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The article discusses the issues of assessing the economic efficiency of energy-saving measures implemented at industrial enterprises. The dependence of the economic efficiency of energy-saving measures on the period of their implementation is given. To implement these activities, as a rule, external borrowed funds are required. The payback period for these measures is often long, and therefore their economic efficiency is relatively low. Assessment of the economic viability of investment projects in the field of energy saving is based on the calculation of efficiency criteria: net present value, return on investment, internal rate of return, payback period of investments. The differences between cost-effective investments and financially effective ones are described. [ABSTRACT FROM AUTHOR]

It is generally accepted that social and economic development is largely driven by human capital, which – to a large extent – depends on education. The skills and knowledge acquired in the process of education give rise to new services of improved quality. Hence, it can be assumed that education improves productivity. And it is the level of remuneration that is closely related to productivity, taking into account market conditions. The main objective of this paper is to demonstrate the correlation among education, the level of remuneration and the private and budgetary rate of return on investment in secondary and higher (tertiary) education. The authors have assumed the following research hypotheses: 1) remuneration is correlated with education level, 2) the return on investment in education depends on a given occupation and education level. An indicator method was used to determine the private and budgetary return on investment in education. The conducted analyses confirm that investment in the development of knowledge and qualifications are profitable both from the point of view of an individual as well as in terms of budgetary expenditure. In the research presented, private outlays were analysed in terms of the private rate of return on investment in education, while budgetary expenditures - by the budgetary rate of return on investment in education. [ABSTRACT FROM AUTHOR]

This research applies Fuzzy-Analytical Hierarchy Process (AHP) method in determining the best government bond to be invested and make a web application which is easy to be accessed by various circles. By the Fuzzy-AHP method, the criteria and sub-criteria that can influence decision-making in bond investments will be calculated the weight of each criterion and sub-criteria to find the most important criteria and sub-criteria to be considered in choosing bonds and to support the best decision in the selection of bond series of products for investment. The purpose of this application and research is to facilitate customers in choosing bond products with various criteria and conditions and also encourage customers to actively engage in bond transactions in the case at BCA (Bank Central Asia) that will impact on the increase in fee-based income. The result is the criteria in bond investment are currencies, investment returns, and investor capability. It can be concluded from this research that customers pay more attention to investment yield criteria than currency and investor's ability with 58.8% weight, and the most considered sub-criteria are hold time (40.582%) and Yield/YTM (23.226%). [ABSTRACT FROM AUTHOR]

In this paper I have implemented certain ratios to find out the company's financial ability to acquire assets, clear debt, decrease liabilities. Many a time's research papers have analyzed the financial performance on basis of their profits and gross margins etc. But in this paper, I have extended to the step of establishing the ratios to compare the financial standings of RINL in a span of decade. The ratios are namely-Quick ratio, D/E ratio, Profit margin ratio, operating margin ratio, WC ratio, Debt ratio, Inventory turnover ratio, total asset turnover ratio, acid-test ratio, solvency ratio, return on equity ratio. Moreover, the company has not performed well since a decade. Inspire of earning profits, its expenses have increased like anything due to which it ran into losses. [ABSTRACT FROM AUTHOR]

Global trend of reducing the mass of a satellite in almost all segments of space services led to a sensational proposal made by SpaceX, i.e. launching small satellites of up to 200 kg would be carried out regularly, almost once a month at a fixed price of USD 1 million. The customer will not have to wait for the accompanying multi-ton payload, and the fixed price enables him to make the long-term plans. Calculation of the investment project efficiency by determining the payment flow net present value (NPV) and using the economic model demonstrates that such a project becomes profitable with the return on investment of about 15–25% by the end of the first operation year. [ABSTRACT FROM AUTHOR]

The State of Kelantan has recorded high Non- Revenue Water (NRW) Rate every year lately. Among the areas that recorded the highest NRW level was in Bechah Tendong, Pasir Mas, Kelantan with a value of 62%, hence this area was used as a case study. This study aims to assess and identify the economic implications of the implementation of NRW management in the study area from 2014 to 2023. The benefit-cost ratio (BCR), payback period (PBP), return on investment (ROI) and net present value (NPV) were used as an indicator. The results shows that, BCR recorded as 1.03, PBP=9.32, ROI (%)=6.40 and NPV=RM 405,576.82. It can be concluded that, the efficiency management of NRW at the case study area was able to generate income through savings in 2023 by RM 270,560.54, spesifically to the Kelantan Water Private Limited (AKSB) and generally to the state government. [ABSTRACT FROM AUTHOR]

The feasibility studies of the project have major influence in future planning. The planning in relation with cash flow analysis calculation plan to find out the profit and losses obtained. The methods consist of NPV, BCR, IRR, dan BEP. The results of Economic Feasibility Study in the construction of Irrigation Channels in Keude Semot Village, Beutong District Nagan Raya Regency declared to be feasible if the NPV value > 0, BCR > 1, IRR > rate of return, and BEP occurs before reaching the project economic life for 30 years. This irrigation channel built with a length of 7500 m, and will use to irrigate 150 ha of rice fields. Based on analysis results, the investment cost of the irrigation canal construction projects is IDR 16.512.245.059,-and the maintenace and operational costs are IDR 73.715.379,-. The Benefit data of Irrigation canals is IDR 7.016.500.000,-. Rate Interest (i) 5% and the period (n) 30 years, the NPV value is IDR 404.653.563, BCR is 1,02%, IRR is 5,25% > 5% dan BEP occurs in the first month of 24th year and before the project economic life of 30 years. Based on analysis results, Keude Semot Irrigation Project categorized as feasible. [ABSTRACT FROM AUTHOR]

The renewable energy project is widely embraced based on a salient point i.e., 'return on investment'. This review examines the different types of renewable energy and their level of patronage globally. The prospects and shortcomings of the renewable energy project were also discussed. It was observed that most developing countries (except India) have not significantly invested in any option of the renewable project. Looking at the direct and indirect jobs via the renewable energy project in most developed countries, it recommended that developing countries have the opportunity of reducing their poverty index by also embracing the renewable energy project. [ABSTRACT FROM AUTHOR]

Rapidly developing and implemented business process management systems, as a rule, declare the need to use strategic goals in the operation and development of enterprises. The same is required by international standards for the creation of appropriate information systems and technologies. However, to this day, this condition is not optimally fulfilled, as a method of turning the requirements of the strategic goal into monthly planned indicators used by the budgeting Department is necessary. Performance management of enterprises, in accordance with international standards, focuses on the direct monthly impact of the requirements of their strategic goals on the content of the relevant budget sections. To fulfill this requirement, you need a method that creates a direct algorithmic relationship between the strategy of the enterprise and its budgeting Department. The proposed method of inverse calculations is able to establish the necessary connection. This is the method described in this article. To demonstrate the possibility of reverse calculations as an example selected estimates of business processes (both qualitative and quantitative), characteristic of construction companies. The Balanced Scorecard is used as a structural basis. Using this we were able to show the options of imbalance between the spheres of activity. To visualize the relationships between business process management sub-targets, the goal tree is used as a tool. As an example of a strategic goal to demonstrate the possibility of reverse calculations before the enterprise construction profile set a strategic goal – to increase the return on equity. In the formulation of the problem of inverse calculations, a number of solutions were adopted. Augmented lines depending on the target installation-makers the decision, indicating the desired change trend of each of the arguments to a direct function. The priority in ways of achievement of the purposes reflected by means of the set coefficients is specified. - to specify a limit for the gain of function arguments (limits on resources). [ABSTRACT FROM AUTHOR]

Investment plays a significant role in economic development of any nation. It is the objective of every investment to get some positive return. Although there are numerous investment options but still people mostly invest in traditional investment avenues. The paper mainly focuses on investor perception about different investment avenues. The study sample consist of 200 respondents and convenient sampling technique was used. The study analyzed a relationship between Investment decision and the factors influencing such decisions like gender, age, earnings using multiple regression technique. The study found a positive correlation between selection of investment and gender, age and earnings. The study found that the majority of the people have shown interest to invest in bank deposits and followed by post office savings, Gold and share. The study suggested that it is necessary to educated people or investors about modern investments to get a better rate of return and improve the investments as well as to improve the economic growth rate. [ABSTRACT FROM AUTHOR]

Investment is an interesting activity for communities in Indonesia. The aims of investment is to gain a large profit with a low risk. Portfolio formation is one of the option to minimize risks and optimize investment returns. One of the portfolio optimization models is the Black-Litterman model. The concept on Black-Litterman model enebles investors to combine their unique views regarding the performance of various assets with the market equilibrium from Capital Asset Pricing Model (CAPM). The Black-Litterman model uses a Bayesian approach. this research results, the optimal portfolio of the Black-Litterman model on the LQ45 index consists of ICBP, TLKM, CTRA, ITMG, and BBCA stocks. The stock with the largest investment weight is ICBP, which is 89.69% and the smallest investment weight is BBCA, which is 4.03%. The optimal portfolio of the Black-Litterman model with 3 views consisting of 2 relative views and 1 absolute view produces a portfolio return of 5.47% and a portfolio risk of 0.06%. The information ratio value of the Black-Litterman model portfolio is 2.26, It means that the Black-Litterman model produces a greater return than the benchmark (CAPM). [ABSTRACT FROM AUTHOR]

The article describes the experience of using wind power stations in Russia, presents the choice and rationale for the use of alternative sources of electricity for the Omsk region. The design allows to increase the speed of the air flow in the field of energy extraction by 1.45 times, which allows to obtain three times more energy than a wind power plant with a similar area of wind wheel sweeping. The technical and economic calculation and calculation of return on capital investments for the proposed solution are presented. [ABSTRACT FROM AUTHOR]

Portfolio investment is one of the important topics in financial management. Its aim of having the wealth in a period of time with maximum return and minimum risk has been well-defined in the literature. Specifically, the portfolio selection is arisen to be an interesting investment issue. Since the risk is defined as the probability of losses relative to the expected return in the portfolio investment, the existing risk would influence the rate of return and affect the investment decision. In this paper, the portfolio selection problem is discussed. The aim is to provide an effective quantitative study in managing the portfolio. In the beginning, the rates of return are calculated and it is followed by computing the expected rates of return and the related covariance matrix. Accordingly, the mean-variance optimization model, which is the quadratic programming model, is formulated and solved by the quadratic programming technique. Here, the objective function to be minimized represents the risk of the portfolio selection, while the weights of the portfolio selection, which are defined as the decision variables, are normalized with the total amount of investment, and the expected return is assigned to a certain targeted return. For illustration, a set of historical data on the stock prices in the Financial Times Stock Exchange (FTSE) Bursa Malaysia Kuala Lumpur Composite Index (KLCI) is considered. Through simulation and optimization of the mean-variance portfolio model, the result shows the relationship between risk and return with the various targeted returns. Moreover, by applying the Sharpe ratio, the optimal weight of the portfolio selection, which is the optimal portfolio decision, is properly suggested. In conclusion, the simulation optimization model for the portfolio selection problem is highly recommended. [ABSTRACT FROM AUTHOR]

The main purpose of any commercial organization is to make a profit. The reduction of expected losses can be interpreted as profit, and taking into account the cost of implemented countermeasures, this value can be considered as a return on investment in measures to protect the information system of the organization. The information security risk assessment procedure allows you to systematize information security risks, plan the scenario of their processing, correctly and effectively specify countermeasures that eliminate these risks. The article deals with the model of information security risk assessment of commercial organizations, based on two-factor risk assessment. The concept of the level of information security of commercial organizations as a visual indicator of the state of information security of the organization for its management is considered. [ABSTRACT FROM AUTHOR]

Portfolio optimization aims to protect investors against any risks which they may experience. Stock diversification is one of the solutions to optimize stock portfolio, where a diverse portfolio tends to have less risk than the undiversified one. Agglomerative clustering is a hierarchical clustering method. Applying diversification concept, agglomerative clustering is used to cluster 40 different assets based on their financial ratio scores (Current Ratio, Debt-Equity Ratio, Profit Margin, Return on Equity, Price/Earnings per Growth, EPS diluted, and Price/Earnings Ratio). Genetic algorithm is search method based on principles of natural selection and genetics. After the stocks are clustered, Genetic algorithm with heuristic crossover is applied to each cluster alongside to determine the proportion of each stock. In this paper, a possibilistic mean-semi-absolute deviation optimization model is used where cardinality, quantity, and transaction cost are considered as constraints. We also use the assumption that the returns of risky assets are fuzzy numbers. The implementation shows that the method gave a higher level of return (29.77 %) and Sharpe’s ratio (18.71) compared to S&P 500 index in the same period of time (12.34 % and 2.7 respectively). [ABSTRACT FROM AUTHOR]

Measuring company performance-based financial ratios is common among decision makers such as business analysts, shareholders, creditors, prospective investors and financial managers. Ratio analysis is a powerful tool to enable stakeholders to analyze the health of companies' financial status. Financial ratios provide comparative financial status among companies within an industry or within a company itself. The decision maker can use ratios to identify internal strengths and weaknesses, and estimate future financial performance to compare companies in order to make a decision. Using econometric technique, this study employed the production function of the frontier to determine the performance and to analyse the productivity of companies. The purpose of this paper is to evaluate and measure the performance of 115 samples oflisted companies in Bursa Malaysia which will be discussed in terms of mathematical analysis. The Cobb-Douglas function was estimated using Maximum Likelihood to determine the values of parameters in the model. This study will utilize input of debt-equity ratio and asset turnover to maximize the output, return on equity ratio. This paper will mainly contribute in showing how the selection output based on DuPont theory was selected where the highest return on stockholders' investment is set as main objective and estimating the technical efficiency of companies using financial ratio. [ABSTRACT FROM AUTHOR]

Creating and managing a successful stock portfolio are a difficult and challenging practice caused by the uncertainty created by the fluctuation of the stocks and the randomness in the market itself. Portfolio diversification, as stated in modern portfolio theory, is a go-to solution to manage risks. The purpose of portfolio diversification is to reduce the return’s variance compared with a single stock investment or undiversified portfolio. The primary motivation of this research is to investigate the portfolio selection strategies through clustering and application of genetic algorithm. Cluster analysis serves as a method to cluster assets with similar financial ratio scores which is the scores of Earnings/Share (EPS), Price/Earnings Ratio (PER), Price/Earnings to Growth (PEG), Return on Asset (ROA), Return on Equity (ROE), and Debt to Equity Ratio (DER). By clustering method, homogeneous clusters are produced and can be used in diversifying portfolio. In this paper, Agglomerative Clustering (AC) is used as the clustering method. Then Genetic Algorithm (GA) will be applied to each resulting cluster to obtain the optimal proportion of each stock in the portfolio. Genetic algorithm is a searching algorithm based on genetic principles and natural selection. The performance of Genetic Algorithm combined with Agglomerative Clustering (ACGA) in portfolio optimization, evaluated based on some actual datasets, gives a portfolio with bigger expected return than a portfolio constructed with only Genetic Algorithm or a portfolio constructed by uniformly weighted stock. [ABSTRACT FROM AUTHOR]

The nature of stock price fluctuations becomes a challenge for the investors to gain return in investing stocks. To overcome this problem, investors need some accurate predictions in order to anticipate future stock price movement. However, predicting the direction of stock price movement is a complex task due to many uncertain factors affecting the stock price itself. Therefore, this paper studied the application of Support Vector Machines and Fuzzy Kernel C-Means in predicting the direction of stock price movement of Indonesian stock market, particularly on banking subsector. Using the stock historical data, eight technical indicators have been computed to obtain two different approaches for the input model. One of them use the computed indicators while the other process the computed indicators into trends. The results suggest that, in general view, Support Vector Machines with technical indicators represented as trend being the input model outperforms the other prediction models. However, in particular condition, the best model of the entire observation with 92 % accuracy is given by FKCM with computed indicators as the input by using σ = 100 and 90 % training data. [ABSTRACT FROM AUTHOR]

The objective of this research is to determine the effectiveness of a reserve maintained by Islamic banks in Malaysia in order to overcome the rate of return risk and the displaced commercial risk. These risks are unique to the operation of Islamic banks in Malaysia because of the competitive environment they face when they operate side by side the conventional banks. The reserve they maintain is called the Profit Equalisation Reserve (PER). The reserve's function is to smooth the returns to be paid to the investment account holders and the shareholders. Although there are other controversial issues surrounding the practice of the reserve, the surmounting issue is how the reserve is practically utilized by the banks. In other words, how effective is the reserve. Employing STATA statistical techniques, i.e. Pool OLS, Regression using Robust Standard Deviation and Robust Regression by Cluster, this research has discovered the relationship between the reserve and profit payout smoothing, investment products and tenure of investment pools. These findings signal the effectiveness of the reserve. [ABSTRACT FROM AUTHOR]

Islamic banking in Malaysia offers variety of products based on Islamic principles. One of the concepts is a diminishing musyarakah. The concept of diminishing musyarakah helps Muslims to avoid transaction which are based on riba. The diminishing musyarakah can be defined as an agreement between capital provider and entrepreneurs that enable entrepreneurs to buy equity in instalments where profits and losses are shared based on agreed ratio. The objective of this paper is to determine the internal rate of return (IRR) for a diminishing musyarakah model by applying a numerical method. There are several numerical methods in calculating the IRR such as by using an interpolation method and a trial and error method by using Microsoft Office Excel. In this paper we use a bisection method and secant method as an alternative way in calculating the IRR. It was found that the diminishing musyarakah model can be adapted in managing the performance of joint venture investments. Therefore, this paper will encourage more companies to use the concept of joint venture in managing their investments performance. [ABSTRACT FROM AUTHOR]

Index tracking is a portfolio management which aims to construct the optimal portfolio to achieve similar return with the benchmark index return at minimum tracking error without purchasing all the stocks that make up the index. Enhanced index tracking is an improved portfolio management which aims to generate higher portfolio return than the benchmark index return besides minimizing the tracking error. The objective of this paper is to propose a new enhanced index tracking model with sum weighted approach to improve the existing index tracking model for tracking the benchmark Technology Index in Malaysia. The optimal portfolio composition and performance of both models are determined and compared in terms of portfolio mean return, tracking error and information ratio. The results of this study show that the optimal portfolio of the proposed model is able to generate higher mean return than the benchmark index at minimum tracking error. Besides that, the proposed model is able to outperform the existing model in tracking the benchmark index. The significance of this study is to propose a new enhanced index tracking model with sum weighted apporach which contributes 67% improvement on the portfolio mean return as compared to the existing model. [ABSTRACT FROM AUTHOR]

The Markowitz Optimal Portfolio Theory, published in 1952, is well-known, and was often taught because it blends Lagrange Multipliers, matrices, statistics, and mathematical finance. However, the theory faded from prominence in American investing, as Business departments at US universities shifted from techniques based on mathematics, finance, and statistics, to focus instead on leadership, public speaking, interpersonal skills, advertising, etc... The author proposes a new application of Markowitz's Theory: the detection of a fairly broad category of financial fraud (called "Ponzi schemes" in American newspapers) by looking at a particular inequality derived from the Markowitz Optimal Portfolio Theory, relating volatility and expected rate of return. For example, one recent Ponzi scheme was that of Bernard Mado?, uncovered in December 2008, which comprised fraud totaling 64,800,000,000 US dollars [23]. The objective is to compare investments with the "efficient frontier" as predicted by Markowitz's theory. Violations of the inequality should be impossible in theory; therefore, in practice, violations might indicate fraud. [ABSTRACT FROM AUTHOR]

This paper examines the tools used to study the influence of institutional factors on investment returns. The research object are the tools used in the evaluation of institutional risks in the pension system, in particular, the correlation model of factors impacting on the 'anti-director' index, econometric estimates combining the different determinants of savings, the model of endogenous institutional change, etc. Research work focusing on issues of institutional factors affecting pension systems (authored by La Porta, Guiso, Gianetti, El- Mekkaouide Freitas, Neyapti B., and others) is reviewed. The model is examined in terms of the impact of institutional risks on pension systems, especially with regard to the funded part. The study identified the following factors that affect financial institutions, including pension institutions: management quality, regulation quality, rule of law, political stability, and corruption control. [ABSTRACT FROM AUTHOR]

The Markowitz Optimal Portfolio Theory, published in 1952, is well-known, and was often taught because it blends Lagrange Multipliers, matrices, statistics, and mathematical finance. However, the theory faded from prominence in American investing, as Business departments at US universities shifted from techniques based on mathematics, finance, and statistics, to focus instead on leadership, public speaking, interpersonal skills, advertising, etc... The author proposes a new application of Markowitz's Theory: the detection of a fairly broad category of financial fraud (called "Ponzi schemes" in American newspapers) by looking at a particular inequality derived from the Markowitz Optimal Portfolio Theory, relating volatility and expected rate of return. For example, one recent Ponzi scheme was that of Bernard Mado?, uncovered in December 2008, which comprised fraud totaling 64,800,000,000 US dollars [23]. The objective is to compare investments with the "efficient frontier" as predicted by Markowitz's theory. Violations of the inequality should be impossible in theory; therefore, in practice, violations might indicate fraud. [ABSTRACT FROM AUTHOR]

A dynamic financial portfolio model with uncertainty is discussed. A dynamic value-at-risk portfolio method is proposed, and the risk criterion is composed by unexpected short-term risks which occur suddenly in each period. Analytical solutions for the VaR portfolio problem are obtained at each period. By dynamic programming approach, we derive an optimality condition for the optimal value-at-risk portfolio in a decision process. It is shown that a dynamic optimal value-atrisk is a solution of the optimality equation under a reasonable assumption, and an optimal trading strategy is obtained from the equation. [ABSTRACT FROM AUTHOR]

Beta measured from the capital asset pricing model (CAPM) is the most widely used risk to estimate expected return. In this paper factors that influence Shanghai A-share stock return based on CAPM are explored and investigated. Price data of 312 companies listed on Shanghai Stock Exchange (SSE) from the year 2000 to 2011 are investigated. This study employed the Fama-MacBeth cross-sectional method to avoid weakness of traditional CAPM. In addition, this study improves the model by adjusting missing data. Findings of this study justifies that systematic risk can explain the portfolios' returns of China SSE stock market. [ABSTRACT FROM AUTHOR]

The concept of tabarru' that is incorporated in family takaful serves to eliminate the element of uncertainty in the contract as a participant agree to relinquish as donation certain portion of his contribution. The most important feature in family takaful is that it does not guarantee a definite return on a participant's contribution, unlike its conventional counterpart where a premium is paid in return for a guaranteed amount of insurance benefit. In other words, investment return on contributed funds by the participants are based on actual investment experience. The objective of this study is to set up a framework for the determination of tabarru' rate by simulation. The model is based on binomial death process. Specifically, linear tabarru' rate and flat tabarru' rate are introduced. The results of the simulation trials show that the linear assumption on the tabarru' rate has an advantage over the flat counterpart as far as the risk of the investment accumulation on maturity is concerned. [ABSTRACT FROM AUTHOR]

This paper is focusing on seeing the resilient of precious metals returns in facing the global financial crisis and provides a new guide for the investors before making investment decisions on precious metals. Four types of precious metals returns which are the variables selected in this study. The precious metals are gold, silver, bronze and platinum. All the variables are transferred to natural logarithm (ln). Daily data over the period 2 January 1995 to 30 December 2011 is used. Unit root tests that involve Augmented Dickey-Fuller (ADF) and Kwiatkowski-Phillips-Schmidt-Shin (KPSS) tests have been employed in determining the stationarity of the variables. Autoregressive Conditional Heteroscedasticity (ARCH) and Generalized Autoregressive Conditional Heteroscedasticity (GARCH) methods have been applied in measuring the impact of global financial crisis on precious metals returns. The result shows that investing in platinum is less risky compared to the other precious metals because it is not influence by the crisis period. [ABSTRACT FROM AUTHOR]

The goal of the research is to apply the methods of Portfolio Theory to a set of technologies instead of to a set of securities on a stock market (as it is the case in the original model). Assets on the stock market are objects that have risk and return, parameters that depend on uncertain factors and thus are uncertain. The returns from the use of technologies also depend on uncertain factors and thus each technology has a certain amount of risk. The simultaneous use of technologies could diversify the risks that are associated with technologies just the same way as diversification works on the stock market. [ABSTRACT FROM AUTHOR]

A developed discipline of econophysics that has been introduced is exhibiting the application of mathematical tools that are usually applied to the physical models for the study of financial models. In this study, an analysis of the time series behavior of several blue chip and penny stock companies in Main Market of Bursa Malaysia has been performed. Generally, the basic quantity being used is the relative price changes or is called the stock price returns, contains daily-sampled data from the beginning of 2003 until the end of 2008, containing 1555 trading days recorded. The aim of this paper is to investigate the tail exponent in tails of the distribution for blue chip stocks and penny stocks financial returns in six years period. By using a standard regression method, it is found that the distribution performed double scaling on the log-log plot of the cumulative probability of the normalized returns. Thus we calculate α for a small scale return as well as large scale return. Based on the result obtained, it is found that the power-law behavior for the probability density functions of the stock price absolute returns P(z)∼z-α with values lying inside and outside the Lévy stable regime with values α>2. All the results were discussed in detail. [ABSTRACT FROM AUTHOR]

The problem under question in this paper which is faced by broadcasting companies is how to benefit from a limited advertising space. This problem is due to the stochastic behavior of customers (advertiser) in different fare classes. To address this issue we propose a mathematical constrained nonlinear multi period model which incorporates cancellation and overbooking. The objective function is to maximize the total expected revenue and our numerical method performs it by determining the sales limits for each class of customer to present the revenue management control policy. Scheduling the advertising spots in breaks is another area of concern and we consider it as a constraint in our model. In this paper an algorithm based on Scatter search is developed to acquire a good feasible solution. This method uses simulation over customer arrival and in a continuous finite time horizon [0, T]. Several sensitivity analyses are conducted in computational result for depicting the effectiveness of proposed method. It also provides insight into better results of considering revenue management (control policy) compared to “no sales limit” policy in which sooner demand will served first. [ABSTRACT FROM AUTHOR]

Aspects of Keno modelling throughout the Australian states of Queensland, New South Wales and Victoria are discussed: the trivial Heads or Tails and the more interesting Keno Bonus, which leads to consideration of the subset sum problem. The most intricate structure is where Heads or Tails and Keno Bonus are combined, and here, the issue of independence arises. Closed expressions for expected return to player are presented in each case. [ABSTRACT FROM AUTHOR]

Recent statistical analysis of a number of financial databases is summarized. Increasing agreement is found that logarithmic equity returns show a certain type of asymptotic behaviour of the largest events, namely that the probability density functions have power law tails with an exponent α ≈ 3.0. This behaviour does not vary much over different stock exchanges or over time, despite large variations in trading environments. The present paper proposes a class of multivariate distributions which generalizes the observed qualities of univariate time series. A new consequence of the proposed class is the “spectral measure” which completely characterizes the multivariate dependences of the extreme tails of the distribution. This measure on the unit sphere in M-dimensions, in principle completely general, can be determined empirically by looking at extreme events. If it can be observed and determined, it will prove to be of importance for scenario generation in portfolio risk management. [ABSTRACT FROM AUTHOR]

This paper reviews some of the phenomenological models which have been introduced to incorporate the scaling properties of financial data. It also illustrates a microscopic model, based on heterogeneous interacting agents, which provides a possible explanation for the complex dynamics of market returns. Scaling and multiscaling analysis performed on simulated data is in good quantitative agreement with empirical results. [ABSTRACT FROM AUTHOR]

Independent market studies related to Low Earth Orbit (LEO) commercialization have identified three near term markets that have return-on-investment potential. These markets are: (1) Entertainment (2) Education (3) Advertising/sponsorship. Commercial activity is presently underway focusing on these areas. A private company is working with the Russians on a commercial module attached to the ISS that will involve entertainment and probably the other two activities as well. A separate corporation has been established to commercialize the Russian Mir Space Station with entertainment and promotional advertising as important revenue sources. A new startup company has signed an agreement with NASA for commercial media activity on the Intemational Space Station (ISS). Profit making education programs are being developed by a private firm to allow students to play the role of an astronaut and work closely with space scientists and astronauts. It is expected that the success of these efforts on the ISS program will extend to exploration missions beyond LEO. The objective of this paper is to extrapolate some of the LEO commercialization experiences to see what might be expected in space exploration missions to Mars, the Moon and beyond. [ABSTRACT FROM AUTHOR]

Risk management is very important in portfolio optimization. The mean-variance model has been used in portfolio optimization to minimize the investment risk. The objective of the mean-variance model is to minimize the portfolio risk and achieve the target rate of return. Variance is used as risk measure in the mean-variance model. The purpose of this study is to compare the portfolio composition as well as performance between the optimal portfolio of mean-variance model and equally weighted portfolio. Equally weighted portfolio means the proportions that are invested in each asset are equal. The results show that the portfolio composition of the mean-variance optimal portfolio and equally weighted portfolio are different. Besides that, the mean-variance optimal portfolio gives better performance because it gives higher performance ratio than the equally weighted portfolio. [ABSTRACT FROM AUTHOR]