Table Of ContentRaúl León · María Jesús Muñoz-Torres
Jose M. Moneva (Eds.)
Modeling and Simulation
4 in Engineering, Economics
5
2
P
and Management
I
B
N
L
International Conference, MS 2016
Teruel, Spain, July 4–5, 2016
Proceedings
123
Lecture Notes
in Business Information Processing 254
Series Editors
Wil van der Aalst
Eindhoven Technical University, Eindhoven, The Netherlands
John Mylopoulos
University of Trento, Trento, Italy
Michael Rosemann
Queensland University of Technology, Brisbane, QLD, Australia
Michael J. Shaw
University of Illinois, Urbana-Champaign, IL, USA
Clemens Szyperski
Microsoft Research, Redmond, WA, USA
More information about this series at http://www.springer.com/series/7911
ú ó í ú ñ
Ra l Le n Mar a Jes s Mu oz-Torres
(cid:129)
Jose M. Moneva (Eds.)
Modeling and Simulation
in Engineering, Economics
and Management
International Conference, MS 2016
–
Teruel, Spain, July 4 5, 2016
Proceedings
123
Editors
RaúlLeón Jose M.Moneva
Department ofAccounting andFinance Department ofAccounting andFinance
University of Zaragoza University of Zaragoza
Zaragoza Zaragoza
Spain Spain
MaríaJesús Muñoz-Torres
University Jaume I
Castellón dela Plana
Spain
ISSN 1865-1348 ISSN 1865-1356 (electronic)
Lecture Notesin Business Information Processing
ISBN 978-3-319-40505-6 ISBN978-3-319-40506-3 (eBook)
DOI 10.1007/978-3-319-40506-3
LibraryofCongressControlNumber:2016941607
©SpringerInternationalPublishingSwitzerland2016
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Preface
The Association for the Advancement of Modelling and Simulation Techniques in
Enterprises (AMSE) and the University of Zaragoza are pleased to present the main
results of the International Conference on Modelling and Simulation in Engineering,
Economics,andManagement,heldinTeruel,Spain,July4–5,2016,throughthisbook
of proceedings published with Springer in the series Lecture Notes in Business
Information Processing.
MS2016Teruelwasco-organizedbytheAMSEAssociationandtheUniversityof
Zaragoza through the GESES Research Group, with the support of the SoGReS-MF
ResearchGroupfromUniversityJaumeI.Itofferedauniqueopportunityforstudents,
researchers, and practitioners to present and exchange ideas concerning modelling,
simulation,andrelatedtopics,andseehowtheycanbeimplementedintherealworld.
In this edition of the MS international conference, we paid special attention to the
area of modelling and simulation in business and economic research. The title of the
book, Modelling and Simulation in Engineering, Economics and Management, refers
toabroadresearchareaandwehavetriedtosystematizetheresultingcollectionintoa
reasonable number of cohesive themes. The importance of modelling and simulation
techniquesinengineering,business,andeconomicresearchisreflectedthroughseveral
contributions related to modelling and simulation in industrial development, finance,
accounting, business management, marketing, economics, and politics, among others.
Thiscongresshasasmainincentivetheinteractionamongdifferentdisciplinesandthis
interactionishelpingtoimprovetheavailability ofmodelsand techniques in business
and economic research.
The MS 2016 Teruel proceedings comprise 20 papers—with a total of 56 authors
from nine countries—selected from 52 submissions. The book is organized according
to three general tracks of the congress: Modelling and Simulation in Finance and
Accountability, Modelling and Simulation in Business Management and Economics,
and Modelling and Simulation in Engineering and Other General Applications.
We would like to thank all the contributors, reviewers, plenary speakers, and the
scientific and honorary committees for their kind co-operation with MS’2016 Teruel;
the Organizing Committee for their support regarding the logistics of the conference;
and Ralf Gerstner, Alfred Hofmann, Christine Reis, and Eléonore Samklu (Springer)
for their kind advice and help in publishing this volume.
Finally,wewouldliketoexpressourgratitudefortheirsupportinthepreparationof
thisbooktoSpringerandinparticulartotheeditorsofthebookseriesLectureNotesin
Business Information Processing, Wil van der Aalst, John Mylopoulos, Michael
Rosemann, Michael J. Shaw, and Clemens Szyperski.
July 2016 Raúl León
María Jesús Muñoz-Torres
Jose M. Moneva
Organization
Honorary Committee
Jaime Gil Aluja President AMSE, Spain
Lotfi Zadeh University of Berkeley, USA
Organizing Committee
Anna M. Gil Lafuente, Spain, Chair
Jose M. Moneva, Spain, Chair
María Jesús Muñoz Torres, Spain, Chair
Raúl Leon Soriano, Spain, Chair
César Leonardo Guerrero Luchtenberg, Spain
Cristina Ferrer, Spain
Eduardo Ortas, Spain
Encarna Esteban, Spain
Francisco Javier Arroyo Cañada, Spain
Inmaculada Plaza, Spain
José M. Merigó Lindahl, Chile
Juan Pablo Maicas, Spain
Juana María Rivera Lirio, Spain
María Ángeles Fernández Izquierdo, Spain
Scientific Committee
Angel A. Juan, Spain
Anna M. Gil-Lafuente, Spain
Antonio Terceño Gómez, Spain
Beatriz Flores Romero, Mexico
Carlos Tomás Medrano Sánchez, Spain
César Leonardo Guerrero Luchtenberg, Spain
Christian Berger-Vachon, France
Eduardo Ortas Fredes, Spain
Egon Zizmon, Slovenia
Elena Escrig Olmedo, Spain
Emilio Vizuete Luciano, Spain
Federico González Santoyo, Mexico
Francesco Carlo Morabito, Italy
Gerardo Gabriel Alfaro Calderón, Mexico
Idoya Ferrero Ferrero, Spain
VIII Organization
Inmaculada Plaza, Spain
Isabel Saz Gil, Spain
Iván García-Magariño García, Spain
Jaime Gil Lafuente, Spain
Janusz Kacprzyk, Poland
José M. Merigó Lindahl, Chile
Jose M. Moneva, Spain
Jose Miguel Rodríguez Fernandez, Spain
Juan Pablo Maicas, Spain
Juana María Rivera Lirio, Spain
Korkmaz Imanov, Azerbaijan
María Ángeles Fernández Izquierdo, Spain
Maria Glòria Barberà Mariné, Spain
María Jesús Muñoz Torres, Spain
Peter Meža, Slovenia
Raúl León Soriano, Spain
Ronald R. Yager, USA
Sabina Scarpellini, Spain
Sefa Boria Reverter, Spain
Vicente Liern Carrión, Spain
Victor Alfaro García, Mexico
Victor Krasnoproshin, Belarus
Yuriy Kondratenko, Ukraine
OOrrggaanniizzaattiioonn IIXX
Sponsors
Contents
Modeling and Simulation in Finance and Accounting
A SimILS-Based Methodology for a Portfolio Optimization Problem
with Stochastic Returns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Laura Calvet, Renatas Kizys, Angel A. Juan, and Jesica de Armas
The LIBOR Market Model Calibration with Separated Approach . . . . . . . . . 12
María Teresa Casparri, Martín Ezequiel Masci,
and Javier García-Fronti
Solving Realistic Portfolio Optimization Problems via Metaheuristics:
A Survey and an Example . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Jana Doering, Angel A. Juan, Renatas Kizys, Angels Fito,
and Laura Calvet
AStructuralEquationModelforAnalyzingtheAssociationBetweenSome
Attributes of Earnings Quality and Value Relevance. Results from the
Structural Model. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Cristina Ferrer, Susana Callao, José Ignacio Jarne,
and José Antonio Laínez
Evolving Improved Neural Network Classifiers for Bankruptcy Prediction
by Hybridization of Nature Inspired Algorithms . . . . . . . . . . . . . . . . . . . . . 40
Vasile Georgescu and Florentina Mihaela Apipie
Environmental Performance Assessment in the Apparel Industry.
A Materiality-Based Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
Raúl León, Idoya Ferrero-Ferrero, and María Jesús Muñoz-Torres
Mutual Funds Survival in Spain Using Self-Organizing Maps. . . . . . . . . . . . 61
Antonio Terceño, Laura Fabregat-Aibar,
M. Teresa Sorrosal-Forradellas, and M. Glòria Barberà-Mariné
Modeling and Simulation in Business Management and Economy
An Estimation of the Individual Illiquidity Risk for the Elderly Spanish
Population with Long-Term Care Needs. . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Estefania Alaminos, Mercedes Ayuso, and Montserrat Guillen
Predicting Probability of Customer Churn in Insurance . . . . . . . . . . . . . . . . 82
Catalina Bolancé, Montserrat Guillen, and Alemar E. Padilla-Barreto
