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The optimization of a process requires exact knowledge of the process, which is knowledge of correlations and inter-dependence between the process-determining variables…
The optimization of a process requires exact knowledge of the process, which is knowledge of correlations and inter-dependence between the process-determining variables and the knowledge over the actual condition of the process. In a data rich knowledge poor process like spinning, where the exact relationships between machine, material, climate and quality are yet to be concluded objectively, this research focuses on the use of artificial neural networks as a tool to find out the correlations between decisive variables and to determine the optimum settings. Drawing frame is considered to be the last fault correction point in spinning preparation chain, therefore, its settings has a vital role to play towards yarn quality. Leveling action point is one of the important auto-leveling settings involving an automatic search function at Rieter drawing frame RSB-D40 and requiring a large amount of sliver. In this study, attempts were made to optimize the leveling action point. Optimization of draft settings is also within the scope of this article. The ANNs were used to achieve such objectives and they were found to be very helpful in identifying the optimum settings and hence decreasing material loss and improving sliver quality.
There is an increasing interest in textured finishes both from the manufacturer's and the user's point of view. The paint formulator is increasingly being asked to produce…
There is an increasing interest in textured finishes both from the manufacturer's and the user's point of view. The paint formulator is increasingly being asked to produce paints and coatings to provide these textures and this article aims to provide some suitable formulations for the technologist to use as a basis for his work.
Intraday volatility characteristics throughout the trading week are examined at the emerging Borsa Istanbul (BIST) stock exchange. Using five-minute (and 15-minute…
Intraday volatility characteristics throughout the trading week are examined at the emerging Borsa Istanbul (BIST) stock exchange. Using five-minute (and 15-minute) intervals, accentuated intraday volatility patterns at the microstructure level are examined during the stock market open and close in the morning and in the afternoon sessions. Volatility is highest when markets open in the morning. The second highest is during the afternoon open. The third highest is before the market closes for the day. Volatility before the market close has increased in recent years. These characteristics are seen every trading day. There are also differences: Monday returns are lowest, Friday returns are highest, and Monday morning volatility is highest of the entire trading week. Day-of-the-week and intraday accentuated volatility smile anomalies are jointly investigated using the longest intraday sample period in the emerging country stock exchange literature. Investment companies and professionals can utilize the results for risk management and hedging by avoiding highly volatile opening and closing periods. Arbitrageurs, speculators, and risk takers should trade during these highly volatile periods. Heightened volatility is increased difficulty in price discovery, thus inefficiency. Market participants, exchanges, and public prefer efficient markets. The research presents evidence of trading days, and periods during the trading day, when the exchange becomes more efficient. This is the first research that explores day-of-the-week effect from intraday volatility perspective in an emerging market, and provides useful recommendations in designing risk management strategies at market microstructure level.
This paper studies how a firm reacts to the threat from product market competition. Consistent with the strategic equilibrium model, we find that a firm increases…
This paper studies how a firm reacts to the threat from product market competition. Consistent with the strategic equilibrium model, we find that a firm increases investment in response to external product market threats. Further, the paper analyzes whether product market threats lead to an improvement in investment efficiency. When faced with product market competition, we find that firms that are otherwise likely to underinvest (overinvest) increase (increase) their investment significantly (less than the firms that are likely to underinvest) in the next period. However, firms that are predisposed to overinvest do not make cuts in capital expenditure, which indicates that strategic investment is a critical countermeasure for addressing competitive threats for all firms, their inclination to make suboptimal investment decisions notwithstanding. Overall, the evidence supports the predatory risk of waiting as well as competition and investment efficiency hypotheses. Additional tests suggest that product market threat partially substitutes for other external monitoring mechanisms designed to manage agency problems.
Banks are institutions that inject money in the economy and help to boost it when there are problems in some markets, especially in productive sectors. In this way…
Banks are institutions that inject money in the economy and help to boost it when there are problems in some markets, especially in productive sectors. In this way, analysing the competition in this sector is an important tool for policymakers as non-competitive behaviour could affect the financial system and economy. The purpose of this paper is to measure the degree of competition in the Ecuadorian private banking sector divided by size, from 2000 to 2015, using panel data collected by the official regulator institution.
The authors applied the model proposed by Panzar and Rosse (1987) and its H-statistic using a reduced price and revenue equation estimated by pooled ordinary least squares, fixed effects, random effects, feasible generalised fixed effects and panel correction standard errors (PCSE).
The authors show that given the presence of some problems in data such as heteroskedasticity and autocorrelation, the most appropriate technique is PCSE. The authors also found robust evidence supporting that large banks compete in a monopolistic market, small and medium-sized banks operate in monopolistic competition, and Ecuadorian small, medium-sized and large banks stay in long-run equilibrium.
This paper contributes to the actual literature of competition degree in two ways. First, different from traditional papers, we do not control by size; so, we divided the analysis by size, because in Ecuador and also in many developing countries, bank’s competition is different for each group of size because the levels of liquidity, risk and other indicators are different from one group to another. Second, we show the robustness of the results using a scaled and unscaled equation, using many controls and using five methods to contrast the competition degree.
This chapter argues that the key Eurozone imbalances are not a failure of nation states. At the heart of the integration process is the convergence criteria – limits on…
This chapter argues that the key Eurozone imbalances are not a failure of nation states. At the heart of the integration process is the convergence criteria – limits on government deficit, debt, interest rate, inflation, etc. While these were intended to eliminate asymmetries across countries, the conception of convergence was too narrow since the euro designers completely ignored the elephant in the room – that countries were on different technological frontiers. I show that this difference is an important determinant of the key macroeconomic imbalances across the Eurozone. It follows that the primary convergence criterion should be limits on non-price competitive gaps across countries. The chapter overturns the simplistic view of price competitiveness and illustrate that the regulating forces of competition originate from productive structures.
Albert Hirschman always distinguished himself by his unique approach in tackling economic problems, an approach that moved easily from literature and philosophy to political economy and social psychology, without ever losing sight of the real workings of social and political life.
The papers collected here stemmed from a desire to know more closely this rare economist who used the tools and features of one discipline to throw light upon those of another.
The methodological stance is the first element that emerges either explicitly or implicitly from this collection of papers: Hirschman’s suspicion of all-encompassing theories and their issue in encompassing plans – development plans in particular. His was a piecemeal approach targeting the scarcest of all factors, such as the ability to mobilize resources and to solve problems. This matched Hirschman’s own view that “petites idées,” to look at problems in the small, form the material for further observations and insights.
The second element that emerges from these papers is the richness of themes explored – from how to voice reasons for one’s disappointment and distrust to the role of countervailing passions in institutional development, from the “bias for hope” to the problem of inequality – but also the strong connections that exist among them. These connections revolve around the problem of economic change and its dynamics: how to explain it, how to promote it.
Yet, no matter which of Hirschman’s works we pick up for the first time or rediscover, we cannot avoid seeing that besides the scientist with his microscopic lenses, there is also the artist who looks at problems not for the final truth they might hide or the definite solution, but to make us aware of them, to open our eyes to curiosity and wonder. This is a difficult lesson, but not one Hirschman will let us forget.