Search results for: option pricing theory

Authors: Eva Štěpánková

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Environmental management implementation is presently one of the ways of organization success and value improvement. Increasing an organization motivation to environmental measures introduction is caused primarily by the rising pressure of the society that generates various incentives to endeavor for the environmental performance improvement. The aim of the paper is to identify and characterize the key incentives and expectations leading organizations to the environmental management implementation. The author focuses on five businesses of different size and field, operating in the Czech Republic. The qualitative approach and grounded theory procedure are used in research. The results point out that the significant incentives for environmental management implementation represent primarily demands of customers, the opportunity to declare the environmental commitment and image improvement. The researched enterprises less commonly expect the economical contribution, competitive advantage increase or export rate improvement. The results show that marketing contributions are primarily expected from the environmental management implementation.

Keywords: environmental management, environmental management system, ISO 14001, Czech Republic

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Authors: Qing Hui Wang, You Lin Fang, Min Chen

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In 2003 the percentage of students in Shanghai taking part in tertiary education reached 53% of the age cohort, which is at the universal level according to Trow's typology. This achievement led to a conscientious effort by the government to improve internal efficiency of local universities and colleges through a series of programs, the most important of which is the 085 Project. This paper considers the effects of the 085 Project- the 5 initiatives launched in 2008 on increasing the investment to improve institutional overall visibilities, teaching excellence, knowledge innovation, faculty development as well as internationalization. Using the approach of ERC (a theory of equality, reciprocity, and competition) model, it was found that the initiatives helped the lower tier universities and colleges make full play in the aspects of strategic planning and identifying themselves. It was also found that the rate of growth of social resources for universities as a whole increased more quickly after the implementation of the 085 Project.

Keywords: 085 Project, impact, internal efficiency, local universities and colleges

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Authors: Jamilatuzzahro, Rezzy Eko Caraka

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The yield curve is the plot of the yield to maturity of zero-coupon bonds against maturity. In practice, the yield curve is not observed but must be extracted from observed bond prices for a set of (usually) incomplete maturities. There exist many methodologies and theory to analyze of yield curve. We use two methods (the Nelson-Siegel Method, the Svensson Method, and the SVR method) in order to construct and compare our zero-coupon yield curves. The objectives of this research were: (i) to study the adequacy of NSS model and SVR to Indonesian government bonds data, (ii) to choose the best optimization or estimation method for NSS model and SVR. To obtain that objective, this research was done by the following steps: data preparation, cleaning or filtering data, modeling, and model evaluation.

Keywords: support vector regression, Nelson-Siegel-Svensson, yield curve, Indonesian government

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Authors: S. Levitsky, R. Bergman

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Fluid rheology may have essential impact on sound propagation in a liquid-filled pipe, especially, in a low frequency range. Rheological parameters of liquid are temperature-sensitive, which ultimately results in a temperature dependence of the wave speed and attenuation in the waveguide. The study is devoted to modeling of this effect at sound propagation in an elastic pipe with polymeric liquid, described by generalized Maxwell model with non-zero high-frequency viscosity. It is assumed that relaxation spectrum is distributed according to the Spriggs law; temperature impact on the liquid rheology is described on the basis of the temperature-superposition principle and activation theory. The dispersion equation for the waveguide, considered as a thin-walled tube with polymeric solution, is obtained within a quasi-one-dimensional formulation. Results of the study illustrate the influence of temperature on sound propagation in the system.

Keywords: elastic tube, sound propagation, temperature effect, viscoelastic liquid

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Authors: Faruk Firat Çalim, Nurullah Karaca, Hakan Tacettin Türker

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In this study, out-of-plane free vibrations of a circular rods is investigated theoretically. The governing equations for naturally twisted and curved spatial rods are obtained using Timoshenko beam theory and rewritten for circular rods. Effects of the axial and shear deformations are considered in the formulations. Ordinary differential equations in scalar form are solved analytically by using transfer matrix method. The circular rods of the mass matrix are obtained by using straight rod of consistent mass matrix. Free vibrations frequencies obtained by solving eigenvalue problem. A computer program coded in MATHEMATICA language is prepared. Circular beams are analyzed through various examples for free vibrations analysis. Results are compared with ANSYS results based on finite element method and available in the literature.

Keywords: circular rod, out-of-plane free vibration analysis, transfer matrix method

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Authors: Olakunle Felix Adekunle

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Innovation has become the key to firm success, and entrepreneurial leadership displayed by the top management team fundamentally drives innovation in firms. This paper discusses findings from an empirical study of factors influencing the success of firms operating in developing economies in an industry where science drives the pace of change. We find that success of firms in such industries depends on thriving innovation activity that in turn is primarily driven by effective entrepreneurial leadership of the top management team. The paper presents the dimensions of entrepreneurial leadership and its linkage to innovation and firm success in the form of testable propositions. Finally, a preliminary theory of firm success in industries where science drives the pace of change is also inducted from this empirical study and presented.

Keywords: leadership, innovation, firms, economic, efficiency, industry, resources

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Authors: Fida Isam Abdulhafiz

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Traditional vernacular architecture in the United Arab Emirates constituted namely of adobe houses with a limited number of openings in their facades. The thick mud and rubble walls and wooden window screens protected its inhabitants from the harsh desert climate and provided them with privacy and fulfilled their comfort zone needs to an extent. However, with the rise of the immediate post petroleum era reinforced concrete villas with glass and steel technology has replaced traditional vernacular dwellings. And more load was put on the mechanical cooling systems to ensure the satisfaction of today’s more demanding doweling inhabitants. However, In the early 21at century professionals started to pay more attention to the carbon footprint caused by the built constructions. In addition, many studies and innovative approaches are now dedicated to lower the impact of the existing operating buildings on their surrounding environments. The UAE government agencies started to regulate that aim to revive sustainable and environmental design through Local and international building codes and urban design policies such as Estidama and LEED. The focus in this paper is on the reduction of the emissions resulting from the use of energy sources in the cooling and heating systems, and that would be through using innovative screen designs and façade solutions to provide a green footprint and aesthetic architectural icons. Screens are one of the popular innovative techniques that can be added in the design process or used in existing building as a renovation techniques to develop a passive green buildings. Preparing future architects to understand the importance of environmental design was attempted through physical modelling of window screens as an educational means to combine theory with a hands on teaching approach. Designing screens proved to be a popular technique that helped them understand the importance of sustainable design and passive cooling. After creating models of prototype screens, several tests were conducted to calculate the amount of Sun, light and wind that goes through the screens affecting the heat load and light entering the building. Theory further explored concepts of green buildings and material that produce low carbon emissions. This paper highlights the importance of hands on experience for student architects and how physical modelling helped rise eco awareness in Design studio. The paper will study different types of façade screens and shading devices developed by Architecture students and explains the production of diverse patterns for traditional screens by student architects based on sustainable design concept that works properly with the climate requirements in the Middle East region.

Keywords: building’s screens modeling, façade design, sustainable architecture, sustainable dwellings, sustainable education

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Authors: Zabihullah Mahdi, Mahdi Nayab, Sadaf Jalal, Navid Seddiqi

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Hydrocarbons represent an important natural resource for the rehabilitation and sustainable development of Afghanistan. In this paper, the use of waterflooding is demonstrated for the petroleum reservoirs of the Kashkari oil field in northern Afghanistan. The technique is based on the Buckley–Leverett frontal-displacement theory, which enables computation of the progress of the waterfront in the reservoir. The relative permeabilities of oil and water, the residual oil saturation, and the irreducible water saturation are obtained from a laboratory experiment. The technique is applied to the laboratory plane-reservoir model to investigate the displacement mechanism and is then compared with the theoretical calculation. Lastly, the technique is applied to the Kashkari oil field to predict the feasible amount of oil that could be produced from this reservoir.

Keywords: Buckley–Leverett, waterflooding, petroleum reservoir engineering, two-phase flow, immiscible displacement, porous media, relative permeability

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Authors: V. Yu. Shungin, A. V. Popov

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At present, one of the main tasks of Russian shipbuilding yards is implementation of new technologies and replacement of main process equipment. In particular, conventional bending technologies with dies are being replaced with resource-saving methods of rotation (roller) banding. Such rolling bending is performed by multiple rolling of a plat in special bending rollers. Studies, conducted in JSC SSTC, allowed developing a theory of rotation bending, methods for calculation of process parameters, requirements to roller presses and bending accessories. This technology allows replacing old and expensive presses with new cheaper roller ones, having less power consumption and bending force. At first, roller presses were implemented in ship repair, however now they are widely employed at major shipbuilding yards. JSC SSTC develops bending technology and carries out design, manufacturing and delivery of roller presses.

Keywords: bending/straightening machines, rotational bending, ship hull structures, multifunctional bending

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Authors: Lolade Siyonbola

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Nigerians are often celebrated as being the most educated cultural group in America. The cultural values and history that have led to this reality are particular to a generation that came of age post colonialism. Many of these cultural values have been passed down from post-colonial parent to millennial child, but most have not. This study, based on interviews and surveys of Nigerian millennials and their parents in the United States, explores the degree to which identity has been eroded in the millennial generation due to a lack of imparted cultural values and knowledge from the previous generation. Most of the subjects do not speak their native language or identify with their cultural heritage sufficiently to build ties with their native land. Most are experiencing some degree of identity crisis, and therefore limited self-actualization, with little to no support; as there are few successful tools available to this population. If governmental programs to reverse these trends are not implemented within this generation, the implications to the individual, family and home nation (Nigeria), will be felt for generations to come.

Keywords: identity, culture, self-actualization, social identity theory, migration, transnationalism, value systems

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Authors: José Ramón López-Mínguez, Estrella Suárez-Corchuelo, Sergio López-Tejero, Luis Nombela-Franco, Xavier Freixa-Rofastes, Guillermo Bastos-Fernández, Xavier Millán-Álvarez, Raúl Moreno-Gómez, José Antonio Fernández-Díaz, Ignacio Amat-Santos, Tomás Benito-González, Fernando Alfonso-Manterola, Pablo Salinas-Sanguino, Pedro Cepas-Guillén, Dabit Arzamendi, Ignacio Cruz-González, Juan Manuel Nogales-Asensio

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Background and objectives: The treatment of patients with non-valvular atrial fibrillation (NVAF) who need coronary stenting is challenging. The objective of the study was to determine whether left atrial appendage occlusion (LAAO) could be a feasible option and benefit these patients. To this end, we studied the impact of LAAO plus antiplatelet drugs vs oral anticoagulants (OAC) (including direct OAC) plus antiplatelet drugs in these patients’ long-term outcomes. Methods: The results of 207 consecutive patients with NVAF who underwent coronary stenting were analyzed. A total of 146 patients were treated with OAC (75 with acenocoumarol, 71 with direct OAC) while 61 underwent LAAO. The median follow-up was 35 months. Patients also received antiplatelet therapy as prescribed by their cardiologist. The study received the proper ethical oversight. Results: Age (mean 75.7 years), and the past medical history of stroke were similar in both groups. However, the LAAO group had more unfavorable characteristics (history of coronary artery disease [CHA2DS2-VASc], and significant bleeding [BARC ≥ 2] and HAS-BLED). The occurrence of major adverse events (death, stroke/transient ischemic events, major bleeding) and major cardiovascular events (cardiac death, stroke/transient ischemic attack, and myocardial infarction) were significantly higher in the OAC group compared to the LAAO group: 19.75% vs 9.06% (HR, 2.18; P = .008) and 6.37% vs 1.91% (HR, 3.34; P = .037), respectively. Conclusions: In patients with NVAF undergoing coronary stenting, LAAO plus antiplatelet therapy produced better long-term outcomes compared to treatment with OAC plus antiplatelet therapy despite the unfavorable baseline characteristics of the LAAO group.

Keywords: stents, atrial fibrillation, anticoagulants, left atrial appendage occlusion

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Authors: Cecile Meier, Drago Diaz Aleman, Itahisa Perez Conesa, Jose Luis Saorin Perez, Jorge De La Torre Cantero

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In this work, two ways of creating small-sized metal sculptures are proposed: the first by means of microcasting and the second by electroforming from models printed in 3D using an FDM (Fused Deposition Modeling‎) printer or using a DLP (Digital Light Processing) printer. It is viable to replace the wax in the processes of the artistic foundry with 3D printed objects. In this technique, the digital models are manufactured with resin using a low-cost 3D FDM printer in polylactic acid (PLA). This material is used, because its properties make it a viable substitute to wax, within the processes of artistic casting with the technique of lost wax through Ceramic Shell casting. This technique consists of covering a sculpture of wax or in this case PLA with several layers of thermoresistant material. This material is heated to melt the PLA, obtaining an empty mold that is later filled with the molten metal. It is verified that the PLA models reduce the cost and time compared with the hand modeling of the wax. In addition, one can manufacture parts with 3D printing that are not possible to create with manual techniques. However, the sculptures created with this technique have a size limit. The problem is that when printed pieces with PLA are very small, they lose detail, and the laminar texture hides the shape of the piece. DLP type printer allows obtaining more detailed and smaller pieces than the FDM. Such small models are quite difficult and complex to melt using the lost wax technique of Ceramic Shell casting. But, as an alternative, there are microcasting and electroforming, which are specialized in creating small metal pieces such as jewelry ones. The microcasting is a variant of the lost wax that consists of introducing the model in a cylinder in which the refractory material is also poured. The molds are heated in an oven to melt the model and cook them. Finally, the metal is poured into the still hot cylinders that rotate in a machine at high speed to properly distribute all the metal. Because microcasting requires expensive material and machinery to melt a piece of metal, electroforming is an alternative for this process. The electroforming uses models in different materials; for this study, micro-sculptures printed in 3D are used. These are subjected to an electroforming bath that covers the pieces with a very thin layer of metal. This work will investigate the recommended size to use 3D printers, both with PLA and resin and first tests are being done to validate use the electroforming process of microsculptures, which are printed in resin using a DLP printer.

Keywords: sculptures, DLP 3D printer, microcasting, electroforming, fused deposition modeling

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Authors: Soo Min Kim, Soo-Won Chae, Soung-Yon Kim, Haea Lee, Ju Yong Kang, Juneyong Lee, Seung-Ho Han

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Reverse total shoulder arthroplasty (RTSA) has become an effective treatment option for cuff tear arthropathy and massive, irreparable rotator cuff tears and indications for its use are expanding. Numerous methods for optimal fixation of the glenoid component have been suggested, such as inferior overhang, inferior tilt, to maximize initial fixation and prevent glenoid component loosening. The inferior tilt fixation of a glenoid component has been suggested, which is expected to decrease scapular notching and to improve the stability of a glenoid component fixation in reverse total shoulder arthroplasty. Inferior tilt fixation of the glenoid component has been suggested, which can improve stability and, because it provides the most uniform compressive forces and imparts the least amount of tensile forces and micromotion, reduce the likelihood of mechanical failure. Another study reported that glenoid component inferior tilt improved impingement-free range of motion as well as minimized the scapular notching. Several authors have shown that inferior tilt of a glenoid component reduces scapular notching. However, controversy still exists regarding its importance in the literature. In this study the influence of inferior tilt fixation on the primary stability of a glenoid component has been investigated. Finite element models were constructed from cadaveric scapulae and glenoid components were implanted with neutral and 10° inferior tilts. Most previous biomechanical studies regarding the effect of glenoid component inferior tilt used a solid rigid polyurethane foam or sawbones block, not cadaveric scapulae, to evaluate the stability of the RTSA. Relative micromotions at the bone-glenoid component interface, and the distribution of bone stresses under the glenoid component and around the screws were analyzed and compared between neutral and 10° inferior tilt groups. Contact area between bone and screws and cut surface area of the cancellous bone exposed after reaming of the glenoid have also been investigated because of the fact that cancellous and cortical bone thickness vary depending on the resection level of the inferior glenoid bone. The greater relative micromotion of the bone-glenoid component interface occurred in the 10° inferior tilt group than in the neutral tilt group, especially at the inferior area of the bone-glenoid component interface. Bone stresses under the glenoid component and around the screws were also higher in the 10° inferior tilt group than in the neutral tilt group, especially at the inferior third of the glenoid bone surface under the glenoid component and inferior scapula. Thus inferior tilt fixation of the glenoid component may adversely affect the primary stability and longevity of the reverse total shoulder arthroplasty.

Keywords: finite element analysis, glenoid component, inferior tilt, reverse total shoulder arthroplasty

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Authors: Walid S. Alfuhaid, Saud A. Alghamdi, John M. Watkins, M. Edwin Sawan

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Designing a controller for stochastic decentralized interconnected large scale systems usually involves a high degree of complexity and computation ability. Noise, observability, and controllability of all system states, connectivity, and channel bandwidth are other constraints to design procedures for distributed large scale systems. The quasi-steady state model investigated in this paper is a reduced order model of the original system using singular perturbation techniques. This paper results in an optimal control synthesis to design an observer based feedback controller by standard stochastic control theory techniques using Linear Quadratic Gaussian (LQG) approach and Kalman filter design with less complexity and computation requirements. Numerical example is given at the end to demonstrate the efficiency of the proposed method.

Keywords: decentralized, optimal control, output, singular perturb

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Authors: Ali Kurşun, Emre Kara, Erhan Çetin, Şafak Aksoy, Ahmet Kesimli

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In this study, thermal elastic stress distribution occurred on long hollow cylinders made of functionally graded material (FGM) was analytically defined under thermal, mechanical and thermo mechanical loads. In closed form solutions for elastic stresses and displacements are obtained analytically by using the infinitesimal deformation theory of elasticity. It was assumed that elasticity modulus, thermal expansion coefficient and density of cylinder materials could change in terms of an exponential function as for that Poisson’s ratio was constant. A gradient parameter n is chosen between - 1 and 1. When n equals to zero, the disc becomes isotropic. Circumferential, radial and longitudinal stresses in the FGMs cylinders are depicted in the figures. As a result, the gradient parameters have great effects on the stress systems of FGMs cylinders.

Keywords: functionally graded materials, thermoelasticity, thermomechanical load, hollow cylinder.

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Authors: M. G. Mattos, J. E. Pécora Jr, T. A. Briso

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Today's challenging business environment, with unpredictable demand and volatility, requires a supply chain strategy that handles uncertainty and risks in the right way. Even though inventory models have been previously explored, this paper seeks to apply these concepts on a practical situation. This study involves the inventory replenishment problem, applying techniques that are mainly based on mathematical assumptions and modeling. The primary goal is to improve the retailer’s supply chain processes taking store differences when setting the various target stock levels. Through inventory review policy, picking piece implementation and minimum exposure definition, we were able not only to promote the inventory reduction as well as improve sales results. The inventory management theory from literature review was then tested on a single case study regarding a particular department in one of the largest Latam retail chains.

Keywords: inventory, distribution, retail, risk, safety stock, sales, uncertainty

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Authors: Sari Aouatef, Larabi Amina

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First-principles calculations within density functional theory based are used to investigate the influence of doped rare earth elements on some properties of perovskite systems Dy₀.₀₆₂₅Y₀.₉₃₇₅FeO₃ and Dy₀.₁₂₅ Y₀.₈₇₅ FeO₃. The electronic and magnetic properties are studied by means of the full-potential linearized augmented plane wave method with Vasp code. The calculated densities of states presented in this work identify the semiconducting behavior for Dy₀.₁₂₅ Y₀.₈₇₅ FeO₃, and the semi-metallic behavior for Dy₀.₀₆₂₅Y₀.₉₃₇₅ FeO₃. Besides, to investigate magnetic properties of several compounds, four magnetic configurations are considered (ferromagnetic (FM), antiferromagnetic type A (A-AFM), antiferromagnetic type C (C-AFM) and antiferromagnetic type G (G-AFM). By doping the Dy element, the system shows different changes in the magnetic order and electronic structure. It is found that Dy₀.₀₆₂₅Y₀.₉₃₇₅ FeO₃ exhibits the strongest magnetic change corresponding to the transition to the ferromagnetic order with the largest magnetic moment of 4.997.

Keywords: DFT, Perovskites, multiferroic, magnetic properties

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Authors: Annette Davies

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Celebrity entertainment TV news shows such as Access Hollywood, Entertainment Tonight, E! News, etc., have remained extremely popular. While the effects of these shows have been examined in academic literature on various sample populations, the effects have rarely been examined on a sample population of performing artists in the entertainment field. The present research investigates how the consumption of these shows influence the desire for fame and the perception of fame among active performing artists. Two separate chi-square analyses were conducted to yield the following results: 1) as the viewing of these shows increases, the overall desire for fame also tends to increase; 2) performers who believe that these celebrity entertainment TV news shows frame fame positively are more likely to perceive fame as a positive achievement overall. Thus, the results of the second finding are consistent with second-level agenda-setting theory. Limitations and suggestions for future research are also discussed.

Keywords: celebrity, entertainment, fame, performers

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Authors: Savitha Janakiraman, Shivakumar M. C

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Anidulafungin, an advanced class of antifungal agent used for the treatment of chronic fungal infections, is derived from Echinocandin B nucleus, an intermediate metabolite of Echinocandin B produced by Aspergillus nidulans. The enzyme acylase derived from the fermentation broth of Actinoplanes utahensis (NRRL 12052) plays a key role in the bioconversion of echinocandin B to echinocandin B nucleus. The membrane-bound nature of acylase and low levels of expression contributes to the rate-limiting process of enzymatic deacylation, hence low yields of ECB nucleus and anidulafungin. In the present study, this is addressed through novel genetic engineering approaches of overexpression and heterologous expression studies, immobilization of whole cells of Actinoplanes utahensis (NRRL 12052) and Co-cultivation studies. Overexpression of the acylase gene in Actinoplanes utahensis (NRRL 12052) was done by increasing the gene copy number to increase the echinocandin B nucleus production. Echinocandin B acylase gene, under the control of a PermE* promoter, was cloned in pSET152 vector and introduced into Actinoplanes utahensis (NRRL12052) by a ɸC31-directed site-specific recombination method. The resultant recombinant strain (C2-18) showed a 3-fold increase in acylase expression, which was confirmed by HPLC analysis. Pichia pastoris is one of the most effective and versatile host systems for the production of heterologous proteins. The ECB acylase gene was cloned into pPIC9K vector with AOX1 promoter and was transformed into Pichia pastoris (GS115). The acylase expression was confirmed by protein expression and bioconversion studies. The heterologous expression of acylase in Pichia pastoris, is a milestone in the development of antifungals. Actively growing cells of Actinoplanes utahensis (NRRL 12052) were immobilized and tested for bioconversion ability which showed >90% conversion in each cycle. The stability of immobilized cell beads retained the deacylation ability up to 60 days and reusability was confirmed up to 4 cycles. The significant findings from the study have revealed that immobilization of whole cells of Actinoplanes utahensis (NRRL 12052) could be an alternative option for bioconversion of echinocandin B to echinocandin B nucleus, which has not been reported to date. The concept of co-cultivation of Aspergillus nidulans and Actinoplanes utahensis strains for the production of the echinocandin B nucleus was also carried out in order to produce echinocandin B nucleus. The process completely reduced the ECB purification step and, therefore, could be recommended as an ingenious method to improve the yield of the ECB nucleus.

Keywords: acylase, anidulafungin, antifungals, Aspergillus nidulans

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Authors: Hyeongbok Kim, Lingling Zhao, Xiaohong Su, Junjie Wang

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The Bernoulli filter is a precise Bayesian filter for single target tracking based on the random finite set theory. The standard Bernoulli filter often underestimates the number of targets. This study proposes a Gaussian particle flow (GPF) Bernoulli filter employing particle flow to migrate particles from prior to posterior positions to improve the performance of the standard Bernoulli filter. By employing the particle flow filter, the computational speed of the Bernoulli filters is significantly improved. In addition, the GPF Bernoulli filter provides a more accurate estimation compared with that of the standard Bernoulli filter. Simulation results confirm the improved tracking performance and computational speed in two- and three-dimensional scenarios compared with other algorithms.

Keywords: Bernoulli filter, particle filter, particle flow filter, random finite sets, target tracking

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Authors: Zhao Pengcheng, Yin Siyuan

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Fintech is the new hot topic of the 21st century, a discipline that combines financial theory with computer modelling. It can provide both digital analysis methods for investment banks and investment decisions for users. Given the variety of services available, it is necessary to provide a superior method of requirements elicitation to ensure that users' needs are addressed in the software development process. The accuracy of traditional software requirements elicitation methods is not sufficient, so this study attempts to use a multi-perspective based requirements heuristic framework. Methods such as interview and questionnaire combination, card sorting, and model driven are proposed. The collection results from PCA show that the new methods can better help with requirements elicitation. However, the method has some limitations and, there are some efficiency issues. However, the research in this paper provides a good theoretical extension that can provide researchers with some new research methods and perspectives viewpoints.

Keywords: requirement elicitation, FinTech, mobile application, survey, interview, model-driven

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Authors: Roberta Martino, Viviana Ventre

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Every day we face choices whose consequences are deferred in time. These types of choices are the intertemporal choices and play an important role in the social, economic, and financial world. The Discounted Utility Model is the mathematical model of reference to calculate the utility of intertemporal prospects. The discount rate is the main element of the model as it describes how the individual perceives the indeterminacy of subsequent periods. Empirical evidence has shown a discrepancy between the behavior expected from the predictions of the model and the effective choices made from the decision makers. In particular, the term temporal inconsistency indicates those choices that do not remain optimal with the passage of time. This phenomenon has been described with hyperbolic models of the discount rate which, unlike the linear or exponential nature assumed by the discounted utility model, is not constant over time. This paper explores the problem of inconsistency by tracing the decision-making process through the concept of impatience. The degree of impatience and the degree of decrease of impatience are two parameters that allow to quantify the weight of emotional factors and cognitive limitations during the evaluation and selection of alternatives. In fact, although the theory assumes perfectly rational decision makers, behavioral finance and cognitive psychology have made it possible to understand that distortions in the decision-making process and emotional influence have an inevitable impact on the decision-making process. The degree to which impatience is diminished is the focus of the first part of the study. By comparing consistent and inconsistent preferences over time, it was possible to verify that some anomalies in the discounted utility model are a result of the combination of cognitive bias and emotional factors. In particular: the delay effect and the interval effect are compared through the concept of misperception of time; starting from psychological considerations, a criterion is proposed to identify the causes of the magnitude effect that considers the differences in outcomes rather than their ratio; the sign effect is analyzed by integrating in the evaluation of prospects with negative outcomes the psychological aspects of loss aversion provided by Prospect Theory. An experiment implemented confirms three findings: the greatest variation in the degree of decrease in impatience corresponds to shorter intervals close to the present; the greatest variation in the degree of impatience occurs for outcomes of lower magnitude; the variation in the degree of impatience is greatest for negative outcomes. The experimental phase was implemented with the construction of the hyperbolic factor through the administration of questionnaires constructed for each anomaly. This work formalizes the underlying causes of the discrepancy between the discounted utility model and the empirical evidence of preference reversal.

Keywords: decreasing impatience, discount utility model, hyperbolic discount, hyperbolic factor, impatience

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Authors: Mohd Fairus Humar, Ibrahim Sulaiman, Pedro Cruz, Hasry Harun

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This paper presents the propose knowledge transfer program on railway signaling and communication by Original Equipment Manufacturer (OEM) Thales Portugal. The fundamental issue is that there is no rail related course offered by local universities and colleges in Malaysia which could be an option to pursue student career path. Currently, dedicated trainings related to the rail technology are provided by in-house training academies established by the respective rail operators such as Malaysia Railway Academy (MyRA) and Rapid Rail Training Centre. In this matter, the content of training and facilities need to be strengthened to keep up-to-date with the dynamic evolvement of the rail technology. This is because rail products have evolved to be more sophisticated and embedded with high technology components which no longer exist in the mechanical form alone but combined with electronics, information technology and others. These demand for a workforce imbued with knowledge, multi-skills and competency to deal with specialized technical areas. Talent is needed to support sustainability in Southeast Asia. Keeping the above factors in mind, an Industrial Collaboration Program (ICP) was carried out to transfer knowledge on curricula of railway signaling and communication to a selected railway operators and tertiary educational institution in Malaysia. In order to achieve the aim, a partnership was formed between Technical Depository Agency (TDA), Thales Portugal and MyRA for two years with three main stages of program implementation comprising of: i) training on basic railway signaling and communication for 1 month with Thales in Malaysia; ii) training on advance railway signaling and communication for 4 months with Thales in Portugal and; iii) a series of workshop. Two workshops were convened to develop and harmonize curricula of railway signaling and communication course and were followed by one training for installation equipment of railway signaling and Controlled Train Centre (CTC) system from Thales Portugal. With active involvement from Technical Depository Agency (TDA), railway operators, universities, and colleges, in planning, executing, monitoring, control and closure, the program module of railway signaling and communication course with a lab railway signaling field equipment and CTC simulator were developed. Through this program, contributions from various parties help to build committed societies to engage important issues in relation to railway signaling and communication towards creating a sustainable future.

Keywords: knowledge transfer program, railway signaling and communication, curricula, module and teaching aid simulator

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Authors: Esmat Mohammadinasab

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The aim of this paper is to investigate theoretically and establish a predictive model for determination LogP of armchair polyhex BN nanotubes by using simple descriptors. The relationship between the octanol-water partition coefficient (LogP) and quantum chemical descriptors, electric moments, and topological indices of some armchair polyhex BN nanotubes with various lengths and fixed circumference are represented. Based on density functional theory (DFT) electric moments and physico-chemical properties of those nanotubes are calculated. The DFT method performed based on the Becke’s 3-parameter formulation with the Lee-Yang-Parr functional (B3LYP) method and 3-21G standard basis sets. For the first time, the relationship between partition coefficient and different properties of polyhex BN nanotubes is investigated.

Keywords: topological indices, quantum descriptors, DFT method, nanotubes

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Authors: Shao-Hsun Keng, Hwang-Ruey Song

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This paper examines the causal effect of the tenure track system on instructors’ grading practices and teaching effectiveness by taking advantage of a natural experiment in Taiwan. The results show that assistant professors subject to the tenure track policy are more likely to grade leniently and fail fewer students. The course grade is 5% higher in classes taught by assistant professors subject to the tenure system. However, the tendency to grade leniently is reversed after assistant professors subject to the tenure system are promoted to a higher rank. Our findings are consistent with the exchange theory. We also show that teaching and student efforts are adversely affected by the tenure policy, which could reduce student learning and the quality of the workforce in the long run.

Keywords: tenure track system, grading leniency, study time, grade inflation

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Authors: Hai L. Tran

Abstract:

When covering events and issues, the news media often employ both personal accounts as well as facts and figures. However, the process of using numbers and narratives in the newsroom is mostly operated through trial and error. There is a demonstrated need for the news industry to better understand the specific effects of storytelling and data-driven reporting on the audience as well as explanatory factors driving such effects. In the academic world, anecdotal evidence and statistical evidence have been studied in a mutually exclusive manner. Existing research tends to treat pertinent effects as though the use of one form precludes the other and as if a tradeoff is required. Meanwhile, narratives and statistical facts are often combined in various communication contexts, especially in news presentations. There is value in reconceptualizing and theorizing about both relative and collective impacts of numbers and narratives as well as the mechanism underlying such effects. The current undertaking seeks to link theory to practice by providing a complete picture of how and why people are influenced by information conveyed through quantitative and qualitative accounts. Specifically, the cognitive-experiential theory is invoked to argue that humans employ two distinct systems to process information. The rational system requires the processing of logical evidence effortful analytical cognitions, which are affect-free. Meanwhile, the experiential system is intuitive, rapid, automatic, and holistic, thereby demanding minimum cognitive resources and relating to the experience of affect. In certain situations, one system might dominate the other, but rational and experiential modes of processing operations in parallel and at the same time. As such, anecdotes and quantified facts impact audience response differently and a combination of data and narratives is more effective than either form of evidence. In addition, the present study identifies several media variables and human factors driving the effects of statistics and anecdotes. An integrative model is proposed to explain how message characteristics (modality, vividness, salience, congruency, position) and individual differences (involvement, numeracy skills, cognitive resources, cultural orientation) impact selective exposure, which in turn activates pertinent modes of processing, and thereby induces corresponding responses. The present study represents a step toward bridging theoretical frameworks from various disciplines to better understand the specific effects and the conditions under which the use of anecdotal evidence and/or statistical evidence enhances or undermines information processing. In addition to theoretical contributions, this research helps inform news professionals about the benefits and pitfalls of incorporating quantitative and qualitative accounts in reporting. It proposes a typology of possible scenarios and appropriate strategies for journalists to use when presenting news with anecdotes and numbers.

Keywords: data, narrative, number, anecdote, storytelling, news

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Authors: Padma Chutoo, Elena Kulinskaya, Ilyas Bakbergenuly, Nicholas Steel, Dmitri Pchejetski

Abstract:

Transient ischaemic attacks (TIAs) are warning signs for future strokes. TIA patients are at increased risk of stroke and cardio-vascular events after a first episode. A majority of studies on TIA focused on the occurrence of these ancillary events after a TIA. Long-term mortality after TIA received only limited attention. We undertook this study to determine the long-term hazards of all-cause mortality following a first episode of a TIA using anonymised electronic health records (EHRs). We used a retrospective case-control study using electronic primary health care records from The Health Improvement Network (THIN) database. Patients born prior to or in year 1960, resident in England, with a first diagnosis of TIA between January 1986 and January 2017 were matched to three controls on age, sex and general medical practice. The primary outcome was all-cause mortality. The hazards of all-cause mortality were estimated using a time-varying Weibull-Cox survival model which included both scale and shape effects and a random frailty effect of GP practice. 20,633 cases and 58,634 controls were included. Cases aged 39 to 60 years at the first TIA event had the highest hazard ratio (HR) of mortality compared to matched controls (HR = 3.04, 95% CI (2.91 - 3.18)). The HRs for cases aged 61-70 years, 71-76 years and 77+ years were 1.98 (1.55 - 2.30), 1.79 (1.20 - 2.07) and 1.52 (1.15 - 1.97) compared to matched controls. Aspirin provided long-term survival benefits to cases. Cases aged 39-60 years on aspirin had HR of 0.93 (0.84 - 1.00), 0.90 (0.82 - 0.98) and 0.88 (0.80 - 0.96) at 5 years, 10 years and 15 years, respectively, compared to cases in the same age group who were not on antiplatelets. Similar beneficial effects of aspirin were observed in other age groups. There were no significant survival benefits with other antiplatelet options. No survival benefits of antiplatelet drugs were observed in controls. Our study highlights the excess long-term risk of death of TIA patients and cautions that TIA should not be treated as a benign condition. The study further recommends aspirin as the better option for secondary prevention for TIA patients compared to clopidogrel recommended by NICE guidelines. Management of risk factors and treatment strategies should be important challenges to reduce the burden of disease.

Keywords: dual antiplatelet therapy (DAPT), General Practice, Multiple Imputation, The Health Improvement Network(THIN), hazard ratio (HR), Weibull-Cox model

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Authors: Obiageli Eze

Abstract:

Millions of Nigerian children are subjected daily to all forms of abuse, ranging from trafficking to slavery, and forced labor. These under age children are taken from different parts of the Country to be used as sex slaves and laborers in the big cities, killed for rituals, organ transplantation, or used for money laundering, begging on the streets or are put to work in the fields. These children are made to do inhuman jobs under degrading conditions and face all kinds of abuse at the hands of their owners with no hope of escape. While lots of people blame poverty or culture as a basis for human trafficking in Nigeria, the National Agency for the Prohibition and Trafficking in Persons and other Related Matters (NAPTIP) says other causes of the outrageous rate of human trafficking in the country are ignorance, desperation, and the promotion and commercialization of sex by the European Union (EU) as dozens of young Nigerian children and women are forced to work as prostitutes in European countries including the Netherlands, France, Italy, and Spain. In the cause of searching for greener pastures, they are coerced into work they have not chosen and subjected to perpetual life in bondage. The Universal Declaration of Human Rights 1948 prohibits slave trade and slavery. Despite the fact that Nigeria is a Sovereign member of the United Nations and signatory to this International instrument, Child trafficking and slavery is still on the increase. This may be caused by the fact that the punishment for this crime in Nigeria is a maximum term of 10 years imprisonment with some of the worst offenders getting off with as little as 2 years imprisonment or an option of fine. It goes without saying that this punishment is not sufficient to act as a deterrent to these modern slave traders. Another major factor oiling the wheel of trafficking in the country is voodoo. The victims are taken to shrines of voodoo priests for oath taking. There, underage girls and boys are made to swear that they would never reveal the identities of their traffickers to anyone if arrested whether in the course of the journey or in the destination countries and that they would pay off debt. Nigeria needs tougher Laws in order to be able to combat human trafficking and slave trade. Also there has to be aggressive sensitization and awareness programs designed to educate and enlighten the public as to the dangers faced by these victims and the need to report any suspicious activity to the authorities. This paper attempts to give an insight into the plight of under-age Nigerian children trafficked and sold as slaves and offer a more effective stand in the fight against it.

Keywords: child labor, slavery, slave trade, trafficking

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Authors: J.T. Chivanga

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This paper conceptualizes the significance of human rights activism by the Zimbabwean diaspora in the United Kingdom by analyzing how the diaspora advocates for the promotion of the rights of the people in Zimbabwe. It critiques the strategic essentialism theory that is used by the government of Zimbabwe as a basis to discredit the work of transnational advocacy groups. The research advances this position by articulating that the diaspora does not falsify nor simplify them to garner external support on the human rights situation in Zimbabwe. It establishes and shows the significance of transnational advocacy by articulating how the Zimbabwean diaspora addresses and brings to the attention of the international community human rights violations in Zimbabwe that would otherwise not have seen the light of day due to the absence of a conducive environment in that country that stifles the organization of protests under repressive laws such as the public order and security act of 2009.

Keywords: strategic essentialism, transnational advocacy, public order and security act, Zimbabwe diaspora

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Authors: Tosin Osasona

Abstract:

The Nigeria Police Force bears the constitutional mandate as the primary policing agency for the protection of life and property within Nigeria; however, the police have an historical ill-reputation for corruption, ineptitude and impunity. Using the institutional theory of police as the framework of analysis, the paper argues that the performance of the police in Nigeria mirrors the dominant political, social and economic institutions and the structural environment of the Nigerian state. The article puts in perspective the deliberate political decision to underfund the police, leaving officers of the force the extra task of foraging for funds to undertake the duty that the Nigeria state primarily exists for; the article further explores the nexus between corruption in the police in Nigeria and the issue of funding. The article finds that the Nigerian state, by deliberately under-funding the police, while expecting the agency to perform its duties, has indirectly sanctioned the corruption of the force and approved the cooption of the institution of police and policing for private use in Nigeria.

Keywords: Police Corruption, Funding , Informal Taxation, POlice Checkpoint

Procedia PDF Downloads 141