Abstract: Using Turkish data, in this study it is investigated that
whether a firm’s ownership structure has an impact on its stock
prices after the crisis. A linear regression model is conducted on the
data of non-financial firms that are trading in Istanbul Stock
Exchange 100 Index (ISE 100) index. The findings show that, all
explanatory variables such as inside ownership, largest ownership,
concentrated ownership, foreign shareholders, family controlled and
dispersed ownership are not very important to explain stock prices
after the crisis. Family controlled firms and concentrated ownership
is positively related to stock price, dispersed ownership, largest
ownership, foreign shareholders, and inside ownership structures
have negative interaction between stock prices, but because of the p
value is not under the value of 0.05 this relation is not significant. In
addition, the analysis shows that, the shares of firms that have inside,
largest and dispersed ownership structure are outperform comparing
with the other firms. Furthermore, ownership concentrated firms
outperform to family controlled firms.
Abstract: The main objective of this study is to test the
relationship between numbers of variables representing the firm
characteristics (market-related variables) and the extent of voluntary
disclosure levels (forward-looking disclosure) in the annual reports of
Egyptian firms listed on the Egyptian Stock Exchange. The results
show that audit firm size is significantly positively correlated (in all
the three years) with the level of forward-looking disclosure.
However, industry type variable (which divided to: industries,
cement, construction, petrochemicals and services), is found being
insignificantly association with the level of forward-looking
information disclosed in the annual reports for all the three years.
Abstract: This paper proposes a new decision making structure
to determine the appropriate product delivery strategy for different products in a manufacturing system among make-to-stock, make-toorder,
and hybrid strategy. Given product delivery strategies for all products in the manufacturing system, the position of the Order
Penetrating Point (OPP) can be located regarding the delivery strategies among which location of OPP in hybrid strategy is a
cumbersome task. In this regard, we employ analytic network process, because there are varieties of interrelated driving factors
involved in choosing the right location. Moreover, the proposed structure is augmented with fuzzy sets theory in order to cope with
the uncertainty of judgments. Finally, applicability of the proposed structure is proven in practice through a real industrial case company.
The numerical results demonstrate the efficiency of the proposed decision making structure in order partitioning and OPP location.
Abstract: This work aims to test the application of computational fluid dynamics (CFD) modeling to fixed bed catalytic cracking reactors. Studies of CFD with a fixed bed design commonly use a regular packing with N=2 to define bed geometry. CFD allows us to obtain a more accurate view of the fluid flow and heat transfer mechanisms present in fixed bed equipment. Naphtha was used as feedstock and the reactor length was 80cm. It is divided in three sections that catalyst bed packed in the middle section of the reactor. The reaction scheme was involved one primary reaction and 24 secondary reactions. Because of high CPU times in these simulations, parallel processing have been used. In this study the coke formation process in fixed bed and empty tube reactor was simulated and coke in these reactors are compared. In addition, the effect of steam ratio and feed flow rate on coke formation was investigated.
Abstract: In recent years asymmetric cross section aluminum
alloy stock has been finding increasing use in various industrial manufacturing areas such as general structures and automotive
components. In these areas, components are generally required to have
complex curved configuration and, as such, a bending process is required during manufacture. Undesirable deformation in bending
processes such as flattening or wrinkling can easily occur when thin-walled sections are bent. Hence, a thorough understanding of the
bending behavior of such sections is needed to prevent these undesirable deformations. In this study, the bending behavior of
asymmetric channel section was examined using finite element analysis (FEA). Typical methods of preventing undesirable
deformation, such as asymmetric laminated elastic mandrels were included in FEA model of draw bending. Additionally, axial tension
was applied to prevent wrinkling. By utilizing the FE simulations effect of restriction dies and axial tension on undesirable deformation during the process was clarified.
Abstract: Corporate social responsibility (CSR) can be defined as the management of social, environmental, economical and ethical concepts and firms sensivities to the expectations of the social stakeholders. CSR is seen as an important competitive advantage in the textile sector because this sector has an important impact on the environment and it is labor extensive. Textile sector has a strong advantage when compared with other sectors in Turkey due to its low labor costs and abundancy of raw materials. Turkey was a producer and an exporter of cotton, and an importer of fiber, clothes and dresses until 1950s. After 1950s, Turkey has begun to export fiber, ready-made clothes and become one of the most important textile producers in the world recently. CSR practices of the textile firms that are quoted in Istanbul Stock Exchange and these firms sensivities to their internal and external stakeholders and environment will be presented in this study.
Abstract: Training neural networks to capture an intrinsic
property of a large volume of high dimensional data is a difficult
task, as the training process is computationally expensive. Input
attributes should be carefully selected to keep the dimensionality of
input vectors relatively small.
Technical indexes commonly used for stock market prediction
using neural networks are investigated to determine its effectiveness
as inputs. The feed forward neural network of Levenberg-Marquardt
algorithm is applied to perform one step ahead forecasting of
NASDAQ and Dow stock prices.
Abstract: Underpricing is one anomaly in initial public offerings
(IPO) literature that has been widely observed across different stock
markets with different trends emerging over different time periods.
This study seeks to determine how IPOs on the JSE performed on the
first day, first week and first month over the period of 1996-2011.
Underpricing trends are documented for both hot and cold market
periods in terms of four main sectors (cyclical, defensive, growth
stock and interest rate sensitive stocks). Using a sample of 360 listed
companies on the JSE, the empirical findings established that IPOs
on the JSE are significantly underpriced with an average market
adjusted first day return of 62.9%. It is also established that hot
market IPOs on the JSE are more underpriced than the cold market
IPOs. Also observed is the fact that as the offer price per share
increases above the median price for any given period, the level of
underpricing decreases substantially. While significant differences
exist in the level of underpricing of IPOs in the four different sectors
in the hot and cold market periods, interest rates sensitive stocks
showed a different trend from the other sectors and thus require
further investigation to uncover this pattern.
Abstract: This study investigates the relationship between 10
year bond value, Yen/U.S dollar exchange rate, non-farm payrolls (all
employs) and crude oil to U.S. Dow Jones Sustainability Index. A
GARCH model is used to test these relationships for the period
January 1st 1999 to January 31st 2008 using monthly data. Results
show that an increase of the 10 year bond and non farm payrolls (all
employs) lead to an increase of the D.J.S.I returns. On the contrary
the volatility of the Yen/U.S dollar exchange rates as well as the
increase of crude oil returns has negative effects on the U.S D.J.S.I
returns. This study aims at assisting investors to understand the
influences certain macroeconomic indicators have on the companies-
stock returns as reported by the D.J.S.I.
Abstract: If price and quantity are the fundamental building
blocks of any theory of market interactions, the importance of trading
volume in understanding the behavior of financial markets is clear.
However, while many economic models of financial markets have
been developed to explain the behavior of prices -predictability,
variability, and information content- far less attention has been
devoted to explaining the behavior of trading volume. In this article,
we hope to expand our understanding of trading volume by
developing a new measure of herding behavior based on a cross
sectional dispersion of volumes betas. We apply our measure to the
Toronto stock exchange using monthly data from January 2000 to
December 2002. Our findings show that the herd phenomenon
consists of three essential components: stationary herding, intentional
herding and the feedback herding.
Abstract: Using data of listed Croatian firms from the Zagreb
Stock Exchange we analyze the relationship between firm ownership
(ownership concentration and type) and performance (ROA).
Empirical research was conducted for the period 2003-2010, yielding
with the total of 1,430 observations. Empirical findings based on
dynamic panel analysis indicate that ownership concentration
variable - CR4 is negatively related with performance, i.e. listed firms
with dispersed ownership perform better than firms with concentrated
ownership. Also, the research indicated that foreign controlled listed
firms perform better than domestically controlled firms. Majority
state owned firms perform worse than privately held firms but
dummy variable for privately controlled firms was not statistically
significant in the estimated panel model.
Abstract: The atmospheric pressure plasma torch with a direct
current arc discharge stabilized by water vapor vortex was
experimentally investigated. Overheated up to 450K water vapor was
used as plasma forming gas. Plasma torch design is one of the most
important factors leading to a stable operation of the device. The
electrical and thermal characteristics of the plasma torch were
determined during the experimental investigations. The design and
the basic characteristics of the water vapor plasma torch are presented
in the paper.
Plasma torches with the electric arc stabilized by water vapor
vortex provide special performance characteristics in some plasma
processing applications such as thermal plasma neutralization and
destruction of organic wastes enabling to extract high caloric value
synthesis gas as by-product of the process. Syngas could be used as a
surrogate fuel partly replacing the dependence on the fossil fuels or
used as a feedstock for hydrogen, methanol production.
Abstract: The simple methods used to plan and measure non
patterned production system are developed from the basic definition
of working efficiency. Processing time is assigned as the variable
and used to write the equation of production efficiency.
Consequently, such equation is extensively used to develop the
planning method for production of interest using one-dimensional
stock cutting problem. The application of the developed method
shows that production efficiency and production planning can be
determined effectively.
Abstract: This paper is to explore the relationship and the level
of stock market integration of the Asian countries, primarily
concentrating on Malaysia, Thailand, Indonesia, and South Korea,
with the world from January 1997 to December 2009. The degree of
short-run and long-run stock market integration of those Asian
countries are analyzed in order to determine the significance of series
of regional and world financial crises, liberalization policies and
other financial reforms in influencing the level of stock market
integration. To test for cointegration, this paper applies coefficient
correlation, univariate regression analyses, cointegration tests, and
vector autoregressive models (VAR) by using the four Asian stock
markets main indices and the MSCI World index. The empirical
findings from this work reveal that there is no long-run stock market
integration for the four countries and the world market. However,
there is short run integration.
Abstract: The inability to implement the principles of good
corporate governance (GCG) as demonstrated in the surveys is due to
a number of constraints which can be classified into three; namely internal constraints, external constraints, and constraints coming
from the structure of ownership. The issues in the internal constraints
mentioned are related to the function of several elements of the company. As a business organization, corporation is unable to
achieve its goal to successfully implement GCG principles since it is
not support by its internal elements- functions. Two of several numbers of internal elements of a company are ethical work climate
and leadership style of the top management.
To prove the correlation between internal function of organization
(in this case ethical work climate and transformational leadership)
and the successful implementation of GCG principles, this study
proposes two hypotheses to be empirically tested on thirty surveyed organizations; eleven of which are state-owned companies and
nineteen are private companies. These thirty corporations are listed in
the Jakarta Stock Exchange. All state-owned companies in the
samples are those which have been privatized.
The research showed that internal function of organization give
support to the successful implementation of GCG principle. In this
research we can prove that : (i) ethical work climate has positive
significance of correlation with the successful implementation of
social awareness principle (one of principles on GCG) and, (ii) only
at the state-owned companies, transformational leadership have
positive significance effect to forming the ethical work climate.
Abstract: In the present research, steam cracking of two types of
feedstocks i.e., naphtha and ethane is simulated for Pyrocrack1-1 and
2/2 coil configurations considering two key parameters of coil outlet
temperature (COT) and coil capacity using a radical based kinetic
model. The computer model is confirmed using the industrial data
obtained from Amirkabir Petrochemical Complex. The results are in
good agreement with performance data for naphtha cracking in a
wide range of severity (0.4-0.7), and for ethane cracking on various
conversions (50-70). It was found that Pyrocrack2-2 coil type is an
appropriate choice for steam cracking of ethane at reasonable
ethylene yield while resulting in much lower tube wall temperature
while Pyrocrack1-1 coil type is a proper selection for liquid
feedstocks i.e. naphtha. It can be used for cracking of liquid
feedstocks at optimal ethylene yield whereas not exceeding the
allowable maximum tube temperature.
Abstract: In this paper, we apply the FM methodology to the
cross-section of Romanian-listed common stocks and investigate the
explanatory power of market beta on the cross-section of commons
stock returns from Bucharest Stock Exchange. Various assumptions
are empirically tested, such us linearity, market efficiency, the “no
systematic effect of non-beta risk" hypothesis or the positive
expected risk-return trade-off hypothesis. We find that the Romanian
stock market shows the same properties as the other emerging
markets in terms of efficiency and significance of the linear riskreturn
models. Our analysis included weekly returns from January
2002 until May 2010 and the portfolio formation, estimation and
testing was performed in a rolling manner using 51 observations (one
year) for each stage of the analysis.
Abstract: The study examines the determinants of corporate cash holding of non-financial quoted firms in Nigeria using a sample of fifty four non-financial quoted firms listed on the Nigeria Stock Exchange for the period 1995-2009. Data were sourced from the Annual reports of the sampled firms and analyzed using Generalized Method of Moments(GMM). The study finds evidence supportive of a target adjustment model and that firms can not instantaneously adjust towards the target cash level owing to the fact that adjustment cost being costly,. Also, the result shows significant negative relationship between cash holdings and firm size, net working capital, return on asset and bank relationship and positive relationship with growth opportunities, leverage, inventories, account receivables and financial distress. Furthermore, there is no significant relationship between cash holdings and cash flow. In Nigerian setting, most of the variables that are relevant for explaining cash holdings in the Developed countries are found by this study to be relevant also in Nigeria.
Abstract: A novel concept to balance and tradeoff between
make-to-stock and make-to-order has been hybrid MTS/MTO production context. One of the most important decisions involved in
the hybrid MTS/MTO environment is determining whether a product
is manufactured to stock, to order, or hybrid MTS/MTO strategy. In this paper, a model based on analytic network process is developed to tackle the addressed decision. Since the regarded decision deals with
the uncertainty and ambiguity of data as well as experts- and
managers- linguistic judgments, the proposed model is equipped with
fuzzy sets theory. An important attribute of the model is its generality due to diverse decision factors which are elicited from the
literature and developed by the authors. Finally, the model is validated by applying to a real case study to reveal how the proposed
model can actually be implemented.
Abstract: This research focus on developing a new segmentation method for improving forecasting model which is call trend based segmentation method (TBSM). Generally, the piece-wise linear representation (PLR) can finds some of pair of trading points is well for time series data, but in the complicated stock environment it is not well for stock forecasting because of the stock has more trends of trading. If we consider the trends of trading in stock price for the trading signal which it will improve the precision of forecasting model. Therefore, a TBSM with SVR model used to detect the trading points for various stocks of Taiwanese and America under different trend tendencies. The experimental results show our trading system is more profitable and can be implemented in real time of stock market