Search results for: Y. Long

Authors: Wei Yao, Constantinos Alexiou

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In the existing literature, many studies have focused on the implementation and effectiveness of quantitative easing (QE) since 2008, but only a few have evaluated QE’s effect on commodity prices. In this context, by following Frankel’s (1986) commodity price overshooting model, we study the dynamic covariation between the expected real interest rates and six agricultural commodities’ real returns over the period from 2000:1 to 2018 for the US economy. We use wavelet analysis to investigate the causal relationship and co-movement of time series data by calculating the coefficient of determination in different frequencies. We find that a) US unconventional monetary policy may cause more positive and significant covariation between the expected real interest rates and agricultural commodities’ real returns over the short horizons; b) a lead-lag relationship that runs from agricultural commodities’ real returns to the expected real short-term interest rates over the long horizons; and c) a lead-lag relationship from agricultural commodities’ real returns to the expected real long-term interest rates over short horizons. In the realm of monetary policy, we argue that QE may shift the negative relationship between most commodities’ real returns and the expected real interest rates to a positive one over a short horizon.

Keywords: QE, commodity price, interest rate, wavelet coherence

Procedia PDF Downloads 89

Authors: A. H. Tadevosyan, S. K. Mayrapetyan, N. B. Tavakalyan, K. I. Pyuskyulyan, A. H. Hovsepyan, S. N. Sergeeva

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Soil contamination with radiocesium has a long-term radiological impact due to its long physical half-life (30.1 years for 137Cs and 2 years for 134Cs) and its high biological availability. 137Cs causes the largest concerns because of its deleterious effect on agriculture and stock farming, and, thus, human life for decades. One of the important aspects of the problem of contaminated soils remediation is understand of protective actions aimed at the reduction of biological migration of radionuclides in soil-plant system. The most effective way to bind radionuclides is the use of selective sorbents. The proposed research mainly aims to achieve control on transfer of 137Cs in a system growing media–plant due to counter ions variation in the polymeric sorbents. As the research object, Japanese basil-Perilla frutescens was chosen. Productivity of plants depending on the presence (control-without presence of polymer) and type of polymer material, as well as content of 137Cs in plant material has been determined. The character of different polymers influences on the 137Cs migration in growing media–plant system as well as accumulation in the plants has been cleared up.

Keywords: radioceaseum, Japanese basil, polymer, soil-plant system

Procedia PDF Downloads 183

Authors: Yulu Zhang, Atushi Teramoto, Taka-Aki Ohkubo

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In this study, the effect of expansive additives on autogenous shrinkage and delayed expansion of ultra-high strength mortar was explored. The specimens made for the study were composed of ultra-high strength mortar, which was mixed with ettringite-lime composite type expansive additive. Two series of experiments were conducted with the specimens. The experimental results confirmed that the autogenous shrinkage of specimens was effectively decreased by increasing the proportion of the expansive additive. On the other hand, for the specimens, which had 7% expansive additive, and were cured for seven days at a constant temperature of 20°C, and then cured for a long time in either in an underwater, moist (Relative humidity: 100%) or dry air (Relative humidity: 60%) environment, excessively large expansion strain occurred. Specifically, typical turtle shell-like swelling expansion cracks were confirmed in the specimens that underwent long-term curing in an underwater and moist environment. According to the result of hydration analysis, the formation of expansive substances, calcium hydroxide and alumina, ferric oxide, tri-sulfate contribute to the occurrence of delayed expansion.

Keywords: ultra-high strength mortar, expansive additive, autogenous shrinkage, delayed expansion

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Authors: Zahra Abdolkarimi, Naser Zourikalatehsamad,

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Up to 40 years ago, after recognition of epilepsy, it was generally believed that these attacks occurred randomly and suddenly. However, thanks to the advance of mathematics and engineering, such attacks can be predicted within a few minutes or hours. In this way, various algorithms for long-term prediction of the time and frequency of the first attack are presented. In this paper, by considering the nonlinear nature of brain signals and dynamic recorded brain signals, ANFIS model is presented to predict the brain signals, since according to physiologic structure of the onset of attacks, more complex neural structures can better model the signal during attacks. Contribution of this work is the co-evolution algorithm for optimization of ANFIS network parameters. Our objective is to predict brain signals based on time series obtained from brain signals of the people suffering from epilepsy using ANFIS. Results reveal that compared to other methods, this method has less sensitivity to uncertainties such as presence of noise and interruption in recorded signals of the brain as well as more accuracy. Long-term prediction capacity of the model illustrates the usage of planted systems for warning medication and preventing brain signals.

Keywords: co-evolution algorithms, brain signals, time series, neural networks, ANFIS model, physiologic structure, time prediction, epilepsy suffering, illustrates model

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Authors: Babak Safaei, A. M. Fattahi

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In the present study we have investigated axial buckling characteristics of nanocomposite beams reinforced by single-walled carbon nanotubes (SWCNTs). Various types of beam theories including Euler-Bernoulli beam theory, Timoshenko beam theory and Reddy beam theory were used to analyze the buckling behavior of carbon nanotube-reinforced composite beams. Generalized differential quadrature (GDQ) method was utilized to discretize the governing differential equations along with four commonly used boundary conditions. The material properties of the nanocomposite beams were obtained using molecular dynamic (MD) simulation corresponding to both short-(10,10) SWCNT and long-(10,10) SWCNT composites which were embedded by amorphous polyethylene matrix. Then the results obtained directly from MD simulations were matched with those calculated by the mixture rule to extract appropriate values of carbon nanotube efficiency parameters accounting for the scale-dependent material properties. The selected numerical results were presented to indicate the influences of nanotube volume fractions and end supports on the critical axial buckling loads of nanocomposite beams relevant to long- and short-nanotube composites.

Keywords: nanocomposites, molecular dynamics simulation, axial buckling, generalized differential quadrature (GDQ)

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Authors: I. Shuro

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The crystal structure of Tin Sulfide prepared by certain chemical methods is investigated using High-Resolution Transmission Electron Microscopy (HRTEM), Scanning Electron Microscopy (SEM), and X-ray diffraction (XRD) methods. An anomalous HRTEM Fast Fourier Transform (FFT) exhibited a central scatter of diffraction spots, which is surrounded by secondary clusters of spots arranged in a hexagonal pattern around the central cluster was observed. FFT analysis has revealed a long lattice parameter and mostly viewed along a hexagonal axis where there many columns of atoms slightly displaced from one another. This FFT analysis has revealed that the metal sulfide has a long-range order interwoven chain of atoms in its crystal structure. The observed crystalline structure is inconsistent with commonly observed FFT patterns of chemically synthesized Tin Sulfide nanocrystals and thin films. SEM analysis showed the morphology of a myriad of multi-shaped crystals ranging from hexagonal, cubic, and spherical micro to nanostructured crystals. This study also investigates the presence of quasi-crystals as reflected by the presence of mixed local symmetries.

Keywords: fast fourier transform, high resolution transmission electron microscopy, tin sulfide, crystalline structure

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Authors: Abdelkader T. Ahmed

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Phosphate Rocks (PR) are natural sediment rocks. These rocks contain several chemical compositions of heavy metals and radioactive elements. Mining and transportation these rocks beside or through the natural water streams may lead to water contamination. When PR is in contact with water in the field, as a consequence of precipitation events, changes in water table or sinking in water streams, elements such as salts and heavy metals, may be released to the water. In this work, the leaching properties of PR in Nile River water was investigated by experimental lab work. The study focused on evaluating potential environmental impacts of some constituents, including phosphors, cadmium, curium and lead of PR on the water quality of Nile by applying tank leaching tests. In these tests the potential impact of changing conditions, such as phosphate content in PR, liquid to solid ratio (L/S) and pH value, was studied on the long-term release of heavy metals and salts. Experimental results showed that cadmium and lead were released in very low concentrations but curium and phosphors were in high concentrations. Results showed also that the release rate from PR for all constituents was low even in long periods.

Keywords: leaching tests, Nile river, phosphate rocks, water quality

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Authors: C. O. Igberi, M. U. Amadi

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This research paper on the impact of import restriction on rice production in Nigeria is aimed at finding/proffering valid solutions to the age long problem of rice self-sufficiency, through a better understanding of policy measures used in the past, in this case, the effectiveness of rice import restriction of the early 90’s. It tries to answer the questions of; import restriction boosting domestic rice production and the macroeconomic determining factors of Gross Domestic Rice Product (GDRP). The research probe is investigated through literature and analytical frameworks, such that time series data on the GDRP, Gross Fixed Capital Formation (GFCF), average foreign rice producers’ prices(PPF), domestic producers’ prices (PPN) and the labour force (LABF) are collated for analysis (with an import restriction dummy variable, POL1). The research objectives/hypothesis are analysed using; Cointegration, Vector Error Correction Model (VECM), Impulse Response Function (IRF) and Granger Causality Test(GCT) methodologies. Results show that in the short-run error correction specification for GDRP, a percentage (1%) deviation away from the long-run equilibrium in a current quarter is only corrected by 0.14% in the subsequent quarter. Also, the rice import restriction policy had no significant effect on the GDRP at this time. Other findings show that the policy period has, in fact, had effects on the PPN and LABF. The choice variables used are valid macroeconomic factors that explain the GDRP of Nigeria, as adduced from the IRF and GCT, and in the long-run. Policy recommendations suggest that the import restriction is not disqualified as a veritable tool for improving domestic rice production, rather better enforcement procedures and strict adherence to the policy dictates is needed. Furthermore, accompanying policies which drive public and private capital investment and accumulation must be introduced. Also, employment rate and labour substitution in the agricultural sector should not be drastically changed, rather its welfare and efficiency be improved.

Keywords: import restriction, gross domestic rice production, cointegration, VECM, Granger causality, impulse response function

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Authors: Mahdi Motahari, Mojtaba Farzaneh, Ebrahim Sepidbar

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Tracking of moving and flying targets is one of the most important issues in image processing topic. Estimating of trajectory of desired object in short-term and long-term scale is more important than tracking of moving and flying targets. In this paper, a new way of identifying and estimating of future trajectory of a moving ball in long-term scale is estimated by using synthesis and interaction of image processing algorithms including noise removal and image segmentation, Kalman filter algorithm in order to estimating of trajectory of ball in football game in short-term scale and intelligent adaptive neuro-fuzzy algorithm based on time series of traverse distance. The proposed system attain more than 96% identify accuracy by using aforesaid methods and relaying on aforesaid algorithms and data base video in format of synthesis and interaction. Although the present method has high precision, it is time consuming. By comparing this method with other methods we realize the accuracy and efficiency of that.

Keywords: tracking, signal processing, moving targets and flying, artificial intelligent systems, estimating of trajectory, Kalman filter

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Authors: Daniel Nieto, Ramiro Couceiro

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Microfluidic chips have demonstrated their significant application potentials in microbiological processing and chemical reactions, with the goal of developing monolithic and compact chip-sized multifunctional systems. Heat generation and thermal control are critical in some of the biochemical processes. The paper presents a laser direct-write technique for rapid prototyping and manufacturing of microheater chips and its applicability for perfusion cell culture outside a cell incubator. The aim of the microheater is to take the role of conventional incubators for cell culture for facilitating microscopic observation or other online monitoring activities during cell culture and provides portability of cell culture operation. Microheaters (5 mm × 5 mm) have been successfully fabricated on soda-lime glass substrates covered with aluminum layer of thickness 120 nm. Experimental results show that the microheaters exhibit good performance in temperature rise and decay characteristics, with localized heating at targeted spatial domains. These microheaters were suitable for a maximum long-term operation temperature of 120ºC and validated for long-time operation at 37ºC. for 24 hours. Results demonstrated that the physiology of the cultured SW480 adenocarcinoma of the colon cell line on the developed microheater chip was consistent with that of an incubator.

Keywords: laser microfabrication, microheater, bioengineering, cell culture

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Authors: Bright E. Owusu, Nittaya McNeil

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Rainfall is one of the most essential quantities in meteorology and hydrology. It has important impacts on people’s daily life and excess or inadequate of it could bring tremendous losses in economy and cause fatalities. Population increase around the globe tends to have a corresponding increase in settlement and industrialization. Some countries are affected by flood and drought occasionally due to climate change, which disrupt most of the daily activities. Knowledge of trends in spatial and temporal rainfall variability and their physical explanations would be beneficial in climate change assessment and to determine erosivity. This study describes the spatial-temporal variability of daily rainfall in Australia and their corresponding long-term trend during 1950-2013. The spatial patterns were investigated by using exploratory factor analysis and the long term trend in rainfall time series were determined by linear regression, Mann-Kendall rank statistics and the Sen’s slope test. The exploratory factor analysis explained most of the variations in the data and grouped Australia into eight distinct rainfall regions with different rainfall patterns. Significant increasing trends in annual rainfall were observed in the northern regions of Australia. However, the northeastern part was the wettest of all the eight rainfall regions.

Keywords: climate change, explanatory factor analysis, Mann-Kendall and Sen’s slope test, rainfall.

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Authors: Patrick Mkhanyiseli Zimu

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A sedentary lifestyle and insufficient physical activity (PA) increases the risk of developing chronic non-communicable diseases (NCDs). Knowing the PA levels and patterns of adolescents from different socio-economic backgrounds is important to direct programs at schools and in communities to prevent NCDs risk factors, which can have long-term effects on the health of the adolescents. The study aimed to investigate adolescent PA levels, patterns, and influencing factors (age, gender, socio-economic status). The 353 participants (203 females and 150 males) from eight low socio-economic (LSES) and middle socio-economic (MSES) public secondary schools completed a Physical Activity Questionnaire for Adolescents (PAQ-A). The PAQ-A is a seven day recall instrument that assesses general estimates of PA levels and patterns for high school learners in Grades 9-12 and provides a summary of physical activity scores derived from seven items, each scored on a 5-point Likert scale. The seven items were PA during spare time and five domains (during physical education, lunch break, after school, in the evenings, on the weekend) and selecting one statement that described participant’s physical activity behaviour. The PA Levels (x̄=2.61, SD=.74) were below the international PA cut-off points of x̄=2.75. Physical education (PE) showed the highest PA score (x̄=3.05, SD=1.21) and lunch break showed the lowest PA score (x̄=2.09, SD=1.14). Positive correlations occurred between PA levels and SES (r=.122, p=0.022), and PA and gender (r=.223, p= 0.0001). LSES participant’s PA score was significantly lower (x̄=2.52; SD=.73) than those from MSES (x̄=2.70; SD=.74, p=0.022). Adolescents from low and middle socio-economic status communities are not sufficiently active. Their average PA score of 2.61 is below the PAQ-A global criterion referenced cut-off points of 2.75, which is considered sufficiently physically active for adolescents to ensure both short- and long-term health benefits. As adolescents are not sufficiently active, collaborative school and community PA programs need to be implemented to supplement physical education in order to prevent short- and long-term health problems.

Keywords: adolescents, health promotion, physical activity, physical education

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Authors: Halison da Silva Pereira, Ciro Sobrinho Campolina Martins, Vitor Mainenti Leal Lopes

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Long range performance is a goal for aircraft configuration optimization. Blended Wing Body (BWB) is presented in many works of literature as the most aerodynamically efficient design for a fixed-wing aircraft. Because of its high weight to thrust ratio, BWB is the ideal configuration for many Unmanned Aerial Vehicle (UAV) missions on geomatics applications. In this work, a BWB aerodynamic design for typical light geomatics payload is presented. Aerodynamic non-dimensional coefficients are predicted using low Reynolds number computational techniques (3D Panel Method) and wing parameters like aspect ratio, taper ratio, wing twist and sweep are optimized for high cruise performance and flight quality. The methodology of this work is a summary of tailless aircraft wing design and its application, with appropriate computational schemes, to light UAV subjected to low Reynolds number flows leads to conclusions like the higher performance and flight quality of thicker airfoils in the airframe body and the benefits of using aerodynamic twist rather than just geometric.

Keywords: blended wing body, low Reynolds number, panel method, UAV

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Authors: C. Jouhar, B. Rajesh Kamath, M. K. Veeraiah, M. Z. Kurian

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Since long time ago, petroleum-based mineral oils have been used for liquid insulation in high voltage equipments. Mineral oils are widely used as insulation for transmission and distribution power transformers, capacitors and other high voltage equipment. Petroleum-based insulating oils have excellent dielectric properties such as high electric field strength, low dielectric losses and good long-term performance. Due to environmental consideration, an attempt to search the alternate liquid insulation is required. The influence of particles on the voltage breakdown in insulating oil and other liquids has been recognized for many years. Particles influence both AC and DC voltage breakdown in insulating oil. Experiments are conducted under AC voltage. The breakdown process starts with a microscopic bubble, an area of large distance where ions or electrons initiate avalanches. Insulating liquids drive their dielectric strength from the much higher density compare to gases. Experiments are carried out under High Voltage AC (HVAC) in different types of oils namely castor oil, vegetable oil and mineral oil. The Breakdown Voltage (BDV) with presence of moisture and particle contamination in different types of oils is studied. The BDV of vegetable oil is better when compared to other oils without contamination. The BDV of mineral oil is better when compared to other types of oils in presence of contamination.

Keywords: breakdown voltage, high voltage AC, insulating oil, oil breakdown

Procedia PDF Downloads 341

Authors: E. U. Dampage, Ovindi D. Bandara, Vinushi S. Waraketiya, Samitha S. R. De Silva, Yasiru S. Gunarathne

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The knowledge of water inflow figures is paramount in decision making on the allocation for consumption for numerous purposes; irrigation, hydropower, domestic and industrial usage, and flood control. The understanding of how reservoir inflows are affected by different climatic and hydrological conditions is crucial to enable effective water management and downstream flood control. In this research, we propose a method using a Long Short Term Memory (LSTM) Artificial Neural Network (ANN) to assist the aforesaid decision-making process. The Kotmale reservoir, which is the uppermost reservoir in the Mahaweli reservoir complex in Sri Lanka, was used as the test bed for this research. The ANN uses the runoff in the Kotmale reservoir catchment area and the effect of Sea Surface Temperatures (SST) to make a forecast for seven days ahead. Three types of ANN are tested; Multi-Layer Perceptron (MLP), Convolutional Neural Network (CNN), and LSTM. The extensive field trials and validation endeavors found that the LSTM ANN provides superior performance in the aspects of accuracy and latency.

Keywords: convolutional neural network, CNN, inflow, long short-term memory, LSTM, multi-layer perceptron, MLP, neural network

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Authors: Abdelmalk Brahma

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Drying is a phenomenon that accompanies the hardening of hydraulic materials. It can, if it is not prevented, lead to significant spontaneous dimensional variations, which the cracking is one of events. In this context, cracking promotes the transport of aggressive agents in the material, which can affect the durability of concrete structures. Drying shrinkage develops over a long period almost 30 years although most occurred during the first three years. Drying shrinkage stabilizes when the material is water balance with the external environment. The drying shrinkage of cementitious materials is due to the formation of capillary tensions in the pores of the material, which has the consequences of bringing the solid walls of each other. Knowledge of the shrinkage characteristics of concrete is a necessary starting point in the design of structures for crack control. Such knowledge will enable the designer to estimate the probable shrinkage movement in reinforced or prestressed concrete and the appropriate steps can be taken in design to accommodate this movement. This study is concerned the modelling of drying shrinkage of the hydraulic materials and the prediction of the rate of spontaneous deformations of hydraulic materials during hardening. The model developed takes in consideration the main factors affecting drying shrinkage. There was agreement between drying shrinkage predicted by the developed model and experimental results. In last we show that developed model describe the evolution of the drying shrinkage of high performances concretes correctly.

Keywords: drying, hydraulic concretes, shrinkage, modeling, prediction

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Authors: Xiaoming Zeng, Xiaozan Wang, Qinping Xu, Shaoxian Wang

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Research Purpose: In 2017, the high school physical education and health curriculum standard advocates modular teaching. This study aims to explore the impact of ‘sports module’ teaching on the physical quality of high school students. Research methods: 800 senior high school students (400 in the experimental group and 400 in the control group) were randomly divided into two groups. The experimental group carried out modular teaching of physical education, and the control group carried out conventional teaching mode for one semester. Before and after the experiment, the physical fitness of the subjects was tested, including vital capacity, 50 meters, standing long jump, sitting forward bending. Results: After the experiment, the vital capacity (t = -4.007, p < 0.01), 50 meters (t = 2.638, p < 0.01) and standing long jump (t = -4.067, p < 0.01) of the experimental group were significantly improved. High school sports modular teaching has special characteristics. It attaches great importance to the independent development of students' personality. Students can choose their favorite modules to develop various skills and actively participate in various sports activities in the classroom. The density and intensity of sports are greatly improved. Students' speed (50m run), cardiopulmonary endurance (vital capacity), sensitivity, and strength (standing long jump) scores are greatly improved and obviously improved in nature. But at the same time, it was found that the students' sitting forward flexion did not show significant improvement, which was caused by the lack of relevant equipment in school and the students' inattention to stretching after exercise or not doing regular exercise to promote flexibility. Conclusion: (1) ‘Sports module’ teaching can effectively improve the physical quality of high school students. It is mainly manifested in cardiopulmonary function, speed, and explosive power. (2) In the future, ‘sports module’ teaching should give full play to its advantages and add courses to improve students' flexibility.

Keywords: module teaching, physical quality, senior high school student, sports

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Authors: Biswajit Seal, Dushyant Kumar, Shambhu Nath, A. B. Raju

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Extension of blast furnace campaign life is highly desired for blast furnace operators mainly because of reduction of operating cost and to avoid capital expenditure cost. Tata Steel Ltd, Jamshedpur plant operates seven blast furnaces with combination of old and new technologies. The focus of Tata Steel Ltd is to push for increasing productivity with good quality product and increasing campaign life. This has been challenging for older furnaces because older furnaces are generally equipped with less automation, old design and old equipment. Good operational practices, appropriate remedial measures, and regular planned maintenance helps to achieve long campaign life of old furnaces. Good operating practices like stable and consistent productivity, control of burden distribution, remedial measures like stack gunning and shotcreting for protection of stack wall, enhanced cooling system, and intermediate stack repair helps to achieve long campaign life of old blast furnaces. This paper describes experiences with the current old equipment and design of Tata Steel’s D Blast Furnace for campaign life extension.

Keywords: blast furnace, burden distribution, campaign life, productivity

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Authors: Marlone D. Severo

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A pre- and post-test quasi-experimental design was used to test the intervention of Trachtenberg Speed Math on the mathematical competency of sixty (60) matched-paired students with a poor performing grade in Mathematics from one of the biggest public national high school at the South of Metro Manila. Both control and experimental group were administered with the Attitude Towards Mathematics Inventory (ATMI) before the pretest were given and both group showed high dislike for Mathematics. Pretest showed a 53 percent accuracy for the control group and 51 percent for the experimental group using a 15-item long multiplication test without any aid of a computing device. The experimental group were taught how to use the Trachtenberg number-keys and techniques in multiplication between October 2014 to March 2015. Post-test showed an improvement in the experimental group with 96 percent accuracy for the control group and a dismal 57 percent for the control group in long-multiplication. Post-test ATMI were administered. The control group showed a great dislike towards Mathematics, while the experimental group showed a positive attitude towards the subject.

Keywords: attitude towards mathematics, mathematical competency, number-keys, trachtenberg speed math

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Authors: Ahsan Abdullah, Ahmed A. S. Bakshwain

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Livestock is one of the fastest-growing sectors in agriculture. If carefully managed, have potential opportunities for economic growth, food sovereignty and food security. In this study we mainly analyse and compare long-term i.e. for year 2030 climate variability impact on predicted productivity of meat i.e. beef, mutton and poultry for the Kingdom of Saudi Arabia w.r.t three factors i.e. i) climatic-change vulnerability ii) CO2 fertilization and iii) water scarcity and compare the results with two countries of the region i.e. Iraq and Yemen. We do the analysis using data from diverse sources, which was extracted, transformed and integrated before usage. The collective impact of the three factors had an overall negative effect on the production of meat for all the three countries, with adverse impact on Iraq. High similarity was found between CO2 fertilization (effecting animal fodder) and water scarcity i.e. higher than that between production of beef and mutton for the three countries considered. Overall, the three factors do not seem to be favorable for the three Middle-East countries considered. This points to possibility of a vegetarian year 2030 based on dependency on indigenous live-stock population.

Keywords: prediction, animal-source foods, pastures, CO2 fertilization, climatic-change vulnerability, water scarcity

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Authors: Aditya Sharma

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Profits earned from relative strength strategy of zero-cost portfolio i.e. taking long position in winner stocks and short position in loser stocks from recent past are termed as momentum profits. In recent times, there has been lot of controversy and concern about sources of momentum profits, since the existence of these profits acts as an evidence of earning non-normal returns from publicly available information directly contradicting Efficient Market Hypothesis. Literature review reveals conflicting theories and differing evidences on sources of momentum profits. This paper aims at re-examining the sources of momentum profits in Indian capital markets. The study focuses on assessing the effect of fundamental as well as behavioral sources in order to understand the role of investor behavior in stock returns and suggest (if any) improvements to existing behavioral asset pricing models. This Paper adopts calendar time methodology to calculate momentum profits for 6 different strategies with and without skipping a month between ranking and holding period. For each J/K strategy, under this methodology, at the beginning of each month t stocks are ranked on past j month’s average returns and sorted in descending order. Stocks in upper decile are termed winners and bottom decile as losers. After ranking long and short positions are taken in winner and loser stocks respectively and both portfolios are held for next k months, in such manner that at any given point of time we have K overlapping long and short portfolios each, ranked from t-1 month to t-K month. At the end of period, returns of both long and short portfolios are calculated by taking equally weighted average across all months. Long minus short returns (LMS) are momentum profits for each strategy. Post testing for momentum profits, to study the role market risk plays in momentum profits, CAPM and Fama French three factor model adjusted LMS returns are calculated. In the final phase of studying sources, decomposing methodology has been used for breaking up the profits into unconditional means, serial correlations, and cross-serial correlations. This methodology is unbiased, can be used with the decile-based methodology and helps to test the effect of behavioral and fundamental sources altogether. From all the analysis, it was found that momentum profits do exist in Indian capital markets with market risk playing little role in defining them. Also, it was observed that though momentum profits have multiple sources (risk, serial correlations, and cross-serial correlations), cross-serial correlations plays a major role in defining these profits. The study revealed that momentum profits do have multiple sources however, cross-serial correlations i.e. the effect of returns of other stocks play a major role. This means that in addition to studying the investors` reactions to the information of the same firm it is also important to study how they react to the information of other firms. The analysis confirms that investor behavior does play an important role in stock returns and incorporating both the aspects of investors’ reactions in behavioral asset pricing models help make then better.

Keywords: investor behavior, momentum effect, sources of momentum, stock returns

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Authors: Maciej Dudek, Robert Kruszewski, Janusz Kudla, Konrad Walczyk

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In this paper, we study how taxation of bequests affects human capital formation in the long term and short term horizon. Our underlying model is an overlapping generation model (OLG) with some degree of altruism on the part of the ancestors' generation towards their descendants. We ask the question in three separate frameworks. First, we study a simple one-sector model where a proxy of human capital is wage income. It the steady-state -for CRRA utility function and human capital produced with non-decreasing returns -the taxation of bequests is neutral to the accumulation of human capital. In the second framework, neutrality applies to the growth rates of human capital, physical capital, and consumption. In this case, taxation increases the level of bequests, leading to a lower value of current consumption. Finally in we consider two periods model instead of infinite horizon model as long as the tax revenue is at least partially rebated back to the public, the fraction of human capital engaged in the process of formation of human capital increases with the tax rate on bequests. In other words, taxation of bequests is partially offset by an increase in human capital formation. Higher human capital allows the future generation to earn higher wages, and today's generation can find it optimal to endow the future generation with more human capital when taxation is imposed on physical capital transferred to the next generation.

Keywords: taxation, bequests, policy, human capital

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Authors: Chengcao Sun, Shujun Li, Cuili Yang, Yongyong Xi, Liang Wang, Feng Zhang, Dejia Li

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Recently, the long non-coding RNA (lncRNA) NEAT1 has been identified as an oncogenic gene in multiple cancer types and elevated expression of NEAT1 was tightly linked to tumorigenesis and cancer progression. However, the molecular basis for this observation has not been characterized in progression of non-small cell lung cancer (NSCLC). In our studies, we identified NEAT1 was highly expressed in NSCLC patients and was a novel regulator of NSCLC progression. Patients whose tumors had high NEAT1 expression had a shorter overall survival than patients whose tumors had low NEAT1 expression. Further, NEAT1 significantly accelerates NSCLC cell growth and metastasis in vitro and tumor growth in vivo. Additionally, by using bioinformatics study and RNA pull down combined with luciferase reporter assays, we demonstrated that NEAT1 functioned as a competing endogenous RNA (ceRNA) for has-miR-377-3p, antagonized its functions and led to the de-repression of its endogenous targets E2F3, which was a core oncogene in promoting NSCLC progression. Taken together, these observations imply that the NEAT1 modulated the expression of E2F3 gene by acting as a competing endogenous RNA, which may build up the missing link between the regulatory miRNA network and NSCLC progression.

Keywords: long non-coding RNA NEAT1, hsa-miRNA-377-3p, E2F3, non-small cell lung cancer, tumorigenesis

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Authors: Fumiya Sugino, Naohiro Nakamura, Yuji Miyazu

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In earthquake resistant design of buildings, evaluation of vibration characteristics is important. In recent years, due to the increment of super high-rise buildings, the evaluation of response is important for not only the first mode but also higher modes. The knowledge of vibration characteristics in buildings is mostly limited to the first mode and the knowledge of higher modes is still insufficient. In this paper, using earthquake observation records of a SRC building by applying frequency filter to ARX model, characteristics of first and second modes were studied. First, we studied the change of the eigen frequency and the damping ratio during the 3.11 earthquake. The eigen frequency gradually decreases from the time of earthquake occurrence, and it is almost stable after about 150 seconds have passed. At this time, the decreasing rates of the 1st and 2nd eigen frequencies are both about 0.7. Although the damping ratio has more large error than the eigen frequency, both the 1st and 2nd damping ratio are 3 to 5%. Also, there is a strong correlation between the 1st and 2nd eigen frequency, and the regression line is y=3.17x. In the damping ratio, the regression line is y=0.90x. Therefore 1st and 2nd damping ratios are approximately the same degree. Next, we study the eigen frequency and damping ratio from 1998 after 3.11 earthquakes, the final year is 2014. In all the considered earthquakes, they are connected in order of occurrence respectively. The eigen frequency slowly declined from immediately after completion, and tend to stabilize after several years. Although it has declined greatly after the 3.11 earthquake. Both the decresing rate of the 1st and 2nd eigen frequencies until about 7 years later are about 0.8. For the damping ratio, both the 1st and 2nd are about 1 to 6%. After the 3.11 earthquake, the 1st increases by about 1% and the 2nd increases by less than 1%. For the eigen frequency, there is a strong correlation between the 1st and 2nd, and the regression line is y=3.17x. For the damping ratio, the regression line is y=1.01x. Therefore, it can be said that the 1st and 2nd damping ratio is approximately the same degree. Based on the above results, changes in eigen frequency and damping ratio are summarized as follows. In the long-term study of the eigen frequency, both the 1st and 2nd gradually declined from immediately after completion, and tended to stabilize after a few years. Further it declined after the 3.11 earthquake. In addition, there is a strong correlation between the 1st and 2nd, and the declining time and the decreasing rate are the same degree. In the long-term study of the damping ratio, both the 1st and 2nd are about 1 to 6%. After the 3.11 earthquake, the 1st increases by about 1%, the 2nd increases by less than 1%. Also, the 1st and 2nd are approximately the same degree.

Keywords: eigenfrequency, damping ratio, ARX model, earthquake observation records

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Authors: Ananya Pal, Neelakshi Sarkar, Debraj Saha, Dipanwita Das, Subhashish Kamal Guha, Bibhuti Saha, Runu Chakravarty

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Presently, tenofovir disoproxil fumurate (TDF) is the most effective anti-viral agent for the treatment of hepatitis B virus (HBV) in individuals co-infected with HIV and HBV as TDF has activity to suppress both wild-type and lamivudine (3TC)-resistant HBV. However, suboptimal response to TDF was reported in HIV-HBV co-infected individuals with prior 3TC therapy from different countries recently. The incidence of 3TC-resistant HBV strains is quite high in HIV-HBV co-infected patients experiencing long-term anti-retroviral therapy (ART) in eastern India. In spite of this risk, most of the patients with long-term 3TC treatment are continued with the same anti-viral agent in this country. Only a few have received TDF in addition to 3TC in the ART regimen since TDF has been available in India for the treatment of HIV-infected patients in 2012. In this preliminary study, we investigated the virologic and biochemical parameters among HIV-HBV co-infected patients who are non-responders to 3TC treatment during the continuation of 3TC or TDF add-on to 3TC in their ART regimen. Fifteen HIV-HBV co-infected patients who experienced long-term 3TC (mean duration months 36.87 ± 24.08 months) were identified with high HBV viremia ( > 20,000 IU/ml) or harbouring 3TC-resistant HBV. These patients receiving ART from School of Tropical Medicine Kolkata, the main ART centre in eastern India were followed-up semi-annually for next three visits. Different virologic parameters including quantification of plasma HBV load by real-time PCR, detection of hepatitis B e antigen (HBeAg) by commercial ELISA and anti-viral resistant mutations by sequencing were studied. During three follow-up among study subjects, 86%, 47%, and 43% had 3TC-mono-therapy (mean treatment-duration 41.54±18.84, 49.67±11.67, 54.17±12.37 months respectively) whereas 14%, 53%, and 57% experienced TDF in addition to 3TC (mean treatment duration 4.5±2.12, 16.56±11.06, and 23±4.07 months respectively). Mean CD4 cell-count in patients receiving 3TC was tended to be lower during third follow-up as compared to the first and the second [520.67±380.30 (1st), 454.8±196.90 (2nd), and 397.5±189.24 (3rd) cells/mm3) and similar trend was seen in patients experiencing TDF in addition to 3TC [334.5±330.218 (1st), 476.5±194.25 (2nd), and 461.17±269.89 (3rd) cells/mm3]. Serum HBV load was increased during successive follow-up of patients with 3TC-mono-therapy. Initiation of TDF lowered serum HBV-load among 3TC-non-responders at the time of second visit ( < 2,000 IU/ml), interestingly during third follow-up, mean HBV viremia increased >1 log IU/ml (mean 3.56±2.84 log IU/ml). Persistence of 3TC-resistant double and triple mutations was also observed in both the treatment regimens. Mean serum alanine aminotransferase remained elevated in these patients during this follow-up study. Persistence of high HBV viraemia and 3TC-resistant mutation in HBV during the continuation of 3TC might lead to major public health threat in India. The inclusion of TDF in the ART regimen of 3TC non-responder HIV-HBV co-infected patients showed adverse treatment response in terms of virologic and biochemical parameters. Therefore, serious attention is necessary for proper management of long-term 3TC experienced HIV-HBV co-infected patients with high HBV viraemia or 3TC-resistant HBV mutants in India.

Keywords: HBV, HIV, TDF, 3TC-resistant

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Authors: Mehrnaz Alibeikloo, Hadi Khabbaz, Behzad Fatahi

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Probabilistic analysis has become one of the most popular methods to quantify and manage geotechnical risks due to the spatial variability of soil input parameters. The correlation length is one of the key factors of quantifying spatial variability of soil parameters which is defined as a distance within which the random variables are correlated strongly. This paper aims to assess the impact of correlation length on the long-term settlement of soft soils improved with preloading. The concept of 'worst-case' spatial correlation length was evaluated by determining the probability of failure of a real case study of Vasby test fill. For this purpose, a finite difference code was developed based on axisymmetric consolidation equations incorporating the non-linear elastic visco-plastic model and the Karhunen-Loeve expansion method. The results show that correlation length has a significant impact on the post-construction settlement of soft soils in a way that by increasing correlation length, probability of failure increases and the approach to asymptote.

Keywords: Karhunen-Loeve expansion, probability of failure, soft soil settlement, 'worst case' spatial correlation length

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Authors: Alhaji M. H. Conteh, Xiangbin Yan, Alfred V. Gborie

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The goal of this study was to increase the awareness of the description and assessments of rice acreage response and to offer mechanisms for agricultural policy scrutiny. The Ordinary Least Square (OLS) technique was utilized to determine the coefficients of acreage response models for the rice varieties. The magnitudes of the coefficients (λ) of both the ROK lagged and NERICA lagged acreages were found positive and highly significant, which indicates that farmers’ adjustment rate was very low. Regarding lagged actual price for both the ROK and NERICE rice varieties, the short-run price elasticities were lower than long-run, which is suggesting a long-term adjustment of the acreage, is under the crop. However, the apparent recommendations for policy transformation are to open farm gate prices and to decrease government’s involvement in agricultural sector especially in the acquisition of agricultural inputs. Impending research have to be centred on how this might be better realized. Necessary conditions should be made available to the private sector by means of minimizing price volatility. In accordance with structural reforms, it is necessary to convey output prices to farmers with minimum distortion. There is a need to eradicate price subsidies and control, which generate distortion in the market in addition to huge financial costs.

Keywords: acreage response, rate of adjustment, rice varieties, Sierra Leone

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Authors: Akolo Ajige

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Christian-Muslim relations had been existing for a long time in Nigeria. Despite the long standing relations between the two faith communities, there had been occasional religious crises in Nigeria (especially in Northern part of Nigeria). These crises have rendered some people homeless, left some without a family, while property worth millions of naira destroyed, and thereby putting some people in perpetual trauma. The situation seemed to be entirely different in Nasarawa State where there is relative peace between Christians and Muslims. The purpose of the study therefore was to examine Christian-Muslim relations in Nasarawa State. Its objectives were to: (i) identify the factors responsible for the peaceful coexistence between Christians and Muslims in Nasarawa State; (ii) state how they were relating in times of politics, worship, celebration of religious festivals etc; (iii) discuss how issues which could have led to crises were resolved between the two faiths, and (iv) examine the roles played by the religious leaders, traditional rulers and the media on peaceful co-existence between the Muslims and the Christians in Nasarawa State. Historical and Comparative methods were adopted in this research. Historical method helped to evaluate the history of Islam and Christianity in Nasarawa State, while comparative method was adopted to assess the extent of interaction of Muslims and Christians in the State. The study employed primary and secondary sources as tools for gathering information.

Keywords: historo-religious, christian, muslim, relations

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Authors: Inseok Yeo, Tae-Ho Song

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To practically apply vacuum insulation panels (VIPs) to buildings or home appliances, VIPs have demanded long-term lifespan with outstanding insulation performance. Service lives of VIPs enveloped with Al-foil and three-layer Al-metallized envelope are calculated. For Al-foil envelope, the service life is longer but edge conduction is too large compared with the Al metallized envelope. To increase service life even more, the proposed double enveloping method and metal-barrier-added enveloping method are further analyzed. The service lives of the VIP to employ two enveloping methods are calculated. Also, pressure increase and thermal insulation performance characteristics are investigated. For the metal- barrier-added enveloping method, effective thermal conductivity increase with time is close to that of Al-foil envelope, especially, for getter-inserted VIPs. For the double enveloping method, if water vapor is perfectly adsorbed, the effect of service life enhancement becomes much greater. From these methods, the VIP can be guaranteed for the service life of more than 20 years.

Keywords: vacuum insulation panels, service life, double enveloping, metal-barrier-added enveloping, edge conduction

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Authors: Selma Sbit, Mohamed Bechir Dadi, Belgacem Chibani Rhaimi

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Incorporating Home eNodeB (HeNB) in cellular networks, e.g. Long Term Evolution Advanced (LTE-A), is beneficial for extending coverage and enhancing capacity at low price especially within the non-line-of sight (NLOS) environments such as homes. HeNB or femtocell is a small low powered base station which provides radio coverage to the mobile users in an indoor environment. This deployment results in a heterogeneous network where the available spectrum becomes shared between two layers. Therefore, a problem of Inter Cell Interference (ICI) appears. This issue is the main challenge in LTE-A. To deal with this challenge, various techniques based on frequency, time and power control are proposed. This paper deals with the impact of carrier aggregation and higher order MIMO (Multiple Input Multiple Output) schemes on the LTE-Advanced performance. Simulation results show the advantages of these schemes on the system capacity (4.10⁹ b/s/Hz when bandwidth B=100 MHz and when applying MIMO 8x8 for SINR=30 dB), maximum theoretical peak data rate (more than 4 Gbps for B=100 MHz and when MIMO 8x8 is used) and spectral efficiency (15 b/s/Hz and 30b/s/Hz when MIMO 4x4 and MIMO 8x8 are applying respectively for SINR=30 dB).

Keywords: capacity, carrier aggregation, LTE-Advanced, MIMO (Multiple Input Multiple Output), peak data rate, spectral efficiency

Procedia PDF Downloads 256