Key Fundamental Factors and Long-run Price Changes in an Emerging Market-A Case Study of Karachi Stock Exchange (KSE)

Share prices are the most important indicator readily available to the investors for their decision to invest or not in a particular share. Theories suggest that share price changes are associated with changes in fundamental variables which are relevant for share valuation like payout ratio, dividend yield, capital structure, earnings size of the firm and its growth, [Wilcox (1984); Rappoport (1986); Downs (1991)]. Linter (1956) linked dividend changes to earnings while Shapiro valuation model (1962) showed dividend streams discounted by the difference in discount rate and growth in dividend should be equal to share price. This predicts direct relation between pay out ratio and the price-earning multiple. Conversely it means that there is an inverse relation between pay out ratio and share price changes. Several eventbased studies established direct relation between share price changes and either earnings or dividend changes [Ball and Brown (1968); Baskin (1989)]. Sharpe (1964) and Hamada (1972) suggested direct relation between share price changes and capital structure. Beaver, Kettler and Sholes (1970) showed that firms appear to pay less of their earnings if they have higher earning volatility. This suggests payout ratio as relevant factor for share price changes. Investigations of share price changes appear to yield evidence that changes in fundamental variable(s) should jointly bring about changes in share prices both in developed and emerging markets. However, the actual fundamental factors found to be relevant may vary from market to market. For example, changes in asset growth of firms are significant in the case of Japanese shares while earnings appear to be universally a relevant factor [Ariff, et al. (1994)]. However, it is widely agreed that a set of fundamental variables as suggested by individual theories is no doubt relevant as possible factors affecting share price changes in the short and the long-run.

Defect Tracking System

The main purpose of this project is it is an online Bug Hawker system and which is used for providing the solutions to correct the errors. This application is a totally web based tool and any user can access this tool by registering into the software. This software works once we login into the software and we can choose the error what kind of error it is etc. from the dropdown list. This software also has the extra facilities like email notifications, generating the reports, user access control etc

Disaggregating rates of return to education

Education is effectively used as a discontinuous variable in studies estimating the rates of return by level of education. We find that the normal procedure used for estimating the rate of return to broad aggregates such as secondary and high understates the returns to these levels and subsequently suggest a procedure for rectifying this bias. We also find, as expected, that broad aggregations that ignore sub-levels of education result in a loss of important insights about the interaction of education and the labor market

Key Fundamental Factors and Long-run Price Changes in an Emerging Market—A Case Study of Karachi Stock Exchange (KSE)

Share prices are the most important indicator readily available to the investors for their decision to invest or not in a particular share. Theories suggest that share price changes are associated with changes in fundamental variables which are relevant for share valuation like payout ratio, dividend yield, capital structure, earnings size of the firm and its growth, [Wilcox (1984); Rappoport (1986); Downs (1991)]. Linter (1956) linked dividend changes to earnings while Shapiro valuation model (1962) showed dividend streams discounted by the difference in discount rate and growth in dividend should be equal to share price. This predicts direct relation between pay out ratio and the price-earning multiple. Conversely it means that there is an inverse relation between pay out ratio and share price changes. Several eventbased studies established direct relation between share price changes and either earnings or dividend changes [Ball and Brown (1968); Baskin (1989)]. Sharpe (1964) and Hamada (1972) suggested direct relation between share price changes and capital structure. Beaver, Kettler and Sholes (1970) showed that firms appear to pay less of their earnings if they have higher earning volatility. This suggests payout ratio as relevant factor for share price changes. Investigations of share price changes appear to yield evidence that changes in fundamental variable(s) should jointly bring about changes in share prices both in developed and emerging markets. However, the actual fundamental factors found to be relevant may vary from market to market. For example, changes in asset growth of firms are significant in the case of Japanese shares while earnings appear to be universally a relevant factor [Ariff, et al. (1994)]. However, it is widely agreed that a set of fundamental variables as suggested by individual theories is no doubt relevant as possible factors affecting share price changes in the short and the long-run [Ariff and Khan (2000)]

Sinteza H-beskonačno regulatora s unaprijednom granom za kompenzaciju histereze kod piezoelektričnih aktuatora

Piezoelectric actuators, widely used in different micro/nanopositioning applications, generally exhibit nonlinear hysteresis characteristics. The compensation of hysteretic behavior of piezoelectric actuators is mandatory for precise micro/nanopositioning. In this paper, nonlinear hysteresis effect is first characterized using the Prandtl-Ishlinskii hysteresis model. The inverse of the Prandtl-Ishlinskii hysteresis model is employed as a feed-forward controller to compensate for hysteresis nonlinearities of the piezoelectric actuator. Slight hysteresis nonlinearity is still observed in the experimental results due to small mismatch between the identified hysteresis model and the measured hysteresis loop. To further enhance the performance of the piezoelectric actuator in terms of mitigation of hysteresis nonlinearity and precise reference tracking, advanced robust full-order as well as fixed-order H-infinity feedback controllers are designed and applied to this actuator in the presence of feed-forward compensator. The experimental results verify the effectiveness of the proposed control scheme in achieving the improved tracking performance with peak-to-peak tracking error of less than 1% for the desired displacement of 12 um with tracking frequency of 10 Hz.Piezoelektrični aktuatori, rasprostranjeni u različitim primjenama mikro/nanopozicioniranja, općenito su izloženi nelinearnim histereznim karakteristikama. Kompenzacija histereznog ponašanja piezoelektričnih aktuatora nužna je za precizno mikro/nanopozicioniranje. Inverzni Prandtl-Ishlinskii histerezni model korišten je za unaprijednu kompenzaciju histereznih nelinearnosti piezoelektričnog aktuatora. Neznatna histerezna nelinearnost još uvijek je vidljiva u eksperimentalnim rezultatima zbog malog neslaganja između identificiranog histereznog modela i mjerene histerezne petlje. Za daljnje poboljšanje performansi piezoelektričnog aktuatora u smislu smanjenja histerezne nelinearnosti i preciznog slijeđenja reference, napredni robusni H-beskonačno regulatori punog i određenog reda sintetizirani su i primijenjeni na ovaj aktuator uz prisutnost unaprijednog kompenzatora. Eksperimentalni rezultati potvrđuju efektivnost predložene upravljačke strukture u postizanju poboljšanih performansi slijeđenja, uz vršnu vrijednost pogreške manju od 1% za ciljani pomak od 12 um s frekvencijom slijeđenja od 10 Hz

Design and Optimization of an Autonomous Constellation of Small-satellites for LEO and Beyond

The speedy data reception with useful applications such as disaster management remains to be need of the hour. This paper addresses the major concerns relating to deployment and control of the larger small satellite (mainly cubesats) constellations in LEO by determining their relative position and velocity errors under certain acceptable limits with collision avoidance techniques. The article will also discuss the importance of Inter-satellite link to significantly to strengthen the satellite tracking and their data sharing speeds. The issue of optimal dispatch of the satellites by optimizing the constellation size is detailed though observing and controlling the orbits using a well-defined cost and objective function. Given the fact that the small satellites have certain physical constraints such as size and capacity to communicate among satellites and in-orbit exchange of resources, the overall control and optimization of the satellite coverage with travel time through a ground station and their orbit becomes inevitable. Hence, a detailed optimization analysis has been carried to observe and make important conclusions. Th same autonomy of a small satellite constellation is also discussed briefly for deep-space communication considering the cislunar space (NHRO) as one potential destination

Parametric Assessment to Fully Deploy Autonomous Small Satellite Constellations for Cislunar Space

In this new age of cislunar competition for attaining the optimal solutions for Earth and the Moon, NewSpace stakeholders have leaned toward sustainable operations. Both industry and academia play major roles in this era of challenging space survival with the growing number of missions and debris. This paper focuses on scaling and optimizing small satellite ( \u3c 500 kilograms) constellations and utilizing them in cislunar space by evaluating earth observation missions’ constellations for support in Artemis-2-like missions for Lunar orbits. From an astrodynamics point of view, a significant amount of scaling of constellations is done by identifying the parameters affecting the performance, which are mission-specific to their environments with fewer satellites. A detailed parametric analysis of medium-sized constellations, operable in cislunar space, for critical applications like communication (Lunar region) and disaster management (Earth region) is presented. Literature, related dynamics, discussions of the possible futuristic scenarios, discussions, and conclusions are explored

Documenting Administration System on RT 012 Pinang Ranti Using Visual Basic 6.0.

Science and computer technology is more sophisticated now and spread so rapidly, so it is very helpful in the process of data processing still using manual systems. Certainly be very useful and more effective and efficient in terms of time and effort, if the data collection activities of citizens in environmental Neighborhood (RT) can be done with a computerized system. In connection with these authors are interested in making an administrative program design of computerized data collection citizen. And discuss also the Data Flow Diagrams (DFD), Entity Relationship Diagram (ERD), Normalization and the appearance of the Visual Basic 6.0 program

Failure prediction using machine learning in a virtualised HPC system and application

Failure is an increasingly important issue in high performance computing and cloud systems. As large-scale systems continue to grow in scale and complexity, mitigating the impact of failure and providing accurate predictions with sufficient lead time remains a challenging research problem. Traditional existing fault-tolerance strategies such as regular check-pointing and replication are not adequate because of the emerging complexities of high performance computing systems. This necessitates the importance of having an effective as well as proactive failure management approach in place aimed at minimizing the effect of failure within the system. With the advent of machine learning techniques, the ability to learn from past information to predict future pattern of behaviours makes it possible to predict potential system failure more accurately. Thus, in this paper, we explore the predictive abilities of machine learning by applying a number of algorithms to improve the accuracy of failure prediction. We have developed a failure prediction model using time series and machine learning, and performed comparison based tests on the prediction accuracy. The primary algorithms we considered are the support vector machine (SVM), random forest (RF), k-nearest neighbors (KNN), classification and regression trees (CART) and linear discriminant analysis (LDA). Experimental results indicates that the average prediction accuracy of our model using SVM when predicting failure is 90% accurate and effective compared to other algorithms. This finding implies that our method can effectively predict all possible future system and application failures within the system

A study on customer expectations towards service quality of homestay in Kota Kinabalu, Sabah / Mohammed Irfan Esmadol

This study examined "CUSTOMER EXPECTATIONS OF SERVICE QUALITY TOWARDS HOMESTAY IN KOTA KINABALU, SABAH". The tourism sector has been an important contribution to the national economy. Within the tourism industry, Sabah tourism product such as the homestays programmer was seen as having great potential. Homestays at Sabah offers the opportunity for tourists to stay with their local community or host and most important thing being able to experience the local lifestyle and local culture of the community. Sabah was the second largest state in Malaysia. It lies on the island of Borneo bordering with the northern state of Sarawak, the Sultanate of Brunei and the Indonesian provinces of Kalimantan. It was home to 27 ethnic groups, each with its own distanced language, culture and lifestyle. Sabah also known as the "Land Below The Wind" had all the elements required to become Malaysia's next desirable destination, from natural beauty, history, heritage, festivals to modem city living and luxury. Indeed, it had become a potpourri of experiences appreciated by travelers from all over the world. In Sabah, there were many 'kampung' or villages that were successfully engaged in homestay programmers. This research needs for particular in Sabah homestays because there were limited research on Sabah's homestays among the operators and tourist. The main purpose of this research was to know the critical success factors for homestays in Sabah such as service quality, infrastructure, food tourism, product and promotion. Additionally, the researcher wants to develop profile of homestays in Sarawak and to determine the tourist perception towards homestay business in Sabah. Lastly, it also looks at the potential and the roles of homestays in the alternative tourism contact and in the Sabah tourism scenario