Search results for: control of financial flows

Authors: Dhahri Maher, Aouinet Hana

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The presence of bubbles in the boundary layer introduces corrections into the log law, which must be taken into account. In this work, a logarithmic wall law was presented for bubbly two phase flows. The wall law presented in this work was based on the postulation of additional turbulent viscosity associated with bubble wakes in the boundary layer. The presented wall law contained empirical constant accounting both for shear induced turbulence interaction and for non-linearity of bubble. This constant was deduced from experimental data. The wall friction prediction achieved with the wall law was compared to the experimental data, in the case of a turbulent boundary layer developing on a vertical flat plate in the presence of millimetric bubbles. A very good agreement between experimental and numerical wall friction prediction was verified. The agreement was especially noticeable for the low void fraction when bubble induced turbulence plays a significant role.

Keywords: bubbly flows, log law, boundary layer, CFD

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Authors: R. Chakib, A. Essadki, M. Cherkaoui

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This paper proposes the study of a robust control of the doubly fed induction generator (DFIG) used in a wind energy production. The proposed control is based on the linear active disturbance rejection control (ADRC) and it is applied to the control currents rotor of the DFIG, the DC bus voltage and active and reactive power exchanged between the DFIG and the network. The system under study and the proposed control are simulated using MATLAB/SIMULINK.

Keywords: doubly fed induction generator (DFIG), active disturbance rejection control (ADRC), vector control, MPPT, extended state observer, back-to-back converter, wind turbine

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

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Transport infrastructures are high-cost, long-term investments that serve as vital foundations for the operation of a region or nation and are essential to a country’s or business’s economic development and prosperity, by improving well-being and generating jobs and income. The development of appropriate financing options is of key importance in the decision making process in order develop viable transport infrastructures. The development of transport infrastructure has increasingly been shifting toward alternative methods of project financing such as Public Private Partnership (PPPs) and hybrid forms. In this paper, a methodological decision-making framework based on the evaluation of the financial viability of transportation infrastructure for different financial schemes is presented. The framework leads to an assessment of the financial viability which can be achieved by performing various financing scenarios analyses. To illustrate the application of the proposed methodology, a case study of rail transport infrastructure financing scenario analysis in Greece is developed.

Keywords: rail transport infrastructure, financial viability, scenario analysis, rail project feasibility

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Authors: Anel Hasić, Naser Prljača

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In the domain of autonomous or piloted flights, the accurate control of quadrotor trajectories is of paramount significance for large numbers of tasks. These adaptable aerial platforms find applications that span from high-precision aerial photography and surveillance to demanding search and rescue missions. Among the fundamental challenges confronting quadrotor operation is the demand for accurate following of desired flight paths. To address this control challenge, among others, two celebrated well-established control strategies have emerged as noteworthy contenders: Model Predictive Control (MPC) and Proportional-Integral-Derivative (PID) control. In this work, we focus on the extensive examination of MPC and PID control techniques by using comprehensive simulation studies in MATLAB/Simulink. Intensive simulation results demonstrate the performance of the studied control algorithms.

Keywords: MATLAB, MPC, PID, quadcopter, simulink

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Authors: Javier Fernandez De Canete, Alvaro Fernandez-Quintero

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Nowadays, adaptive control schemes are being used when model based control schemes are applied in presence of uncertainty and model mismatches. Artificial neural networks have been employed both in modelling and control of non-linear dynamic systems with unknown dynamics. In fact, these are powerful tools to solve this control problem when only input-output operational data are available. A neural network controller under SIMULINK together with the ARDUINO hardware platform has been used to perform real-time speed control of a computer case fan. Comparison of performance with a PID controller has also been presented in order to show the efficacy of neural control under different command signals tracking and also when disturbance signals are present in the speed control loops.

Keywords: neural networks, ARDUINO platform, SIMULINK, adaptive speed control

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Authors: Neel K. Shah

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Passive flow control on aerofoils has largely been achieved through the use of protrusions such as vane-type vortex generators. Consequently, innovative flow-control concepts should be explored in an effort to improve current component performance. Therefore, experimental research has been performed at The University of Manchester to evaluate the flow-control effectiveness of a vortex generator made in the form of a surface indentation. The surface indentation has a trapezoidal planform. A spanwise array of indentations has been applied in a convergent orientation around the maximum-thickness location of the upper surface of a NACA-0015 aerofoil. The aerofoil has been tested in a two-dimensional set-up in a low-speed wind tunnel at an angle of attack (AoA) of 3° and a chord-based Reynolds number (Re) of ~2.7 x 105. The baseline model has been found to suffer from a laminar separation bubble at low AoA. The application of the indentations at 3° AoA has considerably shortened the separation bubble. The indentations achieve this by shedding up-flow pairs of streamwise vortices. Despite the considerable reduction in bubble length, the increase in leading-edge suction due to the shorter bubble is limited by the removal of surface curvature and blockage (increase in surface pressure) caused locally by the convergent indentations. Furthermore, the up-flow region of the vortices, which locally weakens the pressure recovery around the trailing edge of the aerofoil by thickening the boundary layer, also contributes to this limitation. Due to the conflicting effects of the indentations, the changes in the pressure-lift and pressure-drag coefficients, i.e., cl,p and cd,p, are small. Nevertheless, the indentations have improved cl,p and cd,p beyond the uncertainty range, i.e., by ~1.30% and ~0.30%, respectively, at 3° AoA. The wake measurements show that turbulence intensity and Reynolds stresses have considerably increased in the indented case, thus implying that the indentations increase the viscous drag on the model. In summary, the convergent indentations are able to reduce the size of the laminar separation bubble, but conversely, they are not highly effective in reducing cd,p at the tested Reynolds number.

Keywords: aerofoil flow control, laminar separation bubbles, low Reynolds-number flows, surface indentations

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Authors: Gururaj Bhajantri

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Financial sector is the backbone of any economy and it plays a crucial role in the mobilisation and allocation of resources. One of the main objectives of financial sector is inclusive growth. The constituents of the financial sector are banks, and financial Institutions, which mobilise the resources from the surplus sector and channelize the same to the different needful sectors in the economy. Micro Small and the Medium Enterprises sector in India cover a wide range of economic activities. These enterprises are divided on the basis of investment on equipment. The micro enterprises are divided into manufacturing and services sector. Micro Service enterprises have investment limit up to ten lakhs on equipment. Hairdresser is one who not only cuts and shaves but also provides different types of hair cut, hairstyles, trimming, hair-dye, massage, manicure, pedicure, nail services, colouring, facial, makeup application, waxing, tanning and other beauty treatments etc., hairdressing salons provide these services with the help of equipment. They need investment on equipment not more than ten lakhs. Hence, they can be considered as Micro service enterprises. Hairdressing salons require more than Rs 2.50,000 to start a moderate salon. Moreover, hairdressers are unable to access the organised finance. Still these individuals access finance from money lenders with high rate of interest to lead life. The socio economic conditions of hairdressers are not known properly. Hence, the present study brings a light on the role of financial institutions in promoting hairdressing salons. The study also focuses the socio-economic background of individuals in hairdressings salons, problems faced by them. The present study is based on primary and secondary data. Primary data collected among hairdressing salons in Davangere city. Samples selected with the help of simple random sampling techniques. Collected data analysed and interpreted with the help of simple statistical tools.

Keywords: micro service enterprises, financial institutions, hairdressing salons, financial sector

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Authors: Bruno Henrique Rocha Fernandes, Amir Rezaee, Jucelia Appio

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The relation between Human Resource Management (HRM) practices and organizational performance remains the subject of substantial literature. Though many studies demonstrated positive relationship, still major influencing variables are not yet clear. This study considers the Person-Environment Fit (PE Fit) and its components, Person-Supervisor (PS), Person-Group (PG), Person-Organization (PO) and Person-Job (PJ) Fit, as possible explanatory variables. We analyzed PE Fit as a moderator between HRM practices and financial performance in the “best companies to work” in Brazil. Data from HRM practices were classified through the High Performance Working Systems (HPWS) construct and data on PE-Fit were obtained through surveys among employees. Financial data, consisting of return on invested capital (ROIC) and price earnings ratio (PER) were collected for publicly traded best companies to work. Findings show that PO Fit and PJ Fit play a significant moderator role for PER but not for ROIC.

Keywords: financial performance, human resource management, high performance working systems, person-environment fit

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Authors: Malika Imoula, Rachid Saci, Renee Gatignol

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A numerical investigation is carried out to analyze vortex flows in a free surface cylinder, driven by the independent rotation and differentially heated boundaries. As a basic uncontrolled isothermal flow, we consider configurations which exhibit steady axisymmetric toroidal type vortices which occur at the free surface; under given rates of the bottom disk uniform rotation and for selected aspect ratios of the enclosure. In the isothermal case, we show that sidewall differential rotation constitutes an effective kinematic means of flow control: the reverse flow regions may be suppressed under very weak co-rotation rates, while an enhancement of the vortex patterns is remarked under weak counter-rotation. However, in this latter case, high rates of counter-rotation reduce considerably the strength of the meridian flow and cause its confinement to a narrow layer on the bottom disk, while the remaining bulk flow is diffusion dominated and controlled by the sidewall rotation. The main control parameters in this case are the rotational Reynolds number, the cavity aspect ratio and the rotation rate ratio defined. Then, the study proceeded to consider the sensitivity of the vortex pattern, within the Boussinesq approximation, to a small temperature gradient set between the ambient fluid and an axial thin rod mounted on the cavity axis. Two additional parameters are introduced; namely, the Richardson number Ri and the Marangoni number Ma (or the thermocapillary Reynolds number). Results revealed that reducing the rod length induces the formation of on-axis bubbles instead of toroidal structures. Besides, the stagnation characteristics are significantly altered under the combined effects of buoyant-thermocapillary convection. Buoyancy, induced under sufficiently high Ri, was shown to predominate over the thermocapillay motion; causing the enhancement (suppression) of breakdown when the rod is warmer (cooler) than the ambient fluid. However, over small ranges of Ri, the sensitivity of the flow to surface tension gradients was clearly evidenced and results showed its full control over the occurrence and location of breakdown. In particular, detailed timewise evolution of the flow indicated that weak thermocapillary motion was sufficient to prevent the formation of toroidal patterns. These latter detach from the surface and undergo considerable size reduction while moving towards the bulk flow before vanishing. Further calculations revealed that the pattern reappears with increasing time as steady bubble type on the rod. However, in the absence of the central rod and also in the case of small rod length l, the flow evolved into steady state without any breakdown.

Keywords: buoyancy, cylinder, surface tension, toroidal vortex

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Authors: Mohammad Afkhami, Ali Hassanpour, Michael Fairweather

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The work described in this paper was undertaken to gain insight into fundamental aspects of turbulent gas-particle flows with relevance to processes employed in a wide range of applications, such as oil and gas flow assurance in pipes, powder dispersion from dry powder inhalers, and particle resuspension in nuclear waste ponds, to name but a few. In particular, the influence of particle interaction and fluid phase behavior in turbulent flow on particle dispersion in a horizontal channel is investigated. The mathematical modeling technique used is based on the large eddy simulation (LES) methodology embodied in the commercial CFD code FLUENT, with flow solutions provided by this approach coupled to a second commercial code, EDEM, based on the discrete element method (DEM) which is used for the prediction of particle motion and interaction. The results generated by LES for the fluid phase have been validated against direct numerical simulations (DNS) for three different channel flows with shear Reynolds numbers, Reτ = 150, 300 and 590. Overall, the LES shows good agreement, with mean velocities and normal and shear stresses matching those of the DNS in both magnitude and position. The research work has focused on the prediction of those conditions favoring particle aggregation and deposition within turbulent flows. Simulations have been carried out to investigate the effects of particle size, density and concentration on particle agglomeration. Furthermore, particles with different surface properties have been simulated in three channel flows with different levels of flow turbulence, achieved by increasing the Reynolds number of the flow. The simulations mimic the conditions of two-phase, fluid-solid flows frequently encountered in domestic, commercial and industrial applications, for example, air conditioning and refrigeration units, heat exchangers, oil and gas suction and pressure lines. The particle size, density, surface energy and volume fractions selected are 45.6, 102 and 150 µm, 250, 1000 and 2159 kg m-3, 50, 500, and 5000 mJ m-2 and 7.84 × 10-6, 2.8 × 10-5, and 1 × 10-4, respectively; such particle properties are associated with particles found in soil, as well as metals and oxides prevalent in turbulent bounded fluid-solid flows due to erosion and corrosion of inner pipe walls. It has been found that the turbulence structure of the flow dominates the motion of the particles, creating particle-particle interactions, with most of these interactions taking place at locations close to the channel walls and in regions of high turbulence where their agglomeration is aided both by the high levels of turbulence and the high concentration of particles. A positive relationship between particle surface energy, concentration, size and density, and agglomeration was observed. Moreover, the results derived for the three Reynolds numbers considered show that the rate of agglomeration is strongly influenced for high surface energy particles by, and increases with, the intensity of the flow turbulence. In contrast, for lower surface energy particles, the rate of agglomeration diminishes with an increase in flow turbulence intensity.

Keywords: agglomeration, channel flow, DEM, LES, turbulence

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Authors: Reza Hadjiaghaie Vafaie, Sevda Givtaj

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Automation and control of biological samples and solutions at the microscale is a major advantage for biochemistry analysis and biological diagnostics. Despite the known potential of miniaturization in biochemistry and biomedical applications, comparatively little is known about fluid automation and control at the microscale. Here, we study the electric field effect inside a fluidic channel and proper electrode structures with different patterns proposed to form forward, reversal, and rotational flows inside the channel. The simulation results confirmed that the ac electro-thermal flow is efficient for the control and automation of high-conductive solutions. In this research, the fluid pumping and mixing effects were numerically studied by solving physic-coupled electric, temperature, hydrodynamic, and concentration fields inside a microchannel. From an experimental point of view, the electrode structures are deposited on a silicon substrate and bonded to a PDMS microchannel to form a microfluidic chip. The motions of fluorescent particles in pumping and mixing modes were captured by using a CCD camera. By measuring the frequency response of the fluid and exciting the electrodes with the proper voltage, the fluid motions (including pumping and mixing effects) are observed inside the channel through the CCD camera. Based on the results, there is good agreement between the experimental and simulation studies.

Keywords: microfluidic, nano/micro actuator, AC electrothermal, Reynolds number, micropump, micromixer, microfabrication, mass transfer, biomedical applications

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Authors: Adamu Danlami Ahmed

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Inventory management is the determinant of effective and efficient work for any manager. This study looked at the relationship between inventory management and financial performance. The population of the study comprises all conglomerate quoted companies in the Nigerian Stock Exchange market as at 31^st December 2010. The scope of the study covered the period from 2010 to 2014. Descriptive, Pearson correlation and multiple regressions are used to analyze the data. It was found that inventory management is significantly related to the profitability of the company. This entails that an efficient management of the inventory cycle will enhance the profitability of the company. Also, lack of proper management of it will hinder the financial performance of organizations. Based on the results, it was recommended that a conglomerate company should try to see that inventories are kept to a minimum, as well as make sure the proper checks are maintained to make sure only needed inventories are in the store. As well as to keep track of the movement of goods, in order to avoid unnecessary delay of finished and work in progress (WIP) goods in the store and warehouse.

Keywords: finished goods, work in progress, financial performance, inventory

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Authors: Alexander Winkler, Jozef Suchý

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This paper investigates simple implicit force control algorithms realizable with industrial robots. A lot of approaches already published are difficult to implement in commercial robot controllers, because the access to the robot joint torques is necessary or the complete dynamic model of the manipulator is used. In the past we already deal with explicit force control of a position controlled robot. Well known schemes of implicit force control are stiffness control, damping control and impedance control. Using such algorithms the contact force cannot be set directly. It is further the result of controller impedance, environment impedance and the commanded robot motion/position. The relationships of these properties are worked out in this paper in detail for the chosen implicit approaches. They have been adapted to be implementable on a position controlled robot. The behaviors of stiffness control and damping control are verified by practical experiments. For this purpose a suitable test bed was configured. Using the full mechanical impedance within the controller structure will not be practical in the case when the robot is in physical contact with the environment. This fact will be verified by simulation.

Keywords: robot force control, stiffness control, damping control, impedance control, stability

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Authors: Pavol Tanuska, Pavel Vazan, Michal Kebisek, Dominika Jurovata

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The paper gives the results of the project that was oriented on the usage of knowledge discoveries from production systems for needs of the hierarchical process control. One of the main project goals was the proposal of knowledge discovery model for process control. Specifics data mining methods and techniques was used for defined problems of the process control. The gained knowledge was used on the real production system, thus, the proposed solution has been verified. The paper documents how it is possible to apply new discovery knowledge to be used in the real hierarchical process control. There are specified the opportunities for application of the proposed knowledge discovery model for hierarchical process control.

Keywords: hierarchical process control, knowledge discovery from databases, neural network, process control

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Authors: R. S. Quintal, J. L. Tesch Santos, M. D. Davis, E. C. de Santana, M. de F. Bandeira dos Santos

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The objective is to identify the contributions from the introduction of the computerized system deal within the Accounting Department of Brazilian Navy Financial Directorship and its possible effects on the budgetary and financial harvest of Brazilian Navy. The relevance lies in the fact that the management process is responsible for the continuous improvement of organizational performance through higher levels of quality in their activities. Improvements in organizational processes have direct effects on crops cost, quality, reliability, flexibility and speed. The method of study of this research is the case study. The choice of case study attended, among other demands, a need for greater flexibility to study processes related to a computerized system. The sources of evidence were used literature, documentary and direct observation. Direct observation was made by monitoring the implementation of the computerized system in the Division of Management Analysis. The main findings of the study point to the fact that the computerized system may contribute significantly to the standardization of information. There was improvement of internal processes in the division of management analysis, made possible the consolidation of a standard management and performance analysis that contribute to global homogeneity in the treatment of information essential to the process of decision making. This study has limitations related to the fact the search result be subject exclusively to the case studied, and it is impossible to generalize to other organs of government.

Keywords: process management, management control, business intelligence, Brazilian Navy

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Authors: Arash Jafari, Somaye Bahrami, Mohammad Hossein Razi Jalali

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Dicrocoeliosis, caused by Dicrocoelium dendriticum is a hepatic parasitic disease of clinical and financial significance in ruminant breeding, which causes direct losses due to condemnation of parasitized livers. The purpose of our study was to assess the effects of natural dicrocoeliosis on the antioxidant defense capability of the liver in sheep. For this purpose, livers of 40 infected sheep with D. dendriticumalong with livers of 20 healthy (control) sheep were collected from animals slaughtered in Khuzestan province, Iran. An increase in malondialdehyde concentrations accompanied by decreased activities of SOD and GPX of infected liver was noticed when com-pared with control values. Our data indicate that through dicrocoeliosis insufficient scavenging of reactive oxygen species takes place and caused oxidative liver damage.

Keywords: Dicrocoelium dendriticum, lipid peroxidation, antioxidant enzyme, liver

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Authors: Majid Etaati, Hamid Majedi

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Relational planning approach proposed by Patsy Healey goes beyond the physical proximity and emphasizes social proximity. This approach stresses the importance of nodes and flows between nodes. Current plans in European cities have incrementally incorporated this approach, but urban plans in Iran have still stayed very detailed and rigid. In response to the weak evaluation results of the comprehensive planning approach in Qazvin, the local authorities applied the City Development Strategy (CDS) to cope with new urban challenges. The paper begins with an explanation of relational planning and suggests that Healey gives urban planners about spatial strategies and then it surveys relational factors in CDS of Qazvin. This study analyzes the extent which CDS of Qazvin have highlighted nodes, flows, and dynamics. In the end, the study concludes that there is a relational understanding of urban dynamics in the plan, but it is weak.

Keywords: relational, dynamics, city development strategy, urban planning, Qazvin

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Authors: Seyedmohsen Mortazavi

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The purpose of this research is to investigate the personality types of internal auditors on the quality of financial reporting in companies admitted to the Tehran Stock Exchange. Personality type is one of the issues that emphasizes the field of auditors' behavior, and this field has attracted the attention of shareholders and stock companies today, because the auditors' personality can affect the type of financial reporting and its quality. The research is applied in terms of purpose and descriptive and correlational in terms of method, and a researcher-made questionnaire was used to check the research hypotheses. The statistical population of the research is all the auditors, accountants and financial managers of the companies admitted to the Tehran Stock Exchange, and due to their large number and the uncertainty of their exact number, 384 people have been considered as a statistical sample using Morgan's table. The researcher-made questionnaire was approved by experts in the field, and then its validity and reliability were obtained using software. For the validity of the questionnaire, confirmatory factor analysis was first examined, and then using divergent and convergent validity; Fornell-Larker and cross-sectional load test of the validity of the questionnaire were confirmed; Then, the reliability of the questionnaire was examined using Cronbach's alpha and composite reliability, and the results of these two tests showed the appropriate reliability of the questionnaire. After checking the validity and reliability of the research hypotheses, PLS software was used to check the hypotheses. The results of the research showed that the personalities of internal auditors can affect the quality of financial reporting; The personalities investigated in this research include neuroticism, extroversion, flexibility, agreeableness and conscientiousness, all of these personality types can affect the quality of financial reporting.

Keywords: flexibility, quality of financial reporting, agreeableness, conscientiousness

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Authors: Sadia Bibi, Karim Ullah

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Islamic banks have excess liquidity, which needs proper management to earn a high rate of return on them to remain competitive. However, they lack assets-backed avenues and rely on a few sukuks, which led them to liquidity management issues. Financial engineering comes forward to innovate and develop instruments for the requisite financial problem. Still, they face many challenges, explored in the context of liquidity management in Islamic banks. The rigorous literature review shows that Shariah compliance, competition from the conventional banks, lack of sufficient instruments, derivatives are still not accepted as legitimate products, the inter-bank market being less developed, and no possibility of lender of last resort is the six significant constraints to financial engineering for liquidity management of Islamic banks. To further explore the problem, a multiple case study strategy is used to extend and develop the theory with the philosophical stance of social constructivism. Narrative in-depth interviews over the telephone are conducted with key personnel at treasury departments of selected banks. Data is segregated and displayed using NVivo 11 software, and the thematic analysis approach identifies themes related to the constraints. The exploration of further constraints to financial engineering for liquidity management of Islamic banks achieves the research aim. The theory is further developed by the addition of three more constraints to the theoretical framework, which are i) lack of skilled human resources, ii) lack of unified vision, and iii) lack of government support to the Islamic banks. These study findings are fruitful for the use of the government, regulatory authorities of the banking sector, the State Bank of Pakistan (Central Bank), and the product design & development division of Islamic banks to make the financial engineering process feasible and resolve liquidity management issues of Islamic banks.

Keywords: financial engineering, liquidity management, Islamic banks, shariah compliance

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Authors: Shiuh-Jer Huang, Shin-Ham Lee, Sheam-Chyun Lin

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A two wheel inverted pendulum (TWIP) vehicle is built with two hub DC motors for motion control evaluation. Arduino Nano micro-processor is chosen as the control kernel for this electric test plant. Accelerometer and gyroscope sensors are built in to measure the tilt angle and angular velocity of the inverted pendulum vehicle. Since the TWIP has significantly hub motor dead zone and nonlinear system dynamics characteristics, the vehicle system is difficult to control by traditional model based controller. The intelligent model-free fuzzy sliding mode controller (FSMC) was employed as the main control algorithm. Then, intelligent controllers are designed for TWIP balance control, and two wheels synchronization control purposes.

Keywords: balance control, synchronization control, two-wheel inverted pendulum, TWIP

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Authors: Zhan Haiyang, Gu Miao

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This article mainly introduces the control system architecture of space environment simulator, simultaneously also briefly introduce the automation control technology of industrial process and the measurement technology of vacuum and cold black environment. According to the volume of chamber, the space environment simulator is divided into three types of small, medium and large. According to the classification and application of space environment simulator, the control system is divided into the control system of small, medium, large space environment simulator and the centralized control system of multiple space environment simulators.

Keywords: space environment simulator, control system, architecture, automation control technology

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Authors: P. Javid, A. Aeenmehr, J. Taghavifar

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In this paper, supply air pressure of HVAC system has been modeled with second-order transfer function plus dead-time. In HVAC system, the desired input has step changes, and the output of proposed control system should be able to follow the input reference, so the idea of using model based predictive control is proceeded and designed in this paper. The closed loop control system is implemented in MATLAB software and the simulation results are provided. The simulation results show that the model based predictive control is able to control the plant properly.

Keywords: air conditioning system, GPC, dead time, air supply control

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Authors: Edward Chamisa, Colin C. Smith, Hamutyinei H. Pamburai, Abdul C. Abdulla

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South Africa (SA) adopted International Financial Reporting Standards (IFRS) for listed firms effective 1 January 2005. However, it was not until 2011 that substantial financial reporting enforcement changes were introduced, which were meant to ensure compliance with IFRS. This innovative setting allows us to examine the value relevance of accounting amounts during the (1) pre-IFRS adoption period (2002-2004); (2) post-IFRS adoption, but pre-enforcement changes period (2006-2010); and (3) post-enforcement changes period (2011-2012). The results show that accounting amounts were most value relevant in the post-enforcement changes period (R2, 75.5%) compared to both the pre-IFRS adoption period (adjusted R2 is 24.3%) and the period after IFRS adoption but before enforcement changes (adjusted R2 is 37.5%). Also, during the 2008 financial crisis, the equity book value per share was significantly value relevant (at 1%) but not earnings per share, whereas before the crisis, the opposite was true. We make two important contributions to the literature. First, we identify SA as an innovative setting that allows researchers to examine separately the effects of IFRS adoption and enforcement changes on capital markets and accounting quality. This is a departure from prior studies that are dominated by the European Union setting, where IFRS adoption occurred contemporaneously with enforcement and other regulatory changes. Second, we provide preliminary findings which suggest that while the adoption of IFRS seems to have improved the financial reporting quality of accounting amounts of SA listed firms, its impact appears to be limited unless combined with effective enforcement.

Keywords: international financial reporting standards (ifrs), ifrs adoption, financial reporting enforcement, value relevance, price model, equity book value, earnings per share

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Authors: Tomoaki Hashimoto

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Recently, feedback control systems using random dither quantizers have been proposed for linear discrete-time systems. However, the constraints imposed on state and control variables have not yet been taken into account for the design of feedback control systems with random dither quantization. Model predictive control is a kind of optimal feedback control in which control performance over a finite future is optimized with a performance index that has a moving initial and terminal time. An important advantage of model predictive control is its ability to handle constraints imposed on state and control variables. Based on the model predictive control approach, the objective of this paper is to present a control method that satisfies probabilistic state constraints for linear discrete-time feedback control systems with random dither quantization. In other words, this paper provides a method for solving the optimal control problems subject to probabilistic state constraints for linear discrete-time feedback control systems with random dither quantization.

Keywords: optimal control, stochastic systems, random dither, quantization

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Authors: Ashenafi Beyene Fanta, Daniel Makina

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Economic theory predicts that finance promotes economic growth. Although the finance-growth link is among the most researched areas in financial economics, our understanding of the link between the two is still incomplete. This is caused by, among others, wrong econometric specifications, using weak proxies of financial development, and inability to address the endogeneity problem. Studies on the finance growth link in South Africa consistently report economic growth driving financial development. Early studies found that economic growth drives financial development in South Africa, and recent studies have confirmed this using different econometric models. However, the monetary aggregate (i.e. M2) utilized used in these studies is considered a weak proxy for financial development. Furthermore, the fact that the models employed do not address the endogeneity problem in the finance-growth link casts doubt on the validity of the conclusions. For this reason, the current study examines the finance growth link in South Africa using data for the period 1990 to 2011 by employing a generalized method of moments (GMM) technique that is capable of addressing endogeneity, simultaneity and omitted variable bias problems. Unlike previous cross country and country case studies that have also used the same technique, our contribution is that we account for the development of bond markets and non-bank financial institutions rather than being limited to stock market and banking sector development. We find that bond market development affects economic growth in South Africa, and no similar effect is observed for the bank and non-bank financial intermediaries and the stock market. Our findings show that examination of individual elements of the financial system is important in understanding the unique effect of each on growth. The observation that bond markets rather than private credit and stock market development promotes economic growth in South Africa induces an intriguing question as to what unique roles bond markets play that the intermediaries and equity markets are unable to play. Crucially, our results support observations in the literature that using appropriate measures of financial development is critical for policy advice. They also support the suggestion that individual elements of the financial system need to be studied separately to consider their unique roles in advancing economic growth. We believe that our understanding of the channels through which bond market contribute to growth would be a fertile ground for future research.

Keywords: bond market, finance, financial sector, growth

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Authors: Nayoma Ranawaka

Abstract:

The demand for the high quality internationally comparable financial information has been increased than ever with the expansion of economic activities beyond its national boundaries. Thus, the necessity of converging accounting practices across the world is now continuously discussed with greater emphasis. The global convergence to International Financial Reporting Standards has been one of the main objectives of the International Accounting Standards Setting Board (IASB) since its establishment in 2001. Accordingly, Sri Lanka has adopted IFRSs in 2012. Among the other standards as a newly introduced standard by the IASB, IFRS 13 plays a pivotal role as it deals with the Fair Value Accounting (FVA). Therefore, it is valuable to obtain knowledge about the consequences of implementing IFRS 13 in Sri Lanka and compare results across nations. According to the IFRS Jurisdictional provision of Sri Lanka, Institute of Chartered Accountants of Sri Lanka has taken official steps to adopt IFRS 13 by introducing SLFRS 13 with de jure convergence. Then this study was identified the de facto convergence of the SLFRS 13 in measuring the Fair Value of Financial Instruments in the Sri Lankan context. Accordingly, the objective of this study is to explore the consequences to financial reporting by implementing SLFRS 13 on measuring the financial instruments. In order to achieve the objective of the study expert interview and in-depth interviews with the interviewees from the selected three case studies and their independent auditor were carried out using customized three different interview guides. These three cases were selected from three different industries; Banking, Manufacturing and Finance. NVivo version 10 was used to analyze the data collected through in-depth interviews. Then the content analysis was carried out and conclusions were derived based on the findings. Contribution to the knowledge by this study can be identified in different aspects. Findings of this study facilitate accounting practitioners to get an overall picture of application of fair value standard in measuring the financial instruments and to identify the challenges and barriers to the adoption process. Further, assist auditors in carrying out their audit procedures to check the level of compliance to the fair value standard in measuring the financial instruments. Moreover, this would enable foreign investors in assessing the reliability of the financial statements of their target investments as a result of SLFRS 13 in measuring the FVs of the FIs. The findings of the study could be used to open new avenues of thinking for policy formulators to provide the necessary infrastructure to eliminate disparities exists among different regulatory bodies to facilitate full convergence and thereby growth of the economy. Further, this provides insights to the dynamics of FVA implementation that are also relevant for other developing countries.

Keywords: convergence, fair value, financial instruments, IFRS 13

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Authors: Saad Saeed Althiabi

Abstract:

This paper discusses the corporate positioning and how it became popular as a way to systematize production because of the unique manner in which incorporation legalized organizers to secure financial capital through locking it in. The power to lock in capital comes from the fact that a corporate exists as a separate legal entity, whose survival and governance are separated from any of its participants. The law essentially creates a different legal person when a corporation is created. Although this idea has been played down in the legal learning of the last decades in favor of the view that a corporation is purely something through which natural persons interrelate, recent legal research has begun to reassess the importance of entity status. Entity status, under the law and the related separation of governance from input of financial capital through the configuration of a corporation, sanctioned corporate participants to do somewhat more than connect in a series of business transactions.

Keywords: corporate law, entity status, locking in capital, financial capital

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Authors: Yi Ming Zhang, Zhan Xi Wang, Hang Chen, Gang Wang

Abstract:

Manual polishing has problems such as high labor intensity, low production efficiency and difficulty in guaranteeing the consistency of polishing quality. It is more and more necessary to replace manual polishing with robot polishing. Polishing force directly affects the quality of polishing, so accurate tracking and control of polishing force is one of the most important conditions for improving the accuracy of robot polishing. The traditional force control strategy is difficult to adapt to the strong coupling of force control and position control during the robot polishing process. Therefore, based on the analysis of force-based impedance control and position-based impedance control, this paper proposed a new type of adaptive controller. Based on force feedback control of active compliance control, the controller can adaptively estimate the stiffness and position of the external environment and eliminate the steady-state force error produced by traditional impedance control. The simulation results of the model shows that the adaptive controller has good adaptability to changing environmental positions and environmental stiffness, and can accurately track and control polishing force.

Keywords: robot polishing, force feedback, impedance control, adaptive control

Procedia PDF Downloads 185

Authors: Mohamed E. Eleshaky

Abstract:

This paper investigates the dynamic behavior of laminar water flows inside superhydrophobic micro-pipes patterned with square micro-posts features under different operating conditions. It also investigates the effects of air fraction and Reynolds number on the frictional performance of these pipes. Rather than modeling the air-water interfaces of superhydrophobic as a flat inflexible surface, a transient, incompressible, three-dimensional, volume-of-fluid (VOF) methodology has been employed to continuously track the air–water interface shape inside micro-pipes. Also, the entrance effects on the flow field have been taken into consideration. The results revealed the strong dependency of the frictional performance on the air fractions and Reynolds number. The frictional resistance reduction becomes increasingly more significant at large air fractions and low Reynolds numbers. Increasing Reynolds number has an adverse effect on the frictional resistance reduction.

Keywords: drag reduction, laminar flow in micropipes, numerical simulation, superhyrophobic surfaces, microposts

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Authors: Udeh Nneka Evelyn

Abstract:

The shortcomings of traditional costing system, in terms of validity, accuracy, consistency and relevance increased the need for modern management accounting system. ABC (Activity-Based Costing) can be used as a modern tool for planning, control and decision making for management. Past studies on activity-based costing (ABC) system have focused on manufacturing firms thereby making the studies on service firms scanty to some extent. This paper reviewed the application and relevance of activity-based costing techniques in service oriented business organisations by employing a qualitative research method which relied heavily on literature review of past and current relevant articles focusing on activity-based costing (ABC). Findings suggest that ABC is not only appropriate for use in a manufacturing environment; it is also most appropriate for service organizations such as financial institutions, the healthcare industry, and government organizations. In fact, some banking and financial institutions have been applying the concept for years under other names. One of them is unit costing, which is used to calculate the cost of banking services by determining the cost and consumption of each unit of output of functions required to deliver the service. ABC in very basic terms may provide very good payback for businesses. Some of the benefits that relate directly to the financial services industry are: Identification of the most profitable customers; more accurate product and service pricing; increase product profitability; well-organized process costs.

Keywords: profitability, activity-based costing (ABC), management accounting, manufacture

Procedia PDF Downloads 569