The application, benefits and challenges of retrofitting the existing buildings

Science.gov (United States)

Khairi, Muhammad; Jaapar, Aini; Yahya, Zaharah

2017-11-01

Sustainable development has been the main topic of debate for years in some countries such as United Kingdom, United State of America and Malaysia. Depletion of natural resources, global warming, economics uncertainty and health issues are some of the reasons behind sustainable development movements, it is not just a political debate in the parliament but more towards collective works among sectors in order to minimizing the negative impact of development to the environment and other living organism. Retrofit an existing building is one of the solutions to reduce the dependency on constructing new buildings. There are huge numbers of existing building stocks that suitable to be retrofitted such as historical buildings, offices, residential, warehouse, factories, vacant buildings and other historical buildings. Therefore, the aim of this research is to provide information on the application, benefits and challenges of retrofitting an existing building. Two buildings were chosen as case studies following by site visits and observation to the buildings. The data were then compared in a table form. Primary and secondary sources were also used for this research. The application of retrofit should be promoted across the construction and conservation industries since it has significant tangible and intangible benefits. It is one of the most environmentally friendly and efficient solutions to optimize the energy performance and could also helps to extend the life of the existing building or historical buildings while ensuring optimum thermal comfort for the occupants which leads to higher productivity.

Empirical assessment of the Hellenic non-residential building stock, energy consumption, emissions and potential energy savings

International Nuclear Information System (INIS)

Gaglia, Athina G.; Balaras, Constantinos A.; Mirasgedis, Sevastianos; Georgopoulou, Elena; Sarafidis, Yiannis; Lalas, Dimitris P.

2007-01-01

Comprehensive information and detailed data for the non-residential (NR) building stock is rather limited, although it is the fastest growing energy demand sector. This paper elaborates the approach used to determine the potential energy conservation in the Hellenic NR building stock. A major obstacle that had to be overcome was the need to make suitable assumptions for missing detailed primary data. A qualitative and quantitative assessment of scattered national data resulted in a realistic assessment of the existing NR building stock and energy consumption. Different energy conservation scenarios and their impact on the reduction of CO 2 emissions were evaluated. Accordingly, the most effective energy conservation measures are: addition of thermal insulation of exposed external walls, primarily in hotels and hospitals; installation of energy efficient lamps; installation of solar collectors for sanitary hot water production, primarily in hotels and health care; installation of building management systems in office/commercial and hotel buildings; replacement of old inefficient boilers; and regular maintenance of central heating boilers

A methodology for energy performance classification of residential building stock of Hamirpur

Directory of Open Access Journals (Sweden)

Aniket Sharma

2017-12-01

Full Text Available In India, there are various codes, standards, guidelines and rating systems launched to make energy intensive and large sized buildings energy efficient whereas independent residential buildings are not covered even though they exist most in numbers of total housing stock. This paper presents a case study methodology for energy performance assessment of existing residential stock of Hamirpur that can be used to develop suitable energy efficiency regulations. The paper discusses the trend of residential development in Hamirpur followed by classification based on usage, condition, predominant material use, ownership size and number of rooms, source of lighting, assets available, number of storey and plot sizes using primary and secondary data. It results in identification of predominant materials used and other characteristics in each of urban and rural area. Further cradle to site embodied energy index of various dominant building materials and their market available alternative materials is calculated from secondary literature and by calculating transportation energy. One representative existing building is selected in each of urban and rural area and their energy performance is evaluated for material embodied energy and operational energy using simulation. Further alternatives are developed based on other dominant materials in each area and evaluated for change in embodied and operational energy. This paper identifies the energy performance of representative houses for both areas and in no way advocates the preference of one type over another. The paper demonstrates a methodology by which energy performance assessment of houses shall be done and also highlights further research.

Building stock dynamics and its impacts on materials and energy demand in China

International Nuclear Information System (INIS)

Hong, Lixuan; Zhou, Nan; Feng, Wei; Khanna, Nina; Fridley, David; Zhao, Yongqiang; Sandholt, Kaare

2016-01-01

China hosts a large amount of building stocks, which is nearly 50 billion square meters. Moreover, annual new construction is growing fast, representing half of the world's total. The trend is expected to continue through the year 2050. Impressive demand for new residential and commercial construction, relative shorter average building lifetime, and higher material intensities have driven massive domestic production of energy intensive building materials such as cement and steel. This paper developed a bottom-up building stock turnover model to project the growths, retrofits and retirements of China's residential and commercial building floor space from 2010 to 2050. It also applied typical material intensities and energy intensities to estimate building materials demand and energy consumed to produce these building materials. By conducting scenario analyses of building lifetime, it identified significant potentials of building materials and energy demand conservation. This study underscored the importance of addressing building material efficiency, improving building lifetime and quality, and promoting compact urban development to reduce energy and environment consequences in China. - Highlights: •Growths of China's building floorspace were projected from 2010 to 2050. •A building stock turnover model was built to reflect annual building stock dynamics. •Building related materials and energy demand were projected.

Spatial–Temporal Analysis of the Heat and Electricity Demand of the Swiss Building Stock

Directory of Open Access Journals (Sweden)

Stefan Schneider

2017-08-01

Full Text Available In 2015, space heating and domestic hot water production accounted for around 40% of the Swiss final energy consumption. Reaching the goals of the 2050 energy strategy will require significantly reducing this share despite the growing building stock. Renewables are numerous but subject to spatial–temporal constraints. Territorial planning of energy distribution systems enabling the integration of renewables requires having a spatial–temporal characterization of the energy demand. This paper presents two bottom-up statistical extrapolation models for the estimation of the geo-dependent heat and electricity demand of the Swiss building stock. The heat demand is estimated by means of a statistical bottom-up model applied at the building level. At the municipality level, the electricity load curve is estimated by combining socio-economic indicators with average consumption per activity and/or electric device. This approach also allows to break down the estimated electricity demand according to activity type (e.g., households, various industry, and service activities and appliance type (e.g., lighting, motor force, fridges. The total estimated aggregated demand is 94 TWh for heat and 58 TWh for electricity, which represent a deviation of 2.9 and 0.5%, respectively compared to the national energy consumption statistics. In addition, comparisons between estimated and measured electric load curves are done to validate the proposed approach. Finally, these models are used to build a geo-referred database of heat and electricity demand for the entire Swiss territory. As an application of the heat demand model, a realistic saving potential is estimated for the existing building stock; this potential could be achieved through by a deep retrofit program. One advantage of the statistical bottom-up model approach is that it allows to simulate a building stock that replicates the diversity of building demand. This point is important in order to

Requirements for existing buildings

DEFF Research Database (Denmark)

Thomsen, Kirsten Engelund; Wittchen, Kim Bjarne

This report collects energy performance requirements for existing buildings in European member states by June 2012.......This report collects energy performance requirements for existing buildings in European member states by June 2012....

Energy refurbishment of the Italian residential building stock: energy and cost analysis through the application of the building typology

International Nuclear Information System (INIS)

Ballarini, Ilaria; Corrado, Vincenzo; Madonna, Francesco; Paduos, Simona; Ravasio, Franco

2017-01-01

The European residential building stock is largely composed of buildings with poor energy performance, therefore basic retrofit actions could lead to significant energy savings. However, energy refurbishment measures should be identified in accurate way, taking into account the technical viability and aiming both to increase the building energy performance and to restrain the costs. The present article investigates the effects of different measures applied to the Italian residential building stock by using the building typology, which consists of 120 building types, representative of six construction ages, four building sizes and five climatic zones. A quasi-steady state model has been used to calculate the energy performance; the economic evaluation has been carried out as specified in the EU cost-optimal comparative methodology (Directive 2010/31/EU). The most effective measures and packages of measures, in terms of energy saving and global cost reduction, are identified and discussed. The results are addressed to important purposes for energy policy, as for instance: (a) to provide political authorities with the most effective energy efficiency measures as to encourage retrofit processes through the allocation of financial incentives, (b) to offer a knowledge-base for developing energy refurbishment scenarios of residential building stocks and forecasting future energy resource demand. - Highlights: • Investigation of energy savings and cost effectiveness of the Italian housing stock refurbishments. • Application of the building typology approach of the IEE-TABULA project. • Knowledge-base for bottom-up models of the building stock energy performance. • Supporting the political authorities to promote effective refurbishment measures.

Hawaii Clean Energy Initiative Existing Building Energy Efficiency Analysis: November 17, 2009 - June 30, 2010

Energy Technology Data Exchange (ETDEWEB)

Finch, P.; Potes, A.

2010-06-01

In June 2009, the State of Hawaii enacted an Energy Efficiency Portfolio Standard (EEPS) with a target of 4,300 gigawatt hours (GWh) by 2030 (Hawaii 2009). Upon setting this goal, the Hawaii Clean Energy Initiative, Booz Allen Hamilton (BAH), and the National Renewable Energy Laboratory (NREL), working with select local stakeholders, partnered to execute the first key step toward attaining the EEPS goal: the creation of a high-resolution roadmap outlining key areas of potential electricity savings. This roadmap was divided into two core elements: savings from new construction and savings from existing buildings. BAH focused primarily on the existing building analysis, while NREL focused on new construction forecasting. This report presents the results of the Booz Allen Hamilton study on the existing building stock of Hawaii, along with conclusions on the key drivers of potential energy efficiency savings and on the steps necessary to attain them.

A District Approach to Building Renovation for the Integral Energy Redevelopment of Existing Residential Areas

Directory of Open Access Journals (Sweden)

Mira Conci

2017-05-01

Full Text Available Building energy renovation quotas are not currently being met due to unfavorable conditions such as complex building regulations, limited investment incentives, historical preservation priorities, and technical limitations. The traditional strategy has been to incrementally lower the energy consumption of the building stock, instead of raising the efficiency of the energy supply through a broader use of renewable sources. This strategy requires an integral redefinition of the approach to energy building renovations. The joint project SWIVT elaborates on a district redevelopment strategy that combines a reduction in the energy demand of existing buildings and their physical interconnection within a local micro-grid and heating network. The district is equipped with energy generation and distribution technologies as well as hybrid thermal and electrical energy storage systems, steered by an optimizing energy management controller. This strategy is explored through three scenarios designed for an existing residential area in Darmstadt, Germany, and benchmarked against measured data. Presented findings show that a total primary energy balance at least 30% lower than that of a standard building renovation can be achieved by a cluster of buildings with different thermal qualities and connected energy generation, conversion, and storage systems, with only minimal physical intervention to existing buildings.

U.S. Department of Energy Commercial Reference Building Models of the National Building Stock

Energy Technology Data Exchange (ETDEWEB)

Deru, M.; Field, K.; Studer, D.; Benne, K.; Griffith, B.; Torcellini, P.; Liu, B.; Halverson, M.; Winiarski, D.; Rosenberg, M.; Yazdanian, M.; Huang, J.; Crawley, D.

2011-02-01

The U.S. Department of Energy (DOE) Building Technologies Program has set the aggressive goal of producing marketable net-zero energy buildings by 2025. This goal will require collaboration between the DOE laboratories and the building industry. We developed standard or reference energy models for the most common commercial buildings to serve as starting points for energy efficiency research. These models represent fairly realistic buildings and typical construction practices. Fifteen commercial building types and one multifamily residential building were determined by consensus between DOE, the National Renewable Energy Laboratory, Pacific Northwest National Laboratory, and Lawrence Berkeley National Laboratory, and represent approximately two-thirds of the commercial building stock.

A comprehensive framework to quantify energy savings potential from improved operations of commercial building stocks

International Nuclear Information System (INIS)

Azar, Elie; Menassa, Carol C.

2014-01-01

While studies highlight the significant impact of actions performed by occupants and facility managers on building energy performance, current policies ignore the importance of human actions and the potential energy savings from a more efficient operation of building systems. This is mainly attributed to the lack of methods that evaluate non-technological drivers of energy use for large stocks of commercial buildings to support policy making efforts. Therefore, this study proposes a scientific approach to quantifying the energy savings potential due to improved operations of any stock of commercial buildings. The proposed framework combines energy modeling techniques, studies on human actions in buildings, and surveying and sampling methods. The contributions of this study to energy policy are significant as they reinforce the role of human actions in energy conservation, and support efforts to integrate operation-focused solutions in energy conservation policy frameworks. The framework's capabilities are illustrated in a case study performed on the stock of office buildings in the United States (US). Results indicate a potential 21 percent reduction in the current energy use levels of these buildings through realistic changes in current building operation patterns. - Highlights: • Human actions highly influence energy performance of commercial building stocks. • It is challenging to quantify operation-related energy savings potential. • The proposed framework quantifies potential energy savings from improved operations. • The framework can be applied on any stock of commercial buildings. • Applications include support for operation-focused solutions in energy policies

Greening Existing Tribal Buildings

Science.gov (United States)

Guidance about improving sustainability in existing tribal casinos and manufactured homes. Many steps can be taken to make existing buildings greener and healthier. They may also reduce utility and medical costs.

Forecasting uptake of retrofit packages in office building stock under government incentives

International Nuclear Information System (INIS)

Higgins, Andrew; Syme, Mike; McGregor, James; Marquez, Leorey; Seo, Seongwon

2014-01-01

As government and industry plan to reduce energy consumption in building stock, there is a need to forecast the uptake of retrofit packages across building stock over time. To address this challenge a diffusion model was set up and applied to office building stock across New South Wales (NSW) in Australia, accommodating a high spatial resolution and temporal capability for projecting uptake of technology packages characterised by multiple variables. Six retrofit packages were set up for the diffusion model, which ranged from inexpensive services and manuals through to mid-priced packages involving energy efficient T5 lighting and solar hot water through to expensive packages such as chilled beams and Solar PV. We evaluated the model using a base case and two policy programs, representing the Green Building Fund and Environmental Upgrade Agreements. These were recent incentive programs funded by the Australian government to accelerate the uptake of retrofit packages, by providing financial support to upfront expenditures and removing barriers to retrofit. By forecasting uptake of each retrofit package to 2032 under each program, we demonstrate how the model can be a valuable resource in tailoring expensive government programs and increasing their effectiveness. - Highlights: • Diffusion model for uptake of building retrofits. • Case study with New South Wales office buildings. • Forecast uptake of government policy programs

The building paradigm shift and its effect on Western European housing stocks

NARCIS (Netherlands)

Thomsen, A.

2011-01-01

The 20th century saw an enormous worldwide growth of the housing stock. In particular the building boom after WW-II, during which the housing stock in most countries was multifolded, focussed the attention of the housing sector primarily to the planning and realisation of new construction; the

SEISMIC EVALUATION OF EXISTING MID-RISE REINFORCED CONCRETE BUILDINGS ACCORDING TO SPECIFICATION FOR BUILDING STRUCTURES TO BE BUILT IN DISASTER AREAS

Directory of Open Access Journals (Sweden)

Mehmet İNEL

2007-01-01

Full Text Available Over the past several decades, Turkey has been hit by devastating earthquakes and remarkable number of reinforced concrete buildings has been damaged in the high seismicity regions of our country. The aim of this study is to evaluate the seismic performance of the mid-rise reinforced concrete buildings that are major part of building stock of our earthquake-prone country, according to recent Turkish Earthquake Code. 4- and 7-story buildings were selected to represent mid-rise building stock. After determining the structural parameters, each building was subjected to pushover analysis and the capacity curves were obtained. Earthquake performance of each building was determined in the light of their capacity curves according to the recent Turkish Earthquake Code.

Modeling Aggregate Hourly Energy Consumption in a Regional Building Stock

Directory of Open Access Journals (Sweden)

Anna Kipping

2017-12-01

Full Text Available Sound estimates of future heat and electricity demand with high temporal and spatial resolution are needed for energy system planning, grid design, and evaluating demand-side management options and polices on regional and national levels. In this study, smart meter data on electricity consumption in buildings are combined with cross-sectional building information to model hourly electricity consumption within the household and service sectors on a regional basis in Norway. The same modeling approach is applied to model aggregate hourly district heat consumption in three different consumer groups located in Oslo. A comparison of modeled and metered hourly energy consumption shows that hourly variations and aggregate consumption per county and year are reproduced well by the models. However, for some smaller regions, modeled annual electricity consumption is over- or underestimated by more than 20%. Our results indicate that the presented method is useful for modeling the current and future hourly energy consumption of a regional building stock, but that larger and more detailed training datasets are required to improve the models, and more detailed building stock statistics on regional level are needed to generate useful estimates on aggregate regional energy consumption.

Refurbishment of Social housing: a survey of the building stock owned by ATC Torino

Directory of Open Access Journals (Sweden)

Andrea Levra Levron

2016-11-01

Full Text Available The Italian public housing building stock is considerable, although quantitatively less than that of other European countries,. The public policies adopted in the last decades have pushed the supply of housing by the private sector and supported the sale of the assets by the public housing authorities. Those buildings are often degraded and obsolete. Nevertheless, the issue of redevelopment of this part of the residential building stock is a central focus, also because of its important social role, especially in the current period of crisis. One of the recurring factors in the Italian case is the low quality of this building stock due to the lack of an organic maintenance activity. The paper reports the first results of a research carried out by the Department of Architecture and Design in cooperation with a social housing public authority, the Regional Agency for the Central Piedmont House (ATC. The goal of the research was the development of methodologies for estimating and analysis of maintenance requirements. Moreover, the study suggests and develops a forecasting tool for the planning of maintenance operations and redevelopment of the large building estates.

Energy demand in the Norwegian building stock. Scenarios on potential reduction

Energy Technology Data Exchange (ETDEWEB)

Sartori, Igor; Hestnes, Anne Grete [Department of Architectural Design, History and Technology, Norwegian University of Science and Technology (NTNU), 7491 Trondheim (Norway); Wachenfeldt, Bjoern Jensen [SINTEF Building and Infrastructure, 7465 Trondheim (Norway)

2009-05-15

A model has been developed for studying the effect of three hypothetical approaches in reducing electricity and energy demand in the Norwegian building stock: wide diffusion of thermal carriers, heat pumps and conservation measures, respectively. Combinations of these are also considered. The model has a demand side perspective, considers both residential and service sectors, and calculates energy flows from net to delivered energy. Energy demand is given by the product of activity and intensity matrices. The activity levels are defined for the stock and the new construction, renovation and demolition flows. The intensity properties are defined in archetypes, and are the result of different energy class and heating carriers share options. The scenarios are shaped by combining the activity flows with different archetypes. The results show that adopting conservation measures on a large scale does allow reducing both electricity and total energy demand from present day levels while the building stock keeps growing. The results also highlight the importance of making a clear distinction between the assumptions on intensity and activity levels. (author)

Energy demand in the Norwegian building stock: Scenarios on potential reduction

Energy Technology Data Exchange (ETDEWEB)

Sartori, Igor [Department of Architectural Design, History and Technology, Norwegian University of Science and Technology (NTNU), 7491 Trondheim (Norway)], E-mail: igor.sartori@sintef.no; Wachenfeldt, Bjorn Jensen [SINTEF Building and Infrastructure, 7465 Trondheim (Norway); Hestnes, Anne Grete [Department of Architectural Design, History and Technology, Norwegian University of Science and Technology (NTNU), 7491 Trondheim (Norway)

2009-05-15

A model has been developed for studying the effect of three hypothetical approaches in reducing electricity and energy demand in the Norwegian building stock: wide diffusion of thermal carriers, heat pumps and conservation measures, respectively. Combinations of these are also considered. The model has a demand side perspective, considers both residential and service sectors, and calculates energy flows from net to delivered energy. Energy demand is given by the product of activity and intensity matrices. The activity levels are defined for the stock and the new construction, renovation and demolition flows. The intensity properties are defined in archetypes, and are the result of different energy class and heating carriers share options. The scenarios are shaped by combining the activity flows with different archetypes. The results show that adopting conservation measures on a large scale does allow reducing both electricity and total energy demand from present day levels while the building stock keeps growing. The results also highlight the importance of making a clear distinction between the assumptions on intensity and activity levels.

Energy demand in the Norwegian building stock: Scenarios on potential reduction

International Nuclear Information System (INIS)

Sartori, Igor; Wachenfeldt, Bjorn Jensen; Hestnes, Anne Grete

2009-01-01

A model has been developed for studying the effect of three hypothetical approaches in reducing electricity and energy demand in the Norwegian building stock: wide diffusion of thermal carriers, heat pumps and conservation measures, respectively. Combinations of these are also considered. The model has a demand side perspective, considers both residential and service sectors, and calculates energy flows from net to delivered energy. Energy demand is given by the product of activity and intensity matrices. The activity levels are defined for the stock and the new construction, renovation and demolition flows. The intensity properties are defined in archetypes, and are the result of different energy class and heating carriers share options. The scenarios are shaped by combining the activity flows with different archetypes. The results show that adopting conservation measures on a large scale does allow reducing both electricity and total energy demand from present day levels while the building stock keeps growing. The results also highlight the importance of making a clear distinction between the assumptions on intensity and activity levels.

Potential Retrofit of Existing Sultan Ismail Parliament Building, Johor to Green Building

Directory of Open Access Journals (Sweden)

Yasin Mohd Norazam

2017-01-01

Full Text Available The concept of retrofitting an existing building towards green building was introduced to move towards greener development. This paper investigates the benefits of retrofitting an existing building to green building. The potential retrofit of the existing Sultan Ismail Parliament building was also determined and later the elements of the building to be retrofitted were proposed. The Sultan Ismail Parliament building is one of the newest development that serves as the Johor state administrative center under Iskandar Malaysia. Therefore, this paper focuses on whether the existing building has fulfilled all of the green building elements. A set of questionnaire was distributed to the targeted respondents who were the engineers, architects, technicians, staffs and those who were involved in the development of the Sultan Ismail Parliament building. A total of 60 respondents was involved. Based on the analyzed data, it shows that the existing building has fulfilled only one of the green building elements which is the Indoor Environmental Quality. The items that scored 3.5 and above mean index under this element include the daylight glare is not bothering, the ventilation in the building is adequate, inspections are done regularly, smoking regulation is implemented and the number of openings of windows and doors is sufficient. While it shows that other elements were only partially fulfilled. The criteria that achieved below 3.5 mean index values is considered to be the potential elements that could be used for future retrofitting initiative.

Seismic performance of existing R.C. framed buildings

Directory of Open Access Journals (Sweden)

Sameh A. El-Betar

2017-08-01

Full Text Available The earthquakes disasters basically occur due to buildings damage not because of the earth shaking. Therefore, the countries have being updated the seismic codes. The seismic loads for buildings design in Egyptian Code have been changed from (EC-1994 to (ECP-201, 2012. On the other hand, the need is raised to study the vulnerability of existing buildings, which can be divided into the buildings designed to resist the gravity loads only (GLD and the buildings designed according to Egyptian code (EC-1994. Comparison between forces due to Egyptian code for loads (EC-1994 and (ECP-201, 2012 is carried out on the multi-stories R.C. framed buildings which are the most common type of existing buildings in Egypt. To investigate the vulnerability of existing buildings, nonlinear static pushover analysis is conducted to evaluate the real strength of the existing buildings. Moreover, it is considered a useful and effective tool for the performance of three framed buildings: 3, 6 and 10 stories due to expected future earthquakes. Finally, it is found that the vulnerability of existing GLD buildings occurs at expected ground accelerations (ag greater than 0.125 g in Egyptian seismic map, while the EC-94 designed buildings behave elastically up to (ag equals to 0.2 g and above that a slight damage may occur.

State of the Irish housing stock—Modelling the heat losses of Ireland's existing detached rural housing stock and estimating the benefit of thermal retrofit measures on this stock

International Nuclear Information System (INIS)

Ahern, Ciara; Griffiths, Philip; O'Flaherty, Micheál

2013-01-01

Ireland's housing stock has been identified as being amongst the least energy efficient in Northern Europe. Consequently, atmospheric emissions are greater than necessary. Government funded schemes have been introduced to incentivise the uptake of thermal retrofit measures in the domestic Irish market. A study of Ireland's housing highlights the dominance of detached houses (43%), 72% of which are rurally located and are predominantly heated with fuel oil. This paper investigates the economic and carbon case for thermal retrofit measures to the existing detached, oil centrally heated, rural housing stock. The study found the case for energy efficiency measures to be categorical and supports the Irish Government's focus on energy efficiency policy measures. Thermal retrofit measures in the detached housing stock have the potential to realise an averaged 65% theoretical reduction in heating costs and CO 2 emissions for houses constructed prior to 1979 (coinciding with the introduction of building regulations) and around 26% for newer homes, thus offering a significant contribution (44%) to Ireland's residential carbon abatement projections and hence in meeting the EU's directives on energy and carbon. The greatest savings (36%) of Ireland's carbon abatement projections result from improving the energy efficiency of the pre 1979 stock. - Highlights: ► Model constructs base geometry of detached rural Irish dwellings by age band. ► Model quantifies savings to this stock via The National Insulation Scheme. ► Results offer significant contribution to Ireland's carbon abatement projections. ► Greatest savings result from retrofitting the pre 1979 stock. ► Government needs to introduce PAYS scheme or similar to engage public at large

The characteristics and the energy behaviour of the residential building stock of Cyprus in view of Directive 2002/91/EC

Energy Technology Data Exchange (ETDEWEB)

Panayiotou, G.P.; Kalogirou, S.A.; Florides, G.A. [Cyprus University of Technology, Department of Mechanical Engineering and Materials Science and Engineering (Cyprus); Maxoulis, C.N. [Cyprus Scientific and Technical Chamber (Cyprus); Papadopoulos, A.M. [Aristotle University of Thessaloniki, Department of Mechanical Engineering (Greece); Neophytou, M.; Fokaides, P.; Georgiou, G. [University of Cyprus, Department of Civil and Environmental Engineering (Cyprus); Symeou, A. [Energy Service, Ministry of Commerce, Industry and Tourism (Cyprus); Georgakis, G. [RTD Talos (Cyprus)

2010-11-15

The significance of the residential building sector in terms of energy consumption is well acknowledged. In this view the knowledge of the way the residential building stock of Cyprus behaves in terms of energy consumption is quite valuable since it will assist policy makers to formulate targeted measures aiming the improvement of energy efficiency and setting current legal standards and benchmarks in the energy performance certificate, a requirement of the 2002/91/EC Directive. Unfortunately, the existing knowledge on this subject is quite poor. As a remedy a research project supported by a national research grant is in operation since December 2008. This paper presents the outline, goals and methodology of this research project and the findings regarding the energy behaviour and other characteristics of the residential building stock of Cyprus. From the analysis of the results for 500 residential buildings, it seems that the energy demand and primary energy required is lower than that of other European countries. Moreover, it seems that the age of residential buildings has low correlation with the energy demand while in contrast with other Northern and Central European countries, it is clear that the contribution of cooling energy requirements to the overall energy demand is quite significant. (author)

Life cycle assessment: Existing building retrofit versus replacement

Science.gov (United States)

Darabi, Nura

The embodied energy in building materials constitutes a large part of the total energy required for any building (Thormark 2001, 429). In working to make buildings more energy efficient this needs to be considered. Integrating considerations about life cycle assessment for buildings and materials is one promising way to reduce the amount of energy consumption being used within the building sector and the environmental impacts associated with that energy. A life cycle assessment (LCA) model can be utilized to help evaluate the embodied energy in building materials in comparison to the buildings operational energy. This thesis takes into consideration the potential life cycle reductions in energy and CO2 emissions that can be made through an energy retrofit of an existing building verses demolition and replacement with a new energy efficient building. A 95,000 square foot institutional building built in the 1960`s was used as a case study for a building LCA, along with a calibrated energy model of the existing building created as part of a previous Masters of Building Science thesis. The chosen case study building was compared to 10 possible improvement options of either energy retrofit or replacement of the existing building with a higher energy performing building in order to see the life cycle relationship between embodied energy, operational energy, and C02 emissions. As a result of completing the LCA, it is shown under which scenarios building retrofit saves more energy over the lifespan of the building than replacement with new construction. It was calculated that energy retrofit of the chosen existing institutional building would reduce the amount of energy and C02 emissions associated with that building over its life span.

Energy consumptions in existing buildings; Les consommations d'energie des batiments existants

Energy Technology Data Exchange (ETDEWEB)

Nuss, St. [Ecole Nationale Superieure des Arts et Industries de Strasbourg, 78 - Saint-Remy-Les-Chevreuse (France)]|[Costic, 78 - Sainte Remy les Chevreuses (France)

2002-05-01

This document presents a sectoral analysis of the energy consumptions in existing French buildings: 1) - residential sector: social buildings, private dwellings; 2) - tertiary sector: office buildings, hotels, commercial buildings, school buildings, hospitals; 3) - industry; 4) - general status. (J.S.)

Energy usage and technical potential for energy saving measures in the Swedish residential building stock

International Nuclear Information System (INIS)

Mata, Érika; Sasic Kalagasidis, Angela; Johnsson, Filip

2013-01-01

This paper provides an analysis of the current energy usage (net energy and final energy by fuels) and associated carbon dioxide (CO 2 ) emissions of the Swedish residential building stock, which includes single-family dwellings and multi-family dwellings. Twelve energy saving measures (ESMs) are assessed using a bottom–up modeling methodology, in which the Swedish residential stock is represented by a sample of 1400 buildings (based on data from the year 2005). Application of the ESMs studied gives a maximum technical reduction potential in energy demand of 53%, corresponding to a 63% reduction in CO 2 emissions. Although application of the investigated ESMs would reduce CO 2 emissions, the measures that reduce electricity consumption for lighting and appliances (LA) will increase CO 2 emissions, since the saved electricity production is less CO 2 -intensive than the fuel mix used for the increased space heating required to make up for the loss in indirect heating obtained from LA. - Highlights: ► Analysis of year 2005energy use and CO2 emissions of Swedish residential buildings. ► Includes all single-family dwellings and multi-family dwellings. ► Bottom–up modeling of building stock represented by 1400 buildings. ► Technical effects of 12 energy saving measures are assessed. ► Energy demand can be reduced by53% and associated CO 2 emissions by 63%

Energy demand of the German and Dutch residential building stock under climate change

Science.gov (United States)

Olonscheck, Mady; Holsten, Anne; Walther, Carsten; Kropp, Jürgen P.

2014-05-01

In order to mitigate climate change, extraordinary measures are necessary in the future. The building sector, in particular, offers considerable potential for transformation to lower energy demand. On a national level, however, successful and far-reaching measures will likely be taken only if reliable estimates regarding future energy demand from different scenarios are available. The energy demand for space heating and cooling is determined by a combination of behavioral, climatic, constructional, and demographic factors. For two countries, namely Germany and the Netherlands, we analyze the combined effect of future climate and building stock changes as well as renovation measures on the future energy demand for room conditioning of residential buildings until 2060. We show how much the heating energy demand will decrease in the future and answer the question of whether the energy decrease will be exceeded by an increase in cooling energy demand. Based on a sensitivity analysis, we determine those influencing factors with the largest impact on the future energy demand from the building stock. Both countries have national targets regarding the reduction of the energy demand for the future. We provide relevant information concerning the annual renovation rates that are necessary to reach these targets. Retrofitting buildings is a win-win option as it not only helps to mitigate climate change and to lower the dependency on fossil fuels but also transforms the buildings stock into one that is better equipped for extreme temperatures that may occur more frequently with climate change. For the Netherlands, the study concentrates not only on the national, but also the provincial level, which should facilitate directed policy measures. Moreover, the analysis is done on a monthly basis in order to ascertain a deeper understanding of the future seasonal energy demand changes. Our approach constitutes an important first step towards deeper insights into the internal dynamics

An Efficient Heuristic Approach for Irregular Cutting Stock Problem in Ship Building Industry

Directory of Open Access Journals (Sweden)

Yan-xin Xu

2016-01-01

Full Text Available This paper presents an efficient approach for solving a real two-dimensional irregular cutting stock problem in ship building industry. Cutting stock problem is a common cutting and packing problem that arises in a variety of industrial applications. A modification of selection heuristic Exact Fit is applied in our research. In the case referring to irregular shapes, a placement heuristics is more important to construct a complete solution. A placement heuristic relating to bottom-left-fill is presented. We evaluate the proposed approach using generated instance only with convex shapes in literatures and some instances with nonconvex shapes based on real problem from ship building industry. The results demonstrate that the effectiveness and efficiency of the proposed approach are significantly better than some conventional heuristics.

Mark Stock | NREL

Science.gov (United States)

Stock Mark Stock Scientific Visualization Specialist Mark.Stock@nrel.gov | 303-275-4174 Dr. Stock , virtual reality, parallel computing, and manipulation of large spatial data sets. As an artist, he creates . Stock built the SUNLIGHT artwork that is installed on the Webb Building in downtown Denver. In addition

Energetic Refurbishment of Historic Brick Buildings

DEFF Research Database (Denmark)

Zagorskas, Jurgis; Mykolas Paliulis, Grazvydas; Burinskiene, Marija

2013-01-01

Building standards for energy effectiveness are increasing constantly and the market follows these changes by constructing new buildings in accordance with standards and refurbishment of the existing housing stock. Comprehensive trends in European construction market show tremendous increase...

Global climate-oriented building energy use scenarios

International Nuclear Information System (INIS)

Harvey, L.D. Danny

2014-01-01

This paper explores the extent to which global fuel use in buildings could be reduced, and the growth in global electricity use in buildings limited, by applying stringent (factor of 3–4) improvements to recent building codes for new buildings worldwide and large (factor of 2–3) reductions in the energy use of existing buildings through renovations. The analysis is carried out for 10 different socio-economic regions of the world, taking into account existing building stock and energy intensities in each region and projected changes in population and income, which in most parts of the world will drive large increases in building floor area. A stock turnover model is applied to project changes in heating, cooling, service hot water (SHW) and non-thermal electricity demand with various rates of improvement in standards for new and renovated buildings, and various rates of renovation and demolition of existing buildings. For a scenario in which population peaks at about 9 billion and global average per capita GDP increases to twice the 2010 value by 2100, the global fuel demand could be reduced by a factor of four while limiting maximum annual electricity demand to twice the 2010 value. - Highlights: • A detailed model for generating global scenarios of building energy use is presented. • Drivers of increasing energy use are population and per capita GDP in 10 regions. • Heating, cooling and ventilation energy uses are projected using a stock turnover model. • Global building fuel demand could decrease by 60–80% by 2100 relative to 2010. • Global building electricity demand could be limited to a 100–200% increase

Greening Existing Buildings in Contemporary Iraqi Urban Reality/ Virtual Model

Directory of Open Access Journals (Sweden)

Saba Jabar Neama Al-Khafaji

2015-11-01

Full Text Available The approach of greening existing buildings, is an urgent necessity, because the greening operation provides the speed and optimal efficiency in the environmental performance, as well as keeping up with the global green architecture revolution. Therefore, greening existing buildings in Iraq is important for trends towards renewable energies, because of what the country went through economic conditions and crises and wars which kept the country away from what took place globally in this issue. The research problem is: insufficient knowledge about the importance and the mechanism of the greening of existing buildings, including its environmental and economic dimensions, by rationalization of energy consumption and preserving the environment. The research objective is: clarifying the importance of greening existing buildings environmentally and economically, providing a virtual experience for greening the presidency building of Baghdad University, through advanced computer program. The main conclusions is: there is difference representing by reducing the disbursed thermal loads amount for cooling in summer and heating in winter through the use of computerized program (DesignBuilder and that after the implementation of greening operations on the building envelope, which confirms its effectiveness in raising the energy performance efficiency inside the building. Hence, the importance of the application of greening existing buildings approach in Iraq, to bring back Iraqi architecture to environmental and local track proper.

Sustainable Building Operation

DEFF Research Database (Denmark)

Jensen, Jesper Ole

2009-01-01

of sustainable building operation and a survey amongst building administrators from the private and the social housing sector. Our results show that there are many good examples on sustainable building operation in Danish housing estates, where local building managers, residents etc. have gained impressive......Energy-savings in the existing building stock have becomes a main goal in national and international policies. Often focus is on building-renovations, whereas the potential of sustainable building operation to a large extent has been neglected. Nevertheless, international research as well...... as practical experiences from Danish housing estates indicates that there are large potentials for energy savings by focusing on the operation of the buildings. We suggest that in order to achieve sustainability in the existing housing, renovation and operations should be seen as integrated parts...

Stone material investigations of the Riga Stock Exchange building

Science.gov (United States)

Igaune-Blumberga, S.; Vitina, I.; Lindina, L.; Timma, I.; Barbane, I.

2011-12-01

This paper deals with the stone material investigation of former Riga Stock Exchange building and presents the following aspects: characterization of materials, analyses of mortars for sealing and cladding of artificial marble, decors, bricks, render of sealing, analyses of soluble salts, analyses of deteriorated granite surface of foundation. The last damage by fire was in 1979 which caused the collapse of the roof and consequently an infiltration of rain water. The conditions of the objects were found in very bad condition-deterioration represented by salt efflorescence's, cracking and in very large areas there was a complete loss of the artificial marble (stucco marble).

Stone material investigations of the Riga Stock Exchange building

International Nuclear Information System (INIS)

Igaune-Blumberga, S; Vitina, I; Lindina, L; Timma, I; Barbane, I

2011-01-01

This paper deals with the stone material investigation of former Riga Stock Exchange building and presents the following aspects: characterization of materials, analyses of mortars for sealing and cladding of artificial marble, decors, bricks, render of sealing, analyses of soluble salts, analyses of deteriorated granite surface of foundation. The last damage by fire was in 1979 which caused the collapse of the roof and consequently an infiltration of rain water. The conditions of the objects were found in very bad condition-deterioration represented by salt efflorescence's, cracking and in very large areas there was a complete loss of the artificial marble (stucco marble).

Energy conservation in rented buildings

Energy Technology Data Exchange (ETDEWEB)

Klingberg, T.; Broechner, J.; Forsman, J.; Gaunt, L.; Holgersson, M.

1984-08-01

The bulletin is an anthology of nine essays by different authors addressing the issue of energy conservation in buildings, where there exists a landlord/tenant relationship. After an overview of the rental market and the stock of rental buildings different types of rental contracts and energy charges are described.

Application of Markowitz Portfolio Theory by Building Optimal Portfolio on the US Stock Market

Directory of Open Access Journals (Sweden)

Martin Širůček

2015-01-01

Full Text Available This paper is focused on building investment portfolios by using the Markowitz Portfolio Theory (MPT. Derivation based on the Capital Asset Pricing Model (CAPM is used to calculate the weights of individual securities in portfolios. The calculated portfolios include a portfolio copying the benchmark made using the CAPM model, portfolio with low and high beta coefficients, and a random portfolio. Only stocks were selected for the examined sample from all the asset classes. Stocks in each portfolio are put together according to predefined criteria. All stocks were selected from Dow Jones Industrial Average (DJIA index which serves as a benchmark, too. Portfolios were compared based on their risk and return profiles. The results of this work will provide general recommendations on the optimal approach to choose securities for an investor’s portfolio.

Application of Prefabricated Panels for the Energy Retrofit of Portuguese Residential Buildings Facades: A Case Study

Directory of Open Access Journals (Sweden)

Sousa J.

2013-09-01

Full Text Available This article aims to evaluate the potential application of prefabricated panels in energy retrofit of facades in the Portuguese building stock. The fundamentals of this study were part of Annex 50, which was an international ECBCS IEA project, with the purpose of developing an innovative concept of building renovation for the most representative buildings based on prefabricated systems. To analyze the potential application of energy retrofit using prefabricated panels, was important to know the reality of the existing building stock and its morphology. To know the reality of the building stock, an analysis was done based on the existing statistical data and to find the most representative residential buildings, target of the study, three criteria were defined: buildings built before 1990, with 2 to 6 floors and with renovation needs in the exterior envelope.

Application of Markowitz Portfolio Theory by Building Optimal Portfolio on the US Stock Market

OpenAIRE

Širůček, Martin; Křen, Lukáš

2015-01-01

ŠIRŮČEK MARTIN, KŘEN LUKÁŠ. 2015. Application of Markowitz Portfolio Theory by Building Optimal Portfolio on the US Stock Market. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 63(4): 1375–1386. This paper is focused on building investment portfolios by using the Markowitz Portfolio Theory (MPT). Derivation based on the Capital Asset Pricing Model (CAPM) is used to calculate the weights of individual securities in portfolios. The calculated portfolios include a po...

Deep renovation of the school building stock: the European opportunity and the Italian strategy

Directory of Open Access Journals (Sweden)

Paola Boarin

2015-04-01

Full Text Available The examination of the Italian and European legislative and regulatory framework, and the analysis of some relevant survey campaigns of the national school building stock show an alarming situation, as well as some missed opportunities. Despite the fact that operations promoted by the Government haven’t been effective so far, the European Union encourages deep retrofit interventions towards the standard 'Nearly Zero Energy Buildings'. This approach necessarily implies a systemic knowledge of the buildings, which can be achieved with different levels of detail, through preliminary energy audits, audits, and more detailed and multi-criteria Post-Occupancy Evaluations.

Improved modelling of thermal energy savings potential in the existing residential stock using a newly available data source

International Nuclear Information System (INIS)

Dineen, D.; Rogan, F.; Ó Gallachóir, B.P.

2015-01-01

This paper presents a novel bottom up approach to modelling the energy savings potential of energy efficiency improvement measures to be applied through retrofit of the existing dwelling stock. It takes advantage of a newly available, rich dataset on the construction characteristics of the 2011 housing stock in Ireland. The methodological innovation centres on the use of wall construction type in the modelling and analysis. While Ireland is the focus, this approach is applicable to any EU member state for which data on dwelling characteristics exists from surveys carried as part of Energy Performance Certificate calculations. The model is calibrated to the national energy balance for 2011 by varying the internal temperature assumptions. Sensitivity analysis is performed on the effects of internal temperature and rebound. The paper also highlights some limitations posed by data availability on the accuracy and sophistication of models that can currently be developed, specifically in the Irish case. - Highlights: • Archetype model of energy savings potential from retrofit of existing dwelling stock. • Takes advantage of rich dataset on the construction characteristics of the Irish housing stock. • Innovative use of wall construction types in archetype definition possible due to improved data. • Results calibrated to top down estimate of heating demand by adjusting internal temperature. • Highlights limitations on the accuracy and sophistication of models posed by data availability.

Detailed assessment of structural characteristics of Turkish RC building stock for loss assessment models

NARCIS (Netherlands)

Bal, I. E.; Crowley, Helen; Pinho, Rui; Gülay, F. Gülten

2008-01-01

Assessment of the seismic vulnerability of the building stock in the earthquake-prone Marmara region of Turkey is of growing importance since such information is needed for reliable estimation of the losses that possible future earthquakes are likely to induce. The outcome of such loss assessment

A strategic approach for existing buildings to withstand climate change

DEFF Research Database (Denmark)

Rasmussen, Torben Valdbjørn

2012-01-01

Buildings play a vital economic and social role in society and are vulnerable to climate change. This paper suggests a strategic approach for existing buildings to withstand climate change. It emphasises the most likely climate impacts, including the change in mean year values as well as the exte...... based on the results of a vulnerability analysis. In addition, this paper describes some issues that must be addressed in case a strategic approach is not developed, as the building sector is continuously investing in measures to adapt to climate change.......Buildings play a vital economic and social role in society and are vulnerable to climate change. This paper suggests a strategic approach for existing buildings to withstand climate change. It emphasises the most likely climate impacts, including the change in mean year values as well as the extent......, the uncertainty of the scenarios leaves major challenges that will grow far more serious, if not addressed and taken into account in building design and into a strategy for the adaptation of existing buildings. An outline of the actions needed for developing a broad strategic approach to the adaptation to climate...

Heating and cooling energy demand and related emissions of the German residential building stock under climate change

International Nuclear Information System (INIS)

Olonscheck, Mady; Holsten, Anne; Kropp, Juergen P.

2011-01-01

The housing sector is a major consumer of energy. Studies on the future energy demand under climate change which also take into account future changes of the building stock, renovation measures and heating systems are still lacking. We provide the first analysis of the combined effect of these four influencing factors on the future energy demand for room conditioning of residential buildings and resulting greenhouse gas (GHG) emissions in Germany until 2060. We show that the heating energy demand will decrease substantially in the future. This shift will mainly depend on the number of renovated buildings and climate change scenarios and only slightly on demographic changes. The future cooling energy demand will remain low in the future unless the amount of air conditioners strongly increases. As a strong change in the German energy mix is not expected, the future GHG emissions caused by heating will mainly depend on the energy demand for future heating. - Highlights: → The future heating energy demand of German residential buildings strongly decreases. → Extent of these changes mainly depends on the number of renovated buildings. → Demographic changes will only play a minor role. → Cooling energy demand will remain low in future but with large insecurities. → Germany's 2050 emission targets for the building stock are ambitious.

Optimizing Existing Multistory Building Designs towards Net-Zero Energy

Directory of Open Access Journals (Sweden)

Mohammad Y. AbuGrain

2017-03-01

Full Text Available Recent global developments in awareness and concerns about environmental problems have led to reconsidering built environment approaches and construction techniques. One of the alternatives is the principle of low/zero-energy buildings. This study investigates the potentials of energy savings in an existing multi-story building in the Mediterranean region in order to achieve net-zero energy as a solution to increasing fossil fuel prices. The Colored building at the Faculty of Architecture, Eastern Mediterranean University, Cyprus was chosen as a target of this study to be investigated and analyzed in order to know how energy efficiency strategies could be applied to the building to reduce annual energy consumption. Since this research objective is to develop a strategy to achieve net-zero energy in existing buildings, case study and problem solving methodologies were applied in this research in order to evaluate the building design in a qualitative manner through observations, in addition to a quantitative method through an energy modeling simulation to achieve desirable results which address the problems. After optimizing the building energy performance, an alternative energy simulation was made of the building in order to make an energy comparison analysis, which leads to reliable conclusions. These methodologies and the strategies used in this research can be applied to similar buildings in order to achieve net-zero energy goals.

Transforming the existing building stock to high performed energy efficient and experienced architecture

DEFF Research Database (Denmark)

Vestergaard, Inge

The project Sustainable Renovation examines the challenge of the current and future architectural renovation of Danish suburbs which were designed in the period from 1945 to 1973. The research project takes its starting point in the perspectives of energy optimization and the fact that the building...

Selecting Energy Efficient Building Envelope Retrofits to Existing Department of Defense Building Using Value Focused Thinking

National Research Council Canada - National Science Library

Pratt, David M

2006-01-01

... these facilities that have the greatest potential for energy efficient building envelope retrofits. There are hundreds of various new building envelope technologies available to retrofit an existing building envelope, including window, roof, and wall technologies...

Value Investing in the Stock Market of Thailand

Directory of Open Access Journals (Sweden)

Gerardo “Gerry” Alfonso Perez

2017-11-01

Full Text Available Value investment and growth investment have attracted a large amount of research in recent decades, but most of this research focuses on the U.S. and Europe. This article covers the Thai stock market which has very different characteristics compared to western markets and even South East Asian countries such as Indonesia or Malaysia. Among South East Asian countries, Thailand has one of the most dynamic capital markets. In order to see if some well-known trends in other markets exist in Thailand the performance of value and growth stocks in the Thai market were analyzed for a period of 17 years using existing style indexes (MSCI as well as creating portfolios using individual stocks. For this entire period, when using the indexes, returns are statistically significant superior for value stocks compared to growth stocks. However, when analyzing the performance of the market in any given calendar year from 1999 to 2016, the results are much more mixed with in fact growth stocks outperforming in several of those years. Interestingly, when building portfolios using criteria such as low P/E or low P/B the results are not statistically different. Suggesting perhaps that the classification into value or growth stocks is more complex than it would appear. One of the common assumptions of value investing is that those stocks outperform over long periods of time. It might well be that in the Thai case one year is not a long enough period for value stocks to outperform. While there have been some clear efforts over recent years to modernize the stock market of Thailand, it remains relatively underdeveloped, particularly when compared to markets such as the U.S. Hence, its behavior regarding value versus growth investment might be rather different.

Policy Pathways: Modernising Building Energy Codes

Energy Technology Data Exchange (ETDEWEB)

NONE

2013-08-01

Buildings are the largest consumers of energy worldwide and will continue to be a source of increasing energy demand in the future. Globally, the sector’s final energy consumption doubled between 1971 and 2010 to reach 2 794 million tonnes of oil equivalent (Mtoe), driven primarily by population increase and economic growth. Under current policies, the global energy demand of buildings is projected by the IEA experts to grow by an additional 838 Mtoe by 2035 compared to 2010. The challenges of the projected increase of energy consumption due to the built environment vary by country. In IEA member countries, much of the future buildings stock is already in place, and so the main challenge is to renovate existing buildings stock. In non-IEA countries, more than half of the buildings stock needed by 2050 has yet to be built. The IEA and the UNDP partnered to analyse current practices in the design and implementation of building energy codes. The aim is to consolidate existing efforts and to encourage more attention to the role of the built environment in a low-carbon and climate-resilient world. This joint IEA-UNDP Policy Pathway aims to share lessons learned between IEA member countries and non-IEA countries. The objective is to spread best practices, limit pressures on global energy supply, improve energy security, and contribute to environmental sustainability. Part of the IEA Policy Pathway series, Modernising building energy codes to secure our global energy future sets out key steps in planning, implementation, monitoring and evaluation. The Policy Pathway series aims to help policy makers implement the IEA 25 Energy Efficiency Policy Recommendations endorsed by IEA Ministers (2011).

Methodology to characterize a residential building stock using a bottom-up approach: a case study applied to Belgium

Directory of Open Access Journals (Sweden)

Samuel Gendebien

2014-06-01

Full Text Available In the last ten years, the development and implementation of measures to mitigate climate change have become of major importance. In Europe, the residential sector accounts for 27% of the final energy consumption [1], and therefore contributes significantly to CO2 emissions. Roadmaps towards energy-efficient buildings have been proposed [2]. In such a context, the detailed characterization of residential building stocks in terms of age, type of construction, insulation level, energy vector, and of evolution prospects appears to be a useful contribution to the assessment of the impact of implementation of energy policies. In this work, a methodology to develop a tree-structure characterizing a residential building stock is presented in the frame of a bottom-up approach that aims to model and simulate domestic energy use. The methodology is applied to the Belgian case for the current situation and up to 2030 horizon. The potential applications of the developed tool are outlined.

Energy Efficiency Potential in Existing Commercial Buildings: Review of Selected Recent Studies

Energy Technology Data Exchange (ETDEWEB)

Belzer, David B.

2009-04-03

This report reviews six recent studies (from 2002 through 2006) by states and utilities to assess the energy saving potential in existing commercial buildings. The studies cover all or portions of California, Connecticut, Vermont, Colorado, Illinois, and the Pacific Northwest. The studies clearly reveal that lighting remains the single largest and most cost effective end use that can be reduced to save energy. Overall the study indicated that with existing technologies and costs, a reasonable range of economic savings potential in existing commercial buildings is between 10 and 20 percent of current energy use. While not a focus of the study, an additional conclusion is that implementation of commercial building monitoring and controls would also play an important role in the nation’s efforts to improve energy efficiency of existing buildings.

Issues to Be Solved for Energy Simulation of An Existing Office Building

Directory of Open Access Journals (Sweden)

Ki Uhn Ahn

2016-04-01

Full Text Available With the increasing focus on low energy buildings and the need to develop sustainable built environments, Building Energy Performance Simulation (BEPS tools have been widely used. However, many issues remain when applying BEPS tools to existing buildings. This paper presents the issues that need to be solved for the application of BEPS tools to an existing office building. The selected building is an office building with 33 stories above ground, six underground levels, and a total floor area of 91,898 m2. The issues to be discussed in this paper are as follows: (1 grey data not ready for simulation; (2 subjective assumptions and judgments on energy modeling; (3 stochastic characteristics of building performance and occupants behavior; (4 verification of model fidelity-comparison of aggregated energy; (5 verification of model fidelity-calibration by trial and error; and (6 use of simulation model for real-time energy management. This study investigates the aforementioned issues and explains the factors that should be considered to address these issues when developing a dynamic simulation model for existing buildings.

Development of a new energy efficiency rating system for existing residential buildings

International Nuclear Information System (INIS)

Koo, Choongwan; Hong, Taehoon; Lee, Minhyun; Seon Park, Hyo

2014-01-01

Building energy efficiency rating systems have been established worldwide to systematically manage the energy consumption of existing buildings. This study aimed to develop a new energy efficiency rating system for existing residential buildings from two perspectives: (i) establishment of reasonable and fair criteria for the building energy efficiency rating system; and (ii) establishment of comparative incentive and penalty programs to encourage the voluntary participation of all residents in the energy saving campaign. Based on the analysis of the conventional energy efficiency rating system for existing residential buildings, this study was conducted in five steps: (i) data collection and analysis; (ii) correlation analysis between the household size and the CO 2 emission density (i.e., CO 2 emission per unit area); (iii) cluster formation based on results of the correlation analysis using a decision tree; (iv) establishment of a new energy efficiency rating system for existing buildings; and (v) establishment of incentive and penalty programs using advanced case-based reasoning. The proposed system can allow a policymaker to establish a reasonable and fair energy efficiency rating system for existing residential buildings and can encourage the voluntary participation of all residents in the energy saving campaign. - Highlights: • A new energy efficiency rating system for the residential building was developed. • The incentive and penalty programs were established using an advanced CBR model. • The new system was established using reasonable and fair standards. • It allows all residents to voluntarily participate in the energy saving campaign. • It can be applied to any country or sector in the global environment

TECHNIQUES FOR RECONSTRUCTION OF THE PRESERVED HOUSING STOCK

Directory of Open Access Journals (Sweden)

Kustikova Yuliya Olegovna

2017-10-01

Full Text Available Nowadays in Russian cities a significant part of the housing stock in areas of existing buildings has a high level of physical and moral deterioration, indicators of infrastructure elements do not meet the current and future requirements. Reconstruction of residential buildings is one of the important directions in solving the housing problem. This will allow us to not only extend the life cycle but also significantly improve the quality of housing, eliminate a communal settlement, provide the houses with modern engineering equipment, improve architectural expressiveness of buildings and increase their energy efficiency. For buildings of different construction periods an individual approach is required in the development of methods and technologies of reconstruction. At the same time, the process should take place not in a separate building but in a group of buildings, neighborhood or district. This makes it possible to undertake a comprehensive assessment of the urban development situation and make the most rational decisions to meet modern conditions, and provide logical connection between various architectural trends. At the same time, there are possibilities for compaction and decompaction of buildings, the rational use of inter-district, underground space and communication systems. Moscow region is a large region, which occupies an area of 46 thousand square kilometers. The region includes more than 38 municipalities (municipal districts, urban and rural settlements. The region’s population is more than 7 million people. Moscow oblast has a central location in the Russian Federation and a close relationship with the capital. This relationship with Moscow is manifested through common social, scientific, industrial, transport links, environmental protection problems, labor resources. In 2016 the total area of the housing stock in Moscow region was about 220 million sq. m. The total area of dilapidated and emergency housing stock is just

ResStock - Targeting Energy and Cost Savings for U.S. Homes

Energy Technology Data Exchange (ETDEWEB)

Wilson, Eric J [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

2017-09-29

The ResStock analysis tool is helping states, municipalities, utilities, and manufacturers identify which home upgrades save the most energy and money. Across the country there's a vast diversity in the age, size, construction practices, installed equipment, appliances, and resident behavior of the housing stock, not to mention the range of climates. These variations have hindered the accuracy of predicting savings for existing homes. Researchers at the National Renewable Energy Laboratory (NREL) developed ResStock. It's a versatile tool that takes a new approach to large-scale residential energy analysis by combining: large public and private data sources, statistical sampling, detailed subhourly building simulations, high-performance computing. This combination achieves unprecedented granularity and most importantly - accuracy - in modeling the diversity of the single-family housing stock.

Upgrade energy building standards and develop rating system for existing low-income housing

International Nuclear Information System (INIS)

Muller, D.; Norville, C.

1993-07-01

The city of Memphis Division of Housing and Community Development (HCD) receives grant funding each year from the U.S. Department of Housing and Urban Development (HUD) to provide local housing assistance to low-income residents. Through the years, HCD has found that many of the program recipients have had difficulty in managing their households, particularly in meeting monthly financial obligations. One of the major operating costs to low-income households is the utility bill. Furthermore, HCD's experience has revealed that many low-income residents are simply unaware of ways to reduce their utility bill. Most of the HCD funds are distributed to low-income persons as grants or no/low interest loans for the construction or rehabilitation of single-family dwellings. With these funds, HCD builds 80 to 100 new houses and renovates about 500 homes each year. Houses constructed or renovated by HCD must meet HUD's minimum energy efficiency standards. While these minimum standards are more than adequate to meet local building codes, they are not as aggressive as the energy efficiency standards being promoted by the national utility organizations and the home building industry. Memphis Light, Gas and Water (MLGW), a city-owned utility, has developed an award-winning program named Comfort Plus which promotes energy efficiency open-quote in new residential construction. Under Comfort Plus, MLGW models house plans on computer for a fee and recommends cost-effective alterations which improve the energy efficiency of the house. If the builder agrees to include these recommendations, MLGW will certify the house and guarantee a maximum annual heating/cooling bill for two years. While the Comfort Plus program has received recognition in the new construction market, it does not address the existing housing stock

Upgrade energy building standards and develop rating system for existing low-income housing

Energy Technology Data Exchange (ETDEWEB)

Muller, D.; Norville, C. [Memphis and Shelby County Div. of Planning and Development, TN (United States)

1993-07-01

The city of Memphis Division of Housing and Community Development (HCD) receives grant funding each year from the U.S. Department of Housing and Urban Development (HUD) to provide local housing assistance to low-income residents. Through the years, HCD has found that many of the program recipients have had difficulty in managing their households, particularly in meeting monthly financial obligations. One of the major operating costs to low-income households is the utility bill. Furthermore, HCD`s experience has revealed that many low-income residents are simply unaware of ways to reduce their utility bill. Most of the HCD funds are distributed to low-income persons as grants or no/low interest loans for the construction or rehabilitation of single-family dwellings. With these funds, HCD builds 80 to 100 new houses and renovates about 500 homes each year. Houses constructed or renovated by HCD must meet HUD`s minimum energy efficiency standards. While these minimum standards are more than adequate to meet local building codes, they are not as aggressive as the energy efficiency standards being promoted by the national utility organizations and the home building industry. Memphis Light, Gas and Water (MLGW), a city-owned utility, has developed an award-winning program named Comfort Plus which promotes energy efficiency{open_quote} in new residential construction. Under Comfort Plus, MLGW models house plans on computer for a fee and recommends cost-effective alterations which improve the energy efficiency of the house. If the builder agrees to include these recommendations, MLGW will certify the house and guarantee a maximum annual heating/cooling bill for two years. While the Comfort Plus program has received recognition in the new construction market, it does not address the existing housing stock.

Potential energy savings in renovation projects of residential and service buildings; Energiansaeaestoemahdollisuudet rakennuskannan korjaustoiminnassa

Energy Technology Data Exchange (ETDEWEB)

Heljo, J.; Vihola, J.

2012-11-01

The study estimates the feasible energy savings potential in the 2010 building stock by 2050. The focus is on energy-saving measures related to renovation of residential and service buildings. The calculations were done by building types and age groups using the EKOREM calculation model. The calculations indicate the building types and structural elements where potential for savings exists. The study did not consider energy-saving measures related to changes in heating systems, electrical equipment, property maintenance or use habits. The study disproved the common belief that considerably more energy savings could be achieved faster by focussing on the existing building stock instead of new construction. That is mainly due the fact that it generally pays to implement structural energy-saving measures only when the targeted elements also require other significant repairs besides energy-efficiency improvements. Thus, energy renovations cannot be speeded up very much. The clearest exception are the extra insulations added to roof assemblies that are easy to implement. Attempts to save more energy in the building stock than can be achieved at a small additional cost in connection with needed renovations may multiply costs, and the saving in energy costs will not necessarily cover the additional investments. The efficiency of energy-saving measures can be affected by recommending or ordering use of more energy efficient windows, thicker extra insulations or more efficient ventilation heat recovery systems than the standard solution selected in connection with renovations. The goal of preserving the characteristics of buildings of cultural-historical or architectural value and the typical solutions and materials used in all buildings of a certain period limit the repair and renovation of structural elements. In the case of these buildings, improvement of energy efficiency can be considered in connection with the planning of renovations and the buildings' use and

Indoor air quality in the Swedish housing stock and its dependence on building characteristics

DEFF Research Database (Denmark)

Langer, Sarka; Bekö, Gabriel

2013-01-01

.47h-1). The majority of houses (80%) did not comply with the building code that requires 0.5 air changes per hour. The median concentrations in single-family houses and apartments were 6.0 and 10μg/m3, respectively, for NO2, 22 and 13μg/m3 for formaldehyde, and 236 and 143μg/m3 for TVOC. All......Data from a recent Swedish survey on the status of the housing stock and indoor air quality were placed in the public domain by the Swedish National Board of Housing, Building and Planning in 2011. The available parameters included the year of construction, dwelling location, type of ventilation...

Transforming the existing building stock to high performed energy efficient and experienced architecture

DEFF Research Database (Denmark)

Vestergaard, Inge

architectural heritage to energy efficiency and from architectural quality to sustainability. The first, second and third renovations are discussed from financial and sustainable view points. The role of housing related to the public energy supply system and the relation between the levels of renovation......The project Sustainable Renovation examines the challenge of the current and future architectural renovation of Danish suburbs which were designed in the period from 1945 to 1973. The research project takes its starting point in the perspectives of energy optimization and the fact that the building...

Framework of stock-recovery strategies: analyses of factors affecting success and failure

DEFF Research Database (Denmark)

Hammer, Cornelius; Dorrien, Christian von; Hopkins, Christopher C. E.

2010-01-01

The EU FP6 UNCOVER project was aimed at producing a rational scientific basis for developing recovery strategies for some ecologically and socio-economically important fish stocks/fisheries in European seas. The immediate objectives were to identify changes experienced during stock depletion...... to the recovery of more than 30 fish stocks/fisheries worldwide by multivariate exploratory analysis (canonical correspondence analysis), followed by model building [discriminant analysis (DA)] to quantify the relative importance of key performance criteria, singly or combined. Using the existing database, DA...... indicated that the four best additive predictors of successful recovery were “rapid reduction in fishing mortality”, “environmental conditions during the recovery period”, “life-history characteristics” of the target stock, and “management performance criteria”. The model classified the status “recovered...

Building OOC layers on top of existing courses

DEFF Research Database (Denmark)

Bang, Jørgen; Dalsgaard, Christian; Kjær, Arne

2016-01-01

prefer the term "Open Online Courses", MOOCs (Massive Open Online Courses) without the M. This paper will present our approach to building OOCs on top of existing campusbased courses at Aarhus University, Denmark. Consequently, participants of an 'OOC track' will engage in collaboration and discussions...

Optimizing Whole House Deep Energy Retrofit Packages: A Case Study of Existing Chicago-Area Homes

Directory of Open Access Journals (Sweden)

Honnie Aguilar Leinartas

2015-05-01

Full Text Available Improving the energy efficiency of the residential building stock plays a key role in mitigating global climate change. New guidelines are targeting widespread application of deep energy retrofits to existing homes that reduce their annual energy use by 50%, but questions remain as to how to identify and prioritize the most cost-effective retrofit measures. This work demonstrates the utility of whole building energy simulation and optimization software to construct a “tool-box” of prescriptive deep energy retrofits that can be applied to large portions of the existing housing stock. We consider 10 generally representative typology groups of existing single-family detached homes built prior to 1978 in the Chicago area for identifying cost-optimal deep energy retrofit packages. Simulations were conducted in BEopt and EnergyPlus operating on a cloud-computing platform to first identify cost-optimal enclosure retrofits and then identify cost-optimal upgrades to heating, ventilation, and air-conditioning (HVAC systems. Results reveal that prescriptive retrofit packages achieving at least 50% site energy savings can be defined for most homes through a combination of envelope retrofits, lighting upgrades, and upgrades to existing HVAC system efficiency or conversion to mini-split heat pumps. The average upfront cost of retrofits is estimated to be ~$14,400, resulting in average annual site energy savings of ~54% and an average simple payback period of ~25 years. Widespread application of these prescriptive retrofit packages across the existing Chicago-area residential building stock is predicted to reduce annual site energy use by 3.7 × 1016 J and yield approximately $280 million USD in annual energy savings.

Energy conservation in the existing Dutch private housing stock; Energiebesparing bestaande koopwoningen

Energy Technology Data Exchange (ETDEWEB)

Rooijers, F.J.; Leguijt, C.

2013-07-15

One of the elements of the 'SER energy agreement' concluded by the Netherlands Social and Economic Council (SER) is concerned with energy efficiency in the current private housing stock. Over the past few decades there have been many programmes in this area, and a number of measures have certainly been implemented. To say that these have been overwhelmingly successful in securing the Dutch government's climate policy targets for the built environment would be an exaggeration, though. The pace of change has been too slow. The Netherlands Society for Nature and Environment (Natuur en Milieu) asked CE Delft to estimate the impact of a package of measures for improving the energy performance of existing dwellings, comprising incentives up to the year 2020 and an obligatory label C or better thereafter. The data in this brief report are derived largely from the dashboard model 'New instruments for the existing housing stock' developed by CE Delft in collaboration with ECN [Dutch] In het SER-energieakkoord speelt energiebesparing in de bestaande woningbouw een relevante rol. Vele programma's zijn de afgelopen decennia de revue gepasseerd, waarbij zeker besparingsmaatregelen zijn getroffen. Er is echter geen sprake van doorslaggevend succes dat de klimaatdoelen van de Rijksoverheid in de gebouwde omgeving daadwerkelijk binnen bereik brengt. Meer tempo is nodig. Natuur en Milieu heeft CE Delft gevraagd om de effecten in beeld te brengen van een pakket voor de verbetering van de energiekwaliteit van bestaande woningen dat bestaat uit verleiden tot 2020, met na 2020 een verplichting tot label C of beter. De cijfers in deze notitie zijn in belangrijke mate ontleend aan het dashboardmodel 'Nieuwe instrumenten voor de bestaande bouw' van CE Delft dat is ontwikkeld in samenwerking met ECN.

Stiff Columns as Liquefaction Mitigation Measure for Retrofit of Existing Buildings

Directory of Open Access Journals (Sweden)

Zaheer Ahmed Almani

2012-10-01

Full Text Available In this paper, ground reinforcement with jet grouted columns under shallow foundations of existing buildings was analysed using numerical modelling. This study is related with ground reinforcement by installing stiff jet grouted columns around the shallow foundations of existing building when the foundation soil is liquefied during an earthquake. The isolated shallow square footing pad supporting a typical simple frame structure was constructed on the reinforced ground with stiff jet grouted column rows at the shallow depth from the ground surface. This soil-structure system was modelled and analyzed as plane-strain using the FLAC (Fast Lagrangian Analysis of Continua 2D dynamic modelling and analysis software. The results showed that liquefaction-induced large settlement of shallow foundation of existing building can be reduced to tolerable limits by applying ground reinforcement with continuous rows vertical jet grouted columns adjacent to footing pad.

The potential to supply low temperature district heating to existing building area

DEFF Research Database (Denmark)

Li, Hongwei; Svendsen, Svend

2013-01-01

Low-temperature district heating (LTDH) has the advantages as reduced network heat loss, improved quality match between energy supply and energy demand, and increased utilization of low-grade waste heat and renewable energy. The LTDH represents the next generation district heating (DH) system...... to supply existing building areas which are characterized with high heating demand needs to be examined. In this paper, the DH network deliverable capacity to supply LTDH to an existing building area is studied based on building thermal performance and DH network hydraulic performance simulation....

Dynamic Model for the Stocks and Release Flows of Engineered Nanomaterials.

Science.gov (United States)

Song, Runsheng; Qin, Yuwei; Suh, Sangwon; Keller, Arturo A

2017-11-07

Most existing life-cycle release models for engineered nanomaterials (ENM) are static, ignoring the dynamics of stock and flows of ENMs. Our model, nanoRelease, estimates the annual releases of ENMs from manufacturing, use, and disposal of a product explicitly taking stock and flow dynamics into account. Given the variabilities in key parameters (e.g., service life of products and annual release rate during use) nanoRelease is designed as a stochastic model. We apply nanoRelease to three ENMs (TiO 2 , SiO 2 and FeO x ) used in paints and coatings through seven product applications, including construction and building, household and furniture, and automotive for the period from 2000 to 2020 using production volume and market projection information. We also consider model uncertainties using Monte Carlo simulation. Compared with 2016, the total annual releases of ENMs in 2020 will increase by 34-40%, and the stock will increase by 28-34%. The fraction of the end-of-life release among total release flows will increase from 11% in 2002 to 43% in 2020. As compared to static models, our dynamic model predicts about an order of magnitude lower values for the amount of ENM released from this sector in the near-term while stock continues to build up in the system.

Estimation of the behavior factor of existing RC-MRF buildings

Science.gov (United States)

Vona, Marco; Mastroberti, Monica

2018-01-01

In recent years, several research groups have studied a new generation of analysis methods for seismic response assessment of existing buildings. Nevertheless, many important developments are still needed in order to define more reliable and effective assessment procedures. Moreover, regarding existing buildings, it should be highlighted that due to the low knowledge level, the linear elastic analysis is the only analysis method allowed. The same codes (such as NTC2008, EC8) consider the linear dynamic analysis with behavior factor as the reference method for the evaluation of seismic demand. This type of analysis is based on a linear-elastic structural model subject to a design spectrum, obtained by reducing the elastic spectrum through a behavior factor. The behavior factor (reduction factor or q factor in some codes) is used to reduce the elastic spectrum ordinate or the forces obtained from a linear analysis in order to take into account the non-linear structural capacities. The behavior factors should be defined based on several parameters that influence the seismic nonlinear capacity, such as mechanical materials characteristics, structural system, irregularity and design procedures. In practical applications, there is still an evident lack of detailed rules and accurate behavior factor values adequate for existing buildings. In this work, some investigations of the seismic capacity of the main existing RC-MRF building types have been carried out. In order to make a correct evaluation of the seismic force demand, actual behavior factor values coherent with force based seismic safety assessment procedure have been proposed and compared with the values reported in the Italian seismic code, NTC08.

Existing buildings

DEFF Research Database (Denmark)

Gram-Hanssen, Kirsten

2014-01-01

their homes. These policy measures include building regulations, energy tax and different types of incentives and information dissemination. The conclusion calls for new and innovative policy measures to cope with the realities of renovations of owner-occupied houses and how energy efficiency improvement...

Federal Existing Buildings Handbook for Net Zero Energy, Water, and Waste

Energy Technology Data Exchange (ETDEWEB)

None

2017-08-14

In 2015, the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy (EERE) defined zero energy buildings as "an energy-efficient building where, on a source energy basis, the actual annual delivered energy is less than or equal to the on-site renewable exported energy." This handbook is focused on applying the EERE definition of zero energy buildings to existing buildings in the federal sector. However, it is not intended to replace, substitute, or modify any statutory or regulatory requirements and mandates.

Building adaptive capacity for flood proofing in urban areas through synergistic interventions

NARCIS (Netherlands)

Veerbeek, W.; Ashley, R.M.; Zevenbergen, C.; Rijke, J.S.; Gersonius, B.

2010-01-01

Few, if any urban areas are nowadays built in isolation from existing developments. Therefore, urban expansion and making existing urban areas more sustainable is a contemporary goal. There are major opportunities to do this through the ‘normal’ renewal of urban infrastructure and building stocks

Low energy house in existing buildings; Niedrigenergiehaus im Bestand

Energy Technology Data Exchange (ETDEWEB)

Sahner, G. [BDA, Stuttgart/Augsburg (Germany)

2008-07-01

Presented is an energetic sanitation of residential units in the frame of a German pilot program (''low energy houses in the existing building sector'') initiated by the ministry of traffic, civil engineering and city development. (GL)

Energy Benchmarking in Educational Buildings through Cluster Analysis of Energy Retrofitting

Directory of Open Access Journals (Sweden)

Paola Marrone

2018-03-01

Full Text Available A large part of the stock of Italian educational buildings have undertaken energy retrofit interventions, thanks to European funds allocated by complex technical-administrative calls. In these projects, the suggested retrofit strategies are often selected based on the common best practices (considering average energy savings but are not supported by proper energy investigations. In this paper, Italian school buildings’ stock was analyzed by cluster analysis with the aim of providing a methodology able to identify the best energy retrofit interventions from the perspective of cost-benefit, and to correlate them with the specific characteristics of the educational buildings. This research is based on the analysis of about 80 school buildings located in central Italy and characterized by different features and construction technologies. The refurbished buildings were classified in homogeneous clusters and, for each of them, the most representative building was identified. Furthermore, for each representative building a validating procedure based on dynamic simulations and a comparison with actual energy use was performed. The two buildings thus singled out provide a model that could be developed into a useful tool for Public Administrations to suggest priorities in the planning of new energy retrofits of existing school building stocks.

Energetic Refurbishment of Historic Brick Buildings: Problems and Opportunities

Science.gov (United States)

Zagorskas, Jurgis; Paliulis, Gražvydas Mykolas; Burinskienė, Marija; Venckauskaitė, Jūratė

2013-12-01

Building standards for energy effectiveness are increasing constantly and the market follows these changes by constructing new buildings in accordance with standards and refurbishment of the existing housing stock. Comprehensive trends in European construction market show tremendous increase in building retrofit works. It can be predicted that after the end of this decade, more than half of the construction works in European cities will be taking place in existing buildings, pushing the construction of new buildings to a less important role. Such a growth in building refurbishment works is creating a demand for suitable materials, retrofitting techniques and research. The differences between refurbishment of new-build projects and historical or valuable buildings are insufficiently recognized - mostly the buildings without further cultural preservation requirements are studied. This article covers the theme of refurbishment measures in historical buildings - the specific measures like inside insulation which are allowed due to the valuable façade or other heritage preservation requirements. An overview of other innovative methods for energy saving in existing buildings and their potential is given.

METHOD OF DETERMINING ECONOMICAL EFFICIENCY OF HOUSING STOCK RECONSTRUCTION IN A CITY

Directory of Open Access Journals (Sweden)

Petreneva Ol’ga Vladimirovna

2016-03-01

Full Text Available RECONSTRUCTION IN A CITY The demand in comfortable housing has always been very high. The building density is not the same in different regions and sometimes there is no land for new housing construction, especially in the central regions of cities. Moreover, in many cities cultural and historical centers remain, which create the historical appearance of the city, that’s why new construction is impossible in these regions. Though taking into account the depreciation and obsolescence, the operation life of many buildings come to an end, they fall into disrepair. In these cases there arises a question on the reconstruction of the existing residential, public and industrial buildings. The aim of the reconstruction is bringing the existing worn-out building stock into correspondence with technical, social and sanitary requirements and living standards and conditions. The authors consider the currency and reasons for reconstruction of residential buildings. They attempt to answer the question, what is more economical efficient: new construction or reconstruction of residential buildings. The article offers a method to calculate the efficiency of residential buildings reconstruction.

Structural Identification And Seismic Analysis Of An Existing Masonry Building

International Nuclear Information System (INIS)

Del Monte, Emanuele; Galano, Luciano; Ortolani, Barbara; Vignoli, Andrea

2008-01-01

The paper presents the diagnostic investigation and the seismic analysis performed on an ancient masonry building in Florence. The building has historical interest and is subjected to conservative restrictions. The investigation involves a preliminary phase concerning the research of the historic documents and a second phase of execution of in situ and laboratory tests to detect the mechanical characteristics of the masonry. This investigation was conceived in order to obtain the 'LC2 Knowledge Level' and to perform the non-linear pushover analysis according to the new Italian Standards for seismic upgrading of existing masonry buildings

RELATIONSHIP BETWEEN STOCK MARKET RETURNS AND EXCHANGERATES IN EMERGING STOCK MARKETS

Directory of Open Access Journals (Sweden)

M.N. Arshad

2017-04-01

Full Text Available Abstract-This paper aims to study the relationship between stock market returns and exchange rates in emerging stock markets including Malaysia, Singapore, Thailand, Indonesia and Philippines. The data is taken from January 2003 to December 2012 using weekly closing indices and separated in two periods; before (2003-2007 and second, after (2008-2012 the financial crisis of 2008. Johansen-Juselius (JJ. Granger causality tests show that unidirectional causality exists between the stock market returns and exchange rates for Thailand before the financial crisis, whilst, for Indonesia and Singapore, the unidirectional causality between the two variables is detected in the period after the financial crisis. Error Correction Model (ECM indicates the existence of long run causality between the two variables for Philippines. This study also finds that most of the emerging stock markets are informationally inefficient.

Best Practices for HPSB Guiding Principles Implementation in Existing DOE Buildings

Energy Technology Data Exchange (ETDEWEB)

Henderson, Jordan W.

2014-05-06

The intent of this paper is to document an approach to screening existing buildings at DOE sites for High-Performance and Sustainable Buildings (HPSB) Guiding Principles (GPs) potential, developing policies and programs to address a majority of the HPSB GPs, and how to prioritize buildings with the greatest potential. This paper will also include example strategies for HPSB inventory and projection schedules and best practices on approaching and interpreting select criteria that have been troublesome to sites.

77 FR 24505 - Hazard Mitigation Assistance for Wind Retrofit Projects for Existing Residential Buildings

Science.gov (United States)

2012-04-24

...] Hazard Mitigation Assistance for Wind Retrofit Projects for Existing Residential Buildings AGENCY... for Wind Retrofit Projects for Existing Residential Buildings. DATES: Comments must be received by... must include the agency name and docket ID. Regardless of the method used for submitting comments or...

2020 Leadership Agenda for Existing Commercial and Multifamily Buildings

Energy Technology Data Exchange (ETDEWEB)

Burr, Andrew [Dept. of Energy (DOE), Washington DC (United States). Office of Energy Efficiency and Renewable Energy; Goldthwaite, Carolyn Sarno [Northeast Energy Efficiency Partnerships (NEEP), Boston, MA (United States). High Performance Buildings; Coffman, Eric [Montgomery County Dept. of General Services, Rockville, MD (United States). Office of Energy and Sustainability

2016-01-21

Leadership by state and local governments is critical to unlock national energy efficiency opportunities and deliver the benefits of efficiency to all Americans. But related to building energy efficiency, what will it mean to be a public sector leader over the next several years? What are the energy efficiency solutions that cities, counties, and states are implementing today that will make their communities more affordable, livable, healthy, and economically competitive? The SEE Action Network 2020 Leadership Agenda for Existing Commercial and Multifamily Buildings establishes a benchmark for state and local government leadership on improving the energy efficiency of buildings and seeks two-way collaboration among state, local, and federal officials. It defines a suite of innovative, yet practical policies and programs for policymakers to consider implementing by 2020, focusing on six important areas.

ResStock Analysis Tool | Buildings | NREL

Science.gov (United States)

Energy and Cost Savings for U.S. Homes Contact Eric Wilson to learn how ResStock can benefit your approach to large-scale residential energy analysis by combining: Large public and private data sources uncovered $49 billion in potential annual utility bill savings through cost-effective energy efficiency

A measure to manage approach to characterizing the energy impact of residential building stocks

Directory of Open Access Journals (Sweden)

Afamia Elnakat

2016-05-01

Full Text Available The city of San Antonio is the seventh largest in the United States by population and the second in the state of Texas, with a population of over 1.3 million people. As one of the fastest growing cities, the San Antonio residential real estate market has expanded to meet the demands of the growing population. Managing the energy footprint of single-family houses can be enhanced by big data analysis of combined metered energy consumption and building infrastructure characteristics. This study analyzes the energy intensity of 389,160 single family detached homes and identifies energy utilization trends across various residential building stock size and vintage categories. Supported by the “measure to manage” premise, this study highlights the value of this characterization as a forecasting and planning tool for sustainable growth and a more engaged consumer.

Knowledge inventory for resource efficiency measures in existing buildings; Kunskapsinventering avseende resurseffektiviserande aatgaerder inom befintlig bebyggelse

Energy Technology Data Exchange (ETDEWEB)

Jarnehammar, Anna; Kildsgaard, Ivana; Prejer, Erik

2011-07-01

The report summarizes the state of knowledge for various renovation measures of apartment buildings built between 1941-1980. The renovation potential is estimated to give half the energy use for heating and hot water. This efficiency improvement is considered possible, but not likely. There are many case studies of individual projects with theoretical calculations of renovation potential for different measures. There are relatively many general studies of the housing stock in general where the potential for various measures have been calculated for the whole of Sweden, but few studies of actual projects completed. Binding minimum requirements related to the Energy Performance of Buildings Directive (EPBD) for buildings for renovation has been introduced in several other countries in the EU which is also found to contribute to more energy-efficient measures introduced in major renovation projects. The key measures that we have found is the introduction of FTX system, renovation of the building envelope as well as individual metering and billing of heating and hot water.

Model for Determining Geographical Distribution of Heat Saving Potentials in Danish Building Stock

Directory of Open Access Journals (Sweden)

Stefan Petrovic

2014-02-01

Full Text Available Since the global oil crisis in the 1970s, Denmark has followed a path towards energy independency by continuously improving its energy efficiency and energy conservation. Energy efficiency was mainly tackled by introducing a high number of combined heat and power plants in the system, while energy conservation was predominantly approached by implementing heat saving measures. Today, with the goal of 100% renewable energy within the power and heat sector by the year 2035, reductions in energy demand for space heating and the preparation of domestic hot water remain at the top of the agenda in Denmark. A highly detailed model for determining heat demand, possible heat savings and associated costs in the Danish building stock is presented. Both scheduled and energy-saving renovations until year 2030 have been analyzed. The highly detailed GIS-based heat atlas for Denmark is used as a container for storing data about physical properties for 2.5 million buildings in Denmark. Consequently, the results of the analysis can be represented on a single building level. Under the assumption that buildings with the most profitable heat savings are renovated first, the consequences of heat savings for the economy and energy system have been quantified and geographically referenced. The possibilities for further improvements of the model and the application to other geographical regions have been discussed.

Building resilience in urban settlements through conversion adaptation

NARCIS (Netherlands)

Wilkinson, S.J.; Remøy, H.T.

2015-01-01

The built environment contributes 40% to total global greenhouse gas emissions and 87% of the buildings we will have in 2050 are already built. If predicted climate changes are correct we need to adapt existing stock sustainably. Reuse is an inherently sustainable option, which reduces the amount of

Efficient Solutions and Cost-Optimal Analysis for Existing School Buildings

Directory of Open Access Journals (Sweden)

Paolo Maria Congedo

2016-10-01

Full Text Available The recast of the energy performance of buildings directive (EPBD describes a comparative methodological framework to promote energy efficiency and establish minimum energy performance requirements in buildings at the lowest costs. The aim of the cost-optimal methodology is to foster the achievement of nearly zero energy buildings (nZEBs, the new target for all new buildings by 2020, characterized by a high performance with a low energy requirement almost covered by renewable sources. The paper presents the results of the application of the cost-optimal methodology in two existing buildings located in the Mediterranean area. These buildings are a kindergarten and a nursery school that differ in construction period, materials and systems. Several combinations of measures have been applied to derive cost-effective efficient solutions for retrofitting. The cost-optimal level has been identified for each building and the best performing solutions have been selected considering both a financial and a macroeconomic analysis. The results illustrate the suitability of the methodology to assess cost-optimality and energy efficiency in school building refurbishment. The research shows the variants providing the most cost-effective balance between costs and energy saving. The cost-optimal solution reduces primary energy consumption by 85% and gas emissions by 82%–83% in each reference building.

Modeling In-Use Steel Stock in China’s Buildings and Civil Engineering Infrastructure Using Time-Series of DMSP/OLS Nighttime Lights

Directory of Open Access Journals (Sweden)

Hanwei Liang

2014-05-01

Full Text Available China’s rapid urbanization has led to increasing steel consumption for buildings and civil engineering infrastructure. The in-use steel stock in the same is considered to be closely related to social welfare and urban metabolism. Traditional approaches for determining the in-use steel stock are labor-intensive and time-consuming processes and always hindered by the availability of statistical data. To address this issue, this study proposed the use of long-term nighttime lights as a proxy to effectively estimate in-use steel stock for buildings (IUSSB and civil engineering infrastructure (IUSSCE at the provincial level in China. Significant relationships between nighttime lights versus IUSSB and IUSSCE were observed for provincial variables in a single year, as well as for time series variables of a single province. However, these relationships were found to differ among provinces (referred to as “inter-individual differences” and with time (referred to as “temporal differences”. Panel regression models were therefore proposed to estimate IUSSB and IUSSCE in consideration of the temporal and inter-individual differences based on a dataset covering 1992–2007. These models were validated using data for 2008, and the results showed good estimation for both IUSSB and IUSSCE. The proposed approach can be used to easily monitor the dynamic of IUSSB and IUSSCE in China. This should be critical in providing valuable information for policy making regarding regional development of buildings and infrastructure, sustainable urban resource management, and cross-boundary material recycling.

Sensitivity analysis of the energy demand of existing buildings based on the Danish Building and Dwelling Register

DEFF Research Database (Denmark)

Nielsen, Anker; Wittchen, Kim Bjarne; Bertelsen, Niels Haldor

2014-01-01

performance certificate. The Danish Building Research Institute has described a method that can be applied for estimating the energy demand of dwellings. This is based on the information in the Danish Building and Dwelling Register and requirements in the Danish Building Regulations from the year......The EU Directive on the Energy Performance of Buildings requires that energy certification of buildings should be implemented in Denmark so that houses that are sold or let should have an energy performance certificate. The result is that only a small part of existing houses has an energy...... of construction of the house. The result is an estimate of the energy demand of each building with a variation. This makes it possible to make an automatic classification of all buildings. The paper discusses the uncertainties and makes a sensitivity analysis to find the important parameters. The variations...

Building waste management in Bulgaria: challenges and opportunities

International Nuclear Information System (INIS)

Hadjieva-Zaharieva, R.; Dimitrova, E.; Buyle-Bodin, Francois

2003-01-01

Building waste recycling as aggregates is a modern approach for preventing environmental pollution through both reducing the stocks of waste and decreasing the use of natural aggregates. The reuse of building waste is a relatively new issue for Bulgaria despite the existing considerable quantity of building waste and the significant changes in the environmental rules applied. The paper discusses generated and potential waste streams in Bulgaria in the context of the social and economic restructuring and recent urban development undergone by the country. The main preliminary conditions for developing the recycling activity such as: streams of building waste, experience in recycling, technical and environmental standardization, appropriate technologies, etc. are examined. The authors analyze current practice and research activities with regard to the implementation of advanced EU building-waste recycling methods. Conclusions are drawn about existing opportunities and the priorities of the needed building waste management strategy in the country

From Point Clouds to Building Information Models: 3D Semi-Automatic Reconstruction of Indoors of Existing Buildings

Directory of Open Access Journals (Sweden)

Hélène Macher

2017-10-01

Full Text Available The creation of as-built Building Information Models requires the acquisition of the as-is state of existing buildings. Laser scanners are widely used to achieve this goal since they permit to collect information about object geometry in form of point clouds and provide a large amount of accurate data in a very fast way and with a high level of details. Unfortunately, the scan-to-BIM (Building Information Model process remains currently largely a manual process which is time consuming and error-prone. In this paper, a semi-automatic approach is presented for the 3D reconstruction of indoors of existing buildings from point clouds. Several segmentations are performed so that point clouds corresponding to grounds, ceilings and walls are extracted. Based on these point clouds, walls and slabs of buildings are reconstructed and described in the IFC format in order to be integrated into BIM software. The assessment of the approach is proposed thanks to two datasets. The evaluation items are the degree of automation, the transferability of the approach and the geometric quality of results of the 3D reconstruction. Additionally, quality indexes are introduced to inspect the results in order to be able to detect potential errors of reconstruction.

Buildings move. The benefit of sustainable renovation of office buildings; Gebouwen bewegen. De winst van duurzame kantoorrenovatie

Energy Technology Data Exchange (ETDEWEB)

Van Miert, M. [Bureau Van Miert, Breda (Netherlands); De Ruiter, P. [Architectenbureau Paul de Ruiter, Amsterdam (Netherlands); Verburgt, P.

2012-05-15

Within the programme 'EnergieSprong' the development of the so-called Transition Formula was initiated that shows how existing offices can be renovated into energy efficient or even energy neutral buildings. A multidisciplinary view on the existing office buildings stock and users' demand has led to four renovation strategies which are described in this book [Dutch] EnergieSprong heeft het initiatief genomen dit boek te ontwikkelen waarin de Transitieformule laat zien hoe het vandaag de dag mogelijk is om bestaande kantoren heel energiezuinig of zelfs energieneutraal te renoveren. Een multidisciplinaire kijk op de bestaande kantorenvoorraad en de huidige vraag van gebruikers heeft geleid tot een viertal renovatiestrategieen die in dit boek beschreven worden.

Evaluation of existing Hanford buildings for the storage of solid wastes

International Nuclear Information System (INIS)

Carlson, M.C.; Hodgson, R.D.; Sabin, J.C.

1993-05-01

Existing storage space at the Hanford Site for solid low-level mixed waste (LLMW) will be filled up by 1997. Westinghouse Hanford Company (WHC) has initiated the project funding cycle for additional storage space to assure that new facilities are available when needed. In the course of considering the funding request, the US Department of Energy (DOE) has asked WHC to identify and review any existing Hanford Site facilities that could be modified and used as an alternative to constructing the proposed W-112 Project. This report documents the results of that review. In summary, no buildings exist at the Hanford Site that can be utilized for storage of solid LLMW on a cost-effective basis when compared to new construction. The nearest approach to an economically sensible conversion would involve upgrade of 100,000 ft 2 of space in the 2101-M Building in the 200 East Area. Here, modified storage space is estimated to cost about $106 per ft 2 while new construction will cost about $50 per ft 2 . Construction costs for the waste storage portion of the W-112 Project are comparable with W-016 Project actual costs, with escalation considered. Details of the cost evaluation for this building and for other selected candidate facilities are presented in this report. All comparisons presented address the potential decontamination and decommissioning (D ampersand D) cost avoidances realized by using existing facilities

Economic Energy Savings Potential in Federal Buildings

Energy Technology Data Exchange (ETDEWEB)

Brown, Daryl R.; Dirks, James A.; Hunt, Diane M.

2000-09-04

The primary objective of this study was to estimate the current life-cycle cost-effective (i.e., economic) energy savings potential in Federal buildings and the corresponding capital investment required to achieve these savings, with Federal financing. Estimates were developed for major categories of energy efficiency measures such as building envelope, heating system, cooling system, and lighting. The analysis was based on conditions (building stock and characteristics, retrofit technologies, interest rates, energy prices, etc.) existing in the late 1990s. The potential impact of changes to any of these factors in the future was not considered.

A proposal for seismic evaluation index of mid-rise existing RC buildings in Afghanistan

Science.gov (United States)

Naqi, Ahmad; Saito, Taiki

2017-10-01

Mid-rise RC buildings gradually rise in Kabul and entire Afghanistan since 2001 due to rapid increase of population. To protect the safety of resident, Afghan Structure Code was issued in 2012. But the building constructed before 2012 failed to conform the code requirements. In Japan, new sets of rules and law for seismic design of buildings had been issued in 1981 and severe earthquake damage was disclosed for the buildings designed before 1981. Hence, the Standard for Seismic Evaluation of RC Building published in 1977 has been widely used in Japan to evaluate the seismic capacity of existing buildings designed before 1981. Currently similar problem existed in Afghanistan, therefore, this research examined the seismic capacity of six RC buildings which were built before 2012 in Kabul by applying the seismic screening procedure presented by Japanese standard. Among three screening procedures with different capability, the less detailed screening procedure, the first level of screening, is applied. The study founds an average seismic index (IS-average=0.21) of target buildings. Then, the results were compared with those of more accurate seismic evaluation procedures of Capacity Spectrum Method (CSM) and Time History Analysis (THA). The results for CSM and THA show poor seismic performance of target buildings not able to satisfy the safety design limit (1/100) of the maximum story drift. The target buildings are then improved by installing RC shear walls. The seismic indices of these retrofitted buildings were recalculated and the maximum story drifts were analyzed by CSM and THA. The seismic indices and CSM and THA results are compared and found that building with seismic index larger than (IS-average =0.4) are able to satisfy the safety design limit. Finally, to screen and minimize the earthquake damage over the existing buildings, the judgement seismic index (IS-Judgment=0.5) for the first level of screening is proposed.

Computer aided seismic and fire retrofitting analysis of existing high rise reinforced concrete buildings

CERN Document Server

Hussain, Raja Rizwan; Hasan, Saeed

2016-01-01

This book details the analysis and design of high rise buildings for gravity and seismic analysis. It provides the knowledge structural engineers need to retrofit existing structures in order to meet safety requirements and better prevent potential damage from such disasters as earthquakes and fires. Coverage includes actual case studies of existing buildings, reviews of current knowledge for damages and their mitigation, protective design technologies, and analytical and computational techniques. This monograph also provides an experimental investigation on the properties of fiber reinforced concrete that consists of natural fibres like coconut coir and also steel fibres that are used for comparison in both Normal Strength Concrete (NSC) and High Strength Concrete (HSC). In addition, the authors examine the use of various repair techniques for damaged high rise buildings. The book will help upcoming structural design engineers learn the computer aided analysis and design of real existing high rise buildings ...

Stock prices and business investment

OpenAIRE

Yaron Leitner

2007-01-01

Is there a link between the stock market and business investment? Empirical evidence indicates that there is. A firm tends to invest more when its stock price increases, and it tends to invest less when the price falls. In “Stock Prices and Business Investment,” Yaron Leitner discusses existing research that explains this relationship. One question under consideration is whether the stock market actually improves investment decisions.

BUILDING DESIGN INFLUENCE ON THE ENERGY PERFORMANCE

Directory of Open Access Journals (Sweden)

Moga Ligia

2015-05-01

Full Text Available Energy efficient design is a high priority in the national energy strategy of European countries considering the latest requirements of the European Directive on the Energy Performance of Buildings. The residential sector is responsible for a significant quantity of energy consumptions from the total amount of consumptions on a worldwide level. In residential building most of the energy consumptions are given mainly by heating, domestic hot water and lighting. Retrofitting the existing building stock offers great opportunities for reducing global energy consumptions and greenhouse gas emissions. The first part of the paper will address the need of thermal and energy retrofit of existing buildings. The second part will provide an overview on how various variables can influence the energy performance of a building that is placed in all four climatic zones from Romania. The paper is useful for specialist and designers from the construction field in understanding that buildings behave differently from the energy point of view in different climatic regions, even if the building characteristic remain the same.

Monitoring-based HVAC commissioning of an existing office building for energy efficiency

International Nuclear Information System (INIS)

Wang, Liping; Greenberg, Steve; Fiegel, John; Rubalcava, Alma; Earni, Shankar; Pang, Xiufeng; Yin, Rongxin; Woodworth, Spencer; Hernandez-Maldonado, Jorge

2013-01-01

Highlights: ► Demonstrated monitoring-based HVAC commissioning using an existing office building. ► Diagnosed various types of faulty operation in the HVAC system by trend data analyses. ► Identified a list of energy saving measures for the HVAC system. ► Quantified energy saving potential for each commissioning measure using calibrated energy simulation model. ► Achieved an actual energy saving of 10% after the implementations of cost-effective measures. -- Abstract: The performance of Heating, Ventilation and Air Conditioning (HVAC) systems may fail to satisfy design expectations due to improper equipment installation, equipment degradation, sensor failures, or incorrect control sequences. Commissioning identifies and implements cost-effective operational and maintenance measures in buildings to bring them up to the design intent or optimum operation. An existing office building is used as a case study to demonstrate the process of commissioning. Building energy benchmarking tools are applied to evaluate the energy performance for screening opportunities at the whole building level. A large natural gas saving potential was indicated by the building benchmarking results. Faulty operations in the HVAC systems, such as improper operations of air-side economizers, simultaneous heating and cooling, and ineffective optimal start, were identified through trend data analyses and functional testing. The energy saving potential for each commissioning measure is quantified with a calibrated building simulation model. An actual energy saving of 10% was realized after the implementations of cost-effective measures.

Operational Planning of Low-Energy District Heating Systems Connected to Existing Buildings

DEFF Research Database (Denmark)

Tol, Hakan; Svendsen, Svend

2012-01-01

. The response of the radiator heating systems at different levels of supply temperature was used to form the operational planning of the low-energy DH system, which determined the design parameters of the low-energy DH network in terms of overall mass flow requirement and the return temperature from...... the buildings. Since the existing buildings were considered to be renovated to low-energy class, the operational planning was simultaneously modelled for both present high-demand and future low-demand situations of the same case area.......This article focuses on low-energy District Heating (DH) systems operating in low-temperatures such as 55°C in terms of supply and 25°C in terms of return in connection with existing buildings. Since the heat loss from the network has a significant impact in case of supplying heat to low...

A Method to Estimate Energy Demand in Existing Buildings Based on the Danish Building and Dwellings Register (BBR)

DEFF Research Database (Denmark)

Nielsen, Anker; Bertelsen, Niels Haldor; Wittchen, Kim Bjarne

2013-01-01

an energy label. The Danish Building Research Institute has described a method that can be used to estimate the energy demand in buildings specially dwellings. This is based on the information in the Danish Building and Dwelling Register (BBR) and information on building regulations at construction year......The Energy Performance Directive requires energy certifications for buildings. This is implemented in Denmark so that houses that are sold must have an energy performance label based on an evaluation from a visit to the building. The result is that only a small part of the existing houses has...... for the house. The result is an estimate for energy demand in each building with a variation. This makes it possible to make an automatic classification of all buildings. Then it is possible to find houses in need for thermal improvements. This method is tested for single family houses and flats. The paper...

Sensitivity analysis of the energy demand of existing buildings based on the Danish Building and Dwelling Register (BBR)

DEFF Research Database (Denmark)

Nielsen, Anker; Wittchen, Kim Bjarne; Bertelsen, Niels Haldor

2014-01-01

performance certificate. The Danish Building Research Institute has described a method that can be applied for estimating the energy demand of dwellings. This is based on the information in the Danish Building and Dwelling Register and requirements in the Danish Building Regulations from the year......The EU Directive on the Energy Performance of Buildings requires that energy certification of buildings should be implemented in Denmark so that houses that are sold or let should have an energy performance certificate. The result is that only a small part of existing houses has an energy...... of construction of the house. The result is an estimate of the energy demand of each building with a variation. This makes it possible to make an automatic classification of all buildings. The paper discusses the uncertainties and makes a sensitivity analysis to find the important parameters. The variations...

Economic effects of energy efficiency improvements in the Finnish building stock

International Nuclear Information System (INIS)

Tuominen, Pekka; Forsström, Juha; Honkatukia, Juha

2013-01-01

This study estimates the economic effects of investing in energy efficiency in buildings on a national level. First conservation potentials in space heating for two different scenarios with different levels of investment in energy efficiency are quantified. This was done relying on statistical data and future projections of the development of the building stock. Then economic modeling was used to estimate the effects on energy sector and the economy at large. The results show that a rather modest increase resulting in a few percent rise in annual construction and renovation investments can decrease total primary energy consumption 3.8–5.3% by 2020 and 4.7–6.8% by 2050 compared to a baseline scenario. On the short term a slight decrease in the level of GDP and employment is expected. On the medium to long term, however, the effects on both would be positive. Furthermore, a significant drop in harmful emissions and hence external costs is anticipated. Overall, a clear net benefit is expected from improving energy efficiency. - Highlights: ► The possible cut in energy consumption: 3.8–5.3% by 2020 and 4.7–6.8% by 2050. ► Short term negative effects to GDP and long term positive effects are expected. ► A significant drop in harmful emissions and hence external costs is anticipated.

Determination of the Thermal Insulation for the Model Building Approach and the Global Effects in Turkey

Directory of Open Access Journals (Sweden)

Cenk Onan

2014-08-01

Full Text Available One of the most important considerations to be considered in the design of energy efficient buildings is the thickness of the insulation to be applied to the building. In this study the existing building stock in Turkey has been investigated depending on parameters such as the height and the area. A model building has been created covering all of these buildings. Fuel emission reduction of combustion system was calculated in the case of insulation applied to this model building. Heat loss of the existing building stock and exhaust emissions and the contribution to the country's economy with the model building methodology are also determined. The results show that the optimum insulation thicknesses vary between 3.21 and 7.12 cm, the energy savings vary between 9.23 US$/m2 and43.95 US$/m2, and the payback periods vary between 1 and 8.8 years depending on the regions. As a result of the study when the optimum insulation thickness is applied in the model building, the total energy savings for the country are calculated to be 41.7 billion US$. And also total CO2 emissions for the country are calculated to be 57.2 billion kg CO2 per year after insulation.

13 CFR 120.131 - Leasing part of new construction or existing building to another business.

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Leasing part of new construction or existing building to another business. 120.131 Section 120.131 Business Credit and Assistance... § 120.131 Leasing part of new construction or existing building to another business. (a) If the SBA...

Building Inventory Database on the Urban Scale Using GIS for Earthquake Risk Assessment

Science.gov (United States)

Kaplan, O.; Avdan, U.; Guney, Y.; Helvaci, C.

2016-12-01

The majority of the existing buildings are not safe against earthquakes in most of the developing countries. Before a devastating earthquake, existing buildings need to be assessed and the vulnerable ones must be determined. Determining the seismic performance of existing buildings which is usually made with collecting the attributes of existing buildings, making the analysis and the necessary queries, and producing the result maps is very hard and complicated procedure that can be simplified with Geographic Information System (GIS). The aim of this study is to produce a building inventory database using GIS for assessing the earthquake risk of existing buildings. In this paper, a building inventory database for 310 buildings, located in Eskisehir, Turkey, was produced in order to assess the earthquake risk of the buildings. The results from this study show that 26% of the buildings have high earthquake risk, 33% of the buildings have medium earthquake risk and the 41% of the buildings have low earthquake risk. The produced building inventory database can be very useful especially for governments in dealing with the problem of determining seismically vulnerable buildings in the large existing building stocks. With the help of this kind of methods, determination of the buildings, which may collapse and cause life and property loss during a possible future earthquake, will be very quick, cheap and reliable.

Trading network predicts stock price.

Science.gov (United States)

Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi

2014-01-16

Stock price prediction is an important and challenging problem for studying financial markets. Existing studies are mainly based on the time series of stock price or the operation performance of listed company. In this paper, we propose to predict stock price based on investors' trading behavior. For each stock, we characterize the daily trading relationship among its investors using a trading network. We then classify the nodes of trading network into three roles according to their connectivity pattern. Strong Granger causality is found between stock price and trading relationship indices, i.e., the fraction of trading relationship among nodes with different roles. We further predict stock price by incorporating these trading relationship indices into a neural network based on time series of stock price. Experimental results on 51 stocks in two Chinese Stock Exchanges demonstrate the accuracy of stock price prediction is significantly improved by the inclusion of trading relationship indices.

Predicted carbonation of existing concrete building based on the Indonesian tropical micro-climate

Science.gov (United States)

Hilmy, M.; Prabowo, H.

2018-03-01

This paper is aimed to predict the carbonation progress based on the previous mathematical model. It shortly explains the nature of carbonation including the processes and effects. Environmental humidity and temperature of the existing concrete building are measured and compared to data from local Meteorological, Climatological, and Geophysical Agency. The data gained are expressed in the form of annual hygrothermal values which will use as the input parameter in carbonation model. The physical properties of the observed building such as its location, dimensions, and structural material used are quantified. These data then utilized as an important input parameter for carbonation coefficients. The relationships between relative humidity and the rate of carbonation established. The results can provide a basis for repair and maintenance of existing concrete buildings and the sake of service life analysis of them.

Multifractal in Volatility of Family Business Stocks Listed on Casablanca STOCK Exchange

Science.gov (United States)

Lahmiri, Salim

In this paper, we check for existence of multifractal in volatility of Moroccan family business stock returns and in volatility of Casablanca market index returns based on multifractal detrended fluctuation analysis (MF-DFA) technique. Empirical results show strong evidence of multifractal characteristics in volatility series of both family business stocks and market index. In addition, it is found that small variations in volatility of family business stocks are persistent, whilst small variations in volatility of market index are anti-persistent. However, large variations in family business volatility and market index volatility are both anti-persistent. Furthermore, multifractal spectral analysis based results show strong evidence that volatility in Moroccan family business companies exhibits more multifractality than volatility in the main stock market. These results may provide insightful information for risk managers concerned with family business stocks.

Energy saving in existing buildings by an intelligent use of interoperable ICTs

Energy Technology Data Exchange (ETDEWEB)

Osello, A.; Acquaviva, A.; Aghemo, C.; Blaso, L.; Dalmasso, D.; Erba, D.; Fracastoro, G.; Macii, E.; Patti, E.; Pellegrino, A.; Piumatti, P. [Politecnico di Torino, Torino (Italy); Gondre, D.; Savoyat, J.; Virgone, J. [University Lyon, Lyon (France); Jahn, M.; Pramudianto, F. [Fraunhofer Institute for Applied Information Technology FIT, Sankt Augustin (Germany); Spirito, M.; Tomasi, R. [Istituto Superiore Mario Boella (ISMB), Torino (Italy)

2013-11-15

In this paper, we report a methodology, developed in the context of Smart Energy Efficient Middleware for Public Spaces European Project, aimed at exploiting ICT monitoring and control services to reduce energy usage and CO2 footprint in existing buildings. The approach does not require significant construction work as it is based on commercial-off-the-shelf devices and, where present, it exploits and integrates existing building management systems with new sensors and actuator networks. To make this possible, the proposed approach leverages upon the following main contributions: (a) to develop an integrated building automation and control system, (b) to implement a middleware for the energy-efficient buildings domain, (c) to provide a multi-dimensional building information modelling-based visualisation, and (d) to raise people's awareness about energy efficiency. The research approach adopted in the project started with the selection, as case studies, of representative test and reference rooms in modern and historical buildings chosen for having different requirements and constraints in term of sensing and control technologies. Then, according to the features of the selected rooms, the strategies to reduce the energy consumptions were defined, taking into account the potential savings related to lighting, heating, ventilation, and air conditioning (HVAC) systems and other device loads (PC, printers, etc.). The strategies include both the control of building services and devices and the monitoring of environmental conditions and energy consumption. In the paper, the energy savings estimated through simulation, for both HVAC and lighting, are presented to highlight the potential of the designed system. After the implementation of the system in the demonstrator, results will be compared with the monitored data.

Functional materials for energy-efficient buildings

Directory of Open Access Journals (Sweden)

Ebert H.-P

2015-01-01

Full Text Available The substantial improving of the energy efficiency is essential to meet the ambitious energy goals of the EU. About 40% of the European energy consumption belongs to the building sector. Therefore the reduction of the energy demand of the existing building stock is one of the key measures to deliver a substantial contribution to reduce CO2-emissions of our society. Buildings of the future have to be efficient in respect to energy consumption for construction and operation. Current research activities are focused on the development of functional materials with outstanding thermal and optical properties to provide, for example, slim thermally superinsulated facades, highly integrated heat storage systems or adaptive building components. In this context it is important to consider buildings as entities which fulfill energy and comfort claims as well as aesthetic aspects of a sustainable architecture.

Functional materials for energy-efficient buildings

Science.gov (United States)

Ebert, H.-P.

2015-08-01

The substantial improving of the energy efficiency is essential to meet the ambitious energy goals of the EU. About 40% of the European energy consumption belongs to the building sector. Therefore the reduction of the energy demand of the existing building stock is one of the key measures to deliver a substantial contribution to reduce CO2-emissions of our society. Buildings of the future have to be efficient in respect to energy consumption for construction and operation. Current research activities are focused on the development of functional materials with outstanding thermal and optical properties to provide, for example, slim thermally superinsulated facades, highly integrated heat storage systems or adaptive building components. In this context it is important to consider buildings as entities which fulfill energy and comfort claims as well as aesthetic aspects of a sustainable architecture.

Which stocks are profitable? A network method to investigate the effects of network structure on stock returns

Science.gov (United States)

Chen, Kun; Luo, Peng; Sun, Bianxia; Wang, Huaiqing

2015-10-01

According to asset pricing theory, a stock's expected returns are determined by its exposure to systematic risk. In this paper, we propose a new method for analyzing the interaction effects among industries and stocks on stock returns. We construct a complex network based on correlations of abnormal stock returns and use centrality and modularity, two popular measures in social science, to determine the effect of interconnections on industry and stock returns. Supported by previous studies, our findings indicate that a relationship exists between inter-industry closeness and industry returns and between stock centrality and stock returns. The theoretical and practical contributions of these findings are discussed.

A study on building performance analysis for energy retrofit of existing industrial facilities

International Nuclear Information System (INIS)

Gourlis, Georgios; Kovacic, Iva

2016-01-01

Highlights: • Thermal simulation of a historical industrial hall with limited data availability. • Considering waste heat from machinery after measuring production fluctuations. • Test of retrofit alternatives for roof and skylights. • Results indicate a significant reduction in heating energy demand up to 52%. • After retrofit naturally ventilated hall can achieve thermal comfort in summer. - Abstract: Due to the strengthening of regulations and codes on building energy performance, as well as with the application of national legislations regarding energy management and efficiency, existing industrial facilities are using thermal refurbishment and renovation as impetus for increasing their overall energy efficiency. This paper analyzes a building envelope refurbishment for a case study of an existing historical industrial facility. Critical parameters affecting energy performance of industrial buildings were identified by reviewing relevant literate. Two retrofit scenarios were developed and dynamic thermal simulation using EnergyPlus was implemented to evaluate the potential for improvement. Thereby the impact of interior loads was considered, determined by measurements conducted on factory machines, occupancy and lighting operation patterns. However, information regarding constructions of the existing facility and installed technical building services is limited. There is also uncertainty in the quantification of natural ventilation air change rate for such buildings. To overcome these limitations a study of various material databases was carried out, in order to assess data for building envelope composition. Input values for missing data were provided based on literature, allowing a fair comparison between refurbishment alternatives. Simulation results showed that the heating demand of the facility could be reduced up to 52%, indicating a significant potential for energy savings. Beyond that, thermal performance against summer overheating also

European national strategies to move towards very low energy buildings

DEFF Research Database (Denmark)

Wittchen, Kim Bjarne; Thomsen, Kirsten Engelund

high energy performance. It is important to stress the need for MS to introduce a national or regional definition of very low energy buildings in their building regulation and to develop a national strategy towards this level of energy performance to become the standard. This market transformation...... the ambition in the EU Action plan - to develop an EU strategy towards very low energy houses. The current recast of the EPBD is an opportunity, which must not be missed to introduce the requirement to MS to define very low energy buildings and a national strategy towards this level of energy performance....... A strategy for improved energy efficiency of existing buildings is a necessity if the energy consumption is to be reduced significantly over a limited period of time. The life time of buildings ranges from 50 to 100 years and improvement of the existing building stock will thus have much higher impact than...

Macro economy, stock market and oil prices. Do meaningful relationships exist among their cyclical fluctuations?

International Nuclear Information System (INIS)

Filis, George

2010-01-01

This paper examines the relationship among consumer price index, industrial production, stock market and oil prices in Greece. Initially we use a unified statistical framework (cointegration and VECM) to study the data in levels. We then employ a multivariate VAR model to examine the relationship among the cyclical components of our series. The period of the study is from 1996:1 to 2008:6. Findings suggest that oil prices and the stock market exercise a positive effect on the Greek CPI, in the long run. Cyclical components analysis suggests that oil prices exercise significant negative influence to the stock market. In addition, oil prices are negatively influencing CPI, at a significant level. However, we find no effect of oil prices on industrial production and CPI. Finally, no relationship can be documented between the industrial production and stock market for the Greek market. The findings of this study are of particular interest and importance to policy makers, financial managers, financial analysts and investors dealing with the Greek economy and the Greek stock market. (author)

Thermal and Economic Analysis of Renovation Strategies for a Historic Building in Mediterranean Area

Directory of Open Access Journals (Sweden)

Simona Cirami

2017-07-01

Full Text Available Around 30% of the European building stock was built before 1950, when no regulations about energy efficiency were in force. Since only a small part of them has been renovated by now, the energy performance of this building stock is on average quite poor, resulting in a significant impact on the energy balance of European countries, as confirmed by data published by ISTAT (Italian National Statistical Institute. However, energy retrofit in historic edifices is a quite demanding issue as any intervention must take into account the need to preserve existing building materials and appearances while also allowing reversibility and low invasiveness. As an example, in these buildings it is not possible to apply an ETICS (External Thermal Insulation Composite System, since this would alter the historic and architectural value of the façade. On the other hand, internal insulation would have the drawback of reducing the net useful floor area, which also implies a loss of economic value. Moreover, internal insulation may induce overheating risks and mold formation. In this paper, all these issues are investigated with reference to an existing historic building located in southern Italy, showing that a retrofit strategy aimed at energy savings and cost-effectiveness is still possible if suitable materials and solutions are adopted.

Building America Case Study: Trade-Friendly Retrofit Insulated Panels for Existing Buildings, Albany, New York

Energy Technology Data Exchange (ETDEWEB)

2016-03-01

This project evaluated the effectiveness and affordability of integrating retrofit insulated panels into a re-siding project. The Partnership for Home Innovation (PHI) teamed with New York State Energy Research and Development Authority (NYSERDA), the Albany Housing Authority (AHA), and the New York State Weatherization Assistance Program (WAP) administered by Albany Community Action Partnership to demonstrate an energy retrofit and siding upgrade on a two-story, seven unit, multifamily building in Albany New York (CZ 5). The project focused on accomplishing three goals - doubling the existing wall thermal resistance (from approximately R-13 to a weighted average of R-27), reduction of building air leakage, and completion of the retrofit within a budget where the additional cost for upgrading wall's thermal resistance is equal to the cost of the standard re-siding effort (i.e., the total cost of the energy efficient re-siding scope of work is not more than double the cost of the standard re-siding effort). Lessons learned from the project strongly indicate that the retrofit panel technology can be installed using common installation practices and with minimal training. Other lessons learned include limitation on the use of standard air sealing materials during cold weather installations and the need to develop better installation guidance for trades working with the level of tolerances that may be present in the existing structure. This technology demonstration showed that exterior retrofit panels provide a viable and reasonable option for the siding trades to increase market opportunities and achieve synergistic benefits for aesthetic upgrades to a building's exterior.

Company Stock in Pension Funds

OpenAIRE

Even, William E.; Macpherson, David

2004-01-01

This study examines several issues surrounding the tendency for some pension funds to invest in their own company’s stock. After reviewing the existing literature describing the benefits and costs of investing in company stock, the legislative environment surrounding company stock holdings is reviewed. Using data from Internal Revenue Service Form 5500 filings on the pension fund holdings of over 300,000 defined–contribution pension plans in the 1990s, we show that about one out of ten define...

Life-Cycle Assessment of Seismic Retrofit Strategies Applied to Existing Building Structures

Directory of Open Access Journals (Sweden)

Umberto Vitiello

2016-12-01

Full Text Available In the last few years, the renovation and refurbishment of existing buildings have become the main activities of the construction industry. In particular, many studies have recently focused on the mechanical and energy performances of existing retrofitted/refurbished facilities, while some research has addressed the environmental effects of such operations. The present study aims to assess the environmental impact of some retrofit interventions on an existing reinforced concrete (RC building. Once the structural requirements have been satisfied and the environmental effects of these retrofit solutions defined, the final purpose of this study is to identify the most environmentally sustainable retrofit strategy. The environmental impact of the structural retrofit options is assessed using a life-cycle assessment (LCA. This paper sets out a systematic approach that can be adopted when choosing the best structural retrofit option in terms of sustainability performance. The final aim of the study is to also provide a tool for researchers and practitioners that reflects a deep understanding of the sustainability aspects of retrofit operations and can be used for future researches or practical activities.

Assessment of Energy Impact of Window Technologies for Commercial Buildings

Energy Technology Data Exchange (ETDEWEB)

Hong, Tianzhen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States). Environmental Energy Technologies Division; Selkowitz, Stephen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States). Environmental Energy Technologies Division; Yazdanian, Mehry [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States). Environmental Energy Technologies Division

2009-10-01

Windows play a significant role in commercial buildings targeting the goal of net zero energy. This report summarizes research methodology and findings in evaluating the energy impact of windows technologies for commercial buildings. The large office prototypical building, chosen from the DOE commercial building benchmarks, was used as the baseline model which met the prescriptive requirements of ASHRAE Standard 90.1-2004. The building simulations were performed with EnergyPlus and TMY3 weather data for five typical US climates to calculate the energy savings potentials of six windows technologies when compared with the ASHRAE 90.1-2004 baseline windows. The six windows cover existing, new, and emerging technologies, including ASHRAE 189.1 baseline windows, triple pane low-e windows, clear and tinted double pane highly insulating low-e windows, electrochromic (EC) windows, and highly insulating EC windows representing the hypothetically feasible optimum windows. The existing stocks based on average commercial windows sales are included in the analysis for benchmarking purposes.

Green buildings for Egypt: a call for an integrated policy

Science.gov (United States)

Bampou, P.

2017-11-01

As global warming is on the threshold of each country worldwide, Middle East and North African (MENA) region has already adopted energy efficiency (EE) policies on several consuming sectors. The present paper valuates the impact of temperature increase in the residential building sector of Egypt that is the most integrated example of the 7 out of the 20 MENA countries that have started their green efforts upon building environment. Furthermore, as it is based on a literature research upon socio-economic characteristics, existing building stock, existing legal and institutional framework, it elaborates a quantitative evaluation of Egypt's energy-saving potential, outlining basic constraints upon energy conservation, in order for Egypt to be able to handle the high energy needs due to its warm climate. Last but not least, the paper proposes a policy pathway for the implementation of green building codes and concludes with the best available technologies to promote EE in the Egyptian building sector.

Boosting Learning Algorithm for Stock Price Forecasting

Science.gov (United States)

Wang, Chengzhang; Bai, Xiaoming

2018-03-01

To tackle complexity and uncertainty of stock market behavior, more studies have introduced machine learning algorithms to forecast stock price. ANN (artificial neural network) is one of the most successful and promising applications. We propose a boosting-ANN model in this paper to predict the stock close price. On the basis of boosting theory, multiple weak predicting machines, i.e. ANNs, are assembled to build a stronger predictor, i.e. boosting-ANN model. New error criteria of the weak studying machine and rules of weights updating are adopted in this study. We select technical factors from financial markets as forecasting input variables. Final results demonstrate the boosting-ANN model works better than other ones for stock price forecasting.

ENERGY DEMANDS OF THE EXISTING COLLECTIVE BUILDINGS WITH BEARING STRUCTURE OF LARGE PRECAST CONCRETE PANELS FROM TIMISOARA

Directory of Open Access Journals (Sweden)

Pescari S.

2015-05-01

Full Text Available One of the targets of EU Directives on the energy performance of buildings is to reduce the energy consumption of the existing buildings by finding efficient solutions for thermal rehabilitation. In order to find the adequate solutions, the first step is to establish the current state of the buildings and to determine their actual energy consumption. The current paper aims to present the energy demands of the existing buildings with bearing structure of large precast concrete panels in the city of Timisoara. Timisoara is one of the most important cities in the west side of Romania, being on the third place in terms of size and economic development. The Census of Population and Housing of 2011 states that Timisoara has about 127841 private dwellings and 60 percent of them are collective buildings. Energy demand values of the existing buildings with bearing structure of large precast concrete panels in Timisoara, in their current condition, are higher than the accepted values provided in the Romanian normative, C107. The difference between these two values can reach up to 300 percent.

Study on post occupancy evaluation after remodeling in accordance with the `green remodeling certification standards of existing non-residential buildings'- Focusing on the case of H building

Science.gov (United States)

Cho, Kyungjoo; Cho, Dongwoo; Yoon, Yosun

2018-06-01

South Korea has adopted the Paris Convention and promised to reduce greenhouse gas emissions by 37% from business-as-usual (BAU) levels in the `First Basic Plan to Respond to Climate Change'. The reduction goal of greenhouse gas cannot be achieved considering only new buildings; the analysis results shows that the reduction of greenhouse gas emissions from existing buildings is essential. `The Green Remodeling Certification Standards', established in South Korea in 2016, is in line with the above plan. The post-occupancy evaluation (POE) of remodeled buildings after applying the `Green Remodeling Certification Standards of Existing Buildings' must be studied for expansion of this scheme. The study results are expected to be used as foundational data for the promotion of remodeling existing buildings.

Decreasing of energy consumption for space heating in existing residential buildings

International Nuclear Information System (INIS)

Stamov, S.; Zlateva, M.; Gechkov, N.

2000-01-01

An analysis is for the technical possibilities for reducing the energy consumption in existing buildings by means of the heat control and measurement. The basic performances of the heat capacity control methods, of the hierarchy structure of the control and of the heat measurement technologies are presented. This paper also presents the results from the long-term investigation of energy consumption for heating. The results area consist of three typical and uniform buildings in the city of Kazanlak (Bulgaria). The outcome of the investigation provides a valuable basis for future decisions to be made concerning reconstruction of heating installations and enables the results to be transferred. (Authors)

Rapid energy modeling for existing buildings: Testing the business and environmental potential through an experiment at Autodesk

Energy Technology Data Exchange (ETDEWEB)

Deodhar, Aniruddha; Stewart, Emma; Young, Rahul; Khan, Haider

2010-09-15

Retrofits of existing buildings represent a huge, growing market and an opportunity to achieve some of the most sizable and cost-effective carbon reductions in any sector of the economy. More 'zero energy' and 'carbon neutral' buildings are being conceived daily by combining energy efficiency measures with renewable energy technologies. However, for all the progress, the building industry faces technical and cost challenges in identifying the highest potential retrofit candidates. This presentation investigates one potential solution, a technology driven workflow called rapid energy modeling, to accelerate and scale the process of analyzing performance for existing buildings in prioritizing improvements.

AN ASSESSMENT OF FACTORS AFFECTING MATERIAL STOCK CONTROL PRACTICE ON SELECTED CONSTRUCTION SITES IN NIGERIA

OpenAIRE

Adafin, Johnson Kayode; Ayodele, Elijah Olusegun; Daramola, Olufemi

2011-01-01

This research examines the stock control methods utilized by construction firms on construction sites with a view to assessing the factors affecting material stock control practice by construction firms as well as determining the impact of factors affecting material stock control on building project performance. Data were collected with the aid of well-structured questionnaire administered on a number of construction professionals and technicians in some randomly selected building constructio...

Market influence on the low carbon energy refurbishment of existing multi-residential buildings

International Nuclear Information System (INIS)

Atkinson, Jonathan G.B.; Jackson, Tim; Mullings-Smith, Elizabeth

2009-01-01

This paper explores the relationship between the energy market; the political and regulatory context; and energy design decisions for existing multi-residential buildings, to determine what form the energy market landscape would take if tailored to encourage low carbon solutions. The links between market dynamics, Government strategies, and building designs are mapped to understand the steps that achieve carbon reduction from building operation. This is achieved using a model that takes financial and energy components with market and design variables to provide net present cost and annual carbon outputs. The financial component applies discounted cash flow analysis over the building lifespan, with discount rates reflecting contractual characteristics; the carbon component uses Standard Assessment Procedure (SAP) 2005. A scenario approach is adopted to test alternative strategies selected to encourage low carbon solutions in two residential and two office designs. The results show that the forward assumption of energy price escalation is the most influential factor on energy investment, together with the expected differentiation between the escalation of gas and electricity prices. Using this, and other influencing factors, the research reveals trends and strategies that will achieve mainstream application of energy efficiency and microgeneration technologies, and reduce carbon emissions in the existing multi-residential sector.

Improvement of energy performances of existing buildings by application of solar thermal systems

Directory of Open Access Journals (Sweden)

Krstić-Furundžić Aleksandra

2009-01-01

Full Text Available Improvement of energy performances of the existing buildings in the suburban settlement Konjarnik in Belgrade, by the application of solar thermal systems is the topic presented in this paper. Hypothetical models of building improvements are created to allow the benefits of applying solar thermal collectors to residential buildings in Belgrade climate conditions to be estimated. This case study presents different design variants of solar thermal collectors integrated into a multifamily building envelope. The following aspects of solar thermal systems integration are analyzed in the paper: energy, architectural, ecological and economic. The results show that in Belgrade climatic conditions significant energy savings and reduction of CO2 emissions can be obtained with the application of solar thermal collectors.

Model for Determining Geographical Distribution of Heat Saving Potentials in Danish Building Stock

DEFF Research Database (Denmark)

Petrovic, Stefan; Karlsson, Kenneth Bernard

2014-01-01

Since the global oil crisis in the 1970s, Denmark has followed a path towards energy independency by continuously improving its energy efficiency and energy conservation. Energy efficiency was mainly tackled by introducing a high number of combined heat and power plants in the system, while energy...... conservation was predominantly approached by implementing heat saving measures. Today, with the goal of 100% renewable energy within the power and heat sector by the year 2035, reductions in energy demand for space heating and the preparation of domestic hot water remain at the top of the agenda in Denmark....... A highly detailed model for determining heat demand, possible heat savings and associated costs in the Danish building stock is presented. Both scheduled and energy-saving renovations until year 2030 have been analyzed. The highly detailed GIS-based heat atlas for Denmark is used as a container for storing...

Decision-making in the Pre-design Stage of Sustainable Building Renovation Projects

DEFF Research Database (Denmark)

Gade, Anne Nørkjær; Jensen, Rasmus Lund; Larsen, Tine Steen

2017-01-01

There is a great potential in renovating our existing building stock, in terms of improving environmental, economic and social qualities. Meeting the increasing performance requirements for sustainable construction entails an increasing level of complexity in the design process of both new...... buildings and renovation projects. Decision support tools are one solution that can help the building owner manage this complexity. This study investigates the current decision-making processes among Danish professional building owners, in order to propose a conceptual framework for future decision support...... tools for sustainable renovation. Design Science Research Methodology has been used as the main methodological framework. Current practices for setting goals for sustainability, determining the current state of the buildings and prioritizing which buildings to renovate within a building portfolio, have...

Comparison between global financial crisis and local stock disaster on top of Chinese stock network

Science.gov (United States)

Xia, Lisi; You, Daming; Jiang, Xin; Guo, Quantong

2018-01-01

The science of complex network theory can be usefully applied in many important fields, one of which is the finance. In these practical cases, a massive dataset can be represented as a very large network with certain attributes associated with its nodes and edges. As one of the most important components of financial market, stock market has been attracting more and more attention. In this paper, we propose a threshold model to build Chinese stock market networks and study the topological properties of these networks. To be specific, we compare the effects of different crises, namely the 2008 global crisis and the stock market disaster in 2015, on the threshold networks. Prices of the stocks belonging to the Shanghai and Shenzhen 300 index are considered for three periods: the global crisis, common period and the stock market disaster. We find the probability distribution of the cross-correlations of the stocks during the stock market disaster is fatter than that of others. Besides, the thresholds of cross-correlations are assigned to obtain the threshold networks and the power-law of degree distribution in these networks are observed in a certain range of threshold values. The networks during the stock market disaster also appear to have larger mean degree and modularity, which reveals the strong correlations among these stock prices. Our findings to some extent crosscheck the liquidity shortage reason which is believed to result in the outbreak of the stock market disaster. Moreover, we hope that this paper could give us a deeper understanding of the market's behavior and also lead to interesting future research about the problems of modern finance theory.

Demand management through centralized control system using power line communication for existing buildings

International Nuclear Information System (INIS)

Al-Mulla, A.; ElSherbini, A.

2014-01-01

Highlights: • A pilot system was developed for demand management of equipment in buildings. • The networking was based on LonWorks platform and power line communication. • Demand strategies led to load reductions up to 74% and energy savings up to 25%. • The peak load reduction is expected to reach 3.44 GW by the year 2030. - Abstract: Managing peak demand efficiently is vital for maintaining uninterrupted supply of electrical power by utility providers. In this work, a pilot system was developed for managing and controlling the demand of major power consuming equipment in buildings from a central server, while relying mostly on existing infrastructure and maintaining consumer comfort. The system was successfully demonstrated on a selected group of buildings using the LonWorks networking platform. At the building level, the system utilized power line and twisted pair communication to control the thermostats of air-conditioning (A/C) units. The higher level communication was executed through extensible markup language (XML) and simple object access protocol (SOAP). The system provided control capabilities based on A/C unit priority, thermostat temperature, building type and geographic location. The development and execution of demand management strategies for selected buildings led to peak load reductions up to 74%, in addition to energy savings up to 25%. Implementing such a system at a national level in Kuwait is estimated to reduce peak demand by 3.44 GW, amounting to capital savings of $4.13 billion. The use of existing infrastructure reduced the cost and installation time of the system. Based on the successful testing of this pilot system, a larger-scale system is being developed

Energy in buildings: Efficiency, renewables and storage

Science.gov (United States)

Koebel, Matthias M.

2017-07-01

This lecture summary provides a short but comprehensive overview on the "energy and buildings" topic. Buildings account for roughly 40% of the global energy demands. Thus, an increased adoption of existing and upcoming materials and solutions for the building sector represents an enormous potential to reduce building related energy demands and greenhouse gas emissions. The central question is how the building envelope (insulation, fenestration, construction style, solar control) affects building energy demands. Compared to conventional insulation materials, superinsulation materials such as vacuum insulation panels and silica aerogel achieve the same thermal performance with significantly thinner insulation layers. With low-emissivity coatings and appropriate filler gasses, double and triple glazing reduce thermal losses by up to an order of magnitude compared to old single pane windows, while vacuum insulation and aerogel filled glazing could reduce these even further. Electrochromic and other switchable glazing solutions maximize solar gains during wintertime and minimize illumination demands whilst avoiding overheating in summer. Upon integration of renewable energy systems into the building energy supply, buildings can become both producers and consumers of energy. Combined with dynamic user behavior, temporal variations in the production of renewable energy require appropriate storage solutions, both thermal and electrical, and the integration of buildings into smart grids and energy district networks. The combination of these measures allows a reduction of the existing building stock by roughly a factor of three —a promising, but cost intensive way, to prepare our buildings for the energy turnaround.

ImBuild: Impact of building energy efficiency programs

Energy Technology Data Exchange (ETDEWEB)

Scott, M.J.; Hostick, D.J.; Belzer, D.B.

1998-04-01

As part of measuring the impact of government programs on improving the energy efficiency of the Nation`s building stock, the Department of Energy Office of Building Technology, State and Community Programs (BTS) is interested in assessing the economic impacts of its portfolio of programs, specifically the potential impact on national employment and income. The special-purpose version of the IMPLAN model used in this study is called ImBuild. In comparison with simple economic multiplier approaches, such as Department of Commerce RIMS 2 system, ImBuild allows for more complete and automated analysis of the economic impacts of energy efficiency investments in buildings. ImBuild is also easier to use than existing macroeconomic simulation models. The authors conducted an analysis of three sample BTS energy programs: the residential generator-absorber heat exchange gas heat pump (GAX heat pump), the low power sulfur lamp (LPSL) in residential and commercial applications, and the Building America program. The GAX heat pump would address the market for the high-efficiency residential combined heating and cooling systems. The LPSL would replace some highly efficient fluorescent commercial lighting. Building America seeks to improve the energy efficiency of new factory-built, modular, manufactured, and small-volume, site-built homes through use of systems engineering concepts and early incorporation of new products and processes, and by increasing the demand for more energy-efficient homes. The authors analyze a scenario for market penetration of each of these technologies devised for BTS programs reported in the BTS GPRA Metrics Estimates, FY99 Budget Request, December 19, 1997. 46 figs., 4 tabs.

Intelligent use of buildings' energy information

Energy Technology Data Exchange (ETDEWEB)

Ala-Juusela, M., Email: mia.ala-juusela@vtt.fi

2012-06-15

The IntUBE project will increase the possibility of reaching the European Commission's energy efficiency goals by facilitating more efficient use of the existing building stock. IntUBE stands for Intelligent Use of Buildings' Energy Information. The results of the IntUBE-project are expected not only to enhance the comfort levels of building users, but also to reduce overall energy costs through better energy efficiency. The IntUBE project was a European cooperation between twelve partners from nine European countries and received funding from the European Commission. The project was implemented between May 2009 and April 2011. The IntUBE consortium spans key research partners from northern to southern Europe including SMEs committed to exploiting the results of the project. The project was coordinated by VTT. (orig.)

Renewable Energy Applications for Existing Buildings: Preprint

Energy Technology Data Exchange (ETDEWEB)

Hayter, S. J.; Kandt, A.

2011-08-01

This paper introduces technical opportunities, means, and methods for incorporating renewable energy (RE) technologies into building designs and operations. It provides an overview of RE resources and available technologies used successfully to offset building electrical and thermal energy loads. Methods for applying these technologies in buildings and the role of building energy efficiency in successful RE projects are addressed along with tips for implementing successful RE projects.

Linkage between company scores and stock returns

Directory of Open Access Journals (Sweden)

Saban Celik

2017-12-01

Full Text Available Previous studies on company scores conducted at firm-level, generally concluded that there exists a positive relation between company scores and stock returns. Motivated by these studies, this study examines the relationship between company scores (Corporate Governance Score, Economic Score, Environmental Score, and Social Score and stock returns, both at portfolio-level analysis and firm-level cross-sectional regressions. In portfolio-level analysis, stocks are sorted based on each company scores and quintile portfolio are formed with different levels of company scores. Then, existence and significance of raw returns and risk-adjusted returns difference between portfolios with the extreme company scores (portfolio 10 and portfolio 1 is tested. In addition, firm-level cross-sectional regression is performed to examine the significance of company scores effects with control variables. While portfolio-level analysis results indicate that there is no significant relation between company scores and stock returns; firm-level analysis indicates that economic, environmental, and social scores have effect on stock returns, however, significance and direction of these effects change, depending on the included control variables in the cross-sectional regression.

Financial liberalization and stock market cross-correlation: MF-DCCA analysis based on Shanghai-Hong Kong Stock Connect

Science.gov (United States)

Ruan, Qingsong; Zhang, Shuhua; Lv, Dayong; Lu, Xinsheng

2018-02-01

Based on the implementation of Shanghai-Hong Kong Stock Connect in China, this paper examines the effects of financial liberalization on stock market comovement using both multifractal detrended fluctuation analysis (MF-DFA) and multifractal detrended cross-correlation analysis (MF-DCCA) methods. Results based on MF-DFA confirm the multifractality of Shanghai and Hong Kong stock markets, and the market efficiency of Shanghai stock market increased after the implementation of this connect program. Besides, analysis based on MF-DCCA has verified the existence of persistent cross-correlation between Shanghai and Hong Kong stock markets, and the cross-correlation gets stronger after the launch of this liberalization program. Finally, we find that fat-tail distribution is the main source of multifractality in the cross-correlations before the stock connect program, while long-range correlation contributes to the multifractality after this program.

Stock Indices as Generalizing Indicators of the Stock Markets Condition in the European Union Countries

Directory of Open Access Journals (Sweden)

Shuba M. V.

2015-03-01

Full Text Available The aim of the article is to determine the degree of interdependence of stock markets in separate countries of the European Union, namely: France, Germany, Great Britain, Poland, the Czech Republic and Hungary on the basis of studying the changes in stock indexes, as well as determining the existence of tendencies of approximating the dynamics of the national stock index «PFTS Index» to the corresponding dynamics of stock indexes in surveyed countries. The article analyzes the dynamics of changes in stock indices in the UK (FTSE, Germany (DAX 30, France (CAC 40 and pan-European ones (EURO STOXX 50, as well as changes in stock indices in Poland (WIG 20, Czech Republic (PX, Hungary (BUX. Calculations of the coefficients of pair correlation between changes in stock indices in the studied countries have been performed. The calculation results show a substantial connection between the indicators of changes in stock indices and allow to make a conclusion that in the dynamics of stock indices of national stock markets of the studied EU countries some common trends are observed, moreover, in the behavior of the considered indices common local trends are noticed as well. The author calculated the coefficient of pair correlation between the indicators of changes in the national stock index «PFTS Index» and the stock indices of the «old» and «new» EU countries. The calculations showed that the PFTS Index does not demonstrate a high level of correlation with stock indices of the «old» EU countries and has a tendency of approaching the corresponding dynamics of stock indices of the «new» EU countries.

The Shared Building Portfolio: an exploration and typology

DEFF Research Database (Denmark)

Brinkø, Rikke; Meel, Juriaan van; Nielsen, Susanne Balslev

2014-01-01

Purpose: The purpose of this paper is to explore shared-use of facilities as a concept that can help organizations to make better, more sustainable use of their building portfolios. The practical aim is to present a typology to help classify, describe and evaluate the different options for sharing...... facilities from a facility manager’s point of view. Background (State of the Art) : Space management literature provides examples and concepts for sharing space, such as ‘hot-desking’, within a given organisational and physical setting. However, this literature rarely deals with sharing on a building level...... of municipalities and larger companies. It can help them get a better understanding of how they can minimize the need for building new by better utilization of the existing building stock for increased sustainability or as a corporate-socialresponsibility activity. Research limitations: The typology is a work...

Testing for regime-switching CAPM on Zagreb Stock Exchange

Directory of Open Access Journals (Sweden)

Tihana Škrinjarić

2014-12-01

Full Text Available The standard Capital Asset Pricing Model assumes that a linear relationship exists between the risk (beta and the expected excess return of a stock. However, empirical findings have shown over the years that this relationship varies over time. Stock markets undergo phases of greater and smaller volatility in which beta varies accordingly (undergoes different regimes. Given that the Croatian capital market is still insufficiently investigated, the aim of this paper is to explore the possibility of a non-linear relationship between the stock risk and return. Linear and Markov-switching models (Hamilton 1989 are examined on the Zagreb Stock Exchange based on monthly data on 21 stocks, ranging from January 2005 to December 2013. In that way, investors can use the results based on the best model when making decisions about buying stocks. Since this is one of the first papers on regime-switching on the Croatian capital market, it will hopefully contribute to the existing literature on investing.

Strategies and Challenges for Energy Efficient Retrofitting: Study of the Empire State Building

Science.gov (United States)

De, B.; Mukherjee, M.

2013-11-01

Operational and maintenance cost of existing buildings is escalating making it tough for both the owner and the tenants. Retrofitting them with state of the art technologies help them to keep pace with amended recent code provisions and thus extending the older building stocks one more chance to live responsively. Retrofitted iconic buildings can thus retain their status in commerce driven real estate sector. It helps in reducing green house gas emission as well. World's iconic skyscraper, the Empire State Building (ESB), has undergone an exemplary retrofit process since 2008 to reduce its energy demands. To achieve the goal of operational cost and energy consumption reduction, stiff challenges had taken care in a systematic manner to realize benefit throughout the entire lifespan of the ESB. Least disturbances to the tenant and on-site component handling strategies required precise planning. The present paper explores strategies and process adopted for retrofitting the ESB, and derived insightful guidelines towards operational cost savings and energy efficiency of existing buildings through retrofitting.

Upgrading the seismic capacity of existing RC buildings using buckling restrained braces

Directory of Open Access Journals (Sweden)

Hamdy Abou-Elfath

2017-06-01

Full Text Available Many existing RC buildings do not meet the lateral strength requirements of current seismic codes and are vulnerable to significant damage or collapse in the event of future earthquakes. In the past few decades, buckling-restrained braces have become increasingly popular as a lateral force resisting system because of their capability of improving the strength, the stiffness and the energy absorbing capacity of structures. This study evaluates the seismic upgrading of a 6-story RC-building using single diagonal buckling restrained braces. Seismic evaluation in this study has been carried out by static pushover analysis and time history earthquake analysis. Ten ground motions with different PGA levels are used in the analysis. The mean plus one standard deviation values of the roof-drift ratio, the maximum story drift ratio, the brace ductility factors and the member strain responses are used as the basis for the seismic performance evaluations. The results obtained in this study indicate that strengthening of RC buildings with buckling restrained braces is an efficient technique as it significantly increases the PGA capacity of the RC buildings. The results also indicate the increase in the PGA capacity of the RC building with the increase in the amount of the braces.

LANL seismic screening method for existing buildings

International Nuclear Information System (INIS)

Dickson, S.L.; Feller, K.C.; Fritz de la Orta, G.O.

1997-01-01

The purpose of the Los Alamos National Laboratory (LANL) Seismic Screening Method is to provide a comprehensive, rational, and inexpensive method for evaluating the relative seismic integrity of a large building inventory using substantial life-safety as the minimum goal. The substantial life-safety goal is deemed to be satisfied if the extent of structural damage or nonstructural component damage does not pose a significant risk to human life. The screening is limited to Performance Category (PC) -0, -1, and -2 buildings and structures. Because of their higher performance objectives, PC-3 and PC-4 buildings automatically fail the LANL Seismic Screening Method and will be subject to a more detailed seismic analysis. The Laboratory has also designated that PC-0, PC-1, and PC-2 unreinforced masonry bearing wall and masonry infill shear wall buildings fail the LANL Seismic Screening Method because of their historically poor seismic performance or complex behavior. These building types are also recommended for a more detailed seismic analysis. The results of the LANL Seismic Screening Method are expressed in terms of separate scores for potential configuration or physical hazards (Phase One) and calculated capacity/demand ratios (Phase Two). This two-phase method allows the user to quickly identify buildings that have adequate seismic characteristics and structural capacity and screen them out from further evaluation. The resulting scores also provide a ranking of those buildings found to be inadequate. Thus, buildings not passing the screening can be rationally prioritized for further evaluation. For the purpose of complying with Executive Order 12941, the buildings failing the LANL Seismic Screening Method are deemed to have seismic deficiencies, and cost estimates for mitigation must be prepared. Mitigation techniques and cost-estimate guidelines are not included in the LANL Seismic Screening Method

Improving the Energy Performance in Existing Non-residential Buildings in Denmark Using the Total Concept Method

DEFF Research Database (Denmark)

Krawczyk, Pawel; Afshari, Alireza; Simonsen, Graves K.

2016-01-01

This project is a part of a joint European research project, “Total Concept”, which is a method for improving the energy performance in existing non-Residential buildings. The method focuses on achieving maximum energy savings in a Building within the profitability frames set by a building owner...... was to form a package of measures for an energy performance improvement in the building based on the Total Concept method. This paper presents results from recently analyzed data on two renovated Danish buildings according to the rules of “Total Concept” method. According to the estimation done based...

Material Stock Demographics: Cars in Great Britain.

Science.gov (United States)

Cabrera Serrenho, André; Allwood, Julian M

2016-03-15

Recent literature on material flow analysis has been focused on quantitative characterization of past material flows. Fewer analyses exist on past and prospective quantification of stocks of materials in-use. Some of these analyses explore the composition of products' stocks, but a focus on the characterization of material stocks and its relation with service delivery is often neglected. We propose the use of the methods of human demography to characterize material stocks, defined herein as stock demographics, exploring the insights that this approach could provide for the sustainable management of materials. We exemplify an application of stock demographics by characterizing the composition and service delivery of iron, steel, and aluminum stocks of cars in Great Britain, 2002-2012. The results show that in this period the stock has become heavier, it is traveling less, and it is idle for more time. The visualization of material stocks' dynamics demonstrates the pace of product replacement as a function of its usefulness and enables the formulation of policy interventions and the exploration of future trends.

Solar building study. Summary report. St. Michael`s Close, Harlow

Energy Technology Data Exchange (ETDEWEB)

1992-12-31

Designed and developed by Harlow Council as an admirable attempt to reduce the energy consumption of its large housing stock, this building represents a quality alternative to the bland stereotype of local authority housing. Well liked for its appearances and other amenity benefits the building in practice is a failure. This failure, which manifests itself in extreme and unnecessary overheating of habitable areas of the building, originates in the lack of division between the conservatory and the rest of the building. Any condition that exists in the former area quickly transmits itself to the latter. The dropping of dividing doors and glazing, that would have enabled the isolation of the conservatory from adjacent habitable areas, was a decision made during the design stage on cost grounds for a saving of approximately 2000 pounds. (author)

The Dutch sustainable building policy: A model for developing countries?

Energy Technology Data Exchange (ETDEWEB)

Melchert, Luciana [Faculty of Architecture and Urbanism, University of Sao Paulo, Rua do Lago, 876, CEP 05508.900, Sao Paulo SP (Brazil)

2007-02-15

This article explores the institutionalization of environmental policies in the Dutch building sector and the applicability of the current model to developing countries. First, it analyzes the transition of sustainable building practices in the Netherlands from the 1970s until today, exploring how these were originally embedded in a discourse on 'de-modernization', which attempted to improve the environmental performance of building stocks by means of self-sufficient technologies, whereas nowadays they adopt a framework of 'ecological modernization', with integrative approaches seeking to improve the environmental performance of building stocks through more efficient-rather than self-sufficient-technologies. The study subsequently shows how the current Dutch sustainable building framework has thereby managed to achieve a pragmatic and widely accepted rationale, which can serve to orient the ecological restructuring of building stocks in developing countries. (author)

Stock return, seasonality and asymmetric conditional volatility in steel & iron subsector

Directory of Open Access Journals (Sweden)

V. Chirila

2015-01-01

Full Text Available This paper presents the results obtained following the testing of five hypotheses regarding conditional return and volatility of the most listed European stocks in the steel & iron subsector. The following elements of the stocks are analysed: time variation of volatility, seasonality of return and volatility, relationship between return and volatility and volatility asymmetry. The results obtained confirm for all the analyzed stocks the existence of volatility variation in time, the lack of correlation between return and volatility, the existence of asymmetry phenomenon of volatility and the presence in some stocks of the seasonality effect both for return and volatility.

Mitochondrial DNA variation in brood stocks of the lake trout

International Nuclear Information System (INIS)

Grewe, P.M.; Hebert, P.D.N.

1986-01-01

Efforts are in progress to restore lake trout populations in the Great Lakes from hatchery stocks. In most cases, plantings include a variety of brood stocks that originated from different portions of the Great Lakes. Members of the various stocks can be differentially fin clipped to permit comparison of their survival success, but this does not allow assessment of their reproductive capability in the wild. Assessment of reproductive success requires the existence of genetic markers between brook stocks which will ideally persist over many generations. Efforts to identify allozyme differences between brood stocks have met with little success. The present investigation has employed an alternative technique to identify genetic markers--the restriction analysis of mitochondrial DNA. Mitochondiral DNA analysis of 7 lake trout brood stocks has revealed the existence of 10 mitochondrial clones falling into 3 major groups. The results indicate that mt-DNA markers have great potential for brood stock management. Genetic variability in the nuclear genome of each stock can be maintained by utilizing a large number of male parents, while restricting female parents to members of a single mitochondrial clone. Genetically marked fry could then be produced with only minor shifts in hatchery management

Stock Market Overreaction and Trading Volume: Evidence from Malaysia

OpenAIRE

Ruhani Ali; Zamri Ahmad; Shangkari V. Anusakumar

2011-01-01

We investigate the stock market overreaction in Bursa Malaysia from January 2000 to October 2010 using weekly data. We find that winner portfolios tend to have negative returns whereas loser portfolios have positive returns for various holding periods from 1 to 52 weeks. Loser stocks experience more persistent and stronger return reversals than winner stocks. The evidence implies that a lower level of overreaction exists for winner stocks. Overall, a loser-winner portfolio yields highly signi...

How effective is mandatory building energy disclosure program in Australia?

Science.gov (United States)

Kim, S.; Lim, B. T. H.

2018-04-01

Mandatory green building regulations are often considered as the most effective tool to promote better energy efficiency and environmental protection. Nevertheless, its effectiveness compared to the voluntary counterpart has not been fully explored yet. In addressing this gap, this study aims to examine the environmental performance of green building stocks affected by the Australian mandatory building energy disclosure program. To this, this study analysed energy savings and carbon reduction efficiencies using the normalisation approach. The result shows that mandatory energy disclosure program did contribute to the reduction in energy usage and carbon emissions from the affected building stocks. More specifically, affected green building stocks showed a good efficiency especially in carbon reductions. The research results inform policymakers the possible improvement required for the mandatory disclosure program to increase the effectiveness towards dealing with the contemporary environmental issues aroused from the building sector, especially in energy savings perspective.

Market Confidence Predicts Stock Price: Beyond Supply and Demand.

Directory of Open Access Journals (Sweden)

Xiao-Qian Sun

Full Text Available Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price.

Market Confidence Predicts Stock Price: Beyond Supply and Demand.

Science.gov (United States)

Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi; Zhang, Yuqing

2016-01-01

Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price.

A Practical Guide for Commissioning Existing Buildings

Energy Technology Data Exchange (ETDEWEB)

Haasl, T.

1999-05-11

Although this guide focuses on the retrocommissioning process and its advantages, all three types of commissioning--retrocommissioning, commissioning, and recommissioning--play an equally important role in ensuring that buildings perform efficiently and provide comfortable, safe, and productive work environments for owners and occupants. For new construction and retrofit projects, commissioning should be incorporated early, during design, and last throughout the length of the project. For buildings that were never commissioned, the retrocommissioning process can yield a wealth of cost-saving opportunities while enhancing a building's environment. Finally, once a building is commissioned or retrocommissioned, incorporating recommissioning into the organization's O and M program (by periodically reapplying the original diagnostic testing and checklist procedures) helps ensure that cost savings and other benefits gained from the original process persist over time.

A Practical Guide for Commissioning Existing Buildings

Energy Technology Data Exchange (ETDEWEB)

Haasl, T.; Sharp, T.

1999-04-01

Although this guide focuses on the retrocommissioning process and its advantages, all three types of commissioning--retrocommissioning, commissioning, and recommissioning--play an equally important role in ensuring that buildings perform efficiently and provide comfortable, safe, and productive work environments for owners and occupants. For new construction and retrofit projects, commissioning should be incorporated early, during design, and last throughout the length of the project. For buildings that were never commissioned, the retrocommissioning process can yield a wealth of cost-saving opportunities while enhancing a building's environment. Finally, once a building is commissioned or retrocommissioned, incorporating recommissioning into the organization's O and M program (by periodically reapplying the original diagnostic testing and checklist procedures) helps ensure that cost savings and other benefits gained from the original process persist over time.

Factors of Selection of the Stock Allocation Method

Directory of Open Access Journals (Sweden)

Rohov Heorhii K.

2014-03-01

Full Text Available The article describes results of the author’s study of factors of making strategic decisions on selection of methods of stock allocation by public joint stock companies in Ukraine. The author used the Random forest mathematical apparatus of classification trees building and also informal methods. The article analyses the reasons that restrain public allocation of stock. It shows significant influence upon selection of a method of stock allocation of such factors as capital concentration, balance rate of corporate rights, sector of economy and significant participation of the institutes of common investment or the state in the authorised capital. The built hierarchical model of classification of factors of the issuing policy of joint stock companies finds logical justification in specific features of the institutional environment, however, it does not fit into the framework of the classical concept of the market economy. The model could be used both for formation of goals of corporate financial strategies and in the process of improvement of state regulation of activity of securities issuers. The prospect of further studies in this direction is identification of transformation of factors of selection of the stock allocation method under conditions of revival of the stock market.

The role of an exergy-based building stock model for exploration of future decarbonisation scenarios and policy making

International Nuclear Information System (INIS)

García Kerdan, Iván; Raslan, Rokia; Ruyssevelt, Paul; Morillón Gálvez, David

2017-01-01

State-of-the-art research suggests that energy systems are best evaluated using exergy analysis, as exergy represents the real value of an energy source, demonstrating it to be the only rational basis for evaluation. After discovering the lack of thermodynamic integration into stock modelling, this paper presents the development of an exergy-based building stock model. The aim of this paper is twofold. Firstly, to investigate the impact of large-scale future energy retrofit scenarios in the English and Welsh (E&W) non-domestic sector, and secondly, to determine the potential of exergy analysis in improving sectoral efficiency and its potential implications on exergy-oriented policy making. The research explores seven different large-scale future retrofit scenarios that encompass typical, low-carbon, and low-exergy approaches. Modelling results show that by 2050, current regulations have the potential to reduce carbon emissions by up to 49.0±2.9% and increasing sector thermodynamic efficiency from 10.7% to 13.7%. On the other hand, a low-exergy oriented scenario based on renewable electricity and heat pumps is able to reduce carbon emissions by 88.2±2.4%, achieving a sectoral exergy efficiency of 19.8%. This modelling framework can provide energy policy makers with new insights on policy options based on exergy indicators and the assessment of their potential impact. - Highlights: • A bottom-up exergy-based model was developed to analyse the UK non-domestic sector. • Different low-carbon and low-exergy large-scale retrofit scenarios were assessed. • The UK non-domestic sector as a whole has an exergy efficiency of 10.7±4.06%. • Exergy-based retrofits could reduce sectoral carbon emissions by 88±2.4% for 2050. • Exergy oriented policies are required to obtain a sustainable building sector.

Marketing of green electrons. Solar-power stock exchanges

International Nuclear Information System (INIS)

Nussbaumer-Waelti, E.

1999-01-01

An independent power producer evaluates the current solar-power stock exchanges in Switzerland. Most stock exchanges have been created by electric utilities which want to deliver 'green' power to those of their clients asking for. A first group of solar-power stock exchanges offer to take over the produced solar power at a marginal price. Among them, some organise a competition between the potential solar-power producers, in order to press down the investment cost for the new photovoltaic plants to build. Other stock exchanges propose a periodical adaptation of the prices, especially an adaptation to the capital interest rate. For sure, the total length of the time period for which the contract is established is one of the decisive factors. Because no bank is ready to grant a credit for such an investment without having seen a long-running take-over contract for the produced power [de

Analysis of Asset Growth Anomaly on Cross-Section Stock Returns: Evidence from Indonesia Stock Exchange

Directory of Open Access Journals (Sweden)

Muhammad Iqbal

2017-06-01

Full Text Available Assorted types of market anomalies occur when stock prices deviate from the prediction of classical asset pricing theories. This study aims to examine asset growth anomaly where stocks with high asset growth will be followed by low returns in the subsequent periods. This study, using Indonesia Stock Exchanges data, finds that an equally-weighted low-growth portfolio outperforms high-growth portfolio by average 0.75% per month (9% per annum, confirming existence of asset growth anomaly. The analysis is extended at individual stock-level using fixed-effect panel regression in which asset growth effect remains significant even with controlling other variables of stock return determinants. This study also explores further whether asset growth can be included as risk factor. Employing two-stage cross-section regression in Fama and Macbeth (1973, the result aligns with some prior studies that asset growth is not a new risk factor; instead the anomaly is driven by mispricing due to investors’ overreaction and psychological bias. This result imply that asset growth anomaly is general phenomenon that can be found at mostly all stock market but in Indonesia market asset growth anomaly rise from investors’ overreaction, instead of  playing as a factor of risk.

Analysis of Asset Growth Anomaly on Cross-Section Stock Returns: Evidence from Indonesia Stock Exchange

Directory of Open Access Journals (Sweden)

Muhammad Iqbal

2017-03-01

Full Text Available Assorted types of market anomalies occur when stock prices deviate from the prediction of classical asset pricing theories. This study aims to examine asset growth anomaly where stocks with high asset growth will be followed by low returns in the subsequent periods. This study, using Indonesia Stock Exchanges data, finds that an equally-weighted low-growth portfolio outperforms high-growth portfolio by average 0.75% per month (9% per annum, confirming existence of asset growth anomaly. The analysis is extended at individual stock-level using fixed-effect panel regression in which asset growth effect remains significant even with controlling other variables of stock return determinants. This study also explores further whether asset growth can be included as risk factor. Employing two-stage cross-section regression in Fama and Macbeth (1973, the result aligns with some prior studies that asset growth is not a new risk factor; instead the anomaly is driven by mispricing due to investors’ overreaction and psychological bias. This result imply that asset growth anomaly is general phenomenon that can be found at mostly all stock market but in Indonesia market asset growth anomaly rise from investors’ overreaction, instead of  playing as a factor of risk.

VOLATILITY AND KURTOSIS OF DAILY STOCK RETURNS AT MSE

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Zoran Ivanovski

2015-12-01

Full Text Available Prominent financial stock pricing models are built on assumption that asset returns follow a normal (Gaussian distribution. However, many authors argue that in the practice stock returns are often characterized by skewness and kurtosis, so we test the existence of the Gaussian distribution of stock returns and calculate the kurtosis of several stocks at the Macedonian Stock Exchange (MSE. Obtaining information about the shape of distribution is an important step for models of pricing risky assets. The daily stock returns at Macedonian Stock Exchange (MSE are characterized by high volatility and non-Gaussian behaviors as well as they are extremely leptokurtic. The analysis of MSE time series stock returns determine volatility clustering and high kurtosis. The fact that daily stock returns at MSE are not normally distributed put into doubt results that rely heavily on this assumption and have significant implications for portfolio management. We consider this stock market as good representatives of emerging markets. Therefore, we argue that our results are valid for other similar emerging stock markets.

Alternative for Summer Use of Solar Air Heaters in Existing Buildings

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Sergio L. González-González

2017-07-01

Full Text Available Among solar thermal technologies for indoor heating, solar air heaters (SAH are appealing for implementation on existing buildings due to their simplicity, fewer risks related to the working fluid, and possible independence from the building structure. However, existing research work mainly focuses on winter use and still fails in providing effective solutions for yearly operation, which would enhance their interest. With the aim of analysing an alternative summer use, this work firstly characterises a double channel-single pass solar air collector through experimentation. From the obtained results, modelling and simulation tasks have been conducted to evaluate the possibilities of using hot air, provided by the SAH, while operating under summer conditions within a closed loop, to feed an air-to-water heat exchanger for domestic hot water (DHW production. The system is studied through simulation under two different configurations for a case study in Valladolid (Spain, during the period from May to September for different airflows in the closed loop. Results show that daily savings can vary from 27% to 85% among the different operating conditions; a configuration where make-up water is fed to the heat exchanger being preferable, with a dedicated water tank for the solar heated water storage of the minimum possible volume. The more favourable results for the harshest months highlight the interest of extending the use of the solar air heaters to the summer period.

The Book-to-Market Anomaly in the Chinese Stock Markets

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Kin-Yip Ho

2015-09-01

Full Text Available This paper examines the existence of value premium in the Chinese stock markets and empirically provides its explanation. Our results suggest that the value premium does exist in the Chinese markets, and investor sophistication is significant in explaining its existence. In particular, there is supporting evidence that the value premium could be driven by individual investors, whereas stocks that are mostly held by institutional investors are value-premium free. We briefly discuss the implications of our findings.

The Effect of Macroeconomic Factors on Stock Prices of Swiss Real Estate Companies

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Marie Ligocká

2016-01-01

Full Text Available Stock values of companies listed on stock exchanges could be influenced by many factors. The aim of this article is to examine existence and character of relationship between stock prices of selected Swiss real estate companies and macroeconomic fundamentals (GDP, interest rate, price level. The existence of long-run equilibrium relationship between stock prices and macroeconomic fundamentals is tested with the Johansen cointegration. The short run dynamics between the variables is examined by Vector Error Correction modelling and the Granger causality test. During the period 2005 – 2014 we revealed a long‑run equilibrium for five of the six analyzed stocks. We also confirmed that macroeconomic variables and the interest rate in particular, can explain a long-run behavior of stock prices. By contrast, macroeconomic variables are usually short in explanation of short‑run dynamics of stock prices. However, the results differ substantially among the stocks and, hence, they prevent us from drawing any general conclusion for the entire real estate sector in Switzerland.

An Empirical Analysis Of Stock Returns And Volatility: The Case Of Stock Markets From Central And Eastern Europe

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Okičić Jasmina

2015-04-01

Full Text Available The main goal of this paper is to investigate the behaviour of stock returns in the case of stock markets from Central and Eastern Europe (CEE, focusing on the relationship between returns and conditional volatility. Since there is relatively little empirical research on the volatility of stock returns in underdeveloped stock markets, with even fewer studies on markets in the transitional economies of the CEE region, this paper is designed to shed some light on the econometric modelling of the conditional mean and volatility of stock returns from this region. The results presented in this paper provide confirmatory evidence that ARIMA and GARCH processes provide parsimonious approximations of mean and volatility dynamics in the case of the selected stock markets. There is overwhelming evidence corroborating the existence of a leverage effect, meaning that negative shocks increase volatility more than positive shocks do. Since financial decisions are generally based upon the trade-off between risk and return, the results presented in this paper will provide valuable information in decision making for those who are planning to invest in stock markets from the CEE region.

Sector Identification in a Set of Stock Return Time Series Traded at the London Stock Exchange

Science.gov (United States)

Coronnello, C.; Tumminello, M.; Lillo, F.; Micciche, S.; Mantegna, R. N.

2005-09-01

We compare some methods recently used in the literature to detect the existence of a certain degree of common behavior of stock returns belonging to the same economic sector. Specifically, we discuss methods based on random matrix theory and hierarchical clustering techniques. We apply these methods to a portfolio of stocks traded at the London Stock Exchange. The investigated time series are recorded both at a daily time horizon and at a 5-minute time horizon. The correlation coefficient matrix is very different at different time horizons confirming that more structured correlation coefficient matrices are observed for long time horizons. All the considered methods are able to detect economic information and the presence of clusters characterized by the economic sector of stocks. However, different methods present a different degree of sensitivity with respect to different sectors. Our comparative analysis suggests that the application of just a single method could not be able to extract all the economic information present in the correlation coefficient matrix of a stock portfolio.

Energy Efficiency Potential in the U.S. Single-Family Housing Stock

Energy Technology Data Exchange (ETDEWEB)

Wilson, Eric J. [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Christensen, Craig B. [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Horowitz, Scott G. [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Robertson, Joseph J. [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Maguire, Jeffrey B. [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

2017-12-19

Typical approaches for assessing energy efficiency potential in buildings use a limited number of prototypes, and therefore suffer from inadequate resolution when pass-fail cost-effectiveness tests are applied, which can significantly underestimate or overestimate the economic potential of energy efficiency technologies. This analysis applies a new approach to large-scale residential energy analysis, combining the use of large public and private data sources, statistical sampling, detailed building simulations, and high-performance computing to achieve unprecedented granularity - and therefore accuracy - in modeling the diversity of the single-family housing stock. The result is a comprehensive set of maps, tables, and figures showing the technical and economic potential of 50 plus residential energy efficiency upgrades and packages for each state. Policymakers, program designers, and manufacturers can use these results to identify upgrades with the highest potential for cost-effective savings in a particular state or region, as well as help identify customer segments for targeted marketing and deployment. The primary finding of this analysis is that there is significant technical and economic potential to save electricity and on-site fuel use in the single-family housing stock. However, the economic potential is very sensitive to the cost-effectiveness criteria used for analysis. Additionally, the savings of particular energy efficiency upgrades is situation-specific within the housing stock (depending on climate, building vintage, heating fuel type, building physical characteristics, etc.).

The Differences Between Stock Splits and Stock Dividends

DEFF Research Database (Denmark)

Bechmann, Ken L.; Raaballe, Johannes

It is often asserted that stock splits and stock dividends are purely cosmetic events. However, many studies have documented several stock market effects associated with stock splits and stock dividends. This paper examines the effects of these two types of events for the Danish stock market...... different. Second, the positive stock market reaction is closely related to associated changes in a firm's payout policy, but the relationship varies for the two types of events. Finally, there is only very weak evidence for a change in the liquidity of the stock. On the whole, after controlling...... for the firm's payout policy, the results suggest that a stock split is a cosmetic event and that a stock dividend on its own is considered negative news....

The Impact of Macroeconomic Fundamentals on Stock Prices Revisited: Evidence from Indian Data

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Pramod Kumar NAIK

2012-11-01

Full Text Available The study investigates the relationships between the Indian stock market index (BSE Sensex and five macroeconomic variables, namely, industrial production index, wholesale price index, money supply, treasury bills rates and exchange rates over the period 1994:04–2011:06. Johansen’s co-integration and vector error correction model have been applied to explore the long-run equilibrium relationship between stock market index and macroeconomic variables. The analysis reveals that macroeconomic variables and the stock market index are co-integrated and, hence, a long-run equilibrium relationship exists between them. It is observed that the stock prices positively relate to the money supply and industrial production but negatively relate to inflation. The exchange rate and the short-term interest rate are found to be insignificant in determining stock prices. In the Granger causality sense, macroeconomic variable causes the stock prices in the long-run but not in the short-run. There is bidirectional causality exists between industrial production and stock prices whereas, unidirectional causality from money supply to stock price, stock price to inflation and interest rates to stock prices are found.

The Phenomenon of Bearish and Bullish in The Indonesian Stock Exchange

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Berto Usman

2016-09-01

Full Text Available The Phenomenon of Bearish and Bullish in The Indonesian Stock ExchangeBearish and bullish pattern commonly exist in any of stock exchanges all over the world. Hereby, the volatility of price on specific stock and index will generally perform a typical co-movement. This study is officially intended to reveal the existence of bearish and bullish phenomenon in Indonesia stock exchange. The technical tool used in this study was known as candlestick analysis. It is utilized to discover the inclination of price movement and the percentage of bearish and bullish shown by the index. Further, it is noted that the object of this study is Indonesia stock exchange, which is surrogated by IDX Composite (IHSG. This research finally proved that there were 61 bearish (38.85% and 96 time bulish (61.15% patterns in IDX Composite (IHSG.DOI: 10.15408/ess.v6i2.3750

Quantified carbon input for maintaining existing soil organic carbon stocks in global wheat systems

Science.gov (United States)

Wang, G.

2017-12-01

Soil organic carbon (SOC) dynamics in croplands is a crucial component of global carbon (C) cycle. Depending on local environmental conditions and management practices, typical C input is generally required to reduce or reverse C loss in agricultural soils. No studies have quantified the critical C input for maintaining SOC at global scale with high resolution. Such information will provide a baseline map for assessing soil C dynamics under potential changes in management practices and climate, and thus enable development of management strategies to reduce C footprint from farm to regional scales. We used the soil C model RothC to simulate the critical C input rates needed to maintain existing soil C level at 0.1°× 0.1° resolution in global wheat systems. On average, the critical C input was estimated to be 2.0 Mg C ha-1 yr-1, with large spatial variability depending on local soil and climatic conditions. Higher C inputs are required in wheat system of central United States and western Europe, mainly due to the higher current soil C stocks present in these regions. The critical C input could be effectively estimated using a summary model driven by current SOC level, mean annual temperature, precipitation, and soil clay content.

RE-EXAMINING STOCK MARKET INTEGRATION AMONG BRICS COUNTRIES

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Berzanna Seydou Ouattara

2017-09-01

Full Text Available The main goal of this paper is to contribute to the international investment decision making process among the BRICS countries and to the development or changes of policies in response to the dynamics in these countries. The background is important for international investors seeking diversification benefits abroad and for policy makers reacting to the developments in the aforementioned economies. Thus, the context of this paper is directed to the examination of the stock market interaction among the BRICS countries. The objective of this research paper is to analyze the existence of the short-term linkages and long-term cointegration among the BRICS markets. Augmented Dicker-Fuller (ADF and Philips-Perron tests (PP are used to analyze stationarity among the selected variables. The research applies the correlation test on the stock markets returns to investigate the degree of freedom existing among the markets. The long run and the short run are also investigated using Johansen cointegration test while the Pairwise Granger Causality and the Wald tests are applied to assess the direction of the causality between the stock market indices. The study also extends the investigation by employing the impulse response function and variance decomposition to evaluate the reaction of each stock to a shock from other stock indices. The quarterly data consisted of fifteen years from 2000 to 2015 and are exclusively composed of stock market index of selected countries. One of the key findings of the research is that the Chinese stock markets are mostly independent from other BRICS markets, implying diversification benefits for the international investors both in the short and the long run. Another important finding is that the BRICS stock markets are not cointegrated in the long run, thus, being a favorable destination for the long-term investments.

Effects of daylight savings time changes on stock market volatility.

Science.gov (United States)

Berument, M Hakan; Dogan, Nukhet; Onar, Bahar

2010-04-01

The presence of daylight savings time effects on stock returns and on stock volatility was investigated using an EGARCH specification to model the conditional variance. The evidence gathered from the major United States stock markets for the period between 1967 and 2007 did not support the existence of the daylight savings time effect on stock returns or on volatility. Returns on the first business day following daylight savings time changes were not lower nor was the volatility higher, as would be expected if there were an effect.

Corruption and stock market development: A quantitative approach

Science.gov (United States)

Bolgorian, Meysam

2011-11-01

Studying the relation between corruption and economic factors and examining its consequences for economic development have attracted many economists and physicists in recent years. The purpose of this paper is to focus on the role of stock market development on corruption. Analyzing a data set of corruption and stock market development measures such as market capitalization and total value of share trading for 46 countries around the world for the period 2007-2009, we examine the dependence of the Corruption Perception Index (CPI) on stock market development. Our findings suggest that there exists a power-law dependence between corruption and stock market development. We also observe a negative relation between level of corruption and financial system improvement.

Trading in Target Stocks Before Takeover Announcements: An Analysis of Stock and Option Markets

OpenAIRE

Marcus Clements; Harminder Singh; Antonie Van Eekelen

2007-01-01

In this study we examine both informed trading and contraire trading preceding takeover announcements on US target firms. Our findings suggest that both informed trading and contraire trading exists within the period preceding takeover announcements on both the stock and option markets as evident through abnormal returns and trading volumes. In regard to contraire trading, this study investigates possible explanations for its existence including liquidity clustering, falsely informed trading ...

A meta model-based methodology for an energy savings uncertainty assessment of building retrofitting

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Caucheteux Antoine

2016-01-01

Full Text Available To reduce greenhouse gas emissions, energy retrofitting of building stock presents significant potential for energy savings. In the design stage, energy savings are usually assessed through Building Energy Simulation (BES. The main difficulty is to first assess the energy efficiency of the existing buildings, in other words, to calibrate the model. As calibration is an under determined problem, there is many solutions for building representation in simulation tools. In this paper, a method is proposed to assess not only energy savings but also their uncertainty. Meta models, using experimental designs, are used to identify many acceptable calibrations: sets of parameters that provide the most accurate representation of the building are retained to calculate energy savings. The method was applied on an existing office building modeled with the TRNsys BES. The meta model, using 13 parameters, is built with no more than 105 simulations. The evaluation of the meta model on thousands of new simulations gives a normalized mean bias error between the meta model and BES of <4%. Energy savings are assessed based on six energy savings concepts, which indicate savings of 2–45% with a standard deviation ranging between 1.3% and 2.5%.

Energy Performance of Verandas in the Building Retrofit Process

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Rossano Albatici

2016-05-01

Full Text Available Passive solar elements for both direct and indirect gains, are systems used to maintain a comfortable living environment while saving energy, especially in the building energy retrofit and adaptation process. Sunspaces, thermal mass and glazing area and orientation have been often used in the past to guarantee adequate indoor conditions when mechanical devices were not available. After a period of neglect, nowadays they are again considered as appropriate systems to help face environmental issues in the building sector, and both international and national legislation takes into consideration the possibility of including them in the building planning tools, also providing economic incentives. Their proper design needs dynamic simulation, often difficult to perform and time consuming. Moreover, results generally suffer from several uncertainties, so quasi steady-state procedures are often used in everyday practice with good results, but some corrections are still needed. In this paper, a comparative analysis of different solutions for the construction of verandas in an existing building is presented, following the procedure provided by the slightly modified and improved Standard EN ISO 13790:2008. Advantages and disadvantages of different configurations considering thermal insulation, windows typology and mechanical ventilation systems are discussed and a general intervention strategy is proposed. The aim is to highlight the possibility of using sunspaces in order to increase the efficiency of the existing building stock, considering ease of construction and economic viability.

RUSSIAN STOCK MARKET INSTITUTIONAL PARTICIPANTS: HABITUS AND PRACTICES

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Boris Borisovich Podgorny

2017-11-01

Full Text Available The global investment experience shows that economic growth is impossible without the creation of an effective national stock market. Also, along with the solution of the funds inflow into the economy, developed stock market contributes the creation of a mass economy owners community. Economic characteristics – economy demand for credit resources (especially in sanction terms, the availability of the savings among the Russian population, rates reduction on bank deposits, – saying that “investment boom” should take place in Russia today, in which a significant part of the population must be taken mass participation in the stock market, including the way through collective investment. However, the current situation does not allow us to talk about the successful development this direction of the Russian stock market. In this article, prepared in the framework of the author’s special sociological theory «The Russian Stock Market as a Social Space» [27], presented the results of Russian stock market institutional investors study including: the statistical indicators characterizing institutional investors on the stock market were analyzed; the practices caused by the existing habitus of Russian stock market institutional investors were classified and studied. It was found that the habitus of most institutional investors participating in the Russian stock market is marked a speculative nature.

Research on the fractal structure in the Chinese stock market

Science.gov (United States)

Zhuang, Xin-tian; Huang, Xiao-yuan; Sha, Yan-li

2004-02-01

Applying fractal theory, this paper probes and discusses self-similarity and scale invariance of the Chinese stock market. It analyses three kinds of scale indexes, i.e., autocorrelation index, Hurst index and the scale index on the basis of detrended fluctuation analysis (DFA) algorithm and promotes DFA into a recursive algorithm. Using the three kinds of scale indexes, we conduct empirical research on the Chinese Shanghai and Shenzhen stock markets. The results indicate that the rate of returns of the two stock markets does not obey the normal distribution. A correlation exists between the stock price indexes over time scales. The stock price indexes exhibit fractal time series. It indicates that the policy guide hidden at the back influences the characteristic of the Chinese stock market.

Kyiv institutional buildings sector energy efficiency program: Technical assessment

Energy Technology Data Exchange (ETDEWEB)

Secrest, T.J.; Freeman, S.L. [Pacific Northwest National Lab., Richland, WA (United States); Popelka, A. [Tysak Engineering, Acton, MA (United States); Shestopal, P.A.; Gagurin, E.V. [Agency for Rational Energy Use and Ecology, Kyiv (Ukraine)

1997-08-01

The purpose of this assessment is to characterize the economic energy efficiency potential and investment requirements for space heating and hot water provided by district heat in the stock of state and municipal institutional buildings in the city of Kyiv. The assessment involves three activities. The first is a survey of state and municipal institutions to characterize the stock of institutional buildings. The second is to develop an estimate of the cost-effective efficiency potential. The third is to estimate the investment requirements to acquire the efficiency resource. Institutional buildings are defined as nonresidential buildings owned and occupied by state and municipal organizations. General categories of institutional buildings are education, healthcare, and cultural. The characterization activity provides information about the number of buildings, building floorspace, and consumption of space heating and hot water energy provided by the district system.

Asymmetry Effects of shocks in Chinese Stock Markets Volatility

DEFF Research Database (Denmark)

Hou, Ai Jun

2013-01-01

The unique characteristics of the Chinese stock markets make it difficult to assume a particular distribution for innovations in returns and the specification form of the volatility process when modelling return volatility with the parametric GARCH family models. This paper therefore applies...... a generalized additive nonparametric smoothing technique to examine the volatility of the Chinese stock markets. The empirical results indicate that an asymmetric effect of negative news exists in the Chinese stock markets. Furthermore, compared with other parametric models, the generalized additive...

Proposal of new seismic assessment and retrofit technology for existing buildings; Hyogoken nanbu jishin higai wo kyokun to shita kison kozobutsu no taishin shindan system

Energy Technology Data Exchange (ETDEWEB)

Yoshioka, K.; Takahashi, Y.; Seki, M.; Tanida, M.; Akiyama, T.; Hashimoto, Y. [Obayashi Corp., Tokyo (Japan)

1995-08-10

A devastating earthquake measuring 7.2 on the JMA (Japan Meteorological Agency) magnitude hit the southern Hyogo Prefecture on January 17, 1995. This earthquake, the worst in Japan since the Great Kanto Earthquake in 1923, brought great disaster and destruction to the Hanshin area and Awajishima Island. Most of the damage to concrete and steel structures occurred in buildings designed according to former building codes. Fewer collapses occurred in buildings designed under current building code that have more severe seismic requirements. Existing buildings should be assessed by their seismic potentiality, and retrofitted to escape damage in severe earthquakes such as the Great Hanshin Earthquake. New technology for assessing and retrofitting existing buildings was developed to improve resisting performance in response to severe earthquakes. Earthquake Load or motion exceeding current requirements can be supplied to assess and retrofit existing buildings if a client wants their buildings to exhibit much stronger seismic resistance. The retrofit technologies, such as a base isolation system for whole building, vibration control bracing system with steel damper, and base isolation floor system for computer equipments, can be applied to existing buildings. 11 refs., 9 figs., 8 tabs.

Focus on Energy Security. Costs, Benefits and Financing of Holding Emergency Oil Stocks

Energy Technology Data Exchange (ETDEWEB)

Stelter, Jan; Nishida, Yuichiro

2013-07-01

Oil is traded in a market where uncertainty, price volatility, and sudden supply disruptions are common characteristics. Natural disasters, political disagreements and wars can seriously disrupt oil supply and demand with consequent detrimental impacts on economic activity. One particularly powerful policy tool that IEA member countries have to respond to such disruptions is the release of emergency oil stocks. In its 40 year history, the IEA released stocks on three occasions to reduce the supply disruptions and the associated economic damage. This paper provides a general guide to the existing emergency stockholding system for those countries who are considering the introduction of new stockholding systems or changes to their existing emergency stocks. It draws together analysis of the costs and benefits of emergency stocks, in addition to exploring options for financing the establishment of stocks.

On the Feed-back Mechanism of Chinese Stock Markets

Science.gov (United States)

Lu, Shu Quan; Ito, Takao; Zhang, Jianbo

Feed-back models in the stock markets research imply an adjustment process toward investors' expectation for current information and past experiences. Error-correction and cointegration are often used to evaluate the long-run relation. The Efficient Capital Market Hypothesis, which had ignored the effect of the accumulation of information, cannot explain some anomalies such as bubbles and partial predictability in the stock markets. In order to investigate the feed-back mechanism and to determine an effective model, we use daily data of the stock index of two Chinese stock markets with the expectational model, which is one kind of geometric lag models. Tests and estimations of error-correction show that long-run equilibrium seems to be seldom achieved in Chinese stock markets. Our result clearly shows the common coefficient of expectations and fourth-order autoregressive disturbance exist in the two Chinese stock markets. Furthermore, we find the same coefficient of expectations has an autoregressive effect on disturbances in the two Chinese stock markets. Therefore the presence of such feed-back is also supported in Chinese stock markets.

Impacts of climate change performance on building in New Zealand

Energy Technology Data Exchange (ETDEWEB)

Camilleri, M.; Jaques, R.; Isaacs, N.

2001-07-01

Climate change is expected to impact on many aspects of building performance, with much of the existing and future building stock likely to be affected. Potential impacts of climate change on buildings are identified, evaluated as to how serious they might be, and actions are considered to ensure that future building performance is not compromised. Climate change scenarios for New Zealand defined the scale of climate changes considered for building performance. For each climate variable, relevant aspects of building performance were examined to determine if there is likely to be a significant impact. Where significant impacts were indicated, they were studied in detail and quantified where possible. A risk-profiling tool was formulated to cover the risk/severity of the most significant climate change impacts, which include flooding, tropical cyclones and overheating. Adaptation strategies were developed for each climate change impact, with different responses appropriate for each impact. Mitigation of greenhouse emissions is also addressed. For those risks where delaying action has serious consequences, it may be appropriate to consider changes in building or zoning regulations to anticipate the future impacts of climate change. Some implications for future building performance, design, standards and regulation are discussed. (author)

Does Employee Stock Ownership Work?

DEFF Research Database (Denmark)

Kato, Takao; Miyajima, Hideaki; Owan, Hideo

studies, we focus on the effects of changes in varying attributes of existing ESO—the effects on the intensive margin. Our fixed effect estimates show that an increase in the strength of the existing ESO plans measured by stake per employee results in statistically significant productivity gains....... Furthermore, such productivity gains are found to lead to profitability gains since wage gains from ESO plans are statistically significant yet rather modest. Our analysis of Tobin's Q suggests that the market tends to view such gains from ESO plans as permanent. We further find that increasing the stake......This paper provides novel evidence on the effects of employee stock ownership (ESO), using new panel data on Japanese ESO plans for a highly representative sample of publicly-traded firms in Japan (covering more than 75% of all firms listed on Tokyo Stock Exchange) over 1989-2013. Unlike most prior...

Decision Support for the Rolling Stock Dispatcher

DEFF Research Database (Denmark)

Groth, Julie Jespersen

Real-time recovery is receiving a fast growing interest in an increasingly competitive railway operation market. This thesis considers the area of rolling stock dispatching which is one of the typical real-time railway dispatching problems. All work of the thesis is based on the network...... and planning processes of the railway operator DSB S-tog a/s. In the thesis the problems existing in the railway planning process from the strategic to real-time level are briefly sketched. Network planning, line planning, timetabling, crew and rolling stock planning is outlined and relevant references...... are given. Specifically the thesis references the operation research studies based on the railway operation of DSB S-tog a/s. Subsequently the process of dispatching is outlined with a specific emphasis on rolling stock. The rolling stock recovery problem is the problem of assigning train units to train...

MODELING OF THE TRACK AND ROLLING STOCK INTERACTION

Directory of Open Access Journals (Sweden)

N. V. Khalipova

2013-09-01

Full Text Available Purpose. Interaction of system’s elements of "carriage–track" modelling requires consideration of various criteria, it also requires analysis of many uncertainty and randomness factors’ influence on the basic parameters to ensure optimal or rational parameters of the system. The researching of interactions’ process requires new theoretical approaches to formulation of objectives, based on a generalization of existing modeling approaches. The purpose of this work is development of interaction models between track and rolling stock based on multiple structures of objects. Methodology. Dedicated and formed the main evaluation criteria of dynamic interaction between track and rolling stock optimization - quality assurance and safety of transportation process, improving of their efficiency and reducing of prime cost’s. Based on vector optimization methods, proposed model of rolling stock and track’s elements interaction. For the synthesis of the model used mathematical machine of multiple objects structures. Findings. Generalized approaches to modeling in the interaction of rolling stock and track for different structural elements of the system under different exploitation conditions. This theoretical approach demonstrated on the examples of modeling of passenger and freight cars with track under different exploitation conditions. Originality. Proposed theoretical approach to the problem of track and rolling stock interaction, based on a synthesis of existing models by using of multiple objects structures. Practical value. Using of proposed model allows to structure key data and rational parameters of rolling stock and track interaction’s modeling and to formulate optimal and rational parameters of the system, to determine the effective exploitation parameters and measurement system for rational use of infrastructure.

ANALYSIS OF ENERGY SAVING AND ENERGY EFFICIENCY ISSUES DURING OPERATION OF THE METRO ROLLING STOCK

Directory of Open Access Journals (Sweden)

A. V. Donchenko

2016-06-01

��Beresteyskaya –Shulyavskyaya» of KP «Kiev Metro». Practical value. Results of the research concerning quantity of energy saved with the help of recuperation systems and energy saving control systems can be used during building of a new metro rolling stock or modernization of existing one.

Effective transfer entropy approach to information flow between exchange rates and stock markets

International Nuclear Information System (INIS)

Sensoy, Ahmet; Sobaci, Cihat; Sensoy, Sadri; Alali, Fatih

2014-01-01

We investigate the strength and direction of information flow between exchange rates and stock prices in several emerging countries by the novel concept of effective transfer entropy (an alternative non-linear causality measure) with symbolic encoding methodology. Analysis shows that before the 2008 crisis, only low level interaction exists between these two variables and exchange rates dominate stock prices in general. During crisis, strong bidirectional interaction arises. In the post-crisis period, the strong interaction continues to exist and in general stock prices dominate exchange rates

Towards Energy Demand Reduction in Social Housing Buildings: Envelope System Optimization Strategies

Directory of Open Access Journals (Sweden)

Paula M. Esquivias

2012-07-01

Full Text Available This work evaluates the potential for the reduction of energy demand in residential buildings by acting on the exterior envelope, both in newly constructed buildings and in the retrofitting of existing stock. It focuses on analysing social housing buildings in Mediterranean areas and on quantifying the scope of that reduction in the application of different envelope design strategies, with the purpose of prioritizing their application based on their energy efficiency. The analyses and quantifications were made by means of the generation of energy models with the TRNSYS tool for simple or combined solutions, identifying possible potentials for reduction of the energy demand from 20% to 25%, basically by acting on the windows. The case study was a newly built social housing building of a closed block type located in Seville (Spain. Its constructive techniques and the insulation level of its envelope are standardized for current buildings widespread across Mediterranean Europe.

Sustainability challenges of residential reinforced - concrete panel buildings

Directory of Open Access Journals (Sweden)

Markku J. Riihimäki

2014-06-01

Full Text Available Quite similar large-panel prefabrication technologies were used for residential buildings in East-Europe and some countries in Northern-Europe, e.g. Finland. Even if technologically similar, the fate of the building stocks is different in the two regions, with buildings functioning sustainably in Finland. Hence, one could adapt the maintenance and renovation experiences to the building stock in other countries, creating opportunities for communities and business. The paper presents technological, economical, and institutional/policy aspects in the two environments, and discusses them in the larger framework of European sustainability targets. For major renovation, as targeted in the paper, methods of change management should be applied, entailing thoughtful planning and sensitive implementation and above all, consultation/involvement of the people affected. If the presented interventions would be used in a systematic and planned way, improvements can be achieved for social sustainability targets like e.g. adaptability and visual comfort, while maintaining the safety and security. Finally, the limitations of the approach in light of the institutional setting and ownership structure are discussed, highlighting how different ownership models are favoring or hindering major retrofit interventions. The paper offers ways on strengthening the role of key stakeholders to support major renovation interventions on the panel building stock.

Not all that glitters is RMT in the forecasting of risk of portfolios in the Brazilian stock market

Science.gov (United States)

Sandoval, Leonidas; Bortoluzzo, Adriana Bruscato; Venezuela, Maria Kelly

2014-09-01

Using stocks of the Brazilian stock exchange (BM&F-Bovespa), we build portfolios of stocks based on Markowitz's theory and test the predicted and realized risks. This is done using the correlation matrices between stocks, and also using Random Matrix Theory in order to clean such correlation matrices from noise. We also calculate correlation matrices using a regression model in order to remove the effect of common market movements and their cleaned versions using Random Matrix Theory. This is done for years of both low and high volatility of the Brazilian stock market, from 2004 to 2012. The results show that the use of regression to subtract the market effect on returns greatly increases the accuracy of the prediction of risk, and that, although the cleaning of the correlation matrix often leads to portfolios that better predict risks, in periods of high volatility of the market this procedure may fail to do so. The results may be used in the assessment of the true risks when one builds a portfolio of stocks during periods of crisis.

The role of global in-use material stocks in the course of the socio-metabolic transition, from 1900 -2009

Science.gov (United States)

Wiedenhofer, Dominik; Lauk, Christian; Fishman, Tomer; Tanikawa, Hiroki; Eisenmenger, Nina; Krausmann, Fridolin

2014-05-01

During the global socio-metabolic transition into the fossil fuelled age in the 20th century, annual material use increased nearly 10-fold (Krausmann et al. 2009). A substantial part of these materials were used to expand societal stocks such as infrastructure, buildings, factories or machinery. Long service-lifetimes lead to an ongoing accumulation of in-use stocks and determine the availability of materials for reuse and recycling. Systematic knowledge about material stock dynamics is crucial for understanding possible future resource use trends, the potential for increased recycling and thereby inform the development of strategies towards more sustainable resource use. In this presentation we explore the relationship between material use and stock accumulation, estimating global material stocks in infrastructures, buildings and durable goods from 1900 - 2009 based on a dynamic material stocks and flows model. We apply a top-down modelling approach, tracking annual cohorts of inflows of stock-building materials throughout the time period. We utilize a global material flow database and auxiliary data sources covering the time period 1850 - 2009 (Krausmann et al., 2009; Schaffartzik et al. 2013) to distinguish inputs of 11 major stock building materials: concrete, asphalt, bricks/stones/tiles, sand/gravel/crushed rocks, copper, steel, aluminum,other metals, solid-wood products, paper and plastics. Two types of functions are then used to model the lifetimes of the materials in use: A uniform distribution is applied for materials with short lifetimes, while a normal distribution is applied for materials with longer lifetimes. Furthermore, end-of-life waste is subject to recycling, thereby turning into additional input flows of non-virgin materials. Due to the inherent uncertainty in such an exercise, we perform Monte-Carlo simulations, applying uncertainty ranges for all model parameters and the material inflow data introduced above. This allows us to a) identify

Statistical aspects of fish stock assessment

DEFF Research Database (Denmark)

Berg, Casper Willestofte

for stock assessment by application of state-of-the-art statistical methodology. The main contributions are presented in the form of six research papers. The major part of the thesis deals with age-structured assessment models, which is the most common approach. Conversion from length to age distributions...... statistical aspects of fish stocks assessment, which includes topics such as time series analysis, generalized additive models (GAMs), and non-linear state-space/mixed models capable of handling missing data and a high number of latent states and parameters. The aim is to improve the existing methods...

Pattern analysis and suggestion of energy efficiency retrofit for existing residential buildings in China's northern heating region

International Nuclear Information System (INIS)

Lv Shilei; Wu Yong; Sun Jinying

2009-01-01

In China, Energy Efficiency Retrofit for Existing Residential Buildings (EERFERB) is faced with a fast development status. The Central Government decided to prompt the retrofit of 1.5x10 8 m 2 existing residential buildings in China's northern heating region during the '11th Five-Years Plan'. But, at present, the relative incentive policies and measurements are very insufficient. Especially, on the aspect of the retrofit pattern about the organization, retrofit content, investing and financing mode, the policy and management and other factors, no existing successful one can be spreaded into the whole northern heating region. This research not only analyzed the foreign advanced methods, drew lessons from their retrofit in Germany and Poland, but contrasted and analyzed energy efficiency retrofit demonstrations from Harbin, Tianjin, Tangshan and Baotou in China to get our domestic successful patterns and experience. Finally, some recommended retrofit patterns are presented, which can be applied for the instruction and decision-making for the Chinese local governments.

Future premature mortality due to O3, secondary inorganic aerosols and primary PM in Europe--sensitivity to changes in climate, anthropogenic emissions, population and building stock.

Science.gov (United States)

Geels, Camilla; Andersson, Camilla; Hänninen, Otto; Lansø, Anne Sofie; Schwarze, Per E; Skjøth, Carsten Ambelas; Brandt, Jørgen

2015-03-04

Air pollution is an important environmental factor associated with health impacts in Europe and considerable resources are used to reduce exposure to air pollution through emission reductions. These reductions will have non-linear effects on exposure due, e.g., to interactions between climate and atmospheric chemistry. By using an integrated assessment model, we quantify the effect of changes in climate, emissions and population demography on exposure and health impacts in Europe. The sensitivity to the changes is assessed by investigating the differences between the decades 2000-2009, 2050-2059 and 2080-2089. We focus on the number of premature deaths related to atmospheric ozone, Secondary Inorganic Aerosols and primary PM. For the Nordic region we furthermore include a projection on how population exposure might develop due to changes in building stock with increased energy efficiency. Reductions in emissions cause a large significant decrease in mortality, while climate effects on chemistry and emissions only affects premature mortality by a few percent. Changes in population demography lead to a larger relative increase in chronic mortality than the relative increase in population. Finally, the projected changes in building stock and infiltration rates in the Nordic indicate that this factor may be very important for assessments of population exposure in the future.

Stock Price Performance Following Equity Offerings at Oslo Stock Exchange: Is Investing in SEO Companies Hazardous to Your Wealth?

OpenAIRE

Grieg, Benedicte Willumsen

2012-01-01

I examine the stock price performance following a seasoned equity offering at Oslo Stock Exchange. Through an empirical analysis I find that the existence of a negative announcement effect associated with issuing seasoned equity, as well as a long-run underperformance, is also applicable in the Norwegian market. The level of asymmetry can to a large extent explain the price drop and varies with characteristics like sector, offering size, floatation method, and pre-offer performance. The long-...

Performance evaluation of existing building structure with pushover analysis

Science.gov (United States)

Handana, MAP; Karolina, R.; Steven

2018-02-01

In the management of the infrastructure of the building, during the period of buildings common building damage as a result of several reasons, earthquakes are common. The building is planned to work for a certain service life. But during the certain service life, the building vulnerable to damage due to various things. Any damage to cultivate can be detected as early as possible, because the damage could spread, triggering and exacerbating the latest. The newest concept to earthquake engineering is Performance Based Earthquake Engineering (PBEE). PBEE divided into two, namely Performance Based Seismic Design (PBSD) and Performance Based Seismic Evaluation (PBSE). Evaluation on PBSE one of which is the analysis of nonlinear pushover. Pushover analysis is a static analysis of nonlinear where the influence of the earthquake plan on building structure is considered as burdens static catch at the center of mass of each floor, which it was increased gradually until the loading causing the melting (plastic hinge) first within the building structure, then the load increases further changes the shapes of post-elastic large it reached the condition of elastic. Then followed melting (plastic hinge) in the location of the other structured.

Flight to Liquidity on the Tokyo Stock Exchange during the 2008 Share Market Crashes

OpenAIRE

Maeda, Brooke Alexandra

2015-01-01

This paper explores the existence of the flight-to-liquidity phenomenon for shares which are traded on the Tokyo Stock Exchange during share market crashes. Using data from the First section of the Tokyo Stock Exchange, the existence of a flight-to-liquidity during the 2008 share market crashes is clearly documented. The Tokyo Stock Exchange differs from other major exchanges as price limit rules restrict the daily price movements of shares. It provides a unique setting to test if a flight-to...

Determinants Of Equity Prices In The Stock Market

Directory of Open Access Journals (Sweden)

Muhammad Usman Javaid

2010-12-01

Full Text Available This study examines the effect of market variables on the movement stock prices in Pakistan. Asset pricing is considered as efficient if the asset prices reflect all available market information. This study examined the extent to which some "information factors" or market indices affect the stock price. A simple regression model has been used to develop a relation between the variables (stock prices, earnings per share, gross domestic product, dividend, inflation and KIBOR after testing for multi-collinearity among the independent variables. All the variables have shown positive correlation with stock prices with some exceptions of GDP and inflation. This study has enriched the existing literature while it would help policy makers who are interested in deploying instruments of monetary policy and other economic indices for the growth of the capital market.

New build: Materials, techniques, skills and innovation

International Nuclear Information System (INIS)

Glass, Jacqueline; Dainty, Andrew R.J.; Gibb, Alistair G.F.

2008-01-01

The transition to secure, sustainable, low-energy systems will have a significant effect on the way in which we design and construct new buildings. In turn, the new buildings that are constructed will play a critical role in delivering the better performance that would be expected from such a transition. Buildings account for about half of UK carbon dioxide (CO 2 ) production. So it is urgent to ensure that energy is used efficiently in existing buildings and that new building stock is better able to cope with whatever the future holds. Most energy used in buildings goes towards heating, lighting and cooling, but a growing percentage is consumed by domestic appliances, computers and other electrical equipment. Actual energy consumption is the product of a number of factors, including individual behaviours and expectations, the energy efficiency of appliances and the building envelope. This review focuses on the third of these, the building itself, and its design and construction. It discusses the issues faced by the construction industry today, suggesting that major changes are needed relating to materials, techniques, skills and innovation. It moves on to consider future advances to 2050 and beyond, including developments in ICT, novel materials, skills and automation, servitisation (the trend for manufacturers to offer lifetime services rather than simple products), performance measurement and reporting, and resilience. We present a vision of the new build construction industry in 2050 and recommendations for policy makers, industry organisations and construction companies

Stock Price Informativeness and Idiosyncratic Return Volatility in Emerging Markets: Evidence from China

OpenAIRE

Karen Jingrong Lin; Khondkar Karim; Clairmont Carter

2014-01-01

This study attempts to address two research questions on the idiosyncratic return volatility and stock price informativeness. First, whether idiosyncratic return volatility is a valid proxy for stock price informativeness in emerging markets, and if it is, whether there exists a monotonic relationship between the idiosyncratic return volatility and stock price informativeness throughout the whole sample. We find that the idiosyncratic return volatility reflects the stock price informativeness...

CONCEPT OF SUSTAINABLE DEVELOPMENT OF THE MODERN CITY AT THE RECONSTRUCTION OF THE BUILDINGS OF THE FIRST MASSIVE SERIES

Directory of Open Access Journals (Sweden)

RAZUMOVA O. V.

2017-02-01

Full Text Available Summary. The concept of sustainable development is a combination of three components: social, economic and environmental, which are directly related to the development of cities. The economic and demographic crisis has a considerable impact not only on the social sphere, but also on urban planning. The complex approach to restoration and improvement of housing stock is considered, the concept of reconstruction of particular buildings is provided. This approach reflects most fully the purpose of renovating of the particular structure or their groups as a solution to the issue of the complex problem of improving the urban environment. An innovative project for the reconstruction of the buildings of the first mass series with the modification of the space planning solutions of the apartments was proposed, using modern technical and environmental requirements and preserving the housing stock. Purpose of research. The use of innovative approaches in the design of comfortable standard housing and the choice of the technical solutions to improve the energy efficiency of existing buildings, reduce energy costs for solving economic and social problems in the reconstruction of the five-story building of the 50-60's.

The Application of Buckling Reinforced Bracing and Shear Wall in Retrofitting of Existing Concrete Building

Directory of Open Access Journals (Sweden)

Mahdi Izadi

2015-06-01

Full Text Available Vulnerable buildings and their rehabilitation are important problems for earthquake regions. In recent decades the goal of building rehabilitation and strengthening has gained different rehabilitation systems. However, most of these strengthening techniques disturb the occupants, who must vacate the building during renovation. Several retrofitting techniques such as addition masonry infill wall, application of buckling restrained braces and local modification of components has been studied in order to improve the overall seismic performance of such buildings. In response to many of the practical issues and economic considerations, engineers use often convergent unbuckling steel bracing frames as the lateral load resisting system during an earthquake.This kind of bracings increases the hardness and strength of concrete structures.The aim of the present study is the evaluation and comparison of seismic performance and retrofitting of an existing 7-storeys concrete structure with buckling restrained bracings and shear walls by nonlinear static procedure (NSP and accordance with cod-361. The results show that the buckling restrained bracing, decreased drift to acceptable levels and Structure behaves on the life safety of performance level.

Development of weightage for criteria affecting in retrofitting of existing building in Higher Learning Institution with clean energy initiatives

Science.gov (United States)

Izie Adiana Abidin, Nur; Aminuddin, Eeydzah; Zakaria, Rozana; Mazzuana Shamsuddin, Siti; Sahamir, Shaza Rina; Shahzaib, Jam; Nafis Abas, Darul

2018-04-01

Campus university building is the Higher Learning Institution (HLI) involves complex activities and operations, conserving the energy has become paramount important. There are several efforts taken by universities to improve its current energy use such as policy development, education, and adaption of energy conservation solution through retrofitting. This paper aims to highlight the importance of the criteria affecting in retrofitting of existing buildings with clean energy in order to achieve zero energy balance in buildings. The focus is given to the development of criteria for solar photovoltaic (solar PV), wind turbines and small-scale hydropower. A questionnaire survey was employed and distributed to the green building expert practitioner. Factor Analysis, Factor Score, and Weightage Factor were adapted as a method of analysis in order to produce the final result with weightage output for prioritization and ranking of the relevant criteria. The result performed assists to provide the stakeholders an overview of the important criteria that should be considered especially during the decision making to retrofit the existing buildings with clean energy resources. The criteria developed are also to establish a structured decision-making process and to ensure the selection of the decision or alternatives achieve the desired outcome.

Price Earnings Ratio and Stock Return Analysis (Evidence from Liquidity 45 Stocks Listed in Indonesia Stock Exchange

Directory of Open Access Journals (Sweden)

Liem Pei Fun

2012-01-01

Full Text Available Price to Earnings Ratio (PE Ratio has been broadly used by analysts and investors for stock selection. Stocks with low PE ratio are perceived as having cheaper current price hence expected to generate higher return in subsequent period. This paper aims to examine predictability of stock return using PE Ratio based on historical relationship between PE Ratio and subsequent stock return. Particularly, it seeks to find whether stocks with high PE Ratio followed by low stocks return and on the contrary, stocks with low PE Ratio followed by high stocks return. Using stocks which are included as member of Liquidity 45 and observation period 2005-2010 as samples, results show that there is significance difference between low PE and high PE portfolio stock return in short term (holding period of 6 months but there is no significance difference between both portfolio stock return if they are hold for one, two, three, and four years. This research also finds that there is no significant relationship between stock return and (trailing PE Ratio which suggests that (trailing PE Ratio is not useful in estimating both short term and long term stock returns

Guiding Principles for Sustainable Existing Buildings: Radiochemical Processing Laboratory

Energy Technology Data Exchange (ETDEWEB)

Pope, Jason E. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States)

2013-11-11

In 2006, the United States (U.S.) Department of Energy (DOE) signed the Federal Leadership in High Performance and Sustainable Buildings Memorandum of Understanding (MOU), along with 21 other agencies. Pacific Northwest National Laboratory (PNNL) is exceeding this requirement and, currently, about 25 percent of its buildings are High Performance and Sustainable Buildings. The pages that follow document the Guiding Principles conformance effort for the Radiochemical Processing Laboratory (RPL) at PNNL. The RPL effort is part of continued progress toward a building inventory that is 100 percent compliant with the Guiding Principles.

Model of Risk Forewarn and Investment Decision in Stock Markets and Its Realization

Institute of Scientific and Technical Information of China (English)

ZOU Hui-wen; TANG Bing-yong; WANG Li-ping; XU Guang-wei

2004-01-01

Based on the discussion of characteristic and mechanism of the stock prices volatility in Chinese emerging stock markets, this research designs an index system for risk forewarn, and builds up an investment decision model based on the forewarn of the market risk signal. Then, on probing into the structure and function of the realization of the model, the paper presents the method of data interface.

Integrating Life Cycle Energy into the Design of Façade Refurbishment for a Post-War Residential Building in The Netherlands

Directory of Open Access Journals (Sweden)

Paressa Loussos

2015-05-01

Full Text Available The existing building stock has been in the focus of European Union policies for energy savings. Nevertheless, energy certification schemes refer mostly to operational energy and usually do not consider aspects related to the life cycle of the building. To look at the overall energy cost during the lifespan of a building, the energy used to produce and assemble the building materials also needs to be included. This paper develops a design methodology for existing residential buildings that aims at decreasing the life cycle energy use as much as possible. This approach was applied on a case study of an existing post-war residential building in Utrecht, The Netherlands. The main focus of this study is to find a design solution for façade retrofitting that considers both embodied and operational energy. The design approach is based on comparing different strategies for the use of façade materials. This design methodology can be replicated in other projects, as the conclusions and recommendations can also be used for future refurbishment projects for which a low operational energy and materials with a low embodied energy are desired.

The illogicality of stock-brokers: psychological experiments on the effects of prior knowledge and belief biases on logical reasoning in stock trading.

Science.gov (United States)

Knauff, Markus; Budeck, Claudia; Wolf, Ann G; Hamburger, Kai

2010-10-18

Explanations for the current worldwide financial crisis are primarily provided by economists and politicians. However, in the present work we focus on the psychological-cognitive factors that most likely affect the thinking of people on the economic stage and thus might also have had an effect on the progression of the crises. One of these factors might be the effect of prior beliefs on reasoning and decision-making. So far, this question has been explored only to a limited extent. We report two experiments on logical reasoning competences of nineteen stock-brokers with long-lasting vocational experiences at the stock market. The premises of reasoning problems concerned stock trading and the experiments varied whether or not their conclusions--a proposition which is reached after considering the premises--agreed with the brokers' prior beliefs. Half of the problems had a conclusion that was highly plausible for stock-brokers while the other half had a highly implausible conclusion. The data show a strong belief bias. Stock-brokers were strongly biased by their prior knowledge. Lowest performance was found for inferences in which the problems caused a conflict between logical validity and the experts' belief. In these cases, the stock-brokers tended to make logically invalid inferences rather than give up their existing beliefs. Our findings support the thesis that cognitive factors have an effect on the decision-making on the financial market. In the present study, stock-brokers were guided more by past experience and existing beliefs than by logical thinking and rational decision-making. They had difficulties to disengage themselves from vastly anchored thinking patterns. However, we believe, that it is wrong to accuse the brokers for their "malfunctions", because such hard-wired cognitive principles are difficult to suppress even if the person is aware of them.

The illogicality of stock-brokers: psychological experiments on the effects of prior knowledge and belief biases on logical reasoning in stock trading.

Directory of Open Access Journals (Sweden)

Markus Knauff

Full Text Available BACKGROUND: Explanations for the current worldwide financial crisis are primarily provided by economists and politicians. However, in the present work we focus on the psychological-cognitive factors that most likely affect the thinking of people on the economic stage and thus might also have had an effect on the progression of the crises. One of these factors might be the effect of prior beliefs on reasoning and decision-making. So far, this question has been explored only to a limited extent. METHODS: We report two experiments on logical reasoning competences of nineteen stock-brokers with long-lasting vocational experiences at the stock market. The premises of reasoning problems concerned stock trading and the experiments varied whether or not their conclusions--a proposition which is reached after considering the premises--agreed with the brokers' prior beliefs. Half of the problems had a conclusion that was highly plausible for stock-brokers while the other half had a highly implausible conclusion. RESULTS: The data show a strong belief bias. Stock-brokers were strongly biased by their prior knowledge. Lowest performance was found for inferences in which the problems caused a conflict between logical validity and the experts' belief. In these cases, the stock-brokers tended to make logically invalid inferences rather than give up their existing beliefs. CONCLUSIONS: Our findings support the thesis that cognitive factors have an effect on the decision-making on the financial market. In the present study, stock-brokers were guided more by past experience and existing beliefs than by logical thinking and rational decision-making. They had difficulties to disengage themselves from vastly anchored thinking patterns. However, we believe, that it is wrong to accuse the brokers for their "malfunctions", because such hard-wired cognitive principles are difficult to suppress even if the person is aware of them.

Exploring Market State and Stock Interactions on the Minute Timescale.

Directory of Open Access Journals (Sweden)

Lei Tan

Full Text Available A stock market is a non-stationary complex system. The stock interactions are important for understanding the state of the market. However, our knowledge on the stock interactions on the minute timescale is limited. Here we apply the random matrix theory and methods in complex networks to study the stock interactions and sector interactions. Further, we construct a new kind of cross-correlation matrix to investigate the correlation between the stock interactions at different minutes within one trading day. Based on 50 million minute-to-minute price data in the Shanghai stock market, we discover that the market states in the morning and afternoon are significantly different. The differences mainly exist in three aspects, i.e. the co-movement of stock prices, interactions of sectors and correlation between the stock interactions at different minutes. In the afternoon, the component stocks of sectors are more robust and the structure of sectors is firmer. Therefore, the market state in the afternoon is more stable. Furthermore, we reveal that the information of the sector interactions can indicate the financial crisis in the market, and the indicator based on the empirical data in the afternoon is more effective.

Exploring Market State and Stock Interactions on the Minute Timescale.

Science.gov (United States)

Tan, Lei; Chen, Jun-Jie; Zheng, Bo; Ouyang, Fang-Yan

2016-01-01

A stock market is a non-stationary complex system. The stock interactions are important for understanding the state of the market. However, our knowledge on the stock interactions on the minute timescale is limited. Here we apply the random matrix theory and methods in complex networks to study the stock interactions and sector interactions. Further, we construct a new kind of cross-correlation matrix to investigate the correlation between the stock interactions at different minutes within one trading day. Based on 50 million minute-to-minute price data in the Shanghai stock market, we discover that the market states in the morning and afternoon are significantly different. The differences mainly exist in three aspects, i.e. the co-movement of stock prices, interactions of sectors and correlation between the stock interactions at different minutes. In the afternoon, the component stocks of sectors are more robust and the structure of sectors is firmer. Therefore, the market state in the afternoon is more stable. Furthermore, we reveal that the information of the sector interactions can indicate the financial crisis in the market, and the indicator based on the empirical data in the afternoon is more effective.

Oil prices and stocks in the second quarter of 2004

International Nuclear Information System (INIS)

2004-01-01

Notwithstanding forecasting difficulties, the oil supply and demand balance has proved to be a good indicator of the state of the market and stock levels, which, in turn, influence price behaviour. In periods where OECD commercial stock levels lie within a certain range, currently around 2,450-2,650 million barrels, the range of prices is larger than when stock levels are very high or very low. In both the latter extreme situations, prices are prone to rapid movements, undermining market stability. Other factors, of course, also influence price fluctuations. The general opinion among regularly published oil market reports points to the inevitability of a higher-than-normal build in stocks in the second quarter of 2004. If the resulting surplus is not handled in a timely and effective manner, there is likely to be excessive downward pressure on prices, which, if left unattended, would lead to a protracted spell of volatility. (Author)

Mean reversion in the US stock market

International Nuclear Information System (INIS)

Serletis, Apostolos; Rosenberg, Aryeh Adam

2009-01-01

This paper revisits the evidence for the weaker form of the efficient market hypothesis, building on recent work by Serletis and Shintani [Serletis A, Shintani M. No evidence of chaos but some evidence of dependence in the US stock market. Chaos, Solitons and Fractals 2003;17:449-54], Elder and Serletis [Elder J, Serletis A. On fractional integrating dynamics in the US stock market. Chaos, Solitons and Fractals 2007;34;777-81], Koustas et al. [Koustas Z, Lamarche J.-F, Serletis A. Threshold random walks in the US stock market. Chaos, Solitons and Fractals, forthcoming], Hinich and Serletis [Hinich M, Serletis A. Randomly modulated periodicity in the US stock market. Chaos, Solitons and Fractals, forthcoming], and Serletis et al. [Serletis A, Uritskaya OY, Uritsky VM. Detrended Fluctuation analysis of the US stock market. Int J Bifurc Chaos, forthcoming]. In doing so, we use daily data, over the period from 5 February 1971 to 1 December 2006 (a total of 9045 observations) on four US stock market indexes - the Dow Jones Industrial Average, the Standard and Poor's 500 Index, the NASDAQ Composite Index, and the NYSE Composite Index - and a new statistical physics approach - namely the 'detrending moving average (DMA)' technique, recently introduced by Alessio et al. [Alessio E, Carbone A, Castelli G, Frappietro V. Second-order moving average and scaling of stochastic time series. Euro Phys J B 2002;27;197-200.] and further developed by Carbone et al. [Carbone A, Castelli G, Stanley HE. Time dependent hurst exponent in financial time series. Physica A 2004;344;267-71, Carbone A, Castelli G, Stanley HE. Analysis of clusters formed by the moving average of a long-range correlated time series. Phys Rev E 2004;69;026105.]. The robustness of the results to the use of alternative testing methodologies is also investigated, by using Lo's [Lo AW. Long-term memory in stock market prices. Econometrica 1991;59:1279-313.] modified rescaled range analysis. We conclude that US stock

Mean reversion in the US stock market

Energy Technology Data Exchange (ETDEWEB)

Serletis, Apostolos [Department of Economics, University of Calgary, Calgary, Alberta, T2N 1N4 (Canada)], E-mail: Serletis@ucalgary.ca; Rosenberg, Aryeh Adam [Department of Economics, University of Calgary, Calgary, Alberta, T2N 1N4 (Canada)

2009-05-30

This paper revisits the evidence for the weaker form of the efficient market hypothesis, building on recent work by Serletis and Shintani [Serletis A, Shintani M. No evidence of chaos but some evidence of dependence in the US stock market. Chaos, Solitons and Fractals 2003;17:449-54], Elder and Serletis [Elder J, Serletis A. On fractional integrating dynamics in the US stock market. Chaos, Solitons and Fractals 2007;34;777-81], Koustas et al. [Koustas Z, Lamarche J.-F, Serletis A. Threshold random walks in the US stock market. Chaos, Solitons and Fractals, forthcoming], Hinich and Serletis [Hinich M, Serletis A. Randomly modulated periodicity in the US stock market. Chaos, Solitons and Fractals, forthcoming], and Serletis et al. [Serletis A, Uritskaya OY, Uritsky VM. Detrended Fluctuation analysis of the US stock market. Int J Bifurc Chaos, forthcoming]. In doing so, we use daily data, over the period from 5 February 1971 to 1 December 2006 (a total of 9045 observations) on four US stock market indexes - the Dow Jones Industrial Average, the Standard and Poor's 500 Index, the NASDAQ Composite Index, and the NYSE Composite Index - and a new statistical physics approach - namely the 'detrending moving average (DMA)' technique, recently introduced by Alessio et al. [Alessio E, Carbone A, Castelli G, Frappietro V. Second-order moving average and scaling of stochastic time series. Euro Phys J B 2002;27;197-200.] and further developed by Carbone et al. [Carbone A, Castelli G, Stanley HE. Time dependent hurst exponent in financial time series. Physica A 2004;344;267-71, Carbone A, Castelli G, Stanley HE. Analysis of clusters formed by the moving average of a long-range correlated time series. Phys Rev E 2004;69;026105.]. The robustness of the results to the use of alternative testing methodologies is also investigated, by using Lo's [Lo AW. Long-term memory in stock market prices. Econometrica 1991;59:1279-313.] modified rescaled range analysis. We

Multiscale Shannon entropy and its application in the stock market

Science.gov (United States)

Gu, Rongbao

2017-10-01

In this paper, we perform a multiscale entropy analysis on the Dow Jones Industrial Average Index using the Shannon entropy. The stock index shows the characteristic of multi-scale entropy that caused by noise in the market. The entropy is demonstrated to have significant predictive ability for the stock index in both long-term and short-term, and empirical results verify that noise does exist in the market and can affect stock price. It has important implications on market participants such as noise traders.

The Impact of Economic Agents Perceptions on Stock Price Volatility

Directory of Open Access Journals (Sweden)

Jaroslav Bukovina

2015-01-01

Full Text Available This paper studies perceptions of economic subjects and its impact on stock prices. Perceptions are represented by stock market indexes and Facebook activity. The contribution of this paper is twofold. In the first place, this paper analyzes the unique data of Facebook activity and proposes the methodology for employment of social networks as a proxy variable which represents the perceptions of information in society related to the specific company. The second contribution is the proposal of potential link between social network principles and theories of behavioral economics. Overall, the author finds the negative impact of Facebook activity on stock prices and the positive impact of stock market indices. The author points the implications of findings to protection of company reputation and to investment strategy based on the existence of undervalued stocks.

Future Premature Mortality Due to O3, Secondary Inorganic Aerosols and Primary PM in Europe — Sensitivity to Changes in Climate, Anthropogenic Emissions, Population and Building Stock

Science.gov (United States)

Geels, Camilla; Andersson, Camilla; Hänninen, Otto; Lansø, Anne Sofie; Schwarze, Per E.; Ambelas Skjøth, Carsten; Brandt, Jørgen

2015-01-01

Air pollution is an important environmental factor associated with health impacts in Europe and considerable resources are used to reduce exposure to air pollution through emission reductions. These reductions will have non-linear effects on exposure due, e.g., to interactions between climate and atmospheric chemistry. By using an integrated assessment model, we quantify the effect of changes in climate, emissions and population demography on exposure and health impacts in Europe. The sensitivity to the changes is assessed by investigating the differences between the decades 2000–2009, 2050–2059 and 2080–2089. We focus on the number of premature deaths related to atmospheric ozone, Secondary Inorganic Aerosols and primary PM. For the Nordic region we furthermore include a projection on how population exposure might develop due to changes in building stock with increased energy efficiency. Reductions in emissions cause a large significant decrease in mortality, while climate effects on chemistry and emissions only affects premature mortality by a few percent. Changes in population demography lead to a larger relative increase in chronic mortality than the relative increase in population. Finally, the projected changes in building stock and infiltration rates in the Nordic indicate that this factor may be very important for assessments of population exposure in the future. PMID:25749320

Future Premature Mortality Due to O3, Secondary Inorganic Aerosols and Primary PM in Europe — Sensitivity to Changes in Climate, Anthropogenic Emissions, Population and Building Stock

Directory of Open Access Journals (Sweden)

Camilla Geels

2015-03-01

Full Text Available Air pollution is an important environmental factor associated with health impacts in Europe and considerable resources are used to reduce exposure to air pollution through emission reductions. These reductions will have non-linear effects on exposure due, e.g., to interactions between climate and atmospheric chemistry. By using an integrated assessment model, we quantify the effect of changes in climate, emissions and population demography on exposure and health impacts in Europe. The sensitivity to the changes is assessed by investigating the differences between the decades 2000–2009, 2050–2059 and 2080–2089. We focus on the number of premature deaths related to atmospheric ozone, Secondary Inorganic Aerosols and primary PM. For the Nordic region we furthermore include a projection on how population exposure might develop due to changes in building stock with increased energy efficiency. Reductions in emissions cause a large significant decrease in mortality, while climate effects on chemistry and emissions only affects premature mortality by a few percent. Changes in population demography lead to a larger relative increase in chronic mortality than the relative increase in population. Finally, the projected changes in building stock and infiltration rates in the Nordic indicate that this factor may be very important for assessments of population exposure in the future.

Development of stock correlation networks using mutual information and financial big data.

Science.gov (United States)

Guo, Xue; Zhang, Hu; Tian, Tianhai

2018-01-01

Stock correlation networks use stock price data to explore the relationship between different stocks listed in the stock market. Currently this relationship is dominantly measured by the Pearson correlation coefficient. However, financial data suggest that nonlinear relationships may exist in the stock prices of different shares. To address this issue, this work uses mutual information to characterize the nonlinear relationship between stocks. Using 280 stocks traded at the Shanghai Stocks Exchange in China during the period of 2014-2016, we first compare the effectiveness of the correlation coefficient and mutual information for measuring stock relationships. Based on these two measures, we then develop two stock networks using the Minimum Spanning Tree method and study the topological properties of these networks, including degree, path length and the power-law distribution. The relationship network based on mutual information has a better distribution of the degree and larger value of the power-law distribution than those using the correlation coefficient. Numerical results show that mutual information is a more effective approach than the correlation coefficient to measure the stock relationship in a stock market that may undergo large fluctuations of stock prices.

Stock market in Ukraine: state and prospects of development

Directory of Open Access Journals (Sweden)

Krasnova Iryna V.

2014-01-01

Full Text Available The article is devoted to analysis of the topical problem of detection of specific features of functioning and problem of development of the stock market of Ukraine and also justification of directions of increase of its liquidity and efficiency. It analyses main tendencies and regularities of development of the stock market in the context of institutional, instrumental and infrastructural components. It considers issues of changes of volumes of trade and other parameters of activity of stock exchanges during recent years. It focuses on existing problems on the way of development of the stock market of Ukraine, which interfere with its efficient functioning, in particular, a limited number of liquid and investment attractive financial instruments, high fragmentariness of the exchange and depositary infrastructure, and insufficient legislative regulation of the exchange activity. For solution of problem issues and stimulation of further development of the domestic stock market the article marks expediency of consolidation of stock exchanges, necessity to increase capitalisation, liquidity and transparency of the stock market; further formation and consolidation of the market infrastructure and ensuring its reliable and efficient functioning, and improvement of mechanisms of state regulation, supervision and protection of the rights of investors in the Ukrainian stock market.

Quantifying the effect of investors' attention on stock market.

Directory of Open Access Journals (Sweden)

Zhen-Hua Yang

Full Text Available The investors' attention has been extensively used to predict the stock market. Different from existing proxies of the investors' attention, such as the Google trends, Baidu index (BI, we argue the collective attention from the stock trading platforms could reflect the investors' attention more closely. By calculated the increments of the attention volume for each stock (IAVS from the stock trading platforms, we investigate the effect of investors' attention measured by the IAVS on the movement of the stock market. The experimental results for Chinese Securities Index 100 (CSI100 show that the BI is significantly correlated with the returns of CSI100 at 1% significance level only in 2014. However, it should be emphasized that the correlation of the new proposed measure, namely IAVS, is significantly at 1% significance level in 2014 and 2015. It shows that the effect of the measure IAVS on the movement of the stock market is more stable and significant than BI. This study yields important invest implications and better understanding of collective investors' attention.

Quantifying the effect of investors' attention on stock market.

Science.gov (United States)

Yang, Zhen-Hua; Liu, Jian-Guo; Yu, Chang-Rui; Han, Jing-Ti

2017-01-01

The investors' attention has been extensively used to predict the stock market. Different from existing proxies of the investors' attention, such as the Google trends, Baidu index (BI), we argue the collective attention from the stock trading platforms could reflect the investors' attention more closely. By calculated the increments of the attention volume for each stock (IAVS) from the stock trading platforms, we investigate the effect of investors' attention measured by the IAVS on the movement of the stock market. The experimental results for Chinese Securities Index 100 (CSI100) show that the BI is significantly correlated with the returns of CSI100 at 1% significance level only in 2014. However, it should be emphasized that the correlation of the new proposed measure, namely IAVS, is significantly at 1% significance level in 2014 and 2015. It shows that the effect of the measure IAVS on the movement of the stock market is more stable and significant than BI. This study yields important invest implications and better understanding of collective investors' attention.

Quantifying the effect of investors’ attention on stock market

Science.gov (United States)

Yang, Zhen-Hua; Liu, Jian-Guo; Yu, Chang-Rui; Han, Jing-Ti

2017-01-01

The investors’ attention has been extensively used to predict the stock market. Different from existing proxies of the investors’ attention, such as the Google trends, Baidu index (BI), we argue the collective attention from the stock trading platforms could reflect the investors’ attention more closely. By calculated the increments of the attention volume for each stock (IAVS) from the stock trading platforms, we investigate the effect of investors’ attention measured by the IAVS on the movement of the stock market. The experimental results for Chinese Securities Index 100 (CSI100) show that the BI is significantly correlated with the returns of CSI100 at 1% significance level only in 2014. However, it should be emphasized that the correlation of the new proposed measure, namely IAVS, is significantly at 1% significance level in 2014 and 2015. It shows that the effect of the measure IAVS on the movement of the stock market is more stable and significant than BI. This study yields important invest implications and better understanding of collective investors’ attention. PMID:28542216

An econometric model of the South African stock market

Directory of Open Access Journals (Sweden)

E Moolman

2015-01-01

Full Text Available A wealth of literature exists concerning the modelling of stock markets, as well as the examination of the relationshiop between share price and various economic factors, both theoretically and empirically.  However, most studies use data for developed countries in their analyses, while the literature moselling emerging stock markets in general, and the south African stock market in particular, is quite sparse.  This study develops a structural theoretically founded model of the South African stock market that is estimated using co-integration and error-correction techniques. These techniques respectively estimate the long-term equilibrium or intrinsic value of the stock market, and the short-term fluctuations around the quilibrium level. According to the results, share prices are co-integrated with the variables dictated by the expected present value model of asset price determination.  The short-term fluctuations are determined by various factors such as interest rates, a risk premium, the exchange rate, foreign stock market adn other variables.

Stock Picking via Nonsymmetrically Pruned Binary Decision Trees

OpenAIRE

Anton Andriyashin

2008-01-01

Stock picking is the field of financial analysis that is of particular interest for many professional investors and researchers. In this study stock picking is implemented via binary classification trees. Optimal tree size is believed to be the crucial factor in forecasting performance of the trees. While there exists a standard method of tree pruning, which is based on the cost-complexity tradeoff and used in the majority of studies employing binary decision trees, this paper introduces a no...

Pattern-set generation algorithm for the one-dimensional multiple stock sizes cutting stock problem

Science.gov (United States)

Cui, Yaodong; Cui, Yi-Ping; Zhao, Zhigang

2015-09-01

A pattern-set generation algorithm (PSG) for the one-dimensional multiple stock sizes cutting stock problem (1DMSSCSP) is presented. The solution process contains two stages. In the first stage, the PSG solves the residual problems repeatedly to generate the patterns in the pattern set, where each residual problem is solved by the column-generation approach, and each pattern is generated by solving a single large object placement problem. In the second stage, the integer linear programming model of the 1DMSSCSP is solved using a commercial solver, where only the patterns in the pattern set are considered. The computational results of benchmark instances indicate that the PSG outperforms existing heuristic algorithms and rivals the exact algorithm in solution quality.

Modeling Boston: A workflow for the efficient generation and maintenance of urban building energy models from existing geospatial datasets

International Nuclear Information System (INIS)

Cerezo Davila, Carlos; Reinhart, Christoph F.; Bemis, Jamie L.

2016-01-01

City governments and energy utilities are increasingly focusing on the development of energy efficiency strategies for buildings as a key component in emission reduction plans and energy supply strategies. To support these diverse needs, a new generation of Urban Building Energy Models (UBEM) is currently being developed and validated to estimate citywide hourly energy demands at the building level. However, in order for cities to rely on UBEMs, effective model generation and maintenance workflows are needed based on existing urban data structures. Within this context, the authors collaborated with the Boston Redevelopment Authority to develop a citywide UBEM based on official GIS datasets and a custom building archetype library. Energy models for 83,541 buildings were generated and assigned one of 52 use/age archetypes, within the CAD modelling environment Rhinoceros3D. The buildings were then simulated using the US DOE EnergyPlus simulation program, and results for buildings of the same archetype were crosschecked against data from the US national energy consumption surveys. A district-level intervention combining photovoltaics with demand side management is presented to demonstrate the ability of UBEM to provide actionable information. Lack of widely available archetype templates and metered energy data, were identified as key barriers within existing workflows that may impede cities from effectively applying UBEM to guide energy policy. - Highlights: • Data requirements for Urban Building Energy Models are reviewed. • A workflow for UBEM generation from available GIS datasets is developed. • A citywide demand simulation model for Boston is generated and tested. • Limitations for UBEM in current urban data systems are identified and discussed. • Model application for energy management policy is shown in an urban PV scenario.

The Geometric Phase of Stock Trading.

Science.gov (United States)

Altafini, Claudio

2016-01-01

Geometric phases describe how in a continuous-time dynamical system the displacement of a variable (called phase variable) can be related to other variables (shape variables) undergoing a cyclic motion, according to an area rule. The aim of this paper is to show that geometric phases can exist also for discrete-time systems, and even when the cycles in shape space have zero area. A context in which this principle can be applied is stock trading. A zero-area cycle in shape space represents the type of trading operations normally carried out by high-frequency traders (entering and exiting a position on a fast time-scale), while the phase variable represents the cash balance of a trader. Under the assumption that trading impacts stock prices, even zero-area cyclic trading operations can induce geometric phases, i.e., profits or losses, without affecting the stock quote.

A brief comparison of existing regional green building design standards in China

Science.gov (United States)

Wang, J.; Liu, Y.; Ren, J.; Cho, S.

2017-03-01

A large country with a variety of regional natural, cultural and economic conditions, China has established a number of green building design (GBD) standards both at national and regional (provincial and municipal) levels. Some researches have been conducted to review and compare such standards. The main aim was to provide valuable references for the establishment of new regionally specific GBD standards in different regions of the country. This paper introduces the preliminary results of the researches. The distribution, frameworks and content of the existing regional GBD standards are introduced and compared in relating to the regionally specific climate, resource, economic and cultural conditions. Conclusions are provided and further researches are recommended.

Turn-off-the-Month Effect on Stocks in LQ45 Index and Various Sectors in the Indonesia Stock Exchange using GARCH (p,q

Directory of Open Access Journals (Sweden)

Galih Pandekar

2012-01-01

Full Text Available There are few types of anomalies that occur in the Indonesia Stock Exchange, for example monthly effect, day-of-the-week effect, January effect, holiday effect, and turn-of-the-month effect. The existence of these anomalies is in contrast to the efficient market hypothesis theory, due to a signifi-cant difference in returns during certain periods. By using time-series analysis and the GARCH(p,q method, the existence of the turn-of-the-month effect has been found in the Jakarta Composite Index, sectoral indexes, and stocks in LQ45. The turn-of-the-month effect seems to be seen in the last two days and the four previous days of each month. The January effect does not incite the turn-of-the-month effect. The turn-of-the-month effect appears due to an increasing volume of stocks acquired by investment managers who want to see their portfolio performance better. ";} // -->activate javascript

Global socioeconomic carbon stocks in long-lived products 1900-2008

Science.gov (United States)

Lauk, Christian; Haberl, Helmut; Erb, Karl-Heinz; Gingrich, Simone; Krausmann, Fridolin

2012-09-01

A better understanding of the global carbon cycle as well as of climate change mitigation options such as carbon sequestration requires the quantification of natural and socioeconomic stocks and flows of carbon. A so-far under-researched aspect of the global carbon budget is the accumulation of carbon in long-lived products such as buildings and furniture. We present a comprehensive assessment of global socioeconomic carbon stocks and the corresponding in- and outflows during the period 1900-2008. These data allowed calculation of the annual carbon sink in socioeconomic stocks during this period. The study covers the most important socioeconomic carbon fractions, i.e. wood, bitumen, plastic and cereals. Our assessment was mainly based on production and consumption data for plastic, bitumen and wood products and the respective fractions remaining in stocks in any given year. Global socioeconomic carbon stocks were 2.3 GtC in 1900 and increased to 11.5 GtC in 2008. The share of wood in total C stocks fell from 97% in 1900 to 60% in 2008, while the shares of plastic and bitumen increased to 16% and 22%, respectively. The rate of gross carbon sequestration in socioeconomic stocks increased from 17 MtC yr-1 in 1900 to a maximum of 247 MtC yr-1 in 2007, corresponding to 2.2%-3.4% of global fossil-fuel-related carbon emissions. We conclude that while socioeconomic carbon stocks are not negligible, their growth over time is not a major climate change mitigation option and there is an only modest potential to mitigate climate change by the increase of socioeconomic carbon stocks.

Dynamics and management of stage-structured fish stocks.

Science.gov (United States)

Meng, Xinzhu; Lundström, Niklas L P; Bodin, Mats; Brännström, Åke

2013-01-01

With increasing fishing pressures having brought several stocks to the brink of collapse, there is a need for developing efficient harvesting methods that account for factors beyond merely yield or profit. We consider the dynamics and management of a stage-structured fish stock. Our work is based on a consumer-resource model which De Roos et al. (in Theor. Popul. Biol. 73, 47-62, 2008) have derived as an approximation of a physiologically-structured counterpart. First, we rigorously prove the existence of steady states in both models, that the models share the same steady states, and that there exists at most one positive steady state. Furthermore, we carry out numerical investigations which suggest that a steady state is globally stable if it is locally stable. Second, we consider multiobjective harvesting strategies which account for yield, profit, and the recovery potential of the fish stock. The recovery potential is a measure of how quickly a fish stock can recover from a major disturbance and serves as an indication of the extinction risk associated with a harvesting strategy. Our analysis reveals that a small reduction in yield or profit allows for a disproportional increase in recovery potential. We also show that there exists a harvesting strategy with yield close to the maximum sustainable yield (MSY) and profit close to that associated with the maximum economic yield (MEY). In offering a good compromise between MSY and MEY, we believe that this harvesting strategy is preferable in most instances. Third, we consider the impact of harvesting on population size structure and analytically determine the most and least harmful harvesting strategies. We conclude that the most harmful harvesting strategy consists of harvesting both adults and juveniles, while harvesting only adults is the least harmful strategy. Finally, we find that a high percentage of juvenile biomass indicates elevated extinction risk and might therefore serve as an early-warning signal of

The effect of building regulations and energy conservation measures in domestic sector on national energy consumption

International Nuclear Information System (INIS)

Samo, S.R.; Akhund, M.A.; Brohi, K.M.

2004-01-01

In England, housing accounts for some 30% of total fuel consumption and a similar proportion of energy-related carbon dioxide (CO/sub 2/) emission. A study has been conducted to analyse the effect of the legislations and UK thermal building regulations on national energy consumption in housing. This research paper presents data on the percentage of dwelling stock, the energy consumption, energy cost and carbon dioxide (CO/sub 2/) emission in different types of dwellings, which comply different building regulations from 1965 to 1995. It was found that. 66% of the dwelling stock, which comply the building Regulations before 1965, consumes 73% of total energy used in housing. This dwelling stock is also responsible for 75% of carbon dioxide (CO/sub 2/) emission. Whereas currently only 4% of the dwelling stock complies the latest building regulations 1995 which consume 2 % of energy and produce a similar percentage of carbon dioxide (CO/sub 2/) emission in housing. Since the large portion of the dwelling stock is comprised of old dwellings, therefore the greatest potential for energy conservation measures can be found in improving these dwellings instead of constructing new dwellings. (author)

Seasonal Trends in Lithuanian Stock Market

Directory of Open Access Journals (Sweden)

Žaneta Simanavičienė

2013-11-01

Full Text Available Purpose of the article is to disentangle different calendar effects which leave efficiency holes in Lithuanian market. This paper presents and tests if commonly described seasonal patterns exist in Lithuanian stock market. Analysis of three different sections: period-of-the-year; week-of-the-month and day-of-the-week, suggests that calendar effects do exist in this market. The multitude of explanations for the seasonal effect leaves the reader confused about its primary cause(s: is it tax-loss selling, window dressing, information, bid-ask bounce, or a combination of these causes? The confusion arises, in part, because evidence has generally been presented in support of a particular hypothesis though the same evidence may be consistent with another hypothesis. Methodology/methods are logical and systemic analysis of research literature based on the comparative and generalization methods as well as statistical methods. Scientific aim of the article is the lack of arguments questioning if market prices operating system is fully effective. Novelty of the paper is to the answer to the question what seasonal anomalies are also present in the stock market of new open economy countries. Findings show that using this modified strategy investor could achieve 20.7% compounded annual growth rate versus 7.8% achieved using simply holding stocks throughout. The hypothesis asserts that returns generally will be greater following the “January effect”. There is limited amount of data for constructing robust seasonal strategies so we modified Buy and Hold strategy with simple rules of using best and worst months to show how they influence OMXV index performance. In the conclusions, empirical results using stock index returns for 2000 - 2010 support the hypothesis in Lithuaian stock market. Abnormal activity of OMXV index’s performance is found in the end of summer and throughout autumn. August is best performer of the year while October is

On the effectiveness of smart technologies in the seismic protection of existing buildings Part I: Masonry structures

International Nuclear Information System (INIS)

Mandara, A.; Ramundo, F.; Spina, G.

2008-01-01

The first part of a study concerning innovative intervention techniques for dissipate a share of the input seismic energy compatible with the preservation of existing buildings, including historical and monumental constructions, is presented in this paper. The case of a typical scheme of a long-bay box-like masonry building fitted with a dissipative floating roof is analyzed. In the examined building a wide simulation analysis has shown the achievement of a very satisfying performance. Furthermore, the effectiveness of the system can be maximized by means of active or semi-active devices implemented in the floating roof and a significant reduction of the seismic impact on the building can be obtained compared with non-controlled or simply passively controlled structure. The results prove the remarkable increase of the energy dissipation capability of the system, as well as the reduction of structural damage, independently of any specific strengthening intervention

The Place of Management of Production Stocks in the Enterprise Management System

OpenAIRE

Kuzmin Oleh Ye.; Melnyk Olha H.; Hanas Lyubov M.; Nodzhak Lyubov S.

2017-01-01

The article is concerned with the definition of peculiarities of management of production stocks within the management system of enterprise. The article thoroughly researches the essence and peculiarities of the process of management of production stocks as an economic category that, unlike existing interpretations, has allowed to specify semantic and functional content of the concept. Management of production stocks of enterprise is presented as a specific function of management in the enter...

Building renovation with interior insulation on solid masonry walls in Denmark - A study of the building segment and possible solutions

DEFF Research Database (Denmark)

Odgaard, Tommy; Bjarløv, Søren Peter; Rode, Carsten

2015-01-01

The segment size of the Danish multi-story building stock from the period 1851-1930 is established through a unique major database managed by the Danish authorities. The outcome illustrates a large segment with 219,202 apartment units distributed over 14,832 unique buildings, all sharing characte...

Effects of interest rate, exchange rate and their volatilities on stock prices: evidence from banking industry of Pakistan

Directory of Open Access Journals (Sweden)

Syed Tehseen JAWAID

2012-08-01

Full Text Available This study investigates the effects of exchange rate, interest rates, and their volatilities on stock prices of banking industry of Pakistan. Cointegration results suggests the existance of significant negative long run relationship between exchange rate and short term interest rate with stock prices. On the other hand, positive and significant relationship exists between volatilities of exchange rate and interest rate with stock prices. Causality analysis confirms bidirectional causality between exchange rate and stock prices. Whereas, unidirectional causality runs from short term interest rate to stock prices. Sensitivity analysis confirms that the results are robust. It is suggested that investors should invest in banking sector stocks when exchange rate and interest rates are highly volatile. The result also supports the view that exchange rate and interest rate can be used as an indicator for investment decision making in banking sector stocks.

Dynamic Relation Mechanism between Cotton Future Price and Stock Price of Related Listed Companies

Institute of Scientific and Technical Information of China (English)

2011-01-01

The Dynamic relation mechanism between ZCE cotton futures price and related listed company stock price has been studied based on the metastock historical data in January 1st,2007 to September 1st,2010,Johansen co-integration analysis,Vector error correction model,Granger causality test and variance decomposition method.The results indicated that:long-term equilibrium relationship existed between ZCE cotton futures price and Xinsai share stock price while which changed in the same tendency and speed in the long-term.Cotton futures price is the main reason for the changing of Xinsai share stock price.The lead-lag relationship in changing course had been confirmed that existed between ZCE cotton futures price and the Xinsai share stock price.Meanwhile,the forward pass mechanism of price changing information had been found only from the ZCE cotton futures market to the stock market while showing asymmetry.Conclusions of the study can be used for cotton and related corporate to hedge business risks by the cotton price changes.

Comparative Study on Code-based Linear Evaluation of an Existing RC Building Damaged during 1998 Adana-Ceyhan Earthquake

Science.gov (United States)

Toprak, A. Emre; Gülay, F. Gülten; Ruge, Peter

2008-07-01

Determination of seismic performance of existing buildings has become one of the key concepts in structural analysis topics after recent earthquakes (i.e. Izmit and Duzce Earthquakes in 1999, Kobe Earthquake in 1995 and Northridge Earthquake in 1994). Considering the need for precise assessment tools to determine seismic performance level, most of earthquake hazardous countries try to include performance based assessment in their seismic codes. Recently, Turkish Earthquake Code 2007 (TEC'07), which was put into effect in March 2007, also introduced linear and non-linear assessment procedures to be applied prior to building retrofitting. In this paper, a comparative study is performed on the code-based seismic assessment of RC buildings with linear static methods of analysis, selecting an existing RC building. The basic principles dealing the procedure of seismic performance evaluations for existing RC buildings according to Eurocode 8 and TEC'07 will be outlined and compared. Then the procedure is applied to a real case study building is selected which is exposed to 1998 Adana-Ceyhan Earthquake in Turkey, the seismic action of Ms = 6.3 with a maximum ground acceleration of 0.28 g It is a six-storey RC residential building with a total of 14.65 m height, composed of orthogonal frames, symmetrical in y direction and it does not have any significant structural irregularities. The rectangular shaped planar dimensions are 16.40 m×7.80 m = 127.90 m2 with five spans in x and two spans in y directions. It was reported that the building had been moderately damaged during the 1998 earthquake and retrofitting process was suggested by the authorities with adding shear-walls to the system. The computations show that the performing methods of analysis with linear approaches using either Eurocode 8 or TEC'07 independently produce similar performance levels of collapse for the critical storey of the structure. The computed base shear value according to Eurocode is much higher

Comparative Study on Code-based Linear Evaluation of an Existing RC Building Damaged during 1998 Adana-Ceyhan Earthquake

International Nuclear Information System (INIS)

Toprak, A. Emre; Guelay, F. Guelten; Ruge, Peter

2008-01-01

Determination of seismic performance of existing buildings has become one of the key concepts in structural analysis topics after recent earthquakes (i.e. Izmit and Duzce Earthquakes in 1999, Kobe Earthquake in 1995 and Northridge Earthquake in 1994). Considering the need for precise assessment tools to determine seismic performance level, most of earthquake hazardous countries try to include performance based assessment in their seismic codes. Recently, Turkish Earthquake Code 2007 (TEC'07), which was put into effect in March 2007, also introduced linear and non-linear assessment procedures to be applied prior to building retrofitting. In this paper, a comparative study is performed on the code-based seismic assessment of RC buildings with linear static methods of analysis, selecting an existing RC building. The basic principles dealing the procedure of seismic performance evaluations for existing RC buildings according to Eurocode 8 and TEC'07 will be outlined and compared. Then the procedure is applied to a real case study building is selected which is exposed to 1998 Adana-Ceyhan Earthquake in Turkey, the seismic action of Ms = 6.3 with a maximum ground acceleration of 0.28 g It is a six-storey RC residential building with a total of 14.65 m height, composed of orthogonal frames, symmetrical in y direction and it does not have any significant structural irregularities. The rectangular shaped planar dimensions are 16.40 mx7.80 m = 127.90 m 2 with five spans in x and two spans in y directions. It was reported that the building had been moderately damaged during the 1998 earthquake and retrofitting process was suggested by the authorities with adding shear-walls to the system. The computations show that the performing methods of analysis with linear approaches using either Eurocode 8 or TEC'07 independently produce similar performance levels of collapse for the critical storey of the structure. The computed base shear value according to Eurocode is much higher

CLI technical commission. Additional safety assessments within the EDF nuclear stock

International Nuclear Information System (INIS)

2011-01-01

This slides presentation addresses additional safety assessments within the EDF nuclear stock. It describes the context and challenges of these assessments (institutional framework, European coherence, major objectives for EDF). It describes how EDF is organised to perform these assessments: a global project after Fukushima, assessments and tests which are beyond the existing safety referential, the three defence lines and their tests. It addresses the content of assessment reports for each topic (earthquake, flooding, loss of water, loss of electric supply, accident management). It indicates some improvements proposed after the first assessments. It describes the improvements concerning the Gravelines power plant. It recalls the assessment agenda, proposes a brief overview of events, comments the results of the third decennial visit of production unit no. 1 which comprised some proof test on the primary circuit, on the reactor vessel and on the reactor building

Outlook of the world steel cycle based on the stock and flow dynamics.

Science.gov (United States)

Hatayama, Hiroki; Daigo, Ichiro; Matsuno, Yasunari; Adachi, Yoshihiro

2010-08-15

We present a comprehensive analysis of steel use in the future compiled using dynamic material flow analysis (MFA). A dynamic MFA for 42 countries depicted the global in-use stock and flow up to the end of 2005. On the basis of the transition of steel stock for 2005, the growth of future steel stock was then estimated considering the economic growth for every country. Future steel demand was estimated using dynamic analysis under the new concept of "stocks drive flows". The significant results follow. World steel stock reached 12.7 billion t in 2005, and has doubled in the last 25 years. The world stock in 2005 mainly consisted of construction (60%) and vehicles (10%). Stock in these end uses will reach 55 billion t in 2050, driven by a 10-fold increase in Asia. Steel demand will reach 1.8 billion t in 2025, then slightly decrease, and rise again by replacement of buildings. The forecast of demand clearly represents the industrial shift; at first the increase is dominated by construction, and then, after 2025, demand for construction decreases and demand for vehicles increases instead. This study thus provides the dynamic mechanism of steel stock and flow toward the future, which contributes to the design of sustainable steel use.

Making Sense of Dynamic Systems: How Our Understanding of Stocks and Flows Depends on a Global Perspective

Science.gov (United States)

Fischer, Helen; Gonzalez, Cleotilde

2016-01-01

Stocks and flows (SF) are building blocks of dynamic systems: Stocks change through inflows and outflows, such as our bank balance changing with withdrawals and deposits, or atmospheric CO[subscript 2] with absorptions and emissions. However, people make systematic errors when trying to infer the behavior of dynamic systems, termed SF failure,…

The Value Premium on the Danish Stock Market

DEFF Research Database (Denmark)

Risager, Ole

2005-01-01

research on this issue. The purpose of this paper is to report evidence for the Danish stock market and to test whether the value premium is a genuine long-term feature of the market or just a phenomenon that pops up now and then. To research this issue we have collected accounting and stock market data......A number of influential studies have documented a strong value premium for US stocks over the period 1963 to 1990 (Fama and French (1992), Lakonishok et al. (1994)). Stocks with low price-earnings multiples, price-book values and other measures of value are reported to have given a higher mean...... return than the high multiple growth firms. Work by Basu (1997) and others have shown that the value dominance is also a feature of the earlier market history of the United States. The value premium is reported also to exist in a number of other countries over the period 1975 to 1995 (Fama and French...

Are Vietnam and Chinese stock markets out of the US contagion effect in extreme events?

Science.gov (United States)

Nguyen, Cuong; Ishaq Bhatti, M.; Henry, Darren

2017-08-01

This paper employs Chi-plots, Kendall (K)-plots and three different copula functions to empirically examine the tail dependence between the US stock market and stock markets in Vietnam and China in order to test contagion effects pre- and post- the US subprime mortgage crisis. The results based on data between 2003 and 2011 indicate the presence of left tail dependence before and after the crisis suggesting no change in dependence structure, but there exists stronger left tail dependence between the US and Vietnam stock markets. It is observed that the US and Vietnam stock markets are more prone to crashing than booming together. For the Chinese market, the US and Shanghai stock markets exhibit left tail dependence before the crisis, but no evidence of post-crisis tail dependency. On the contrary, the Shenzhen stock market is independent of the US market before and after the crisis which implies that an extreme event in the US market is less likely to influence the Shenzhen stock market. This suggests that there is significant potential for risk diversification by investing in the Shenzhen market by US investors after the financial crisis. These results have not been documented in the existing literature and provide a new insight into risk diversification between the two important Asian emerging stock markets.

Establishing a commercial building energy data framework for India

Energy Technology Data Exchange (ETDEWEB)

Iyer, Maithili [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Kumar, Satish [Alliance for an Energy Efficient Economy, New Delhi (India); Mathew, Sangeeta [Alliance for an Energy Efficient Economy, New Delhi (India); Stratton, Hannah [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Mathew, Paul A. [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Singh, Mohini [Synurja, Inc. (India)

2018-04-18

Buildings account for over 40% of the world’s energy consumption and are therefore a key contributor to a country’s energy as well as carbon budget. Understanding how buildings use energy is critical to understanding how related policies may impact energy use. Data enables decision making, and good quality data arms consumers with the tools to compare their energy performance to their peers, allowing them to differentiate their buildings in the real estate market on the basis of their energy footprint. Good quality data are also essential for policy makers to prioritize their energy saving strategies and track implementation. The United States’ Commercial Building Energy Consumption Survey (CBECS) is an example of a successful data framework that is highly useful for governmental and nongovernmental initiatives related to benchmarking energy forecasting, rating systems and metrics, and more. The Bureau of Energy Efficiency (BEE) in India developed the Energy Conservation Building Code (ECBC) and launched the Star Labeling program for a few energy-intensive building segments as a significant first step. However, a data driven policy framework for systematically targeting energy efficiency in both new construction and existing buildings has largely been missing. There is no quantifiable mechanism currently in place to track the impact of code adoption through regular reporting/survey of energy consumption in the commercial building stock. In this paper we present findings from our study that explored use cases and approaches for establishing a commercial buildings data framework for India.

Potential gains in storage on productive forestlands in the northeastern United Sates through stocking management

Science.gov (United States)

Coeli Hoover; Linda S. Heath

2011-01-01

One method of increasing forest carbon stocks that is often discussed is increasing stocking levels on existing forested lands. However, estimates of the potential increases in forest carbon sequestration as a result of increased stocking levels are not readily available. Using the USDA Forest Service's Forest Inventory and Analysis data coupled with the Forest...

Government grant control of development of stock-raising

OpenAIRE

SAMOYLIK YU.V.

2012-01-01

Directions of improvement of mechanism of government grant control of development of stock-raising are offered on the basis of the educed tendencies and conformities to law in the existent system of sponsorship of industry.

Mobilisation of the potential for the renewal of energy systems in existing buildings; Mobilisierung der energetischen Erneuerungspotenziale im Wohnbaubestand

Energy Technology Data Exchange (ETDEWEB)

Ott, W.; Baur, M.; Kaufmann, Y. [econcept AG, Zuerich (Switzerland); Jakob, M.; Ott, A. [Centre for Energy Policy and Economics (CEPE), ETH Zuerich, Zuerich (Switzerland)

2005-07-01

This comprehensive report for the Swiss Federal Office of Energy (SFOE) summarises the findings of an energy-policy project that looked into the potential for the renewal of energy systems in existing buildings. The report presents an analysis of the situation as far as buildings, their ownership and the development of renovation work is concerned. Also, the results of a survey made under the owners of buildings and managers of real estate with respect to building renovation aspects are presented and discussed. Further, an analysis of problems arising from deficits in the renewal of energy-relevant components is provided and background and motivation for the renewal of buildings are looked at. Also, economic aspects and sustainability issues are considered. A further chapter covers strategies and measures that can be used to mobilise the renewal potential, including legislature and labelling systems.

Implementation and evaluation of a web based system for pharmacy stock management in rural Haiti.

Science.gov (United States)

Berger, Elisabeth J; Jazayeri, Darius; Sauveur, Marcel; Manasse, Jean Joel; Plancher, Inel; Fiefe, Marquise; Laurat, Guerline; Joseph, Samahel; Kempton, Kathryn; Fraser, Hamish S F

2007-10-11

Managing the stock and supply of medication is essential for the provision of health care, especially in resource poor areas of the world. We have developed an innovative, web-based stock management system to support nine clinics in rural Haiti. Building on our experience with a web-based EMR system for our HIV patients, we developed a comprehensive stock tracking system that is modeled on the appearance of standardized WHO stock cards. The system allows pharmacy staff at all clinics to enter stock levels and also to request drugs and track shipments. Use of the system over the last 2 years has increased rapidly and we now track 450 products supporting care for 1.78 million patient visits annually. Over the last year drug stockouts have fallen from 2.6% to 1.1% and 97% of stock requests delivered were shipped within 1 day. We are now setting up this system in our clinics in rural Rwanda.

The quest for sustainability in existing buildings

DEFF Research Database (Denmark)

Nielsen, Susanne Balslev; Michaelsen, Lisbet; Jensen, Per Anker

2014-01-01

to sustainability at societal level. Due to lack of professional skills, decisions about operation and renovation of buildings are made every day in Denmark and beyond, without adequate knowledge about e.g. energy management and the potential ways of integrating sustainability (social, environmental and economic...

Towards a calibration of building energy models: A case study from the Spanish housing stock in the Mediterranean climate

Directory of Open Access Journals (Sweden)

Blázquez, T.

2015-12-01

Full Text Available Current energy policies focus on retrofitting to achieve Horizon 2020 aims, especially concerning the residential stock constructed before the first thermal regulations. According to this, improving energy efficiency and interior comfort conditions in buildings must be supported by the knowledge of its real energy performance. Due to uncertainty and the lack of information on the current energy performance of housing and its real operational conditions, discrepancies between the results obtained and the measured data arise. Housing monitoring under real occupational conditions become essential for a better understanding of environmental behavior of residential building stock. Our aim is to show the calibration process, based on monitoring data obtained from a group of dwellings of national heritage interest built in the 1950s in Seville (a Mediterranean climate city. Calibration allows simulation results to approximate to current environmental conditions, aiming to predict and optimize the potential for subsequent environmental and energy implementation.Las actuales políticas energéticas europeas proponen la rehabilitación para poder alcanzar los objetivos del Horizonte 2020, especialmente del parque residencial construido antes de las primeras normativas térmicas, debiendo cimentarse la mejora en eficiencia energética y confort en el conocimiento de su comportamiento energético real. Aparecen divergencias entre resultados reales y de simulación debido a las incertidumbres y falta de información sobre el estado actual y las condiciones reales de uso y operacionales. La monitorización bajo condiciones de ocupación real resulta imprescindible para conocer el comportamiento energético y ambiental del parque residencial. Nuestro objetivo es mostrar el proceso de calibración de modelos energéticos, a partir de la monitorización, de unas viviendas de interés patrimonial construidas en los años cincuenta en Sevilla, ciudad de clima

Relationship Among Political Instability, Stock Market Returns and Stock Market Volatility

OpenAIRE

Irshad Hira

2017-01-01

This study investigated the relationship of political instability with the stock prices. Results of the study indicated the negative relationship of stock prices with political instability. Moreover, results of suggested that instable political system ultimately leads decline in stock prices. Inflation has shown negative relationship with stock prices whereas, industrial production and Exports have positive relationship with stock prices.

Analysis of energy efficiency retrofit schemes for heating, ventilating and air-conditioning systems in existing office buildings based on the modified bin method

International Nuclear Information System (INIS)

Wang, Zhaoxia; Ding, Yan; Geng, Geng; Zhu, Neng

2014-01-01

Highlights: • A modified bin method is adopted to propose and optimize the EER schemes. • A case study is presented to demonstrate the analysis procedures of EER schemes. • Pertinent EER schemes for HVAC systems are proposed for the object building. - Abstract: Poor thermal performance of building envelop and low efficiencies of heating, ventilating and air-conditioning (HVAC) systems can always be found in the existing office buildings with large energy consumption. This paper adopted a modified bin method to propose and optimize the energy efficiency retrofit (EER) schemes. An existing office building in Tianjin was selected as an example to demonstrate the procedures of formulating the design scheme. Pertinent retrofit schemes for HVAC system were proposed after the retrofit of building envelop. With comprehensive consideration of energy efficiency and economic benefits, the recommended scheme that could improve the overall energy efficiency by 71.20% was determined

Applying Moving Objects Patterns towards Estimating Future Stocks Direction

Directory of Open Access Journals (Sweden)

Galal Dahab

2016-01-01

Full Text Available Stock is gaining vast popularity as a strategic investment tool not just by investor bankers, but also by the average worker. Large capitals are being traded within the stock market all around the world, making its impact not only macro economically focused, but also greatly valued taking into consideration its direct social impact. As a result, almost 66% of all American citizens are striving in their respective fields every day, trying to come up with better ways to predict and find patterns in stocks that could enhance their estimation and visualization so as to have the opportunity to take better investment decisions. Given the amount of effort that has been put into enhancing stock prediction techniques, there is still a factor that is almost completely neglected when handling stocks. The factor that has been obsolete for so long is in fact the effect of a correlation existing between stocks of the same index or parent company. This paper proposes a distinct approach for studying the correlation between stocks that belong to the same index by modelling stocks as moving objects to be able to track their movements while considering their relationships. Furthermore, it studies one of the movement techniques applied to moving objects to predict stock movement. The results yielded that both the movement technique and correlation coefficient technique are consistent in directions, with minor variations in values. The variations are attributed to the fact that the movement technique takes into consideration the sibling relationship

Daylighting for energy conservation in an existing building under tropical climate conditions: a case study of Lai Sue Thai building Ramkhamhaeng University

Directory of Open Access Journals (Sweden)

Lerdlekha Tanachaikhan

2015-12-01

Full Text Available Daylighting using skylight has been shown to have a high potential in reducing electrical lighting energy, and could provide a more pleasant atmosphere of a daylit space. However, in hot climates, the main constraint of daylighting is the solar heat gain that contributes to major heat load for an air-conditioning system. If the balance between the beneficial light gain used to offset lighting energy requirement and heat gain from daylight is well considered, significant energy savings can be obtained. The main objective of the study is to evaluate the potential of daylighting for energy conservation in the tropics through theoretical analysis (simulation study and experimental observation. Lai Sue Thai Building (an existing and educational building located at Ramkhamkaeng University was selected as a case study. From analysis, use of daylight could reduce electrical energy in this building by up to 76% compared to the initial condition where fully lighting was supplied. Window orientation would also play an important role. Moreover, heat gain through windows due to daylighting can be controlled by overhangs and the appropriate Window-to-Wall ratio that would be about 30% for this building. An experimental study was also carried out to validate the results in a selected room. About 49% and 37% of Relative Root Mean Square Error (RRMSE were observed in light and heat measurements, respectively

Global socioeconomic carbon stocks in long-lived products 1900–2008

International Nuclear Information System (INIS)

Lauk, Christian; Haberl, Helmut; Erb, Karl-Heinz; Gingrich, Simone; Krausmann, Fridolin

2012-01-01

A better understanding of the global carbon cycle as well as of climate change mitigation options such as carbon sequestration requires the quantification of natural and socioeconomic stocks and flows of carbon. A so-far under-researched aspect of the global carbon budget is the accumulation of carbon in long-lived products such as buildings and furniture. We present a comprehensive assessment of global socioeconomic carbon stocks and the corresponding in- and outflows during the period 1900–2008. These data allowed calculation of the annual carbon sink in socioeconomic stocks during this period. The study covers the most important socioeconomic carbon fractions, i.e. wood, bitumen, plastic and cereals. Our assessment was mainly based on production and consumption data for plastic, bitumen and wood products and the respective fractions remaining in stocks in any given year. Global socioeconomic carbon stocks were 2.3 GtC in 1900 and increased to 11.5 GtC in 2008. The share of wood in total C stocks fell from 97% in 1900 to 60% in 2008, while the shares of plastic and bitumen increased to 16% and 22%, respectively. The rate of gross carbon sequestration in socioeconomic stocks increased from 17 MtC yr −1 in 1900 to a maximum of 247 MtC yr −1 in 2007, corresponding to 2.2%–3.4% of global fossil-fuel-related carbon emissions. We conclude that while socioeconomic carbon stocks are not negligible, their growth over time is not a major climate change mitigation option and there is an only modest potential to mitigate climate change by the increase of socioeconomic carbon stocks. (letter)

Calculation of the energy balance and economic efficiency for a hired multiple dwelling unit in a stock Holbeinstrasse 3-5-7, Ruesselsheim. Final report; Energiebilanz- und Wirtschaftlichkeitsberechnungen fuer ein vermietetes Mehrfamilienhaus im Bestand Holbeinstrasse 3-5-7, Ruesselsheim. Endbericht

Energy Technology Data Exchange (ETDEWEB)

Enseling, Andreas; Hinz, Eberhard

2009-01-16

The authors of the contribution under consideration calculate the energy balance and economy for a rented multi-family house in the stock Holbein Street 3-5-7, Ruesselsheim (Federal Republic of Germany). The measured values only permit a rough estimation of the energy efficiency of the building and its heat supply system. The building with its thermal characteristics and the concept of power supply are not co-ordinated optimally. The heat requirement of the building is too high in order to be covered with renewable energy. Regarding the high capital costs an optimization potential exists during the heat supply.

The building stock from perspective of change - renovation roadmap

Energy Technology Data Exchange (ETDEWEB)

Airaksinen, M., Email: miimu.airaksinen@vtt.fi

2012-06-15

By 2050, population, society and economic structures will have changed several times. The long and short-term goals and objectives concerning our built environment are mutually contradictory. Determining objectives or creating scenarios for the future built environment is fruitless. We should approach the development of the built environment from the perspective of change and improve the flexibility and adaptability of the built environment. For the users, a built environment meeting their basic needs is part of sustainable development. Identified short-range renovation needs include eliminating damp and mould problems, improving energy and eco-efficiency, removing obstacles to mobility and adapting buildings to accommodate the needs of the elderly. Vacated areas and buildings should be recycled and offered a new life supporting a sense of community and service production. Improved energy efficiency reduces greenhouse gas emissions. Instead of renovating individual buildings, renovation of the entire area is recommended. Sustainability in construction translates into favouring recycling and renewable materials and building-specific energy systems using renewable and/or low-emission resources. It is recommended that renovations to improve energy efficiency are scheduled to coincide with other maintenance/ renovations so as to reduce costs. In renovation construction, the role of service improvement is more important than products. Improved services help to identify a solution that fulfils several customer needs, meets financial limitations and can be implemented efficiently. Companies are advised to view renovation construction as an innovative market segment entitled to its own service portfolio. Truths about new building should be discarded and new services developed based on recent study results and new technologies. (orig.)

The Impulsive Stock Market of Bangladesh and the Great Recession

Directory of Open Access Journals (Sweden)

Saif Hossain

2013-07-01

Full Text Available The paper investigates whether the stock market of Bangladesh can be related with the last world recession. The Pearson’s correlation analysis model was used to find the correlation between the Dhaka Stock Exchange General index and real GDP growth rate of the world. The findings show that no statistically significant correlation exists between the two variables inferring that the stock market of Bangladesh was not significantly affected by ‘the great recession’ (2007-2009. The findings of this study are inconsistent with the results of previous studies which claimed that the Bangladesh stock market shares a common stochastic trend with the capital market of USA. The results of this study may be explained mainly by domestic factors such as low market capitalization, market inefficiency, strict monitoring and control by the Security and Exchange Commission and low international participation in the stock market of Bangladesh. All these factors, along with the inconsistency with past results, instigate further investigation.

Integration of PV modules in existing Romanian buildings from rural areas

Energy Technology Data Exchange (ETDEWEB)

Fara, S.; Finta, D. [IPA SA Research Development, Engineering and Manufacturing for Automation Equipment and Systems, Bucharest (Romania); Fara, L.; Comaneci, D. [Polytechnic Univ. of Bucharest (Romania); Dabija, A.M. [Univ. of Architecture and Urbanism Ion Mincu, Bucharest (Romania); Tulcan-Paulescu, E. [West Univ. of Timisoara, Timisoara (Romania)

2010-07-01

Romania has launched a national research project to promote the use of distributed solar architecture and the use of BIPV systems. These systems include solar tunnels and active solar photovoltaic (PV) systems installed on the roofs and facades of buildings in rural areas. In contrast to other EU states, Romania does not have a photovoltaic building construction branch. The number of isolated cases are insufficient to identify a starting point regarding the PV market in the building industry. The main objective of the project is to demonstrate the efficiency of integrating various PV elements in buildings from rural areas, to test them and to make them known so that they can be used on a large scale. This will be accomplished by installing new products on 2 buildings in Bucharest and in 1 building in Timisoara. The PV modules will be integrated with the architecture. One of the buildings will be a historical building while the other 2 will be new buildings with different typologies. The installed power for each building will be of about 1.000 Wp, including some technologies with PV modules.

Legal concepts to eliminate the bottleneck in energy-saving modernisations for existing buildings; Rechtskonzepte zur Beseitigung des Staus energetischer Sanierungen im Gebaeudebestand

Energy Technology Data Exchange (ETDEWEB)

Klinski, Stefan [Hochschule fuer Wirtschaft und Recht (HWR), Berlin (Germany)

2009-10-15

The research project looked at the following: 1. Whether and to what extent the German tenancy law creates, on the one hand, adequate incentives for energy-saving modernisations of existing buildings, on the one hand, and, on the other, whether it creates legal obstacles. 2. How these obstacles could be eliminated i.e. by changing existing tenancy law and instead creating stimuli for energy-saving modernization of existing rental buildings. The report contents a number of specific recommendations for an energy-related reform of the German tenancy law. Major recommendations are: - to eliminate the current toleration duty for modernisation measures if changes are made to the building that conflict with the duties arising from the energy saving provisions of public law, - to consider energy-saving characteristics in the reference rent customary in the locality, - to create a possibility for imposing a flat-rate surcharge which is linked to the savings in heating costs for energy-saving improvement. (orig.)

Relationship Among Political Instability, Stock Market Returns and Stock Market Volatility

Directory of Open Access Journals (Sweden)

Irshad Hira

2017-08-01

Full Text Available This study investigated the relationship of political instability with the stock prices. Results of the study indicated the negative relationship of stock prices with political instability. Moreover, results of suggested that instable political system ultimately leads decline in stock prices. Inflation has shown negative relationship with stock prices whereas, industrial production and Exports have positive relationship with stock prices.

Study of structural reliability of existing concrete structures

Science.gov (United States)

Druķis, P.; Gaile, L.; Valtere, K.; Pakrastiņš, L.; Goremikins, V.

2017-10-01

Structural reliability of buildings has become an important issue after the collapse of a shopping center in Riga 21.11.2013, caused the death of 54 people. The reliability of a building is the practice of designing, constructing, operating, maintaining and removing buildings in ways that ensure maintained health, ward suffered injuries or death due to use of the building. Evaluation and improvement of existing buildings is becoming more and more important. For a large part of existing buildings, the design life has been reached or will be reached in the near future. The structures of these buildings need to be reassessed in order to find out whether the safety requirements are met. The safety requirements provided by the Eurocodes are a starting point for the assessment of safety. However, it would be uneconomical to require all existing buildings and structures to comply fully with these new codes and corresponding safety levels, therefore the assessment of existing buildings differs with each design situation. This case study describes the simple and practical procedure of determination of minimal reliability index β of existing concrete structures designed by different codes than Eurocodes and allows to reassess the actual reliability level of different structural elements of existing buildings under design load.

Perbandingan Stock Market Crash 1987 : Dan Stock Market Crash 1997

OpenAIRE

Indridewi Atmadjaja, Yovita Vivianty

1999-01-01

Stock market crash refers to the condition, which is marked with the large dropping of stock Market price index. Historically, stock market crash has happened three times, namely in 1929, 1987 and 1997. This paper will discuss the causes of 1987's and 1997's stock market Crash and the similarities and the differences between 1987's and 1997's stock market crash. The structure of the paper is as follows. The paper starts with the introduction. The second Section briefly explains the causes of ...

The role of BIM (Building Information Modeling for representation and managing of built and historic artifacts

Directory of Open Access Journals (Sweden)

Carlo Bianchini

2016-06-01

Full Text Available It’s established that in the design and construc- tion of new buildings, BIM is a fundamental refe- rence especially when the standardization is the typical character of the project. As Architecture, with the management of the entire building pro- cess, requires standardization for greater eco- nomy, thanks to BIM tools the building process seems to have actually moved to a 2.0 phase; on the contrary, when BIM is applied to historical bu- ildings it still reveals not so adequate. In this framework, this paper will not discuss the differences between CAD and BIM or the un- doubted potential of BIM software from a tech- nical or operational standpoint; we would focus instead on the implication of BIM referring to the Representation disciplines and to the issues con- nected with its application to the existing built stock and especially to historic buildings. 

Existing School Buildings: Incremental Seismic Retrofit Opportunities.

Science.gov (United States)

Federal Emergency Management Agency, Washington, DC.

The intent of this document is to provide technical guidance to school district facility managers for linking specific incremental seismic retrofit opportunities to specific maintenance and capital improvement projects. The linkages are based on logical affinities, such as technical fit, location of the work within the building, cost saving…

Comparable stocks, boundedly rational stock markets and IPO entry rates.

Directory of Open Access Journals (Sweden)

Jay Chok

Full Text Available In this study, we examine how initial public offerings (IPO entry rates are affected when stock markets are boundedly rational and IPO firms infer information from their counterparts in the market. We hypothesize a curvilinear relationship between the number of comparable stocks and initial public offerings (IPO entry rates into the NASDAQ Stock Exchange. Furthermore, we argue that trading volume and changes in stock returns partially mediates the relationship between the number of comparable stocks and IPO entry rates. The statistical evidence provides strong support for the hypotheses.

An Integrated Rolling Stock Planning Model for the Copenhagen Suburban Passenger Railway

DEFF Research Database (Denmark)

Thorlacius, Per; Larsen, Jesper; Laumanns, Marco

A central issue for operators of passenger railways is providing sufficient number of seats for passengers while at the same time minimising operating costs. This is the task of rolling stock planning. Due to the large number of practical, railway specific requirements that a rolling stock plan has...... to take into account, rolling stock plans are often constructed in a step-by-step manner, taking some requirements into consideration in each step. This may make it difficult in the final step to produce a plan that is feasible with regard to all of the requirements and at the same time economically...... attractive. This paper proposes an integrated rolling stock planning model that simultaneously takes into account all practical requirements for rolling stock planning at DSB S-tog, the suburban passenger train operator of the City of Copenhagen. The model is then used to improve existing rolling stock plans...

An integrated rolling stock planning model for the Copenhagen suburban passenger railway

DEFF Research Database (Denmark)

Thorlacius, Per; Larsen, Jesper; Laumanns, Marco

2015-01-01

A central issue for operators of passenger railways is providing sufficient number of seats for passengers while at the same time minimising operating costs. This is the task of rolling stock planning. Due to the large number of practical, railway specific requirements that a rolling stock plan has...... to take into account, rolling stock plans are often constructed in a step-by-step manner, taking some requirements into consideration in each step. This may make it difficult in the final step to produce a plan that is feasible with regard to all of the requirements and at the same time economically...... attractive. This paper proposes an integrated rolling stock planning model that simultaneously takes into account all practical requirements for rolling stock planning at DSB S-tog, the suburban passenger train operator of the City of Copenhagen. The model is then used to improve existing rolling stock plans...

Target-oriented obstacle analysis by PESTEL modeling of energy efficiency retrofit for existing residential buildings in China's northern heating region

International Nuclear Information System (INIS)

Shilei, Lv; Wu Yong

2009-01-01

According to the 'Comprehensive Work Program of Energy Efficiency and Emission Reduction' of the Chinese government, during the period of the '11th Five-Year Plan', 1.5x10 8 m 2 of existing residential buildings in China's northern heating region are to be retrofitted for energy efficiency. However, at present, this 'Energy Efficiency Retrofit for Existing Residential Buildings' (EERFERB) faces many obstacles. Under the current working and market system, both the central and local governments and the energy supply companies can not push on this work smoothly. Using both the results of the annual national special inspection of building energy efficiency and some case analyses, this paper examines the necessity for energy efficiency retrofit, along with the relationships among the various Political, Economic, Social, Technological, Environmental and Legal (PESTEL) factors affecting it. Furthermore, organizational, financial and technical support systems are explored to promote the development of retrofit. Finally, some primary principles to be followed toward the implementation of EERFERB are suggested.

A cointegration analysis of wine stock indexes

Directory of Open Access Journals (Sweden)

Sabina Introvigne

2017-12-01

Full Text Available This paper analyzes price patterns and long-run relationships for both fine wine and non-fine wine, with the aim to highlight price dynamics and co-movements between series, and to exploit potential diversification benefits. Data are from Liv-Ex 100 Fine Wine for fine wine, the Mediobanca Global Wine Industry Share Price for normal wine, and the MSCI World Index as a proxy of the overall stock market. Engle-Granger and Johansen tests were used to detect whether and to what extent the series co-move in the long run and which one of the variables contributes proactively to such an equilibrium by reacting to disequilibria from the long-run path. The estimates highlight that i the two wine indexes have a higher Sharpe ratio compared to the general stock market index, revealing wine stocks as a profitable investment per se, and ii the absence of cointegration among the three series and the existence of possible diversification benefits. In fact, in the long-run price do not move together and, therefore, investors may be better off by including wine stocks into investment portfolios and take advantage of diversification

Stock and option portfolio using fuzzy logic approach

Science.gov (United States)

Sumarti, Novriana; Wahyudi, Nanang

2014-03-01

Fuzzy Logic in decision-making process has been widely implemented in various problems in industries. It is the theory of imprecision and uncertainty that was not based on probability theory. Fuzzy Logic adds values of degree between absolute true and absolute false. It starts with and builds on a set of human language rules supplied by the user. The fuzzy systems convert these rules to their mathematical equivalents. This could simplify the job of the system designer and the computer, and results in much more accurate representations of the way systems behave in the real world. In this paper we examine the decision making process of stock and option trading by the usage of MACD (Moving Average Convergence Divergence) technical analysis and Option Pricing with Fuzzy Logic approach. MACD technical analysis is for the prediction of the trends of underlying stock prices, such as bearish (going downward), bullish (going upward), and sideways. By using Fuzzy C-Means technique and Mamdani Fuzzy Inference System, we define the decision output where the value of MACD is high then decision is "Strong Sell", and the value of MACD is Low then the decision is "Strong Buy". We also implement the fuzzification of the Black-Scholes option-pricing formula. The stock and options methods are implemented on a portfolio of one stock and its options. Even though the values of input data, such as interest rates, stock price and its volatility, cannot be obtain accurately, these fuzzy methods can give a belief degree of the calculated the Black-Scholes formula so we can make the decision on option trading. The results show the good capability of the methods in the prediction of stock price trends. The performance of the simulated portfolio for a particular period of time also shows good return.

Contagion in International Stock Markets during the Sub Prime Mortgage Crisis

Directory of Open Access Journals (Sweden)

Hsien-Yi Lee

2012-01-01

Full Text Available The sub prime mortgages crises took place in July, 2007 in US which causes the large scare in the global financial markets, and the international stock and foreign market suffer heavy shock. Using twenty international stock indexes, this study examines whether any contagion effect occurred across international markets after the sub-prime financial mortgage crisis in US. Using the heteroscedasticity biases based on correlation coefficients to examine the existence of the contagion effect, this study shows that stock markets of some countries (namely Hong Kong, Taiwan, Australia and New Zealand did suffer from the contagion effect.

Jakarta Islamic Index-L 45: Rate Financial Performance, Beta Stocks and Stock Price in Indonesian Stock Exchange

Directory of Open Access Journals (Sweden)

Tajus Subqi

2016-08-01

Full Text Available This research had analyzed the effect of financial performance and stock beta (systematic risk towards stock price of eight listed companies in Jakarta Islamic Index (JII – LQ 45 for the time period of 2012-2014. The data was gathered by employing literature study and documentation of financial statements. Multiple regressions are used to measure the effect of independent variable towards dependent variable along with ttest and F test. The results based on overall test suggested that only ROE and NPM had opposite direction correlation with the stock price, meanwhile other variables had positive direction correlation. From partial test with 5% level of significance, only EPS and PER had significant effect on stock price while other variables had no effect.   Keywords: financial performance analysis, stock price, stock beta (systematic risk, Jakarta Islamic Index

Analysis on the Influence of Stock Index Futures on Chinese Stock Market

Institute of Scientific and Technical Information of China (English)

王钊

2014-01-01

As the first product of financial futures in China, CSI 300 Stock Index Futures is a symbol of the continual improvement and development of Chinese capital market system. So it would be bound to generate immeasurable influence on Chinese capital market and financial system. Starting from introducing the relevant summaries of stock index futures, this paper analyzes the influence of the stock index futures on the fluctuation in the international stock market;then, it analyzes influence of the stock index futures on the fluctuation in Chinese stock market, in order to propose some suggestions to the policies for developing Chinese stock index futures.

High-frequency stock linkage and multi-dimensional stationary processes

Science.gov (United States)

Wang, Xi; Bao, Si; Chen, Jingchao

2017-02-01

In recent years, China's stock market has experienced dramatic fluctuations; in particular, in the second half of 2014 and 2015, the market rose sharply and fell quickly. Many classical financial phenomena, such as stock plate linkage, appeared repeatedly during this period. In general, these phenomena have usually been studied using daily-level data or minute-level data. Our paper focuses on the linkage phenomenon in Chinese stock 5-second-level data during this extremely volatile period. The method used to select the linkage points and the arbitrage strategy are both based on multi-dimensional stationary processes. A new program method for testing the multi-dimensional stationary process is proposed in our paper, and the detailed program is presented in the paper's appendix. Because of the existence of the stationary process, the strategy's logarithmic cumulative average return will converge under the condition of the strong ergodic theorem, and this ensures the effectiveness of the stocks' linkage points and the more stable statistical arbitrage strategy.

A self-similar hierarchy of the Korean stock market

Science.gov (United States)

Lim, Gyuchang; Min, Seungsik; Yoo, Kun-Woo

2013-01-01

A scaling analysis is performed on market values of stocks listed on Korean stock exchanges such as the KOSPI and the KOSDAQ. Different from previous studies on price fluctuations, market capitalizations are dealt with in this work. First, we show that the sum of the two stock exchanges shows a clear rank-size distribution, i.e., the Zipf's law, just as each separate one does. Second, by abstracting Zipf's law as a γ-sequence, we define a self-similar hierarchy consisting of many levels, with the numbers of firms at each level forming a geometric sequence. We also use two exponential functions to describe the hierarchy and derive a scaling law from them. Lastly, we propose a self-similar hierarchical process and perform an empirical analysis on our data set. Based on our findings, we argue that all money invested in the stock market is distributed in a hierarchical way and that a slight difference exists between the two exchanges.

Asset Stock Accumulation and Sustainability of Competitive Advantage

OpenAIRE

Ingemar Dierickx; Karel Cool

1989-01-01

Given incomplete factor markets, appropriate time paths of flow variables must be chosen to build required stocks of assets. That is, critical resources are accumulated rather than acquired in "strategic factor markets" (Barney [Barney, J. 1986. Strategic factor markets: Expectations, luck, and business strategy. Management Sci. (October) 1231--1241.]). Sustainability of a firm's asset position hinges on how easily assets can be substituted or imitated. Imitability is linked to the characteri...

The stock selection problem: Is the stock selection approach more important than the optimization method? Evidence from the Danish stock market

OpenAIRE

Grobys, Klaus

2011-01-01

Passive investment strategies basically aim to replicate an underlying benchmark. Thereby, the management usually selects a subset of stocks being employed in the optimization procedure. Apart from the optimization procedure, the stock selection approach determines the stock portfolios' out-of-sample performance. The empirical study here takes into account the Danish stock market from 2000-2010 and gives evidence that stock portfolios including small companies' stocks being estimated via coin...

EFFECT OF INVESTOR SENTIMENT ON FUTURE RETURNS IN THE NIGERIAN STOCK MARKET

Directory of Open Access Journals (Sweden)

Udoka Bernard Alajekwu

2017-06-01

Full Text Available The study examined the effect of investor sentiment on future returns in the Nigerian stock market. The OLS regression and granger causality techniques were employed for data analyses. The results showed that (1 investor sentiment has a significant positive effect on stock market returns even after control for fundamentals such as Industrial production index, consumer price index and Treasury bill rate; (2 there is a uni-directional causality that runs from change in investor sentiment (ΔCCI to stock market returns (Rm. Derived finding showed that the inclusion of fundamentals increased the explanatory power of investor sentiment from 3.96% to 33.05%, though at both level, investor sentiment (ΔCCI has low explanatory power on stock market returns. The study posits existence of a dynamic relationship between investor sentiment and the behaviour of stock future returns in Nigeria such that higher sentiment concurrently leads to higher stock prices.

Reducing Energy Use in Existing Homes by 30%: Learning From Home Performance with ENERGY STAR

Energy Technology Data Exchange (ETDEWEB)

Liaukus, C. [Building America Research Alliance (BARA), Kent, WA (United States)

2014-12-01

The improvement of existing homes in the United States can have a much greater impact on overall residential energy use than the construction of highly efficient new homes. There are over 130 million existing housing units in the U.S., while annually new construction represents less than two percent of the total supply (U.S. Census Bureau, 2013). Therefore, the existing housing stock presents a clear opportunity and responsibility for Building America (BA) to guide the remodeling and retrofit market toward higher performance existing homes. There are active programs designed to improve the energy performance of existing homes. Home Performance with ENERGY STAR (HPwES) is a market-rate program among them. BARA's research in this project verified that the New Jersey HPwES program is achieving savings in existing homes that meet or exceed BA's goal of 30%. Among the 17 HPwES projects with utility data included in this report, 15 have actual energy savings ranging from 24% to 46%. Further, two of the homes achieved that level of energy savings without the costly replacement of heating and cooling equipment, which indicates that less costly envelope packages could be offered to consumers unable to invest in more costly mechanical packages, potentially creating broader market impact.

Classifying Returns as Extreme: European Stock and Bond Markets

DEFF Research Database (Denmark)

Christiansen, Charlotte

whereby a shorter sample period is needed. For the bond markets the simultaneous extreme return variable (used for analyzing integration and contagion of financial markets) is not statistically different for the two schemes. For the stock markets there are differences, but they are disappearing......I consider the stock and bond markets of 14 EU countries. I use two classification schemes for defining extreme returns: One, the existing univariate classification scheme which considers each market separately. Two, the new multivariate classification scheme that considers all the markets jointly...

"Price-quakes" shaking the world's stock exchanges.

Directory of Open Access Journals (Sweden)

Jørgen Vitting Andersen

Full Text Available BACKGROUND: Systemic risk has received much more awareness after the excessive risk taking by major financial instituations pushed the world's financial system into what many considered a state of near systemic failure in 2008. The IMF for example in its yearly 2009 Global Financial Stability Report acknowledged the lack of proper tools and research on the topic. Understanding how disruptions can propagate across financial markets is therefore of utmost importance. METHODOLOGY/PRINCIPAL FINDINGS: Here, we use empirical data to show that the world's markets have a non-linear threshold response to events, consistent with the hypothesis that traders exhibit change blindness. Change blindness is the tendency of humans to ignore small changes and to react disproportionately to large events. As we show, this may be responsible for generating cascading events--pricequakes--in the world's markets. We propose a network model of the world's stock exchanges that predicts how an individual stock exchange should be priced in terms of the performance of the global market of exchanges, but with change blindness included in the pricing. The model has a direct correspondence to models of earth tectonic plate movements developed in physics to describe the slip-stick movement of blocks linked via spring forces. CONCLUSIONS/SIGNIFICANCE: We have shown how the price dynamics of the world's stock exchanges follows a dynamics of build-up and release of stress, similar to earthquakes. The nonlinear response allows us to classify price movements of a given stock index as either being generated internally, due to specific economic news for the country in question, or externally, by the ensemble of the world's stock exchanges reacting together like a complex system. The model may provide new insight into the origins and thereby also prevent systemic risks in the global financial network.

"Price-quakes" shaking the world's stock exchanges.

Science.gov (United States)

Andersen, Jørgen Vitting; Nowak, Andrzej; Rotundo, Giulia; Parrott, Lael; Martinez, Sebastian

2011-01-01

Systemic risk has received much more awareness after the excessive risk taking by major financial instituations pushed the world's financial system into what many considered a state of near systemic failure in 2008. The IMF for example in its yearly 2009 Global Financial Stability Report acknowledged the lack of proper tools and research on the topic. Understanding how disruptions can propagate across financial markets is therefore of utmost importance. Here, we use empirical data to show that the world's markets have a non-linear threshold response to events, consistent with the hypothesis that traders exhibit change blindness. Change blindness is the tendency of humans to ignore small changes and to react disproportionately to large events. As we show, this may be responsible for generating cascading events--pricequakes--in the world's markets. We propose a network model of the world's stock exchanges that predicts how an individual stock exchange should be priced in terms of the performance of the global market of exchanges, but with change blindness included in the pricing. The model has a direct correspondence to models of earth tectonic plate movements developed in physics to describe the slip-stick movement of blocks linked via spring forces. We have shown how the price dynamics of the world's stock exchanges follows a dynamics of build-up and release of stress, similar to earthquakes. The nonlinear response allows us to classify price movements of a given stock index as either being generated internally, due to specific economic news for the country in question, or externally, by the ensemble of the world's stock exchanges reacting together like a complex system. The model may provide new insight into the origins and thereby also prevent systemic risks in the global financial network.

Seismic assessment of existing RC buildings under alternative ground motion ensembles compatible to EC8 and NTC 2008

NARCIS (Netherlands)

Tanganelli, Marco; Viti, Stefania; Mariani, V.; Pianigiani, Maria

2017-01-01

This work investigates the effects of the choice of different ensembles of ground motions on the seismic assessment of existing RC buildings through nonlinear dynamic analysis. Nowadays indeed, all the main International Seismic Codes provide a soil classification which is based on the shear wave

Assessment of Seismic Damage on The Exist Buildings Using Fuzzy Logic

Science.gov (United States)

Pınar, USTA; Nihat, MOROVA; EVCİ, Ahmet; ERGÜN, Serap

2018-01-01

Earthquake as a natural disaster could damage the lives of many people and buildings all over the world. These is micvulnerability of the buildings needs to be evaluated. Accurate evaluation of damage sustained by buildings during natural disaster events is critical to determine the buildings safety and their suitability for future occupancy. The earthquake is one of the disasters that structures face the most. There fore, there is a need to evaluate seismic damage and vulnerability of the buildings to protect them. These days fuzzy systems have been widely used in different fields of science because of its simpli city and efficiency. Fuzzy logic provides a suitable framework for reasoning, deduction, and decision making in fuzzy conditions. In this paper, studies on earthquake hazard evaluation of buildings by fuzzy logic modeling concepts in the literature have been investigated and evaluated, as a whole.

Building envelope for New Buildings and Energy Renovation of Existing Buildings. Project results

DEFF Research Database (Denmark)

Rudbeck, Claus Christian; Rose, Jørgen; Esbensen, Peter Kjær

1999-01-01

of heat- and moistureflow is insufficiently documented for large insulation thicknesses. Thermal bridges, for instance, plays a larger role for the overall heat loss in these constructions, and moisture in insulation materials will decrease the overall performance of the construction.Due to these facts...... on the following subjects:Scientific basis for calculation programs, Development of calculationsmethods for heat transfer, Development of new building envelope components, Roofing system based on wooden roof elements, Roofing system with drying properties, Moisture uptake and drying from brick constructions...

How to simulate pedestrian behaviors in seismic evacuation for vulnerability reduction of existing buildings

Science.gov (United States)

Quagliarini, Enrico; Bernardini, Gabriele; D'Orazio, Marco

2017-07-01

Understanding and representing how individuals behave in earthquake emergencies would be essentially to assess the impact of vulnerability reduction strategies on existing buildings in seismic areas. In fact, interactions between individuals and the scenario (modified by the earthquake occurrence) are really important in order to understand the possible additional risks for people, especially during the evacuation phase. The current approach is based on "qualitative" aspects, in order to define best practice guidelines for Civil Protection and populations. On the contrary, a "quantitative" description of human response and evacuation motion in similar conditions is urgently needed. Hence, this work defines the rules for pedestrians' earthquake evacuation in urban scenarios, by taking advantages of previous results of real-world evacuation analyses. In particular, motion laws for pedestrians is defined by modifying the Social Force model equation. The proposed model could be used for evaluating individuals' evacuation process and so for defining operative strategies for interferences reduction in critical urban fabric parts (e.g.: interventions on particular buildings, evacuation strategies definition, city parts projects).

Experimental modal identification of an existent earthen residential building

OpenAIRE

Aguilar, Rafael; Ramos, Luís F.; Torrealva, D.; Chácara, C.

2013-01-01

The paper presents the preliminary round of in-situ experimental tests carried out at “Hotel Comercio”, a historical construction located at the historical centre of Lima (capital of Peru). The building is a three story republican-type construction built at 19th Century with composite structure of Adobe and “Quincha”. The experimental works consisted on Operational Modal Analysis (OMA) tests aiming at identifying the dynamic characteristics of the building using the environmental noise as sou...

End-use energy consumption estimates for U.S. commercial buildings, 1992

Energy Technology Data Exchange (ETDEWEB)

Belzer, D.B.; Wrench, L.E.

1997-03-01

An accurate picture of how energy is used in the nation`s stock of commercial buildings can serve a variety of program planning and policy needs of the US Department of Energy, utilities, and other groups seeking to improve the efficiency of energy use in the building sector. This report describes an estimation of energy consumption by end use based upon data from the 1992 Commercial Building Energy Consumption Survey (CBECS). The methodology used in the study combines elements of engineering simulations and statistical analysis to estimate end-use intensities for heating, cooling, ventilation, lighting, refrigeration, hot water, cooking, and miscellaneous equipment. Statistical Adjusted Engineering (SAE) models were estimated by building type. The nonlinear SAE models used variables such as building size, vintage, climate region, weekly operating hours, and employee density to adjust the engineering model predicted loads to the observed consumption (based upon utility billing information). End-use consumption by fuel was estimated for each of the 6,751 buildings in the 1992 CBECS. The report displays the summary results for 11 separate building types as well as for the total US commercial building stock. 4 figs., 15 tabs.

Mixed stock analysis of Lake Michigan's Lake Whitefish Coregonus clupeaformis commercial fishery

Science.gov (United States)

Andvik, Ryan; Sloss, Brian L.; VanDeHey, Justin A.; Claramunt, Randall M.; Hansen, Scott P.; Isermann, Daniel A.

2016-01-01

Lake whitefish (Coregonus clupeaformis) support the primary commercial fishery in Lake Michigan. Discrete genetic stocks of lake whitefish have been identified and tagging data suggest stocks are mixed throughout much of the year. Our objectives were to determine if (1) differential stock harvest occurs in the commercial catch, (2) spatial differences in genetic composition of harvested fish were present, and (3) seasonal differences were present in the harvest by commercial fisheries that operate in management zones WI-2 and WFM-01 (Green Bay, Lake Michigan). Mixed stock analysis was conducted on 17 commercial harvest samples (n = 78–145/sample) collected from various ports lake-wide during 2009–2010. Results showed significant mixing with variability in stock composition across most samples. Samples consisted of two to four genetic stocks each accounting for ≥ 10% the catch. In 10 of 17 samples, the stock contributing the largest proportion made up differences existed in the proportional stock contribution at a single capture location. Samples from Wisconsin's primary commercial fishing management zone (WI-2) were composed predominately of fish from the Big Bay de Noc (Michigan) stock as opposed to the geographically proximate, North–Moonlight Bay (Wisconsin) stock. These findings have implications for management and allocation of fish to various quotas. Specifically, geographic location of harvest, the current means of allocating harvest quotas, is not the best predictor of genetic stock harvest.

Bank stock returns, leverage and the business cycle

OpenAIRE

Jing Yang; Kostas Tsatsaronis

2012-01-01

The returns on bank stocks rise and fall with the business cycle, making bank equity financing cheaper in the boom and dearer during a recession. This provides support for prudential tools that give incentives for banks to build capital buffers at times when the cost of equity is lower. In addition, banks with higher leverage face a higher cost of equity, which suggests that higher capital ratios are associated with lower funding costs.

Study on the Application of Cool Paintings for the Passive Cooling of Existing Buildings in Mediterranean Climates

Directory of Open Access Journals (Sweden)

V. Costanzo

2013-01-01

Full Text Available Building roofs play a very important role in the energy balance of buildings, especially in summer, when they are hit by a rather high solar irradiance. Depending on the type of finishing layer, roofs can absorb a great amount of heat and reach quite high temperatures on their outermost surface, which determines significant room overheating. However, the use of highly reflectivecool materials can help to maintain low outer surface temperatures; this practice may improve indoor thermal comfort and reduce the cooling energy need during the hot season. This technology is currently well known and widely used in the USA, whilereceiving increasing attention in Europe. In order to investigate the effectiveness of cool roofs as a passive strategy for passive cooling in moderately hot climates, this paper presents the numerical results of a case study based on the dynamic thermal analysis of an existing office building in Catania (southern Italy, Mediterranean area. The results show how the application of a cool paint on the roof can enhance the thermal comfort of the occupants by reducing the operative temperatures of the rooms and to reduce the overall energy needs of the building for space heating and cooling.

Solar energy systems in modernized buildings; Solarenergienutzung bei der Sanierung von Gebaeuden

Energy Technology Data Exchange (ETDEWEB)

Voss, K. [Fraunhofer-Inst. fuer Solare Energiesysteme, Freiburg (Germany). Gruppe Solares Bauen

1998-02-01

The statistics of residential buildings in Germany is of extraordinary distinctness: About 70% of the houses are more than 25 years old and the construction rate is about 1% per annum. In most neighbouring European countries the situation is similar. Predictions show that almost 60% of the building stock of the year 2020 is already erected today. The conclusions: The present building stock is essential for the burden of the environment not only today but also tomorrow. Measures saving energy and protecting the climate must include the already existing houses. Solar concepts especially suited for the renovation of old housing should be more promoted. Technically mature products, architecturally and economically attractive and integrated concepts and convincing examples of practical applications are prerequisites for successful advances into this direction. (orig.) [Deutsch] Die statistische Analyse des Bestands an Wohngebaeuden in Deutschland spricht eine deutliche Sprache: Rund 70% der Gebaeude sind aelter als 25 Jahre; die Neubaurate liegt um 1% pro Jahr. In den meisten europaeischen Nachbarlaendern ist die Situation vergleichbar. Eine Hochrechnung auf das Jahr 2020 belegt, dass schon heute knapp 60% des dann vorliegenden Gebaeudebestands existieren. Fazit: Der Gebaeudebestand von heute bestimmt die Umweltbelastung von heute und morgen. Massnahmen zur Energieeinsparung und fuer einen wirkungsvollen Klimaschutz muessen vordringlich am Gebaeudebestand ansetzen. Unter dem Blickwinkel einer Verbreitung der Solartechnik ist offensichtlich, dass Solarkonzepten, die speziell an die Belange der Sanierung im Bestand angepasst sind, eine grosse Bedeutung zukommt. Voraussetzungen fuer einen erfolgreichen Weg in diesen Markt sind technisch ausgereifte Produkte, architektonisch und wirtschaftlich attraktive Gesamtkonzepte sowie ueberzeugende Beispiele aus der Praxis. (orig.)

Development of a plastic rotary heat exchanger for room-based ventilation in existing apartments

DEFF Research Database (Denmark)

Smith, Kevin Michael; Svendsen, Svend

2015-01-01

The existing building stock will likely undergo widespread energy renovations to meet future emissions targets. Single-room ventilation may enable the process due to its simple installation, low fan power, and potential for local heat recovery. A short plastic rotary heat exchanger is developed...... for single-room ventilation based on thermal design theory. Performance is predicted from correlations of dimensionless groups for regenerative heat exchangers, and this guides the selection of a polycarbonate honeycomb with small circular channels. Experiments quantify flows and determine temperature...... efficiencies at several ventilation rates while accounting for heat gains from motors and air leakage. The measured and modelled temperature efficiencies show adequate agreement and exceed 80% for a balanced nominal ventilation rate of 28m3/h. This result meets the development criteria but cannot validate...

Technology line and case analysis of heat metering and energy efficiency retrofit of existing residential buildings in Northern heating areas of China

International Nuclear Information System (INIS)

Zhao Jing; Zhu Neng; Wu Yong

2009-01-01

The building area in northern heating areas accounting for 70% of the total land area in China is 6,500,000,000 m 2 . The average heating energy consumption in northern China is 100-200% times more than developed countries in the same latitude. This paper introduced firstly the heat metering and energy efficiency retrofit background of existing residential buildings in northern heating areas of China organized by mohurd and MOF, and then put forward the total principle and contents of retrofit. Through analyzing some retrofit cases in Germany, Poland and China, some technological experiences were summarized and finally a technology line suitable for heat metering and energy efficiency retrofit of existing residential buildings in northern heating areas of China which involved retrofit for heat metering and temperature regulation of heating systems, heat balance of heat source and network, and building envelope was described to provide a systematic, scientific, technological guide for the retrofit projects of 0.15 billion m 2 in 'the Eleventh Five-Year Plan' period.

Can Network Linkage Effects Determine Return? Evidence from Chinese Stock Market.

Science.gov (United States)

Qiao, Haishu; Xia, Yue; Li, Ying

2016-01-01

This study used the dynamic conditional correlations (DCC) method to identify the linkage effects of Chinese stock market, and further detected the influence of network linkage effects on magnitude of security returns across different industries. Applying two physics-derived techniques, the minimum spanning tree and the hierarchical tree, we analyzed the stock interdependence within the network of the China Securities Index (CSI) industry index basket. We observed that that obvious linkage effects existed among stock networks. CII and CCE, CAG and ITH as well as COU, CHA and REI were confirmed as the core nodes in the three different networks respectively. We also investigated the stability of linkage effects by estimating the mean correlations and mean distances, as well as the normalized tree length of these indices. In addition, using the GMM model approach, we found inter-node influence within the stock network had a pronounced effect on stock returns. Our results generally suggested that there appeared to be greater clustering effect among the indexes belonging to related industrial sectors than those of diverse sectors, and network comovement was significantly affected by impactive financial events in the reality. Besides, stocks that were more central within the network of stock market usually had higher returns for compensation because they endured greater exposure to correlation risk.

Façade system for existing office buildings in Copenhagen

DEFF Research Database (Denmark)

Hannoudi, Loay Akram; Christensen, Jørgen Erik; Lauring, Michael

2015-01-01

This study investigates solutions for facade renovation of general office buildings built between 1960 and 1980 in the Copenhagen Municipality. 44 buildings are used for the study. They share common structural and construction principles like the use of beams and columns and prefabricated elements...

Check and evaluation system on heat metering and energy efficiency retrofit of existing residential buildings in northern heating areas of china based on multi-index comprehensive evaluation method

International Nuclear Information System (INIS)

Zhao Jing; Wu Yong; Zhu Neng

2009-01-01

Heat metering and energy efficiency retrofit of existing residential buildings in northern heating areas of China is organized and implemented in a large scale by local government in 15 provinces of North China with the unified guidance and control of central government. Firstly, this paper introduced the target of energy-saving reformation of existing residential buildings in North China and the importance of check and evaluation on this target, then pointed out the necessity of building up an evaluation system for energy-saving retrofit. According to the analytical hierarchy process (AHP), three-grade evaluation system was built up for heat metering and energy efficiency retrofit of existing residential buildings in northern heating areas of China. Also, based on multi-index comprehensive evaluation method combined with life cycle assessment (LCA) theory, post-evaluation thought and successful degree evaluation method, a mathematical model was established. Finally, a set of scientific method for evaluating heat metering and energy efficiency retrofit of existing residential buildings in northern heating areas of China systematically, scientifically, comprehensively and objectively was created.

Building

OpenAIRE

Seavy, Ryan

2014-01-01

Building for concrete is temporary. The building of wood and steel stands against the concrete to give form and then gives way, leaving a trace of its existence behind. Concrete is not a building material. One does not build with concrete. One builds for concrete. MARCH

Hot money and China's stock market volatility: Further evidence using the GARCH-MIDAS model

Science.gov (United States)

Wei, Yu; Yu, Qianwen; Liu, Jing; Cao, Yang

2018-02-01

This paper investigates the influence of hot money on the return and volatility of the Chinese stock market using a nonlinear Granger causality test and a new GARCH-class model based on mixed data sampling regression (GARCH-MIDAS). The empirical results suggest that no linear or nonlinear causality exists between the growth rate of hot money and the Chinese stock market return, implying that the Chinese stock market is not driven by hot money and vice versa. However, hot money has a significant positive impact on the long-term volatility of the Chinese stock market. Furthermore, the dependence between the long-term volatility caused by hot money and the total volatility of the Chinese stock market is time-variant, indicating that huge volatilities in the stock market are not always triggered by international speculation capital flow and that Chinese authorities should further focus on more systemic reforms in the trading rules and on effectively regulating the stock market.

Determinants of Stock Price Movements: Evidence from Chittagong Stock Exchange, Bangladesh

Directory of Open Access Journals (Sweden)

Mohammed Syedul Islam

2015-01-01

Full Text Available Stock market plays a vital role in the economic development of an economy. It bridges up between savers and real manufacturers by raising funds from investors to companies. This process was broken down due to the 2010-2011 stock market crash in Bangladesh. Though the determinants of stock price have been settled empirically, the current paper aims to reexamine the relationship between stock price, dividend and retained earnings of 29 listed banks of Chittagong Stock Exchange, in the post-crash period. Cross-sectional data were collected from secondary sources. Using linear regression method, the study found that both, dividend and retained earnings of sample banks have strong influence over the stock price, though there was moderate explanatory power of those variables. After reviewing the causes of crisis 2010-2011, this study suggests the following: to control price manipulation, to publish proper financial statement, regulate the dividend policy, to ensure sufficient knowledge among investors, recruit technical expert and ensure proper settlement for transactions, prevent crises of stock market against speculation etc.

Fiscal Deficits and Stock Prices in India: Empirical Evidence

Directory of Open Access Journals (Sweden)

Pooja Joshi

2015-08-01

Full Text Available The study aims at examining how fiscal deficits affect the performance of the stock market in India by using annual data from 1988–2012. The study makes use of Ng-Perron unit root tests to check the non-stationarity property of the series; the Auto Regressive Distributed Lag (ARDL bounds test and a Vector Error Correction Model (VECM for testing both short and long run dynamic relationships. The variance decomposition (VDC is used to predict the exogenous shocks of the variables. The findings of the bounds test reveal that the estimated equation and the series are co-integrated. The ARDL results suggest a long run negative relationship exists between budget deficit and stock prices and do not show any significant relationship in the short run. The VECM result shows that fiscal deficits influence the stock price only in the short run. The results of the Variance Decomposition show that stock price movement in the long run is mostly explained by shocks of fiscal deficits. The study implies that the government must adopt appropriate macroeconomic policies to reduce budget deficit, which will result in stock market growth and in turn will lead to the financial development of the country.

Multiscale Detrended Cross-Correlation Analysis of STOCK Markets

Science.gov (United States)

Yin, Yi; Shang, Pengjian

2014-06-01

In this paper, we employ the detrended cross-correlation analysis (DCCA) to investigate the cross-correlations between different stock markets. We report the results of cross-correlated behaviors in US, Chinese and European stock markets in period 1997-2012 by using DCCA method. The DCCA shows the cross-correlated behaviors of intra-regional and inter-regional stock markets in the short and long term which display the similarities and differences of cross-correlated behaviors simply and roughly and the persistence of cross-correlated behaviors of fluctuations. Then, because of the limitation and inapplicability of DCCA method, we propose multiscale detrended cross-correlation analysis (MSDCCA) method to avoid "a priori" selecting the ranges of scales over which two coefficients of the classical DCCA method are identified, and employ MSDCCA to reanalyze these cross-correlations to exhibit some important details such as the existence and position of minimum, maximum and bimodal distribution which are lost if the scale structure is described by two coefficients only and essential differences and similarities in the scale structures of cross-correlation of intra-regional and inter-regional markets. More statistical characteristics of cross-correlation obtained by MSDCCA method help us to understand how two different stock markets influence each other and to analyze the influence from thus two inter-regional markets on the cross-correlation in detail, thus we get a richer and more detailed knowledge of the complex evolutions of dynamics of the cross-correlations between stock markets. The application of MSDCCA is important to promote our understanding of the internal mechanisms and structures of financial markets and helps to forecast the stock indices based on our current results demonstrated the cross-correlations between stock indices. We also discuss the MSDCCA methods of secant rolling window with different sizes and, lastly, provide some relevant implications and

Development of surrogate models using artificial neural network for building shell energy labelling

International Nuclear Information System (INIS)

Melo, A.P.; Cóstola, D.; Lamberts, R.; Hensen, J.L.M.

2014-01-01

Surrogate models are an important part of building energy labelling programs, but these models still present low accuracy, particularly in cooling-dominated climates. The objective of this study was to evaluate the feasibility of using an artificial neural network (ANN) to improve the accuracy of surrogate models for labelling purposes. An ANN was applied to model the building stock of a city in Brazil, based on the results of extensive simulations using the high-resolution building energy simulation program EnergyPlus. Sensitivity and uncertainty analyses were carried out to evaluate the behaviour of the ANN model, and the variations in the best and worst performance for several typologies were analysed in relation to variations in the input parameters and building characteristics. The results obtained indicate that an ANN can represent the interaction between input and output data for a vast and diverse building stock. Sensitivity analysis showed that no single input parameter can be identified as the main factor responsible for the building energy performance. The uncertainty associated with several parameters plays a major role in assessing building energy performance, together with the facade area and the shell-to-floor ratio. The results of this study may have a profound impact as ANNs could be applied in the future to define regulations in many countries, with positive effects on optimizing the energy consumption. - Highlights: • We model several typologies which have variation in input parameters. • We evaluate the accuracy of surrogate models for labelling purposes. • ANN is applied to model the building stock. • Uncertainty in building plays a major role in the building energy performance. • Results show that ANN could help to develop building energy labelling systems

Social Capital and Stock Market Participation via Technologies: The Role of Households’ Risk Attitude and Cognitive Ability

Directory of Open Access Journals (Sweden)

Ya-Fang Cheng

2018-06-01

Full Text Available This article reviews the relation between social capital and stock market participation via new technology. Its purpose is to acquire a thorough understanding of the structural, relational, and cognitive aspects of social capital’s influences and to recommend further empirical research ideas to the existing body of knowledge on household finance. It discusses the consideration of modern and highly technological platforms such as the internet stock market exchange platforms and applications. The stock market participation puzzle remains unsolved despite the progress in explaining the economic rationality behind investors decision making through behavioral finance. Furthermore, the researchers develop four propositions which can expound the existing relationship between social capital dimensions such as the structural, relational, and cognitive aspects and stock market participation of households. Doing so, we discuss the roles of risk attitude and the influence of cognitive ability such as financial awareness, financial literacy, and IQ (intelligence quotient to enhance the existing body of knowledge. Practically, this article adds valuable ideas in solving the issue of limited participation not just in the stock market but in other financial markets through reflecting on the sociological and (green technological concepts. Lastly, the implications for sustainable financial markets are elaborated.

A Comprehensive Model of Municipal Housing Stock Management

Directory of Open Access Journals (Sweden)

Muczyński Andrzej

2016-06-01

Full Text Available In many European countries there are still substantial housing needs which social landlords have to fulfill. Especially in countries with a shortage of affordable housing for underprivileged households, the effective and efficient management of the existing social housing stock, which includes technical, social, financial and tenure management activities on the strategic, tactical and operational level, is very important. The paper presents a comprehensive model of municipal housing stock management in the context of Polish conditions. This model was built by adapting the multidimensional concept of real estate management originally developed for commercial real estate portfolio management. It shows an integrative view of municipal housing stock management in Poland and contributes to the better organization and coordination of management activities and tasks in this area. The prepared model may be of interest to other countries where the functions of social landlords are mostly carried out directly by municipalities and their organizational units.

Analysis of Right Issue Announcement Effect toward Stock Price Movement and Stock Trading Volume within Issuer in Indonesia Stock Exchange

Directory of Open Access Journals (Sweden)

Wilson Yaputra Yakup

2016-05-01

Full Text Available The purpose of this study were to identify and analyze the rights issue effect to the stock price, the effect of the rights issue on stock trading volume, the correlation between stock prices before and after the right issue, as well as the correlation between volume of trading activity before the right issue and after that event. The objects of the study are the companies listed on Indonesia Stock Exchange (JSX. The hypothesis stated that right issues have a significant effect on stock price on companies listed on the JSX, rights issues have a significant effect on the stock trading volume on companies listed on the JSX, there is a significant correlation between stock price before and after the rights issue on companies listed in JSX, there is a significant correlation between volume of the stock trading before the rights issue and after that event. Data analysis used were descriptive statistics, simple linear regression analysis and paired t-test. Hypothesis testing was performed by using the Pearson correlation test with significance level of 5%. The results show that the right issue has a positive effect but not significant toward stock prices of companies listed in JSX, right issue has a negative effect and not significant toward the trading volume activity (TVA on companies listed in JSX.

Evaluating Different Green School Building Designs for Albania: Indoor Thermal Comfort, Energy Use Analysis with Solar Systems

Science.gov (United States)

Dalvi, Ambalika Rajendra

Improving the conditions of schools in many parts of the world is gradually acquiring importance. The Green School movement is an integral part of this effort since it aims at improving indoor environmental conditions. This would in turn, enhance student- learning while minimizing adverse environmental impact through energy efficiency of comfort-related HVAC and lighting systems. This research, which is a part of a larger research project, aims at evaluating different school building designs in Albania in terms of energy use and indoor thermal comfort, and identify energy efficient options of existing schools. We start by identifying three different climate zones in Albania; Coastal (Durres), Hill/Pre-mountainous (Tirana), mountainous (Korca). Next, two prototypical school building designs are identified from the existing stock. Numerous scenarios are then identified for analysis which consists of combinations of climate zone, building type, building orientation, building upgrade levels, presence of renewable energy systems (solar photovoltaic and solar water heater). The existing building layouts, initially outlined in CAD software and then imported into a detailed building energy software program (eQuest) to perform annual simulations for all scenarios. The research also predicted indoor thermal comfort conditions of the various scenarios on the premise that windows could be opened to provide natural ventilation cooling when appropriate. This study also estimated the energy generated from solar photovoltaic systems and solar water heater systems when placed on the available roof area to determine the extent to which they are able to meet the required electric loads (plug and lights) and building heating loads respectively. The results showed that there is adequate indoor comfort without the need for mechanical cooling for the three climate zones, and that only heating is needed during the winter months.

Market Structure and Stock Splits

OpenAIRE

David Michayluk; Paul Kofman

2001-01-01

Enhanced liquidity is one possible motivation for stock splits but empirical research frequently documents declines in liquidity following stock splits. Despite almost thirty years of inquiry, little is known about all the changes in a stock's trading activity following a stock split. We examine how liquidity measures change around more than 2,500 stock splits and find a pervasive decline in most measures. Large stock splits exhibit a more severe liquidity decline than small stock splits, esp...

Stock or stroke? Stock market movement and stroke incidence in Taiwan.

Science.gov (United States)

Chen, Chun-Chih; Chen, Chin-Shyan; Liu, Tsai-Ching; Lin, Ying-Tzu

2012-12-01

This paper investigates the impact of stock market movement on incidences of stroke utilizing population-based aggregate data in Taiwan. Using the daily data from the Taiwan Stock Exchange Capitalization Weighted Stock Index and from the National Health Insurance Research Database during 2001/1/1-2007/12/31, which consist of 2556 observations, we examine the effects of stock market on stroke incidence - the level effect and the daily change effects. In general, we find that both a low stock index level and a daily fall in the stock index are associated with greater incidences of stroke. We further partition the data on sex and age. The level effect is found to be significant for either gender, in the 45-64 and 65 ≥ age groups. In addition, two daily change effects are found to be significant for males and the elderly. Although stockholdings can increase wealth, they can also increase stroke incidence, thereby representing a cost to health. Copyright © 2012 Elsevier Ltd. All rights reserved.

Design and Performance of Test Cells as an Energy Evaluation Model of Facades in a Mediterranean Building Area

Directory of Open Access Journals (Sweden)

Ángel Luis León-Rodríguez

2017-11-01

Full Text Available The current European energy policies have an influence on the need to rehabilitate the housing stock in order to meet the objectives of the European Union. Most of this housing stock was built without any type of energy regulation in adverse technical and economic conditions and thus is now energetically obsolete. The major rehabilitation effort required must be approached through actions based on previous quantitative energy knowledge of the existing buildings in order to guarantee the efficiency of energy-retrofitted solutions. This assessment can be carried out through monitoring dwellings conditioned by use patterns; through simulation programs, which do not usually offer faithful representations of energy conditions; or by using test cells, which allow us to evaluate a controlled indoor environment without the influence of users. The objective of this paper is to present the design and performance of test cells as an experimental method for vertical facade analysis in order to tackle the problem of retrofitting residential buildings in a Mediterranean climate, taking into account energy and environment. With this equipment, efficiency and energy savings, as well as illumination and interior air quality, can be simultaneously and comprehensively evaluated.

The Determinants of Stock Market Returns: An ARDL Investigation on Borsa Istanbul

Directory of Open Access Journals (Sweden)

Sevinç Güler

2014-03-01

Full Text Available In this paper we examine the long run and the short run dynamics of stock return and macroeconomic and financial variables like gold prices, oil prices, export volume, import volume and exchange rate. The empirical investigation employed on monthly data between January 1988 to November 2013. The Autoregressive Distrubuted Lag (ARDL called analytical-cointegration technique is applied to capture the dynamics of short-run and long-run relationship between veriables. According to results we found a long run relationship between stock return and economic factors and existence of significant relationship between import and stock return in long run and short run models

Can Network Linkage Effects Determine Return? Evidence from Chinese Stock Market

Science.gov (United States)

Qiao, Haishu; Xia, Yue; Li, Ying

2016-01-01

This study used the dynamic conditional correlations (DCC) method to identify the linkage effects of Chinese stock market, and further detected the influence of network linkage effects on magnitude of security returns across different industries. Applying two physics-derived techniques, the minimum spanning tree and the hierarchical tree, we analyzed the stock interdependence within the network of the China Securities Index (CSI) industry index basket. We observed that that obvious linkage effects existed among stock networks. CII and CCE, CAG and ITH as well as COU, CHA and REI were confirmed as the core nodes in the three different networks respectively. We also investigated the stability of linkage effects by estimating the mean correlations and mean distances, as well as the normalized tree length of these indices. In addition, using the GMM model approach, we found inter-node influence within the stock network had a pronounced effect on stock returns. Our results generally suggested that there appeared to be greater clustering effect among the indexes belonging to related industrial sectors than those of diverse sectors, and network comovement was significantly affected by impactive financial events in the reality. Besides, stocks that were more central within the network of stock market usually had higher returns for compensation because they endured greater exposure to correlation risk. PMID:27257816

THE CO-MOVEMENT CONNECTION BETWEEN THE GDP AND THE MAIN STOCK MARKET INDEX. THE CASES OF USA AND ROMANIA

Directory of Open Access Journals (Sweden)

IOAN ROXANA

2015-12-01

Full Text Available A recurring problem among economists is that of the connection supposed to exist between the Gross Domestic Product and the main stock market index. Several studies have been conducted, trying to analyze the existence and the extent of this connection, most of them concluding the fact that this relation, if existing, is not a statistically significant one. The analyzed relations between a certain country’s Gross Domestic Product and its main stock market index are mainly concentrated with studying correlations, regressive dependencies or cointegration connections calculated by taking into consideration the level of both time series. The best measure of an economy’s performance and evolution is the Gross Domestic Product, an indicator that suggests every step taken by that economy, including its cyclical oscillations. Among specialists, the stock market is seen as a barometer of the global economy, as investors try to exit the stock market before recessions and conversely they return to the stock market just as economy starts to recover. Thus, we find appropriate to analyze the connection between the stock market and the global economy from a cyclical evolution point of view. Therefore, we will take into consideration both GDP’s and stock market index’ cyclical components, as extracted using the Hodrick Prescott filter. The cyclical components’ comovement will then by studied using a procedure proposed in 2009 by Pirtea, Pătru, Dima and Cristea.

INFLUENCE OF PIT WALL ANCHORAGE ONTO ADDITIONAL DEFORMATIONS OF EXISTING BUILDINGS

Directory of Open Access Journals (Sweden)

Kubetskiy Valeriy Leonidovich

2012-07-01

Assessment of additional projected deformations of buildings located in close proximity to pits is exemplified by the specific structure of the pit support system that has active PIT [1] anchors. The authors also consider the influence produced by the structure of anchors onto the two buildings located within the area of influence of the excavation works and protected by the anchors installed underneath the foundations of the two adjacent buildings.

Price performance following stock's IPO in different price limit systems

Science.gov (United States)

Wu, Ting; Wang, Yue; Li, Ming-Xia

2018-01-01

An IPO burst occurred in China's stock markets in 2015, while price limit trading rules usually help to reduce the short-term trading mania on individual stocks. It is interesting to make clear the function of the price limits after IPOs. We firstly make a statistical analysis based on all the IPO stocks listed from 1990 to 2015. A high dependency exists between the activities in stock's IPO and various market environment. We also focus on the price dynamics in the first 40 trading days after the stock listed. We find that price limit system will delay the price movement, especially for the up-trend movements, which may lead to longer continuous price limit hits. Similar to our previous work, many results such as ;W; shape can be also observed in the future daily return after the price limit open. At last, we find most IPO measures show evident correlations with the following price limit hits. IPO stocks with lower first-day turnover and earning per share will be followed with a longer continuous price limit hits and lower future daily return under the newest trading rules, which give us a good way to estimate the occurrence of price limit hits and the following price dynamics. Our analysis provides a better understanding of the price dynamics after IPO events and offers potential practical values for investors.

Applying an international CAPM to herding behaviour model for integrated stock markets

Directory of Open Access Journals (Sweden)

Najmudin Najmudin

2017-12-01

Full Text Available Development of financial globalization in the form of stock market integration experiences a trend which is getting stronger. The analysis models in the field of finance and investments should be able to adjust to these developments. This adjustment includes the models used to detect the existence of herding behavior. All this time, the herding behavior model of individual stocks towards market consensus has been referring to CAPM theory. The basic assumption of CAPM is that financial assets at a domestic stock market are segmented from the financial assets’ movement at the global market. Therefore, this paper aims to provide an alternative view in the form of an international herding model that should be applied in the context of an integrated stock market. The model was created with reference to the international CAPM. This paper combined ICAPM method and international CSAD model to identify herding for eight stock markets, the sample period being from January 2003 to December 2016. The result found that for segmented stock markets, represented by China and the Philippines, herding happened for both overall the sample period and the market crisis period. In addition, for the integrated stock markets, represented by Indonesia, Japan, Malaysia, Singapore, Thailand, and the UK, herding behavior was only found during the market crisis period. Therefore, classification of market integrations should be considered in assessing the herding behaviour at stock markets.

Stock Status

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — These data inform the public of the most recent stock status for all stocks (FSSI and non-FSSI) in the fishery management unit contained in a fishery managment plan....

The synchronicity between the stock and the stock index via information in market

Science.gov (United States)

Gao, Hai-Ling; Li, Jiang-Cheng; Guo, Wei; Mei, Dong-Cheng

2018-02-01

The synchronicity between the stock and the stock-index in a market system is investigated. The results show that: (i) the synchronicity between the stock and the stock-index increases with the rising degree of market information capitalized into stock prices in certain range; (ii) the synchronicity decreases for large firm-specific information; (iii) the stock return synchronicity is small compared to the big noise trading, however the variance noise facilitates the synchronization within the tailored realms. These findings may be helpful in understanding the effect of market information on synchronicity, especially for the response of firm-specific information and noise trading to synchronicity.

Investor sentiment and stock returns: Evidence from provincial TV audience rating in China

Science.gov (United States)

Zhang, Yongjie; Zhang, Yuzhao; Shen, Dehua; Zhang, Wei

2017-01-01

In this paper, we advocate the provincial TV audience rating as the novel proxy for the provincial investor sentiment (PIS) and investigate its relation with stock returns. The empirical results firstly show that the PIS is positively related to stock returns. Secondly, we provide direct evidence on the existence of home bias in China by observing that the provincial correlation coefficient is significantly larger than the cross-provincial correlation coefficient. Finally, the PIS can explain a large proportion of provincial comovement. To sum up, all these findings support the role of the non-traditional information sources in understanding the ;anomalies; in stock market.

12 CFR 563b.435 - What happens to my corporate existence after conversion?

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 5 2010-01-01 2010-01-01 false What happens to my corporate existence after... What happens to my corporate existence after conversion? Your corporate existence will continue following your conversion, unless you convert to a state-chartered stock savings association and state law...

Upgrading of the non-residential building stock towards nZEB standard

DEFF Research Database (Denmark)

Haavik, Trond; Helgesen, Paul Jacob; Rose, Jørgen

the Net Zero Energy Building standards NZEB in a sustainable and cost efficient way; ways to identify important market and policy issues; and effective marketing strategies for such renovations. This report describes the work of Subtask B, which covers market and policy issues and marketing strategies...... aware that such savings are possible, they tend to set less ambitious targets. Buildings that are renovated to mediocre performance can be a lost opportunity for decades. The objectives of IEA SHC Task 47 are to develop a solid knowledge-base including: how to renovate non-residential buildings towards...

Temporal causal relationship between stock market capitalization, trade openness and real GDP: evidence from Thailand

OpenAIRE

Jiranyakul, Komain

2014-01-01

This study examines both short-run and long-run causal relationship between stock market capitalization, trade openness and economic growth in Thailand. Quarterly data over the period from the first quarter of 1993 to the fourth quarter of 2013 are used in the analysis. The results from this study show that there exists a unidirectional long-run causality running from stock market capitalization and trade openness to real GDP. In the short run, stock market capitalization does not causes econ...

Compression stockings

Science.gov (United States)

Call your health insurance or prescription plan: Find out if they pay for compression stockings. Ask if your durable medical equipment benefit pays for compression stockings. Get a prescription from your doctor. Find a medical equipment store where they can ...

THE EFFECT OF MACROECONOMIC VARIABLES ON STOCK RETURNS ON DHAKA STOCK EXCHANGE

Directory of Open Access Journals (Sweden)

Muhammed Monjurul Quadir

2012-01-01

Full Text Available This article investigates the effects of macroeconomic variables of treasury bill interest rate and industrial production on stock returns on Dhaka Stock Exchange for the period between January 2000 and February 2007 on the basis of monthly time series data using Autoregressive Integrated Moving Average (ARIMA model. The paper has taken the overall market stock returns as an independent variable. It does not consider the stock returns of different companies separately. Though the ARIMA model finds a positive relationship between Treasury bill interest rate and industrial production with market stock returns but the coefficients have turned out to be statistically insignificant.

Analysis of portfolio optimization with lot of stocks amount constraint: case study index LQ45

Science.gov (United States)

Chin, Liem; Chendra, Erwinna; Sukmana, Agus

2018-01-01

To form an optimum portfolio (in the sense of minimizing risk and / or maximizing return), the commonly used model is the mean-variance model of Markowitz. However, there is no amount of lots of stocks constraint. And, retail investors in Indonesia cannot do short selling. So, in this study we will develop an existing model by adding an amount of lot of stocks and short-selling constraints to get the minimum risk of portfolio with and without any target return. We will analyse the stocks listed in the LQ45 index based on the stock market capitalization. To perform this analysis, we will use Solver that available in Microsoft Excel.

12 CFR 931.2 - Issuance of capital stock.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Issuance of capital stock. 931.2 Section 931.2 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL... transaction, a Bank may distribute any portion of its then-existing unrestricted retained earnings as shares...

Building America Case Study: Selecting Ventilation Systems for Existing Homes (Fact Sheet)

Energy Technology Data Exchange (ETDEWEB)

2014-12-01

This document addresses adding -or improving - mechanical ventilation systems to existing homes. The purpose of ventilation is to remove contaminants from homes, and this report discusses where, when, and how much ventilation is appropriate in a home, including some discussion of relevant codes and standards. Advantages, disadvantages, and approximate costs of various system types are presented along with general guidelines for implementing the systems in homes. CARB intends for this document to be useful to decision makers and contractors implementing ventilation systems in homes. Choosing the "best" system is not always straightforward; selecting a system involves balancing performance, efficiency, cost, required maintenance, and several other factors. It is the intent of this document to assist contractors in making more informed decisions when selecting systems. Ventilation is an integral part of a high-performance home. With more air-sealed envelopes, a mechanical means of removing contaminants is critical for indoor environmental quality and building durability.

The Use of Risk and Return for Testing the Stability of Stock Markets

Directory of Open Access Journals (Sweden)

Viorica Chirilă

2014-04-01

Full Text Available The European Central Bank stipulates that a financial system is stable if the financial risks are evaluated and rewarded correctly and if the economic and financial shocks are absorbed. When analyzing the return and volatility of the stock exchanges we may ascertain that a stock exchange is stable if there is a connection between return and volatility and if the shocks determined by the new positive and negative information do not cause significant changes of the volatility. We took into consideration the values of the indices of stock markets from Holland (AEX, Belgium (BEL, Romania (BET, Hungary (BUX, Germany (DAX, France (CAC, Czech Republic (PX, Slovakia (SAX, Austria (ATX, Estonia (OMXT, Latvia (OMXR and Lithuania (OMXV. In order to test the relationship between return-volatility and volatility asymmetry we estimated a GJR-GARCH-M model. The results confirm the lack of existence of a correlation between return and volatility for the entire period under analysis and the existence of the volatility asymmetry.

Stock Market Project.

Science.gov (United States)

Distel, Brenda D.

This project is designed to teach students the process of buying stocks and to tracking their investments over the course of a semester. The goals of the course are to teach students about the relationships between conditions in the economy and the stock market; to predict the effect of an economic event on a specific stock or industry; to relate…

Energy conservation in existing office buildings. Appendices to report, Phase I, Volume 2

Energy Technology Data Exchange (ETDEWEB)

1977-06-01

A blank form of Questionnaire No. 1 is first presented, followed by data compiled from that questionnaire. Then data are presented on the analyses of the 436 buildings, statistical validation for selection of the 44 building sample, and some examples of the matching buildings for the 44 building sample. Questionnaire No. 2 is then given, followed by additional data collected from the study concerning energy consumption and building characteristics. To complete the appendices, a simulation of a typical building and a hypothetical building is included. (MCW)

Stock Splits and Liquidity for Two Major Capital Markets from Central–Eastern Europe

Directory of Open Access Journals (Sweden)

Józef Rudnicki

2012-12-01

Full Text Available In the stock market there occur some events that contradict the efficient market hypothesis therefore they are called anomalies. One of the mysterious corporate events which has attracted the attention of numerous researchers is a stock split. I perform the review of implications of splitting the stock for market liquidity of companies listed on the Warsaw Stock Exchange and the Vienna Stock Exchange. I use event study, in particular Market model method and Market adjusted return method, to inspect the behavior of abnormal changes in daily trading volume for stock splits performed between 2000 through 2011 over a short run and assuming a longer time interval. Moreover, I juxtapose the results for both stock exchanges to examine whether the stock split phenomenon for two major capital markets from this part of Europe can be better explained by means of existing theories on stock splits. The research is aimed at analyzing the implications of the split for market liquidity, i.e. whether there occurs an immediate effect following the split as well as whether this corporate event improves the level of market liquidity over long run. Furthermore, the goal of the paper is to investigate whether the investors can cash in on the stock split, more specifically, whether they can profit from lower transaction costs. I document a significant growth in the market liquidity of stock splitting firms over 36 months following the split for both capital markets what is indicative of lower transaction costs for investors. The 1–percent significant results are consistent with the liquidity hypothesis on stock splits.

Lessons Learned from Case Studies of Six High-Performance Buildings

Energy Technology Data Exchange (ETDEWEB)

Torcellini, P.; Pless, S.; Deru, M.; Griffith, B.; Long, N.; Judkoff, R.

2006-06-01

Commercial buildings have a significant impact on energy use and the environment. They account for approximately 18% (17.9 quads) of the total primary energy consumption in the United States (DOE 2005). The energy used by the building sector continues to increase, primarily because new buildings are added to the national building stock faster than old buildings are retired. Energy consumption by commercial buildings will continue to increase until buildings can be designed to produce more energy than they consume. As a result, the U.S. Department of Energy's (DOE) Building Technologies Program has established a goal to create the technology and knowledge base for marketable zero-energy commercial buildings (ZEBs) by 2025.

An analysis of seasonality fluctuations in the oil and gas stock returns

Directory of Open Access Journals (Sweden)

Muhammad Surajo Sanusi

2016-12-01

Full Text Available This paper investigates the existence of seasonality anomalies in the stock returns of the oil and gas companies on the London Stock Exchange. It employs F-test, Kruskal–Wallis and Tukey tests to examine days-of-the-week effect. Generalised autoregressive conditional heteroscedasticity specification was also employed to investigate both the days-of-the-week and months-of-the-year effects. The analysis had been extended to some key FTSE indices. Our results showed no evidence of any regularity or seasonal fluctuation in the oil and gas stock returns despite the seasonal changes of demand in the companies’ products. However, January effect has been observed in FTSE All Share and FTSE 100 indices.

Indoor air quality in mechanically ventilated residential dwellings/low-rise buildings: A review of existing information

DEFF Research Database (Denmark)

Aganovic, Amar; Hamon, Mathieu; Kolarik, Jakub

Mechanical ventilation has become a mandatory requirement in multiple European standards addressing indoor air quality (IAQ) and ventilation in residential dwellings (single family houses and low-rise apartment buildings). This article presents the state of the art study through a review...... of the existing literature, to establish a link between ventilation rate and key indoor air pollutants. Design characteristics of a mechanical ventilation system such as supply/exhaustairflow, system and design of supply and exhaust outlets were considered. The performance of various ventilation solutionswas......-house ventilation rate was reported below 0.5h-1 or 14 l/s·person in bedrooms, the concentrations of the pollutants elevated above minimum threshold limits (CO2>1350 ppm; TVOC >3000 μg/m3) defined by the standard. Insufficient or non-existent supply of air was related to significantly higher pollutant...

Enhancing Nursing Staffing Forecasting With Safety Stock Over Lead Time Modeling.

Science.gov (United States)

McNair, Douglas S

2015-01-01

In balancing competing priorities, it is essential that nursing staffing provide enough nurses to safely and effectively care for the patients. Mathematical models to predict optimal "safety stocks" have been routine in supply chain management for many years but have up to now not been applied in nursing workforce management. There are various aspects that exhibit similarities between the 2 disciplines, such as an evolving demand forecast according to acuity and the fact that provisioning "stock" to meet demand in a future period has nonzero variable lead time. Under assumptions about the forecasts (eg, the demand process is well fit as an autoregressive process) and about the labor supply process (≥1 shifts' lead time), we show that safety stock over lead time for such systems is effectively equivalent to the corresponding well-studied problem for systems with stationary demand bounds and base stock policies. Hence, we can apply existing models from supply chain analytics to find the optimal safety levels of nurse staffing. We use a case study with real data to demonstrate that there are significant benefits from the inclusion of the forecast process when determining the optimal safety stocks.

Stock-market efficiency in thin-trading markets : the case of the Vietnamese stock market

NARCIS (Netherlands)

Truong Dong Loc, [No Value; Lanjouw, Ger; Lensink, Robert

2010-01-01

This article reviews developments in the Stock Trading Centre (STC) in Ho Chi Minh City, Vietnam, the main stock market in the country, since its start in 2000. It presents information about developments in the number of stocks traded, trading activity and stock-price developments. This article

Stock Market Efficiency in Thin Trading Markets: The Case of the Vietnamese Stock Market

NARCIS (Netherlands)

Dong Loc, T.; Lanjouw, G.; Lensink, B.W.

2010-01-01

This article reviews developments in the Stock Trading Centre (STC) in Ho Chi Minh City, Vietnam, the main stock market in the country, since its start in 2000. It presents information about developments in the number of stocks traded, trading activity and stock-price developments. This article

Proving the Relation between Stock and Interbank Markets: The Bahrain Stock Exchange

OpenAIRE

Matveev, Aleksandr

2014-01-01

The present paper deals with further analysis of the relationship between the interbank loan rateon the one hand and the volume of investment and the amount of stocks tradable on the stock exchange on the other hand, as corroborated by calculations performed on Bahrain Stock Exchange data.

Dynamic Estimation on Output Elasticity of Highway Capital Stock in China

Science.gov (United States)

Li, W. J.; Zuo, Q. L.; Bai, Y. F.

2017-12-01

By using the Perpetual Inventory Method to calculate the capital stock of highway in China from 1988 to 2016, the paper builds the State Space Model based on Translog Production Function, according to the Ridge Regression and Kalman Filter Method, the dynamic estimation results of output elasticity are measured continuously and analyzed. The conclusions show that: Firstly, China’s growth speed on highway industry capital stock are divided into three stages which are respectively from 1988 to 2000, from 2001 to 2009 and from 2010 to 2016, during which shows steady growth, between which reflect rapid growth; Secondly, the output elasticity of highway capital stock, being between 0.154 and 0.248, is slightly larger than the output elasticity of human input factor, lower than the output elasticity of the technical level, shows positive effect on transport economy and rises steadily, but the output efficiency is low on the whole; Thirdly, around the year of 2010, the scale pay on highway industry begins to highlight the characteristic of increase.

The Dow is Killing Me: Risky Health Behaviors and the Stock Market.

Science.gov (United States)

Cotti, Chad; Dunn, Richard A; Tefft, Nathan

2015-07-01

We investigate how risky health behaviors and self-reported health vary with the Dow Jones Industrial Average (DJIA) and during stock market crashes. Because stock market indices are leading indicators of economic performance, this research contributes to our understanding of the macroeconomic determinants of health. Existing studies typically rely on the unemployment rate to proxy for economic performance, but this measure captures only one of many channels through which the economic environment may influence individual health decisions. We find that large, negative monthly DJIA returns, decreases in the level of the DJIA, and stock market crashes are widely associated with worsening self-reported mental health and more cigarette smoking, binge drinking, and fatal car accidents involving alcohol. These results are consistent with predictions from rational addiction models and have implications for research on the association between consumption and stock prices. Copyright © 2014 John Wiley & Sons, Ltd.

Characterizing the role of built environment stocks in human development and emission growth

DEFF Research Database (Denmark)

Lin, Chen; Liu, Gang; Müller, Daniel B.

2017-01-01

throughout their construction, operation, and end-of-life management phases. These stocks usually exist in societies for relatively long time, from years to over a century, therefore their dynamics have long term impacts on human development and emission growth. Several recent studies, including the Fifth...... Assessment Report of the Intergovernmental Panel on Climate Change (IPCC), have discussed the lock-in effects of infrastructure stocks on emission pathways. However, there is still a lack of quantitative analysis and evidence to support this claim. Here, based on an empirical regression model and a new...... underline the role of built environment stocks in human development, future emission pathways, and relevant climate policy....

Target-oriented obstacle analysis by PESTEL modeling of energy efficiency retrofit for existing residential buildings in China's northern heating region

Energy Technology Data Exchange (ETDEWEB)

Shilei, Lv [School of Environment Science and Technology, Tianjin University, Tianjin 300072 (China); Yong, Wu [Department of Science and Technology, Ministry of Housing and Urban-Rural Development of the People' s Republic of China, Beijing 100835 (China)

2009-06-15

According to the 'Comprehensive Work Program of Energy Efficiency and Emission Reduction' of the Chinese government, during the period of the '11th Five-Year Plan', 1.5 x 10{sup 8} m{sup 2} of existing residential buildings in China's northern heating region are to be retrofitted for energy efficiency. However, at present, this 'Energy Efficiency Retrofit for Existing Residential Buildings' (EERFERB) faces many obstacles. Under the current working and market system, both the central and local governments and the energy supply companies can not push on this work smoothly. Using both the results of the annual national special inspection of building energy efficiency and some case analyses, this paper examines the necessity for energy efficiency retrofit, along with the relationships among the various Political, Economic, Social, Technological, Environmental and Legal (PESTEL) factors affecting it. Furthermore, organizational, financial and technical support systems are explored to promote the development of retrofit. Finally, some primary principles to be followed toward the implementation of EERFERB are suggested. (author)

Market Efficiency Analysis at the Stockholm Stock Exchange: Measuring Intraday Stock Price Performance around Interim Reports of the OMXS30 Large Cap Stocks - An Event Study Approach

OpenAIRE

Tames Blanco, Juan Marcelo; Nsiah, Samuel Osei

2010-01-01

The purpose of this thesis is to perform event studies that determine the level of efficiency of twenty-two large cap stocks from the OMXS30 Index. Under the event study methodology, analysts’ expectations, the standard Capital Asset Pricing Model and a set of parametric tests are implemented. As a result, significant evidence is found on the existence of intraday abnormal returns at the exact moment of an interim report publication. However, further evidence on market corrections state effic...

A long-term, integrated impact assessment of alternative building energy code scenarios in China

International Nuclear Information System (INIS)

Yu, Sha; Eom, Jiyong; Evans, Meredydd; Clarke, Leon

2014-01-01

China is the second largest building energy user in the world, ranking first and third in residential and commercial energy consumption. Beginning in the early 1980s, the Chinese government has developed a variety of building energy codes to improve building energy efficiency and reduce total energy demand. This paper studies the impact of building energy codes on energy use and CO 2 emissions by using a detailed building energy model that represents four distinct climate zones each with three building types, nested in a long-term integrated assessment framework GCAM. An advanced building stock module, coupled with the building energy model, is developed to reflect the characteristics of future building stock and its interaction with the development of building energy codes in China. This paper also evaluates the impacts of building codes on building energy demand in the presence of economy-wide carbon policy. We find that building energy codes would reduce Chinese building energy use by 13–22% depending on building code scenarios, with a similar effect preserved even under the carbon policy. The impact of building energy codes shows regional and sectoral variation due to regionally differentiated responses of heating and cooling services to shell efficiency improvement. - Highlights: • We assessed long-term impacts of building codes and climate policy using GCAM. • Building energy codes would reduce Chinese building energy use by 13–22%. • The impacts of codes on building energy use vary by climate region and sub-sector

Stocks as Money: Convenience Yield and the Tech-Stock Bubble

OpenAIRE

John H. Cochrane

2002-01-01

What caused the rise and fall of tech stocks? I argue that a mechanism much like the transactions demand for money drove many stock prices above the 'fundamental value' they would have had in a frictionless market. I start with the Palm/3Com microcosm and then look at tech stocks in general. High prices are associated with high volume, high volatility, low supply of shares, wide dispersion of opinion, and restrictions on long-term short selling. I review competing theories, and only the conve...

How Random is the Walk: Efficiency of Indian Stock and Futures Markets

Science.gov (United States)

Basu, Udayan Kumar

Time series of prices of stock and its rates of return has been one of the major areas of study in Econophysics. The price of a stock depends on a number of factors as well as information related thereto, and how quickly and effectively the price of a stock assimilates all such information decides the efficiency of the stock market. Instead of individual stocks, people often study the behaviour of stock indices to get a feel of the market as a whole, and the outcomes of such studies for the Dow Jones Industrial Average (DJIA), the Nasdaq Index and the S & P 500 Index have been listed in a number of articles. In this context, it has also been argued that for a market to be considered sufficiently liquid, correlation between successive price movements and rates of return should be insignificant, because any significant correlation would lead to an arbitrage opportunity that is expected to be rapidly exploited and thus washed out. The residual correlations are those little enough not to be profitable for strategies due to imperfect market conditions. Unless transaction costs or slippages or any other impediment exists, leading to some transactional inefficiency, arbitrages would take place to bring back the markets to a stage of insignifficant correlations [1, 2].

Studying the Relationship between Economic Massive Changes with Earnings Management of Listed Companies in Tehran Stock Exchange

OpenAIRE

RAHMANİ SERYASAT, Hamid; PİRAYESH, Reza; NOORALİDOKHT, Hamid

2015-01-01

Abstract. This study investigates the relationship between earnings management and profitability of companies listed in Tehran stock exchange and its purpose is to examine the existence of earnings management phenomenon of listed companies in Tehran stock exchange. One of the executives' main objectives about earning management is creation a more stable flow, in order to support higher earning payments. More stable earnings flow can be perceived as a lower risk that leads to higher stock pric...

Constructing in the monument. Respecting the Old and mark the New. Cost-reliable planning during building upon existing structures; Bauen im Denkmal. Altes achten und Neues kenntlich machen. Kostensicher planen beim Bauen im Bestand

Energy Technology Data Exchange (ETDEWEB)

Schneider-Sorger, Roswitha [ORCA Software GmbH, Rosenheim (Germany)

2011-07-01

The revitalization of historically protected real estate is a passion of the owners - the family Werndl (Rosenheim, Federal Republic of Germany). In the case of the Old spinning mill in the Kolbenmotor near Rosenheim a whole district was arranged new. The highest premise of the planning team Quest Architekten GBR (Rosenheim, Federal Republic of Germany) was to respect and receive the rough charm of the building stock. This also becomes clear considering the two-storey Batteur building of 1862 being a component of the energy centre of the spinning mill. Once cotton was cleaned, now shops and gastronomy are in the ground floor as well as practices and office units in the upper floor.

Modelling the mixing of herring stocks between the Baltic and the North Sea from otolith data

DEFF Research Database (Denmark)

Ulrich, Clara; Post, Søren Lorentzen; Worsøe Clausen, Lotte

2012-01-01

and Swedish commercial landings and surveys samples for the purpose of stock assessment. But the split estimates from sampling data are highly variable and noisy. Better understanding of the migration and exploitation patterns involved could therefore potentially improve the stock assessment as well...... and are consistent with existing ideas about the migration patterns of WBSS and NSAS within Division IIIa and adjacent waters. This work therefore provides the foundation for the development of a more rational management of the herring stocks in this area...

50% of emergency oil and fuel stocks to be stored by investors

International Nuclear Information System (INIS)

Beer, G.

2004-01-01

The State Material Reserves Administration Office (SMRAO) plans to transfer the administration of about 50% of Slovakian's emergency oil and fuel stocks to investors. Private companies would help to build storage reservoirs and tanks that would allow the storage of strategic stocks to cover consumption in Slovakia for 90 days. The public procurement process is set to start at the end of this year. It should determine who will be awarded contracts for the next 20 years. Up to now, emergency stocks have been stored at Slovnaft, Transpetrol and SMRAO. The storage capacities of SMRAO no longer meet ecological standards. It is estimated that about 660 mil. Sk (16.58 mil. Eur) will be required for the storage capacities to meet the standards. The most expensive item will be the construction of new reservoirs. SMRAO expects this will cost at least 3 bill. Sk (75.35 mil. Eur). SMRAO chairman, Jan Tusim expects that private investors will welcome this opportunity. SMRAO plans to store 5 0% of stocks in private reservoirs and the remaining part in SMRAO reservoirs. Private investors will be obliged to fill the storage reservoirs and pay rent for their usage. The lowest running costs submitted by companies in the tender will determine the tender winner. (author)

Expert Meeting Report: Transforming Existing Buildings through New Media - An Idea Exchange

Energy Technology Data Exchange (ETDEWEB)

Hunt, Stacy [Building Media and the Building America Retrofit Alliance (BARA), Wilmington, DE (United States)

2012-05-01

This report describes results of a Building America expert meeting on September 13, 2011, in Las Vegas, Nevada, hosted by the Building America Retrofit Alliance (BARA). This meeting provided a forum for presentations and discussions on the use of new media to work with remodelers and retrofit projects to improve energy efficiency and deliver research results from the Building America program to remodelers.

Expert Meeting Report: Transforming Existing Buildings through New Media--An Idea Exchange

Energy Technology Data Exchange (ETDEWEB)

Hunt, S.

2012-05-01

This report describes results of a Building America expert meeting on September 13, 2011, in Las Vegas, Nevada, hosted by the Building America Retrofit Alliance (BARA). This meeting provided a forum for presentations and discussions on the use of new media to work with remodelers and retrofit projects to improve energy efficiency and deliver research results from the Building America program to remodelers.

Nexus between Oil Price and Stock Performance of Power Industry in Malaysia

OpenAIRE

Puah, Chin-Hong; Tan, Lay-Phin; Md Isa, Abu Hassan

2009-01-01

This paper examines the reaction of KLCI and five major power sector stocks listed on Bursa Malaysia to the changes in the world spot oil price using cointegration technique and impulse response analysis. Results indicate the existence of a long run positive relationship of world spot oil price with the stock returns of KLCI, TENAGA, TANJONG and YTLP. The impulse response analysis further shows that, in most of the cases, the oil price shock has only an impact on the short time horizon. As Ma...

Solar Panel Installations on Existing Structures

OpenAIRE

Tim D. Sass; Pe; Leed

2013-01-01

The rising price of fossil fuels, government incentives and growing public aware-ness for the need to implement sustainable energy supplies has resulted in a large in-crease in solar panel installations across the country. For many sites the most eco-nomical solar panel installation uses existing, southerly facing rooftops. Adding solar panels to an existing roof typically means increased loads that must be borne by the building-s structural elements. The structural desig...

Distribution characteristics of stock market liquidity

Science.gov (United States)

Luo, Jiawen; Chen, Langnan; Liu, Hao

2013-12-01

We examine the distribution characteristics of stock market liquidity by employing the generalized additive models for location, scale and shape (GAMLSS) model and three-minute frequency data from Chinese stock markets. We find that the BCPE distribution within the GAMLSS framework fits the distributions of stock market liquidity well with the diagnosis test. We also find that the stock market index exhibits a significant impact on the distributions of stock market liquidity. The stock market liquidity usually exhibits a positive skewness, but a normal distribution at a low level of stock market index and a high-peak and fat-tail shape at a high level of stock market index.

Stock-outs of essential health products in Mozambique-longitudinal analyses from 2011 to 2013

Science.gov (United States)

Wagenaar, Bradley H.; Gimbel, Sarah; Hoek, Roxanne; Pfeiffer, James; Michel, Cathy; Manuel, João Luis; Cuembelo, Fatima; Quembo, Titos; Afonso, Pires; Gloyd, Stephen; Sherr, Kenneth

2015-01-01

objectives To assess the relationship between health system factors and facility-level EHP stock-outs in Mozambique. methods Service provisions were assessed in 26 health facilities and 13 district warehouses in Sofala Province, Mozambique, from July to August in 2011–2013. Generalised estimating equations were used to model factors associated with facility-level availability of essential drugs, supplies and equipment. results Stock-out rates for drugs ranged from 1.3% for oral rehydration solution to 20.5% for Depo-Provera and condoms, with a mean stock-out rate of 9.1%; mean stock-out rates were 15.4% for supplies and 4.1% for equipment. Stock-outs at the district level accounted for 27.1% (29/107) of facility-level drug stock-outs and 44.0% (37/84) of supply stock-outs. Each 10-km increase in the distance from district distribution warehouses was associated with a 31% (CI: 22–42%), 28% (CI: 17–40%) or 27% (CI: 7–50%) increase in rates of drug, supply or equipment stock-outs, respectively. The number of heath facility staff was consistently negatively associated with the occurrence of stock-outs. conclusions Facility-level stock-outs of EHPs in Mozambique are common and appear to disproportionately affect those living far from district capitals and near facilities with few health staff. The majority of facility-level EHP stock-outs in Mozambique occur when stock exists at the district distribution centre. Innovative methods are urgently needed to improve EHP supply chains, requesting and ordering of drugs, facility and district communication, and forecasting of future EHP needs in Mozambique. Increased investments in public-sector human resources for health could potentially decrease the occurrence of EHP stock-outs. PMID:24724617

Portfolio volatility of Islamic and conventional stock: The case of Indonesia stock market

Directory of Open Access Journals (Sweden)

Aldrin Herwany

2013-12-01

Full Text Available Conventional finance suggests that the higher the risk of an investment, the higher the return it should give. Nevertheless, whether Islamic stocks that offer alternative investment in the stock market suggest different risk-return relationship still needs to be investigated. This empirical study is aimed at assessing risk-return behavior of Islamic stocks. This study employs cross sectional data of portfolio developed using beta-rank and market capitalization, in which daily data will better reflect the real volatility. This study also measures volatility of both conventional and Islamic stocks using Value-at-Risk (VaR. To check whether Islamic stocks are immune from any impact of financial crisis, this study utilizes three periods of observation, i.e., before, during and after the 2008 crisis. This study assesses risk and return using Multi-index model, in which variables tested are the respective fundamental factors. Results of this study will provide more accurate approach in Islamic stocks analysis.

The role of composition, invasives, and maintenance emissions on urban forest carbon stocks.

Science.gov (United States)

Horn, Josh; Escobedo, Francisco J; Hinkle, Ross; Hostetler, Mark; Timilsina, Nilesh

2015-02-01

There are few field-based, empirical studies quantifying the effect of invasive trees and palms and maintenance-related carbon emissions on changes in urban forest carbon stocks. We estimated carbon (C) stock changes and tree maintenance-related C emissions in a subtropical urban forest by re-measuring a subsample of residential permanent plots during 2009 and 2011, using regional allometric biomass equations, and surveying residential homeowners near Orlando, FL, USA. The effect of native, non-native, invasive tree species and palms on C stocks and sequestration was also quantified. Findings show 17.8 tC/ha in stocks and 1.2 tC/ha/year of net sequestration. The most important species both by frequency of C stocks and sequestration were Quercus laurifolia Michx. and Quercus virginiana Mill., accounting for 20% of all the trees measured; 60% of carbon stocks and over 75% of net C sequestration. Palms contributed to less than 1% of the total C stocks. Natives comprised two-thirds of the tree population and sequestered 90% of all C, while invasive trees and palms accounted for 5 % of net C sequestration. Overall, invasive and exotic trees had a limited contribution to total C stocks and sequestration. Annual tree-related maintenance C emissions were 0.1% of total gross C sequestration. Plot-level tree, palm, and litter cover were correlated to C stocks and net sequestration. Findings can be used to complement existing urban forest C offset accounting and monitoring protocols and to better understand the role of invasive woody plants on urban ecosystem service provision.

EPIQR - a decision making tool for apartment building refurbishment

Energy Technology Data Exchange (ETDEWEB)

Caccavelli, D. [Centre Scientifique et Technique du Batiment, Cedex (France); Balaras, C. [National Observatory of Athens, Athens (Greece); Bluyssen, P. [TNO Building and Construction Research, Delft (Netherlands); Flourentzou, F. [Ecole Polytechnique Federale de Lausanne, Lausanne (France); Jaggs, M. [Building Research Establishment, Watford (United Kingdom); Wetzel, C. [Fraunhofer-Institut fur Bauphysik, Holzkirchen (Germany); Wittchen, K. [Danish Building Reasearch Institute, Hoersholm (Denmark)

1999-11-01

In a large majority of European countries, the amount of the maintenance and refurbishment works represents nearly 50% of the total amount spent in the building sector. New requirements are being added to the necessity of maintaining or re-establishing the building stock`s usage value. They are linked to the determination to reduce energy consumption, pollutant emissions, work site wastes, to improve the Indoor Environment Quality and all the modern conveniences inside apartment. Aware of this matter, the European Community has launched a two-year European research project, entitled EPIQR (Energy Performance, Indoor Environmental Quality, Retrofit) involving seven research institutions in the frame of the JOULE III programme. The purpose is to give architects and contracting authorities a multimedia tool to enable them to simultaneously grasp the whole process of apartment building refurbishment or retrofit. It has a number of functions: Assess the building`s degradation state based on a technical diagnosis after a standardised and complete inspection of the building; Prepare work proposals. These take into account not only the renovation of the building but also the improvement of the energy performance and IEQ; Estimate the costs corresponding to these works. A data base, containing the costs of 800 refurbishment works, provides a fast estimate of the total amount of the works being considered; Estimate the evolution of the degradation of the components if none of the works were to be carried out, as well as the refurbishment costs which would result. This paper provides an overview of the EPIQR methodology and the final deliverables of the project. (au)

Study on Market Stability and Price Limit of Chinese Stock Index Futures Market: An Agent-Based Modeling Perspective.

Science.gov (United States)

Xiong, Xiong; Nan, Ding; Yang, Yang; Yongjie, Zhang

2015-01-01

This paper explores a method of managing the risk of the stock index futures market and the cross-market through analyzing the effectiveness of price limits on the Chinese Stock Index 300 futures market. We adopt a cross-market artificial financial market (include the stock market and the stock index futures market) as a platform on which to simulate the operation of the CSI 300 futures market by changing the settings of price limits. After comparing the market stability under different price limits by appropriate liquidity and volatility indicators, we find that enhancing price limits or removing price limits both play a negative impact on market stability. In contrast, a positive impact exists on market stability if the existing price limit is maintained (increase of limit by10%, down by 10%) or it is broadened to a proper extent. Our study provides reasonable advice for a price limit setting and risk management for CSI 300 futures.

STOCK AND STOCK EXCHANGE AS A PART OF FINANCIAL INSTITUTIONS IN DEVELOPED COUNTRIES

Directory of Open Access Journals (Sweden)

Vesna Petrović

2018-01-01

Full Text Available The authors have tried to present the term, meaning and importance of stocks and stock exchange as a part of the financial system of developed countries. By observing the financial system growth, especially in financial institutions, it can be noticed that there are changes in relative positions of various types of financial agents in developed market industries. What determines financial markets, and by that the stocks and stock exchange is the permanent movement of financial instruments and neglecting the national market boundaries.

CSR and Company's Stock Price. A Comparative Evidence from Bucharest Stock Exchange

Directory of Open Access Journals (Sweden)

Adina Dornean

2017-05-01

Full Text Available This paper aims at analysing the relationship between Corporate Social Responsibility (CSR and stock price for the companies listed on Bucharest Stock Exchange (BSE in 2015, comparing with the results obtained for 2014. This study investigates the differences in the market stock price (and other market variables, such as dividends and stock return of companies that show CSR compared with those that do not. For this purpose we will use three statistical techniques: discriminant analysis, probit analysis model and logistic regression. There is no significant difference between the prediction ability of the models, in the context in which probit model and logistic regression have and average correct classification of 70.29%, while discriminant analysis records 71.62%. Our analysis highlighted that stock return has a significant impact on CSR activities of a company. Moreover, all discriminants have a positive impact on CSR.

An operatorial approach to stock markets

International Nuclear Information System (INIS)

Bagarello, F

2006-01-01

We propose and discuss some toy models of stock markets using the same operatorial approach adopted in quantum mechanics. Our models are suggested by the discrete nature of the number of shares and of the cash which are exchanged in a real market, and by the existence of conserved quantities, like the total number of shares or some linear combination of cash and shares. The same framework as the one used in the description of a gas of interacting bosons is adopted

The Stock Market Game: A Simulation of Stock Market Trading. Grades 5-8.

Science.gov (United States)

Draze, Dianne

This guide to a unit on a simulation game about the stock market contains an instructional text and two separate simulations. Through directed lessons and reproducible worksheets, the unit teaches students about business ownership, stock exchanges, benchmarks, commissions, why prices change, the logistics of buying and selling stocks, and how to…

Econometric testing on linear and nonlinear dynamic relation between stock prices and macroeconomy in China

Science.gov (United States)

Borjigin, Sumuya; Yang, Yating; Yang, Xiaoguang; Sun, Leilei

2018-03-01

Many researchers have realized that there is a strong correlation between stock prices and macroeconomy. In order to make this relationship clear, a lot of studies have been done. However, the causal relationship between stock prices and macroeconomy has still not been well explained. A key point is that, most of the existing research adopts linear and stable models to investigate the correlation of stock prices and macroeconomy, while the real causality of that may be nonlinear and dynamic. To fill this research gap, we investigate the nonlinear and dynamic causal relationships between stock prices and macroeconomy. Based on the case of China's stock prices and acroeconomy measures from January 1992 to March 2017, we compare the linear Granger causality test models with nonlinear ones. Results demonstrate that the nonlinear dynamic Granger causality is much stronger than linear Granger causality. From the perspective of nonlinear dynamic Granger causality, China's stock prices can be viewed as "national economic barometer". On the one hand, this study will encourage researchers to take nonlinearity and dynamics into account when they investigate the correlation of stock prices and macroeconomy; on the other hand, our research can guide regulators and investors to make better decisions.

The Role of Speculative Factor in the Indonesian Stock Price Determination

Directory of Open Access Journals (Sweden)

Soemarso Slamet Rahardjo

2015-04-01

Full Text Available This study observes the speculative element in the price determination and its mean reverting pattern. The existence of speculative element in the Indonesian stock market price determination was proven. Exponential Generalized Auto Regressive Conditional Heteroscedasticity (EGARCH method indicates the non-stationary process of the residuals. There are systematic as well as unsystematic component embedded in the speculative behavior. Vector Error Correction Model (VECM concludes that prices contain volatilities in the short run, but, it will revert to the mean in the long run. Investors’ behavior are neutral toward expected gain vis a vis losses in a stock trading.

Building a new predictor for multiple linear regression technique-based corrective maintenance turnaround time.

Science.gov (United States)

Cruz, Antonio M; Barr, Cameron; Puñales-Pozo, Elsa

2008-01-01

This research's main goals were to build a predictor for a turnaround time (TAT) indicator for estimating its values and use a numerical clustering technique for finding possible causes of undesirable TAT values. The following stages were used: domain understanding, data characterisation and sample reduction and insight characterisation. Building the TAT indicator multiple linear regression predictor and clustering techniques were used for improving corrective maintenance task efficiency in a clinical engineering department (CED). The indicator being studied was turnaround time (TAT). Multiple linear regression was used for building a predictive TAT value model. The variables contributing to such model were clinical engineering department response time (CE(rt), 0.415 positive coefficient), stock service response time (Stock(rt), 0.734 positive coefficient), priority level (0.21 positive coefficient) and service time (0.06 positive coefficient). The regression process showed heavy reliance on Stock(rt), CE(rt) and priority, in that order. Clustering techniques revealed the main causes of high TAT values. This examination has provided a means for analysing current technical service quality and effectiveness. In doing so, it has demonstrated a process for identifying areas and methods of improvement and a model against which to analyse these methods' effectiveness.

Development and Evaluation of Algorithms to Improve Small- and Medium-Size Commercial Building Operations

Energy Technology Data Exchange (ETDEWEB)

Kim, Woohyun [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Katipamula, Srinivas [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Lutes, Robert G. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Underhill, Ronald M. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States)

2016-10-31

Small- and medium-sized (<100,000 sf) commercial buildings (SMBs) represent over 95% of the U.S. commercial building stock and consume over 60% of total site energy consumption. Many of these buildings use rudimentary controls that are mostly manual, with limited scheduling capability, no monitoring or failure management. Therefore, many of these buildings are operated inefficiently and consume excess energy. SMBs typically utilize packaged rooftop units (RTUs) that are controlled by an individual thermostat. There is increased urgency to improve the operating efficiency of existing commercial building stock in the U.S. for many reasons, chief among them is to mitigate the climate change impacts. Studies have shown that managing set points and schedules of the RTUs will result in up to 20% energy and cost savings. Another problem associated with RTUs is short-cycling, where an RTU goes through ON and OFF cycles too frequently. Excessive cycling can lead to excessive wear and lead to premature failure of the compressor or its components. The short cycling can result in a significantly decreased average efficiency (up to 10%), even if there are no physical failures in the equipment. Also, SMBs use a time-of-day scheduling is to start the RTUs before the building will be occupied and shut it off when unoccupied. Ensuring correct use of the zone set points and eliminating frequent cycling of RTUs thereby leading to persistent building operations can significantly increase the operational efficiency of the SMBs. A growing trend is to use low-cost control infrastructure that can enable scalable and cost-effective intelligent building operations. The work reported in this report describes three algorithms for detecting the zone set point temperature, RTU cycling rate and occupancy schedule detection that can be deployed on the low-cost infrastructure. These algorithms only require the zone temperature data for detection. The algorithms have been tested and validated using

Stock Market Expectations of Dutch Households.

Science.gov (United States)

Hurd, Michael; van Rooij, Maarten; Winter, Joachim

2011-04-01

Despite its importance for the analysis of life-cycle behavior and, in particular, retirement planning, stock ownership by private households is poorly understood. Among other approaches to investigate this puzzle, recent research has started to elicit private households' expectations of stock market returns. This paper reports findings from a study that collected data over a two-year period both on households' stock market expectations (subjective probabilities of gains or losses) and on whether they own stocks. We document substantial heterogeneity in financial market expectations. Expectations are correlated with stock ownership. Over the two years of our data, stock market prices increased, and expectations of future stock market price changes also increased, lending support to the view that expectations are influenced by recent stock gains or losses.

Appropriate Utilization and Stocking of Antidotes in Qatar Public Hospitals

Directory of Open Access Journals (Sweden)

Rawan Salameh

2017-09-01

Full Text Available Background: There are a few studies that evaluate preparedness and availability of antidotes in the emergency setting and none have been conducted in Qatar. Published studies show that timely availability of antidotes in the emergency department setting is a common issue. To address this, we conducted a study to evaluate antidote stocking and utilization in Qatar hospital pharmacies and emergency departments. Methods: In order to evaluate the appropriate use and timely administration of antidotes, research assistants prospectively collected data on ED patients. All ED patients who received any key antidote over the 6-month study period were identified through both ED and pharmacy records. In order to evaluate the stocking of the 31 most important antidotes in our main public hospitals, a survey assessing the stocking of these key antidotes was sent to the four general hospitals in Qatar, to determine their availability and whether they are stocked in the ED or only in the main pharmacy. Results: Poison exposure was evaluated in 471 cases. Antidotes were given within 30 minutes in 73% of cases, which included atropine, calcium, dextrose, flumazenil, naloxone, pralidoxime, sodium bicarbonate, thiamine, vitamin K and scorpion and snake antivenoms. Administration occurred later than 60 minutes in 2% of cases, exclusively with N-acetylcysteine and activated charcoal. Atropine, calcium, dextrose, naloxone, pralidoxime (2-PAM, sodium bicarbonate, and anti-venoms were clinically indicated 92% of the times they were ordered. N-acetylcysteine was indicated in only 51.5% of administrations. Significant variation in antidote stocking existed between hospitals, and there was no stocked hydroxocobalamin as antidotes for cyanide poisoning or fomepizole for toxic alcohol poisoning. Conclusion: Antidote stocking varied significantly between hospitals, and antidotes necessary for cyanide and toxic alcohol poisoning were deficient in all public hospitals. The

Fuzzy C-Means Clustering Model Data Mining For Recognizing Stock Data Sampling Pattern

Directory of Open Access Journals (Sweden)

Sylvia Jane Annatje Sumarauw

2007-06-01

Full Text Available Abstract Capital market has been beneficial to companies and investor. For investors, the capital market provides two economical advantages, namely deviden and capital gain, and a non-economical one that is a voting .} hare in Shareholders General Meeting. But, it can also penalize the share owners. In order to prevent them from the risk, the investors should predict the prospect of their companies. As a consequence of having an abstract commodity, the share quality will be determined by the validity of their company profile information. Any information of stock value fluctuation from Jakarta Stock Exchange can be a useful consideration and a good measurement for data analysis. In the context of preventing the shareholders from the risk, this research focuses on stock data sample category or stock data sample pattern by using Fuzzy c-Me, MS Clustering Model which providing any useful information jar the investors. lite research analyses stock data such as Individual Index, Volume and Amount on Property and Real Estate Emitter Group at Jakarta Stock Exchange from January 1 till December 31 of 204. 'he mining process follows Cross Industry Standard Process model for Data Mining (CRISP,. DM in the form of circle with these steps: Business Understanding, Data Understanding, Data Preparation, Modelling, Evaluation and Deployment. At this modelling process, the Fuzzy c-Means Clustering Model will be applied. Data Mining Fuzzy c-Means Clustering Model can analyze stock data in a big database with many complex variables especially for finding the data sample pattern, and then building Fuzzy Inference System for stimulating inputs to be outputs that based on Fuzzy Logic by recognising the pattern. Keywords: Data Mining, AUz..:y c-Means Clustering Model, Pattern Recognition

Leverage and growth: effect of stock options

OpenAIRE

Francis, Bill; Hasan , Iftekhar; Sharma, Zenu

2011-01-01

This paper investigates the potential effects of stock options on managers’ investment decisions and therefore on a firm’s growth or, alternatively, on its leverage-growth relationship. To structure the analysis addressing this issue, the paper utilizes a framework establishing a negative relationship between leverage and the firm’s growth. However, in contrast to some of the existing results, the empirical analysis of manufacturing firms in this paper shows that the negative relationship bet...

Economics of Historic Preservation: Dollars and Sense

Directory of Open Access Journals (Sweden)

April D. ALLEN

2012-12-01

Full Text Available The built environment expresses diversity, identity, individuality, and differentiation. In economics, it is the differentiated product that commands a monetary premium. Historic preservation protects our diverse building stock while creating more construction jobs, returning under-utilized buildings to the tax rolls, attracting heritage tourists, and maximizing the use of existing infrastructure. It has been said that the greenest building is the one that is already built. Four out of five existing buildings will be renovated over the next generation while two new buildings are added. With an overwhelming vastness of existing building stock, this becomes the elephant in the room. We cannot build our way to sustainability but must conserve our way to it. Economically, this makes good sense. Historic preservation, sustainability and conservation go hand in hand to protect our built environment while providing healthy, aesthetically pleasing buildings in which to live, work, and play, thus growing the local economy.

Crowd-sourced data collection to support automatic classification of building footprint data

Science.gov (United States)

Hecht, Robert; Kalla, Matthias; Krüger, Tobias

2018-05-01

Human settlements are mainly formed by buildings with their different characteristics and usage. Despite the importance of buildings for the economy and society, complete regional or even national figures of the entire building stock and its spatial distribution are still hardly available. Available digital topographic data sets created by National Mapping Agencies or mapped voluntarily through a crowd via Volunteered Geographic Information (VGI) platforms (e.g. OpenStreetMap) contain building footprint information but often lack additional information on building type, usage, age or number of floors. For this reason, predictive modeling is becoming increasingly important in this context. The capabilities of machine learning allow for the prediction of building types and other building characteristics and thus, the efficient classification and description of the entire building stock of cities and regions. However, such data-driven approaches always require a sufficient amount of ground truth (reference) information for training and validation. The collection of reference data is usually cost-intensive and time-consuming. Experiences from other disciplines have shown that crowdsourcing offers the possibility to support the process of obtaining ground truth data. Therefore, this paper presents the results of an experimental study aiming at assessing the accuracy of non-expert annotations on street view images collected from an internet crowd. The findings provide the basis for a future integration of a crowdsourcing component into the process of land use mapping, particularly the automatic building classification.

Optimization Stock Portfolio With Mean-Variance and Linear Programming: Case In Indonesia Stock Market

Directory of Open Access Journals (Sweden)

Yen Sun

2010-05-01

Full Text Available It is observed that the number of Indonesia’s domestic investor who involved in the stock exchange is very less compare to its total number of population (only about 0.1%. As a result, Indonesia Stock Exchange (IDX is highly affected by foreign investor that can threat the economy. Domestic investor tends to invest in risk-free asset such as deposit in the bank since they are not familiar yet with the stock market and anxious about the risk (risk-averse type of investor. Therefore, it is important to educate domestic investor to involve in the stock exchange. Investing in portfolio of stock is one of the best choices for risk-averse investor (such as Indonesia domestic investor since it offers lower risk for a given level of return. This paper studies the optimization of Indonesian stock portfolio. The data is the historical return of 10 stocks of LQ 45 for 5 time series (January 2004 – December 2008. It will be focus on selecting stocks into a portfolio, setting 10 of stock portfolios using mean variance method combining with the linear programming (solver. Furthermore, based on Efficient Frontier concept and Sharpe measurement, there will be one stock portfolio picked as an optimum Portfolio (Namely Portfolio G. Then, Performance of portfolio G will be evaluated by using Sharpe, Treynor and Jensen Measurement to show whether the return of Portfolio G exceeds the market return. This paper also illustrates how the stock composition of the Optimum Portfolio (G succeeds to predict the portfolio return in the future (5th January – 3rd April 2009. The result of the study observed that optimization portfolio using Mean-Variance (consistent with Markowitz theory combine with linear programming can be applied into Indonesia stock’s portfolio. All the measurements (Sharpe, Jensen, and Treynor show that the portfolio G is a superior portfolio. It is also been found that the composition (weights stocks of optimum portfolio (G can be used to

Review of the Department of Trade and Industry passive solar programme. Pt. 2: non-domestic buildings. Final report

International Nuclear Information System (INIS)

1997-06-01

The aim of the Passive Solar Programme (PSP) was to quantify the nature, size and timing of passive solar contribution to the UK building stock and the energy savings; to determine the best and most cost effective methods of achieving savings; to explore and develop better techniques; and to transfer the information to the appropriate people. There are over 1.25 million non-domestic buildings in the UK. It has been calculated that it is technically and economically possible to use passive solar design along with improved efficiency measures to reduce energy consumption in the UK by 25% in most existing non-domestic buildings and over 50% in new buildings. From the UK Government's point of view the savings are potentially very significant, and initiatives are aimed at bringing passive solar design into wide use at the earliest possible date. The PSP was intended to encourage the use of passive solar design and displace other forms of energy consumption. The earlier passive solar programme was focused on the domestic sector, where the primary concern was to reduce energy consumed in space heating. Its extension to non-domestic buildings demanded a broader definition of the potential benefits. (author)

Baseline analysis of the existing capacities and needs for capacity building for Marine Strategy Framework Directive implementation in the Celtic Seas sub-region.

OpenAIRE

Twomey, Sarah; O'Mahony, Cathal

2013-01-01

This report evaluates the existing situation in the Celtic Seas sub-region and determines the current state of preparedness for transboundary management of marine ecosystems and MSFD implementation. Recommendations for capacity building are provided through the analysis of the existing conflicts and potential synergies between relevant policies, institutions and information resources for MSFD implementation across the region. This report strives to empower stakeholders through the provision o...

Buildings Interoperability Landscape

Energy Technology Data Exchange (ETDEWEB)

Hardin, Dave [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Stephan, Eric G. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Wang, Weimin [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Corbin, Charles D. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Widergren, Steven E. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States)

2015-12-31

Through its Building Technologies Office (BTO), the United States Department of Energy’s Office of Energy Efficiency and Renewable Energy (DOE-EERE) is sponsoring an effort to advance interoperability for the integration of intelligent buildings equipment and automation systems, understanding the importance of integration frameworks and product ecosystems to this cause. This is important to BTO’s mission to enhance energy efficiency and save energy for economic and environmental purposes. For connected buildings ecosystems of products and services from various manufacturers to flourish, the ICT aspects of the equipment need to integrate and operate simply and reliably. Within the concepts of interoperability lie the specification, development, and certification of equipment with standards-based interfaces that connect and work. Beyond this, a healthy community of stakeholders that contribute to and use interoperability work products must be developed. On May 1, 2014, the DOE convened a technical meeting to take stock of the current state of interoperability of connected equipment and systems in buildings. Several insights from that meeting helped facilitate a draft description of the landscape of interoperability for connected buildings, which focuses mainly on small and medium commercial buildings. This document revises the February 2015 landscape document to address reviewer comments, incorporate important insights from the Buildings Interoperability Vision technical meeting, and capture thoughts from that meeting about the topics to be addressed in a buildings interoperability vision. In particular, greater attention is paid to the state of information modeling in buildings and the great potential for near-term benefits in this area from progress and community alignment.

Persistent collective trend in stock markets

Science.gov (United States)

Balogh, Emeric; Simonsen, Ingve; Nagy, Bálint Zs.; Néda, Zoltán