Empirical Evidence on Equity Valuation of Thai Firms

This study aims at providing empirical evidence on a comparison of two equity valuation models: (1) the dividend discount model (DDM) and (2) the residual income model (RIM), in estimating equity values of Thai firms during 1995-2004. Results suggest that DDM and RIM underestimate equity values of Thai firms and that RIM outperforms DDM in predicting cross-sectional stock prices. Results on regression of cross-sectional stock prices on the decomposed DDM and RIM equity values indicate that book value of equity provides the greatest incremental explanatory power, relative to other components in DDM and RIM terminal values, suggesting that book value distortions resulting from accounting procedures and choices are less severe than forecast and measurement errors in discount rates and growth rates. We also document that the incremental explanatory power of book value of equity during 1998-2004, representing the information environment under Thai Accounting Standards reformed after the 1997 economic crisis to conform to International Accounting Standards, is significantly greater than that during 1995-1996, representing the information environment under the pre-reformed Thai Accounting Standards. This implies that the book value distortions are less severe under the 1997 Reformed Thai Accounting Standards than the pre-reformed Thai Accounting Standards.

Hydrolysis of Hull-Less Pumpkin Oil Cake Protein Isolate by Pepsin

The present work represents an investigation of the hydrolysis of hull-less pumpkin (Cucurbita Pepo L.) oil cake protein isolate (PuOC PI) by pepsin. To examine the effectiveness and suitability of pepsin towards PuOC PI the kinetic parameters for pepsin on PuOC PI were determined and then, the hydrolysis process was studied using Response Surface Methodology (RSM). The hydrolysis was carried out at temperature of 30°C and pH 3.00. Time and initial enzyme/substrate ratio (E/S) at three levels were selected as the independent parameters. The degree of hydrolysis, DH, was mesuared after 20, 30 and 40 minutes, at initial E/S of 0.7, 1 and 1.3 mA/mg proteins. Since the proposed second-order polynomial model showed good fit with the experimental data (R2 = 0.9822), the obtained mathematical model could be used for monitoring the hydrolysis of PuOC PI by pepsin, under studied experimental conditions, varying the time and initial E/S. To achieve the highest value of DH (39.13 %), the obtained optimum conditions for time and initial E/S were 30 min and 1.024 mA/mg proteins.

Identification of Most Frequently Occurring Lexis in Winnings-announcing Unsolicited Bulke-mails

e-mail has become an important means of electronic communication but the viability of its usage is marred by Unsolicited Bulk e-mail (UBE) messages. UBE consists of many types like pornographic, virus infected and 'cry-for-help' messages as well as fake and fraudulent offers for jobs, winnings and medicines. UBE poses technical and socio-economic challenges to usage of e-mails. To meet this challenge and combat this menace, we need to understand UBE. Towards this end, the current paper presents a content-based textual analysis of nearly 3000 winnings-announcing UBE. Technically, this is an application of Text Parsing and Tokenization for an un-structured textual document and we approach it using Bag Of Words (BOW) and Vector Space Document Model techniques. We have attempted to identify the most frequently occurring lexis in the winnings-announcing UBE documents. The analysis of such top 100 lexis is also presented. We exhibit the relationship between occurrence of a word from the identified lexisset in the given UBE and the probability that the given UBE will be the one announcing fake winnings. To the best of our knowledge and survey of related literature, this is the first formal attempt for identification of most frequently occurring lexis in winningsannouncing UBE by its textual analysis. Finally, this is a sincere attempt to bring about alertness against and mitigate the threat of such luring but fake UBE.

Eco-Innovation as a New Sustainable Development Strategy: Case Studies

Sustainable development is one of the most debated issues, recently. In terms of providing more livable Earth continuity, while Production activities are going on, on the other hand protecting the environment has importance. As a strategy for sustainable development, eco-innovation is the application of innovations to reduce environmental burdens. Endeavors to understand ecoinnovation processes have been affected from environmental economics and innovation economics from neoclassical economics, and evolutionary economics other than neoclassical economics. In the light of case study analyses, this study aims to display activities in this field through case studies after explaining the theoretical framework of eco-innovations. This study consists of five sections including introduction and conclusion. In the second part of the study identifications of the concepts related with eco-innovation are described and eco-innovations are classified. Third section considers neoclassical and evolutionary approaches from neoclassical economics and evolutionary economics, respectively. Fourth section gives the case studies of successful eco-innovations. Last section is the conclusion part and offers suggestions for future eco-innovation research according to the theoretical framework and the case studies.

Use of Radial Basis Function Neural Network for Bearing Pressure Prediction of Strip Footing on Reinforced Granular Bed Overlying Weak Soil

Earth reinforcing techniques have become useful and economical to solve problems related to difficult grounds and provide satisfactory foundation performance. In this context, this paper uses radial basis function neural network (RBFNN) for predicting the bearing pressure of strip footing on reinforced granular bed overlying weak soil. The inputs for the neural network models included plate width, thickness of granular bed and number of layers of reinforcements, settlement ratio, water content, dry density, cohesion and angle of friction. The results indicated that RBFNN model exhibited more than 84 % prediction accuracy, thereby demonstrating its application in a geotechnical problem.

Applications of Genetic Programming in Data Mining

This paper details the application of a genetic programming framework for induction of useful classification rules from a database of income statements, balance sheets, and cash flow statements for North American public companies. Potentially interesting classification rules are discovered. Anomalies in the discovery process merit further investigation of the application of genetic programming to the dataset for the problem domain.

A Hybrid Particle Swarm Optimization Solution to Ramping Rate Constrained Dynamic Economic Dispatch

This paper presents the application of an enhanced Particle Swarm Optimization (EPSO) combined with Gaussian Mutation (GM) for solving the Dynamic Economic Dispatch (DED) problem considering the operating constraints of generators. The EPSO consists of the standard PSO and a modified heuristic search approaches. Namely, the ability of the traditional PSO is enhanced by applying the modified heuristic search approach to prevent the solutions from violating the constraints. In addition, Gaussian Mutation is aimed at increasing the diversity of global search, whilst it also prevents being trapped in suboptimal points during search. To illustrate its efficiency and effectiveness, the developed EPSO-GM approach is tested on the 3-unit and 10-unit 24-hour systems considering valve-point effect. From the experimental results, it can be concluded that the proposed EPSO-GM provides, the accurate solution, the efficiency, and the feature of robust computation compared with other algorithms under consideration.

Sweet Corn Water Productivity under Several Deficit Irrigation Regimes Applied during Vegetative Growth Stage using Treated Wastewater as Water Irrigation Source

Yield and Crop Water Productivity are crucial issues in sustainable agriculture, especially in high-demand resource crops such as sweet corn. This study was conducted to investigate agronomic responses such as plant growth, yield and soil parameters (EC and Nitrate accumulation) to several deficit irrigation treatments (100, 75, 50, 25 and 0% of ETm) applied during vegetative growth stage, rainfed treatment was also tested. The finding of this research indicates that under deficit irrigation during vegetative growth stage applying 75% of ETm lead to increasing of 19.4% in terms of fresh ear yield, 9.4% in terms of dry grain yield, 10.5% in terms of number of ears per plant, 11.5% for the 1000 grains weight and 19% in terms of crop water productivity compared with fully irrigated treatment. While those parameters in addition to root, shoot and plant height has been affected by deficit irrigation during vegetative growth stage when increasing water stress degree more than 50% of ETm.

Cloud Computing Databases: Latest Trends and Architectural Concepts

The Economic factors are leading to the rise of infrastructures provides software and computing facilities as a service, known as cloud services or cloud computing. Cloud services can provide efficiencies for application providers, both by limiting up-front capital expenses, and by reducing the cost of ownership over time. Such services are made available in a data center, using shared commodity hardware for computation and storage. There is a varied set of cloud services available today, including application services (salesforce.com), storage services (Amazon S3), compute services (Google App Engine, Amazon EC2) and data services (Amazon SimpleDB, Microsoft SQL Server Data Services, Google-s Data store). These services represent a variety of reformations of data management architectures, and more are on the horizon.

Association of Selected Biochemical Markers and Body Mass Index in Women with Endocrine Disorders

Obesity is frequent attendant phenomenon of patients with endocrinological disease. Between BMI and endocrinological diseases is close correlation. In thesis we focused on the allocation of hormone concentration – PTH and TSH, CHOL a mineral element Ca in a blood serum. The examined group was formed by 100 respondents (women) aged 36 – 83 years, who were divided into two groups – control group (CG), group with diagnosed endocrine disease (DED). The concentration of PTH and TSH, Ca and CHOL was measured through the medium of analyzers Cobas e411 (Japan); Cobas Integra 400 (Switzerland). At individuals was measured body weight as well as stature and thereupon from those data we enumerated BMI. On the basis of Student T-test in biochemical parameter of PTH and Ca we found out significantly meaningful difference (p

Global Security Using Human Face Understanding under Vision Ubiquitous Architecture System

Different methods containing biometric algorithms are presented for the representation of eigenfaces detection including face recognition, are identification and verification. Our theme of this research is to manage the critical processing stages (accuracy, speed, security and monitoring) of face activities with the flexibility of searching and edit the secure authorized database. In this paper we implement different techniques such as eigenfaces vector reduction by using texture and shape vector phenomenon for complexity removal, while density matching score with Face Boundary Fixation (FBF) extracted the most likelihood characteristics in this media processing contents. We examine the development and performance efficiency of the database by applying our creative algorithms in both recognition and detection phenomenon. Our results show the performance accuracy and security gain with better achievement than a number of previous approaches in all the above processes in an encouraging mode.

An Agent-Based Scheduling Framework for Flexible Manufacturing Systems

The concept of flexible manufacturing is highly appealing in gaining a competitive edge in the market by quickly adapting to the changing customer needs. Scheduling jobs on flexible manufacturing systems (FMSs) is a challenging task of managing the available flexibility on the shop floor to react to the dynamics of the environment in real-time. In this paper, an agent-oriented scheduling framework that can be integrated with a real or a simulated FMS is proposed. This framework works in stochastic environments with a dynamic model of job arrival. It supports a hierarchical cooperative scheduling that builds on the available flexibility of the shop floor. Testing the framework on a model of a real FMS showed the capability of the proposed approach to overcome the drawbacks of the conventional approaches and maintain a near optimal solution despite the dynamics of the operational environment.

Adsorption of Copper by using Microwave Incinerated Rice Husk Ash (MIRHA)

Many non-conventional adsorbent have been studied as economic alternative to commercial activated carbon and mostly agricultural waste have been introduced such as rubber leaf powder and hazelnut shell. Microwave Incinerated Rice Husk Ash (MIRHA), produced from the rice husk is one of the low-cost materials that were used as adsorbent of heavy metal. The aim of this research was to study the feasibility of using MIRHA500 and MIRHA800 as adsorbent for the removal of Cu(II) metal ions from aqueous solutions by the batch studies. The adsorption of Cu(II) into MIRHA500 and MIRH800 favors Fruendlich isotherm and imply pseudo – kinetic second order which applied chemisorptions

Towards Sustainable Urban Transportation Case Studies

Climate change is one of the greatest environmental, economic, and social challenges of our time. Urban transportation has had a major negative impact on our environment—most of our air pollution comes from transport. This paper explores ways to move toward a more sustainable transport system by focusing on creating a more efficient and livable city and improving the environmental efficiency of transport activity. The analytical study covers some international examples of applying sustainable transportation and uses them to suggest a frame work to develop the transportation system in Egypt to be sustainable and more intelligent.

Availability of Sports Facilities does not explain the Association between Economic Environment and Physical Inactivity in a Southern European city

This paper evaluates the association between economic environment in the districts of Madrid (Spain) and physical inactivity, using income per capita as indicator of economic environment. The analysis included 6,601 individuals aged 16 to 74 years. The measure of association estimated was the prevalence odds ratio for physical inactivity by income per capita. After adjusting for sex, age, and individual socioeconomic characteristics, people living in the districts with the lowest per capita income had an odds ratio for physical inactivity 1.58 times higher (95% confidence interval 1.35 to 1.85) than those living in districts with the highest per capita income. Additional adjustment for the availability of sports facilities in each district did not decrease the magnitude of the association. These findings show that the widely believed assumption that the availability of sports and recreational facilities, as a possible explanation for the relation between economic environment and physical inactivity, cannot be considered a universal observation.

Biomethanation of Palm Oil Mill Effluent (POME) by Membrane Anaerobic System (MAS) using POME as a Substrate

The direct discharge of palm oil mill effluent (POME) wastewater causes serious environmental pollution due to its high chemical oxygen demand (COD) and biochemical oxygen demand (BOD). Traditional ways for POME treatment have both economical and environmental disadvantages. In this study, a membrane anaerobic system (MAS) was used as an alternative, cost effective method for treating POME. Six steady states were attained as a part of a kinetic study that considered concentration ranges of 8,220 to 15,400 mg/l for mixed liquor suspended solids (MLSS) and 6,329 to 13,244 mg/l for mixed liquor volatile suspended solids (MLVSS). Kinetic equations from Monod, Contois and Chen & Hashimoto were employed to describe the kinetics of POME treatment at organic loading rates ranging from 2 to 13 kg COD/m3/d. throughout the experiment, the removal efficiency of COD was from 94.8 to 96.5% with hydraulic retention time, HRT from 400.6 to 5.7 days. The growth yield coefficient, Y was found to be 0.62gVSS/g COD the specific microorganism decay rate was 0.21 d-1 and the methane gas yield production rate was between 0.25 l/g COD/d and 0.58 l/g COD/d. Steady state influent COD concentrations increased from 18,302 mg/l in the first steady state to 43,500 mg/l in the sixth steady state. The minimum solids retention time, which was obtained from the three kinetic models ranged from 5 to 12.3 days. The k values were in the range of 0.35 – 0.519 g COD/ g VSS • d and values were between 0.26 and 0.379 d-1. The solids retention time (SRT) decreased from 800 days to 11.6 days. The complete treatment reduced the COD content to 2279 mg/l equivalent to a reduction of 94.8% reduction from the original.

Recent Developments in Electric Vehicles for Passenger Car Transport

Electric vehicles are considered as technology which can significantly reduce the problems related to road transport such as increasing GHG emissions, air pollutions and energy import dependency. The core objective of this paper is to analyze the current energetic, ecological and economic characteristics of different types of electric vehicles. The major conclusions of this analysis are: The high investments cost are the major barrier for broad market breakthrough of battery electric vehicles and fuel cell vehicles. For battery electric vehicles also the limited driving range states a key obstacle. The analyzed hybrids could in principle serve as a bridging technology. However, due to their tank-to-wheel emissions they cannot state a proper solution for urban areas. Finally, the most important perception is that also battery electric vehicles and fuel cell vehicles are environmentally benign solution if the primary fuel source is renewable.

Mixtures of Monotone Networks for Prediction

In many data mining applications, it is a priori known that the target function should satisfy certain constraints imposed by, for example, economic theory or a human-decision maker. In this paper we consider partially monotone prediction problems, where the target variable depends monotonically on some of the input variables but not on all. We propose a novel method to construct prediction models, where monotone dependences with respect to some of the input variables are preserved by virtue of construction. Our method belongs to the class of mixture models. The basic idea is to convolute monotone neural networks with weight (kernel) functions to make predictions. By using simulation and real case studies, we demonstrate the application of our method. To obtain sound assessment for the performance of our approach, we use standard neural networks with weight decay and partially monotone linear models as benchmark methods for comparison. The results show that our approach outperforms partially monotone linear models in terms of accuracy. Furthermore, the incorporation of partial monotonicity constraints not only leads to models that are in accordance with the decision maker's expertise, but also reduces considerably the model variance in comparison to standard neural networks with weight decay.

A New Fuzzy Decision Support Method for Analysis of Economic Factors of Turkey's Construction Industry

Imperfect knowledge cannot be avoided all the time. Imperfections may have several forms; uncertainties, imprecision and incompleteness. When we look to classification of methods for the management of imperfect knowledge we see fuzzy set-based techniques. The choice of a method to process data is linked to the choice of knowledge representation, which can be numerical, symbolic, logical or semantic and it depends on the nature of the problem to be solved for example decision support, which will be mentioned in our study. Fuzzy Logic is used for its ability to manage imprecise knowledge, but it can take advantage of the ability of neural networks to learn coefficients or functions. Such an association of methods is typical of so-called soft computing. In this study a new method was used for the management of imprecision for collected knowledge which related to economic analysis of construction industry in Turkey. Because of sudden changes occurring in economic factors decrease competition strength of construction companies. The better evaluation of these changes in economical factors in view of construction industry will made positive influence on company-s decisions which are dealing construction.

Simulating Laboratory Short Term Aging to Suit Malaysian Field Conditions

This paper characterizes the effects of artificial short term aging in the laboratory on the rheological properties of virgin 80/100 penetration grade asphalt binder. After several years in service, asphalt mixture started to deteriorate due to aging. Aging is a complex physico-chemical phenomenon that influences asphalt binder rheological properties causing a deterioration in asphalt mixture performance. To ascertain asphalt binder aging effects, the virgin, artificially aged and extracted asphalt binder were tested via the Rolling Thin film Oven (RTFO), Dynamic Shear Rheometer (DSR) and Rotational Viscometer (RV). A comparative study between laboratory and field aging conditions were also carried out. The results showed that the specimens conditioned for 85 minutes inside the RTFO was insufficient to simulate the actual short term aging caused that took place in the field under Malaysian field conditions