Search results for: GFRP infill panel

Authors: Dean A. McCorkle, Ed W. Hellman, Rebekka M. Dudensing, Dan D. Hanselka

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The motivation for this study centers on the labor- and cost-intensive nature of wine and table grape production in the U.S., and the potential opportunities for precision mechanization using robotics to augment those production tasks that are labor-intensive. The objectives of this study are to evaluate the economic viability of grape production in five U.S. states under current operating conditions, identify common production challenges and tasks that could be augmented with new technology, and quantify a maximum price for new technology that growers would be able to pay. Wine and table grape production is primed for precision mechanization technology as it faces a variety of production and labor issues. Methodology: Using a grower panel process, this project includes the development of a representative wine grape vineyard in five states and a representative table grape vineyard in California. The panels provided production, budget, and financial-related information that are typical for vineyards in their area. Labor costs for various production tasks are of particular interest. Using the data from the representative budget, 10-year projected financial statements have been developed for the representative vineyard and evaluated using a stochastic simulation model approach. Labor costs for selected vineyard production tasks were evaluated for the potential of new precision mechanization technology being developed. These tasks were selected based on a variety of factors, including input from the panel members, and the extent to which the development of new technology was deemed to be feasible. The net present value (NPV) of the labor cost over seven years for each production task was derived. This allowed for the calculation of a maximum price for new technology whereby the NPV of labor costs would equal the NPV of purchasing, owning, and operating new technology. Expected Results: The results from the stochastic model will show the projected financial health of each representative vineyard over the 2015-2024 timeframe. Investigators have developed a preliminary list of production tasks that have the potential for precision mechanization. For each task, the labor requirements, labor costs, and the maximum price for new technology will be presented and discussed. Together, these results will allow technology developers to focus and prioritize their research and development efforts for wine and table grape vineyards, and suggest opportunities to strengthen vineyard profitability and long-term viability using precision mechanization.

Keywords: net present value, robotic technology, stochastic simulation, wine and table grapes

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Authors: Iyad Al-Attar

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Air filters installed in HVAC equipment and gas turbine for power generation confront several atmospheric contaminants with various concentrations while operating in different environments (tropical, coastal, hot). This leads to engine performance degradation, as contaminants are capable of deteriorating components and fouling compressor assembly. Compressor fouling is responsible for 70 to 85% of gas turbine performance degradation leading to reduction in power output and availability and an increase in the heat rate and fuel consumption. Therefore, filter design must take into account face velocities, pleat count and its corresponding surface area; to verify filter performance characteristics (Efficiency and Pressure Drop). The experimental work undertaken in the current study examined two groups of four filters with different pleating densities were investigated for the initial pressure drop response and fractional efficiencies. The pleating densities used for this study is 28, 30, 32 and 34 pleats per 100mm for each pleated panel and measured for ten different flow rates ranging from 500 to 5000 m3/h with increment of 500m3/h. This experimental work of the current work has highlighted the underlying reasons behind the reduction in filter permeability due to the increase in face velocity and pleat density. The reasons that led to surface area losses of filtration media are due to one or combination of the following effects: pleat-crowding, deflection of the entire pleated panel, pleat distortion at the corner of the pleat and/or filtration medium compression. It is evident from entire array of experiments that as the particle size increases, the efficiency decreases until the MPPS is reached. Beyond the MPPS, the efficiency increases with increase in particle size. The MPPS shifts to a smaller particle size as the face velocity increases, while the pleating density and orientation did not have a pronounced effect on the MPPS. Throughout the study, an optimal pleat count which satisfies initial pressure drop and efficiency requirements may not have necessarily existed. The work has also suggested that a valid comparison of the pleat densities should be based on the effective surface area that participates in the filtration action and not the total surface area the pleat density provides.

Keywords: air filters, fractional efficiency, gas cleaning, glass fibre, HEPA filter, permeability, pressure drop

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Authors: Sina Fatolahzadeh, Sergio A. Sepúlveda

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This paper presents advanced developments in close-range, terrestrial remote sensing techniques to enhance the characterization of rock masses. The study integrates two state-of-the-art laser-scanning technologies, the HandySCAN and GeoSLAM laser scanners, to extract high-resolution geospatial data for rock mass analysis. These instruments offer high accuracy, precision, low acquisition time, and high efficiency in capturing intricate geological features in small to medium size outcrops and slope cuts. Using the HandySCAN and GeoSLAM laser scanners facilitates real-time, three-dimensional mapping of rock surfaces, enabling comprehensive assessments of rock mass characteristics. The collected data provide valuable insights into structural complexities, surface roughness, and discontinuity patterns, which are essential for geological and geotechnical analyses. The synergy of these advanced remote sensing technologies contributes to a more precise and straightforward understanding of rock mass behavior. In this case, the main parameters of RQD, joint spacing, persistence, aperture, roughness, infill, weathering, water condition, and joint orientation in a slope cut along the Sea-to-Sky Highway, BC, were remotely analyzed to calculate and evaluate the Rock Mass Rating (RMR) and Geological Strength Index (GSI) classification systems. Automatic and manual analyses of the acquired data are then compared with field measurements. The results show the usefulness of the proposed remote sensing methods and their appropriate conformity with the actual field data.

Keywords: remote sensing, rock mechanics, rock engineering, slope stability, discontinuity properties

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Authors: Michel Soto Chalhoub

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Building designers in the Mediterranean region and other parts of the world utilize natural stone panels on the exterior façades as skin cover. This type of finishing is not only intended for aesthetic reasons but also environmental. The stone, since the earliest ages of civilization, has been used in construction and to-date some of the most appealing buildings owe their beauty to stone finishing. The stone also provides warmth in winter and freshness in summer as it moderates heat transfer and absorbs radiation. However, as structural codes became increasingly stringent about the dynamic performance of buildings, it became essential to study the performance of stone panels under cyclic loading – a condition that arises under the building is subjected to wind or earthquakes. The present paper studies the performance of stone panels using mechanical connectors when subjected to load reversal. In this paper, we present a theoretical model that addresses modes of failure in the steel connectors, by yield, and modes of failure in the stone, by fracture. Then we provide an experimental set-up and test results for rectangular stone panels of varying thickness. When the building is subjected to an earthquake, its rectangular panels within the structural system are subjected to shear deformations, which in turn impart stress into the stone cover. Rectangular stone panels, which typically range from 40cmx80cm to 60cmx120cm, need to be designed to withstand transverse loading from the direct application of lateral loads, and to withstand simultaneously in-plane loading (membrane stress) caused by inter-story drift and overall building lateral deflection. Results show correlation between the theoretical model which we derive from solid mechanics fundamentals and the experimental results, and lead to practical design recommendations. We find that for panel thickness below a certain threshold, it is more advantageous to utilize structural adhesive materials to connect stone panels to the main structural system of the building. For larger panel thicknesses, it is recommended to utilize mechanical connectors with special detailing to ensure a minimum level of ductility and energy dissipation.

Keywords: solid mechanics, cyclic loading, mechanical connectors, natural stone, seismic, wind, building skin

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Authors: Osamede Asowata, Christo Pienaar, Johan Bekker

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Photovoltaic (PV) modules may become a trend for future PV systems because of their greater flexibility in distributed system expansion, easier installation due to their nature, and higher system-level energy harnessing capabilities under shaded or PV manufacturing mismatch conditions. This is as compared to the single or multi-string inverters. Novel residential scale PV arrays are commonly connected to the grid by a single DC–AC inverter connected to a series, parallel or series-parallel string of PV panels, or many small DC–AC inverters which connect one or two panels directly to the AC grid. With an increasing worldwide interest in sustainable energy production and use, there is renewed focus on the power electronic converter interface for DC energy sources. Three specific examples of such DC energy sources that will have a role in distributed generation and sustainable energy systems are the photovoltaic (PV) panel, the fuel cell stack, and batteries of various chemistries. A high-efficiency inverter using Metal Oxide Semiconductor Field-Effect Transistors (MOSFETs) for all active switches is presented for a non-isolated photovoltaic and AC-module applications. The proposed configuration features a high efficiency over a wide load range, low ground leakage current and low-output AC-current distortion with no need for split capacitors. The detailed power stage operating principles, pulse width modulation scheme, multilevel bootstrap power supply, and integrated gate drivers for the proposed inverter is described. Experimental results of a hardware prototype, show that not only are MOSFET efficient in the system, it also shows that the ground leakage current issues are alleviated in the proposed inverter and also a 98 % maximum associated driver circuit is achieved. This, in turn, provides the need for a possible photovoltaic panel switching technique. This will help to reduce the effect of cloud movements as well as improve the overall efficiency of the system.

Keywords: grid connected photovoltaic (PV), Matlab efficiency simulation, maximum power point tracking (MPPT), module integrated converters (MICs), multilevel converter, series connected converter

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Authors: Zahra Amirhosseini, Mahtab Nameni

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The aim of this study was to investigate the relationship between growth, beta, and Company's cash. We calculate cash as dependent variable and growth opportunity and beta as independent variables. This study was based on an analysis of panel data. Population of the study is the companies which listed in Tehran Stock exchange and a financial data of 215 companies during the period 2010 to 2015 have been selected as the sample through systematic sampling. The results of the first hypothesis showed there is a significant relationship between growth opportunities cash holdings. Also according to the analysis done in the second hypothesis, we determined that there is an inverse relation between company risk and cash holdings.

Keywords: growth, beta, liquidity, company

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Authors: Melisa Mete, Gary Davies, Susan Whelan

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Maintaining a good employer brand image is crucial for companies since it has numerous advantages such as better recruitment, retention and employee engagement, and commitment. This study aims to understand the relationship between employer brand image and employee satisfaction and engagement in the British context. A panel survey data (N=228) is tested via the regression models from the Hayes (2012) PROCESS macro, in IBM SPSS 23.0. The results are statistically significant and proves that the more positive employer brand image, the greater employee’ engagement and satisfaction, and the greater is employee satisfaction, the greater their engagement.

Keywords: employer brand, employer brand image, employee engagement, employee satisfaction

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Authors: Mohamed Amarouayache, Badia Amrouche, Gharbi Akila, Boukadoume Mohamed

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This work is devoted to the modeling of DC-DC converter (boost) used for MPPT applications to set conditions of stability. For this, we establish a linear mathematical model of the DC-DC converter with an average small signal model. This model has allowed us to apply conventional linear methods of automation. A mathematical relationship between the duty cycle and the voltage of the panel has been set up. With this relationship we specify the conditions of the stability in closed-loop depending on the system parameters (the elements of storage capacity and inductance, PWM control).

Keywords: MPPT, PWM, stability, criterion of Routh, average small signal model

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Authors: Minoo Tavakoli, Mojtaba Zebarjad, Golestanipour

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Metallic sandwich structures with aluminum foam core are good energy absorbers. In this paper, perforation test were carried out on different samples to study energy absorption. In the experiments, effect of several parameters, i.e. skin thickness and thickness of foam core, on the energy absorption, delamination zone of back faces and deformation strain(φ) are discussed. Results show that increasing plates thickness will results in more absorbed energy and delamination. Moreover, thickening foam core has the same effect.

Keywords: sandwich panel, aluminium foam, perforation, energy absorption

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Authors: Sarah Abdourraziq

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To improve the efficiency of photovoltaic pumping system, more attention has been paid to their setting up. This paper presents an optimal technique to establish an efficient system under different conditions of irradiance and temperature. The state of place should be carefully studied before stage of installation of the over system: local climate, boreholes, soil, crops and water resources. The studied system consists of a PV panel, a DC-DC boost converter, a DC motor-pump, and storage tank. The concepts shown in this paper presents a support for an optimal installation of each solar pump.

Keywords: photovoltaic pumping system, optimal implementation, boost converter, motor-pump

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Authors: Ayodele Ajayi, John Ajayi

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This paper investigates the effect of corporate governance with a view to determining the relationship between board size and bank performance. Data for the study were obtained from the audited financial statements of five sampled banks listed on the Nigerian Stock Exchange. Panel data technique was adopted and analysis was carried out with the use of multiple regression and pooled ordinary least square. Results from the study show that the larger the board size, the greater the profit implying that corporate governance is positively correlated with bank performance.

Keywords: corporate governance, banks performance, board size, pooled data

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Authors: Diep Thanh Tung

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This study aims to measure technical efficiency and examine productivity performance of livestock production in regions of Vietnam based on a panel data of 2008–2012. After four years, although there are improvements in efficiency of some regions, low technical efficiency, poor performance of productivity and its compositions are dominant features in almost regions. Households which much depend on livestock income in agricultural income or agricultural income in total income are more vulnerable than the others in term of livestock production.

Keywords: data envelopment analysis, meta-frontier, Malmquist, technical efficiency, livestock production

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Authors: Gaurav Gupta, Jitendra Mahakud

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This study focuses on the significance of internal financing constraints on the determination of corporate fixed investments in the case of Indian manufacturing companies. Financing constraints companies which have less internal fund or retained earnings face more transaction and borrowing costs due to imperfections in the capital market. The period of study is 1999-2000 to 2013-2014 and we consider 618 manufacturing companies for which the continuous data is available throughout the study period. The data is collected from PROWESS data base maintained by Centre for Monitoring Indian Economy Pvt. Ltd. Panel data methods like fixed effect and random effect methods are used for the analysis. The Likelihood Ratio test, Lagrange Multiplier test, and Hausman test results conclude the suitability of the fixed effect model for the estimation. The cash flow and liquidity of the company have been used as the proxies for the internal financial constraints. In accordance with various theories of corporate investments, we consider other firm specific variable like firm age, firm size, profitability, sales and leverage as the control variables in the model. From the econometric analysis, we find internal cash flow and liquidity have the significant and positive impact on the corporate investments. The variables like cost of capital, sales growth and growth opportunities are found to be significantly determining the corporate investments in India, which is consistent with the neoclassical, accelerator and Tobin’s q theory of corporate investment. To check the robustness of results, we divided the sample on the basis of cash flow and liquidity. Firms having cash flow greater than zero are put under one group, and firms with cash flow less than zero are put under another group. Also, the firms are divided on the basis of liquidity following the same approach. We find that the results are robust to both types of companies having positive and negative cash flow and liquidity. The results for other variables are also in the same line as we find for the whole sample. These findings confirm that internal financing constraints play a significant role for determination of corporate investment in India. The findings of this study have the implications for the corporate managers to focus on the projects having higher expected cash inflows to avoid the financing constraints. Apart from that, they should also maintain adequate liquidity to minimize the external financing costs.

Keywords: cash flow, corporate investment, financing constraints, panel data method

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Authors: Eriko Ochiai, Fumiko Satoh, Keiko Miyashita, Yu Kakimoto, Motoki Osawa

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Sudden and unexpected deaths from unknown causes occur in infants and youths. Recently, molecular links between a part of these deaths and several genetic diseases are examined in the postmortem. For instance, hereditary long QT syndrome and Burgada syndrome are occasionally fatal through critical ventricular tachyarrhythmia. There are a large number of target genes responsible for such diseases, the conventional analysis using the Sanger’s method has been laborious. In this report, we attempted to analyze sudden deaths comprehensively using the next generation sequencing (NGS) technique. Multiplex PCR to subject’s DNA was performed using Ion AmpliSeq Library Kits 2.0 and Ion AmpliSeq Inherited Disease Panel (Life Technologies). After the library was constructed by emulsion PCR, the amplicons were sequenced 500 flows on Ion Personal Genome Machine System (Life Technologies) according to the manufacture instruction. SNPs and indels were analyzed to the sequence reads that were mapped on hg19 of reference sequences. This project has been approved by the ethical committee of Tokai University School of Medicine. As a representative case, the molecular analysis to a 40 years old male who received a diagnosis of Brugada syndrome demonstrated a total of 584 SNPs or indels. Non-synonymous and frameshift nucleotide substitutions were selected in the coding region of heart disease related genes of ANK2, AKAP9, CACNA1C, DSC2, KCNQ1, MYLK, SCN1B, and STARD3. In particular, c.629T-C transition in exon 3 of the SCN1B gene, resulting in a leu210-to-pro (L210P) substitution is predicted “damaging” by the SIFT program. Because the mutation has not been reported, it was unclear if the substitution was pathogenic. Sudden death that failed in determining the cause of death constitutes one of the most important unsolved subjects in forensic pathology. The Ion AmpliSeq Inherited Disease Panel can amplify the exons of 328 genes at one time. We realized the difficulty in selection of the true source from a number of candidates, but postmortem genetic testing using NGS analysis deserves of a diagnostic to date. We now extend this analysis to SIDS suspected subjects and young sudden death victims.

Keywords: postmortem genetic testing, sudden death, SIDS, next generation sequencing

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Authors: Yazhi Huang, Jing Yang, Dingge Ying, Yan Zhang, Vorasuk Shotelersuk, Nattiya Hirankarn, Pak Chung Sham, Yu Lung Lau, Wanling Yang

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Human leukocyte antigen (HLA) typing from next generation sequencing (NGS) data has the potential for applications in clinical laboratories and population genetic studies. Here we introduce a novel technique for HLA typing from NGS data based on read-mapping using a comprehensive reference panel containing all known HLA alleles and de novo assembly of the gene-specific short reads. An accurate HLA typing at high-digit resolution was achieved when it was tested on publicly available NGS data, outperforming other newly-developed tools such as HLAminer and PHLAT.

Keywords: human leukocyte antigens, next generation sequencing, whole exome sequencing, HLA typing

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Authors: Shivani Khare

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It is of paramount concern for economists to uncover the factors that determine human capital development, considered now to be one of the major factors behind economic growth and development. However, no human action is isolated but rather works within the set-up of the society. In recent years, a new field of investigation has come up that analyses the relationships that exist between social and human capital. Along these lines, this paper explores the effect of social capital on the indicators of human capital development – life expectancy at birth, mean years of schooling, and per capita income. The applied part of the analysis is performed using a panel data model for OECD countries and by using a series of chronological periods that within the 2005–2020 time frame.

Keywords: social capital, human capital development, trust, social networks, socioeconomics

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Authors: Girish Chandran, Milu Tigi

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Brian O'Doherty's seminal essay, Inside the white Cube theorized and named the dominant mode of display and exhibition of Modern Art museums. Ever since the advent of Biennales and other site-specific public art projects we have seen a departure from the white cube mode of exhibition. The physicality, materiality and context within which an artwork is framed has a role in the production of meaning of public art. Equally, artworks contribute to the meaning and identity of a place. This to and fro relationship between the site and artwork and its influence on the sense of place and production of meaning is being explored in this paper in the context of Kochi Muziris Biennale (KMB). Known as the Peoples biennale with over 5 lakh visitors, it is India's first Biennale and its largest art exhibition of contemporary art. The paper employs place theory and contemporary curatorial theories to present the case. The KMB has an interesting mix of exhibition spaces which includes existing galleries and halls, site-specific projects in public spaces, infill developments and adaptive reuse of heritage and other unused architecture. The biennale was envisioned as an event connecting to the history, socio-political peculiarities of the cultural landscape of Kerala and more specifically Kochi. The paper explains the role of spatial elements in forming a curatorial narrative connected to the above mentioned ambitions.The site-specific nature of exhibition and its use of unused architecture helps in the formation of exhibition spaces unique in type and materiality. The paper argues how this helps in the creation of an 'archeology of the place'. The research elucidates how a composite nature of experience helps connect with the thematic ambitions of the Biennale and how it brings about an aesthetics distinct to KMB.

Keywords: public art, curatorial practice, architecture, place, contemporary art, site specificity

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Authors: Akram Khelaifia, Salah Guettala, Nesreddine Djafar Henni, Rachid Chebili

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Reinforced concrete shear walls are pivotal in protecting buildings from seismic forces by providing strength and stiffness. This study highlights the importance of strategically placing shear walls and optimizing the shear wall-to-floor area ratio in building design. Nonlinear analyses were conducted on an eight-story building situated in a high seismic zone, exploring various scenarios of shear wall positioning and ratios to floor area. Employing the performance-based seismic design (PBSD) approach, the study aims to meet acceptance criteria such as inter-story drift ratio and damage levels. The results indicate that concentrating shear walls in the middle of the structure during the design phase yields superior performance compared to peripheral distributions. Utilizing shear walls that fully infill the frame and adopting compound shapes (e.g., Box, U, and L) enhances reliability in terms of inter-story drift. Conversely, the absence of complete shear walls within the frame leads to decreased stiffness and degradation of shorter beams. Increasing the shear wall-to-floor area ratio in building design enhances structural rigidity and reliability regarding inter-story drift, facilitating the attainment of desired performance levels. The study suggests that a shear wall ratio of 1.0% is necessary to meet validation criteria for inter-story drift and structural damage, as exceeding this percentage leads to excessive performance levels, proving uneconomical as structural elements operate near the elastic range.

Keywords: nonlinear analyses, pushover analysis, shear wall, plastic hinge, performance level

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Authors: Onur Onder, Celal Tanuca, Mahir Ozil, Halil Sen, Alkım Ozkan, Engin Ceylan, Ali Istek, Ozgur Saglam

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White balance adjustment of LCD TVs is an important procedure which has a direct influence on quality perception. Existing methods adjust RGB gain and offset values in different white levels during production. This paper suggests an iterative method in which the gamma is pre-adjusted during the design stage, and only 80% white is adjusted during production by modifying only RGB gain values (offset values are not modified). This method reduces the white balance adjustment time, contributing to the total efficiency of the production. Experiment shows that the adjustment results are well within requirements.

Keywords: color temperature, LCD panel deviation, LCD TV manufacturing, white balance

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Authors: Sudha Bhutada, S. R. Nigam

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In this paper, a single-phase PV inverter applying a dual boost converter circuit inverter is proposed for photovoltaic (PV) generation system and PV grid connected system. This system is designed to improve integration of a Single phase inverter with Photovoltaic panel. The DC 24V is converted into to 86V DC and then 86V DC to 312V DC. The 312 V DC is then successfully inverted to AC 220V. Hence, solar energy is powerfully converted into electrical energy for fulfilling the necessities of the home load, or to link with the grid. Matlab Simulation software was used for simulation of the circuit and outcome are presented in this paper.

Keywords: H bridge inverter, dual boost converter, PWM, SPWM

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Authors: S. Yun, M. Kwak

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This study is about an aerodynamic brake device for a high-speed train. In order to apply an aerodynamic brake device, an influence of the aerodynamic brake device on a high-speed train was studied aerodynamically, acoustically and dynamically. Wind tunnel test was conducted to predict an effect of braking distance reduction with a scale model of 1/30. Aerodynamic drag increases by 244% with a brake panel of a 90 degree angle. Braking distance for an emergency state was predicted to decrease by 13%.

Keywords: aerodynamic brake, braking distance, drag coefficient, high-speed train, wind-tunnel test

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Authors: Muhammad Tahir, Mushtaq Muhammad

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Capital structure is one of the key decisions taken by the financial managers. This study aims to investigate the factors influencing capital structure decision in Oil and Gas industry of Pakistan using secondary data from published annual reports of listed Oil and Gas Companies of Pakistan. This study covers the time-period from 2008-2014. Capital structure can be affected by profitability, firm size, growth opportunities, dividend payout, liquidity, business risk, and ownership structure. Panel data technique with Ordinary least square (OLS) regression model has been used to find the impact of set of explanatory variables on the capital structure using the Stata. OLS regression results suggest that dividend payout, firm size and government ownership have the most significant impact on financial leverage. Dividend payout and government ownership are found to have significant negative association with financial leverage however firm size indicated positive relationship with financial leverage. Other variables having significant link with financial leverage includes growth opportunities, liquidity and business risk. Results reveal significant positive association between growth opportunities and financial leverage whereas liquidity and business risk are negatively correlated with financial leverage. Profitability and managerial ownership exhibited insignificant relationship with financial leverage. This study contributes to existing Managerial Finance literature with certain managerial implications. Academically, this research study describes the factors affecting capital structure decision of Oil and Gas Companies in Pakistan and adds latest empirical evidence to existing financial literature in Pakistan. Researchers have studies capital structure in Pakistan in general and industry at specific, nevertheless still there is limited literature on this issue. This study will be an attempt to fill this gap in the academic literature. This study has practical implication on both firm level and individual investor/ lenders level. Results of this study can be useful for investors/ lenders in making investment and lending decisions. Further, results of this study can be useful for financial managers to frame optimal capital structure keeping in consideration the factors that can affect capital structure decision as revealed by this study. These results will help financial managers to decide whether to issue stock or issue debt for future investment projects.

Keywords: capital structure, multicollinearity, ordinary least square (OLS), panel data

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Authors: V. Jagadish, Mathiyalagan V.

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Prediction of Door Touch temperature of a Cooking Oven using CFD Simulation. Self-Clean cycle is carried out in Cooking ovens to convert food spilling into ashes which makes cleaning easy. During this cycle cavity of oven is exposed to high temperature around 460 C. At this operating point the user may prone to touch the Door surfaces, Side Shield, Control Panel. To prevent heat experienced by user, cooling system is built in oven. The most effective cooling system is developed with existing design constraints through CFD Simulations. Cross Flow fan is used for Cooling system due to its cost effectiveness and it can give more air flow with low pressure drop.

Keywords: CFD, MRF, RBM, RANS, new product development, simulation, thermal analysis

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Authors: M. V. Shivaani, P. K. Jain, Surendra S. Yadav

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Public Sector Undertakings (PSUs), being government-owned organizations have commitments for the economic and social wellbeing of the society; this commitment needs to be reflected in their risk-taking, decision-making and governance structures. Therefore, the primary objective of the study is to suggest measures that may lead to improvement in performance of PSUs. To achieve this objective two normative frameworks (one relating to risk levels and other relating to governance structure) are being put forth. The risk index is based on nine risks, such as, solvency risk, liquidity risk, accounting risk, etc. and each of the risks have been scored on a scale of 1 to 5. The governance index is based on eleven variables, such as, board independence, diversity, risk management committee, etc. Each of them are scored on a scale of 1 to five. The sample consists of 39 PSUs that featured in Nifty 500 index and, the study covers a 10 year period from April 1, 2005 to March, 31, 2015. Return on assets (ROA) and return on equity (ROE) have been used as proxies of firm performance. The control variables used in the model include, age of firm, growth rate of firm and size of firm. A dummy variable has also been used to factor in the effects of recession. Given the panel nature of data and possibility of endogeneity, dynamic panel data- generalized method of moments (Diff-GMM) regression has been used. It is worth noting that the corporate governance index is positively related to both ROA and ROE, indicating that with the improvement in governance structure, PSUs tend to perform better. Considering the components of CGI, it may be suggested that (i). PSUs ensure adequate representation of women on Board, (ii). appoint a Chief Risk Officer, and (iii). constitute a risk management committee. The results also indicate that there is a negative association between risk index and returns. These results not only validate the framework used to develop the risk index but also provide a yardstick to PSUs benchmark their risk-taking if they want to maximize their ROA and ROE. While constructing the CGI, certain non-compliances were observed, even in terms of mandatory requirements, such as, proportion of independent directors. Such infringements call for stringent penal provisions and better monitoring of PSUs. Further, if the Securities and Exchange Board of India (SEBI) and Ministry of Corporate Affairs (MCA) bring about such reforms in the PSUs and make mandatory the adherence to the normative frameworks put forth in the study, PSUs may have more effective and efficient decision-making, lower risks and hassle free management; all these ultimately leading to better ROA and ROE.

Keywords: PSU, risk governance, diff-GMM, firm performance, the risk index

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Authors: Anjana R. Menon, Anjana Bhasi

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Development of highways and railways play crucial role in a nation’s economic growth. While rigid concrete pavements are durable with high load bearing characteristics, growing economies mostly rely on flexible pavements which are easier in construction and more economical. The strength of flexible pavement is based on the strength of subgrade and load distribution characteristics of intermediate granular layers. In this scenario, to simultaneously meet economy and strength criteria, it is imperative to strengthen and stabilize the load transferring layers, namely subbase and base. Geosynthetic reinforcement in planar and cellular forms have been proven effective in improving soil stiffness and providing a stable load transfer platform. Studies have proven the relative superiority of cellular form-geocells over planar geosynthetic forms like geogrid, owing to the additional confinement of infill material and pocket effect arising from vertical deformation. Hence, the present study investigates the efficiency of geocells over single/multiple layer geogrid reinforcements by a series of three-dimensional model analyses of a flexible pavement section under a standard repetitive wheel load. The stress transfer mechanism and deformation profiles under various reinforcement configurations are also studied. Geocell reinforcement is observed to take up a higher proportion of stress caused by the traffic loads compared to single and double-layer geogrid reinforcements. The efficiency of single geogrid reinforcement reduces with an increase in embedment depth. The contribution of lower geogrid is insignificant in the case of the double-geogrid reinforced system.

Keywords: Geocell, Geogrid, Flexible Pavement, Repetitive Wheel Load, Numerical Analysis

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Authors: Saad Bin Nasir

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The research will examine the role of corporate governance (CG) practices on firm’s financial performance. Population of this research will be manufacture sector of Pakistan. For the purposes of measurement of impact of corporate governance practices such as board size, board independence, ceo/chairman duality, will take as independent variables and for the measurement of firm’s performance return on assets and return on equity will take as dependent variables. Panel data regression model will be used to estimate the impact of CG on firm performance.

Keywords: corporate governance, board size, board independence, leadership

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Authors: Abidemi C. Adegboye, Nosakhare Ikponmwosa, Rogers A. Akinsokeji

Abstract:

For many resource-rich developing countries, fiscal policy has become a key tool used for short-run fiscal management since it is considered as playing a critical role in injecting part of resource rents into the economies. However, given its instability, reliance on revenue from commodity exports renders fiscal management, budgetary planning and the efficient use of public resources difficult. In this study, the linkage between commodity prices and fiscal operations among a sample of commodity-exporting countries in sub-Saharan Africa (SSA) is investigated. The main question is whether commodity price fluctuations affects the effectiveness of fiscal policy as a macroeconomic stabilization tool in these countries. Fiscal management effectiveness is considered as the ability of fiscal policy to react countercyclically to output gaps in the economy. Fiscal policy is measured as the ratio of fiscal deficit to GDP and the ratio of government spending to GDP, output gap is measured as a Hodrick-Prescott filter of output growth for each country, while commodity prices are associated with each country based on its main export commodity. Given the dynamic nature of fiscal policy effects on the economy overtime, a dynamic framework is devised for the empirical analysis. The panel cointegration and error correction methodology is used to explain the relationships. In particular, the study employs the panel ECM technique to trace short-term effects of commodity prices on fiscal management and also uses the fully modified OLS (FMOLS) technique to determine the long run relationships. These procedures provide sufficient estimation of the dynamic effects of commodity prices on fiscal policy. Data used cover the period 1992 to 2016 for 11 SSA countries. The study finds that the elasticity of the fiscal policy measures with respect to the output gap is significant and positive, suggesting that fiscal policy is actually procyclical among the countries in the sample. This implies that fiscal management for these countries follows the trend of economic performance. Moreover, it is found that fiscal policy has not performed well in delivering macroeconomic stabilization for these countries. The difficulty in applying fiscal stabilization measures is attributable to the unstable revenue inflows due to the highly volatile nature of commodity prices in the international market. For commodity-exporting countries in SSA to improve fiscal management, therefore, fiscal planning should be largely decoupled from commodity revenues, domestic revenue bases must be improved, and longer period perspectives in fiscal policy management are the critical suggestions in this study.

Keywords: commodity prices, ECM, fiscal policy, fiscal procyclicality, fully modified OLS, sub-saharan africa

Procedia PDF Downloads 136

Authors: Minghua Chen, Rui Wang

Abstract:

This paper addresses the impact of foreign ownership on the risk-taking behavior of banks. Using bank-level panel data of more than 1,300 commercial banks in 32 emerging economies during 2000-2013, we find that foreign owned banks take on more risk than their domestic counterparts. We further examine several factors that may potentially contribute to foreign banks’ differentiated riskiness from four perspectives, namely, foreign banks’ informational disadvantages, agency problems, the contagious effect of parent banks’ financial conditions and the disparity between home and host markets. We find supportive evidence that these factors play a significant role in affecting foreign banks’ risk-taking.

Keywords: bank risk-taking, emerging economies, financial liberalization, foreign banks

Procedia PDF Downloads 423

Authors: Bernur Acikgoz

Abstract:

The purpose of this paper is to investigate the effects of public spending on economic growth and examine the sources of economic growth in developed countries since the 1990s. This paper analyses whether public spending effect on economic growth based on Cobb-Douglas Production Function with the two econometric models with Autoregressive Distributed Lag (ARDL) and Dynamic Fixed Effect (DFE) for 21 developed countries (high-income OECD countries), over the period 1990-2013. Our models results are parallel to each other and the models support that public spending has an important role for economic growth. This result is accurate with theories and previous empirical studies.

Keywords: public spending, economic growth, panel data, ARDL models

Procedia PDF Downloads 330

Authors: Ellis Kofi Akwaa-Sekyi, Jordi Moreno Gené

Abstract:

Managerial actions which negatively profile banks and impair corporate reputation are addressed through effective internal control systems. Disregard for acceptable standards and procedures for granting credit have affected bank loan portfolios and could be cited for the crises in some European countries. The study intends to determine the effectiveness of internal control systems, investigate whether perceived agency problems exist on the part of board members and to establish the relationship between internal controls and credit risk among listed banks in the European Union. Drawing theoretical support from the behavioural compliance and agency theories, about seventeen internal control variables (drawn from the revised COSO framework), bank-specific, country, stock market and macro-economic variables will be involved in the study. A purely quantitative approach will be employed to model internal control variables covering the control environment, risk management, control activities, information and communication and monitoring. Panel data from 2005-2014 on listed banks from 28 European Union countries will be used for the study. Hypotheses will be tested and the Generalized Least Squares (GLS) regression will be run to establish the relationship between dependent and independent variables. The Hausman test will be used to select whether random or fixed effect model will be used. It is expected that listed banks will have sound internal control systems but their effectiveness cannot be confirmed. A perceived agency problem on the part of the board of directors is expected to be confirmed. The study expects significant effect of internal controls on credit risk. The study will uncover another perspective of internal controls as not only an operational risk issue but credit risk too. Banks will be cautious that observing effective internal control systems is an ethical and socially responsible act since the collapse (crisis) of financial institutions as a result of excessive default is a major contagion. This study deviates from the usual primary data approach to measuring internal control variables and rather models internal control variables in a quantitative approach for the panel data. Thus a grey area in approaching the revised COSO framework for internal controls is opened for further research. Most bank failures and crises could be averted if effective internal control systems are religiously adhered to.

Keywords: agency theory, credit risk, internal controls, revised COSO framework

Procedia PDF Downloads 279