Search results1 – 10 of 60
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.
This chapter analyzes markets with an “infinite variety” of goods, such as large parts of the service economy and creative industries such as the book, film, and music…
This chapter analyzes markets with an “infinite variety” of goods, such as large parts of the service economy and creative industries such as the book, film, and music market. I argue that the infinite variety of supply that characterizes such markets does not lead to discoordination, because of the emergence of cognitive institutions in the form of market categories, reference points such as exemplary goods, and instruments of interpretation which facilitate the (quality) coordination process. These cognitive institutions function as an extended mind of market participants and enable what is termed interpretative rationality, as distinct from calculative rationality. This interpretative rationality consists of the ability to recognize relevant differences and similarities between goods. These cognitive institutions, like the price system, are an emergent order which can be analyzed through the lens of Austrian economics. This chapter further demonstrates the potential convergence between particular strands of economic sociology and Austrian economics.
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.
The purpose of this study is to show the presence of market discipline and provide an explanation for bank risk nondisclosure behavior, specifically market risk (MR)…
The purpose of this study is to show the presence of market discipline and provide an explanation for bank risk nondisclosure behavior, specifically market risk (MR), credit risk (CR), operational risk (OR) and counterparty credit risk (CCR). The response of market discipline when banks comply with Basel III capital and liquidity restrictions is also investigated in this study.
The study used the Lasso regression method to give accurate results with the lowest error when using small observational data with a large number of features.
First, theoretically, the study points to the presence of market discipline and its sensitivity to the risks disclosed by the bank, especially when applying capital regulations under Basel III. In addition, the study also shows differences between the developed and emerging countries in the sensitivity of market discipline to factors when considering banking regulations. Finally, an interesting result that the study shows is that the higher the index of economic freedom, the weaker the market discipline is, especially for emerging countries.
The study’s findings have several important implications: (1) help regulators devise policies to manage banks' risk and meet liquidity and capital requirements according to the Basel III framework. The effectiveness of market discipline is reduced, and banking regulators need to compensate by strengthening their supervisory functions. (2) Showed the reasons why banks ignore the disclosure of bank risks according to the provisions of the third pillar of the Basel III framework. Because when following the Basel III framework, depositors demand higher interest rates or increase market discipline towards riskier banks.
This study is the first attempt to assess market discipline under the new capital and liquidity regulations using the Lasso regression model as suggested by Tibshirani (1996, 2011), Hastie et al. (2009, 2015). This is also the first study to look at the impact of four different forms of risk on market discipline (as required by the Basel regulatory framework to improve disclosure).
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.