Performance of Heterogeneous Autoregressive Models of Realized Volatility: Evidence from U.S. Stock Market

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.

Beating Phenomenon of Multi-Harmonics Defect Frequencies in a Rolling Element Bearing: Case Study from Water Pumping Station

Rolling element bearings are widely used in industry, especially where high load capacity is required. The diagnosis of their conditions is essential matter for downtime reduction and saving cost of maintenance. Therefore, an intensive analysis of frequency spectrum of their faults must be carried out in order to determine the main reason of the fault. This paper focus on a beating phenomena observed in the waveform (time domain) of a cylindrical rolling element bearing. The beating frequencies were not related to any sources nearby the machine nor any other malfunctions (unbalance, misalignment ...etc). More investigation on the spike energy and the frequency spectrum indicated a problem with races of the bearing. Multi-harmonics of the fundamental defects frequencies were observed. Two of them were close to each other in magnitude those were the source of the beating phenomena.

Feasibility Analysis Studies on New National R&D Programs in Korea

As a part of evaluation system for R&D program, the Korean government has applied feasibility analysis since 2008. Various professionals put forth a great effort in order to catch up the high degree of freedom of R&D programs, and make contributions to evolving the feasibility analysis. We analyze diverse R&D programs from various viewpoints, such as technology, policy, and Economics, integrate the separate analysis, and finally arrive at a definite result; whether a program is feasible or unfeasible. This paper describes the concept and method of the feasibility analysis as a decision making tool. The analysis unit and content of each criterion, which are key elements in a comprehensive decision making structure, are examined

Autobiographical Memory and Flexible Remembering: Gender Differences

In this study, we examined gender differences in: (1) a flexible remembering task, that asked for episodic memory decisions at an item-specific versus category-based level, and (2) the retrieval specificity of autobiographical memory during free recall. Differences favouring women were found on both measures. Furthermore, a significant association was observed, across gender groups, between level of specificity in the autobiographical memory interview and sensitivity to gist on the flexible remembering task. These results suggest that similar cognitive processes may partially contribute to both the ability for specific autobiographical recall and the capacity for inhibition of gist-information on the flexible remembering task.

The Effect of Board Composition and Ownership Concentration on Earnings Management: Evidence from IRAN

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.

Investigation and Congestion Management to Solvethe Over-Load Problem of Shiraz Substation in FREC

In this paper, the transformers over-load problem of Shiraz substation in Fars Regional Electric Company (FREC) is investigated for a period of three years plan. So the suggestions for using phase shifting transformer (PST) and unified power flow controller (UPFC) in order to solve this problem are examined in details and finally, some economical and practical designs will be given in order to solve the related problems. Practical consideration and using the basic and fundamental concept of powers in transmission lines in order to find the economical design are the main advantages of this research. The simulation results of the integrated overall system with different designs compare them base on economical and practical aspects to solve the over-load and loss-reduction.

Exploring Customer Trust in B2C Mobile Payments – A Qualitative Study

Mobile payments have been deployed by businesses for more than a decade. Customers use mobile payments if they trust in this relatively new payment method, have a belief and confidence in, as well as reliance on its services and applications. Despite its potential, the current literature shows that there is lack of customer trust in B2C mobile payments, and a lack of studies that determine the factors that influence their trust in these payments; which make these factors yet to be understood, especially in the Middle East region. Thus, this study aims to explore the factors that influence customer trust in mobile payments. The empirical data for this explorative study was collected by establishing four focus group sessions in the UAE. The results indicate that the explored significant factors can be classified into five main groups: customer characteristics, environmental (social and cultural) influences, provider characteristics, mobile-device characteristics, and perceived risks.

The Game of Synchronized Quadromineering

In synchronized games players make their moves simultaneously rather than alternately. Synchronized Quadromineering is the synchronized version of Quadromineering, a variants of a classical two-player combinatorial game called Domineering. Experimental results for small m × n boards (with m + n < 15) and some theoretical results for general k × n boards (with k = 4, 5, 6) are presented. Moreover, some Synchronized Quadromineering variants are also investigated.

Enhanced Conference Organization Based On Correlation of Web Information and Ontology Based Expertise Search

From the importance of the conference and its constructive role in the studies discussion, there must be a strong organization that allows the exploitation of the discussions in opening new horizons. The vast amount of information scattered across the web, make it difficult to find experts, who can play a prominent role in organizing conferences. In this paper we proposed a new approach of extracting researchers- information from various Web resources and correlating them in order to confirm their correctness. As a validator of this approach, we propose a service that will be useful to set up a conference. Its main objective is to find appropriate experts, as well as the social events for a conference. For this application we us Semantic Web technologies like RDF and ontology to represent the confirmed information, which are linked to another ontology (skills ontology) that are used to present and compute the expertise.

Deep Learning and Virtual Environment

While computers are known to facilitate lower levels of learning, such as rote memorization of facts, measurable through electronically administered and graded multiple-choice questions, yes/no, and true/false answers, the imparting and measurement of higher-level cognitive skills is more vexing. These require more open-ended delivery and answers, and may be more problematic in an entirely virtual environment, notwithstanding the advances in technologies such as wikis, blogs, discussion boards, etc. As with the integration of all technology, merit is based more on the instructional design of the course than on the technology employed in, and of, itself. With this in mind, this study examined the perceptions of online students in an introductory Computer Information Systems course regarding the fostering of various higher-order thinking and team-building skills as a result of the activities, resources and technologies (ART) used in the course.

Factors Influencing Students' Self-Concept among Malaysian Students

This paper examines the students’ self-concept among 16- and 17- year- old adolescents in Malaysian secondary schools. Previous studies have shown that positive self-concept played an important role in student adjustment and academic performance during schooling. This study attempts to investigate the factors influencing students’ perceptions toward their own self-concept. A total of 1168 students participated in the survey. This study utilized the CoPs (UM) instrument to measure self-concept. Principal Component Analysis (PCA) revealed three factors: academic selfconcept, physical self-concept and social self-concept. This study confirmed that students perceived certain internal context factors, and revealed that external context factor also have an impact on their self-concept.

Exergy Analysis of a Cogeneration Plant

Cogeneration may be defined as a system which contains electricity production and regain of the thermo value of exhaust gases simultaneously. The examination is based on the data-s of an active cogeneration plant. This study, it is aimed to determine which component of the system should be revised first to raise the efficiency and decrease the loss of exergy. For this purpose, second law analysis of thermodynamics is applied to each component due to consider the effects of environmental conditions and take the quality of energy into consideration as well as the quantity of it. The exergy balance equations are produced and exergy loss is calculated for each component. 44,44 % loss of exergy in heat exchanger, 29,59 % in combustion chamber, 18,68 % in steam boiler, 5,25 % in gas turbine and 2,03 % in compressor is calculated.

Some Physico-Chemical Characteristics and Mineral Contents of Gilaburu (Viburnum opulus L.) Fruits in Turkey

Gilaburu (Viburnum opulus L.) grown naturally in Anatolia. In this study, some physico-chemical (sugar, acid, protein, crude fat, crude fiber, ash etc.) characteristics and mineral composition of Gilaburu fruit have been investigated. The length, width, thickness, weight, total soluble solid, protein, crude ash, crude fiber and crude oil of fruit were found to be 1.12 cm, 1.58 cm, 1.87 cm, 0.87 g, 14.73 %, 0.2 %, 0.11 %, 6.56 % and 0.4 %, respectively. The seed of fruit mean weight, length, width and thickness were determinated as 0.08 g, 7.76 cm, 7.67 cm and 1.66, respectively. In addition 27 mineral elements (Al, Mg, Na, Ba, Ca, Ni, Cd, P, Cr, Pb, S, Cu, Se, Fe, K, Sr, Li, Z, V, Ag, Bi, Co, Mn, B, Ga, In, Ti) were analyzed. Gilaburu (Viburnum opulus L.) fruit was richest in potassium (10764.764 ppm), Mg (1289.088 ppm) and P (1304.169 ppm).

An Optimization of the New Die Design of Sheet Hydroforming by Taguchi Method

During the last few years, several sheet hydroforming processes have been introduced. Despite the advantages of these methods, they have some limitations. Of the processes, the two main ones are the standard hydroforming and hydromechanical deep drawing. A new sheet hydroforming die set was proposed that has the advantages of both processes and eliminates their limitations. In this method, a polyurethane plate was used as a part of the die-set to control the blank holder force. This paper outlines the Taguchi optimization methodology, which is applied to optimize the effective parameters in forming cylindrical cups by the new die set of sheet hydroforming process. The process parameters evaluated in this research are polyurethane hardness, polyurethane thickness, forming pressure path and polyurethane hole diameter. The design of experiments based upon L9 orthogonal arrays by Taguchi was used and analysis of variance (ANOVA) was employed to analyze the effect of these parameters on the forming pressure. The analysis of the results showed that the optimal combination for low forming pressure is harder polyurethane, bigger diameter of polyurethane hole and thinner polyurethane. Finally, the confirmation test was derived based on the optimal combination of parameters and it was shown that the Taguchi method is suitable to examine the optimization process.

Nonlinear Thermal Hydraulic Model to Analyze Parallel Channel Density Wave Instabilities in Natural Circulation Boiling Water Reactor with Asymmetric Power Distribution

The paper investigates parallel channel instabilities of natural circulation boiling water reactor. A thermal-hydraulic model is developed to simulate two-phase flow behavior in the natural circulation boiling water reactor (NCBWR) with the incorporation of ex-core components and recirculation loop such as steam separator, down-comer, lower-horizontal section and upper-horizontal section and then, numerical analysis is carried out for parallel channel instabilities of the reactor undergoing both in-phase and out-of-phase modes of oscillations. To analyze the relative effect on stability of the reactor due to inclusion of various ex-core components and recirculation loop, marginal stable point is obtained at a particular inlet enthalpy of the reactor core without the inclusion of ex-core components and recirculation loop and then with the inclusion of the same. Numerical simulations are also conducted to determine the relative dominance between two modes of oscillations i.e. in-phase and out-of-phase. Simulations are also carried out when the channels are subjected to asymmetric power distribution keeping the inlet enthalpy same.

Estimation of the Bit Side Force by Using Artificial Neural Network

Horizontal wells are proven to be better producers because they can be extended for a long distance in the pay zone. Engineers have the technical means to forecast the well productivity for a given horizontal length. However, experiences have shown that the actual production rate is often significantly less than that of forecasted. It is a difficult task, if not impossible to identify the real reason why a horizontal well is not producing what was forecasted. Often the source of problem lies in the drilling of horizontal section such as permeability reduction in the pay zone due to mud invasion or snaky well patterns created during drilling. Although drillers aim to drill a constant inclination hole in the pay zone, the more frequent outcome is a sinusoidal wellbore trajectory. The two factors, which play an important role in wellbore tortuosity, are the inclination and side force at bit. A constant inclination horizontal well can only be drilled if the bit face is maintained perpendicular to longitudinal axis of bottom hole assembly (BHA) while keeping the side force nil at the bit. This approach assumes that there exists no formation force at bit. Hence, an appropriate BHA can be designed if bit side force and bit tilt are determined accurately. The Artificial Neural Network (ANN) is superior to existing analytical techniques. In this study, the neural networks have been employed as a general approximation tool for estimation of the bit side forces. A number of samples are analyzed with ANN for parameters of bit side force and the results are compared with exact analysis. Back Propagation Neural network (BPN) is used to approximation of bit side forces. Resultant low relative error value of the test indicates the usability of the BPN in this area.

The Development of Smart School Condition Assessment Based on Condition Survey Protocol (CSP) 1 Matrix: A Literature Review

Building inspection is one of the key components of building maintenance. The primary purpose of performing a building inspection is to evaluate the building-s condition. Without inspection, it is difficult to determine a built asset-s current condition, so failure to inspect can contribute to the asset-s future failure. Traditionally, a longhand survey description has been widely used for property condition reports. Surveys that employ ratings instead of descriptions are gaining wide acceptance in the industry because they cater to the need for numerical analysis output. These kinds of surveys are also in keeping with the new RICS HomeBuyer Report 2009. In this paper, we propose a new assessment method, derived from the current rating systems, for assessing the specifically smart school building-s condition and rating the seriousness of each defect identified. These two assessment criteria are then multiplied to find the building-s score, which we called the Condition Survey Protocol (CSP) 1 Matrix. Instead of a longhand description of a building-s defects, this matrix requires concise explanations about the defects identified, thus saving on-site time during a smart school building inspection. The full score is used to give the building an overall rating: Good, Fair or Dilapidated.

Using Linear Quadratic Gaussian Optimal Control for Lateral Motion of Aircraft

The purpose of this paper is to provide a practical example to the Linear Quadratic Gaussian (LQG) controller. This method includes a description and some discussion of the discrete Kalman state estimator. One aspect of this optimality is that the estimator incorporates all information that can be provided to it. It processes all available measurements, regardless of their precision, to estimate the current value of the variables of interest, with use of knowledge of the system and measurement device dynamics, the statistical description of the system noises, measurement errors, and uncertainty in the dynamics models. Since the time of its introduction, the Kalman filter has been the subject of extensive research and application, particularly in the area of autonomous or assisted navigation. For example, to determine the velocity of an aircraft or sideslip angle, one could use a Doppler radar, the velocity indications of an inertial navigation system, or the relative wind information in the air data system. Rather than ignore any of these outputs, a Kalman filter could be built to combine all of this data and knowledge of the various systems- dynamics to generate an overall best estimate of velocity and sideslip angle.

Effect of Process Parameters on Aerobic Decolourization of Reactive Azo Dye using Mixed Culture

In the present study, an attempt was made to examine the potential of aerobic mixed culture for decolourization of Remazol Black B dye in batch reactors. The effect of pH, temperature, inoculum, initial concentration of dye and initial concentration of glucose was studied with an aim to determine the optimal conditions required for maximum decolourization and degradation. The culture exhibited maximum decolourization ability at pH between 7-8 and at 30°C. A 10% (v/v) inoculum and 1% (w/v) glucose concentration were found to be the optimum for decolourization. A maximum of 98% decolourization was observed at 25 ppm initial concentration of dye after 18 hours of incubation period. At higher dye concentration of 300 ppm, the removal in colour was found to be 75% in 48 hours of incubation period. The results show that the enriched mixed culture from activated sludge has good potential in removal of Remazol Black B dye from wastewater under aerobic conditions.

Production of the Protein-Vitamin Complex from Wheat Germ

Wheat germ has a balanced amino acid composition of the protein, which is well digested by enzymes in the gastrointestinal tract of humans, a high content of vitamins, minerals and unsaturated acids. Introduction components grain food products will enrich their biologically important substances, giving these products a number of valuable properties and reducing their caloric. A complex natural system of substances in foods will help replenish the body's need of essential nutrients, increasing its resistance to the harmful effects of the environment, prolong life. In this regard, there was a need for the development of production technology of protein complexes from wheat germ and then applying them in food, particularly in the dairy industry. Experimental studies were conducted to determine the number of herbal supplements on the sensory characteristics of the product. Studies have been conducted to determine the optimal process parameters of water activity and moisture content of the investigational product.