Search results

This paper examines wealth effects and changes in the systematic risk associated with the return structure of the “three‐pillar” functional system in Greece, resulting from the introduction of the eight major European Union Banking Directives over the period 1990‐94. The findings indicate that the systematic risk for the insurance and investment firms dramatically increased, while the systematic risk for commercial banks slightly increased through the passage of the Free Capital Movement Directive. Evidence was also found to show that the Free Capital Movement Directive created significant wealth effects for the investment firms, but insignificant wealth effects for banks. In addition, a marginal wealth effect was created for the insurance firms. Conversely, the results suggest that the Solvency Ratios and Own Funds Banking Directives produced no wealth effects for the banks, significant wealth effects for the insurance firms, and insignificant wealth effects for the investment firms. The wealth effects of the rest of the EU Banking Directives on the functional “three‐pillar” Greek financial system were neutral.

This paper studies the components of the forward discount dynamics in Germany from 1972 to 1996. By using two different frequencies in the analysis, we find that an ARCH structure fits the monthly data well, while an EGARCH structure gives a better description of daily forward discount volatility. Results also suggest that foreign central bank reserves and portfolio investment are significant in the determination of the forward discount trend over the whole period. The causality, however, varies over time. Sign size, and persistence effects on the volatility of the forward discount are all significant, and thus, provide important information to both policy makers and operators in the market. There is also evidence that the volatility of the forward discount dropped after the Plaza Accord.

The purpose of this paper is to assess the usefulness of financial ratios derived from working capital‐based funds flow information to predict the failure of US industrial firms. Unlike cash‐based funds flow ratios, used in the previous papers, capital‐based funds ratios are less volatile, therefore they are expected to be better predictors of business failure. Moreover, the paper utilizes a more general definition of business failure than the legal definition. The analysis is carried out using a stepwise logit procedure. The results indicate that working capital‐based funds flow measures are superior to cash‐based funds flow measures in business failure prediction models.

Outlines previous research on the relationship between CEO compensation and firm performance, arguing that in regulated industries the executive skills sought and performance measures used might differ from those in un‐regulated firms. Uses 1992‐1995 data on the US electricity industry to investigate the interaction between four compensation components (salary, bonus, long‐term compensation and stock options) and five performance measures (market returns, return on assets, earnings per share, operating cash flow per share and sales growth). Presents the results, which suggest that changes in bonuses and stock options are closely related to changes in market return and sales growth respectively. Considers the reasons for this, the limitations of the study and some avenues for further research.

The purpose of this paper is to test the efficacy of model of goal-directed behavior (MGB) to explain and predict savings at Islamic bank behavior. The importance of understanding consumer intention to develop good strategy to accelerate consumer saving at Islamic bank is inevitable. One of the most popular theories explaining behavioral intention was the MGB. Although it has been validated and tested in a variety of contexts, this theory has never been applied in behavior related to Islamic banks.

The present study used a combination of qualitative and quantitative data. Qualitative data obtained from 31 in-depth interviews were used to develop behavioral beliefs components and a control beliefs component, while quantitative data obtained from a survey of 316 respondents were used to test the model. Structural equation modeling was the main data analysis technique.

The result shows that MGB has good indicators of fit, which implies that it can be used to explain and predict intention to save at Islamic bank. This research also reveals several behavioral and control beliefs that positively contribute to intention.

This paper contributes to behavior prediction literature by exploring the possibility of the application of the MGB in the Islamic bank context. It also gives a deeper understanding of the Indonesian Islamic bank consumer market that has great potential for development in the future.

The aim of this study is to examine the significant factors to improve the green nuclear energy investments in the emerging economies. For this purpose, balanced scorecard-based criteria are weighted with DEMATEL methodology. The findings demonstrate that technological improvement and financial issues are the most important issues for the improvement of the green nuclear energy investments in these countries. Nuclear energy working with thorium can also be obtained with proton accelerator technology that is currently quite expensive. Because of this problem, the investors are not willing to make investments for green nuclear energy projects. Hence, emerging countries should make the necessary technological investments to have proton accelerator technologies. With the help of this condition, it will be possible to reduce the cost of green nuclear energy projects which attracts the attention of the investors. This situation has a powerful contribution for the sustainable economic development of these countries.

The purpose of this study is simulation the flow boiling inside a tube in the turbulent flow regime for investigating the effect of using a porous medium in the boiling procedure.

To ensure the accuracy of the obtained numerical results, the presented results have been compared with the experimental results, and proper coincidence has been achieved. In this study, the phase change phenomenon of boiling has been modeled by using the Eulerian–Eulerian multi-phase Rensselaer Polytechnic Institute (RPI) wall boiling model.

The obtained results indicate using a porous medium in boiling process is very effective in a way that by using a porous medium inside the tub, the location of changing the liquid to the vapor and the creation of bubbles, changes. By increasing the thermal conductivity of porous medium, the onset of phase changing postpones, which causes the enhancement of heat transfer from the wall to the fluid. Generally, it can be said that using a porous medium in boiling flows, especially in flow with high Reynolds numbers, has a positive effect on heat transfer enhancement. Also, the obtained results revealed that by increasing Reynolds number, the created vapor phase along the tube decreases and by increasing Reynolds number, the Nusselt number enhances.

In present research, by using the computational fluid dynamics, the effect of using a porous medium in the forced boiling of water flow inside a tube has been investigated. The fluid boiling inside the tube has been simulated by using the multi-phase Eulerian RPI wall boiling model, and the effect of thermal conductivity of a porous medium and the Reynolds number on the flow properties, heat transfer and boiling procedure have been investigated.

The purpose of this paper is to describe a novel method to compromise between planned (regulated) maintenance and outage initiation and unplanned (unregulated) maintenance and to find an economic model using which one can perform maintenance adequately and in the most optimal state.

In this paper, a system consisting of similar components is considered, and the role of each component in the system is explained. Then, the cost pertaining to failure in each asset is determined. Costs such as energy not supplied, penalties, human resources to resolve the defect and replacing assets are taken into account. Finally, a new comprehensive objective is proposed, and optimization is performed for a sample system.

In this paper, some graphs have been plotted from which plenty of information may be extracted. This is mentioned in the Conclusion.

In this paper, some graphs have been plotted from which plenty of information may be extracted. This is mentioned in the Conclusion.

A remarkable number of Iran's villages, in addition to the general earthquake hazard, are faced with other natural hazards including floods, landslides, and landslips. The village of Badleh Kuh is one example faced with a great danger of land thrust and flood. A wide range of field studies show that this village is greatly in danger of natural hazards and is located in a completely unstable area. The main aim of this paper is to define and assess the optimum approach and intervening method for this village.

The data of this paper are based on the main goals and project operations and are in line with securing and stabilizing life in the village of Badleh Kuh. The necessary data have been provided using two methods of attributive and field research, although the groundwork is put on field notations and experimental studies. The main map of this project was based on a scale of 1:50,000 which after conforming to aerial photos, the results were a scale of 1:20,000 and Landset satellite photos with separation power of 30 m and field withdrawal in the ArcGIS 9 program, resulting maps were processed and yielded at a scale of 1:25,000.

The paper finds that implementing the transfer plan of Badleh Kuh village to the new location necessitates joint and necessary cooperation between governmental and non‐governmental institutions and people; appointing local leaders to justify villagers for acceptance and better cooperation with the re‐occupancy plan; holding promotion, educational, and justification classes in order to improve knowledge and recognition of aims and components of the re‐occupancy plan; implementing the re‐occupancy plan in a stage‐by‐stage and systematic manner; providing a pilot and elaborative plan of the suggested location and predicting future developments of the village; carrying out land preparation operations and infrastructure projects; visiting the new location for approval may have a positive effect for villagers who might be opposed to the plan; inviting villagers' cooperation which are financially capable and abide seasonally in the village; regarding the fact that the village economy is greatly dependent on ranching, this issue must be kept in mind when separating housing units and levels of housing units; before implementing the plan, it is better to hold a seminar or conference with the presence of benefactors, executive authorities, and experts in the province in order to discuss the issue of transferring the village in danger; giving heed to the economic worries and assistance for increasing production and income rates and also giving variety to the villager's life quality will contribute to stable development; the aim of implementing the plan should not be just transfer of the village to another location, but must also comprise various cultural, social, and economic aims; securing the necessary credibility and acting upon commitments by the governmental and non‐governmental institutions may decrease consequences and have a significant effect on the plan's success; the plan must be contiguous and carried out in a specific time span and the incomplete implementation of the plan may decrease public cooperation.

This paper assesses and analyzes the optimum rehabilitation approaches for Badleh Kuh which will be relevant to other villages in Iran.

The purpose of this paper is to focus on “brain drain,” or emigration of educated and skilled individuals to the USA from one Southwest Asian nation, Iran, which has experienced fundamental social changes since the early 1970s. The author examines the profile of the educated Iranian emigrants particularly in the last two decades, internal and external socio‐economic and political forces and processes that have facilitated emigration, and costs and benefits for both sending and receiving countries.

Building on earlier world‐system and dependency theories the author traces the roots of center‐periphery relations that have triggered emigration, and applies David Harvey's analysis of the new phase of globalization (post‐Fordist flexible production) to distinguish the emigration dynamics of Iran's educated individuals during the 1950‐1980 period from those of the last three decades (since the 1979 Iranian revolution).

The findings indicate that while in the former period (1950‐1980) educated Iranians emigrated to further their education and sharpen their skills as sojourners, with the expectation that they will return to Iran and serve their nation, emigrants in the latter period (1980‐present) are guided by a new culture of the post‐Fordist globalization phase that thrives on the mobility of a highly skilled and educated global labour force that can be promptly and efficiently utilized wherever there is a demand. Similar to some other nationalities, the post‐Fordist educated Iranian emigrants are no longer constrained by the nationalist sentiments of the previous period. Rather, they have developed an “internationalist national identity” that allows them to respond to the demands of a global market while still maintaining their Iranian cultural identity.

This is an original research based on documentation and personal interviews of a non‐random sample of Iranian students at the University of Iowa.