Search results for: exchange rate

Authors: Muath Awadalla, Maen Awadallah

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Banking sector covers different activities including lending money to customers. However, it is commonly known that customers pay money they have borrowed including an added amount called interest. Compound interest rate is an approach used in determining the interest to be paid. The instant compounded amount to be paid by a debtor is obtained through a differential equation whose main parameters are the rate and the time. The rate used by banks in a country is often defined by the government of the said country. In Switzerland, for instance, a negative rate was once applied. In this work, a new approach of modeling the compound interest is proposed using Hadamard fractional derivative. As a result, it appears that depending on the fraction value used in derivative the amount to be paid by a debtor might either be higher or lesser than the amount determined using the classical approach.

Keywords: compound interest, fractional differential equation, hadamard fractional derivative, optimization

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Authors: You-Kai Jhang, Yang-Cheng Lu

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Major contributions of this study are threefold: designing a new model of planar-membrane humidifier for Proton Exchange Membrane Fuel Cell (PEMFC), an index to measure the Effectiveness (εT) of that humidifier, and an air compressor system to replicate related planar-membrane humidifier experiments. PEMFC as a kind of renewable energy has become more and more important in recent years due to its reliability and durability. To maintain the efficiency of the fuel cell, the membrane of PEMFC need to be controlled in a good hydration condition. How to maintain proper membrane humidity is one of the key issues to optimize PEMFC. We developed new humidifier to recycle water vapor from cathode air outlet so as to keep the moisture content of cathode air inlet in a PEMFC. By measuring parameters such as dry side air outlet dew point temperature, dry side air inlet temperature and humidity, wet side air inlet temperature and humidity, and differential pressure between dry side and wet side, we calculated indices obtained by dew point approach temperature (DPAT), water flux (J), water recovery ratio (WRR), effectiveness (εT), and differential pressure (ΔP). We discussed six topics including sealing effect, flow rate effect, flow direction effect, channel effect, temperature effect, and humidity effect by using these indices. Gas cylinders are used as sources of air supply in many studies of humidifiers. Gas cylinder depletes quickly during experiment at 1kW air flow rate, and it causes replication difficult. In order to ensure high stable air quality and better replication of experimental data, this study designs an air supply system to overcome this difficulty. The experimental result shows that the best rate of pressure loss of humidifier is 0.133×10³ Pa(g)/min at the torque of 25 (N.m). The best humidifier performance ranges from 30-40 (LPM) of air flow rates. The counter flow configured humidifies moisturizes the dry side inlet air more effectively than the parallel flow humidifier. From the performance measurements of the channel plates various rib widths studied in this study, it is found that the narrower the rib width is, the more the performance of humidifier improves. Raising channel width in same hydraulic diameter (Dh ) will obtain higher εT and lower ΔP. Moreover, increasing the dry side air inlet temperature or humidity will lead to lower εT. In addition, when the dry side air inlet temperature exceeds 50°C, the effect becomes even more obvious.

Keywords: PEM fuel cell, water management, membrane humidifier, heat and mass transfer, humidifier performance

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Authors: Ben Kwame Agyei-Mensah

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This study investigated the influence of firm-specific characteristics which include proportion of Non-Executive Directors, ownership concentration, firm size, profitability, debt equity ratio, liquidity and leverage on the extent and quality of financial ratios disclosed by firms listed on the Ghana Stock Exchange. The research was conducted through detailed analysis of the 2012 financial statements of the listed firms. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by regression analysis which forms the main data analysis. The results of the extent of financial ratio disclosure level, mean of 62.78%, indicate that most of the firms listed on the Ghana Stock Exchange did not overwhelmingly disclose such ratios in their annual reports. The results of the low quality of financial ratio disclosure mean of 6.64% indicate that the disclosures failed woefully to meet the International Accounting Standards Board's qualitative characteristics of relevance, reliability, comparability and understandability. The results of the multiple regression analysis show that leverage (gearing ratio) and return on investment (dividend per share) are associated on a statistically significant level as far as the extent of financial ratio disclosure is concerned. Board ownership concentration and proportion of (independent) non-executive directors, on the other hand were found to be statistically associated with the quality of financial ratio disclosed. There is a significant negative relationship between ownership concentration and the quality of financial ratio disclosure. This means that under a higher level of ownership concentration less quality financial ratios are disclosed. The findings also show that there is a significant positive relationship between board composition (proportion of non-executive directors) and the quality of financial ratio disclosure.

Keywords: voluntary disclosure, firm-specific characteristics, financial reporting, financial ratio disclosure, Ghana stock exchange

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Authors: Naman Singla, Ajay Pal Singh Chauhan

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As the demand for providing high bit rate and high bandwidth is increasing at a rapid rate so there is a need to see in this problem and finds a technology that provides high bit rate and also high bandwidth. One possible solution is by use of optical fiber. Optical fiber technology provides high bandwidth in THz. But the disadvantage of optical fiber is of high cost and not used everywhere because it is not possible to reach all the locations on the earth. Also high maintenance required for usage of optical fiber. It puts a lot of cost. Another technology which is almost similar to optical fiber is Free Space Optics (FSO) technology. FSO is the line of sight technology where modulated optical beam whether infrared or visible is used to transfer information from one point to another through the atmosphere which works as a channel. This paper concentrates on analyzing the performance of FSO in terms of bit error rate (BER) and quality factor (Q) using different modulation techniques like non return to zero on off keying (NRZ-OOK), differential phase shift keying (DPSK) and differential quadrature phase shift keying (DQPSK) using OptiSystem software. The findings of this paper show that FSO system based on DQPSK modulation technique performs better.

Keywords: attenuation, bit rate, free space optics, link length

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Authors: Riznaldi Akbar

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In this study, we compared the performance of the Artificial Neural Network (ANN) model with back-propagation algorithm in correctly predicting in-sample and out-of-sample external debt crisis in Indonesia. We found that exchange rate, foreign reserves, and exports are the major determinants to experiencing external debt crisis. The ANN in-sample performance provides relatively superior results. The ANN model is able to classify correctly crisis of 89.12 per cent with reasonably low false alarms of 7.01 per cent. In out-of-sample, the prediction performance fairly deteriorates compared to their in-sample performances. It could be explained as the ANN model tends to over-fit the data in the in-sample, but it could not fit the out-of-sample very well. The 10-fold cross-validation has been used to improve the out-of-sample prediction accuracy. The results also offer policy implications. The out-of-sample performance could be very sensitive to the size of the samples, as it could yield a higher total misclassification error and lower prediction accuracy. The ANN model could be used to identify past crisis episodes with some accuracy, but predicting crisis outside the estimation sample is much more challenging because of the presence of uncertainty.

Keywords: debt crisis, external debt, artificial neural network, ANN

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Authors: Ali Akbar, Seungho Shin, Sukkee Um

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The composition of catalyst layers (CLs) plays an important role in the overall performance and cost of the proton exchange membrane fuel cells (PEMFCs). Low platinum loading, high utilization, and more durable catalyst still remain as critical challenges for PEMFCs. In this study, a three-dimensional material network model is developed to visualize the nanostructure of carbon supported platinum Pt/C and Pt/VACNT catalysts in pursuance of maximizing the catalyst utilization. The quadruple-phase randomly generated CLs domain is formulated using quasi-random stochastic Monte Carlo-based method. This unique statistical approach of four-phase (i.e., pore, ionomer, carbon, and platinum) model is closely mimic of manufacturing process of CLs. Various CLs compositions are simulated to elucidate the effect of electrons, ions, and mass transport paths on the catalyst utilization factor. Based on simulation results, the effect of key factors such as porosity, ionomer contents and Pt weight percentage in Pt/C catalyst have been investigated at the represented elementary volume (REV) scale. The results show that the relationship between ionomer content and Pt utilization is in good agreement with existing experimental calculations. Furthermore, this model is implemented on the state-of-the-art Pt/VACNT CLs. The simulation results on Pt/VACNT based CLs show exceptionally high catalyst utilization as compared to Pt/C with different composition ratios. More importantly, this study reveals that the maximum catalyst utilization depends on the distance spacing between the carbon nanotubes for Pt/VACNT. The current simulation results are expected to be utilized in the optimization of nano-structural construction and composition of Pt/C and Pt/VACNT CLs.

Keywords: catalyst layer, platinum utilization, proton exchange membrane fuel cell, stochastic modeling

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Authors: Ayeni Leye Samuel

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Laboratory incubation study was carried out at Adeyemi College of Education, Ondo Southwestern Nigeria to determine the rate of NO3-N, NH4-N, total N, OC and available P released to the soil samples collected from Okitipupa mangrove forest. The soil samples were incubated with organic (OG), organomineral (OMF) and NPK 15:15:15 (NPKF) fertilizers. Organic and organomineral fertilizers were separately applied at the rate of 0, 0.25 and 0.5mg/100 g soil while NPKF was applied at the rate of 0.002g/100g soil. The treatments were replicated three times and arranged on CRD. The treatments were incubated for 90 days. Compared with control, OG and NPKF at all rates significantly increased (p<0.05) soil NH4-N, NO3-N, total N and available P. The order of increase in NH4-N were 10t/ha OMF> 5t/ha OMF> 5t/ha OG>10t/ha OG>control>400 kg/ha while the order of increase in NO3-N were 5t/ha OMF>10t/ha OMF>10t/ha OG>5t/ha OG>control>400 kg/ha NPKF. 5t/ha OMF had the highest, 5t/ha OMF recorded the highest pH, 5t/ha OG had the highest OC while 10t/ha OG had the highest available P.

Keywords: c/n ratio, immobilization, incubation study, organomineral fertilizer

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Authors: Ouafek Nora, Keghouche Nassira, Dehdouh Heider, Untidt Carlos

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A lot of knowledge has been accumulated on the metal clusters supported on oxide surfaces because of their multiple applications in microelectronics, heterogeneous catalysis, and magnetic devices. In this work, the surface state of Ni / MgO has been studied by XPS (X-ray Photoemission Spectroscopy). The samples were prepared by impregnation with ion exchange Ni²⁺ / MgO, followed by either a thermal treatment in air (T = 100 -350 ° C) or a gamma irradiation (dose 100 kGy, 25 kGy dose rate h -1). The obtained samples are named after impregnation NMI, NMR after irradiation, and finally NMC(T) after calcination at the temperature T (T = 100-600 °C). A structural study by XRD and HRTEM reveals the presence of nanoscaled Ni-Mg intermetallic phases (Mg₂Ni, MgNi₂, and Mg₆Ni) and magnesium hydroxide. Mg(OH)₂ in nanometric range (2- 4 nm). Mg-Ni compounds are of great interest in energy fields (hydrogen storage…). XPS spectra show two Ni2p peaks at energies of about 856.1 and 861.9 eV, indicating that the nickel is primarily in an oxidized state on the surface. The shift of the main peak relative to the pure NiO (856.1 instead of 854.0 eV) suggests that in addition to oxygen, nickel is engaged in another link with magnesium. This is in agreement with the O1s spectra which present an overlap of peaks corresponds to NiO and MgO, at a calcination temperature T ≤ 300 °C.

Keywords: XPS, XRD, nanoparticules, Ni-MgO

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Authors: Drago Jakovcevic, Mihovil Andelinovic, Igor Husak

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The aim of this paper is to explore the economic circumstances in which the selective credit policy, the least used instrument of four types of instruments on disposal to central banks, should be used. The most significant example includes the use of selective credit policies in response to the emergence of the global financial crisis by the FED. Specifics of the potential use of selective credit policies as the instigator of economic growth in Croatia, a small open economy, are determined by high euroization of financial system, fixed exchange rate and long-term trend growth of external debt that is related to the need to maintain high levels of foreign reserves. In such conditions, the classic forms of selective credit policies are unsuitable for the introduction. Several alternative approaches to implement selective credit policies are examined in this paper. Also, thorough analysis of distribution of selective monetary policy loans among economic sectors in Croatia is conducted in order to minimize the risk of investing funds and maximize the return, in order to influence the GDP growth.

Keywords: global crisis, selective credit policy, small open economy, Croatia

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Authors: Furqan M. Kadhum, Asmaa A. Hussein, Maysaa Ch. Hatem

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Hyaluronidase enzyme was purified from the clinical isolate Staphyloccus aureus in three purification steps, first by precipitation with 90% saturated ammonium sulfate, ion exchange chromatography on DEAE-Cellulose, and gel filtration chromatography throughout Sephacryl S-300. Specific activity of the purified enzyme was reached 930 U/mg protein with 7.4 folds of purification and 46.5% recovery. The enzyme has an average molecular weight of about 69 kDa, with an optimum pH of enzyme activity and stability at pH 7, also the optimum temperature for activity was 37oC. The enzyme was stable with full activity at a temperature ranged between 30-40 oC. Metal ions showed variable inhibitory degree with the strongest effect for Fe+3, however, the chelating and reducing agents had no or little effects. Cytotoxic studies for purified and crude hyaluronidase against cancer cell Hep G2 type at different enzyme concentrations and exposure times showed that the inhibition effect of both crude and purified enzyme increased by increasing the enzyme concentration with no change was observed at 24hr, while at 48 and 72 hrs the same inhibition rate were observed for purified enzyme and differ for the crude filtrate.

Keywords: hyaluronidase, S. aureus, metal ions, cytotoxicity

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Authors: Ghassan Mohammad Alalawi, Abobakr Khidir Ziyada, Abdulmajeed Khan

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A potential alternative or next-generation CO₂-selective separation medium that has lately been suggested is ionic liquids (ILs). It is more facile to "tune" the solubility and selectivity of CO₂ in ILs compared to organic solvents via modification of the cation and/or anion structures. Compared to ionic liquids at ambient temperature, polymerized ionic liquids exhibited increased CO₂ sorption capacities and accelerated sorption/desorption rates. This research aims to investigate the correlation between the CO₂ sorption rate and capacity of poly ionic liquids (pILs) and the chemical structure of these substances. The dependency of sorption on the ion conductivity of the pILs' cations and anions is one of the theories we offered to explain the attraction between CO₂ and pILs. This assumption was supported by the Monte Carlo molecular dynamics simulations results, which demonstrated that CO₂ molecules are localized around both cations and anions and that their sorption depends on the cations' and anions' ion conductivities. Polymerized ionic liquids are synthesized to investigate the impact of substituent alkyl chain length, cation, and anion on CO₂ sorption rate and capacity. Three stages are involved in synthesizing the pILs under study: first, trialkyl amine and vinyl benzyl chloride are directly quaternized to obtain the required cation. Next, anion exchange is performed, and finally, the obtained IL is polymerized to form the desired product (pILs). The synthesized pILs' structures were confirmed using elemental analysis and NMR. The synthesized pILs are characterized by examining their structure topology, chloride content, density, and thermal stability using SEM, ion chromatography (using a Metrohm Model 761 Compact IC apparatus), ultrapycnometer, and TGA. As determined by the CO₂ sorption results using a magnetic suspension balance (MSB) apparatus, the sorption capacity of pILs is dependent on the cation and anion ion conductivities. The anion's size also influences the CO₂ sorption rate and capacity. It was discovered that adding water to pILs caused a dramatic, systematic enlargement of pILs resulting in a significant increase in their capacity to absorb CO₂ under identical conditions, contingent on the type of gas, gas flow, applied gas pressure, and water content of the pILs. Along with its capacity to increase surface area through expansion, water also possesses highly high ion conductivity for cations and anions, enhancing its ability to absorb CO₂.

Keywords: polymerized ionic liquids, carbon dioxide, swelling, characterization

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Authors: Ranjan Chakravarty, Satpal Yadav, Biswajit Basumatary, Arvind S. Sajwan

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The purpose of this study is to compare the basketball players of different level on selected respiratory indices. Ninety male basketball players from different universities those who participated in intercollegiate and inter- varsity championship. Selected respiratory indices were resting pulse rate, resting blood pressure, vital capacity and resting respiratory rate. Mean and standard deviation of selected respiratory indices were calculated and three different levels i.e. beginners, intermediate and advanced were compared by using analysis of variance. In order to test the hypothesis, level of significance was set at 0.05. It was concluded that variability does not exist among the basketball players of different groups with respect to their selected respiratory indices i.e. resting pulse rate, resting blood pressure, vital capacity and resting respiratory rate.

Keywords: respiratory indices, sports performance, basketball players, intervarsity level

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Authors: Khan Farhan Rafat, M. Junaid Hussain

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Seamless modification of an entity for the purpose of hiding a message of significance inside its substance in a manner that the embedding remains oblivious to an observer is known as steganography. Together with today's pervasive registering frameworks, steganography has developed into a science that offers an assortment of strategies for stealth correspondence over the globe that must, however, need a critical appraisal from security breach standpoint. Microsoft Word is amongst the preferably used word processing software, which comes as a part of the Microsoft Office suite. With a user-friendly graphical interface, the richness of text editing, and formatting topographies, the documents produced through this software are also most suitable for stealth communication. This research aimed not only to epitomize the fundamental concepts of steganography but also to expound on the utilization of Microsoft Word document as a carrier for furtive message exchange. The exertion is to examine contemporary message hiding schemes from security aspect so as to present the explorative discoveries and suggest enhancements which may serve a wellspring of information to encourage such futuristic research endeavors.

Keywords: hiding information in plain sight, stealth communication, oblivious information exchange, conceal, steganography

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Authors: Harish Bisht, Bahadur Singh Kotlia, Kireet Kumar

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In order to reconstruct past retreating rates, total area loss, volume change and shift in snout position were measured through multi-temporal satellite data from 1989 to 2016 and kinematic GPS survey from 2015 to 2016. The results obtained from satellite data indicate that in the last 27 years, Chaturangi glacier snout has retreated 1172.57 ± 38.3 m (average 45.07 ± 4.31 m/year) with a total area and volume loss of 0.626 ± 0.001 sq. Km and 0.139 Km³, respectively. The field measurements through differential global positioning system survey revealed that the annual retreating rate was 22.84 ± 0.05 m/year. The large variations in results derived from both the methods are probably because of higher difference in their accuracy. Snout monitoring of the Gangotri glacier during the ablation season (May to September) in the years 2005 and 2015 reveals that the retreating rate has been comparatively more declined than that shown by the earlier studies. The GPS dataset shows that the average recession rate is 10.26 ± 0.05 m/year. In order to determine the possible causes of decreased retreating rate, a relationship between debris thickness and melt rate was also established by using ablation stakes. The present study concludes that remote sensing method is suitable for large area and long term study, while kinematic GPS is more appropriate for the annual monitoring of retreating rate of glacier snout. The present study also emphasizes on mapping of all the tributary glaciers in order to assess the overall changes in the main glacier system and its health.

Keywords: Chaturangi glacier, Gangotri glacier, glacier snout, kinematic global positioning system, retreat rate

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Authors: Chiedza Z. Tsvakirai, Precious M. Tshabalala, Frikkie Liebenberg, Johann F. Kirsten

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Agricultural research conducted by the Agricultural Research Council has played an important role in increasing the productivity and profitability of the South African peach and nectarine industry. However, the importance of this research remains unclear to the industry stakeholders because a rate of return for this research has never been done. As a result, funding for the research at Agricultural Research Council has been waning because it is not clear how much value has been created and how much the industry stands to gain with continued research investment. Therefore, this study seeks to calculate the benefit of research investments in a bid to motivate for an increase in funding. The study utilized the supply response function to do this. The rate of return calculation revealed that agricultural research had a marginal internal rate of return of 55.9%. This means that every R1 invested yields a 56 c increase in value in the industry. Being this high, it can be concluded that investment in agricultural research is worthwhile. Thus justifies for an increase in research funding.

Keywords: Benefits of research investment, productivity.

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Authors: Benamar Makhoukhi

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Clay ion-exchange using bismidazolium salts (MBIM) could provide organophilic clays materials that allow effective retention of polluting dyes. The present investigations deal with bentonite (Bt) modification using (ortho, meta and para) bisimidazolium cations and attempts to remove a synthetic textile dyes, such as (Telon-Orange, Telon-Red and Telon-Blue) by adsorption, from aqueous solutions. The surface modification of MBIM–Bt was examined using infrared spectroscopy (FTIR), X-ray diffraction (XRD) and thermogravimetric analysis (TGA). Adsorption tests applied to Telon dyes revealed a significant increase of the maximum adsorption capacity from ca. 21-28 to 88-108 mg.g-1 after intercalation. The highest adsorption level was noticed for Telon-Orange dye on the p-MBIM–Bt, presumably due higher interlayer space and better diffusion. The pseudo-first order rate equation was able to provide the best description of adsorption kinetics data for all three dyestuffs. The Langmuir and Freundlich adsorption models were applied to describe the equilibrium isotherms and the isotherm constants were also determined. The results show that MBIM–Bt could be employed as low-cost material for the removal of Telon dyes from effluents.

Keywords: Bentonite, Organoclay, Bisimidazolium, Dyes, Isotherms, Adsorption

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Authors: Mustafa Jaradat

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Reasonable energy saving for dehumidification is feasible with the use of desiccants. Desiccants are able to lower the humidity content in the air irrespective of the dew point temperature. In this paper, a tube bundle liquid desiccant air conditioner was experimentally designed and evaluated using lithium chloride as a desiccant. Several experiments were conducted to evaluate the influence of the inlet parameters on the dehumidifier performance. The results show a reduction in the relative humidity in the range of 17 to 46%, and the change in the humidity ratio was between 1.5 to 4.7 g/kg, depending on the inlet conditions. A water removal rate in the range between 0.54 and 1.67 kg/h was observed. The effects of air relative humidity and the desiccant flow rate on the dehumidifier’s performance were investigated. It was found that the moisture removal rate remarkably increased with increasing desiccant flow rate and air inlet humidity ratio. The dehumidifier effectiveness increased sharply with increasing desiccant flow rate. Also, it was found that the dehumidifier effectiveness slightly decreased with air humidity ratio.

Keywords: air conditioning, dehumidification, desiccant, lithium chloride, tube bundle

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Authors: Hamidreza Sharifan, Audra Morse

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Accurate assessments of contaminant concentrations based on traditional grab sampling methods are not always possible. Passive samplers offer an attractive alternative to traditional sampling methods that overcomes these limitations. The POCIS approach has been used as a screening tool for determining the presence/absence, possible sources and relative amounts of organic compounds at field sites. The objective for the present research is on mass transfer of five water contaminants (atrazine, caffeine, bentazon, ibuprofen, atenolol) through the Water Boundary Layer (WBL) and membrane. More specific objectives followed by establishing a relationship between the sampling rate and water solubility of the compounds, as well as comparing the molecular weight of the compounds and concentration of the compounds at the time of equilibrium. To determine whether water boundary layer effects transport rate through the membrane is another main objective in this paper. After GC mass analysis of compounds, regarding the WBL effect in this experiment, Sherwood number for the experimental tank developed. A close relationship between feed concentration of compound and sampling rate has been observed.

Keywords: passive sampler, water contaminants, PES-transfer rate, contaminant concentrations

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Authors: Goutam Dubey, Varun Dutta

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In the present study, rotary-electro discharge machining of EN31 tool steel has been carried out using a pure copper electrode. Various response variables such as Material Removal Rate (MRR), Tool Wear Rate (TWR), and Machining Rate (MR) have been studied against the selected process variables. The selected process variables were peak current (I), voltage (V), duty cycle, and electrode rotation (N). EN31 Tool Steel is hardened, high carbon steel which increases its hardness and reduces its machinability. Reduced machinability means it not economical to use conventional methods to machine EN31 Tool Steel. So, non-conventional methods play an important role in machining of such materials.

Keywords: electric discharge machining, EDM, tool steel, tool wear rate, optimization techniques

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Authors: Antonios Katsianis

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I present the evolution of the galaxy Star Formation Rate Function (SFRF), star formation rate-stellar mass relation (SFR-M*) and Cosmic Star Formation Rate Density (CSFRD) of z = 0-8 galaxies employing both the Evolution and Assembly of GaLaxies and their Environments (EAGLE) simulations and a compilation of UV, Ha, radio and IR data. While I present comparisons between the above, I evaluate the effect and importance of supernovae/active galactic nuclei feedback. The relation between the star formation rate and stellar mass of galaxies represents a fundamental constraint on galaxy formation, and has been studied extensively both in observations and cosmological hydrodynamic simulations. However, a tension between the above is reported in the literature. I present the evolution of the SFR-M* relation and demonstrate the inconsistencies between observations that are retrieved using different methods. I employ cosmological hydrodynamic simulations combined with radiative transfer methods and compare these with a range of observed data in order to investigate further the root of this tension. Last, I present insights about the scatter of the SFR-M* relation and investigate which mechanisms (e.g. feedback) drive its shape and evolution.

Keywords: cosmological simulations, galaxy formation and evolution, star formation rate, stellar masses

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Authors: Apedzan Emmanuel Kighir

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This research investigates dividends smoothing among non-financial companies trading on the Nigerian Stock Exchange in an era of unclaimed dividends from 2004 to 2013. There has been a raging controversy among Regulatory Authorities, Company Executives, Registrars of Companies, Shareholders and the general public regarding the increasing incidence of unclaimed dividends in Nigeria. The objective of this study is to find out if corporate earnings management through dividends smoothing is implicated in unclaimed dividends among Nigerian non-financial firms. The research used panel data and employed Generalized Method of Moment as method of analysis. The research finds evidence of dividends-smoothing in this era of unclaimed dividends in Nigeria. The research concludes that dividends-smoothing is a trigger and red flag for unclaimed dividends, an output of earnings management. If earnings management and hence unclaimed dividends in Nigeria is allowed to continue, it will lead to great consequences to the investors and corporate policy of government. It is believed that the research will assist investors and government in making informed decisions regarding dividends policy in Nigeria.

Keywords: dividends smoothing, non financial companies, Nigerian stock exchange, unclaimed dividends, corporate earnings management

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Authors: Mohamed S. Sasi

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The research project aim is to study the hydrolysis of 8-diethylphosphate-1-naphthalenol with hydroxylamine in water. 8-diethylphosphate-1-naphthalenol, 1 was successfully synthesized and its rate of reaction with hydroxylamine was studied at 60°C. Pseudo first order behavior was observed. The rate of P-O cleavage of 1 at 60°C (7.43 x 10-3 M-1s-1) was found to be 178 fold and 7 fold slower than diethyl 8-dimethylamino-1-naphthyl phosphate, 3 at 60°C (1.32 M-1s-1) and diethyl 8-amino-1-naphthyl phosphate, 2 at 90 °C (5.5 x 10-2 M-1s-1) respectively. The rate of P-O cleavage of 1 with hydroxylamine was found to be faster than that of 4-chlorophenyl-1-cyclopropylphosphate triester, 5 where the reaction was too slow to observe at 60°C.

Keywords: phosphate esters, intramolecular hydrogen bonding

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Authors: Moshe Mello, Hilary Rutto, Tumisang Seodigeng, Itumeleng Kohitlhetse

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The accelerating requirement to reach 0% sulfur content in liquid fuels demand researchers to seek efficient alternative technologies to challenge the predicament. In this current study, the adsorption capabilities of modified Cu(I)-Y zeolite were tested for the removal of organosulfur compounds (OSC) present in tire pyrolytic oil (TPO). The π-complexation-based adsorbent was obtained by ion exchanging Y-zeolite with Cu+ cation using liquid phase ion exchange (LPIE). Preparation of the adsorbent involved firstly ion exchange between Na-Y zeolite with a Cu(NO₃)₂ aqueous solution of 0.5M for 48 hours followed by reduction of Cu²⁺ to Cu+. Fixed-bed breakthrough studies for TPO in comparison with model diesel comprising of sulfur compounds such as thiophene, benzothiophenes (BT), and dibenzothiophenes (DBT) showed that modified Cu(I)-Y zeolite is an effective adsorbent for removal of OSC in liquid fuels. The effect of operating conditions such as adsorbent dosage and reaction time were studied to optimize the adsorptive desulfurization process. For model diesel fuel, the selectivity for adsorption of sulfur compounds followed the order DBT> BT> Thiophene. The Cu(I)-Y zeolite is fully regeneratable and this is achieved by a simple procedure of blowing the adsorbent with air at 350 °C, followed by reactivation at 450 °C in a rich helium surrounding.

Keywords: adsorption, desulfurization, TPO, zeolite

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Authors: Asmaa Zaki M., Ahmed Abd El Aziz, Heba A. Fayed, Moustafa H. Aly

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ISLs are the most popular choice for deep space communications because these links are attractive alternatives to present day microwave links. This paper explored the allowable high data rate in this link over different orbits, which is affected by variation in modulation scheme and detector type. Moreover, the objective of this paper is to optimize and analyze the performance of ISL in terms of Q-factor and Minimum Bit Error Rate (Min-BER) based on different detectors comprising some parameters.

Keywords: free space optics (FSO), field of view (FOV), inter satellite link (ISL), optical wireless communication (OWC)

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Authors: Sperisa Distantina, Rieke Ulfha Noviyanti, Sri Sutriyani, Fadilah Fadilah, Mujtahid Kaavessina

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In this research, carrageenan extracted from seaweed Eucheuma cottonii was mixed with polyvinyl alcohol (PVA) and then crosslinked using glutaraldehyde (GA). The obtained hydrogel films were applied to control the drug release rate of paracetamol. The aim of this research was to develop a mathematical model that can be used to describe the mass transfer rate of paracetamol from the hydrogel film into buffer solution. The effect of weight ratio carrageenan-PVA (5: 0, 1: 0.5, 1: 1, 1: 2, 0: 5) on the parameters of the mathematical model was investigated also. Based on the experimental data, the proposed mathematical model could describe the mass transfer rate of paracetamol. The weight ratio of carrageenan-PVA greatly affected the amount of paracetamol absorbed in the hydrogel film and the mass transfer rate of paracetamol.

Keywords: carrageenan-PVA, crosslinking, glutaraldehyde, hydrogel, paracetamol, mass transfer

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Authors: Mohamud Ali Ibrahim, Ali Bayat, Ali Bolat

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Defoliant spraying is an important link in the mechanized cotton harvest because adequate and uniform spraying can improve defoliation quality and reduce cotton trash content. In defoliant application, application volume and spraying technology are extremely important. In this study, the effectiveness of defoliant application to cotton plant that has come to harvest with two different application volumes and three different types of nozzles with a standard field crop sprayer was determined. Experiments were carried in two phases as field area trials and laboratory analysis. Application rates were 250 l/ha and 400 L/ha, and spraying nozzles were (1) Standard flat fan nozzle (TP8006), (2) Air induction nozzle (AI 11002-VS), and (3) Dual Pattern nozzle (AI307003VP). A tracer (BSF) and defoliant were applied to mature cotton with approximately 60% open bolls and samplings for BSF deposition and spray coverage on the cotton plant were done at two plant height (upper layer, lower layer) of plant. Before and after spraying, bolls open and leaves rate on cotton plants were calculated, and filter papers were used to detect BSF deposition, and water sensitive papers (WSP) were used to measure the coverage rate of spraying methods used. Spectrofluorophotometer was used to detect the amount of tracer deposition on targets, and an image process computer programme was used to measure coverage rate on WSP. In analysis, conclusions showed that air induction nozzle (AI 11002-VS) achieved better results than the dual pattern and standard flat fan nozzles in terms of higher depositions, coverages, and leaf defoliations, and boll opening rates. AI nozzles operating at 250 L/ha application rate provide the highest deposition and coverage rate on applications of the defoliant; in addition, BSF as an indicator of the defoliant used reached on leaf beneath in merely this spray nozzle. After defoliation boll opening rate was 85% on the 7th and 12th days after spraying and falling rate of leaves was 76% at application rate of 250 L/ha with air induction (AI1102) nozzle.

Keywords: cotton defoliant, air induction nozzle, dual pattern nozzle, standard flat fan nozzle, coverage rate, spray deposition, boll opening rate, leaves falling rate

Procedia PDF Downloads 161

Authors: Liu Li, Kim Seng Lee, Li Lu

Abstract:

The high-energy-density Li-rich layered materials are promising cathode materials for the next-generation high-performance lithium-ion batteries. The relatively low rate capability is one of the major problems that limit their practical application. In this work, Li-rich layered Li1.2Mn0.54Ni0.13Co0.13O2 cathode material synthesized by coprecipitation method is further modified by F doping or surface treatment to enhance its cycling stability as well as rate capability.

Keywords: Li-ion battery, Li-rich layered cathode material, phase transformation, cycling stability, rate capacility

Procedia PDF Downloads 331

Authors: Aristeidis Samitas, Evangelos Vasileiou

Abstract:

The aim of this study is to examine the month and the trading month effect under changing financial trends. We choose the Greek stock market to implement our assumption because there are clear and long term periods of financial growth and recession. Daily financial data from Athens Exchange General Index for the period 2002-2012 are considered. The paper employs several linear and non-linear models, although the TGARCH asymmetry model best fits in this sample and for this reason we mainly present the TGARCH results. Empirical results show that changing economic and financial conditions influences the calendar effects. Especially, the trading month effect totally changes in each fortnight according to the financial trend. On the other hand, in Greece the January effect exists during the growth periods, although it does not exist when the financial trend changes. The findings are helpful to anybody who invest and deals with the Greek stock market. Moreover, they may pave the way for an alternative calendar anomalies research approach, so it may be useful to investors who take into account these anomalies when they draw their investment strategy.

Keywords: month effect, trading month effect, economic cycles, crisis

Procedia PDF Downloads 398

Authors: Ramlan Jantan, Norfadilah Kamaruddin, Shahriman Zainal Abidin

Abstract:

In this era of technology, the co-creation method has become a new development trend. In this light, most design businesses have currently transformed their development strategy from being goods-dominant into service-dominant where more attention is given to the end-users and their roles in the development process. As a result, the conventional development process has been replaced with a more cooperative one. Consequently, numerous studies have been conducted to explore the extension of co-creation method in the design development process and most studies have focused on issues found during the production process. In the meantime, this study aims to investigate potential values established during the pre-production process, which is also known as the ‘circumstances value creation’. User involvement is questioned and crucially debate at the entry level of pre-production process in value in-exchange jointly spheres; thus user experiences took place. Thus, this paper proposed a potential framework of the co-creation method for Malaysian interactive product development. The framework is formulated from both parties involved: the users and designers. The framework will clearly give an explanation of the value of the co-creation method, and it could assist relevant design industries/companies in developing a blueprint for the design process. This paper further contributes to the literature on the co-creation of value and digital ecosystems.

Keywords: co-creation method, co-creation framework, co-creation, co-production

Procedia PDF Downloads 151

Authors: Kevser Dincer, Basma Waisi, M. Ozan Ozdemir, Ugur Pasaogullari, Jeffrey McCutcheon

Abstract:

Nanofibers are defined as fibers with diameters less than 100 nanometers. They can be produced by interfacial polymerization, electrospinning and electrostatic spinning. In this study, behaviours of activated carbon nano fiber (ACNF), carbon nano-fiber (CNF), Polyacrylonitrile/carbon nanotube (PAN/CNT), Polyvinyl alcohol/nano silver (PVA/Ag) in PEM fuel cells are investigated experimentally. This material was used as gas diffusion layer (GDL) in PEM fuel cells. When the performances of these cells are compared to each other at 5x5 cm2 cell, it is found that the PVA/Ag exhibits the best performance among all. In this work, nano fiber and nano fiber/nano particles electrical conductivities have been studied to understand their effects on PEM fuel cell performance. According to the experimental results, the maximum electrical conductivity performance of the fuel cell with nanofiber was found to be at PVA/Ag. The electrical conductivities of CNF, ACNF, PAN/CNT are lower for PEM. The resistance of cell with PVA/Ag is lower than the resistance of cell with PAN/CNT, ACNF, CNF.

Keywords: proton exchange membrane fuel cells, electrospinning, carbon nano fiber, activate carbon nano-fiber, PVA fiber, PAN fiber, carbon nanotube, nano particle nanocomposites

Procedia PDF Downloads 360