Abstract: The New Basel Capital Accord (Basel II) influences how financial institutions around the world, and especially European Union institutions, determine the amount of capital to reserve. However, as the recent global crisis has shown, the revision of Basel II is needed to reflect current trends, such as increased volatility and correlation, in the world financial markets. The overall objective of Basel II is to increase the safety and soundness of the international financial system. Basel II builds on three main pillars: Pillar I deals with the minimum capital requirements for credit, market and operational risk, Pillar II focuses on the supervisory review process and finally Pillar III promotes market discipline through enhanced disclosure requirements for banks. The aim of this paper is to provide the historical background, key features and impact of Basel II on financial markets. Moreover, we discuss new proposals for international bank regulation (sometimes referred to as Basel III) which include requirements for higher quality, constituency and transparency of banks' capital and risk management, regulation of OTC markets and introduction of new liquidity standards for internationally active banks.
Abstract: According to the majority and to stereotypes in a simple everyman religious processes in the world in general, and Kazakhstan in particular, have only negative trends. The main reason for the author's opinion is seen in the fact that the media in the pursuit of ratings and sensation, more inclined to highlight the negative aspects of events in the country and the world of processes forgetting or casually mentioning the positive initiatives and achievements. That is why the article is mainly revealed positive trends in mind that the problems of fanaticism, terrorism and the confrontation of society on various issues, a lot has been written and detailed. This article describes the stages in the development of relations between religion and state, as well as institutionalization, networking and assistance in the correct orientation of religious activities in the country.
Abstract: The purpose of the article is to illustrate the main
characteristics of the corporate governance challenge facing the
countries of South-Eastern Europe (SEE) and to subsequently
determine and assess the extensiveness and effectiveness of corporate
governance regulations in these countries. Therefore, we start with an
overview on the subject of the key problems of corporate governance
in transition. We then address the issue of corporate governance
measurement for SEE countries. To this end, we include a review of
the methodological framework for determining both the
extensiveness and the effectiveness of corporate governance
legislation. We then focus on the actual analysis of the quality of
corporate governance codes, as well as of legal institutions
effectiveness and provide a measure of corporate governance in
Romania and other SEE emerging markets. The paper concludes by
emphasizing the corporate governance enforcement gap and by
identifying research issues that require further study.
Abstract: Postgraduate education is generally aimed at providing in-depth knowledge and understanding that include general philosophy in the world sciences, management, technologies, applications and other elements closely related to specific areas. In most universities, besides core and non-core subjects, a thesis is one of the requirements for the postgraduate student to accomplish before graduating. This paper reports on the empirical investigation into attributes that are associated with the obstacles to thesis accomplishment among postgraduate students. Using the quantitative approach the experiences of postgraduate students were tapped. Findings clearly revealed that information seeking, writing skills and other factors which refer to supervisor and time management, in particular, are recognized as contributory factors which positively or negatively influence postgraduates’ thesis accomplishment. Among these, writing skills dimensions were found to be the most difficult process in thesis accomplishment compared to information seeking and other factors. This pessimistic indication has provided some implications not only for the students but supervisors and institutions as a whole.
Abstract: In recent years, the number of the cases of information
leaks is increasing. Companies and Research Institutions make various
actions against information thefts and security accidents. One of the
actions is adoption of the crime prevention system, including the
monitoring system by surveillance cameras. In order to solve
difficulties of multiple cameras monitoring, we develop the automatic
human tracking system using mobile agents through multiple
surveillance cameras to track target persons. In this paper, we develop
the monitor which confirms mobile agents tracing target persons, and
the simulator of video picture analysis to construct the tracking
algorithm.
Abstract: The history of technology and banking is examined as
it relates to risk and technological determinism. It is proposed that
the services that banks offer are determined by technology and that
banks must adopt new technologies to be competitive. The adoption
of technologies paradoxically forces the adoption of other new
technologies to protect the bank from the increased risk of
technology. This cycle will lead to bank examiners and regulators to
focus on human behavior, not on the ever changing technology.
Abstract: The Czech Republic is a country whose economy has
undergone a transformation since 1989. Since joining the EU it has
been striving to reduce the differences in its economic standard and
the quality of its institutional environment in comparison with
developed countries. According to an assessment carried out by the
World Bank, the Czech Republic was long classed as a country
whose institutional development was seen as problematic. For many
years one of the things it was rated most poorly on was its bankruptcy
law. The new Insolvency Act, which is a modern law in terms of its
treatment of bankruptcy, was first adopted in the Czech Republic in
2006. This law, together with other regulatory measures, offers debtridden
Czech economic subjects legal instruments which are well
established and in common practice in developed market economies.
Since then, analyses performed by the World Bank and the London
EBRD have shown that there have been significant steps forward in
the quality of Czech bankruptcy law. The Czech Republic still lacks
an analytical apparatus which can offer a structured characterisation
of the general and specific conditions of Czech company and
household debt which is subject to current changes in the global
economy. This area has so far not been given the attention it
deserves. The lack of research is particularly clear as regards analysis
of household debt and householders- ability to settle their debts in a
reasonable manner using legal and other state means of regulation.
We assume that Czech households have recourse to a modern
insolvency law, yet the effective application of this law is hampered
by the inconsistencies in the formal and informal institutions
involved in resolving debt. This in turn is based on the assumption
that this lack of consistency is more marked in cases of personal
bankruptcy. Our aim is to identify the symptoms which indicate that
for some time the effective application of bankruptcy law in the
Czech Republic will be hindered by factors originating in
householders- relative inability to identify the risks of falling into
debt.
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: In online context, the design and implementation of
effective remote laboratories environment is highly challenging on
account of hardware and software needs. This paper presents the
remote laboratory software framework modified from ilab shared
architecture (ISA). The ISA is a framework which enables students to
remotely acccess and control experimental hardware using internet
infrastructure. The need for remote laboratories came after
experiencing problems imposed by traditional laboratories. Among
them are: the high cost of laboratory equipment, scarcity of space,
scarcity of technical personnel along with the restricted university
budget creates a significant bottleneck on building required
laboratory experiments. The solution to these problems is to build
web-accessible laboratories. Remote laboratories allow students and
educators to interact with real laboratory equipment located
anywhere in the world at anytime. Recently, many universities and
other educational institutions especially in third world countries rely
on simulations because they do not afford the experimental
equipment they require to their students. Remote laboratories enable
users to get real data from real-time hand-on experiments. To
implement many remote laboratories, the system architecture should
be flexible, understandable and easy to implement, so that different
laboratories with different hardware can be deployed easily. The
modifications were made to enable developers to add more
equipment in ISA framework and to attract the new developers to
develop many online laboratories.
Abstract: This paper focuses on operational risk measurement
techniques and on economic capital estimation methods. A data
sample of operational losses provided by an anonymous Central
European bank is analyzed using several approaches. Loss
Distribution Approach and scenario analysis method are considered.
Custom plausible loss events defined in a particular scenario are
merged with the original data sample and their impact on capital
estimates and on the financial institution is evaluated. Two main
questions are assessed – What is the most appropriate statistical
method to measure and model operational loss data distribution? and
What is the impact of hypothetical plausible events on the financial
institution? The g&h distribution was evaluated to be the most
suitable one for operational risk modeling. The method based on the
combination of historical loss events modeling and scenario analysis
provides reasonable capital estimates and allows for the measurement
of the impact of extreme events on banking operations.
Abstract: The purpose of this paper is to guide the effort in
improving the economic added value of Indonesian fisheries product
through post fishing program, which is cold storage program.
Indonesia's fisheries potential has been acknowledged by the world.
FAO (2009) stated that Indonesia is one of the tenth highest
producers of fishery products in the world. Based on BPS (Statistics
Indonesia data), the national fisheries production in 2011 reached
5.714 million tons, which 93.55% came from marine fisheries and
6.45% from open waters. Indonesian territory consist of 2/3 of
Indonesian waters, has given enormous benefits for Indonesia,
especially fishermen. To improve the economic level of fishermen
requires efforts to develop fisheries business unit. On of the efforts is
by improving the quality of products which are marketed in the
regional and international levels. It is certainly need the support of
the existence of various fishery facilities (infrastructure to
superstructure), one of which is cold storage. Given the many
benefits of cold storage as a means of processing of fishery resources,
Indonesia Maritime Security Coordinating Board (IMSCB) as one of
the maritime institutions for maritime security and safety, has a
program to empower the coastal community through encourages the
development of cold storage in the middle and lower fishery business
unit. The development of cold storage facilities which able to run its
maximum role requires synergistic efforts of various parties.
Abstract: This study attempts to clarify major perspectives of Corporate Social Responsibility (CSR) in the Greek market related to companies that have sufficient CSR. An empirical analysis was undertaken, based on literature review and previous observations and surveys, in order to provide a general analysis of the CSR concept in Greece. The results of Accountability Rating institution were used in order to identify companies that adopt an integrated social responsibility approach. Companies that responded to the survey are both regional and international and belong to different industrial fields. Some of the main survey results reveal: multiple aspects for the CSR concept, weak consensus as regards the importance of stakeholders and benefits from the CSR implementation, the important role of CSR in the decision procedure and CSR practices concerning social issues that affect mostly company-s competitiveness. Sharing companies- experience could address common social issues through CSR best practices and develop new knowledge.
Abstract: Today-s Wi Fi generation utilize the latest technology in their daily lives. Instructors at National University, the second largest non profit private institution of higher learning in California, are incorporating these new tools to modify their Online class formats to better accommodate these new skills in their distance education delivery modes. The University provides accelerated learning in a one-course per month format both Onsite and Online. Since there has been such a significant increase in Online classes over the past three years, and it is expected to grow even more over the over the next five years, Instructors cannot afford to maintain the status quo and not take advantage of these new options. It is at the discretion of the instructors which accessory they use and how comfortable and familiar they are with the technology. This paper explores the effects and summarizes students- comments of some of these new technological options which have been recently provided in order to make students- online learning experience more exciting and meaningful.
Abstract: Economic freedoms, most emphasized issue in the recent years, are considered to affect economic growth and performance via institutional structure. In this context, a model that includes Turkey and Middle East Countries, and where the effects of economic freedom on growth are examined, was formed. For the groups of countries determined, in the study carried out by using the dataset belonging the period of 2004 - 2009, between economic freedoms and growth, a negative relationship was observed as group. In the sense of individual effects, it was identified that there was a positive relationship in terms of some Middle East Countries and Turkey.
Abstract: In this paper we apply an Adaptive Network-Based
Fuzzy Inference System (ANFIS) with one input, the dependent
variable with one lag, for the forecasting of four macroeconomic
variables of US economy, the Gross Domestic Product, the inflation
rate, six monthly treasury bills interest rates and unemployment rate.
We compare the forecasting performance of ANFIS with those of the
widely used linear autoregressive and nonlinear smoothing transition
autoregressive (STAR) models. The results are greatly in favour of
ANFIS indicating that is an effective tool for macroeconomic
forecasting used in academic research and in research and application
by the governmental and other institutions
Abstract: Knowledge is a key asset for any organisation to
sustain competitive advantages, but it is difficult to identify and
represent knowledge which is needed to perform activities in
business processes. The effective knowledge management and
support for relevant business activities definitely gives a huge impact
to the performance of the organisation as a whole. This is because
that knowledge have the functions of directing, coordinating and
controlling actions within business processes. The study has
introduced organisational morphology, a norm-based approach by
applying semiotic theories which emphasise on the representation of
knowledge in norms. This approach is concerned with the
identification of activities into three categories: substantive,
communication and control activities. All activities are directed by
norms; hence three types of norms exist; each is associated to a
category of activities. The paper describes the approach briefly and
illustrates the application of this approach through a case study of
academic activities in higher education institutions. The result of the
study shows that the approach provides an effective way to profile
business knowledge and the profile enables the understanding and
specification of business requirements of an organisation.
Abstract: Numerous facts evidence the increasing religiosity of
the population and the intensification of religious movements in
various countries in the last decade of the 20th century. The number
of international religious institutions and foundations; religious
movements; parties and sects operating worldwide is increasing as
well. Some ethnic and inter-state conflicts are obviously of a
religious origin. All of this make a number of analysts to conclude
that the religious factor is becoming an important part of international
life, including the formation and activities of terrorist organizations.
Most of all is said and written about Islam, the second, after
Christianity, world religions professed according to various estimates
by 1.5 bln. individuals in 127 countries.
Abstract: The recommendation of the committee on corporate
governance for public companies in Nigeria, that the position of the
CEO be separated from board chair has generated serious debate
among scholars and practitioners. They have questioned the
appropriateness of implementing corporate governance model that is
based on Anglo-Saxon agency problem characterized by dispersed
ownership structure; where markets for corporate control, legal
regulation, and contractual incentives are the key governance
mechanisms. This paper strives to resolve the argument by adopting
an institutional perspective in testing the agency theory on board
duality. The study developed a theoretical and empirical model to
better understand how ownership structure influences agency conflict
and how such affects firm performance. Hence, the study examines
the relationship between CEO duality and firm performance using
two institutional ownership structures – dispersed ownership and
concentrated ownership structures. The empirical results show that
CEO duality is negatively correlated with firm performance in
Nigeria irrespective of the firm-s ownership structure. The findings
give credence to the recommendation of the Peterside Commission
on the need to separate the position of CEO from board chair.
Abstract: Transportation authorities need to provide the services
and facilities that are critical to every country-s well-being and
development. Management of the road network is becoming
increasingly challenging as demands increase and resources are
limited. Public sector institutions are integrating performance
information into budgeting, managing and reporting via
implementing performance measurement systems. In the face of
growing challenges, performance measurement of road networks is
attracting growing interest in many countries. The large scale of
public investments makes the maintenance and development of road
networks an area where such systems are an important assessment
tool. Transportation agencies have been using performance
measurement and modeling as part of pavement and bridge
management systems. Recently the focus has been on extending the
process to applications in road construction and maintenance
systems, operations and safety programs, and administrative
structures and procedures. To eliminate failure and dysfunctional
consequences the importance of obtaining objective data and
implementing evaluation instrument where necessary is presented in
this paper
Abstract: Market segmentation is one of the most
fundamental strategic marketing concepts. The better the
segment which is chosen for targeting by a particular
organisation, the more successful the organisation is assumed to
be in the marketplace. Also higher education institutions have to
improve their marketing tools for attracting foreign students,
particularly when demanding tuition fees. This contribution
aims at demonstrating the proper usage of the cluster analysis
for segmentation (represented by students' willingness to study
abroad) and also, based on large international survey, offers
some practical marketing implications.