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Abstract

Details

Financial Derivatives: A Blessing or a Curse?
Type: Book
ISBN: 978-1-78973-245-0

Article
Publication date: 1 March 2000

CHRIS MARRISON, TIL SCHUERMANN and JOHN D. STROUGHAIR

Since 1996, the Bank for International Setdements (BIS) has set the capital level that banks must hold against market risks by a specific formula. This article presents a…

Abstract

Since 1996, the Bank for International Setdements (BIS) has set the capital level that banks must hold against market risks by a specific formula. This article presents a practical approach for incorporating the effects of asset illiquidity and management response lags in setting regulatory capital levels to account for market risk. According to the BIS guidelines, capital should be a function of the effectiveness of limit management and market liquidity, because actively managing limits and positions can significantly reduce the risk of a trading operation. Although this approach represents an improvement over previous methods of setting capital, significant limitations still remain, namely, liquidity constraints and response lags in management intervention, which increase portfolio risk. The authors suggest specific amendments to the reg‐ulatory capital guidelines that may mitigate both of these limitations

Details

The Journal of Risk Finance, vol. 1 no. 4
Type: Research Article
ISSN: 1526-5943

Abstract

Details

Financial Derivatives: A Blessing or a Curse?
Type: Book
ISBN: 978-1-78973-245-0

Article
Publication date: 25 February 2014

Yi-Cheng Huang and Ying-Hao Li

This paper utilizes the improved particle swarm optimization (IPSO) with bounded constraints technique on velocity and positioning for adjusting the gains of a…

Abstract

Purpose

This paper utilizes the improved particle swarm optimization (IPSO) with bounded constraints technique on velocity and positioning for adjusting the gains of a proportional-integral-derivative (PID) and iterative learning control (ILC) controllers. The purpose of this paper is to achieve precision motion through bettering control by this technique.

Design/methodology/approach

Actual platform positioning must avoid the occurrence of a large control action signal, undesirable overshooting, and preventing out of the maximum position limit. Several in-house experiments observation, the PSO mechanism is sometimes out of the optimal solution in updating velocity and updating position of particles, the system may become unstable in real-time applications. The proposed IPSO with new bounded constraints technique shows a great ability to stabilize nonminimum phase and heavily oscillatory systems based on new bounded constraints on velocity and positioning in PSO algorithm is evaluated on one axis of linear synchronous motor with a PC-based real-time ILC.

Findings

Simulations and experiment results show that the proposed controller can reduce the error significantly after two learning iterations. The developed method using bounded constraints technique provides valuable programming tools to practicing engineers.

Originality/value

The proposed IPSO-ILC-PID controller overcomes the shortcomings of conventional ILC-PID controller with fixed gains. Simulation and experimental results show that the proposed IPSO-ILC-PID algorithm exhibits great speed convergence and robustness. Experimental results confirm that the proposed IPSO-ILC-PID algorithm is effective and achieves better control in real-time precision positioning.

Details

Engineering Computations, vol. 31 no. 2
Type: Research Article
ISSN: 0264-4401

Keywords

Article
Publication date: 1 June 1990

David K. Miles

In October of 1987 stock market prices all over the world fell by staggering amounts. A financial panic spreading beyond stock markets did not occur and it would appear…

Abstract

In October of 1987 stock market prices all over the world fell by staggering amounts. A financial panic spreading beyond stock markets did not occur and it would appear that any real economic consequences of the crash have, thus far, been small. A superficial reading of economic history suggests that things might have turned out a whole lot worse. It is this thought that makes an evaluation of various restrictions designed to limit stock market volatility ‐ so called circuit breakers ‐ timely.

Details

Managerial Finance, vol. 16 no. 6
Type: Research Article
ISSN: 0307-4358

Article
Publication date: 12 August 2014

Jiang Jin-gang, Zhang Yong-de and Zhang Shu

The purpose of this paper is to implement a glass-curtain-wall cleaning robot driven by a double flexible rope, so as to replace manual cleaning. The glass-curtain-wall…

Abstract

Purpose

The purpose of this paper is to implement a glass-curtain-wall cleaning robot driven by a double flexible rope, so as to replace manual cleaning. The glass-curtain-wall, because of its excellent daylighting performance, damp-proofing characteristics, heat insulation properties and aesthetics, is widely used in modern city buildings. For glass-curtain-wall buildings, regular cleaning of the glass-curtain-wall is necessary to ensure that the surface of the building appears clean and tidy, which in turn contributes toward preserving the overall aesthetic appearance of the city. Currently, the primary method of cleaning glass curtain walls is manual cleaning by workers on a suspended platform.

Design/methodology/approach

The mechanical structure of the proposed glass-curtain-wall cleaning robot driven by a double flexible rope is inspired by the way a spider moves by pulling its silk draglines in the air. For self-locking protection and increased rope friction, the robot’s moving section includes a worm reducer and multislot master–slave roller. The cleaning section comprises a water tank, control valve, shower nozzle and brush. The wall adsorbing section is realized by a double rotor. The workspace of the robot is analyzed. Flexible rope winding and unreeling control of the cleaning robot is deduced. The force of the cleaning robot when the double rotor is working is analyzed and calculated. The prototype of the glass-curtain-wall cleaning robot model driven by a double flexible rope is established, and experiments wherein the robot moves along a preset track, as well as cleaning experiments, are performed.

Findings

The prototype of the glass-curtain-wall cleaning robot model driven by a double flexible rope can move along the preset track, satisfy the design functions and clean effectively. The experimental results verify the validity and practicality of the robot.

Research limitations/implications

The implication of this research is that a glass-curtain-wall cleaning robot model driven by a double flexible rope fulfills the movement strategy and drive-type requirements for cleaning glass curtain walls. The limitation of this research is that it is difficult to implement rapid cleaning.

Originality/value

The traditional method of manual cleaning by workers on a suspended platform will be changed after the glass-curtain-wall cleaning robot is manufactured, and the advent of this cleaning robot for the low- and mid-rise buildings will reduce the cost of cleaning buildings, improve the working environment and enhance production efficiency.

Details

Industrial Robot: An International Journal, vol. 41 no. 5
Type: Research Article
ISSN: 0143-991X

Keywords

Article
Publication date: 28 December 2017

Jian-jun Yuan, Shuai Wang, Weiwei Wan, Yanxue Liang, Luo Yang and Yifan Liu

The aim of this paper is to implement direct teaching of industrial manipulators using current sensors. The traditional way to implement teaching is either to use a…

Abstract

Purpose

The aim of this paper is to implement direct teaching of industrial manipulators using current sensors. The traditional way to implement teaching is either to use a teaching pedant, which is time consuming, or use force sensors, which increases system cost. To overcome these disadvantages, a novel method is explored in the paper by using current sensors installed at joints as torque observers.

Design/methodology/approach

The method uses current sensors installed at each joint of a manipulator as torque observers and estimates external forces from differences between joint-driven torque computed based on the values of current sensors and commanded values of motor-driven torque. The joint-driven torque is computed by cancelling out both pre-calibrated gravity and friction resistance (compensation). Also, to make the method robust, the paper presents a strategy to detect unexpected slowly drifts and zero external forces and stop the robot in those situations.

Findings

Experimental results demonstrated that compensating the joint torques using both pre-calibrated gravity and friction resistance has performance comparable to a force sensor installed on the end effector of a manipulator. It is possible to implement satisfying direct teaching without using force sensors on 7 degree of freedom manipulators with large mass and friction resistance.

Originality/value

The main contribution of the paper is that the authors cancel out both pre-calibrated gravity and friction resistance to improve the direct teaching using only current sensors; they develop methods to avoid unsafe situations like slow drifts. The method will benefit industrial manipulators, especially those with large mass and friction resistance, to realize flexible and reliable direct teaching.

Details

Assembly Automation, vol. 38 no. 2
Type: Research Article
ISSN: 0144-5154

Keywords

Article
Publication date: 15 October 2019

Guowei Pan, Wenliang Chen and Hui Wang

The purpose of this paper is to use the redundancy of a new hybrid automatic fastening system (HAFS) for aircraft assembly in the best way.

Abstract

Purpose

The purpose of this paper is to use the redundancy of a new hybrid automatic fastening system (HAFS) for aircraft assembly in the best way.

Design/methodology/approach

First, the kinematic model of HAFS is divided into three sub-models, which are the upper/lower tool and parallel robot. With the geometric coordination relationship, a comprehensive kinematic model of the HAFS is built by mathematically assembling the sub-models based on the DH method. Then, a novel master-slave decoupling strategy for inverse kinematics solution is proposed. With the combination of the minimum energy consumption and the comfortable configuration, a multi-objective redundancy resolution method is developed to optimize the fastening configuration of the HAFS, which keep the HAFS away from the joint-limits and collision avoiding in the aircraft panel assembly process.

Findings

An efficient multi-objective posture optimization algorithm to use the redundancy in the best way is obtained. Simulation and an experiment are used to demonstrate the correctness of the proposed method. Moreover, the position and orientation errors of the drilling holes are within 0.222 mm and 0.356°, which are accurate enough for the automatic fastening in aircraft manufacturing.

Practical implications

This method has been used in the HAFS control system, and the practical results show the aircraft components can be fastened automatically through this method with high efficiency and high quality.

Originality/value

This paper proposes a comprehensive kinematic model and a novel decoupling strategy for inverse kinematic solution of the HAFS, which provides a reference to utilize the redundancy in the best way for a hybrid machine with redundant function.

Details

Industrial Robot: the international journal of robotics research and application, vol. 47 no. 1
Type: Research Article
ISSN: 0143-991X

Keywords

Article
Publication date: 11 April 2008

Andreas A. Jobst

Amid benign monetary policy in mature market countries and high liquidity‐induced demand, lower risk premia have encouraged risk diversification into alternative asset…

3112

Abstract

Purpose

Amid benign monetary policy in mature market countries and high liquidity‐induced demand, lower risk premia have encouraged risk diversification into alternative asset classes outside the scope of conventional investment. The development of derivative markets in emerging economies plays a special role in this context as more institutional money is managed on a global mandate, with more and more capital being dedicated to emerging market equity. This paper aims to focus on these issues.

Design/methodology/approach

This paper reviews the recent development of equity derivative markets in emerging Asia and informs a critical debate about market practices and prudential supervision. Goal of the paper is also to outline essential elements and key policy considerations in developing derivative markets.

Findings

The supervision of emerging derivative markets depends on the expedient and tractable resolution of challenges arising from consistent risk management, risk mutualization, and prudential standards that guarantee market stability in crisis situations. In particular, further efforts are needed in areas of cash market liquidity, trading infrastructure as well as legal and regulatory frameworks based on a set of coherent principles for capital market development.

Originality/value

The paper offers a comprehensive set of principles for the development of equity derivative markets based on the current state of equity derivative trading in emerging Asia. Given current efforts by national regulators in the region to implement comprehensive guidelines on derivatives and revise short selling restrictions, the scope of this paper has topical appeal from the perspective of market participants and regulators.

Details

International Journal of Emerging Markets, vol. 3 no. 2
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 2 August 2013

Judy Foster Davis

The purpose of this paper is to present a biographical review of the career of the late Caroline Robinson Jones (1942‐2001) in order to understand her challenges and…

Abstract

Purpose

The purpose of this paper is to present a biographical review of the career of the late Caroline Robinson Jones (1942‐2001) in order to understand her challenges and contributions to the advertising profession. Prior to her death, she was considered the foremost African‐American woman in the advertising business. She was the first black woman to serve as a vice president of a major mainstream advertising agency and also established a respected agency bearing her own name. This paper focuses on Jones' contributions to marketing practice and her experiences as a woman of color in the advertising industry.

Design/methodology/approach

This paper uses a traditional historical narrative approach largely based on archival materials housed in the Caroline Jones Collection at the Archives Center of the National Museum of American History at the Smithsonian Institution. Relevant secondary literature was also employed to provide appropriate context.

Findings

While the advertising industry has historically been noted for its lack of diversity among its professional ranks, Jones made significant contributions to the industry. Yet, despite her trailblazing accomplishments, findings suggest her efforts were constrained by structural oppression in the industry concerning gender and race.

Originality/value

Scholarly literature reflecting the contributions and experiences of women of color in the advertising business is nearly non‐existent. This paper provides an analysis using sources which are valuable in understanding career opportunities and challenges for women of color in advertising professions.

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