This study discusses the analysis of various modeling approaches such as genetic algorithms, fuzzy logic and evidential reasoning, and maintenance techniques applicable to the liquefied natural gas （LNG） carrier ope...This study discusses the analysis of various modeling approaches such as genetic algorithms, fuzzy logic and evidential reasoning, and maintenance techniques applicable to the liquefied natural gas （LNG） carrier operations in the maritime environment. The usefulness of these algorithms in the LNG carrier industry in the areas of risk assessment and maintenance modeling as a standalone or hybrid algorithm are identified. This is evidenced with illustrative case studies.展开更多
Concession contracts in highways often include some kind of clauses （for example, a minimum traffic guarantee） that allow for better management of the business risks. The value of these clauses may be important and ...Concession contracts in highways often include some kind of clauses （for example, a minimum traffic guarantee） that allow for better management of the business risks. The value of these clauses may be important and should be added to the total value of the concession. However, in these cases, traditional valuation techniques, like the NPV （net present value） of the project, are insufficient. An alternative methodology for the valuation of highway concession is one based on the real options approach. This methodology is generally built on the assumption of the evolution of traffic volume as a GBM （geometric Brownian motion）, which is the hypothesis analyzed in this paper. First, a description of the methodology used for the analysis of the existence of unit roots （i.e., the hypothesis of non-stationarity） is provided. The Dickey-Fuller approach has been used, which is the most common test for this kind of analysis. Then this methodology is applied to perform a statistical analysis of traffic series in Spanish toll highways. For this purpose, data on the AADT （annual average daily traffic） on a set of highways have been used. The period of analysis is around thirty years in most cases. The main outcome of the research is that the hypothesis that traffic volume follows a GBM process in Spanish toll highways cannot be rejected. This result is robust, and therefore it can be used as a starting point for the application of the real options theory to assess toll highway concessions.展开更多
The world entrepreneurial scenery, being under constant evolution because of globalization and the current international crisis, has changed corporate competition, requiring companies to meet such key-factors to succe...The world entrepreneurial scenery, being under constant evolution because of globalization and the current international crisis, has changed corporate competition, requiring companies to meet such key-factors to success as increased organizational flexibility and innovative development of their structures and products. Thus ＂NTBF＂ （New Technology Based Firms） are increasingly developing, that are able to act both as a major player in the innovation process, and as a link between the market and the production world and that need not only venture capital to cope with the large initial investment, but also such figures that, with their leadership qualities, are able to anticipate the market development. As a result, the emergence of the knowledge society has increasingly driven companies to search for new business figures, playing both the role of financing partners and of valuable support to the entrepreneur in running a business. Such distinguishing characteristics appear to be peculiar to the figure of the business angel that, thanks to the know-how and international contacts, acts not only as a simple partner but also as a leading force within the company, who is able to simplify the decision process of the business and drive it to plan profitable investment and winning strategies. Therefore, the present work is aimed at understanding how such a figure is crucial to the development of new companies operating in emerging economies being, as well, technologically advanced, as it is the case for Estonia, which is called the ＂Silicon Valley of the Baltic Sea＂. Thus, the work will first focus on the functions, organization and the benefits resulting from the involvement of business angels and, secondly, on the reasons why this figure is preferable to other operators involved in venture capital, namely venture capitalists. Finally, the good practices implemented in Europe by the various associations of business angels will be analyzed, paying particular attention to the Italian context, in order to consider the opportunity to develop, even in the Baltic Republics area, a similar institution being able to ensure, by promoting contact between entrepreneurs and business angels, the proper development of businesses, especially starting-up companies.展开更多
The insurance industry has gained remarkable and initial results in the industrial standardization over the past eight years, played a positive role in promoting the industry informatization and standardizing the busi...The insurance industry has gained remarkable and initial results in the industrial standardization over the past eight years, played a positive role in promoting the industry informatization and standardizing the business management, and made a contribution to the normalized, sustainable, healthy and rapid development of the industry. Meanwhile, the development of insm＇ance industry has put forward new requirements for the insurance standardization. It is essential to strategically match the industrial development and industry standardization, and grasp the developmental direction of insurance standardization, make sure that standardization work serves the reform and development of insurance industry, prevention and diffusion of insurance risks, and insurance informatization, and focus on the promotion, implementation and supervision of standards.展开更多
Retakaful is an arrangement to risk of retention limit funding takaful. Similarly, risk arrangements are operated by reinsurance to insurance funding. But, how is the retakaful legal status in Islamic law and the diff...Retakaful is an arrangement to risk of retention limit funding takaful. Similarly, risk arrangements are operated by reinsurance to insurance funding. But, how is the retakaful legal status in Islamic law and the differences between reinsurance. The objective of this study is to identify the status of the retakaful in Islamic law and identify the differences between reinsurance. The study to found that retakaful is prescribed and an alternative to reinsurance, as well as a method of financial protection against the various risks of the takaful industry in excess of the retention limit, which may occur at any time in accordance with the principles of Sharia. Also in this method of risk arrangements, It is found that there are very significant differences in risk between retakaful and conventional reinsurance.展开更多
This paper is aiming to connect previous research in global competitiveness analysis, taking the impact of the global financial crisis into account, to evaluate how manufacturing companies are able to manage crisis by...This paper is aiming to connect previous research in global competitiveness analysis, taking the impact of the global financial crisis into account, to evaluate how manufacturing companies are able to manage crisis by adjusting their manufacturing strategy and transformational leadership together with technology level to improve their global operational competitiveness performances. Based on the previous research, we developed a theoretical approach of modeling the core factors which influence the operational competitiveness performance （i.e., manufacturing strategy and transformational leadership with technology level）, into conceptual analytical models to evaluate overall competitiveness. The empirical studies are focused on manufacturing companies in China, Finland, Slovakia, Iceland, and Spain. The case companies are evaluated with the proposed analytical models and their performances are compared in global context to conclude the experience of crisis management.展开更多
Different models have been proposed in corporate finance literature for predicting the risk of firm＇s bankruptcy and insolvency. In spite of the large amount of empirical findings, significant issues are still unsolv...Different models have been proposed in corporate finance literature for predicting the risk of firm＇s bankruptcy and insolvency. In spite of the large amount of empirical findings, significant issues are still unsolved. In this paper, the authors developed dynamic statistical models for bankruptcy prediction of Italian firms in the industrial sector by using financial indicators. The model specification has been obtained via different variable selection techniques, and the predictive accuracy of the proposed default risk models has been evaluated at various horizons by means of different accuracy measures. The reached results give evidence that dynamic models have a better performance in any of the considered scenarios.展开更多
The survival problems are always the core problems of the small and micro-sized enterprises in our country, and the financial management, as the important key factor influencing the small and micro-sized enterprises, ...The survival problems are always the core problems of the small and micro-sized enterprises in our country, and the financial management, as the important key factor influencing the small and micro-sized enterprises, has more and more impact on its survival and development. However, the important problem existing presently is that the significance of the financial management is mostly ignored in the small and micro-sized enterprises, pursuing the short-term economic benefit blindly, which decreases the risk resistance of the small and micro-sized enterprises severely, so that a mass of the small and micro-sized enterprises with poor survivability and extremely short life cycle are occurred. This text analyzes the problems existing in the financial management of the small and micro-sized enterprises around the above several prominent problems, and discusses the corresponding suggestions to promote the sound development of the small and micro-sized enterprises in our country.展开更多
International experiences show that when make full use of the regulation and service functions of financial mechanism, such as the establishment of greenhouse gas emissions trade market, further strengthening investig...International experiences show that when make full use of the regulation and service functions of financial mechanism, such as the establishment of greenhouse gas emissions trade market, further strengthening investigation in environmental risk of the financing projects according to equator principles, more fiscal and taxation policies that to encourage financial institutions to innovate green financial products, participation of supporting the international financial organizations in energy-saving and environmental protection （hereafter referred to as ESEP） projects, people can significantly improve the quality of the environment, and effectively control pollution emissions in a low cost. In order to improve the efficiency of Shanghai ESEP work, the local government should learn from the international advanced experiences to accelerate the establishment of green financial service system of ESEP, so that to better use finance leverage to build a resource conserving and environment-fxiendly society.展开更多
Many organizations have now adopted Service Oriented Architecture （SOA） as an architectural style to help them with architecture, design and implementation of their core services and systems. Most of these organizat...Many organizations have now adopted Service Oriented Architecture （SOA） as an architectural style to help them with architecture, design and implementation of their core services and systems. Most of these organizations are challenged in integrating SOA style with their overall Enterprise Architecture work. This framework links an SOA style with the Enterprise Architecture （EA） methodologies to help organizations organize their SOA effort as a key part of their Enterprise Architecture. The case study demonstrates the implementation of architecture goal with organization vision in service oriented organizational structure using services that align Business with Technology. The framework is validated and has reserved the privileges of SOA and EA.展开更多
Corporate finance activities recur throughout the entire process of production and operation. The financial risk is a signal, which can fully reflect the company＇ s consolidated operating conditions. Therefore it req...Corporate finance activities recur throughout the entire process of production and operation. The financial risk is a signal, which can fully reflect the company＇ s consolidated operating conditions. Therefore it requires business owners to conduct regular financial analysis, establish risk awareness, establish effective risk precautionary handling mechanism, strengthen financial risk control, prevent financial crises, establish early warning indicator system, and make proper financial risk decisions. Firstly, a correct understanding of the financial risk from the start, its meaning, characteristics, and so do the reasons for the formation of the exposition clear what financial risks ; Secondly, the financial risk of the formation of a variety of reasons were analyzed.展开更多
文摘This study discusses the analysis of various modeling approaches such as genetic algorithms, fuzzy logic and evidential reasoning, and maintenance techniques applicable to the liquefied natural gas （LNG） carrier operations in the maritime environment. The usefulness of these algorithms in the LNG carrier industry in the areas of risk assessment and maintenance modeling as a standalone or hybrid algorithm are identified. This is evidenced with illustrative case studies.
文摘Concession contracts in highways often include some kind of clauses （for example, a minimum traffic guarantee） that allow for better management of the business risks. The value of these clauses may be important and should be added to the total value of the concession. However, in these cases, traditional valuation techniques, like the NPV （net present value） of the project, are insufficient. An alternative methodology for the valuation of highway concession is one based on the real options approach. This methodology is generally built on the assumption of the evolution of traffic volume as a GBM （geometric Brownian motion）, which is the hypothesis analyzed in this paper. First, a description of the methodology used for the analysis of the existence of unit roots （i.e., the hypothesis of non-stationarity） is provided. The Dickey-Fuller approach has been used, which is the most common test for this kind of analysis. Then this methodology is applied to perform a statistical analysis of traffic series in Spanish toll highways. For this purpose, data on the AADT （annual average daily traffic） on a set of highways have been used. The period of analysis is around thirty years in most cases. The main outcome of the research is that the hypothesis that traffic volume follows a GBM process in Spanish toll highways cannot be rejected. This result is robust, and therefore it can be used as a starting point for the application of the real options theory to assess toll highway concessions.
文摘The world entrepreneurial scenery, being under constant evolution because of globalization and the current international crisis, has changed corporate competition, requiring companies to meet such key-factors to success as increased organizational flexibility and innovative development of their structures and products. Thus ＂NTBF＂ （New Technology Based Firms） are increasingly developing, that are able to act both as a major player in the innovation process, and as a link between the market and the production world and that need not only venture capital to cope with the large initial investment, but also such figures that, with their leadership qualities, are able to anticipate the market development. As a result, the emergence of the knowledge society has increasingly driven companies to search for new business figures, playing both the role of financing partners and of valuable support to the entrepreneur in running a business. Such distinguishing characteristics appear to be peculiar to the figure of the business angel that, thanks to the know-how and international contacts, acts not only as a simple partner but also as a leading force within the company, who is able to simplify the decision process of the business and drive it to plan profitable investment and winning strategies. Therefore, the present work is aimed at understanding how such a figure is crucial to the development of new companies operating in emerging economies being, as well, technologically advanced, as it is the case for Estonia, which is called the ＂Silicon Valley of the Baltic Sea＂. Thus, the work will first focus on the functions, organization and the benefits resulting from the involvement of business angels and, secondly, on the reasons why this figure is preferable to other operators involved in venture capital, namely venture capitalists. Finally, the good practices implemented in Europe by the various associations of business angels will be analyzed, paying particular attention to the Italian context, in order to consider the opportunity to develop, even in the Baltic Republics area, a similar institution being able to ensure, by promoting contact between entrepreneurs and business angels, the proper development of businesses, especially starting-up companies.
文摘The insurance industry has gained remarkable and initial results in the industrial standardization over the past eight years, played a positive role in promoting the industry informatization and standardizing the business management, and made a contribution to the normalized, sustainable, healthy and rapid development of the industry. Meanwhile, the development of insm＇ance industry has put forward new requirements for the insurance standardization. It is essential to strategically match the industrial development and industry standardization, and grasp the developmental direction of insurance standardization, make sure that standardization work serves the reform and development of insurance industry, prevention and diffusion of insurance risks, and insurance informatization, and focus on the promotion, implementation and supervision of standards.
文摘Retakaful is an arrangement to risk of retention limit funding takaful. Similarly, risk arrangements are operated by reinsurance to insurance funding. But, how is the retakaful legal status in Islamic law and the differences between reinsurance. The objective of this study is to identify the status of the retakaful in Islamic law and identify the differences between reinsurance. The study to found that retakaful is prescribed and an alternative to reinsurance, as well as a method of financial protection against the various risks of the takaful industry in excess of the retention limit, which may occur at any time in accordance with the principles of Sharia. Also in this method of risk arrangements, It is found that there are very significant differences in risk between retakaful and conventional reinsurance.
文摘This paper is aiming to connect previous research in global competitiveness analysis, taking the impact of the global financial crisis into account, to evaluate how manufacturing companies are able to manage crisis by adjusting their manufacturing strategy and transformational leadership together with technology level to improve their global operational competitiveness performances. Based on the previous research, we developed a theoretical approach of modeling the core factors which influence the operational competitiveness performance （i.e., manufacturing strategy and transformational leadership with technology level）, into conceptual analytical models to evaluate overall competitiveness. The empirical studies are focused on manufacturing companies in China, Finland, Slovakia, Iceland, and Spain. The case companies are evaluated with the proposed analytical models and their performances are compared in global context to conclude the experience of crisis management.
文摘Different models have been proposed in corporate finance literature for predicting the risk of firm＇s bankruptcy and insolvency. In spite of the large amount of empirical findings, significant issues are still unsolved. In this paper, the authors developed dynamic statistical models for bankruptcy prediction of Italian firms in the industrial sector by using financial indicators. The model specification has been obtained via different variable selection techniques, and the predictive accuracy of the proposed default risk models has been evaluated at various horizons by means of different accuracy measures. The reached results give evidence that dynamic models have a better performance in any of the considered scenarios.
文摘The survival problems are always the core problems of the small and micro-sized enterprises in our country, and the financial management, as the important key factor influencing the small and micro-sized enterprises, has more and more impact on its survival and development. However, the important problem existing presently is that the significance of the financial management is mostly ignored in the small and micro-sized enterprises, pursuing the short-term economic benefit blindly, which decreases the risk resistance of the small and micro-sized enterprises severely, so that a mass of the small and micro-sized enterprises with poor survivability and extremely short life cycle are occurred. This text analyzes the problems existing in the financial management of the small and micro-sized enterprises around the above several prominent problems, and discusses the corresponding suggestions to promote the sound development of the small and micro-sized enterprises in our country.
基金This research work was financially supported by the Shanghai Board of Education （2012-SHNGE-06ZD）, China Postdoctoral Science Foundation funded project （2013M531157）, and The Ministry of Education of Youth Fund Project of Humanities and Social Sciences Research（14YJC790152）.
文摘International experiences show that when make full use of the regulation and service functions of financial mechanism, such as the establishment of greenhouse gas emissions trade market, further strengthening investigation in environmental risk of the financing projects according to equator principles, more fiscal and taxation policies that to encourage financial institutions to innovate green financial products, participation of supporting the international financial organizations in energy-saving and environmental protection （hereafter referred to as ESEP） projects, people can significantly improve the quality of the environment, and effectively control pollution emissions in a low cost. In order to improve the efficiency of Shanghai ESEP work, the local government should learn from the international advanced experiences to accelerate the establishment of green financial service system of ESEP, so that to better use finance leverage to build a resource conserving and environment-fxiendly society.
文摘Many organizations have now adopted Service Oriented Architecture （SOA） as an architectural style to help them with architecture, design and implementation of their core services and systems. Most of these organizations are challenged in integrating SOA style with their overall Enterprise Architecture work. This framework links an SOA style with the Enterprise Architecture （EA） methodologies to help organizations organize their SOA effort as a key part of their Enterprise Architecture. The case study demonstrates the implementation of architecture goal with organization vision in service oriented organizational structure using services that align Business with Technology. The framework is validated and has reserved the privileges of SOA and EA.
文摘Corporate finance activities recur throughout the entire process of production and operation. The financial risk is a signal, which can fully reflect the company＇ s consolidated operating conditions. Therefore it requires business owners to conduct regular financial analysis, establish risk awareness, establish effective risk precautionary handling mechanism, strengthen financial risk control, prevent financial crises, establish early warning indicator system, and make proper financial risk decisions. Firstly, a correct understanding of the financial risk from the start, its meaning, characteristics, and so do the reasons for the formation of the exposition clear what financial risks ; Secondly, the financial risk of the formation of a variety of reasons were analyzed.
