Search results for: bond prices

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: 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: 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: 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

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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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Authors: V. K. Lamba, Abhinandan Bharti

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We investigate the electronic transport properties across the graphene/ pentacene and gold/pentacene interface. Further, we studied the effect of ripples/bends in pentacene using NEGF-DFT approach. Current transport across the pentacene/graphene interface is found to be remarkably different from transport across pentacene/Gold interfaces. We found that current across these interfaces could be accurately modeled by a combination of thermionic and Poole–Frenkel emission. Further, the degree of bend or degrees of the curve formed during ripple formation strongly change the optimized geometric structures, charge distributions, energy bands, and DOS. The misorientation and hybridization of carbon orbitals are associated with a variation in bond lengths and carrier densities, and are the causes of the dramatic changes in the electronic structure during ripple formation. The electrical conductivity decreases with increase in curvature during ripple formation or due to bending of pentacene molecule and a decrease in conductivity is directly proportional to the increase in curvature angle and given by quadratic relation.

Keywords: hetero-junction, grapheme, NEGF-DFT, pentacene, gold/pentacene

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Authors: Lai Ving Kam

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Many markets are maturing, consumer buying powers are weakening and customer preferences change rapidly. To survive, many adopt fast paced continuous cost reduction and competitive pricing to remain relevance. Marketers desire to push for more sales to increase revenues have intensified competitions at time cannibalize the product and market. The amazing technologies changes have created both hope and despair to the industries. The pressure to constantly reduce cost, on the one hand, create and market new products in cheaper prices and shorter life cycles, on the other has become a continuous endeavour. The twin trends appear irreconcilable. Can core strategic vision provides and adapts new directions in continuous cost reduction? This study investigates core strategic vision able to meet this need, for firms to survive and stay profitable. Under current uncertainty market, are firms falling back on their core strategic visions to take them out of the unfavourable positions?

Keywords: core strategy vision, continuous cost reduction, fashionable products industry, competitive pricing

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Authors: Mehrdad Azimzadeh, Seyed Mohammadreza Jabbari, Mohammadreza Hosseinzadeh Alherd

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This paper includes experimental results and analytical studies about increasing resistance of single-span reinforced concreted frames against impact factor and their modeling according to optimization methods and optimizing the behavior of these frames under impact loads. During this study, about 30 designs for different frames were modeled and made using specialized software like ANSYS and Sap and their behavior were examined under variable impacts. Then suitable strategies were offered for frames in terms of concrete mixing in order to optimize frame modeling. To reduce the weight of the frames, we had to use fine-grained stones. After designing about eight types of frames for each type of frames, three samples were designed with the aim of controlling the impact strength parameters, and a good shape of the frame was created for the impact resistance, which was a solid frame with muscular legs, and as a bond away from each other as much as possible with a 3 degree gradient in the upper part of the beam.

Keywords: optimization, reinforced concrete, optimization methods, impact load, earthquake

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Authors: Y. Okumuş, A. Tuna, A. T. Seyhan, H. Çelebi

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Useful carbon fibers were derived from chicken feathers (PCFs) based on a two-step pyrolysis method. The collected PCFs were cleaned and categorized as black, white and brown. Differential scanning calorimeter (DSC) and thermo-gravimetric analyzer (TGA) were systemically used to design the pyrolysis steps. Depending on colors, feathers exhibit different glass transition (Tg) temperatures. Long-time heat treatment applied to the feathers emerged influential on the surface quality of the resulting carbon fibers. Fourier Transformation Infrared (FTIR) examination revealed that the extent of disulfide bond cleavage is highly associated with the feather melting stability. Scanning electron microscopy (SEM) examinations were employed to evaluate the morphological changes of feathers after pyrolysis. Of all, brown feathers were found to be the most promising to turn into useful carbon fibers without any trace of melting and shape distortion when pyrolysis was carried out at 230°C for 24 hours and at 450°C for 1 hour.

Keywords: poultry chicken feather, keratin protein fiber, pyrolysis, high carbonaceous fibers

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Authors: M. Ezati Kooshki , H. Pourmohamad

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Leaf spring dampers are used for commercial vehicles and heavy tracks. The main function of this damper in these vehicles is protection against damage and providing comfort for drivers by creating suspension between road and vehicle. This paper presents a new device, circular leaf spring damper, which is frequently used on vehicles, aiming to gain seismic protection of structures. Finite element analyses were conducted on several one-story structures using finite element software (Abaqus, v6.10-1). The time history analysis was conducted on the records of Kobe (1995) and San Fernando (1971) ground motions to demonstrate the advantages of using leaf spring in structures as compared to simple bracing system. This paper also suggests extending the use of this damper in structures, considering its large control force despite high cycle fatigue properties and low prices.

Keywords: bracing system, finite element analysis, leaf spring, seismic protection, time history analysis

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Authors: Mohammad Shakir, Reshma Jolly, Mohammad Shoeb Khan, Noor-E-Iram

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A nanocomposite system incorporating dextrin into nano-hydroxyapatite/chitin matrix (n-HA/DX/CT) has been successfully synthesized via co-precipitation route at room temperature for the application in bone tissue engineering by investigating biocompatibility, cytotoxicity and mechanical properties. The FTIR spectra of n-HA/DX/CT nanocomposite indicated a considerable intermolecular interaction between the various components of the system. The results of XRD, TEM and TGA/DTA revealed that the crystallinity, size and thermal stability of the n-HA/DX/CT scaffold has decreased and increased respectively. The result of SEM image of the n-HA/DX/CT scaffold indicated that the incorporation of dextrin affected the surface morphology while considerable in-vitro bioactivity has been observed in n-HA/DX/CT based on SBF study, referring a step towards possibility of making direct bond to living bone if implanted. Moreover, MTT assay suggested the non-toxic nature of n-HA/DX/CT to murine fibroblast L929 cells. The swelling study of n-HA/DX/CT scaffold indicated the low swelling rate for n-HADX/CT. All these results have paved the way for n-HA/DX/CT to be used as a competent material for bone tissue engineering.

Keywords: autograft, chitin, dextrin, nanocomposite

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Authors: Harjinder Kaur

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GST was implemented by government with the expectation to reform the taxation system of India. So this study basically seeks to understand the consumers’ awareness, knowledge and perception about the implementation of GST. To conduct this study, 100 respondents of all demographic profile were randomly selected from the Punjab region of India. To investigate the relationship between demographic profile and level of awareness and knowledge about GST, one way ANOVA test was used and it is found that there is a significant relationship between gender, age and qualification and level of awareness and knowledge. Furthermore, due to the lack of information on GST, the respondents had a high negative perception. The study also reveals that the implementation of GST has resulted in higher prices for goods and services and thus this tax may cause burden to people. Also after implementation of GST financial issues such as inflation, rising cost of living, economic instability have impacted many Indian consumers in terms of their spending. But at the same time it is also perceived that GST is designed to remove the burden of many indirect taxes and aims to develop the more efficient tax system which increases the revenue of country.

Keywords: goods and service tax, consumers awareness, knowledge, perception

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Authors: Edwin Njoroge Kimani, Alan M. Munyao

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Despite Kenya’s status as a regional economic powerhouse, it struggles with economic shocks that expose the consumers. This, however, seems not to affect major cooperates such as those in the telecommunication and energy sectors. Through their operations, they have not only been able to fluctuate prices at will but also they have been accused of curtailing their rivals from penetrating the market. This study, through literature review of the legal and institutional framework, reports and publications interrogates the law and uncovers the following; i) failings of the legal framework to define market dominance and abuse of such positions, ii) the participation of the state, iii) the inertia of the government to prosecute corporations that abuse their market dominance, iv) the role of the state as a market player and as a regulator through the Competition Authority of Kenya. This study concludes that the market distortion is as a result of weak legal and institutional framework as well as conflict of interest by the government. Not much has been researched in the field of competition law the greater East Africa. This research is intended to form part of the growing research in the field and inform legal reform.

Keywords: competition law, economic power, dominance, Kenya

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Authors: Mohammad Hasan Kakizadeh

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It is a matter of philosophical hermeneutics according to specifications, we can hand to his hermeneutic, hermeneutical approaches can be analyzed with Islamic art, Islamic art hermeneutical approaches can be of two types: one is to "Islamic Art" Art is considered the analogies and metaphors and mysteries using Nmvdgarha and tried to express spiritual or religious ideology that demonstrates the truth of Islam, and other efforts is that "art" is basically a way inconsistent with the interpretation that or "sharia," Islamic law, not be considered a way to recognize and praise God, his creation, and therefore, the "art" is a tool for reform or knowledge to Nfs.az these two efforts, the first modern effort to try and of course preceded by the second. However, the first attempt is sometimes forgotten that the early centuries AD, with respect to the nature of hermeneutic thinkers for the arts could not resist the assaults of "art" in general, or specifically some legitimacy to the "art" of business and Knnd.dyn art at the stage of its history, which distinguishes them from each other are united with each other so easily possible. However, with the rise of the monotheistic religions and leave the Pagan religions, religion, and art renewed bond becomes a difficult problem. Much of the efforts of Muslim scholars have focused on the legitimacy back to the art. These attempts without a hermeneutic approach to the "art" does not correlate with success. The findings and conclusion in this study is that the hermeneutic approach to Islamic art, whether or Mshrvsazanh Mnakavanh what Bazsazanh or deconstructive, can not ignore the fact that Islamic art has been shaped by Mabdaltbyhay.

Keywords: art, Islamic art, hermeneutics, art, religion

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Authors: Deniz Peksen

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This thesis aims to predict trend movement of closing price of stock and to maximize portfolio by utilizing the predictions. In this context, the study aims to define a stock portfolio strategy from models created by using Logistic Regression, Gradient Boosting and Random Forest. Recently, predicting the trend of stock price has gained a significance role in making buy and sell decisions and generating returns with investment strategies formed by machine learning basis decisions. There are plenty of studies in the literature on the prediction of stock prices in capital markets using machine learning methods but most of them focus on closing prices instead of the direction of price trend. Our study differs from literature in terms of target definition. Ours is a classification problem which is focusing on the market trend in next 20 trading days. To predict trend direction, fourteen years of data were used for training. Following three years were used for validation. Finally, last three years were used for testing. Training data are between 2002-06-18 and 2016-12-30 Validation data are between 2017-01-02 and 2019-12-31 Testing data are between 2020-01-02 and 2022-03-17 We determine Hold Stock Portfolio, Best Stock Portfolio and USD-TRY Exchange rate as benchmarks which we should outperform. We compared our machine learning basis portfolio return on test data with return of Hold Stock Portfolio, Best Stock Portfolio and USD-TRY Exchange rate. We assessed our model performance with the help of roc-auc score and lift charts. We use logistic regression, Gradient Boosting and Random Forest with grid search approach to fine-tune hyper-parameters. As a result of the empirical study, the existence of uptrend and downtrend of five stocks could not be predicted by the models. When we use these predictions to define buy and sell decisions in order to generate model-based-portfolio, model-based-portfolio fails in test dataset. It was found that Model-based buy and sell decisions generated a stock portfolio strategy whose returns can not outperform non-model portfolio strategies on test dataset. We found that any effort for predicting the trend which is formulated on stock price is a challenge. We found same results as Random Walk Theory claims which says that stock price or price changes are unpredictable. Our model iterations failed on test dataset. Although, we built up several good models on validation dataset, we failed on test dataset. We implemented Random Forest, Gradient Boosting and Logistic Regression. We discovered that complex models did not provide advantage or additional performance while comparing them with Logistic Regression. More complexity did not lead us to reach better performance. Using a complex model is not an answer to figure out the stock-related prediction problem. Our approach was to predict the trend instead of the price. This approach converted our problem into classification. However, this label approach does not lead us to solve the stock prediction problem and deny or refute the accuracy of the Random Walk Theory for the stock price.

Keywords: stock prediction, portfolio optimization, data science, machine learning

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Authors: Kebin Li, Keith Morton, Matthew Shiu, Karine Turcotte, Luke Lukic, Teodor Veres

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We present a normally closed thermoplastic microfluidic valve design that uses microstructured valve seats to locally prevent the membrane from bonding to the valve seat during microfluidic channel sealing. The microstructured valve seat reduces the adhesion force between the contact surfaces of the valve seat and the membrane locally, allowing valve open and close operations while simultaneously providing a permanent and robust bond elsewhere to cover and seal the microfluidic channel network. Dynamic valve operation including opening and closing times can be tuned by changing the valve seat diameter as well as the density of the microstructures on the valve seats. The influence of the microstructured valve seat on the general flow behavior through the microfluidic devices was also studied. A design window for the fabrication of valve structure is identified and discussed to minimize the fabrication complexity.

Keywords: hot-embossing, injection molding, microfabrication, microfluidics, microvalves, thermoplastic elastomer

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