Search results for: free market

Authors: Godwin Chigozie Okpara, Eugine Iheanacho

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The paper set out to assess the sustainability of debt in the Nigerian economy. Precisely, it sought to determine the level of debt sustainability and its impact on the growth of the economy; whether internationalization of capital market has positively influenced debt sustainability’s impact on economic growth; and to ascertain the direction of causality between external debt sustainability and the growth of GDP. In the light of these objectives, ratio analysis was employed for the determination of debt sustainability. Our findings revealed that the periods 1986 – 1994 and 1999 – 2004 were periods of severe unsustainable borrowing. The unit root test showed that the variables of the growth model were integrated of order one, I(1) and the cointegration test provided evidence for long run stability. Considering the dawn of internationalization of capital market, the researcher employed the structural break approach using Chow Breakpoint test on the vector error correction model (VECM). The result of VECM showed that debt sustainability, measured by debt to GDP ratio exerts negative and significant impact on the growth of the economy while debt burden measured by debt-export ratio and debt service export ratio are negative though insignificant on the growth of GDP. The Cho test result indicated that internationalization of capital market has no significant effect on the debt overhang impact on the growth of the Economy. The granger causality test indicates a feedback effect from economic growth to debt sustainability growth indicators. On the bases of these findings, the researchers made some necessary recommendations which if followed religiously will go a long way to ameliorating debt burdens and engendering economic growth.

Keywords: debt sustainability, internalization, capital market, cointegration, chow test

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Authors: Mohammad Sadeghian, Mohsen Sadeghian

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In this paper, planning catamaran and mono-hull vessels resistance and trim in calm waters were considered. Hydrodynamic analysis of fast mono-hull planning vessel was also investigated. For hull form geometry optimization, numerical methods of different parameters were used for this type of vessels. Hull material was selected as carbon fiber composite. Exact architectural aspects were specified and stability calculations were performed, as well. Hydrodynamic calculations to extract the resistance force using semi-analytical methods and numerical modeling were carried out. Free surface numerical analysis of vessel in designed draft using finite volume method and double phase were evaluated and verified by experimental tests.

Keywords: fast vessel, hydrostatic and hydrodynamic optimization, free surface flow, computational fluid dynamics

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Authors: M. B. Neace, Xin GAo

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Small entrepreneurs are ubiquitous. Regardless of location their success depends on several behavioral characteristics and several market conditions. In this concept paper, we extend this paradigm to include elements from the science of chaos. Our observations, research findings, literature search and intuition lead us to the proposition that all entrepreneurs seek increasing returns, as did the many small entrepreneurs we have interviewed over the years. There will be a few whose initial perturbations may create tsunami-like waves of increasing returns over time resulting in very large market consequences–the butterfly impact. When small entrepreneurs perturb the market-place and their initial efforts take root a series of phase-space transitions begin to occur. They sustain the stream of increasing returns by scaling up. Chaos theory contributes to our understanding of this phenomenon. Sustaining and nourishing increasing returns of small entrepreneurs as complex adaptive systems requires scaling. In this paper we focus on the most critical element of the small entrepreneur scaling process–the mindset of the owner-operator.

Keywords: entrepreneur, increasing returns, scaling, chaos

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Authors: Benjamin Blat Belmonte, Stephan Rinderknecht

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The transition to electric vehicles (EVs) stands at the forefront of innovative strategies designed to address environmental concerns and reduce fossil fuel dependency. As the number of EVs on the roads increases, so too does the potential for their integration into energy markets. This research dives deep into the transformative possibilities of using electric vehicle fleets, specifically electric bus fleets, not just as consumers but as active participants in the energy market. This paper investigates the feasibility and grid effects of electric vehicle fleet operators in the energy market. Our objective centers around a comprehensive exploration of the sector coupling domain, with an emphasis on the economic potential in both electricity and balancing markets. Methodologically, our approach combines data mining techniques with thorough pre-processing, pulling from a rich repository of electricity and balancing market data. Our findings are grounded in the actual operational realities of the bus fleet operator in Darmstadt, Germany. We employ a Mixed Integer Linear Programming (MILP) approach, with the bulk of the computations being processed on the High-Performance Computing (HPC) platform ‘Lichtenbergcluster’. Our findings underscore the compelling economic potential of EV fleets in the energy market. With electric buses becoming more prevalent, the considerable size of these fleets, paired with their substantial battery capacity, opens up new horizons for energy market participation. Notably, our research reveals that economic viability is not the sole advantage. Participating actively in the energy market also translates into pronounced positive effects on grid stabilization. Essentially, EV fleet operators can serve a dual purpose: facilitating transport while simultaneously playing an instrumental role in enhancing grid reliability and resilience. This research highlights the symbiotic relationship between the growth of EV fleets and the stabilization of the energy grid. Such systems could lead to both commercial and ecological advantages, reinforcing the value of electric bus fleets in the broader landscape of sustainable energy solutions. In conclusion, the electrification of transport offers more than just a means to reduce local greenhouse gas emissions. By positioning electric vehicle fleet operators as active participants in the energy market, there lies a powerful opportunity to drive forward the energy transition. This study serves as a testament to the synergistic potential of EV fleets in bolstering both economic viability and grid stabilization, signaling a promising trajectory for future sector coupling endeavors.

Keywords: electric vehicle fleet, sector coupling, optimization, electricity market, balancing market

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Authors: R. Bennai, H. Ait Atmane, Jr., A. Tounsi

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In this work, a new analytical approach using a refined theory of hyperbolic shear deformation of a beam was developed to study the free vibration of graduated sandwiches beams under different boundary conditions. The effects of transverse shear strains and the transverse normal deformation are considered. The constituent materials of the beam are supposed gradually variable depending the height direction based on a simple power distribution law in terms of the volume fractions of the constituents; the two materials with which we worked are metals and ceramics. The core layer is taken homogeneous and made of an isotropic material; while the banks layers consist of FGM materials with a homogeneous fraction compared to the middle layer. Movement equations are obtained by the energy minimization principle. Analytical solutions of free vibration and buckling are obtained for sandwich beams under different support conditions; these conditions are taken into account by incorporating new form functions. In the end, illustrative examples are presented to show the effects of changes in different parameters such as (material graduation, the stretching effect of the thickness, boundary conditions and thickness ratio - length) on the vibration free and buckling of an FGM sandwich beams.

Keywords: functionally graded sandwich beam, refined shear deformation theory, stretching effect, free vibration

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Authors: Maryam Parsian, Pelin Mutlu, Ufuk Gunduz

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Two-dimensional cell culture affords simplicity and low cost, but it has serious limitations; lacking cell-cell and cell-matrix interactions that are present in tissues. Cancer cells grown in 3D culture systems have distinct phenotypes of adhesion, growth, migration, invasion as well as profiles of gene and protein expression. These interactions cause the 3D-cultured cells to acquire morphological and cellular characteristics relevant to in vivo tumors. Palbociclib is a chemotherapeutic agent for the treatment of ER-positive and HER-negative metastatic breast cancer. Poly-amidoamine (PAMAM) dendrimer is a well-defined, special three-dimensional structure and has a multivalent surface and internal cavities that can play an essential role in drug delivery systems. In this study, palbociclib is loaded onto the magnetic PAMAM dendrimer. Hanging droplet method was used in order to form 3D spheroids. The possible toxic effects of both free drug and drug loaded nanoparticles were evaluated in 2D and 3D MCF-7, MD-MB-231 and SKBR-3 breast cancer cell culture models by performing MTT cell viability and Alamar Blue assays. MTT analysis was performed with six different doses from 1000 µg/ml to 25 µg/ml. Drug unloaded PAMAM dendrimer did not demonstrate significant toxicity on all breast cancer cell lines. The results showed that 3D spheroids are clearly less sensitive than 2D cell cultures to free palbociclib. Also, palbociclib loaded PAMAM dendrimers showed more toxic effect than free palbociclib in all cell lines at 2D and 3D cultures. The results suggest that the traditional cell culture method (2D) is insufficient for mimicking the actual tumor tissue. The response of the cancer cells to anticancer drugs is different in the 2D and 3D culture conditions. This study showed that breast cancer cells are more resistant to free palbociclib in 3D cultures than in 2D cultures. However, nanoparticle loaded drugs can be more cytotoxic when compared to free drug.

Keywords: 2D and 3D cell culture, breast cancer, palbociclibe, PAMAM magnetic nanoparticles

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Authors: Pardeep Singh, Kamlesh Dutta

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Many languages have fixed sentence structure and others are free word order. The accuracy of anaphora resolution of syntax based algorithm depends on structure of the sentence. So, it is important to analyze the structure of any language before implementing these algorithms. In this study, we analyzed the sentence structure exploiting the case marker in Hindi as well as some special tag for subject and object. We also investigated the word order for Hindi. Word order typology refers to the study of the order of the syntactic constituents of a language. We analyzed 165 news items of Ranchi Express from EMILEE corpus of plain text. It consisted of 1745 sentences. Eight file of dialogue based from the same corpus has been analyzed which will have 1521 sentences. The percentages of subject object verb structure (SOV) and object subject verb (OSV) are 66.90 and 33.10, respectively.

Keywords: anaphora resolution, free word order languages, SOV, OSV

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Authors: Ajay Kumar, Neha Gupta

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This work presents the sensitivity assessment of Gallium Nitride (GaN) material-based FinFET by dielectric modulation in the nanocavity gap for label-free biosensing applications. The significant deflection is observed in the electrical characteristics such as drain current (ID), transconductance (gm), surface potential, energy band profile, electric field, sub-threshold slope (SS), and threshold voltage (Vth) in the presence of biomolecules owing to GaN material. Further, the device sensitivity is evaluated to identify the effectiveness of the proposed biosensor and its capability to detect the biomolecules with high precision or accuracy. Higher sensitivity is observed for Gelatin (k=12) in terms of on-current (SION), threshold voltage (SVth), and switching ratio (SSR) by 104.88%, 82.12%, and 119.73%, respectively. This work is performed using a powerful tool 3D Sentaurus TCAD using a well-calibrated structure. All the results pave the way for GaN-FinFET as a viable candidate for label-free dielectric modulated biosensor applications.

Keywords: biosensor, biomolecules, FinFET, sensitivity

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Authors: Nishi Malhotra

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Art has developed as a mode of investment and saving. Art and culture of any nation is the source of foreign direct investment (FDI) generation and growth development. Several intermediaries and skill-building organizations thrive on at and culture for their earnings. Indian art market has grown to Rs. 2000 Crores. Art establishment houses access to privileged information is the main reason for arbitrariness and volatility in the market. The commercialization of art and development of the markets with refinement in the taste of the customers have led to the development of art as an investment avenue. Investors keen on investing in these products can do so, and earnings from art are taxable too, like any other capital asset. This research paper is aimed at exploring the role of art and culture as an investment avenue in India and reasons for increasing volatilities in the art market. Based on an extensive literature review and secondary research, a benchmarking study has been conducted to capture the growth of the art as an investment avenue. These studies indicate that during the financial crisis of 2008-10, the art emerged as an alternative investment avenue. The paper aims at discussing the financial engineering of various art funds and instruments. Based on secondary data available from Sotheby’s, Christies, Bonham, there is a positive correlation between strategic diversification and increasing return in the Art market. Similarly, digitization has led to disintermediation in the art markets and also helped to increase the market base. The data clearly enumerates the growing interest of the Indian investor towards art as an investment option. Much like any other broad asset class, art market too thrives on excess returns provided by diversification. Many financial intermediaries and art funds have emerged, to offer valuable investment planning advisory to a genuine investor. This paper clearly highlights the increasing returns of strategic diversification and its impact on reducing volatility in the art markets. Moreover, with coming up of e-auctions and websites, investors are able to analyse art more objectively. Digitization and commercialization of art have definitely helped in reducing volatility in world art markets.

Keywords: art, investment avenue, diversification, digitization

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Authors: Vithaya Intraphimol

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The purpose of this study is to investigate the relationship between market orientation and business performance through innovations that include product innovation and process innovation. Auto parts and accessories companies in Thailand were used as sample for this investigation. Survey research with structured questionnaire was used as the key instrument in collecting the data. The structural equation modeling (SEM) was assigned test the hypotheses. The sample size in this study requires the minimum sample size of 200. The result found that competitor orientation, and interfunctional coordination has an effect on product innovation. Moreover, interfunctional coordination has an effect on process innovation, and return on asset. This indicates that within- firm coordination has crucial to firms’ performances. The implication for practice, firms should support interfunctional coordination that members of different functional areas of an organization communicate and work together for the creation of value to target buyers they may have better profitability.

Keywords: auto parts industry, business performance, innovations, market orientation

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Authors: Qiang Ren

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A growing number of states are improving domestic law to better protect and promote foreign investment by changing/upgrading the existing law. However, inconsistency occurs because the new law is different from the ‘old’ law. For example, China has issued an unprecedented Foreign Investment Law and several regulations allowing comprehensive market access for foreign investment in most energy sectors since 2020. However, some laws, rules, regulations, etc. enacted previously remain valid, and the provisions regulating foreign investment do not grant full market access to foreign investment as such. The inconsistency above makes it necessary to investigatehow the international investment treaty law and dispute settlement practice respond to the ‘inconsistency and conflict’ in municipal law andwhat remedy foreign investors can seek under international law if the investment is denied due to inconsistency. Ultimately, it aims to examine how international tribunals should balance the gradually developing legal system of host states and the protection of foreign investors and investments if the host states cannot provide consistency during such a transition period of law development. The research seeks to answer these questions by making a comparative analysis of domestic law on market access to foreign investment, international investment treaties, and dispute arbitral practice. The objective is to examine how international investment treaty law and international investment dispute settlement practice evaluate the conflicts in the municipal law of host states in the admission of foreign investment. It also explores the possibility of harmonisation among them.

Keywords: municipal law, protect and promote foreign investment, international law, host states

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Authors: Mohammad Ali Badri, Pouya Molana, Amin Rezvanpour

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In this paper, planning catamaran and mono-hull vessels resistance and trim in calm waters were considered. Hydrodynamic analysis of fast mono-hull planning vessel was also investigated. In order to hull form geometry optimization, numerical methods of different parameters were used for this type of vessels. Hull material was selected in carbon fiber composite. Exact architectural aspects were specified and stability calculations were performed as well. Hydrodynamic calculations to extract the resistance force using semi-analytical methods and numerical modeling were carried out. Free surface numerical analysis of vessel in designed draft using finite volume method and double phase were evaluated and verified by experimental tests.

Keywords: fast vessel, hydrostatic and hydrodynamic optimization, free surface flow, computational fluid dynamics

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Authors: Septiawan A. Saputro, Purnami Widyaningsih, Sutanto Sastraredja

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Measles is a disease which can spread caused by a virus and has been a priority’s Ministry of Health in Indonesia to be solved. Each infected person can be recovered and get immunity so that the spread of the disease can be constructed with susceptible infected recovered (SIR). To prevent the spread of measles transmission, the Ministry of Health holds vaccinations program. The aims of the research are to derive susceptible vaccinated infected recovered (SVIR) model, to determine the patterns of disease spread with SVIR model, and also to apply the SVIR model on the spread of measles in Indonesia. Based on the article, it can be concluded that the spread model of measles with vaccinations, that is SVIR model. It is a first-order differential equation system. The patterns of disease spread is determined by solution of the model. Based on that model Indonesia will be a measles-free nation in 2186 with the average of vaccinations scope about 88% and the average score of vaccinations failure about 4.9%. If it is simulated as Ministry of Health new programs with the average of vaccinations scope about 95% and the average score of vaccinations failure about 3%, then Indonesia will be a measles-free nation in 2184. Even with the average of vaccinations scope about 100% and no failure of vaccinations, Indonesia will be a measles-free nation in 2183. Indonesia’s target as a measles-free nation in 2020 has not been reached.

Keywords: measles, vaccination, susceptible infected recovered (SIR), susceptible vaccinated infected recovered (SVIR)

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Authors: Samuel Ato Dadzie

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The objective of this study is to examine the influence of eclectic paradigm on motivational strategy of foreign subsidiaries in Ghana. This study uses binary regression model, and the analysis was based on 75 manufacturing investments made by MNEs from different countries in 1994–2008. The results indicated that perceived market size increases the probability of foreign firms undertaking a market seeking (MS) in Ghana, while perceived cultural distance between Ghana and foreign firm’s home countries decreased the probability of foreign firms undertaking an market seeking (MS) foreign direct investment (FDI) in Ghana. Furthermore, extensive international experience decreases the probability of foreign firms undertaking a market seeking (MS) foreign direct investment (FDI) in Ghana. Most of the studies done by earlier researchers were based on the advanced and emerging countries and offered support for the theory, which was used in generalizing the result that multinational corporations (MNCs) normally used the theory regarding investment strategy outside their home country. In using the same theory in the context of Ghana, the result does not offer strong support for the theory. This means that MNCs that come to Sub-Sahara Africa cannot rely much on eclectic paradigm for their motivational strategies because prevailing economic conditions in Ghana are different from that of the advanced and emerging economies where the institutional structures work.

Keywords: foreign subsidiary, motives, Ghana, foreign direct investment

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Authors: Edmund Kwablah, Anthony Amoah

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The merits associated with Foreign Direct Investment (FDI) inflows to host countries in Sub-Saharan Africa cannot be overemphasized. Against this background, countries have sought to design and implement strategic policies geared towards enhacing FDI and promoting economic growth. In this study, we used the Fully Modified Ordinary Least Squares technique and a panel data for Sub-Saharan African (SSA) countries spanning from 1998 to 2016. We hypothesize that FDI’s effect on economic growth is contingent on some absorptive capacities (e.g., financial market development and economic freedom) of the host country. We used financial market data that accounts for market fragility as a measure of financial market development and economic freedom data which uses the overall score of all the freedom indicators as a measure of economic freedom. Our results suggest that FDI has a statistically positive effect on economic growth when we account for host country’s absorptive capacities. However, a negative relationship will ensue if these absorptive capacities are not accounted for. We recommend that a developing continent like SSA should focus on identifying and building the relevant absorptive capacities that can translate the effect of FDI into a positive growth. This is because an economy with sound absorptive capacities reduces business risk and spur economic growth.

Keywords: FDI, absorptive capacity, economic growth, FMOLS, Fully Modified Ordinary Least Squares, SSA

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Authors: K. Y. Chen, Y. N. Jia, H. Chua, C. W. Kan

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In United States (US), the environmental policy went through two stages that are government control period and market mechanism period. In the government control period in the 1970s, environmental problems in U.S. are treated by mandatory direct control method, including promulgation of laws, formulation of emission standards and mandatory installation of pollution treatment equipment. After the 1980s, the environmental policy in U.S. went into the second stage, in which the government strengthened the incentives and coordination effects of market. Since then, environmental governance had been partially replaced by means of economic regulation of the market. Green Tax Policy and Marketable Pollution Permits are good examples of government's economic interventions. U.S. Federal Government regards environmental industry as high-tech industry which is promoted in this period. Therefore, in the paper, we aim to analyse the effect of environmental investment on the sustainable development in the US. Acknowledgment: Authors would like to thank the financial support from the Hong Kong Polytechnic University for this work.

Keywords: United States, public environmental investment, analysis, sustainable development

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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: Youn Young Shim, Martin J. T. Reaney

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Flaxseed meal is rich in water-soluble gums and, as such, can improve texture in gluten-free products. Flaxseed bioactive-antioxidant peptides, linusorbs (LOs, a.k.a. cyclolinopeptides), are a class of molecules that may contribute health-promoting effects. The effects of dough preparation, baking, and storage on flaxseed-derived LOs stability in doughs and baked products are un-known. Gluten-free (GF) bread dough and bread were prepared with flaxseed meal and the LO content was determined in the flaxseed meal, bread flour containing the flaxseed meal, bread dough, and bread. The LO contents during storage (0, 1, 2, and 4 weeks) at different temperatures (−18 °C, 4 °C, and 22−23 °C) were determined by high-performance liquid chromatog-raphy-diode array detection (HPLC-DAD). The content of oxidized LOs like [1–9-NαC],[1(Rs, Ss)-MetO]-linusorb B2 (LO14) were substantially constant in flaxseed meal and flour produced from flaxseed meal under all conditions for up to 4 weeks. However, during GF-bread production LOs decreased. Due to microbial contamination dough could not be stored at either 4 or 21°C, and bread could only be stored for one week at 21°C. Up to 4 weeks storage was possible for bread and dough at −18 °C and bread at 4 °C without the loss of LOs. The LOs change mostly from processing and less so from storage. The concentration of reduced LOs in flour and meal were much higher than measured in dough and bread. There was not a corre-sponding increase in oxidized LOs. The LOs in flaxseed meal-fortified bread were stable for products stored at low temperatures. This study is the first of the impact of baking conditions on LO content and quality.

Keywords: flaxseed, stability, gluten-free, antioxidant

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Authors: Najlae Bendou, Jean-Jacques Lilti, Khalid Elbadraoui

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In this paper, we examine stock market integration of emerging markets around the global financial turmoil of 2007-2008. Following Pukthuanthong and Roll (2009), we measure the integration of 46 emerging countries using the adjusted R-square from the regression of each country's daily index returns on global factors extracted from the covariance matrix computed using dollar-denominated daily index returns of 17 developed countries. Our sample surrounds the global financial crisis and ranges between 2000 and 2018. We analyze results using four cohorts of emerging countries: East Asia & Pacific and South Asia, Europe & Central Asia, Latin America & Caribbean, Middle East & Africa. We find that the level of integration of emerging countries increases at the commencement of the crisis and during the booming phase of the business cycles. It reaches a maximum point in the middle of the crisis and then tends to revert to its pre-crisis level. This pattern tends to be common among the four geographic zones investigated in this study. Finally, we investigate the determinants of stock market integration of emerging countries in our sample using panel regressions. Our results suggest that the degree of stock market integration of these countries should be put into perspective by some macro-economic factors, such as the size of the equity market, school enrollment rate, international liquidity level, stocks traded volume, tax revenue level, imports and exports volumes.

Keywords: correlations, determinants of integration, diversification, emerging markets, financial crisis, integration, markets co-movement, panel regressions, r-square, stock markets

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Authors: Mohammadhadi Mirmohammadi, Reza Safian, Hossein Haddad

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This paper presents an innovative solution for complex multi-objective optimization problem which is a part of efforts toward maximizing rolling mill throughput and minimizing processing costs in tandem cold rolling. This computational intelligence based optimization has been applied to the rolling schedules of tandem cold rolling mill. This method involves the combination of two derivative-free optimization procedures in the form of nested loops. The first optimization loop is based on Improving Hit and Run method which focus on balance of power, force and reduction distribution in rolling schedules. The second loop is a real-coded genetic algorithm based optimization procedure which optimizes energy consumption and productivity. An experimental result of application to five stand tandem cold rolling mill is presented.

Keywords: derivative-free optimization, Improving Hit and Run method, real-coded genetic algorithm, rolling schedules of tandem cold rolling mill

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Authors: Parya Nasehi, Mohammad Kazem Mohammadi

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3,4-dihydropyrimidin-2(1H)-thiones were synthesized in the presence of Ag nanoparticle/melamine sulfonic acid (MSA) supported on alumina. The reaction was carried out at 110 oC for 20 min under solvent free conditions. This method have some advantages such as good yield, mild reaction conditions, ease of operation and work up, short reaction time and high product purity.

Keywords: nanoparticle melamine sulfonic acid, Al2O3, Biginelli reaction, 3, 4-dihydropyrimidin-2(1H, solvent free

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Authors: Elhem Zaatir, Taher Hamza

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Several governments seek to implement gender parity on boards, but the results of doing so are not clear and could harm corporations and economies. The present paper aims to investigate the relationship between women’s presence on boards and firms’ performance in the context of the French listed firms during the quota period. A dynamic panel generalized method of moment estimation is applied to control the endogenous effect of board structure and reverse the causality impact of the financial performance. Our results show that the impact of gender diversity manifests in conflicting directions, positively affecting accounting performance and negatively influencing market performance. These results suggest that female directors create economic value, but the market discounts their impact. Apparently, they are subject to a biased evaluation by the market, which undervalues their presence on boards. Added to that, our results confirm a twofold nature of female representation in the French market. The effect of female directorship on firm performance varies with the affiliation of the directors. In other words, the positive impact of gender diversity on return on assets primarily originates from the positive effect of non-family-affiliated women directors on market performance rather than on the effect of family-affiliated women directors on ROA. Finally, according to our results, women’s demographic attributes namely the level of education and multiple directorships strongly and positively impact firm performance as measured by return on assets (ROA). Obviously, women directors seem to be appointed to the business case rather than as token directors.

Keywords: corporate governance, board of directors, women, gender diversity, demographic attributes, firm performance

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Authors: Lavan Vickneson

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In today’s modern economy, the conventional banking model is the primary banking system used around the world. A significant problem faced by the conventional banking model is the recurring nature of banking crises. History’s record of the various banking crises, ranging from the Great Depression to the 2008 subprime mortgage crisis, is testament to the fact that banking crises continue to strike despite the preventive measures in place, such as bank’s minimum capital requirements and deposit guarantee schemes. If banking crises continue to occur despite these preventive measures, it necessarily follows that there are inherent flaws with the conventional banking model itself. In light of this, a possible alternative banking model to the conventional banking model is Islamic banking. To date, Islamic banking has been a niche market, predominantly serving Muslim investors. This paper seeks to explore the possibility of Islamic banking being more than just a niche market and playing a greater role in banking sectors around the world, by being a viable alternative to the conventional banking model.

Keywords: bank crises, conventional banking model, Islamic banking, niche market

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Authors: C. M. Mat Isa, H. Mohd Saman, S. R. Mohd Nasir, A. Jaapar

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International market expansion involves a strategic process of market entry decision through which a firm expands its operation from domestic to the international domain. Hence, entry timing choices require the needs to balance the early entry risks and the problems in losing opportunities as a result of late entry into a new market. Questionnaire surveys administered to 115 Malaysian construction firms operating in 51 countries worldwide have resulted in 39.1 percent response rate. Factor analysis was used to determine the most significant factors affecting entry timing choices of the firms to penetrate the international market. A logistic regression analysis used to examine the firms’ entry timing choices, indicates that the model has correctly classified 89.5 per cent of cases as late movers. The findings reveal that the most significant factor influencing the construction firms’ choices as late movers was the firm factor related to the firm’s international experience, resources, competencies and financing capacity. The study also offers valuable information to construction firms with intention to internationalize their businesses.

Keywords: factors, early movers, entry timing choices, late movers, logistic regression model, principal axis factorial analysis, Malaysian construction firms

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Authors: Sabri Serkan Güllüoğlu

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Analysis can be defined as the process of gathering, recording and researching data related to products and services, in order to learn something. But for marketers, analyses are not only used for learning but also an essential and critical part of the business, because this allows companies to offer products or services which are focused and well targeted. Market analysis also identify market trends, demographics, customer’s buying habits and important information on the competition. Data mining is used instead of traditional research, because it extracts predictive information about customer and sales from large databases. In contrast to traditional research, data mining relies on information that is already available. Simply the goal is to improve the efficiency of supermarkets. In this study, the purpose is to find dependency on products. For instance, which items are bought together, using association rules in data mining. Moreover, this information will be used for improving the profitability of customers such as increasing shopping time and sales of fewer sold items.

Keywords: data mining, association rule mining, market basket analysis, purchasing

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Authors: Zs. Kovács, Zs. J. Viharos, J. Kodácsy

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As a well-known conventional finishing process, the grinding is commonly used to manufacture seal mating surfaces and bearing surfaces, but is also creates twisted surfaces. The machined surfaces by turning or grinding usually have twist structure on the surfaces, which can convey lubricants such as conveyor screw. To avoid this phenomenon, have to use special techniques or machines, for example start-stop turning, tangential turning, ultrasonic protection or special toll geometries. All of these solutions have high cost and difficult usability. In this paper, we describe a system and summarize the results of the experimental research carried out mainly in the field of Magnetic Abrasive Polishing (MAP) and Magnetic Roller Burnishing (MRB). These technologies are simple and also green while able to produce twist-free surfaces. During the tests, C45 normalized steel was used as workpiece material which was machined by simple and Wiper geometrical turning inserts in a CNC turning lathe. After the turning, the MAP and MRB technologies can be used directly to reduce the twist of surfaces. The evaluation was completed by advanced measuring and IT equipment.

Keywords: magnetism, finishing, polishing, roller burnishing, twist-free

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Authors: Youb Said, Fourar Ali

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To describe the influence of bottom roughness on the free surface flows by numerical modeling, a two-dimensional model was developed. The equations of continuity and momentum (Naviers Stokes equations) are solved by the finite volume method. We considered a turbulent flow in an open channel with a bottom roughness. For our simulations, the K-ε model was used. After setting the initial and boundary conditions and solve the equations set, we were able to achieve the following results: vortex forming in the hollow causing substantial energy dissipation in the obstacle areas that form the bottom roughness. The comparison of our results with experimental ones shows a good agreement in terms of the results in the rough area. However, in other areas, differences were more or less important. These differences are in areas far from the bottom, especially the free surface area just after the bottom. These disagreements are probably due to experimental constants used by the k-ε model.

Keywords: modeling, free surface flow, turbulence, bottom roughness, finite volume, K-ε model, energy dissipation

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Authors: Lali Khurtsia, Vano Tsertsvadze

Abstract:

Georgian drug policy is directed to reduce the supply of drugs. Retrospective analysis has shown that law enforcement activities have been followed by the expulsion of particular injecting drugs. The demand remains unchanged and drugs are substituted by the hand-made, even more dangerous homemade drugs entered the market. To find out expected new trends on the Georgian drug market, qualitative study was conducted with Georgian drug users to determine drug supply routes. It turned out that drug suppliers and consumers for safety reasons and to protect their anonymity, use Skype to make deals. IT in illegal drug trade is even more sophisticated in the worldwide. Trading with Bitcoins in the Darknet ensures high confidentiality of money transactions and the safe circulation of drugs. In 2014 largest Bitcoin mining enterprise in the world was built in Georgia. We argue that the use of Bitcoins and Darknet by Georgian drug consumers and suppliers will be an incentive to response adequately to the government's policy of restricting supply in order to satisfy market demand for drugs.

Keywords: bitcoin, darknet, drugs, policy

Procedia PDF Downloads 439

Authors: Fatih Özogul, Nurten Toy, Yesim Özogul

Abstract:

The influences of cell-free solutions (CFSs) of lactic acid bacteria (LAB) on cadaverine and other biogenic amine production by Listeria monocytogenes and Staphylococcus aureus were investigated in lysine decarboxylase broth (LDB) using HPLC. Cell-free solutions were prepared from Lactococcus lactis subsp. lactis, Leuconostoc mesenteroides subsp. cremoris, Pediococcus acidophilus and Streptococcus thermophiles. Two different concentrations that were 50% and 25% CFS and the control without CFSs were prepared. Significant variations on biogenic amine production were observed in the presence of L. monocytogenes and S. aureus (P<0.05). The role of CFS on biogenic amine production by foodborne pathogens varied depending on strains and specific amine. Cadaverine formation in control by L. monocytogenes and S. aureus were 500.9 and 948.1 mg/L, respectively while the CFSs of LAB induced 4-fold lower cadaverine production by L. monocytogenes and 7-fold lower cadaverine production by S. aureus. CFSs resulted in strong decreases in cadaverine and putrescine production by L. monocytogenes and S. aureus, although remarkable increases were observed for histamine, spermidine, spermine, serotonin, dopamine, tyramine, and agmatine, in the presence of LAB in lysine decarboxylase broth.

Keywords: cell-free solution, lactic acid bacteria, cadaverine, food borne-pathogen

Procedia PDF Downloads 541

Authors: Sonia Ben Hamza, Sabra Habli, Nejla Mahjoub Said, Hervé Bournot, Georges Le Palec

Abstract:

The distribution characteristics of pollutants released at different vertical inlet positions of an open channel are investigated with a three-dimensional numerical model. Pollutants are injected from time-dependent sources in a turbulent free surface flow. Numerical computations were carried out using ANSYS Fluent which is based on the finite volume approach. The air/water interface was modeled with the volume of the fluid method (VOF). By focusing on investigating the influences of flow on pollutants, it is found that pollutant released from the bottom position of the channel takes more time to disperse in the longitudinal direction of the flow in comparison with the case of pollutant released near the free surface. On the other hand, the pollutant released from the bottom position generates a vertical dispersion with decreased amplitude. These findings may assist in cost-effective scientific countermeasures to be taken for accident or planned pollutant discharged into a river.

Keywords: numerical simulation, pollutant release, turbulent free surface flow, VOF model

Procedia PDF Downloads 514