Business Commons^™

Finally, It Seems To Be Working – The Evolving Valuation Effect Of The European Union’S Emissions Trading System, Benjamin Lynch

Articles

This research examines the market reaction to the publication of firm-specific environmental news for participating firms in the European Union’s Emissions Trading System (EU ETS) during its third phase. Our sample of 123 publicly listed participating firms, located in 21 European countries, accounted for 45.43% of emissions in the EU ETS in 2020. Using an event study methodology during the period 2014–2021, we find that positive news was rewarded with increased returns for publication events related to the latter years of the phase (2017–2020) while it had an insignificant impact for earlier year (2013–2016). This indicates that the EU ETS …

Comparing Variable Importance In Prediction Of Silence Behaviours Between Random Forest And Conditional Inference Forest Models., Stephen Barrett Dr, Geraldine Gray Dr, Colm Mcguinness Dr, Michael Knoll Dr.

Articles

This paper explores variable importance metrics of Conditional Inference Trees (CIT) and classical Classification And Regression Trees (CART) based Random Forests. The paper compares both algorithms variable importance rankings and highlights why CIT should be used when dealing with data with different levels of aggregation. The models analysed explored the role of cultural factors at individual and societal level when predicting Organisational Silence behaviours.

Developing A Unified Approach To Sustainable Consumption Behaviour: Opportunities For A New Environmental Paradigm, Vivienne Byers, Alan Gilmer

Articles

Politicians and national policy makers seek to encourage individuals to engage in a wide range of pro-environmental practices to address both discrete environmental problems and major global challenges such as climate change. Theoretically, the field of behavioural management in environmental consumption which seeks to change holarchic open human systems, is much contested. This paper proposes to develop a synthesized conceptual framework embracing a unified approach that addresses the systematic, structural, and institutional perspectives on how consumption, through public policy initiatives, can be developed and changed to reflect a deeper ecological foundation. This approach considers the debate regarding policy and behavioural …

Resolving The Policy Paradox: The Case Of Biofuel Production In Ireland, Alan Gilmer, Mark J. Mcgarrity, Vivienne Byers

Articles

Purpose – The purpose of this paper is to determine the status of policy design and policy implementation in the biofuel sector in Ireland. The focus of the work addresses the overarching operational context of the biofuel sector in Ireland and the role of different actors in shaping and resolving inconsistencies in policy outlook and practice. Design/methodology/approach – This study used a qualitative research approach involving a series of semi-structured interviews with members of the relevant sub-groups concerned. This study sought to address two questions – whether current or proposed policy is likely to affect consumption of indigenous biofuel feedstocks …

Predicting Intake Of Applications For First Registration In The Property Registration Authority, Orlaith Mernagh

Dissertations

The motivation for this dissertation is rooted in a real business need. The Property Registration Authority is the state organisation tasked with maintaining a register of land ownership on the island of Ireland. The PRA currently faces a series of challenges; a high level of staff retiring and the inherent loss of knowledge associated with this trend, a lack of recruitment in recent years and a large increase in lodgement of applications for first registration as a result of legislation. The organisation therefore requires a reliable system for predicting future intake. Prior to this project, there has also been a …

Derivatives Pricing With Accelerated Trinomial Trees, Conall O'Sullivan, Stephen O'Sullivan

Articles

Accelerated Trinomial Trees (ATTs) are a derivatives pricing lattice method that circumvent the restrictive time step condition inherent in standard trinomial trees and explicit finite difference methods (FDMs) in which the time step must scale with the square of the spatial step. ATTs consist of L uniform supersteps each of which contains an inner lattice/trinomial tree with N non-uniform subtime steps. Similarly to implicit FDMs, the size of the superstep in ATTs, a function of N, are constrained primarily by accuracy demands. ATTs can price options up to N times faster than standard trinomial trees (explicit FDMs). ATTs can be …

Pricing European And American Options In The Heston Model With Accelerated Explicit Finite Differencing Methods, Conall O'Sullivan, Stephen O'Sullivan

Articles

No abstract provided.

Stock Market Prediction Without Sentiment Analysis: Using A Web-Traffic Based Classifier And User-Level Analysis, Pierpaolo Dondio

Conference papers

This paper provides further evidence on the predictive power of online community traffic with regard to stock prices. Using the largest dataset to date, spanning 8 years and almost the complete set of SP500 stocks, we train a classifier using a set of features entirely extracted from web-traffic data of financial online communities. The classifier is shown to outperform the predictive power of a baseline classifier solely based on price time-series, and to have similar performances as the classifier built considering price and traffic features together. The best predictive performances are achieved when information about stock capitalization is coupled with …

On The Acceleration Of Explicit Finite Difference Methods For Option Pricing, Stephen O'Sullivan, Conall O'Sullivan

Articles

Implicit finite difference methods are conventionally preferred over their explicit counterparts for the numerical valuation of options. In large part the reason for this is a severe stability constraint known as the Courant–Friedrichs–Lewy (CFL) condition which limits the latter class’s efficiency. Implicit methods, however, are difficult to implement for all but the most simple of pricing models, whereas explicit techniques are easily adapted to complex problems. For the first time in a financial context, we present an acceleration technique, applicable to explicit finite difference schemes describing diffusive processes with symmetric evolution operators, called Super-Time-Stepping. We show that this method can …

The Paradoxical Effect Of Permitting Emissions, Fiacra P. Mcdonnell, Thomas Power

Other Resources

Progress has been made from the "either-or-scenario", whereby environmentalists regarded the market as an implacable enemy. The market is instead proving to be a potentially powerful ally. The rigidity of the traditional regulatory system with its mandatory approach is far from the ideal. An economic incentives approach has special merit in that it allows polluters a certain freedom of choice in the matter of compliance with pollution thresholds. This has important implications in the area of information. One of the barriers to perfect information is the private nature of information. Freedom of choice of policy in regard to achieving environmental …

Application Of The Fractional Diffusion Equation For Predicting Market Behaviour, Jonathan Blackledge

Articles

Most Financial modelling system rely on an underlying hypothesis known as the Eficient Market Hypothesi (EMH) including the famous BlackScholes formula for placing an option. However, the EMH has a fundamental flaw: it is based on the assumption that economic processes are normally distributed and it has long been known that this is not the case. This fundamental assumption leads to a number of shortcomings associated with using the EMH to analyse financial data which includes failure to predict the future volatility of a market share value. This paper introduces a new financial risk assessment model based on Levy statistics …

Economic Risk Assessment Using The Fractal Market Hypothesis, Jonathan Blackledge, Marek Rebow

Conference papers

This paper considers the Fractal Market Hypothesi (FMH) for assessing the risk(s) in developing a financial portfolio based on data that is available through the Internet from an increasing number of sources. Most financial risk management systems are still based on the Efficient Market Hypothesis which often fails due to the inaccuracies of the statistical models that underpin the hypothesis, in particular, that financial data are based on stationary Gaussian processes. The FMH considered in this paper assumes that financial data are non-stationary and statistically self-affine so that a risk analysis can, in principal, be applied at any time scale …

Technology-Aided Participative Methods In Environmental Assessment: An International Perspective, Ainhoa Gonzalez, Alan Gilmer, Ronan Foley, John Sweeney, John Fry

Articles

Provisions for citizen involvement in the assessment of potential environmental effects of certain plans, programmes and projects are present in current legislation. An international survey revealed that public participation is common practice in European and some other countries worldwide. However, a number of issues are observed to affect public involvement in EIA/SEA processes and expert opinion differs when evaluating the effectiveness of existing participative methods. Results suggest that technology-aided methods can improve traditional participation processes. In particular, GIS has the potential to increase community knowledge and enhance involvement by communicating information more effectively. Variable accessibility to technology and data quality …

Landscape And Geotourism: Market Typologies And Visitor Needs, Catherine Elizabeth Gorman

Conference papers

Purpose: The purpose of this paper is to explore Geotourism (landscape tourism) in the context of the Irish tourism experience, to develop visitor typologies and propose an approach that will ensure greater sustainability by addressing market value and requirements through the use of marketing techniques and tools.

Methodology/Approach: An evaluation of existing geotourism resources and information was undertaken. A gap was identified in terms of marketing the Geotourism product. This gap is identified as a break the delivery of the experience to the most suitable customer and is addressed by identifying specific typologies, their requirements and making suggestions …

Destination Website Effectiveness – A Delphi-Based Emetric Approach – A Dms Perspective, Patrick Horan, Andrew Frew

Conference papers

This paper outlines the development and evaluation of a comprehensive set of eMetrics for measuring the effectiveness of a Destination Management Systems’ (DMS) websites from the perspective of small and medium-sized hotel enterprises. Ultimately, from a hotel’s viewpoint, website effectiveness depends on how well a site performs with respect to the related business goals. The priority of the research is thus to establish which criteria are important for destination websites and to determine a mechanism for their measurement. These criteria are divided into both macro- and micro- level metrics which each combine to provide information that is actionable from a …

Thermal Effectiveness Characteristics Of Low Approach Indirect Evaporative Cooling Systems In Buildings, Ben Costelloe, Donal Finn

Articles

Meteorological enthalpy analysis of temperate and maritime climates above latitude 45°N suggests that the water-side evaporative cooling technique has considerable unrealised potential with contemporary “high temperature” building cooling systems—such as chilled ceilings and displacement ventilation. As low approach conditions are the key to exploiting the cooling potential of the ambient air, thermal performance at such conditions needs to be investigated. To address the research issues, an industrial scale test rig, based on a low approach open cooling tower and plate heat exchanger and designed to maximise evaporative cooling potential, has been constructed. The thermal effectiveness of such systems (as a …

Crafting A Research Paper, Ronan Fitzpatrick, Kevin O'Donnell

Conference papers

Writing research papers presents numerous different challenges, which vary from how to layout the various pages and format the text to what to include in the different sections that make up the paper. In order to clarify these issues this paper sets out guidelines and best practice approaches and demonstrates their use in the style of this paper.

Some Developments In Information Technology In The Irish Hotel And Catering Industry, Sean Connell, Elaine Sunderland, Ciaran Mcdonnell

Conference papers

This paper describes the current and potential future use of computers in the Hospitality Industry in Ireland. It briefly outlines two research projects which are being carried out in the Dublin College of Catering in the application of computers to the Industry.

A Case For The Use Of Application Generators In The Creation Of Software For The Hotel Industry, Peter O'Connor, Ciaran Mcdonnell

Conference papers

The article makes the case for the use of Program Generators in producing software for the Hotel and Catering Industry