Archive for December 31, 2013

DESIGN APPROACH FOR CONTENT-BASED IMAGE RETRIEVAL: ZERNIKE MOMENTS

December 31, 2013

ZERNIKE MOMENTS

Zernike Moments have many desirable properties such as rotation invariance, robustness to noise, expression efficiency .The complex ZM are derived from Zernike polynomials which are a set of complex orthogonal polynomials defined over the interior of a unit circle x2+y2=1.

Vmn(x,y)=Vmn(p,0)=Rmn(p) exp(jm0)

Eq.(7)

Rmn(p)=Z (-1)s (n-s)!/s!(n-|m|/2-s)!(n-|m|/2-s)! pn-2s Eq.(8)

Where n is a non-negative integer, m is an integer such that n-|m| is even and |m|<n, and 0=tan-1(y/x).

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DESIGN APPROACH FOR CONTENT-BASED IMAGE RETRIEVAL: EXTRACTION OF FEATURES

December 29, 2013

The extraction of different features is one of the major stages in designing a reliable image retrieval system.The features of an image can be broadly classified into global shape features like texture,shape histogram, color histogram, moments etc.

Extraction of Texture

Texture, a global shape feature could be used to associate related shapes.The successful combination of Gabor Filters and Zernike Moments is to produce a set of features suitable for texture and shape. Electric power

Gabor Filters (GF)

The extraction of texture of an image is accomplished by using a set of Gabor Filters. Gabor Filters are a group of wavelets capturing energy at a specific frequency and a specific direction.The expansion of a signal using this basis provides a localized frequency description,therefore, capturing local features/energy of the signal.Texture features can thus be extracted from this group of energy distributions.

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DESIGN APPROACH FOR CONTENT-BASED IMAGE RETRIEVAL: INTRODUCTION

December 27, 2013

INTRODUCTION

Digital images are increasing very quickly because of developing techniques of multimedia and information,communications network.The information contained in an image is one of the prime component of human progress in various domain.Many techniques are suggessted by different scientists in order to retrieve the information or data contained in the image.The semantic relevance of the query image and the retrieved images is one of the prime factor in the design of an CBIR system.The visual content eg. Color,texture and shape is one of the key feature in the design of an content-based Image Retrieval system.The objective of this paper is to study the use of texture and shape as an image feature for retrieval of an image.

Texture contains important information about the structural arangement of surfaces and their relationship to the surrounding environment.Many techniques like multiresolution filtering and color correlogram has been proposed by many scientists in the litreature.The systems Walrus and WIindsurf both uses region features extracted from wavelet transform while Walrus uses Birsch segmentation to obtain regions. Windsurf uses K-means.In this paper,an image is filtered with a set of Gabor Filters of different preferred orientations and special frequencies and the features obtained from a feature vector is used for image retrieval.

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STOCK MARKET CRISIS AND IPOS UNDERPRICING: DATA

December 25, 2013

The data for the study was obtained from the website of the Bombay stock Exchange (BSE) under the heading of book building in IPOS. We also supplemented these data from CMIE & Capital line database. The period for which the data was taken for the study was Oct 2007 to 31st dec 2011.

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STOCK MARKET CRISIS AND IPOS UNDERPRICING: RESEARCH OBJECTIVES

December 23, 2013

RESEARCH OBJECTIVES

1) To measures, the IPOs initial performance on initial trading day to verify that investors can gain positive return or not on the close of the initial trading day.
2) To analysis, the relationship between different factors such as subscription, issue size, firm’s age, number of offered shares, market capitalization and pricing mechanism and level of dependent variable i.e. underpricing.

Research Method

The data for the study was obtained from the website of the Bombay stock Exchange (BSE) http://www.bse-india.com/ under the heading of book building in IPOS. We also supplemented these data from CMIE & Capital line database. The period for which the data was taken for the study was Oct 2007 to 31st dec 2011. The data is analyzed using multiple linear regressions. All the firm-specific variables are regressed against the underpricing to find out which variables are momentous in determining the underpricing. Multiple linear regression is done to see if there is a statistically significant difference in the underpricing between book build issues & fixed price issues by pricing mechanisms.

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STOCK MARKET CRISIS AND IPOS UNDERPRICING: PREVIOUS RESEARCH

December 21, 2013

PREVIOUS RESEARCH

(Rock, 1986)12, disclosed investors who are more informed (than the firm as well as other investors) about high under pricing offers crowd out uninformed investors. On the other hand, these more informed investors withdraw in issues, which are over priced leaving the uninformed investors with the winner’s curse problem. Thus, the uninformed investors would not participate in over priced issues. Hence in order to attract such investors, the firm would be under price its IPO.

(Loughran, 2002)7, construct that during 1990-1998 firms, which moved public total earnings of $8 billion while they left $27 billion on the table even though they paid $13 billion as fees to him under writers. It made Loughran and Ritter propound a prospect theory for under pricing where they state that issuers of IPOs leave a lot of money on the table because they see a prospect of higher trading price in the first few days of listing, consequently, offsetting their loss of wealth in under pricing the IPOs and in fact, resulting in net gains their wealth levels. More importantly they construct that most IPOs leave little money on the table.

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STOCK MARKET CRISIS AND IPOS UNDERPRICING: IPO UNDERPRICING

December 19, 2013

IPO UNDERPRICING

Underpricing of IPOs has been considered as a prevalent phenomenon across the world. When companies go public, the equity they sell in as initial public offering tends to be underpriced, resulting in a substantial price jump on the first-day corporations trading. Underpricing is generating additional value in the stock when it first becomes traded. This leads to significant gains for investors who have been allocated shares at offer price. However, underpricing an IPO results in “money left on the table”- lost capital that could have been raised for the company had the stock been offered at a higher price.

Why Ipo Underpricing

An initial public offering (IPO) issue process requires the active involvement of three key players: the firm, a single investment bank or group of investment banks (for underwriting & marketing the IPO), and the investors (institutional & non-institutional) intending to buy shares. The issuing firm wants to obtain the maximum price per share (issue price) while the investors want to buy the shares at a minimum price. Investment banks acting as intermediaries help in matching the opposite expectation of both the parties. Investment banks also perform various other functions like certifying the economic rationale of the issue to regulatory bodies like the Securities & Exchange Board of India (SEBI), deciding the issue price, allocating shares to investors and other issue specific responsibilities.

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STOCK MARKET CRISIS AND IPOS UNDERPRICING: OVERVIEW

December 17, 2013

OVERVIEW

The decision to go public, or make an initial public offering (IPO) of equity, is an important land-mark in a firm’s life cycle. Investment banks act as partners of firms during the IPO process. They advise firm how to structure the offering, how to market it to investors, organize the related road shows, and conceivably most crucially, help set the offer price for the issue. In what way the issue manager arrives at the IPO price depends on the offering mechanism.

The empirical evidence on the performance of private and government firms is also inconclusive. (Megginson W. &., 1991)10, suggested that privatized firms perform better than their counterparts. On the other hands, (Kay, 1986) provided evidence which is supportive of government enterprise. The accuracy of pricing of an IPO affects the value of the firm, as well as the initial returns available to its subscribers. (Loughran. Et.al.1994). (Allen, 1989)1, shown underpricing as a signaling device used by high-quality firms which intend to make subsequent equity issues to distinguish themselves from the other firms. (Baron, 1982)3 & (Rock, 1986)12, (An, 2008)2, proposed non signaling explanations for underpricing. In baron’s model, advisers are better informed about the equilibrium price of an issue than the issuing company and investors. Advisers provide underwriting, marketing, and price. Baron examines that they have an incentive to underprice so as to reduce the selling effort and the chance that they will left with unsold shares.

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REVIEW ON BENEFITS OF AGRO FORESTRY SYSTEM: CARBON SEQUESTRATION

December 15, 2013

CARBON SEQUESTRATION

Tree components in agroforestry systems can be significant sink of astmospheric carbon (C) due to their fast growth and high productivity. By including trees in agricultural production systems, agroforestry can, arguably, increase the amount of C stored in lands devoted to agriculture, while still allowing for the growing of food crops (Kursten, 2000). In agroforestry system, tree components are managed, often intensively by pruning of minimizing competition and maximize complementarity. The pruned materials are mostly non- timer products. Such materials are often returned to soil. Besides, the amount of biomass and therefore C that is harvested and exported from the system is relatively low in relation to the productivity of the tree. Therefore, unlike in tree plantations and other mono culture systems, agroforestry seems to have unique advantage in terms of C sequestration.

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REVIEW ON BENEFITS OF AGRO FORESTRY SYSTEM: BIODIVERSITY CONSERVATION

December 13, 2013

ONSERVATION

Over exploitation of natural resources is a major challenge for sustainable production and livelihood security. Deforestation is that major cause which affected the bio-diversity of an ecosystem. Agroforestry with components like trees, agricultural crops, grasses, livestock etc. provides all kinds of life support. However, agroforestry may not entirely reduce the deforestation (Angelsen and Kaimowitz, 2004) but in many cases it acts as an effective buffer to deforestation. Trees in agroforestry system act as a refuse to biodiversity after catastrophic events such as fire (Griffith, 2000). The traditional society of coastal belts and tropics of the country practicing homegardens and sacred groves help in bio- diversity conservation.

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