Profit Return Research Articles

A Linear Programming Optimization Model of Woody Biomass Logistics Integrating Infield Drying as a Cost-Saving Preprocess in Michigan

Abstract Because of the greater demand in using woody biomass for bioenergy and bio-based products, feedstock supply chain optimization becomes more important to decrease supply chain logistics costs. As a primary component in the biomass feedstock supply chain, the storage of harvested woody biomass can directly affect transportation cost, biomass quality, and combustion efficiency. An improved operations system structured with linear programming was developed for minimizing the total cost of woody biomass preprocessing, storage, and transportation. The improved operations system was applied in a simulated case study for a power plant in Michigan. In addition, a simulated second feedstock end user was added to the operations system to further test the model. The results showed that the improved operations system could lower supply chain logistics costs, improve feedstock quality, and simultaneously meet the feedstock end user's demand. The sensitivity analysis indicated that the additional profit from selling higher-quality feedstock could offset the increased transportation cost for up to 171 miles. On average, every 1 percent decrease in biomass moisture content can result in a decrease of $760.68 in total cost and a reduction of 52.1 green tons of delivered biomass to satisfy the end user's demands. The operation details suggested by the improved operations system can be used as a guideline of real operations to achieve the lowest possible operations cost. The additional profit return from selling higher-quality feedstock needs to be quantified for various conversion and upgrading options besides direct combustion in the future.

Legal Aid in Illegal Additional Clause

위법한 부관에 대한 소송상 구제수단으로는, 먼저 부관이 이행되기 전에 그 부관 자체의 효력을 통제하는 방법과, 다음으로 위법한 부관의 이행을 위하여 일정한 사실행위 또는 법률행위가 행하여진 경우의 구제방법으로 나눌 수 있다. 부관 자체에 대한 통제방법으로는 첫째, 위법한 부관만을 독립하여 부관을 쟁송의 대상으로 삼을 수 있는가(독립쟁송가능성), 둘째, 부관에 대한 쟁송제기형태를 어떻게 할 것인가(쟁송형태), 셋째, 부관만이 취소쟁송의 대상이 된 경우에 부관만의 취소가 가능한가(독립취소가능성)의 관점에서 주로 논의가 전개되고 있다. 고립쟁송가능성과 관련해서 부관은 주된 행정행위에 부가된 것인 만큼 종류를 불문하고 본체인 행정행위로부터 분리 및 특정이 가능하다고 보아야 할 것이다. 따라서 모든 부관은 그 종류와 상관없이 독립하여 쟁송의 대상으로 삼을 수 있다고 보는 것이 논리적으로 타당하다. 쟁송형태와 관련해서 부담․기타부관 구분설을 취하는 이상 현행 행정소송법 체계에서는, 진정일부취소소송만이 가능하고, 부진정일부취소소송은 불가능하다고 보아야 한다. 독립취소가능성과 관련해서는 현재 중요성․법구속정도기준설에 따라 독립취소 여부를 판단하는 것이 다수의 견해이고 실제로도 이 입장이 타당하다고 여겨진다. 다음으로 위법한 부관의 이행을 위하여 사실행위가 행하여진 경우에는 부당이 득반환청구의 법리에 의하여 문제를 해결하는 데에 별다른 난점이 없다. 반면에 부관의 이행을 위하여 법률행위가 행하여진 경우의 구제방법으로는 취소설과, 취소․무효설, 부당이득반환청구설 등이 대립한다. 결론적으로 부관이 무효인지 또는 이미 취소되었는지 여부와 상관없이(행정행위의 공정력과는 상관없이), 부관의 이행을 위하여 행하여진 법률행위에 있어 ‘중요부분의 착오’성이 인정된다면 당해 법률행위를 취소할 수 있고, 아울러 부관의 이행을 위한 법률행위 자체에 무효사유가 존재하면 그 법률행위는 무효가 된다고 보는 것이 타당하다. 이것이 판례의 태도이기도 하다.Means for legal aid for illegal additional clause can be divided into the way to first control the effect of additional clause itself before its execution and the way to succor the case that a certain Realakt or juristic act are taken for its execution. Ways to control the additional clause itself develop into major discussion in view of, first whether illegal additional clause only can be independently considered as target for contestation(possibility of independent contestation), secondly what type of contestation will be raised against additional clause(type of contestation) and thirdly additional clause only can be cancelled in case that additional clause only becomes a target for cancellation of contestation(possibility for independent cancellation). In the possibility of independent contestation, additional clause that is added to major administrative acts can be considered as to be possibly divided from main body of administrative act and specified regardless of its kinds. Thus, all additional clauses, regardless of its kinds, can logically be regarded as appropriate to be independently a target for contestation. So long as type of contestation takes theory of division for burden and other additional clause, current system of administrative litigation can be regarded to allows only litigation of pure partial cancellation, but not to allow litigation of impure partial cancellation. Possibility of Independent cancellation presently obtains majority opinion for judging on whether to take independent cancellation based on theory of importance and legal binding force and its position also practically seems to be appropriate. There is no special difficulty in solving problems by principle of law of claim for return of undue profit in the case that Realakt is taken in order to execute illegal additional clause. On the other hand, there will be conflicts among theory of cancellation, theory of cancellation and invalidity and theory of claim for return of undue profit in case juristic act is taken in order to execute additional clause. To conclude, regardless of whether the additional clause is invalid or has already been cancelled(regardless of authentication of administrative act), if character of “error of important part” is recognized in the juristic act taken for execution, relevant juristic act can be cancelled and also if any reason for invalidity of the juristic act itself for execution of additional clause exists, the juristic act can be regarded as appropriate to be invalid. This is also an attitude of precedent of judgment.

Using Neural Networks to Enhance Technical Trading Rule Returns: A Case with KLCI

In this paper, we test the profitability of technical trading rules which are enhanced by the use of neural networks on the Kuala Lumpur Composite Index (KLCI), a proxy of the Malaysian stock market traded in Bursa Malaysia. The profitable returns on KLCI from 2/1/2008 to 31/12/2014 offer a piece of evidence on the ability of technical trading rules using neural networks to outperform the buy-and-hold threshold benchmark. The test results here suggest that it is worthwhile to investigate, design and develop more robust machine learning algorithms, like neural networks enhanced technical indicators that enhance portfolio returns. The conclusion that can be drawn from this research work is that neural network may be used as tools in technical analysis for future price prediction. The findings from this work will interest all market participants, research analysis and fund managers who want to enhance their portfolio returns globally.

Response of Potato Varieties to Potassium Levels in Hamelmalo Area, Eritrea

Poor soil fertility and lack of high yielding certified varieties are of the major potato production tribulations in Eritrea. Top soils are continually removed due to water run-off and thus soil fertility and productivity has declined as a result. An experiment was designed to assess the response of potato varieties to different levels of potassium application at Hamelmalo Agricultural College, Eritrea. Three varieties (Ajiba, Zafira and Picasso) and five potassium levels (0, 75, 150, 225 and 300 kg K<sub>2</sub>O/ha) along with all possible interactions were used. Experimental design following factorial Randomized Complete Block Design (RCBD) in three replications was employed. Data was collected on yield and tuber quality parameters. The result of the study indicated that there were significant variations in the performances of varieties in terms of yield and quality parameters in which Ajiba was found to be more responsive and high yielding. Tuber number, tuber diameter, tuber weight per plant, total yield, total soluble solids, specific gravity and tuber moisture content showed significant differences due to the application of potassium. As a result, the highest tuber weight (1.14 kg/plant) and yield (49.38 tones/ha) were recorded from Ajiba treated with 300 kg K<sub>2</sub>O/ha. The result further revealed that there is a promising profit return by investing more on potassium application upto 300 kg K<sub>2</sub>O/ha. It is, thus, recommended that potassium fertilizers should be introduced to optimize productivity in Hamelmalo area, Eritrea.

Securing Our Nation's Economic Future: A Sensible, Nonpartisan Agenda to Increase Long-Term Investment and Job Creation in the United States

These days it has become fashionable to talk about whether the incentive system for the governance of American corporations optimally encourages long-term investment, sustainable policies, and therefore creates the most long-term economic and social benefit for American workers and investors. Many have come to the conclusion that the answer to that question is no. As these commentators note, the investment horizon of the ultimate source of most equity capital — human beings who must give their money to institutional investors to save for retirement and college for their kids — is long. That horizon is much more aligned with what it takes to run a real business than that of the direct stockholders, who are money managers and are under strong pressure to deliver immediate returns at all times. Americans want corporations that are focused on sustainable wealth and job creation. But, there is too little talk accompanied by a specific policy agenda to address that incentive system. This paper proposes a genuine, realistic agenda that would better promote a sustainable, long-term commitment to economic growth in the United States. This agenda should not divide Americans along party lines. Indeed, most of the elements have substantial bipartisan support. Nor does this agenda involve freeing corporate managers from accountability to investors for delivering profitable returns. Rather, it makes all those who represent human investors more accountable, but for delivering on what most counts for ordinary investors, which is the creation of durable wealth by socially responsible means. The fundamental elements of this strategy to promote long-term American competitiveness include: (i) tax policy that discourages counterproductive behavior and encourages investment and work; (ii) investment policies to revitalize our infrastructure, address climate change, create jobs, and close our deficit; (iii) reforming the incentives of and enhancing the fiduciary accountability of institutional investors; (iv) reducing the focus on quarterly earnings estimates and improving the quality of information provided to investors; and (v) an American commitment to an international level playing field to reduce incentives to offshore jobs, erode the social safety net, and pollute the planet.

PENGARUH CASH CONVERSION CYCLE DAN WORKING CAPITAL TURNOVER TERHADAP RETURN ON ASSET PADA INDUSTRI BARANG KONSUMSI YANG TERDAFTAR DI BURSA EFEK INDONESIA

This study aimed to examine the effect of the Cash Conversion Cycle and Working Capital Turnover on Return on Assets At the Consumer Goods Industry Listed in Indonesia Stock Exchange (IDX). The method used in this research is the quantitative approach. Results showed variable cash conversion cycle (CCC) and working capital turnover (WCT) simultaneously have a significant effect on profitability (Return on Total Assets). Variabel cash conversion cycle (CCC) partially not have a significant impact on profitability (Return on Total Assets) but variable working capital turnover (WCT) partially have a significant impact on profitability (Return on Total Assets) consumer goods industry issuers listed on the Indonesia Stock Exchange during the period 2010-2014. Keyword : Cash Conversion Cycle, Working Capital Turnover, Return on Assets

Optimal Photovoltaic Resources Harvesting in Grid-connected Residential Rooftop and in Commercial Buildings: Cases of Thailand

Photovoltaic (PV) has recently undergone impressive growth and substantial cost decreases. A single-crystal silicon (mono-Si) or polycrystalline (poly-Si) have been dominant for solar rooftop and in commercial buildings installation in the past years. However until recently thin-film PV modules both amorphous silicon (a-Si) and other non-silicon thin films technology have been advance efficiency developments with low cost. The competition of crystalline and thin film solar panel technologies drives the cost significantly decreased and helps the solar investors for a good financial profit return for a shorter time. This study by satellite-derived data, Solar GIS pvPlanner software shows that the highest output is in a-Si, CdTe and followed by CIS, and c-Si PV modules for the locations considered in this study. The average energy output of amorphous panels in residential solar rooftop installed in Bangkok has the highest values of 1,503 kWh/kWp. The average energy output of amorphous panels in commercial building installed in Chonburi province has the highest values of 1,601 kWh/kWp. The optimal inclination angle is 15° south direction in both areas. Finally, the economic assessment of solar panels is also investigated for the feasibility investment by RETscreen model.

Profitability of return and sentiment-based investment strategies in US futures markets

Our study adds to the literature by providing initial evidence on the interaction between short-horizon return predictability and investors’ sentiment by traders’ types on US commodity futures market. We find that the short-term contrarian profit is more associated with an increase rather than a decrease in hedgers’ sentiment. However, the interaction between lagged return and past change in speculators’ sentiment illustrates that the short-term contrarian profit is more associated with a decrease rather than an increase in sentiment. Based on behavioral finance theories, we conclude that hedgers behave like irrational traders while speculators behave like rational ones. Using Chou et al. (2007) decomposition, our results confirm the obtained relations between change in trader's sentiment and the overreaction. By expanding this decomposition, we find that the winners’ portfolio tends to more overreact with futures specific information. Also, the cross-autocorrelation between winners and losers and between losers and winners can represent another source of contrarian profits.

A multiple fuzzy inference systems framework for daily stock trading with application to NASDAQ stock exchange

The aim of this study is to develop an expert system for predicting daily trading decisions in a typical financial market environment. The developed system thus employs a Multiple FISs framework consisting of three dedicated FISs for stock trading decisions, Buy, Hold and Sell respectively. As input to the Multiple FISs framework, the system takes the fundamental information of the respective companies and the historical prices of the stocks which are processed to give the technical information. The framework suggests the investor to Buy, Sell or Hold on a daily basis for a portfolio of stock taken into consideration. Experimenting the framework on selected stocks of NASDAQ stock exchange shows that including the fundamental data of the stocks as input along with the technical data significantly improves the profit return than that of the system taking only technical information as input data. Characterised as a stock market indicator, the framework performs better than some of the most popularly used technical indicators such as Moving Average Convergence/Divergence (MACD), Relative Strength Index (RSI), Stochastic Oscillator (SO) and Chaikin Oscillator (CO). The developed framework also gives better profit return compared to an existing model with similar objective.

Evidence on Analyst Stock Recommendations, Cash Flow Valuations, and Stock Return Profitability

This paper examines whether analysts’ stock recommendations are informed by their cash flow forecasts, and whether these recommendations and cash flow forecasts provide investors with useful information to identify mispriced securities. In doing so, the paper contributes to the ongoing debate regarding the sophistication and value of analysts’ cash flow forecasts. Our findings show that analysts’ stock recommendations are informed by their cash flow forecasts when their forecasts are used in simple cash flow valuation heuristics. However, using these recommendations and heuristics to identify mispricing fails to earn investors excess returns. In contrast, we show that buy-and-hold investors earn significant excess returns by identifying mispricing using analysts’ cash flow forecasts in a discounted valuation model. Overall, we provide the first empirical evidence to suggest that, while analysts apparently fail to use their cash flow forecasts in a sophisticated valuation model, investors can use these forecasts in this manner to identify mispriced securities to earn significant excess returns.

English

Pesticide free premium quality surgical cotton with a competitive price advantage is available in the north eastern states dominating with Meghalaya, Assam, Mizoram, Tripura, in Jhum cultivation (Gossypium arboreum cernum) and north coastal Andhra Pradesh states, India (G. arboreum indicum) which are the natural home. G. arboreum Cvars LD 230 and RG-8 will be useful to grow commercially in north eastern India under slash and burn system. In north coastal Andhra Pradesh ground nut/ green gram mixed cropping or sequential cropping with chilles with G. arboreum indicum requires adequate manuring (sheep penning, FYM) and topdressing of N: K2O fertilizers 29:38 kg ha-1 besides sheep pennings as topdressing with September rains for both seed and Ratoon crop. Grey mildew is a serious problem in ratooning which needs protective spray of Copper fungicides with September rains. Surgical cotton processing centres can encourage commercial production under contract farming in north eastern India and north coastal Andhra Pradesh which can give a profitable returns of US$ 1000 ha-1. Key words: Absorbent cotton, Assam Comilla cotton, Bengal desi cotton, Gossypium arboreum cernum, Gossypium arboreum indicum, micronaire, pesticide free, premium quality, slash and burn system, surgical cotton.

The Evolving Scope of Rural India

The scope of rural marketing in India is undergoing an evolutionary change. When we look at the human dimensions of economic growth and development our attention is immediately drawn towards India's rural areas. Nearly three fourths of its people live there and about a third of its Gross Domestic Product (GDP) is rural in origin. In this scenario, the paper tries to assess the reasons thereof for this fruition in the scope of rural marketing, which is just not a theoretical presentation but also a practical prescription for conglomerates which would venture into this developing arena for a profitable return.

D2S: Dynamic Demand Scheduling in Smart Grid Using Optimal Portfolio Selection Strategy

In this paper, we propose a dynamic demand scheduling (D2S) scheme-an effort toward cost-effective energy consumption at customers' end. The theory of optimal portfolio selection is adopted to generate customers' expected day-ahead energy demand graph called the weight graph, based on past days' history-energy demand, profit return, and corresponding risk. In such a scenario, the weight graph of energy ensures that the expected profit return and the corresponding risk to the customers are optimized. Consequently, we evaluate the dynamic scheduling scheme for optimizing the energy cost to the customers using the weight graph. Furthermore, the proposed scheme also assists in relieving the peak-demand on the grid, which, in turn, implies that the grid is capable of providing service to the scheduled appliances. The performance of the proposed scheme is evaluated with different performance metrics-peak-demand, demand variation, energy-cost, and utility of the customers. Simulation results show that the proposed dynamic scheduling scheme, D2S, yields improved performance than that with the existing ones-no scheduling and static scheduling. It also shows that the utility of the customers increases approximately 28.2% over the existing ones.

Productivity, Profitability, and Energy Consumption of Potato-Based Intercropping Systems

ABSTRACTIntercropping potato (Solanum tuberosum L.) with suitable crops might improve yield and profit for small-scale producers. Effective energy use in subsistence agriculture is necessary for sustainable production because it provides financial savings and preserves resources. Potato was intercropped with radish (Raphanus sativus L.) or spinach (Spinacia oleracea L.), and each component was also grown in monocrop, in a field experiment during Sept. 2008–Jan. 2009 under irrigation. Intercropping radish and spinach with potato increased potato equivalent yield over monocropped potato. Potato + spinach had a higher land equivalent ratio (1.78) and area time equivalent ratio (1.29) than the potato + radish intercrop, which had a higher relative net return (3.28) and benefit : cost ratio (6.38). Monocropped radish had the highest net energy return, energy ratio, energy productivity, and energy profitability. Potato + radish had higher energy input and output and energy intensiveness than other cropping systems. Radish and spinach can be intercropped with potato for efficient use of land and higher economic return; monocropped radish may be more profitable and energy efficient than other crop combinations.

IMPACT OF STOCKING DENSITIES, FERTILIZATION REGIME AND DIETARY PROTEIN LEVELS ON PRODUCTION AND PROFITABILITY OF MONOSEX NILE TILAPIA, OREOCHROMIS NILOTICUS, CULTURED IN PONDS

The relationship between fertilization and dietary protein levels ( 20%, 25% and 30% crude protein) on growth, survival, body composition and upper limit of production were investigated for three different densities ( 5, 10 and 15 fish/m3) of mono-sex Nile tilapia, Oreochromis niloticus, juveniles. The results showed that by increasing stocking density the growth performance significantly decreased (P<0.05), however, with fertilization this pattern demonstrated a positive relationship between density and final yield of O. niloticus juveniles with the increase of dietary protein level. Moreover, feed utilization and survival significantly increased (P< 0.05) in fertilized ponds regardless to dietary protein levels. However, feed conversion ratio (FCR), protein productive value (PPV), and protein efficiency ratio (PER) significantly improved with applying fertilizers in ponds in all stocking densities. Meanwhile, when increasing dietary protein level the PPV and PER where significantly decreased (P< 0.05). Consequently, with density 15fish/m3 and 20% crude protein the FBW, WG, and ADG were significantly low with unfertilized ponds, while the opposite was observed with low density in fertilized ponds. In addition, the final total yield produced was significantly increased with the increase of fish density per cubic meter in the presence of fertilization, and increased insignificantly with the increase of dietary protein level. Thus, the economic assessment revealed that fertilization resulted in the possibility of using low dietary protein levels, and so increased the total outcome profit. Also, high density prompts the increased of total yield per feddan which resulted in a significant high profit return per capita. Finally, the present study advises using high stocking density per cubic meter with fertilized ponds and low dietary protein levels for O. niloticus juveniles.

Prey size selection and cannibalistic behaviour of juvenile barramundi Lates calcarifer.

This study assessed the cannibalistic behaviour of juvenile barramundi Lates calcarifer and examined the relationship between prey size selection and energy gain of cannibals. Prey handling time and capture success by cannibals were used to estimate the ratio of energy gain to energy cost in prey selection. Cannibals selected smaller prey despite its capability of ingesting larger prey individuals. In behavioural analysis, prey handling time significantly increased with prey size, but it was not significantly affected by cannibal size. Conversely, capture success significantly decreased with the increase of both prey and cannibal sizes. The profitability indices showed that the smaller prey provides the most energy return for cannibals of all size classes. These results indicate that L. calcarifer cannibals select smaller prey for more profitable return. The behavioural analysis, however, indicates that L. calcarifer cannibals attack prey of all size at a similar rate but ingest smaller prey more often, suggesting that prey size selection is passively orientated rather than at the predator's choice. The increase of prey escape ability and morphological constraint contribute to the reduction of intracohort cannibalism as fish grow larger. This study contributes to the understanding of intracohort cannibalism and development of strategies to reduce fish cannibalistic mortalities.

The performance of immune-based neural network with financial time series prediction

AbstractThis paper presents the use of immune-based neural networks that include multilayer perceptron (MLP) and functional neural network for the prediction of financial time series signals. Extensive simulations for the prediction of one- and five-steps-ahead of stationary and non-stationary time series were performed which indicate that immune-based neural networks in most cases demonstrated advantages in capturing chaotic movement in the financial signals with an improvement in the profit return and rapid convergence over MLPs.

Chang Chien’s Thought on Economic Development

Chang Chien (1853-1926) was a native of Nantung, Kiangsu. In spite of various works on Chang Chien, which testify to the significance of his role in modern China, Chang Chien’s thought on economic development is still not well researched. The purposes of this paper are firstly to analyze Chang Chien’s thought on economic development systematically and clearly in the hope that it may become a useful reference for researchers in modern China, and secondly to stimulate scholars for further research. This paper depends more on basic source materials rather than second-hand data. Among various source materials, Chang Chien’s Diary, The Nine Records of Chang Chien and The Complete Work of Chang Chien are the most important. Chang Chien’s thought on economic development may be summarized as follows: 1) industry as basis of education and as a means of saving China; 2) well balance of the development of agriculture, industry and commerce; 3) return of profit from the foreigners; 4) self sufficiency of raw materials and full exploitation of natural resources; 5) establishment of modern banks for economic development; 6) utility of foreign loans in profiting enterprises without losing sovereignty; 7) extension of the gentry’s function to new field of industry; 8) balance of superstructure of politics and basis of industry.

Profitability of farming systems on tribal farms in Udham Singh Nagar District of Uttarakhand, India

The motive of this study is to identify the most profitable farming system on tribal farm. To identify the same, this study was conducted in Udham Singh Nagar district of Uttarakhand. The study was based on data collected from 60 tribal farmers for the agricultural year 2008–09. To measure the profitability of farming systems, total cost and total return were calculated. Total costs were calculated by estimating total material cost, total operational cost and other costs. Total returns from the farming systems were calculated by valuing the total output at the prices received by the farmers. It was observed that the net returns over total cost from FS-I (crop + livestock) was estimated to be highest among all the farming systems while net return over variable cost was highest from FS-III (crop + livestock + orchard). Crop enterprise shared more than 89 per cent net return over variable cost among all the farming system except FS-IV (livestock). While livestock and orchard enterprise didn't emerged as more profitable. Crop production appeared as the main source of income on tribal farm drawing more attention towards its improvement in the study area.

Investigating the Effect of Different Methods of Financial Supply on the Profitability Ratios of Companies Accepted in Tehran Stock Exchange

One of the most important stimulating factors that have an accelerating role in achievement the countries to stage of development are capital adequacy and financial supply. To supply required capital, there are different ways. These ways mainly consist of the use of debt, the use of shareholders' capital in the form of common stock, the use of retained earnings, the combination of these methods and etc. Different ways of financial supply have various risks and efficiencies and different economic, accounting, functional, liquidity and profitability variables of the company are markedly changed under the influence of different methods of financial supply. In this study, the influence of different conventional methods of financial supply (retained earnings, common stock and debt) as independent variables on profitability of companies (return on asset, operating profit margin, net profit margin and return on equity) as dependent variables has been examined. The present study is applicable and descriptive in correlation branches from view points of objective and the nature of method, respectively. Simple random and cluster methods were used for sampling. Thus, at first, the samples were selected among various industries active in Tehran Securities and Exchange using simple random sampling. And then all of the companies in the oil and petrochemical industry during years 2005-2012 were considered as research sample. Test results of the assumptions show that there was a statistically significant relationship between financial supply through retained earnings and the logarithm of return on equity and but a statistically significant relationship was not found between the financial supply of common stock and debt. Also, results showed that a statistically significant relationship exists between financial supply through retained earnings and debt with net profit margin. But a statistically significant relationship was not observed between financial supply through debt, retained earnings and common stock with return on asset and between financial supply through debt, retained earnings and common stock with operational profit margin. DOI: 10.5901/mjss.2015.v6n1p339