The Effects of Credit Risk on Dynamic Portfolio Management: A New Computational Approach

The study investigates the role of credit risk in a continuous time stochastic asset allocation model, since the traditional dynamic framework does not provide credit risk flexibility. The general model of the study extends the traditional dynamic efficiency framework by explicitly deriving the optimal value function for the infinite horizon stochastic control problem via a weighted volatility measure of market and credit risk. The model's optimal strategy was then compared to that obtained from a benchmark Markowitz-type dynamic optimization framework to determine which specification adequately reflects the optimal terminal investment returns and strategy under credit and market risks. The paper shows that an investor's optimal terminal return is lower than typically indicated under the traditional mean-variance framework during periods of elevated credit risk. Hence I conclude that, while the traditional dynamic mean-variance approach may indicate the ideal, in the presence of credit-risk it does not accurately reflect the observed optimal returns, terminal wealth and portfolio selection strategies.

Digital repository implementation: a toolbox for streamlined success

Purpose – The purpose of this paper is to describe the tools and strategies that were employed by C/W MARS to successfully develop and implement the Digital Treasures digital repository. Design/methodology/approach – This paper outlines the planning and subsequent technical issues that arise when implementing a digitization project on the scale of the large, multi-type, automated library network. Workflow solutions addressed include synchronous online metadata record submissions from multiple library sources and the delivery of collection-level use statistics to participating library administrators. The importance of standards-based descriptive metadata and the role of project collaboration are also discussed. Findings – From the time of its initial planning, the Digital Treasures repository was fully implemented in six months. The discernable and statistically quantified online discovery and access of actual digital objects greatly assisted libraries unsure of their own staffing costs/benefits to join the repository. Originality/value – This case study may serve as a possible example of initial planning, workflow and final implementation strategies for new repositories in both the general and library consortium environment. Keywords – Digital repositories, Library networks, Data management. Paper type – Case study

Two-pass Weed Management Programs in Corn

The purpose of this study was to evaluate various herbicides for corn injury and weed control when applied preemergence and postemergence.

Fertilizer and Swine Manure Management Systems Impacts on Phosphorus in Soil and Subsurface Tile Drainage

Swine manure and fertilizer can be used to supply the nitrogen (N) and phosphorus (P) needs of crops. Excess P application sometimes applied with N-based manure for corn increases the risk of P loss and water quality impairment. Poor water quality in Iowa streams and lakes due to excess P has prompted questions about the impact of cropping and nutrient management systems on P loss from fields.

Two-pass Weed Management Programs in Corn

The purpose of this study was to evaluate various herbicides for corn injury and weed control when applied preemergence and postemergence.

Weed Management Programs in Soybeans

The purpose of this study was to evaluate various herbicides and application timings in soybean for crop injury and weed control.

Evaluation of Fungicides and Herbicides for Management of White Mold of Soybean

Several new fungicide products are either available or will be available for management of white mold of soybean. This study was conducted at the Muscatine Island Research and Demonstration Farm, and one farmer’s field in northeast Iowa.

Soil and Plant Fertility Management for Soybeans

Producers utilizing a two year rotation of corn and soybean often apply fertilizer on a biannual basis, spreading recommended amounts of phosphorus and potassium for both crops prior to corn establishment. This approach minimizes application costs and is in accordance with university fertility recommendations that have found a low probability of fertilizer yield response when soils tested at the medium/optimum level or above. However, the field trials on which these state recommendations were developed are often several decades old. Increases in average corn and soybean yields and associated increases in crop nutrient removal rates have called into question the validity of these recommendations for current production environments. This study investigated the response of soil test levels and grain yield to annual and biannual fertilizer applications made at 1x and 2x rates of current university fertilizer recommendations.

AgEdS/Hort 465 Class: Horticulture Enterprise Management

The production of local fruit and vegetables is a rapidly expanding segment of Iowa agriculture. The new ISU AgEdS/Hort 465 class trains future growers in the management and operation of diversified horticultural enterprises on an Iowa farm situation. Management of the finances, production, and marketing is performed by the students. The course is structured as a business and is guided through decisions made by student committees (finance, operations, production, and marketing committees). Each committee investigates the feasibility of a desired enterprise before coming together to make a final decision. The course was offered for the first time in 2011.

Governance Structure Choices in Supply Chain Management Evidence from Spanish and Chinese Pork Chain Cases

The author participated in the 6 th EU Framework Project ―Q-pork Chains (FP6-036245-2)‖ from 2007 to 2009. With understanding of work reports from China and other countries, it is found that compared with other countries, China has great problems in pork quality and safety. By comparing the pork chain management between China and Spain, It is found that the difference in governance structure is one of the main differences in pork chain management between Spain and China. In China, spot-market relationship still dominates governance structure of pork chain, especially between the numerous house-hold pig holders and the great number of small slaughters. While in Spain, chain agents commonly apply cooperatives or integrations to cooperate. It also has been proven by recent studies, that in quality management at the chain level that supply chain integration has a direct effect on quality management practices (Han, 2010). Therefore, the author started to investigate the governance structure choices in supply chain management. And it has been set as the first research objective, which is to explain the governance structure choices process and the influencing factors in supply chain management, analyzing the pork chains cases in Spain and in China. During the further investigation, the author noticed the international trade of pork between Spain and China is not smooth since the signature of bi-lateral agreement on pork trade in 2007. Thus, another objective of the research is to find and solve the problems exist in the international pork chain between Spain and China. For the first objective, to explain the governance structure choices in supply chain management, the thesis conducts research in three main sections. 10 First of all, the thesis gives a literature overview in chapter two on Supply Chain Management (SCM), agri-food chain management and pork chain management. It concludes that SCM is a systems approach to view the supply chains as a whole, and to manage the total flow of goods inventory from the supplier to the ultimate customer. It includes the bi-directional flow of products (materials and services) and information, and the associated managerial and operational activities. And it also is a customer focus to create unique and individual source of customer value with an appropriate use of resources, leading to customer satisfaction and building competitive chain advantages. Agri-food chain management and pork chain management are applications of SCM in agri-food sector and pork sector respectively. Then, the research gives a comparative study in chapter three in the pork chain and pork chain management between Spain and China. Many differences are found, while the main difference is governance structure in pork chain management. Furthermore, the author gives an empirical study on governance structure choice in chapter five. It is concluded that governance structure of supply chain consists of a collection of rules/institutions/constraints structuring the transactions between the various stakeholders. Based on the overview on literatures closely related with governance structure, such as transaction cost economics, transaction value analysis and resource-based view theories, seven hypotheses are proposed, which are: Hypothesis 1: Transaction cost has positive relationship with governance structure choice Hypothesis 2: Uncertainty has positive relationship with transaction cost; higher uncertainty exerts high transaction cost Hypothesis 3: The relationship between asset specificity and transaction cost is positive Hypothesis 4: Collaboration advantages and governance structure choice have positive relationship11 Hypothesis 5: Willingness to collaborate has positive relationship with collaboration advantages Hypothesis 6: Capability to collaborate has positive relationship with collaboration advantages Hypothesis 7: Uncertainty has negative effect on collaboration advantages It is noted that as transaction cost value is negative, the transaction cost mentioned in the hypotheses is its absolute value. To test the seven hypotheses, Structural Equation Model (SEM) is applied and data collected from 350 pork slaughtering and processing companies in Jiangsu, Shandong and Henan Provinces in China is used. Based on the empirical SEM model and its results, the seven hypotheses are proved. The author generates several conclusions accordingly. It is found that the governance structure choice of the chain not only depends on transaction cost, it also depends on collaboration advantages. Exchange partners establish more stable and more intense relationship to reduce transaction cost and to maximize collaboration advantages. ―Collaboration advantages‖ in this thesis is defined as the joint value achieved through transaction (mutual activities) of agents in supply chains. This value forms as improvements, mainly in mutual logistics systems, cash response, information exchange, technological improvements and innovative improvements and quality management improvements, etc. Governance structure choice is jointly decided by transaction cost and collaboration advantages. Chain agents take different governance structures to coordinate in order to decrease their transaction cost and to increase their collaboration advantages. In China´s pork chain case, spot market relationship dominates the governance structure among the numerous backyard pig farmer and small family slaughterhouse 12 as they are connected by acquaintance relationship and the transaction cost in turn is low. Their relationship is reliable as they know each other in the neighborhood; as a result, spot market relationship is suitable for their exchange. However, the transaction between large-scale slaughtering and processing industries and small-scale pig producers is becoming difficult. The information hold back behavior and hold-up behavior of small-scale pig producers increase transaction cost between them and large-scale slaughtering and processing industries. Thus, through the more intense and stable relationship between processing industries and pig producers, processing industries reduce the transaction cost and improve the collaboration advantages with their chain partners, in which quality and safety collaboration advantages be increased, meaning that processing industries are able to provide consumers products with better quality and higher safety. It is also drawn that transaction cost is influenced mainly by uncertainty and asset specificity, which is in line with new institutional economics theories developed by Williamson O. E. In China´s pork chain case, behavioral uncertainty is created by the hold-up behaviors of great numbers of small pig producers, while big slaughtering and processing industries having strong asset specificity. On the other hand, ―collaboration advantages‖ is influenced by chain agents´ willingness to collaborate and chain agents´ capabilities to cooperate. With the fast growth of big scale slaughtering and processing industries, they are more willing to know and make effort to cooperate with their chain members, and they are more capable to create joint value together with other chain agents. Therefore, they are now the main chain agents who drive more intense and stable governance structure in China‘s pork chain. For the other objective, to find and solve the problems in the international pork chain between Spain and China, the research gives an analysis in chapter four on the 13 international pork chain. This study gives explanations why the international trade of pork between Spain and China is not sufficient from the chain perspective. It is found that the first obstacle is the high quality and safety requirement set by Chinese government. It makes the Spanish companies difficult to get authorities to export. Other aspects, such as Spanish pork is not competitive in price compared with other countries such as Denmark, United States, Canada, etc., Chinese consumers do not have sufficient information on Spanish pork products, are also important reasons that Spain does not export great quantity of pork products to China. It is concluded that China´s government has too much concern on the quality and safety requirements to Spanish pork products, which makes trade difficult to complete. The two countries need to establish a more stable and intense trade relationship. They also should make the information exchange sufficient and efficient and try to break trade barriers. Spanish companies should consider proper price strategies to win the Chinese pork market

Integral solution for Web conferencing event management

Nowadays video and web conferencing systems have become effective tools for communication and collaboration inside organizations. However, although these systems have evolved and now provide very nice features (e.g. sharing multimedia and documents), they are still too focused on the moment the meeting takes place. The existing systems provide very few facilities to organize the meeting and they do not take advantage of the possibilities the generated content offers once the meeting is finished. In this paper, we analyze the life cycle of a web conference and how existing systems monitor these conferences. Finally we present our solution, based on our know-how in videoconference management and our experience with these existing systems.

Current Trends in Pan-European Identity Management Systems

The demand for electronic identity has grown as a result of governments? promotion of e-Government, in which the citizen-public administration relationship often has a strictly personal nature and requires digital identification systems that are univocal, secure, and global. The management of this identity by public administrations is an important challenge, accentuated when interoperability among public administrations of different countries become necessary. In this paper current trends in pan-euroean identity management systems are analysized and a outlook of the future European scenary is shown.

Is Europe ready to provide a pan-European Identity Management System?

European public administrations must manage citizens' digital identities, particularly considering interoperability among different countries. Owing to the diversity of electronic identity management (eIDM) systems, when users of one such system seek to communicate with governments using a different system, both systems must be linked and understand each other. To achieve this, the European Union is working on an interoperability framework. This article provides an overview of eIDM systems' current state at a pan-European level. It identifies and analyzes issues on which agreement exists, as well as those that aren't yet resolved and are preventing the adoption of a large-scale model.

Determining practices achievement in the requirement management process using a two-stage questionnaire

This paper aims to obtain a baseline snapshot of the requirement management process using a two-stage questionnaire to identify both performed and non-performed CMMI practices. The questionnaire proposed in this paper may help with the assessment of the requirement management process, provide useful information related to the current state of the process, and indicate those practices that require immediate attention with the aim of begin a Software Process Improvement program.

Tecnología cloud para el hogar digital

El mundo tecnológico está cambiando hacia la optimización en la gestión de recursos gracias a la poderosa influencia de tecnologías como la virtualización y la computación en la nube (Cloud Computing). En esta memoria se realiza un acercamiento a las mismas, desde las causas que las motivaron hasta sus últimas tendencias, pasando por la identificación de sus principales características, ventajas e inconvenientes. Por otro lado, el Hogar Digital es ya una realidad para la mayoría de los seres humanos. En él se dispone de acceso a múltiples tipos de redes de telecomunicaciones (3G, 4G, WI-FI, ADSL…) con más o menos capacidad pero que permiten conexiones a internet desde cualquier parte, en todo momento, y con prácticamente cualquier dispositivo (ordenadores personales, smartphones, tabletas, televisores…). Esto es aprovechado por las empresas para ofrecer todo tipo de servicios. Algunos de estos servicios están basados en el cloud computing sobre todo ofreciendo almacenamiento en la nube a aquellos dispositivos con capacidad reducida, como son los smarthphones y las tabletas. Ese espacio de almacenamiento normalmente está en los servidores bajo el control de grandes compañías. Guardar documentos, videos, fotos privadas sin tener la certeza de que estos no son consultados por alguien sin consentimiento, puede despertar en el usuario cierto recelo. Para estos usuarios que desean control sobre su intimidad, se ofrece la posibilidad de que sea el propio usuario el que monte sus propios servidores y su propio servicio cloud para compartir su información privada sólo con sus familiares y amigos o con cualquiera al que le dé permiso. Durante el proyecto se han comparado diversas soluciones, la mayoría de código abierto y de libre distribución, que permiten desplegar como mínimo un servicio de almacenamiento accesible a través de Internet. Algunas de ellas lo complementan con servicios de streaming tanto de música como de videos, compartición y sincronización de documentos entre múltiples dispositivos, calendarios, copias de respaldo (backups), virtualización de escritorios, versionado de ficheros, chats, etc. El proyecto finaliza con una demostración de cómo utilizar dispositivos de un hogar digital interactuando con un servidor Cloud, en el que previamente se ha instalado y configurado una de las soluciones comparadas. Este servidor quedará empaquetado en una máquina virtual para que sea fácilmente transportable e utilizable. ABSTRACT. The technological world is changing towards optimizing resource management thanks to the powerful influence of technologies such as Virtualization and Cloud Computing. This document presents a closer approach to them, from the causes that have motivated to their last trends, as well as showing their main features, advantages and disadvantages. In addition, the Digital Home is a reality for most humans. It provides access to multiple types of telecommunication networks (3G, 4G, WI-FI, ADSL...) with more or less capacity, allowing Internet connections from anywhere, at any time, and with virtually any device (computer personal smartphones, tablets, televisions...).This is used by companies to provide all kinds of services. Some of these services offer storage on the cloud to devices with limited capacity, such as smartphones and tablets. That is normally storage space on servers under the control of important companies. Saving private documents, videos, photos, without being sure that they are not viewed by anyone without consent, can wake up suspicions in some users. For those users who want control over their privacy, it offers the possibility that it is the user himself to mount his own server and its own cloud service to share private information only with family and friends or with anyone with consent. During the project I have compared different solutions, most open source and with GNU licenses, for deploying one storage facility accessible via the Internet. Some supplement include streaming services of music , videos or photos, sharing and syncing documents across multiple devices, calendars, backups, desktop virtualization, file versioning, chats... The project ends with a demonstration of how to use our digital home devices interacting with a cloud server where one of the solutions compared is installed and configured. This server will be packaged in a virtual machine to be easily transportable and usable.