A Model of High School Student Financial Assistance System in China

Size: px
Start display at page:

Download "A Model of High School Student Financial Assistance System in China"

Transcription

1 Inernaional Journal of u- and e- Service, Science and Technology, pp hp://dx.doi.org/ /ijuness A Model of High School Suden Financial Assisance Sysem in China Hua Ding, Zhongliang Guan and Zhihong Tian @bju.edu.cn Beijing Jiaoong Universiy, China Absrac This paper pus forward an analyical model of ordinary high school suden financial assisance sysem, based on he Dworkin heory and managemen of operaional research. The model is consiued by consrain condiions, acors, model parameers and arge parameers. Specific conens of each par are provided, and deailed analysis is carried ou. Then, a case sudy is conduced o show how o apply he above model o analyze he assisance policy of high school suden financial. The model could bring he work of high school suden financial assisance o he heigh of he managemen science. This paper is of grea significance o promoe he developmen and popularizaion of high school educaion. Keywords: Suden financial assisance, high school educaion, subsidize mode, Ronald Dworkin 1. Inroducion We mus have a clear and correc undersanding abou he issue of educaional equiy, for i is a fundamenal problem of China s educaion. Educaional equiy includes he equiy of educaion righs, educaion opporuniies and educaion resul. Educaion equiy is an exension of social equiy. High school educaion which is special and imporan connecs compulsory educaion and higher educaion. Populariy of high school educaion is an imporan way of human resources invesmen and achievemen of educaional equiy and social jusice. However, relaive o compulsory educaion and higher educaion, he heoreical research, policy developmen and implemenaion of high school suden financial assisance are all insufficien. Therefore, in recen years, he developmen of high school educaion should be ge much more aenion. Naional medium and long-erm plan for educaion reform and developmen ( ) pus forward ha high school educaion is a key period o he sudens o form independen personaliy, and is significan o he improving he populace's culivaion and culivaing innovaive alens. The developmen ask of high school educaion is "popularizing high school educaion, improving ordinary high school sudens' comprehensive qualiy and promoing he diversified developmen of high school ". Since 2010 fall semeser, our counry esablishes a policy sysem of high school suden financial assisance. Theoreical researches abou funding for poor sudens include educaion fairness heory and public goods heory. Chu, e al., (2008) discuss he differen policy implicaions of he hree educaion fair principles equaliy, difference and compensaion. However, he paper does no analyze he pracical circumsances in our counry from he perspecive of philosophy. Feng (2006) demonsraes poor sudens educaion should belong o he caegory of public producs and services from he angle of he funcions of he governmen and he public finances. Li (2007) couns he enrollmen of ordinary universiies, ordinary high schools and ordinary junior high schools from 1990 o 2004 in our counry, and poins ou ha he ordinary high school educaion is he "boleneck" ISSN: IJUNESST Copyrigh c 2015 SERSC

2 Inernaional Journal of u- and e- Service, Science and Technology resricing he developmen of he whole educaion. A he same ime, he analyses he cos of educaion and living of rural children. Hu, e al., (2001) pu forward ha he popularizaion 12 years educaion should be he new goal of naional educaion developmen and imagine i. They also analyzes he abroad experiences and favorable condiions of he popularizaion of our counry's 12 years educaion. The counry could increase he fiscal ransfer paymen o poor areas, or increase financial aid o hese areas. Differen counries have differen funding policy and ways o ordinary high schools. In Algeria, Jordan, Burundi, all levels of educaion are free, and schools provide free meals o boarding sudens. Ausralia and Brazil ake he way of life grans. Bangladesh akes he way of scholarship sysem. France, Japan, Thailand, India, Luxembourg adops he sysem of loans, and Japan's naional grans depend enirely on naional suden loans. The paerns of oher counries policy and ways have cerain references value and insrucive o our counry. Through a lo of lieraure research, we found ha mos lieraures pu forward suggesions o specific conens of funding sysem. However, he dephs of lieraures are no enough. A he same ime, in he process of he policy sysem esablishmen, all sors of pracical problems will be encounered, for example, he regional differences, he complex relaionship beween educaion and economic or social developmen levels, and sysem operaion and managemen, and so on. Combining he siuaion of educaion in our counry, and he naional educaion developmen planning, his paper pus forward an analyical model based on he Dworkin heory and managemen of operaional research. The model could bring he work of high school suden financial assisance o he heigh of he managemen science. This paper is of grea significance o promoe he developmen and popularizaion of high school educaion. Afer build he model, a case sudy is conduced o show how o apply he above model o analyze he assisance policy of high school suden financial. 2. Basic Theory 2.1. Theory of Dworkin Theory of John Rawls is popular among Chinese scholars in he sudy of educaion equiy. In fac, in addiion o Rawls, Nozick and Dworkin (2002) also pu forward relaed heories. They all belong o he liberalism genre and argue equal righs. However, hey have differen undersandings abou he disribuion of he resources. Rawls (1971, 2001) pursues equal jusice, and he proposes he difference principle, and ries o achieve fairness by he unequal disribuion. Rawls pursues he equaliy principle of resuls, and his heory is no suiable for high school educaion. On he one hand, he high school educaion is no popular or compulsory educaion, i is no necessary disribued equally o all people. On he oher hand, here are selecions and recruimen in high school educaion which is a kind of eliis educaion, and he bes educaion resources should be given o he bes performers. Hence, Rawls's heory is suiable for compulsory educaion. Nozick (1974) pursues "jusice in holdings". He hinks ha only personal deserve is jusice. The sufficien and necessary condiion of jusice in holdings is he boh jusice of acquiremen and ransfer. Nozick's heory is suiable for higher educaion. Higher educaion belongs o he elie educaion in naure, and i insiss ha he more ousanding, he beer educaion receive. Rawls and Nozick are wo exremes of "equaliy" and "freedom" of liberal jusice heory, and Dworkin is on he hird way beween hem. In spie of he high school educaion belongs o basic educaion, i is by no means he exension of compulsory educaion. Because he oher end of i is conneced o he higher educaion. High school educaion should no only consider fair equaliy, bu also pay aenion o he freedom o 174 Copyrigh c 2015 SERSC

3 Inernaional Journal of u- and e- Service, Science and Technology choose. For he special mission and posiion, "resource equaliy" of Dworkin's heory is suiable for high school educaion. The developmen of individual and gain of resources depend on he ambiion and choice of individual. According o Dworkin's heory, we need boh public educaion and free choice and developmen o people Operaional Research Model Operaional research (OR) encompasses a wide range of problem-solving echniques and mehods applied in he pursui of improved decision-making and efficiency, such as simulaion, mahemaical opimizaion, queuing heory and oher sochasic-process models, Markov decision processes, economeric mehods, daa envelopmen analysis, neural neworks, exper sysems, decision analysis, and he analyic hierarchy process. Managemen science is concerned wih developing and applying models and conceps ha may prove useful in helping o illuminae managemen issues and solve managerial problems, as well as designing and developing new and beer models of organizaional excellence. Managemen operaional research is a subjec based on operaional research, and obains opimizaion scheme of economic sysem in view of he real quaniaive daa o provide scienific operaion decision of he sysem o decision makers. There are four sages in applicaion of operaions research. (1) Se goals and clear he problem. Including decompose he whole problem ino sub problems, deermine he validiy, measuremen, conrollable and unconrollable variables, and he scale of he problem, and consans and parameers represening relaionships beween variables. A presen, here are wo indicaors o measure he level of high school educaion popularizaion in our counry he raio of gross enrollmen and he suden number of dropping ou of school. In addiion o he longiudinal comparison inside he region, horizonal comparison wih oher areas should also be done by narrowing he difference of regional developmen. In addiion, more innovaive arge parameers can be inroduced for reference, such as proporion of admission o he universiy. (2) Collec he daa and model, including defining relaionship, experience relaionship, and sandardize relaionship. The imporan relaionship of our model is he influence of consrain condiions on he financial assisance paern. Consrain condiions include naional macroscopic educaion policy and financial suppor, he disric educaion financial suppor, regional economic and social developmen, regional developmen level of high school educaion, and family facors. (3) Solve he model and opimize soluions. To solve he model is a process o design a suden financial assisance model which is suiable for local acual siuaion under he specific consrains. (4) Tes model and opimizaion, including he applicaion of he soluion o solve pracical problems. And find new problems in he process of plan implemenaion. A ypical operaional research planning issues includes hree pars: he decision variables, he objecive funcion and he consrains. In he model of high school suden financial assisance sysem, he decision variables include acors and assisance independen variables subsidize scope, subsidize raio, subsidize sandard, subsidize form and capial share, and so on. The objecive funcions conains several goals parameers-improve he gross enrollmen raio, reduce he number of dropous due o povery and reduce he regional difference of educaion resources. The consrains are including characerisics of high school educaion, poliical insiuional environmen, he economic environmen, he educaion resources environmen, social and culural environmen, and he family environmen. The mahemaical expressions are as follows. There are n goal funcions composing he oal goal, and here are m consrain funcions. X is he decision variable including j branch variables. Copyrigh c 2015 SERSC 175

4 Subsidize form Subsidize sandard Subsidize raio Subsidize scope Capial share Inernaional Journal of u- and e- Service, Science and Technology Goal : Z x [ x, x s..... g 2 1 ( x ) 0 F ( f ( x ), 2 g ( x ) 0 1 g ( x ) 0 m,..., x j 1 ] f ( x ),..., 2 f ( x )) n 3. The Model of Ordinary High School Suden Financial Assisance Sysem 3.1. Composiion Analysis of Financial Assisance Sysem A firs, he composiion of financial assisance sysem and inernal relaions should be analyzed. The naure of he high school suden financial assisance sysem is o consider he reasonable allocaion of limied funds, manpower and oher resources, o obain he highes efficiency, and o mach funding principles and objecives. Hence, he core of financial assisance sysem is he resource allocaion. According o he ideas of operaional research, when scienific decisions are designed, objecives and consrains mus be considered. A few quesions should be answered Who provide he financial assisance? The local governmen? Oher social organizaions and individuals? Who should accep he assisance? How o selec sudens? and How o fund hem? By suden jobs or oher ways? The composiion of financial assisance sysem is shown as Figure 1, consiued by he consrain condiions, arge, acors, allocaion, inpu and oupu. The dashed box reflecs he assisance sysem wih he inpu subsidize capial impaced by capial share, subsidize raio and subsidize sandard, and oupu subsidize effec. In order o evaluae wheher he fund allocaion is reasonable and effecive, a feedback loop beween he arge and subsidize effec mus be esablished. If he subsidize effec is consisen wih he arge, he whole sysem is reasonable and effecive. A he same ime, in order o evaluae he efficiency of fund allocaion, an inpu - oupu analysis is conduced. The Figure 2 shows he model of ordinary high school suden financial assisance sysem. Consrains Goals Feedback Acors Resource allocaion Inpu Subsidize capial Oupu Subsidize effec Financial assisance sysem Efficiency evaluaion Figure 1. The Composiion of Financial Assisance Sysem 176 Copyrigh c 2015 SERSC

5 Inernaional Journal of u- and e- Service, Science and Technology Improve he gross enrollmen raio Reduce he number of sudens quiing school due o povery Reduce he regional difference of educaion resources Subsidize scope Subsidize raio Subsidize sandard Subsidize form Consrains analysis Goals parameers Acors Policy-making Characerisics of high School educaion Poliical insiuional environmen The economic environmen Educaion resources environmen Social and culural environmen Family environmen Govermen Schools Sociey Capial share Evaluaion and feedback Figure 2. The Model of Ordinary High School Suden Financial Assisance Sysem 3.2. Goals Parameers Analysis (1) Improve he gross enrollmen raio The gross enrollmen raio which is an imporan index o measure he level of educaion developmen refers o a percenage of sudens in school of school-age populaion in cerain school year and cerain phase. I marks educaion relaive size and educaion opporuniies. Enrollmen is divided ino wo kinds: he gross enrollmen raio and he ne enrollmen raio. The gross enrollmen raio does no mean roughly, bu refers o regardless of he suden s age in he gross enrollmen raio formula. The ne enrollmen raio means ha he formula includes only years old sudens, wihou younger han 15 years old or older han 18 years old sudens. Unable o accuraely know sudens age disribuion in fuure, so only he gross enrollmen raio can be used when governmen designs he developmen goals of he high school. The calculaion mehod of provinces (auonomous regions and municipaliies direcly under he cenral governmen) high school gross enrollmen raio: High school gross enrollmen raio High The school ehnic enrollmen populaion s in one academic (15 o 18 years old) year 100 % Naional medium and long-erm plan for educaion reform and developmen ( ) pus forward he goals of high school: by 2020, high school educaion is popularized, and he gross enrollmen raio reaches 90%. Copyrigh c 2015 SERSC 177

6 Inernaional Journal of u- and e- Service, Science and Technology (2) Reduce he number of dropous Dropou means ha a person who sops going o a school, college, ec., before finishing his sipulaed academic. According o a survey, unequal educaion opporuniy and he disadvanages of he insiuionalized educaion are he roo cause of dropous Consrains Analysis (1) The economic environmen Since 1997, he regional economic growh paern in China appears new characerisics. The easern coasal areas developmen advanages are more obvious. The easern areas accelerae he process of connecion wih inernaional sandards, for he original relaively reasonable indusrial srucure, lower proporion of sae-owned enerprises, and smooh indusrial srucure adjusmen process. Meanwhile, he speed of adjusmen of he indusrial srucure in Midwes areas is slow, due o he srong consrain "pah dependence" of ownership srucure and indusrial srucure. Under he condiion of boh he lack of exernal impeus and domesic demand, Midwes areas heavily depend on he sae economy developmen, which is low efficiency, and hindering he economic poenial. In Midwes areas, consumpion growh is affeced by he lack of income growh, and income growh is affeced by he employmen pressure. In our counry, economy in easern is more developed han ha in wesern region, coasal region is more developed han ha in cenral pars, and ciy is more developed han ha in counryside. Due o he unbalanced regional economic developmen, regional educaion resource configuraion is also differen. In paricular, he governmen does no adop effecive measures o resolve he misallocaion of high school educaion resource. Poor high school sudens in China are mainly disribued in economically underdeveloped, wes areas, and he governmen should ake addiional compensaion mechanism in less developed areas and poor areas. (2) Educaion resources environmen Afer he founding of new China, he ciy-counryside dual srucure and highly cenralized resource allocaion model are conribued o achieve he grand goal of modernizaion of he counry. The main funcion of rural is accumulaion of capial for urban. The ciy-counryside dual srucure is he main facor of expanding he regional educaion gap beween urban and rural. There are obvious gaps beween urban and rural high school educaion in resource configuraion. Since China's reform and opening up, in order o le some people become prosperous firs, special economic zone has been esablished in he coasal in China. Governmen has given preferenial policies o he special economic zone, such as invesmen, generaion, axes, ec., Wih he rapid economic developmen, educaion is also developing. Poor sudens in high school are ou of sigh, and parens and sudens are jus more sruggle for famous universiies. However, in middle and wesern pars of China, due o he limiaions of he geographical posiion and naural resources, economic developmen is backward. Compared wih special economic zone and easern region, he difference of high school educaion and economy are no comparable. (3) Family environmen High school poor sudens' family are very poor, whose parens are ofen farmers, urban laid-off workers and Unemployed. Some ones need o pay medical expenses for a long ime for serious illness of family members. Some ones suffer a sudden acciden so ha hey canno afford he suden s high school educaion and living expenses. In addiion, he single paren family or orphan is a major cause of poor sudens. Underdeveloped produciviy and backward ideas of some poor areas make family have oo many children and oo heavy burden. All in all, he income and economic condiion of 178 Copyrigh c 2015 SERSC

7 Inernaional Journal of u- and e- Service, Science and Technology poor family are very low, and hey are members of social vulnerable groups The Analysis of Independen Variables (1) Subsidize scope When financial assisance sysem for poor high school sudens is esablished, rural and urban poor sudens should be all included in he scope. A presen, funding for ordinary high school sudens is mainly in ciies ha are economically developed. However, in rural areas where more poor sudens are in, subsidize scope and he amoun of funding are boh limied, due o he pressure of funds. Our counry is an agriculural counry, and rural populaion accouns for 80% of he oal populaion. There is big gap beween urban and rural economic developmen. In he case of limied naional energy, he governmen should ensure ha poor ordinary high school sudens in Midwes backward rural areas don' drop ou of school due o povery. (2) Capial share Due o he ambiguiy of policy, funding has been no carried ou effecively across he counry. A presen, he provincial governmen subsidizes poor high school sudens in he form of grans. The specific allocaion proporion is decided on heir own by provinces and ciies. Due o lack of financial suppor of he cenral governmen, economically backward provinces are unable o solve he problem of funding for all poor sudens. One of he basic characerisics of funding work is ha here is a large conras of economic condiions and funding ask in differen areas. The beer economic condiions of a place, he less he number of poor sudens, he more money; he poorer economic condiion of a place, he more he number of poor sudens, he less money. To solve his conradicion, financial resources should be regulaed and conrolled by he cenral and provincial governmen. For example, according o he curren financial managemen sysem of Guangxi, and considering financial siuaion, he auonomous region and municipal governmen share he capial and counies do no underake any money. Hainan provincial high schools are burdened by he provincial fiscal. Haikou, Sanya, Yangpu economic developmen zone burden he money on is own. In oher ciies and counies, he province and ciies share in accordance wih he raio 7:3. (3) Subsidize form Subsidize form can be roughly divided ino wo kinds: one is he awarding gran, which focuses on supporing hose excellen sudens; he oher one is subsidized gran, which mainly helps sudens wih poor families. The curren suden subsidize form are: scholarships, grans, work-sudy programs, mos needy aid, uiion waiver, suden loans and oher several forms. Grans, mos needy aid and uiion waiver are suiable for ordinary high school sudens. A he same ime he governmen can ry o provide educaion loan o sudens. (4) Subsidize raio Due o unbalanced economic developmen, he numbers of poor sudens in ordinary high schools are differen. In general, he number of poor sudens in rural is higher han ha in urban, and he number of poor sudens in developed regions is higher han ha in backward area. According o he comprehensive measure, he proporion of ordinary poor high school sudens is from 15% o 20%. Among hem, he proporion of paricularly poor sudens is around 10%. The curren pracice subsidize raio is generally 8% of all sudens. Subsidize raio of ordinary high school in our counry is relaively narrow. Many families basically have no economy source, and can no provide any fees for schools. Pressure on he economy has affeced poor sudens sudy and living, and even some sudens qui school due o family economic pressure. The proporion of poor sudens in Copyrigh c 2015 SERSC 179

8 Inernaional Journal of u- and e- Service, Science and Technology each region can be measured according o he specific local sandard. 4. Case Sudy 4.1. Background In his secion, a case sudy is conduced o show how o apply he above model o analyze he assisance policy of high school suden financial. The case is he N couny of he M province in China. Due o is wesern locaion in China, he economy and raffic of M province are no developed. M province includes abou eighy counies (ciies) and a populaion of abou weny million. In 2012, he number of ordinary high school sudens is , including povery sudens. The average enrollmen rae is abou 70%, which is relaively low in China. There are a variey of reasons: Firs, a large number of junior middle school graduaes canno accep he ordinary high school educaion due o uiion fees; Second, many ordinary high school freshman dropou due o uiion fees, and so on. The policies of M province are as follows: (1) Subsidize scope and raio: The subsidize scope of he poores pars is 100%, and ha of oher pars is 30%. (2) Capial share: The cenral governmen and he local governmen share in accordance wih he raio 8: Subsidize Efficiency Research In order o analyze he subsidize efficiency of N couny, enrollmen rae is adoped as he objecive indicaor, and he producion funcion model is Y f ( K, L ). In he equaion, Y reflecs enrollmen rae and K reflecs subsidize capial, and L reflecs oher educaion inpu. Ignore L, he regression model is as follows: Y K (1) Daa of he case is he subsidize capial and enrollmen raes of N Couny from 2003 o 2012, as Table 1. Table 1. Subsidize Capial and Enrollmen Raes of N Couny from 2003 o 2012 (1) Uni roo es ADF Year Subsidize Enrollmen rae capial Uni roo ess of all series are conduced by Eviews. zz reflecs subsidize capial; rx reflecs enrollmen rae. The es resuls show ha zz and rx are all saionary, as Table Copyrigh c 2015 SERSC

9 Inernaional Journal of u- and e- Service, Science and Technology Table 2. Uni Roo Tes ADF of All Series Variable Saisic ADF 1% level 5% level 10% level Resul zz Non-saionary 2nd Saionary difference of zz rx Saionary (2) Co-inegraion es In order o analyze wheher here is co-inegraion relaionship beween subsidize capial (zz) and enrollmen raes (rx), regression of he wo series is conduced firs, and hen he sabiliy of regression residuals is esed. The regression model is as follows: rx zz (2) Then, he sabiliy of regression residuals is esed wihou consan and ime rend. The resul is as Table 3. Table 3. Uni Roo Tes ADF of Residual Saisic ADF 1% level 5% level 10% level Resul Saionary Under he significance of 5% level, saisic- is , which is bigger han corresponding criical value, hence hypohesis H 0 should be rejeced. The resul shows ha regression residual is saionary, which implies ha here is co-inegraion relaionship beween subsidize capial and enrollmen raes. (3) Error correcion model The co-inegraion relaionship reflecs ha here is a long-erm equilibrium relaionship beween subsidize capial and enrollmen raes. However, in he shor erm, here may be unbalanced. In order o enhance he precision of he model, error erm could be seemed as equilibrium error, and an error correcion model is esablished from regression equaion (2) as following. rx zz 1 Make differences of zz and rx and ge new series dzz and drx. dzz zz zz zz drx rx rx rx 1 drx is he independen variable and dzz and are he dependen variables, and he 1 regression resuls of error correcion model is as Table 4. Table 4. Regression Resuls of Error Correcion Model α β γ Durbin-Wason sa E ( ) ( ) ( ) The es shows ha, shor-erm dynamic relaionship beween subsidize capial and enrollmen raes is posiive, bu no obvious. 1 û (3) Copyrigh c 2015 SERSC 181

10 Inernaional Journal of u- and e- Service, Science and Technology 5. Conclusion The case sudy shows ha here is a sable equilibrium relaionship beween subsidize capial and enrollmen raes, and he coefficien is In long-erm, here is a dynamic posiive relaionship beween subsidize capial and enrollmen raes, bu no obvious. The oupu efficiency of subsidize capial is low. According o model in Figure 1 and 2, some suggesions are provided. (1) Adjus he arge group. Besides enrollmen, more oher goals could be considered. (2) Adjus allocaion ways. For example, expand social funding channels, and so on. (3) Complee feedback channels. Esablish perfec informaion collecion and release sysem o provide accurae daa o suppor evaluaion and policy making. Combining he siuaion of educaion in our counry, and he naional educaion developmen planning, his paper pus forward an analyical model based on he Dworkin heory and managemen of operaional research. The model could bring he work of high school suden financial assisance o he heigh of he managemen science. This paper is of grea significance o promoe he developmen and popularizaion of high school educaion. In fuure, afer building he model, we should also furher analyze he operaion process of he model, which is he policy making process and he basis for assisance sysem. Reference [1] C. Hongqi and Y. Haiyan, The principle of fairness of educaion and is policy implicaions, Educaional research, vol. 336, (2008), pp [2] F. Li and Y. Yinfeng, Finance should become he leading role of naional suden loan, China's financial informaion, vol. 35, (2006), pp [3] F. Jianjun, Three Differen Viewpoins of Educaional Equiy Comparison on educaional equiy viewpoins of J. RawIs, R. Nozick and R. Dworkiin, Comparaive Educaion Review, vol. 28, no. 10, (2007), pp [4] H. G. Unger, Encyclopedia of American Educaion, Facs on File, Inc. New York, vol. 2, (1996). [5] H. Angang and X. Yizhi, Esablish new educaion developing goals: popularizaion of 12 years educaion, Educaion research, (2001). [6] L. Yaoqing, Analysis of he Supply and Need of he Senior Middle School Educaion in he Rural Areas, Journal of Inner Mongolia normal universiy (educaional science), vol. 20, no. 10, (2007). [7] J. Rawls, A Theory of Jusice, London: Oxford Universiy Press, (1971). [8] J. Rawls, Jusice as Fairness: A Resaemen, Harvard Universiy Press, (2001). [9] R. Nozick, Anarchy, Sae, and Uopia, New York: Basic Books, (1974). [10] R. Dworkin, Sovereign Virue: The Theory and Pracice of Equaliy, Harvard Universiy Press, (2002). [11] E. P. Beinger, B. T. Long, P. Oreopoulos and L. Sanbonmasu, The Role of Applicaion Assisance and Informaion in College Decisions: Resuls from he H&R Block Fafsa Experimen*, The Quarerly Journal of Economics, vol. 127, no. 3, (2012), pp Copyrigh c 2015 SERSC

USE OF EDUCATION TECHNOLOGY IN ENGLISH CLASSES

USE OF EDUCATION TECHNOLOGY IN ENGLISH CLASSES USE OF EDUCATION TECHNOLOGY IN ENGLISH CLASSES Mehme Nuri GÖMLEKSİZ Absrac Using educaion echnology in classes helps eachers realize a beer and more effecive learning. In his sudy 150 English eachers were

More information

Performance Center Overview. Performance Center Overview 1

Performance Center Overview. Performance Center Overview 1 Performance Cener Overview Performance Cener Overview 1 ODJFS Performance Cener ce Cener New Performance Cener Model Performance Cener Projec Meeings Performance Cener Execuive Meeings Performance Cener

More information

Appendix D Flexibility Factor/Margin of Choice Desktop Research

Appendix D Flexibility Factor/Margin of Choice Desktop Research Appendix D Flexibiliy Facor/Margin of Choice Deskop Research Cheshire Eas Council Cheshire Eas Employmen Land Review Conens D1 Flexibiliy Facor/Margin of Choice Deskop Research 2 Final Ocober 2012 \\GLOBAL.ARUP.COM\EUROPE\MANCHESTER\JOBS\200000\223489-00\4

More information

Morningstar Investor Return

Morningstar Investor Return Morningsar Invesor Reurn Morningsar Mehodology Paper Augus 31, 2010 2010 Morningsar, Inc. All righs reserved. The informaion in his documen is he propery of Morningsar, Inc. Reproducion or ranscripion

More information

Journal Of Business & Economics Research September 2005 Volume 3, Number 9

Journal Of Business & Economics Research September 2005 Volume 3, Number 9 Opion Pricing And Mone Carlo Simulaions George M. Jabbour, (Email: jabbour@gwu.edu), George Washingon Universiy Yi-Kang Liu, (yikang@gwu.edu), George Washingon Universiy ABSTRACT The advanage of Mone Carlo

More information

Research on Inventory Sharing and Pricing Strategy of Multichannel Retailer with Channel Preference in Internet Environment

Research on Inventory Sharing and Pricing Strategy of Multichannel Retailer with Channel Preference in Internet Environment Vol. 7, No. 6 (04), pp. 365-374 hp://dx.doi.org/0.457/ijhi.04.7.6.3 Research on Invenory Sharing and Pricing Sraegy of Mulichannel Reailer wih Channel Preference in Inerne Environmen Hanzong Li College

More information

Why Did the Demand for Cash Decrease Recently in Korea?

Why Did the Demand for Cash Decrease Recently in Korea? Why Did he Demand for Cash Decrease Recenly in Korea? Byoung Hark Yoo Bank of Korea 26. 5 Absrac We explores why cash demand have decreased recenly in Korea. The raio of cash o consumpion fell o 4.7% in

More information

Premium Income of Indian Life Insurance Industry

Premium Income of Indian Life Insurance Industry Premium Income of Indian Life Insurance Indusry A Toal Facor Produciviy Approach Ram Praap Sinha* Subsequen o he passage of he Insurance Regulaory and Developmen Auhoriy (IRDA) Ac, 1999, he life insurance

More information

PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE

PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE Profi Tes Modelling in Life Assurance Using Spreadshees PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE Erik Alm Peer Millingon 2004 Profi Tes Modelling in Life Assurance Using Spreadshees

More information

BALANCE OF PAYMENTS. First quarter 2008. Balance of payments

BALANCE OF PAYMENTS. First quarter 2008. Balance of payments BALANCE OF PAYMENTS DATE: 2008-05-30 PUBLISHER: Balance of Paymens and Financial Markes (BFM) Lena Finn + 46 8 506 944 09, lena.finn@scb.se Camilla Bergeling +46 8 506 942 06, camilla.bergeling@scb.se

More information

A New Type of Combination Forecasting Method Based on PLS

A New Type of Combination Forecasting Method Based on PLS American Journal of Operaions Research, 2012, 2, 408-416 hp://dx.doi.org/10.4236/ajor.2012.23049 Published Online Sepember 2012 (hp://www.scirp.org/journal/ajor) A New Type of Combinaion Forecasing Mehod

More information

Relationships between Stock Prices and Accounting Information: A Review of the Residual Income and Ohlson Models. Scott Pirie* and Malcolm Smith**

Relationships between Stock Prices and Accounting Information: A Review of the Residual Income and Ohlson Models. Scott Pirie* and Malcolm Smith** Relaionships beween Sock Prices and Accouning Informaion: A Review of he Residual Income and Ohlson Models Sco Pirie* and Malcolm Smih** * Inernaional Graduae School of Managemen, Universiy of Souh Ausralia

More information

Chapter 1.6 Financial Management

Chapter 1.6 Financial Management Chaper 1.6 Financial Managemen Par I: Objecive ype quesions and answers 1. Simple pay back period is equal o: a) Raio of Firs cos/ne yearly savings b) Raio of Annual gross cash flow/capial cos n c) = (1

More information

Idealistic characteristics of Islamic Azad University masters - Islamshahr Branch from Students Perspective

Idealistic characteristics of Islamic Azad University masters - Islamshahr Branch from Students Perspective Available online a www.pelagiaresearchlibrary.com European Journal Experimenal Biology, 202, 2 (5):88789 ISSN: 2248 925 CODEN (USA): EJEBAU Idealisic characerisics Islamic Azad Universiy masers Islamshahr

More information

The Greek financial crisis: growing imbalances and sovereign spreads. Heather D. Gibson, Stephan G. Hall and George S. Tavlas

The Greek financial crisis: growing imbalances and sovereign spreads. Heather D. Gibson, Stephan G. Hall and George S. Tavlas The Greek financial crisis: growing imbalances and sovereign spreads Heaher D. Gibson, Sephan G. Hall and George S. Tavlas The enry The enry of Greece ino he Eurozone in 2001 produced a dividend in he

More information

Time Series Analysis Using SAS R Part I The Augmented Dickey-Fuller (ADF) Test

Time Series Analysis Using SAS R Part I The Augmented Dickey-Fuller (ADF) Test ABSTRACT Time Series Analysis Using SAS R Par I The Augmened Dickey-Fuller (ADF) Tes By Ismail E. Mohamed The purpose of his series of aricles is o discuss SAS programming echniques specifically designed

More information

A Note on Using the Svensson procedure to estimate the risk free rate in corporate valuation

A Note on Using the Svensson procedure to estimate the risk free rate in corporate valuation A Noe on Using he Svensson procedure o esimae he risk free rae in corporae valuaion By Sven Arnold, Alexander Lahmann and Bernhard Schwezler Ocober 2011 1. The risk free ineres rae in corporae valuaion

More information

INTRODUCTION TO FORECASTING

INTRODUCTION TO FORECASTING INTRODUCTION TO FORECASTING INTRODUCTION: Wha is a forecas? Why do managers need o forecas? A forecas is an esimae of uncerain fuure evens (lierally, o "cas forward" by exrapolaing from pas and curren

More information

Market Liquidity and the Impacts of the Computerized Trading System: Evidence from the Stock Exchange of Thailand

Market Liquidity and the Impacts of the Computerized Trading System: Evidence from the Stock Exchange of Thailand 36 Invesmen Managemen and Financial Innovaions, 4/4 Marke Liquidiy and he Impacs of he Compuerized Trading Sysem: Evidence from he Sock Exchange of Thailand Sorasar Sukcharoensin 1, Pariyada Srisopisawa,

More information

SURVEYING THE RELATIONSHIP BETWEEN STOCK MARKET MAKER AND LIQUIDITY IN TEHRAN STOCK EXCHANGE COMPANIES

SURVEYING THE RELATIONSHIP BETWEEN STOCK MARKET MAKER AND LIQUIDITY IN TEHRAN STOCK EXCHANGE COMPANIES Inernaional Journal of Accouning Research Vol., No. 7, 4 SURVEYING THE RELATIONSHIP BETWEEN STOCK MARKET MAKER AND LIQUIDITY IN TEHRAN STOCK EXCHANGE COMPANIES Mohammad Ebrahimi Erdi, Dr. Azim Aslani,

More information

The Application of Multi Shifts and Break Windows in Employees Scheduling

The Application of Multi Shifts and Break Windows in Employees Scheduling The Applicaion of Muli Shifs and Brea Windows in Employees Scheduling Evy Herowai Indusrial Engineering Deparmen, Universiy of Surabaya, Indonesia Absrac. One mehod for increasing company s performance

More information

II.1. Debt reduction and fiscal multipliers. dbt da dpbal da dg. bal

II.1. Debt reduction and fiscal multipliers. dbt da dpbal da dg. bal Quarerly Repor on he Euro Area 3/202 II.. Deb reducion and fiscal mulipliers The deerioraion of public finances in he firs years of he crisis has led mos Member Saes o adop sizeable consolidaion packages.

More information

Duration and Convexity ( ) 20 = Bond B has a maturity of 5 years and also has a required rate of return of 10%. Its price is $613.

Duration and Convexity ( ) 20 = Bond B has a maturity of 5 years and also has a required rate of return of 10%. Its price is $613. Graduae School of Business Adminisraion Universiy of Virginia UVA-F-38 Duraion and Convexiy he price of a bond is a funcion of he promised paymens and he marke required rae of reurn. Since he promised

More information

4. International Parity Conditions

4. International Parity Conditions 4. Inernaional ariy ondiions 4.1 urchasing ower ariy he urchasing ower ariy ( heory is one of he early heories of exchange rae deerminaion. his heory is based on he concep ha he demand for a counry's currency

More information

Vida Mojtahedzadeh*, Seyed Hossein Alavi Tabari and Maryam Asgharzadeh Badr. Abstract

Vida Mojtahedzadeh*, Seyed Hossein Alavi Tabari and Maryam Asgharzadeh Badr. Abstract A Comparison beween Accouning, Business Adminisraion and Theoreical Economics Sudens on he Impac of Their Majors on Personal Saisfacion in Acquiring General Skills Vida Mojahedzadeh*, Seyed Hossein Alavi

More information

MACROECONOMIC FORECASTS AT THE MOF A LOOK INTO THE REAR VIEW MIRROR

MACROECONOMIC FORECASTS AT THE MOF A LOOK INTO THE REAR VIEW MIRROR MACROECONOMIC FORECASTS AT THE MOF A LOOK INTO THE REAR VIEW MIRROR The firs experimenal publicaion, which summarised pas and expeced fuure developmen of basic economic indicaors, was published by he Minisry

More information

Contrarian insider trading and earnings management around seasoned equity offerings; SEOs

Contrarian insider trading and earnings management around seasoned equity offerings; SEOs Journal of Finance and Accounancy Conrarian insider rading and earnings managemen around seasoned equiy offerings; SEOs ABSTRACT Lorea Baryeh Towson Universiy This sudy aemps o resolve he differences in

More information

Economics Honors Exam 2008 Solutions Question 5

Economics Honors Exam 2008 Solutions Question 5 Economics Honors Exam 2008 Soluions Quesion 5 (a) (2 poins) Oupu can be decomposed as Y = C + I + G. And we can solve for i by subsiuing in equaions given in he quesion, Y = C + I + G = c 0 + c Y D + I

More information

How To Calculate Price Elasiciy Per Capia Per Capi

How To Calculate Price Elasiciy Per Capia Per Capi Price elasiciy of demand for crude oil: esimaes for 23 counries John C.B. Cooper Absrac This paper uses a muliple regression model derived from an adapaion of Nerlove s parial adjusmen model o esimae boh

More information

The Kinetics of the Stock Markets

The Kinetics of the Stock Markets Asia Pacific Managemen Review (00) 7(1), 1-4 The Kineics of he Sock Markes Hsinan Hsu * and Bin-Juin Lin ** (received July 001; revision received Ocober 001;acceped November 001) This paper applies he

More information

Chapter 6: Business Valuation (Income Approach)

Chapter 6: Business Valuation (Income Approach) Chaper 6: Business Valuaion (Income Approach) Cash flow deerminaion is one of he mos criical elemens o a business valuaion. Everyhing may be secondary. If cash flow is high, hen he value is high; if he

More information

Chapter 8: Regression with Lagged Explanatory Variables

Chapter 8: Regression with Lagged Explanatory Variables Chaper 8: Regression wih Lagged Explanaory Variables Time series daa: Y for =1,..,T End goal: Regression model relaing a dependen variable o explanaory variables. Wih ime series new issues arise: 1. One

More information

LECTURE: SOCIAL SECURITY HILARY HOYNES UC DAVIS EC230 OUTLINE OF LECTURE:

LECTURE: SOCIAL SECURITY HILARY HOYNES UC DAVIS EC230 OUTLINE OF LECTURE: LECTURE: SOCIAL SECURITY HILARY HOYNES UC DAVIS EC230 OUTLINE OF LECTURE: 1. Inroducion and definiions 2. Insiuional Deails in Social Securiy 3. Social Securiy and Redisribuion 4. Jusificaion for Governmen

More information

Cointegration: The Engle and Granger approach

Cointegration: The Engle and Granger approach Coinegraion: The Engle and Granger approach Inroducion Generally one would find mos of he economic variables o be non-saionary I(1) variables. Hence, any equilibrium heories ha involve hese variables require

More information

TEMPORAL PATTERN IDENTIFICATION OF TIME SERIES DATA USING PATTERN WAVELETS AND GENETIC ALGORITHMS

TEMPORAL PATTERN IDENTIFICATION OF TIME SERIES DATA USING PATTERN WAVELETS AND GENETIC ALGORITHMS TEMPORAL PATTERN IDENTIFICATION OF TIME SERIES DATA USING PATTERN WAVELETS AND GENETIC ALGORITHMS RICHARD J. POVINELLI AND XIN FENG Deparmen of Elecrical and Compuer Engineering Marquee Universiy, P.O.

More information

Debt and Fiscal Sustainability in Sri Lanka

Debt and Fiscal Sustainability in Sri Lanka Inernaional Journal of Scienific and Research Publicaions, Volume 2, Issue 3, March 212 1 Deb and Fiscal Susainabiliy in Sri Lanka N. P. Ravindra Deyshappriya Uva Wellassa Universiy SRI LANKA Absrac- Fiscal

More information

Working Paper No. 482. Net Intergenerational Transfers from an Increase in Social Security Benefits

Working Paper No. 482. Net Intergenerational Transfers from an Increase in Social Security Benefits Working Paper No. 482 Ne Inergeneraional Transfers from an Increase in Social Securiy Benefis By Li Gan Texas A&M and NBER Guan Gong Shanghai Universiy of Finance and Economics Michael Hurd RAND Corporaion

More information

Individual Health Insurance April 30, 2008 Pages 167-170

Individual Health Insurance April 30, 2008 Pages 167-170 Individual Healh Insurance April 30, 2008 Pages 167-170 We have received feedback ha his secion of he e is confusing because some of he defined noaion is inconsisen wih comparable life insurance reserve

More information

The Grantor Retained Annuity Trust (GRAT)

The Grantor Retained Annuity Trust (GRAT) WEALTH ADVISORY Esae Planning Sraegies for closely-held, family businesses The Granor Reained Annuiy Trus (GRAT) An efficien wealh ransfer sraegy, paricularly in a low ineres rae environmen Family business

More information

The Real Business Cycle paradigm. The RBC model emphasizes supply (technology) disturbances as the main source of

The Real Business Cycle paradigm. The RBC model emphasizes supply (technology) disturbances as the main source of Prof. Harris Dellas Advanced Macroeconomics Winer 2001/01 The Real Business Cycle paradigm The RBC model emphasizes supply (echnology) disurbances as he main source of macroeconomic flucuaions in a world

More information

Identify and ranking the factors that influence establishment of total quality management system in Payame Noor University of Lordegan

Identify and ranking the factors that influence establishment of total quality management system in Payame Noor University of Lordegan Idenify and ranking he facors ha influence esablishmen of oal qualiy sysem in Payame Noor Universiy of Lordegan Farhad Farhadi MA Suden, Deparmen of Managemen, Najafabad Branch, Islamic Azad Universiy,

More information

AP Calculus AB 2010 Scoring Guidelines

AP Calculus AB 2010 Scoring Guidelines AP Calculus AB 1 Scoring Guidelines The College Board The College Board is a no-for-profi membership associaion whose mission is o connec sudens o college success and opporuniy. Founded in 1, he College

More information

Single-machine Scheduling with Periodic Maintenance and both Preemptive and. Non-preemptive jobs in Remanufacturing System 1

Single-machine Scheduling with Periodic Maintenance and both Preemptive and. Non-preemptive jobs in Remanufacturing System 1 Absrac number: 05-0407 Single-machine Scheduling wih Periodic Mainenance and boh Preempive and Non-preempive jobs in Remanufacuring Sysem Liu Biyu hen Weida (School of Economics and Managemen Souheas Universiy

More information

Risk Modelling of Collateralised Lending

Risk Modelling of Collateralised Lending Risk Modelling of Collaeralised Lending Dae: 4-11-2008 Number: 8/18 Inroducion This noe explains how i is possible o handle collaeralised lending wihin Risk Conroller. The approach draws on he faciliies

More information

Chapter 10 Social Security 1

Chapter 10 Social Security 1 Chaper 0 Social Securiy 0. Inroducion A ypical social securiy sysem provides income during periods of unemploymen, ill-healh or disabiliy, and financial suppor, in he form of pensions, o he reired. Alhough

More information

Internal and external value evaluation of E-business strategy in enterprise

Internal and external value evaluation of E-business strategy in enterprise Available online www.jocpr.com Journal of Chemical and Pharmaceuical Research, 2014, 6(6):693-697 Research Aricle ISSN : 0975-7384 CODEN(USA) : JCPRC5 Inernal and exernal value evaluaion of E-business

More information

LIFE INSURANCE WITH STOCHASTIC INTEREST RATE. L. Noviyanti a, M. Syamsuddin b

LIFE INSURANCE WITH STOCHASTIC INTEREST RATE. L. Noviyanti a, M. Syamsuddin b LIFE ISURACE WITH STOCHASTIC ITEREST RATE L. oviyani a, M. Syamsuddin b a Deparmen of Saisics, Universias Padjadjaran, Bandung, Indonesia b Deparmen of Mahemaics, Insiu Teknologi Bandung, Indonesia Absrac.

More information

THE FIRM'S INVESTMENT DECISION UNDER CERTAINTY: CAPITAL BUDGETING AND RANKING OF NEW INVESTMENT PROJECTS

THE FIRM'S INVESTMENT DECISION UNDER CERTAINTY: CAPITAL BUDGETING AND RANKING OF NEW INVESTMENT PROJECTS VII. THE FIRM'S INVESTMENT DECISION UNDER CERTAINTY: CAPITAL BUDGETING AND RANKING OF NEW INVESTMENT PROJECTS The mos imporan decisions for a firm's managemen are is invesmen decisions. While i is surely

More information

Double Entry System of Accounting

Double Entry System of Accounting CHAPTER 2 Double Enry Sysem of Accouning Sysem of Accouning \ The following are he main sysem of accouning for recording he business ransacions: (a) Cash Sysem of Accouning. (b) Mercanile or Accrual Sysem

More information

BALANCE OF PAYMENTS AND FINANCIAL MA REPORT 2015. All officiell statistik finns på: www.scb.se Statistikservice: tfn 08-506 948 01

BALANCE OF PAYMENTS AND FINANCIAL MA REPORT 2015. All officiell statistik finns på: www.scb.se Statistikservice: tfn 08-506 948 01 RKET BALANCE OF PAYMENTS AND FINANCIAL MA REPORT 2015 All officiell saisik finns på: www.scb.se Saisikservice: fn 08-506 948 01 All official saisics can be found a: www.scb.se Saisics service, phone +46

More information

Predicting Stock Market Index Trading Signals Using Neural Networks

Predicting Stock Market Index Trading Signals Using Neural Networks Predicing Sock Marke Index Trading Using Neural Neworks C. D. Tilakarane, S. A. Morris, M. A. Mammadov, C. P. Hurs Cenre for Informaics and Applied Opimizaion School of Informaion Technology and Mahemaical

More information

Measuring macroeconomic volatility Applications to export revenue data, 1970-2005

Measuring macroeconomic volatility Applications to export revenue data, 1970-2005 FONDATION POUR LES ETUDES ET RERS LE DEVELOPPEMENT INTERNATIONAL Measuring macroeconomic volailiy Applicaions o expor revenue daa, 1970-005 by Joël Cariolle Policy brief no. 47 March 01 The FERDI is a

More information

Measuring the Effects of Exchange Rate Changes on Investment. in Australian Manufacturing Industry

Measuring the Effects of Exchange Rate Changes on Investment. in Australian Manufacturing Industry Measuring he Effecs of Exchange Rae Changes on Invesmen in Ausralian Manufacuring Indusry Robyn Swif Economics and Business Saisics Deparmen of Accouning, Finance and Economics Griffih Universiy Nahan

More information

DOES TRADING VOLUME INFLUENCE GARCH EFFECTS? SOME EVIDENCE FROM THE GREEK MARKET WITH SPECIAL REFERENCE TO BANKING SECTOR

DOES TRADING VOLUME INFLUENCE GARCH EFFECTS? SOME EVIDENCE FROM THE GREEK MARKET WITH SPECIAL REFERENCE TO BANKING SECTOR Invesmen Managemen and Financial Innovaions, Volume 4, Issue 3, 7 33 DOES TRADING VOLUME INFLUENCE GARCH EFFECTS? SOME EVIDENCE FROM THE GREEK MARKET WITH SPECIAL REFERENCE TO BANKING SECTOR Ahanasios

More information

Investigation of Human Resource Management Practices (HRM) in Hospitals of Jalgaon District

Investigation of Human Resource Management Practices (HRM) in Hospitals of Jalgaon District BUSINESS AND TECHNOLOGY (IJSSBT), Vol. 1,.2, FEBRUARY 213 Invesigaion of Human Resource Managemen Pracices (HRM) in Hospials of Jalgaon Disric Saroj B. Pail*; Dr. P.T.Choudhari** *Research Scholar, rh

More information

DYNAMIC MODELS FOR VALUATION OF WRONGFUL DEATH PAYMENTS

DYNAMIC MODELS FOR VALUATION OF WRONGFUL DEATH PAYMENTS DYNAMIC MODELS FOR VALUATION OF WRONGFUL DEATH PAYMENTS Hong Mao, Shanghai Second Polyechnic Universiy Krzyszof M. Osaszewski, Illinois Sae Universiy Youyu Zhang, Fudan Universiy ABSTRACT Liigaion, exper

More information

Chapter Four: Methodology

Chapter Four: Methodology Chaper Four: Mehodology 1 Assessmen of isk Managemen Sraegy Comparing Is Cos of isks 1.1 Inroducion If we wan o choose a appropriae risk managemen sraegy, no only we should idenify he influence ha risks

More information

Internal and External Factors for Credit Growth in Macao

Internal and External Factors for Credit Growth in Macao Inernal and Exernal Facors for Credi Growh in Macao Nicholas Cheang Research and Saisics Deparmen, Moneary Auhoriy of Macao Absrac Commercial banks are dominan eniies in he Macao financial secor. They

More information

The Determinants of Trade Credit: Vietnam Experience

The Determinants of Trade Credit: Vietnam Experience Proceedings of he Second Asia-Pacific Conference on Global Business, Economics, Finance and Social Sciences (AP15Vienam Conference) ISBN: 978-1-63415-833-6 Danang, Vienam, 10-12 July 2015 Paper ID: V536

More information

International Business & Economics Research Journal March 2007 Volume 6, Number 3

International Business & Economics Research Journal March 2007 Volume 6, Number 3 Weak Form Efficiency In Indian Sock Markes Rakesh Gupa, (E-mail: r.gupa@cqu.edu.au), Cenral Queensland Universiy, Ausralia Parikshi K. Basu, (E-mail: pbasu@csu.edu.au), Charles Sur Universiy, Ausralia

More information

DEMAND FORECASTING MODELS

DEMAND FORECASTING MODELS DEMAND FORECASTING MODELS Conens E-2. ELECTRIC BILLED SALES AND CUSTOMER COUNTS Sysem-level Model Couny-level Model Easside King Couny-level Model E-6. ELECTRIC PEAK HOUR LOAD FORECASTING Sysem-level Forecas

More information

Principal components of stock market dynamics. Methodology and applications in brief (to be updated ) Andrei Bouzaev, bouzaev@ya.

Principal components of stock market dynamics. Methodology and applications in brief (to be updated ) Andrei Bouzaev, bouzaev@ya. Principal componens of sock marke dynamics Mehodology and applicaions in brief o be updaed Andrei Bouzaev, bouzaev@ya.ru Why principal componens are needed Objecives undersand he evidence of more han one

More information

The Influence of Iran's Entrance into the WTO on Major Indexes of Tehran Stock Exchange

The Influence of Iran's Entrance into the WTO on Major Indexes of Tehran Stock Exchange 2013, TexRoad Publicaion ISSN: 2090-4274 Journal of Applied Environmenal and Biological Sciences www.exroad.com The Influence of Iran's Enrance ino he WTO on Major Indexes of Tehran Sock Exchange Darush

More information

The Interest Rate Risk of Mortgage Loan Portfolio of Banks

The Interest Rate Risk of Mortgage Loan Portfolio of Banks The Ineres Rae Risk of Morgage Loan Porfolio of Banks A Case Sudy of he Hong Kong Marke Jim Wong Hong Kong Moneary Auhoriy Paper presened a he Exper Forum on Advanced Techniques on Sress Tesing: Applicaions

More information

LEASING VERSUSBUYING

LEASING VERSUSBUYING LEASNG VERSUSBUYNG Conribued by James D. Blum and LeRoy D. Brooks Assisan Professors of Business Adminisraion Deparmen of Business Adminisraion Universiy of Delaware Newark, Delaware The auhors discuss

More information

Market Analysis and Models of Investment. Product Development and Whole Life Cycle Costing

Market Analysis and Models of Investment. Product Development and Whole Life Cycle Costing The Universiy of Liverpool School of Archiecure and Building Engineering WINDS PROJECT COURSE SYNTHESIS SECTION 3 UNIT 11 Marke Analysis and Models of Invesmen. Produc Developmen and Whole Life Cycle Cosing

More information

Vector Autoregressions (VARs): Operational Perspectives

Vector Autoregressions (VARs): Operational Perspectives Vecor Auoregressions (VARs): Operaional Perspecives Primary Source: Sock, James H., and Mark W. Wason, Vecor Auoregressions, Journal of Economic Perspecives, Vol. 15 No. 4 (Fall 2001), 101-115. Macroeconomericians

More information

Usefulness of the Forward Curve in Forecasting Oil Prices

Usefulness of the Forward Curve in Forecasting Oil Prices Usefulness of he Forward Curve in Forecasing Oil Prices Akira Yanagisawa Leader Energy Demand, Supply and Forecas Analysis Group The Energy Daa and Modelling Cener Summary When people analyse oil prices,

More information

SUBJECT SA0 OF THE INSTITUTE AND FACULTY OF ACTUARIES

SUBJECT SA0 OF THE INSTITUTE AND FACULTY OF ACTUARIES SUBJECT SA0 OF THE INSTITUTE AND FACULTY OF ACTUARIES Man On Wong Essay on Welfare Effecs of Developing Reverse Morgage Marke in China Subjec SA0 Advisors Bing Zheng Chen James Orr Prepared a School of

More information

Analysis of Pricing and Efficiency Control Strategy between Internet Retailer and Conventional Retailer

Analysis of Pricing and Efficiency Control Strategy between Internet Retailer and Conventional Retailer Recen Advances in Business Managemen and Markeing Analysis of Pricing and Efficiency Conrol Sraegy beween Inerne Reailer and Convenional Reailer HYUG RAE CHO 1, SUG MOO BAE and JOG HU PARK 3 Deparmen of

More information

ESTIMATE OF POTENTIAL GROSS DOMESTIC PRODUCT USING THE PRODUCTION FUNCTION METHOD

ESTIMATE OF POTENTIAL GROSS DOMESTIC PRODUCT USING THE PRODUCTION FUNCTION METHOD Economeric Modelling Deparmen Igea Vrbanc June 2006 ESTIMATE OF POTENTIAL GROSS DOMESTIC PRODUCT USING THE PRODUCTION FUNCTION METHOD CONTENTS SUMMARY 1. INTRODUCTION 2. ESTIMATE OF THE PRODUCTION FUNCTION

More information

Optimal Investment and Consumption Decision of Family with Life Insurance

Optimal Investment and Consumption Decision of Family with Life Insurance Opimal Invesmen and Consumpion Decision of Family wih Life Insurance Minsuk Kwak 1 2 Yong Hyun Shin 3 U Jin Choi 4 6h World Congress of he Bachelier Finance Sociey Torono, Canada June 25, 2010 1 Speaker

More information

Multiprocessor Systems-on-Chips

Multiprocessor Systems-on-Chips Par of: Muliprocessor Sysems-on-Chips Edied by: Ahmed Amine Jerraya and Wayne Wolf Morgan Kaufmann Publishers, 2005 2 Modeling Shared Resources Conex swiching implies overhead. On a processing elemen,

More information

Hedging with Forwards and Futures

Hedging with Forwards and Futures Hedging wih orwards and uures Hedging in mos cases is sraighforward. You plan o buy 10,000 barrels of oil in six monhs and you wish o eliminae he price risk. If you ake he buy-side of a forward/fuures

More information

Factors Affecting Initial Enrollment Intensity: Part-Time versus Full-Time Enrollment

Factors Affecting Initial Enrollment Intensity: Part-Time versus Full-Time Enrollment acors Affecing Iniial Enrollmen Inensiy: ar-time versus ull-time Enrollmen By Leslie S. Sraon Associae rofessor Dennis M. O Toole Associae rofessor James N. Wezel rofessor Deparmen of Economics Virginia

More information

Cloud Service Trust Model and Its Application Research Based on the Third Party Certification

Cloud Service Trust Model and Its Application Research Based on the Third Party Certification Inernaional Journal of u- and e- Service, Science and Technology, pp.259-268 hp://dx.doi.org/1.14257/ijuness.215.8.7.26 Cloud Service Trus Model and Is Applicaion Research Based on he Third Pary Cerificaion

More information

CEEP-BIT WORKING PAPER SERIES. The crude oil market and the gold market: Evidence for cointegration, causality and price discovery

CEEP-BIT WORKING PAPER SERIES. The crude oil market and the gold market: Evidence for cointegration, causality and price discovery CEEP-BIT WORKING PAPER SERIES The crude oil marke and he gold marke: Evidence for coinegraion, causaliy and price discovery Yue-Jun Zhang Yi-Ming Wei Working Paper 5 hp://www.ceep.ne.cn/english/publicaions/wp/

More information

GUIDE GOVERNING SMI RISK CONTROL INDICES

GUIDE GOVERNING SMI RISK CONTROL INDICES GUIDE GOVERNING SMI RISK CONTROL IND ICES SIX Swiss Exchange Ld 04/2012 i C O N T E N T S 1. Index srucure... 1 1.1 Concep... 1 1.2 General principles... 1 1.3 Index Commission... 1 1.4 Review of index

More information

The Impact of International Oil Price Fluctuation on China s Economy

The Impact of International Oil Price Fluctuation on China s Economy Available online a www.sciencedirec.com Energ Procedia 5 (2011) 1360 1364 IACEED2010 The Impac of Inernaional Oil Price Flucuaion on China s Econom Zhang Qianqian School of Economics and Managemen, Wuhan

More information

Hotel Room Demand Forecasting via Observed Reservation Information

Hotel Room Demand Forecasting via Observed Reservation Information Proceedings of he Asia Pacific Indusrial Engineering & Managemen Sysems Conference 0 V. Kachivichyanuul, H.T. Luong, and R. Piaaso Eds. Hoel Room Demand Forecasing via Observed Reservaion Informaion aragain

More information

PRACTICES AND ISSUES IN OPERATIONAL RISK MODELING UNDER BASEL II

PRACTICES AND ISSUES IN OPERATIONAL RISK MODELING UNDER BASEL II Lihuanian Mahemaical Journal, Vol. 51, No. 2, April, 2011, pp. 180 193 PRACTICES AND ISSUES IN OPERATIONAL RISK MODELING UNDER BASEL II Paul Embrechs and Marius Hofer 1 RiskLab, Deparmen of Mahemaics,

More information

STRUCTURING EQUITY INVESTMENT IN PPP PROJECTS Deepak. K. Sharma 1 and Qingbin Cui 2

STRUCTURING EQUITY INVESTMENT IN PPP PROJECTS Deepak. K. Sharma 1 and Qingbin Cui 2 ABSTRACT STRUCTURING EQUITY INVESTMENT IN PPP PROJECTS Deepak. K. Sharma 1 and Qingbin Cui 2 Earlier sudies have esablished guidelines o opimize he capial srucure of a privaized projec. However, in he

More information

DETERMINISTIC INVENTORY MODEL FOR ITEMS WITH TIME VARYING DEMAND, WEIBULL DISTRIBUTION DETERIORATION AND SHORTAGES KUN-SHAN WU

DETERMINISTIC INVENTORY MODEL FOR ITEMS WITH TIME VARYING DEMAND, WEIBULL DISTRIBUTION DETERIORATION AND SHORTAGES KUN-SHAN WU Yugoslav Journal of Operaions Research 2 (22), Number, 6-7 DEERMINISIC INVENORY MODEL FOR IEMS WIH IME VARYING DEMAND, WEIBULL DISRIBUION DEERIORAION AND SHORAGES KUN-SHAN WU Deparmen of Bussines Adminisraion

More information

CHARGE AND DISCHARGE OF A CAPACITOR

CHARGE AND DISCHARGE OF A CAPACITOR REFERENCES RC Circuis: Elecrical Insrumens: Mos Inroducory Physics exs (e.g. A. Halliday and Resnick, Physics ; M. Sernheim and J. Kane, General Physics.) This Laboraory Manual: Commonly Used Insrumens:

More information

Automatic measurement and detection of GSM interferences

Automatic measurement and detection of GSM interferences Auomaic measuremen and deecion of GSM inerferences Poor speech qualiy and dropped calls in GSM neworks may be caused by inerferences as a resul of high raffic load. The radio nework analyzers from Rohde

More information

Macroeconomic functions of the Russian stock market

Macroeconomic functions of the Russian stock market December, 2. 6. 2013 Macroeconomic funcions of he Russian sock marke Adam Marszk Faculy of Managemen and Economics Gdańsk Universiy of Technology Gdańsk, Poland amarszk@zie.pg.gda.pl Absrac The purpose

More information

THE EFFECT OF CORPORATE GOVERNANCE FACTORS ON CASH FLOW RESULTING FROM OPERATING ACTIVITIES AND FIRM FINANCING

THE EFFECT OF CORPORATE GOVERNANCE FACTORS ON CASH FLOW RESULTING FROM OPERATING ACTIVITIES AND FIRM FINANCING An Open Access, Online Inernaional Journal Available a www.cibech.org/sp.ed/jls/2014/04/jls.hm Research Aricle THE EECT O CORPORATE GOVERNANCE ACTORS ON CASH LOW RESULTING ROM OPERATING ACTIVITIES AND

More information

Analysis of trends in technical and allocative efficiency: An application to Texas public school districts

Analysis of trends in technical and allocative efficiency: An application to Texas public school districts European Journal of Operaional Research 154 (2004) 477 491 www.elsevier.com/locae/dsw Analysis of rends in echnical and allocaive efficiency: An applicaion o Texas public school disrics Rajiv D. Baner,

More information

Applied Econometrics and International Development Vol. 10-2 (2010) mail: idiluz@yeditepe.edu.tr

Applied Econometrics and International Development Vol. 10-2 (2010) mail: idiluz@yeditepe.edu.tr Applied Economerics and Inernaional Developmen Vol. 10-2 (2010) DETERMINANTS OF CURRENT ACCOUNT: THE RELATION BETWEEN INTERNAL AND EXTERNAL BALANCES IN TURKEY UZ, Idil 1 Absrac This paper considers he

More information

Owens Community College

Owens Community College Sudy in he Unied Saes a: Owens Communiy College experience owens The Owens experience can help you sar he firs wo years of a bachelor s degree or prepare for a career. Owens invies you o seek your unique

More information

Title: Who Influences Latin American Stock Market Returns? China versus USA

Title: Who Influences Latin American Stock Market Returns? China versus USA Cenre for Global Finance Working Paper Series (ISSN 2041-1596) Paper Number: 05/10 Tile: Who Influences Lain American Sock Marke Reurns? China versus USA Auhor(s): J.G. Garza-García; M.E. Vera-Juárez Cenre

More information

AP Calculus BC 2010 Scoring Guidelines

AP Calculus BC 2010 Scoring Guidelines AP Calculus BC Scoring Guidelines The College Board The College Board is a no-for-profi membership associaion whose mission is o connec sudens o college success and opporuniy. Founded in, he College Board

More information

This is the author s version of a work that was submitted/accepted for publication in the following source:

This is the author s version of a work that was submitted/accepted for publication in the following source: This is he auhor s version of a work ha was submied/acceped for publicaion in he following source: Debnah, Ashim Kumar & Chin, Hoong Chor (2006) Analysis of marine conflics. In Proceedings of he 19h KKCNN

More information

Can Individual Investors Use Technical Trading Rules to Beat the Asian Markets?

Can Individual Investors Use Technical Trading Rules to Beat the Asian Markets? Can Individual Invesors Use Technical Trading Rules o Bea he Asian Markes? INTRODUCTION In radiional ess of he weak-form of he Efficien Markes Hypohesis, price reurn differences are found o be insufficien

More information

FORECASTING WATER DEMAND FOR AGRICULTURAL, INDUSTRIAL AND DOMESTIC USE IN LIBYA

FORECASTING WATER DEMAND FOR AGRICULTURAL, INDUSTRIAL AND DOMESTIC USE IN LIBYA Inernaional Review of Business Research Papers Vol.4 No. 5 Ocober-November 8 Pp. 31-48 FORECASTING WATER DEMAND FOR AGRICULTURAL, INDUSTRIAL AND DOMESTIC USE IN LIBYA Fahis F. Lawgali* This paper examines

More information

ARCH 2013.1 Proceedings

ARCH 2013.1 Proceedings Aricle from: ARCH 213.1 Proceedings Augus 1-4, 212 Ghislain Leveille, Emmanuel Hamel A renewal model for medical malpracice Ghislain Léveillé École d acuaria Universié Laval, Québec, Canada 47h ARC Conference

More information

Do jobs-follow-people or people-follow-jobs? A Meta-analysis for Europe and the US

Do jobs-follow-people or people-follow-jobs? A Meta-analysis for Europe and the US RUG1 Do jobs-follow-people or people-follow-jobs? A Mea-analysis for Europe and he US Jouke van Dijk, based on join work wih Gerke Hoogsra and Raymond Florax Professor of Regional Labour Marke Analysis,

More information

Online Open Access publishing platform for Management Research. Copyright 2010 All rights reserved Integrated Publishing association

Online Open Access publishing platform for Management Research. Copyright 2010 All rights reserved Integrated Publishing association ASIAN JOURNAL OF MANAGEMENT RESEARCH Online Open Access publishing plaform for Managemen Research Copyrigh 2010 All righs reserved Inegraed Publishing associaion Case Sudy ISSN 2229 3795 Global Financial

More information

Stock Price Prediction Using the ARIMA Model

Stock Price Prediction Using the ARIMA Model 2014 UKSim-AMSS 16h Inernaional Conference on Compuer Modelling and Simulaion Sock Price Predicion Using he ARIMA Model 1 Ayodele A. Adebiyi., 2 Aderemi O. Adewumi 1,2 School of Mahemaic, Saisics & Compuer

More information

Capital Flows and Current Account Sustainability: The Ghanaian Experience

Capital Flows and Current Account Sustainability: The Ghanaian Experience CREDIT Research Paper No. 07/07 Capial Flows and Curren Accoun Susainabiliy: The Ghanaian Experience by Absrac Maxwell Opoku-Afari Boh heoreical and operaional definiions of curren accoun susainabiliy

More information