Search results for: market separation

Authors: Heesu Kim

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This paper determines the varieties of state roles played in East Asia’s telecommunication market, regarding broadband industry. Technological capacity and the relationship between state and market affect the varieties of state role. In explaining the state’s engagement in the market, technology has always been considered as a necessary and sufficient condition. However technology variable has been useful in only explaining the extent of state’s involvement. This paper contributes by bringing in the political-economic factor, which is the relationship between state and market. This factor aids in distinguishing the varieties of state role played in emerging industries. Interaction between these two variables distinguishes 4 types of state roles played in the broadband industry. These roles are distinguished and characterized by the intensity of state’s intervention and the existence of technological capacity. This paper classifies four types of state role through the case of Singapore, China, Taiwan and Korea’s broadband industrial policy.

Keywords: East Asia, entrpreneurial state, industrial policy, regulatory state, technological capacity

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Authors: C. F. Popoola, P. Osho, S. B. Babarinde

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This study examined economic indicators as correlates of inward FDI. An exploratory research design was used to obtained annual published data on inflation rate, market size, exchange rate, political instability, human development, and infrastructure from Central Bank of Nigeria, National Bureau of Statistics, Nigerian Capital Market, Nigeria Institute of Social and Economic Research, and UNCTAD. Data generated were analyzed using Pearson correlation, analysis of variance and regression. The findings of the study revealed that market size (r = 0.852, p < 0.001), infrastructure (r = 0.264, p < 0.001), human development (r = 0.154, p < 0.01) and exchange rate ( r= 0.178, p < 0.05) correlate positively with inward FDI, while inflation rate (r = -0.88, p < 0.001), and political instability (r= -0.102, p < 0.05) correlate negatively with inward FDI. Findings also revealed that the economic indicators significantly predicted inward FDI (R2 = 0.913; F(1,19) = 29.40; p < 0.05) for Nigeria. It was concluded that exchange rate, market size, human development, and infrastructure positively related to inward FDI while the high level of inflation and political instability negatively related to inward FDI. Therefore, it was suggested that policy makers and government agencies should readdress steps and design policies that would encourage more FDI into the country.

Keywords: exchange rate, foreign direct investment, human development, inflation rate, infrastructure, market size, political instability

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Authors: T. B. Karu Jayasundara

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Regions of low gravity and gravity anomalies both influence heavy mineral concentrations on placer deposits. Economically imported heavy minerals are likely to have higher levels of deposition in low gravity regions of placer deposits. This can be found in coastal regions of Southern Asia, particularly in Sri Lanka and Peninsula India and areas located in the lowest gravity region of the world. The area about 70 kilometers of the east coast of Sri Lanka is covered by a high percentage of ilmenite deposits, and the southwest coast of the island consists of Monazite placer deposit. These deposits are one of the largest placer deposits in the world. In India, the heavy mineral industry has a good market. On the other hand, based on the coastal placer deposits recorded, the high gravity region located around Papua New Guinea, has no such heavy mineral deposits. In low gravity regions, with the help of other depositional environmental factors, the grains have more time and space to float in the sea, this helps bring high concentrations of heavy mineral deposits to the coast. The effect of low and high gravity can be demonstrated by using heavy mineral separation devices.  The Wilfley heavy mineral separating table is one of these; it is extensively used in industries and in laboratories for heavy mineral separation. The horizontally oscillating Wilfley table helps to separate heavy and light mineral grains in to deferent fractions, with the use of water. In this experiment, the low and high angle of the Wilfley table are representing low and high gravity respectively. A sample mixture of grain size <0.85 mm of heavy and light mineral grains has been used for this experiment. The high and low angle of the table was 6⁰ and 2⁰ respectively for this experiment. The separated fractions from the table are again separated into heavy and light minerals, with the use of heavy liquid, which consists of a specific gravity of 2.85. The fractions of separated heavy and light minerals have been used for drawing the two-dimensional graphs. The graphs show that the low gravity stage has a high percentage of heavy minerals collected in the upper area of the table than in the high gravity stage. The results of the experiment can be used for the comparison of regional low gravity and high gravity levels of heavy minerals. If there are any heavy mineral deposits in the high gravity regions, these deposits will take place far away from the coast, within the continental shelf.

Keywords: anomaly, gravity, influence, mineral

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Authors: Peng Zhou, Peter Pudney

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Driver advice systems are used by many rail operators to help train drivers to improve timekeeping while minimising energy use. These systems typically operate independently of the safeworking system, because information on how far the train is allowed to travel -the “limit of authority"- is usually not available as real-time data that can be used when generating driving advice. This is not an issue when there is sufficient separation between trains. But on systems with low headways, driving advice could conflict with safeworking requirements. We describe a method for generating driving advice that takes into account a moving limit of authority that is communicated to the train in real-time. We illustrate the method with four simulated examples using data from the Zhengzhou Metro. The method will allow driver advice systems to be used more effectively on railways with low headways.

Keywords: railway transportation, energy efficient train operation, optimal train control, safe separation

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Authors: Francis Mark A. Fernandez, Chelca Ubay, Armithan Suguitan

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Regions or provinces in a definite state certainly contribute to the economy of their mainland. These regions or provinces are the ones supplying the mainland with different resources and assets. Thus, with a certain region separating from the mainland would indeed impinge the heart of an entire state to develop and expand. With these, the researchers decided to study on the effects of the separation of one’s region to its mainland and the consequences that will take place if the mainland would rule out the region to separate from them. The researchers wrote this paper to present the causes of the separation of Catalonia from Spain and the prediction regarding the pursuance of this region to revolt from its mainland, Spain. In conducting this research, the researchers utilized two analyses, namely: qualitative and quantitative. In qualitative, numerous of information regarding the existing experiences of the citizens of Catalonia were gathered by the authors to give certainty to the prediction of the researchers. Besides this undertaking, the researchers will also gather needed information and figures through books, journals and the published news and reports. In addition, to further support this prediction under qualitative analysis, the researchers intended to operate the Phenomenological research in which the examiners will exemplify the lived experiences of each citizen in Catalonia. Moreover, the researchers will utilize one of the types of Phenomenological research which is hermeneutical phenomenology by Van Manen. In quantitative analysis, the researchers utilized the regression analysis in which it will ascertain the causality in an underlying theory in understanding the relationship of the variables. The researchers assigned and identified different variables, wherein the dependent variable or the y which represents the prediction of the researchers, the independent variable however or the x represents the arising problems that grounds the partition of the region, the summation of the independent variable or the ∑x represents the sum of the problem and finally the summation of the dependent variable or the ∑y is the result of the prediction. With these variables, using the regression analysis, the researchers will be able to show the connections and how a single variable could affect the other variables. From these approaches, the prediction of the researchers will be specified. This research could help different states dealing with this kind of problem. It will further help certain states undergoing this problem by analyzing the causes of these insurgencies and the effects on it if it will obstruct its region to consign their full-pledge autonomy.

Keywords: autonomy, liberty, prediction, separation

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Authors: Ratna Dewi Kusumaningtyas, Riris Pristiyani, Heny Dewajani

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Biodiesel is commonly produced via the two main routes, i.e. the transesterification of triglycerides and the esterification of free fatty acid (FFA) using short-chain alcohols. Both the two routes have drawback in term of the side product yielded during the reaction. Transesterification reaction of triglyceride results in glycerol as side product. On the other hand, FFA esterification brings in water as side product. Both glycerol and water in the biodiesel production are managed as waste. Hence, a separation process is necessary to obtain a high purity biodiesel. Meanwhile, separation processes is generally the most capital and energy intensive part in industrial process. Therefore, to reduce the separation process, it is essential to produce biodiesel via an alternative route eliminating glycerol or water side-products. In this work, biodiesel synthesis was performed using a glycerol-free process through chemical interesterification of jatropha oil with ethyl acetate in the presence on sodium acetate catalyst. By using this method, triacetine, which is known as fuel bio-additive, is yielded instead of glycerol. This research studied the effects of catalyst concentration on the jatropha oil interesterification process in the range of 0.5 – 1.25% w/w oil. The reaction temperature and molar ratio of oil to ethyl acetate were varied at 50, 60, and 70°C, and 1:6, 1:9, 1:15, 1:30, and 1:60, respectively. The reaction time was evaluated from 0 to 8 hours. It was revealed that the best yield was obtained with the catalyst concentration of 0.5%, reaction temperature of 70 °C, molar ratio of oil to ethyl acetate at 1:60, at 6 hours reaction time.

Keywords: biodiesel, interesterification, glycerol-free, triacetine, jatropha oil

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Authors: Srinivasa Reddy Mallampati, Min Hee Park, Soo Mim Cho, Sung Hyeon Yoon

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One of the issues of End of Life Vehicles (ELVs) recycling promotion is technology for the appropriate treatment of automotive shredder residue (ASR). Owing to its high heterogeneity and variable composition (plastic (23–41%), rubber/elastomers (9–21%), metals (6–13%), glass (10–20%) and dust (soil/sand) etc.), ASR can be classified as ‘hazardous waste’, on the basis of the presence of heavy metals (HMs), PCBs, BFRs, mineral oils, etc. Considering their relevant concentrations, these metals and plastics should be properly recovered for recycling purposes before ASR residues are disposed of. Brominated flame retardant additives in ABS/HIPS and PVC may generate dioxins and furans at elevated temperatures. Moreover, these BFRs additives present in plastic materials may leach into the environment during landfilling operations. ASR thermal process removes some of the organic material but concentrates, the heavy metals and POPs present in the ASR residues. In the present study, Fe/Ca/CaO nanoparticle assisted ozone treatment has been found to selectively hydrophilize the surface of ABS/HIPS and PVC plastics, enhancing its wettability and thereby promoting its separation from ASR plastics by means of froth flotation. The water contact angles, of ABS/HIPS and PVC decreased, about 18.7°, 18.3°, and 17.9° in ASR respectively. Under froth flotation conditions at 50 rpm, about 99.5% and 99.5% of HIPS in ASR samples sank, resulting in a purity of 98% and 99%. Furthermore, at 150 rpm a 100% PVC separation in the settled fraction, with 98% of purity in ASR, respectively. Total recovery of non-ABS/HIPS and PVC plastics reached nearly 100% in the floating fraction. This process improved the quality of recycled ASR plastics by removing surface contaminants or impurities. Further, a hybrid ball-milling and with Fe/Ca/CaO nanoparticle froth flotation process was established for the recovery of HMs from ASR. After ball-milling with Fe/Ca/CaO nanoparticle additives, the flotation efficiency increased to about 55 wt% and the HMs recovery were also increased about 90% for the 0.25 mm size fractions of ASR. Coating with Fe/Ca/CaO nanoparticles associated with subsequent microbubble froth flotation allowed the air bubbles to attach firmly on the HMs. SEM–EDS maps showed that the amounts of HMs were significant on the surface of the floating ASR fraction. This result, along with the low HM concentration in the settled fraction, was confirmed by elemental spectra and semi-quantitative SEM–EDS analysis. Developed hybrid preferential hazardous plastics and metals separation process from ASR is a simple, highly efficient, and sustainable procedure.

Keywords: end of life vehicles shredder residue, hazardous plastics, nanoparticle froth flotation, separation process

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Authors: Santi Mutiara Asih, Sinta Kemala Asih

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Along with the development of tourism in Indonesia, which is increasingly a lot of domestic and foreign public interest in sharia tourism, the Indonesian government is currently developing the program. It was seen that this program would have a good impact, especially for Indonesian tourism. So it is necessary to develop appropriate marketing strategies. Then to develop tourism prospects sharia government could use such a marketing strategy, for instance, marketing mix and Segmenting, Targeting, and Positioning (STP). The marketing mix is a set of marketing tools used by a state or a company to continue achieving its marketing objectives in target market. STP is the most important initial step in identifying customer value. In such away, it is expected from the use of this strategy could make sharia tourism as a market leader in the field of tourism in Indonesia, it also could attract more tourists to visit and increase economic returns.

Keywords: STP, marketing mix, market leader, sharia tourism

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Authors: Wafa Ghonaim

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Though quite fast on growth, Islamic financing at large, and its diverse instruments, is a controversial matter among scholars. This is evident from the ongoing debates on its Shariah compliance. Arguments, however, are inciting doubts and concerns among clients about its credibility, which is harming this lucrative sector. The work here investigates, particularly, some issues related to the Tawarruq instrument. The work examines the issues of linking Murabaha and Wakala contracts, the reselling of commodities to same traders, and the transfer of ownerships. The work affirms that a multi-agent smart electronic market design would facilitate Shariah compliance. The smart market exploits the rational decision-making capabilities of autonomous proxy agents that enable the clients, traders, brokers, and the bank buy and sell commodities, and manage transactions and cash flow. The smart electronic market design delivers desirable qualities that terminate the need for Wakala contracts and the reselling of commodities to the same traders. It also resolves the ownership transfer issues by allowing stakeholders to trade independently. The bank administers the smart electronic market and assures reliability of trades, transactions and cash flow. A multi-agent simulation is presented to validate the concept and processes. We anticipate that the multi-agent smart electronic market design would deliver Shariah compliance of personal financing to the aspiration of scholars, banks, traders and potential clients.

Keywords: Islamic finance, share'ah compliance, smart electronic markets design, multiagent systems

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Authors: Byomakesh Debata, Jitendra Mahakud

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The recent financial crisis has been characterized by massive monetary policy interventions by the Central bank, and it has amplified the importance of liquidity for the stability of the stock market. This paper empirically elucidates the actual impact of monetary policy interventions on stock market liquidity covering all National Stock Exchange (NSE) Stocks, which have been traded continuously from 2002 to 2015. The present study employs a multivariate VAR model along with VAR-granger causality test, impulse response functions, block exogeneity test, and variance decomposition to analyze the direction as well as the magnitude of the relationship between monetary policy and market liquidity. Our analysis posits a unidirectional relationship between monetary policy (call money rate, base money growth rate) and aggregate market liquidity (traded value, turnover ratio, Amihud illiquidity ratio, turnover price impact, high-low spread). The impulse response function analysis clearly depicts the influence of monetary policy on stock liquidity for every unit innovation in monetary policy variables. Our results suggest that an expansionary monetary policy increases aggregate stock market liquidity and the reverse is documented during the tightening of monetary policy. To ascertain whether our findings are consistent across all periods, we divided the period of study as pre-crisis (2002 to 2007) and post-crisis period (2007-2015) and ran the same set of models. Interestingly, all liquidity variables are highly significant in the post-crisis period. However, the pre-crisis period has witnessed a moderate predictability of monetary policy. To check the robustness of our results we ran the same set of VAR models with different monetary policy variables and found the similar results. Unlike previous studies, we found most of the liquidity variables are significant throughout the sample period. This reveals the predictability of monetary policy on aggregate market liquidity. This study contributes to the existing body of literature by documenting a strong predictability of monetary policy on stock liquidity in an emerging economy with an order driven market making system like India. Most of the previous studies have been carried out in developing economies with quote driven or hybrid market making system and their results are ambiguous across different periods. From an eclectic sense, this study may be considered as a baseline study to further find out the macroeconomic determinants of liquidity of stocks at individual as well as aggregate level.

Keywords: market liquidity, monetary policy, order driven market, VAR, vector autoregressive model

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Authors: Farnoosh Davarian

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The present research focuses on organizing the cooperation of units constrained by demand response (DR) programs, considering ancillary services in the P-Q power market. Moreover, it provides a comprehensive exploration of the effects of demand reduction and redistribution across several predefined scenarios (in three pre-designed demand response programs, for example, ranging from 5% to 20%) on system voltage and losses in a smart distribution system (in the studied network, distributed energy resources (DERs) such as synchronous distributed generators and wind turbines offer their active and reactive power for the proposed market).GAMS, a specialized software for high-powered modeling, is used for optimizing linear, nonlinear, and integer programming challenges. GAMS modeling is separate from its solution method, which is a notable feature. Thus, by providing changes in the solver, it is possible to solve the model using various methods (linear, nonlinear, integer, etc.). Finally, the combined active and reactive market challenge in smart distribution systems, considering renewable distributed sources and demand response programs in GAMS, will be evaluated. The active and reactive power trading by the distribution company is carried out in the wholesale market. What is demanded is active power. By using the buy-back/payment program, it is possible for responsive loads or aggregators to participate in the market. The objective function of the proposed market is to minimize the price of active and reactive power for DERs and distribution companies and the penalty cost for CO2 emissions and the cost of the buy-back/payment program. In this research, the objective function is to minimize the cost of active and reactive power from distributed generation sources and distribution companies, the cost of carbon dioxide emissions, and the cost of the buy-back/payment program. The effectiveness of the proposed method has been evaluated in a case study.

Keywords: consumer behavior, demand response, pollution cost, combined active and reactive market

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Authors: Sonal Purohit, Animesh Dubey

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Corporate governance deals with the entire network of formal and informal relationship with the management of the company and company’s stakeholders including employees, customers, creditors, local communities, and society in general. The recent financial crisis was truly a global crisis in its nature and effects. The Indian financial markets were not immune to this global financial crisis. It is believed that corporate governance also had a major role to play in staggering the effect of this crisis. The objective of this paper is to examine the failure of prevailing corporate governance practice in India during financial crisis. Lack of appropriate implementation of the corporate government norms was a reason behind the phenomenon of money being pulled-out by FIIs, which constitute major investors and influencers of the Indian financial market.

Keywords: corporate governance, FII, financial market, financial crisis

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Authors: Bashir Tijjani Abubakar

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Capital markets play a very important role in financing of private and public institutions in both developing and developed economies. Unfortunately, small and medium enterprises (SMEs) in those economies are yet to fully utilize the markets to finance their long financial needs. This study assesses the factors that influence the decisions of the Muslim Owners/Managers of SMEs in Nigeria and specifically in Kano to seek capital market financing. Logit regression model was used to assess the factors such as control of ownership, perception of the owners/managers on the interest rate charged by commercial banks, educational qualification, size, and age of the SMEs. The study reveals that all the factors have significant positive influence on the willingness of the SMEs Owners/Managers to seek capital market financing. The study recommends educating the Owners/Managers on the operations and products of the markets.

Keywords: capital markets, capital market financing, small and medium enterprise and willingness, size of an enterprise, age of an enterprise and control of ownership

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Authors: Jae-Soo Do, Kyoung-Seok Kim

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The crisis theory of Samsung Electronics is becoming a hot topic today. Due to its performance deterioration, the share of Samsung Electronics lost its driving power. Considering the public opinion about the bad rumors circulating within the company, it is quite probable that the company is currently facing crisis. Then, what company has challenged the stronghold of Samsung Electronics? At the core of the crisis is 'Xiaomi' who snatched the first place of the market share, pushing Samsung Electronics aside in the Chinese market. In June 2010, Xiaomi, established by eight co-founders, has been showing a miraculous growth as the smart device manufacturer, taking the first place in the Chinese market and coming in fifth worldwide in just four years after its establishment. How did Xiaomi instantaneously achieve enough growth to overtake Samsung? Thus, we have conducted a comparative analysis on the competitive strategies of Samsung and Xiaomi.

Keywords: Samsung, Xiaomi, industrial attractiveness, VIRO

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Authors: G. Erkomaishvili, M. Kobalava, T. Lazariashvili, M. Saghareishvili

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The article discusses the consumer market of agricultural products and agricultural policy in Georgia. It is noted that development of the strategic areas of the agricultural sector needs a special support. These strategic areas should create the country's major export potential. It is important to develop strategies to access to the international markets, form extensive marketing network etc., which will become the basis for the promotion and revenue growth of the country. The Georgian agricultural sector, with the right state policy and support, can achieve success and gain access to the world market with competitive agricultural products. The paper discusses the current condition of agriculture, export and import of agricultural products and agricultural policy in Georgia. The conducted research concludes the information that there is an increasing demand on the green goods in the world market. Natural and climatic conditions of Georgia give a serious possibility of implementing it. The research presents an agricultural development strategy in Georgia and the findings and based on them recommendations are proposed.

Keywords: agriculture, export-import of agricultural products, agricultural cooperative society, agricultural policy, agricultural insurance

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Authors: Hassiba Benguergoura, Kamal Chanane, Sâad Moulay

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Pervaporation (PV), a membrane-based separation technology, has gained much attention because of its energy saving capability and low-cost, especially for separation of azeotropic or close-boiling liquid mixtures. There are two crucial issues for industrial application of pervaporation process. The first is developing membrane material and tailoring membrane structure to obtain high pervaporation performances. The second is modeling pervaporation transport to better understand of the above-mentioned structure–pervaporation relationship. Many models were proposed to predict the mass transfer process, among them, solution-diffusion model is most widely used in describing pervaporation transport including preferential sorption, diffusion and evaporation steps. For modeling pervaporation transport, the permeation flux, which depends on the solubility and diffusivity of components in the membrane, should be obtained first. Traditionally, the solubility was calculated according to the Flory–Huggins theory. Separation of the benzene (Bz)/cyclohexane (Cx) mixture is industrially significant. Numerous papers have been focused on the Bz/Cx system to assess the PV properties of membrane materials. Membranes with both high permeability and selectivity are desirable for practical application. Several new polymers have been prepared to get both high permeability and selectivity. Styrene-butadiene rubbers (SBR), dense membranes cross-linked by chloromethylation were used in the separation of benzene/cyclohexane mixtures. The impact of chloromethylation reaction as a new method of cross-linking SBR on the pervaporation performance have been reported. In contrast to the vulcanization with sulfur, the cross-linking takes places on styrene units of polymeric chains via a methylene bridge. The partial pervaporative (PV) fluxes of benzene/cyclohexane mixtures in styrene-butadiene rubber (SBR) were predicted using Fick's first law. The predicted partial fluxes and the PV separation factor agreed well with the experimental data by integrating Fick's law over the benzene concentration. The effects of feed concentration and operating temperature on the predicted permeation flux by this proposed model are investigated. The predicted permeation fluxes are in good agreement with experimental data at lower benzene concentration in feed, but at higher benzene concentration, the model overestimated permeation flux. The predicted and experimental permeation fluxes all increase with operating temperature increasing. Solvent sorption levels for benzene/ cyclohexane mixtures in a SBR membrane were determined experimentally. The results showed that the solvent sorption levels were strongly affected by the feed composition. The Flory- Huggins equation generates higher R-square coefficient for the sorption selectivity.

Keywords: benzene, cyclohexane, pervaporation, permeation, sorption modeling, SBR

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Authors: Mutiat Temitayo James, Oladapo Olakunle James, Kabiru Oyetunde

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This paper examines occupational segregation by sex and sought to justify a case for its elimination or not. In doing this, we found that occupations are categorised among men and women in all parts of the world and this, in turn, affects the labour force participation rate of men and women in different sectors and aspects of the labour market. Data from the previous study shows that women are the most discriminated against as regards occupational segregation as many high profile jobs are regarded as men’s job and women relegated to the background. This has brought about low productivity for women and inequity in the labour market which can hinder the productivity levels of participants. It was however recommended that occupational segregation should be eliminated totally so that men and women alike can choose occupations of their choice irrespective of what gender the society ascribe to such occupation.

Keywords: occupation, gender, gender equality, labour market, segregation, discrimination

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Authors: Sania Ashraf

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The paper focuses on the prevalence of informational efficiency and integration of GCC Shariah Equity market for the period of 01st January 2010 to 31st June 2015 with daily equity returns of Kuwait, Oman, Qatar, Bahrain, Saudi Arabia and United Arab Emirates. The study employs traditional as well as the modern approach of tracing out the efficiency and integration in the return series. From the results of efficiency it was observed that the market lacked efficiency in terms of its past information. The results of integration test clearly indicates that there was a long memory in the returns of GCC Shariah during the study period. Hence it was concluded and proved that the returns of all GCC Equity Shariah were not informationally efficient but fractionally integrated during the study period.

Keywords: efficiency, Fama, GCC shariah, hurst exponent, integration, serial correlation

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Authors: Sabita Mahapatra

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‘Going green’ has been an emerging issue worldwide driving companies to continuously enhance their green capabilities and implement innovative green practices to protect the environment and improve business performance. Green has become a contemporary business environmental issue. The resource advantage theory is adopted in the present study to observe the impact of marketing orientation and green innovation practices on environmental and firm’s performance. The small and medium firms compared to large firms have different approach towards market orientation as a strategic tool. The present study proposes a conceptual framework regarding the impact of market orientation on environmental and firm’s performance through green innovation practices in the context of small and medium scale industries (SMEs). The propositions developed in the present paper would provide scope for future research study to validate the conceptual framework in the emerging economy like India.

Keywords: market orientation, green innovation practices, environment performance, corporate performance, emerging market

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Authors: S. Pradhan, V. Kumaran

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Centrifugal gas separation processes effect separation by utilizing the difference in the mole fraction in a high speed rotating cylinder caused by the difference in molecular mass, and consequently the centrifugal force density. These have been widely used in isotope separation because chemical separation methods cannot be used to separate isotopes of the same chemical species. More recently, centrifugal separation has also been explored for the separation of gases such as carbon dioxide and methane. The efficiency of separation is critically dependent on the secondary flow generated due to temperature gradients at the cylinder wall or due to inserts, and it is important to formulate accurate models for this secondary flow. The widely used Onsager model for secondary flow is restricted to very long cylinders where the length is large compared to the diameter, the limit of high stratification parameter, where the gas is restricted to a thin layer near the wall of the cylinder, and it assumes that there is no mass difference in the two species while calculating the secondary flow. There are two objectives of the present analysis of the rarefied gas flow in a rotating cylinder. The first is to remove the restriction of high stratification parameter, and to generalize the solutions to low rotation speeds where the stratification parameter may be O (1), and to apply for dissimilar gases considering the difference in molecular mass of the two species. Secondly, we would like to compare the predictions with molecular simulations based on the direct simulation Monte Carlo (DSMC) method for rarefied gas flows, in order to quantify the errors resulting from the approximations at different aspect ratios, Reynolds number and stratification parameter. In this study, we have obtained analytical and numerical solutions for the secondary flows generated at the cylinder curved surface and at the end-caps due to linear wall temperature gradient and external gas inflow/outflow at the axis of the cylinder. The effect of sources of mass, momentum and energy within the flow domain are also analyzed. The results of the analytical solutions are compared with the results of DSMC simulations for three types of forcing, a wall temperature gradient, inflow/outflow of gas along the axis, and mass/momentum input due to inserts within the flow. The comparison reveals that the boundary conditions in the simulations and analysis have to be matched with care. The commonly used diffuse reflection boundary conditions at solid walls in DSMC simulations result in a non-zero slip velocity as well as a temperature slip (gas temperature at the wall is different from wall temperature). These have to be incorporated in the analysis in order to make quantitative predictions. In the case of mass/momentum/energy sources within the flow, it is necessary to ensure that the homogeneous boundary conditions are accurately satisfied in the simulations. When these precautions are taken, there is excellent agreement between analysis and simulations, to within 10 %, even when the stratification parameter is as low as 0.707, the Reynolds number is as low as 100 and the aspect ratio (length/diameter) of the cylinder is as low as 2, and the secondary flow velocity is as high as 0.2 times the maximum base flow velocity.

Keywords: rotating flows, generalized onsager and carrier-Maslen model, DSMC simulations, rarefied gas flow

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Authors: M. Chobotová, Ž. Rylková

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Time full of changes which is associated with globalization, tougher competition, changes in the structures of markets and economic downturn, that all force companies to think about their competitive advantages. These changes can bring the company a competitive advantage and that can help improve competitive position in the market. Policy of the European Union is focused on the fast growing innovative companies which quickly respond to market demands and consequently increase its competitiveness. To meet those objectives companies need the right conditions and support of their state.

Keywords: innovation, performance, measurements metrics, indices

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Authors: Mengna Hu

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This paper examines the impact of an anti-speculation tax policy on the trading activities and home price movements in the housing market in Hong Kong. The study focuses on the secondary residential property market where transactions dominate. The policy intervention substantially raised the transaction cost to speculators as well as genuine homeowners who dispose their homes within a certain period. Through the demonstration of structural breaks, our empirical results show that the rise in transaction cost effectively reduced speculative trading activities. However, it accelerated price increase in the small-sized segment by vastly demotivating existing homeowners from trading up to better homes, causing congestion in the lower-end market where the demand from first-time buyers is still strong. Apart from that, by employing regime switching approach, we further show that the unintended consequences are likely to be persistent due to this policy together with other strengthened cooling measures.

Keywords: transaction costs, housing market, structural breaks, regime switching

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Authors: Reza Ferdousi, Reza Safdari, Yadollah Omidi

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Drug-drug interactions (DDIs) are main cause of the adverse drug reactions and nature of the functional and molecular complexity of drugs behavior in human body make them hard to prevent and treat. With the aid of new technologies derived from mathematical and computational science the DDIs problems can be addressed with minimum cost and efforts. Market basket analysis is known as powerful method to identify co-occurrence of thing to discover patterns and frequency of the elements. In this research, we used market basket analysis to identify important bio-elements in DDIs occurrence. For this, we collected all known DDIs from DrugBank. The obtained data were analyzed by market basket analysis method. We investigated all drug-enzyme, drug-carrier, drug-transporter and drug-target associations. To determine the importance of the extracted bio-elements, extracted rules were evaluated in terms of confidence and support. Market basket analysis of the over 45,000 known DDIs reveals more than 300 important rules that can be used to identify DDIs, CYP 450 family were the most frequent shared bio-elements. We applied extracted rules over 2,000,000 unknown drug pairs that lead to discovery of more than 200,000 potential DDIs. Analysis of the underlying reason behind the DDI phenomena can help to predict and prevent DDI occurrence. Ranking of the extracted rules based on strangeness of them can be a supportive tool to predict the outcome of an unknown DDI.

Keywords: drug-drug interaction, market basket analysis, rule discovery, important bio-elements

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Authors: Carol Anne Hargreaves

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A key issue in stock investment is how to select representative features for stock selection. The objective of this paper is to firstly determine whether an automated stock investment system, using machine learning techniques, may be used to identify a portfolio of growth stocks that are highly likely to provide returns better than the stock market index. The second objective is to identify the technical features that best characterize whether a stock’s price is likely to go up and to identify the most important factors and their contribution to predicting the likelihood of the stock price going up. Unsupervised machine learning techniques, such as cluster analysis, were applied to the stock data to identify a cluster of stocks that was likely to go up in price – portfolio 1. Next, the principal component analysis technique was used to select stocks that were rated high on component one and component two – portfolio 2. Thirdly, a supervised machine learning technique, the logistic regression method, was used to select stocks with a high probability of their price going up – portfolio 3. The predictive models were validated with metrics such as, sensitivity (recall), specificity and overall accuracy for all models. All accuracy measures were above 70%. All portfolios outperformed the market by more than eight times. The top three stocks were selected for each of the three stock portfolios and traded in the market for one month. After one month the return for each stock portfolio was computed and compared with the stock market index returns. The returns for all three stock portfolios was 23.87% for the principal component analysis stock portfolio, 11.65% for the logistic regression portfolio and 8.88% for the K-means cluster portfolio while the stock market performance was 0.38%. This study confirms that an automated stock investment system using machine learning techniques can identify top performing stock portfolios that outperform the stock market.

Keywords: machine learning, stock market trading, logistic regression, cluster analysis, factor analysis, decision trees, neural networks, automated stock investment system

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Authors: Firsan Nova

Abstract:

The average Indonesian watches 5.5 hours of TV a day. With a population of 242 million people and a Free-to-Air (FTA) TV penetration rate of 56%, that equates to 745 million hours of television watched each day. With such potential, it is no wonder that many companies are now attempting to get into the Pay TV market. Research firm Media Partner Asia has forecast in its study that the number of Indonesian pay-television subscribers will climb from 2.4 million in 2012 to 8.7 million by 2020, with penetration scaling up from 7 percent to 21 percent. Key drivers of market growth, the study says, include macro trends built around higher disposable income and a rising middle class, with leading players continuing to invest significantly in sales, distribution and content. New entrants, in the meantime, will boost overall prospects. This study aims to examine and analyze the effect of Market Attractiveness and the Core Competence on Value Creation and Competitive Advantage and its impact to Business Performance in the pay TV industry in Indonesia. The study using strategic management science approach with the census method in which all members of the population are as sample. Verification method is used to examine the relationship between variables. The unit of analysis in this research is all Indonesian Pay TV business units totaling 19 business units. The unit of observation is the director and managers of each business unit. Hypothesis testing is performed by using statistical Partial Least Square (PLS). The conclusion of the study shows that the market attractiveness affects business performance through value creation and competitive advantage. The appropriate value creation comes from the company ability to optimize its core competence and exploit market attractiveness. Value creation affects competitive advantage. The competitive advantage can be determined based on the company's ability to create value for customers and the competitive advantage has an impact on business performance.

Keywords: market attractiveness, core competence, value creation, competitive advantage, business performance

Procedia PDF Downloads 349

Authors: Petra Dilling

Abstract:

This study examines the market reaction to the publication of integrated reports for a sample of 316 global companies for the reporting year 2018. Applying event study methodology, we find significant cumulative average abnormal returns (CAARs) after the publication date. To ensure robust estimation resultsthe three-factor model, according to Fama and French, is used as well as a market-adjusted model, a CAPM and a Frama-French model taking GARCH effects into account. We find a significant positive CAAR after the publication day of the integrated report. Our results suggest that investors react to information provided in the integrated report and that they react differently to the annual financial report. Furthermore, our cross-sectional analysis confirms that companies with a significant positive cumulative average abnormal show certain characteristic. It was found that European companies have a higher likelihood to experience a stronger significant positive market reaction to their integrated report publication.

Keywords: integrated report, event methodology, cumulative abnormal return, sustainability, CAPM

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Authors: Cassandra Seery

Abstract:

During the twentieth century, the notion of child rights at the international level began with the League of Nations’ Geneva Declaration of the Rights of the Child 1924, culminating in the development and adoption of the UN Convention on the Rights of the Child (‘the Convention’) in 1989. A key foundation of child rights lies in the development of the ‘best interests of the child’ principle and its subsequent incorporation into domestic legislation across the globe. This principle has become a key concept in child rights protection and has become a widely recognized principle in the protection of child rights. However, despite its status as the primary operating standard in child and family law and its ‘deepening hold in domestic and international instruments’, the meaning of the ‘best interests of the child’ principle has been criticised as open-ended and vague. This paper explores the evolution and development of the principle in the context of parental separation at international law throughout the 21st century and identifies opportunities for the Nation States to further improve legislative responses in associated child protection cases. An extensive review of relevant United Nations documentation (including instruments, resolutions and comments, jurisprudence, reports, guidelines and policies, training materials and so forth) explores: (i) what progress has been made to further develop the principle at the international level with regard to parental separation; and (ii) what developments participating the Nation States should consider as part of future legal and social policy reforms in this space. It will highlight opportunities for improvement and explore the benefit and relevance of international approaches for the Nation States moving forward.

Keywords: international human rights, best interests of the child, legal and social policy, child rights

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Authors: Montserrat Guillen, Stephania Mosquera-Lopez, Jorge Uribe

Abstract:

An empirical study of market risk transmission between electricity prices in the Nord Pool interconnected market is done. Crucially, it is differentiated between risk propagation in the two tails of the price variation distribution. Thus, the downside risk from upside risk spillovers is distinguished. The results found document an asymmetric nature of risk and risk propagation in the two tails of the electricity price log variations. Risk spillovers following price increments in the market are transmitted to a larger extent than those after price reductions. Also, asymmetries related to both, the size of the transaction area and related to whether a given area behaves as a net-exporter or net-importer of electricity, are documented. For instance, on the one hand, the bigger the area of the transaction, the smaller the size of the volatility shocks that it receives. On the other hand, exporters of electricity, alongside countries with a significant dependence on renewable sources, tend to be net-transmitters of volatility to the rest of the system. Additionally, insights on the predictive power of positive and negative semivariances for future market volatility are provided. It is shown that depending on the forecasting horizon, downside and upside shocks to the market are featured by a distinctive persistence, and that upside volatility impacts more on net-importers of electricity, while the opposite holds for net-exporters.

Keywords: electricity prices, realized volatility, semivariances, volatility spillovers

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Authors: Kul Pun, F. A. Hamad, T. Ahmed, J. O. Ugwu, J. Eyers, G. Lawson, P. A. Russell

Abstract:

Determining droplet size and distribution is essential when determining the separation efficiency of a two/three-phase separator. This paper investigates the effect of liquid flow and oil pad thickness on the droplet size at the lab scale. The findings show that increasing the inlet flow rates of the oil and water results in size reduction of the droplets and increasing the thickness of the oil pad increases the size of the droplets. The data were fitted with a simple Gaussian model, and the parameters of mean, standard deviation, and amplitude were determined. Trends have been obtained for the fitted parameters as a function of the Reynolds number, which suggest a way forward to better predict the starting parameters for population models when simulating separation using CFD packages. The key parameter to predict to fix the position of the Gaussian distribution was found to be the mean droplet size.

Keywords: two-phase separator, average bubble droplet, bubble size distribution, liquid-liquid phase

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Authors: Seung Moon Woo, Youn Suk Chung, Sang Yong Nam

Abstract:

In the present time, we need advanced water treatment technology for separation of virus and bacteria in effluent which occur epidemic and waterborne diseases. Water purification system is mainly divided into two categorizations like reverse osmosis (RO) and ultrafiltration (UF). Membrane used in these systems requires higher durability because of operating in harsh condition. Of these, the membrane using in UF system has many advantages like higher efficiency and lower energy consume for water treatment compared with RO system. In many kinds of membrane, hollow fiber type membrane is possible to make easily and to get optimized property by control of various spinning conditions such as temperature of coagulation bath, concentration of polymer, addition of additive, air gap and internal coagulation. In this study, polysulfone hollow fiber membrane was successfully prepared by phase inversion method for separation of virus and bacteria. When we prepare the hollow fiber membrane, we controlled various factors such as the polymer concentration, air gap and internal coagulation to investigate effect to membrane property. Morphology of surface and cross section of membrane were measured by field emission scanning electron microscope (FE-SEM). Water flux of membrane was measured using test modules. Mean pore diameter of membrane was calculated using rejection of polystyrene (PS) latex beads for separation of virus and bacteria. Flux and mean flow pore diameter of prepared membrane show 1.5 LPM, 0.03 μm at 1.0 kgf/cm2. The bacteria and virus removal performance of prepared UF membranes were over 6 logs.

Keywords: hollow fiber membrane, drinking water, ultrafiltration, bacteria

Procedia PDF Downloads 248