Abstract: The paper presents and energy management strategy for a Fuel Cell, Ultracapacitor, Battery hybrid energy storage. The fuel cell hybrid power system is devised basically for emergency power requirements and transient load applications. The power density of an Ultracapacitor is extremely high and for a battery, it is subtle. For a fuel cell, the value of power density is medium. The energy density of these three stockpiling gadgets is contrarily about the power density, i.e. for the batteries it is most noteworthy and for the Ultracapacitor, it is least. Again the fuel cell has medium energy density. The proposed Energy Management System (EMS) is trying to rationalize these parameters viz. the energy density and power density. The working of the fuel cell, Ultracapacitor and batteries are controlled in a coordinated environment in a way to optimize the energy usage and at the same time to get benefits of power and energy density from their inherent characteristics. MATLAB/ Simulink® based test bench is created by using different DC-DC converters for all energy storage devices and an inverter is modeled to supply the time varying load. The results provided by the EMS are highly satisfactory that proves its adaptability.
Abstract: Stock investment decisions are often made based on current events of the global economy and the analysis of historical data. Conversely, visual representation could assist investors’ gain deeper understanding and better insight on stock market trends more efficiently. The trend analysis is based on long-term data collection. The study adopts a hybrid method that combines the Clustering algorithm and Force-directed algorithm to overcome the scalability problem when visualizing large data. This method exemplifies the potential relationships between each stock, as well as determining the degree of strength and connectivity, which will provide investors another understanding of the stock relationship for reference. Information derived from visualization will also help them make an informed decision. The results of the experiments show that the proposed method is able to produced visualized data aesthetically by providing clearer views for connectivity and edge weights.
Abstract: The harsh realities of the scandalous failure of several notable corporations in the past two decades have inextricably resulted in a surge in corporate governance studies. Nevertheless, little or no attention has been paid to corporate governance studies in Mongolian firms and much less to the comprehension of the correlation among ownership structure, corporate governance mechanisms and trend of innovative activities. Innovation is the bed rock of enterprise success. However, the funding and support for innovative activities in many firms are to a great extent determined by the incentives provided by the firm’s internal and external governance mechanisms. Mongolia is an East Asian country currently undergoing a fast-paced transition from socialist to democratic system and it is a widely held view that private ownership as against public ownership fosters innovation. Hence, following the privatization policy of Mongolian Government which has led to the transfer of the ownership of hitherto state controlled and state directed firms to private individuals and organizations, expectations are high that sufficient motivation would be provided for firm managers to engage in innovative activities. This research focuses on the relationship between ownership structure, corporate governance on one hand and the level of innovation on the hand. The paper is empirical in nature and derives data from both reliable secondary and primary sources. Secondary data for the study was in respect of ownership structure of Mongolian listed firms and innovation trend in Mongolia generally. These were analyzed using tables, charts, bars and percentages. Personal interviews and surveys were held to collect primary data. Primary data was in respect of corporate governance practices in Mongolian firms and were collected using structured questionnaire. Out of a population of three hundred and twenty (320) companies listed on the Mongolian Stock Exchange (MSE), a sample size of thirty (30) randomly selected companies was utilized for the study. Five (5) management level employees were surveyed in each selected firm giving a total of one hundred and fifty (150) respondents. Data collected were analyzed and research hypotheses tested using Chi-Square test statistic. Research results showed that corporate governance mechanisms were better and have significantly improved overtime in privately held as opposed to publicly owned firms. Consequently, the levels of innovation in privately held firms were considerably higher. It was concluded that a significant and positive relationship exists between private ownership and good corporate governance on one hand and the level of funding provided for innovative activities in Mongolian firms on the other hand.
Abstract: Comparing with prior studies mainly focused on the
effect of a certain event (it may be the initial announcement of bad
news or the repeated announcements of identical bad news) on stock
price, the aim of this study is to explore how investors react to
subsequent bad news with identical content. Empirical results show
that as a result of behavioral pitfalls, investors underreact to the initial
announcement of the bad news (i.e., unknown bad news) and overreact
to the repeated announcements of the identical bad news (i.e., known
bad news).
Abstract: Intellectual capital is one of the most valuable and
important parts of the intangible assets of enterprises especially in
knowledge-based enterprises. With respect to increasing gap between
the market value and the book value of the companies, intellectual
capital is one of the components that can be placed in this gap. This
paper uses the value added efficiency of the three components,
capital employed, human capital and structural capital, to measure the
intellectual capital efficiency of Iranian industries groups, listed in
the Tehran Stock Exchange (TSE), using a 8 years period data set
from 2005 to 2012. In order to analyze the effect of intellectual
capital on the market-to-book value ratio of the companies, the data
set was divided into 10 industries, Banking, Pharmaceutical, Metals
& Mineral Nonmetallic, Food, Computer, Building, Investments,
Chemical, Cement and Automotive, and the panel data method was
applied to estimating pooled OLS. The results exhibited that value
added of capital employed has a positive significant relation with
increasing market value in the industries, Banking, Metals & Mineral
Nonmetallic, Food, Computer, Chemical and Cement, and also,
showed that value added efficiency of structural capital has a positive
significant relation with increasing market value in the Banking,
Pharmaceutical and Computer industries groups. The results of the
value added showed a negative relation with the Banking and
Pharmaceutical industries groups and a positive relation with
computer and Automotive industries groups. Among the studied
industries, computer industry has placed the widest gap between the
market value and book value in its intellectual capital.
Abstract: The end panels of a large rectangular industrial duct,
which experience significant internal pressures, also experience
considerable transverse shear due to transfer of gravity loads to the
supports. The current design practice of such thin plate panels for
shear load is based on methods used for the design of plate girder
webs. The structural arrangements, the loadings and the resulting
behavior associated with the industrial duct end panels are, however,
significantly different from those of the web of a plate girder. The
large aspect ratio of the end panels gives rise to multiple bands of
tension fields, whereas the plate girder web design is based on one
tension field. In addition to shear, the industrial end panels are
subjected to internal pressure which in turn produces significant
membrane action. This paper reports a study which was undertaken
to review the current industrial analysis and design methods and to
propose a comprehensive method of designing industrial duct end
panels for shear resistance. In this investigation, a nonlinear finite element model was
developed to simulate the behavior of industrial duct end panel, along
with the associated edge stiffeners, subjected to transverse shear and
internal pressures. The model considered the geometric imperfections
and constitutive relations for steels. Six scale independent
dimensionless parameters that govern the behavior of such end panel
were identified and were then used in a parametric study. It was
concluded that the plate slenderness dominates the shear strength of
stockier end panels, and whereas, both the plate slenderness and the
aspect ratio influence the shear strength of slender end panels. Based
on these studies, this paper proposes design aids for estimating the
shear strength of rectangular duct end panels.
Abstract: The market competition is moving from the single
firm to the whole supply chain because of increasing competition and
growing need for operational efficiencies and customer orientation.
Supply chain management allows companies to look beyond their
organizational boundaries to develop and leverage resources and
capabilities of their supply chain partners. This creates competitive
advantages in the marketplace and because of this SCM has acquired
strategic importance. Lean Approach is a management strategy that focuses on reducing
every type of waste present in an organization. This approach is
becoming more and more popular among supply chain managers. The supply chain application of lean approach is not frequent. In
particular, it is not well studied which are the impacts of lean
approach principles in a supply chain context. In literature there are
only few studies aimed at understanding the qualitative impact of the
lean approach in supply chains. Therefore, the goal of this research
work is to study the impacts of lean principles implementation along
a supply chain. To achieve this, a simulation model of a threeechelon
multi-product supply chain has been built. Kanban system (and several priority policies) and setup time
reduction degrees are implemented in the lean-configured supply
chain to apply pull and lot-sizing decrease principles respectively. To
evaluate the benefits of lean approach, lean supply chain is compared
with an EOQ-configured supply chain. The simulation results show
that Kanban system and setup-time reduction improve inventory
stock level. They also show that logistics efforts are affected to lean
implementation degree. The paper concludes describing
performances of lean supply chain in different contexts.
Abstract: In this talk, we introduce a newly developed quantile
function model that can be used for estimating conditional
distributions of financial returns and for obtaining multi-step ahead
out-of-sample predictive distributions of financial returns. Since we
forecast the whole conditional distributions, any predictive quantity
of interest about the future financial returns can be obtained simply
as a by-product of the method. We also show an application of the
model to the daily closing prices of Dow Jones Industrial Average
(DJIA) series over the period from 2 January 2004 - 8 October 2010.
We obtained the predictive distributions up to 15 days ahead for
the DJIA returns, which were further compared with the actually
observed returns and those predicted from an AR-GARCH model.
The results show that the new model can capture the main features
of financial returns and provide a better fitted model together with
improved mean forecasts compared with conventional methods. We
hope this talk will help audience to see that this new model has the
potential to be very useful in practice.
Abstract: Predicting earnings management is vital for the capital
market participants, financial analysts and managers. The aim of this
research is attempting to respond to this query: Is there a significant
difference between the regression model and neural networks’
models in predicting earnings management, and which one leads to a
superior prediction of it? In approaching this question, a Linear
Regression (LR) model was compared with two neural networks
including Multi-Layer Perceptron (MLP), and Generalized
Regression Neural Network (GRNN). The population of this study
includes 94 listed companies in Tehran Stock Exchange (TSE)
market from 2003 to 2011. After the results of all models were
acquired, ANOVA was exerted to test the hypotheses. In general, the
summary of statistical results showed that the precision of GRNN did
not exhibit a significant difference in comparison with MLP. In
addition, the mean square error of the MLP and GRNN showed a
significant difference with the multi variable LR model. These
findings support the notion of nonlinear behavior of the earnings
management. Therefore, it is more appropriate for capital market
participants to analyze earnings management based upon neural
networks techniques, and not to adopt linear regression models.
Abstract: In this paper, we provided a literature survey on the
artificial stock problem (ASM). The paper began by exploring the
complexity of the stock market and the needs for ASM. ASM
aims to investigate the link between individual behaviors (micro
level) and financial market dynamics (macro level). The variety of
patterns at the macro level is a function of the AFM complexity. The
financial market system is a complex system where the relationship
between the micro and macro level cannot be captured analytically.
Computational approaches, such as simulation, are expected to
comprehend this connection. Agent-based simulation is a simulation
technique commonly used to build AFMs. The paper proceeds by
discussing the components of the ASM. We consider the roles
of behavioral finance (BF) alongside the traditionally risk-averse
assumption in the construction of agent’s attributes. Also, the
influence of social networks in the developing of agents interactions is
addressed. Network topologies such as a small world, distance-based,
and scale-free networks may be utilized to outline economic
collaborations. In addition, the primary methods for developing
agents learning and adaptive abilities have been summarized.
These incorporated approach such as Genetic Algorithm, Genetic
Programming, Artificial neural network and Reinforcement Learning.
In addition, the most common statistical properties (the stylized facts)
of stock that are used for calibration and validation of ASM are
discussed. Besides, we have reviewed the major related previous
studies and categorize the utilized approaches as a part of these
studies. Finally, research directions and potential research questions
are argued. The research directions of ASM may focus on the macro
level by analyzing the market dynamic or on the micro level by
investigating the wealth distributions of the agents.
Abstract: This paper examines the relationship between
corporate governance rating and stock prices of 26 Turkish firms
listed in Turkish stock exchange (Borsa Istanbul) by using panel data
analysis over five-year period. The paper also investigates the stock
performance of firms with governance rating with regards to the
market portfolio (i.e. BIST 100 Index) both prior and after
governance scoring began. The empirical results show that there is no
relation between corporate governance rating and stock prices when
using panel data for annual variation in both rating score and stock
prices. Further analysis indicates surprising results that while the
selected firms outperform the market significantly prior to rating, the
same performance does not continue afterwards.
Abstract: Contemporary theories of sustainability, concerning
the natural and built environment, have recently introduced an
environmental attitude towards the architectural design that, in turn,
affects the practice of conservation and reuse of the existing building
stock. This paper presents an environmentally friendly approach
towards the conservation of vernacular architecture and it is based on
the results of a research program which involved the investigation of
sustainable design elements of traditional buildings in Cyprus. The
research in question showed that Cypriot vernacular architecture gave
more emphasis on cooling rather than heating strategies. Another
notable finding of the investigation was the great importance given to
courtyards as they enhance considerably, and in various ways, the
microclimatic conditions of the immediate environment with
favorable results throughout the year. Moreover, it was shown that
the reduction in temperature fluctuation observed in the closed and
semi-open spaces, compared to the respective temperature fluctuation
of the external environment -due to the thermal inertia of the building
envelope- helps towards the achievement of more comfortable living
conditions within traditional dwellings. This paper concludes with a
proposal of a sustainable approach towards the conservation of the
existing environment and the introduction of new environmental
criteria for the conservation of traditional buildings, beyond the
aesthetic, morphological and structural ones that are generally
applied.
Abstract: Background in music analysis: Traditionally, when we
think about a composer’s sketches, the chances are that we are
thinking in terms of the working out of detail, rather than the
evolution of an overall concept. Since music is a “time art,” it follows
that questions of a form cannot be entirely detached from
considerations of time. One could say that composers tend to regard
time either as a place gradually and partially intuitively filled, or they
can look for a specific strategy to occupy it. It seems that the one
thing that sheds light on Stockhausen’s compositional thinking is his
frequent use of “form schemas,” that is often a single-page
representation of the entire structure of a piece.
Background in music technology: Sonic Visualiser is a program
used to study a musical recording. It is an open source application for
viewing, analyzing, and annotating music audio files. It contains a
number of visualisation tools, which are designed with useful default
parameters for musical analysis. Additionally, the Vamp plugin
format of SV supports to provide analysis such as for example
structural segmentation.
Aims: The aim of paper is to show how SV may be used to obtain
a better understanding of the specific musical work, and how the
compositional strategy does impact on musical structures and musical
surfaces. It is known that “traditional” music analytic methods don’t
allow indicating interrelationships between musical surface (which is
perceived) and underlying musical/acoustical structure.
Main Contribution: Stockhausen had dealt with the most diverse
musical problems by the most varied methods. A characteristic which
he had never ceased to be placed at the center of his thought and
works, it was the quest for a new balance founded upon an acute
connection between speculation and intuition. In the case with
Mikrophonie I (1964) for tam-tam and 6 players Stockhausen makes
a distinction between the “connection scheme,” which indicates the
ground rules underlying all versions, and the form scheme, which is
associated with a particular version. The preface to the published
score includes both the connection scheme, and a single instance of a
“form scheme,” which is what one can hear on the CD recording. In
the current study, the insight into the compositional strategy chosen
by Stockhausen was been compared with auditory image, that is, with
the perceived musical surface. Stockhausen’s musical work is
analyzed both in terms of melodic/voice and timbre evolution.
Implications: The current study shows how musical structures
have determined of musical surface. The general assumption is this,
that while listening to music we can extract basic kinds of musical
information from musical surfaces. It is shown that interactive
strategies of musical structure analysis can offer a very fruitful way
of looking directly into certain structural features of music.
Abstract: In this paper, we introduce an NLG application for the automatic creation of ready-to-publish texts from big data. The resulting fully automatic generated news stories have a high resemblance to the style in which the human writer would draw up such a story. Topics include soccer games, stock exchange market reports, and weather forecasts. Each generated text is unique. Readyto-publish stories written by a computer application can help humans to quickly grasp the outcomes of big data analyses, save timeconsuming pre-formulations for journalists and cater to rather small audiences by offering stories that would otherwise not exist.
Abstract: For this study, a town based soil database created in
Gümüsçay District of Biga Town, Çanakkale, Turkey. Crop and
livestock production are major activities in the district. Nutrient
management is mainly based on commercial fertilizer application
ignoring the livestock manure. Within the boundaries of district, 122
soil sampling points determined over the satellite image. Soil samples
collected from the determined points with the help of handheld
Global Positioning System. Labeled samples were sent to a
commercial laboratory to determine 11 soil parameters including
salinity, pH, lime, organic matter, nitrogen, phosphorus, potassium,
iron, manganese, copper and zinc. Based on the test results soil maps
for mentioned parameters were developed using remote sensing, GIS,
and geostatistical analysis. In this study we developed a GIS database
that will be used for soil nutrient management. Methods were
explained and soil maps and their interpretations were summarized in
the study.
Abstract: This paper addresses a cutting edge method of
business demand forecasting, based on an empirical probability
function when the historical behavior of the data is random.
Additionally, it presents error determination based on the numerical
method technique ‘propagation of errors.’ The methodology was
conducted characterization and process diagnostics demand planning
as part of the production management, then new ways to predict its
value through techniques of probability and to calculate their mistake
investigated, it was tools used numerical methods. All this based on
the behavior of the data. This analysis was determined considering
the specific business circumstances of a company in the sector of
communications, located in the city of Bogota, Colombia. In
conclusion, using this application it was possible to obtain the
adequate stock of the products required by the company to provide its
services, helping the company reduce its service time, increase the
client satisfaction rate, reduce stock which has not been in rotation
for a long time, code its inventory, and plan reorder points for the
replenishment of stock.
Abstract: Microscopic simulation tool kits allow for
consideration of the two processes of railway operations and the
previous timetable production. Block occupation conflicts on both
process levels are often solved by using defined train priorities. These
conflict resolutions (dispatching decisions) generate reactionary
delays to the involved trains. The sum of reactionary delays is
commonly used to evaluate the quality of railway operations, which
describes the timetable robustness. It is either compared to an
acceptable train performance or the delays are appraised
economically by linear monetary functions. It is impossible to
adequately evaluate dispatching decisions without a well-founded
objective function. This paper presents a new approach for the
evaluation of dispatching decisions. The approach uses mode choice
models and considers the behaviour of the end-customers. These
models evaluate the reactionary delays in more detail and consider
other competing modes of transport. The new approach pursues the
coupling of a microscopic model of railway operations with the
macroscopic choice mode model. At first, it will be implemented for
railway operations process but it can also be used for timetable
production. The evaluation considers the possibility for the customer
to interchange to other transport modes. The new approach starts to
look at rail and road, but it can also be extended to air travel. The
result of mode choice models is the modal split. The reactions by the
end-customers have an impact on the revenue of the train operating
companies. Different purposes of travel have different payment
reserves and tolerances towards late running. Aside from changes to
revenues, longer journey times can also generate additional costs.
The costs are either time- or track-specific and arise from required
changes to rolling stock or train crew cycles. Only the variable values
are summarised in the contribution margin, which is the base for the
monetary evaluation of delays. The contribution margin is calculated
for different possible solutions to the same conflict. The conflict
resolution is optimised until the monetary loss becomes minimal. The
iterative process therefore determines an optimum conflict resolution
by monitoring the change to the contribution margin. Furthermore, a
monetary value of each dispatching decision can also be derived.
Abstract: The seismic risk mitigation from the perspective of
the old buildings stock is truly essential in Algerian urban areas,
particularly those located in seismic prone regions, such as Annaba
city, and which the old buildings present high levels of degradation
associated with no seismic strengthening and/or rehabilitation
concerns. In this sense, the present paper approaches the issue of the
seismic vulnerability assessment of old masonry building stocks
through the adaptation of a simplified methodology developed for a
European context area similar to that of Annaba city, Algeria.
Therefore, this method is used for the first level of seismic
vulnerability assessment of the masonry buildings stock of the old
city center of Annaba. This methodology is based on a vulnerability
index that is suitable for the evaluation of damage and for the
creation of large-scale loss scenarios. Over 380 buildings were
evaluated in accordance with the referred methodology and the
results obtained were then integrated into a Geographical Information
System (GIS) tool. Such results can be used by the Annaba city
council for supporting management decisions, based on a global view
of the site under analysis, which led to more accurate and faster
decisions for the risk mitigation strategies and rehabilitation plans.
Abstract: The paper shows the necessity of farm diversification
in accordance with the current trends in agricultural sector of
Georgia. The possibilities for the diversification and the
corresponding economic policy are suggested.
The causes that hinder diversification of farms are revealed,
possibilities of diversification are identified and the ability of
increasing employment through diversification is proved. Index of
harvest diversification is calculated based on the areas used for
cereals and legumes, potatoes and vegetables and other food crops.
Crop and livestock production indexes are analyzed; correlation
between crop capacity index and value added per worker and per
hectare is studied.
Based on the research farm diversification strategies and priorities
of corresponding economic policy are presented. Based on the
conclusions relevant recommendations are suggested.
Abstract: The biodegradable family of polymers
polyhydroxyalkanoates is an interesting substitute for convectional
fossil-based plastics. However, the manufacturing and environmental
impacts associated with their production via intracellular bacterial
fermentation are strongly dependent on the raw material used and on
energy consumption during the extraction process, limiting their
potential for commercialization. Industrial wastewater is studied in
this paper as a promising alternative feedstock for waste valorization.
Based on results from laboratory and pilot-scale experiments, a
conceptual process design, techno-economic analysis and life cycle
assessment are developed for the large-scale production of the most
common type of polyhydroxyalkanoate, polyhydroxbutyrate.
Intracellular polyhydroxybutyrate is obtained via fermentation of
microbial community present in industrial wastewater and the
downstream processing is based on chemical digestion with
surfactant and hypochlorite. The economic potential and
environmental performance results help identifying bottlenecks and
best opportunities to scale-up the process prior to industrial
implementation. The outcome of this research indicates that the
fermentation of wastewater towards PHB presents advantages
compared to traditional PHAs production from sugars because the
null environmental burdens and financial costs of the raw material in
the bioplastic production process. Nevertheless, process optimization
is still required to compete with the petrochemicals counterparts.