Abstract: The UK has had its fair share of the shale gas
revolutionary waves blowing across the global oil and gas industry at
present. Although, its exploitation is widely agreed to have been
delayed, shale gas was looked upon favorably by the UK Parliament
when they recognized it as genuine energy source and granted
licenses to industry to search and extract the resource. This, although
a significant progress by industry, there yet remains another test the
UK fracking resource must pass in order to render shale gas
extraction feasible – it must be economically extractible and
sustainably so. Developing unconventional resources is much more
expensive and risky, and for shale gas wells, producing in
commercial volumes is conditional upon drilling horizontal wells and
hydraulic fracturing, techniques which increase CAPEX. Meanwhile,
investment in shale gas development projects is sensitive to gas price
and technical and geological risks. Using a Two-Factor Model, the
economics of the Bowland shale wells were analyzed and the
operational conditions under which fracking is profitable in the UK
was characterized. We find that there is a great degree of flexibility
about Opex spending; hence Opex does not pose much threat to the
fracking industry in the UK. However, we discover Bowland shale
gas wells fail to add value at gas price of $8/ Mmbtu. A minimum gas
price of $12/Mmbtu at Opex of no more than $2/ Mcf and no more
than $14.95M Capex are required to create value within the present
petroleum tax regime, in the UK fracking industry.
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: A combined heat and power (CHP) system is an efficient and clean way to generate power (electricity). Heat produced by the CHP system can be used for water and space heating. The CHP system which uses hydrogen as fuel produces zero carbon emission. Its’ efficiency can reach more than 80% whereas that of a traditional power station can only reach up to 50% because much of the thermal energy is wasted. The other advantages of CHP systems include that they can decentralize energy generation, improve energy security and sustainability, and significantly reduce the energy cost to the users. This paper presents the economic benefits of using a CHP system in the domestic environment. For this analysis, natural gas is considered as potential fuel as the hydrogen fuel cell based CHP systems are rarely used. UK government incentives for CHP systems are also considered as the added benefit. Results show that CHP requires a significant initial investment in returns it can reduce the annual energy bill significantly. Results show that an investment may be paid back in 7 years. After the back period, CHP can run for about 3 years as most of the CHP manufacturers provide 10 year warranty.
Abstract: Over the past few decades, manufacturing has evolved
from a more labor-intensive set of mechanical processes to a
sophisticated set of information based technology processes. With the
existence of various advanced manufacturing technologies (AMTs),
more and more functions or jobs are performed by these machines
instead of human labour. This study was undertaken in order to
research the extent of AMTs adoption in manufacturing companies in
Kenya. In order to investigate a survey was conducted via
questionnaires that were sent to 183 selected AMT manufacturing
companies in Kenya. 92 companies responded positively. All the
surveyed companies were found to have a measure of investment in
at least two of the 14 types of AMTs investigated. In general the
company surveyed showed that the level of AMT adoption in Kenya
is very low with investments levels at a mean of 2.057 and
integration levels at a mean of 1.639 in a scale of 1-5.
Abstract: Present empirical paper investigates the relationship
between FDI and economic growth by 10 selected industries in 10
Central and Eastern European countries from the period 1995 to
2012. Different estimation approaches were used to explore the
connection between FDI and economic growth, for example OLS,
RE, FE with and without time dummies. Obtained empirical results
leads to some main consequences: First, the Central and East
European countries (CEEC) attracted foreign direct investment,
which raised the productivity of industries they entered in. It should
be concluded that the linkage between FDI and output growth by
industries is positive and significant enough to suggest that foreign
firm’s participation enhanced the productivity of the industries they
occupied. There had been an endogeneity problem in the regression
and fixed effects estimation approach was used which partially
corrected the regression analysis in order to make the results less
biased. Second, it should be stressed that the results show that time
has an important role in making FDI operational for enhancing output
growth by industries via total factor productivity. Third, R&D
positively affected economic growth and at the same time, it should
take some time for research and development to influence economic
growth. Fourth, the general trends masked crucial differences at the
country level: over the last 20 years, the analysis of the tables and
figures at the country level show that the main recipients of FDI of
the 11 Central and Eastern European countries were Hungary, Poland
and the Czech Republic. The main reason was that these countries
had more open door policies for attracting the FDI. Fifth, according
to the graphical analysis, while Hungary had the highest FDI inflow
in this region, it was not reflected in the GDP growth as much as in
other Central and Eastern European countries.
Abstract: The application of ESS (Energy Storage Systems) in
the future grids has been the solution of the microgrid. However, high
investment costs necessitate accurate modeling and control strategy of
ESS to justify its economic viability and further underutilization.
Therefore, the reasonable control strategy for ESS which is subjected
to generator and usage helps to curtail the cost of investment and
operation costs. The rated frequency in power system is decreased
when the load is increasing unexpectedly; hence the thermal power is
operated at the capacity of only its 95% for the Governor Free (GF) to
adjust the frequency as reserve (5%) in practice. The ESS can be
utilized with governor at the same time for the frequency response due
to characteristic of its fast response speed and moreover, the cost of
ESS is declined rapidly to the reasonable price. This paper presents the
ESS control strategy to extend usage of the ESS taken account into
governor’s ramp rate and reduce the governor’s intervention as well.
All results in this paper are simulated by MATLAB.
Abstract: The paper is focused to the evaluation railway tracks
in the Slovakia by using Multi-Criteria method. Evaluation of railway
tracks has important impacts for the assessment of investment in
technical equipment. Evaluation of railway tracks also has an
important impact for the allocation of marshalling yards. Marshalling
yards are in transport model as centers for the operation assigned
catchment area. This model is one of the effective ways to meet the
development strategy of the European Community's railways. By
applying this model in practice, a transport company can guarantee a
higher quality of service and then expect an increase in performance.
The model is also applicable to other rail networks. This model
supplements a theoretical problem of train formation problem of new
ways of looking at evaluation of factors affecting the organization of
wagon flows.
Abstract: The article includes the results and conclusions from
empirical researches that had been done. The research focuses on the
impact of investments made in small and medium-sized enterprises
financed from EU funds on the competitiveness of these companies.
The researches includes financial results in sales revenue and net
income, expenses, and many other new products/services on offer,
higher quality products and services, more modern methods of
production, innovation in management processes, increase in the
number of customers, increase in market share, increase in
profitability of production and provision of services. The main
conclusions are that, companies with direct investments under this
measure shall apply the modern methods of production. The
consequence of this is to increase the quality of our products and
services. Furthermore, both small and medium-sized enterprises have
introduced new products and services. Investments were carried out,
thus enabling better work organization in enterprises. Entrepreneurs
would guarantee higher quality of service, which would result in
better relationships with their customers, what is more, noting the rise
in number of clients. More than half of the companies indicated that
the investments contributed to the increase in market share. Same
thing as for market reach and brand recognition of particular
company. An interesting finding is that, investments in small
enterprises were more effective than medium-sized enterprises.
Abstract: Introduction: The process to build a better safety
culture, methods of error analysis, and preventive measures, starts
with an understanding of the effects when human factors engineering
refer to remote microscopic diagnosis in surgery and specially in
organ transplantation for the remote evaluation of the grafts. It has
been estimated that even in well-organized transplant systems an
average of 8% to 14% of the grafts (G) that arrive at the recipient
hospitals may be considered as diseased, injured, damaged or
improper for transplantation. Digital microscopy adds information on
a microscopic level about the grafts in Organ Transplant (OT), and
may lead to a change in their management. Such a method will
reduce the possibility that a diseased G, will arrive at the recipient
hospital for implantation. Aim: Ergonomics of Digital Microscopy
(DM) based on virtual slides, on Telemedicine Systems (TS) for
Tele-Pathological (TPE) evaluation of the grafts (G) in organ
transplantation (OT). Material and Methods: By experimental
simulation, the ergonomics of DM for microscopic TPE of Renal
Graft (RG), Liver Graft (LG) and Pancreatic Graft (PG) tissues is
analyzed. In fact, this corresponded to the ergonomics of digital
microscopy for TPE in OT by applying Virtual Slide (VS) system for
graft tissue image capture, for remote diagnoses of possible
microscopic inflammatory and/or neoplastic lesions. Experimentation
included: a. Development of an OTE-TS similar Experimental
Telemedicine System (Exp.-TS), b. Simulation of the integration of
TS with the VS based microscopic TPE of RG, LG and PG applying
DM. Simulation of the DM based TPE was performed by 2
specialists on a total of 238 human Renal Graft (RG), 172 Liver Graft
(LG) and 108 Pancreatic Graft (PG) tissues digital microscopic
images for inflammatory and neoplastic lesions on four electronic
spaces of the four used TS. Results: Statistical analysis of specialist‘s
answers about the ability to diagnose accurately the diseased RG, LG
and PG tissues on the electronic space among four TS (A,B,C,D)
showed that DM on TS for TPE in OT is elaborated perfectly on the
ES of a Desktop, followed by the ES of the applied Exp.-TS. Tablet
and Mobile-Phone ES seem significantly risky for the application of
DM in OT (p
Abstract: South Africa is in its post-industrial era moving from
the primary and secondary sector to the tertiary sector. The study
investigated the impact of the disaggregated energy consumption
(coal, oil, and electricity) on the primary, secondary and tertiary
sectors of the economy between 1980 and 2012 in South Africa.
Using vector error correction model, it was established that South
Africa is an energy dependent economy, and that energy (especially
electricity and oil) is a limiting factor of growth. This implies that
implementation of energy conservation policies may hamper
economic growth. Output growth is significantly outpacing energy
supply, which has necessitated load shedding. To meet up the excess
energy demand, there is a need to increase the generating capacity
which will necessitate increased investment in the electricity sector as
well as strategic steps to increase oil production. There is also need to
explore more renewable energy sources, in order to meet the growing
energy demand without compromising growth and environmental
sustainability. Policy makers should also pursue energy efficiency
policies especially at sectoral level of the economy.
Abstract: People, throughout the history, have made estimates
and inferences about the future by using their past experiences.
Developing information technologies and the improvements in the
database management systems make it possible to extract useful
information from knowledge in hand for the strategic decisions.
Therefore, different methods have been developed. Data mining by
association rules learning is one of such methods. Apriori algorithm,
one of the well-known association rules learning algorithms, is not
commonly used in spatio-temporal data sets. However, it is possible
to embed time and space features into the data sets and make Apriori
algorithm a suitable data mining technique for learning spatiotemporal
association rules. Lake Van, the largest lake of Turkey, is a
closed basin. This feature causes the volume of the lake to increase or
decrease as a result of change in water amount it holds. In this study,
evaporation, humidity, lake altitude, amount of rainfall and
temperature parameters recorded in Lake Van region throughout the
years are used by the Apriori algorithm and a spatio-temporal data
mining application is developed to identify overflows and newlyformed
soil regions (underflows) occurring in the coastal parts of
Lake Van. Identifying possible reasons of overflows and underflows
may be used to alert the experts to take precautions and make the
necessary investments.
Abstract: Automated Teller Machines (ATMs) can be
considered among one of the most important service facilities in the
banking industry. The investment in ATMs and the impact on the
banking industry is growing steadily in every part of the world. The
banks take into consideration many factors like safety, convenience,
visibility, and cost in order to determine the optimum locations of
ATMs. Today, ATMs are not only available in bank branches but
also at retail locations. Another important factor is the cash
management in ATMs. A cash demand model for every ATM is
needed in order to have an efficient cash management system. This
forecasting model is based on historical cash demand data which is
highly related to the ATMs location. So, the location and the cash
management problem should be considered together. This paper
provides a general review on studies, efforts and development in
ATMs location and cash management problem.
Abstract: Processing of high-silicon bauxite on the base of the
traditional clinkering method is related to high power consumption
and capital investments, which makes production of alumina from
those ores non-competitive in terms of basic economic showings. For
these reasons, development of technological solutions enabling to
process bauxites with various chemical and mineralogical structures
efficiently with low level of thermal power consumption is important.
Flow sheet of the studies on washability of ores from the Timanskoe
and the Severo-Onezhskoe deposits is on the base of the flotation
method.
Abstract: This work explores the inter-region investment
behaviors of Integrated Circuit (IC) design industry from Taiwan to
China using the amount of foreign direct investment (FDI). According
to the mutual dependence among different IC design industrial
locations, Lotka-Volterra model is utilized to explore the FDI
interactions between South and East China. Effects of inter-regional
collaborations on FDI flows into China are considered. The analysis
results show that FDIs into South China for IC design industry
significantly inspire the subsequent FDIs into East China, while FDIs
into East China for Taiwan’s IC design industry significantly hinder
the subsequent FDIs into South China. Because the supply chain along
IC industry includes upstream IC design, midstream manufacturing, as
well as downstream packing and testing enterprises, IC design industry
has to cooperate with IC manufacturing, packaging and testing
industries in the same area to form a strong IC industrial cluster.
Taiwan’s IC design industry implement the largest FDI amount into
East China and the second largest FDI amount into South China
among the four regions: North, East, Mid-West and South China. If IC
design houses undertake more FDIs in South China, those in East
China are urged to incrementally implement more FDIs into East
China to maintain the competitive advantages of the IC supply chain in
East China. On the other hand, as the FDIs in East China rise, the FDIs
in South China will successively decline since capitals have
concentrated in East China. In addition, this investigation proves that
the prediction of Lotka-Volterra model in FDI trends is accurate
because the industrial interactions between the two regions are
included. Finally, this work confirms that the FDI flows cannot reach a
stable equilibrium point, so the FDI inflows into East and South China
will expand in the future.
Abstract: E-retailing is the sale of goods online that takes place
over the Internet. The Internet has shrunk the entire World. World eretailing
is growing at an exponential rate in the Americas, Europe
and Asia. However, e-retailing costs require expensive investment,
such as hardware, software, and security systems. Cloud computing
technology is internet-based computing for the management and
delivery of applications and services. Cloud-based e-retailing
application models allow enterprises to lower their costs with their
effective implementation of e-retailing activities. In this paper, we
describe the concept of cloud computing and present the architecture
of cloud computing, combining the features of e-retailing. In
addition, we propose a strategy for implementing cloud computing
with e-retailing. Finally, we explain the benefits from the
architecture.
Abstract: In many countries, governments have been promoting the involvement of private sector entities to enter into long-term agreements for the development and delivery of large infrastructure projects, with a focus on overcoming the limitations upon public fund of the traditional approach. The involvement of private sector through public private partnerships (PPP) brings in new capital investments, value for money and additional risks to handle. Worldwide research studies have shown that an objective, systematic, reliable and useroriented risk assessment process and an optimal allocation mechanism among different stakeholders is crucial to the successful completion. In this framework, this paper, which is the first stage of a research study, aims to identify the main risks for the delivery of PPP projects. A review of cross-countries research projects and case studies was performed to map the key risks affecting PPP infrastructure delivery. The matrix of mapping offers a summary of the frequency of factors, clustered in eleven categories: construction, design, economic, legal, market, natural, operation, political, project finance, project selection and relationship. Results will highlight the most critical risk factors, and will hopefully assist the project managers in directing the managerial attention in the further stages of risk allocation.
Abstract: This paper seeks to assess the implications of bank
consolidation on the performance of small and medium scale
enterprises in the Nigerian economy. Multiple linear regression
technique and correlation matrix test were employed to measure the
extent to which small and medium scale enterprises asset size,
survival and access to credit were influenced. The result showed that
bank deposit (BD) and bank credit (L or BC) impacted on asset size
and survival of small and medium scale enterprises. None of the
variables had significant impact on SMEs access to credit. There is a
shift of focus by commercial banks away from small and medium
scale enterprises (small customers), which is evidenced by the
significant negative influence of bank credit to both the survival and
asset size of small and medium enterprises. While micro finance
banks work hard at providing funds to small and medium scale
entrepreneurs, their capacity to meet the needs of these entrepreneurs
is constrained. CBN should make policies that will boost micro
finance bank’s capital and also monitor closely the management of
the banks to ensure prudent financing of small and medium scale
investments.
Abstract: This paper seeks to assess the implications of
insurance to foreign direct investment inflow in Nigeria. Multiple
linear regression technique and correlation matrix test were employed
to measure the extent to which foreign direct investment was
influenced. The result showed that insurance premium (IP), asset size
of insurance industry (AS), and total investment of the industry (TI)
impacted significantly and positively on foreign direct investment
inflow in Nigeria. There should be effective risk transfer mechanism
and financial intermediation, which gives the investor confidence in
the risk management strength of the host country.
Abstract: Financial innovations can be regarded as the cause
and the effect of the evolution of the financial system. Most of
financial innovations are created by various financial institutions for
their own purposes and needs. However, due to their diversity,
financial innovations can be also applied by various business entities
(other than financial institutions).
This paper focuses on the potential application of financial
innovations by non-financial companies. It is assumed that financial
innovations may be effectively applied in all fields of corporate
financial decisions integrating financial management with the risk
management process. Appropriate application of financial
innovations may enhance the development of the company and
increase its value by improving its financial situation and reducing
the level of risk. On the other hand, misused financial innovations
may become the source of extra risk for the company threatening its
further operation.
The main objective of the paper is to identify the major types of
financial innovations offered to non-financial companies by the
banking system in Poland. It also aims at identifying the main factors
determining the creation of financial innovations in the banking
system in Poland and indicating future directions of their
development.
This paper consists of conceptual and empirical part. Conceptual
part based on theoretical study is focused on the determinants of the
process of financial innovations and their application by the nonfinancial
companies. Theoretical study is followed by the empirical
research based on the analysis of the actual offer of the 20 biggest
banks operating in Poland with regard to financial innovations
offered to SMEs and large corporations. These innovations are
classified according to the main functions of the integrated financial
management, such as financing, investment, working capital
management and risk management.
Empirical study has proved that the biggest banks operating in the
Polish market offer to their business customers many types and
classes of financial innovations. This offer appears vast and adequate
to the needs and purposes of the Polish non-financial companies. It
was observed that financial innovations pertained to financing
decisions dominate in the banks’ offer. However, due to high
diversification of the offered financial innovations, business
customers may effectively apply them in all fields and areas of
integrated financial management. It should be underlined, that the
banks’ offer is highly dispersed, which may limit the implementation
of financial innovations in the corporate finance. It would be also
recommended for the banks operating in the Polish market to
intensify the education campaign aiming at increasing knowledge
about financial innovations among business customers.
Abstract: Despite the financial crisis and ongoing need for cost
cutting, companies all around the world heavily invest in Information
Systems (IS) and underlying Information Technology (IT).
Proliferation of governance of enterprise IT helps companies manage,
or rather, governs IS as a primary business function with executive
management involved in making decision about IS and IT. The
business value of IT is raising with the involvement of the executive
management in IT decision making process and quality IT
governance mechanisms in place. In this paper the practice of
governing the enterprise IT will be investigated on a sample of the
largest 100 Croatian companies. Research questions posed here will
reveal if there are some formal IT governance mechanisms, are there
any differences in perceived role of IS and IT between CIOs (Chief
Information Officers) and CEOs (Chief Executive Officers) of the
sampled companies and what are the mechanisms to govern massive
investment in enterprise IT.