Abstract: Innovation is more important in any companies.
However, it is not easy to measure the innovation performance
correctly. Patent is one of measuring index nowadays. This paper
wants to purpose an approach for valuing patents based on market
reaction to patent infringement litigations. The interesting
phenomenon is found from collection of patent infringement litigation
events. That is if any patent litigation event occurs the stock value will
follow changing. The plaintiffs- stock value raises some percentage.
According to this interesting phenomenon, the relationship between
patent litigation and stock value is tested and verified. And then, the
stock value variation is used to deduce the infringed patents- value.
The purpose of this study is providing another concept model to
evaluate the infringed patents. This study can provide a decision assist
system to help drafting patent litigation strategy and determine the
technology value
Abstract: Multiparty voice over IP (MVoIP) systems allows a group of people to freely communicate each other via the internet, which have many applications such as online gaming, teleconferencing, online stock trading etc. Peertalk is a peer to peer multiparty voice over IP system (MVoIP) which is more feasible than existing approaches such as p2p overlay multicast and coupled distributed processing. Since the stream mixing and distribution are done by the peers, it is vulnerable to major security threats like nodes misbehavior, eavesdropping, Sybil attacks, Denial of Service (DoS), call tampering, Man in the Middle attacks etc. To thwart the security threats, a security framework called PEERTS (PEEred Reputed Trustworthy System for peertalk) is implemented so that efficient and secure communication can be carried out between peers.
Abstract: Solid waste can be considered as an urban burden or
as a valuable resource depending on how it is managed. To meet the
rising demand for energy and to address environmental concerns, a
conversion from conventional energy systems to renewable resources
is essential. For the sustainability of human civilization, an
environmentally sound and techno-economically feasible waste
treatment method is very important to treat recyclable waste. Several
technologies are available for realizing the potential of solid waste as
an energy source, ranging from very simple systems for disposing of
dry waste to more complex technologies capable of dealing with
large amounts of industrial waste. There are three main pathways for
conversion of waste material to energy: thermo chemical,
biochemical and physicochemical. This paper investigates the thermo
chemical conversion of solid waste for energy recovery. The
processes, advantages and dis-advantages of various thermo chemical
conversion processes are discussed and compared. Special attention
is given to Gasification process as it provides better solutions
regarding public acceptance, feedstock flexibility, near-zero
emissions, efficiency and security. Finally this paper presents
comparative statements of thermo chemical processes and introduces
an integrated waste management system.
Abstract: Existing ground movement surveillance technologies
at airports are subjected to limitations due to shadowing effects or
multiple reflections. Therefore, there is a strong demand for a new
sensing technology, which will be cost effective and will provide
detection of non-cooperative targets under any weather conditions.
This paper aims to present a new intelligent system, developed
within the framework of the EC-funded ISMAEL project, which is
based on a new magnetic sensing technology and provides detection,
tracking and automatic classification of targets moving on the airport
surface. The system is currently being installed at two European
airports. Initial experimental results under real airport traffic
demonstrate the great potential of the proposed system.
Abstract: This paper examines predictability in stock return in
developed and emergingmarkets by testing long memory in stock
returns using wavelet approach. Wavelet-based maximum likelihood
estimator of the fractional integration estimator is superior to the
conventional Hurst exponent and Geweke and Porter-Hudak
estimator in terms of asymptotic properties and mean squared error.
We use 4-year moving windows to estimate the fractional integration
parameter. Evidence suggests that stock return may not be predictable
indeveloped countries of the Asia-Pacificregion. However,
predictability of stock return insome developing countries in this
region such as Indonesia, Malaysia and Philippines may not be ruled
out. Stock return in the Thailand stock market appears to be not
predictable after the political crisis in 2008.
Abstract: In this research, the researchers have managed to
design a model to investigate the current trend of stock price of the
"IRAN KHODRO corporation" at Tehran Stock Exchange by
utilizing an Adaptive Neuro - Fuzzy Inference system. For the Longterm
Period, a Neuro-Fuzzy with two Triangular membership
functions and four independent Variables including trade volume,
Dividend Per Share (DPS), Price to Earning Ratio (P/E), and also
closing Price and Stock Price fluctuation as an dependent variable are
selected as an optimal model. For the short-term Period, a neureo –
fuzzy model with two triangular membership functions for the first
quarter of a year, two trapezoidal membership functions for the
Second quarter of a year, two Gaussian combination membership
functions for the third quarter of a year and two trapezoidal
membership functions for the fourth quarter of a year were selected
as an optimal model for the stock price forecasting. In addition, three
independent variables including trade volume, price to earning ratio,
closing Stock Price and a dependent variable of stock price
fluctuation were selected as an optimal model. The findings of the
research demonstrate that the trend of stock price could be forecasted
with the lower level of error.
Abstract: Hardness of the widely used structural steel is of vital
importance since it may help in the determination of many
mechanical properties of a material under loading situations. In order
to obtain reliable information for design, properties homogeneity
should be validated. In the current study the hardness variation over
the different diameters of the same AISI 4140 bar is investigated.
Measurements were taken on the two faces of the stock at equally
spaced eight sectors and fifteen layers. Statistical and graphical
analysis are performed to asses the distribution of hardness
measurements over the specified area. Hardness measurements
showed some degree of dispersion with about ± 10% of its nominal
value provided by manufacturer. Hardness value is found to have a
slight decrease trend as the diameter is reduced. However, an
opposite behavior is noticed regarding the sequence of the sector
indicating a nonuniform distribution over the same area either on the
same face or considering the corresponding sector on the other face
(cross section) of the same material bar.
Abstract: The ionizing radiation of livestock wastewater for the
removal of nitrogen and phosphorus was studied in the presence of a
natural zeolite. The feasibility of a combined process of zeolite ion
exchange and electron beam irradiation of livestock wastewater was
also investigated. The removal efficiencies of NH4
+-N, T-N and T-P
were significantly enhanced by electron beam irradiation after zeolite
ion exchange as a pre-treatment. The presence of silica zeolite
accelerated the decomposition rate of livestock wastewater in the
electron beam irradiation process. These results indicate that the
combined process of zeolite ion exchange and electron beam
irradiation has the potential for the treatment of livestock wastewater
Abstract: It was determined that woody biomass and livestock excreta can be utilized as hydrogen resources and hydrogen produced from such sources can be used to fill fuel cell vehicles (FCVs) at hydrogen stations. It was shown that the biomass transport costs for hydrogen production may be reduced the costs for co-generation. In the Tokyo Metropolitan Area, there are only a few sites capable of producing hydrogen from woody biomass in amounts greater than 200 m3/h-the scale required for a hydrogen station to be operationally practical. However, in the case of livestock excreta, it was shown that 15% of the municipalities in this area are capable of securing sufficient biomass to be operationally practical for hydrogen production. The differences in feasibility of practical operation depend on the type of biomass.
Abstract: The seismic rehabilitation designs of two reinforced
concrete school buildings, representative of a wide stock of similar
edifices designed under earlier editions of the Italian Technical
Standards, are presented in this paper. The mutual retrofit solution
elaborated for the two buildings consists in the incorporation of a
dissipative bracing system including pressurized fluid viscous springdampers
as passive protective devices. The mechanical parameters,
layouts and locations selected for the constituting elements of the
system; the architectural renovation projects developed to properly
incorporate the structural interventions and improve the appearance
of the buildings; highlights of the installation works already
completed in one of the two structures; and a synthesis of the
performance assessment analyses carried out in original and
rehabilitated conditions, are illustrated. The results of the analyses
show a remarkable enhancement of the seismic response capacities of
both structures. This allows reaching the high performance objectives
postulated in the retrofit designs with much lower costs and
architectural intrusion as compared to traditional rehabilitation
interventions designed for the same objectives.
Abstract: This study investigates CO2 mitigation by methanol
synthesis from flue gas CO2 and H2 generation through water
electrolysis. Electrolytic hydrogen generation is viable provided that
the required electrical power is supplied from renewable energy
resources; whereby power generation from renewable resources is yet
commercial challenging. This approach contribute to zero-emission,
moreover it produce oxygen which could be used as feedstock for
chemical process. At ZPC, however, oxygen would be utilized
through partial oxidation of methane in autothermal reactor (ATR);
this makes ease the difficulties of O2 delivery and marketing. On the
other hand, onboard hydrogen storage and consumption; in methanol
plant; make the project economically more competitive.
Abstract: Recent evidences on liquidity and valuation of securities in the capital markets clearly show the importance of stock market liquidity and valuation of firms. In this paper, relationship between transparency, liquidity, and valuation is studied by using data obtained from 70 companies listed in Tehran Stock Exchange during2003-2012. In this study, discriminatory earnings management, as a sign of lack of transparency and Tobin's Q, was used as the criteria of valuation. The results indicate that there is a significant and reversed relationship between earnings management and liquidity. On the other hand, there is a relationship between liquidity and transparency.The results also indicate a significant relationship between transparency and valuation. Transparency has an indirect effect on firm valuation alone or through the liquidity channel. Although the effect of transparency on the value of a firm was reduced by adding the variable of liquidity, the cumulative effect of transparency and liquidity increased.
Abstract: In this paper, we propose a hybrid machine learning
system based on Genetic Algorithm (GA) and Support Vector
Machines (SVM) for stock market prediction. A variety of indicators
from the technical analysis field of study are used as input features.
We also make use of the correlation between stock prices of different
companies to forecast the price of a stock, making use of technical
indicators of highly correlated stocks, not only the stock to be
predicted. The genetic algorithm is used to select the set of most
informative input features from among all the technical indicators.
The results show that the hybrid GA-SVM system outperforms the
stand alone SVM system.
Abstract: The literature has argued that firms based in industrial districts enjoy advantages for creating internal knowledge and absorbing external knowledge as a consequence of to the knowledge flows and spillovers that exist in the district. However, empirical evidence to show how belonging to an industrial district affects the business processes of creation and absorption of knowledge is scarce and, moreover, empirical research has not taken into account the influence of variations in the flows of knowledge circulating in each cluster. This study aims to extend empirical evidence on the effect that the stock of shared competencies in industrial districts has on the business processes of creation and absorption of knowledge, through data from an initial study on 952 firms and 35 industrial districts in Spain.
Abstract: The move towards internationalization of accounting encountered a great boost, when in 2002 EU delegated the IASB to provide the accounting standards to be applied inside its frontiers. Among the incentives of the standardization of accounting on the international level, is the reduction of the cost of capital. Romania made the move towards IFRS before EU, when the country was not yet a member of it. Even if this made Romania a special case, it was scarcely approached. The leak of real data is usually the reason for avoiding. The novelty of this paper is that it offers an insight from the reality of Romanian companies and their view regarding the IFRS. The paper is based on a survey that the authors made among the companies listed on the first two tiers of the Bucharest Stock Exchange (BSE), which are basically, the most important companies in the country.
Abstract: Financial forecasting is an example of signal processing problems. A number of ways to train/learn the network are available. We have used Levenberg-Marquardt algorithm for error back-propagation for weight adjustment. Pre-processing of data has reduced much of the variation at large scale to small scale, reducing the variation of training data.
Abstract: In the past decade, artificial neural networks (ANNs)
have been regarded as an instrument for problem-solving and
decision-making; indeed, they have already done with a substantial
efficiency and effectiveness improvement in industries and businesses.
In this paper, the Back-Propagation neural Networks (BPNs) will be
modulated to demonstrate the performance of the collaborative
forecasting (CF) function of a Collaborative Planning, Forecasting and
Replenishment (CPFR®) system. CPFR functions the balance between
the sufficient product supply and the necessary customer demand in a
Supply and Demand Chain (SDC). Several classical standard BPN will
be grouped, collaborated and exploited for the easy implementation of
the proposed modular ANN framework based on the topology of a
SDC. Each individual BPN is applied as a modular tool to perform the
task of forecasting SKUs (Stock-Keeping Units) levels that are
managed and supervised at a POS (point of sale), a wholesaler, and a
manufacturer in an SDC. The proposed modular BPN-based CF
system will be exemplified and experimentally verified using lots of
datasets of the simulated SDC. The experimental results showed that a
complex CF problem can be divided into a group of simpler
sub-problems based on the single independent trading partners
distributed over SDC, and its SKU forecasting accuracy was satisfied
when the system forecasted values compared to the original simulated
SDC data. The primary task of implementing an autonomous CF
involves the study of supervised ANN learning methodology which
aims at making “knowledgeable" decision for the best SKU sales plan
and stocks management.
Abstract: Spare parts inventory management is one of the major
areas of inventory research. Analysis of recent literature showed that
an approach integrating spare parts classification, demand
forecasting, and stock control policies is essential; however, adapting
this integrated approach is limited. This work presents an integrated
framework for spare part inventory management and an Excel based
application developed for the implementation of the proposed
framework. A multi-criteria analysis has been used for spare
classification. Forecasting of spare parts- intermittent demand has
been incorporated into the application using three different
forecasting models; namely, normal distribution, exponential
smoothing, and Croston method. The application is also capable of
running with different inventory control policies. To illustrate the
performance of the proposed framework and the developed
application; the framework is applied to different items at a service
organization. The results achieved are presented and possible areas
for future work are highlighted.
Abstract: This paper fist examines three set of bivariate cointegrations between any two of current accounts, stock markets, and currency exchange markets in ten Asian countries. Furthermore, we examined the effect of country characters on this bivariate cointegration. Our findings suggest that for three sets of cointegration test, each sample country at least exists one cointegration. India consistently exhibited a bi-directional causal relationship between any two of three indicators. Unlike Pan et al. (2007) and Phylaktis and Ravazzolo (2005), we found that such cointegration is influenced by three characteristics: capital control; flexibility in foreign exchange rates; and the ratio of trade to GDP. These characteristics are the result of liberalization in each Asian country. This implies that liberalization policies are effective on improving the cointegration between any two of financial markets and current account for ten Asian countries.
Abstract: In this paper usefulness of quasi-Newton iteration
procedure in parameters estimation of the conditional variance
equation within BHHH algorithm is presented. Analytical solution of
maximization of the likelihood function using first and second
derivatives is too complex when the variance is time-varying. The
advantage of BHHH algorithm in comparison to the other
optimization algorithms is that requires no third derivatives with
assured convergence. To simplify optimization procedure BHHH
algorithm uses the approximation of the matrix of second derivatives
according to information identity. However, parameters estimation in
a/symmetric GARCH(1,1) model assuming normal distribution of
returns is not that simple, i.e. it is difficult to solve it analytically.
Maximum of the likelihood function can be founded by iteration
procedure until no further increase can be found. Because the
solutions of the numerical optimization are very sensitive to the
initial values, GARCH(1,1) model starting parameters are defined.
The number of iterations can be reduced using starting values close
to the global maximum. Optimization procedure will be illustrated in
framework of modeling volatility on daily basis of the most liquid
stocks on Croatian capital market: Podravka stocks (food industry),
Petrokemija stocks (fertilizer industry) and Ericsson Nikola Tesla
stocks (information-s-communications industry).