Abstract: This conference paper discusses a risk allocation problem for subprime investing banks involving investment in subprime structured mortgage products (SMPs) and Treasuries. In order to solve this problem, we develop a L'evy process-based model of jump diffusion-type for investment choice in subprime SMPs and Treasuries. This model incorporates subprime SMP losses for which credit default insurance in the form of credit default swaps (CDSs) can be purchased. In essence, we solve a mean swap-at-risk (SaR) optimization problem for investment which determines optimal allocation between SMPs and Treasuries subject to credit risk protection via CDSs. In this regard, SaR is indicative of how much protection investors must purchase from swap protection sellers in order to cover possible losses from SMP default. Here, SaR is defined in terms of value-at-risk (VaR). Finally, we provide an analysis of the aforementioned optimization problem and its connections with the subprime mortgage crisis (SMC).
Abstract: This paper examines the effect of corporate diversification on the profitability of the Financial services sector in Nigeria. The study relied on historic accounting data generated from financial (annual) reports and accounts of sampled banks between the period 1998 and 2007 (a ten-year period). A regression equation was formulated, in line with previous studies to shed light on the effect of corporate diversification on the profitability of the Financial services sector in Nigeria. The results of the regression analysis revealed that diversification impacts strongly on banks profitability. Conclusively the paper produces strong evidence to assert that diversification impacts positively and significantly on banks profitability because among other things such diversified banks can pool their internally generated funds and allocate them properly.
Abstract: Parsing is important in Linguistics and Natural
Language Processing to understand the syntax and semantics of a
natural language grammar. Parsing natural language text is
challenging because of the problems like ambiguity and inefficiency.
Also the interpretation of natural language text depends on context
based techniques. A probabilistic component is essential to resolve
ambiguity in both syntax and semantics thereby increasing accuracy
and efficiency of the parser. Tamil language has some inherent
features which are more challenging. In order to obtain the solutions,
lexicalized and statistical approach is to be applied in the parsing
with the aid of a language model. Statistical models mainly focus on
semantics of the language which are suitable for large vocabulary
tasks where as structural methods focus on syntax which models
small vocabulary tasks. A statistical language model based on Trigram
for Tamil language with medium vocabulary of 5000 words has
been built. Though statistical parsing gives better performance
through tri-gram probabilities and large vocabulary size, it has some
disadvantages like focus on semantics rather than syntax, lack of
support in free ordering of words and long term relationship. To
overcome the disadvantages a structural component is to be
incorporated in statistical language models which leads to the
implementation of hybrid language models. This paper has attempted
to build phrase structured hybrid language model which resolves
above mentioned disadvantages. In the development of hybrid
language model, new part of speech tag set for Tamil language has
been developed with more than 500 tags which have the wider
coverage. A phrase structured Treebank has been developed with 326
Tamil sentences which covers more than 5000 words. A hybrid
language model has been trained with the phrase structured Treebank
using immediate head parsing technique. Lexicalized and statistical
parser which employs this hybrid language model and immediate
head parsing technique gives better results than pure grammar and
trigram based model.
Abstract: This paper provides an analysis of corporate income
tax (CIT) incentives in the Western Balkan countries: Slovenia,
Croatia, Serbia, Montenegro, Macedonia and Albania. Western
Balkan countries, as other transition and developing countries, use
large number of the corporate income tax incentives (CIT) to attract
foreign investments and to stimulate economic activity. The main
goal of this paper is to investigate how often these countries use CIT
incentives and provide review of existing tax incentives in Western
Balkan countries. Paper will focus on reduced CIT rates, tax
holidays, and other investment incentives which imply incentives
like accelerated depreciation, tax allowances and tax credits.
Abstract: The Taiwan government has started to promote the “Plain Landscape Afforestation and Greening Program" since 2002. A key task of the program was the payment for environmental services (PES), entitled the “Plain Landscape Afforestation Policy" (PLAP), which was certificated by the Executive Yuan on August 31, 2001 and enacted on January 1, 2002. According to the policy, it is estimated that the total area of afforestation will be 25,100 hectares by December 31, 2007. Until the end of 2007, the policy had been enacted for six years in total and the actual area of afforestation was 8,919.18 hectares. Among them, Taiwan Sugar Corporation (TSC) was accounted for 7,960 hectares (with 2,450.83 hectares as public service area) which occupied 86.22% of the total afforestation area; the private farmland promoted by local governments was accounted for 869.18 hectares which occupied 9.75% of the total afforestation area. Based on the above, we observe that most of the afforestation area in this policy is executed by TSC, and the achievement ratio by TSC is better than by others. It implies that the success of the PLAP is seriously related to the execution of TSC. The objective of this study is to analyze the relevant policy planning of TSC-s participation in the PLAP, suggest complementary measures, and draw up effective adjustment mechanisms, so as to improve the effectiveness of executing the policy. Our main conclusions and suggestions are summarized as follows: 1. The main reason for TSC-s participation in the PLAP is based on their passive cooperation with the central government or company policy. Prior to TSC-s participation in the PLAP, their lands were mainly used for growing sugarcane. 2. The main factors of TSC-s consideration on the selection of tree species are based on the suitability of land and species. The largest proportion of tree species is allocated to economic forests, and the lack of technical instruction was the main problem during afforestation. Moreover, the method of improving TSC-s future development in leisure agriculture and landscape business becomes a key topic. 3. TSC has developed short and long-term plans on participating in the PLAP for the future. However, there is no great willingness or incentive on budgeting for such detailed planning. 4. Most people from TSC interviewed consider the requirements on PLAP unreasonable. Among them, an unreasonable requirement on the number of trees accounted for the greatest proportion; furthermore, most interviewees suggested that the government should continue to provide incentives even after 20 years. 5. Since the government shares the same goals as TSC, there should be sufficient cooperation and communication that support the technical instruction and reduction of afforestation cost, which will also help to improve effectiveness of the policy.
Abstract: The purpose of this study was to investigate the impact of the development of Szuchung Creek take for the cause of the critical success factors, This research is to use the depth interviews, document analysis and Modified-Delphi technique survey of nine depth interviews with experts and 14 experts of Modified-Delphi technique questionnaire and inviting as the research object, Szuchung Creek Hot Springs for the scope of the study. The results show, Szuchung Creek Hot Springs development take for career success factors for the following reasons: 1. Government. 2. Opportunities. 3. Factors of production. 4. Demand conditions. 5. Corporate structure and the degree of competition. 6. Related and supporting industries. Furthermore, Szuchung Creek hot springs, itself already has a number of critical success factors. Contingent less than or inadequacies by Szuchung Creek take for the enterprise development to take for the cause of the critical success factors as the basis for correcting, planning out for local use improvement strategies to achieve the objective of sustainable management.
Abstract: Over a million tonnes of cigarette butts (CBs) are produced worldwide annually. These CBs accumulate in the environment due to the poor biodegradability of the cellulose acetate filters and pose a serious environmental risk. This paper presents some of the results from a continuing study on recycling CBs into fired clay bricks. Properties including compressive strength, flexural strength, density, water absorption and thermal conductivity of fired clay bricks are reported and discussed. Furthermore, leaching of heavy metals from the manufactured clay bricks was tested. The results show that the density of fired bricks was reduced by about 8 – 30 %, depending on the percentage of CBs incorporated into the raw materials. The compressive strength of bricks tested was 12.57, 5.22 and 3.00 MPa for 2.5, 5.0 and 10 % CB content respectively. Water absorption and initial rate of absorption values increased as density, and hence porosity, of bricks decreased with increasing CB volume. The leaching test results revealed trace amounts of heavy metals.
Abstract: Due to the non-linear characteristics of photovoltaic
(PV) array, PV systems typically are equipped with the capability of
maximum power point tracking (MPPT) feature. Moreover, in the
case of PV array under partially shaded conditions, hotspot problem
will occur which could damage the PV cells. Partial shading causes
multiple peaks in the P-V characteristic curves. This paper presents a
hybrid algorithm of Particle Swarm Optimization (PSO) and
Artificial Neural Network (ANN) MPPT algorithm for the detection
of global peak among the multiple peaks in order to extract the true
maximum energy from PV panel. The PV system consists of PV
array, dc-dc boost converter controlled by the proposed MPPT
algorithm and a resistive load. The system was simulated using
MATLAB/Simulink package. The simulation results show that the
proposed algorithm performs well to detect the true global peak
power. The results of the simulations are analyzed and discussed.
Abstract: Application of nanoparticles as additives in membrane
synthesis for improving the resistance of membranes against fouling
has triggered recent interest in new membrane types. However, most
nanoparticle-enhanced membranes suffer from the tradeoff between
permeability and selectivity. In this study, nano-WS2 was explored as
the additive in membrane synthesis by non-solvent induced phase
separation. Blended PES-WS2 flat-sheet membranes with the
incorporation of ultra-low concentrations of nanoparticles (from 0.025
to 0.25%, WS2/PES ratio) were manufactured and investigated in
terms of permeability, fouling resistance and solute rejection.
Remarkably, a significant enhancement in the permeability was
observed as a result of the incorporation of ultra-low fractions of
nano-WS2 to the membrane structure. Optimal permeability values
were obtained for modified membranes with 0.10%
nanoparticle/polymer concentration ratios. Furthermore, fouling
resistance and solute rejection were significantly improved by the
incorporation of nanoparticles into the membrane matrix. Specifically,
fouling resistance of modified membrane can increase by around 50%.
Abstract: Managing knowledge of research is one way to ensure
just in time information and knowledge to support research strategist
and activities. Unfortunately researcher found the vital research
knowledge in IHL (Institutions of Higher Learning) are scattered,
unstructured and unorganized. Aiming on lay aside conceptual
foundations for understanding and developing OMS (Organizational
Memory System) to facilitate research in IHL, this research revealed
ten factors contributed to the needs of research in the IHL and seven
internal challenges of IHL in promoting research to their academic
members. This study then suggested a comprehensive support of
managing research knowledge using Organizational Memory System
(OMS). Eight OMS characteristics to support research were
identified. Finally the initial work in designing OMS was projected
using knowledge taxonomy. All analysis is derived from pertinent
research paper related to research in IHL and OMS. Further study can
be conducted to validate and verify results presented.
Abstract: This paper discusses a discrete event simulation model
for the availability analysis of weapon systems. This model
incorporates missions, operational tasks and system reliability
structures to analyze the availability of a weapon system. The
proposed simulation model consists of 5 modules: Simulation Engine,
Maintenance Organizations, System, its Mission Profile and RBD
which are based on missions and operational tasks. Simulation Engine
executes three kinds of discrete events in chronological order. The
events are mission events generated by Mission Profile, failure events
generated by System, and maintenance events executed by
Maintenance Organization. Finally, this paper shows the case study of
a system's availability analysis and mission reliability using the
simulation model.
Abstract: The paper presents the modeling of nonlinear
longitudinal aerodynamics using flight data of Hansa-3 aircraft at
high angles of attack near stall. The Kirchhoff-s quasi-steady stall
model has been used to incorporate nonlinear aerodynamic effects in
the aerodynamic model used to estimate the parameters, thereby,
making the aerodynamic model nonlinear. The Maximum Likelihood
method has been applied to the flight data (at high angles of attack)
for the estimation of parameters (aerodynamic and stall
characteristics) using the nonlinear aerodynamic model. To improve
the accuracy level of the estimates, an approach of fixing the strong
parameters has also been presented.
Abstract: In today-s turbulent environment, companies are faced with two principal challenges. On the one hand, it is necessary to produce ever more cost-effectively to remain competitive. On the other hand, factories need to be transformable in order to manage unpredictable changes in the corporate environment. To deal with these different challenges, companies use the philosophy of lean production in the first case, in the second case the philosophy of transformability. To a certain extent these two approaches follow different directions. This can cause conflicts when designing factories. Therefore, the Institute of Production Systems and Logistics (IFA) of the Leibniz University of Hanover has developed a procedure to allow companies to evaluate and design their factories with respect to the requirements of both philosophies.
Abstract: The problem of laminar fluid flow which results from
the shrinking of a permeable surface in a nanofluid has been
investigated numerically. The model used for the nanofluid
incorporates the effects of Brownian motion and thermophoresis. A
similarity solution is presented which depends on the mass suction
parameter S, Prandtl number Pr, Lewis number Le, Brownian motion
number Nb and thermophoresis number Nt. It was found that the
reduced Nusselt number is decreasing function of each dimensionless
number.
Abstract: The purpose of this paper is to examine the current
state of corporate social responsibility statements on corporate
websites of Malaysian and Singaporean corporations and analyze
how the CSR statements contribute in building a unique corporate
identity of corporations. Content analysis is employed to examine the
websites of Malaysian and Singaporean consumer corporations. It is
believed that generally most companies tend to publish and
communicate their CSR statements visibly to general stakeholders.
However, there is a significantly different outcome of the articulation
of CSR on practices on websites between Malaysian and Singaporean
consumer corporations. A number of Singaporean organizations were
found less concerned with CSR practices as compared to Malaysian
organizations. The findings indicate a need for corporations in
Malaysia and Singapore to orchestrate their core competence of CSR
activities in order to develop a unique corporate identity in a global
business environment.
Abstract: Deformable active contours are widely used in
computer vision and image processing applications for image
segmentation, especially in biomedical image analysis. The active
contour or “snake" deforms towards a target object by controlling the
internal, image and constraint forces. However, if the contour
initialized with a lesser number of control points, there is a high
probability of surpassing the sharp corners of the object during
deformation of the contour. In this paper, a new technique is
proposed to construct the initial contour by incorporating prior
knowledge of significant corners of the object detected using the
Harris operator. This new reconstructed contour begins to deform, by
attracting the snake towards the targeted object, without missing the
corners. Experimental results with several synthetic images show the
ability of the new technique to deal with sharp corners with a high
accuracy than traditional methods.
Abstract: Biologically active peptides are of particular interest
in food science and human nutrition because they have been shown to play several physiological roles. In vitro gastrointestinal digestion of lentil and whey proteins in this study produced high angiotensin-I converting enzyme inhibitory activity with 75.5±1.9 and 91.4±2.3%
inhibition, respectively. High ACE inhibitory activity was observed in lentil after 5 days of germination (84.3±1.2%). Fractionation by
reverse phase chromatography gave inhibitory activities as high as
86.3±2.0 for lentil, 94.8±1.8% for whey and 93.7±1.7% at 5th day of germination. Further purification by HPLC resulted in several
inhibitory peptides with IC50 values ranging from 0.064 to 0.164
mg/ml. These results demonstrate that lentil proteins are a good
source of peptides with ACE inhibitory activity that can be released by germination or gastrointestinal digestion. Despite the lower bioactivity in comparison with whey proteins, incorporation of lentil proteins in functional food formulations and natural drugs look promising.