Effective Feedback Of Whole-Life Data to The Design Process

Size: px
Start display at page:

Download "Effective Feedback Of Whole-Life Data to The Design Process"

Transcription

1 Effecve Feedback Of Whole-Lfe Daa o The Desgn Process Mohammed Kshk 1*, Assem Al-Hajj 1, Rober Pollock 1 and Ghassan Aouad 2 1 The Sco Suherland School, The Rober Gordon Unversy, Garhdee Road, Aberdeen AB10 7QB, UK 2 School of Consrucon and Propery Managemen, The Unversy of Salford, Salford M7 9NU, UK * Correspondng Auhor Tel: Fax: Emal m.kshk@rgu.ac.uk 1

2 Key acves of he mplemenaon of whole-lfe cosng (WLC) as a managemen ool durng he occupancy sage are oulned. Then, he logc of a novel whole-lfe managemen approach s desgned around wo recenly developed generc WLC daabases. The proposed approach allows he sysemac daa collecon of he runnng coss of occuped buldngs and provdes he necessary lnk beween occuped buldngs and he desgn process. Besdes, employs a generc cos-sgnfcan relaon ha auomacally denfes he cos-sgnfcance of he buldng componens on he elemens, acves and cos ems levels over he analyss perod. Keywords: Cos sgnfcance, Whole-lfe cosng, Whole-lfe managemen. INTRODUCTION In a recen paper (Kshk e al., 2003), exsng applcaons ha provde whole-lfe cosng (WLC) suppor have been revewed. Ths revew revealed ha hese applcaons vary from free smple spreadshee models o sophscaed, commercal sand-alone applcaons. Besdes, hree man caegores can be denfed. In he frs caegory, he applcaon s used only as a fnancal ool o calculae he whole-lfe cos of a sngle alernave. Obvously, he usefulness of hs caegory s lmed. In he second caegory, ncludng mos of he applcaons, an applcaon s manly used as a decson-makng ool o denfy he deal alernave from a number of compeng alernaves. In he hrd caegory, he applcaon s used as an asse managemen sysem. Typcally, s manly a daabase manager ha has he capably o record, modfy, analyse and manage WLC daa for an asse. Applcaons whn hs class are commercal, general-purpose sysems ha would requre exensve ranng of users. Anoher lmaon of almos all exsng applcaons s ha he cos breakdown srucure (CBS) s bul manually by he user and s mosly non-elemenal. Besdes, varous faces of uncerany n WLC daa are no effecvely handled. Furhermore, none of he exsng applcaons provdes he necessary lnk beween occuped buldngs and smlar subsequen buldngs. 2

3 In anoher paper (Al-Hajj e al., 2001), he auhors have proposed a framework for mplemenng whole-lfe cosng (WLC) n he desgn model whn he OSCON negraed envronmen developed a Salford Unversy (Aouad e al., 1997). The man feaure of hs framework s ha employs wo daabases: a resource daabase and a projec daabase. The resource daabase houses daa for several opons for every buldng elemen whle he projec daabase accommodaes WLC daa for he opmum se of opons seleced a he desgn sage o be used hroughou he buldng lfe cycle. In a subsequen paper (Kshk e al., 2002a), he resource daabase has been desgned usng an elemenal cos breakdown srucure (CBS). In anoher paper (Kshk e al., 2002b), a compable srucure of he projec daabase has been desgned usng he concep of he buldng objec ha enables manpulang varous buldng componens n a praccal and convenen manner whn a CAD applcaon. The objecve of he research work ha underpns hs paper s o exend he mplemenaon of WLC o he occupancy sage. Ths wll be acheved by exendng he resource and projec daabases o allow collecng and recordng acual performance and cos daa of occuped buldngs and he developmen of a whole-lfe cosng managemen (WLCM) applcaon. In he nex secon, he basc requremens for an effecve WLC nformaon managemen durng he occupancy sage are oulned. Then, he projec and resource daabases are exended. Ths s followed by dervng a number of cos mercs o be used by he applcaon. Nex, he logc of he WLCM applcaon s nroduced. Fnally, he research work s summarsed and drecons for furher research are nroduced. KEY WLCM REQUIREMENTS The man objecve of whole-lfe cosng managemen (WLCM) s o assess and conrol coss hroughou he whole-lfe of he buldng o oban he greaes value for he clen (Flanagan e al., 1983; Seeley 1996). A relaed acvy called whole-lfe cosng plannng (WLCP) s o plan he mng of work and expendure on he buldng, akng no accoun he effecs of performance and qualy. A hrd acvy s whole-lfe cosng analyss (WLCA) ha ams o relae runnng coss and performance daa and o provde feedback o he desgn eam abou he runnng coss of occuped buldngs (Flanagan e 3

4 al., 1989). Thus, an effecve whole-lfe managemen sysem should have four capables: (1) recordng he acual performance and cos hsory of he buldng; (2) analyss of he recorded hsory feedng he accumulaed experence back o he desgn sage; (3) assessmen and conrol of coss hroughou he whole-lfe of he buldng; and (4) plannng he mng of work and expendure. These processes are dscussed n he followng subsecons. Recordng Performance and Cos Daa The man role of he projec daabase durng he occupancy sage s o record he acual performance and cos daa of he buldng,.e. o work as an asse regser. Two caegores of hs daa can be denfed: elemenal daa and non-elemenal daa. The frs caegory ncludes daa ha can be lnked o specfc elemens of he buldng;.e. daa represenng he hsory of varous acves of he buldng elemens, e.g. cleanng coss of exernal walls. Accordng o Ashworh (1996, 1999), he value of any recorded elemenal daa s lmed whou s conex nformaon as defned by a number of daa characerscs. He lsed some useful characerscs such as he manenance polcy beng appled, he cause of any componen falure, mng dsorons and he effec of delayed manenance acves. Thus, he elemens hsory should reflec no only he change n he predefned acves bu he daa of any new acves ha mgh emerge durng he occupancy sage as well due o change of he manenance polcy and/or he premaure falure or unsasfacory performance of some elemens. The second caegory ncludes oher daa ems ha canno be lnked o specfc physcal buldng objecs or nvolve he neracon of more han one objec lke energy consumpon. Obvously, almos all hese cos ems are relaed o operang he facly under consderaon such as energy, general raes, nsurance and secury coss. Energy coss of buldngs depend heavly on he use and hours of buldng sysems operaons, weaher condons, he performance level requred by owners, he buldng s desgn and nsulaon provsons, locaon, sze and poson (Krk and Dell Isola, 1995; Boussabane e al., 1999; Bordass, 2000). Ashworh (1999) lsed some facors affecng he raeable values of buldngs ncludng he locaon, sze, and amenes avalable. He poned ou also ha safey facors such as ype of srucure, maerals used and class of rade affec he nsurance premums and secury coss. 4

5 Analyss of Recorded Daa The recorded hsory of varous elemens of he buldng should be analysed o predc fuure acves and her assocaed coss whn he occupancy sage of he buldng (.e. feed-forward of nformaon) and o nform he desgn sage of oher projecs (.e. feedback of nformaon). Obvously, he feed-forward and feedback nformaon should be sored n he projec and resource daabases, respecvely. Durng each feed-forward process, fuure mngs and coss of varous acves are predced. In dong so, eher sascal or arfcal neural neworks (ANNs) me seres analyss models can be used. In he frs few years of he occupancy sage, he forecasng process wll rely manly on he orgnal daa se used n he desgn of he buldng. Evenually, he process wll rely on he daa ha has been generaed whn he projec self. The feedback process ams o provde he lnk beween occuped buldngs and smlar subsequen buldngs whereby performance and cos daa colleced durng he occupancy sage can be fed back o he desgn sage. In hs way, he desgn of new buldngs wll be based on real nformaon leadng o nformed WLC-based decson makng durng he desgn process. Whou hs feedback loop, however, hs process wll reman enrely based on arbrary assumpons or expecaons. Assessmen and Conrol of Coss To oban he greaes value for he clen, he coss and performance of varous acves need o be assessed and conrolled durng he whole-lfe cycle of he buldng. In dong so, wo man seps may be denfed. In he frs sep, areas n whch he coss of usng he buldng as dealed by he WLCA are denfed (Flanagan e al., 1989). Nong ha coss lke mos hngs - are unevenly dsrbued, Al-Hajj (1991) and Al- Hajj and Horner (1998) proposed o focus on a small number of cos ems known as he cos sgnfcan ems (CSIs). They developed a mehod o denfy CSIs usng a sascal approach based on he Pareo s 80/20 rule. Alhough her pon was o use he CSI dea o develop smple cos models o predc he runnng coss of buldngs, he dea can be used o denfy hgh cos acves as poenal sudy areas. However, a new defnon of hese ems s needed for elemenal ems. Rnala e al. (2001a, 2001b) 5

6 nvesgaed analogy-based esmaon (ABE) as a poenal approach o denfy CSIs. However, hey concluded ha ABE couldn be used a ha sage because s esmaon performance was poor. They arbued hs o he nadequacy and nconssency of he daa used n her sudy and emphassed he need for sysemac daa collecon. The second sep s o monor he denfed areas (elemenal and non-elemenal) and reassess her coss agans benchmarks and/or arges. The monorng and benchmarkng processes help o keep coss on arges or o modfy hese arges f necessary n he lgh of he accumulaed experence hrough he feed-forward and feedback processes. Work and Expendure Profles All WLC calculaons and plannng a he desgn sage are based on wo assumpons. Frs, elemenal manenance acves wll follow a planned manenance program o mee he sandards of manenance and lves of varous elemens of he buldng as rereved from he resource daabase. Secondly, all non-elemenal coss are based on characersc values from comparable buldngs or se by approprae expers. The acual performance and cos daa of he buldng should be recorded and analysed hroughou he occupancy sage o predc and plan for fuure acves. Falure o do so may resul n escalaed replacemen and manenance coss as well as premaure obsolescence (Krk and Dell Isola, 1995). Thus, s crucal o updae he nal manenance and replacemen profles and he esmaed projec cash flows esmaed a early sages of he projec. EXTENDING DATABASES The Projec Daabase The projec daabase has been exended o faclae recordng he acual daa of he occuped buldng under consderaon and o allow he feed-forward process dscussed earler. The orgnal srucure of he projec daabase allows elemenal daa o be recorded n a sraghforward way on he acves and cos ems levels usng wo ables. The frs able sores he hsory of he elemenal acves. The frs able sores nformaon ha unquely denfy each elemenal acvy and maps o a specfc buldng objec. Besdes, records wheher he acvy has been done or rescheduled, 6

7 he assocaed acual or rescheduled me and he reason behnd ha. Lkewse, he cos ems hsory able sores he acual cos of he elemenal acves. To allow sandardsaon of non-elemenal daa collecon and recordng, a codng sysem for hese coss was needed. Because non-elemenal coss are no assocaed wh specfc buldng objecs and are manly occupancy coss, he codes used n he BMI propery-occupancy-cos analyss form seems o be a logcal choce. Besdes, hese coss depend on he hours of use and he occupancy profle of he buldng especally for publc buldngs such as hospals and schools (Hobbs, 1977; Flanagan e al., 1989). Thus, wo ables have been ncluded n he projec daabase o sore non-elemenal daa and he occupancy profle of he buldng. Fgure 1 shows he srucure of he exended projec daabase. Fgure 1: The srucure of he exended projec daabase. The Resource Daabase The resource daabase has been also exended o allow he feedback process. Ths has been faclaed by he ncluson of hree ables. The frs able sores he man characerscs of buldngs whose cos and performance nformaon are fed-back o he resource daabase. For each buldng, a record s used o sore he buldng sze, hegh, locaon, age, and ype. The oher wo ables sore he fed-back non-elemenal and 7

8 elemenal daa, respecvely, as well as nformaon ha unquely denfy each record and he buldng ha generaed. Fgure 2 shows he srucure of he exended resource daabase. More deals of he exended resource and projec daabases wll be repored n wo separae papers. Fgure 2: The srucure of he exended resource daabase. COST SIGNIFICANT ITEMS The Cos Sgnfcance Relaon Based on earler work on cos sgnfcance (Poh and Horner, 1995; Horner and Zakeh, 1996), Al-Hajj and Horner (1998) defned a cos sgnfcan em as ha whose cos s greaer han he mean em value. For n cos ems, I, hs sgnfcance condon can be expressed as S = I C > n j= 1 C j n (1) 8

9 where S s he se of sgnfcan ems and C are coss of he ems. In her work, he denfed ses of sgnfcan ems from 5 ses of daa consued beween 75% and 89% of he oal coss n hese ses. Because hs defnon provdes a smple procedure o denfy he sgnfcan ems n any bach of cos daa, wll be adoped heren wh he followng slgh modfcaon. S = I C n j= 1 C j n (2) Ths modfed relaon ndcaes ha a cos sgnfcan em s ha whose cos s greaer han or equal he mean em value. I s mporan o noe ha hs s no o descrbe an average cos as a sgnfcan cos. Raher, hs modfcaon s necessary because f all he ems have he same cos, no em would be denfed as sgnfcan usng relaon 1. The modfed relaon, however, needs o be generalsed such ha sgnfcan acves, elemens and objecs can be denfed as well. Dvdng boh sdes n he above nequaly by n C j j = 1, relaon can be expressed as S = I SR ST (3) where SR are he ems cos raos gven by SR = n C j = 1 C j (4) and ST s a sgnfcance hreshold gven by 1 ST = (5) n The sgnfcance relaon 3 ndcaes ha an em n a gven daa se s sgnfcan f s cos rao exceeds a hreshold gven by he recprocal of he number of ems of ha se,.e. he cos rao gven by equaon 4 may be regarded as a sgnfcance measure. Thus, relaon 5 can be used o denfy he sgnfcan acves of gven elemen, he 9

10 sgnfcan elemens of a gven objec and he sgnfcan objecs of he buldng by comparng her cos raos wh he sgnfcance hresholds of he elemen acves, he objec elemens and he buldng objecs, respecvely. The Cos Measure Anoher ssue has o be addressed: wha s he cos measure o be employed n he calculaon of cos raos? In her mehodology, Al-Hajj and Horner (1998) used a deflaed cos measure whereby all cos daa were deflaed o a common year usng he nflaon ndces publshed by he BMI. In hs way, he effec of nflaon was accouned for. They dd no, however, dscoun coss o accoun for he me value of money. Ths seems reasonable because he man purpose of her work was o develop models o predc he annual runnng coss of buldngs and he dscounng process mgh have no effec on her mehodology because all coss ncurred a he same year wll be dscouned wh he same facor. Because he man purpose of he WLC managemen of buldngs s o oban he greaes value for he clen, he choce of a whole-lfe cos measure, e.g. he ne presen value, s logcal. Besdes, should reflec any change of he sgnfcance of an em over he analyss perod. Two measures ha sasfy boh requremens can be denfed: he cumulave WLC conrbuons and he remanng WLC conrbuons. The cumulave WLC measure, cash flows CWLC, of a cos em C, represened by a number of C, s he summaon of all dscouned cash flows whn he perod from he nal me, = 0, o he presen me, p,.e. CWLC = p = 0 PWS C (6) where PWS s he dscoun facor a me gven by PWS 1 = (7) (1 + r) The use of he CWLC measure o calculae he sgnfcance rao of an em (Eq. 5) would reflec he pas sgnfcance of an em. 10

11 The remanng WLC measure, RWLC, of an em s he summaon of all dscouned cash flows whn he perod from he presen me, p, o he end of he analyss perod, T,.e. T RWLC = PWS C (8) = p The use of hs measure o calculae he sgnfcance rao of an em (relaon 5) would reflec he fuure sgnfcance of an em. Ths s n lne wh he man objecve of he plannng process. Thus, he RWLC wll be employed o calculae he sgnfcance rao as SR = n RWLC j= 1 RWLC j = T PWS C = p n T PWS C j= 1 = p j (9) DESIGN OF THE APPLICATION The WLCM applcaon has been developed n hree modules: WLCPre, WLCPro and Feedback as shown n fgure 3. Resource Daabase Projec Daabase WLCPre A WLCPro Feedback Fgure 3: Smplfed process flow dagram of he WLCM applcaon. 11

12 The WLCPre Module The WLCPre module rereves he recorded daa from he projec daabase and generaes he nformaon requred for he WLCPro and Feedback modules as follows: A connecon o he projec daabase s esablshed. The objec elemens, acves and cos ems daa are rereved. Each cos em s expressed as a number of cash flows (CFs) sored n a wo dmensonal CF marx. The characerscs of each cos em are sored n a marx for laer use. For an elemenal em, hs daa ncludes he em s descrpon, recurrence, rae, un and generc codes and s objec, elemen and acvy numbers. For a non-elemenal cos em, hs daa ncludes he em s recurrence, generc and BMI codes. The elemenal and non-elemenal hsory daa are rereved o updae he cos ems CF marces hrough a me seres model. The updaed elemenal and non-elemenal marces are combned no wo elemenal and non-elemenal cash flow marces, ECF and NECF, respecvely, whch are hen carred forwards o he WLCPro and Feedback modules. A smplfed process flow dagram of he WLCPre module s shown n fgure 4. Projec Daabase characerscs cos daa cos daa characerscs CF marces CF marces hsory daa Updaed ECF marx Updaed NECF marx hsory daa A Fgure 4: A smplfed process flow dagram of he WLCPre module. 12

13 The WLCPro Module The WLCPre module generaes varous plannng profles and denfes sgnfcan ems of he buldng. Ths s done n he followng seps (fgure 5): Equaon 7 s used o calculae he dscoun facors a varous years of he analyss perod. These facors are sored n a wo dmensonal marx DF. A profles DCF marces DCF marces profles sgnfcance DF marx sgnfcance Projec Daabase Fgure 5: A smplfed process flow dagram of he WLCPro module. The non-elemenal dscouned cash flow marx (NEDCF) s obaned by dscounng he NECF marx usng he DF marx. Then, equaons 6 and 8 are employed o calculae he non-elemenal CWLC and RWLC marces. Equaon 11 s used o calculae he non-elemenal sgnfcance facors from he non-elemenal RWLC marx. Then, he non-elemenal sgnfcan ems are denfed usng he sgnfcance relaon 5. Usng he elemenal characerscs marx, CF marces of he curren objec are consruced on he generc; elemen and acvy levels and her correspondng DCF are calculaed usng he DF marx. Then, equaons (8 and 10) are employed o calculae he CWLC and RWLC marces on he generc, elemen and acvy and cos em levels. Equaon 9 s used o calculae he elemenal sgnfcance facors on he generc, elemen and acvy and cos em levels from her correspondng RWLC marces. Then, he cos sgnfcan ems, acves and elemens are denfed usng he sgnfcance relaon 5. 13

14 The Feedback Module The Feedback module auomacally feeds back he buldng performance and cos daa o be used n oher projecs. Ths s done n he followng seps (fgure 6). Projec Daabase A Curren objec daa Buldng characerscs hsory daa hsory daa Feedback Non- feedback CF marces Resource Daabase Fgure 6: A smplfed process flow dagram of he Feedback module. The buldng physcal and general daa are rereved from he projec daabase. A connecon o he resource daabase s esablshed. The resource daabase s checked for an exsng record for he buldng. Oherwse, a new record s nsered. The records of elemenal coss for he curren year are rereved from he projec daabase. Each cos em s ransformed o a cos rae hrough nerpreaon wh he correspondng objec/buldng physcal daa. Then, a record s nsered n he correspondng able n he resource daabase. The records of he buldng non-elemenal daa for he curren year are rereved from he projec daabase. Then, a record s nsered n he correspondng able n he resource daabase. The connecon o he projec daabase s closed. The connecon o he resource daabase s closed. A complee process flow dagram of he applcaon s shown n fgure 7. 14

15 hsory daa Curren objec daa feedback Projec Daabase cos daa cos daa CF marces characerscs characerscs CF marces Updaed ECF marx sgnfcance sgnfcance Updaed NECF marx DCF marces profles profles DCF marces DF marx Resource Daabase Fgure 7: The complee process flow dagram of he applcaon. hsory daa Buldng characerscs feedback 15

16 SUMMARY AND THE WAY FORWARD Followng a bref revew of exsng applcaons ha provde whole-lfe cosng suppor, he basc processes of effecve whole-lfe managemen of buldngs have been explored. The frs process s o record he acual performance and cos hsory of he buldng. The second process s o analyse hs recorded daa o predc fuure acves and her assocaed coss whn he occupancy sage of he buldng (.e. feed-forward of nformaon) and o nform he desgn sage of oher projecs (.e. feedback of nformaon). The feed-forward and feedback nformaon are sored n he projec and resource daabases, respecvely. The hrd process s o assess and conrol coss whereby he man acvy s o denfy cos sgnfcan ems. The fourh process s o produce varous work and expendure plannng profles. Two recenly developed WLC daabases have been exended o faclae he frs wo processes. Then, he logc of a WLCM applcaon has been developed o auomae he oher wo processes. The proposed approach has wo unque mers. Frs, pus forward a sysemac framework for daa collecon and recordng usng a well-defned cos breakdown srucure and keepng s conex nformaon. Secondly, offers a sarng pon for a praccal feedback mechansm ha lnks occuped buldngs o he desgn process. The proposed approach, however, handles elemenal and non-elemenal coss ndependenly. I should be developed furher o cover he neracon of varous buldng elemens and operang coss of he buldng. Besdes, he ransformaon of acual coss o cos raes s done hrough a predefned code ha denfes whch objec/buldng physcal quany o use. In he fuure, a procedure should be ncluded o denfy whch physcal quanes have he greaes correlaon wh acual coss. ACKNOWLEDGEMENTS The research work ha underpns hs paper has been manly funded by he EPSRC gran number GR/M83476/01 underaken jonly by wo eams from he Rober Gordon 16

17 Unversy and he unversy of Salford. The auhors would lke also o hank wo anonymous referees for her helpful commens and suggesons REFERENCES Al-Hajj, A (1991) Smple cos-sgnfcan models for oal lfe-cycle cosng n buldngs. Unpublshed PhD hess, Deparmen of Cvl Engneerng, Unversy Of Dundee. Al-Hajj, A. and Horner, M.W. (1998) Modellng he Runnng Coss of Buldngs. Consrucon Managemen and Economcs, 16, Al-Hajj, A., Pollock, R., Kshk, M., Aouad, G., Sun, M. and Baks, N. (2001) On he requremens for effecve nformaon managemen n whole-lfe cosng whn an negraed envronmen. In: Kelly, J. and Huner, K. (Eds.), The Annual Conference of he RICS Research Foundaon, 3-5 Sepember, Glasgow Caledonan Unversy. RICS, Vol. 2, Aouad, G., Chld, T., Marr, F. and Brandon, P. (1997) OSCON fnal repor. Unversy of Salford, UK. Ashworh, A. (1996) Esmang he lfe expecances of buldng componens n lfe cycle cosng calculaons. Srucural Survey, 14 (2), 4-8. Ashworh, A. (1999) Cos sudes of buldngs. Longman, Harlow. Bordass B. (2000) Cos and value: fac and fcon. Buldng Research & Informaon, 28 (5/6), Boussabane, A.H.; Krkham, R.J. and Grew, R.J. (1999) Modellng Toal Energy Coss of Spor Ceners. Facles, 17(12/13), Flanagan, R., Norman, G. and Furbur, D. (1983) Lfe Cycle Cosng For Consrucon, Surveyors Publcaons. Flanagan, R., Norman, G., Meadows, J. and Robnson, G. (1989) Lfe Cycle Cosng - Theory and Pracce. Blackwell Scence Ld. ISBN: Hobbs, S. (1977) Collecon and use of buldng manenance cos daa. Buldng Research Esablshmen (BRE), Deparmen Of Envronmen, Curren Paper Ocober, Horner, M. and Zakeh, R. (1996) Characersc ems - a new approach o prcng and conrollng consrucon projecs. Consrucon Managemen and Economcs, 14, Krk, S. J., and Dell Isola, A. J. (1995) Lfe Cycle Cosng for Desgn Professonals. McGrew-Hll Book Company, New York. Kshk M., Al-Hajj A., Pollock R., and Aouad A. (2002) A generc daabase for wholelfe cosng applcaons n consrucon. Proceedngs of he 18 h Annual Conference of he Assocaon of Researchers n Consrucon Managemen (ARCOM 2002), Unversy of Norhumbra, 2-4 Sepember 2002, Vol. 1, Kshk M., Al-Hajj A., Pollock, R., Aouad A. and Baks, N. (2002) A whole-lfe cosng applcaon for he opmum desgn of consrucon asses. Proceedngs of he Annual Conference of he RICS Research Foundaon (COBRA 2002), Nongham Tren Unversy, 5-6 Sepember 2002, Kshk M., Al-Hajj A., Pollock R., Aouad A., Baks, N. and Sun, M. (2003) Whole-Lfe Cosng n Consrucon - A Sae of The Ar Revew. The RICS Research Paper Seres, Vol. 4, No

18 Poh, P. and Horner, R. (1995) Cos-Sgnfcan Modellng Is Poenal for Use n Souh-Eas Asa. Engneerng, Consrucon and Archecural Managemen, 2 (2), Rnala, K.; Kumar, B.; and MacLeod, I. (2001a) A framework for analogy based esmaon n buldng servces. Proceedngs of he Sxh Inernaonal Conference on he Applcaon of Arfcal Inellgence o Cvl and Srucural Engneerng, Sepember 19-21, Venna, Ausra, Rnala, K.; Kumar, B.; and MacLeod, I. (2001b) Analogy based esmaon n buldng servces. Proceedngs of he CIB-W78 Inernaonal Conference on IT n Consrucon n Afrca 2001, 30 May 1 June, 2001, Mpumalanga, Souh Afrca. Seeley, I. H. (1996) Buldng Economcs. Fourh Edon, Macmllan Press Ld., Basngsoke. 18

Baoding, Hebei, China. *Corresponding author

Baoding, Hebei, China. *Corresponding author 2016 3 rd Inernaonal Conference on Economcs and Managemen (ICEM 2016) ISBN: 978-1-60595-368-7 Research on he Applcably of Fama-French Three-Facor Model of Elecrc Power Indusry n Chnese Sock Marke Yeld

More information

Network Security Risk Assessment Based on Node Correlation

Network Security Risk Assessment Based on Node Correlation Journal of Physcs: Conference Seres PAPER OPE ACCESS ewor Secury Rs Assessmen Based on ode Correlaon To ce hs arcle: Zengguang Wang e al 2018 J. Phys.: Conf. Ser. 1069 012073 Vew he arcle onlne for updaes

More information

Chain-linking and seasonal adjustment of the quarterly national accounts

Chain-linking and seasonal adjustment of the quarterly national accounts Sascs Denmark Naonal Accouns 6 July 00 Chan-lnkng and seasonal adjusmen of he uarerly naonal accouns The mehod of chan-lnkng he uarerly naonal accouns was changed wh he revsed complaon of daa hrd uarer

More information

Albania. A: Identification. B: CPI Coverage. Title of the CPI: Consumer Price Index. Organisation responsible: Institute of Statistics

Albania. A: Identification. B: CPI Coverage. Title of the CPI: Consumer Price Index. Organisation responsible: Institute of Statistics Albana A: Idenfcaon Tle of he CPI: Consumer Prce Index Organsaon responsble: Insue of Sascs Perodcy: Monhly Prce reference perod: December year 1 = 100 Index reference perod: December 2007 = 100 Weghs

More information

Lab 10 OLS Regressions II

Lab 10 OLS Regressions II Lab 10 OLS Regressons II Ths lab wll cover how o perform a smple OLS regresson usng dfferen funconal forms. LAB 10 QUICK VIEW Non-lnear relaonshps beween varables nclude: o Log-Ln: o Ln-Log: o Log-Log:

More information

Noise and Expected Return in Chinese A-share Stock Market. By Chong QIAN Chien-Ting LIN

Noise and Expected Return in Chinese A-share Stock Market. By Chong QIAN Chien-Ting LIN Nose and Expeced Reurn n Chnese A-share Sock Marke By Chong QIAN Chen-Tng LIN 1 } Capal Asse Prcng Model (CAPM) by Sharpe (1964), Lnner (1965) and Mossn (1966) E ( R, ) R f, + [ E( Rm, ) R f, = β ] + ε

More information

Dynamic Relationship and Volatility Spillover Between the Stock Market and the Foreign Exchange market in Pakistan: Evidence from VAR-EGARCH Modelling

Dynamic Relationship and Volatility Spillover Between the Stock Market and the Foreign Exchange market in Pakistan: Evidence from VAR-EGARCH Modelling Dynamc Relaonshp and Volaly pllover Beween he ock Marke and he Foregn xchange marke n Paksan: vdence from VAR-GARCH Modellng Dr. Abdul Qayyum Dr. Muhammad Arshad Khan Inroducon A volale sock and exchange

More information

The Financial System. Instructor: Prof. Menzie Chinn UW Madison

The Financial System. Instructor: Prof. Menzie Chinn UW Madison Economcs 435 The Fnancal Sysem (2/13/13) Insrucor: Prof. Menze Chnn UW Madson Sprng 2013 Fuure Value and Presen Value If he presen value s $100 and he neres rae s 5%, hen he fuure value one year from now

More information

Correlation of default

Correlation of default efaul Correlaon Correlaon of defaul If Oblgor A s cred qualy deeroraes, how well does he cred qualy of Oblgor B correlae o Oblgor A? Some emprcal observaons are efaul correlaons are general low hough hey

More information

Section 6 Short Sales, Yield Curves, Duration, Immunization, Etc.

Section 6 Short Sales, Yield Curves, Duration, Immunization, Etc. More Tuoral a www.lledumbdocor.com age 1 of 9 Secon 6 Shor Sales, Yeld Curves, Duraon, Immunzaon, Ec. Shor Sales: Suppose you beleve ha Company X s sock s overprced. You would ceranly no buy any of Company

More information

Online appendices from Counterparty Risk and Credit Value Adjustment a continuing challenge for global financial markets by Jon Gregory

Online appendices from Counterparty Risk and Credit Value Adjustment a continuing challenge for global financial markets by Jon Gregory Onlne appendces fro Counerpary sk and Cred alue Adusen a connung challenge for global fnancal arkes by Jon Gregory APPNDX A: Dervng he sandard CA forula We wsh o fnd an expresson for he rsky value of a

More information

A valuation model of credit-rating linked coupon bond based on a structural model

A valuation model of credit-rating linked coupon bond based on a structural model Compuaonal Fnance and s Applcaons II 247 A valuaon model of cred-rang lnked coupon bond based on a srucural model K. Yahag & K. Myazak The Unversy of Elecro-Communcaons, Japan Absrac A cred-lnked coupon

More information

IFX-Cbonds Russian Corporate Bond Index Methodology

IFX-Cbonds Russian Corporate Bond Index Methodology Approved a he meeng of he Commee represenng ZAO Inerfax and OOO Cbonds.ru on ovember 1 2005 wh amendmens complan wh Agreemen # 545 as of ecember 17 2008. IFX-Cbonds Russan Corporae Bond Index Mehodology

More information

Methodology of the CBOE S&P 500 PutWrite Index (PUT SM ) (with supplemental information regarding the CBOE S&P 500 PutWrite T-W Index (PWT SM ))

Methodology of the CBOE S&P 500 PutWrite Index (PUT SM ) (with supplemental information regarding the CBOE S&P 500 PutWrite T-W Index (PWT SM )) ehodology of he CBOE S&P 500 PuWre Index (PUT S ) (wh supplemenal nformaon regardng he CBOE S&P 500 PuWre T-W Index (PWT S )) The CBOE S&P 500 PuWre Index (cker symbol PUT ) racks he value of a passve

More information

Improving Forecasting Accuracy in the Case of Intermittent Demand Forecasting

Improving Forecasting Accuracy in the Case of Intermittent Demand Forecasting (IJACSA) Inernaonal Journal of Advanced Compuer Scence and Applcaons, Vol. 5, No. 5, 04 Improvng Forecasng Accuracy n he Case of Inermen Demand Forecasng Dasuke Takeyasu The Open Unversy of Japan, Chba

More information

A Framework for Large Scale Use of Scanner Data in the Dutch CPI

A Framework for Large Scale Use of Scanner Data in the Dutch CPI A Framework for Large Scale Use of Scanner Daa n he Duch CPI Jan de Haan Sascs Neherlands and Delf Unversy of Technology Oawa Group, 2-22 May 215 The basc dea Ideally, o make he producon process as effcen

More information

Quarterly Accounting Earnings Forecasting: A Grey Group Model Approach

Quarterly Accounting Earnings Forecasting: A Grey Group Model Approach Quarerly Accounng Earnngs Forecasng: A Grey Group Model Approach Zheng-Ln Chen Deparmen of Accounng Zhongnan Unversy of Economcs and Law # Souh Nanhu Road, Wuhan Cy, 430073 Hube People's Republc of Chna

More information

Improving Earnings per Share: An Illusory Motive in Stock Repurchases

Improving Earnings per Share: An Illusory Motive in Stock Repurchases Inernaonal Journal of Busness and Economcs, 2009, Vol. 8, No. 3, 243-247 Improvng Earnngs per Share: An Illusory Move n Sock Repurchases Jong-Shn We Deparmen of Inernaonal Busness Admnsraon, Wenzao Ursulne

More information

Estimating intrinsic currency values

Estimating intrinsic currency values Esmang nrnsc currency values Forex marke praconers consanly alk abou he srenghenng or weakenng of ndvdual currences. In hs arcle, Jan Chen and Paul Dous presen a new mehodology o quanfy hese saemens n

More information

FITTING EXPONENTIAL MODELS TO DATA Supplement to Unit 9C MATH Q(t) = Q 0 (1 + r) t. Q(t) = Q 0 a t,

FITTING EXPONENTIAL MODELS TO DATA Supplement to Unit 9C MATH Q(t) = Q 0 (1 + r) t. Q(t) = Q 0 a t, FITTING EXPONENTIAL MODELS TO DATA Supplemen o Un 9C MATH 01 In he handou we wll learn how o fnd an exponenal model for daa ha s gven and use o make predcons. We wll also revew how o calculae he SSE and

More information

Michał Kolupa, Zbigniew Śleszyński SOME REMARKS ON COINCIDENCE OF AN ECONOMETRIC MODEL

Michał Kolupa, Zbigniew Śleszyński SOME REMARKS ON COINCIDENCE OF AN ECONOMETRIC MODEL M I S C E L L A N E A Mchał Kolupa, bgnew Śleszyńsk SOME EMAKS ON COINCIDENCE OF AN ECONOMETIC MODEL Absrac In hs paper concep of concdence of varable and mehods for checkng concdence of model and varables

More information

Using Fuzzy-Delphi Technique to Determine the Concession Period in BOT Projects

Using Fuzzy-Delphi Technique to Determine the Concession Period in BOT Projects Usng Fuzzy-Delph Technque o Deermne he Concesson Perod n BOT Projecs Khanzad Mosafa Iran Unversy of Scence and Technology School of cvl engneerng Tehran, Iran. P.O. Box: 6765-63 khanzad@us.ac.r Nasrzadeh

More information

Terms and conditions for the MXN Peso / US Dollar Futures Contract (Physically Delivered)

Terms and conditions for the MXN Peso / US Dollar Futures Contract (Physically Delivered) The Englsh verson of he Terms and Condons for Fuures Conracs s publshed for nformaon purposes only and does no consue legal advce. However, n case of any Inerpreaon conroversy, he Spansh verson shall preval.

More information

Tax Dispute Resolution and Taxpayer Screening

Tax Dispute Resolution and Taxpayer Screening DISCUSSION PAPER March 2016 No. 73 Tax Dspue Resoluon and Taxpayer Screenng Hdek SATO* Faculy of Economcs, Kyushu Sangyo Unversy ----- *E-Mal: hsao@p.kyusan-u.ac.jp Tax Dspue Resoluon and Taxpayer Screenng

More information

Pricing and Valuation of Forward and Futures

Pricing and Valuation of Forward and Futures Prcng and Valuaon of orward and uures. Cash-and-carry arbrage he prce of he forward conrac s relaed o he spo prce of he underlyng asse, he rsk-free rae, he dae of expraon, and any expeced cash dsrbuons

More information

SOCIETY OF ACTUARIES FINANCIAL MATHEMATICS. EXAM FM SAMPLE SOLUTIONS Interest Theory

SOCIETY OF ACTUARIES FINANCIAL MATHEMATICS. EXAM FM SAMPLE SOLUTIONS Interest Theory SOCIETY OF ACTUARIES EXAM FM FINANCIAL MATHEMATICS EXAM FM SAMPLE SOLUTIONS Ineres Theory Ths page ndcaes changes made o Sudy Noe FM-09-05. January 4, 04: Quesons and soluons 58 60 were added. June, 04

More information

Differences in the Price-Earning-Return Relationship between Internet and Traditional Firms

Differences in the Price-Earning-Return Relationship between Internet and Traditional Firms Dfferences n he Prce-Earnng-Reurn Relaonshp beween Inerne and Tradonal Frms Jaehan Koh Ph.D. Program College of Busness Admnsraon Unversy of Texas-Pan Amercan jhkoh@upa.edu Bn Wang Asssan Professor Compuer

More information

The UAE UNiversity, The American University of Kurdistan

The UAE UNiversity, The American University of Kurdistan MPRA Munch Personal RePEc Archve A MS-Excel Module o Transform an Inegraed Varable no Cumulave Paral Sums for Negave and Posve Componens wh and whou Deermnsc Trend Pars. Abdulnasser Haem-J and Alan Musafa

More information

Estimation of Optimal Tax Level on Pesticides Use and its

Estimation of Optimal Tax Level on Pesticides Use and its 64 Bulgaran Journal of Agrculural Scence, 8 (No 5 0, 64-650 Agrculural Academy Esmaon of Opmal Ta Level on Pescdes Use and s Impac on Agrculure N. Ivanova,. Soyanova and P. Mshev Unversy of Naonal and

More information

Normal Random Variable and its discriminant functions

Normal Random Variable and its discriminant functions Normal Random Varable and s dscrmnan funcons Oulne Normal Random Varable Properes Dscrmnan funcons Why Normal Random Varables? Analycally racable Works well when observaon comes form a corruped sngle prooype

More information

Deriving Reservoir Operating Rules via Fuzzy Regression and ANFIS

Deriving Reservoir Operating Rules via Fuzzy Regression and ANFIS Dervng Reservor Operang Rules va Fuzzy Regresson and ANFIS S. J. Mousav K. Ponnambalam and F. Karray Deparmen of Cvl Engneerng Deparmen of Sysems Desgn Engneerng Unversy of Scence and Technology Unversy

More information

Appendix B: DETAILS ABOUT THE SIMULATION MODEL. contained in lookup tables that are all calculated on an auxiliary spreadsheet.

Appendix B: DETAILS ABOUT THE SIMULATION MODEL. contained in lookup tables that are all calculated on an auxiliary spreadsheet. Appendix B: DETAILS ABOUT THE SIMULATION MODEL The simulaion model is carried ou on one spreadshee and has five modules, four of which are conained in lookup ables ha are all calculaed on an auxiliary

More information

Agricultural and Rural Finance Markets in Transition

Agricultural and Rural Finance Markets in Transition Agrculural and Rural Fnance Markes n Transon Proceedngs of Regonal Research Commee NC-04 S. Lous, Mssour Ocober 4-5, 007 Dr. Mchael A. Gunderson, Edor January 008 Food and Resource Economcs Unversy of

More information

Explaining Product Release Planning Results Using Concept Analysis

Explaining Product Release Planning Results Using Concept Analysis Explanng Produc Release Plannng Resuls Usng Concep Analyss Gengshen Du, Thomas Zmmermann, Guenher Ruhe Deparmen of Compuer Scence, Unversy of Calgary 2500 Unversy Drve NW, Calgary, Albera T2N 1N4, Canada

More information

Assessment of The relation between systematic risk and debt to cash flow ratio

Assessment of The relation between systematic risk and debt to cash flow ratio Inernaonal Journal of Engneerng Research And Managemen (IJERM) ISSN : 349-058, Volume-0, Issue-04, Aprl 015 Assessmen of The relaon beween sysemac rsk and deb o cash flow rao Moaba Mosaeran Guran, Akbar

More information

STOCK PRICES TEHNICAL ANALYSIS

STOCK PRICES TEHNICAL ANALYSIS STOCK PRICES TEHNICAL ANALYSIS Josp Arnerć, Elza Jurun, Snježana Pvac Unversy of Spl, Faculy of Economcs Mace hrvaske 3 2 Spl, Croaa jarnerc@efs.hr, elza@efs.hr, spvac@efs.hr Absrac Ths paper esablshes

More information

HFR Risk Parity Indices

HFR Risk Parity Indices HFR Rsk Pary Indces Defned Formulac Mehodology 2018 2018 Hedge Fund Research, Inc. - All rghs reserved. HFR, HFRI, HFRX, HFRQ, HFRU, HFRL, HFR PorfoloScope, WWW.HEDGEFUNDRESEARCH.COM, HEDGE FUND RESEARCH,

More information

Bank of Japan. Research and Statistics Department. March, Outline of the Corporate Goods Price Index (CGPI, 2010 base)

Bank of Japan. Research and Statistics Department. March, Outline of the Corporate Goods Price Index (CGPI, 2010 base) Bank of Japan Research and Sascs Deparmen Oulne of he Corporae Goods Prce Index (CGPI, 2010 base) March, 2015 1. Purpose and Applcaon The Corporae Goods Prce Index (CGPI) measures he prce developmens of

More information

Ground Rules. FTSE US Risk Premium Index Series v1.6

Ground Rules. FTSE US Risk Premium Index Series v1.6 Ground Rules FTSE US Rsk Premum Index Seres v1.6 fserussell.com January 2018 Conens 1.0 Inroducon... 3 2.0 Managemen Responsbles... 4 3.0 FTSE Russell Index Polces... 5 4.0 Elgble Secures... 7 5.0 Facor

More information

Return Calculation Methodology

Return Calculation Methodology Reurn Calculaon Mehodology Conens 1. Inroducon... 1 2. Local Reurns... 2 2.1. Examle... 2 3. Reurn n GBP... 3 3.1. Examle... 3 4. Hedged o GBP reurn... 4 4.1. Examle... 4 5. Cororae Acon Facors... 5 5.1.

More information

SEI Trademarks and Service Marks. Get ready for interesting English. Improved cycle time. Increased productivity and quality. Software Engineering

SEI Trademarks and Service Marks. Get ready for interesting English. Improved cycle time. Increased productivity and quality. Software Engineering 1 Char of Sofware Engneerng SEI Trademarks and Servce Marks Sofware Engneerng Sprng Semeser 008 Lecure 7: CMMI SM CMM egraon SCAMPI are servce marks of Carnege Mellon Unversy Capably Maury Model, Capably

More information

The Virtual Machine Resource Allocation based on Service Features in Cloud Computing Environment

The Virtual Machine Resource Allocation based on Service Features in Cloud Computing Environment Send Orders for Reprns o reprns@benhamscence.ae The Open Cybernecs & Sysemcs Journal, 2015, 9, 639-647 639 Open Access The Vrual Machne Resource Allocaon based on Servce Feaures n Cloud Compung Envronmen

More information

Fugit (options) The terminology of fugit refers to the risk neutral expected time to exercise an

Fugit (options) The terminology of fugit refers to the risk neutral expected time to exercise an Fug (opons) INTRODUCTION The ermnology of fug refers o he rsk neural expeced me o exercse an Amercan opon. Invened by Mark Garman whle professor a Berkeley n he conex of a bnomal ree for Amercan opon hs

More information

Prediction of Oil Demand Based on Time Series Decomposition Method Nan MA * and Yong LIU

Prediction of Oil Demand Based on Time Series Decomposition Method Nan MA * and Yong LIU 2017 2nd Inernaonal Conference on Sofware, Mulmeda and Communcaon Engneerng (SMCE 2017) ISBN: 978-1-60595-458-5 Predcon of Ol Demand Based on Tme Seres Decomposon Mehod Nan MA * and Yong LIU College of

More information

Optimal Combination of Trading Rules Using Neural Networks

Optimal Combination of Trading Rules Using Neural Networks Vol. 2, No. Inernaonal Busness Research Opmal Combnaon of Tradng Rules Usng Neural Neworks Subraa Kumar Mra Professor, Insue of Managemen Technology 35 Km Mlesone, Kaol Road Nagpur 44 502, Inda Tel: 9-72-280-5000

More information

Mind the class weight bias: weighted maximum mean discrepancy for unsupervised domain adaptation. Hongliang Yan 2017/06/21

Mind the class weight bias: weighted maximum mean discrepancy for unsupervised domain adaptation. Hongliang Yan 2017/06/21 nd he class wegh bas: weghed maxmum mean dscrepancy for unsupervsed doman adapaon Honglang Yan 207/06/2 Doman Adapaon Problem: Tranng and es ses are relaed bu under dfferen dsrbuons. Tranng (Source) DA

More information

American basket and spread options. with a simple binomial tree

American basket and spread options. with a simple binomial tree Amercan baske and spread opons wh a smple bnomal ree Svelana orovkova Vre Unverse Amserdam Jon work wh Ferry Permana acheler congress, Torono, June 22-26, 2010 1 Movaon Commody, currency baskes conss of

More information

A Hybrid Method to Improve Forecasting Accuracy Utilizing Genetic Algorithm An Application to the Data of Operating equipment and supplies

A Hybrid Method to Improve Forecasting Accuracy Utilizing Genetic Algorithm An Application to the Data of Operating equipment and supplies A Hyrd Mehod o Improve Forecasng Accuracy Ulzng Genec Algorhm An Applcaon o he Daa of Operang equpmen and supples Asam Shara Tax Corporaon Arkne, Shzuoka Cy, Japan, e-mal: a-shara@arkne.nfo Dasuke Takeyasu

More information

Determinants of firm exchange rate predictions:

Determinants of firm exchange rate predictions: CESSA WP 208-0 Deermnans of frm exchange rae predcons: Emprcal evdence from survey daa of Japanese frms Th-Ngoc Anh NGUYEN Yokohama Naonal Unversy Japan Socey for he Promoon of Scence May 208 Cener for

More information

Empirical analysis on China money multiplier

Empirical analysis on China money multiplier Aug. 2009, Volume 8, No.8 (Serial No.74) Chinese Business Review, ISSN 1537-1506, USA Empirical analysis on China money muliplier SHANG Hua-juan (Financial School, Shanghai Universiy of Finance and Economics,

More information

Some Insights of Value-Added Tax Gap

Some Insights of Value-Added Tax Gap Ovdus Unversy Annals, Economc Scences Seres Some Insghs of Value-Added Tax Ga Cuceu Ionuţ-Consann Vădean Vorela-Lga Maşca Smona-Gabrela "Babeş-Bolya" Unversy Cluj-Naoca, Faculy of Economcs and Busness

More information

Gaining From Your Own Default

Gaining From Your Own Default Ganng From Your Own Defaul Jon Gregory jon@ofranng.com Jon Gregory (jon@ofranng.com), Quan ongress US, 14 h July 2010 page 1 Regulaon s Easy () Wha don lke as a regulaor? Dfferen nsuons valung asses dfferenly

More information

The Net Benefit to Government of Higher Education: A Balance Sheet Approach

The Net Benefit to Government of Higher Education: A Balance Sheet Approach The Ne Benef o Governmen of Hgher Educaon: A Balance Shee Approach Davd Johnson and Roger Wlkns Melbourne Insue of Appled Economc and Socal Research The Unversy of Melbourne Melbourne Insue Workng Paper

More information

Interest Rate Derivatives: More Advanced Models. Chapter 24. The Two-Factor Hull-White Model (Equation 24.1, page 571) Analytic Results

Interest Rate Derivatives: More Advanced Models. Chapter 24. The Two-Factor Hull-White Model (Equation 24.1, page 571) Analytic Results Ineres Rae Dervaves: More Advanced s Chaper 4 4. The Two-Facor Hull-Whe (Equaon 4., page 57) [ θ() ] σ 4. dx = u ax d dz du = bud σdz where x = f () r and he correlaon beween dz and dz s ρ The shor rae

More information

Floating rate securities

Floating rate securities Caps and Swaps Floang rae secures Coupon paymens are rese perodcally accordng o some reference rae. reference rae + ndex spread e.g. -monh LIBOR + 00 bass pons (posve ndex spread 5-year Treasury yeld 90

More information

SkyCube Computation over Wireless Sensor Networks Based on Extended Skylines

SkyCube Computation over Wireless Sensor Networks Based on Extended Skylines Proceedngs of he 2010 IEEE Inernaonal Conference on Informaon and Auomaon June 20-23, Harbn, Chna SkyCube Compuaon over Wreless Sensor Neworks Based on Exended Skylnes Zhqong Wang 1, Zhyue Wang 2, Junchang

More information

Boğaziçi University Department of Economics Money, Banking and Financial Institutions L.Yıldıran

Boğaziçi University Department of Economics Money, Banking and Financial Institutions L.Yıldıran Chaper 3 INTEREST RATES Boğazç Unversy Deparmen of Economcs Money, Bankng and Fnancal Insuons L.Yıldıran Sylzed Fac abou Ineres Raes: Ineres raes Expanson Recesson Ineres raes affec economc acvy by changng

More information

Pricing Model of Credit Default Swap Based on Jump-Diffusion Process and Volatility with Markov Regime Shift

Pricing Model of Credit Default Swap Based on Jump-Diffusion Process and Volatility with Markov Regime Shift Assocaon for Informaon Sysems AIS Elecronc brary (AISe) WICEB 13 Proceedngs Wuhan Inernaonal Conference on e-busness Summer 5-5-13 Prcng Model of Cred Defaul Swap Based on Jump-Dffuson Process and Volaly

More information

(1 + Nominal Yield) = (1 + Real Yield) (1 + Expected Inflation Rate) (1 + Inflation Risk Premium)

(1 + Nominal Yield) = (1 + Real Yield) (1 + Expected Inflation Rate) (1 + Inflation Risk Premium) 5. Inflaion-linked bonds Inflaion is an economic erm ha describes he general rise in prices of goods and services. As prices rise, a uni of money can buy less goods and services. Hence, inflaion is an

More information

A Hybrid Method for Forecasting with an Introduction of a Day of the Week Index to the Daily Shipping Data of Sanitary Materials

A Hybrid Method for Forecasting with an Introduction of a Day of the Week Index to the Daily Shipping Data of Sanitary Materials Journal of Communcaon and Compuer (05) 0-07 do: 0.765/548-7709/05.0.00 D DAVID PUBLISHING A Hyrd Mehod for Forecasng wh an Inroducon of a Day of he Week Inde o he Daly Shppng Daa of Sanary Maerals Dasuke

More information

The Changing Malaysian Financial Environment and the Effects on Its Monetary Policy Transmission Mechanism

The Changing Malaysian Financial Environment and the Effects on Its Monetary Policy Transmission Mechanism The Changng Malaysan Fnancal Envronmen and he Effecs on Is Moneary Polcy Transmsson Mechansm Mala Vallamma Raghavan School of Economcs and Fnance, RMIT Unversy GPO Box 2467V, Melbourne, Vcora 3001, Ausrala

More information

Numerical Evaluation of European Option on a Non Dividend Paying Stock

Numerical Evaluation of European Option on a Non Dividend Paying Stock Inernaonal Journal of Compuaonal cence and Mahemacs. IN 0974-389 olume Number 3 (00) pp. 6--66 Inernaonal Research Publcaon House hp://www.rphouse.com Numercal Evaluaon of European Opon on a Non Dvdend

More information

Empirical Study on the Relationship between ICT Application and China Agriculture Economic Growth

Empirical Study on the Relationship between ICT Application and China Agriculture Economic Growth Emprcal Sudy on he Relaonshp beween ICT Applcaon and Chna Agrculure Economc Growh Pengju He, Shhong Lu, Huoguo Zheng, and Yunpeng Cu Key Laboraory of Dgal Agrculural Early-warnng Technology Mnsry of Agrculure,

More information

Impact of Stock Markets on Economic Growth: A Cross Country Analysis

Impact of Stock Markets on Economic Growth: A Cross Country Analysis Impac of Sock Markes on Economc Growh: A Cross Counry Analyss By Muhammad Jaml Imporance of sock markes for poolng fnancal resources ncreased snce he las wo decades. Presen sudy analyzed mpac of sock markes

More information

(Version ) I. SOURCE, DEFINITIONS AND APPLICABILITY

(Version ) I. SOURCE, DEFINITIONS AND APPLICABILITY Threh meeng Repor Page 1 1. Sources Draf afforesaon and reforesaon baselne and monorng mehodology AR-AM00XX Afforesaon or reforesaon of degraded or abandoned agrculural lands (Verson 01.0.0) I. SOURE,

More information

The Empirical Research of Price Fluctuation Rules and Influence Factors with Fresh Produce Sequential Auction Limei Cui

The Empirical Research of Price Fluctuation Rules and Influence Factors with Fresh Produce Sequential Auction Limei Cui 6h Inernaonal Conference on Sensor Nework and Compuer Engneerng (ICSNCE 016) The Emprcal Research of Prce Flucuaon Rules and Influence Facors wh Fresh Produce Sequenal Aucon Lme Cu Qujng Normal Unversy,

More information

The impact of intellectual capital on returns and stock prices of listed companies in Tehran Stock Exchange

The impact of intellectual capital on returns and stock prices of listed companies in Tehran Stock Exchange Appled Scence Repors www.pscpub.com/asr -SSN: 231-944 / P-SSN: 2311-139 DO: 1.15192/PSCP.ASR.214.4.3.1516 App. Sc. Repor. 4 (3), 214: 15-16 PSC Publcaons The mpac of nellecual capal on reurns and sock

More information

A METHOD FOR IMPROVED CAPITAL MEASUREMENT BY COMBINING ACCOUNTS AND FIRM INVESTMENT DATA

A METHOD FOR IMPROVED CAPITAL MEASUREMENT BY COMBINING ACCOUNTS AND FIRM INVESTMENT DATA Revew of Income and Wealh Seres 53, Number 3, Sepember 2007 A METHOD FOR IMPROVED CAPITAL MEASUREMENT BY COMBINING ACCOUNTS AND FIRM INVESTMENT DATA BY ARVID RAKNERUD,* DAG RøNNINGEN AND TERJE SKJERPEN

More information

Ground Rules. FTSE ORB Index Series v1.5

Ground Rules. FTSE ORB Index Series v1.5 Ground Rules FTSE ORB Index Seres v1.5 fserussell.com January 2018 Conens 1.0 Inroducon... 3 2.0 Managemen Responsbles... 5 3.0 Elgble Secures... 7 4.0 rce Sources... 8 5.0 erodc Change o he Indexes...

More information

IJEM International Journal of Economics and Management

IJEM International Journal of Economics and Management In. Journal of Economcs and Managemen 0(): 2 (206) IJEM Inernaonal Journal of Economcs and Managemen Journal homepage: hp://www.econ.upm.edu.my/jem In Search of Effecve Moneary Polcy n Indonesa: Inflaon

More information

Financial Stability Institute

Financial Stability Institute Fnancal Sably Insue FSI Award 21 Wnnng Paper Regulaory use of sysem-wde esmaons of PD, LGD and EAD Jesus Alan Elzondo Flores Tana Lemus Basualdo Ana Regna Qunana Sordo Comsón Naconal Bancara y de Valores,

More information

Stock Market Behaviour Around Profit Warning Announcements

Stock Market Behaviour Around Profit Warning Announcements Sock Marke Behaviour Around Profi Warning Announcemens Henryk Gurgul Conen 1. Moivaion 2. Review of exising evidence 3. Main conjecures 4. Daa and preliminary resuls 5. GARCH relaed mehodology 6. Empirical

More information

UC San Diego Recent Work

UC San Diego Recent Work UC San Dego Recen Work Tle On More Robus Esmaon of Skewness and Kuross: Smulaon and Applcaon o he S&P500 Index Permalnk hps://escholarshp.org/uc/em/7b5v07p Auhors Km, Tae-Hwan Whe, Halber Publcaon Dae

More information

MACROECONOMIC CONDITIONS AND INCOME DISTRIBUTION IN VENEZUELA:

MACROECONOMIC CONDITIONS AND INCOME DISTRIBUTION IN VENEZUELA: MACROECONOMIC CONDITIONS AND INCOME DISTRIBUTION IN VENEZUELA: 197-199 Raul J. Crespo* January, 2004 *Conac: Economcs Deparmen, Unversy of Brsol, 8 Woodland Road, Brsol, BS8 1TN, Uned Kngdom. Tel.: + 44

More information

An Inclusion-Exclusion Algorithm for Network Reliability with Minimal Cutsets

An Inclusion-Exclusion Algorithm for Network Reliability with Minimal Cutsets Amercan Journal of ompuaonal Mahemacs, 202, 2, 6-20 hp://dxdoorg/0426/acm2022404 Publshed Onlne December 202 (hp://wwwscrporg/ournal/acm) An Incluson-Excluson Algorhm for ework Relably wh Mnmal uses Yan-Ru

More information

A PLAN-B PAPER SUBMITTED TO THE FACULTY OF APPLIED ECONOMICS GRADUATE PROGRAM OF THE UNIVERSITY OF MINNESOTA BY MARÍA GABRIELA URGILÉS BRAVO

A PLAN-B PAPER SUBMITTED TO THE FACULTY OF APPLIED ECONOMICS GRADUATE PROGRAM OF THE UNIVERSITY OF MINNESOTA BY MARÍA GABRIELA URGILÉS BRAVO EMPLOYER LEARNING AND STATISTICAL DISCRIMINATION: A COMPARISON OF HISPANIC AND WHITE MALES A PLAN-B PAPER SUBMITTED TO THE FACULTY OF APPLIED ECONOMICS GRADUATE PROGRAM OF THE UNIVERSITY OF MINNESOTA BY

More information

MEASURING THE EVOLUTION OF KOREA S MATERIAL LIVING STANDARDS

MEASURING THE EVOLUTION OF KOREA S MATERIAL LIVING STANDARDS JSPS Grans-n-Ad for Scenfc Research (S) Undersandng Perssen Deflaon n Japan Workng Paper Seres No. 025 November 203 MEASURING THE EVOLUTION OF KOREA S MATERIAL LIVING STANDARDS 980-200 Taehyoung CHO Junghoon

More information

Business cycle, credit risk and economic capital determination by commercial banks

Business cycle, credit risk and economic capital determination by commercial banks Busness cycle, cred rsk and economc capal deermnaon by commercal banks Alexs Dervz and Narcsa Kadlčáková 1 Czech Naonal Bank 1. Inroducon Regular assessmens of he defaul rsk of bank clens and esmaons of

More information

VI. Clickstream Big Data and Delivery before Order Making Mode for Online Retailers

VI. Clickstream Big Data and Delivery before Order Making Mode for Online Retailers VI. Clcksream Bg Daa and Delvery before Order Makng Mode for Onlne Realers Yemng (Yale) Gong EMLYON Busness School Haoxuan Xu *, Jnlong Zhang School of Managemen, Huazhong Unversy of Scence &Technology

More information

The Proposed Mathematical Models for Decision- Making and Forecasting on Euro-Yen in Foreign Exchange Market

The Proposed Mathematical Models for Decision- Making and Forecasting on Euro-Yen in Foreign Exchange Market Iranan Economc Revew, Vol.6, No.30, Fall 20 The Proposed Mahemacal Models for Decson- Makng and Forecasng on Euro-Yen n Foregn Exchange Marke Abdorrahman Haer Masoud Rabban Al Habbna Receved: 20/07/24

More information

Cryptographic techniques used to provide integrity of digital content in long-term storage

Cryptographic techniques used to provide integrity of digital content in long-term storage RB/3/2011 Crypographc echnques used o provde negry of dgal conen n long-erm sorage REPORT ON THE PROBLEM Problem presened by Marn Šmka Paweł Wojcechowsk Polsh Secury Prnng Works (PWPW) 1 Repor auhors Małgorzaa

More information

ANFIS Based Time Series Prediction Method of Bank Cash Flow Optimized by Adaptive Population Activity PSO Algorithm

ANFIS Based Time Series Prediction Method of Bank Cash Flow Optimized by Adaptive Population Activity PSO Algorithm Informaon 25, 6, 3-33; do:.339/nfo633 Arcle OPEN ACCESS nformaon ISSN 278-2489 www.mdp.com/journal/nformaon ANFIS Based Tme Seres Predcon Mehod of Bank Cash Flow Opmzed by Adapve Populaon Acvy PSO Algorhm

More information

Documentation: Philadelphia Fed's Real-Time Data Set for Macroeconomists First-, Second-, and Third-Release Values

Documentation: Philadelphia Fed's Real-Time Data Set for Macroeconomists First-, Second-, and Third-Release Values Documenaion: Philadelphia Fed's Real-Time Daa Se for Macroeconomiss Firs-, Second-, and Third-Release Values Las Updaed: December 16, 2013 1. Inroducion We documen our compuaional mehods for consrucing

More information

Factors affecting stock market performance with special reference to market-to-book ratio in banking - the Israeli case

Factors affecting stock market performance with special reference to market-to-book ratio in banking - the Israeli case Facors affecng sock marke performance wh specal reference o marke-o-book rao n bankng - he Israel case AUTHORS ARTICLE INFO JOURNAL FOUNDER Davd Ruhenberg Shaul Pearl Yoram Landskroner Davd Ruhenberg,

More information

Online Data, Fixed Effects and the Construction of High-Frequency Price Indexes

Online Data, Fixed Effects and the Construction of High-Frequency Price Indexes Onlne Daa, Fxed Effecs and he Consrucon of Hgh-Frequency Prce Indexes Jan de Haan* and Rens Hendrks** * ascs eherlands / Delf Unversy of Technology ** ascs eherlands EMG Worksho 23 Ams of he aer Exlan

More information

Final Report. Public Consultation No. 14/036 on. Guidelines on the treatment of market. and counterparty risk exposures in the.

Final Report. Public Consultation No. 14/036 on. Guidelines on the treatment of market. and counterparty risk exposures in the. EIOPA-BoS-14/174 27 November 2014 Fnal Repor on Publc Consulaon No. 14/036 on Gudelnes on he reamen of marke and counerpary rsk exposures n he sandard formula EIOPA Weshafen Tower, Weshafenplaz 1-60327

More information

The Selection Ability of Italian Mutual Fund. By Valter Lazzari and Marco Navone

The Selection Ability of Italian Mutual Fund. By Valter Lazzari and Marco Navone The Selecon Ably of Ialan Muual Fund By Valer Lazzar and Marco Navone Workng Paper N. 1/3 Ocober 23 THE SELECTION ABILITY OF ITALIAN MUTUAL FUND MANAGERS By Valer Lazzar Professor of Bankng and Fnance

More information

Economics of taxation

Economics of taxation Economcs of axaon Lecure 3: Opmal axaon heores Salane (2003) Opmal axes The opmal ax sysem mnmzes he excess burden wh a gven amoun whch he governmen wans o rase hrough axaon. Opmal axes maxmze socal welfare,

More information

Fairing of Polygon Meshes Via Bayesian Discriminant Analysis

Fairing of Polygon Meshes Via Bayesian Discriminant Analysis Farng of Polygon Meshes Va Bayesan Dscrmnan Analyss Chun-Yen Chen Insue of Informaon Scence, Academa Snca. Deparmen of Compuer Scence and Informaon Engneerng, Naonal Tawan Unversy. 5, Tawan, Tape, Nankang

More information

Co-Integration Study of Relationship between Foreign Direct Investment and Economic Growth

Co-Integration Study of Relationship between Foreign Direct Investment and Economic Growth www.ccsene.org/br Inernaonal Busness Research Vol. 4, No. 4; Ocober 2011 Co-Inegraon Sudy of Relaonshp beween Foregn Drec Invesen and Econoc Growh Haao Sun Qngdao Technologcal Unversy, Qngdao 266520, Chna

More information

Holdings-based Fund Performance Measures: Estimation and Inference 1

Holdings-based Fund Performance Measures: Estimation and Inference 1 1 Holdngs-based Fund Performance Measures: Esmaon and Inference 1 Wayne E. Ferson Unversy of Souhern Calforna and NBER Junbo L. Wang Lousana Sae Unversy Aprl 14, 2018 Absrac Ths paper nroduces a panel

More information

The Leslie model and population stability: an application

The Leslie model and population stability: an application Revew of Appled Soco- Economc Research (Volume 6, Issue 2/ 213), pp. 4 e-mal: edors@reaser.eu The Lesle model and populaon sably: an applcaon assmo Angrsan 1, Cnza D Palo 2, Robero anaccone 3, Anna ara

More information

Convertible Bonds and Stock Liquidity. Author. Published. Journal Title DOI. Copyright Statement. Downloaded from. Griffith Research Online

Convertible Bonds and Stock Liquidity. Author. Published. Journal Title DOI. Copyright Statement. Downloaded from. Griffith Research Online Converble Bonds and Sock Lqudy Auhor Wes, Jason Publshed 2012 Journal Tle Asa-Pacfc Fnancal Markes DOI hps://do.org/10.1007/s10690-011-9139-3 Copyrgh Saemen 2011 Sprnger Japan. Ths s an elecronc verson

More information

Permanent Income and Consumption

Permanent Income and Consumption roceedngs of 30h Inernaonal onference Mahemacal Mehods n Economcs ermanen Income and onsumpon Václava ánková 1 Absrac. A heory of consumer spendng whch saes ha people wll spend money a a level conssen

More information

A Change Detection Model for Credit Card Usage Behavior

A Change Detection Model for Credit Card Usage Behavior Proceedngs of he 5h WSEAS In. Conf. on COMPUTATIONAL INTELLIGENCE, MAN-MACHINE SYSTEMS AND CYBERNETICS, Vence, Ialy, November 20-22, 2006 276 A Change Deecon Model for Cred Card Usage Behavor CHIEH-YUAN

More information

Accuracy of the intelligent dynamic models of relational fuzzy cognitive maps

Accuracy of the intelligent dynamic models of relational fuzzy cognitive maps Compuer Applcaons n Elecrcal Engneerng Accuracy of he nellgen dynamc models of relaonal fuzzy cognve maps Aleksander Jasrebow, Grzegorz Słoń Kelce Unversy of Technology 25-314 Kelce, Al. Tysącleca P. P.

More information

Assessing Long-Term Fiscal Dynamics: Evidence from Greece and Belgium

Assessing Long-Term Fiscal Dynamics: Evidence from Greece and Belgium Inernaonal Revew of Busness Research Papers Vol. 7. No. 6. November 2011. Pp. 33-45 Assessng Long-Term Fscal Dynamcs: Evdence from Greece and Belgum JEL Codes: Ε62 and Η50 1. Inroducon Evangela Kasma 1,2

More information

Are Taxes Capitalized in Bond Prices? Evidence from the Market for Government of Canada Bonds* Stuart Landon **

Are Taxes Capitalized in Bond Prices? Evidence from the Market for Government of Canada Bonds* Stuart Landon ** PRELIINARY DRAFT Are Taxes Capalzed n Bond Prces? Evdence from he arke for Governmen of Canada Bonds* Suar Landon ** Deparmen of Economcs Unversy of Albera Edmonon, Albera Canada T6G 2H4 14 ay 2008 Absrac

More information

Reconciling Gross Output TFP Growth with Value Added TFP Growth

Reconciling Gross Output TFP Growth with Value Added TFP Growth Reconciling Gross Oupu TP Growh wih Value Added TP Growh Erwin Diewer Universiy of Briish Columbia and Universiy of New Souh Wales ABSTRACT This aricle obains relaively simple exac expressions ha relae

More information

2. Quantity and price measures in macroeconomic statistics 2.1. Long-run deflation? As typical price indexes, Figure 2-1 depicts the GDP deflator,

2. Quantity and price measures in macroeconomic statistics 2.1. Long-run deflation? As typical price indexes, Figure 2-1 depicts the GDP deflator, 1 2. Quaniy and price measures in macroeconomic saisics 2.1. Long-run deflaion? As ypical price indexes, Figure 2-1 depics he GD deflaor, he Consumer rice ndex (C), and he Corporae Goods rice ndex (CG)

More information