Search results for: soil organic carbon stock
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 8058

Search results for: soil organic carbon stock

3678 Using “Eckel” Model to Measure Income Smoothing Practices: The Case of French Companies

Authors: Feddaoui Amina

Abstract:

Income smoothing represents an attempt on the part of the company's management to reduce variations in earnings through the manipulation of the accounting principles. In this study, we aimed to measure income smoothing practices in a sample of 30 French joint stock companies during the period (2007-2009), we used Dummy variables method and “ECKEL” model to measure income smoothing practices and Binomial test accourding to SPSS program, to confirm or refute our hypothesis. This study concluded that there are no significant statistical indicators of income smoothing practices in the sample studied of French companies during the period (2007-2009), so the income series in the same sample studied of is characterized by stability and non-volatility without any intervention of management through accounting manipulation. However, this type of accounting manipulation should be taken into account and efforts should be made by control bodies to apply Eckel model and generalize its use at the global level.

Keywords: income, smoothing, 'Eckel', French companies

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3677 Evaluation Method for Fouling Risk Using Quartz Crystal Microbalance

Authors: Natsuki Kishizawa, Keiko Nakano, Hussam Organji, Amer Shaiban, Mohammad Albeirutty

Abstract:

One of the most important tasks in operating desalination plants using a reverse osmosis (RO) method is preventing RO membrane fouling caused by foulants found in seawater. Optimal design of the pre-treatment process of RO process for plants enables the reduction of foulants. Therefore, a quantitative evaluation of the fouling risk in pre-treated water, which is fed to RO, is required for optimal design. Some measurement methods for water quality such as silt density index (SDI) and total organic carbon (TOC) have been conservatively applied for evaluations. However, these methods have not been effective in some situations for evaluating the fouling risk of RO feed water. Furthermore, stable management of plants will be possible by alerts and appropriate control of the pre-treatment process by using the method if it can be applied to the inline monitoring system for the fouling risk of RO feed water. The purpose of this study is to develop a method to evaluate the fouling risk of RO feed water. We applied a quartz crystal microbalance (QCM) to measure the amount of foulants found in seawater using a sensor whose surface is coated with polyamide thin film, which is the main material of a RO membrane. The increase of the weight of the sensor after a certain length of time in which the sample water passes indicates the fouling risk of the sample directly. We classified the values as “FP: Fouling Potential”. The characteristics of the method are to measure the very small amount of substances in seawater in a short time: < 2h, and from a small volume of the sample water: < 50mL. Using some RO cell filtration units, a higher correlation between the pressure increase given by RO fouling and the FP from the method than SDI and TOC was confirmed in the laboratory-scale test. Then, to establish the correlation in the actual bench-scale RO membrane module, and to confirm the feasibility of the monitoring system as a control tool for the pre-treatment process, we have started a long-term test at an experimental desalination site by the Red Sea in Jeddah, Kingdom of Saudi Arabia. Implementing inline equipment for the method made it possible to measure FP intermittently (4 times per day) and automatically. Moreover, for two 3-month long operations, the RO operation pressure among feed water samples of different qualities was compared. The pressure increase through a RO membrane module was observed at a high FP RO unit in which feed water was treated by a cartridge filter only. On the other hand, the pressure increase was not observed at a low FP RO unit in which feed water was treated by an ultra-filter during the operation. Therefore, the correlation in an actual scale RO membrane was established in two runs of two types of feed water. The result suggested that the FP method enables the evaluation of the fouling risk of RO feed water.

Keywords: fouling, monitoring, QCM, water quality

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3676 Harnessing Community Benefits; Case Study of REDD+ in Ghana

Authors: Abdul-Razak Saeed

Abstract:

Addressing the climate change crisis that this generation faces has evolved to include the consideration of a policy mechanism referred to as reduced emissions from deforestation and forest degradation with plus components of conservation, sustainable forest management and enhancement of forest carbon stocks (REDD+). REDD+ emerged from the International level of UNFCCC but its implementation is by developing countries. It challenges the development paradigm of nations that depend on the unsustainable clearing of forests and land use change for economic development whilst posing as an opportunity or risk for forest community livelihoods, institutions and their interaction with the forest resources. As a novel policy mechanism, it is imperative to gain global insight into local contexts of its implementation and to understand local level mobilization of their agency for institutional sustainability as reconfigured by new carbon economy initiatives like REDD+. Using a systematic review process, as the initial stages of this study, secondary data of REDD+ projects across the globe were evaluated to pick up gaps in research and that of on ground REDD+ implementation. Primary data was gathered from 30 actors in the government, NGO, private sector and traditional authorities using face-to-face semi structured interviews in Ghana; participation in meetings and workshops and policy and strategy document reviews. Preliminary findings of the study include REDD+ knowledge being a key determinant of power distribution and affects who shapes the process; in Ghana, informal relationships are playing key roles in advancing REDD+ unlike in traditional forestry and a subjectivity shift of local communities from an 'emotive-link' of environmental care to one of 'economic self-seeking and enriching' domain of thought.

Keywords: climate change, communities, forests, REDD+

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3675 Seed Associated Microbial Communities of Holoparasitic Cistanche Species from Armenia and Portugal

Authors: K. Petrosyan, R. Piwowarczyk, K. Ruraż, S. Thijs, J. Vangronsveld, W. Kaca

Abstract:

Holoparasitic plants are flowering heterotrophic angiosperms which with the help of an absorbing organ - haustorium, attach to another plant, the so-called the host. Due to the different hosts, unusual lifestyle, lack of roots, chlorophylls and photosynthesis, these plants are interesting and unique study objects for global biodiversity. The seeds germination of the parasitic plants also is unique: they germinate only in response to germination stimulants, namely strigolactones produced by the root of an appropriate host. Resistance of the seeds on different environmental conditions allow them to stay viable in the soil for more than 20 years. Among the wide range of plant protection mechanisms the endophytic communities have a specific role. In this way, they have the potential to mitigate the impacts of adverse conditions such as soil salinization. The major objective of our study was to compare the bacterial endo-microbiomes from seeds of two holoparasitic plants from Orobanchaceae family, Cistanche – C. armena (Armenia) and C. phelypaea (Portugal) – from saline habitats different in soil water status. The research aimed to perform how environmental conditions influence on the diversity of the bacterial communities of C. armena and C. phelypaea seeds. This was achieved by comparison of the endophytic microbiomes of two species and isolation of culturable bacteria. A combination of culture-dependent and molecular techniques was employed for the identification of the seed endomicrobiome (culturable and unculturable). Using the V3-V4 hypervariable region of the 16S rRNA gene, four main taxa were identified: Proteobacteria, Actinobacteria, Bacteroidetes, Firmicutes, but the relative proportion of the taxa was different in each type of seed. Generally, sixteen phyla, 323 genera and 710 bacterial species were identified, mainly Gram negative, halotolerant bacteria with an environmental origin. However, also some unclassified and unexplored taxonomic groups were found in the seeds of both plants. 16S rRNA gene sequencing analysis from both species identified the gram positive, endospore forming, halotolerant and alkaliphile Bacillus spp. which suggests that the endophytic bacteria of examined seeds possess traits that are correlated with the natural habitat of their hosts. The cultivable seed endophytes from C. armena and C. phelypaea were rather similar, notwithstanding the big distances between their growth habitats - Armenia and Portugal. Although the seed endophytic microbiomes of C. armena and C. phelypaea contain a high number of common bacterial taxa, also remarkable differences exist. We demonstrated that the environmental conditions or abiotic stresses influence on diversity of the bacterial communities of holoparasiotic seeds. To the best of our knowledge the research is the first report of endophytes from seeds of holoparasitic Cistanche armena and C. phelypaea plants.

Keywords: microbiome, parasitic plant, salinity, seeds

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3674 Phosphate Regulation of Arbuscular Mycorrhiza Symbiosis in Rice

Authors: Debatosh Das, Moxian Chen, Jianhua Zhang, Caroline Gutjahr

Abstract:

Arbuscular mycorrhiza (AM) is a mutualistic symbiosis between plant roots and Glomeromycotina fungi, which is activated under low but inhibited by high phosphate. The effect of phosphate on AM development has been observed for many years, but mechanisms regulating it under contrasting phosphate levels remain unknown. Based on previous observations that promoters of several AM functional genes contain PHR binding motifs, we hypothesized that PHR2, a master regulator of phosphate starvation response in rice, was recruited to regulate AM symbiosis development. We observed a drastic reduction in root colonization and significant AM transcriptome modulation in phr2. PHR2 targets genes required for root colonization and AM signaling. The role of PHR2 in improving root colonization, mycorrhizal phosphate uptake, and growth response was confirmed in field soil. In conclusion, rice PHR2, which is considered a master regulator of phosphate starvation responses, acts as a positive regulator of AM symbiosis between Glomeromycotina fungi and rice roots. PHR2 directly targets the transcription of plant strigolactone and AM genes involved in the establishment of this symbiosis. Our work facilitates an understanding of ways to enhance AMF propagule populations introduced in field soils (as a biofertilizer) in order to restore the natural plant-AMF networks disrupted by modern agricultural practices. We show that PHR2 is required for AM-mediated improvement of rice yield in low phosphate paddy field soil. Thus, our work contributes knowledge for rational application of AM in sustainable agriculture. Our data provide important insights into the regulation of AM by the plant phosphate status, which has a broad significance in agriculture and terrestrial ecosystems.

Keywords: biofertilizer, phosphate, mycorrhiza, rice, sustainable, symbiosis

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3673 Simulation and Analysis of Passive Parameters of Building in eQuest: A Case Study in Istanbul, Turkey

Authors: Mahdiyeh Zafaranchi

Abstract:

With rapid development of urbanization and improvement of living standards in the world, energy consumption and carbon emissions of the building sector are expected to increase in the near future; because of that, energy-saving issues have become more important among the engineers. Besides, the building sector is a major contributor to energy consumption and carbon emissions. The concept of efficient building appeared as a response to the need for reducing energy demand in this sector which has the main purpose of shifting from standard buildings to low-energy buildings. Although energy-saving should happen in all steps of a building during the life cycle (material production, construction, demolition), the main concept of efficient energy building is saving energy during the life expectancy of a building by using passive and active systems, and should not sacrifice comfort and quality to reach these goals. The main aim of this study is to investigate passive strategies (do not need energy consumption or use renewable energy) to achieve energy-efficient buildings. Energy retrofit measures were explored by eQuest software using a case study as a base model. The study investigates predictive accuracy for the major factors like thermal transmittance (U-value) of the material, windows, shading devices, thermal insulation, rate of the exposed envelope, window/wall ration, lighting system in the energy consumption of the building. The base model was located in Istanbul, Turkey. The impact of eight passive parameters on energy consumption had been indicated. After analyzing the base model by eQuest, a final scenario was suggested which had a good energy performance. The results showed a decrease in the U-values of materials, the rate of exposing buildings, and windows had a significant effect on energy consumption. Finally, savings in electric consumption of about 10.5%, and gas consumption by about 8.37% in the suggested model were achieved annually.

Keywords: efficient building, electric and gas consumption, eQuest, Passive parameters

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3672 Remote Observation of Environmental Parameters on the Surface of the Maricunga Salt Flat, Atacama Region, Chile

Authors: Lican Guzmán, José Manuel Lattus, Mariana Cervetto, Mauricio Calderón

Abstract:

Today the estimation of effects produced by climate change in high Andean wetland environments is confronted by big challenges. This study provides a way to an analysis by remote sensing how some Ambiental aspects have evolved on the Maricunga salt flat in the last 30 years, divided into the summer and winter seasons, and if global warming is conditioning these changes. The first step to achieve this goal was the recompilation of geological, hydrological, and morphometric antecedents to ensure an adequate contextualization of its environmental parameters. After this, software processing and analysis of Landsat 5,7 and 8 satellite imagery was required to get the vegetation, water, surface temperature, and soil moisture indexes (NDVI, NDWI, LST, and SMI) in order to see how their spatial-temporal conditions have evolved in the area of study during recent decades. Results show a tendency of regular increase in surface temperature and disponibility of water during both seasons but with slight drought periods during summer. Soil moisture factor behaves as a constant during the dry season and with a tendency to increase during wintertime. Vegetation analysis shows an areal and quality increase of its surface sustained through time that is consistent with the increase of water supply and temperature in the basin mentioned before. Roughly, the effects of climate change can be described as positive for the Maricunga salt flat; however, the lack of exact correlation in dates of the imagery available to remote sensing analysis could be a factor for misleading in the interpretation of results.

Keywords: global warming, geology, SIG, Atacama Desert, Salar de Maricunga, environmental geology, NDVI, SMI, LST, NDWI, Landsat

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3671 A Survey on the Blockchain Smart Contract System: Security Strengths and Weaknesses

Authors: Malaw Ndiaye, Karim Konate

Abstract:

Smart contracts are computer protocols that facilitate, verify, and execute the negotiation or execution of a contract, or that render a contractual term unnecessary. Blockchain and smart contracts can be used to facilitate almost any financial transaction. Thanks to these smart contracts, the settlement of dividends and coupons could be automated. Smart contracts have become lucrative and profitable targets for attackers because they can hold a great amount of money. Smart contracts, although widely used in blockchain technology, are far from perfect due to security concerns. Since there are recent studies on smart contract security, none of them systematically study the strengths and weaknesses of smart contract security. Some have focused on an analysis of program-related vulnerabilities by providing a taxonomy of vulnerabilities. Other studies are responsible for listing the series of attacks linked to smart contracts. Although a series of attacks are listed, there is a lack of discussions and proposals on improving security. This survey takes stock of smart contract security from a more comprehensive perspective by correlating the level of vulnerability and systematic review of security levels in smart contracts.

Keywords: blockchain, Bitcoin, smart contract, criminal smart contract, security

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3670 The Four Elements of Zoroastrianism and Sustainable Ecosystems with an Ecological Approach

Authors: Esmat Momeni, Shabnam Basari, Mohammad Beheshtinia

Abstract:

The purpose of this study is to provide a symbolic explanation of the four elements in Zoroastrianism and sustainable ecosystems with an ecological approach. The research method is fundamental and deductive content analysis. Data collection has been done through library and documentary methods and through reading books and related articles. The population and sample of the present study are Yazd city and Iran country after discovering symbolic concepts derived from the theoretical foundations of Zoroastrianism in four elements of water, air, soil, fire and conformity with Iranian architecture with the ecological approach in Yazd city, the sustainable ecosystem it is explained by the system of nature. The validity and reliability of the results are based on the trust and confidence of the research literature. Research findings show that Yazd was one of the bases of Zoroastrianism in Iran. Many believe that the first person to discuss the elements of nature and respect Zoroastrians is the Prophet of this religion. Keeping the environment clean and pure by paying attention to and respecting these four elements. The water element is a symbol of existence in Zoroastrianism, so the people of Yazd used the aqueduct and designed a pool in front of the building. The soil element is a symbol of the raw material of human creation in the Zoroastrian religion, the most readily available material in the desert areas of Yazd, used as bricks and adobes, creating one of the most magnificent roof coverings is the dome. The wind element represents the invisible force of the soul in Creation in Zoroastrianism, the most important application of wind in the windy, which is a highly efficient cooling system. The element of fire, which is always a symbol of purity in Zoroastrianism, is located in a special place in Yazd's Ataskadeh (altar/ temple), where the most important religious prayers are held in and against the fire. Consequently, indigenous knowledge and attention to indigenous architecture is a part of the national capital of each nation that encompasses their beliefs, values, methods, and knowledge. According to studies on the four elements of Zoroastrianism, the link between these four elements are that due to the hot and dry fire at the beginning, it is the fire that begins to follow the nature of the movement in the stillness of the earth, and arises from the heat of the fire and because of vigor and its decreases, cold (wind) emerges, and from cold, humidity and wetness. And by examining books and resources on Yazd's architectural design with an ecological approach to the values of the four elements Zoroastrianism has been inspired, it can be concluded that in order to have environmentally friendly architecture, it is essential to use sustainable architectural principles, to link religious and sacrament culture and ecology through architecture.

Keywords: ecology, architecture, quadruple elements of air, soil, water, fire, Zoroastrian religion, sustainable ecosystem, Iran, Yazd city

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3669 A System Dynamic Based DSS for Ecological Urban Management in Alexandria, Egypt

Authors: Mona M. Salem, Khaled S. Al-Hagla, Hany M. Ayad

Abstract:

The concept of urban metabolism has increasingly been employed in a diverse range of disciplines as a mean to analyze and theorize the city. Urban ecology has a particular focus on the implications of applying the metabolism concept to the urban realm. This approach has been developed by a few researchers, though it has rarely if ever been used in policy development for city planning. The aim of this research is to use ecologically informed urban planning interventions to increase the sustainability of urban metabolism; with special focus on land stock as a most important city resource by developing a system dynamic based DSS. This model identifies two critical management strategy variables for the Strategic Urban Plan Alexandria SUP 2032. As a result, this comprehensive and precise quantitative approach is needed to monitor, measure, evaluate and observe dynamic urban changes working as a decision support system (DSS) for policy making.

Keywords: ecology, land resource, LULCC, management, metabolism, model, scenarios, system dynamics, urban development

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3668 Assessment of the Two-Way Relationship between Capital Structure and Operation Performance of Listed Companies on Vietnam’s Stock

Authors: Uyen Tran Tu

Abstract:

The decision on capital structure is one of the most important and sophisticated decisions in financial management in order to improve firm performance. This article would study the two-way impact between capital structure and firm performance. The study use EVIEWS 6.0 software to determine a two-way relationship between the capital structure and firm performance based on two-stage regression (2SLS - Two-Stage Least Squares). The findings are: capital structure has the opposite effect on the business efficiency and vice versa, factors that effect on business efficiency include Size and Opportunities. Factors effects on the capital structure are size; liquidity. These factors also affect the ratio of capital structure (total debt/ total asset) of companies. In particular, liquidity has the opposite effect; and the size of the business has the same impact. The results of the study are in line with the theory and empirical studies presented, and the results of the study are unchanged for all three years 2015-2017.

Keywords: capital structure, firm performance, factors, two-way relationship

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3667 Assessment of Multi-Domain Energy Systems Modelling Methods

Authors: M. Stewart, Ameer Al-Khaykan, J. M. Counsell

Abstract:

Emissions are a consequence of electricity generation. A major option for low carbon generation, local energy systems featuring Combined Heat and Power with solar PV (CHPV) has significant potential to increase energy performance, increase resilience, and offer greater control of local energy prices while complementing the UK’s emissions standards and targets. Recent advances in dynamic modelling and simulation of buildings and clusters of buildings using the IDEAS framework have successfully validated a novel multi-vector (simultaneous control of both heat and electricity) approach to integrating the wide range of primary and secondary plant typical of local energy systems designs including CHP, solar PV, gas boilers, absorption chillers and thermal energy storage, and associated electrical and hot water networks, all operating under a single unified control strategy. Results from this work indicate through simulation that integrated control of thermal storage can have a pivotal role in optimizing system performance well beyond the present expectations. Environmental impact analysis and reporting of all energy systems including CHPV LES presently employ a static annual average carbon emissions intensity for grid supplied electricity. This paper focuses on establishing and validating CHPV environmental performance against conventional emissions values and assessment benchmarks to analyze emissions performance without and with an active thermal store in a notional group of non-domestic buildings. Results of this analysis are presented and discussed in context of performance validation and quantifying the reduced environmental impact of CHPV systems with active energy storage in comparison with conventional LES designs.

Keywords: CHPV, thermal storage, control, dynamic simulation

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3666 Garnet-based Bilayer Hybrid Solid Electrolyte for High-Voltage Cathode Material Modified with Composite Interface Enabler on Lithium-Metal Batteries

Authors: Kumlachew Zelalem Walle, Chun-Chen Yang

Abstract:

Solid-state lithium metal batteries (SSLMBs) are considered promising candidates for next-generation energy storage devices due to their superior energy density and excellent safety. However, recent findings have shown that the formation of lithium (Li) dendrites in SSLMBs still exhibits a terrible growth ability, which makes the development of SSLMBs have to face the challenges posed by the Li dendrite problem. In this work, an inorganic/organic mixture coating material (g-C3N4/ZIF-8/PVDF) was used to modify the surface of lithium metal anode (LMA). Then the modified LMA (denoted as g-C₃N₄@Li) was assembled with lithium nafion (LiNf) coated commercial NCM811 (LiNf@NCM811) using a bilayer hybrid solid electrolyte (Bi-HSE) that incorporated 20 wt.% (vs. polymer) LiNf coated Li6.05Ga0.25La3Zr2O11.8F0.2 ([email protected]) filler faced to the positive electrode and the other layer with 80 wt.% (vs. polymer) filler content faced to the g-C₃N₄@Li. The garnet-type Li6.05Ga0.25La3Zr2O11.8F0.2 (LG0.25LZOF) solid electrolyte was prepared via co-precipitation reaction process from Taylor flow reactor and modified using lithium nafion (LiNf), a Li-ion conducting polymer. The Bi-HSE exhibited high ionic conductivity of 6.8  10–4 S cm–1 at room temperature, and a wide electrochemical window (0–5.0 V vs. Li/Li+). The coin cell was charged between 2.8 to 4.5 V at 0.2C and delivered an initial specific discharge capacity of 194.3 mAh g–1 and after 100 cycles it maintained 81.8% of its initial capacity at room temperature. The presence of a nano-sheet g-C3N4/ZIF-8/PVDF as a composite coating material on the LMA surface suppress the dendrite growth and enhance the compatibility as well as the interfacial contact between anode/electrolyte membrane. The g-C3N4@Li symmetrical cells incorporating this hybrid electrolyte possessed excellent interfacial stability over 1000 h at 0.1 mA cm–2 and a high critical current density (1 mA cm–2). Moreover, the in-situ formation of Li3N on the solid electrolyte interface (SEI) layer as depicted from the XPS result also improves the ionic conductivity and interface contact during the charge/discharge process. Therefore, these novel multi-layered fabrication strategies of hybrid/composite solid electrolyte membranes and modification of the LMA surface using mixed coating materials have potential applications in the preparation of highly safe high-voltage cathodes for SSLMBs.

Keywords: high-voltage cathodes, hybrid solid electrolytes, garnet, graphitic-carbon nitride (g-C3N4), ZIF-8 MOF

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3665 Influence of a Cationic Membrane in a Double Compartment Filter-Press Reactor on the Atenolol Electro-Oxidation

Authors: Alan N. A. Heberle, Salatiel W. Da Silva, Valentin Perez-Herranz, Andrea M. Bernardes

Abstract:

Contaminants of emerging concern are substances widely used, such as pharmaceutical products. These compounds represent risk for both wild and human life since they are not completely removed from wastewater by conventional wastewater treatment plants. In the environment, they can be harm even in low concentration (µ or ng/L), causing bacterial resistance, endocrine disruption, cancer, among other harmful effects. One of the most common taken medicine to treat cardiocirculatory diseases is the Atenolol (ATL), a β-Blocker, which is toxic to aquatic life. In this way, it is necessary to implement a methodology, which is capable to promote the degradation of the ATL, to avoid the environmental detriment. A very promising technology is the advanced electrochemical oxidation (AEO), which mechanisms are based on the electrogeneration of reactive radicals (mediated oxidation) and/or on the direct substance discharge by electron transfer from contaminant to electrode surface (direct oxidation). The hydroxyl (HO•) and sulfate (SO₄•⁻) radicals can be generated, depending on the reactional medium. Besides that, at some condition, the peroxydisulfate (S₂O₈²⁻) ion is also generated from the SO₄• reaction in pairs. Both radicals, ion, and the direct contaminant discharge can break down the molecule, resulting in the degradation and/or mineralization. However, ATL molecule and byproducts can still remain in the treated solution. On this wise, some efforts can be done to implement the AEO process, being one of them the use of a cationic membrane to separate the cathodic (reduction) from the anodic (oxidation) reactor compartment. The aim of this study is investigate the influence of the implementation of a cationic membrane (Nafion®-117) to separate both cathodic and anodic, AEO reactor compartments. The studied reactor was a filter-press, with bath recirculation mode, flow 60 L/h. The anode was an Nb/BDD2500 and the cathode a stainless steel, both bidimensional, geometric surface area 100 cm². The solution feeding the anodic compartment was prepared with ATL 100 mg/L using Na₂SO₄ 4 g/L as support electrolyte. In the cathodic compartment, it was used a solution containing Na₂SO₄ 71 g/L. Between both solutions was placed the membrane. The applied currents densities (iₐₚₚ) of 5, 20 and 40 mA/cm² were studied over 240 minutes treatment time. Besides that, the ATL decay was analyzed by ultraviolet spectroscopy (UV/Vis). The mineralization was determined performing total organic carbon (TOC) in TOC-L CPH Shimadzu. In the cases without membrane, the iₐₚₚ 5, 20 and 40 mA/cm² resulted in 55, 87 and 98 % ATL degradation at the end of treatment time, respectively. However, with membrane, the degradation, for the same iₐₚₚ, was 90, 100 and 100 %, spending 240, 120, 40 min for the maximum degradation, respectively. The mineralization, without membrane, for the same studied iₐₚₚ, was 40, 55 and 72 %, respectively at 240 min, but with membrane, all tested iₐₚₚ reached 80 % of mineralization, differing only in the time spent, 240, 150 and 120 min, for the maximum mineralization, respectively. The membrane increased the ATL oxidation, probably due to avoid oxidant ions (S₂O₈²⁻) reduction on the cathode surface.

Keywords: contaminants of emerging concern, advanced electrochemical oxidation, atenolol, cationic membrane, double compartment reactor

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3664 Evaluating the Water Balance of Sokoto Basement Complex to Address Water Security Challenges

Authors: Murtala Gada Abubakar, Aliyu T. Umar

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A substantial part of Nigeria is part of semi-arid areas of the world, underlain by basement complex (hard) rocks which are very poor in both transmission and storage of appreciable quantity of water. Recently, a growing attention is being paid on the need to develop water resources in these areas largely due to concerns about increasing droughts and the need to maintain water security challenges. While there is ample body of knowledge that captures the hydrological behaviours of the sedimentary part, reported research which unambiguously illustrates water distribution in the basement complex of the Sokoto basin remains sparse. Considering the growing need to meet the water requirements of those living in this region necessitated the call for accurate water balance estimations that can inform a sustainable planning and development to address water security challenges for the area. To meet this task, a one-dimensional soil water balance model was developed and utilised to assess the state of water distribution within the Sokoto basin basement complex using measured meteorological variables and information about different landscapes within the complex. The model simulated the soil water storage and rates of input and output of water in response to climate and irrigation where applicable using data from 2001 to 2010 inclusive. The results revealed areas within the Sokoto basin basement complex that are rich and deficient in groundwater resource. The high potential areas identified includes the fadama, the fractured rocks and the cultivated lands, while the low potential areas are the sealed surfaces and non-fractured rocks. This study concludes that the modelling approach is a useful tool for assessing the hydrological behaviour and for better understanding the water resource availability within a basement complex.

Keywords: basement complex, hydrological processes, Sokoto Basin, water security

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3663 Modeling Vegetation Phenological Characteristics of Terrestrial Ecosystems

Authors: Zongyao Sha

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Green vegetation plays a vital role in energy flows and matter cycles in terrestrial ecosystems, and vegetation phenology may not only be influenced by but also impose active feedback on climate changes. The phenological events of vegetation, such as the start of the season (SOS), end of the season (EOS), and length of the season (LOS), can respond to climate changes and affect gross primary productivity (GPP). Here we coupled satellite remote sensing imagery with FLUXNET observations to systematically map the shift of SOS, EOS, and LOS in global vegetated areas and explored their response to climate fluctuations and feedback on GPP during the last two decades. Results indicated that SOS advanced significantly, at an average rate of 0.19 days/year at a global scale, particularly in the northern hemisphere above the middle latitude (≥30°N) and that EOS was slightly delayed during the past two decades, resulting in prolonged LOS in 72.5% of the vegetated area. The climate factors, including seasonal temperature and precipitation, are attributed to the shifts in vegetation phenology but with a high spatial and temporal difference. The study revealed interactions between vegetation phenology and climate changes. Both temperature and precipitation affect vegetation phenology. Higher temperature as a direct consequence of global warming advanced vegetation green-up date. On the other hand, 75.9% and 20.2% of the vegetated area showed a positive correlation and significant positive correlation between annual GPP and length of vegetation growing season (LOS), likely indicating an enhancing effect on vegetation productivity and thus increased carbon uptake from the shifted vegetation phenology. Our study highlights a comprehensive view of the vegetation phenology changes of the global terrestrial ecosystems during the last two decades. The interactions between the shifted vegetation phenology and climate changes may provide useful information for better understanding the future trajectory of global climate changes. The feedback on GPP from the shifted vegetation phenology may serve as an adaptation mechanism for terrestrial ecosystems to mitigate global warming through improved carbon uptake from the atmosphere.

Keywords: vegetation phenology, growing season, NPP, correlation analysis

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3662 Effects of Financial and Non-Financial Reports On - Firms Performance

Authors: Vithaya Intaraphimol

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

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

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3661 Electrochemical Top-Down Synthesis of Nanostructured Support and Catalyst Materials for Energy Applications

Authors: Peter M. Schneider, Batyr Garlyyev, Sebastian A. Watzele, Aliaksandr S. Bandarenka

Abstract:

Functional nanostructures such as nanoparticles are a promising class of materials for energy applications due to their unique properties. Bottom-up synthetic routes for nanostructured materials often involve multiple synthesis steps and the use of surfactants, reducing agents, or stabilizers. This results in complex and extensive synthesis protocols. In recent years, a novel top-down synthesis approach to form metal nanoparticles has been established, in which bulk metal wires are immersed in an electrolyte (primarily alkali earth metal based) and subsequently subjected to a high alternating potential. This leads to the generation of nanoparticles dispersed in the electrolyte. The main advantage of this facile top-down approach is that there are no reducing agents, surfactants, or precursor solutions. The complete synthesis can be performed in one pot involving one main step with consequent washing and drying of the nanoparticles. More recent studies investigated the effect of synthesis parameters such as potential amplitude, frequency, electrolyte composition, and concentration on the size and shape of the nanoparticles. Here, we investigate the electrochemical erosion of various metal wires such as Ti, Pt, Pd, and Sn in various electrolyte compositions via this facile top-down technique and its experimental optimization to successfully synthesize nanostructured materials for various energy applications. As an example, for Pt and Pd, homogeneously distributed nanoparticles on carbon support can be obtained. These materials can be used as electrocatalyst materials for the oxygen reduction reaction (ORR) and hydrogen evolution reaction (HER), respectively. In comparison, the top-down erosion of Sn wires leads to the formation of nanoparticles, which have great potential as oxygen evolution reaction (OER) support materials. The application of the technique on Ti wires surprisingly leads to the formation of nanowires, which show a high surface area and demonstrate great potential as an alternative support material to carbon.

Keywords: ORR, electrochemistry, electrocatalyst, synthesis

Procedia PDF Downloads 70
3660 Subsurface Exploration for Soil Geotechnical Properties and its Implications for Infrastructure Design and Construction in Victoria Island, Lagos, Nigeria

Authors: Sunday Oladele, Joseph Oluwagbeja Simeon

Abstract:

Subsurface exploration, integrating methods of geotechnics and geophysics, of a planned construction site in the coastal city of Lagos, Nigeria has been carried out with the aim of characterizing the soil properties and their implication for the proposed infrastructural development. Six Standard Penetration Tests (SPT), fourteen Dutch Cone Penetrometer Tests (DCPT) and 2D Electrical Resistivity Imaging employing Dipole-dipole and Pole-dipole arrays were implemented on the site. The topsoil (0 - 4m) consists of highly compacted sandy lateritic clay(10 to 5595Ωm) to 1.25m in some parts and dense sand in other parts to 5.50m depth. This topsoil was characterized as a material of very high shear strength (≤ 150kg/m2) and allowable bearing pressure value of 54kN/m2 to 85kN/m2 and a safety factor of 2.5. Soft amorphous peat/peaty clay (0.1 to 11.4Ωm), 3-6m thick, underlays the lateritic clay to about 18m depth. Grey, medium dense to very dense sand (0.37 to 2387Ωm) with occasional gravels underlies the peaty clay down to 30m depth. Within this layer, the freshwater bearing zones are characterized by high resistivity response (83 to 2387Ωm), while the clayey sand/saline water intruded sand produced subdued resistivity output (0.37 to 40Ωm). The overall ground-bearing pressure for the proposed structure would be 225kN/m2. Bored/cast-in-place pile at 18.00m depth with any of these diameters and respective safe working loads 600mm/1,140KN, 800mm/2,010KN and 1000mm/3,150KN is recommended for the proposed multi-story structure.

Keywords: subsurface exploration, Geotechnical properties, resistivity imaging, pile

Procedia PDF Downloads 78
3659 Detecting Model Financial Statement Fraud by Auditor Industry Specialization with Fraud Triangle Analysis

Authors: Reskino Resky

Abstract:

This research purposes to create a model to detecting financial statement fraud. This research examines the variable of fraud triangle and auditor industry specialization with financial statement fraud. This research used sample of company which is listed in Indonesian Stock Exchange that have sanctions and cases by Financial Services Authority in 2011-2013. The number of company that were became in this research were 30 fraud company and 30 non-fraud company. The method of determining the sample is by using purposive sampling method with judgement sampling, while the data processing methods used by researcher are mann-whitney u and discriminants analysis. This research have two from five variable that can be process with discriminant analysis. The result shows the financial targets can be detect financial statement fraud, while financial stability can’t be detect financial statement fraud.

Keywords: fraud triangle analysis, financial targets, financial stability, auditor industry specialization, financial statement fraud

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3658 Impact of Agroforestry Practices on Biodiversity Management and Livelihoods of Communities Adjacent Magamba Nature Reserve(MNR), Tanzania

Authors: P. J. Kagosi, M. Mndolwa, E. Japhate

Abstract:

The study was conducted to communities adjacent MNR, Lushoto district, Tanzania. The MNR is one of the nine nature reserves in the Eastern Arc Mountains of Tanzania with an area of 8,700ha with high biological diversity. However, biodiversity in MNR have been threatened by increasing human activities for livelihood in 1970s. The AF systems in the study area was practised since 1980s however, no study was conducted on AF impacts. This paper presents the influence of AF on livelihood of communities adjacent MNR and biodiversity conservation. Qualitative and quantitative data were collected using socio-economic survey and botanical surveys. Data were analysed using Statistical Packages for Social Sciences and content analysis. The study found that in 1970s free livestock grazing caused considerable surface runoff, soil erosion and reduction of crop production. Since 1980s, the study area received various interventions based on the land conservations and improved livelihood through practising AF systems. It was further found that the AF farming improved crop productivity, reduced soil erosion, increased firewood (80.2%) and other forest products availability and AF encouraged community members practicing indoor livestock keeping.The dominant agroforestry tree found in the study area is grevillea reported by 74.1% of respondents planting an average of 40 trees. The study found that the AF reduced pressure to MNR as forest products and fodders were obtained from community's farms in turn, currently water flow from MNR has been increased. Thus AF products support livelihood needs and conserve biodiversity. The study recommends continuity education on new AF technology packages.

Keywords: impact of agroforestry, biodiversity management, communities’ livelihoods, Magamba nature reserve

Procedia PDF Downloads 342
3657 Analytical Slope Stability Analysis Based on the Statistical Characterization of Soil Shear Strength

Authors: Bernardo C. P. Albuquerque, Darym J. F. Campos

Abstract:

Increasing our ability to solve complex engineering problems is directly related to the processing capacity of computers. By means of such equipments, one is able to fast and accurately run numerical algorithms. Besides the increasing interest in numerical simulations, probabilistic approaches are also of great importance. This way, statistical tools have shown their relevance to the modelling of practical engineering problems. In general, statistical approaches to such problems consider that the random variables involved follow a normal distribution. This assumption tends to provide incorrect results when skew data is present since normal distributions are symmetric about their means. Thus, in order to visualize and quantify this aspect, 9 statistical distributions (symmetric and skew) have been considered to model a hypothetical slope stability problem. The data modeled is the friction angle of a superficial soil in Brasilia, Brazil. Despite the apparent universality, the normal distribution did not qualify as the best fit. In the present effort, data obtained in consolidated-drained triaxial tests and saturated direct shear tests have been modeled and used to analytically derive the probability density function (PDF) of the safety factor of a hypothetical slope based on Mohr-Coulomb rupture criterion. Therefore, based on this analysis, it is possible to explicitly derive the failure probability considering the friction angle as a random variable. Furthermore, it is possible to compare the stability analysis when the friction angle is modelled as a Dagum distribution (distribution that presented the best fit to the histogram) and as a Normal distribution. This comparison leads to relevant differences when analyzed in light of the risk management.

Keywords: statistical slope stability analysis, skew distributions, probability of failure, functions of random variables

Procedia PDF Downloads 327
3656 The Relationships between Energy Consumption, Carbon Dioxide (CO2) Emissions, and GDP for Egypt: Time Series Analysis, 1980-2010

Authors: Jinhoa Lee

Abstract:

The relationships between environmental quality, energy use and economic output have created growing attention over the past decades among researchers and policy makers. Focusing on the empirical aspects of the role of carbon dioxide (CO2) emissions and energy use in affecting the economic output, this paper is an effort to fulfill the gap in a comprehensive case study at a country level using modern econometric techniques. To achieve the goal, this country-specific study examines the short-run and long-run relationships among energy consumption (using disaggregated energy sources: crude oil, coal, natural gas, electricity), CO2 emissions and gross domestic product (GDP) for Egypt using time series analysis from the year 1980-2010. To investigate the relationships between the variables, this paper employs the Augmented Dickey-Fuller (ADF) test for stationarity, Johansen maximum likelihood method for co-integration and a Vector Error Correction Model (VECM) for both short- and long-run causality among the research variables for the sample. The long-run equilibrium in the VECM suggests some negative impacts of the CO2 emissions and the coal and natural gas use on the GDP. Conversely, a positive long-run causality from the electricity consumption to the GDP is found to be significant in Egypt during the period. In the short-run, some positive unidirectional causalities exist, running from the coal consumption to the GDP, and the CO2 emissions and the natural gas use. Further, the GDP and the electricity use are positively influenced by the consumption of petroleum products and the direct combustion of crude oil. Overall, the results support arguments that there are relationships among environmental quality, energy use, and economic output in both the short term and long term; however, the effects may differ due to the sources of energy, such as in the case of Egypt for the period of 1980-2010.

Keywords: CO2 emissions, Egypt, energy consumption, GDP, time series analysis

Procedia PDF Downloads 611
3655 Optimal Hedging of a Portfolio of European Options in an Extended Binomial Model under Proportional Transaction Costs

Authors: Norm Josephy, Lucy Kimball, Victoria Steblovskaya

Abstract:

Hedging of a portfolio of European options under proportional transaction costs is considered. Our discrete time financial market model extends the binomial market model with transaction costs to the case where the underlying stock price ratios are distributed over a bounded interval rather than over a two-point set. An optimal hedging strategy is chosen from a set of admissible non-self-financing hedging strategies. Our approach to optimal hedging of a portfolio of options is based on theoretical foundation that includes determination of a no-arbitrage option price interval as well as on properties of the non-self-financing strategies and their residuals. A computational algorithm for optimizing an investor relevant criterion over the set of admissible non-self-financing hedging strategies is developed. Applicability of our approach is demonstrated using both simulated data and real market data.

Keywords: extended binomial model, non-self-financing hedging, optimization, proportional transaction costs

Procedia PDF Downloads 247
3654 Distribution, Source Apportionment and Assessment of Pollution Level of Trace Metals in Water and Sediment of a Riverine Wetland of the Brahmaputra Valley

Authors: Kali Prasad Sarma, Sanghita Dutta

Abstract:

Deepor Beel (DB), the lone Ramsar site and an important wetland of the Brahmaputra valley in the state of Assam. The local people from fourteen peripheral villages traditionally utilize the wetland for harvesting vegetables, flowers, aquatic seeds, medicinal plants, fish, molluscs, fodder for domestic cattle etc. Therefore, it is of great importance to understand the concentration and distribution of trace metals in water-sediment system of the beel in order to protect its ecological environment. DB lies between26°05′26′′N to 26°09′26′′N latitudes and 90°36′39′′E to 91°41′25′′E longitudes. Water samples from the surface layer of water up to 40cm deep and sediment samples from the top 5cm layer of surface sediments were collected. The trace metals in waters and sediments were analysed using ICP-OES. The organic Carbon was analysed using the TOC analyser. The different mineral present in the sediments were confirmed by X-ray diffraction method (XRD). SEM images were recorded for the samples using SEM, attached with energy dispersive X-ray unit, with an accelerating voltage of 20 kv. All the statistical analyses were performed using SPSS20.0 for windows. In the present research, distribution, source apportionment, temporal and spatial variability, extent of pollution and the ecological risk of eight toxic trace metals in sediments and water of DB were investigated. The average concentrations of chromium(Cr) (both the seasons), copper(Cu) and lead(Pb) (pre-monsoon) and zinc(Zn) and cadmium(Cd) (post-monsoon) in sediments were higher than the consensus based threshold concentration(TEC). The persistent exposure of toxic trace metals in sediments pose a potential threat, especially to sediment dwelling organisms. The degree of pollution in DB sediments for Pb, Cobalt (Co) Zn, Cd, Cr, Cu and arsenic (As) was assessed using Enrichment Factor (EF), Geo-accumulation index (Igeo) and Pollution Load Index (PLI). The results indicated that contamination of surface sediments in DB is dominated by Pb and Cd and to a lesser extent by Co, Fe, Cu, Cr, As and Zn. A significant positive correlation among the pairs of element Co/Fe, Zn/As in water, and Cr/Zn, Fe/As in sediments indicates similar source of origin of these metals. The effects of interaction among trace metals between water and sediments shows significant variations (F =94.02, P < 0.001), suggesting maximum mobility of trace metals in DB sediments and water. The source apportionment of the heavy metals was carried out using Principal Component Analysis (PCA). SEM-EDS detects the presence of Cd, Cu, Cr, Zn, Pb, As and Fe in the sediment sample. The average concentration of Cd, Zn, Pb and As in the bed sediments of DB are found to be higher than the crustal abundance. The EF values indicate that Cd and Pb are significantly enriched. From source apportionment studies of the eight metals using PCA revealed that Cd was anthropogenic in origin; Pb, As, Cr, and Zn had mixed sources; whereas Co, Cu and Fe were natural in origin.

Keywords: Deepor Beel, enrichment factor, principal component analysis, trace metals

Procedia PDF Downloads 283
3653 Stability Evaluation on Accumulation Body of Reservoir Slope in Rumei Hydropower Station, China

Authors: Yaofei Jiang, Liangqing Wang, Yanjun Xu

Abstract:

In recent years, geological explorations have been carried out on the Rumei hydropower station, China. After preliminary analysis of results, the mainly problem of slope in reservoir area is about the stability of accumulation body. It is found that there are 23 accumulations in various sizes in the reservoir area, and most of them are unfavorable geological bodies. Three typical (No. 1, 7, 17) accumulation body slopes were selected as subjects to investigate the stability of the slopes. Take No. 1 accumulation body slope as an example and basic geological condition investigation and formation mechanism analysis were carried out to study the stability and geological analysis of engineering influence of the slope. The accumulation body in the research area distributes along the river with natural slope of 32° ~ 37° which is the natural angle of repose of gravel. The formation mechanism is analyzed based on the composition and structure of the accumulation body. The middle and lower part of the body is dense full of gravel soil mixed with a small amount of sand gravel which is stable. In the upper part, gravel soil is interbedded with bad cemented gravel which as a weak surface is not conducive to slope stability. Under the natural condition before storing water, the underground water level is deep buried, mainly distributed in the bedrock, and the surface and groundwater discharge conditions of the accumulation body are good, which is beneficial to the stability of slope. The safety coefficient calculated by the limit equilibrium method is 1.14, which indicates the slope is basically stable. However, the safety coefficient drops to 1.02 when the normal storage level is 2895m, which is in a dangerous state. The accumulation body will be destabilized by a small-area instability to large-scale or overall instability.

Keywords: accumulation body slope, stability evaluation, geological engineering investigation, effect of storing water

Procedia PDF Downloads 157
3652 Dissolution of South African Limestone for Wet Flue Gas Desulphurization

Authors: Lawrence Koech, Ray Everson, Hein Neomagus, Hilary Rutto

Abstract:

Wet Flue gas desulphurization (FGD) systems are commonly used to remove sulphur dioxide from flue gas by contacting it with limestone in aqueous phase which is obtained by dissolution. Dissolution is important as it affects the overall performance of a wet FGD system. In the present study, effects of pH, stirring speed, solid to liquid ratio and acid concentration on the dissolution of limestone using an organic acid (adipic acid) were investigated. This was investigated using the pH stat apparatus. Calcium ions were analyzed at the end of each experiment using Atomic Absorption (AAS) machine.

Keywords: desulphurization, limestone, dissolution, pH stat apparatus

Procedia PDF Downloads 453
3651 Temperature and Admixtures Effects on the Maturity of Normal and Super Fine Ground Granulated Blast Furnace Slag Mortars for the Precast Concrete Industry

Authors: Matthew Cruickshank, Chaaruchandra Korde, Roger P. West, John Reddy

Abstract:

Precast concrete element exports are growing in importance in Ireland’s concrete industry and with the increased global focus on reducing carbon emissions, the industry is exploring more sustainable alternatives such as using ground granulated blast-furnace slag (GGBS) as a partial replacement of Portland cement. It is well established that GGBS, with low early age strength development, has limited use in precast manufacturing due to the need for early de-moulding, cutting of pre-stressed strands and lifting. In this dichotomy, the effects of temperature, admixture, are explored to try to achieve the required very early age strength. Testing of the strength of mortars is mandated in the European cement standard, so here with 50% GGBS and Super Fine GGBS, with three admixture conditions (none, conventional accelerator, novel accelerator) and two early age curing temperature conditions (20°C and 35°C), standard mortar strengths are measured at six ages (16 hours, 1, 2, 3, 7, 28 days). The present paper will describe the effort towards developing maturity curves to aid in understanding the effect of these accelerating admixtures and GGBS fineness on slag cement mortars, allowing prediction of their strength with time and temperature. This study is of particular importance to the precast industry where concrete temperature can be controlled. For the climatic conditions in Ireland, heating of precast beds for long hours will amount to an additional cost and also contribute to the carbon footprint of the products. When transitioned from mortar to concrete, these maturity curves are expected to play a vital role in predicting the strength of the GGBS concrete at a very early age prior to demoulding.

Keywords: accelerating admixture, early age strength, ground granulated blast-furnace slag, GGBS, maturity, precast concrete

Procedia PDF Downloads 151
3650 Effects of α-IFN –SingleWalled Carbon NanoTube and α-IFN-PLGA Encapsulated on Breast Cancer in Rats Induced by DMBA by Using CA15-3 Tumor Marker

Authors: Anoosh Eghdami

Abstract:

Background and aim: Conventional anticancer drugs display significant shortcomings which limit their use in cancer therapy. For this reason, important progress has been achieved in the field of nanotechnology to solve these problems and offer a promising and effective alternative for cancer treatment. Tumor markers may also be measured periodically during cancer therapy. Tumor markers may also be measured after treatment has ended to check for recurrence the return of cancer. The aim of this study was to evaluate the effect of nano drug delivery in induced breast cancer with DMBA by using CA15-3 tumor marker. Material and method: the rats were divided into five groups. The first group (control n=15) were fed only sesame oil as a gavage. In the second group n=15,10 mg DMBA was dissolved in 5ml of sesame oil and were fed as a gavage. In addition to DMBA treatment as the second group, in the 3,4and 5 groups after cancer creation, respectively affected by alpha interferon (α-IFN),alpha interferon conjugated with single walled carbon nano tube (α-IFN-SWNT) and encapsulated in poly lactic poly glycolic acid (α-IFN-PLGA). Tumor marker was measured in recent three groups. Results: The ANOVA test was used to determine the differences among the groups. Cancer inducing in rats (group 2) caused a significant increase in blood levels of CA15-3 (P<0.05). Administration of α-IFN, α-IFN –SWNT and α-IFN-PLGA in 3 groups of cancerous rats caused a significant decrease in blood levels of CA15-3 only the group that treated with α-IFN-PLGA (p<0.05). Conclusion: the results of this study indicate that nano drugs more effective than traditional drug in cancer treatment, although further work is needed to elucidate the safety and side effect of these compound in human.

Keywords: breast cancer, nano drug, tumor markers, CA15-3, α-IFN-PLGA, -IFN –SWNT

Procedia PDF Downloads 312
3649 Fama French Four Factor Model: A Study of Nifty Fifty Companies

Authors: Deeksha Arora

Abstract:

The study aims to explore the applicability of the widely used asset pricing models, namely, Capital Asset Pricing Model (CAPM) and the Fama-French Four Factor Model in the Indian equity market. The study will be based on the companies that form part of the Nifty Fifty Index for a period of five years: 2011 to 2016. The asset pricing model is examined by forming portfolios on the basis of three variables – market capitalization (size effect), book-to-market equity ratio (value effect) and profitability. The study provides a basis to test the presence of the Fama-French Four factor model in Indian stock market. This study may provide a basis for future research in the generalized asset pricing model comprising of multiple risk factors.

Keywords: book to market equity, Fama French four factor model, market capitalization, profitability, size effect, value effect

Procedia PDF Downloads 249