Search results for: rolling stock

Authors: Mindaye Teshome, Nesibu Yahya, Carlos Moreira Miquelino Eleto Torres, Pedro Manuel Villaa, Mehari Alebachew

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Arbagugu forest is one of the remnant dry Afromontane forests under severe anthropogenic disturbances in central Ethiopia. Despite this fact, up-to-date information is lacking about the status of the forest and its role in climate change mitigation. In this study, we evaluated the woody species composition, structure, biomass, and carbon stock in this forest. We employed a systematic random sampling design and established fifty-three sample plots (20 × 100 m) to collect the vegetation data. A total of 37 woody species belonging to 25 families were recorded. The density of seedlings, saplings, and matured trees were 1174, 101, and 84 stems ha-1, respectively. The total basal area of trees with DBH (diameter at breast height) ≥ 2 cm was 21.3 m2 ha-1. The characteristic trees of dry Afromontane Forest such as Podocarpus falcatus, Juniperus procera, and Olea europaea subsp. cuspidata exhibited a fair regeneration status. On the contrary, the least abundant species Lepidotrichilia volkensii, Canthium oligocarpum, Dovyalis verrucosa, Calpurnia aurea, and Maesa lanceolata exhibited good regeneration status. Some tree species such as Polyscias fulva, Schefflera abyssinica, Erythrina brucei, and Apodytes dimidiata lack regeneration. The total carbon stored in the forest ranged between 6.3 Mg C ha-1 and 835.6 Mg C ha-1. This value is equivalent to 639.6 Mg C ha-1. The forest had a very low number of woody species composition and diversity. The regeneration study also revealed that a significant number of tree species had unsatisfactory regeneration status. Besides, the forest had a lower carbon stock density compared with other dry Afromontane forests. This implies the urgent need for forest conservation and restoration activities by the local government, conservation practitioners, and other concerned bodies to maintain the forest and sustain the various ecosystem goods and services provided by the Arbagugu forest.

Keywords: aboveground biomass, forest regeneration, climate change, biodiversity conservation, restoration

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Authors: Rachid Belhachemi, Pierre Rostan, Alexandra Rostan

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This paper develops a discrete-time option pricing model for index options. The model consists of two key ingredients. First, daily stock return innovations are driven by a continuous hidden threshold mixed skew-normal (HTSN) distribution which generates conditional non-normality that is needed to fit daily index return. The most important feature of the HTSN is the inclusion of a latent state variable with a continuum of states, unlike the traditional mixture distributions where the state variable is discrete with little number of states. The HTSN distribution belongs to the class of univariate probability distributions where parameters of the distribution capture the dependence between the variable of interest and the continuous latent state variable (the regime). The distribution has an interpretation in terms of a mixture distribution with time-varying mixing probabilities. It has been shown empirically that this distribution outperforms its main competitor, the mixed normal (MN) distribution, in terms of capturing the stylized facts known for stock returns, namely, volatility clustering, leverage effect, skewness, kurtosis and regime dependence. Second, heteroscedasticity in the model is captured by a threeexogenous-factor GARCH model (GARCHX), where the factors are taken from the principal components analysis of various world indices and presents an application to option pricing. The factors of the GARCHX model are extracted from a matrix of world indices applying principal component analysis (PCA). The empirically determined factors are uncorrelated and represent truly different common components driving the returns. Both factors and the eight parameters inherent to the HTSN distribution aim at capturing the impact of the state of the economy on price levels since distribution parameters have economic interpretations in terms of conditional volatilities and correlations of the returns with the hidden continuous state. The PCA identifies statistically independent factors affecting the random evolution of a given pool of assets -in our paper a pool of international stock indices- and sorting them by order of relative importance. The PCA computes a historical cross asset covariance matrix and identifies principal components representing independent factors. In our paper, factors are used to calibrate the HTSN-GARCHX model and are ultimately responsible for the nature of the distribution of random variables being generated. We benchmark our model to the MN-GARCHX model following the same PCA methodology and the standard Black-Scholes model. We show that our model outperforms the benchmark in terms of RMSE in dollar losses for put and call options, which in turn outperforms the analytical Black-Scholes by capturing the stylized facts known for index returns, namely, volatility clustering, leverage effect, skewness, kurtosis and regime dependence.

Keywords: continuous hidden threshold, factor models, GARCHX models, option pricing, risk-premium

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Authors: Maffo Maffo Nicole Liliane, Mounmemi Kpoumie Hubert, Libalah Moses, Ouandji Angele, Zapfack Louis

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Forest degradation causes biodiversity and carbon loss and thus indirectly contributes to climate change. In order to assess the contribution of forests to climate change mitigation, the present study was conducted in the Ngambe-Ndom-Nyanon Communal Forest with the main objective of assessing the floristic diversity and estimating the carbon stock in the different reservoirs of the said forest. Nine plots of 2000 m² each were installed in 3 TOSs of the forest (young secondary forests, gallery forests and fallow lands) with a total area of 18,000 m² or 1,8 ha. All trees with a Diameter at Breast Height (DBH) ≥ 5 cm were inventoried at 1.30 m from the ground in each plot. Species richness, floristic diversity indices, and structural parameters were studied. 1542 trees divided into 162 species, 122 genera and 44 families were identified. The most important families were listed: Myristicaceae (30.22%), Apocynaceae (25.20%), Fabaceae (24.41%), Euphorbiaceae (22.91%) and Phyllanthaceae (20.23%). The richest genera are: Cola, Macaranga, Oncoba (4 species each); the genera Diospyros, Trichilia, Vitex and Zanthoxylum (3 species each). The ecologically important species within the forest studied are: Funtumia africana (26.14%), Coelocaryon preussii (18.46%), Pycnanthus angolensis (15.57%), Tabernaemontana crassa (14.85%) and Olax subscorpioidea (13.04%). Assessment of carbon stocks in the six forest reservoirs studied (living trees and roots, understorey, dead wood, litter and rootlets) shows that they vary according to the land-use types. It is 119.41 t.C.ha-¹ in gallery forest, 115.2 t.C.ha-¹ in young secondary forest and 90.56 t.C.ha-¹ in fallow. The Wilcoxon statistical test shows that the carbon in the young secondary forest is identical to that in the fallow, which is identical to the carbon in the gallery forest. At the individual species level, the largest diameter class [25-35[ sequesters the most carbon (232.94 tC/ha). This work shows that the quantity of carbon sequestered by a biotope is a function of the age of the stand.

Keywords: floristic diversity, carbon stocks, evergreen forests, communal forest, Ngambé-Ndom-Nyanon

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Authors: Jin Wang, Chunyi Zhu, Chongjian Li, Dapeng Zheng

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A method based on virtual inertia for suppressing electromechanical torsional vibration of a large-power AC drive system is presented in this paper. The main drive system of the rolling mill is the research object, and a two-inertia elastic model is established to study the mechanism of electromechanical torsional vibration. The improvement is made based on the control of the load observer. The virtual inertia control ratio K is added to the speed forward channel, and the feedback loop adds 1-K to design virtual inertia control. The control method combines the advantages of the positive and negative feedback control of the load observer, can achieve the purpose of controlling the moment of inertia of the motor from the perspective of electrical control, and effectively suppress oscillation.

Keywords: electromechanical torsional vibration, large-power AC drive system, load observer, simulation design

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Authors: Majid Mokhtari, Masoud Bahrami Alamdarlo, Babak Nazari, Hossein Zakerinya, Mehdi Salehi

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In this study, microstructure, macro, and microhardness of phases for three grades of cast iron rolls with modified chemical composition using a light microscope (OM) and electron microscopy (SEM) were investigated. The grades were chosen from Chodan Sazan Manufacturing Co. (CSROLL) productions for finishing stands of hot strip mills. The percentage of residual austenite was determined with a ferrite scope magnetic device. Thermal susceptibility testing was also measured. The results show the best oxidation resistance at high temperatures is graphitic high chromium white cast iron alloy. In order to evaluate the final properties of these grades in rolling lines, the results of the Pin on Disk abrasion test showed the superiority of the abrasive behavior of the white chromium graphite cast iron alloy grade sample at the same hardness compared to conventional alloy grades and the enhanced grades.

Keywords: hot roller, wear, behavior, microstructure

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Authors: Aditya Sharma

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

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

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Authors: Fatemeh Rouhi, Hadi Nassiri

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Earning forecast is a key element in economic decisions but there are some situations, such as conflicts of interest in financial reporting, complexity and lack of direct access to information has led to the phenomenon of information asymmetry among individuals within the organization and external investors and creditors that appear. The adverse selection and moral hazard in the investor's decision and allows direct assessment of the difficulties associated with data by users makes. In this regard, the role of trustees in corporate governance disclosure is crystallized that includes controls and procedures to ensure the lack of movement in the interests of the company's management and move in the direction of maximizing shareholder and company value. Therefore, the earning forecast of companies in the capital market and the need to identify factors influencing this study was an attempt to make relationship between moral hazard and corporate governance with earning forecast quality companies operating in the capital market and its impact on Earnings Forecasts quality by the company to be established. Getting inspiring from the theoretical basis of research, two main hypotheses and sub-hypotheses are presented in this study, which have been examined on the basis of available models, and with the use of Panel-Data method, and at the end, the conclusion has been made at the assurance level of 95% according to the meaningfulness of the model and each independent variable. In examining the models, firstly, Chow Test was used to specify either Panel Data method should be used or Pooled method. Following that Housman Test was applied to make use of Random Effects or Fixed Effects. Findings of the study show because most of the variables are positively associated with moral hazard with earnings forecasts quality, with increasing moral hazard, earning forecast quality companies listed on the Tehran Stock Exchange is increasing. Among the variables related to corporate governance, board independence variables have a significant relationship with earnings forecast accuracy and earnings forecast bias but the relationship between board size and earnings forecast quality is not statistically significant.

Keywords: corporate governance, earning forecast quality, moral hazard, financial sciences

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Authors: Medani Prasad Rijal

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Forest itself is a factory as well as product. It supplies tangible and intangible goods and services. It supplies timber, fuel wood, fodder, grass leaf litter as well as non timber edible goods and medicinal and aromatic products additionally provides environmental services. These environmental services are of local, national or even global importance. In Nepal, more than 19 thousands community forests are providing environmental service in less economic benefit than actual efficiency. There is a risk of cost of management of those forest exceeds benefits and forests get converted to open access resources in future. Most of the environmental goods and services do not have markets which mean no prices at which they are available to the consumers, therefore the valuation of these services goods and services establishment of paying mechanism for such services and insure the benefit to community is more relevant in local as well as global scale. There are few examples of carbon trading in domestic level to meet the country wide emission goal. In this contest, the study aims to explore the public attitude towards carbon offsetting and their responsibility over service providers. This study helps in promotion of environment service awareness among general people, service provider and community forest. The research helps to unveil the carbon pool scenario in community forest and willingness to pay for carbon offsetting of people who are consuming more energy than general people and emitting relatively more carbon in atmosphere. The study has assessed the carbon pool status in two community forest and valuated carbon service from community forest through willingness to pay in Dharan municipality situated in eastern. In the study, in two community forests carbon pools were assessed following the guideline “Forest Carbon Inventory Guideline 2010” prescribed by Ministry of Forest and soil Conservation, Nepal. Final outcomes of analysis in intensively managed area of Hokse CF recorded as 103.58 tons C /ha with 6173.30 tons carbon stock. Similarly in Hariyali CF carbon density was recorded 251.72 mg C /ha. The total carbon stock of intensively managed blocks in Hariyali CF is 35839.62 tons carbon.

Keywords: carbon, offsetting, sequestration, valuation, willingness to pay

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Authors: Arthur Baraov

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Nearly all rocket and spacecraft propulsion concepts in existence today can be linked one way or the other to one of the two ancient warfare devices: the gun and the sling. Chemical, thermoelectric, ion, nuclear thermal and electromagnetic rocket engines – all fall into the first group which, for obvious reasons, can be categorized as “hot” space propulsion concepts. Space elevator, orbital tower, rolling satellite, orbital skyhook, tether propulsion and gravitational assist – are examples of the second category which lends itself for the title “cold” space propulsion concepts. The “hot” space propulsion concepts skyrocketed – literally and figuratively – from the naïve ideas of Jules Verne to the manned missions to the Moon. On the other hand, with the notable exception of gravitational assist, hardly any of the “cold” space propulsion concepts made any progress in terms of practical application. Why is that? This article aims to show that the right answer to this question has the potential comparable by its implications and practical consequences to that of transition from Jules Verne’s stillborn and impractical conceptions of space flight to cogent and highly fertile ideas of Konstantin Tsiolkovsky and Yuri Kondratyuk.

Keywords: propulsion, rocket, rollet, spacecraft

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Authors: Anas H. Aljemely, Jianping Xuan

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Rolling bearing fault diagnosis plays a pivotal issue in the rotating machinery of modern manufacturing. In this research, a raw vibration signal and improved deep learning method for bearing fault diagnosis are proposed. The multi-dimensional scales of raw vibration signals are selected for evaluation condition monitoring system, and the deep learning process has shown its effectiveness in fault diagnosis. In the proposed method, employing an Exponential linear unit (ELU) layer in a convolutional neural network (CNN) that conducts the identical function on positive data, an exponential nonlinearity on negative inputs, and a particular convolutional operation to extract valuable features. The identification results show the improved method has achieved the highest accuracy with a 100-dimensional scale and increase the training and testing speed.

Keywords: bearing fault prognostics, developed CNN model, multiple-scale evaluation, deep learning features

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Authors: Yuksel Akinay, Fatih Hayat

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The influence of the alloying element on mechanical properties and micro structures of the Fe-22Mn-0.6C-0,6Si twinning induced plasticity (TWIP) steel were investigated at different temperatures. This composition was fabricated by a vacuum induction melting method. This steel was homogenized at 1200◦C for 8h. After heat treatment it was hot-rolled at 1100◦C to 6 mm thickness. The hot rolled plates were cold rolled to 3 mm and annealed at 700 800 and 900 °C for 60 and 150 minute and then air-cooled. X-ray diffractometry (XRD), optic microscope and field emission scanning electron microscope (FESEM), hardness and tensile tests were used to analyse the relationship between mechanical properties and micro structure after annealing process. The results show that, the excellent mechanical properties were obtained after heat treatment process. The tensile strength of material was decreased and the ductility of material was improved with increasing annealing temperature. Ni element were increased the mechanical resistance of specimens and because of carbide precipitation the hardness of specimen annealed at 700 C is higher than others.

Keywords: high manganese, heat treatment, SEM, XRD, cold-rolling

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Authors: Aman Patidar, Dipankar Sarkar, Manish Pal

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Due to rapid development, increase in the traffic load, higher traffic volume and seasonal variation in temperature, asphalt pavement shows distresses like rutting, fatigue and thermal cracking etc. because of this pavement fails during service life so that bitumen needs to be modified with some additive. In this study VG30 grade bitumen modify with addition of nanosilica with 1% to 5% (increment of 1%) by weight of bitumen. Hot mix asphalt (HMA) have higher mixing, laying and rolling temperatures which leads to higher consumption of fuel. To address this issue, a nano material named ZycoTherm which is chemical warm mix asphalt (WMA) additive is added to bitumen. Nanosilica modification (NSMB) results in the increase in stability compared to unmodified bitumen (UMB). WMA modified mix shows slightly higher stability than UMB and NSMB in a lower bitumen content. The Retained stability and tensile strength ratio (TSR) is more than 75% and 80% respectively for both mixes. Nanosilica with WMA has more resistant to temperature susceptibility, moisture susceptibility and short term aging than NSMB.

Keywords: HMA, nanosilica, NSMB, temperature, TSR, UMB, WMA

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Authors: Ari Prasetyo, Taufik Faturohman

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The COVID-19 pandemic in Indonesia is part of the ongoing worldwide pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). It was confirmed to have spread to Indonesia on 2 March 2020. Moreover, the government of Indonesia has been conducting a local lockdown to limit people's movement from one city to another city. Therefore, this situation has impact on business operation, especially on highway companies listed on the Indonesia stock exchange. This study evaluates and measures three companies’ financial performance and health conditions before and during the COVID-19 pandemic from 2016 – 2020. The measurement is conducted by using financial ratio analysis and the Altman Z-score method. The ratio used to measure the financial ratio analysis is taken from the decree of the Ministry of SOE’s KEP-100/MBU/2002 about the company’s health level condition. From the decree, there are eight financial ratios used such as return on equity (ROE), return on investment (ROI), current ratio, cash ratio, collection period, inventory turnover, total asset turnover, and total equity to total asset. Altman Z-score is used to calculate the financial distress condition. The result shows that the highway companies for the period 2016 – 2020 are as follows: PT Jasa Marga (Persero) Tbk (AA, BB, BB, BB, C), PT Citra Marga Nusaphala Persada Tbk (BB, AA, BB, BBB, C), and PT Nusantara Infrastructure Tbk (BB, BB, AA, BBB, C). In addition, the Altman Z-score assessment performed in 2016-2020 shows that PT Jasa Marga (Persero) Tbk was in the grey zone area for 2015-2018 and in the distress zone for 2019-2020. PT Citra Marga Nusaphala Persada Tbk was in the grey zone area for 2015-2019 and in the distress zone for 2020. PT Nusantara Infrastructure Tbk was in the grey zone area for 2015-2018 and in the distress zone for 2019-2020.

Keywords: financial performance, financial ratio, Altman Z-score, financial distress, highway company

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Authors: Jung-Ho Moon, Tae Kwon Ha

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M2 steels, the typical Co-free high speed steel (HSS) possessing hardness level of 63~65 HRc, are most widely used for cutting tools. On the other hand, Co-containing HSS’s, such as M35 and M42, show a higher hardness level of 65~67 HRc and used for high quality cutting tools. In the fabrication of HSS’s, it is very important to control cleanliness and eutectic carbide structure of the ingot and it is required to increase productivity at the same time. Production of HSS ingots includes a variety of processes such as casting, electro-slag remelting (ESR), forging, blooming, and wire rod rolling processes. In the present study, electro-slag rapid remelting (ESRR) process, an advanced ESR process combined by continuous casting, was successfully employed to fabricate HSS billets of M2, M35, and M42 steels. Distribution and structure of eutectic carbides of the billets were analysed and cleanliness, hardness, and composition profile of the billets were also evaluated.

Keywords: high speed tool steel, eutectic carbide, microstructure, hardness, fracture toughness

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Authors: Shpetim Rezniqi

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Financial Policies in the process of global crisis the current crisis has swept the world with special emphasis, most developed countries, those countries which have most gross -product world and you have a high level of living.Even those who are not experts can describe the consequences of the crisis to see the reality that is seen, but how far will it go this crisis is impossible to predict. Even the biggest experts have conjecture and large divergence, but agree on one thing: - The devastating effects of this crisis will be more severe than ever before and can not be predicted.Long time, the world was dominated economic theory of free market laws. With the belief that the market is the regulator of all economic problems. The market, as river water will flow to find the best and will find the necessary solution best. Therefore much less state market barriers, less state intervention and market itself is an economic self-regulation. Free market economy became the model of global economic development and progress, it transcends national barriers and became the law of the development of the entire world economy. Globalization and global market freedom were principles of development and international cooperation. All international organizations like the World Bank, states powerful economic, development and cooperation principles laid free market economy and the elimination of state intervention. The less state intervention much more freedom of action was this market- leading international principle. We live in an era of financial tragic. Financial markets and banking in particular economies are in a state of thy good, US stock markets fell about 40%, in other words, this time, was one of the darkest moments 5 since 1920. Prior to her rank can only "collapse" of the stock of Wall Street in 1929, technological collapse of 2000, the crisis of 1973 after the Yom Kippur war, while the price of oil quadrupled and famous collapse of 1937 / '38, when Europe was beginning World war II In 2000, even though it seems like the end of the world was the corner, the world economy survived almost intact. Of course, that was small recessions in the United States, Europe, or Japan. Much more difficult the situation was at crisis 30s, or 70s, however, succeeded the world. Regarding the recent financial crisis, it has all the signs to be much sharper and with more consequences. The decline in stock prices is more a byproduct of what is really happening. Financial markets began dance of death with the credit crisis, which came as a result of the large increase in real estate prices and household debt. It is these last two phenomena can be matched very well with the gains of the '20s, a period during which people spent fists as if there was no tomorrow. All is not away from the mouth of the word recession, that fact no longer a sudden and abrupt. But as much as the financial markets melt, the greater is the risk of a problematic economy for years to come. Thus, for example, the banking crisis in Japan proved to be much more severe than initially expected, partly because the assets which were based more loans had, especially the land that falling in value. The price of land in Japan is about 15 years that continues to fall. (ADRI Nurellari-Published in the newspaper "Classifieds"). At this moment, it is still difficult to çmosh to what extent the crisis has affected the economy and what would be the consequences of the crisis. What we know is that many banks will need more time to reduce the award of credit, but banks have this primary function, this means huge loss.

Keywords: globalisation, finance, crisis, recomandation, bank, credits

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Authors: Liang-Chien Lee, Chih-Hsiang Chang, Ying-Shu Tseng

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Comparing with prior studies mainly focused on the effect of a certain event (it may be the initial announcement of bad news or the repeated announcements of identical bad news) on stock price, the aim of this study is to explore how investors react to subsequent bad news with identical content. Empirical results show that as a result of behavioral pitfalls, investors underreact to the initial announcement of the bad news (i.e., unknown bad news) and overreact to the repeated announcements of the identical bad news (i.e., known bad news).

Keywords: subsequent bad news, behavioral finance, Investors’ misreaction, behavioral pitfalls

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Authors: A. Hossein Madadi-Najafabadi, Masoud Nasiri

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The discrete element method is a powerful technique for numerical modeling the flow of granular materials such as direct reduced iron. It would enable us to study processes and equipment related to the production and handling of the material. However, the characteristics and properties of the granules have to be adjusted precisely to achieve reliable results in a DEM simulation. The main properties for DEM simulation are size distribution, density, Young's modulus, Poisson's ratio and the contact coefficients of restitution, rolling friction and sliding friction. In the present paper, the mentioned properties are determined for DEM simulation of DRI pellets. A reliable DEM simulation would contribute to optimizing the handling system of DRIs in an iron-making plant. Among the mentioned properties, Young's modulus is the most important parameter, which is usually hard to get for particulate solids. Here, an especial method is utilized to precisely determine this parameter for DRI.

Keywords: discrete element method, direct reduced iron, simulation parameters, granular material

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Authors: Seok-Hyeon Park, Joon-Hong Park, Mok-Tan-Ahn, Seong-Hun Ha

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Clad Pipe is made of a different kind of material, which is different from the internal and external materials, for the corrosive crude oil transportation tube. Most of the clad pipes are produced by hot rolling. However, problems arise due to high product prices and excessive process numbers. Therefore, in this study, the hot drawing process with excellent product cost, process number and productivity is applied. Due to the nature of the drawing process, the shape of the mold greatly influences the formability of the material and the bonding pressure of the two materials because it is a process of drawing the material to the die and reducing the cross-sectional area. Also, in case of hot drawing, if the mold shape is not suitable due to the increased fluidity of the material, it may cause problems such as tearing and stretching. Therefore, in this study, we try to find the shape of the mold which suppresses the occurrence of defects in the hot drawing process and maximizes the bonding pressure between the two materials through the mold shape optimization design by FEM analysis.

Keywords: clad pipe, hot drawing, bonding pressure, mold shape

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Authors: C. Recommandé, J. C. Blind, A. Clavel, R. Gourichon, V. Le Gal

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Simulations are developed in this paper with usual DSGE model equations. The model is based on simplified version of Smets-Wouters equations in use at European Central Bank which implies 10 macro-economic variables: consumption, investment, wages, inflation, capital stock, interest rates, production, capital accumulation, labour and credit rate, and allows take into consideration the banking system. Throughout the simulations, this model will be used to evaluate the impact of rate shocks recounting the actions of the European Central Bank during 2008.

Keywords: CC-LM, Central Bank, DSGE, liquidity shock, non-standard intervention

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Authors: Abdulaziz Alzeban

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This study examines whether internal audit function is indeed greater when audit committee members have industry expertise combined with auditing expertise. Data from a survey of 64 chief internal auditors from companies registered on the Saudi Stock Exchange TADAWL, provides results that suggest that when audit committee members possess both industry expertise and auditing expertise, the committee’s role in improving the quality of internal audit is enhanced. This outcome is concluded as one that can be generalized beyond the Saudi Arabian context.

Keywords: internal audit, audit committee, industry expertise, function

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Authors: Jimin Yun, Yebeen Ji, Kwonhoo Kim

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Magnesium and Mg-Ag system alloys are known to be promising biomaterials due to their high specific strengths and biocompatibility. Because the limited numbers of slip systems were activated in the HCP structure at room temperature, their formability was low. To solve these problems, much research about the improvement of room-temperature formability has been studied, but the microstructure development behaviors of Mg-Ag alloys were still limited. Therefore, this study was conducted to investigate the texture development behaviors of Mg-Ag alloy during high-temperature plane strain deformation. The Ag content of the Mg-Ag alloy used in this study was 3.0, 5.0, and 9.0 wt%. Hot rolling was performed at a temperature of 673K with a reduction ratio of 25%, and these specimens were annealed for 1H at 773K, followed by water quenching at room temperature. High-temperature plane strain deformation was performed under temperatures of 623K and 723K, with strain rates from 0.1/s to 0.05/s and strain from -0.4 to –1.0. As a result, it showed a microstructure and texture similar to the AZ61 alloy, which had been studied previously. It was confirmed that the basal texture became stronger with increasing strains at high-temperature plane strain deformation.

Keywords: Mg-Ag, texture, microstructure development behavior, AZ61

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Authors: Minghao Liu

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This paper uses the theory of communication in the context of mass communication, from the construction of communication symbols, communication flow organization, communication experience perception of the three levels of the old industrial factory landscape transformation research and analysis, summarizes the old industrial factory landscape in the communication process to create strategies and design methods for the old industrial factories carried by the urban culture of how to enter the public's life more widely in the existing environment and be familiar with the significance of the exploration, to provide a new idea for the renewal of the urban stock, and ultimately to achieve the sustainable development of the city.

Keywords: communication, old industrial factor, urban renewal, landscape design

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Authors: Jessyca A. Bessa, Darlan A. Barroso, Jonas P. Reges, Auzuir R. Alexandria

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This work aims to study the rocker. This is a device of the suspension of Formula SAE vehicle that receives efforts from the motion scrolling of the vehicle and transmits them to the chassis frame minimized by a momentum ratio and smoothed by the set spring - damper. A review of parameters used in vehicle dynamics and a geometric analysis of the forces and stresses caused by such was carried out. The main function of the rocker is to reduce the force transmitted to the frame due to movement of rolling and subsequent application of the suspension. This functions is taken as satisfactory, since the force applied to the wheel and which would be transmitted to the chassis is reduced from 3833.9N to 3496.48N. From these values can be further more detailed simulations using the finite element method aimed at mass reduction or even rocker manufacturing feasibility aluminum. Then, the analysis by the finite element method was applied. This analysis uses the theory of discretization of systems and examines the strength of the component based on the distortion energy, determining the maximum straining experienced by the component and the region of higher demand.

Keywords: rocker, suspension, the finite element method, mechatronics engineering

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Authors: Julio Vicente Cateia

Abstract:

This paper aims to assess the role of informality and trade facilitation on the export probability of Guinea-Bissau. We include informality in the Féchet function, which gives the expression for the country's supply probability. We find that Guinea-Bissau is about 7.2% less likely to export due to the 1% increase in informality. The export's probability increases by about 1.7%, 4%, and 1.1% due to a 1% increase in trade facilitation, R&D stock, and year of education. These results are significant at the usual levels. We suggest a development agenda aimed at reducing the level of informality in this country.

Keywords: development, trade, informality, trade facilitation, economy of Guinea-Bissau

Procedia PDF Downloads 174

Authors: Hyunseo Choi, Jaewan Hong, Seil Lee, Yang Mo Koo

Abstract:

Non-oriented (NO) electrical steel is one of the most important soft magnetic materials for rotating machines. Si has usually been added to electrical steels to reduce eddy current loss by increasing the electrical resistivity. Si content more than 3.5 wt% causes cracks during cold rolling due to increase of brittleness. Al also increases the electrical resistivity of the materials as much as Si. In addition, cold workability of Fe-Al is better than Fe-Si, so that Al can be added up to 6.0 wt%. However, the effect of Al contents on magnetic properties of electrical steels has not been studied in detail. Magnetic domains of {100} grains in electrical steels, ranging from 1.85 to 6.54 wt% Al, were observed by magneto-optic Kerr microscopy. Furthermore, the correlation of magnetic domains with magnetic properties was investigated. As Al contents increased, the magnetic domain size of {100} grains decreased due to lowered domain wall energy. Reorganization of magnetic domain structure became more complex as domain size decreased. Therefore, the addition of Al to electrical steel caused hysteresis loss to increase. Anomalous loss decreased and saturated after 4.68% Al.

Keywords: electrical steel, magnetic domain structure, Al addition, core loss, rearrangement of domains

Procedia PDF Downloads 244

Authors: Jui-Pui Hung, Yong-Run Chen, Wei-Cheng Shih, Chun-Wei Lin

Abstract:

This study was aimed to assess the variations of the modal characteristics of the feeding stage with different linear guide modulus. The dynamic characteristics of the feeding stage were characterized in terms of the modal stiffness, modal frequency and modal damping, which are assessed from the vibration tests. According to the experimental measurements, the actual preload of the linear guide modulus was found to deviate from the rated values as setting in factory. This may be due to the assemblage errors of guide modules. For the stage with linear guides, the dynamic stiffness was affected to change by the preload set on the rolling balls. The variation of the dynamic stiffness at first and second modes is 20.8 and 10.5%, respectively when the linear guide preload is adjusted from medium and high amount. But the modal damping ratio is reduced by 8.97 and 9.65%, respectively. For high-frequency mode, the modal stiffness increases by 171.2% and the damping ratio reduced by 34.4%. Current results demonstrate the importance in the determining the preloaded amount of linear guide modulus in practical application.

Keywords: contact stiffness, feeding stage, linear guides, modal characteristics, pre-load

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Authors: Samira Taleb, Sakina Aoun, Slimane Ziani, Zoheir Mentouri, Adel Boudiaf

Abstract:

Rolling is a pressure treatment technique that modifies the shape of steel ingots or billets between rotating rollers. During this process, defects may form on the surface of the rolled sheets and are likely to affect the performance and quality of the finished product. In our study, we developed a method for detecting surface hole defects using a pixel classification approach. This work includes several steps. First, we performed image preprocessing to delimit areas with and without hole defects on the sheet image. Then, we developed the histograms of each area to generate the gray level membership intervals of the pixels that characterize each area. As we noticed an intersection between the characteristics of the gray level intervals of the images of the two areas, we finally performed a learning step based on a series of detection tests to refine the membership intervals of each area, and to choose the defect detection criterion in order to optimize the recognition of the surface hole.

Keywords: classification, defect, surface, detection, hole

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Authors: Muskaan Sethi, Arnab Banerjee, Bappaditya Manna

Abstract:

The present paper aims to investigate a suitable contact between a wheel rolling over a flexible beam. A Linear Complementary (LCP) based approach has been adopted to simulate the contact dynamics for a rigid wheel traversing over a flexible Euler Bernoulli simply supported beam. The adopted methodology is suitable to incorporate the effect of frictional force acting at the wheel-beam interface. Moreover, the possibility of the generation of a gap between the two bodies has also been considered. The present method is based on a unilateral contact assumption which assumes that no penetration would occur when the two bodies come in contact. This assumption helps to predict the contact between wheels and beams in a more practical sense. The proposed methodology is validated with the previously published results and is found to be in good agreement. Further, this method is applied to simulate the contact between wheels and beams for various railway configurations. Moreover, different parametric studies are conducted to study the contact dynamics between the wheel and beam more thoroughly.

Keywords: contact dynamics, linear complementary problem, railway dynamics, unilateral contact

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Authors: Kostas Metaxiotis

Abstract:

Portfolio optimization is one of the most important topics in finance. This paper proposes a mean–variance–skewness (MVS) portfolio optimization model. Traditionally, the portfolio optimization problem is solved by using the mean–variance (MV) framework. In this study, we formulate the proposed model as a three-objective optimization problem, where the portfolio's expected return and skewness are maximized whereas the portfolio risk is minimized. For solving the proposed three-objective portfolio optimization model we apply an adapted version of the non-dominated sorting genetic algorithm (NSGAII). Finally, we use a real dataset from FTSE-100 for validating the proposed model.

Keywords: evolutionary algorithms, portfolio optimization, skewness, stock selection

Procedia PDF Downloads 199

Authors: Sibel Celik, Hüseyin Ergin

Abstract:

The paper aims to find the best volatility forecasting model for stock markets in Turkey. For this purpose, we compare performance of different volatility models-both traditional GARCH model and high frequency based volatility models- and conclude that both in pre-crisis and crisis period, the performance of high frequency based volatility models are better than traditional GARCH model. The findings of paper are important for policy makers, financial institutions and investors.

Keywords: volatility, GARCH model, realized volatility, high frequency data

Procedia PDF Downloads 486