis and assess their role in predicting the daily realized
volatility. The benefits of this work lies mainly in the application of
heterogeneous autoregressive models of realized volatility on stock
indices in the USA with a special aim to analyze an impact of the
global financial crisis on applied models forecasting performance.
We use three data sets, the first one from the period before the global
financial crisis occurred in the years 2006-2007, the second one from
the period when the global financial crisis fully hit the U.S. financial
market in 2008-2009 years, and the last period was defined over
2010-2011 years. The model output indicates that estimated realized
volatility in the market is very much determined by daily traders and
in some cases excludes the impact of those market participants who
trade on monthly basis.
Abstract: The role of corporate governance is to reduce the
divergence of interests between shareholders and managers. The role
of corporate governance is more useful when managers have an
incentive to deviate from shareholders- interests. One example of
management-s deviation from shareholders- interests is the
management of earnings through the use of accounting accruals. This
paper examines the association between corporate governance
internal mechanisms ownership concentration, board independence,
the existence of CEO-Chairman duality and earnings management.
Firm size and leverage are control variables. The population used in
this study comprises firms listed on the Tehran Stock Exchange
(TSE) between 2004 and 2008, the sample comprises 196 firms.
Panel Data method is employed as technique to estimate the model.
We find that there is negative significant association between
ownership concentration and board independence manage earnings
with earnings management, there is negative significant association
between the existence of CEO-Chairman duality and earnings
management. This study also found a positive significant association
between control variable (firm size and leverage) and earnings
management.