The role of the Securities and Exchange Commission in a developing economy: Implications for IFRS

Due to the widespread adoption of IFRSs throughout the world and little research on IFRS implementation in developing countries, this study investigates the role of the Securities & Exchange Commission (SEC) regarding IFRS implementation in a developing country. Adopting a mixed methodology (39 interviews and 1647 enforcement documents); the findings have raised concerns as to the adequacy of enforcement mechanisms in implementing IFRSs in Bangladesh. More specifically, only 2.6% of enforcement actions were issued over the period of 1998 to 2010. Political connectedness is the major contributing factor for uneven enforcement activities in Bangladesh. The study also finds that inconsistencies with accounting regulatory framework (Companies Act, BSEC ordinances and IFRSs), multiple regulators, and donor agencies' influence impede the effective implementation of IFRSs. The study also provides policy implications for local and national policy makers namely, IASB, the World Bank and the IMF to rethink about the regulation of IFRSs in developing countries.     

Some general results for moments in bivariate distributions

The purpose of this paper is to present a closed formula to compute the moments of a general function from the knowledge of its bivariate survival function. The result is derived by utilizing an integration by parts formula for two variables, which is not readily available in the literature. Many of the existing results are obtained as special cases. Finally, two examples are presented to illustrate the results. In both the examples, mixed moments as well as moments for the series system and parallel system are obtained. The integration by parts formula in two variables, derived here, is of interest in its own right and we hope that it will be useful in other investigations. The integration by parts formula in two variables is derived as a special case of a general formula in n variables.     

Assessing a Multivariate Approach Based on Scalogram Analysis for Agricultural Drought Monitoring

Due to the complexity of agricultural drought, univariate indices may not be suitable for assessing its impacts comprehensively. The main objective of this study was to develop a new multivariate drought index using the Scalogram concepts, in which the input data weights and their cluster separation were performed based on the entropy theory and fuzzy k-means algorithm, respectively. The newly developed index, named as SCI index, integrates the four weighted individual quantitative indicators such as the difference between precipitation and potential evapotranspiration (D_i), the moisture departure (d_i), the Soil Moisture index (SMI), and the Vegetation Condition Index (VCI) to quantify agricultural drought in monthly and annual timescales in the various climate conditions of Golestan province, Iran. Next, the Composite Drought Index (CDI) was calculated for the selected stations by the same variables in the SCI index as an input. According to the results a good agreement and a high behavioral similarity for the identifying moisture conditions was found between SCI index and CDI index and even other well-known drought indices such as SPEI and SPDI. But the intensity with extremes of wet and dry conditions in the CDI significantly were more than the SCI index and other ones. Comparing results obtained by the Standardized Yield Index (SYI) for rainfed wheat with the SCI index showed that at most stations when a severe drought as happened in 2000–2001 and 2007–2008, severe crops losses also occurred. The flexible structure of SCI index provides a comprehensive approach to quantify agricultural drought and can be adapted to characterize other types of drought on a practical basis.     

Multi-Objective Surface Water Resource Management Considering Conflict Resolution and Utility Function Optimization

In the present research, a multi-objective model is developed for surface water resource management in the river basin area which is connected to the lake. This model considers different components of sustainable water resource management including economic, social and environmental aspects, and simultaneously tries to resolve conflicts between different stakeholders by means of non-symmetric Nash bargaining, which is linked to the multi-objective optimization method. This study proposes a new methodology to improve Nash Conflict Resolution through finding the optimum degree of the utility function. The proposed model is examined in the Zarrineh River basin in Iran. The results show that the amount of available resources or volume of reservoirs play a significant role in determining the optimal degree of the utility function and efficiency of the proposed method in such a way that the higher amount of resources or the larger reservoirs will result in the higher optimal degree of the utility function. In the proposed multi-objective model, two different amounts of surface water inflow are considered. The first assumed amount is the long-term average flow rate and the second one is equal to 80% of the first mode, which is reduced based on the estimated impacts of climate changes. This multi-objective allocation model could supply 100 and 97.5% of the environmental demand of Lake Urmia in the first and second situations, respectively.     

A Framework for Ground Water Management Based on Bayesian Network and MCDM Techniques

Groundwater resources are steadily subjected to increasing water demands. The aquifers are considered as the most accessible source of fresh water. In recent years, they have been faced with severe water withdrawal in arid and semi-arid countries like Iran and thus some aquifers was considered as forbidden aquifers that it means the water withdrawal from these aquifers is unauthorized. Given a critical situation, groundwater resources management in the form of tools such as monitoring the level of the aquifers and developing the restoring scenarios is essential. Therefore, for this purpose, a framework has been developed based on prediction of groundwater level using Bayesian Networks (BNs) model. Furthermore, Multi Criteria Decision Making methods (MCDM) techniques proposed and employed for ranking of proposed groundwater management scenarios. This framework was evaluated for restoring the Birjand aquifer in Iran in different hydrological conditions. A probabilistic Dynamic BN was proposed for groundwater level prediction under uncertainties. After analyzing the obtained results, the applicable short term scenarios for groundwater management as well as appropriate economic, social and technical criteria were defined for decision making procedure. Then, using elicitation of decision makers’ opinions on the relative importance and performance of criteria, SAW, TOPSIS and PROMETHEE-II techniques were applied to rank the scenarios and the obtained results were aggregated by Borda method for final ranking of the scenarios. Lastly, the final results demonstrates the capability of the proposed framework for groundwater resources planning and management which can be employed for reducing the risk of aquifer level declining.     

Impact of climate change on hydropower generation in Rio Jubones Basin,Ecuador

This study attempted to use the soil and water assessment tool(SWAT), integrated with geographic information systems(GIS), for assessment of climate change impacts on hydropower generation. This methodology of climate change impact modeling was developed and demonstrated through application to a hydropower plant in the Rio Jubones Basin in Ecuador. ArcSWAT 2012 was used to develop a model for simulating the river flow. The model parameters were calibrated and validated on a monthly scale with respect to the hydro-meteorological inputs observed from 1985 to 1991 and from 1992 to 1998, respectively. Statistical analyses produced Nash-Sutcliffe efficiencies(NSEs) of 0.66 and 0.61 for model calibration and validation, respectively, which were considered acceptable. Numerical simulation with the model indicated that climate change could alter the seasonal flow regime of the basin, and the hydropower potential could change due to the changing climate in the future.Scenario analysis indicates that, though the hydropower generation will increase in the wet season, the plant will face a significant power shortage during the dry season, up to 13.14% from the reference scenario, as a consequence of a 17% reduction of streamflow under an assumption of a 2.9℃ increase in temperature and a 15% decrease in rainfall. Overall, this study showed that hydrological processes are realistically modeled with SWAT and the model can be a useful tool for predicting the impact of climate change.     

An expert system for predicting shear stress distribution in circular open channels using gene expression programming

The shear stress distribution in circular channels was modeled in this study using gene expression programming (GEP). 173 sets of reliable data were collected under four flow conditions for use in the training and testing stages. The effect of input variables on GEP modeling was studied and 15 different GEP models with individual, binary, ternary, and quaternary input combinations were investigated. The sensitivity analysis results demonstrate that dimensionless parameter y/P, where y is the transverse coordinate, and P is the wetted perimeter, is the most influential parameter with regard to the shear stress distribution in circular channels. GEP model 10, with the parameter y/P and Reynolds number (Re) as inputs, outperformed the other GEP models, with a coefficient of determination of 0.7814 for the testing data set. An equation was derived from the best GEP model and its results were compared with an artificial neural network (ANN) model and an equation based on the Shannon entropy proposed by other researchers. The GEP model, with an average RMSE of 0.0301, exhibits superior performance over the Shannon entropy-based equation, with an average RMSE of 0.1049, and the ANN model, with an average RMSE of 0.2815 for all flow depths.     

Probabilistic Event Based Rainfall-Runoff Modeling Using Copula Functions

Multivariate probability analysis of hydrological elements using copula functions can significantly improve the modeling of complex phenomena by considering several dependent variables simultaneously. The main objectives of this study were to: (i) develop a stand-alone and event-based rainfall-runoff (RR) model using the common bivariate copula functions (i.e. the BCRR model); (ii) improve the structure of the developed copula-based RR model by using a trivariate version of fully-nested Archimedean copulas (i.e. the FCRR model); and (iii) compare the performance of the developed copula-based RR models in an Iranian watershed. Results showed that both of the developed models had acceptable performance. However, the FCRR model outperformed the BCRR model and provided more reliable estimations, especially for lower joint probabilities. For example, when joint probabilities were increased from 0.5 to 0.8 for the peak discharge (q_p) variable, the reliability criteria value increased from 0.0039 to 0.8000 in the FCRR model, but only from 0.0010 to 0.6400 in the BCRR model. This is likely because the FCRR considers more than one rainfall predictor, while the BCRR considers only one.

     

Application of a Coordination Model for a Large Number of Stakeholders with a New Game Theory Model

Water Resources Management - Water allocation is an important issue for systems with multiple stakeholders. Individual and collective decisions are very important for such systems. Thus, a new...     

Stability Analysis of Stakeholders’ Cooperation in Inter-Basin Water Transfer Projects: a Case Study

Water Resources Management - This study investigates the conflict resolution among different stakeholders in a water transfer project. The portion of the Beheshtabad Water Transfer Project in Iran...