Search results for: bond prices

Authors: Aslam Faheem, Hunjra Ahmed Imran, Tayachi Tahar, Verhoeven Peter, Tariq Yasir

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We investigate the evidence of three risk-adjusted calendar anomalies in eight frontier markets. Our sample consists of the daily closing prices of their stock indices for the period of January 2006 to September 2019. We categorize the data with respect to day-of-the-week, Lunar calendar and Islamic calendar. Using Morgan Stanley Capital International (MSCI) eight Markets Index as our proxy of the market portfolio, most of the frontier markets tested exhibit calendar seasonality. We confirm that systematic risk varies with respect to day-of-the-week, Lunar months and Islamic months. After consideration of time-varying risk and applying Bonferroni correction, few frontier markets exhibit profitable investment opportunities from calendar return anomalies for active investment managers.

Keywords: asset pricing, frontier markets, market efficiency, Islamic calendar effects, Islamic stock markets

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Authors: Tianyu Wang, Nikita Karandikar

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The uncertainty around cost, safety, and feasibility of the decarbonized shipping fuels has made it increasingly complex for the shipping companies to set pricing strategies and forecast their freight revenues going forward. The increase in the green fuel surcharges will ultimately influence the automobile’s consumer prices. The auto shipping demand (ton-miles) has been gradually shifting from long-haul to short-sea trade over the past years following the relocation of the original equipment manufacturer (OEM) manufacturing to regions such as South America and Southeast Asia. The objective of this paper is twofold: 1) to investigate the car-carriers freight revenue development over the years when the trade pattern is gradually shifting towards short-sea exports 2) to empirically identify the quantitative impact of such trade pattern shifting to mainly freight rate, but also vessel size, fleet size as well as Green House Gas (GHG) emission in Roll on-Roll Off (Ro-Ro) shipping. In this paper, a model of analyzing and forecasting ton-miles and freight revenues for the trade routes of AS-NA (Asia to North America), EU-NA (Europe to North America), and SA-NA (South America to North America) is established by deploying Automatic Identification System (AIS) data and the financial results of a selected car carrier company. More specifically, Wallenius Wilhelmsen Logistics (WALWIL), the Norwegian Ro-Ro carrier listed on Oslo Stock Exchange, is selected as the case study company in this paper. AIS-based ton-mile datasets of WALWIL vessels that are sailing into North America region from three different origins (Asia, Europe, and South America), together with WALWIL’s quarterly freight revenues as reported in trade segments, will be investigated and compared for the past five years (2018-2022). Furthermore, ordinary‐least‐square (OLS) regression is utilized to construct the ton-mile demand and freight revenue forecasting. The determinants of trade pattern shifting, such as import tariffs following the China-US trade war and fuel prices following the 0.1% Emission Control Areas (ECA) zone requirement after IMO2020 will be set as key variable inputs to the machine learning model. The model will be tested on another newly listed Norwegian Car Carrier, Hoegh Autoliner, to forecast its 2022 financial results and to validate the accuracy based on its actual results. GHG emissions on the three routes will be compared and discussed based on a constant emission per mile assumption and voyage distances. Our findings will provide important insights about 1) the trade-off evaluation between revenue reduction and energy saving with the new ton-mile pattern and 2) how the trade flow shifting would influence the future need for the vessel and fleet size.

Keywords: AIS, automobile exports, maritime big data, trade flows

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Authors: Inyene Nathaniel Nkanta

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The present economic situation in Nigeria, with an increase in inflation rate due to the fall of crude oil prices and post covid-19 crisis, has increased the level of poverty and suffering in Nigeria, particularly the women. Against that backdrop, this research project is initiated to explore ways to empower women through entrepreneurship education and training to ameliorate the poverty level amongst women in Nigeria. A qualitative approach to data collection will be applied in this study and to test the assertions of this research project empirically, this research adopts a case study research method as this will enable me to obtain and probe ways women can be empowered through semi-structured interviews and focus groups. The result of this research project will provide an original perspective on human capital development, most importantly, the need for entrepreneurial education and entrepreneurial literature and practice.

Keywords: women, Nigeria, entrepreneurship education, Economic development, human capital

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Authors: Abdulla D. Alblooshi

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The stock market is a representation of human behavior and psychology, such as fear, greed, and discipline. Those are manifested in the form of price movements during the trading sessions. Therefore, predicting the stock movement and prices is a challenging effort. However, those trading sessions produce a large amount of data that can be utilized to train an AI agent for the purpose of predicting the stock movement. Predicting the stock market price action will be advantageous. In this paper, the stock movement data of three DFM listed stocks are studied using historical price movements and technical indicators value and used to train an agent using KNN and SVM methods to predict the future price movement. MATLAB Toolbox and a simple script is written to process and classify the information and output the prediction. It will also compare the different learning methods and parameters s using metrics like RMSE, MAE, and R².

Keywords: KNN, ANN, style, SVM, stocks, technical indicators, RSI, MACD, moving averages, RMSE, MAE

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Authors: Ivashkina Elizaveta

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Despite significant research on the positive effects of houseplants on human life, we know almost nothing about how people perceive plants and their attitudes toward them. The following study seeks to fill this void by applying para-social relationships (PSRs) theory to analyze individuals’ perceptions of houseplants. We reveal how people form and maintain PSRs with indoor plants using 15 semi-structured in-depth interviews with Russian-speaking university students who had a close bond with their indoor plants when the study was conducted. The findings indicate that the process of forming PSRs is influenced by factors such as exposure and homophily. Students develop a sense of companionship with their indoor plants, which contributes to establishing a PSR. Participants reported engaging in various activities, such as regular care, communication, and interaction with their plants. The insights gained from this research have implications for horticultural therapy, environmental psychology, and indoor gardening practices.

Keywords: para-social relationships, plants, people-plant interaction, indoor plants, qualitative research

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Authors: Tai-Yue Wang, Yi-Ho Chen

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In this study, we investigate a two-echelon supply chain with two suppliers and three retailers among which one retailer dominates other retailers. A price competition demand function is used to model this dominant retailer, which is leading market. The promotion strategies and negotiation schemes are integrated to form decision-making models under different scenarios. These models are then formulated into different mathematical programming models. The decision variables such as promotional costs, retailer prices, wholesale price, and order quantity are included in these models. At last, the distributions of promotion costs under different cost allocation strategies are discussed. Finally, an empirical example used to validate our models. The results from this empirical example show that the profit model will create the largest profit for the supply chain but with different profit-sharing results. At the same time, the more risk a member can take, the more profits are distributed to that member in the utility model.

Keywords: supply chain, price promotion, mathematical models, dominant retailer

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Authors: Rohaya Abdul Wahab, Raja Mohd Fuad Tengku Aziz, Nazaliza Othman, Sharifah Saleh, Nabihah Razali, Rozaimah Baharim, Md Hanif Md Nasir

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This paper will discuss flip chip methodology, in which I/O pads, standard cells, macros and bump cells array are placed in the floorplan, then routed using Astro place and route tool. Final DRC and LVS checking is done using Calibre verification tool. The design vehicle to run this methodology is an OpenRISC design targeted to Silterra 0.18 micrometer technology with 6 metal layers for routing. Astro has extensive support for flip chip placement and routing. Astro tool commands for flip chip are straightforward approach like the conventional standard wire bond packaging. However since we do not have flip chip commands in our Astro tool, no LEF file for bump cell and no LEF file for flip chip I/O pad, we create our own methodology to prepare for future flip chip tapeout. 

Keywords: methodology, flip chip, bump cell, LEF, astro, calibre, SCHEME, TCL

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Authors: Fares Jnaid, Riyad Aboutaha

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In this paper, a nonlinear Finite Element Analysis (FEA) was carried out using ANSYS software to build a model able of predicting the behavior of Reinforced Concrete (RC) beams with unbonded reinforcement. The FEA model was compared to existing experimental data by other researchers. The existing experimental data consisted of 16 beams that varied from structurally sound beams to beams with unbonded reinforcement with different unbonded lengths and reinforcement ratios. The model was able to predict the ultimate flexural strength, load-deflection curve, and crack pattern of concrete beams with unbonded reinforcement. It was concluded that when the when the unbonded length is less than 45% of the span, there will be no decrease in the ultimate flexural strength due to the loss of bond between the steel reinforcement and the surrounding concrete regardless of the reinforcement ratio. Moreover, when the reinforcement ratio is relatively low, there will be no decrease in ultimate flexural strength regardless of the length of unbond.

Keywords: FEA, ANSYS, unbond, strain

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Authors: Tom D. Gedeon, Ujala Rampaul

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The evaluation of electronic consumer goods are most often done from the perspective of analysing the latest models, comparing their advantages and disadvantages with respect to price. This style of evaluation is often performed by one or a few product experts on a wide range of features that may not be applicable to each user. We instead used a scenario-based approach to evaluate a number of e-readers. The setting is similar to a user who is interested in a new product or technology and has allocated a limited budget. We evaluate the quality and usability of e-readers available within that budget range. This is based on the assumption of a rational market which prices older second hand devices the same as functionally equivalent new devices. We describe our evaluation and comparison of four branded eReaders, as the initial stage of a larger project. The scenario has a range of tasks approximating a busy person who does not bother to read the manual. We found that navigation within books to be the most significant differentiator between the eReaders in our scenario based evaluation process.

Keywords: eReader, scenario based, price comparison, Kindle, Kobo, Nook, Sony, technology adoption

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Authors: Elieder P. Romanzini, Lutti M. Delevatti, Rhaony G. Leite, Ricardo A. Reis, Euclides B. Malheiros

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Brazilian beef cattle production systems are an important profitability source for the national gross domestic product. The main characteristic of these systems is forage utilization as the exclusive feed source. Forage utilization had been causing on owners the false feeling of low production costs. However, this low cost is followed to low profit causing a lot times worst animal index what can result in activities changes or until land sold. Aiming to evaluate economic impacts into Brazilian beef cattle systems were evaluated four nitrogen fertilizer (N) application levels (0, 90, 180 and 270 kg per hectare [kg.ha-1]). Research was developed during 2015 into Forage Crops and Grasslands section of São Paulo State University, “Júlio de Mesquita Filho” (Unesp) (Jaboticabal, São Paulo, Brazil). Pastures were seeded with Brachiaria brizantha Stapf. ‘Marandu’ (Palisade grass) handled using continuous grazing system, with variable stocking rate, sward height maintained at 25 cm. The economic evaluation was developed in rearing e finishing phases. We evaluated the cash flows inside each phase on different N levels. Economic valuations were considering: cost-effective operating (CEO), cost-total operating (CTO), gross revenue (GR), operating profit (OP) and net income (NI), every measured in US$. Complementary analyses were developed, profitability was calculated by [OP/GR]. Pay back (measured in years) was calculated considering average capital stocktaking pondered by area in use (ACS) divided by [GR-CEO]. And the internal rate of return (IRR) was calculated by 100/(pay back). Input prices were prices during 2015 and were obtained from Anuário Brasileiro da Pecuária, Centro de Estudos Avançados em Economia Aplicada and quotation in the same region of animal production (northeast São Paulo State) during the period above mentioned. Values were calculated in US$ according exchange rate US$1.00 equal R$3.34. The CEO, CTO, GR, OP and NI per hectare for each N level were respectively US$1,919.66; US$2,048.47; US$2,905.72; US$857.25 and US$986.06 to 0 kg.ha-1; US$2,403.20; US$2,551.80; US$3,530.19; US$978.39 and US$1,126.99 to 90 kg.ha-1; US$3,180.42; US$3,364.81; US$4,985.03; US$1,620.23 and US$1,804.62 to 180 kg.ha-1andUS$3,709.14; US$3,915.15; US$5,554.95; US$1,639.80 and US$1,845.81 to 270 kg.ha-1. Relationship to another economic indexes, profitability, pay back and IRR, the results were respectively 29.50%, 6.44 and 15.54% to 0 kg.ha-1; 27.72%, 6.88 and 14.54% to 90 kg.ha-1; 32.50%, 4.08 and 24.50% to 180 kg.ha-1 and 29.52%, 3.42 and 29.27% to 270 kg.ha-1. Values previously presented in this evaluation allowing to affirm that the best result was obtained to N level 270 kg.ha-1. These results among all N levels evaluated could be explained by improve occurred on stocking rate caused by increase on N level. However, a crucial information about high N level application into pastures is the efficiency of N utilization (associated to environmental impacts) that normally decrease with the increase on N level. Hence, considering all situations (efficiency of N utilization and economic results) into tropical pastures used to beef cattle production could be recommended N level equal to 180kg.ha-1, which had better profitability and cause lesser environmental impacts, proved by other studies developed in the same area.

Keywords: Brachiaria brizantha, cost-total operating, gross revenue, profitability

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Authors: Mousa Bani Baker, Raed Abendeh, Zaidoon Abu Salem, Hesham Ahmad

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This research paper was commissioned to discuss the Jordanian marble, which is a non-foliated metamorphic rock composed of recrystallized carbonate minerals, most commonly calcite or dolomite. Geologists use the term "marble" to refer to metamorphosed limestone; however, stonemasons use the term more broadly to encompass unmetamorphised limestone. Marble is commonly used for sculpture and as a building material. The marble has many uses; one of them is using the white marble that has been prized for its use in sculptures since classical times. This preference has to do with its softness, relative isotropy and homogeneity, and a relative resistance to shattering. Another use of it is the construction marble which is “a stone which is composed of calcite, dolomite or serpentine which is capable of taking a polish” Marble Institute of America. This report focuses most about the marble in Jordan and its properties: rock definition, physical properties, the marble occurrences in Jordan, types of Jordanian marble and their prices and test done on this marble.

Keywords: marble, metamorphic, non-foliated, compressive strength, recrystallized, Moh’s hardness, abrasion, absorption, modulus of rupture, porosity

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Authors: Soheil Mohtaram, Wu Weidong, Yashar Aryanfar

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This research investigates the points with heat recovery potential in a triple-pressure cogeneration combined cycle power plant and determines the amount of waste heat that can be recovered. A modified cycle arrangement is then adopted for accessing thermal potentials. Modeling the energy system is followed by thermodynamic and energetic evaluation, and then the price of the manufactured products is also determined using the Total Revenue Requirement (TRR) method and term economic analysis. The results of optimization are then presented in a Pareto chart diagram by implementing a new model with dual objective functions, which include power cost and produce heat. This model can be utilized to identify the optimal operating point for such power plants based on electricity and heat prices in different regions.

Keywords: heat loss, recycling, unused energy, efficient production, optimization, triple-pressure cogeneration

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Authors: Zaid Jamal Saeed Almahmoud

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Smart Grid is the vision of the future power system that combines advanced monitoring and communication technologies to provide energy in a smart, efficient, and user-friendly manner. This proposal considers a demand response model in the Smart Grid based on utility maximization. Given a set of consumers with conflicting preferences in terms of consumption and a utility company that aims to minimize the peak demand and match demand to supply, we study the problem of aggregating these preferences while modelling the problem as a game. We also investigate whether an equilibrium can be reached to maximize the social benefit. Based on such equilibrium, we propose a dynamic pricing heuristic that computes the equilibrium and sets the prices accordingly. The developed approach was analysed theoretically and evaluated experimentally using real appliances data. The results show that our proposed approach achieves a substantial reduction in the overall energy consumption.

Keywords: heuristics, smart grid, aggregation, mechanism design, equilibrium

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Authors: Algia Hammami, Abdelfatteh Bouri

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In this work, our objective is to study the transmission of volatility between oil and stock markets in developed (USA, Germany, Italy, France and Japan) and emerging countries (Tunisia, Thailand, Brazil, Argentina, and Jordan) for the period 1998-2015. Our methodology consists of analyzing the monthly data by the GARCH-BEKK model to capture the effect in terms of volatility in the variation of the oil price on the different stock market. The empirical results in the emerging countries indicate that the relationships are unidirectional from the stock market to the oil market. For the developed countries, we find that the transmission of volatility is unidirectional from the oil market to stock market. For the USA and Italy, we find no transmission between the two markets. The transmission is bi-directional only in Thailand. Following our estimates, we also noticed that the emerging countries influence almost the same extent as the developed countries, while at the transmission of volatility there a bid difference. The GARCH-BEKK model is more effective than the others versions to minimize the risk of an oil-stock portfolio.

Keywords: GARCH, oil prices, stock market, volatility transmission

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Authors: Bassam Istanbouli

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Organizations are living in a very competitive and dynamic environment which is constantly changing. In order to achieve a high level of service, the products and processes of these organizations need to be flexible and evolvable. If the supply chains are not modular and well designed, changes can bring combinatorial effects to most areas of a company from its management, financial, documentation, logistics and its information structure. Applying the normalized system’s concept to segments of the supply chain may help in reducing those ripple effects, but it may also increase lead times. Lead times are important and can become a decisive element in gaining customers. Industries are always under the pressure in providing good quality products, at competitive prices, when and how the customer wants them. Most of the time, the customers want their orders now, if not yesterday. The above concept will be proven by examining lead times in a manufacturing example before and after applying normalized systems concept to that segment of the chain. We will then show that although we can minimize the combinatorial effects when changes occur, the lead times will be increased.

Keywords: supply chain, lead time, normalization, modular

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Authors: Yuanjin Liu

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Retirement withdrawal strategies are very important to minimize the probability of ruin in retirement. The ruin probability is modeled as a function of initial withdrawal age, gender, asset allocation, inflation rate, and initial withdrawal rate. The ruin probability is obtained based on the 2019 period life table for the Social Security, IRS Required Minimum Distribution (RMD) Worksheets, US historical bond and equity returns, and inflation rates using simulation. Several popular machine learning algorithms of the generalized additive model, random forest, support vector machine, extreme gradient boosting, and artificial neural network are built. The model validation and selection are based on the test errors using hyperparameter tuning and train-test split. The optimal model is recommended for retirees to monitor the ruin probability. The optimal withdrawal strategy can be obtained based on the optimal predictive model.

Keywords: ruin probability, retirement withdrawal strategies, predictive models, optimal model

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Authors: Ji-Hun Choi, Kyoung-Suk Cho, Seung-Un Chae

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Consisting of organic compounds, plastic ignites easily and burns fast. In addition, a large amount of toxic gas is produced while it is burning. When plastic is heated, its volume decreases because its surface is melted. The decomposition of its molecular bond generates combustible liquid of low viscosity, which accelerates plastic combustion and spreads the flames. Radiant heat produced in the process propagates the fire to increase the risk of human and property damages. Accordingly, the purpose of this study was to identify chemical, thermal and combustion characteristics of thermoplastic plastics using the fire propagation apparatus based on experimental criteria of ISO 12136 and ASTM E 2058. By the experiment result, as the ignition time increased, the thermal response parameter (TRP) decreased and as the TRP increased, the slope decreased. In other words, the large the TRP was, the longer the time taken for heating and ignition of the material was. It was identified that the fire propagation speed dropped accordingly.

Keywords: fire propagation apparatus (FPA), ISO 12136, thermal response parameter (TRP), fire propagation index (FPI)

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Authors: N. Ullah, A. Haddad, F. Van Der Linde

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This paper investigates the effects of breaks in bonds, breaks in the earthing system and breaks in earth wire on the rise of the earth potential (EPR) in a substation and at the transmission tower bases using various models of an L6 tower. Different approaches were adopted to examine the integrity of the earthing system and the terminal towers. These effects were investigated to see the associated difference in the EPR magnitudes with respect to a healthy system at various locations. Comparisons of the computed EPR magnitudes were then made between the healthy and unhealthy system to detect any difference. The studies were conducted at power frequency for a uniform soil with different soil resistivities. It was found that full breaks in the double bond of the terminal towers increase the EPR significantly at the fault location, while they reduce EPR at the terminal tower bases. A fault on the isolated section of the grid can result in EPR values up to 8 times of those on a healthy system at higher soil resistivities, provided that the extended earthing system stays connected to the grid.

Keywords: bonding, earthing, EPR, integrity, system

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Authors: Zaid A. Janjua, Barbara Turnbull, Kwing-So Choi

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The adhesion of glaze ice on power infrastructure, ships and aerofoils cause monetary and structural damage. Here we investigate the influence of temperature as an important parameter affecting adhesion strength of ice. Two terms are defined to investigate this: 'freezing temperature', the temperature at which glaze ice forms; and 'ambient temperature', the temperature of the surrounding during the test. Using three metal surfaces, the adhesion strength of ice has been calculated as a value of shear stress at the point of detachment on a spinning centrifuge. Findings show that the ambient temperature has a greater influence than the freezing temperature on the adhesion strength of ice. This is because there exists an amorphous liquid-like layer at the ice-surface interface, whose bond with the surface increases in strength at lower ambient temperatures when the substrate conducts heat much faster than the ice and acts as a heat sink. The results will help us to measure the actual adhesion strength of ice to metal surfaces based on data from weather monitoring devices. Future tests envisaged focus on thermally non-conducting substrates and their influence on adhesion strength.

Keywords: ice adhesion, centrifuge, glaze ice, freezing temperature, ambient temperature

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Authors: Nora Yusma Bte Mohamed Yusoff, Hussain Ali Bekhet

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The rationalization of a gradual subsidies reforms plan has been set out by the Malaysian government to achieve the high-income nation target. This paper attempts to analyze the impacts of energy subsidy reform policy on fiscal deficit and macroeconomics variables in Malaysia. The Computable General Equilibrium (CGE) Model is employed. Three simulations based on different groups of scenarios have been developed. Importantly, the overall results indicate that removal of fuel subsidy has significantly improved the real GDP and reduced the government fiscal deficit. On the other hand, the removal of the fuel subsidy has increased most of the local commodity prices, especially energy commodities. The findings of the study could provide some imperative inputs for policy makers, especially to identify the right policy mechanism. This is especially ensures the subsidy savings from subsidy removal could be transferred back into the domestic economy in the form of infrastructure development, compensation and increases in others sector output contributions towards a sustainable economic growth.

Keywords: CGE, deficit, energy, reform, subsidy

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Authors: Sol Girouard, Zona Kostic

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A home is often the largest and most expensive purchase a person makes. Whether the decision leads to a successful outcome will be determined by a combination of critical factors. In this paper, we propose a method that efficiently handles all the factors in residential real estate and performs predictions given a feature space with high dimensionality while controlling for overfitting. The proposed method was built on gradient descent and boosting algorithms and uses a mixed optimizing technique to improve the prediction power. Usually, a single model cannot handle all the cases thus our approach builds multiple models based on different subsets of the predictors. The algorithm was tested on 3 million homes across the U.S., and the experimental results demonstrate the efficiency of this approach by outperforming techniques currently used in forecasting prices. With everyday changes on the real estate market, our proposed algorithm capitalizes from new events allowing more efficient predictions.

Keywords: real estate prediction, gradient descent, boosting, ensemble methods, active learning, training

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Authors: Olivia Rybak-Karkosz

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Art forgery is a serious problem present in the art market in every country despite its scale and experience. In the Polish art market, this problem has existed since its beginnings. The market expansion in recent years attracted new buyers, which led to growing prices of polish art. And that attracted deceitful sellers who supply the market with forgeries. Moreover, there are many new types of buyers, many of whom are art non-specialists. But even the most experienced collectors must be cautious when purchasing a piece of art. In this paper, the author would like to discuss legal acts in Polish law that criminalize the forgery of a piece of art and compare them with similar regulations from four European countries - the Italian Republic, Kingdom of the Netherlands, French Republic, and the Federal Republic of Germany. The author wants to verify if any solutions could inspire Polish legislators to implement them in domestic law to help reduce this crime and improve the criminal procedure of art forgery. The paper contains a concluding statement to implement a similar solution used in one of the presented countries.

Keywords: art forgery, comparative law, criminal law, criminal liability, protection of works of art

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Authors: Nino Abesadze, Marine Mindorashvili, Nino Paresashvili

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The main purpose of the article is to make complex statistical analysis of tourist expenses of foreign visitors. We used mixed technique of selection that implies rules of random and proportional selection. Computer software SPSS was used to compute statistical data for corresponding analysis. Corresponding methodology of tourism statistics was implemented according to international standards. Important information was collected and grouped from the major Georgian airports. Techniques of statistical observation were prepared. A representative population of foreign visitors and a rule of selection of respondents were determined. We have a trend of growth of tourist numbers and share of tourists from post-soviet countries constantly increases. Level of satisfaction with tourist facilities and quality of service has grown, but still we have a problem of disparity between quality of service and prices. The design of tourist expenses of foreign visitors is diverse; competitiveness of tourist products of Georgian tourist companies is higher.

Keywords: tourist, expenses, methods, statistics, analysis

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Authors: Hyunwoo Song, Jeong-Min Lee, Yongseok Kim, Junghan Yun, Jungin Byun, Jae-Mean Koo, Chang-Sung Seok

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To avoid the damage of gas turbine blade from high-temperature, thermal barrier coating (TBC) is applied on the blade. However, it is damaged by thermal fatigue during the operation of gas turbine, and this damage lead to delamination of TBC between top coat and bond coat. The blade can be damaged after the failure of TBC, so durability evaluation of TBC should be performed. The durability of thermal barrier coating was decreased according to the increase of temperature, because thermal stress according to increase of temperature. Also, the curvature can be affect to durability of TBC, because the stress is determined by the shape of the TBC. Therefore, the effect of temperature and curvature on the stress should be evaluated. In this study, finite element analysis according to temperature and curvature were performed in the same condition of Kim et al. Finally, the stress was evaluated from the finite element analysis results according to temperature and curvature.

Keywords: curvature, finite element analysis, thermal barrier coating, thermal fatigue, temperature

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Authors: Huey-Kuo Chen

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This paper applies directional marginal productivity model to study the shadow price of emissions by transportation modes in the years of 2011 and 2013 with the aim to provide a reference for policy makers to improve the emission of pollutants. One input variable (i.e., energy consumption), one desirable output variable (i.e., vehicle kilometers traveled) and three undesirable output variables (i.e., carbon dioxide, sulfur oxides and nitrogen oxides) generated by road transportation modes were used to evaluate directional marginal productivity and directional shadow price for 18 transportation modes. The results show that the directional shadow price (DSP) of SOx is much higher than CO2 and NOx. Nevertheless, the emission of CO2 is the largest among the three kinds of pollutants. To improve the air quality, the government should pay more attention to the emission of CO2 and apply the alternative solution such as promoting public transportation and subsidizing electric vehicles to reduce the use of private vehicles.

Keywords: marginal productivity, road transportation modes, shadow price, undesirable outputs

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Authors: Khalid Mujaljal, Hassan Alhajhoj

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This paper empirically investigates the influence of oil price fluctuations on the key macroeconomic variables of the Kingdom of Saudi Arabia using unrestricted VAR methodology. Two analytical tools- Granger-causality and variance decomposition are used. The Granger-causality test reveals that almost all specifications of oil price shocks significantly Granger-cause GDP and demonstrates evidence of causality between oil price changes and money supply (M3) and consumer price index percent (CPIPC) in the case of positive oil price shocks. Surprisingly, almost all specifications of oil price shocks do not Granger-cause government expenditure. The outcomes from variance decomposition analysis suggest that positive oil shocks contribute about 25 percent in causing inflation in the country. Also, contribution of symmetric linear oil price shocks and asymmetric positive oil price shocks is significant and persistent with 25 percent explaining variation in world consumer price index till end of the period.

Keywords: Granger causality, oil prices changes, Saudi Arabian economy, variance decomposition

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Authors: Y. J. Chen, T. M. Yue, Z. N. Guo

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This paper reports the effects of laser energy on the characteristics of bubbles generated in the weld zone and the formation of new chemical bonds at the Polyethylene Terephthalate (PET)/Ti joint interface in laser joining of PET to Ti. The samples were produced by using different laser energies ranging from 1.5 J – 6 J in steps of 1.5 J, while all other joining parameters remained unchanged. The types of chemical bonding at the joint interface were analysed by the x-ray photoelectron spectroscopy (XPS) depth-profiling method. The results show that the characteristics of the bubbles and the thickness of the chemically bonded interface, which contains the laser generated bonds of Ti–C and Ti–O, increase markedly with increasing laser energy input. The tensile failure load of the joint depends on the combined effect of the amount and distribution of the bubbles formed and the chemical bonding intensity of the joint interface.

Keywords: laser direct joining, Ti/PET interface, laser energy, XPS depth profiling, chemical bond, tensile failure load

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Authors: Arun Karoriya, Mrinal Agrawal

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Health is one of the basic requirements of human being. And today India is facing a major degradation of health at every age group. As society evolves and flourishes, there are different types of rules, norms, standards which are required to control the conduct of the human being for its well-being and growth. Right to health is one of those aspects that can be counted, discovered and examined under the purview of constitutional provisions of India. The condition of health is at downfall despite the fact that there are several policies framed by the government. There is an urgent call for rigid public health laws to ensure safe and disease free society. The effectiveness of health law has to be examined by keeping in mind that it is hampering growth and economy and society establishment. Health in any society is a main social aspect as it plays a major role for economic development. The multidimensional approach to determine it is by discussing i) rational selection and use of medicines ii) sustainable adequate financing iii) affordable prices iv)reliable health and supply systems.

Keywords: degradation, flourish, multidimensional, policies

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Authors: Adil K. Tamimi, Tarig Ali, Rawan Anoohi, Ahmed Rajput, Kaltham Alkamali

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3D concrete printing is one of the most innovative and modern techniques in the field of construction that achieved several milestones in that field for the following advantages: saving project’s time, ability to execute complicated shapes, reduce waste and low cost. However, the concept of 3D printing in UAE is relatively new where construction teams, including clients, consultants, and contractors, do not have the required knowledge and experience in the field. This is the most significant obstacle for the construction parties, which make them refrained from using 3D concrete printing compared to conventional concreting methods. This study shows the historical development of the 3D concrete printing, its advantages, and the challenges facing this innovation. Concrete mixes and materials have been proposed and evaluated to select the best combination for successful 3D concrete printing. The main characteristics of the 3D concrete printing in the fresh and hardened states are considered, such as slump test, flow table, compressive strength, tensile, and flexural strengths. There is need to assess the structural stability of the 3D concrete by testing the bond between interlayers of the concrete.  

Keywords: 3D printing, workability, compressive strength, robots, dimensions

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Authors: Naveed Ahmed Khan

Abstract:

The ever increasing importance of food industry cannot be denied and especially in the wake of escalating population and prices both in developing and developed nations. Thus, this issue demands the attention of researchers especially in the area of supply chain to identify cost diminution waste eliminating supply chain practices in the said industry. For such purpose the 'Dairy Division' of Engro Foods Limited, one of the biggest food companies in Pakistan was taken into consideration in a case study manner. Based on the literature review and interviews following variables were obtained: energy, losses, maintenance, taxes, and logistics. Having studied the said variables, it was concluded that management of relevant industries operating in a comparable environment need to efficiently manage two major areas: energy and taxes. On the other hand, similar kind of other organizations could be benefited by adopting the proficient supply chain practices being observed at dairy division of Engro foods limited.

Keywords: cost diminution, supply chain, dairy industry, Engro Foods Limited

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