Search results for: Financial Stability

Authors: A. O. Boyo, A. T. Akinwunmi

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The effect of extracting solvent and adjustment of pHs on the stability of Terminalia catappa L. dye-sensitized solar cell was investigated. We introduced ZnO as an alternative to TiO2 in the dye sensitized solar cells (DSSCs) due to its band gap similar to TiO2, higher electron mobility, and flexible procedures of preparations. Dye-sensitized solar cells (DSSCs) based on Terminalia catappa L. was extracted in water (A), ethanol (B) and the mixture of ethanol and water in the ratio 1:1by volume (C). The best performance Solar cells sensitized was from extracts A and achieved up to Jsc 1.51 mAcm−2, Voc 0.75V, FF 0.88 and η 0.63%. We notice that as pHs decreases there is the increase in DSSC efficiency. There is Long period stability in efficiency of the cells prepared using A than in C and a fair stability in efficiency of B cell. The results obtained with extracts B and C confirmed that Ethanol with water could not be considered as a suitable solvent for the extraction of natural dye.

Keywords: zinc oxide, dye-sensitized solar cell, terminalia catappa L., TiO2

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Authors: Manlika Rajchakit

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This paper is concerned with robust mean square stability of uncertain stochastic switched discrete time-delay systems. The system to be considered is subject to interval time-varying delays, which allows the delay to be a fast time-varying function and the lower bound is not restricted to zero. Based on the discrete Lyapunov functional, a switching rule for the robust mean square stability for the uncertain stochastic discrete time-delay system is designed via linear matrix inequalities. Finally, some examples are exploited to illustrate the effectiveness of the proposed schemes.

Keywords: robust mean square stability, discrete-time stochastic systems, hybrid systems, interval time-varying delays, lyapunov functional, linear matrix inequalities

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Authors: Basheer Idrees Balarabe, Aminu Hamisu Kura, Nabila Shehu

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As the power demand rapidly increases, the generation and transmission systems are affected because of inadequate resources, environmental restrictions and other losses. The role of transient stability control in maintaining the steady-state operation in the occurrence of large disturbance and fault is to describe the ability of the power system to survive serious contingency in time. The application of a Unified power flow controller (UPFC) plays a vital role in controlling the active and reactive power flows in a transmission line. In this research, a genetic algorithm (GA) method is applied to determine the optimal location of the UPFC device in a power system network for the enhancement of the power-system Transient Stability. Optimal location of UPFC has Significantly Improved the transient stability, the damping oscillation and reduced the peak over shoot. The GA optimization Technique proposed was iteratively searches the optimal location of UPFC and maintains the unusual bus voltages within the satisfy limits. The result indicated that transient stability is improved and achieved the faster steady state. Simulations were performed on the IEEE 14 Bus test systems using the MATLAB/Simulink platform.

Keywords: UPFC, transient stability, GA, IEEE, MATLAB and SIMULINK

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Authors: Ghada Mohamed Rashad, Doaa Ayoub Elimy, Mohamed Hussein Elgendy, Ahmed Mohamed Fathi Elshiwi, Mahmoud Ghazy

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Background: Flat feet cause changes in foot mobility, foot posture, and load distribution under the foot which influences dynamic balance, that is essential in activities of daily living and for optimal performance in sports activity. Purpose: To investigate the effect of flat feet on dynamic balance including overall stability index (OAI), anteroposterior stability index (APSI) and mediolateral stability index (MLSI). Study Design: The design of the study was an experimental design. Subjects: Forty subjects from both sexes were selected from the Faculty of Physical Therapy, Cairo University, their mean age (23.55 ± 1.74 ) years, divided into two groups, group A (8 males and 12 females) with flat feet, and group B (9 males and 11 females) with normal feet. Methods: The Navicular Drop Test was used to determine if the feet were pronated and Biodex Balance System was used to assess dynamic balance at level 8 and level 4 for both groups. Results: There was no significant difference in dynamic balance including (OSI, APSI and MLSI) of the Biodex at stability level (8) (most stable) (p = 0.56). While there was a significant difference between both groups in all dependent variables at stability level (4) (less stable level) (p = 0.0001). Conclusion: It may be concluded that flat feet have an effect on dynamic balance and there is balance affection in subjects with flat feet.

Keywords: flat feet, dynamic balance, postural stability, types of flat feet, eversion strength

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Authors: Loukou Amoin Marie Djedri

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Financing is important for all terrorists – from the largest organizations in control of territories, to the smallest groups – not only for spreading fear through attacks, but also to finance the expansion of terrorist dogmas. These organizations pose serious threats to the international community. The disruption of terrorist financing aims to create a hostile environment for the growth of terrorism and to limit considerably the terrorist groups capacities. The World Bank (WB), together with the International Monetary Fund (IMF), decided to include in their scope the Fight against the money laundering and the financing of terrorism, in order to assist Member States in protecting their internal financial system from terrorism use and abuse and reinforcing their legal system. To do so, they have adopted the Anti-Money Laundering /Combating Financing of Terrorism (AML/CFT) standards that have been set up by the Financial Action Task Force. This set of standards, recognized as the international standards for anti-money laundering and combating the financing of terrorism, has to be implemented by States Members in order to strengthen their judicial system and relevant national institutions. However, we noted that, to date, some States Members still have significant AML/CFT deficiencies, which can constitute serious threats not only to the country’s economic stability but also for the global financial system. In addition, studies stressed out that repressive measures are more implemented by countries than preventive measures, which could be an important weakness in a state security system. Furthermore, we noticed that the AML/CFT standards evolve slowly, while techniques used by terrorist networks keep developing. The goal of the study is to show how to enhance the AML/CFT global compliance through the work of the IMF and the WB, to help member states to consolidate their financial system. To encourage and ensure the effectiveness of these standards, a methodology for assessing the compliance with the AML/CFT standards has been created to follow up the concrete implementation of these standards and to provide accurate technical assistance to countries in need. A risk-based approach has also been adopted as a key component of the implementation of the AML/CFT Standards, with the aim of strengthening the efficiency of the standards. Instead, we noted that the assessment is not efficient in the process of enhancing AML/CFT measures because it seems to lack of adaptation to the country situation. In other words, internal and external factors are not enough taken into account in a country assessment program. The purpose of this paper is to analyze the AML/CFT regime in the fight against the financing of terrorism and to find lasting solutions to achieve the global AML/CFT compliance. The work of all the organizations involved in this combat is imperative to protect the financial network and to lead to the disintegration of terrorist groups in the future.

Keywords: AML/CFT standards, financing of terrorism, international financial institutions, risk-based approach

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Authors: Oscar E. Cariceo

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In Chile, social workers´ professional training is developed in the undergraduate level, mainly. Despite the fact that several schools have been launched Master of Social Work programs, the Bachelor in Social Work is the minimum qualification to start a professional career. In the current Chilean higher education system, there exist different financial aid options in order to guarantee equal access to higher education. These policies, which are student loans and scholarships, basically, are applied and distributed by Government agencies. They are linked to academic performance and socio-economic needs, in terms of standardized test scores and social vulnerability criteria. In addition, institutions that enroll students with high scores, also receive direct financial support. In other words, social work students must compete for the resources to pay for college tuitions and fees with other students from different programs and knowledge fields and, as a consequence, they can indirectly enhance schools´ money income. This work aims to describe the reality of social work students to access to financial aid in Chile. The analysis presents the results of the University Selection Test of students, who were accepted in social work undergraduate programs during 2014 related to their qualifications to apply to three main financial aid programs, and their contribution to attracting resources to their schools. In general, data show that social work students participate in a low proportion in the distribution of financial aid, both student loans and scholarships. Few of them reach enough scores to guarantee direct financial resources to their institutions. Therefore, this situation has deep implications on equal access to higher education for vulnerable students and affects equal access to training options for young social workers, due to the highly competitive financial aid system.

Keywords: social work, professional training, higher education, financial aid, equity

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Authors: H. C. Nguyen

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This contribution considers seismic effects on the stability of slope and footing resting on a slope. The seismic force is simply treated as static inertial force through the values of acceleration factor. All domains are assumed to be plasticity deformations approximated using node-based smoothed finite element method (NS-FEM). The failure mechanism and safety factor were then explored using numerical procedure based on upper bound approach in which optimization problem was formed as second order cone programming (SOCP). The data obtained confirm that upper bound procedure using NS-FEM and SOCP can give stable and rapid convergence results of seismic stability factors.

Keywords: upper bound analysis, safety factor, slope stability, footing resting on slope

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Authors: My Linh Hoang, Van Dung Hoang

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Environmental, Social, and Governance (ESG) factors have become a focus for companies globally, as businesses are now focusing on long-term sustainable goals rather than only operating for the goals of profit maximization. According to recent research, in several countries, companies have shown positive results in their financial performance by improving their ESG performance. The construction industry is one of the most crucial components of social and economic development; as a result, considerations for ESG factors are becoming more and more essential for companies in this sector. In Vietnam, the construction industry has been growing rapidly in recent years; however, it has yet to be discussed and studied extensively in Vietnam how ESG factors create impacts on corporate financial performance in general and construction corporations’ financial performance in particular. This research aims to examine the relationship between ESG factors and financial indicators in construction companies from 2011 to 2021 through panel data analysis of 75 listed construction companies in Vietnam and to provide insights into how these companies can better integrate ESG considerations into their operations to enhance their financial performance. The data was analyzed through 3 main methods: descriptive statistics, correlation coefficient analysis applied to all dependent, explanatory and control variables, and panel data analysis method. In panel data analysis, the study uses the fixed effects model (FEM) and random effects model (REM). The Hausman test will be used to select which model is suitable to be used. The findings indicate that maintaining a strong commitment to ESG principles can have a positive impact on financial performance. Finally, FGLS estimation will be performed when the problem of autocorrelation and variable variance appears in the model. This is significant for all parties involved, including investors, company managers, decision-makers, and industry regulators.

Keywords: ESG, financial performance, construction company, Vietnam

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Authors: Vladimir Simovic, Matija Varga, Predrag Oreski

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XHTML and XBRL are the standard languages for creating a database for the purpose of displaying financial statements on web applications. Today, XBRL is one of the most popular languages for business reporting. A large number of countries in the world recognize the role of XBRL language for financial reporting and the benefits that the reporting format provides in the collection, analysis, preparation, publication and the exchange of data (information) which is the positive side of this language. Here we present all advantages and opportunities that a company may have by using the XBRL format for business reporting. Also, this paper presents XBRL and other languages that are used for creating the database, such XML, XHTML, etc. The role of the AJAX complex model and technology will be explained in detail, and during the exchange of financial data between the web client and web server. Here will be mentioned basic layers of the network for data exchange via the web.

Keywords: XHTML, XBRL, XML, JavaScript, AJAX technology, data exchange

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Authors: Hammadi Larbi, Bergane Cheikh

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Drilling for oil is done through many mechanisms. The goal is first to dig deep and then, after arriving at the oil source, to simply suck it up. And for this, it is important to know the role of oil-based drilling muds, which had many benefits for the drilling tool and for drilling generally, and also and essentially to know the rheological behavior of the emulsion system in particular water-in-oil inverse emulsions (Water/crude oil). This work contributes to the improvement of the stability and rheological properties of crude oil-based drilling mud by organophilic clay. Experimental data from steady-state flow measurements of crude oil-based drilling mud are classically analyzed by the Herschel-Bulkley model. The effects of organophilic clay type VG69 are studied. Microscopic observation showed that the addition of quantities of organophilic clay type VG69 less than or equal to 3 g leads to the stability of inverse Water/Oil emulsions; on the other hand, for quantities greater than 3g, the emulsions are destabilized.

Keywords: drilling, organophilic clay, crude oil, stability

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Authors: Alireza Karimi

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Artificial Intelligence (AI) is reshaping various industries, and accounting is no exception. With the ability to process vast amounts of data quickly and accurately, AI is revolutionizing how financial professionals manage, analyze, and report financial information. In this article, we will explore the diverse applications of AI in accounting and its profound impact on the field. Automation of Repetitive Tasks: One of the most significant contributions of AI in accounting is automating repetitive tasks. AI-powered software can handle data entry, invoice processing, and reconciliation with minimal human intervention. This not only saves time but also reduces the risk of errors, leading to more accurate financial records. Pattern Recognition and Anomaly Detection: AI algorithms excel at pattern recognition. In accounting, this capability is leveraged to identify unusual patterns in financial data that might indicate fraud or errors. AI can swiftly detect discrepancies, enabling auditors and accountants to focus on resolving issues rather than hunting for them. Real-Time Financial Insights: AI-driven tools, using natural language processing and computer vision, can process documents faster than ever. This enables organizations to have real-time insights into their financial status, empowering decision-makers with up-to-date information for strategic planning. Fraud Detection and Prevention: AI is a powerful tool in the fight against financial fraud. It can analyze vast transaction datasets, flagging suspicious activities and reducing the likelihood of financial misconduct going unnoticed. This proactive approach safeguards a company's financial integrity. Enhanced Data Analysis and Forecasting: Machine learning, a subset of AI, is used for data analysis and forecasting. By examining historical financial data, AI models can provide forecasts and insights, aiding businesses in making informed financial decisions and optimizing their financial strategies. Artificial Intelligence is fundamentally transforming the accounting profession. From automating mundane tasks to enhancing data analysis and fraud detection, AI is making financial processes more efficient, accurate, and insightful. As AI continues to evolve, its role in accounting will only become more significant, offering accountants and finance professionals powerful tools to navigate the complexities of modern finance. Embracing AI in accounting is not just a trend; it's a necessity for staying competitive in the evolving financial landscape.

Keywords: artificial intelligence, accounting automation, financial analysis, fraud detection, machine learning in finance

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Authors: Sasiporn Rattanasupha, Settapat Chinviriyasit

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The treatment function adopts a continuous and differentiable function which can describe the effect of delayed treatment when the number of infected individuals increases and the medical condition is limited. In this paper, the SEIR epidemic model with treatment function is studied to investigate the dynamics of the model due to the effect of treatment. It is assumed that the treatment rate is proportional to the number of infective patients. The stability of the model is analyzed. The model is simulated to illustrate the analytical results and to investigate the effects of treatment on the spread of infection.

Keywords: basic reproduction number, local stability, SEIR epidemic model, treatment function

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Authors: Ghada M. R. Koura, Ahmed M. F. El Shiwi

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Background: structural scoliosis is a twisting deformity in the curve of vertebral column to the lateral side with simultaneous rotation of the vertebrae, which occurs during the growing years from 10 years to the puberty. Purpose: Studies investigating balance problems specific to scoliotic patients showed that those patients reveal variable balance abnormalities. In this study we evaluated the difference in postural stability responses between female patients (students, office worker and shish weapon players) with structural scoliosis and normal subjects. Methods: sixty subjects participated in this study. Thirty female patients with structural scoliosis with a mean age of (19.5 ± 3.26) years, with Cobb's angle ranged from 20º to 40° in the major curves, and thirty healthy female subjects with a mean age of (19.36 ± 2.41) years. Postural stability of both groups were evaluated by the Biodex Stability System. Results: There was no significant difference between both groups in dynamic balance test. Interpretation/Conclusion: As there was no significant difference between both groups in balance response, it is not recommended to add balance training as an extra physical therapy program for AIS female patients.

Keywords: structural scoliosis, postural stability, female patients, evaluation

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Authors: Gultekin Gurcay

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In this paper, effects and responses of stock were analyzed. This analysis was done periodically. The dimensions of the financial crisis impact on the stock market were investigated by GARCH model. In this context, S&P 500 stock market is modeled with DAX, NIKKEI and BIST100. In this way, The effects of the changing in S&P 500 stock market were examined on European and Asian stock markets. Conditional variance coefficient will be calculated through garch model. The scope of the crisis period, the conditional covariance coefficient will be analyzed comparatively.

Keywords: conditional variance coefficient, financial crisis, garch model, stock market

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Authors: Ming-Hong Chen

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In the study, the mechanical and financial feasibility for the compressed air energy storage (CAES) system in the porous media reservoir in Taiwan is evaluated. In 2035, Taiwan aims to install 16.7 GW of wind power and 40 GW of photovoltaic (PV) capacity. However, renewable energy sources often generate more electricity than needed, particularly during winter. Consequently, Taiwan requires long-term, large-scale energy storage systems to ensure the security and stability of its power grid. Currently, the primary large-scale energy storage options are Pumped Hydro Storage (PHS) and Compressed Air Energy Storage (CAES). Taiwan has not ventured into CAES-related technologies due to geological and cost constraints. However, with the imperative of achieving net-zero carbon emissions by 2050, there's a substantial need for the development of a considerable amount of renewable energy. PHS has matured, boasting an overall installed capacity of 4.68 GW. CAES, presenting a similar scale and power generation duration to PHS, is now under consideration. Taiwan's geological composition, being a porous medium unlike salt caves, introduces flow field resistance affecting gas injection and extraction. This study employs a program analysis model to establish the system performance analysis capabilities of CAES. The finite volume model is then used to assess the impact of porous media, and the findings are fed back into the system performance analysis for correction. Subsequently, the financial implications are calculated and compared with existing literature. For Taiwan, the strategic development of CAES technology is crucial, not only for meeting energy needs but also for decentralizing energy allocation, a feature of great significance in regions lacking alternative natural resources.

Keywords: compressed-air energy storage, efficiency, porous media, financial feasibility

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Authors: Azariah Sosa, Carlos Renedo Sanchez

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The development of a new motorway north of Auckland (New Zealand) includes steep rock cuts, from 63 up to 85 degrees, in an interbedded sandstone and siltstone rock mass of the geological unit Waitemata Group (Pakiri Formation), which shows sub-horizontal bedding planes, various sub-vertical joint sets, and a diverse weathering profile. In this kind of rock mass -that can be classified as a weak rock- the definition of the stable maximum geometry is not only governed by discontinuities and defects evident in the rock but is important to also consider the global stability of the rock slope, including (in the analysis) the rock mass characterisation, influence of the groundwater, the geological evolution, and the weathering processes. Depending on the weakness of the rock and the processes suffered, the global stability could, in fact, be a more restricting element than the potential instability of individual blocks through discontinuities. This paper discusses those elements that govern the stability of the rock slopes constructed in a rock formation with favourable bedding and distribution of discontinuities (horizontal and vertical) but with a weak behaviour in terms of global rock mass characterisation. In this context, classifications as Q-Slope and slope stability assessment methodology (SSAM) have been demonstrated as important tools which complement the assessment of the global stability together with the analytical tools related to the wedge-type failures and limit equilibrium methods. The paper focuses on the applicability of these two new empirical classifications to evaluate the slope stability in 18 already excavated rock slopes in the Pakiri formation through comparison between the predicted and observed stability issues and by reviewing the outcome of analytical methods (Rocscience slope stability software suite) compared against the expected stability determined from these rock classifications. This exercise will help validate such findings and correlations arising from the two empirical methods in order to adjust the methods to the nature of this specific kind of rock mass and provide a better understanding of the long-term stability of the slopes studied.

Keywords: Pakiri formation, Q-slope, rock slope stability, SSAM, weak rock

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Authors: Gelu Varghese, Khizer Saeed

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

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

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Authors: Allya Koesoema, Arni Ariani

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While religion is only a very minor factor contributing to financial exclusion in most countries, the World Bank 2014 Global Financial Development Report highlighted it as a significant barrier for having a financial account in some Muslim majority countries. This is in part due to the perceived incompatibility between traditional financial institutions practices and Islamic finance principles. In these cases, the development of financial institutions and products that are compatible with the principles of Islamic finance may act as an important lever to increasing formal account ownership. However, there is significant diversity in the relationship between a country’s proportion of Muslim population and its level of financial inclusion. This paper combines data taken from the Global Findex Database, World Development Indicators, and the Pew Research Center to quantitatively explore the relationship between individual and country level religious and socioeconomic factor to financial inclusion. Results from regression analyses show a complex relationship between financial inclusion and religion-related factors in the population both on the individual and country level. Consistent with prior literature, on average the percentage of Islamic population positively correlates with the proportion of unbanked populations who cites religious reasons as a barrier to getting an account. However, its impact varies across several variables. First, a deeper look into countries’ religious composition reveals that the average negative impact of a large Muslim population is not as strong in more religiously diverse countries and less religious countries. Second, on the individual level, among the unbanked, the poorest quintile, least educated, older and the female populations are comparatively more likely to not have an account because of religious reason. Results also show indications that in this case, informal mechanisms partially substitute formal financial inclusion, as indicated by the propensity to borrow from family and friends. The individual level findings are important because the demographic groups that are more likely to cite religious reasons as barriers to formal financial inclusion are also generally perceived to be more vulnerable socially and economically and may need targeted attention. Finally, the number of Islamic financial institutions in a particular country is negatively correlated to the propensity of religious reasons as a barrier to financial inclusion. Importantly, the number of financial institutions in a country also mitigates the negative impact of the proportion of Muslim population, low education and individual age to formal financial inclusion. These results point to the potential importance of Islamic Finance Institutions in increasing global financial inclusion, and highlight the potential importance of looking beyond the proportion of Muslim population to other underlying institutional and socioeconomic factor in maximizing its impact.

Keywords: cross country comparison, financial inclusion, Islamic banking and finance, quantitative methods, socioeconomic factors

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Authors: Simeon Karafolas, Maciej Woźniak

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Mostly of public financing programs at national and regional level are funded from European Union sources. EU can participate directly to a national and regional program (example LEADER initiative, URBAN…) or indirectly by funding regional or national funds. Funds from European Union are provided from EU multiannual financial framework form which the annual budget is programmed. The adjusted program 2007-2013 of the EU considered commitments of almost 1 trillion Euros for the EU-28 countries. Provisions of the new program 2014-2020 consider commitments of more than 1 trillion Euros. Sustainable growth, divided to Cohesion and Competitiveness for Growth an Employment, is one of the two principal categories; the other is the preservation and management of natural resources. Through this financing process SMEs benefited of EU and public sources by receiving grants for their investments. Most of the financial instruments are available indirectly through the national financial intermediaries. Part of them is managed by the European Investment Fund. The paper focuses on the public financing to SMEs by examining case studies on divers forms of public help. It tries to distinguish the efficiency of the examined good practices and therefore try to have some conclusions on the possibility of application to other regions.

Keywords: DIFASS, grants, SMEs, public financing

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Authors: Sunita Gakkhar, Arti Mishra

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In this paper, a nonlinear host vector model has been proposed and analyzed for the two strain dengue dynamics incorporating ADE effect. The model considers that the asymptomatic infected people are more responsible for secondary infection than that of symptomatic ones and differentiates between them. The existence conditions are obtained for various equilibrium points. Basic reproduction number has been computed and analyzed to explore the effect of secondary infection enhancement parameter on dengue infection. Stability analyses of various equilibrium states have been performed. Numerical simulation has been done for the stability of endemic state.

Keywords: dengue, ade, stability, threshold, asymptomatic, infection

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Authors: Mohammad Hossein Ranjbar, Mahdi Bagheri, B. Shivaraj

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This study attempts to investigate the relationship between stock market of Iran and GCC countries stock exchanges. Eight markets were included: the stock market of Iran, Kuwait, Bahrain, Qatar, Saudi Arabia, Dubai, Abu Dhabi and Oman. Daily country market indices were collected from January 2005 to December 2010. The potential time-varying behaviors of long-run stock market relationship among selected markets are tested applying correlation test, Augmented Dick Fuller test (ADF), Bilateral and Multilateral Cointegration (Johansen), and the Granger Causality test. The findings suggest that stock market of Iran is negatively correlated with most of the selected markets in the whole duration. But contemporaneous correlations among the eight selected markets are increased positively in period of financial crises. Bilateral Cointegration between selected markets suggests that there is no integration between Tehran stock exchange and other selected markets. Among other markets, except the stock market of Dubai and Abu Dhabi as a one pair, are not cointegrated in whole, but in duration of financial crises integration between selected markets are increased. Finally, investigation of the casual relationship among eight financial markets suggests there are unidirectional and bidirectional causal relationship among some of stock market indices.

Keywords: financial crises, Middle East, stock market integration, Granger Causality test, ARDL test

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Authors: Serges Mendomo Meye, Li Guowei, Shen Zhenzhong, Gan Lei, Xu Liqun

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Due to the characteristics of high-heap and large-volume, the complex layers of waste and the high-water level of leachate, environmental pollution, and slope instability are easily produced. It is therefore of great significance to research the heterogeneous seepage field and stability of landfills. This paper focuses on the heterogeneous characteristics of the landfill piles and analyzes the seepage field and slope stability of the landfill using statistical and numerical analysis methods. The calculated results are compared with the field measurement and literature research data to verify the reliability of the model, which may provide the basis for the design, safe, and eco-friendly operation of the landfill. The main innovations are as follows: (1) The saturated-unsaturated seepage equation of heterogeneous soil is derived theoretically. The heterogeneous landfill is regarded as composed of infinite layers of homogeneous waste, and a method for establishing the heterogeneous seepage model is proposed. Then the formation law of the stagnant water level of heterogeneous landfills is studied. It is found that the maximum stagnant water level of landfills is higher when considering the heterogeneous seepage characteristics, which harms the stability of landfills. (2) Considering the heterogeneity weight and strength characteristics of waste, a method of establishing a heterogeneous stability model is proposed, and it is extended to the three-dimensional stability study. It is found that the distribution of heterogeneous characteristics has a great influence on the stability of landfill slope. During the operation and management of the landfill, the reservoir bank should also be considered while considering the capacity of the landfill.

Keywords: heterogeneous characteristics, leachate levels, saturated-unsaturated seepage, seepage field, slope stability

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Authors: Korbi Fakhri

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The management of assets and liability is a vital task for every bank as far as a good direction allows its stability; however, a bad running forewarns its disappearance. Equity of a bank is among the most important rubrics in the liability side because, actually, these funds ensure three notably primordial functions for the survival of the bank. From one hand, equity is useful to bankroll the investments and cover the unexpected losses. From another hand, they attract the fund lessors since they inspire trust. So we are going to tackle some points including whether equity of the Islamic banks are oversized. In spite of the efforts made on the subject, the relationship between the capital and the deficiency probability has not been defined with certainty. In this article, we have elaborated a study over the nature of financial intermediation in Islamic banks by comparison to those of conventional ones. We have found a striking difference between two kinds of intermediation. We tried, from another side, to study the relationship between the capital level and deficiency risk relying on econometric model, and we have obtained a positive and significant relation between the capital and the deficiency risk for the conventional banks. This means that when the capital of these banks increases, the deficiency risk increases as well. In return, since the Islamic banks are constrained to respect the Sharia Committee as well as customers’ demands who may, in certain contracts, choose to invest their capitals in projects they are interested in. These constraints have as effects to reduce the deficiency risk even when the capital increases.

Keywords: Islamic bank, conventional bank, deficiency risk, financial intermediation

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Authors: Shuofen Hsu, Ya-Yi Chao, Chao-Wei Li

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This paper investigates the relationship between voluntary audit (hereafter, VA) of semi-annual consolidated financial statements decision and accounting conservatism. In general, there are four kinds of auditors' assurance services, which include audit, review, agreed-upon procedure and compliance engagements base on degree of assurance. The VA work by auditors may not only have the higher audit quality but an important signal of more reliable information than the review work. In Taiwan, The listed companies must prepare the semi-annual consolidated financial statements and with auditors' review before 2012, but some of the listed companies choose the assurance work from review to audit voluntarily. Due to the adoption of International Financial Reporting Standards, the listed companies were required to prepare the second quarterly consolidated financial statements which should be reviewed by auditors since 2013. This rule will change some of the assurance work from audit to review by auditors, and the information asymmetry maybe increased. To control the selection bias, we use two-stage model to test the relationship between VA decision and accounting conservatism. Our empirical results indicate that the VA decision and accounting conservatism have a significant positive relationship in firms with family-controlled. That is, firms with family-controlled are more likely to do VA and to prepare more conservative consolidated financial statements to reduce the information asymmetry, meaning that there is a complementary effect between VA and accounting conservatism for firms with more information asymmetry. But on the contrary, we find that the VA decision and accounting conservatism have a significant negative relationship in firms with professional managers-controlled, meaning that there is a substitution effect between VA and accounting conservatism for firms with less information asymmetry. Finally, the accounting conservatism of consolidated financial statements decrease after the adoption of IFRSs (International Financial Reporting Standards) in Taiwan. It means that the disclosure and transparency of consolidated financial statements had be improved.

Keywords: voluntary audit, accounting conservatism, audit quality, information asymmetry

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Authors: Ahmet Sekreter

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Although there are conceptual similarities in terms of financial products between conventional and Islamic finance, they are entirely different financial systems. Despite Islamic finance’s small size in the conventional finance world, its promising growth makes Islamic finance a hot topic both in academia and business world. Today customers can access sophisticated Islamic financial products not only in Muslim countries but also in Europe. This study analyzes Islamic finance and its products and includes a brief overview of Islamic finance in Europe. Literature review is the basis of this paper. The author analyzed the academic papers, numerical data, and estimations to set a perspective for the future of Islamic finance in Europe. Findings show that UK is the main hub for the Islamic finance, and it will remain so in the near future.

Keywords: islamic finance, islamic banking, islamic finance in Europe, finance

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Authors: Nidal H. Abu-Zahra, Murtatha M. Jamel, Parisa Khoshnoud, Subhashini Gunashekar

Abstract:

Two types of glass fibers having different lengths (1/16" and 1/32") were added into rigid PVC foams to enhance the dimensional stability of extruded rigid Polyvinyl Chloride (PVC) foam at different concentrations (0-20 phr) using a single screw profile extruder. PVC foam-glass fiber composites (PVC-GF) were characterized for their dimensional stability, structural, thermal, and mechanical properties. Experimental results show that the dimensional stability, heat resistance, and storage modulus were enhanced without compromising the tensile and flexural strengths of the composites. Overall, foam composites which were prepared with longer glass fibers exhibit better mechanical and thermal properties than those prepared with shorter glass fibers due to higher interlocking between the fibers and the foam cells, which result in better load distribution in the matrix.

Keywords: polyvinyl chloride, PVC foam, PVC composites, polymer composites, glass fiber composites, reinforced polymers

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Authors: Sarita Puri, Tapan K. Chaudhuri

Abstract:

Chaperonin GroEL is a tetradecameric Escherichia coli protein having identical subunits of 57 kDa. The elucidation of thermodynamic parameters related to stability for the native GroEL is not feasible as it undergoes irreversible unfolding because of its large size (800kDa) and multimeric nature. Nevertheless, it is important to determine the thermodynamic stability parameters for the highly stable GroEL protein as it helps in folding and holding of many substrate proteins during many cellular stresses. Properly folded monomers work as building-block for the formation of native tetradecameric GroEL. Spontaneous refolding behavior of monomeric GroEL makes it suitable for protein-denaturant interactions and thermodynamic stability based studies. The urea mediated unfolding is a three state process which means there is the formation of one intermediate state along with native and unfolded states. The heat mediated denaturation is a two-state process. The unfolding process is reversible as observed by the spontaneous refolding of denatured protein in both urea and head mediated refolding processes. Analysis of folding/unfolding data provides a measure of various thermodynamic stability parameters for the monomeric GroEL. The proposed mechanism of unfolding of monomeric GroEL is a three state process which involves formation of one stable intermediate having folded apical domain and unfolded equatorial, intermediate domains. Research in progress is to demonstrate the importance of specific residues in stability and oligomerization of GroEL protein. Several mutant versions of GroEL are under investigation to resolve the above mentioned issue.

Keywords: equilibrium unfolding, monomeric GroEl, spontaneous refolding, thermodynamic stability

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Authors: Edwin Lerch, Dirk Audring, Cuong Nguyen Mau, Duc Ninh Nguyen, The Cuong Nguyen, The Van Nguyen

Abstract:

The National Load Dispatch Centre of Electricity Vietnam (EVNNLDC) and Siemens PTI investigated the stability of the electrical 500/220 kV transportation system of Vietnam. The general scope of the investigations is improving the stability of the Vietnam power system and giving the EVNNLDC staff the capability to decide how to deal with expected stability challenges in the future, which are related to the very fast growth of the system. Rapid system growth leads to a very high demand of power transmission from North to South. This was investigated by stability studies of interconnected power system with neighboring countries. These investigations are performed in close cooperation and coordination with the EVNNLDC project team. This important project includes data collection, measurement, model validation and investigation of relevant stability phenomena as well as training of the EVNNLDC staff. Generally, the power system of Vietnam has good voltage and dynamic stability. The main problems are related to the longitudinal system with more power generation in the North and Center, especially hydro power, and load centers in the South of Vietnam. Faults on the power transmission system from North to South risks the stability of the entire system due to a high power transfer from North to South and high loading of the 500 kV backbone. An additional problem is the weak connection to Cambodia power system which leads to interarea oscillations mode. Therefore, strengthening the power transfer capability by new 500kV lines or HVDC connection and balancing the power generation across the country will solve many challenges. Other countermeasures, such as wide area load shedding, PSS tuning and correct SVC placement will improve and stabilize the power system as well. Primary frequency reserve should be increased.

Keywords: dynamic power transmission system studies, blackout prevention, power system interconnection, stability

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Authors: Feddaoui Amina

Abstract:

Through this study we will try to shed light on the theoretical framework proposed for understanding creative accounting as a financial numbers game and one of the most important techniques of accounts manipulation, its main actors and its practices. We will discover the role of the modified Jones model (1995) in detecting creative accounting practices using discretionary accruals. Finally we will try to confirm the importance and the need to address this type of practices using corporate governance as a main control system and an important defense line to reduce these dangerous accounts manipulation.

Keywords: financial numbers game, creative accounting, modified Jones model, accounts manipulation

Procedia PDF Downloads 477

Authors: Seyed Abolhassan Naeini, Hamed Yekehdehghan

Abstract:

One of the factors that affect the constructions adjacent to a slope is stability. There are various methods for the stability of the slopes, one of which is the use of concrete group piles. This study, using FLAC3D software, has tried to investigate the changes in safety coefficient because of the use of concrete group piles. In this research, furthermore, the optimal position of the piles has been investigated and the results show that the group pile does not affect the toe of the slope. In addition, the effect of the piles' burial depth on the slope has been studied. Results show that by increasing the piles burial depth on a slope, the level of stability and as a result the safety coefficient increases. In the investigation of reducing the distance between the piles and increasing the depth of underground water, it was observed that the obtained safety coefficient increased. Finally, the effect of the resistance of the lower stabilizing layer of the slope on stabilization was investigated by the pile group. The results showed that due to the behavior of the pile as a deep foundation, the stronger the soil layers are in the stable part of a stronger slope (in terms of resistance parameters), the more influential the piles are in enhancing the coefficient of safety.

Keywords: safety coefficient, group pile, slope, stability, FLAC3D software

Procedia PDF Downloads 94