bluuebunny/crossref_metadata_2025 huggingface dataset:
The Links between the Companies Market Price Quality and that of its Management and Business Quality: A System Panel Data Approach
Authors: Santos Dinis Daniel , Soukiazis Elias
Published: December 2019

This work uses a simultaneous equation system approach to analyze the relationship between the management and business quality of companies and their market price quality. Using panel data we found that both the management and the business quality of companies positively influence the market price quality of the studied American companies. Additionally, variables like the actual position of the company price quality compared to the industry average, being on the top or the bottom, or the beta value of a company, also influence the market price quality of the respective company. It is shown that the system equation approach is the most appropriate to explain the linkages between price, business, and management quality providing consistent estimates. Also, using ratings to express the three core variables in the system is the most adequate way to define the quality characteristics in terms of price, management, and business performance of the companies considered in this study.
A Single Period Stochastic Model for Maximising Firms Value
Authors: Singh J. P.
Published: December 2019

This article sets up a single period value maximization model for the firm based on stochastic end-of-period cash inflows, stochastic bankruptcy costs and taxes based on income rather than wealth. The risk-return trade-off is captured in the Capital Asset Pricing Model. Thus, the model also assumes a perfect capital market and market equilibrium. The model establishes the existence of a unique optimal financial leverage at which the firm value is maximized, this leverage being less than the maximum debt capacity of the firm.
Book Review: How Stella Saved The Farm- A Tale about Making Innovation Happen
Authors: Kumar Jitender
Published: December 2019

How Stella Saved the Farm is a simple and logical book based on a story which narrates the learning process about making innovation happen. The book is divided in two parts and consists of total nineteen chapters. First part carries nine chapters and remaining are under the second part, which explains the conversion of idea into innovation and then great success. The story is about the competition of two farms one run and managed by animals (Windsor farm) and another by human beings (McGillicuddys farm). Windsor farm is working through change and innovation where the status quo is no longer good enough. Interestingly, in view of poor performance of Windsor farm McGillicuddy is hoping to take over the Windsor farm, but due to the innovations, Windsor farm crosses all hurdles and gets a remarkable status in the business.
8th Geo Symposium Day of Saxony Anhalt in Wernigerode 8. Geofachtag Sachsen-Anhalt in Wernigerode
Authors: M Pietsch, , H Nagel,
Published: December 2019

8th Geo Symposium Day of Saxony Anhalt in Wernigerode 8. Geofachtag Sachsen-Anhalt in Wernigerode
A new cadastral system for Addis Ababa Ein neues Katastersystem für Addis Abeba
Authors: C Chatfield-Taylor,
Published: December 2019

A new cadastral system for Addis Ababa Ein neues Katastersystem für Addis Abeba
EUROGI General Assembly 2016 in AGEO in Austria! EUROGI-Generalversammlung 2016 bei AGEO in Österreich!
Authors: G Schennach,
Published: December 2019

EUROGI General Assembly 2016 in AGEO in Austria! EUROGI-Generalversammlung 2016 bei AGEO in Österreich!
Geoinformation is a top priority! Geoinformation ist Chefsache!
Authors: U Stichling,
Published: December 2019

Geoinformation is a top priority! Geoinformation ist Chefsache!
Geomarketing to go - Web services, cloud solutions and the benefits for the user Geomarketing to go - Webservices, Cloud-Lösungen und die Vorteile für den Nutzer
Authors: A Müller,
Published: December 2019

Geomarketing to go - Web services, cloud solutions and the benefits for the user Geomarketing to go - Webservices, Cloud-Lösungen und die Vorteile für den Nutzer
Location intelligence: Where am I and why? Location Intelligence: Wo bin ich und warum?
Authors: A Eicher,
Published: December 2019

Location intelligence: Where am I and why? Location Intelligence: Wo bin ich und warum?
Mobile GIS jobs for every user group Mobile GIS-Arbeitsplätze für jede Nutzergruppe
Authors: B Terzic, , J Lübke, , A Fennen-Weigel,
Published: December 2019

Mobile GIS jobs for every user group Mobile GIS-Arbeitsplätze für jede Nutzergruppe
Official geodata as Open-Data-products Amtliche Geodaten als Open-Data-Produkte
Authors: P Kippes, K.
Published: December 2019

Official geodata as Open-Data-products Amtliche Geodaten als Open-Data-Produkte
On the way to the Channel Management 4.0 Auf dem Weg zum Kanalmanagement 4.0
Authors: C Thies, , J Thiel,
Published: December 2019

On the way to the Channel Management 4.0 Auf dem Weg zum Kanalmanagement 4.0
Online maps - Dynamic, interactive and omnipresent Online-Karten - Dynamisch, interaktiv und omnipräsent
Authors: J Moser,
Published: December 2019

Online maps - Dynamic, interactive and omnipresent Online-Karten - Dynamisch, interaktiv und omnipräsent
Printing GIS data: More than "click to print" GIS-Daten drucken: Mehr als "click to print"
Authors: A Tschunkert,
Published: December 2019

Printing GIS data: More than "click to print" GIS-Daten drucken: Mehr als "click to print
Revitalization instead of urban sprawl Revitalisierung statt Zersiedelung
Authors: T Kastler,
Published: December 2019

Revitalization instead of urban sprawl Revitalisierung statt Zersiedelung
With crane and geoinformation on the track of climate change Mit Kran und Geoinformationen dem Klimawandel auf der Spur
Authors: A Eicher,
Published: December 2019

With crane and geoinformation on the track of climate change Mit Kran und Geoinformationen dem Klimawandel auf der Spur
30 years of Card/1 - Anniversary event in the north 30 Jahre Card/1 - Jubiläumsveranstaltung im Norden
Authors: A Schwindt,
Published: December 2019

30 years of Card/1 - Anniversary event in the north 30 Jahre Card/1 - Jubiläumsveranstaltung im Norden
AGIT 2015 - A review AGIT 2015 - ein Nachbericht
Authors: H Atteneder,
Published: December 2019

AGIT 2015 - A review AGIT 2015 - ein Nachbericht
Automated driving: The person continues to decide Automatisiertes Fahren: Der Mensch entscheidet weiterhin
Authors: A Eicher,
Published: December 2019

Automated driving: The person continues to decide Automatisiertes Fahren: Der Mensch entscheidet weiterhin
Better streets through more data GesichtsBessere Straßen durch mehr Daten
Authors: A Müller,
Published: December 2019

Better streets through more data GesichtsBessere Straßen durch mehr Daten
Flood hazards maps Hochwassergefahrenkarten
Authors: A Fennen-Weigel,
Published: December 2019

Flood hazards maps Hochwassergefahrenkarten
Follow-up - With Irmgard Runkel Nachgehakt - bei Irmgard Runkel
Authors: D Riepl,
Published: December 2019

Follow-up - With Irmgard Runkel Nachgehakt - bei Irmgard Runkel
From Big Data to Data Mining Von Big Data zu Data Mining
Authors: W Kiehn,
Published: December 2019

From Big Data to Data Mining Von Big Data zu Data Mining
Intergeo - Geospatial 4.0
Authors: G Olbrich, , N Wohlleber, A.
Published: December 2019

Intergeo - Geospatial 4.0
Intergeo: From insight to outlook in the geo-world Intergeo: vom Ein- zum Ausblick in der Geo-Welt
Authors: A Eicher,
Published: December 2019

Intergeo: From insight to outlook in the geo-world Intergeo: vom Ein- zum Ausblick in der Geo-Welt
Study and Analysis of Dividend Policies, Practice and Its Application in Mumbai based Corporate Houses
Authors: Jape Smita
Published: December 2019

In the present paper an attempt has been made to study dividend policy of Mumbai based companies of India. The study tries to assess the level of perceived awareness about models and use of dividends policies, analyses the factors affecting dividend distribution decisions and evaluates the impact of the same on the financial decision-making of companies. In addition the paper tries to understand the correlation between size of companies and distribution of dividend policies. The results of the research paper show that a majority of the fifty respondent Companies follow a policy of consistent dividend rate which is influenced by profit after tax, and finally the legal requirements. It is further observed that generous dividend or erratic divided policies are not popular choice among fifty respondent companies. The use of traditional method of dividend policies which suggests that market price increases with declaration of dividend is strong and dominant. Followed by the Modiglani Miller Method which indicates that dividend distribution has no impact on valuation. On the contrary it is found that Investment decisions influence share valuation. This is further followed by Walter Model where impact of dividend on share price depends on the IRR visa-a-vis cost of capital) and Gordon Method in which dividend policy has an impact on share valuation. Statistical tests such as Friedmans ANOVA test, Kruskal-Wallis ANOVA, and, Karl Pearsons Coefficient of Correlation analysis are used for analysis and the validity of the collected data is checked by using Cronbachs alpha.
Monthly Patterns in Egyptian Stock Market
Authors: Ahmed Ahmed , Ahmed Sohair
Published: December 2019

In this paper, monthly effect in Egyptian stock market is investigated for the period January 2007 to July 2015. After examining the random walk hypothesis of the return series, a Seasonal Autoregressive Moving Average (SARMA) model is specified to test the monthly effect in Egyptian Stock market. The results of the study imply that the banking sector of stock market is informationally efficient and does not confirm to the existence of seasonality in stock returns.
Mobile Money Landscape in the 12 SADC Countries using FinScope Survey Data
Authors: Mutsonziwa Kingstone
Published: December 2019

There is no doubt that mobile money is bringing the under-served and the excluded population into the main stream financial services corridors. Based on the FinScope surveys, mobile money is becoming one of the enablers of financial inclusion. In an increasing number of developing countries, a number of poor people are using basic mobile phones to transfer money, paying for goods and accessing some basic financial services. According to the World Bank, mobile financial services are amongst the most promising mobile applications in the developing world. Although FinScope results show that mobile money usage is relatively low (23%) in the SADC region, the trend of usage is coming up fast. FinScope results show that close to 7 in 10 mobile money users are using it as a remittances/money transfer vehicle while 54% for buying airtime. It is encouraging that about 7 million adults (24% of mobile money) store value or save money in their mobile money accounts. Some barriers to mobile money relate to: affordability, perceived cost of mobile money, lack of understanding of mobile money/lack of awareness and no access to cell phones. Besides these barriers, mobile money is becoming a game changer for the landscape of financial inclusion in the SADC region.
Benchmarking of Indian Sectoral Mutual Funds - A Non-Separable Undesirable Output Model
Authors: Sinha Ram Pratap
Published: December 2019

Performance analysis of mutual funds is usually made on the basis of return-risk framework where return is considered an output indicator and risk is considered as an input indicator. However, portfolio risk in actuality is a non-separable undesirable output and any effort to reduce it also causes a reduction in portfolio return. In view of this, the present paper uses a non-parametric non-separable undesirable output model to evaluate the performance of 27 sectoral mutual fund schemes based on observations for the period July 2010 to June 2013. The USP of the present study is that return and risk are considered as both non-separable outcome of the process of investment. The results exhibit stability of mean efficiency scores across the observed years. Further, fund inefficiency mostly emerged from the input side and not from the output side.
A colorful mosaic - On the limits of a GIS for social issues Ein buntes Mosaik – über die Grenzen eines GIS für soziale Fragen
Authors: A Müller,
Published: December 2019

A colorful mosaic - On the limits of a GIS for social issues Ein buntes Mosaik – über die Grenzen eines GIS für soziale Fragen
Answering questions about abandoned mines with Copernicus services Altbergbaufragen mit Copernicus-Diensten beantworten
Authors: A Müterthies, , P Goerke-Mallet,
Published: December 2019

Answering questions about abandoned mines with Copernicus services Altbergbaufragen mit Copernicus-Diensten beantworten
Followed up with Uwe Hüttner Nachgehaktbei Uwe Hüttner
Authors: U Hüttner, A.
Published: December 2019

Followed up with Uwe Hüttner Nachgehaktbei Uwe Hüttner
From sensor to user - The Copernicus Committee of the DDGI becomes Copernicus Relay of the European Commission Vom Sensor zum Anwender - DDGI-Copernicus-Kommission wird Copernicus Relay der Europäischen Kommission
Authors: A Müller,
Published: December 2019

From sensor to user - The Copernicus Committee of the DDGI becomes Copernicus Relay of the European Commission Vom Sensor zum Anwender - DDGI-Copernicus-Kommission wird Copernicus Relay der Europäischen Kommission
GIS in species protection GIS im Artenschutz
Authors: A Müller,
Published: December 2019

GIS in species protection GIS im Artenschutz
Low, high, higher: Geoinformation in use Tief, hoch, höher: Geoinformationen im Einsatz
Authors: H Grüße, , A Müller,
Published: December 2019

Low, high, higher: Geoinformation in use Tief, hoch, höher: Geoinformationen im Einsatz
Monitoring of transport infrastructure with Copernicus (DDGI Traffic) Verkehrsinfrastrukturmonitoring mit Copernicus (DDGI Verkehr)
Authors: J Rix, , M Tinz,
Published: December 2019

Monitoring of transport infrastructure with Copernicus (DDGI Traffic) Verkehrsinfrastrukturmonitoring mit Copernicus (DDGI Verkehr)
New GNSS receivers expand the range of applications in the GIS data acquisition Neue GNSS-Empfänger erweitern das Einsatzspektrum bei der GIS-Datenerfassung
Authors: T Schmitt,
Published: December 2019

New GNSS receivers expand the range of applications in the GIS data acquisition Neue GNSS-Empfänger erweitern das Einsatzspektrum bei der GIS-Datenerfassung
Recognizing behavioral patterns with methods from ecology Verhaltensmuster erkennen mit Methoden aus der ökologie
Authors: A Müller,
Published: December 2019

Recognizing behavioral patterns with methods from ecology Verhaltensmuster erkennen mit Methoden aus der ökologie
Robust, mobile IT solutions Robuste, mobile IT- Lösungen
Authors: N Fritzsch, A.
Published: December 2019

Robust, mobile IT solutions Robuste, mobile IT- Lösungen
Satellite image analysis supports work of aid organizations Satellitenbildanalyse unterstützt Arbeit von Hilfsorganisationen
Authors: S Lang,
Published: December 2019

Satellite image analysis supports work of aid organizations Satellitenbildanalyse unterstützt Arbeit von Hilfsorganisationen
Satellite-supported measurement of ground motion for the recording and monitoring of elevations in the urban area of Böblingen Satellitengestützte Bodenbewegungsmessung zur Erfassung und überwachungvon Hebungen im Stadtgebiet von Böblingen
Authors: J Anderssohn, , A Steinacker,
Published: December 2019

Satellite-supported measurement of ground motion for the recording and monitoring of elevations in the urban area of Böblingen Satellitengestützte Bodenbewegungsmessung zur Erfassung und überwachungvon Hebungen im Stadtgebiet von Böblingen
The digital farmer Der digitale Landwirt
Authors: A. Eicher,
Published: December 2019

The digital farmer Der digitale Landwirt
Relationship between Code of Corporate Governance and Corporate Financial Performance (An Empirical Study of Food Companies Listed on KSE)
Authors: Chughtai Asma Rafique , Naseer Afifa , Hassan Asma
Published: December 2019

The crucial role that implementation of Code of Corporate Governance plays on protecting the rights of minorities, shareholders, local as well as foreign investors cannot be denied. Companies all over the world are required to implement their respective Code of Corporate Governance for avoiding agency conflicts between companies management and stakeholders and for assuring transparency in accountability. This paper aims at exploring the impact of implementation of corporate governance practices (designed by Securities and Exchange Commission of Pakistan) have on the financial position of companies. For explanatory variables of the study, composition of the board as per the Code of Corporate Governance that comprises of presence of independent, executive and non-executive directors has been taken into consideration. Return on equity has been taken as an indicator of firms profitability i.e. the dependent variable. For this study, companies listed on food producing sector of Karachi Stock Exchange have been screened for excogitation of the relationship. It is an empirical research based on nine years data from 2007–2015. Using Hausman Test for selecting the data analysis technique between Fixed or Random, Fixed Cross Sectional Panel Analysis has been used for analysis of the data collected. Findings indicate that presence of independent, executive and non-executive directors as per the code requirements levies a significant impact on the profitability of companies indicated by return on equity. It is, thus concluded that companies should ensure compliance with code of governance practices to reduce not only the agency issues but also to increase their profitability.
Evaluation of Value at Risk in Emerging Markets
Authors: Guptha Siva Kiran
Published: December 2019

Financial institutions have witnessed numerous episodes of financial crises all over the world during the last four decades. The researchers, academicians and policy makers in the field of finance studied these episodes extensively and to mitigate the risk involved in these crises have proposed several measures in the financial literature, but Value at Risk (VaR) has emerged as a more popular risk measurement technique. Although a number of studies have been undertaken in this area of research for developed markets but very few studies have been conducted in developing and emerging market economies. This study makes an attempt to evaluate the performance of VaR in emerging markets namely Brazil, Russia, India and China by considering Historical, Monte Carlo and GARCH Simulations to calculate VaR for the period 1998 to 2015. The study found that GJRGARCH Simulation is more suitable for Brazil and China while Historical Simulation for Russian and Indian Stock Markets based on the back-testing experiment.
An Analytical Approximation for Option Price under the Affine GARCH Model - A Comparison with the Closed-Form Solution of Heston-Nandi
Authors: Lahouel Noureddine , Hellara Slaheddine
Published: December 2019

In the option pricing theory, two important approaches have been developed to evaluate the prices of a European option. The first approach develops an almost closed-form option pricing formula under a specific GARCH process (Heston & Nandi, 2000). The second approach develops an analytical approximation for computing European option prices with more widespread NGARCH models (Duan, Gauthier & Simonato, 1999). The analytical approximation was also developed under GJR-GARCH and EGARCH models by Duan, Gauthier, Sasseville & Simonato (2006). However, no empirical work was performed to study the comparative performance of these two formulas (closed-form solution and analytical approximation). Also, it is possible to develop an analytical approximation under the specific GARCH model of Heston & Nandi (2000). In this paper, we have filled up those gaps. We started with the development of an analytical approximation, for computing European option prices, under Heston-Nandis GARCH model. In the second step, we carried out a comparative analysis of the three formulas using CAC 40 index returns from 31 December 1987 to 31 December 2013.
Our earth is sick... Unsere Erde ist krank
Authors: G Olbrich,
Published: December 2019

Our earth is sick... Unsere Erde ist krank
Why cubes are becoming important - Big data in precision agriculture Warum Würfel wichtig werden – Big Data in Precision Agriculture
Authors: P Baumann,
Published: December 2019

Why cubes are becoming important - Big data in precision agriculture Warum Würfel wichtig werden – Big Data in Precision Agriculture
An Empirical Analysis of Foreign Exchange Exposure of CNX 100 Companies
Authors: Mahadevan Sriram
Published: December 2019

The present study has empirically examined the level of foreign exchange exposure and its determinants of CNX 100 companies. For the purpose of study, the relationship between exchange rate changes and stock returns for a sample of 82 companies was determined for the period April 2011-March 2016. The study finds that 49% of the sample companies had significant positive foreign exchange rate exposure and the found that the companies could be exporters or net importers. To explore factors determining foreign exchange rate exposure, variables such as export ratio, import ratio, size of a company, hedging activities were regressed against the exchange exposure and the study found that none of the factors was influencing the exchange rate exposure. The study concludes that the reasons for insignificant influence of the variables could be the natural hedging practices of companies, offsetting of exports and imports and heterogeneous of the sample size. The study offers few directions for future research in this area.
Lead Lag Relationship between Futures and Spot Prices in Select Nifty Companies
Authors: Bhat Rajani Balakrishna , V. N. Suresh
Published: December 2019

The equity derivatives market in India has undergone remarkable changes in terms of instruments introduced. Introduction of single stock futures, amidst great misgivings, was solely responsible for placing Indian exchanges in the topmost position in the global scenario. Till 2006-07, single stock futures were the most traded instruments in the Indian equity derivative segment. But, post-Global Financial Crisis, there has been a continuous drift in favour of index options from single stock futures. There has been a continuous decline in the share of single stock futures, the gain being that of index options. This is considered as a clear indication towards mature stock market. Even though the inception of derivative trading has significantly influenced the trading volatility in the capital market segment, it is yet to be seen whether the introduction of derivatives has achieved its purpose or not. The present study is an attempt to study the impact of volatility on the stock market after the introduction of derivatives in Indian segment. The study takes into account a period of thirteen years, from 9th November 2001 to 31st March 2014. A bunch of Nifty companies which satisfy the set criteria are selected for the study. The study reveals that there exists causality between the futures and spot prices of these companies. These companies are found to be co-integrated in the long run as well as in the short run.
Assessing the Inter Bank Disparity in Non-Performing Assets (NPAs) Management in Indian Public Sector Banks
Authors: K. Dhananjaya , Raj Krishna
Published: December 2019

In a bank-dominated financial system like India, the strength of the overall financial system or financial stability highly depends on the soundness of banks. Indian Banking system proved to be strong and resilient during the global financial crisis of 2008. But of late, there has been increased concerns about the continued deterioration in the stability of the banking sector. Financial stability report of RBI confesses to the fact that the risks to Indian banking sector have been increasing in the post-recession period particularly the risk of accumulating NPAs. This study attempts to analyse the trend in profitability, NPAs, and the effectiveness of recovery mechanisms and interbank disparity in NPA management with respect to public sector banks. We found that the profitability of public sector banks is declining in the post-crisis period and the amount of NPA has been on the rise. Further, the recovery mechanisms have proved to be ineffective in containing the problem of bad debts.
Flexible Lidar system for the mobile and UAV-based use Flexibles Lidar-System für den mobilen und UAV-Basierten Einsatz
Authors: C Fürst, , P Amon, , H Teufelsbauer,
Published: December 2019

Flexible Lidar system for the mobile and UAV-based use Flexibles Lidar-System für den mobilen und UAV-Basierten Einsatz
Technology must not dominate man" "Technologie darf den Menschen nicht dominieren
Authors: A Eicher,
Published: December 2019

Technology must not dominate man" "Technologie darf den Menschen nicht dominieren
An Examination of Asymmetric Relation between Implied Volatility Index and Its Underlying Asset
Authors: Narwal Karam Pal , Chhabra Purva
Published: December 2019

The volatility index is the measure of 30-day expected volatility. Its association with stock index returns provides an insight to the volatility traders to launch derivatives products so that it can be used as a hedging tool. The aim of the present study is to empirically examine the relationship between the implied volatility indices and its underlying asset in context of developed and developing markets (like U.S., Japan, Germany, and China). The empirical findings report the asymmetric behaviour which indicates that a larger impact on implied volatility indices are from negative return shocks as compared to positive returns. This evinced that the investors and traders respond highly to negative returns in low volatile period by demanding more options at high premium which makes the implied volatility high. Therefore, the negative relationship between IVIX and stock index returns makes the index relevant for investors to diversifying their portfolio so that they can mitigate the investment risk associated with the volatility.
Integration of Stock Market - Evidence from India and Major Global Indices
Authors: Gupta Hemendra
Published: December 2019

In designing portfolio diversification plays an important role and diversifying into international market is one of important ingredient in it. High integration among the markets across the globe however also have its own risk of spillover effect of one country into another geography which will have cascading effect across entire globe. For this study has been done to identify interdependency among ten indices of market spread across Asia, Europe and America. The study has been done by measuring co-integration among various indices and also determining causality among the indices by Granger Causality. The study reveals to large extent presence of strong dependency across various markets. Among the indices studies SHANGAI from China showed low dependency across various geographies.
Corporate Governance and Its Impact on Cost of Capital: Empirical Insights from Indian Listed Firms
Authors: Ahmad Busru Showkat Busru
Published: December 2019

To perpetuate in stiff competition of corporate race role of corporate governance in creating value for shareholders has got amplified thus has become the subject of intense interest in corporate finance research. The main objective of our study is to examine the effect of corporate governance mechanism on cost of capital in listed Indian firms and to determine vital areas in corporate governance which directly or indirectly contribute towards reducing capital cost of sample Indian listed firms. From sample of 270 NSE listed Indian firms for period of nine years ranging from 2007–08 to 2015–16, using OLS multiple regression model. The empirical support to the understanding that corporate governance reduce firms cost of finance is consistent in Indian weak legal corporate setting also. However, Board characteristics has been found ineffective in causing overall cost of capital and debt and equity as well. Moreover, board characteristics have also failed to significantly affect the cost of debt. Governance effectiveness in reducing cost of capital through board structure, activities and disclosures are supporting the argument that potential investors in equity and debtholders favor monitoring mechanisms that are likely to limit managerial opportunism and consider board monitoring effectiveness as a source of greater assurance and confidence boosting mechanism among suppliers of finance and other stakeholders as well.
Fernerkundung 4.0: Satellit, Flugzeug, Drohne und Datenverarbeitung
Authors: D. Zinniker
Published: December 2019

Fernerkundung 4.0: Satellit, Flugzeug, Drohne und Datenverarbeitung
High-precision 3D models of mobile communications antennas
Authors: C. Herrin
Published: December 2019

Hochpräzise 3D-Modelle von Mobilfunkantennen
The city for everyone
Authors: R. Schmeck , A. Winkle
Published: December 2019

Die Stadt für alle
Stock Market Modeling in the Langevin Formalism
Authors: Singh J. P.
Published: December 2019

A Langevin formalism is proposed for stock market dynamics with modeling of various economic market features from first principles. Various processes and effects that occur in the stock market are mathematically incorporated in the said formulation. The Fokker Planck equation corresponding to the Langevin equation so obtained is solved and shows deviation from Gaussian behavior of the rate of change of stock price PDF. The deviation relates to factors such as market efficiency, market depth, liquidity of the relevant stock and informational asymmetries.
A Study on Unfolding Volatility and Leverage Effect in Indian Stock Market
Authors: Narayan, Shabarisha , J. Madegowda
Published: December 2019

Return is the major attribute of an investment asset that can be considered as a random variable. The variability in return can be expressed as volatility. Forecasting volatility and modelling are the most prolific areas for the research. Volatility and Leverage effect are the two crucial stipulations to study market contradictions and trends that prevail for a drawn-out period. It is observed that when volatility beams the markets soar and when markets roar the volatility fades away. Leverage has a larger scope in managing volatility when investors tend to shuffle their positions. This literature aims to identify the volatility clustering and leverage effect caused to NSE NIFTY 50 index. The study contrasts volatility clustering using symmetric model of i.e., GARCH (1,1). Leverage effects is studied and compared using TGARCH and EGARCH models.
Panel Data Analysis of Determinants of Leverage in the Automobile Industry in India
Authors: Tripathi Vibha
Published: December 2019

The study tries to investigate the key determinants of capital structure of leading automobile companies and the Automobile Industry in India. The study also tracks the theory implications, i.e. trade off vs. pecking order in these firms and the industry in general. An attempt is to see, if individually each sample company and the whole industry are influenced by the same determinants of capital structure. Pooled ordinary least squares and panel data econometric techniques such as fixed effect models are used to investigate the most significant determinants that affect the capital structure choice of 10 leading companies categorized as BSE Auto Top 100 and the Automobile Industry as a whole for a period of 14 years from 2000–2001 to 2013–2014. The study reveals some interesting facts and results. Multiple regression analysis reveals that while profitability and size are significant determinants in most of the leading companies; NDTS, Growth, and Debt service coverage ratio are not significant for these companies. While the Panel data results of the Automobile Industry as a whole reveals that profitability is the only significant determinant having negative relationship with debt equity ratio; and the other variables are insignificant. Also individual companies coefficient results shows implications of mix of pecking order and trade off theories while the panel data results of the whole Industry strongly supports the Pecking order theory.
Our view becomes "more digital"
Authors: M. Ueberham,
Published: December 2019

Unser Blick wird „digitaler
3D building monitoring - Virtually through the Villa Mumm
Authors: M. Pausch , A. Marx
Published: December 2019

3D-Gebäudemonitoring - Virtuell durch die Villa Mumm
Using VIX to Dynamically Hedge Portfolio Risk
Authors: Cloutier Richard
Published: December 2019

Many investors accept buy and hold as their long-term investment strategy. However, during periods of heightened risk, staying disciplined can be problematic. Alternatively, market timing appeals to our emotions but is very difficult to employ successfully. Between these two extremes lies tactical asset allocation, where limited variances are allowed to take advantage of market conditions. Dynamic hedging is a form of tactical asset allocation. Instead of relying on future predictions of asset class returns, dynamic hedging strives to reduce portfolio risk when market risk is elevated. This paper presents a dynamic hedging strategy developed to accomplish this goal. It uses VIXs normal trading range to assess market risk. When VIX trades above its normal trading range and the upper Bollinger band, the dynamic hedging strategy is applied. The result is that portfolio risk is lowered when market risk is extreme. The application of this strategy provides better returns, lower volatility, and better downside protection than a strategic buy and hold allocation. It also avoids the deployment problems associated with market timing strategies.
A Precisely Practical Measure of the Total Cost of Debt for Determining the Optimal Capital Structure and the Weighted Average Cost of Capital
Authors: Murphy Austin
Published: December 2019

This paper develops a precise method of estimating the cost of debt to a firm that is based on standard financial theories and empirical evidence on default risk and financial distress costs. An analysis with current data on the S&P 500 demonstrates that the capital structures of large firms are consistent with the model’s simple implications.
Digitalization of the water show
Authors: C Thies , J. Thiel
Published: December 2019

Digitalisierung der Gewässerschau
Urban dreams need planning
Authors: A. Eicher
Published: December 2019

Urbane Träume brauchen Planning
Impact of Dividend Announcements on Stock Prices of UK Firms Listed in London Stock Exchange
Authors: Alaeto Emeka Henry
Published: December 2019

The aim of this paper is to explore the possible relationship between dividend announcement and stock price reactions upon announcements by the quoted firms in London Stock Exchange (LSE). For the sake of this study, an event-study methodology was employed to calculate any abnormal or excess returns around dividend announcements for 100 firms listed in the LSE over a period of 5 years (2010-2014). The result of the event study indicates that dividend announcements do not convey information to investors (Khan, 2011). The researcher concludes by saying that dividend announcements do not convey any information to share prices, which is in consonance with the M-M Dividend Irrelevance Theory.
Empirical Evidences on Structure-Conduct-Performance Relationship in Banking Sector: A Literature Review
Authors: Lelissa Tesfaye Boru , Kuhil Abdurezak Mohammed
Published: December 2019

A detailed review of existing literature on the structure-conduct-performance (SCP) relationship indicates that the empirical divergence between SCP and competing hypothesis is still not conclusive which is attracting many research works across the world, and recently in Africa. Studies on SCP are dominated by quantitative analysis with exclusion of non-quantifiable variables such as related to conduct and/or those lack data (regulation). The majority of studies employ a multiple linear regression model where a measure of bank performance (mostly profit) is regressed on market concentration variables (such as k-firm, Herfindahl-Hirschman Index, etc.) along with some control variables. Studies that used the structure model have limited focus on other key variables like regulation, macroeconomic, and industry factors. They have also applied a quantitative approach and assumed conduct as being a derivative of the market structure. Hence, there was no attempt to explore the behavior of banks within the given structure, banking, and macro environment. Few studies have explicitly considered Ethiopia’s banking performance using the structural approach (SCP or ESH). Nevertheless, the existing bank performance studies were not analyzed incorporating big banks in the industry, with long period observation of banks, using parametric and non-parametric methods, which are scarce in the Ethiopian context.
Is International Investment Diversification Prudent for the Individual or Corporate Investor
Authors: Cloutier Richard
Published: December 2019

This paper examines the benefits of international diversification for the individual and corporate investor and attempts to determine whether international diversification is prudent. Although research supports as well as refutes the claim that international diversification improves performance, results vary due to the non-static nature of national markets’ returns, standard deviations, and correlations. As a result, data for the research are dependent on the period of study. As global markets have become more synchronized and US equities have had an unusual increase in value recently, studies relying on newer data argue against the benefits. However, because domestic investing limits diversification potential, international diversification is prudent for long-term investors.
Measurement of Total Liquidity Assets Risk Resulting from Increase of Liquidity Spread
Authors: Schmitt Eugenia
Published: December 2019

The importance of analysing the effects of changes in liquidity spreads for long maturities on both costs and wealth increases with the increasing importance of capital market-based refinancing by banks. The present study proposes a present value based approach for middle-sized banks. It enables to measure the impact of the extreme change in the institution’s own liquidity and spreads on the current liquidity situation by investigating the entire maturity horizon to a dangerous extent. Different scenarios for refinancing alternatives due to the different developments of the liquidity spreads can be analysed straightforwardly. This enables a rapid assessment of the risk situation over the modelled time. In the dynamized version, which covers the planning horizon, the interest rate effects arising over time are also made visible. The result of the model approach is suitable for strategic decisions in planning the refinancing structure under alternative conditions.
A Study of Outcomes of the Poverty Alleviation Programme In Batticaloa District Of Sri Lanka
Authors: Navirathan V. , Mustafa A.M. M.
Published: December 2019

The major aim of this thesis was to explore the impact of poverty alleviation programmes on poverty alleviation in Batticaloa district. The objective of this study is to examine whether the Poverty alleviation Programmes increase the income level of the beneficiaries in Batticaloa District and examinewhether the contribution of Poverty alleviation Programme to increasethe standard of living of the beneficiaries living in the Batticaloa District. The research question developed for this study was what are the outcomes of poverty alleviation programmes on poverty alleviation of Samurdhi beneficiaries in Batticaloa district? There are many poverty alleviation institutions and other institutions which are providing livelihood support to improve the standard of living and to alleviate the poverty level. But, the actual impact of those facilities on poverty alleviation was not known. To find the actual impact, the above research question was developed. Primary data were collected from people who were Samurdhi beneficiaries from Manmunai South Eruvil PattuDS Division, Koralaipattu South DS division and Manmunai South West DS Division in Batticaloa District. The proportionate random sampling method was used to obtain 200 responses from the population. Completed questionnaires were analyzed using SPSS-20 tool package and the collected data were used to test the model using univariate and multiple regression analysis. The coefficient of the constant was positive and statistically significant in the model. All independent variables such as Income, Saving, Wellbeing, Coping Strategies, Entrepreneurial Skill, Employment and Gender Balance of the respondent in the research had a positive and statistically significant coefficient at 5% level. This result revealed that the Poverty alleviation programme moderately impacts on poverty alleviation in Batticaloa district. In order to alleviate the poverty, the identification and formulation of the efficient Samurdhi Programme areessential. Therefore, the major purpose of this study is to analyze the outcomes of Poverty alleviation programme and lessons learned to future economic development program which could be implemented effectively, and economical.
The Impact Of Unemployment And Interest Rate On Inflation In Sri Lanka
Authors: Selvanayagam S. , Mustafa A.M. M.
Published: December 2019

Three major economic indicators such as Inflation, unemployment and interest rate have an important role in an economy in terms of sustainable development. The long-term progress of the Sri Lankan economy is destabilized. The linkage or the impact among these variables is very important for developing country such as Sri Lanka to overcome the destabilized hurdles. The study intends to investigate the impact of unemployment and interest rate on inflation in Sri Lanka. Also, this study was analyzed the short and long run relationship among the variables. Phillip’s relationship between the variables inflation and unemployment also was discussed in details. Fifty-three years of annual data for period of 1953- 2015 of the variables inflation, unemployment, interest rate, money supply (M2) and government expenditure used for the analysis. Parametric and non-parametric approaches have been employed in this study. The Autoregressive Distributed Lag (ARDL) model with co-integration technique has been employed to find the short and long run relationship of the variable. The statistical package EViews 9 and Microsoft excel were used for the analysis. The study reveals that unemployment is negatively impact on inflation in short and long run in Sri Lanka, which is statistically significance. Further, the study revealed that the Phillip’s relationship between inflation and unemployment exist in Sri Lankan economy. The interest rate is also negatively impact on inflation in short run and positively impact in long run. Results are statistically significance at 5% confidence level and theoretically expected. This study recommends that the relationship between the variables should be noted and utilized the Engine of growth concept in order to achieve sustainable development of Sri Lanka. Job opportunities to be extended further more. Further, the study suggests that using quarterly data to analysis this kind of time series will reflect relationship accurate.
30 Jahre Z_GIS und ein bisschen mehr
Authors: B. Zagel
Published: December 2019

30 Jahre Z_GIS und ein bisschen mehr
Singapore: Planning, building and the human being
Authors: A. Eicher
Published: December 2019

Singapur: Planen, Bauen und der Mensch
An Econometric Analysis of Linkages between Macroeconomic Variables and Stock Markets: Evidence from Asian Emerging Markets
Authors: Khandelwal Risha
Published: December 2019

The purpose of this paper is to investigate impact of macroeconomic variables on stock markets of India and Indonesia. This paper also attempts to identify linkages between markets and macroeconomic variables. The rationale behind selecting these countries for the present study is MSCI emerging markets index of Asia, which comprises emerging economies with huge return potential for prospective investors. This study will help investors and researchers to understand dynamics of linkages between markets and macroeconomic variables. Augmented Dickey-Fuller (ADF) unit root test is used to assess the stationary of time series, Johansen test co-integration is applied to examine long-term integration among variables, Granger causality test is used to examine the causality relationship between macroeconomic variables and stock returns. The monthly data are taken for the study which ranges from July 1997 to July 2017. Currency exchange rates, interest rates, money supply, and inflation are the macroeconomic variables for the current study. Results revealed that there is one co-integrating equation of long-run equilibrium between the variables for both countries. Granger causality test reveals that there exists unidirectional and bidirectional relationship between the variables.
Augmented and virtual reality - Status quo and future development
Authors: J. Kauer
Published: December 2019

Augmented und Virtual Reality - Status quo und zukünftige Entwicklung
Geodata warehouse - Flexible utilization of databases
Authors: R. Menke , F. Markus
Published: December 2019

Geodata Warehouse - Flexible Nutzung von Datenbeständen
Heuristic selection of portfolio based on coefficient of optimism
Authors: Roy Dilip , Chowdhury Soma Panja
Published: December 2019

The mean-variance method developed by Markowitz (1959) was aimed at obtaining optimizing portfolios. But selection of portfolio in the real world mostly deviates from this optimal criterion. In this paper we have considered this issue from an altogether different aspect and developed means for aiming at nearly optimum portfolio. We considered the risk taking propensity as the main driving force and presented a heuristic method to reach the near to the optimal state. For doing so, we have introduced the coefficient of optimism in the decision making process and simultaneously considered conditional optimum portfolio and corresponding heuristic portfolio. In the extreme situations three different human value systems can be considered as optimistic, pessimistic and risk planner. To examine the closeness between the heuristic and optimum portfolios we have carried out empirical analysis covering ten years data of fifteen companies from Nifty (2000-09). Regarding the choice of companies we have adopted random selection technique. From empirical study we have found that for moderate values of the coefficient of optimism a heuristic investor’s decision nearly coincides with the corresponding optimum portfolio. However, for extreme situations i.e. optimistic and pessimistic situations heuristic portfolio differs from optimum portfolio. Keywords: Expected return, risk, optimum portfolio, heuristic portfolio, coefficient of optimism.
Price Discovery in precious metals market: A study of Gold
Authors: Kumar Dr. Narender , Arora Mrs. Sunita
Published: December 2019

Gold is the oldest known precious metal on this earth and for a long time it has been used as a standard currency. The present study has been undertaken with an attempt to analyze whether Indian futures market is playing its role of price discovery in case of gold or not. For the purpose of study, data for spot and futures prices for a period of four and a half years starting from June 2005 to December 2009 has been collected from the website of Multi Commodity Exchange of India Limited, India’s largest commodity exchange in terms of value of trading on commodity exchanges in India. Data has been tested for statioanrity and was found non stationary. It was then transformed to make it stationary. On the basis of Johansen’s cointegration test, series of spot and futures prices were found cointgrated. Granger Causality test was applied on stationary data. The results of the study show that futures market in India is performing its role of price discovery in case of Gold. Keywords: Price Discovery, Commodity Market, Granger Causality, Cointegration.