Search results for: stock market microstructure

Authors: P. Fernández-Morales, D. Peláez, C. Isaza, J. M. Meza, E. Mendoza

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Mg AZ31B alloy sheets were processed through equal-channel angular sheet drawing (ECASD) process, following the route A and C at room temperature and varying the processing speed. SEM was used to analyze the microstructure. The grain size was refined and presence of twins was observed. Vickers microhardness and tensile testing were carried out to evaluate the mechanical properties, showing in general; a remarkable increase in the first pass and slight increases during subsequent passes and, that the route C produces better uniform properties distribution through the thickness of the samples.

Keywords: ECASD, Mg Alloy, mechanical properties, microstructure

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Authors: Priyal Motwani, Garvit Goel

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In this study, we have studied and analysed the transaction data of investors of a mutual fund investment company based in India. Based on the data available, we have identified the top four biases that affect the investors of the emerging market economies through regression analysis and three uniquely defined ratios. We found that the four most prominent biases that affected the investment making decisions in India are– Chauffer Knowledge, investors tend to make ambitious decisions about sectors they know little about; Bandwagon effect – the response of the market indices to macroeconomic events are more profound and seem to last longer compared to western markets; base-rate neglect – judgement about stocks are too much based on the most recent development ignoring the long-term fundamentals of the stock; availability bias – lack of proper communication channels of market information lead people to be too reliant on limited information they already have. After segregating the investors into six groups, the results have further been studied to identify a correlation among the demographics, gender and unique cultural identity of the derived groups and the corresponding prevalent biases. On the basis of the results obtained from the derived groups, our study recommends six methods, specific to each group, to educate the investors about the prevalent biases and their role in investment decision making.

Keywords: Bandwagon effect, behavioural biases, Chauffeur knowledge, demographics, investor literacy, mutual funds

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Authors: Yuhao Jin, Zhou Zhou, Katsumi Yoshida, Zhengcao Li, Tadashi Maruyama, Toyohiko Yano

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Four kinds of nuclear graphite, IG-110U, ETP-10, CX-2002U and IG-430U were neutron-irradiated at different fluences and temperatures, ranged from 1.38 x 1024 to 7.4 x 1025 n/m2 (E > 1.0 MeV) at 473K, 573K and 673K. To take into account the disorder in the microstructure, such as stacking faults and anisotropic coherent lengths, the X-ray diffraction patterns were interpreted using a comprehensive structural model and a refinement program CARBONXS. The deduced structural parameters show the changes of lattice parameters, coherent lengths along the c-axis and the basal plane, and the degree of turbostratic disorder as a function of the irradiation dose. Our results reveal neutron irradiation effects on the microstructure and macroscopic dimension, which are consistent with previous work. The methodology used in this work enables the quantification of the damage on the microstructure of nuclear graphite induced by neutron irradiation.

Keywords: nuclear graphite, neutron irradiation, thermal annealing, recovery behavior, dimensional change, CARBONX, XRD analysis

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Authors: Nan KANG, Pierre Coddet, Hanlin Liao, Christian Coddet

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In this study, the almost dense eutectic Al-12Si alloys were fabricated by selective laser melting (SLM) from the powder mixture of pure Aluminum and pure Silicon, which show the mean particle sizes of 30 μm and 5μm respectively, under the argon environment. The image analysis shows that the highest value of relative density (95 %) was measured for the part obtained at the laser power of 280 W. X ray diffraction (XRD), Optical microscope (OM) and scanning electron microscope (SEM) equipped with X-ray energy dispersive spectroscopy (EDS) were employed to determine the microstructures of the SLM-processed Al-Si alloy, which illustrate that the SLM samples present the ultra-fine microstructure. The XRD results indicate that no clearly phase transformation happened during the SLM process. Additionally, the vaporization behavior of Aluminum was detected for the parts obtained at high laser power. Besides, the maximum microhardness value, about 95 Hv, was measured for the samples obtained at laser power of 280 W, and which shows the highest wear resistance.

Keywords: al-Si alloy, selective laser melting, wear behavior, microstructure

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Authors: B. Palanikumaran, N. Kanagaraj, M. Sangareswari, V. Sailaja, Kapil Sihag

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The present study aimed to estimate the carbon sequestration potential of major forest types present in the foothills of Nilgiri biosphere reserve. The total biomass carbon stock was estimated in tropical thorn forest, tropical dry deciduous forest and tropical moist deciduous forest as 14.61 t C ha⁻¹ 75.16 t C ha⁻¹ and 187.52 t C ha⁻¹ respectively. The density and basal area were estimated in tropical thorn forest, tropical dry deciduous forest, tropical moist deciduous forest as 173 stems ha⁻¹, 349 stems ha⁻¹, 391 stems ha⁻¹ and 6.21 m² ha⁻¹, 31.09 m² ha⁻¹, 67.34 m² ha⁻¹ respectively. The soil carbon stock of different forest ecosystems was estimated, and the results revealed that tropical moist deciduous forest (71.74 t C ha⁻¹) accounted for more soil carbon stock when compared to tropical dry deciduous forest (31.80 t C ha⁻¹) and tropical thorn forest (3.99 t C ha⁻¹). The tropical moist deciduous forest has the maximum annual leaf litter which was 12.77 t ha⁻¹ year⁻¹ followed by 6.44 t ha⁻¹ year⁻¹ litter fall of tropical dry deciduous forest. The tropical thorn forest accounted for 3.42 t ha⁻¹ yr⁻¹ leaf litter production. The leaf litter carbon stock of tropical thorn forest, tropical dry deciduous forest and tropical moist deciduous forest found to be 1.02 t C ha⁻¹ yr⁻¹ 2.28 t⁻¹ C ha⁻¹ yr⁻¹ and 5.42 t C ha⁻¹ yr⁻¹ respectively. The results explained that decomposition percent at the soil surface in the following order.tropical dry deciduous forest (77.66 percent) > tropical thorn forest (69.49 percent) > tropical moist deciduous forest (63.17 percent). Decomposition percent at soil subsurface was studied, and the highest decomposition percent was observed in tropical dry deciduous forest (80.52 percent) followed by tropical moist deciduous forest (77.65 percent) and tropical thorn forest (72.10 percent). The decomposition percent was higher at soil subsurface. Among the three forest type, tropical moist deciduous forest accounted for the highest bacterial (59.67 x 105cfu’s g⁻¹ soil), actinomycetes (74.87 x 104cfu’s g⁻¹ soil) and fungal (112.60 x10³cfu’s g⁻¹ soil) population. The overall observation of the study helps to conclude that, the tropical moist deciduous forest has the potential of storing higher carbon content as biomass with the value of 264.68 t C ha⁻¹ and microbial populations.

Keywords: basal area, carbon sequestration, carbon stock, Nilgiri biosphere reserve

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Authors: Panupong Chanplin, Wilailuk Mepracha, Sathapath Kilaso

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The aims of this research were twofold: 1) to logo design of Huay Kon Border Market, Chaloemphrakiat District, Nan Province and 2) to study the level of tourist satisfaction towards logo design of Huay Kon Border Market, Chaloemphrakiat District, Nan Province. Tourist satisfaction was measured using four criteria: a unique product identity, ease of remembrance, product utility, and beauty/impressiveness. The researcher utilized a probability sampling method via simple random sampling. The sample consisted of 30 tourists in the Huay Kon Border Market. Statistics utilized for data analysis were percentage, mean, and standard deviation. The results suggest that tourist had high levels of satisfaction towards all four criteria of the logo design that was designed to target them. This study proposes that specifically logo designed of Huay Kon Border Market could also be implemented with other real media already available on the market.

Keywords: satisfaction, logo, design, Huay Kon border market

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Authors: Asiye Aydilek, Harun Aydilek

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We investigate the costs of various suboptimal allocations in housing, consumption, bond and stock holdings of a retiree in a setting with recursive utility, considering the extensive empirical evidence that investors make suboptimal decisions in different ways. We find that suboptimal stock holdings impose only modest costs on the retiree. This may have a merit in explaining the limited stock investment in the data. The cost of suboptimal bond holdings is higher than that of stocks, but still small. This may partially explain why many more people hold bonds compared to stocks. We find that positive deviations from the optimal level are less costly relative to the negative ones in suboptimal housing allocations. This may help us to clarify why the elderly are over consuming housing, as seen in the housing data. The cost of suboptimal consumption is quite high and the highest of all. Our paper suggests that, in terms of welfare, the decisions of how much of liquid wealth to use for consumption and for saving are more important than the decision about the composition of liquid savings. Suboptimal stock holdings are twice more costly in power utility and suboptimal bond holdings are twenty times more costly in recursive utility. Recursive utility is superior to power utility in terms of rationalizing many people's preference for bonds instead of stocks in investment.

Keywords: housing, recursive utility, retirement, suboptimal decisions, welfare cost

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Authors: Kaoutar Abbahaddou, Mohammed Salah Chiadmi

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The need to find a relevant way to predict the next-day price of a stock index is a real concern for many financial stakeholders and researchers. We have known across years the proliferation of several methods. Nevertheless, among all these methods, the most controversial one is a machine learning algorithm that claims to be reliable, namely neural networks. Thus, the purpose of this article is to study the prediction power of neural networks in the particular case of Islamic finance as it is an under-looked area. In this article, we will first briefly present a review of the literature regarding neural networks and Islamic finance. Next, we present the architecture and principles of artificial neural networks most commonly used in finance. Then, we will show its empirical application on two Islamic stock indexes. The accuracy rate would be used to measure the performance of the algorithm in predicting the right price the next day. As a result, we can conclude that artificial neural networks are a reliable method to predict the next-day price for Islamic indices as it is claimed for conventional ones.

Keywords: Islamic finance, stock price prediction, artificial neural networks, machine learning

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Authors: Dong Tang, Yongli Zhao

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The study of the microstructure of asphalt is of great importance for the analysis of its macroscopic properties. However, the peculiarities of the chemical composition of the asphalt itself and the limitations of existing direct imaging techniques have caused researchers to face many obstacles in studying the microstructure of asphalt. The advantage of small-angle X-ray scattering (SAXS) is that it allows quantitative determination of the internal structure of opaque materials and is suitable for analyzing the microstructure of materials. Therefore, the SAXS technique was used to study the evolution of microstructures on the nanoscale during asphalt aging. And the reasons for the change in scattering contrast during asphalt aging were also explained with the help of Fourier transform infrared spectroscopy (FTIR). SAXS experimental results show that the SAXS curves of asphalt are similar to the scattering curves of scattering objects with two-level structures. The Porod curve for asphalt shows that there is no obvious interface between the micelles and the surrounding mediums, and there is only a fluctuation of the hot electron density between the two. The Beaucage model fit SAXS patterns shows that the scattering coefficient P of the asphaltene clusters as well as the size of the micelles, gradually increase with the aging of the asphalt. Furthermore, aggregation exists between the micelles of asphalt and becomes more pronounced with increasing aging. During asphalt aging, the electron density difference between the micelles and the surrounding mediums gradually increases, leading to an increase in the scattering contrast of the asphalt. Under long-term aging conditions due to the gradual transition from maltenes to asphaltenes, the electron density difference between the micelles and the surrounding mediums decreases, resulting in a decrease in the scattering contrast of asphalt SAXS. Finally, this paper correlates the macroscopic properties of asphalt with microstructural parameters, and the results show that the high-temperature rutting resistance of asphalt is enhanced and the low-temperature cracking resistance decreases due to the aggregation of micelles and the generation of new micelles. These results are useful for understanding the relationship between changes in microstructure and changes in properties during asphalt aging and provide theoretical guidance for the regeneration of aged asphalt.

Keywords: asphalt, Beaucage model, microstructure, SAXS

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Authors: Temitope Faloye

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The absence of equity and transparency in Nigeria's economic system has resulted in unemployment. Women’s unemployment rate remains higher because women's range of jobs is often narrower due to discriminatory attitudes of employers and gender segregation in the labor market. Gender inequality is one of the strong factors of unemployment, especially in developing countries like Nigeria, where the female gender is marginalized in the labor force market. However, gender equality in terms of labor market access and employment condition has not yet been attained. Feminist theory is considered as an appropriate theory for this study. The study will use a mixed-method design, collecting qualitative and quantitative data to provide answers to the research questions. Therefore, the research study aims to investigate the present situation of gender inequality in the Nigerian labor market.

Keywords: unemployment, gender inequality, gender equality, labor market, female graduate

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Authors: Qura-tul-aain Khair

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Purpose- The purpose of this paper is to empirically examining the strength of association of responsive market orientation and proactive market orientation with new product performance and exploring the possible moderating role of organizational learning based on contingency theory. Design/methodology/approach- Data for this study was collected from FMCG manufacturing industry and services industry, where customers are in contact frequently and responses are recorded on continuous basis. Sample was collected through convenience sampling. The data collected from different marketing department and sales personnel were analysed using SPSS 16 version. Findings- The paper finds that responsive market orientation is more strongly associated with new product performance. The moderator, organizational learning, plays it significant role on the relationship between responsive market orientation and new product performance. Research limitations/implications- this paper has taken sample from just FMCG industry and service industry, more work can be done regarding how different-markets require different market orientation behaviours. Originality/value- This paper will be useful for foreign business looking for investing and expanding in Pakistan, they can find opportunity to get sustained competitive advantage through exploring the proactive side of market orientation and importance of organizational learning.

Keywords: organizational learning, proactive market orientation, responsive market orientation, new product performance

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Authors: J. Gochermann

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German energy market is under historical change. Turning-off the nuclear power plants and intensive subsidization of the renewable energies causes a paradigm change from big central energy production and distribution to more local structures, bringing the energy production near to the consumption. The formerly big energy market with only a few big energy plants and grid operating companies is changing into a disperse market with growing numbers of small and medium size companies (SME) generating new value-added products and services. This change in then energy market, in Germany called the “Energiewende”, inverts also the previous innovation system. Big power plants and large grids required also big operating companies. Innovations in the energy market focused mainly on big projects and complex energy technologies. Innovation in the new energy market structure is much more dispersed. Increasing number of SME is now able to develop energy production and storage technologies, smart technologies to control the grids, and numerous new energy related services. Innovation is now regional distributed, which is a remarkable problem for the old big energy companies. The paper will explain the change in the German energy market and the paradigm change as well as the consequences for the innovation structure in the German energy market. It will show examples how SME participate from this change and how innovation systems, as well for the big companies and for SME, can be adapted.

Keywords: changing energy markets, disperse innovation, new value-added products and services, SME

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Authors: Asif Iqbal

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Working capital management has its effect on liquidity as well as on profitability of a firm. In this research we have selected a sample of 100 respondents whose firms are listed on Karachi stock exchange. We have studied the effect of different variable s of working capital management. We find that organizations throughout the world as well as in Pakistan have to give immense recognition to the working capital management as it is an effective thing from their long term perspective especially to their shareholders to have a firm confidence over the companies for investment purpose.

Keywords: working capital management, Karachi stock exchange, shareholders, capital management

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Authors: Eunsup Daniel Shim, Jooh Lee

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The US financial crisis of 2008 and subsequent Global Financial Crisis were considered by many economists the worst financial crisis since the Great Depression of the 1930s. As a results, Dodd-Frank Act has passed and aims '(1) to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", (2) to protect the American taxpayer by ending bailouts, (3) to protect consumers from abusive financial services practices, and for other purposes.' The enactment of Dodd-Frank Act, in part, intended to significantly influence accountability on executive compensation especially for the financial institutions. This paper empirically investigates the changes in Financial CEOs’ compensation since the Financial Crisis of 2008. Our findings show that in the post- Financial Crisis period financial leverage is significant factor influencing the CEOs’ total compensation. In addition market based performance such as stock price and market-to-book ratio shows significant positive relationship with CEO compensation. This change can be interpreted an attempt to reduce opportunistic behavior of top executives after the financial crisis and the enactment of the Dodd-Frank Act.

Keywords: financial CEO compensation, firm performance, financial crisis of 2008, dodd-frank act

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Authors: I. R. Keke, C. S. Nwigwe, O. S. Nwanjo, A. S. Egeruoh

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An experiment was carried out at Urban Farm and Fisheries Nigeria Ltd, Owerri Imo State South East Nigeria between February and June 2014 to induce Brood stock of Heterobranchus longifilis (mean wt 1.3kg) in concrete tanks (1.0 x 2.0 x 1.5m) in dimension using a synthetic hormone (Ovaprim) and pituitary extract from Heterobranchus longifilis. Brood stock males were selected as pituitary donors and their weights matched those of females to be injected at 1ml/kg body weight of Fish. Ovaprim, was injected at 0.5ml/kg body weight of female fish. A latency period of 12 hours was allowed after injection of the Brood stock females before stripping the egg and incubation at 23 °C. While incubating the eggs, samples were drawn and the rate of fertilization was determined. Hatching occurred within 33 hours and hatchability rate (%) was determined by counting the active hatchings. The result showed that Ovaprim injected Brood stock eggs fertilized up to 80% while the pituitary from the Heterobranchus longifilis had low fertilization and hatching success 20%. Ovaprim is imported and costly, so more effort is required to enhance the procedures for homoplastic hypophysation.

Keywords: heterobranchus longifilis, ovaprim, hypophysation, latency period, pituitary

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Authors: Ammar Z. Alshemary, Zafer Evis

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In this study, nanorods of Cr³⁺/SiO₄⁴⁻ codoped hydroxyapatite (Cr³⁺/SiO₄⁴⁻-HA) were synthesized successfully and rapidly through microwave irradiation technique, using (Ca(NO₃)₂•4H₂O), ((NH₄)₂HPO₄), (SiC₈H₂₀O₄) and (Cr(NO₃)₃.9H₂O) as source materials for Ca²⁺, PO₄³⁻, SiO₄⁴⁻ and Cr³⁺ ions, respectively. The impact of dopants on the phase formation and microstructure of the powders were investigated by means of X-ray diffraction (XRD), Fourier transform infrared spectrum analysis (FT-IR) and Field emission electron microscopy (FESEM) techniques. XRD analysis showed that with an incorporation of Cr³⁺/SiO₄⁴⁻ ions into HA structure resulted in peak broadening and reduced peak height due to the amorphous nature and reduced crystallinity of the resulting HA powder. FTIR spectroscopy revealed the existence of the different vibrational modes matching to phosphates and hydroxyl groups. The FESEM analysis showed a change in the crystal shape from spherical to rod shaped particles upon Cr³⁺ doping into the crystal structure. Acknowledgments: This study was supported by Karabük University (Project no. KBÜBAP-17-YD-144). The authors would like to thank for support.

Keywords: nano-hydroxyapatite, microwave, dopants, characterization, microstructure

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Authors: A. P .I. Popoola, V. S. Aigbodion, O. S. I. Fayomi

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The experimental study of the microstructure and properties of Al-Cu-Mg alloy/bean pod ash (BPA) nanoparticles was investigated. The aluminium matrix composites (AMCs) were produced by varying the BPA nanoparticles from 1-4wt%. The microstructure and phases of the composites produced were examined by SEM/EDS and XRD. Properties such as: hardness, tensile strength, impact energy, fatigue and wear were evaluated. The results showed that tensile strength and hardness values increased by 35 and 44.1% at 4wt% BPA nanoparticles with appreciable impact energy. The fatigue limit of 167MPa, 135 MPa and 75Mpa were obtained for the nano-particle (55nm), micro-particle (100µm) BPA composites and unreinforced alloy respectively. The wear properties of the as-cast Al–3.7%Cu-1.4%Mg/BPA nanoparticle have been improved significantly even with a low weight percent of BPA nanoparticle. The properties of the as-cast aluminium nanoparticles (MMNCs) have been improved significantly even with a low weight percent of nano-sized BPAp.

Keywords: bean pod ash nanoparticles, al-cu-mg alloy, mechanical properties, wear, microstructures

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Authors: Aditya Sharma

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Profits earned from relative strength strategy of zero-cost portfolio i.e. taking long position in winner stocks and short position in loser stocks from recent past are termed as momentum profits. In recent times, there has been lot of controversy and concern about sources of momentum profits, since the existence of these profits acts as an evidence of earning non-normal returns from publicly available information directly contradicting Efficient Market Hypothesis. Literature review reveals conflicting theories and differing evidences on sources of momentum profits. This paper aims at re-examining the sources of momentum profits in Indian capital markets. The study focuses on assessing the effect of fundamental as well as behavioral sources in order to understand the role of investor behavior in stock returns and suggest (if any) improvements to existing behavioral asset pricing models. This Paper adopts calendar time methodology to calculate momentum profits for 6 different strategies with and without skipping a month between ranking and holding period. For each J/K strategy, under this methodology, at the beginning of each month t stocks are ranked on past j month’s average returns and sorted in descending order. Stocks in upper decile are termed winners and bottom decile as losers. After ranking long and short positions are taken in winner and loser stocks respectively and both portfolios are held for next k months, in such manner that at any given point of time we have K overlapping long and short portfolios each, ranked from t-1 month to t-K month. At the end of period, returns of both long and short portfolios are calculated by taking equally weighted average across all months. Long minus short returns (LMS) are momentum profits for each strategy. Post testing for momentum profits, to study the role market risk plays in momentum profits, CAPM and Fama French three factor model adjusted LMS returns are calculated. In the final phase of studying sources, decomposing methodology has been used for breaking up the profits into unconditional means, serial correlations, and cross-serial correlations. This methodology is unbiased, can be used with the decile-based methodology and helps to test the effect of behavioral and fundamental sources altogether. From all the analysis, it was found that momentum profits do exist in Indian capital markets with market risk playing little role in defining them. Also, it was observed that though momentum profits have multiple sources (risk, serial correlations, and cross-serial correlations), cross-serial correlations plays a major role in defining these profits. The study revealed that momentum profits do have multiple sources however, cross-serial correlations i.e. the effect of returns of other stocks play a major role. This means that in addition to studying the investors` reactions to the information of the same firm it is also important to study how they react to the information of other firms. The analysis confirms that investor behavior does play an important role in stock returns and incorporating both the aspects of investors’ reactions in behavioral asset pricing models help make then better.

Keywords: investor behavior, momentum effect, sources of momentum, stock returns

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Authors: Fatemeh Rouhi, Hadi Nassiri

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Earning forecast is a key element in economic decisions but there are some situations, such as conflicts of interest in financial reporting, complexity and lack of direct access to information has led to the phenomenon of information asymmetry among individuals within the organization and external investors and creditors that appear. The adverse selection and moral hazard in the investor's decision and allows direct assessment of the difficulties associated with data by users makes. In this regard, the role of trustees in corporate governance disclosure is crystallized that includes controls and procedures to ensure the lack of movement in the interests of the company's management and move in the direction of maximizing shareholder and company value. Therefore, the earning forecast of companies in the capital market and the need to identify factors influencing this study was an attempt to make relationship between moral hazard and corporate governance with earning forecast quality companies operating in the capital market and its impact on Earnings Forecasts quality by the company to be established. Getting inspiring from the theoretical basis of research, two main hypotheses and sub-hypotheses are presented in this study, which have been examined on the basis of available models, and with the use of Panel-Data method, and at the end, the conclusion has been made at the assurance level of 95% according to the meaningfulness of the model and each independent variable. In examining the models, firstly, Chow Test was used to specify either Panel Data method should be used or Pooled method. Following that Housman Test was applied to make use of Random Effects or Fixed Effects. Findings of the study show because most of the variables are positively associated with moral hazard with earnings forecasts quality, with increasing moral hazard, earning forecast quality companies listed on the Tehran Stock Exchange is increasing. Among the variables related to corporate governance, board independence variables have a significant relationship with earnings forecast accuracy and earnings forecast bias but the relationship between board size and earnings forecast quality is not statistically significant.

Keywords: corporate governance, earning forecast quality, moral hazard, financial sciences

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Authors: Matthew Ferguson, Tatyana Konkova, Ioannis Violatos

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Microstructure analysis of additively manufactured (AM) materials is an important step in understanding the interrelationship between mechanical properties and materials performance. Literature on the effect of laser-based AM process parameters on the microstructure in the substrate-deposit interface is limited. The interface region, the adjoining area of substrate and deposit, is characterized by the presence of the fusion zone (FZ) and heat-affected zone (HAZ), experiencing rapid thermal gyrations resulting in thermal-induced transformations. Inconel 718 was utilized as work material for both the substrate and deposit. Three blocks of Inconel 718 material were deposited by Direct Energy Deposition (DED) using three different laser powers, 550W, 750W and 950W, respectively. A coupled thermo-mechanical transient approach was utilized to correlate temperature history to the evolution of microstructure. The thermal history of the deposition process was monitored with the thermocouples installed inside the substrate material. The interface region of the blocks was analyzed with Optical Microscopy (OM) and Scanning Electron Microscopy (SEM), including the electron back-scattered diffraction (EBSD) technique. Laser power was found to influence the dissolution of intermetallic precipitated phases in the substrate and grain growth in the interface region. Microstructure and thermal history data were utilized to draw conclusive comparisons between the investigated process parameters.

Keywords: additive manufacturing, direct energy deposition, electron back-scattered diffraction, finite element analysis, inconel 718, microstructure, optical microscopy, scanning electron microscopy, substrate-deposit interface region

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Authors: K. Subbaiah, C. V. Jeyakumar, S. R. Koteswara Rao

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Cast Aluminum-Magnesium-Scandium alloy was Gas Tungsten Arc (GTA) welded, and the microstructure and mechanical properties of the joint and its component parts were examined and analyzed. The global joint fractured in the base metal, and thus possessed slightly greater tensile strength than the base metal. These results clearly show that Gas Tungsten Arc welding is an optimum / suitable welding process for cast Aluminum-Magnesium-Scandium alloys.

Keywords: cast Al-Mg-Sc alloy, GTAW, microstructure, mechanical properties

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Authors: Essang Anwana Onuntuei, Chinyere Blessing Azunwoke

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The study focused on determining the impact of multimedia systems and computer graphic design on global and local scale economies. Firstly, the study identified the major players and the world’s top five digital media distribution in the digital media market. It then examined if the digital media vendor and market shares differ or remain the same. Also, the research studied whether the global and local desktop, mobile, and tablet markets differ. Again, the study assessed the link between the top five digital media and global market shares. Finally, the paper observed the extent of growth rate, economic gains, major setbacks, and opportunities within the digital media industry amidst global and local scale economic flux. Multiple regression analysis methods were used to analyse the significant influence of the top five Global Digital Media on the total market share. Furthermore, to analyse the global digital media vendor market share data, and so on, the Analysis of Variance (ANOVA) was employed. The findings were intriguing and significant.

Keywords: multimedia, systems design, computer graphics, digital media market, media vendor, global market share, user interface, social media, market size

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Authors: Abootaleb Shirvani, Svetlozar Rachev

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ESG stands for Environmental, Social, and Governance and is a non-financial factor that investors use to specify material risks and growth opportunities in their analysis process. ESG ratings provide a quantitative measure of socially responsible investment, and it is essential to incorporate ESG ratings when modeling the dynamics of asset returns. In this article, we propose a triple subordinated Lévy process for incorporating numeric ESG ratings into dynamic asset pricing theory to model the time series properties of the stock returns. The motivation for introducing three layers of subordinator is twofold. The first two layers of subordinator capture the skew and fat-tailed properties of the stock return distribution that cannot be explained well by the existing Lévy subordinated model. The third layer of the subordinator introduces ESG valuation and incorporates numeric ESG ratings into dynamic asset pricing theory and option pricing. We employ the triple subordinator Lévy model for developing the ESG-valued stock return model, derive the implied ESG score surfaces for Microsoft, Apple, and Amazon stock returns, and compare the shape of the ESG implied surface scores for these stocks.

Keywords: ESG scores, dynamic asset pricing theory, multiple subordinated modeling, Lévy processes, option pricing

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Authors: S. Bouchami, M.N. Lakhoua

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The automotive market is a dynamic market that continues to grow. That’s why several companies belonging to this sector adopt a quality improvement approach. Wanting to be competitive and successful in the environment in which they operate, these companies are dedicated to establishing a system of quality management to ensure the achievement of the objective quality, improving the products and process as well as the satisfaction of the customers. In this paper, the management of the quality and the improvement of a production line in an industrial company is presented. In fact, the project is divided into two essential parts: the creation of the technical line documentation and the quality assurance documentation and the resolution of defects at the line, as well as those claimed by the customer. The creation of the documents has required a deep understanding of the manufacturing process. The analysis and problem solving were done through the implementation of PDCA (Plan Do Check Act) and FTA (Fault Tree Analysis). As perspective, in order to better optimize production and improve the efficiency of the production line, a study on the problems associated with the supply of raw materials should be made to solve the problems of stock-outs which cause delays penalizing for the industrial company.

Keywords: quality management, documentary system, Plan Do Check Act (PDCA), fault tree analysis (FTA) method

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Authors: Sebastiana Viphindratin, Silvi Asna

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The under ground economy phenomenon is exist in Indonesia. There are some factors which affect the existence this underground economy activity. One of them is a hierarchy power structure that handles the underground economy existence. The example of the existence of underground economy is the occurring informal market in Indonesia. Malang city is one of the city which has this kind of market. Junk night market (JNM) as an underground economy activity is arising in that city. The JNM is located in Gatot Subroto Sidewalk Street. The JNM is a illegal market which sell thrift, antique, imitation and black market goods. The JNM is interesting topic to be discussed, because this market is running in long time without any policy from local government. The JNM activity has their own “power” that run the market rules. Thus, it is important to analyze how the existence and power structure of JNM actors community are in Malang city. This research using qualitative method with phenomenological approach where we try to understand the phenomenon and related actors deeply. The aim of this research is to know the existence and power structure of JNM actors community in Malang. In JNM, there is no any entry barriers and tax charge from Malang government itself. Price competition also occurs because the buyer can do a bargain with the seller. In maintaining buyer loyalty, the JNM actors also do pre-order system. Even though, this market is an illegal market but the JNM actors also give the goods guarantee (without legal contract) as a formal market. In JNM actor’s community, there is no hierarchy and formal power structure. The role in JNM is managed by informal leaders who come up from the trading activity problems that are sidewalk and parking area dividing. Therefore, can be concluded that even the JNM is illegal market but it can survive with natural market pattern. In JNM development, JNM has positive and negative impact for Malang city. The positive impact of JNM is this market can open a new employment but the negative impact is there is no tax income from that market. Therefore, suggested that the government of Malang city should manage and give appropriate policies in this case.

Keywords: junk night market (JNM), Malang city, underground economy, illegal

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Authors: Saud Al Mahdi

Abstract:

Traditionally,portfolio managers have been discouraged from timing the market. This means, for example, that equity managers have been forced to adhere strictly to a benchmark with static or relatively stable components, such as the SP 500 or the Russell 3000. This means that the portfolio’s exposures to all risk factors should mimic as closely as possible the corresponding exposures of the benchmark. The main risk factor, of course, is the market itself. Effectively, a long-only portfolio would be constrained to have a beta 1. More recently, however, managers have been given greater discretion to adjust their portfolio’s risk exposures (in particular, the beta of their portfolio) dynamically to match the manager’s beliefs about future performance of the risk factors themselves. This freedom translates into the manager’s ability to adjust the portfolio’s beta dynamically. These strategies have come to be known as smart beta strategies. Adjusting beta dynamically amounts to attempting to "time" the market; that is, to increase exposure when one anticipates that the market will rise, and to decrease it when one anticipates that the market will fall. Traditionally, market timing has been believed to be impossible to perform effectively and consistently. Moreover, if a majority of market participants do it, their combined actions could destabilize the market. The aim of this project is to investigate so-called smart beta strategies to determine if they really can add value, or if they are merely marketing gimmicks used to sell dubious investment strategies.

Keywords: beta, alpha, active portfolio management, trading strategies

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Authors: Anocha Rojanapanich

Abstract:

This research investigates the effect of financial accounting information and non-financial accounting reports on corporate credibility via strength of board of directors and market environment volatility as moderating effect. Data in this research is collected by questionnaire form non-financial companies listed on the Stock Exchange of Thailand. Multiple regression statistic technique is used for analyzing the data. Results find that firms with greater financial accounting information reports and non-financial accounting information reports will gain greater corporate credibility. Therefore, the corporate reporting has the value for the firms. Moreover, the strength of board of directors will positively moderate the financial and non-financial accounting information reports and corporate credibility relationship. And market environment volatility will negatively moderate the financial and nonfinancial accounting information reports and corporate credibility relationship and the contribution of accounting information reports on corporate credibility is generated to the corporate image. That is the corporate image has affected by corporate credibility.

Keywords: corporate credibility, financial and non-financial reports, firms performance, corporate image

Procedia PDF Downloads 285

Authors: Rahim Sabbaghizadeh, Mansor Hashim, Nooshin Shourcheh

Abstract:

Nanocrystalline Nd8Pr2Fe79-xCo5B6Alx (x=0, 1, 2, 3) magnets were prepared by mechanical alloying and respective heat treatment, and the effects of the addition of Al on the microstructure and magnetic properties of Nd-Fe-Co-B alloy were studied. The changes in the nanostructure and magnetic properties were examined by X-Ray diffraction, combined with Field Emission Scanning electron microscopy (FeSEM) and vibrating sample magnetometer (VSM). Addition of Al was found to be effective for improving the coercivity and the hysteresis squareness in Nd–Fe–Co–B magnets without decreasing much the remanent magnetization.

Keywords: mechanical alloying, nanocrystalline, Nd-Fe-B, vibrating sample magnetomete

Procedia PDF Downloads 502

Authors: Isabel L. Guidote

Abstract:

Continued advancements and innovation in the technological arena may yield both beneficial and detrimental effects to market competition in the Philippines. This paper discusses recent developments in the digital sphere which have resulted in improved access to the Philippine market for both producers and consumers. Acknowledging that these developments are likely to disrupt or alter prevailing market conditions, this paper likewise tackles competition theories of harm that may arise as a result of such technological innovations, with reference to cases decided by foreign competition authorities and the European Commission. As the Philippine moves closer to the digital frontier, it is imperative that producers, consumers, and regulators alike be well-equipped to address the risks and challenges posed by these rapid advancements in technology.

Keywords: antitrust, competition law, market competition, technology

Procedia PDF Downloads 159

Authors: Xiangrong Liu, Chuanhui Xiong

Abstract:

With the concern of large pollution emissions from coal-fired power plants and new commitment to green energy, global solar power industry was emerging recently. Due to the advanced technology, the price of solar photovoltaic(PV) module was reduced at a fast rate, which arose an interesting but challenge question to solar supply chain. This research is modeling the inventory strategies for a PV supply chain with a PV manufacturer, an assembler and an end customer. Through characterizing the manufacturer's and PV assembler's optimal decision in decentralized and centralized situation, this study shed light on how to improve supply chain performance through parameters setting in the contract design. The results suggest the assembler to lower the optimal stock level gradually each period before price reduction and set up a newsvendor base-stock policy in all periods after price reduction. As to the PV module manufacturer, a non-stationary produce-up-to policy is optimal.

Keywords: photovoltaic, supply chain, inventory policy, base-stock policy

Procedia PDF Downloads 333