A. Fanni, M. Marchesi, F. Pilo and A. Serri
This paper deals with the application of a Tabu Search (TS) metaheuristic to the design of digital filters, with coefficient values expressed as the sum of power of two. The…
Abstract
This paper deals with the application of a Tabu Search (TS) metaheuristic to the design of digital filters, with coefficient values expressed as the sum of power of two. The performances of the algorithm are heavily affected by the choice of its parameters, which in turn are related to different implemented strategies. The tuning of these parameters has been performed after many tests. The results of the proposed technique are compared to those obtained by simply rounding the optimal values of coefficients obtained by means of Remetz algorithm, and to those obtained using a simulated annealing algorithm.
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The purpose of this paper is two-fold: first, to introduce an innovative model of financial order book, less simplified than the existing literature and still able to replicate…
Abstract
Purpose
The purpose of this paper is two-fold: first, to introduce an innovative model of financial order book, less simplified than the existing literature and still able to replicate all statistical features of true markets; second, to simulate realistically the effects of policies aimed to reduce the instability of financial markets.
Design/methodology/approach
The paper is based on an agent-based model and the applied methodology is the computational simulation.
Findings
The policymaker can actively reduce the instability of financial market by means of policies aimed to increase the heterogeneity of investors, both in terms of the behavioral attitude for market participation and of the differentiation of opinions; favor investors who show insensibility with regard to market information; limit the allowed number of counterparts for any market order; reduce the time validity of orders; and maintain flexibility and efficient bargaining, reduce transaction costs and avoid Tobin taxes.
Research limitations/implications
In future research, an opinion dynamics engine within a clustered community network will be embedded.
Practical implications
Indeed, the obtained results are policy rules which could be immediately applied.
Originality/value
The order book model contained in the paper is completely new, innovative and original. Innovativeness is based on a reduced number of simplifying assumptions. The realism of the presented mechanism is higher than in other existing models. The value of the model is high because of several factors. From the scientific point of view, it constitutes the reliable framework on which many other papers will be based: it is the core center of future research. From the policymaker’s point of view, it represents a credible tool for policy hypotheses testing.
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B. Cannas, S. Cincotti, A. Fanni, M. Marchesi, F. Pilo and M. Usai
Many practical applications of neural networks require the identification of non‐linear deterministic systems or chaotic systems. In these cases the use of a network architecture…
Abstract
Many practical applications of neural networks require the identification of non‐linear deterministic systems or chaotic systems. In these cases the use of a network architecture known as locally recurrent neural network (LRNN) is often preferable in place of standard feedforward multi‐layer perceptron (MLP) networks, or of globally recurrent neural network. In this paper locally recurrent networks are used to simulate the behaviour of the Chua’s circuit that can be considered a paradigm for studying chaos. It is shown that such networks are able to identify the underlying link among the state variables of the Chua’s circuit. Moreover, they are able to behave like an autonomous Chua’s double scroll, showing a chaotic behaviour of the state variables obtainable through a suitable circuit elements choice.
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Zahid Mahmood, Muhammad Asif, Mohammed Aljuaid and Rab Nawaz Lodhi
The purpose of this paper is to identify the negative aspects of blockchain technology and to shed the light on most productive years, countries, authors, sources and frequent…
Abstract
Purpose
The purpose of this paper is to identify the negative aspects of blockchain technology and to shed the light on most productive years, countries, authors, sources and frequent keywords.
Design/methodology/approach
A Web of Science bibliographic data set containing 209 journal articles was evaluated using descriptive and network analytics. A two-step process is adopted in this study; descriptive analysis is initially carried out using RStudio to determine the most productive years, nations, sources and authors, and using co-occurrence of keyword analysis in VOSviewer, the most influential keywords are determined.
Findings
The findings reveal that 2022 is the most prolific year in terms of number of publications. It is discovered that China tops the list for having published the most articles. Similarly, the most productive authors are Kumar A and Abhishek K.
Originality/value
To the best of the authors’ knowledge, this bibliometric analysis is unique in that it takes a thorough approach to examine the negative aspects of blockchain technology and identify research trends and offer insights that might guide future research and practical solutions.
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Vikas Sangwan, Harshita, Puneet Prakash and Shveta Singh
This paper aims to undertake a thematic review of academic papers on financial technology (FinTech) to identify three broad categories for the purpose of classifying extant…
Abstract
Purpose
This paper aims to undertake a thematic review of academic papers on financial technology (FinTech) to identify three broad categories for the purpose of classifying extant literature. The paper summarizes the research and findings in this emerging field. Thereafter, it identifies the gaps and provides directions for further research. Simultaneously, the paper collates technical terms related to FinTech that appear repeatedly in each category and explains them. Finally, the study highlights the lessons that growing FinTech firms and their regulators can learn from the experiences of their counterparts across the globe.
Design/methodology/approach
A systematic review of literature consisting of 130 studies (social science research network [SSRN]-29 papers, Scopus-81, other sources-20) on FinTech is carried out in this thematic paper.
Findings
This thematic paper divides FinTech into three themes, i.e. financial industry, innovation/technology and law/regulation. The paper suggests that a thorough impact of FinTech on various stakeholders can be understood using three dimensions, namely, consumers, market players and regulatory front. It is noted that FinTech is in its nascent phase and is undergoing continuous development and implementation through product and process innovation, disruption and transformation.
Research limitations/implications
The paper reports that FinTech promises huge potential for further study by various stakeholders in the FinTech industry – from academia to practitioners to regulators.
Practical implications
The paper summarizes lessons that could be of significance for FinTech users, producers, entrepreneurs, investors, policy designers and regulators.
Originality/value
The paper is believed to add value to the understanding of FinTech in light of the emerging threats and opportunities for its various stakeholders.
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Ruth Kiraka, Colin Clark and Michael De Martinis
Supreme audit institutions, such as the auditors‐general, are considered a crucial link in the accountability chain between parliament and the executive arm of government. The…
Abstract
Supreme audit institutions, such as the auditors‐general, are considered a crucial link in the accountability chain between parliament and the executive arm of government. The purpose of this study is to examine the enabling legislation of the supreme audit institutions of the Association of Southeast Asian Nations (ASEAN) member countries from a public sector accountability and independence perspective. Following on from INTOSAI (1998), English and Guthrie (2000) and De Martinis and Clark (2001), this study uses an accountability and independence framework to identify and compare the current legislation applicable to the supreme audit institutions of the ASEAN member countries with regard to independence, autonomy, mandate, funding issues, and related parliamentary powers. This study finds that while on average each jurisdiction has addressed slightly less than half the total number of issues under examination, there is considerable diversity with regard to the particular issues addressed. The study suggests policy implications to further strengthen the provisions for accountability and independence of supreme audit institutions through amendments to the enabling legislation of the various jurisdictions.
Denis Dennehy and Kieran Conboy
The purpose of this paper is to examine contradictions (specifically tertiary and quaternary contradictions) that can disrupt the flow of work in contemporary systems development…
Abstract
Purpose
The purpose of this paper is to examine contradictions (specifically tertiary and quaternary contradictions) that can disrupt the flow of work in contemporary systems development methods.
Design/methodology/approach
This study uses Activity theory (AT) as a theoretical lens to: examine ISD flow as an interrelated activity system; and identify contradictions. AT is pertinent in the context of this study as rather than view contradictions as a threat to prematurely abandon the use of flow tools and metrics, it shows how contradictions can act as a motor for change and continuity. This study adopts a longitudinal single case study approach including face-to-face interviews with management and software development project teams, as well as direct observations and document analysis.
Findings
This study identifies tertiary and quaternary contradictions, and highlights the influence of contradictions on flow-based systems development.
Social implications
This study provides a set of contradictions for researchers and practitioners. It shows that contradictions can be culturally or politically challenging to confront, and even when resolved, can have intended or unintended consequences.
Originality/value
This paper fulfils an identified need to study ISD flow from the perspective of interrelated activity systems and beyond its initial implementation phase.
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The purpose of this paper is to provide market risk calculation for an equity-based trading portfolio. Instead of relying on the purely stochastic internal model method which…
Abstract
Purpose
The purpose of this paper is to provide market risk calculation for an equity-based trading portfolio. Instead of relying on the purely stochastic internal model method which banks currently apply in line with the Basel regulatory requirements, the author also propose including alternative price mechanisms from the financial literature in the regulatory framework.
Design/methodology/approach
For this purpose, a financial market model with heterogeneous agents is developed, capturing the realistic feature that parts of the investors do not follow the assumption of no arbitrage, but are motivated by behavioral heuristics instead.
Findings
Although both the standard stochastic and the behavioral model are restricted to a calibration including the last 250 trading days, the latter is able to capitalize possible turbulence on financial markets and likewise the well-known phenomenon of excess volatility – even if the last 250 days reflect a non-turbulent market.
Practical implications
Thus, including agent-based models in the regulatory framework could create better capital requirements with respect to their level and counter-cyclicality.
Originality/value
This in turn could reduce the extent to which bubbles arise, since market participants would have to anticipate comprehensively the costs of such bubbles bursting. Furthermore, a key ratio is deduced from the agent-based construction to lower the influence of speculative derivatives.
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Matin Keramiyan and Korhan K. Gokmenoglu
This paper aims to examine the predictive power of the volume of Economic Uncertainty Related Queries and the Macroeconomic Uncertainty Index on the Bitcoin returns.
Abstract
Purpose
This paper aims to examine the predictive power of the volume of Economic Uncertainty Related Queries and the Macroeconomic Uncertainty Index on the Bitcoin returns.
Design/methodology/approach
Data consists of 118 monthly observations from September 2010 to June 2020. Due to the departure of series from Gaussian distribution and the existence of outliers, the authors use the quantile analysis framework to investigate the persistency of the shocks, the long-run relationships and Granger causality among the variables.
Findings
This research provides several important findings. First, the substantial differences between conventional and quantile test results stress the importance of the method selection. Second, throughout the conditional distribution of the series, stochastic properties of the variables, long-run and the causal relationships between the variables might be significantly different. Third, rich information provided by the quantile framework might help the investors design better investment strategies.
Originality/value
This study differs from the previous research in terms of variable selection and econometric methodology. Therefore, it presents a more comprehensive framework that suggests implications for empirical researchers and Bitcoin investors.
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Sankalp Paliwal, Sujan Yenuganti and Manjunath Manuvinakurake
This paper aims to present the fabrication and testing of a pressure sensor integrated with Hall effect sensors and permanent magnets arranged in two configurations to measure…
Abstract
Purpose
This paper aims to present the fabrication and testing of a pressure sensor integrated with Hall effect sensors and permanent magnets arranged in two configurations to measure pressure in the range of 0–1 bar. The sensor is fabricated using stainless steel (SS) and can be used in high-temperature and highly corrosive environments. The fabricated sensor is of low cost, self-packaged and the differential arrangement helps in compensating for any ambient temperature variations.
Design/methodology/approach
The sensor deflects of a circular diaphragm with a simple rigid mechanical structure to convert the applied pressure to a Hall voltage output. Two sensor designs are proposed with a single pair of Hall sensors and magnets and a differential configuration with two Hall sensors and magnets. Two sensor designs are designed, fabricated and tested for their input–output characteristics and the results are compared.
Findings
The fabricated sensors are calibrated for 25 cycles of ascending and descending pressure in steps of 0.1 bar. Various static characteristics like nonlinearity, hysteresis and % error are estimated for both the sensor designs and compared with the existing Hall effect based pressure sensors. The differential arrangement design was found to have better characteristics as compared to the other design from the experimental data.
Originality/value
This paper focuses on fabricating and testing a novel differential Hall effect based pressure sensor. The differential arrangement of the sensor aids in the compensation of ambient temperature variations and the use of SS enables the sensor in high-temperature and highly corrosive applications. The proposed sensor is low cost, simple and self-packaged, and found to have high repeatability and good linearity compared to other similar Hall effect based pressure sensors available in the literature.