Search results for: asset partitioning

Authors: Ratul Das, Udit Narayan Das

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Surface imperviousness in urban area brings significant changes in storm water drainage systems and some recent studies reveals that the impervious surfaces that passes the storm water runoff directly to drainage systems through storm water collection systems, called directly connected impervious area (DCIA) is an effective parameter rather than total impervious areas (TIA) for computation of surface runoff. In the present study, extension of DCIA and TIA were computed for a small sub-urban area of Agartala, the capital of state Tripura. Total impervious surfaces covering the study area were identified on the existing storm water drainage map from landuse map of the study area in association with field assessments. Also, DCIA assessed through field survey were compared to DCIA computed by empirical relationships provided by other investigators. For the assessment of DCIA in the study area two methods were adopted. First, partitioning the study area into four drainage sub-zones based on average basin slope and laying of existing storm water drainage systems. In the second method, the entire study area was divided into small grids. Each grid or parcel comprised of 20m× 20m area. Total impervious surfaces were delineated from landuse map in association with on-site assessments for efficient determination of DCIA within each sub-area and grid. There was a wide variation in percent connectivity of TIA across each sub-drainage zone and grid. In the present study, total impervious area comprises 36.23% of the study area, in which 21.85% of the total study area is connected to storm water collection systems. Total pervious area (TPA) and others comprise 53.20% and 10.56% of the total area, respectively. TIA recorded by field assessment (36.23%) was considerably higher than that calculated from the available land use map (22%). From the analysis of recoded data, it is observed that the average percentage of connectivity (% DCIA with respect to TIA) is 60.31 %. The analysis also reveals that the observed DCIA lies below the line of optimal impervious surface connectivity for a sub-urban area provided by other investigators and which indicate the probable reason of water logging conditions in many parts of the study area during monsoon period.

Keywords: Drainage, imperviousness, runoff, storm water.

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Authors: Mazharuddin Syed Ahmed

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This research presents a framework used to develop The Ara Polytechnic College of Architecture Studies building “Kahukura” which is Green Building certified. This framework integrates the development of a smart building digital twin by utilizing Building Information Modelling (BIM) and its BIM maturity levels, including Levels of Development (LOD), eight dimensions of BIM, Heritage-BIM (H-BIM) and Facility Management BIM (FM BIM). The research also outlines a structured approach to building performance analysis and integration with the circular economy, encapsulated within a five-level digital twin framework. Starting with Level 1, the Descriptive Twin provides a live, editable visual replica of the built asset, allowing for specific data inclusion and extraction. Advancing to Level 2, the Informative Twin integrates operational and sensory data, enhancing data verification and system integration. At Level 3, the Predictive Twin utilizes operational data to generate insights and proactive management suggestions. Progressing to Level 4, the Comprehensive Twin simulates future scenarios, enabling robust “what-if” analyses. Finally, Level 5, the Autonomous Twin, represents the pinnacle of digital twin evolution, capable of learning and autonomously acting on behalf of users.

Keywords: building information modelling, circular economy integration, digital twin, predictive analytics

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Authors: Aboubakr Gambo, Adama Diaw, Tobias Wunscher

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This study attempts to identify factors affecting rural households’ resilience to food insecurity in Niger. For this, we first create a resilience index by using Principal Component Analysis on the following five variables at the household level: income, food expenditure, duration of grain held in stock, livestock in Tropical Livestock Units and number of farms exploited and second apply Structural Equation Modelling to identify the determinants. Data from the 2010 National Survey on Households’ Vulnerability to Food Insecurity done by the National Institute of Statistics is used. The study shows that asset and social safety nets indicators are significant and have a positive impact on households’ resilience. Climate change approximated by long-term mean rainfall has a negative and significant effect on households’ resilience to food insecurity. The results indicate that to strengthen households’ resilience to food insecurity, there is a need to increase assistance to households through social safety nets and to help them gather more resources in order to acquire more assets. Furthermore, early warning of climatic events could alert households especially farmers to be prepared and avoid important losses that they experience anytime an uneven climatic event occur.

Keywords: food insecurity, principal component analysis, structural equation modelling, resilience

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Authors: Hesham Osman

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The challenges facing aging urban infrastructure systems require a more holistic and comprehensive approach to their management. The large number of urban infrastructure renewal activities occurring in cities throughout the world leads to social, economic and environmental impacts on the communities in its vicinity. As such, a coordinated effort is required to streamline these activities. This paper presents a framework to enable temporal (time-based) coordination of water, sewer and road intervention activities. Intervention activities include routine maintenance, renewal, and replacement of physical assets. The coordination framework considers 1) Life-cycle costs, 2) Infrastructure level-of-service, and 3) Risk exposure to system operators. The model enables infrastructure asset managers to trade-off options of delaying versus bringing forward intervention activities of one system in order to be executed in conjunction with another co-located system in the right-of-way. The framework relies on a combination of meta-heuristics and goal-based optimization. In order to demonstrate the applicability of the framework, a case study for a major infrastructure corridor in Cairo, Egypt is taken as an example. Results show that the framework can be scaled-up to include other infrastructure systems located in the right-of-way like electricity, gas and telecom, provided that information can be shared among these entities.

Keywords: infrastructure, rehabilitation, construction, optimization

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Authors: Mehrnoosh Askarizadeh

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In an ever changeable and globalized world with new economic and global competitors competing for the same customers and resources, is increasing the pressure on organizations' competitiveness. In addition, organizations faces additional challenges due to an ever-growing amount of data and the ever-bigger challenge of analyzing that data and keeping the data secure. Successful companies are characterized by exploiting their intellectual capital in an efficient manner. Thus, the most valuable asset an organization has today has become its employees' knowledge. To enable this, there is a tool that supports easier handling and optimizes the use of knowledge, which is knowledge management. Based on the theoretical framework and careful review as well as analysis of interviews and observations resulted in six essential areas: structure, management, compensation, communication, trust and motivation. The analysis showed that the scientific articles and literature have different perspectives, different definitions and are based on different theories but the essence is that they all finally seems to arrive at the same result and conclusion, although with different viewpoints and perspectives. This is regardless of whether the focus is on management style, rewards or communication they all focus on the individual. The conclusion is that organizational culture affects knowledge management and dissemination of information, because of its direct impact on the individual. The largest and most important underlying factor why we choose to participate in improvement work or share knowledge is our motivation. Motivation is the reason for and the reason behind our actions.

Keywords: lean, lean production, knowledge management, information management, motivation

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Authors: Jun Wang, Ge Zhang

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Machine learning has been used in many areas today. It thrives at reviewing large volumes of data and identifying patterns and trends that might not be apparent to a human. Given the huge potential benefit and the amount of data available in the financial market, it is not surprising to see machine learning applied to various financial products. While future prices of financial securities are extremely difficult to forecast, we study them from a different angle. Instead of trying to forecast future prices, we apply machine learning algorithms to predict the direction of future price movement, in particular, whether a sector Exchange Traded Fund (ETF) would outperform or underperform the market in the next week or in the next month. We apply several machine learning algorithms for this prediction. The algorithms are Linear Discriminant Analysis (LDA), k-Nearest Neighbors (KNN), Decision Tree (DT), Gaussian Naive Bayes (GNB), and Neural Networks (NN). We show that these machine learning algorithms, most notably GNB and NN, have some predictive power in forecasting out-performance and under-performance out of sample. We also try to explore whether it is possible to utilize the predictions from these algorithms to outperform the buy-and-hold strategy of the S&P 500 index. The trading strategy to explore out-performance predictions does not perform very well, but the trading strategy to explore under-performance predictions can earn higher returns than simply holding the S&P 500 index out of sample.

Keywords: machine learning, ETF prediction, dynamic trading, asset allocation

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Authors: Andrey Matyukhin

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Russian official statistics have been showing a steady decline in residential real estate prices for several consecutive years. Price risk in real estate markets is thus affecting various groups of economic agents, namely, individuals, construction companies and financial institutions. Potential use of property derivatives might help mitigate adverse consequences of negative price dynamics. Unless a sustainable price indicator is developed, settlement of such instruments imposes constraints on counterparties involved while imposing restrictions on real estate market development. The study addresses geographical and classification heterogeneity in real estate prices by means of variance analysis in various groups of real estate properties. In conclusion, we determine optimal sample structure of representative real estate assets with sufficient level of price homogeneity. The composite price indicator based on the sample would have a higher level of robustness and reliability and hence improving liquidity in the market for property derivatives through underlying standardization. Unlike the majority of existing real estate price indices, calculated on country-wide basis, the optimal indices for Russian market shall be constructed on the city-level.

Keywords: price homogeneity, property derivatives, real estate price index, real estate price risk

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Authors: Sonali Agarwal

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The investor perception about investment avenues is affected to a great degree by the current happenings, within the country, and on the global stage. The influencing events can range from government policies, bilateral trade agreements, election agendas, to changing exchange rates, appreciation and depreciation of currency, recessions, meltdowns, bankruptcies etc. The current research attempts to discover and unravel the effect of various macroeconomic variables (crude oil price, gold price, silver price and USD exchange rate) on the Indian mutual fund industry in general and the chosen funds (Axis Gold Fund, BSL Gold Fund, Kotak Gold Fund & SBI gold fund) in particular. Cointegration tests and Vector error correction equations prove that the chosen variables have strong effect on the NAVs (net asset values) of the mutual funds. However, the greatest influence is felt from the fund’s own past and current information and it is found that when an innovation of fund’s own lagged NAVs is given, variance caused is high that changes the current NAVs markedly. The study helps to highlight the interplay of macroeconomic variables and their repercussion on mutual fund industry.

Keywords: cointegration, Granger causality, impulse response, macroeconomic variables, mutual funds, stationarity, unit root test, variance decomposition, VECM

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Authors: Mohammad Saber Rohi, Saghar Heidari

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In this paper, we studied the pricing problem of American options under a regime-switching model with the possibility of a non-optimal exercise policy (early or late exercise time) which is called an irrational strategy. For this, we consider a Markovmodulated model for the dynamic of the underlying asset as an alternative model to the classical Balck-Scholes-Merton model (BSM) and an intensity-based model for the irrational strategy, to provide more realistic results for American option prices under the irrational behavior in real financial markets. Applying a partial differential equation (PDE) approach, the pricing problem of American options under regime-switching models can be formulated as coupled PDEs. To solve the resulting systems of PDEs in this model, we apply a finite element method as the numerical solving procedure to the resulting variational inequality. Under some appropriate assumptions, we establish the stability of the method and compare its accuracy to some recent works to illustrate the suitability of the proposed model and the accuracy of the applied numerical method for the pricing problem of American options under the regime-switching model with irrational behaviors.

Keywords: irrational exercise strategy, rationality parameter, regime-switching model, American option, finite element method, variational inequality

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Authors: Jayanta Pokharel, Gokarna Aryal, Netra Kanaal, Chris Tsokos

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Investment in stocks and shares aims to seek potential gains while weighing the risk of future needs, such as retirement, children's education etc. Analysis of the behavior of the stock market returns and making prediction is important for investors to mitigate risk on investment. Historically, the normal variance models have been used to describe the behavior of stock market returns. However, the returns of the financial assets are actually skewed with higher kurtosis, heavier tails, and a higher center than the normal distribution. The Laplace distribution and its family are natural candidates for modeling stock returns. The Variance-Gamma (VG) distribution is the most sought-after distributions for modeling asset returns and has been extensively discussed in financial literatures. In this paper, it explore the other Laplace family, such as Asymmetric Laplace, Skewed Laplace, Kumaraswamy Laplace (KS) together with Variance-Gamma to model the weekly returns of the S&P 500 Index and it's eleven business sector indices. The method of maximum likelihood is employed to estimate the parameters of the distributions and our empirical inquiry shows that the Kumaraswamy Laplace distribution performs much better for stock returns modeling among the choice of distributions used in this study and in practice, KS can be used as a strong alternative to VG distribution.

Keywords: stock returns, variance-gamma, kumaraswamy laplace, maximum likelihood

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Authors: Neeraj Gupta, Jitendra Mahakud

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The banking system plays a major role in the Indian economy. Banking system is the payment gateway of most of the financial transactions. Banking has gone a major transition that is still in progress. Recent banking reforms after liberalization in 1991 have led to the establishment of the foreign banks in the country. The foreign banks are not listed in the Indian stock markets and have increased the competition leading to the capture of the significant share in the revenue from the public sector banks which are still the major players in the Indian banking sector. The performance of the banking sector depends on the internal (bank specific) as well as the external (market specific and macroeconomic) factors. Profitability in banking sector is affected by numerous factors which can be internal or external. The present study examines these internal and external factors which are likely to effect the profitablilty of the Indian banks. The sample consists of a panel dataset of 64 commercial banks in India, consisting of 1088 observations over the years from 1998 to 2016. The GMM dynamic panel estimation given by Arellano and Bond has been used. The study revealed that the variables capital adequacy ratio, deposit, age, labour productivity, non-performing asset, inflation and concentration have significant effect on performance measured.

Keywords: banks in India, bank performance, bank productivity, banking management

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Authors: Tingting Huang, Sha Li, Geoffrey Griffiths, Martin Lukac, Jianning Zhu

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Territorial landscapes have experienced a gradual loss of their typical characteristics during long-term human activities. In order to protect the integrity of regional landscapes, it is necessary to characterize, evaluate and protect them in a graded manner. The study takes Fujian, China, as an example and classifies the landscape characters of the site at the regional scale, middle scale, and detailed scale. A multi-scale approach combining parametric and holistic approaches is used to classify and partition the landscape character types (LCTs) and landscape character areas (LCAs) at different scales, and a multi-element landscape assessment approach is adopted to explore the conservation strategies of the landscape character. Firstly, multiple fields and multiple elements of geography, nature and humanities were selected as the basis of assessment according to the scales. Secondly, the study takes a parametric approach to the classification and partitioning of landscape character, Principal Component Analysis, and two-stage cluster analysis (K-means and GMM) in MATLAB software to obtain LCTs, combines with Canny Operator Edge Detection Algorithm to obtain landscape character contours and corrects LCTs and LCAs by field survey and manual identification methods. Finally, the study adopts the Landscape Sensitivity Assessment method to perform landscape character conservation analysis and formulates five strategies for different LCAs: conservation, enhancement, restoration, creation, and combination. This multi-scale identification approach can efficiently integrate multiple types of landscape character elements, reduce the difficulty of broad-scale operations in the process of landscape character conservation, and provide a basis for landscape character conservation strategies. Based on the natural background and the restoration of regional characteristics, the results of landscape character assessment are scientific and objective and can provide a strong reference in regional and national scale territorial spatial planning.

Keywords: parameterization, multi-scale, landscape character identify, landscape character assessment

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Authors: Clarinda V. Nhangumbe, Ercília Sousa

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Weather Derivatives are financial instruments used to cover non-catastrophic weather events and can be expressed in the form of standard or plain vanilla products, structured or exotics products. The underlying asset, in this case, is the weather index, such as temperature, rainfall, humidity, wind, and snowfall. The complexity of the Weather Derivatives structure shows the weakness of the Black Scholes framework. Therefore, under the risk-neutral probability measure, the option price of a weather contract can be given as a unique solution of a two-dimensional partial differential equation (parabolic in one direction and hyperbolic in other directions), with an initial condition and subjected to adequate boundary conditions. To calculate the price of the option, one can use numerical methods such as the Monte Carlo simulations and implicit finite difference schemes conjugated with Semi-Lagrangian methods. This paper is proposed two explicit methods, namely, first-order upwind in the hyperbolic direction combined with Lax-Wendroff in the parabolic direction and first-order upwind in the hyperbolic direction combined with second-order upwind in the parabolic direction. One of the advantages of these methods is the fact that they take into consideration the boundary conditions obtained from the financial interpretation and deal efficiently with the different choices of the convection coefficients.

Keywords: incomplete markets, numerical methods, partial differential equations, stochastic process, weather derivatives

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Authors: Vesta Kohlmeier, George C. Dragan, Juergen Orasche, Juergen Schnelle-Kreis, Dietmar Breuer, Ralf Zimmermann

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Aerosols from hazardous semi-volatile organic compounds (SVOC) may occur in workplace air and can simultaneously be found as particle and gas phase. For health risk assessment, it is necessary to collect particles and gases separately. This can be achieved by using a denuder for the gas phase collection, combined with a filter and an adsorber for particle collection. The study focused on the suitability of carbonaceous monolithic multi-channel denuders, so-called Novacarb™-Denuders (MastCarbon International Ltd., Guilford, UK), to achieve gas-particle separation. Particle transmission efficiency experiments were performed with polystyrene latex (PSL) particles (size range 0.51-3 µm), while the time dependent gas phase collection efficiency was analysed for polar and nonpolar SVOC (mass concentrations 7-10 mg/m3) over 2 h at 5 or 10 l/min. The experimental gas phase collection efficiency was also compared with theoretical predictions. For n-hexadecane (C16), the gas phase collection efficiency was max. 91 % for one denuder and max. 98 % for two denuders, while for diethylene glycol (DEG), a maximal gas phase collection efficiency of 93 % for one denuder and 97 % for two denuders was observed. At 5 l/min higher gas phase collection efficiencies were achieved than at 10 l/min. The deviations between the theoretical and experimental gas phase collection efficiencies were up to 5 % for C16 and 23 % for DEG. Since the theoretical efficiency depends on the geometric shape and length of the denuder, flow rate and diffusion coefficients of the tested substances, the obtained values define an upper limit which could be reached. Regarding the particle transmission through the denuders, the use of one denuder showed transmission efficiencies around 98 % for 1-3 µm particle diameters. The use of three denuders resulted in transmission efficiencies from 93-97 % for the same particle sizes. In summary, NovaCarb™-Denuders are well applicable for sampling aerosols of polar/nonpolar substances with particle diameters ≤3 µm and flow rates of 5 l/min or lower. These properties and their compact size make them suitable for use in personal aerosol samplers. This work is supported by the German Social Accident Insurance (DGUV), research contract FP371.

Keywords: gas phase collection efficiency, particle transmission, personal aerosol sampler, SVOC

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Authors: Rashmi Malik, Videep Mishra

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The practice of generative design has become a transformative approach for an efficient way of generating multiple iterations for any design project. The conventional way of modeling the game elements is very time-consuming and requires skilled artists to design. A 3D modeling tool like 3D S Max, Blender, etc., is used traditionally to create the game library, which will take its stipulated time to model. The study is focused on using the generative design tool to increase the efficiency in game development at the stage of prop and environment generation. This will involve procedural level and customized regulated or randomized assets generation. The paper will present the system design approach using generative tools like Grasshopper (visual scripting) and other scripting tools to automate the process of game library modeling. The script will enable the generation of multiple products from the single script, thus creating a system that lets designers /artists customize props and environments. The main goal is to measure the efficacy of the automated system generated to create a wide variety of game elements, further reducing the need for manual content creation and integrating it into the workflow of AAA and Indie Games.

Keywords: iterative game design, generative design, gaming asset automation, generative game design

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Authors: Kayode A. Olaniyi, Tola. M. Osifeko, Adeola A. Ogunleye

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Text line segmentation is an important step in document image processing. It represents a labeling process that assigns the same label using distance metric probability to spatially aligned units. Text line detection techniques have successfully been implemented mainly in printed documents. However, processing of the handwritten texts especially unconstrained documents has remained a key problem. This is because the unconstrained hand-written text lines are often not uniformly skewed. The spaces between text lines may not be obvious, complicated by the nature of handwriting and, overlapping ascenders and/or descenders of some characters. Hence, text lines detection and segmentation represents a leading challenge in handwritten document image processing. Text line detection methods that rely on the traditional global projection profile of the text document cannot efficiently confront with the problem of variable skew angles between different text lines. Hence, the formulation of a horizontal line as a separator is often not efficient. This paper presents a technique to segment a handwritten document into distinct lines of text. The proposed algorithm starts, by partitioning the initial text image into columns, across its width into chunks of about 5% each. At each vertical strip of 5%, the histogram of horizontal runs is projected. We have worked with the assumption that text appearing in a single strip is almost parallel to each other. The algorithm developed provides a sliding window through the first vertical strip on the left side of the page. It runs through to identify the new minimum corresponding to a valley in the projection profile. Each valley would represent the starting point of the orientation line and the ending point is the minimum point on the projection profile of the next vertical strip. The derived text-lines traverse around any obstructing handwritten vertical strips of connected component by associating it to either the line above or below. A decision of associating such connected component is made by the probability obtained from a distance metric decision. The technique outperforms the global projection profile for text line segmentation and it is robust to handle skewed documents and those with lines running into each other.

Keywords: connected-component, projection-profile, segmentation, text-line

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Authors: Zelalem Zerihun

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In this study, attempts were made to assess the bank-specific, industry-specific, and macro-economic factors affecting bank profitability. Data were collected from ten commercial banks in Ethiopia, covering the period of 2008-2012. A mixed method research approach was adopted for this research. Documentary analysis and in-depth interview were also used to substantiate the data. The study found out that capital strength, income diversification, bank size and gross domestic product are statistically significant and they have a positive relationship with banks’ profitability. However, operational efficiency and asset quality have a negative relationship with banks’ profitability. The relationship for liquidity risk, concentration and inflation were found to be statistically insignificant. The study revealed that focusing and reengineering the banks in light of the key internal drivers could enhance the profitability as well as the performance of the commercial banks in Ethiopia. In addition to this, the study suggests that banks in Ethiopia should not only be concerned about internal structures but also they must consider both the internal environment and the macro-economic environment in designing strategies to improve their profit or their performance.

Keywords: Ethiopian banking industry, macro-economic factors, documentary analysis, capital strength, income diversification

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Authors: Azzeddine Atibi, Khadija El Kababi, Salim Ahmed, Mohamed Radid

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Teaching and learning occupy a significant position globally, as the sustainable development of all sectors is intrinsically linked to the improvement of the educational system. The COVID-19 pandemic demonstrated that the integration of Information and Communication Technology (ICT) in the learning process is not optional but essential, and that proficiency in computer tools is an asset that will enhance pedagogy and ensure the continuity of learning under any circumstances. The objective of our study is to evaluate the impact of introducing computer tools on the quality of learning and the realization of conceptual change in learners. To this end, a learning situation was meticulously prepared, targeting first-year baccalaureate students in experimental sciences at a public high school, "Khadija Oum Almouminin," focusing on the chapter on glycemia regulation in the Moroccan Life and Earth Sciences (LES) curriculum. The learning situation was implemented with a pilot group that utilized computer tools and a control group that studied the same chapter without using ICT. The analysis and comparison of the results allowed us to verify the research question posed and to propose perspectives to ensure conceptual change in learners.

Keywords: information and communication technology, conceptual change, continuity of learning, life and earth sciences, glycemia regulation

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Authors: Naheed Malik, Waheed Akhtar

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An introduction to the Islamic move towards the managing human resource is a preliminary attempt to provide managers with a useful way of managing and accepting employees. This knowledge would be helpful to even non-Muslim managers. Muslim managers are required not to know only the Islamic HR but also it is expected from them to apply the Islamic approach in managing the employees. Human resource is considered the most substantial asset of organizations. Studies have recommended that successful human resource management (HRM) leads to positive attitudes and behaviors at the workplace. On the contrary, unproductive use of human resources results in negative penalty in the form of lower job satisfaction, lower commitment, or even high employee turnover and even poor workforce quality.The study examined the Impact of Islamic HR practices on job satisfaction. Islamic HR variables encompass the aspects of performance appraisal, training and development, selection and recruitment. Data was obtained via self –administered questionnaires distributed among the employees of Banks in Pakistan which are practicing Islamic Banking. The sampling method employed was purposive sampling.Based on 240 responses obtained ,the study revealed that Islamic HRM deliberates the 40per cent of the variances in Job satisfaction .All variables excluding recruitment were found to be substantially pertinent to the dependent variable. The study also meditated the implications for future studies.

Keywords: islamic HRM, job satisfaction, islamic and conventional banks, Pakistan

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Authors: Boukrouh Soumaya, Cabaraux Jean-François, Avril Claire, Noutfia Ali, Chentouf Mouad

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The introduction of marginal leguminous forage species in the diet of ruminants are of great importance. Bitter vetch is a good source of proteins, highly resistant against drought and poor soil conditions. Accordingly; two years field trials (2018/2019 and 2019-2020) were conducted to determine the digestibility of straw and grains of 17 promising bitter vetch ecotypes(Vicia ervilia) in the north of Morocco. In vitro dry and organic matter digestibility, gas production, and kinetics of fermentation of grains and straw were evaluated using gas production technique, pepsin-cellulase enzymatic digestibility of DM (CDDM)and OM (CDOM), as well as protease enzymatic CP degradation (CPD) and in vitro true digestibility, were performed using DAISYII Incubator. In vitro digestibility was performed using gas production method of (Menke et al., 1979) improved by Menke and Steingass (1988). Samples were incubated in glass syringes that contained rumen fluid and incubation solution that conserved in water bath in 39°C during 72 hours. Gas production was recorded after 2, 4, 8, 12, 24, 48, and 72 hours. Studied digestibility parameters were dry and organic matter digestibility, microbial biomass production, partitioning factor, and volatile fatty acids. Enzymatic dry matter digestibility was different (p < 0.05) among grains and straw for all ecotypes. It varied from 804.1 to 957.7 g/kg DM and 270.4 to 412.3 g/kg DM for grains and straw, respectively. Metabolizable energy varied between 11.7 to 14.3 MJ/kg DM and 2.6 to 5.0 MJ/kg DM for grains and straw, respectively. Potential gas production (A), the rate constants (c and d), and lag times of grains and straws from different bitter vetch ecotypes were different (p > 0.05). The results emphasized that in any evaluation of bitter vetch ecotypes, where straw of this legume seed is used as an animal feed, not only seed yield but also yield and quality of straw should be taken into consideration, particularly in areas where straw from this legume is considered as an important feedstuff for ruminants. Enzymatic digestibility was lower than in vitro digestibility by gaz production and by the DAISYII method because rumen fluid contains bacteria than increase digestibility. There was no difference between in vitro digestibility by gaz production and the DAISY II method. The DAISY II method can be used to increase labor efficiency in the in vitro DM digestibility analysis if gaz production is not necessary for analysis.

Keywords: bitter vetch, grains, straw, ecotype, in vitro digestibility, gaz production, enzymatic digestibility

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Authors: Agata Twardoch

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The processes of commodification of real estate and changes in housing markets have led to a situation where the prices of free market housing in European capitals are significantly higher than the purchasing value of average wages. This phenomenon has many negative social and spatial consequences. At the same time, the attractiveness of real estate as an asset makes these processes progress. Out of concern for sustainable social development, city authorities apply solutions to balance the burdensome effects of codification of housing. One of them is a social provision for housing investments. The article presents a comparative study of solutions applied in selected European capitals, on the example of Warsaw, Paris, London, Berlin, Copenhagen, and Vienna. The study was conducted along with works on expert report for the master plan for Warsaw. The forms of commissions applied in Local Planning Acts were compared, with particular reference to spatial solutions. The results of the analysis made it possible to determine common features of the solutions applied and to establish recommendations for further practice. Major findings of the study indicate that requirement of social provision is achievable in spatial planning documents. Study shows that application of social provision in private housing investments is a useful tool in housing policy against commodification.

Keywords: affordable housing, housing provision, spatial planning, sustainable social development

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Authors: Khalid Kaddoura, Ahmed Assad, Tarek Zayed

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Sewer pipelines are prone to deterioration over-time. In fact, their deterioration does not follow a fixed downward pattern. This is in fact due to the defects that propagate through their service life. Sewer pipeline defects are categorized into distinct groups. However, the main two groups are the structural and operational defects. By definition, the structural defects influence the structural integrity of the sewer pipelines such as deformation, cracks, fractures, holes, etc. However, the operational defects are the ones that affect the flow of the sewer medium in the pipelines such as: roots, debris, attached deposits, infiltration, etc. Yet, the process for each defect to emerge follows a cause and effect relationship. Deformation, which is the change of the sewer pipeline geometry, is one type of an influencing defect that could be found in many sewer pipelines due to many surrounding factors. This defect could lead to collapse if the percentage exceeds 15%. Therefore, it is essential to predict the deformation percentage before confronting such a situation. Accordingly, this study will predict the percentage of the deformation defect in sewer pipelines adopting the multiple regression analysis. Several factors will be considered in establishing the model, which are expected to influence the defamation defect severity. Besides, this study will construct a time-based curve to understand how the defect would evolve overtime. Thus, this study is expected to be an asset for decision-makers as it will provide informative conclusions about the deformation defect severity. As a result, inspections will be minimized and so the budgets.

Keywords: deformation, prediction, regression analysis, sewer pipelines

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Authors: Mrinmoy Dhara, Vivek K. Sengar, Shovan L. Chattoraj, Soumiya Bhattacharjee

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Remote sensing techniques have emerged as an asset for various geological studies. Satellite images obtained by different sensors contain plenty of information related to the terrain. Digital image processing further helps in customized ways for the prospecting of minerals. In this study, an attempt has been made to map the hydrothermally altered zones using multispectral and hyperspectral datasets of South East Rajasthan. Advanced Space-borne Thermal Emission and Reflection Radiometer (ASTER) and Hyperion (Level1R) dataset have been processed to generate different Band Ratio Composites (BRCs). For this study, ASTER derived BRCs were generated to delineate the alteration zones, gossans, abundant clays and host rocks. ASTER and Hyperion images were further processed to extract mineral end members and classified mineral maps have been produced using Spectral Angle Mapper (SAM) method. Results were validated with the geological map of the area which shows positive agreement with the image processing outputs. Thus, this study concludes that the band ratios and image processing in combination play significant role in demarcation of alteration zones which may provide pathfinders for mineral prospecting studies.

Keywords: ASTER, hyperion, band ratios, alteration zones, SAM

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Authors: Mohamed Thani Ibouroi, Ali Cheha, Claudine Montgelard, Veronique Arnal, Dawiyat Massoudi, Guillelme Astruc, Said Ali Ousseni Dhurham, Aurelien Besnard

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The Livingstone's flying fox (Pteropus livingstonii) and the Comorian fruit bat (P.seychellensis comorensis) are two endemic fruit bat species among the mostly threatened animals of the Comoros archipelagos. Despite their role as important ecosystem service providers like all flying fox species as pollinators and seed dispersers, little is known about their ecologies, population genetics and structures making difficult the development of evidence-based conservation strategies. In this study, we assess spatial distribution and ecological niche of both species using Species Distribution Modeling (SDM) based on the recent Ensemble of Small Models (ESMs) approach using presence-only data. Population structure and genetic diversity of the two species were assessed using both mitochondrial and microsatellite markers based on non-invasive genetic samples. Our ESMs highlight a clear niche partitioning of the two sympatric species. Livingstone’s flying fox has a very limited distribution, restricted on steep slope of natural forests at high elevation. On the contrary, the Comorian fruit bat has a relatively large geographic range spread over low elevations in farmlands and villages. Our genetic analysis shows a low genetic diversity for both fruit bats species. They also show that the Livingstone’s flying fox population of the two islands were genetically isolated while no evidence of genetic differentiation was detected for the Comorian fruit bats between islands. Our results support the idea that natural habitat loss, especially the natural forest loss and fragmentation are the important factors impacting the distribution of the Livingstone’s flying fox by limiting its foraging area and reducing its potential roosting sites. On the contrary, the Comorian fruit bats seem to be favored by human activities probably because its diets are less specialized. By this study, we concluded that the Livingstone’s flying fox species and its habitat are of high priority in term of conservation at the Comoros archipelagos scale.

Keywords: Comoros islands, ecological niche, habitat loss, population genetics, fruit bats, conservation biology

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Authors: Godwin Chigozie Okpara

Abstract:

This paper using standard GARCH, EGARCH, and TARCH models on day of the week return series (of 246 days) from the Nigerian Stock market estimated the model variants’ VaR. An asymmetric return distribution and fat-tail phenomenon in financial time series were considered by estimating the models with normal, student t and generalized error distributions. The analysis based on Akaike Information Criterion suggests that the EGARCH model with student t innovation distribution can furnish more accurate estimate of VaR. In the light of this, we apply the likelihood ratio tests of proportional failure rates to VaR derived from EGARCH model in order to determine the short and long positions VaR performances. The result shows that as alpha ranges from 0.05 to 0.005 for short positions, the failure rate significantly exceeds the prescribed quintiles while it however shows no significant difference between the failure rate and the prescribed quantiles for long positions. This suggests that investors and portfolio managers in the Nigeria stock market have long trading position or can buy assets with concern on when the asset prices will fall. Precisely, the VaR estimates for the long position range from -4.7% for 95 percent confidence level to -10.3% for 99.5 percent confidence level.

Keywords: downside risk, value-at-risk, failure rate, kupiec LR tests, GARCH models

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

Abstract:

Transport infrastructure assets are key components of the national asset portfolio. The decision to invest in a new infrastructure in transports could take from a few years to some decades. This is mainly because of the need to reserve and spent many capitals, the long payback period, the number of the stakeholders involved in decision process and –many times- the investment and business risks are high. Therefore, the decision assessment framework is an essential challenge linked with the key decision factors meet the stakeholder expectations highlighting project trade-offs, financial risks, business uncertainties and market limitations. This paper examines the decision process for new transport infrastructure projects in cross border regions, where a wide range of stakeholders with different expectation is involved. According to a consequences analysis systemic approach, the relationship of transport infrastructure development, economic system development and stakeholder expectation is analyzed. Adopting the on system of system methodological approach, the decision making framework, variables, inputs and outputs are defined, highlighting the key shareholder’s role and expectations. The application provides the methodology outputs presenting the proposed decision framework for a strategic railway project in north Greece deals with the upgrade of the existing railway corridor connecting Greece, Turkey and Bulgaria.

Keywords: decision making, system of system, cross-border, infrastructure project

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Authors: M. Vieira, V. Infante, P. Serrão, A. Ribeiro

Abstract:

The Portuguese guitar is a pear-shaped plucked chordophone particularly known for its role in Fado, the most distinctive traditional Portuguese musical style. The acknowledgment of the dynamic behavior of the Portuguese guitar, specifically of its modal and mode shape response, has been the focus of different authors. In this research, the experimental results of the dynamic behavior of the guitar, which were previously obtained, are correlated with a vibro-acoustic finite element model of the guitar. The modelling of the guitar offered several challenges which are presented in this work. The results of the correlation between experimental and numerical data are presented and indicate good correspondence for the studied mode shapes. The influence of the air inside the chamber, for the finite element analysis, is shown to be crucial to understand the low-frequency modes of the Portuguese guitar, while, for higher frequency modes, the geometry of the guitar assumes greater relevance. Comparison is made with the classical guitar, providing relevant information about the intrinsic differences between the two, such as between its tones and other acoustical properties. These results represent a sustained base for future work, which will allow the study of the influence of different location and geometry of diverse components of the Portuguese guitar, being as well an asset to the comprehension of its musical properties and qualities and may, furthermore, represent an advantage for its players and luthiers.

Keywords: dynamic behavior of guitars, instrument acoustics, modal analysis, Portuguese guitar

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Authors: Lina Najafian, Hamidreza Vakilifard

Abstract:

The present study focused on the relationship between the quality of accruals and non-systematic risk. The independent study variables included the ability of accruals, the information content of accruals, and amount of discretionary accruals considered as accruals quality measures. The dependent variable was non-systematic risk based on the Fama and French Three Factor model (FFTFM) and the capital asset pricing model (CAPM). The control variables were firm size, financial leverage, stock return, cash flow fluctuations, and book-to-market ratio. The data collection method was based on library research and document mining including financial statements. Multiple regression analysis was used to analyze the data. The study results showed that there is a significant direct relationship between financial leverage and discretionary accruals and non-systematic risk based on FFTFM and CAPM. There is also a significant direct relationship between the ability of accruals, information content of accruals, firm size, and stock return and non-systematic based on both models. It was also found that there is no relationship between book-to-market ratio and cash flow fluctuations and non-systematic risk.

Keywords: accruals quality, non-systematic risk, CAPM, FFTFM

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Authors: Chakkrit Poonpakdee, Jing-Hua Tzen, Ya-Zhen Huang, Yao-Tung Lin

Abstract:

Potassium (K) is a known macro nutrient and essential element for plant growth. Single leaching and modified sequential extraction schemes have been developed to estimate the relative phase associations of soil samples. The sequential extraction process is a step in analyzing the partitioning of metals affected by environmental conditions, but it is not a tool for estimation of K bioavailability. While, traditional single leaching method has been used to classify K speciation for a long time, it depend on its availability to the plants and use for potash fertilizer recommendation rate. Clay mineral in soil is a factor for controlling soil fertility. The change of the micro-structure of clay minerals during various environment (i.e. swelling or shrinking) is characterized using Transmission X-Ray Microscopy (TXM). The objective of this study are to 1) compare the distribution of K speciation between single leaching and sequential extraction process 2) determined clay particle flocculation structure before/after suspension with K+ using TXM. Four tropical soil samples: farming without K fertilizer (10 years), long term applied K fertilizer (10 years; 168-240 kg K2O ha-1 year-1), red soil (450-500 kg K2O ha-1 year-1) and forest soil were selected. The results showed that the amount of K speciation by single leaching method were high in mineral K, HNO3 K, Non-exchangeable K, NH4OAc K, exchangeable K and water soluble K respectively. Sequential extraction process indicated that most K speciations in soil were associated with residual, organic matter, Fe or Mn oxide and exchangeable fractions and K associate fraction with carbonate was not detected in tropical soil samples. In farming long term applied K fertilizer and red soil were higher exchangeable K than farming long term without K fertilizer and forest soil. The results indicated that one way to increase the available K (water soluble K and exchangeable K) should apply K fertilizer and organic fertilizer for providing available K. The two-dimension of TXM image of clay particles suspension with K+ shows that the aggregation structure of clay mineral closed-void cellular networks. The porous cellular structure of soil aggregates in 1 M KCl solution had large and very larger empty voids than in 0.025 M KCl and deionized water respectively. TXM nanotomography is a new technique can be useful in the field as a tool for better understanding of clay mineral micro-structure.

Keywords: potassium, sequential extraction process, clay mineral, TXM

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Authors: Carmen Avilés Palacios, Camilo Muñoz Arenas, Joaquín García Alfonso, Jesús González Arteaga, Alberto Alcalde Calonge

Abstract:

There is a need for review of the consumption and production models of industrialized states in accordance with the Paris Agreement and the Sustainable Development Goals (1) (OECD, 2016). This constitutes the basis of the bioeconomy (2) that is focused on striking a balance between economic development, social development and environmental protection. Bioeconomy promotes the adequate use and consumption of renewable natural resources (3) and involves developing new products and services adapted to the principles of circular economy: more sustainable (reusable, biodegradable, renewable and recyclable) and with a lower carbon footprint (4). In this context, Urban Forest Innovation Lab (UFIL) grows, an Urban Laboratory for experimentation focused on promoting entrepreneurship in forest bioeconomy (www.uiacuenca.es). UFIL generates local wellness taking sustainable advantage of an endogenous asset, forests. UFIL boosts forest bioeconomy opening its doors of knowledge to pioneers in this field, giving the opportunity to be an active part of a change in the way of understanding the exploitation of natural resources, discovering business, learning strategies and techniques and incubating business ideas So far now, 100 entrepreneurs are incubating their nearly 30 new business plans. UFIL has promoted an ecosystem to connect the rural-urban world that promotes sustainable rural development around the forest.

Keywords: bioeconomy, forestry, innovation, entrepreneurship

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