Search results for: capital flows composition

Authors: Christina Tay

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This paper investigates the impact of Information and Communication Technology (ICT) on bilateral trade in goods. Empirical analysis is performed on the United States and 34 partnering countries from 2000 to 2013. Our econometric model fits the data well, explaining 52% of the variation in trade flows for goods trade, 53.2% of the variation in trade flows for goods export and 48% of the variation in trade flows for goods import. For every 10% increase in fixed broadband Internet subscribers per 100 people increases, goods trade by 7.9% and for every 5% increase in fixed broadband Internet subscribers per 100 people, goods export increases by 11%. For every 1% increase in fixed telephone line penetration per 100 people, goods trade increases by 26.3%, goods export increases by 24.4% and goods import increases by 24.8%. For every 1% increase in mobile-cellular telephone subscriptions, goods trade decreases by 29.6% and goods export decreases by 27.1%, whilst for every 0.01% increase in mobile-cellular telephone subscriptions, goods import decreases by 34.3%. For every 1% increase in the percentage of population who used the Internet from any location in the last 12 months Internet, goods trade increases by 32.5%, goods export increases by 38.9%, goods import increases by 33%. All our trade determinants as well as our ICT variables have significances on goods exports for the US. We can also draw from our study that the US relies more rather heavily on ICT for its goods export compared to goods import.

Keywords: bilateral trade, fixed broadband, fixed telephone, goods trade, information and communicative technologies, Internet, mobile-cellular phone

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Authors: Vitas Valinčius, Rolandas Uscila, Viktorija Grigaitienė, Žydrūnas Kavaliauskas, Romualdas Kėželis

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Determination of integral dynamical and energy characteristics of high-temperature gas flows is a very important task of gas-dynamic for hazardous substances destruction systems. They are also always necessary for the investigation of high-temperature turbulent flow dynamics, heat and mass transfer. It is well known that distribution of dynamical and thermal characteristics of high-temperature flows and jets is strongly related to heat flux variation over an imposed area of heating. As is visible from numerous experiments and theoretical considerations, the fundamental properties of an isothermal jet are well investigated. However, the establishment of regularities in high-temperature conditions meets certain specific behavior comparing with moderate-temperature jets and flows. Their structures have not been thoroughly studied yet, especially in the cases of plasma ambient. It is well known that the distribution of local plasma jet parameters in high temperature and isothermal jets and flows may significantly differ. High temperature axisymmetric air jet generated by atmospheric pressure DC arc plasma torch was investigated employing enthalpy probe 3.8∙10-3 m of diameter. Distribution of velocities and temperatures were established in different cross-sections of the plasma jet outflowing from 42∙10-3 m diameter pipe at the average mean velocity of 700 m∙s-1, and averaged temperature of 4000 K. It has been found that gas heating fractionally influences shape and values of a dimensionless profile of velocity and temperature in the main zone of plasma jet and has a significant influence in the initial zone of the plasma jet. The width of the initial zone of the plasma jet has been found to be lesser than in the case of isothermal flow. The relation between dynamical thickness and turbulent number of Prandtl has been established along jet axis. Experimental results were generalized in dimensionless form. The presence of convective heating shows that heat transfer in a moving high-temperature jet also occurs due to heat transfer by moving particles of the jet. In this case, the intensity of convective heat transfer is proportional to the instantaneous value of the flow velocity at a given point in space. Consequently, the configuration of the temperature field in moving jets and flows essentially depends on the configuration of the velocity field.

Keywords: plasma jet, plasma torch, heat transfer, enthalpy probe, turbulent number of Prandtl

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Authors: M. Salmanzadeh

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In paper, we will deal with incompressible Couette flow, which represents an exact analytical solution of the Navier-Stokes equations. Couette flow is perhaps the simplest of all viscous flows, while at the same time retaining much of the same physical characteristics of a more complicated boundary-layer flow. The numerical technique that we will employ for the solution of the Couette flow is the Crank-Nicolson implicit method. Parabolic partial differential equations lend themselves to a marching solution; in addition, the use of an implicit technique allows a much larger marching step size than would be the case for an explicit solution. Hence, in the present paper we will have the opportunity to explore some aspects of CFD different from those discussed in the other papers.

Keywords: incompressible couette flow, numerical method, partial differential equation, Crank-Nicolson implicit

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Authors: Gelu Varghese, Khizer Saeed

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Biodiesel is as a mixture of mono-alkyl esters of long chain fatty acids derived from vegetable oils or animal fats. Recent studies in the literature suggest that end property of biodiesel such as its oxidative stability (OS) is highly influenced by the structure and composition of its alkyl esters than by environmental conditions. The structure and composition of these long chain fatty acid components have been also associated with trends in Cetane number, heat of combustion, cold flow properties viscosity, and lubricity. In the present work, detailed investigation has been carried out to decouple and correlate the fatty acid structure indices of biodiesel such as degree of unsaturation, chain length, double bond orientation, and composition with its oxidative stability. Measurements were taken using the EN14214 established Rancimat oxidative stability test method (EN141120). Firstly, effects of the degree of unsaturation, chain length and bond orientation were tested for the pure fatty acids to establish their oxidative stability. Results for pure Fatty acid show that Saturated FAs are more stable than unsaturated ones to oxidation; superior oxidative stability can be achieved by blending biodiesel fuels with relatively high in saturated fatty acid contents. A lower oxidative stability is noticed when a greater quantity of double bonds is present in the methyl ester. A strong inverse relationship with the number of double bonds and the Rancimat IP values can be identified. Trans isomer Methyl elaidate shows superior stability to oxidation than its cis isomer methyl oleate (7.2 vs. 2.3). Secondly, the effects of the variation in the composition of the biodiesel were investigated and established. Finally, biodiesels with varying structure and composition were investigated and correlated.

Keywords: biodiesel, fame, oxidative stability, fatty acid structure, acid composition

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Authors: Oyewusi Peter Ayodele, Onipede Ayodeji

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Our research focuses on some physicochemical parameters of Moringa Oleifera seed meal and its seed oil to determine its nutritional quality. Proximate, mineral, and vitamin analyses were performed on the defatted seed meal, while fatty acid determination was carried out on the seed oil. The results of the proximate composition show moisture content (3.52 ± 0.01), ash (2.80 ± 0.33), crude fibre (3.92 ± 0.01), protein (42.96 ± 0.05), crude fat (7.04 ± 0.01) and carbohydrate (36.79 ± 0.04). The mineral composition shows that the seed is rich in Ca, K, and Na with 220ppm, 205ppm, and 118ppm, respectively. The seed has vitamins A and C with 2.17 ± 0.01mg/100g and 6.95 ± 0.00 mg/100g respectively. The seed also contains 56.62 %, 38.50 %, and 5.24 % saturated, monounsaturated, and polyunsaturated fatty acids, respectively. It could be illustrated that Moringa seeds and their oil can be considered potential sources for both dietary and industrial purposes.

Keywords: Moringa oleifera seed, chemical composition, fatty acid, proximate, minerals and vitamins compositions

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Authors: Rabiaal Adawiyah Shazali, Corina Joseph

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The disclosure of Intellectual Capital (IC) information is getting more vital in today’s era of a knowledge-based economy. Companies are advised by accounting bodies to enhance IC disclosure which complements the conventional financial disclosures. There are no accounting standards for Intellectual Capital Disclosure (ICD), therefore the disclosure is entirely voluntary. Hence, this study aims to investigate the extent of ICD and to examine the relationship between corporate governance and ICD in Malaysia. This study employed content analysis of 100 annual reports by the top 100 public listed companies in Malaysia during 2012. The uniqueness of this study lies on its underpinning theory used where it applies the institutional isomorphism theory to support the effect of the attributes of corporate governance towards ICD. In order to achieve the stated objective, multiple regression analysis were employed to conduct this study. From the descriptive statistics, it was concluded that public listed companies in Malaysia have increased their awareness towards the importance of ICD. Furthermore, results from the multiple regression analysis confirmed that corporate governance affects the company’s ICD where the frequency of audit committee meetings and the board size has positively influenced the level of ICD in companies. Findings from this study would provide an incentive for companies in Malaysia to enhance the disclosure of IC. In addition, this study would assist Bursa Malaysia and other regulatory bodies to come up with a proper guideline for the disclosure of IC.

Keywords: annual report, content analysis, corporate governance, intellectual capital disclosure

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Authors: Abubakar Dikko

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The research investigates the causes of unemployment in Namibia, Nigeria and South Africa, and the role of Capital Accumulation in reducing the unemployment profile of these economies as proposed by the post-Keynesian economics. This is conducted through extensive review of literature on the NAIRU models and focused on the post-Keynesian view of unemployment within the NAIRU framework. The NAIRU (non-accelerating inflation rate of unemployment) model has become a dominant framework used in macroeconomic analysis of unemployment. The study views the post-Keynesian economics arguments that capital accumulation is a major determinant of unemployment. Unemployment remains the fundamental socio-economic challenge facing African economies. It has been a burden to citizens of those economies. Namibia, Nigeria and South Africa are great African nations battling with high unemployment rates. In 2013, the countries recorded high unemployment rates of 16.9%, 23.9% and 24.9% respectively. Most of the unemployed in these economies comprises of youth. Roughly about 40% working age South Africans has jobs, whereas in Nigeria and Namibia is less than that. Unemployment in Africa has wide implications on households which has led to extensive poverty and inequality, and created a rampant criminality. Recently in South Africa there has been a case of xenophobic attacks which were caused by the citizens of the country as a result of unemployment. The high unemployment rate in the country led the citizens to chase away foreigners in the country claiming that they have taken away their jobs. The study proposes that there is a strong relationship between capital accumulation and unemployment in Namibia, Nigeria and South Africa, and capital accumulation is responsible for high unemployment rates in these countries. For the economies to achieve steady state level of employment and satisfactory level of economic growth and development there is need for capital accumulation to take place. The countries in the study have been selected after a critical research and investigations. They are selected based on the following criteria; African economies with high unemployment rates above 15% and have about 40% of their workforce unemployed. This level of unemployment is the critical level of unemployment in Africa as expressed by International Labour Organization (ILO). The African countries with low level of capital accumulation. Adequate statistical measures have been employed using a time-series analysis in the study and the results revealed that capital accumulation is the main driver of unemployment performance in the chosen African countries. An increase in the accumulation of capital causes unemployment to reduce significantly. The results of the research work will be useful and relevant to federal governments and ministries, departments and agencies (MDAs) of Namibia, Nigeria and South Africa to resolve the issue of high and persistent unemployment rates in their economies which are great burden that slows growth and development of developing economies. Also, the result can be useful to World Bank, African Development Bank and International Labour Organization (ILO) in their further research and studies on how to tackle unemployment in developing and emerging economies.

Keywords: capital accumulation, unemployment, NAIRU, Post-Keynesian economics

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Authors: Shameka Stanford

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This presentation will discuss how cognitive and communication disorders in the areas of executive functioning, receptive and expressive language can impact the problem-solving and decision making of individuals with such impairments. More specifically, this presentation will discuss approaches the legal defense team of capital case lawyers can add to their experience when servicing individuals who have a history of educational decline, special education, and limited intervention and treatment. The objective of the research is to explore and identify the correlations between impaired executive function skills and decision making and competency for individuals facing death penalty charges. To conduct this research, experimental design, randomized sampling, qualitative analysis was employed. This research contributes to the legal and criminal justice system related to how they view, defend, and characterize, and judge individuals with documented cognitive and communication disorders who are eligible for capital case charges. More importantly, this research contributes to the increased ability of death penalty lawyers to successfully defend clients with a history of academic difficulty, special education, and documented disorders that impact educational progress and academic success.

Keywords: communication disorders, cognitive disorders, capital murder, death penalty, executive function

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Authors: Ajayi Adeola

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The study examined the sources of revenue in Osun State. It determined the impact of revenue consultants on the internally generated revenue of Osun State Government, all with a view to surveying the expenditure pattern of the state. In the course of carrying out the study, data were collected primarily through interview method. Four principal officers in the financial sector were interviewed. However, secondary sources of data were collected from Osun State of Nigeria audited reports and financial statements for the year ended 31st December, 1997 to 2006. The data generated were analyzed using percentages and pie-chart for illustrations. The findings of the study revealed that the sources of revenue for Osun State Government included internally generated revenue (IGR), statutory allocation, value added tax (VAT) and capital projects. It also discovered that Statutory Allocation was the dominant sources of government revenue during the period of study. It accounted for 63.69% while IGR was 19.7%, value added tax (VAT) 8.07% and capital Receipts 8.48%. The study also discovered that the recurrent expenditure overshot the capital expenditure during the period of study on ratio 7:3 respectively while the state recorded surplus budget in seven times and deficit budgets in 2003 and 2004. The study concluded that the Osun State government was over dependent on external sources to finance recurrent and capital expenditure during the period of study.

Keywords: information communication technology, ICT adoption, ICT solution, small and medium scale enterprises

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Authors: S. Altmeyer, B. Hof, F. Marques, J. M. Lopez

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We present numerical simulations concerning the reversal of spiraling vortices in short highly counter-rotating cylinders. Increasing the differential cylinder rotation results in global flow-inversion is which develops various different and complex flow dynamics of several quasi-periodic solutions that differ in their number of vortex cells in the bulk. The dynamics change from being dominated of the inner cylinder boundary layer with ’passive’ only responding outer one to be dominated by the outer cylinder boundary layer with only responding inner one. Solutions exist on either two or three tori invariant manifolds whereby they appear as symmetric or asymmetric states. We find for either moderate and high inner cylinder rotation speed the quasiperiodic flow to consist of only two vortex cells but differ as the vortices has opposite spiraling direction. These both flows live on 2-tori but differ in number of symmetries. While for the quasi-periodic flow (q^a_2) at lower rotation speed a pair of symmetrically related 2-tori T2 exists the quasi-periodic flow (q^s_2) at higher rotation speeds is symmetric living on a single 2-torus T2. In addition these both flows differ due to their dominant azimuthal m modes. The first is dominated by m=1 whereas for the latter m=3 contribution is largest. The 2-tori states are separated by a further quasi-periodic flow (q^a_3) living on pair of symmetrically related 3-tori T3. This flow offers a ’periodical’ competition between a two and three vortex cell states in the bulk. This flow is also an m=1 solution as for the quasiperiodic flows living on the pair of symmetrically-related 2-tori states. Moreover we find hysteresis resulting in coexisting regions of different quasiperiodic flows q^s_2 and q^a_3 with increasing and decreasing the differential rotation.

Keywords: transition, bifurcation, torus, symmetries

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Authors: Gebrehiwot H., Giorgis Bahita

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Firms in Africa experience less financial market in comparison to other emerging and developed countries, thus lagging behind the rest of the world in terms of innovation and growth. Though there are different factors to be considered, underdeveloped financial systems take the lion's share in hindering firm innovation and growth in Africa. Insufficient capacity to innovate is one of the problems facing African businesses. Moreover, a critical challenge faced by firms in Africa is access to finance and the inability of financially constrained firms to grow. Only little is known about how different sources of finance affect firm innovation and growth in Africa, specifically the formal and informal finance effect on firm innovation and growth. This study's aim is to address this gap by using formal and informal finance for working capital and fixed capital and its role in firm innovation and firm growth using firm-level data from the World Bank enterprise survey 2006-2019 with a total of 5661 sample firms from 14 countries based on available data on the selected variables. Additionally, this study examines factors for accessing credit from a formal financial institution. The logit model is used to examine the effect of finance on a firm’s innovation and factors to access formal finance, while the Ordinary List Square (OLS) regression mode is used to investigate the effect of finance on firm growth. 2SLS instrumental variables are used to address the possible endogeneity problem in firm growth and finance-innovation relationships. A result from the logistic regression indicates that both formal and informal finance used for working capital and investment in fixed capital was found to have a significant positive association with product and process innovation. In the case of finance and growth, finding show that positive association of both formal and informal financing to working capital and new investment in fixed capital though the informal has positive relations to firm growth as measured by sale growth but no significant association as measured by employment growth. Formal finance shows more magnitude of effect on innovation and growth when firms use formal finance to finance investment in fixed capital, while informal finance show less compared to formal finance and this confirms previous studies as informal is mainly used for working capital in underdeveloped economies like Africa. The factors that determine credit access: Age, firm size, managerial experience, exporting, gender, and foreign ownership are found to have significant determinant factors in accessing credit from formal and informal sources among the selected sample countries.

Keywords: formal finance, informal finance, innovation, growth

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Authors: Wanthani Paengsri, Thanyarat Chuesaard, Napapha Promsawan

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Spilanthes acmella Murr. was extracted with methanol, yielding methanol crude extract 5.86 %w/w. This study aimed to examine the chemical composition and antioxidant activity of methanolic crude extract. The chemical composition of methanolic crude extract was analyzed by gas chromatography-mass spectrometry (GC-MS). The predominant components were found to be palmitic acid (40.08%), 2-hexadecanoyl glycerol (6.96%) and octadecanoic acid (4.06%). Antioxidant activity was determined using 2,2-diphenyl-1-picryl hydrazyl (DPPH) free radical, for evaluating free radicle scavenging activity. The methanolic extract at 150 µg/mL showed an antioxidant activity with high of radical scavenging activity (75.23%).

Keywords: antioxidant activity, GC-MS analysis, Spilanthes, Phak-Kratt Hauwaen

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Authors: Avinash Nayak, Debopam Das

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The current work implements the variational principle to find the optimum initial perturbation that provides maximum growth in an impulsively blocked channel flow. The conventional method for studying temporal stability has always been through modal analysis. In most of the transient flows, this modal analysis is still followed with the quasi-steady assumption, i.e. change in base flow is much slower compared to perturbation growth rate. There are other studies where transient analysis on time dependent flows is done by formulating the growth of perturbation as an initial value problem. But the perturbation growth is sensitive to the initial condition. This study intends to find the initial perturbation that provides the maximum growth at a later time. Here, the expression of base flow for blocked channel is derived and the formulation is based on the two dimensional perturbation with stream function representing the perturbation quantity. Hence, the governing equation becomes the Orr-Sommerfeld equation. In the current context, the cost functional is defined as the ratio of disturbance energy at a terminal time 'T' to the initial energy, i.e. G(T) = ||q(T)||2/||q(0)||2 where q is the perturbation and ||.|| defines the norm chosen. The above cost functional needs to be maximized against the initial perturbation distribution. It is achieved with the constraint that perturbation follows the basic governing equation, i.e. Orr-Sommerfeld equation. The corresponding adjoint equation is derived and is solved along with the basic governing equation in an iterative manner to provide the initial spatial shape of the perturbation that provides the maximum growth G (T). The growth rate is plotted against time showing the development of perturbation which achieves an asymptotic shape. The effects of various parameters, e.g. Reynolds number, are studied in the process. Thus, the study emphasizes on the usage of optimal perturbation and its growth to understand the stability characteristics of time dependent flows. The assumption of quasi-steady analysis can be verified against these results for the transient flows like impulsive blocked channel flow.

Keywords: blocked channel flow, calculus of variation, hydrodynamic stability, optimal perturbation

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Authors: Pranav Vaidya

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The recent upheaval of a ballot initiative taken place in California & Los Angeles‘s newspapers shows how the concept of giving Death Penalty obliterates the very soul basis of community and society which rests upon the tripod of values, ethics, and morality. This paper goes on with examining how, by giving death penalties we are, on one hand trying to wipe out those heinous offenders committing such unspeakable crimes against the public; while on the other hand it comes with a devastating effect of corroding and eluding the existence of ethics and morality which is in the very nature of “protecting the life of humankind”. As it can be stated that, by giving capital punishment, we are trying to legitimize an irreversible act of violence by the authority of state and target innocent victims because as long as the human justice is fallible, the risk of executing an innocent can never be eliminated. However, scholars in the legalization of Capital Punishment have argued that the courts should impose punishment befitting the crime so that they could reflect public abhorrence of the crime, create deterrent or rehabilitating effects & deliver the truest form of justice.

Keywords: ethics, heinous offenders, morality, unspeakable crimes

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Authors: Yue Yan, Chang Nyung Kim

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The numerical investigation of the three-dimensional liquid-metal (LM) magnetohydrodynamic (MHD) flows in a curved duct with flow channel insert (FCI) is presented in this paper, based on the computational fluid dynamics (CFD) method. A uniform magnetic field is applied perpendicular to the duct. The interdependency of the flow variables is examined in terms of the flow velocity, current density, electric potential and pressure. The electromagnetic characteristics of the LM MHD flows are reviewed with an introduction of the electric-field component and electro-motive component of the current. The influence of the existence of the FCI on the fluid flow is investigated in detail. The case with FCI slit located near the side layer yields smaller pressure gradient with stable flow field.

Keywords: curved duct, flow channel insert, liquid-metal, magnetohydrodynamic

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Authors: Tien-Hui Chiang

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Human capital discourse encourages many countries to expand the capacity of HEIs. Along with this expansion, the higher education system is redefined as a free market and in turn it is privatized and commercialized. However, the state’s role in education is to balance social justice and capital accumulation. This role is further regulated by a specific form of neoliberalism constituted by social contexts. These correlations call for exploring the influence of human capital discourse on interwoven issues, such as the state’s role in education, higher education policy, and employability. Method: According to the perspective of neoliberal governmentality, answers to the above four research questions are likely to be embedded within discourses in documents related to higher education policies. Consequently, this study adopts a qualitative approach by analyzing official documents, including government reports, official statistics, circulars and official statements. Documents were collected and subjected to content analysis, with a particular focus on the period from 2005 to 2021. The technique of content analysis was applied to decode keywords and core concepts of these documents. Findings: Neoliberalism is exerted through human capital discourse in China particularly in the changes in higher education policies moving from quantitative expansion to quality control via employment or employability. Such changes highlight that the principle of “n”eoliberalism is more suitable for illustrating the practice of free market logic in different social contexts. The modifications of neoliberalism adopted by the Chinese government reflect that the state’s mission is to secure social security or the common good, so that public managerialism - in the form of programs for employment, internship and entrepreneurship - is adopted in the name of the public interest and the collective mission. Public managerialism now is not only targeted towards social institutions but the population more generally, incarnated here by college graduates. Its practice is not only to renovate organizational cultures but to activate people’s commitment to national development.

Keywords: employability, higher education expansion, neoliberalism, human capital discourse

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Authors: Prasenjit Singha, Ajay Kumar Shukla

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To produce high-quality steel in larger volumes, dynamic control of composition and temperature throughout the process is essential. In this paper, we developed a mass transfer model based on thermodynamics to simulate the ladle metallurgy steel-making process using FactSage and its macro facility. The overall heat and mass transfer processes consist of one equilibrium chamber, two non-equilibrium chambers, and one adiabatic reactor. The flow of material, as well as heat transfer, occurs across four interconnected unit chambers and a reactor. We used the macro programming facility of FactSage™ software to understand the thermochemical model of the secondary steel making process. In our model, we varied the oxygen content during the process and studied their effect on the composition of the final hot metal and slag. The model has been validated with respect to the plant data for the steel composition, which is similar to the ladle metallurgy steel-making process in the industry. The resulting composition profile serves as a guiding tool to optimize the process of ladle metallurgy in steel-making industries.

Keywords: desulphurization, degassing, factsage, reactor

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Authors: Hamisu Jibril

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The study explores changes in plant species composition along disturbance gradient in urban areas in Nigeria at Bayero University Kano campuses. The aim is to assess changes in plant species composition and distribution within a degraded dryland environment in Kano Metropolis, Nigeria. Vegetation sampling was conducted using plots quadrat and transect methods, and different plant species were identified in the three study sites. Data were analyzed using ANOVA, t-tests and conventional indices to compare species richness, evenness and diversity. The study found no significant differences in species frequency among sites or sampling methods but observed higher species richness, evenness and diversity values in grasses species compared to trees. The study addressed changes in plant species composition along a disturbance gradient in an urban environment, focusing on species richness, evenness, and diversity. The study contributes to understanding the vegetation dynamics in degraded urban environments and highlights the need for conservation efforts. The research also adds to the existing literature by confirming previous findings and suggesting re-planting efforts. The study suggests similarities in plant species composition between old and new campus areas and emphasizes the importance of further investigating factors leading to vegetation loss for conservation purposes.

Keywords: species diversity, urban kano, dryland environment, vegetation sampling

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Authors: Zinaida I. Ivanova, Olga V. Yudenkova

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The article addresses the pressing need to implement the principle of the biosphere compatibility as the core prerequisite for sustainable development. The co-authors argue that a careful attitude towards the biosphere, termination of its overutilization, analysis of the ratio between the biospheric potential of a specific area and its population numbers, coupled with population regulation techniques represent the factors that may solve the problems of ecological depletion. However these problems may only be tackled through the employment of the high-quality human capital, capable of acting with account for the principles of nature conservation.

Keywords: biosphere compatibility, eco-centered conscience, human capital, sustainable development

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Authors: Luis Felipe Brito-Gaona, Emma M. Iglesias

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There is a growing literature that studies the main determinants and drivers of inequality and economic growth in several countries, using panel data and different estimation methods (fixed effects, Generalized Methods of Moments (GMM) and Two Stages Least Squares (TSLS)). Recently, it was studied the evolution of these variables in the period 1980-2009 in the 18 countries of Latin-America and it was found that one of the main variables that explained their evolution was Foreign Direct Investment (FDI). We extend this study to the year 2015 in the same 18 countries in Latin-America, and we find that FDI does not have a significant role anymore, while we find a significant negative and positive effect of schooling levels on inequality and economic growth respectively. We also find that the point estimates associated with human capital are the largest ones of the variables included in the analysis, and this means that an increase in human capital (measured by schooling levels of secondary education) is the main determinant that can help to reduce inequality and to increase economic growth in Latin-America. Therefore, we advise that economic policies in Latin-America should be directed towards increasing the level of education. We use the methodologies of estimating by fixed effects, GMM and TSLS to check the robustness of our results. Our conclusion is the same regardless of the estimation method we choose. We also find that the international recession in the Latin-American countries in 2008 reduced significantly their economic growth.

Keywords: economic growth, human capital, inequality, Latin-America

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Authors: Faisal Ali, Hasssan Saad Mohammed Hilmi, Mustafa Mohamed, Shamseddin Musa

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The Gash rivers an ephemeral river, it usually flows from July to September, it has a braided pattern with high sediment content, of 15200 ppm in suspension, and 360 kg/sec as bed load. The Gash river bed has an average slope of 1.3 m/Km. The objectives of this study were: assessing the Gash River bed level patterns; quantifying the annual variations in Gash bed level; and recommending a suitable method to reduce the sediment accumulation on the Gash River bed. The study covered temporally the period 1905-2013 using datasets included the Gash river flows, and the cross sections. The results showed that there is an increasing trend in the river bed of 5 cm3 per year. This is resulted in changing the behavior of the flood routing and consequently the flood hazard is tremendously increased in Kassala city.

Keywords: bed level, cross section, gash river, sedimentation

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Authors: Dritan Lloçi, Xhulia Bygjymi

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The topic is about one of the new trends with the greatest expectations in the field of tourism, such as agritourism. It is chosen exactly this type of tourism to address as this issue is one of the newest trends not only for Tirana or Albania but also beyond. The other reason is that this topic is quite current and challenging for the reality in which we find ourselves, and the opportunities for research work and to make our own contribution are quite large. It is chosen Tirana because seeing the many opportunities it offers for the development of agritourism as a result of the rich natural potential it offers; the fact that it is the capital of Albania makes this space absorb a good part of the investments in the rural tourism sector but not alone. The study is organized into several main issues regarding the natural and human potentials of the area, which are in function of the development of agrotourism. The first issue has to do with the natural potentials of the municipality of Tirana and how they can be used for agritourism. The second issue has to do with the cultural potential that the municipality of Tirana possesses, causing tourist flows to be more concentrated in this geographical-administrative space. The third issue has to do with the human potential that is a function of agrotourism. So the way of life, hospitality, cooking, etc.

Keywords: agrotourism, natural potential, agrotourism farms, tirana municipality, tourism development

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Authors: Oloyede John Adebayo

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This paper tested a variant of the monetary model of exchange rate determination, called Frankel’s Capital Account Monetary Model (CAAM) based on Real Interest Rate Differential, on the floating exchange rate experiences of three developing countries of Africa; viz: Ghana, Nigeria and the Gambia. The study adopted the Auto regressive Instrumental Package (AIV) and Almon Polynomial Lag Procedure of regression analysis based on the assumption that the coefficients follow a third-order Polynomial with zero-end constraint. The results found some support for the CAAM hypothesis that exchange rate responds proportionately to changes in money supply, inversely to income and positively to interest rates and expected inflation differentials. On this basis, the study points the attention of monetary authorities and researchers to the relevance and usefulness of CAAM as appropriate tool and useful benchmark for analyzing the exchange rate behaviour of most developing countries.

Keywords: exchange rate, monetary model, interest differentials, capital account

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Authors: Megha Agarwal

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The research paper is an effort to compare the earnings based and cash flow based methods of valuation of an enterprise. The theoretically equivalent methods based on either earnings such as Residual Earnings Model (REM), Abnormal Earnings Growth Model (AEGM), Residual Operating Income Method (ReOIM), Abnormal Operating Income Growth Model (AOIGM) and its extensions multipliers such as price/earnings ratio, price/book value ratio; or cash flow based models such as Dividend Valuation Method (DVM) and Free Cash Flow Method (FCFM) all provide different estimates of valuation of the Indian giant corporate Reliance India Limited (RIL). An ex-post analysis of published accounting and financial data for four financial years from 2008-09 to 2011-12 has been conducted. A comparison of these valuation estimates with the actual market capitalization of the company shows that the complex accounting based model AOIGM provides closest forecasts. These different estimates may be derived due to inconsistencies in discount rate, growth rates and the other forecasted variables. Although inputs for earnings based models may be available to the investor and analysts through published statements, precise estimation of free cash flows may be better undertaken by the internal management. The estimation of value from more stable parameters as residual operating income and RNOA could be considered superior to the valuations from more volatile return on equity.

Keywords: earnings, cash flows, valuation, Residual Earnings Model (REM)

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Authors: Isabel Martins, Orlando Pereira, Ana Martins

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This study aims to highlight that, in changing environments, organisations need to adapt their behaviours to the demands of the new economic reality. The main purpose of this study focuses on the relationship between entrepreneurship, innovation with learning as the mediating factor. It is within this entrepreneurial spirit that literature reveals a concern with the current economic perspective towards knowledge and considers it as both the production factor par excellence and a source of entrepreneurial capacity and innovation. Entrepreneurship is a mind-set focused on identifying opportunities of economic value and translates these into the pursuit of business opportunities through innovation. It connects art and science and is a way of life, as opposed to a simple mode of business creation and profiteering. This perspective underlines the need to develop the global individual for the globalised world, the strategic key to economic and social development. The objective of this study is to explore the notion that relational capital which is established between the entrepreneur and all the other economic role players both inside and outside the organization, is indeed determinant in developing the entrepreneurial capacity. However, this depends on the organizational culture of innovation. In this context, entrepreneurship is an ‘entrepreneurial capital’ inherent in the organization that is not limited to skills needed for work. This study is a critique of extant literature review which will be also be supported by primary data collection gathered to study graduates’ perceptions towards their entrepreneurial capital. Limitations are centered on both the design and of the sample of this study. This study is of added value for both scholars and organisations in the current innovation economy.

Keywords: entrepreneurship, innovation, learning, relational capital

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Authors: Haggay Etkes

Abstract:

This study provides evidence for the impact of monthly interviews conducted for the Israeli Labor Force Surveys (LFSs) on estimated flows between labor force (LF) statuses and on coefficients in fixed-effects estimations. The study uses the natural experiment of parallel interviews for the quarterly and the monthly LFSs in Israel in 2011 for demonstrating that the Labor Force Participation (LFP) rate of Jewish persons who participated in the monthly LFS increased between interviews, while in the quarterly LFS it decreased. Interestingly, the estimated impact on the LFP rate of self-reporting individuals is 2.6–3.5 percentage points while the impact on the LFP rate of individuals whose data was reported by another member of their household (a proxy), is lower and statistically insignificant. The relative increase of the LFP rate in the monthly survey is a result of a lower rate of exit from the LF and a somewhat higher rate of entry into the LF relative to these flows in the quarterly survey. These differing flows have a bearing on labor search models as the monthly survey portrays a labor market with less friction and a “steady state” LFP rate that is 5.9 percentage points higher than the quarterly survey. The study also demonstrates that monthly interviews affect a specific group (45–64 year-olds); thus the sign of coefficient of age as an explanatory variable in fixed-effects regressions on LFP is negative in the monthly survey and positive in the quarterly survey.

Keywords: measurement error, surveys, search, LFSs

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Authors: Sami Adwan, Alaa Alhaj Ismail, Claudia Girardone

Abstract:

This paper examines the changes in the value relevance of book value of equity and net income of financial firms over the crisis period. It also examines how these changes vary with three variables, namely, fair value exposure, ownership concentration, and regulatory capital ratios. Using a sample of financial firms operating in the European Economic Area over 2005-2011, our findings suggest that the value relevance of book value of equity increases while that of net income decreases during the financial crisis. We find that more exposure to fair value accounting mitigates the impact of the crisis on the value relevance of book value of equity and net income. We also find that more concentrated ownership appears to have a mitigating impact on the changes in the value relevance of both book value of equity and net income in times of financial crisis. Finally, we find evidence that the level of regulatory capital ratios tends to have an attenuating effect on the changes in the value relevance of net income (but not book value of equity) in times of financial crisis.

Keywords: value relevance, financial crisis, financial firms, fair value, ownership concentration, regulatory capital

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Authors: A. Bertašienė

Abstract:

Energy harvesting from any structure makes a challenge. Different structure of air/wind flows in industrial, environmental and residential applications emerge the real flow investigation in detail. Many of the application fields are hardly achievable to the detailed description due to the lack of up-to-date statistical data analysis. In situ measurements aim crucial investments thus the simulation methods come to implement structural analysis of the flows. Different configurations of testing environment give an overview how important is the simple structure of field in limited area on efficiency of the system operation and the energy output. Several configurations of modeled working sections in air flow test facility was implemented in CFD ANSYS environment to compare experimentally and numerically air flow development stages and forms that make effects on efficiency of devices and processes. Effective form and amount of these flows under different geometry cases define the manner of instruments/devices that measure fluid flow parameters for effective operation of any system and emission flows to define. Different fluid flow regimes were examined to show the impact of fluctuations on the development of the whole volume of the flow in specific environment. The obtained results rise the discussion on how these simulated flow fields are similar to real application ones. Experimental results have some discrepancies from simulation ones due to the models implemented to fluid flow analysis in initial stage, not developed one and due to the difficulties of models to cover transitional regimes. Recommendations are essential for energy harvesting systems in both, indoor and outdoor cases. Further investigations aim to be shifted to experimental analysis of flow under laboratory conditions using state-of-the-art techniques as flow visualization tool and later on to in situ situations that is complicated, cost and time consuming study.

Keywords: fluid flow, initial region, tube coefficient, distinct shape

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Authors: Lina Ismail Jassim, Robiah Yunus

Abstract:

To successfully drill oil or gas well, two main characteristics of numerous other tasks of an efficient drilling fluid are required, which are suspended and carrying cuttings from the beneath wellbore to the surface and managed between pore (formation) and hydrostatic pressure (mud pressure). Several factors like mud composition and its rheology, wellbore design, drilled cuttings characteristics and drilling string rotation contribute to drill wellbore successfully. Simulation model can support an appropriate indication on the drilling fluid performance in the real field as Genting Timur field, located in Pahang in Malaysia on 4295 m depth, held the world record in Sempah Muda 1 (Vertical). A detailed 3 dimensional CFD analysis of vertical, concentric annular two phase flow was developed to study and asses Herschel Bulkley drilling fluid. The effect of Hematite, Barite and calcium carbonates types and size of cutting rock particles on such flow is analyzed. The vertical flows are also associated with a good amount of temperature variation along the depth. This causes a good amount of change in viscosity of the fluid, which is non-Newtonian in nature. Good understanding of the nature of such flows is imperative in developing and maintaining successful vertical well systems. A detailed analysis of flow characteristics due to the drill pipe rotation is done in this work. The inner cylinder of the annulus gets different rotational speed, depending upon the operating conditions. This speed induces a good swirl on the particles and primary fluids which interpret in Ester based drilling fluid cleaning well ability, which in turn determines energy loss along the pipe. Energy loss is assessed in this work in terms of wall shear stress and pressure drop along the pipe. The flow is under an adverse pressure gradient condition, which causes chance of reversed flow and transfers the rock cuttings to the surface.

Keywords: concentric annulus, non-Newtonian, two phase, Herschel Bulkley

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Authors: Owonikoko A. D., Odoje O. F.

Abstract:

Fresh sample of Eryngium alpinum was purchased and processed for leaf protein concentrates with a view to evaluating its nutritional potential, mineral composition, amino acid characteristics and phytochemical constituents. Using standard analytical methods. The proximate composition of the leaf protein concentrates revealed moisture content;(5.35±0.21)g/100g, ash;(11.37±0.43)g/100g, crude protein;(48.17±0.46)g/100g, crude fat;(15.38±0.07)g/100g, crude fibre (3.05±0.46)g/100g, and Nitrogen free extractive; (16.68±0.30) g/100g. The mineral content was: Na;(51.88±0.23) mg/100g, K;(65.40±0.32)mg/100g, Ca; (86.89±0.46)mg/100g, Mg;(49.27±0.42) mg/100g, Zn;(0.62±0.03)mg/100g, Fe (6.65±0.43)mg/100g, Mn;(0.96±0.54)mg/100g, Cd;(0.28±0.04)mg/100g, P; (8.55±0.97)mg/100g, while selenium, lead and mercury were not detected in the sample indicating that the sample is free of causing risk of metal poisoning. The results of phytochemical constituents showed phytate; (18.34±0.36)mg/100g, flavonoid (0.25±0.41)mg/100g. The sample contain both essential and non-essential amino acid, with the highest value of Glutamic acid (12.26) and the lowest value of Tryptophan 1.05. the content of the leaf protein content shows that the sample is fit for dietary consumption and could as well be processed to be used as food additives.

Keywords: mineral composition, phytochemical analysis, leaf protein concentrates, eryngium alpinum

Procedia PDF Downloads 109