Search results for: spawning stock biomass

Authors: Cora Bulmău

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Soil polluted with hydrocarbons spills is a major global concern today. As a response to this issue, our experimental study tries to put in evidence the option to choose for one environmentally friendly method: use of the biochar, despite to a classical procedure; incineration of contaminated soil. Biochar represents the solid product obtained through the pyrolysis of biomass, its additional use being as an additive intended to improve the quality of the soil. The positive effect of biochar addition to soil is represented by its capacity to adsorb and contain petroleum products within its pores. Taking into consideration the capacity of the biochar to interact with organic contaminants, the purpose of the present study was to experimentally establish the effects of the addition of wooden biomass-derived biochar on a soil contaminated with oil. So, the contaminated soil was amended with biochar (10%) produced by pyrolysis in different operational conditions of the thermochemical process. After 25 days, the concentration of petroleum hydrocarbons from soil treated with biochar was measured. An analytical method as Soxhlet extraction was adopted to estimate the concentrations of total petroleum products (TPH) in the soil samples: This technique was applied to contaminated soil, also to soils remediated by incineration/adding biochar. The treatment of soil using biochar obtained from pyrolysis of the Birchwood led to a considerable decrease in the concentrations of petroleum products. The incineration treatments conducted under experimental stage to clean up the same soil, contaminated with petroleum products, involved specific parameters: temperature of about 600°C, 800°C and 1000°C and treatment time 30 and 60 minutes. The experimental results revealed that the method using biochar has registered values of efficiency up to those of all incineration processes applied for the shortest time.

Keywords: biochar, biomass, remediaton, soil, TPH

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Authors: Pratap Chandra Pati, Prabina Rajib, Parama Barai

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The traditional finance theory neglects the role of sentiment factor in asset pricing. However, the behavioral approach to asset-pricing based on noise trader model and limit to arbitrage includes investor sentiment as a priced risk factor in the assist pricing model. Investor sentiment affects stock more that are vulnerable to speculation, hard to value and risky to arbitrage. It includes small stocks, high volatility stocks, growth stocks, distressed stocks, young stocks and non-dividend-paying stocks. Since the introduction of Chicago Board Options Exchange (CBOE) volatility index (VIX) in 1993, it is used as a measure of future volatility in the stock market and also as a measure of investor sentiment. CBOE VIX index, in particular, is often referred to as the ‘investors’ fear gauge’ by public media and prior literature. The upward spikes in the volatility index are associated with bouts of market turmoil and uncertainty. High levels of the volatility index indicate fear, anxiety and pessimistic expectations of investors about the stock market. On the contrary, low levels of the volatility index reflect confident and optimistic attitude of investors. Based on the above discussions, we investigate whether market-wide fear levels measured volatility index is priced factor in the standard asset pricing model for the Indian stock market. First, we investigate the performance and validity of Fama and French three-factor model and Carhart four-factor model in the Indian stock market. Second, we explore whether India volatility index as a proxy for fearful market-based sentiment indicators affect the cross section of stock returns after controlling for well-established risk factors such as market excess return, size, book-to-market, and momentum. Asset pricing tests are performed using monthly data on CNX 500 index constituent stocks listed on the National stock exchange of India Limited (NSE) over the sample period that extends from January 2008 to March 2017. To examine whether India volatility index, as an indicator of fear sentiment, is a priced risk factor, changes in India VIX is included as an explanatory variable in the Fama-French three-factor model as well as Carhart four-factor model. For the empirical testing, we use three different sets of test portfolios used as the dependent variable in the in asset pricing regressions. The first portfolio set is the 4x4 sorts on the size and B/M ratio. The second portfolio set is the 4x4 sort on the size and sensitivity beta of change in IVIX. The third portfolio set is the 2x3x2 independent triple-sorting on size, B/M and sensitivity beta of change in IVIX. We find evidence that size, value and momentum factors continue to exist in Indian stock market. However, VIX index does not constitute a priced risk factor in the cross-section of returns. The inseparability of volatility and jump risk in the VIX is a possible explanation of the current findings in the study.

Keywords: India VIX, Fama-French model, Carhart four-factor model, asset pricing

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Authors: D. S. Fardhyanti, A. Damayanti

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The utilization of biomass as a source of new and renewable energy is being carried out. One of the technologies to convert biomass as an energy source is pyrolysis which is converting biomass into more valuable products, such as bio-oil. Bio-oil is a liquid which is produced by steam condensation process from the pyrolysis of coconut shells. The composition of a coconut shell e.g. hemicellulose, cellulose and lignin will be oxidized to phenolic compounds as the main component of the bio-oil. The phenolic compounds in bio-oil are corrosive; they cause various difficulties in the combustion system because of a high viscosity, low calorific value, corrosiveness, and instability. Phenolic compounds are very valuable components which phenol has used as the main component for the manufacture of antiseptic, disinfectant (known as Lysol) and deodorizer. The experiments typically occurred at the atmospheric pressure in a pyrolysis reactor at temperatures ranging from 300 ^oC to 350 ^oC with a heating rate of 10 ^oC/min and a holding time of 1 hour at the pyrolysis temperature. The Gas Chromatography-Mass Spectroscopy (GC-MS) was used to analyze the bio-oil components. The obtained bio-oil has the viscosity of 1.46 cP, the density of 1.50 g/cm³, the calorific value of 16.9 MJ/kg, and the molecular weight of 1996.64. By GC-MS, the analysis of bio-oil showed that it contained phenol (40.01%), ethyl ester (37.60%), 2-methoxy-phenol (7.02%), furfural (5.45%), formic acid (4.02%), 1-hydroxy-2-butanone (3.89%), and 3-methyl-1,2-cyclopentanedione (2.01%).

Keywords: bio-oil, pyrolysis, coconut shell, phenol, gas chromatography-mass spectroscopy

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Authors: A. Abbas Khalaf, L. Issazadeh, Z. Arif Abdullah, J. Hassanpour

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In order to evaluate the growth and yield properties of two Sorghum-Sudangrass hybrids under different irrigation levels, an investigation was done in the experiment site of Collage of Agriculture, University of Duhok, Kurdistan region of Iraq (36°5´38^⸗ N, 42°52´02^⸗ E) in the years 2015-16. The experiment was conducted under Randomized Complete Block Design (RCBD) with three replications, which main factor was irrigation treatments (I₁₀₀, I₇₅ and I₅₀) according to evaporation pan class A and type of Sorghum-Sudangrass hybrids (KH12SU9001, G₁) and (KH12SU9002, G₂) were factors of subplots. The parameters studied were: plant height (cm), number of green leaves per plant; leaf area (m²/m²), stem thickness (mm), percent of protein, fresh and dry biomass (ton.ha^-1) and also crop water productivity. The results of variance analysis showed that KH12SU9001 variety had more amount of leaf area, percent of protein, fresh and dry biomass yield in comparison to KH12SU9002 variety. By comparing effects of irrigation levels on vegetative growth and yield properties, results showed that amount of plant height, fresh and dry biomass weight was decreased by decreasing irrigation level from full irrigation regime to 5 _o% of irrigation level. Also, results of crop water productivity (CWP) indicated that improvement in quantity of irrigation would impact fresh and dry biomass yield significantly. Full irrigation regime was recorded the highest level of CWP (1.28-1.29 kg.m^-3).

Keywords: deficit irrigation, growth, sorghum-sudangrass hybrid, yield

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Authors: Haon-Yao Chen, Cheng-Fang Lin, Pui-Kwan Andy Hong, Ping-Yi Yang, Kok Kwang Ng, Sheng-Fu Yang

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Simultaneous nitrification and denitrification (SND) are a natural phenomenon in the soil environment that can be applied in wastewater treatment. At a domestic wastewater treatment plant, we performed a pilot test of installing bioplates with entrapped biomass into a conventional aeration basin for SND, and investigated the effects of bioplate packing ratio, hydraulic retention time, dissolved oxygen level, on/off aeration mode, and supplemental carbon and alkalinity on nitrogen removal. With the pilot aeration basin of 1.3 m3 loaded with mixed liquor suspended solids of 1500-2500 mg/L and bioplates at PR of 3.2% (3.2% basin volume) operated at HRT of 6 h and DO of 4-6 mg/L without supplemental carbon or alkalinity, nitrogen in the wastewater was removed to an effluent total nitrogen (TN) of 7.3 mg/L from an influent TN of 28 mg/L. The bioplate robust cellulose triacetate structure carrying the biomass shows promise in retrofitting conventional aeration basins for enhanced nutrient removal.

Keywords: immobilization, nitrification/denitrification, nutrient removal, total nitrogen

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Authors: Muhammad Mohsin, Mir Md Abdus Salam, Pertti Pulkkinen, Ari Pappinen

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Soil and water contamination by heavy metals is a major challenging issue for the environment. Phytoextraction is an emerging, environmentally friendly and cost-efficient technology in which plants are used to eliminate pollutants from the soil and water. We aimed to assess the copper (Cu) and zinc (Zn) removal efficiency by two willow varieties such as Klara (S. viminalis x S. schwerinii x S. dasyclados) and Karin ((S.schwerinii x S. viminalis) x (S. viminalis x S.burjatica)) under different soil treatments (control/unpolluted, polluted, lime with polluted, wood ash with polluted). In 180 days of pot experiment, these willow varieties were grown in a highly polluted soil collected from Pyhasalmi mining area in Finland. The lime and wood ash were added to the polluted soil to improve the soil pH and observe their effects on metals accumulation in plant biomass. The Inductively Coupled Plasma Optical Emission Spectrometer (ELAN 6000 ICP-EOS, Perkin-Elmer Corporation) was used in this study to assess the heavy metals concentration in the plant biomass. The result shows that both varieties of willow have the capability to accumulate the considerable amount of Cu and Zn varying from 36.95 to 314.80 mg kg⁻¹ and 260.66 to 858.70 mg kg⁻¹, respectively. The application of lime and wood ash substantially affected the stimulation of the plant height, dry biomass and deposition of Cu and Zn into total plant biomass. Besides, the lime application appeared to upsurge Cu and Zn concentrations in the shoots and leaves in both willow varieties when planted in polluted soil. However, wood ash application was found more efficient to mobilize the metals in the roots of both varieties. The study recommends willow plantations to rehabilitate the Cu and Zn polluted soils.

Keywords: heavy metals, lime, phytoextraction, wood ash, willow

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Authors: Madhalasa Iyer

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The increase in sustainable practices have encouraged the research and production of alternative fuels. New techniques of bio flocculation with the addition of yeast and bacteria strains have increased the efficiency of biofuel production. Fatty acid methyl ester (FAME) analysis in previous research has indicated that yeast can serve as a plausible enhancer for microalgal lipid production. The research hopes to identify the yeast and microalgae treatment group that produces the largest algae biomass. The mass of the dried algae is used as a proxy for TAG production correlating to the cultivation of biofuels. The study uses a model bioreactor created and built using PVC pipes, 8-port sprinkler system manifold, CO2 aquarium tank, and disposable water bottles to grow the microalgae. Nannochloropsis sp., and Isochrysis galbanawere inoculated separately in experimental group 1 and 2 with no treatments and in experimental groups 3 and 4 with each algaeco-cultured with Saccharomyces cerevisiae in the medium of standard garden stone fertilizer. S. cerevisiae was grown in a petri dish with nutrient agar medium before inoculation. A Secchi stick was used before extraction to collect data for the optical density of the microalgae. The biomass estimator was then used to measure the approximate production of biomass. The microalgae were grown and extracted with a french press to analyze secondary measurements using the dried biomass. The experimental units of Isochrysis galbana treated with the baker’s yeast strains showed an increase in the overall mass of the dried algae. S. cerevisiae proved to be an accurate and helpful addition to the solution to provide for the growth of algae. The increase in productivity of this fuel source legitimizes the possible replacement of non-renewable sources with more promising renewable alternatives. This research furthers the notion that yeast and mutants can be engineered to be employed in efficient biofuel creation.

Keywords: biofuel, co-culture, S. cerevisiae, microalgae, yeast

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Authors: Mehran Nozari-Asbemarz, Italo Pisano, Simin Arshi, Edmond Magner, James J. Leahy

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Integrating electrolytic synthesis with renewable energy makes it feasible to address urgent environmental and energy challenges. Conventional water electrolyzers concurrently produce H₂ and O₂, demanding additional procedures in gas separation to prevent contamination of H₂ with O₂. Moreover, the oxygen evolution reaction (OER), which is sluggish and has a low overall energy conversion efficiency, does not deliver a significant value product on the electrode surface. Compared to conventional water electrolysis, integrating electrolytic hydrogen generation from water with thermodynamically more advantageous aqueous organic oxidation processes can increase energy conversion efficiency and create value-added compounds instead of oxygen at the anode. One strategy is to use renewable and sustainable carbon sources from biomass, which has a large annual production capacity and presents a significant opportunity to supplement carbon sourced from fossil fuels. Numerous catalytic techniques have been researched in order to utilize biomass economically. Because of its safe operating conditions, excellent energy efficiency, and reasonable control over production rate and selectivity using electrochemical parameters, electrocatalytic upgrading stands out as an appealing choice among the numerous biomass refinery technologies. Therefore, we propose a broad framework for coupling H2 generation from water splitting with oxidative biomass upgrading processes. Four representative biomass targets were considered for oxidative upgrading that used a hierarchically porous CoFe-MOF/LDH @ Graphite Paper bifunctional electrocatalyst, including glucose, ethanol, benzyl, furfural, and 5-hydroxymethylfurfural (HMF). The potential required to support 50 mA cm-2 is considerably lower than (~ 380 mV) the potential for OER. All four compounds can be oxidized to yield liquid byproducts with economic benefit. The electrocatalytic oxidation of glucose to the value-added products, gluconic acid, glucuronic acid, and glucaric acid, was examined in detail. The cell potential for combined H₂ production and glucose oxidation was substantially lower than for water splitting (1.44 V(RHE) vs. 1.82 V(RHE) for 50 mA cm-2). In contrast, the oxidation byproduct at the anode was significantly more valuable than O₂, taking advantage of the more favorable glucose oxidation in comparison to the OER. Overall, such a combination of HER and oxidative biomass valorization using electrocatalysts prevents the production of potentially explosive H₂/O₂mixtures and produces high-value products at both electrodes with lower voltage input, thereby increasing the efficiency and activity of electrocatalytic conversion.

Keywords: biomass, electrocatalytic, glucose oxidation, hydrogen evolution

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Authors: Raheleh Farzanmanesh, Christopher J. Weston

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Mangroves are forest ecosystems located in the inter-tidal regions of tropical and subtropical coastlines that provide many valuable economic and ecological benefits for millions of people, such as preventing coastal erosion, providing breeding, and feeding grounds, improving water quality, and supporting the well-being of local communities. In addition, mangroves capture and store high amounts of carbon in biomass and soils that play an important role in combating climate change. The decline in mangrove area has prompted government and private sector interest in mangrove conservation and restoration projects to achieve multiple Sustainable Development Goals, from reducing poverty to improving life on land. Mangrove aboveground biomass plays an essential role in the global carbon cycle, climate change mitigation and adaptation by reducing CO2 emissions. However, little information is available about the effectiveness of mangrove sustainable management on mangrove change area and aboveground biomass (AGB). Here, we proposed a method for mapping, modeling, and assessing mangrove area and AGB in two Global Environment Facility (GEF) blue forests projects based on Sentinel-2 Level 1C imagery during their conservation lifetime. The SVR regression model was used to estimate AGB in Tahiry Honko project in Madagascar and the Abu Dhabi Blue Carbon Demonstration Project (Abu Dhabi Emirates. The results showed that mangrove forests and AGB declined in the Tahiry Honko project, while in the Abu Dhabi project increased after the conservation initiative was established. The results provide important information on the impact of mangrove conservation activities and contribute to the development of remote sensing applications for mapping and assessing mangrove forests in blue carbon initiatives.

Keywords: blue carbon, mangrove forest, REDD+, aboveground biomass, Sentinel-2

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Authors: Mohammad Azam

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This work is an endeavor to empirically investigate the Gross Domestic Product-Growth as mediating variable between various factors and portfolio returns using a broad sample of 522 financial and non-financial firms enlisted on Pakistan Stock Exchange between January-1993 and June-2022. The study employs the Structural Equation modeling and Ordinary Least Square regression to determine the findings before and during the Covid-19 epidemiological situation, which has not received due attention by researchers. The analysis reveals that market and investment factors are redundant, whereas size and value show significant results, whereas Gross Domestic Product-Growth performs significant mediating impact for the whole time frame. Using before Covid-19 period, the results reveal that market, value, and investment are redundant, but size, profitability, and Gross Domestic Product-Growth are significant. During the Covid-19, the statistics indicate that market and investment are redundant, though size and Gross Domestic Product-Growth are highly significant, but value and profitability are moderately significant. The Ordinary Least Square regression shows that market and investment are statistically insignificant, whereas size is highly significant but value and profitability are marginally significant. Using the Gross Domestic Product-Growth augmented model, a slight growth in R-square is observed. The size, value and profitability factors are recommended to the investors for Pakistan Stock Exchange. Conclusively, in the Pakistani market, the Gross Domestic Product-Growth indicates a feeble moderating effect between risk-premia and portfolio returns.

Keywords: asset pricing puzzle, mediating role of GDP-growth, structural equation modeling, COVID-19 pandemic, Pakistan stock exchange

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Authors: Taufik Nugroho, Firsty Dzainuurahmana, Tika Widiastuti

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The polemic about the salt crisis re-emerged, this is a classic problem in Indonesia and is still a homework that is not finished yet. This salt crisis occurs due to low productivity of salt commodities that have not been able to meet domestic demand and lack of salt productivity caused by several factors. One of the biggest factors of the crisis is the weather anomaly that disrupts salt production, less supportive technology and price stability. This study will try to discuss the salt scarcity and crisis solution in Islamic view. As for the conclusion of this study is the need for equilibrium or balancing between demand and supply, need to optimize the role of the government as Hisbah to maintain the balance of market mechanisms and prepare the stock system of salt stock by buying farmers products at reasonable prices then storing them.

Keywords: crisis, Islamic solution, scarcity, salt

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Authors: Shady S. Hassan, Brijesh K. Tiwari, Gwilym A. Williams, Amit K. Jaiswal

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Waste materials from a wide range of agro-industrial processes may be used as substrates for microbial growth, and subsequently the production of a range of high value products and bioenergy. In addition, utilization of these agro-residues in bioprocesses has the dual advantage of providing alternative substrates, as well as solving their disposal problems. Spent coffee grounds (SCG) are a by-product (45%) of coffee processing. SCG is a lignocellulosic material, which is composed mainly of cellulose, hemicelluloses, and lignin. Thus, a pretreatment process is required to facilitate an efficient enzymatic hydrolysis of such carbohydrates. In this context, microwave pretreatment of lignocellulosic biomass without the addition of harsh chemicals represents a green technology. Moreover, microwave treatment has a high heating efficiency and is easy to implement. Thus, microwave pretreatment of SCG without adding of harsh chemicals investigated as a green technology to enhance enzyme hydrolysis. In the present work, microwave pretreatment experiments were conducted on SCG at varying power levels (100, 250, 440, 600, and 1000 W) for 60 s. By increasing microwave power to a certain level (which vary by varying biomass), reducing sugar increases, then reducing sugar from biomass start to decrease with microwave power increase beyond this level. Microwave pretreatment of SCG at 60s followed by enzymatic hydrolysis resulted in total reducing sugars of 91.6 ± 7.0 mg/g of biomass (at microwave power of 100 w). Fourier transform Infrared Spectroscopy (FTIR) was employed to investigate changes in functional groups of biomass after pretreatment, while high-performance liquid chromatography (HPLC) was employed for determination of glucose. Pretreatment of lignocellulose using microwave was found to be an effective and energy efficient technology to improve saccharification and glucose yield. Energy performance will be evaluated for the microwave pretreatment, and the enzyme hydrolysate will be used as media component substitute for the production of ethanol and other high value products.

Keywords: lignocellulose, microwave, pretreatment, spent coffee grounds

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Authors: Lynmar M. Didal, Ramises G. Manzano Jr., Jacque Bon-Isaac C. Aboy

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This study analyzes the performance of global minimum variance and naive portfolios across different economic periods, using monthly stock returns from the Philippine Stock Exchange Index (PSEI), S&P 500, and Dow Jones Industrial Average (DOW). The performance is evaluated through the Sharpe ratio, Sortino ratio, Jensen’s Alpha, Treynor ratio, and Information ratio. Additionally, the study investigates the impact of short selling on portfolio performance. Six-time periods are defined for analysis, encompassing events such as the global financial crisis and the COVID-19 pandemic. Findings indicate that the Naive portfolio generally outperforms the GMV portfolio in the S&P 500, signifying higher returns with increased volatility. Conversely, in the PSEI and DOW, the GMV portfolio shows more efficient risk-adjusted returns. Short selling significantly impacts the GMV portfolio during mid-GFC and mid-COVID periods. The study offers insights for investors, suggesting the Naive portfolio for higher risk tolerance and the GMV portfolio as a conservative alternative.

Keywords: portfolio performance, global minimum variance, naïve portfolio, risk-adjusted metrics, short-selling

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Authors: Juniarti, Yusniwati, Anwar. A, Armansyah, Febriamansyah, R.

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Simawang area is one of the critical areas (sub-optimal) that experienced drought from climate changes. Potential dry land belonging to sub-optimal in Simawang, West Sumatera, Indonesia not been fully utilized for agricultural cultivation. Simawang village, West Sumatera, Indonesia is formerly known as the rice barn, due to the climate change area is experiencing a drought, so the rice fields that were once productive now a grazing paddock because of lack of water. This study aims to calculate the soil carbon stock in Simawang village, West Sumatera Indonesia. The study was conducted in Simawang village, Tanah Datar regency, West Sumatera from October 2014 until December 2017. The study was conducted on sub-optimal land to be planted with Cymbopogon nardus L. (Sereh wangi in Indonesian language). Composite soil sampling conducted at a depth of 0-20 cm, 20 – 40 cm. Based on the depth of soil carbon stocks gained higher ground 6473 t ha-1 at a depth of 0-20 cm at a depth of 20-40 cm. Efforts to increase soil carbon is expected to be cultivated through Cymbopogon nardus L. planting has been done.

Keywords: climate changes, sereh wangi (Cymbopogon nardus L.), soil carbon stock, sub optimal land

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Authors: Driss Haddouche

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Pastoral crisis in Algeria has its origins in rangeland degradation which are the main factor in any activity in the steppe zones. Indeed, faced with the increasing human and animal population on a living space smaller and smaller, there is an overuse of what remains of the steppe range lands, consequently the not sustainability of biomass production. Knowing the amount of biomass available, the practice of grazing options, taking into account the use of "Use Factor" factor remains an essential method for managing pastoral resources. This factor has three options: at 40% Conservative pasture; at 60 % the beginning of overgrazing; at 80% destructive grazing. Accessibility on the pasture is based on our field observations of a type any flock along a grazing cycle. The main purpose of these observations is to highlight the speed of herd grazing situation. Several individuals from the herd were timed to arrive at an average duration of about 5 seconds to move between two tufts of grass, separated by a distance of one meter. This gives a rate of 5 s/m (0.72 km/h) flat. This speed varies depending on the angle of the slope. Knowing the speed and slope of each pixel of the study area, given by the digital elevation model of Spot Image (MNE) and whose pitch is 15 meters, a map of pasture according to the distances is generated. Knowing the stocking and biomass available, the examination of the common Mécheria at regular distances (8.64 km or 12 hours of grazing, 17.28 km or 24 hours of grazing and 25.92 Km or 36 hours of grazing), offers three different options (conservation grazing resource: utilization at 40%; overgrazing statements for use at 60% and grazing destructive for use by more than 80%) for each distance traveled by sheep from the starting point is the town of Mécheria.

Keywords: pastoral crisis, biomass, animal charge, use factor, Algeria

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Authors: Rosaria Tizzani, Tomas Morosinotto, Fabrizio Bezzo, Eleonora Sforza

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Red microalga Porphyridium marinum CCAP 13807/10 has the potential to produce a broad range of commercially valuable chemicals such as PhycoErytrin (PE) and sulphated ExoPolySaccharides (EPS). Multiple abiotic factors influence the growth of Porphyridium sp., e.g. the wavelength of the light source and different cultivation strategies (one or two steps, batch, semi-, and continuous regime). The microalga of interest is cultivated in a two-step system. First, the culture grows photoautotrophically in a controlled bioreactor with pH-dependent CO2 injection, temperature monitoring, light intensity, and LED wavelength remote control in a semicontinuous mode. In the second step, the harvested biomass is subjected to mixotrophic conditions to enhance further growth. Preliminary tests have been performed to define the suitable media, salinity, pH, and organic carbon substrate to obtain the highest biomass productivity. Dynamic light and operational conditions (e.g. HRT) are evaluated to achieve high biomass production, high PE accumulation in the biomass, and high EPS release in the medium. Porphyridium marinum is able to chromatically adapt the photosynthetic apparatus to efficiently exploit the full light spectra composition. The effect of specific narrow LED wavelengths (white W, red R, green G, blue B) and a combination of LEDs (WR, WB, WG, BR, BG, RG) are identified to understand the phenomenon of chromatic adaptation under photoautotrophic conditions. The effect of light intensity, residence time, and light quality are investigated to define optimal operational strategies for full scale commercial applications. Production of biomass, phycobiliproteins, PE, EPS, EPS sulfate content, EPS composition, Chlorophyll-a, and pigment content are monitored to determine the effect of LED wavelength on the cultivation Porphyridium marinum in order to optimize the production of these multiple, highly valuable bioproducts of commercial interest.

Keywords: red microalgae, LED, exopolysaccharide, phycoerythrin

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Authors: Charles Lee

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The Principal Orthogonal Decomposition (POD) technique has been used as a model reduction tool for many applications in engineering and science. In principle, one begins with an ensemble of data, called snapshots, collected from an experiment or laboratory results. The beauty of the POD technique is that when applied, the entire data set can be represented by the smallest number of orthogonal basis elements. It is the such capability that allows us to reduce the complexity and dimensions of many physical applications. Mathematical formulations and numerical schemes for the POD method will be discussed along with applications in NASA’s Deep Space Large Antenna Arrays, Satellite Image Reconstruction, Cancer Detection with DNA Microarray Data, Maximizing Stock Return, and Medical Imaging.

Keywords: reduced-order methods, principal component analysis, cancer detection, image reconstruction, stock portfolios

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Authors: Chih-Hsiang Chang

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This study provides insight into the effects of investor sentiment, excess optimism, overconfidence, the disposition effect, and herding formation on momentum profits. This study contributes to the field by providing a further examination of the relationship between psychological factors and momentum profits. The empirical results show that there is no evidence of significant momentum profits in Taiwan’s stock market. Additionally, investor sentiment in Taiwan’s stock market significantly influences its momentum profits.

Keywords: momentum profits, psychological factors, herding formation, investor sentiment

Procedia PDF Downloads 357

Authors: Juniarti Yuni

Abstract:

Simawang area is one of the critical areas (sub-optimal) that experienced drought from climate changes. Potential dry land belonging to sub-optimal in Simawang, West Sumatera, Indonesia not been fully utilized for agricultural cultivation. Simawang village, West Sumatera, Indonesia is formerly known as the rice barn, due to the climate change area is experiencing a drought, so the rice fields that were once productive now a grazing paddock because of lack of water. This study aims to calculate the soil carbon stock in Simawang village, West Sumatera Indonesia. The study was conducted in Simawang village, Tanah Datar regency, West Sumatera from October 2014 until December 2017. The study was conducted on sub-optimal land to be planted with Cymbopogon nardus L. (Sereh wangi in Indonesian language). Composite soil sampling conducted at a depth of 0-20 cm, 20–40 cm. Based on the depth of soil carbon stocks gained higher ground 6473 T/Ha at a depth of 0-20 cm at a depth of 20-40 cm. Efforts to increase soil carbon is expected to be cultivated through Cymbopogon nardus L. planting has been done.

Keywords: climate changes, sereh wangi (Cymbopogon nardus L.), soil carbon stock, sub optimal land

Procedia PDF Downloads 279

Authors: Jasman Tuyon, Zamri Ahmad

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Behavioral asset pricing research has been gaining momentum since in 1990s. However, it is still incomplete and has been criticized for some philosophical, theoretical and model specification limitations. Due to these drawbacks, investors’ behaviors as a source of risk in behavioral asset pricing modeling still remains disputable. This paper aims to address these issues with an alternative perspective based on behavioral finance paradigm. Specifically, this paper proposes a theoretical linkages of both fundamental and behavioral risks on stock prices formation and an extension of the multifactor stock pricing model by combining multi-factor fundamentals and behavioral risks factors.

Keywords: behavioral finance, multifactor asset pricing, behavioral risks, fundamental risks

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Authors: Rajesh Chandra, Uttam K. Ghosh

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This study demonstrates microalgal bio-diesel generation from a cheap, abundant, non-edible fruit pulp of Cassia fistula L. The Cassia fistula L. fruit pulp aqueous extract (CFAE) was utilized as a growth medium for cultivation of microalga Chlorella minutissima (C. minutissima). This microalga accumulated a high amount of lipids when cultivated with CFAE as a source of nutrition in comparison to BG-11 medium. Different concentrations (10, 20, 30, 40 and 50%) of CFAE diluted with distilled water were used to cultivate microalga. Effects of light intensity and photoperiod were also observed on biomass and lipid yield of microalga. Light intensity of 8000 lux with a photoperiod of 18 h resulted in maximum biomass and lipid yield of 1.28 ± 0.03 and 0.3968 ± 0.05 g/L, respectively when cultivated with 40% CFAE. Fatty acid methyl ester (FAME) profile of bio-diesel obtained shown the presence of myristic acid (C14:0), palmitic acid (C16:0), palmitoleic acid (C16:1), stearic acid (C18:0), linoleic acid (C18:2), linolenic acid (C18:3), arachidic acid (C20:0), and gondoic acid (C20:1), as major fatty acids. These facts reflect that the fruit pulp of Cassia fistula L. can be used for cultivation of C. minutissima.

Keywords: biomass, bio-diesel, Cassia fistula L., C. minutissima, GC-MS, lipid

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Authors: Taissir Fekih Romdhane

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This paper proposes a mobile web application named Pharmacy-Station that sells medicines and permits user to search for medications based on their symptoms, making it is easy to locate a specific drug online without the need to visit a pharmacy where it may be out of stock. This application is developed using the jQuery Mobile framework, which uses many web technologies and languages such as HTML5, PHP, JavaScript and CSS3. To test the proposed application, we used data from popular pharmacies in Saudi Arabia that included important information such as location, contact, and medicines in stock, etc. This document describes the different steps followed to create the Pharmacy-Station application along with screenshots. Finally, based on the results, the paper concludes with recommendations and further works planned to improve the Pharmacy-Station mobile application.

Keywords: pharmacy, mobile application, jquery mobile framework, search, medicine

Procedia PDF Downloads 127

Authors: Ali Rabah

Abstract:

This research received no grant or financial support from any public, commercial, or none governmental agency. The author conducted this work as part of his normal research activities as a professor of Chemical Engineering at the University of Khartoum, Sudan. Abstract While fossil oil reserves have been receding, the demand for diesel and gasoline has been growing. In recent years, syngas of biomass origin has been emerging as a viable feedstock for Fischer-Tropsch (FT) synthesis, a process for manufacturing synthetic gasoline and diesel. This paper reports the optimization of syngas quality to match FT synthesis requirements. The optimization model maximizes the thermal efficiency under the constraint of H2/CO≥2.0 and operating conditions of equivalent ratio (0 ≤ ER ≤ 1.0), steam to biomass ratio (0 ≤ SB ≤ 5), and gasification temperature (500 °C ≤ Tg ≤ 1300 °C). The optimization model is executed using the optimization section of the Model Analysis Tools of the Aspen Plus simulator. The model is tested using eleven (11) types of MSW. The optimum operating conditions under which the objective function and the constraint are satisfied are ER=0, SB=0.66-1.22, and Tg=679 - 763°C. Under the optimum operating conditions, the syngas quality is H2=52.38 - 58.67-mole percent, LHV=12.55 - 17.15 MJ/kg, N2=0.38 - 2.33-mole percent, and H2/CO≥2.15. The generalized optimization model reported could be extended to any other type of biomass and coal. Keywords: MSW, Syngas, Optimization, Fischer-Tropsch.

Keywords: syngas, MSW, optimization, Fisher-Tropsh

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Authors: Wee Tong Liaw, Elaine Wong Yee Sing

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Since 2001, many companies in Singapore have voluntarily participated in the bi-annual Singapore HEALTH Award initiated by the Health Promotion Board of Singapore (HPB). The Singapore HEALTH Award (SHA), is an industry wide award and assessment process. SHA assesses and recognizes employers in Singapore for implementing a comprehensive and sustainable health promotion programme at their workplaces. The rationale for implementing a sustained health promoting workplace and participating in SHA is obvious when company management is convinced that healthier employees, business productivity, and profitability are positively correlated. However, performing research or empirical studies on the impact of a sustained health promoting workplace on stock returns are not likely to yield any interests in the absence of a systematic and independent assessment on the comprehensiveness and sustainability of a health promoting workplace in most developed economies. The principles of diversification and mean-variance efficient portfolio in Modern Portfolio Theory developed by Markowitz (1952) laid the foundation for the works of many financial economists and researchers, and among others, the development of the Capital Asset Pricing Model from the work of Sharpe (1964), Lintner (1965) and Mossin (1966), and the Fama-French Three-Factor Model of Fama and French (1992). This research seeks to support the rationale by studying whether there is a significant relationship or impact of a sustained health promoting workplace on the performance of companies listed on the SGX. The research shall form and test hypotheses pertaining to the impact of a sustained health promoting workplace on company’s performances, including stock returns, of companies that participated in the SHA and companies that did not participate in the SHA. In doing so, the research would be able to determine whether corporate and fund manager should consider the significance of a sustained health promoting workplace as a risk factor to explain the stock returns of companies listed on the SGX. With respect to Singapore’s stock market, this research will test the significance and relevance of a health promoting workplace using the Singapore Health Award as a proxy for non-diversifiable risk factor to explain stock returns. This study will examine the significance of a health promoting workplace on a company’s performance and study its impact on stock price performance and beta and examine if it has higher explanatory power than the traditional single factor asset pricing model CAPM (Capital Asset Pricing Model). To study the significance there are three key questions pertinent to the research study. I) Given a choice, would an investor be better off investing in a listed company with a sustained health promoting workplace i.e. a Singapore Health Award’s recipient? II) The Singapore Health Award has four levels of award starting from Bronze, Silver, Gold to Platinum. Would an investor be indifferent to the level of award when investing in a listed company who is a Singapore Health Award’s recipient? III) Would an asset pricing model combining FAMA-French Three Factor Model and ‘Singapore Health Award’ factor be more accurate than single factor Capital Asset Pricing Model and the Three Factor Model itself?

Keywords: asset pricing model, company's performance, stock prices, sustained health promoting workplace

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Authors: Oluwaseun Adeleke, Samuel O. Ikani, Fidelis Edet, Anthony Nwala, Mopelola Raji, Simeon Christian Chukwu

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Background: The Delivering Innovations in Selfcare (DISC) project aims to increase access to self-care options for women of reproductive age, starting with self-inject subcutaneous depot medroxyprogesterone acetate (DMPA-SC) contraception services. However, the project has faced challenges in ensuring the continuous availability of the commodity in health facilities. Although most states in the country rely on the federal ministry of Health for supplies, some are gradually funding the procurement of Family Planning (FP) commodities. This attempt is, however, often accompanied by procurement delays and purchases inadequate to meet demand. This dilemma was further exacerbated by the commencement of demand generation activities by the project in supported states which geometrically increased commodity utilization rates and resulted in receding stock and occasional service disruptions. Strategies: The project deployed various strategies were implemented to ensure the continuous availability of commodities. These include facilitating inter-facility transfer, monthly tracking of commodity utilization, and alerting relevant authorities when stock levels reach a minimum. And supporting state-level procurement of DMPA-SC commodities through catalytic interventions. Results: Effective monitoring of commodity inventory at the facility level and strategic engagement with federal and state-level logistics units have proven successful in mitigating stock-out of commodities. It has helped secure up to 13,000 units of DMPA-SC commodities from federal logistics units and enabled state units to prioritize supported sites. This has ensured the continuity of DMPA-SC services and an increasing trend in the practice of self-injection. Conclusion: A functional supply chain is crucial to achieving commodity security, and without it, health programs cannot succeed. Stakeholder engagement, stock management and catalytic interventions have provided both short- and long-term measures to mitigate stock-outs and ensured a consistent supply of commodities to clients.

Keywords: family planning, contraception, DMPA-SC, self-care, self-injection, commodities, stock-out

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Authors: Bel Abed Ines Mariem

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Different stock markets keep changing their exchange structure for the only purpose of improving the functioning of their markets. This paper investigates the effects of the transfer from one trading category to another in the Tunisian Stock Exchange on market price and liquidity. The sample consists of 40 securities transferred from call auction to continuous auction and conversely during the period between 2004 and 2013. The methodology used is the event study. Empirical results show an interesting phenomenon observed; stocks transferred to the call system have experienced an improvement on their price and liquidity especially for less liquid ones. However, price and liquidity for stocks transferred from call system to continuous system have decreased.

Keywords: microstructure, call auction, continuous auction, price, liquidity and event study

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Authors: Frankie Burgos, Emely Munar, Conrado Basa

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This paper aimed at developing an artificial neural network (ANN) model specifically for the Philippine Stock Exchange index closing value. The inputs to the ANN are US Dollar and Philippine Peso(USD-PHP) exchange rate, GDP growth of the country, quarterly inflation rate, 10-year bond yield, credit rating of the country, previous open, high, low, close values and volume of trade of the Philippine Stock Exchange Index (PSEi), gold price of the previous day, National Association of Securities Dealers Automated Quotations (NASDAQ), Standard and Poor’s 500 (S & P 500) and the iShares MSCI Philippines ETF (EPHE) previous closing value. The target is composed of the closing value of the PSEi during the 627 trading days from November 3, 2011, to May 30, 2014. MATLAB’s Neural Network toolbox was employed to create, train and simulate the network using multi-layer feed forward neural network with back-propagation algorithm. The results satisfactorily show that the neural network developed has the ability to model the PSEi, which is affected by both internal and external economic factors. It was found out that the inputs used are the main factors that influence the movement of the PSEi closing value.

Keywords: artificial neural networks, artificial intelligence, philippine stocks exchange index, stocks trading

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Authors: Azaz Zaman, Mirazur Rahman

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Capital market is a crucial financial market place where companies and the government can raise long-term funds and, at the same time, investors get the opportunity to invest in the listed companies. Capital markets play a vital role not only in shifting the funds from surplus entity to deficit for investment, but also in the overall economic development of any developing country like Bangladesh. Being the first and biggest capital market of Bangladesh, Dhaka Stock Exchange (DSE) is the prime bourse of the country. The differences in the investment preference— among three broad categories of investors in DSE including individual investors, institutional investors, and government— are easily observed. Authors of this article have used five categories of investors such as sponsors or directors of the company, institutional investors, foreign investors, government, and the general public in order to present a comparative analysis of their investment patterns. Obtaining data on the percentage of investment by these five types of investors in different sectors from the DSE website, this study aims to analyze the sector-wise investment preference of these investors using August 2018 data. The study has found that the sponsors or directors of the company have the highest percentage of investment in the textile industry which is close to 16%. The Bangladesh government, as an investor, has the highest percentage of investment in the fuel & power sector, approximately 32%. It has also found that the mutual funds' sector is mostly financed by institutional investors, nearly 28%. Foreign investors have their most investments in the banking sector, which is close to 22%. It has also revealed that the textile sector is mostly financed by the general public, close to 17%. Nevertheless, general public, surprisingly, has the lowest percentage of investment in the telecommunication sector, which is 0.10%.

Keywords: stock market investment, Dhaka stock exchange, capital market, Bangladesh

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Authors: Cheng-yu Hsieh, Bo Zhang, Ahmed Hambaba

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Stock market prediction has long been an area of interest for both expert analysts and investors, driven by its complexity and the noisy, volatile conditions it operates under. This research examines the efficacy of combining the Patch Time Series Transformer (PatchTST) with wavelet transforms, specifically focusing on Haar and Daubechies wavelets, in forecasting the adjusted closing price of the S&P 500 index for the following day. By comparing the performance of the augmented PatchTST models with traditional predictive models such as Recurrent Neural Networks (RNNs), Convolutional Neural Networks (CNNs), Long Short-Term Memory (LSTM) networks, and Transformers, this study highlights significant enhancements in prediction accuracy. The integration of the Daubechies wavelet with PatchTST notably excels, surpassing other configurations and conventional models in terms of Mean Absolute Error (MAE) and Mean Squared Error (MSE). The success of the PatchTST model paired with Daubechies wavelet is attributed to its superior capability in extracting detailed signal information and eliminating irrelevant noise, thus proving to be an effective approach for financial time series forecasting.

Keywords: deep learning, financial forecasting, stock market prediction, patch time series transformer, wavelet transform

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Authors: H. M. Takematsu, B. R. De Camargo, E. F. Noronha

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The use of hydrolyzing enzymes for degradation of lignocellulosic biomass is of great concern for the production of second generation ethanol. Although many hollocelulases have already been described in the literature, much more has to be discovered. Therefore, the aim of this study to evaluate hollocelulase production of P. polonicum grown in liquid media containing sugarcane bagasse as the carbon source. From a collection of twenty fungi isolated from Cerrado biome soil, P. polonicum was molecular identified by sequencing of ITS4, βtubulin and Calmodulin genes, and has been chosen to be further investigated regarding its potential production of hydrolyzing enzymes. Spore suspension (1x10-6 ml-1) solution was inoculated in sterilized minimal liquid medium containing 0,5%(w/v) of non-pretreated sugarcane bagasse as the carbon source, and incubated in shaker incubator at 28°C and 120 rpm. The supernatant obtained, was subjected to enzymatic assays to analyze xylanase, mannanase, pectinase and endoglucanase activities. Xylanase activity showed better results (67,36 UI/mg). Xylanases bands were indicated by zymogram and SDS-PAGE, and one of them was partially purified and characterized. It showed maximum activity at 50 °C, was thermostable for 72h at 40°C, and pH5.0 was the optimum observed. This study presents P. polonicum as an interesting source of hollocelulases, especially xylanase, for lignocellulose bio-conversion processes with commercial use.

Keywords: sugarcane bagasse, Cerrado biome , hollocelulase, lignocellulosic biomass

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