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investment strategy</title> <meta name="description" content="Search results for: Optimal investment strategy"> <meta name="keywords" content="Optimal investment strategy"> <meta name="viewport" content="width=device-width, initial-scale=1, minimum-scale=1, maximum-scale=1, user-scalable=no"> <meta charset="utf-8"> <link href="https://cdn.waset.org/favicon.ico" type="image/x-icon" rel="shortcut icon"> <link href="https://cdn.waset.org/static/plugins/bootstrap-4.2.1/css/bootstrap.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/plugins/fontawesome/css/all.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/css/site.css?v=150220211555" rel="stylesheet"> </head> <body> <header> <div class="container"> <nav class="navbar navbar-expand-lg navbar-light"> <a class="navbar-brand" href="https://waset.org"> <img src="https://cdn.waset.org/static/images/wasetc.png" alt="Open Science Research Excellence" title="Open Science Research Excellence" /> </a> <button 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action="https://publications.waset.org/search"> <div id="custom-search-input"> <div class="input-group"> <i class="fas fa-search"></i> <input type="text" class="search-query" name="q" placeholder="Author, Title, Abstract, Keywords" value="Optimal investment strategy"> <input type="submit" class="btn_search" value="Search"> </div> </div> </form> </div> </div> <div class="row mt-3"> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Commenced</strong> in January 2007</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Frequency:</strong> Monthly</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Edition:</strong> International</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Paper Count:</strong> 2871</div> </div> </div> </div> <h1 class="mt-3 mb-3 text-center" style="font-size:1.6rem;">Search results for: Optimal investment strategy</h1> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2871</span> Optimal Portfolio Selection in a DC Pension with Multiple Contributors and the Impact of Stochastic Additional Voluntary Contribution on the Optimal Investment Strategy</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Edikan%20E.%20Akpanibah">Edikan E. Akpanibah</a>, <a href="https://publications.waset.org/search?q=Okwigbedi%20Oghen%E2%80%99Oro"> Okwigbedi Oghen’Oro</a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>In this paper, we studied the optimal portfolio selection in a defined contribution (DC) pension scheme with multiple contributors under constant elasticity of variance (CEV) model and the impact of stochastic additional voluntary contribution on the investment strategies. We assume that the voluntary contributions are stochastic and also consider investments in a risk free asset and a risky asset to increase the expected returns of the contributing members. We derived a stochastic differential equation which consists of the members’ monthly contributions and the invested fund and obtained an optimized problem with the help of Hamilton Jacobi Bellman equation. Furthermore, we find an explicit solution for the optimal investment strategy with stochastic voluntary contribution using power transformation and change of variables method and the corresponding optimal fund size was obtained. We discussed the impact of the voluntary contribution on the optimal investment strategy with numerical simulations and observed that the voluntary contribution reduces the optimal investment strategy of the risky asset.</p> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=DC%20pension%20fund" title="DC pension fund">DC pension fund</a>, <a href="https://publications.waset.org/search?q=Hamilton-Jacobi-Bellman" title=" Hamilton-Jacobi-Bellman"> Hamilton-Jacobi-Bellman</a>, <a href="https://publications.waset.org/search?q=optimal%20investment%20strategies" title=" optimal investment strategies"> optimal investment strategies</a>, <a href="https://publications.waset.org/search?q=power%20transformation%20method" title=" power transformation method"> power transformation method</a>, <a href="https://publications.waset.org/search?q=stochastic" title=" stochastic"> stochastic</a>, <a href="https://publications.waset.org/search?q=voluntary%20contribution." title=" voluntary contribution. "> voluntary contribution. </a> </p> <a href="https://publications.waset.org/10008892/optimal-portfolio-selection-in-a-dc-pension-with-multiple-contributors-and-the-impact-of-stochastic-additional-voluntary-contribution-on-the-optimal-investment-strategy" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/10008892/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/10008892/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/10008892/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/10008892/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/10008892/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/10008892/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/10008892/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/10008892/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/10008892/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/10008892/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/10008892.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">832</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2870</span> An Insurer’s Investment Model with Reinsurance Strategy under the Modified Constant Elasticity of Variance Process</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=K.%20N.%20C.%20Njoku">K. N. C. Njoku</a>, <a href="https://publications.waset.org/search?q=Chinwendu%20Best%20Eleje"> Chinwendu Best Eleje</a>, <a href="https://publications.waset.org/search?q=Christian%20Chukwuemeka%20Nwandu"> Christian Chukwuemeka Nwandu</a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>One of the problems facing most insurance companies is how best the burden of paying claims to its policy holders can be managed whenever need arises. Hence there is need for the insurer to buy a reinsurance contract in order to reduce risk which will enable the insurer to share the financial burden with the reinsurer. In this paper, the insurer’s and reinsurer’s strategy is investigated under the modified constant elasticity of variance (M-CEV) process and proportional administrative charges. The insurer considered investment in one risky asset and one risk free asset where the risky asset is modeled based on the M-CEV process which is an extension of constant elasticity of variance (CEV) process. Next, a nonlinear partial differential equation in the form of Hamilton Jacobi Bellman equation is obtained by dynamic programming approach. Using power transformation technique and variable change, the explicit solutions of the optimal investment strategy and optimal reinsurance strategy are obtained. Finally, some numerical simulations of some sensitive parameters were obtained and discussed in details where we observed that the modification factor only affects the optimal investment strategy and not the reinsurance strategy for an insurer with exponential utility function.</p> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Reinsurance%20strategy" title="Reinsurance strategy">Reinsurance strategy</a>, <a href="https://publications.waset.org/search?q=Hamilton%20Jacobi%20Bellman%20equation" title=" Hamilton Jacobi Bellman equation"> Hamilton Jacobi Bellman equation</a>, <a href="https://publications.waset.org/search?q=power%20transformation" title=" power transformation"> power transformation</a>, <a href="https://publications.waset.org/search?q=M-CEV%20process" title=" M-CEV process"> M-CEV process</a>, <a href="https://publications.waset.org/search?q=exponential%20utility." title=" exponential utility."> exponential utility.</a> </p> <a href="https://publications.waset.org/10012864/an-insurers-investment-model-with-reinsurance-strategy-under-the-modified-constant-elasticity-of-variance-process" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/10012864/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/10012864/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/10012864/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/10012864/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/10012864/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/10012864/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/10012864/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/10012864/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/10012864/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/10012864/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/10012864.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">329</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2869</span> The Effects of Misspecification of Stochastic Processes on Investment Appraisal</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=George%20Yungchih%20Wang">George Yungchih Wang</a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>For decades financial economists have been attempted to determine the optimal investment policy by recognizing the option value embedded in irreversible investment whose project value evolves as a geometric Brownian motion (GBM). This paper aims to examine the effects of the optimal investment trigger and of the misspecification of stochastic processes on investment in real options applications. Specifically, the former explores the consequence of adopting optimal investment rules on the distributions of corporate value under the correct assumption of stochastic process while the latter analyzes the influence on the distributions of corporate value as a result of the misspecification of stochastic processes, i.e., mistaking an alternative process as a GBM. It is found that adopting the correct optimal investment policy may increase corporate value by shifting the value distribution rightward, and the misspecification effect may decrease corporate value by shifting the value distribution leftward. The adoption of the optimal investment trigger has a major impact on investment to such an extent that the downside risk of investment is truncated at the project value of zero, thereby moving the value distributions rightward. The analytical framework is also extended to situations where collection lags are in place, and the result indicates that collection lags reduce the effects of investment trigger and misspecification on investment in an opposite way.</p> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=GBM" title="GBM">GBM</a>, <a href="https://publications.waset.org/search?q=real%20options" title=" real options"> real options</a>, <a href="https://publications.waset.org/search?q=investment%20trigger" title=" investment trigger"> investment trigger</a>, <a href="https://publications.waset.org/search?q=misspecification" title="misspecification">misspecification</a>, <a href="https://publications.waset.org/search?q=collection%20lags" title=" collection lags"> collection lags</a> </p> <a href="https://publications.waset.org/1924/the-effects-of-misspecification-of-stochastic-processes-on-investment-appraisal" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/1924/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/1924/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/1924/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/1924/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/1924/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/1924/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/1924/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/1924/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/1924/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/1924/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/1924.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">1513</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2868</span> Application of Legendre Transformation to Portfolio Optimization</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Peter%20Benneth">Peter Benneth</a>, <a href="https://publications.waset.org/search?q=Tsaroh%20N.%20Theophilus"> Tsaroh N. Theophilus</a>, <a href="https://publications.waset.org/search?q=Prince%20Benjamin"> Prince Benjamin</a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>This research work aims at studying the application of Legendre Transformation Method (LTM) to Hamilton Jacobi Bellman (HJB) equation which is an example of optimal control problem. We discuss the steps involved in modelling the HJB equation as it relates to mathematical finance by applying the Ito’s lemma and maximum principle theorem. By applying the LTM and dual theory, the resultant HJB equation is transformed to a linear Partial Differential Equation (PDE). Also, the Optimal Investment Strategy (OIS) and the optimal value function were obtained under the exponential utility function. Furthermore, some numerical results were also presented with observations that the OIS under exponential utility is directly proportional to the appreciation rate of the risky asset and inversely proportional to the instantaneous volatility, predetermined interest rate, risk averse coefficient. Finally, it was observed that the optimal fund size is an increasing function of the risk free interest rate. This result is consistent with some existing results.</p> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Legendre%20transformation%20method" title="Legendre transformation method">Legendre transformation method</a>, <a href="https://publications.waset.org/search?q=Optimal%20investment%20strategy" title=" Optimal investment strategy"> Optimal investment strategy</a>, <a href="https://publications.waset.org/search?q=Ito%E2%80%99s%20lemma" title=" Ito’s lemma"> Ito’s lemma</a>, <a href="https://publications.waset.org/search?q=Hamilton%20Jacobi%20Bellman%20equation" title=" Hamilton Jacobi Bellman equation"> Hamilton Jacobi Bellman equation</a>, <a href="https://publications.waset.org/search?q=Geometric%20Brownian%20motion" title=" Geometric Brownian motion"> Geometric Brownian motion</a>, <a href="https://publications.waset.org/search?q=financial%20market." title=" financial market."> financial market.</a> </p> <a href="https://publications.waset.org/10013803/application-of-legendre-transformation-to-portfolio-optimization" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/10013803/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/10013803/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/10013803/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/10013803/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/10013803/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/10013803/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/10013803/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/10013803/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/10013803/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/10013803/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/10013803.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">67</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2867</span> Mean-Variance Optimization of Portfolios with Return of Premium Clauses in a DC Pension Plan with Multiple Contributors under Constant Elasticity of Variance Model</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Bright%20O.%20Osu">Bright O. Osu</a>, <a href="https://publications.waset.org/search?q=Edikan%20E.%20Akpanibah"> Edikan E. Akpanibah</a>, <a href="https://publications.waset.org/search?q=Chidinma%20Olunkwa"> Chidinma Olunkwa</a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>In this paper, mean-variance optimization of portfolios with the return of premium clauses in a defined contribution (DC) pension plan with multiple contributors under constant elasticity of variance (CEV) model is studied. The return clauses which permit death members to claim their accumulated wealth are considered, the remaining wealth is not equally distributed by the remaining members as in literature. We assume that before investment, the surplus which includes funds of members who died after retirement adds to the total wealth. Next, we consider investments in a risk-free asset and a risky asset to meet up the expected returns of the remaining members and obtain an optimized problem with the help of extended Hamilton Jacobi Bellman equation. We obtained the optimal investment strategies for the two assets and the efficient frontier of the members by using a stochastic optimal control technique. Furthermore, we studied the effect of the various parameters of the optimal investment strategies and the effect of the risk-averse level on the efficient frontier. We observed that the optimal investment strategy is the same as in literature, secondly, we observed that the surplus decreases the proportion of the wealth invested in the risky asset.</p> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=DC%20pension%20fund" title="DC pension fund">DC pension fund</a>, <a href="https://publications.waset.org/search?q=Hamilton%20Jacobi%20Bellman%20equation" title=" Hamilton Jacobi Bellman equation"> Hamilton Jacobi Bellman equation</a>, <a href="https://publications.waset.org/search?q=optimal%20investment%20strategies" title=" optimal investment strategies"> optimal investment strategies</a>, <a href="https://publications.waset.org/search?q=stochastic%20optimal%20control%20technique" title=" stochastic optimal control technique"> stochastic optimal control technique</a>, <a href="https://publications.waset.org/search?q=return%20of%20premiums%20clauses" title=" return of premiums clauses"> return of premiums clauses</a>, <a href="https://publications.waset.org/search?q=mean-variance%20utility." title=" mean-variance utility."> mean-variance utility.</a> </p> <a href="https://publications.waset.org/10009086/mean-variance-optimization-of-portfolios-with-return-of-premium-clauses-in-a-dc-pension-plan-with-multiple-contributors-under-constant-elasticity-of-variance-model" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/10009086/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/10009086/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/10009086/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/10009086/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/10009086/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/10009086/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/10009086/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/10009086/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/10009086/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/10009086/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/10009086.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">775</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2866</span> Pension Plan Member’s Investment Strategies with Transaction Cost and Couple Risky Assets Modelled by the O-U Process</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Udeme%20O.%20Ini">Udeme O. Ini</a>, <a href="https://publications.waset.org/search?q=Edikan%20E.%20Akpanibah"> Edikan E. Akpanibah</a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>This paper studies the optimal investment strategies for a plan member (PM) in a defined contribution (DC) pension scheme with transaction cost, taxes on invested funds and couple risky assets (stocks) under the Ornstein-Uhlenbeck (O-U) process. The PM’s portfolio is assumed to consist of a risk-free asset and two risky assets where the two risky assets are driven by the O-U process. The Legendre transformation and dual theory is use to transform the resultant optimal control problem which is a nonlinear partial differential equation (PDE) into linear PDE and the resultant linear PDE is then solved for the explicit solutions of the optimal investment strategies for PM exhibiting constant absolute risk aversion (CARA) using change of variable technique. Furthermore, theoretical analysis is used to study the influences of some sensitive parameters on the optimal investment strategies with observations that the optimal investment strategies for the two risky assets increase with increase in the dividend and decreases with increase in tax on the invested funds, risk averse coefficient, initial fund size and the transaction cost.</p> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Ornstein-Uhlenbeck%20process" title="Ornstein-Uhlenbeck process">Ornstein-Uhlenbeck process</a>, <a href="https://publications.waset.org/search?q=portfolio%20management" title=" portfolio management"> portfolio management</a>, <a href="https://publications.waset.org/search?q=Legendre%20transforms" title=" Legendre transforms"> Legendre transforms</a>, <a href="https://publications.waset.org/search?q=CARA%20utility." title=" CARA utility."> CARA utility.</a> </p> <a href="https://publications.waset.org/10011990/pension-plan-members-investment-strategies-with-transaction-cost-and-couple-risky-assets-modelled-by-the-o-u-process" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/10011990/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/10011990/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/10011990/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/10011990/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/10011990/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/10011990/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/10011990/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/10011990/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/10011990/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/10011990/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/10011990.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">477</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2865</span> An Efficient Approach for Optimal Placement of TCSC in Double Auction Power Market</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Prashant%20Kumar%20Tiwari">Prashant Kumar Tiwari</a>, <a href="https://publications.waset.org/search?q=Yog%20Raj%20Sood"> Yog Raj Sood</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper proposes an investment cost recovery based efficient and fast sequential optimization approach to optimal allocation of thyristor controlled series compensator (TCSC) in competitive power market. The optimization technique has been used with an objective to maximizing the social welfare and minimizing the device installation cost by suitable location and rating of TCSC in the system. The effectiveness of proposed approach for location of TCSC has been compared with some existing methods of TCSC placement, in terms of its impact on social welfare, TCSC investment recovery and optimal generation as well as load patterns. The results have been obtained on modified IEEE 14-bus system. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Double%20auction%20market" title="Double auction market">Double auction market</a>, <a href="https://publications.waset.org/search?q=Investment%20cost%20recovery" title=" Investment cost recovery"> Investment cost recovery</a>, <a href="https://publications.waset.org/search?q=Optimal%20location" title=" Optimal location"> Optimal location</a>, <a href="https://publications.waset.org/search?q=Social%20welfare" title=" Social welfare"> Social welfare</a>, <a href="https://publications.waset.org/search?q=TCSC" title=" TCSC"> TCSC</a> </p> <a href="https://publications.waset.org/4143/an-efficient-approach-for-optimal-placement-of-tcsc-in-double-auction-power-market" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/4143/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/4143/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/4143/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/4143/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/4143/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/4143/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/4143/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/4143/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/4143/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/4143/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/4143.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">2254</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2864</span> Transmission Expansion Planning Considering Network Adequacy and Investment Cost Limitation using Genetic Algorithm</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=M.%20Mahdavi">M. Mahdavi</a>, <a href="https://publications.waset.org/search?q=E.%20Mahdavi"> E. Mahdavi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>In this research, STNEP is being studied considering network adequacy and limitation of investment cost by decimal codification genetic algorithm (DCGA). The goal is obtaining the maximum of network adequacy with lowest expansion cost for a specific investment. Finally, the proposed idea is applied to the Garvers 6-bus network. The results show that considering the network adequacy for solution of STNEP problem is caused that among of expansion plans for a determined investment, configuration which has relatively lower expansion cost and higher adequacy is proposed by GA based method. Finally, with respect to the curve of adequacy versus expansion cost it can be said that more optimal configurations for expansion of network are obtained with lower investment costs.</p> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=TNEP" title="TNEP">TNEP</a>, <a href="https://publications.waset.org/search?q=Network%20Adequacy" title=" Network Adequacy"> Network Adequacy</a>, <a href="https://publications.waset.org/search?q=Investment%20Cost" title=" Investment Cost"> Investment Cost</a>, <a href="https://publications.waset.org/search?q=GA" title=" GA"> GA</a> </p> <a href="https://publications.waset.org/15964/transmission-expansion-planning-considering-network-adequacy-and-investment-cost-limitation-using-genetic-algorithm" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/15964/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/15964/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/15964/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/15964/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/15964/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/15964/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/15964/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/15964/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/15964/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/15964/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/15964.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">1515</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2863</span> Modelling an Investment Portfolio with Mandatory and Voluntary Contributions under M-CEV Model</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Amadi%20Ugwulo%20Chinyere">Amadi Ugwulo Chinyere</a>, <a href="https://publications.waset.org/search?q=Lewis%20D.%20Gbarayorks"> Lewis D. Gbarayorks</a>, <a href="https://publications.waset.org/search?q=Emem%20N.%20H.%20Inamete"> Emem N. H. Inamete</a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>In this paper, the mandatory contribution, additional voluntary contribution (AVC) and administrative charges are merged together to determine the optimal investment strategy (OIS) for a pension plan member (PPM) in a defined contribution (DC) pension scheme under the modified constant elasticity of variance (M-CEV) model. We assume that the voluntary contribution is a stochastic process and a portfolio consisting of one risk free asset and one risky asset modeled by the M-CEV model is considered. Also, a stochastic differential equation consisting of PPM’s monthly contributions, voluntary contributions and administrative charges is obtained. More so, an optimization problem in the form of Hamilton Jacobi Bellman equation which is a nonlinear partial differential equation is obtained. Using power transformation and change of variables method, an explicit solution of the OIS and the value function are obtained under constant absolute risk averse (CARA). Furthermore, numerical simulations on the impact of some sensitive parameters on OIS were discussed extensively. Finally, our result generalizes some existing result in the literature.</p> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=DC%20pension%20fund" title="DC pension fund">DC pension fund</a>, <a href="https://publications.waset.org/search?q=modified%20constant%20elasticity%20of%20variance" title=" modified constant elasticity of variance"> modified constant elasticity of variance</a>, <a href="https://publications.waset.org/search?q=optimal%20investment%20strategies" title=" optimal investment strategies"> optimal investment strategies</a>, <a href="https://publications.waset.org/search?q=voluntary%20contribution" title=" voluntary contribution"> voluntary contribution</a>, <a href="https://publications.waset.org/search?q=administrative%20charges." title=" administrative charges."> administrative charges.</a> </p> <a href="https://publications.waset.org/10012839/modelling-an-investment-portfolio-with-mandatory-and-voluntary-contributions-under-m-cev-model" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/10012839/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/10012839/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/10012839/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/10012839/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/10012839/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/10012839/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/10012839/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/10012839/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/10012839/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/10012839/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/10012839.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">373</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2862</span> Optimal Management of Internal Capital of Company</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=S.%20Sadallah">S. Sadallah</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In this paper, dynamic programming is used to determine the optimal management of financial resources in company. Solution of the problem by consider into simpler substructures is constructed. The optimal management of internal capital of company are simulated. The tools applied in this development are based on graph theory. The software of given problems is built by using greedy algorithm. The obtained model and program maintenance enable us to define the optimal version of management of proper financial flows by using visual diagram on each level of investment. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Management" title="Management">Management</a>, <a href="https://publications.waset.org/search?q=software" title=" software"> software</a>, <a href="https://publications.waset.org/search?q=optimal" title=" optimal"> optimal</a>, <a href="https://publications.waset.org/search?q=greedy%20algorithm" title=" greedy algorithm"> greedy algorithm</a>, <a href="https://publications.waset.org/search?q=graph-diagram." title=" graph-diagram."> graph-diagram.</a> </p> <a href="https://publications.waset.org/10005386/optimal-management-of-internal-capital-of-company" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/10005386/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/10005386/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/10005386/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/10005386/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/10005386/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/10005386/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/10005386/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/10005386/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/10005386/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/10005386/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/10005386.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">1104</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2861</span> Dynamic Correlations and Portfolio Optimization between Islamic and Conventional Equity Indexes: A Vine Copula-Based Approach</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Imen%20Dhaou">Imen Dhaou</a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>This study examines conditional Value at Risk by applying the GJR-EVT-Copula model, and finds the optimal portfolio for eight Dow Jones Islamic-conventional pairs. Our methodology consists of modeling the data by a bivariate GJR-GARCH model in which we extract the filtered residuals and then apply the Peak over threshold model (POT) to fit the residual tails in order to model marginal distributions. After that, we use pair-copula to find the optimal portfolio risk dependence structure. Finally, with Monte Carlo simulations, we estimate the Value at Risk (VaR) and the conditional Value at Risk (CVaR). The empirical results show the VaR and CVaR values for an equally weighted portfolio of Dow Jones Islamic-conventional pairs. In sum, we found that the optimal investment focuses on Islamic-conventional US Market index pairs because of high investment proportion; however, all other index pairs have low investment proportion. These results deliver some real repercussions for portfolio managers and policymakers concerning to optimal asset allocations, portfolio risk management and the diversification advantages of these markets.</p> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=CVaR" title="CVaR">CVaR</a>, <a href="https://publications.waset.org/search?q=Dow%20Jones%20Islamic%20index" title=" Dow Jones Islamic index"> Dow Jones Islamic index</a>, <a href="https://publications.waset.org/search?q=GJR-GARCH-EVT-pair%20copula" title=" GJR-GARCH-EVT-pair copula"> GJR-GARCH-EVT-pair copula</a>, <a href="https://publications.waset.org/search?q=portfolio%20optimization." title=" portfolio optimization."> portfolio optimization.</a> </p> <a href="https://publications.waset.org/10008755/dynamic-correlations-and-portfolio-optimization-between-islamic-and-conventional-equity-indexes-a-vine-copula-based-approach" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/10008755/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/10008755/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/10008755/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/10008755/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/10008755/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/10008755/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/10008755/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/10008755/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/10008755/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/10008755/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/10008755.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">996</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2860</span> Analysis of Investment in Knowledge inside OECD Countries </h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=JunSeok%20Hwang">JunSeok Hwang</a>, <a href="https://publications.waset.org/search?q=Mohsen%20Gerami"> Mohsen Gerami</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Knowledge is the foundation for growth and development. Investment in knowledge improves new method for originate knowledge society and knowledge economy. Investment in knowledge embraces expenditure on education and R&D and software. Measuring of investment in knowledge is characteristically complicated. We examine the influence of investment in knowledge in multifactor productivity growth and numbers of patent. We analyze the annual growth of investment in knowledge and we estimate portion of each country intended for produce total investment in knowledge on the whole OECD. We determine the relative efficiency of average patent numbers with average investment in knowledge and we compare GDP growth rates and growth of knowledge investment. The main purpose in this paper is to study to evaluate different aspect, influence and output of investment in knowledge in OECD countries. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Knowledge" title="Knowledge">Knowledge</a>, <a href="https://publications.waset.org/search?q=GDP" title=" GDP"> GDP</a>, <a href="https://publications.waset.org/search?q=Multifactor%20productivity" title=" Multifactor productivity"> Multifactor productivity</a>, <a href="https://publications.waset.org/search?q=Investment" title="Investment">Investment</a>, <a href="https://publications.waset.org/search?q=efficiency." title=" efficiency."> efficiency.</a> </p> <a href="https://publications.waset.org/12839/analysis-of-investment-in-knowledge-inside-oecd-countries" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/12839/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/12839/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/12839/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/12839/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/12839/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/12839/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/12839/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/12839/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/12839/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/12839/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/12839.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">1674</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2859</span> The Application of Real Options to Capital Budgeting</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=George%20Yungchih%20Wang">George Yungchih Wang</a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>Real options theory suggests that managerial flexibility embedded within irreversible investments can account for a significant value in project valuation. Although the argument has become the dominant focus of capital investment theory over decades, yet recent survey literature in capital budgeting indicates that corporate practitioners still do not explicitly apply real options in investment decisions. In this paper, we explore how real options decision criteria can be transformed into equivalent capital budgeting criteria under the consideration of uncertainty, assuming that underlying stochastic process follows a geometric Brownian motion (GBM), a mixed diffusion-jump (MX), or a mean-reverting process (MR). These equivalent valuation techniques can be readily decomposed into conventional investment rules and “option impacts", the latter of which describe the impacts on optimal investment rules with the option value considered. Based on numerical analysis and Monte Carlo simulation, three major findings are derived. First, it is shown that real options could be successfully integrated into the mindset of conventional capital budgeting. Second, the inclusion of option impacts tends to delay investment. It is indicated that the delay effect is the most significant under a GBM process and the least significant under a MR process. Third, it is optimal to adopt the new capital budgeting criteria in investment decision-making and adopting a suboptimal investment rule without considering real options could lead to a substantial loss in value.</p> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=real%20options" title="real options">real options</a>, <a href="https://publications.waset.org/search?q=capital%20budgeting" title=" capital budgeting"> capital budgeting</a>, <a href="https://publications.waset.org/search?q=geometric%20Brownianmotion" title=" geometric Brownianmotion"> geometric Brownianmotion</a>, <a href="https://publications.waset.org/search?q=mixed%20diffusion-jump" title=" mixed diffusion-jump"> mixed diffusion-jump</a>, <a href="https://publications.waset.org/search?q=mean-reverting%20process" title=" mean-reverting process"> mean-reverting process</a> </p> <a href="https://publications.waset.org/3252/the-application-of-real-options-to-capital-budgeting" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/3252/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/3252/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/3252/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/3252/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/3252/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/3252/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/3252/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/3252/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/3252/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/3252/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/3252.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">2770</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2858</span> A Framework of Monte Carlo Simulation for Examining the Uncertainty-Investment Relationship</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=George%20Yungchih%20Wang">George Yungchih Wang</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper argues that increased uncertainty, in certain situations, may actually encourage investment. Since earlier studies mostly base their arguments on the assumption of geometric Brownian motion, the study extends the assumption to alternative stochastic processes, such as mixed diffusion-jump, mean-reverting process, and jump amplitude process. A general approach of Monte Carlo simulation is developed to derive optimal investment trigger for the situation that the closed-form solution could not be readily obtained under the assumption of alternative process. The main finding is that the overall effect of uncertainty on investment is interpreted by the probability of investing, and the relationship appears to be an invested U-shaped curve between uncertainty and investment. The implication is that uncertainty does not always discourage investment even under several sources of uncertainty. Furthermore, high-risk projects are not always dominated by low-risk projects because the high-risk projects may have a positive realization effect on encouraging investment. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=real%20options" title="real options">real options</a>, <a href="https://publications.waset.org/search?q=geometric%20Brownian%20motion" title=" geometric Brownian motion"> geometric Brownian motion</a>, <a href="https://publications.waset.org/search?q=mixeddiffusion-jump%20process" title=" mixeddiffusion-jump process"> mixeddiffusion-jump process</a>, <a href="https://publications.waset.org/search?q=mean-%20reverting%20process" title=" mean- reverting process"> mean- reverting process</a>, <a href="https://publications.waset.org/search?q=jump%20amplitudeprocess" title=" jump amplitudeprocess"> jump amplitudeprocess</a> </p> <a href="https://publications.waset.org/6293/a-framework-of-monte-carlo-simulation-for-examining-the-uncertainty-investment-relationship" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/6293/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/6293/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/6293/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/6293/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/6293/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/6293/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/6293/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/6293/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/6293/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/6293/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/6293.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">1546</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2857</span> Migration Aspect in the Realization of the Chinese “Going Out Policy” Strategy</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Nazira%20B.%20Boldurukova">Nazira B. Boldurukova</a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>The article examines the potential of the Chinese diaspora abroad. Investigate the influence of the highest in the People's Republic of foreign economic strategy of "Going to the outside" on the investment activity of Chinese enterprises abroad, the export of labor.</p> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=China" title="China">China</a>, <a href="https://publications.waset.org/search?q=migrants" title=" migrants"> migrants</a>, <a href="https://publications.waset.org/search?q=reform" title=" reform"> reform</a>, <a href="https://publications.waset.org/search?q=economic%20strategy" title=" economic strategy"> economic strategy</a>, <a href="https://publications.waset.org/search?q=migration%20policy" title=" migration policy"> migration policy</a>, <a href="https://publications.waset.org/search?q=huaqiao." title=" huaqiao."> huaqiao.</a> </p> <a href="https://publications.waset.org/9997470/migration-aspect-in-the-realization-of-the-chinese-going-out-policy-strategy" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/9997470/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/9997470/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/9997470/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/9997470/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/9997470/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/9997470/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/9997470/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/9997470/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/9997470/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/9997470/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/9997470.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">1762</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2856</span> ESS Control Strategy for Primary Frequency Response in Microgrid Considering Ramp Rate</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Ho-Jun%20Jo">Ho-Jun Jo</a>, <a href="https://publications.waset.org/search?q=Wook-Won%20Kim"> Wook-Won Kim</a>, <a href="https://publications.waset.org/search?q=Yong-Sung%20Kim"> Yong-Sung Kim</a>, <a href="https://publications.waset.org/search?q=Jin-O%20Kim"> Jin-O Kim</a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>The application of ESS (Energy Storage Systems) in the future grids has been the solution of the microgrid. However, high investment costs necessitate accurate modeling and control strategy of ESS to justify its economic viability and further underutilization. Therefore, the reasonable control strategy for ESS which is subjected to generator and usage helps to curtail the cost of investment and operation costs. The rated frequency in power system is decreased when the load is increasing unexpectedly; hence the thermal power is operated at the capacity of only its 95% for the Governor Free (GF) to adjust the frequency as reserve (5%) in practice. The ESS can be utilized with governor at the same time for the frequency response due to characteristic of its fast response speed and moreover, the cost of ESS is declined rapidly to the reasonable price. This paper presents the ESS control strategy to extend usage of the ESS taken account into governor’s ramp rate and reduce the governor’s intervention as well. All results in this paper are simulated by MATLAB.</p> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Micro%20grid" title="Micro grid">Micro grid</a>, <a href="https://publications.waset.org/search?q=energy%20storage%20systems" title=" energy storage systems"> energy storage systems</a>, <a href="https://publications.waset.org/search?q=ramp%20rate" title=" ramp rate"> ramp rate</a>, <a href="https://publications.waset.org/search?q=control%20strategy." title=" control strategy."> control strategy.</a> </p> <a href="https://publications.waset.org/10003013/ess-control-strategy-for-primary-frequency-response-in-microgrid-considering-ramp-rate" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/10003013/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/10003013/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/10003013/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/10003013/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/10003013/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/10003013/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/10003013/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/10003013/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/10003013/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/10003013/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/10003013.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">2470</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2855</span> Relationship between Financial Reporting Transparency and Investment Efficiency: Evidence from Iran</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Bita%20Mashayekhi">Bita Mashayekhi</a>, <a href="https://publications.waset.org/search?q=Hamid%20Kalhornia"> Hamid Kalhornia</a> </p> <p class="card-text"><strong>Abstract:</strong></p> One of the most important roles of financial reporting is improving the firms’ investment decisions; however, there is not much supporting evidence for this claim in emerging markets like Iran. In this study, the effect of financial reporting transparency in investment efficiency of Iranian firms has been investigated. In order to do this, 336 listed companies on Tehran Stock Exchange (TSE) has been selected for time period 2012 to 2015 as research sample. For testing our main hypothesis, we classified sample firms into two groups based on their deviation from expected investment: under-investment and over-investment cases. The results indicate that there is positive significant relationship between financial transparency and investment efficiency. In the other words, transparency can mitigate both underinvestment and overinvestment situations. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Corporate%20governance" title="Corporate governance">Corporate governance</a>, <a href="https://publications.waset.org/search?q=disclosure" title=" disclosure"> disclosure</a>, <a href="https://publications.waset.org/search?q=investment%20decisions" title=" investment decisions"> investment decisions</a>, <a href="https://publications.waset.org/search?q=investment%20efficiency" title=" investment efficiency"> investment efficiency</a>, <a href="https://publications.waset.org/search?q=transparency." title=" transparency."> transparency.</a> </p> <a href="https://publications.waset.org/10005000/relationship-between-financial-reporting-transparency-and-investment-efficiency-evidence-from-iran" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/10005000/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/10005000/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/10005000/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/10005000/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/10005000/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/10005000/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/10005000/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/10005000/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/10005000/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/10005000/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/10005000.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">1741</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2854</span> A Novel Adaptive Voltage Control Strategy for Boost Converter via Inverse LQ Servo-Control</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Sorawit%20Stapornchaisit">Sorawit Stapornchaisit</a>, <a href="https://publications.waset.org/search?q=Sidshchadhaa%20Aumted"> Sidshchadhaa Aumted</a>, <a href="https://publications.waset.org/search?q=Hiroshi%20Takami"> Hiroshi Takami</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In this paper, we propose a novel adaptive voltage control strategy for boost converter via Inverse LQ Servo-Control. Our presented strategy is based on an analytical formula of Inverse Linear Quadratic (ILQ) design method, which is not necessary to solve Riccati’s equation directly. The optimal and adaptive controller of the voltage control system is designed. The stability and the robust control are analyzed. Whereas, we can get the analytical solution for the optimal and robust voltage control is achieved through the natural angular velocity within a single parameter and we can change the responses easily via the ILQ control theory. Our method provides effective results as the stable responses and the response times are not drifted even if the condition is changed widely. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Boost%20converter" title="Boost converter">Boost converter</a>, <a href="https://publications.waset.org/search?q=optimal%20voltage%20control" title=" optimal voltage control"> optimal voltage control</a>, <a href="https://publications.waset.org/search?q=inverse%20LQ%20design%20method" title=" inverse LQ design method"> inverse LQ design method</a>, <a href="https://publications.waset.org/search?q=type-1%20servo-system" title=" type-1 servo-system"> type-1 servo-system</a>, <a href="https://publications.waset.org/search?q=adaptive%20control." title=" adaptive control."> adaptive control.</a> </p> <a href="https://publications.waset.org/4616/a-novel-adaptive-voltage-control-strategy-for-boost-converter-via-inverse-lq-servo-control" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/4616/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/4616/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/4616/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/4616/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/4616/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/4616/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/4616/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/4616/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/4616/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/4616/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/4616.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">1717</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2853</span> Differential Evolution Based Optimal Choice and Location of Facts Devices in Restructured Power System</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=K.%20Balamurugan">K. Balamurugan</a>, <a href="https://publications.waset.org/search?q=V.%20Dharmalingam"> V. Dharmalingam</a>, <a href="https://publications.waset.org/search?q=R.%20Muralisachithanandam"> R. Muralisachithanandam</a>, <a href="https://publications.waset.org/search?q=R.%20Sankaran"> R. Sankaran</a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>This paper deals with the optimal choice and location of FACTS devices in deregulated power systems using Differential Evolution algorithm. The main objective of this paper is to achieve the power system economic generation allocation and dispatch in deregulated electricity market. Using the proposed method, the locations of the FACTS devices, their types and ratings are optimized simultaneously. Different kinds of FACTS devices such as TCSC and SVC are simulated in this study. Furthermore, their investment costs are also considered. Simulation results validate the capability of this new approach in minimizing the overall system cost function, which includes the investment costs of the FACTS devices and the bid offers of the market participants. The proposed algorithm is an effective and practical method for the choice and location of suitable FACTS devices in deregulated electricity market.</p> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=FACTS%20Devices" title="FACTS Devices">FACTS Devices</a>, <a href="https://publications.waset.org/search?q=Deregulated%20Electricity%20Market" title=" Deregulated Electricity Market"> Deregulated Electricity Market</a>, <a href="https://publications.waset.org/search?q=Optimal%20Location" title=" Optimal Location"> Optimal Location</a>, <a href="https://publications.waset.org/search?q=Differential%20Evolution" title=" Differential Evolution"> Differential Evolution</a>, <a href="https://publications.waset.org/search?q=Mat%20Lab." title=" Mat Lab. "> Mat Lab. </a> </p> <a href="https://publications.waset.org/17220/differential-evolution-based-optimal-choice-and-location-of-facts-devices-in-restructured-power-system" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/17220/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/17220/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/17220/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/17220/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/17220/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/17220/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/17220/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/17220/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/17220/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/17220/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/17220.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">1989</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2852</span> Multi-Objective Optimization of Run-of-River Small-Hydropower Plants Considering Both Investment Cost and Annual Energy Generation</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Am%C3%A8d%C3%A9djihund%C3%A9%20H.%20J.%20Hounnou">Amèdédjihundé H. J. Hounnou</a>, <a href="https://publications.waset.org/search?q=Fr%C3%A9d%C3%A9ric%20Dubas"> Frédéric Dubas</a>, <a href="https://publications.waset.org/search?q=Fran%C3%A7ois-Xavier%20Fifatin"> François-Xavier Fifatin</a>, <a href="https://publications.waset.org/search?q=Didier%20Chamagne"> Didier Chamagne</a>, <a href="https://publications.waset.org/search?q=Antoine%20Vianou"> Antoine Vianou </a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>This paper presents the techno-economic evaluation of run-of-river small-hydropower plants. In this regard, a multi-objective optimization procedure is proposed for the optimal sizing of the hydropower plants, and NSGAII is employed as the optimization algorithm. Annual generated energy and investment cost are considered as the objective functions, and number of generator units (<em>n</em>) and nominal turbine flow rate (<em>Q<sub>T</sub></em>) constitute the decision variables. Site of Yeripao in Benin is considered as the case study. We have categorized the river of this site using its environmental characteristics: gross head, and first quartile, median, third quartile and mean of flow. Effects of each decision variable on the objective functions are analysed. The results gave Pareto Front which represents the trade-offs between annual energy generation and the investment cost of hydropower plants, as well as the recommended optimal solutions. We noted that with the increase of the annual energy generation, the investment cost rises. Thus, maximizing energy generation is contradictory with minimizing the investment cost. Moreover, we have noted that the solutions of Pareto Front are grouped according to the number of generator units (<em>n)</em>. The results also illustrate that the costs per kWh are grouped according to the <em>n</em> and rise with the increase of the nominal turbine flow rate. The lowest investment costs per kWh are obtained for <em>n</em> equal to one and are between 0.065 and 0.180 €/kWh. Following the values of n (equal to 1, 2, 3 or 4), the investment cost and investment cost per kWh increase almost linearly with increasing the nominal turbine flowrate while annual generated. Energy increases logarithmically with increasing of the nominal turbine flowrate. This study made for the Yeripao river can be applied to other rivers with their own characteristics.</p> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Hydropower%20plant" title="Hydropower plant">Hydropower plant</a>, <a href="https://publications.waset.org/search?q=investment%20cost" title=" investment cost"> investment cost</a>, <a href="https://publications.waset.org/search?q=multi-objective%20optimization" title=" multi-objective optimization"> multi-objective optimization</a>, <a href="https://publications.waset.org/search?q=number%20of%20generator%20units." title=" number of generator units."> number of generator units.</a> </p> <a href="https://publications.waset.org/10009961/multi-objective-optimization-of-run-of-river-small-hydropower-plants-considering-both-investment-cost-and-annual-energy-generation" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/10009961/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/10009961/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/10009961/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/10009961/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/10009961/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/10009961/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/10009961/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/10009961/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/10009961/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/10009961/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/10009961.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">1057</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2851</span> Optimal Compensation of Reactive Power in the Restructured Distribution Network</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Atefeh%20Pourshafie">Atefeh Pourshafie</a>, <a href="https://publications.waset.org/search?q=Mohsen.%20Saniei"> Mohsen. Saniei</a>, <a href="https://publications.waset.org/search?q=S.%20S.%20Mortazavi"> S. S. Mortazavi</a>, <a href="https://publications.waset.org/search?q=A.%20Saeedian"> A. Saeedian</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In this paper optimal capacitor placement problem has been formulated in a restructured distribution network. In this scenario the distribution network operator can consider reactive energy also as a service that can be sold to transmission system. Thus search for optimal location, size and number of capacitor banks with the objective of loss reduction, maximum income from selling reactive energy to transmission system and return on investment for capacitors, has been performed. Results is influenced with economic value of reactive energy, therefore problem has been solved for various amounts of it. The implemented optimization technique is genetic algorithm. For any value of reactive power economic value, when reverse of investment index increase and change from zero or negative values to positive values, the threshold value of selling reactive power has been obtained. This increasing price of economic parameter is reasonable until the network losses is less than loss before compensation. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=capacitor%20placement" title="capacitor placement">capacitor placement</a>, <a href="https://publications.waset.org/search?q=deregulated%20electric%20market" title=" deregulated electric market"> deregulated electric market</a>, <a href="https://publications.waset.org/search?q=distribution%20network%20optimization." title="distribution network optimization.">distribution network optimization.</a> </p> <a href="https://publications.waset.org/12069/optimal-compensation-of-reactive-power-in-the-restructured-distribution-network" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/12069/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/12069/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/12069/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/12069/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/12069/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/12069/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/12069/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/12069/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/12069/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/12069/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/12069.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">2123</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2850</span> Operations Research Applications in Audit Planning and Scheduling</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Abdel-Aziz%20M.%20Mohamed">Abdel-Aziz M. Mohamed</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper presents a state-of-the-art survey of the operations research models developed for internal audit planning. Two alternative approaches have been followed in the literature for audit planning: (1) identifying the optimal audit frequency; and (2) determining the optimal audit resource allocation. The first approach identifies the elapsed time between two successive audits, which can be presented as the optimal number of audits in a given planning horizon, or the optimal number of transactions after which an audit should be performed. It also includes the optimal audit schedule. The second approach determines the optimal allocation of audit frequency among all auditable units in the firm. In our review, we discuss both the deterministic and probabilistic models developed for audit planning. In addition, game theory models are reviewed to find the optimal auditing strategy based on the interactions between the auditors and the clients. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Operations%20research%20applications" title="Operations research applications">Operations research applications</a>, <a href="https://publications.waset.org/search?q=audit%20frequency" title=" audit frequency"> audit frequency</a>, <a href="https://publications.waset.org/search?q=audit%20planning" title=" audit planning"> audit planning</a>, <a href="https://publications.waset.org/search?q=audit-staff%20scheduling." title=" audit-staff scheduling."> audit-staff scheduling.</a> </p> <a href="https://publications.waset.org/10002029/operations-research-applications-in-audit-planning-and-scheduling" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/10002029/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/10002029/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/10002029/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/10002029/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/10002029/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/10002029/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/10002029/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/10002029/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/10002029/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/10002029/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/10002029.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">2933</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2849</span> Optimal Space Vector Control for Permanent Magnet Synchronous Motor based on Nonrecursive Riccati Equation</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Marian%20Gaiceanu">Marian Gaiceanu</a>, <a href="https://publications.waset.org/search?q=Emil%20Rosu"> Emil Rosu</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In this paper the optimal control strategy for Permanent Magnet Synchronous Motor (PMSM) based drive system is presented. The designed full optimal control is available for speed operating range up to base speed. The optimal voltage space-vector assures input energy reduction and stator loss minimization, maintaining the output energy in the same limits with the conventional PMSM electrical drive. The optimal control with three components is based on the energetically criteria and it is applicable in numerical version, being a nonrecursive solution. The simulation results confirm the increased efficiency of the optimal PMSM drive. The properties of the optimal voltage space vector are shown. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Matlab%2FSimulink" title="Matlab/Simulink">Matlab/Simulink</a>, <a href="https://publications.waset.org/search?q=optimal%20control" title=" optimal control"> optimal control</a>, <a href="https://publications.waset.org/search?q=permanent%0Amagnet%20synchronous%20motor" title=" permanent magnet synchronous motor"> permanent magnet synchronous motor</a>, <a href="https://publications.waset.org/search?q=Riccati%20equation" title=" Riccati equation"> Riccati equation</a>, <a href="https://publications.waset.org/search?q=space%20vector%20PWM" title=" space vector PWM"> space vector PWM</a> </p> <a href="https://publications.waset.org/11101/optimal-space-vector-control-for-permanent-magnet-synchronous-motor-based-on-nonrecursive-riccati-equation" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/11101/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/11101/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/11101/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/11101/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/11101/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/11101/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/11101/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/11101/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/11101/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/11101/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/11101.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">2025</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2848</span> Enhanced Genetic Algorithm Approach for Security Constrained Optimal Power Flow Including FACTS Devices</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=R.Narmatha%20Banu">R.Narmatha Banu</a>, <a href="https://publications.waset.org/search?q=D.Devaraj"> D.Devaraj</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper presents a genetic algorithm based approach for solving security constrained optimal power flow problem (SCOPF) including FACTS devices. The optimal location of FACTS devices are identified using an index called overload index and the optimal values are obtained using an enhanced genetic algorithm. The optimal allocation by the proposed method optimizes the investment, taking into account its effects on security in terms of the alleviation of line overloads. The proposed approach has been tested on IEEE-30 bus system to show the effectiveness of the proposed algorithm for solving the SCOPF problem. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Optimal%20Power%20Flow" title="Optimal Power Flow">Optimal Power Flow</a>, <a href="https://publications.waset.org/search?q=Genetic%20Algorithm" title=" Genetic Algorithm"> Genetic Algorithm</a>, <a href="https://publications.waset.org/search?q=FlexibleAC%20transmission%20system%20%28FACTS%29%20devices" title=" FlexibleAC transmission system (FACTS) devices"> FlexibleAC transmission system (FACTS) devices</a>, <a href="https://publications.waset.org/search?q=Severity%20Index%20%28SI%29" title=" Severity Index (SI)"> Severity Index (SI)</a>, <a href="https://publications.waset.org/search?q=Security%20Enhancement" title="Security Enhancement">Security Enhancement</a>, <a href="https://publications.waset.org/search?q=Thyristor%20controlled%20series%20capacitor%20%28TCSC%29." title=" Thyristor controlled series capacitor (TCSC)."> Thyristor controlled series capacitor (TCSC).</a> </p> <a href="https://publications.waset.org/9756/enhanced-genetic-algorithm-approach-for-security-constrained-optimal-power-flow-including-facts-devices" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/9756/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/9756/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/9756/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/9756/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/9756/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/9756/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/9756/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/9756/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/9756/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/9756/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/9756.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">1764</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2847</span> Role of Investment in the Course of Economic Growth in Pakistan</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Maqbool%20Hussain%20Sial">Maqbool Hussain Sial</a>, <a href="https://publications.waset.org/search?q=Maaida%20Hussain%20Hashmi"> Maaida Hussain Hashmi</a>, <a href="https://publications.waset.org/search?q=Sofia%20Anwar"> Sofia Anwar</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The present research was focused to investigate the role of investment in the course of economic growth with reference to Pakistan. The study analyzed the role of the public and private investment and impact of the political and macroeconomic uncertainty on economic growth of Pakistan by using the vector autoregressive approach (VAR). In long-run both public and private investment showed a positive impact on economic growth but the growth was largely driven by private investment as compared to public investment. Government consumption expenditure, economic uncertainty and political instability hampered the economic growth of Pakistan. In short-run the private investment positively influences the growth but there was negative and insignificant effect of the public investment and government consumption expenditure on the growth. There was a positive relationship found between economic uncertainty (proxy for inflation) and GDP in short run. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Investment" title="Investment">Investment</a>, <a href="https://publications.waset.org/search?q=Government%20Consumption" title=" Government Consumption"> Government Consumption</a>, <a href="https://publications.waset.org/search?q=Growth" title="Growth">Growth</a>, <a href="https://publications.waset.org/search?q=Co-integration" title=" Co-integration"> Co-integration</a>, <a href="https://publications.waset.org/search?q=Pakistan." title=" Pakistan."> Pakistan.</a> </p> <a href="https://publications.waset.org/3259/role-of-investment-in-the-course-of-economic-growth-in-pakistan" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/3259/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/3259/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/3259/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/3259/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/3259/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/3259/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/3259/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/3259/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/3259/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/3259/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/3259.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">2125</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2846</span> Determinants of Investment in Fixed Assets in Electric Power Industry - An Econometric Analysis</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=S.%20L.%20Tulasi%20Devi">S. L. Tulasi Devi</a>, <a href="https://publications.waset.org/search?q=R.%20N.%20Rao"> R. N. Rao</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper focuses attention on specific aspects of entrepreneurial decisions relating to investment, both in the total fixed investments and plant & machinery (separately). Demand and financial factors, internal and external, are considered in the investment analysis. Finally the influence of determinants of fixed investment and investment plans are examined in Electric Power industry in India. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Determinants" title="Determinants">Determinants</a>, <a href="https://publications.waset.org/search?q=Electric%20Power%20Industry" title=" Electric Power Industry"> Electric Power Industry</a>, <a href="https://publications.waset.org/search?q=Fixed%20Assets" title=" Fixed Assets"> Fixed Assets</a>, <a href="https://publications.waset.org/search?q=Econometric%20Analysis." title=" Econometric Analysis."> Econometric Analysis.</a> </p> <a href="https://publications.waset.org/13595/determinants-of-investment-in-fixed-assets-in-electric-power-industry-an-econometric-analysis" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/13595/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/13595/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/13595/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/13595/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/13595/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/13595/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/13595/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/13595/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/13595/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/13595/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/13595.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">1664</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2845</span> Minimizing Risk Costs through Optimal Responses in NPD Projects</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Chan-Sik%20Kim"> Chan-Sik Kim</a>, <a href="https://publications.waset.org/search?q=Jong-Seong%20Kim"> Jong-Seong Kim</a>, <a href="https://publications.waset.org/search?q=Se%20Won%20Lee"> Se Won Lee</a>, <a href="https://publications.waset.org/search?q=Hoo-Gon%20Choi"> Hoo-Gon Choi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>In rapidly changing market environment, firms are investing a lot of time and resources into new product development (NPD) projects to make profit and to obtain competitive advantage. However, failure rate of NPD projects is becoming high due to various internal and external risks which hinder successful NPD projects. To reduce the failure rate, it is critical that risks have to be managed effectively and efficiently through good strategy, and treated by optimal responses to minimize risk cost. Four strategies are adopted to handle the risks in this study. The optimal responses are characterized by high reduction of risk costs with high efficiency. This study suggests a framework to decide the optimal responses considering the core risks, risk costs, response efficiency and response costs for successful NPD projects. Both binary particles warm optimization (BPSO) and multi-objective particle swarm optimization (MOPSO) methods are mainly used in the framework. Although several limitations exist in use for real industries, the frame work shows good strength for handling the risks with highly scientific ways through an example.</p> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=NPD%20projects" title=" NPD projects"> NPD projects</a>, <a href="https://publications.waset.org/search?q=risk%20cost" title=" risk cost"> risk cost</a>, <a href="https://publications.waset.org/search?q=strategy" title=" strategy"> strategy</a>, <a href="https://publications.waset.org/search?q=optimal%20responses" title=" optimal responses"> optimal responses</a>, <a href="https://publications.waset.org/search?q=Particle%20Swarm%20Optimization." title=" Particle Swarm Optimization."> Particle Swarm Optimization.</a> </p> <a href="https://publications.waset.org/16069/minimizing-risk-costs-through-optimal-responses-in-npd-projects" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/16069/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/16069/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/16069/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/16069/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/16069/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/16069/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/16069/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/16069/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/16069/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/16069/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/16069.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">1957</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2844</span> Investment Prediction Using Simulation</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Hussam%20Al-Shorman">Hussam Al-Shorman</a>, <a href="https://publications.waset.org/search?q=Yosef%20Hasan%20Jbara"> Yosef Hasan Jbara</a> </p> <p class="card-text"><strong>Abstract:</strong></p> A business case is a proposal for an investment initiative to satisfy business and functional requirements. The business case provides the foundation for tactical decision making and technology risk management. It helps to clarify how the organization will use its resources in the best way by providing justification for investment of resources. This paper describes how simulation was used for business case benefits and return on investment for the procurement of 8 production machines. With investment costs of about 4.7 million dollars and annual operating costs of about 1.3 million, we needed to determine if the machines would provide enough cost savings and cost avoidance. We constructed a model of the existing factory environment consisting of 8 machines and subsequently, we conducted average day simulations with light and heavy volumes to facilitate planning decisions required to be documented and substantiated in the business case. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Investment%20cost" title="Investment cost">Investment cost</a>, <a href="https://publications.waset.org/search?q=business%20case" title=" business case"> business case</a>, <a href="https://publications.waset.org/search?q=return%20on%20investment" title=" return on investment"> return on investment</a>, <a href="https://publications.waset.org/search?q=simulation." title=" simulation."> simulation.</a> </p> <a href="https://publications.waset.org/10315/investment-prediction-using-simulation" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/10315/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/10315/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/10315/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/10315/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/10315/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/10315/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/10315/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/10315/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/10315/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/10315/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/10315.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">1620</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2843</span> Advanced ILQ Control for Buck-Converter viaTwo-Degrees of Freedom Servo-System</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Sidshchadhaa%20Aumted">Sidshchadhaa Aumted</a>, <a href="https://publications.waset.org/search?q=Shuhei%20Shiina"> Shuhei Shiina</a>, <a href="https://publications.waset.org/search?q=Hiroshi%20Takami"> Hiroshi Takami</a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>In this paper, we propose an advanced ILQ control for the buck-converter via two-degrees of freedom servo-system. Our presented strategy is based on Inverse Linear Quadratic (ILQ) servo-system controller without solving Riccati-s equation directly. The optimal controller of the current and voltage control system is designed. The stability and robust control are analyzed. A conscious and persistent effort has been made to improve ILQ control via two-degrees of freedom guarantees the optimal gains on the basis of polynomial pole assignment, which our results of the proposed strategy shows that the advanced ILQ control can be controlled independently the step response and the disturbance response by appending a feed-forward compensator.</p> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Optimal%20voltage%20control" title="Optimal voltage control">Optimal voltage control</a>, <a href="https://publications.waset.org/search?q=inverse%20LQ%20design%20method" title=" inverse LQ design method"> inverse LQ design method</a>, <a href="https://publications.waset.org/search?q=second%20order%20polynomial" title="second order polynomial">second order polynomial</a>, <a href="https://publications.waset.org/search?q=two-degrees%20of%20freedom." title=" two-degrees of freedom."> two-degrees of freedom.</a> </p> <a href="https://publications.waset.org/9706/advanced-ilq-control-for-buck-converter-viatwo-degrees-of-freedom-servo-system" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/9706/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/9706/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/9706/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/9706/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/9706/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/9706/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/9706/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/9706/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/9706/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/9706/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/9706.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">1981</span> </span> </div> </div> <div class="card publication-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2842</span> The Investors- Reaction to Investment Rating Change Announcements</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Chih-Hsiang%20Chang">Chih-Hsiang Chang</a>, <a href="https://publications.waset.org/search?q=Liang-Chien%20Lee"> Liang-Chien Lee</a>, <a href="https://publications.waset.org/search?q=Shu-Ling%20Wu"> Shu-Ling Wu</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study investigates the investors- behavioral reaction to the investment rating change announcements from the views of behavioral finance. The empirical results indicate that self-interest does affect the intention of securities firms to release investment ratings for individual stocks. In addition, behavioral pitfalls are also found in the response of retail investors to investment rating change announcements. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Investment%20ratings" title="Investment ratings">Investment ratings</a>, <a href="https://publications.waset.org/search?q=Behavioral%20finance" title=" Behavioral finance"> Behavioral finance</a>, <a href="https://publications.waset.org/search?q=Self-interest" title=" Self-interest"> Self-interest</a>, <a href="https://publications.waset.org/search?q=Behavioral%20pitfalls" title=" Behavioral pitfalls"> Behavioral pitfalls</a> </p> <a href="https://publications.waset.org/14598/the-investors-reaction-to-investment-rating-change-announcements" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/14598/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/14598/bibtex" 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