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In 2016, South Africa's, steel production was down by 4.5% year-on-year. This was due to both a struggling economy and a world surplus in steel supply. Therefore, in order for South Africa to remain competitive in the global steel market, the current emphasis on cost reduction needs to be maintained. It is thus important for personnel at iron- and steel-manufacturing plants to be aware of the risks...
The optimal shelf space strategy for the fresh agricultural product in a two-warehouse inventory system is studied in which the different loss rates of the agricultural product reserved in the backup warehouse and displayed on the shelf space are considered. The instantaneous inventory levels in the back-up warehouse and on the shelf are got. Then the loss rate and holding cost of the fresh agricultural...
Electricity consumption patterns are expected to change in the future because of increasing usage of electric vehicles, heat pumps, and energy saving solutions. Moreover, residential customers are likely to invest in distributed renewable energy generation, such as photovoltaics (PV). These changes will decrease the delivered energy but increase momentary peak power in the distribution network. Since...
The main goal of this research is to check how the audit of the individual financial accounts of unlisted national companies is associated with the level of Book-Tax Differences, calculated by the difference between the reported book value and the corresponding tax returns. The empirical study was based on 236,950 observations from 2010 to 2013. The accounting data were taken from the data base Bureau...
This paper focuses on a typical customer with a PV plant and a battery storage by the perspective of two EU members: Italy and Spain. The authors calculate the electricity bill of the considered customer in accordance with the respective legislative and regulatory frameworks. This calculation is a preparatory and preliminary activity for finding relevant differences, if any, that should not exist...
This study provides an overview of International Financial Reporting Standards (IFRS) and highlights implications on Canadian Generally Accepted Accounting Principles (CGAAP) besides the influence IFRS will have on their future representation of Financial Statements — Annual Reports. However, the IFRS has developed a conceptual framework for the preparation and presentation of Financial Statement,...
Integration of India into the global economy and the contagious spread of financial crisis across countries has resulted in the financial restructuring of many industries. Textile industry, one of the major contributors of India's GDP and exports, changed their capital structure post financial crisis. Capital structure theories in the literature explain that the firm characteristics like size, profitability,...
In this paper, we compare the differences between traditional Kelly Criterion and Vince's optimal f through backtesting actual financial transaction data. We apply a momentum trading strategy to the Taiwan Weighted Index Futures, and analyze its profit-and-loss vectors of Kelly Criterion and Vince's optimal f, respectively. Our numerical experiments demonstrate that there is nearly 90% chance that...
This study adopts the method of factor analysis, and focuses on the asset quality of 16 listed banks in 2009–2013.This paper chooses 13 major indexes from four aspects: assets structure ratio, asset management effectiveness, profitability and risk to make the comprehensive analysis, and calculates F value of the quality of listed bank assets. By comparing the F value, we find that the scores of state-owned...
Net Present Value (NPV), Weighted Average Cost of Capital (WACC), Internal Rate of Return (IRR), and Total-Life Cost of Capital (TLCC) are economic concepts widely used in capital budgeting to measure and compare the profitability of investments. More specifically, in the electricity sector these measures, with the Levelized Cost of Energy (LCOE), are very often used to assess investments in generation...
This paper gives an empirical study on determinants of capital structure of Chinese-listed companies using firm-level panel data. The study employs a new database containing the accounting data from 89 non-financial companies listed on the Shanghai and Shenzhen Stock Exchange during the period time of 2003 to 2005. It employs six index variables as independent variables, and finds main affecting factors...
According to the characteristics of microfinance of Chinese commercial bank, a performance evaluation system of microfinance of commercial bank is developed. Fuzzy mathematics and AHP are used in the empirical analysis of performance of commercial bank microfinance to get a better evaluation results.
In order to find out why some companies adopt an extreme capital structure of zero debt, we use the data of China's listed companies to analyze the features of those zero debt companies. Our empirical results show that some factors influence the choice of zero debt policy. Our analysis explains what kind of company may adopt zero debt, and also contribute to the research of low leverage.
With the accelerated pace of economic globalization, the domestic commercial banks tend to strengthen their international Operating capacity by cross-border M&A. China Construction Bank has carried out a total of two cross-border M&A activities since it was listed in Hong Kong in 2005. It has acquired Bank of America (Asia) in 2006 and AIG Finance (Hong Kong) in 2009. This paper uses the factor...
As in recent years space debris evolved as one of the key issues in the context of future space activities and satellite operations in LEO in particular, numerous measures are being developed around the world to remove, reduce and avoid space junk at various levels.
By selecting customers' credit risk indicators of the domestic textile industry on the electronic trading market in China and using factor analysis method, clustering method, and ordered-logit model, it can be concluded that the comprehensive evaluation of customers' credit status is measured scientifically in B2B market. Therefore, customers' credit risk management is made effectively in accordance...
From a firm-year perspective, sorting all analysts issuing forecasts for a firm into quartiles, with analysts' forecasts samples exceeding 7700 and stock rating samples exceeding 21000, this paper tests relationship between analysts' earnings forecasts accuracy and recommendations investment value by computing the characteristics and daily returns of the long and short portfolio of each quartile....
Chinese large logistics enterprises have carried out the business of pledge by warehouse receipts for more than ten years while many problems emerged in the process of business implementation. A lot of risks such as customer credit risk, the risk of bad delivery and regulatory risk have emerged in the business. In particular, customer credit risk is very important. Therefore, it is necessary to study...
Media coverage not only provides much firm-specific information to the investor public intuitionally, but also is informative to the stock price. This study tries to examine whether media coverage is an important factor to stock returns on the Taiwan stock market. Our empirical results support this finding on the Taiwan stock market, and find investors can utilize momentum strategies to earn abnormal...
Islamic financial markets are still at infant stage in Malaysian economy, thus have created dual financial systems; Shariah-compliant and conventional financial system. Capital structure determinants of Shariah-compliant (SC) and conventional companies (CC) might be different due to restriction placed on capital structure and business activities of an SC. The aim of this research is to disclose the...
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