Search results for: cross price elasticity

Authors: Niaz Gharavi, Hexin Zhang, Yanjun Xie

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The timber beam end effect in the torsion test is evaluated using binocular stereo vision system. It is recommended by BS EN 408:2010+A1:2012 to exclude a distance of two to three times of cross-sectional thickness (b) from ends to avoid the end effect; whereas, this study indicates that this distance is not sufficiently far enough to remove this effect in slender cross-sections. The shear modulus of six timber beams with different aspect ratios is determined at the various angles and cross-sections. The result of this experiment shows that the end affected span of each specimen varies depending on their aspect ratios. It is concluded that by increasing the aspect ratio this span will increase. However, by increasing the distance from the ends to the values greater than 6b, the shear modulus trend becomes constant and end effect will be negligible. Moreover, it is concluded that end affected span is preferred to be depth-dependent rather than thickness-dependant.

Keywords: end clamp effect, full-size timber test, shear properties, torsion test, wood engineering

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Authors: Anna Makuch, Grzegorz Kokot, Konstanty Skalski, Jakub Banczorowski

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Cancellous bone is a porous composite of a hierarchical structure and anisotropic properties. The biological tissue is considered to be a viscoelastic material, but many studies based on a nanoindentation method have focused on their elasticity and microhardness. However, the response of many organic materials depends not only on the load magnitude, but also on its duration and time course. Depth Sensing Indentation (DSI) technique has been used for examination of creep in polymers, metals and composites. In the indentation tests on biological samples, the mechanical properties are most frequently determined for animal tissues (of an ox, a monkey, a pig, a rat, a mouse, a bovine). However, there are rare reports of studies of the bone viscoelastic properties on microstructural level. Various rheological models were used to describe the viscoelastic behaviours of bone, identified in the indentation process (e. g Burgers model, linear model, two-dashpot Kelvin model, Maxwell-Voigt model). The goal of the study was to determine the influence of creep effect on the mechanical properties of human cancellous bone in indentation tests. The aim of this research was also the assessment of the material properties of bone structures, having in mind the energy aspects of the curve (penetrator loading-depth) obtained in the loading/unloading cycle. There was considered how the different holding times affected the results within trabecular bone.As a result, indentation creep (CIT), hardness (HM, HIT, HV) and elasticity are obtained. Human trabecular bone samples (n=21; mean age 63±15yrs) from the femoral heads replaced during hip alloplasty were removed and drained from alcohol of 1h before the experiment. The indentation process was conducted using CSM Microhardness Tester equipped with Vickers indenter. Each sample was indented 35 times (7 times for 5 different hold times: t1=0.1s, t2=1s, t3=10s, t4=100s and t5=1000s). The indenter was advanced at a rate of 10mN/s to 500mN. There was used Oliver-Pharr method in calculation process. The increase of hold time is associated with the decrease of hardness parameters (HIT(t1)=418±34 MPa, HIT(t2)=390±50 MPa, HIT(t3)= 313±54 MPa, HIT(t4)=305±54 MPa, HIT(t5)=276±90 MPa) and elasticity (EIT(t1)=7.7±1.2 GPa, EIT(t2)=8.0±1.5 GPa, EIT(t3)=7.0±0.9 GPa, EIT(t4)=7.2±0.9 GPa, EIT(t5)=6.2±1.8 GPa) as well as with the increase of the elastic (Welastic(t1)=4.11∙10-7±4.2∙10-8Nm, Welastic(t2)= 4.12∙10-7±6.4∙10-8 Nm, Welastic(t3)=4.71∙10-7±6.0∙10-9 Nm, Welastic(t4)= 4.33∙10-7±5.5∙10-9Nm, Welastic(t5)=5.11∙10-7±7.4∙10-8Nm) and inelastic (Winelastic(t1)=1.05∙10-6±1.2∙10-7 Nm, Winelastic(t2) =1.07∙10-6±7.6∙10-8 Nm, Winelastic(t3)=1.26∙10-6±1.9∙10-7Nm, Winelastic(t4)=1.56∙10-6± 1.9∙10-7 Nm, Winelastic(t5)=1.67∙10-6±2.6∙10-7)) reaction of materials. The indentation creep increased logarithmically (R2=0.901) with increasing hold time: CIT(t1) = 0.08±0.01%, CIT(t2) = 0.7±0.1%, CIT(t3) = 3.7±0.3%, CIT(t4) = 12.2±1.5%, CIT(t5) = 13.5±3.8%. The pronounced impact of creep effect on the mechanical properties of human cancellous bone was observed in experimental studies. While the description elastic-inelastic, and thus the Oliver-Pharr method for data analysis, may apply in few limited cases, most biological tissues do not exhibit elastic-inelastic indentation responses. Viscoelastic properties of tissues may play a significant role in remodelling. The aspect is still under an analysis and numerical simulations. Acknowledgements: The presented results are part of the research project founded by National Science Centre (NCN), Poland, no.2014/15/B/ST7/03244.

Keywords: bone, creep, indentation, mechanical properties

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Authors: Rania Jradi, Christophe Marvillet, Mohamed Razak Jeday

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One of the most frequently encountered problems in industrial heat exchangers is fouling, which degrades the thermal and hydraulic performances of these types of equipment, leading thus to failure if undetected. And it occurs due to the accumulation of undesired material on the heat transfer surface. So, it is necessary to know about the heat exchanger fouling dynamics to plan mitigation strategies, ensuring a sustainable and safe operation. This paper proposes an Artificial Neural Network (ANN) approach to estimate the fouling resistance in a cross-flow heat exchanger by the collection of the operating data of the phosphoric acid concentration loop. The operating data of 361 was used to validate the proposed model. The ANN attains AARD= 0.048%, MSE= 1.811x10⁻¹¹, RMSE= 4.256x 10⁻⁶ and r²=99.5 % of accuracy which confirms that it is a credible and valuable approach for industrialists and technologists who are faced with the drawbacks of fouling in heat exchangers.

Keywords: cross-flow heat exchanger, fouling, estimation, phosphoric acid concentration loop, artificial neural network approach

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Authors: Yusuke Sugaya

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Our research conducts a cross-linguistic experimental investigation into the cognitive processes involved in distance judgment necessary for selecting demonstratives in deictic usage. Speakers may consider the addressee's judgment or apply certain criteria for distance judgment when they produce demonstratives. While it can be assumed that there are language and cultural differences, it remains unclear how these differences manifest across languages. This research conducted online experiments involving speakers of six languages—Japanese, Spanish, Irish, English, Italian, and French—in which a wide variety of drawings were presented on a screen, varying conditions from three perspectives: addressee, comparisons, and standard. The results of the experiments revealed various distinct features associated with demonstratives in each language, highlighting differences from a comparative standpoint. For one thing, there was an influence of a specific reference point (i.e., Standard) on the selection in Japanese and Spanish, whereas there was relatively an influence of competitors in English and Italian.

Keywords: demonstratives, cross-linguistic experiment, distance judgment, social cognition

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Authors: Natarajan Ramasamy, Gurulingamurthy Haralur, Ramesh Nivarthu, Nikhil Kumar Singha

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Elastomers are polymeric materials with varied backbone architectures ranging from linear to dendrimeric structures and wide varieties of monomeric repeat units. These elastomers show strongly viscous and weakly elastic when it is not cross-linked. But when crosslinked, based on the extent the properties of these elastomers can range from highly flexible to highly stiff nature. Lightly cross-linked systems are well studied and reported. Understanding the nature of highly cross-linked rubber based upon chemical structure and architecture is critical for varieties of applications. One of the critical parameters is cross-link density. In the current work, we have studied the highly cross-linked state of linear, lightly branched to star-shaped branched elastomers and determined the cross-linked density by using different models. Change in hardness, shift in Tg, change in modulus and swelling behavior were measured experimentally as a function of the extent of curing. These properties were analyzed using varied models to determine cross-link density. We used hardness measurements to examine cure time. Hardness to the extent of curing relationship is determined. It is well known that micromechanical transitions like Tg and storage modulus are related to the extent of crosslinking. The Tg of the elastomer in different crosslinked state was determined by DMA, and based on plateau modulus the crosslink density is estimated by using Nielsen’s model. Usually for lightly crosslinked systems, based on equilibrium swelling ratio in solvent the cross link density is estimated by using Flory–Rhener model. When it comes to highly crosslinked system, Flory-Rhener model is not valid because of smaller chain length. So models based on the assumption of polymer as a Non-Gaussian chain like 1) Helmis–Heinrich–Straube (HHS) model, 2) Gloria M.gusler and Yoram Cohen Model, 3) Barbara D. Barr-Howell and Nikolaos A. Peppas model is used for estimating crosslink density. In this work, correction factors are determined to the existing models and based upon it structure-property relationship of highly crosslinked elastomers was studied.

Keywords: dynamic mechanical analysis, glass transition temperature, parts per hundred grams of rubber, crosslink density, number of networks per unit volume of elastomer

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Authors: Ezgi Avci-Surucu, Doganbey Akgul

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Turkey’s energy reforms has achieved energy security through a variety of interlinked measures including electricity, gas, renewable energy and energy efficiency legislation; the establishment of an energy sector regulatory authority; energy price reform; the creation of a functional electricity market; restructuring of state-owned energy enterprises; and private sector participation through privatization and new investment. However, current strategies, namely; “Electricity Sector Reform and Privatization Strategy” and “Electricity Market and Supply Security Strategy” has been criticized for various aspects. The present paper analyzes the implementation of the aforementioned strategies in the framework of generation scheduling, transmission constraints, bidding structure and general aspects; and argues the deficiencies of current strategies which decelerates power investments and creates uncertainties. We conclude by policy suggestions to eliminate these deficiencies in terms of price and risk management, infrastructure, customer focused regulations and systematic market development.

Keywords: electricity markets, risk management, regulations, balancing and settlement, bilateral trading, generation scheduling, bidding structure

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Authors: Bundit Pungnirund, Boonyada Pahasing

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The objective of this research is to study factors related to behaviors of Thai travelers traveling to Koh Kret Island, Nonthaburi Province. The subjects of this study included 400 Thai travelers coming to Koh Kred. Questionnaires were used to collect data which were analyzed by computer program to find mean and correlation coefficient by Pearson. The results showed that Thai travelers reported their opinions and attitudes in high level on the marketing service mix, product, price, place, promotion, personal, physical evidence, and process. They reported on travelling motivation factor, tourist attraction, and facility at high level. Moreover, marketing service mix, product, price, place, promotion, personal, physical, and process including travelling motivation factor, tourist attraction, and facility had positive relationship with the frequency in travelling at statistically significant level (0.01), though in a low relationship but in the same direction.

Keywords: factors, behaviors, Thai travelers, Koh Kled, Nonthaburi Province

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Authors: Miroslav Čulík, Petr Gurný

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This paper is aimed at the financial assessment of the hard coal mining in a given region by real option methodology application. Hard coal mining in this mine makes net loss for the owner during the last years due to the long-term unfavourable mining conditions and significant drop in the coal prices during the last years. Management is going to shut down the operation and abandon the project to reduce the loss of the company. The goal is to assess whether the shutting down the operation is the only and correct solution of the problem. Due to the uncertainty in the future hard coal price evolution, the production might be again restarted if the price raises enough to cover the cost of the production. For the assessment, real option methodology is applied, which captures two important aspect of the financial decision-making: risk and flexibility. The paper is structured as follows: first, current state is described and problem is analysed. Next, methodology of real options is described. At last, project is evaluated by applying real option methodology. The results are commented and recommendations are provided.

Keywords: real option, investment, option to abandon, option to shut down and restart, risk, flexibility

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Authors: Ibrahim Suliman Hanaish

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Disaggregation daily rainfall using stochastic models formulated based on multivariate approach (MuDRain) is discussed in this paper. Seven rain gauge stations are considered in this study for different distances from the referred station starting from 4 km to 160 km in Peninsular Malaysia. The hourly rainfall data used are covered the period from 1973 to 2008 and July and November months are considered as an example of dry and wet periods. The cross-correlation among the rain gauges is considered for the available hourly rainfall information at the neighboring stations or not. This paper discussed the applicability of the MuDRain model for disaggregation daily rainfall to hourly rainfall for both sources of cross-correlation. The goodness of fit of the model was based on the reproduction of fitting statistics like the means, variances, coefficients of skewness, lag zero cross-correlation of coefficients and the lag one auto correlation of coefficients. It is found the correlation coefficients based on extracted correlations that was based on daily are slightly higher than correlations based on available hourly rainfall especially for neighboring stations not more than 28 km. The results showed also the MuDRain model did not reproduce statistics very well. In addition, a bad reproduction of the actual hyetographs comparing to the synthetic hourly rainfall data. Mean while, it is showed a good fit between the distribution function of the historical and synthetic hourly rainfall. These discrepancies are unavoidable because of the lowest cross correlation of hourly rainfall. The overall performance indicated that the MuDRain model would not be appropriate choice for disaggregation daily rainfall.

Keywords: rainfall disaggregation, multivariate disaggregation rainfall model, correlation, stochastic model

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Authors: Ashfaque Hossain Khan, Brian Thomson, Ratan Debnath, Abhishek Motayed, Mulpuri V. Rao

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Though the efforts had been made, the problem of cross-sensitivity for a single metal oxide-based sensor can’t be fully eliminated. In this work, a sensor array has been designed and fabricated comprising of platinum (Pt), copper (Cu), and silver (Ag) decorated TiO2 and ZnO functionalized GaN nanowires using industry-standard top-down fabrication approach. The metal/metal-oxide combinations within the array have been determined from prior molecular simulation study using first principle calculations based on density functional theory (DFT). The gas responses were obtained for both single and mixture of NO2, SO2, ethanol, and H2 in the presence of H2O and O2 gases under UV light at room temperature. Each gas leaves a unique response footprint across the array sensors by which precise discrimination of cross-sensitive gases has been achieved. An unsupervised principal component analysis (PCA) technique has been implemented on the array response. Results indicate that each gas forms a distinct cluster in the score plot for all the target gases and their mixtures, indicating a clear separation among them. In addition, the developed array device consumes very low power because of ultra-violet (UV) assisted sensing as compared to commercially available metal-oxide sensors. The nanowire sensor array, in combination with PCA, is a potential approach for precise real-time gas monitoring applications.

Keywords: cross-sensitivity, gas sensor, principle component analysis (PCA), sensor array

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Authors: Priyanka Kumari Gupta, Punya Prasanna Paltani, Shrivishal Tripathi

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This paper proposes a nonlinear photonic crystal ring resonator-based all-optical 2 × 2 switch. The nonlinear Kerr effect is used to evaluate the essential 2 x 2 components of the photonic crystal-based optical switch, including the bar and cross states. The photonic crystal comprises a two-dimensional square lattice of dielectric rods in an air background. In the background air, two different dielectric materials are used for this comparison study separately. Initially with chalcogenide glass rods, then with GaAs rods. For both materials, the operating wavelength, bandgap diagram, operating power intensities, and performance parameters, such as the extinction ratio, insertion loss, and cross-talk of an optical switch, have also been estimated using the plane wave expansion and the finite-difference time-domain method. The chalcogenide glass material (Ag20As32Se48) has a high refractive index of 3.1 which is highly suitable for switching operations. This dielectric material is immersed in an air background with a nonlinear Kerr coefficient of 9.1 x 10-17 m2/W. The resonance wavelength is at 1552 nm, with the operating power intensities at the cross-state and bar state around 60 W/μm2 and 690 W/μm2. The extinction ratio, insertion loss, and cross-talk value for the chalcogenide glass at the cross-state are 17.19 dB, 0.051 dB, and -17.14 dB, and the bar state, the values are 11.32 dB, 0.025 dB, and -11.35 dB respectively. The gallium arsenide (GaAs) dielectric material has a high refractive index of 3.4, a direct bandgap semiconductor material highly preferred nowadays for switching operations. This dielectric material is immersed in an air background with a nonlinear Kerr coefficient of 3.1 x 10-16 m2/W. The resonance wavelength is at 1558 nm, with the operating power intensities at the cross-state and bar state around 110 W/μm2 and 200 W/μm2. The extinction ratio, insertion loss, and cross-talk value for the chalcogenide glass at the cross-state are found to be 3.36.19 dB, 2.436 dB, and -5.8 dB, and for the bar state, the values are 15.60 dB, 0.985 dB, and -16.59 dB respectively. This paper proposes an all-optical 2 × 2 switch based on a nonlinear photonic crystal using a ring resonator. The two-dimensional photonic crystal comprises a square lattice of dielectric rods in an air background. The resonance wavelength is in the range of photonic bandgap. Later, another widely used material, GaAs, is also considered, and its performance is compared with the chalcogenide glass. Our presented structure can be potentially applicable in optical integration circuits and information processing.

Keywords: photonic crystal, FDTD, ring resonator, optical switch

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Authors: Johannes Matiasek

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Introduction and Aims: Octenidine is a common antiseptic agent in the area of surgical interventions because of its antimicrobial efficacy and outstanding biocompatibility index. We investigate the direct postoperative application of octenilin® on typical procedures in the field of plastic surgery in a prospective, randomized controlled intervention study. The aim of this study is to determine the influence of a direct postoperative application of an octenidine-containing wound gel on wound healing and scarring after abdominoplasty. Material and Methods: In this study, we enrolled 33 patients who underwent abdominoplasty because of medical indications (e.g. Cutis laxa abdominis). To ensure an intraindividual comparison, each patient received both dressings (study-group: octenilin® wound gel; control-group: Omnistrip® dry plaster) immediately after surgery. We evaluate wound-healing tendency, pain during dressing changes and scar formation after two weeks, three, six and twelve months. Regarding scar-evaluation skin-elasticity, sebum on the skin, transepidermal waterloss, skin hydration, melanin content and erythema level were determined with special probes. Furthermore the Vancouver Scar Scale (VSS) and pain level during dressing change are determined. Results: At the time of surgery the mean patient’s age was 44.1 years. On average 5.6 dressing changes were necessary. Wound healing disorders occurred more often in the control-group. In the control-group (dry plaster Omnistrip®) patients reported significantly more pain and superficial skin injuries during dressing changes occurred. Objective scar-evaluation after 3, 6 and 12 months resulted in a significant higher skin-elasticity and significant lower transepidermal water loss in the octenilin® group which is confirmed in the VSS. Conclusion: The immediate postoperative application of the octenidine-containing hydrogel octenilin® after abdominoplasty results in favoured scar formation compared to our actual standard therapy. Less hypertrophic scar formation was observed in the study-group.

Keywords: abdominoplasty, octenidine, scarring, wound healing

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Authors: Yosra Mefteh Rekik, Younes Boujelbene

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We introduce in this paper a new conceptual model representing the stock market dynamics. This model is essentially based on cognitive behavior of the intelligence investors. In order to validate our model, we build an artificial stock market simulation based on agent-oriented methodologies. The proposed simulator is composed of market supervisor agent essentially responsible for executing transactions via an order book and various kinds of investor agents depending to their profile. The purpose of this simulation is to understand the influence of psychological character of an investor and its neighborhood on its decision-making and their impact on the market in terms of price fluctuations. Therefore, the difficulty of the prediction is due to several features: the complexity, the non-linearity and the dynamism of the financial market system, as well as the investor psychology. The Artificial Neural Networks learning mechanism take on the role of traders, who from their futures return expectations and place orders based on their expectations. The results of intensive analysis indicate that the existence of agents having heterogeneous beliefs and preferences has provided a better understanding of price dynamics in the financial market.

Keywords: artificial intelligence methods, artificial stock market, behavioral modeling, multi-agent based simulation

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Authors: M. F. Wu, F. T. Cheng

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Leather industry is the most important traditional industry to provide the leather products in the world for thousand years. The fierce global competitive environment and common awareness of global carbon reduction make livestock supply quantities falling, salt and wet blue leather material reduces and the price skyrockets significantly. Exchange rate fluctuation led sales revenue decreasing which due to the differences of export exchanges and compresses the overall profitability of leather industry. This paper applies activity-based benefit assessment approach to build up fitness fur input mixed model, fur is Wet Blue, which concerned with four key factors: the output rate of wet blue, unit cost of wet blue, yield rate and grade level of Wet Blue to achieve the low cost strategy under given unit price of leather product condition of the company. The research findings indicate that applying this model may improve the input cost structure, decrease numbers of leather product inventories and to raise the competitive advantages of the enterprise in the future.

Keywords: activity-based benefit assessment approach, input mixed, output rate, wet blue

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Authors: M. G. Cattaneo

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The non-effectiveness of certain codified human rights is particularly apparent with reference to the lack of access to essential drugs in developing countries, which represents a breach of the human right to receive adequate health assistance. This paper underlines the conflict and the legal contradictions between human rights, namely health rights, international Intellectual Property Rights, in particular patent law, as well as international trade law. The paper discusses the crucial links between R&D costs for innovation, patents and new medical drugs, with the goal of reformulating the hierarchies of priorities and of interests at stake in the international intellectual property (IP) law system. Different from what happens today, International patent law should be a legal instrument apt at rebalancing an axiological asymmetry between the (conflicting) needs at stake The core argument in the paper is the proposal of an alternative pathway, namely a feasible proposal for a patent law reform. IP laws tend to balance the benefits deriving from innovation with the costs of the provided monopoly, but since developing countries and industrialized countries are in completely different political and economic situations, it is necessary to (re)modulate such exchange according to the different needs. Based on this critical analysis, the paper puts forward a proposal, called Trading Time for Space (TTS), whereby a longer time for patent exclusive life in western countries (Time) is offered to the patent holder company, in exchange for the latter selling the medical drug at cost price in developing countries (Space). Accordingly, pharmaceutical companies should sell drugs in developing countries at the cost price, or alternatively grant a free license for the sale in such countries, without any royalties or fees. However, such social service shall be duly compensated. Therefore, the consideration for such a service shall be an extension of the temporal duration of the patent’s exclusive in the country of origin that will compensate the reduced profits caused by the supply at the price cost in developing countries.

Keywords: global health, global justice, patent law reform, access to drugs

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Authors: Ling Qi, Matloob Khushi, Josiah Poon

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This paper introduces a pre-trained Masked Candlestick Model (MCM) for trading time-series data. The pre-trained model is based on three core designs. First, we convert trading price data at each data point as a set of normalized elements and produce embeddings of each element. Second, we generate a masked sequence of such embedded elements as inputs for self-supervised learning. Third, we use the encoder mechanism from the transformer to train the inputs. The masked model learns the contextual relations among the sequence of embedded elements, which can aid downstream classification tasks. To evaluate the performance of the pre-trained model, we fine-tune MCM for three different downstream classification tasks to predict future price trends. The fine-tuned models achieved better accuracy rates for all three tasks than the baseline models. To better analyze the effectiveness of MCM, we test the same architecture for three currency pairs, namely EUR/GBP, AUD/USD, and EUR/JPY. The experimentation results demonstrate MCM’s effectiveness on all three currency pairs and indicate the MCM’s capability for signal extraction from trading data.

Keywords: masked language model, transformer, time series prediction, trading prediction, embedding, transfer learning, self-supervised learning

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Authors: Adeola Adenikinju, Olusanya E. Olubusoye, Lateef O. Akinpelu, Dilinna L. Nwobi

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Since the enactment of the Fiscal Responsibility Act (2007), the Federal Government of Nigeria (FGN) has made public its fiscal budget and the subsequent implementation report. A critical review of these documents shows significant variations in the five macroeconomic variables which are inputs in each Presidential budget; oil Production target (mbpd), oil price ($), Foreign exchange rate(N/$), and Gross Domestic Product growth rate (%) and inflation rate (%). This results in underperformance of the Federal budget expected output in terms of non-oil and oil revenue aggregates. This paper evaluates first the existing variance between budgeted and actuals, then the relationship and causality between the determinants of Federal fiscal budget assumptions, and finally the determinants of FGN’s Gross Oil Revenue. The paper employed the use of descriptive statistics, the Autoregressive distributed lag (ARDL) model, and a Profit oil probabilistic model to achieve these objectives. This model permits for both the static and dynamic effect(s) of the independent variable(s) on the dependent variable, unlike a static model that accounts for static or fixed effect(s) only. It offers a technique for checking the existence of a long-run relationship between variables, unlike other tests of cointegration, such as the Engle-Granger and Johansen tests, which consider only non-stationary series that are integrated of the same order. Finally, even with small sample size, the ARDL model is known to generate a valid result, for it is the dependent variable and is the explanatory variable. The results showed that there is a long-run relationship between oil revenue as a proxy for budget performance and its determinants; oil price, produced oil quantity, and foreign exchange rate. There is a short-run relationship between oil revenue and its determinants; oil price, produced oil quantity, and foreign exchange rate. There is a long-run relationship between non-oil revenue and its determinants; inflation rate, GDP growth rate, and foreign exchange rate. The grangers’ causality test results show that there is a mono-directional causality between oil revenue and its determinants. The Federal budget assumptions only explain 68% of oil revenue and 62% of non-oil revenue. There is a mono-directional causality between non-oil revenue and its determinants. The Profit oil Model describes production sharing contracts, joint ventures, and modified carrying arrangements as the greatest contributors to FGN’s gross oil revenue. This provides empirical justification for the selected macroeconomic variables used in the Federal budget design and performance evaluation. The research recommends other variables, debt and money supply, be included in the Federal budget design to explain the Federal budget revenue performance further.

Keywords: ARDL, budget performance, oil price, oil quantity, oil revenue

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Authors: Peter Shi

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Algorithmic trading is a rapidly expanding domain within quantitative finance, constituting a substantial portion of trading volumes in the US financial market. The demand for rigorous and robust mathematical theories underpinning these trading algorithms is ever-growing. In this study, the author establishes a new stock market model that integrates the Efficient Market Hypothesis and the statistical arbitrage. The model, for the first time, finds probabilistic relations between the rational price and the market price in terms of the conditional expectation. The theory consequently leads to a mathematical justification of the old market adage: buy-low and sell-high. The thresholds for “low” and “high” are precisely derived using a max-min operation on Bayes’s error. This explicit connection harmonizes the Efficient Market Hypothesis and Statistical Arbitrage, demonstrating their compatibility in explaining market dynamics. The amalgamation represents a pioneering contribution to quantitative finance. The study culminates in comprehensive numerical tests using historical market data, affirming that the “buy-low” and “sell-high” algorithm derived from this theory significantly outperforms the general market over the long term in four out of six distinct market environments.

Keywords: efficient market hypothesis, behavioral finance, Bayes' decision, algorithmic trading, risk control, stock market

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Authors: Mohsen Solimani Babarsad, Mohammad Rastgoo, Payam Taheri

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One of the important applications of hydraulic jets is used for discharge industrial, agricultural and urban wastewater into the rivers or other ambient water to reduce negative effects of pollutant water. Submerged jets due to turbulent condition can mix large amount of dense pollutant water with ambient flow. This study is conducted to investigate the distribution and length of the mixing zone in hydraulic jet's flow field with change in cross section shapes of nozzle. Toward this end, three shapes of cross section (square, circle and rectangular) and three saline densities current with different concentration are considered in a flume with 600 cm as long, 100 cm as high and 150 cm in width. Various discharges were used to evaluate mixing length for a wide range of densimetric Froude numbers, Frd, from 100 to 550 that is defined at the nozzle. Consequently, the circular nozzle, in comparison with other sections, has a densimetric Froude number 11% higher than square nozzle and 26% higher than rectangular nozzle.

Keywords: hydraulic jet, mixing zone, densimetric Froude number, nozzle

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Authors: Loice K. Gudukeya, Charles Mbohwa

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The research investigates hydropower plant efficiency with a view to improving the power output while keeping the overall project cost per kilowatt produced within an acceptable range. It reviews the commonly used Pelton and Cross-flow turbines which are employed in the region for micro-hydro power plants. Turbine parameters such as surface texture, material used and fabrication processes are dealt with the intention of increasing the efficiency by 20 to 25 percent for the micro hydro-power plants.

Keywords: hydro, power plant, efficiency, manufacture

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Authors: Ashmita Mukherjee, Yogesh Harishchandra Kabutare, Suritra Bandyopadhyay, Paulomi Ghosh

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Uncontrolled bleeding in the battlefield and the operation rooms can lead to serious injuries, trauma and even be lethal. Keratin was reported to be a haemostatic material which rapidly activates thrombin followed by activation of fibrinogen leading to the formation of insoluble fibrin. Also platelets, the main initiator of haemostasis are reported to adhere to keratin. However, the major limitation of pure keratin as a biomaterial is its poor physical property and corresponding low mechanical strength. To overcome this problem, keratin was cross-linked with alginate to increase its mechanical stability. In our study, Keratin extracted from feather waste showed yield of 80.5% and protein content of 8.05 ± 0.43 mg/mL (n=3). FTIR and CD spectroscopy confirmed the presence of the essential functional groups and preservation of the secondary structures of keratin. The keratin was then cross-linked with alginate to make a dope. The dope was used to draw fibers of desired diameters in a suitable coagulation bath using a customized wet spinning setup. The resultant morphology of keratin fibers was observed under a brightfield microscope. The FT-IR analysis implied that there was a presence of both keratin and alginate peaks in the fibers. The cross-linking was confirmed in the keratin alginate fibers by a shift of the amide A and amide B peaks towards the right and disappearance of the peak for N-H stretching (1534.68 cm-1). Blood was drawn in citrate vacutainers for whole blood clotting test and blood clotting kinetics, which showed that the keratin fibers could accelerate blood coagulation compared to that of alginate fibers and tissue culture plate. Additionally, cross-linked keratin-alginate fiber was found to have lower haemolytic potential compared to alginate fiber. Thus, keratin cross-linked fibers can have potential applications to combat unrestrained bleeding.

Keywords: biomaterial, biowaste, fiber, keratin

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Authors: Sandra Hartl, Meena Chavan

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This paper presents the outcome of a four year Ph.D. research on cross-cultural conflict management in transnational business relationships. An important and complex problem about managing conflicts that arise across cultures in business relationships is investigated, and conflict resolution strategies are identified. This paper particularly focuses on transnational relationships within a Chinese, German and Middle Eastern framework. Unlike many papers on this issue which have been built on experiments with international MBA students, this research provides real-life cases of cross-cultural conflicts which are not easy to capture. Its uniqueness is underpinned as the real case data was gathered by interviewing top executives at management positions in large multinational corporations through a qualitative case study method approach. This paper makes a valuable contribution to the theory of cross-cultural conflicts, and despite the sensitivity, this research primarily presents real-time business data about breaches of contracts between two counterparties engaged in transnational operating organizations. The overarching aim of this research is to identify the degree of significance for the cultural factors and the communication factors embedded in cross-cultural business conflicts. It questions from a cultural perspective what factors lead to the conflicts in each of the cases, what the causes are and the role of culture in identifying effective strategies for resolving international disputes in an increasingly globalized business world. The results of 20 face to face interviews are outlined, which were conducted, recorded, transcribed and then analyzed using the NVIVO qualitative data analysis system. The outcomes make evident that the factors leading to conflicts are broadly organized under seven themes, which are communication, cultural difference, environmental issues, work structures, knowledge and skills, cultural anxiety and personal characteristics. When evaluating the causes of the conflict it is to notice that these are rather multidimensional. Irrespective of the conflict types (relationship or task-based conflict or due to individual personal differences), relationships are almost always an element of all conflicts. Cultural differences, which are a critical factor for conflicts, result from different cultures placing different levels of importance on relationships. Communication issues which are another cause of conflict also reflect different relationships styles favored by different cultures. In identifying effective strategies for solving cross-cultural business conflicts this research identifies that solutions need to consider the national cultures (country specific characteristics), organizational cultures and individual culture, of the persons engaged in the conflict and how these are interlinked to each other. Outcomes identify practical dispute resolution strategies to resolve cross-cultural business conflicts in reference to communication, empathy and training to improve cultural understanding and cultural competence, through the use of mediation. To conclude, the findings of this research will not only add value to academic knowledge of cross-cultural conflict management across transnational businesses but will also add value to numerous cross-border business relationships worldwide. Above all it identifies the influence of cultures and communication and cross-cultural competence in reducing cross-cultural business conflicts in transnational business.

Keywords: business conflict, conflict management, cross-cultural communication, dispute resolution

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Authors: Majid Lotfi Ghahroud, Seyed Jalal Tabatabaei, Ebrahim Karami, AmirArsalan Ghergherechi, Amir Ali Saeidi

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In this study, the relationship between investment growth and stock returns of companies listed in Tehran Stock Exchange and whether their relationship -behavioral or risk factors- are discussed. Generally, there are two perspectives; risk-based approach and behavioral approach. According to the risk-based approach due to increase investment, systemic risk and consequently the stock returns are reduced. But due to the second approach, an excessive optimism or pessimism leads to assuming stock price with high investment growth in the past, higher than its intrinsic value and the price of stocks with lower investment growth, less than its intrinsic value. The investigation period is eight years from 2007 to 2014. The sample consisted of all companies listed on the Tehran Stock Exchange. The method is a portfolio test, and the analysis is based on the t-student test (t-test). The results indicate that there is a negative relationship between investment growth and stock returns of companies and this negative correlation is stronger for firms with higher cash flow. Also, the negative relationship between asset growth and stock returns is due to behavioral factors.

Keywords: behavioral theory, investment growth, risk-based theory, stock returns

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Authors: Biniam Tedros Kahsay, Yohannes Yebabe Tesfay

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Eritrea is a country in the East of Africa. The country is a neighbor of Djibouti, Ethiopia, and Sudan and is bordered by the Red Sea. The country declared its independence from Ethiopia in 1993. Thus, Eritrea has a lot of commonalities with the Northern Part of Ethiopia's tradition, religion, and languages. Many economists suggested that Eritrea is in a very strategic position for world trade roots and has an impact on geopolitics. This study focused on identifying the most important factor in boosting the Eritrean Economy. The paper collected big secondary data from the World Bank, International Trade and Tariff Data (WTO), East African Community (EAC), Ethiopian Statistical Agency (ESA), and the National Statistics Office (Eritrea). Economists consider economic and population growth in determining trade belts in East Africa. One of the most important Trade Belt that will potentially boost the Eritrean economy is the root of Eritrea (Massawa)->Eritea, (Asmara)->Tigray, (Humora)->Tigray, (Dansha)-> Gondar-> Gojjam-> Benshangual Gumuz => {Oromia, South Sudan}->Uganda. The estimate showed that this is one of the biggest trade roots in East Africa and has a participation of more than 150 million people. We employed various econometric analyses to predict the GDP of Eritrea, considering the future trade belts in East Africa. The result showed that the economy of Eritrea from the Trade Belt will have an elasticity estimate of 65.87% of the GDP of Ethiopia, 3.32% of the GDP of South Sudan, and 0.09% of the GDP of Uganda. The result showed that the existence of war has an elasticity of -93% to the GDP of the country. Thus, if Eritrea wants to strengthen its economy from the East African Trade Belt, the country needs to permanently avoid war in the region. Essentially, the country needs to establish a collaborative platform with the Northern part of Ethiopia (Tigray). Thus, establishing a mutual relationship with Tigray will boost the Eritrean economy. In that regard, Eritrean scholars and policymakers need to work on establishing the East African Trade Belt to boost their economy.

Keywords: Eritrea, east Africa trade belt, GDP, cointegration analysis, critical path analysis

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Authors: Kalpana Poudel-Tandukar

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Background: Human Immunodeficiency Virus (HIV) infection has been frequently associated with vitamin D deficiency and depression. Vitamin D deficiency increases the risk of depression in people without HIV. We assessed the cross-sectional and prospective associations between serum concentrations of 25-hydroxyvitamin D (25[OH]D) and depression in a HIV-positive people. Methods: A survey was conducted among 316 HIV-positive people aged 20-60 years residing in Kathmandu, Nepal for a cross-sectional association at baseline, and among 184 participants without depressive symptoms at baseline who responded to both baseline (2010) and follow-up (2011) surveys for prospective association. The competitive protein-binding assay was used to measure 25(OH)D levels and the Beck Depression Inventory-Ia method was used to measure depression, with cut off score 20 or higher. Relationships were assessed using multiple logistic regression analysis with adjustment of potential confounders. Results: The proportion of participants with 25(OH)D level of <20ng/mL, 20-30ng/mL, and >30ng/mL were 83.2%, 15.5%, and 1.3%, respectively. Only four participants with 25(OH)D level of >30ng/mL were excluded in the further analysis. The mean 25(OH)D level in men and women were 15.0ng/mL and 14.4ng/mL, respectively. Twenty six percent of participants (men:23%; women:29%) were depressed. Participants with 25(OH)D level of < 20 ng/mL had a 1.4 fold higher odds of depression in a cross-sectional and 1.3 fold higher odds of depression after 18 months of baseline compared to those with 25(OH)D level of 20-30ng/mL (p=0.40 and p=0.78, respectively). Conclusion: Vitamin D may not have significant impact against depression among HIV-positive people with 25(OH)D level below normal ( > 30ng/mL).

Keywords: depression, HIV, Nepal, vitamin D

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Authors: Hisham Elmouazen, Xiaobing Zhang

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In regenerative-cooled rocket engines, understanding the coolant behaviour within cooling channels is essential to enhance engine performance and maintain chamber walls at low temperatures. However, modelling and testing the rocket engine's cooling channels is challenging due to the high temperature of the chamber walls, supercritical flow, and high Reynolds number. Therefore, a numerical analysis of five different V-rib cross-sections to optimize rocket engine cooling channels' performance is developed and validated in this work. Three-dimensional CFD simulations are employed by the Shear Stress Transport (k- ω) turbulent model at Reynolds number 42,500. The study findings illustrate that the V-ribbed channel performance is optimized by 59.5% relative to the plain/flat channel. Additionally, the chamber wall temperature is decreased to 726.4 K, and the right-angle trapezoidal V-rib (Case 4) improves thermal augmentation up to 74.3 % with a slightly high friction factor.

Keywords: computational fluid dynamics CFD, regenerative-cooled system, thermal performance, V-rib cross-sections

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Authors: Hung-Yi Chen, Shih-Jye Wu

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The existing literature provides little discussion on why a public monopolist gives up its market dominant position and allows private firms entering the market. We argue that the privatization of a public monopolist under a vertically related market may induce the entry of private firms. We develop a model of a mixed oligopoly with vertically related markets to explain the change in the market from a public monopolist to a mixed oligopoly and examine issues on privatizing the downstream public enterprise both in the short run and long run in the vertically related markets. We first show that the welfare-maximizing public monopoly firm is suboptimal in the vertically related markets. This is due to the fact that the privatization will reduce the input price charged by the upstream foreign monopolist. Further, the privatization will induce the entry of private firms since input price will decrease after privatization. Third, we demonstrate that the complete privatizing the public firm becomes a possible solution if the entry cost of private firm is low. Finally, we indicate that the public firm should partially privatize if the free-entry of private firms is allowed. JEL classification: F12, F14, L32, L33

Keywords: free entry, mixed oligopoly, public monopoly, the initiation of privatization, vertically related markets, mixed oligopoly

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Authors: Muhammad Tariq, Hammad Tahir, Fawwad Mahmood Butt

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Purpose: This study attempts to examine the best forecasting methodologies in the time series. The time series forecasting models such as VAR, ARCH and the ARMA are considered for the analysis. Methodology: The Bench Marks or the parameters such as Adjusted R square, F-stats, Durban Watson, and Direction of the roots have been critically and empirically analyzed. The empirical analysis consists of time series data of Consumer Price Index and Closing Stock Price. Findings: The results show that the VAR model performed better in comparison to other models. Both the reliability and significance of VAR model is highly appreciable. In contrary to it, the ARCH model showed very poor results for forecasting. However, the results of ARMA model appeared double standards i.e. the AR roots showed that model is stationary and that of MA roots showed that the model is invertible. Therefore, the forecasting would remain doubtful if it made on the bases of ARMA model. It has been concluded that VAR model provides best forecasting results. Practical Implications: This paper provides empirical evidences for the application of time series forecasting model. This paper therefore provides the base for the application of best time series forecasting model.

Keywords: forecasting, time series, auto regression, ARCH, ARMA

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Authors: Zouleykha Belabbes

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Learning foreign languages is sine qua non in the era of globalization, mobility, and communications, which grants access and connectedness to the world. This urgent need is highlighted in monolingual settings, however, in multilingual contexts the case is, to some extent, complicated. In effect, research on bilingualism and multilingualism lead to the issue of Cross Linguistic Influence (CLI) which seeks to explain how and under which conditions prior linguistic knowledge of first language (L1) and / or second language (L2) influences the production, comprehension and development of a third language (L3) or additional language (Ln). Moreover, the issue of age is also one of the persistent topics in the field of language acquisition. This paper aims to scrutinize the effect of age and two previously known languages: Arabic (L1) and French (L2) in acquiring English (L3) phonology in Algerian context. The study consisted of 20 participants of different age range who were presented with recorded samples of English (L3). The findings confirm the results of some previous studies on the issue of Critical Period Hypothesis (CPH) and demonstrate a tendency for the L2 phonological transfer in L3 production at the initial stages of acquisition within young and later learners that for some circumstances diminished as L3 proficiency develop.

Keywords: acquisition, age effect, cross linguistic influence, L3 phonology

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Authors: Jinan Fiaidhi, Sabah Mohammed

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Cross-domain learning in the medical field is a research challenge as many conditions, like in oncology imaging, use different imaging modalities. Moreover, in most of the medical learning applications, the sample training size is relatively small. Although few-shot learning (FSL) through the use of a Siamese neural network was able to be trained on a small sample with remarkable accuracy, FSL fails to be effective for use in multiple domains as their convolution weights are set for task-specific applications. In this paper, we are addressing this problem by enabling FSL to possess the ability to shift across domains by designing a two-layer FSL network that can learn individually from each domain and produce a shared features map with extra modulation to be used at the second layer that can recognize important targets from mix domains. Our initial experimentations based on mixed medical datasets like the Medical-MNIST reveal promising results. We aim to continue this research to perform full-scale analytics for testing our cross-domain FSL learning.

Keywords: Siamese neural network, few-shot learning, meta-learning, metric-based learning, thick data transformation and analytics

Procedia PDF Downloads 40