Search results for: temporary price reduction

Authors: Tetsuji Tanaka, Jin Guo

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The extant literature has not succeeded in uncovering the common determinants of price volatility transmissions of agricultural commodities from international to local markets, and further, has rarely investigated the role of self-sufficiency measures in the context of national food security. We analyzed various factors to determine the degree of price volatility transmissions of wheat, rice, and maize between world and domestic markets using GARCH models with dynamic conditional correlation (DCC) specifications and panel-feasible generalized least square models. We found that the grain autarky system has the potential to diminish volatility pass-throughs for three grain commodities. Furthermore, it was discovered that the substitutive commodity consumption behavior between maize and wheat buffers the volatility transmissions of both, but rice does not function as a transmission-relieving element, either for the volatilities of wheat or maize. The effectiveness of grain consumption substitution to insulate the pass-throughs from global markets is greater than that of cereal self-sufficiency. These implications are extremely beneficial for developing governments to protect their domestic food markets from uncertainty in foreign countries and as such, improves food security.

Keywords: food security, GARCH, grain self-sufficiency, volatility transmission

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Authors: Doo Ki Lee, Kumaresh Selvakumar, Man Young Kim, In Jae Song

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The widespread utilization of mixer in selective catalytic reduction (SCR) system marks a remarkable advantage in diesel engines. In the automotive selective catalytic reduction (SCR) system, the de-NOX efficiency can be improved by highly uniform flow with effective turbulent mixing. In this paper, the exhaust pipe is complemented with the swirling mixers of three different vane angles installed at the upstream of the SCR reactor. The attributes of the mixer are established by the variation in flow behavior followed by the drawback owing to the absence of mixer. In particular, the information pertaining to the selection of proper static mixer is provided based on the correlation between the uniformity index (UI) and the pressure drop. The uniform distribution of the flow at the entrance of the SCR reactor aids to determine the configuration which gives high mixing performance and comprehend the function of the mixer.

Keywords: pressure drop, selective catalytic reduction, static mixer, turbulent mixing, uniformity index

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Authors: Cristian Păuna

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In the first decades of the 21st century, in the electronic trading environment, algorithmic capital investments became the primary tool to make a profit by speculations in financial markets. A significant number of traders, private or institutional investors are participating in the capital markets every day using automated algorithms. The autonomous trading software is today a considerable part in the business intelligence system of any modern financial activity. The trading decisions and orders are made automatically by computers using different mathematical models. This paper will present one of these models called Price Prediction Line. A mathematical algorithm will be revealed to build a reliable trend line, which is the base for limit conditions and automated investment signals, the core for a computerized investment system. The paper will guide how to apply these tools to generate entry and exit investment signals, limit conditions to build a mathematical filter for the investment opportunities, and the methodology to integrate all of these in automated investment software. The paper will also present trading results obtained for the leading German financial market index with the presented methods to analyze and to compare different automated investment algorithms. It was found that a specific mathematical algorithm can be optimized and integrated into an automated trading system with good and sustained results for the leading German Market. Investment results will be compared in order to qualify the presented model. In conclusion, a 1:6.12 risk was obtained to reward ratio applying the trigonometric method to the DAX Deutscher Aktienindex on 24 months investment. These results are superior to those obtained with other similar models as this paper reveal. The general idea sustained by this paper is that the Price Prediction Line model presented is a reliable capital investment methodology that can be successfully applied to build an automated investment system with excellent results.

Keywords: algorithmic trading, automated trading systems, high-frequency trading, DAX Deutscher Aktienindex

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Authors: Akrem Sellami, Imed Riadh Farah, Basel Solaiman

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With the development of HyperSpectral Imagery (HSI) technology, the spectral resolution of HSI became denser, which resulted in large number of spectral bands, high correlation between neighboring, and high data redundancy. However, the semantic interpretation is a challenging task for HSI analysis due to the high dimensionality and the high correlation of the different spectral bands. In fact, this work presents a dimensionality reduction approach that allows to overcome the different issues improving the semantic interpretation of HSI. Therefore, in order to preserve the spatial information, the Tensor Locality Preserving Projection (TLPP) has been applied to transform the original HSI. In the second step, knowledge has been extracted based on the adjacency graph to describe the different pixels. Based on the transformation matrix using TLPP, a weighted matrix has been constructed to rank the different spectral bands based on their contribution score. Thus, the relevant bands have been adaptively selected based on the weighted matrix. The performance of the presented approach has been validated by implementing several experiments, and the obtained results demonstrate the efficiency of this approach compared to various existing dimensionality reduction techniques. Also, according to the experimental results, we can conclude that this approach can adaptively select the relevant spectral improving the semantic interpretation of HSI.

Keywords: band selection, dimensionality reduction, feature extraction, hyperspectral imagery, semantic interpretation

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Authors: Zoran Herceg, Višnja Stulić, Anet Režek Jambrak, Tomislava Vukušić

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Electrical discharge plasma is a new non-thermal processing technique which is used for the inactivation of contaminating and hazardous microbes in liquids. Plasma is a source of different antimicrobial species including UV photons, charged particles, and reactive species such as superoxide, hydroxyl radicals, nitric oxide and ozone. Escherichia coli was studied as foodborne pathogen. The aim of this work was to examine inactivation effects of electrical discharge plasma treatment on the Escherichia coli MG 1655 in pure culture. Two types of plasma configuration and polarity were used. First configuration was with titanium wire as high voltage needle and another with medical stainless steel needle used to form bubbles in treated volume and titanium wire as high voltage needle. Model solution samples were inoculated with Escerichia coli MG 1655 and treated by electrical discharge plasma at treatment time of 5 and 10 min, and frequency of 60, 90 and 120 Hz. With the first configuration after 5 minutes of treatment at frequency of 120 Hz the inactivation rate was 1.3 log₁₀ reduction and after 10 minutes of treatment the inactivation rate was 3.0 log₁₀ reduction. At the frequency of 90 Hz after 10 minutes inactivation rate was 1.3 log₁₀ reduction. With the second configuration after 5 minutes of treatment at frequency of 120 Hz the inactivation rate was 1.2 log₁₀ reduction and after 10 minutes of treatment the inactivation rate was also 3.0 log₁₀ reduction. In this work it was also examined the formation of biofilm, nucleotide and protein leakage at 260/280 nm, before and after treatment and recuperation of treated samples. Further optimization of method is needed to understand mechanism of inactivation.

Keywords: electrical discharge plasma, escherichia coli MG 1655, inactivation, point-to-plate electrode configuration

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Authors: Mohammad Aynal Haque

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Under the international cooperation — Paris Agreement — countries outline their self-determined policy ambition for emissions reduction in their Nationally Determined Contributions (NDCs) as a key to addressing climate change globally. Although practically all countries commit themselves to reach the Paris landmark (below 20 C) globally, some act as climate leaders, others behave as followers, and others turn out to be climate laggards. As a result, there is a substantial variation in ‘emissions reduction targets’ across countries. Thus, a question emerges: What explains this variation? Or why do some countries opt for higher while others opt for lower ‘emissions reduction targets toward global mitigation efforts? Conceptualizing the ‘emissions reduction targets by 2030’ outlined in NDCs by each country as the climate policy ambition (CPA), this paper explores how certain national political, economic, environmental, and external factors play vital roles in determining climate policy ambition. Based on the cross-country regression analysis among 168 countries, this study finds that democracy, vulnerability to climate change effects, and foreign direct investment have substantial effects on CPA. The paper also finds that resource capacity has a minimal negative effect on CPA across developed countries.

Keywords: climate change, Paris agreement, international cooperation, political economy, environmental politics, NDCs

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Authors: Ousmane Sarr

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The Senegalese coasts have high productivity of fishery resources due to the frequency of intense up-welling system that occurs along its coast, caused by the maritime trade winds making its waters nutrients rich. Fishing plays a primordial role in Senegal's socioeconomic plans and food security. However, a global diagnosis of the Senegalese maritime fishing sector has highlighted the challenges this sector encounters. Among these concerns, some significant stocks, a priority target for artisanal fishing, need further assessment. If no efforts are made in this direction, most stock will be overexploited or even in decline. It is in this context that this research was initiated. This investigation aimed to apply a multi-modal approach (LBB, Catch-only-based CMSY model and its most recent version (CMSY++); JABBA, and JABBA-Select) to assess the stock of Atlantic bonito, Sarda sarda (Bloch, 1793) in the Senegalese Exclusive Economic Zone (SEEZ). Available catch, effort, and size data from Atlantic bonito over 15 years (2004-2018) were used to calculate the nominal and standardized CPUE, size-frequency distribution, and length at retentions (50 % and 95 % selectivity) of the species. These relevant results were employed as input parameters for stock assessment models mentioned above to define the stock status of this species in this region of the Atlantic Ocean. The LBB model indicated an Atlantic bonito healthy stock status with B/BMSY values ranging from 1.3 to 1.6 and B/B0 values varying from 0.47 to 0.61 of the main scenarios performed (BON_AFG_CL, BON_GN_Length, and BON_PS_Length). The results estimated by LBB are consistent with those obtained by CMSY. The CMSY model results demonstrate that the SEEZ Atlantic bonito stock is in a sound condition in the final year of the main scenarios analyzed (BON, BON-bt, BON-GN-bt, and BON-PS-bt) with sustainable relative stock biomass (B2018/BMSY = 1.13 to 1.3) and fishing pressure levels (F2018/FMSY= 0.52 to 1.43). The B/BMSY and F/FMSY results for the JABBA model ranged between 2.01 to 2.14 and 0.47 to 0.33, respectively. In contrast, The estimated B/BMSY and F/FMSY for JABBA-Select ranged from 1.91 to 1.92 and 0.52 to 0.54. The Kobe plots results of the base case scenarios ranged from 75% to 89% probability in the green area, indicating sustainable fishing pressure and an Atlantic bonito healthy stock size capable of producing high yields close to the MSY. Based on the stock assessment results, this study highlighted scientific advice for temporary management measures. This study suggests an improvement of the selectivity parameters of longlines and purse seines and a temporary prohibition of the use of sleeping nets in the fishery for the Atlantic bonito stock in the SEEZ based on the results of the length-base models. Although these actions are temporary, they can be essential to reduce or avoid intense pressure on the Atlantic bonito stock in the SEEZ. However, it is necessary to establish harvest control rules to provide coherent and solid scientific information that leads to appropriate decision-making for rational and sustainable exploitation of Atlantic bonito in the SEEZ and the Eastern Atlantic Ocean.

Keywords: multi-model approach, stock assessment, atlantic bonito, SEEZ

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Authors: Samina Sarwar, Hajra Khalil

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Mycoremediation is emerging as a potential approach for eco-friendly and cost-effective remediation of polluted effluents collected from the dyeing unit of the textile industry was examined. This work dealt with the analyses of the bio remedial capability of some potential indigenous six fungal isolates viz., Aspergillus alliaceus, Aspergillus flavus, Aspergillus fumigatus Aspergillus niger, Penicillium sp. and Rhizopus oryzae were identified and selected for studies. All fungal species were known to bring bioremediation, which had been confirmed by measuring the percentage reduction potential in different parameters, i.e., pH, Electrical Conductivity (EC), Total Suspended Solids (TSS), Total Dissolved Solids (TDS), Biological Oxygen Demand (BOD) and Chemical Oxygen Demand (COD). Rhizopus oryzae showed the highest reduction in pH, EC, and BOD, while Aspergillus fumigatus showed the highest reduction in TDS and TSS, and COD under the optimal conditions of this study. The biodegradation potential of these fungal species was confirmed, evidenced by excellent evaluation of experimental data to propose Rhizopus oryzae and Aspergillus fumigatus as a cost-effective solution to treat the effluents from the dyeing unit of the textile industry.

Keywords: biological reduction, fungal isolates, micromycetes, mycoremediation

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Authors: Samina Sarwar, Hajra Khalil

Abstract:

Mycoremediation is emerging as a potential approach for eco-friendly and cost-effective remediation of polluted effluents collected from the dyeing unit of the textile industry was examined. This work dealt with the analyses of the bio remedial capability of some potential indigenous six fungal isolates viz., Aspergillus alliaceus, Aspergillus flavus, Aspergillus fumigatus Aspergillus niger, Penicillium sp. and Rhizopus oryzae were identified and selected for studies. All fungal species were known to bring bioremediation, which had been confirmed by measuring the percentage reduction potential in different parameters, i.e., pH, Electrical Conductivity (EC), Total Suspended Solids (TSS), Total Dissolved Solids (TDS), Biological Oxygen Demand (BOD) and Chemical Oxygen Demand (COD). Rhizopus oryzae showed the highest reduction in pH, EC, and BOD, while Aspergillus fumigatus showed the highest reduction in TDS and TSS, and COD under the optimal conditions of this study. The biodegradation potential of these fungal species was confirmed, evidenced by excellent evaluation of experimental data to propose Rhizopus oryzae and Aspergillus fumigatus as a cost-effective solution to treat the effluents from the dyeing unit of the textile industry.

Keywords: biological reduction, fungal isolates, micromycetes, mycoremediation

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Authors: Yanping He-Ulbricht, Marc Oliver Rieger

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Based on survey data collected from people with Chinese roots living in Germany, this paper examines the impact of assimilation degree and language priming (Chinese or German) on individuals’ perceived fairness of economic and social differences and their attitude towards these. The results show that both the language used and the length of time spent in a foreign culture have a significant impact. Subjects who had spent less than 10 years in Germany demonstrated a higher readiness to accept government intervention in markets with price limits than those who had lived there longer. Subjects who were asked and answered in German perceived the current economic situation as less fair and were also less inclined to accept inequality, even when it leads to a Pareto improvement. While the difference in fairness perception of inequality was a cultural effect, the difference in attitudes towards government intervention was rather a result of learning process. The findings imply that both learning processes of individuals and culture play an important role in perception and preferences regarding social and economic differences.

Keywords: assimilation, bilingualism, cross-cultural comparison, income inequality, language priming, price fairness

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Authors: Nini Johana Marin Rodriguez

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This paper applies DCC, EWMA and OGARCH models to compare the dynamic correlations between exchange rates, oil prices, exchange rates and stock markets to examine the time-varying conditional correlations to the daily oil prices and index returns in relation to the US dollar/local currency for developed (Canada and Mexico) and emerging Latin American markets (Brazil, Chile, Colombia and Peru). Changes in correlation interactions are indicative of structural changes in market linkages with implications to contagion and interdependence. For each pair of stock price-exchange rate and oil price-US dollar/local currency, empirical evidence confirms of a strengthening negative correlation in the last decade. Methodologies suggest only two events have significatively impact in the countries analyzed: global financial crisis and Europe crisis, both events are associated with shifts of correlations to stronger negative level for most of the pairs analyzed. While, the first event has a shifting effect on mainly emerging members, the latter affects developed members. The identification of these relationships provides benefits in risk diversification and inflation targeting.

Keywords: crude oil, dynamic conditional correlation, exchange rates, interdependence, stock prices

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Authors: Maria Amaia Iza Padilla, Ibai Ostolozaga

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The objective of this paper is to analyze how transportation costs between regions within a country can affect not only domestic trade but also the allocation of resources in a given region, aggregate productivity, and relative domestic prices (tradable versus non-tradable). On the one hand, there is a vast literature that analyzes the transportation costs faced by countries when trading with the rest of the world. However, this paper focuses on the effect of transportation costs on domestic trade. Countries differ in their domestic road infrastructure and transport quality. There is also some literature that focuses on the effect of road infrastructure on the price difference between regions but not on relative prices at the aggregate level. On the other hand, this work is also related to the literature on resource misallocation. Finally, the paper is also related to the literature analyzing the effect of trade on the development of the manufacturing sector. Using the World Bank Enterprise Survey database, it is observed cross-country differences in the proportion of firms that consider transportation as an obstacle. From the International Comparison Program, we obtain a significant negative correlation between GDP per worker and relative prices (manufacturing sector prices relative to the service sector). Furthermore, there is a significant negative correlation between a country’s transportation quality and the relative price of manufactured goods with respect to the price of services in that country. This is consistent with the empirical evidence of a negative correlation between transportation quality and GDP per worker, on the one hand, and the negative correlation between GDP per worker and domestic relative prices, on the other. It is also shown that in a country, the share of manufacturing firms whose main market is at the local (regional) level is negatively related to the quality of the transportation infrastructure within the country. Similarly, this index is positively related to the share of manufacturing firms whose main market is national or international. The data also shows that those countries with a higher proportion of manufacturing firms operating locally have higher relative prices. With this information in hand, the paper attempts to quantify the effects of the allocation of resources between and within sectors. The higher the trade barriers caused by transportation costs, the less efficient allocation, which causes lower aggregate productivity. Second, it is built a two-sector model where regions within a country trade with each other. On the one hand, it is found that with respect to the manufacturing sector, those countries with less trade between their regions will be characterized by a smaller variety of goods, less productive manufacturing firms on average, and higher relative prices for manufactured goods relative to service sector prices. Thus, the decline in the relative price of manufactured goods in more advanced countries could also be explained by the degree of trade between regions. This trade allows for efficient intra-industry allocation (traders are more productive, and resources are allocated more efficiently)).

Keywords: misallocation, relative prices, TFP, transportation cost

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Authors: Medani Prasad Rijal

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The study outlines the impacts of decentralized forest policy on natural Sal (shorea robusta) forests in the Terai region of Nepal. The government has implemented community forestry program to manage the forest resources and improve the livelihood of local people collectively. The forest management authorities such as conserve, manage, develop and use of forest resources were shifted to the local communities, however, the ownership right of the forestland retained by the government. Local communities took the decision on harvesting, distribution, and sell of forest products by fixing the prices independently. The local communities were putting the low value of forest products and distributed among the user households on the name of collective decision. The decision of low valuation is devaluating the worth of forest products. Therefore, the study hypothesized that decision-making capacities are equally prominent next to the decentralized policy and program formulation. To accomplish the study, individual to group level discussions and questionnaire survey methods were applied with executive committee members and user households. The study revealed that the local intuition called Community Forest User Group (CFUG) committee normally took the decisions on consensus basis. Considering to the access and affording capacity of user households having poor economic backgrounds, low pricing mechanism of forest products has been practiced, even though the Sal timber is far expensive in the local market. The local communities thought that low pricing mechanism is accessible to all user households from poor to better off households. However, the analysis of forest products distribution opposed the assumption as most of the Sal timber, which is the most valuable forest product of community forest only purchased by the limited households of better economic conditions. Since the Terai region is heterogeneous by socio-economic conditions, better off households always have higher affording capacity and possibility of taking higher timber benefits because of low price mechanism. On the other hand, the minimum price rate of forest products has poor contribution in community fund collection. Consequently, it has poor support to carry out poverty alleviation activities to poor people. The local communities have been fixed Sal timber price rate around three times cheaper than normal market price, which is a strong evidence of forest product devaluation itself. Finally, the study concluded that the capacity building of local executives as the decision-makers of natural Sal forests is equally indispensable next to the policy and program formulation for effective decentralized forest management. Unilateral decentralized forest policy may devaluate the forest products rather than devolve of power to the local communities and empower to them.

Keywords: community forestry program, decentralized forest policy, Nepal, Sal forests, Terai

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Authors: Gabriel Sunday Ayayia

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Food waste has reached alarming levels worldwide, contributing to food insecurity, resource depletion, and environmental degradation. While numerous strategies exist to mitigate this issue, the role of traditional practices and indigenous knowledge remains underexplored. There is a need to investigate how these age-old practices can contribute to sustainable food waste reduction, particularly in the African context. This study explores the potential of traditional practices and indigenous knowledge in Africa to address this challenge sustainably. The study examines traditional African food management practices and indigenous knowledge related to food preservation and utilization; assess the impact of traditional practices on reducing food waste and its broader implications for sustainable development, and identify key factors influencing the continued use and effectiveness of traditional practices in contemporary African societies. Thus, the study argues that traditional practices and indigenous knowledge in Africa offer valuable insights and strategies for sustainable food waste reduction that can be adapted and integrated into global initiatives This research will employ a mixed-methods approach, combining qualitative and quantitative research techniques. Data collection will involve in-depth interviews, surveys, and participant observations in selected African communities. Moreover, a comprehensive review of literature on traditional food management practices and their impact on food waste reduction will be conducted. The significance of this study lies in its potential to bridge the gap between traditional knowledge and modern sustainability efforts. By uncovering the value of traditional practices in reducing food waste, this research can inform policies, interventions, and awareness campaigns aimed at achieving sustainable food systems worldwide.

Keywords: traditional practices, indigenous knowledge, food waste reduction, sustainability

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Authors: Rania Sherif Abd El-Azim

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The role of corporate social responsibility (CSR) in business has evolved and led to an era where industry leaders can no longer overlook the importance of being participative corporate citizens. This is not only because of the media’s skeptical attitude toward whether or not companies’ CSR efforts are sincere but also due to key stakeholders’ ability to hold companies to a higher standard than ever before as companies can gain competitive advantage through CSR. These programs result in addressing global challenges, such as climate, and poverty, or simply improving employee retention, so it has become increasingly clear that CSR is not just the new trend for companies but a necessary tool that organizations must integrate into their overall business strategies to build a stronger reputation as well as to also increase credibility among their key audience and enhance customers’ willingness to repurchase, pay premium price and enhancing positive word of mouth. According to the literature review, the link between CSR and competitive advantage at the firm level has long been an important topic for both CSR researchers and practitioners. Thus CSR can play an important role in enhancing the firm's competitive advantage, which seems an attractive area to investigate specially in Egypt. So, this paper will investigate the role of corporate social responsibility in enhancing the firm competitive advantage.

Keywords: corporate social responsibility, competitive advantage, corporate reputation, customers' willingness to repurchase, willingness to pay premium price, positive word of mouth

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Authors: Florian Gschösser, Walter Purrer

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The paper shows examples for the (environmental) optimization of production processes for asphalt mixtures applied for typical road pavements in Austria and Switzerland. The conducted “from-cradle-to-gate” LCA firstly analyzes the production one cubic meter of asphalt and secondly all material production processes for exemplary highway pavements applied in Austria and Switzerland. It is shown that environmental impacts can be reduced by the application of reclaimed asphalt pavement (RAP) and by the optimization of specific production characteristics, e.g. the reduction of the initial moisture of the mineral aggregate and the reduction of the mixing temperature by the application of low-viscosity and foam bitumen. The results of the LCA study demonstrate reduction potentials per cubic meter asphalt of up to 57 % (Global Warming Potential–GWP) and 77 % (Ozone depletion–ODP). The analysis per square meter of asphalt pavement determined environmental potentials of up to 40 % (GWP) and 56 % (ODP).

Keywords: asphalt mixtures, environmental potentials, life cycle assessment, material production

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Authors: Matteo Bonaventura, Giancarlo Giudici

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This paper analyses the valuation process of companies listed on the Italian Exchange in the period 2000-2009 at their Initial Public Offering (IPO). One the most common valuation techniques declared in the IPO prospectus to determine the offer price is the Discounted Cash Flow (DCF) method. We develop a ‘reverse engineering’ model to discover the short term profitability implied in the offer prices. We show that there is a significant optimistic bias in the estimation of future profitability compared to ex-post actual realization and the mean forecast error is substantially large. Yet we show that such error characterizes also the estimations carried out by analysts evaluating non-IPO companies. The forecast error is larger the faster has been the recent growth of the company, the higher is the leverage of the IPO firm, the more companies issued equity on the market. IPO companies generally exhibit better operating performance before the listing, with respect to comparable listed companies, while after the flotation they do not perform significantly different in term of return on invested capital. Pre-IPO book building activity plays a significant role in partially reducing the forecast error and revising expectations, while the market price of the first day of trading does not contain information for further reducing forecast errors.

Keywords: initial public offerings, DCF, book building, post-IPO profitability drop

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Authors: Mohamed E. Eleshaky

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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: Vince Scolaro, Lakshman Prasad, Ted Polley, Sanjivan Deshpande

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The LH Ford Bridge, built in the 1960s, comprises 28 spans, is 800m long and crosses the Macquarie River at Dubbo, NSW. The main bridge spans comprise three spans with a 63m center span (25m drop-in section) supported by halving joints from the main cantilevers and back spans of 28m. The main bridge spans were built using complex construction staging (the first of this type in NSW). They comprise twin precast boxes, in-situ reinforced concrete infills, and cantilevered outriggers stressed both longitudinally and transversely. Since construction, this bridge has undergone significantly increased design vehicle loads and showed signs of excessive shrinkage and creep leading to significant sagging of the centre span with evidence of previous failure and remediation of the halving joints. A comprehensive load rating assessment was undertaken taking account of the original complex construction staging. Deficiencies identified included inadequate capacity of the halving joints, failure of the bearings at the halving joints, inadequate shear capacity of the girder webs and inadequate girder flexural capacity to carry B-Double design vehicles. A unique strengthening system comprising two new piers (under each of the halving joints), new bearings and installation of external prestressing to the soffit of both drop-in-span and back spans was adopted. A portion of the dead load had to be transferred from the superstructure to the new piers via innovative soft/stiff bearing combinations to reduce new locked-in stresses resulting from the new pier supports. Significant temporary works comprised a precast concrete shell beam forming the pile cap/pier structure, addition of a temporary suspended scaffold (without overstressing the existing superstructure) and the installation of jacking stays for new bearing top and bottom plates. This paper presents how this existing historic and socially important bridge was strengthened and updated to increase its design life without the need for replacement.

Keywords: strengthening, creep, construction, box girder

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Authors: Catherine Heyjung Sonu

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This paper examines the effect of accounting quality on the process in which stock price is determined by focusing on contribution-in-kind valuations using Korean setting. In Korea, a number of chaebol firms have transformed into holding company system starting in 2003. With an attempt to gain as much voting right, management sold shares of subsidiaries to purchase shares of the holding company. In so doing, management of these firms received share issues for the contribution in kind that has been made to obtain additional shares of the holding company. The price of these share issues against contribution in kind is allowed to be discounted up to 30%. Using this interesting setting in Korea, this paper examines whether accounting quality affects the extent of the discount applied to the share issues. If the accounting quality of the firm for which the management is receiving share issues is poor, the extent of discount is likely to be high. The extent of discount is likely lower for firms with superior accounting quality. Using 24 cases, we find that, on average, the extent of discount is larger for share issues in which the accounting quality, proxied by the absolute value of discretionary accruals, is poor. This paper provides insight by examining the effect of accounting quality on the stock market. It sheds light on the intersection between finance and accounting research and should be of interest to researchers and practitioners.

Keywords: Accounting quality, Contribution-in-kind, discount, holding company

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Authors: Sunita Gakkhar, Arti Mishra

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In this paper, a nonlinear host vector model has been proposed and analyzed for the two strain dengue dynamics incorporating ADE effect. The model considers that the asymptomatic infected people are more responsible for secondary infection than that of symptomatic ones and differentiates between them. The existence conditions are obtained for various equilibrium points. Basic reproduction number has been computed and analyzed to explore the effect of secondary infection enhancement parameter on dengue infection. Stability analyses of various equilibrium states have been performed. Numerical simulation has been done for the stability of endemic state.

Keywords: dengue, ade, stability, threshold, asymptomatic, infection

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Authors: G. Tamulevičius, A. Serackis, T. Sledevič, D. Navakauskas

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We consider the biggest challenge in speech recognition – noise reduction. Traditionally detected transient noise pulses are removed with the corrupted speech using pulse models. In this paper we propose to cope with the problem directly in Dynamic Time Warping domain. Bidirectional Dynamic Time Warping algorithm for the recognition of isolated words impacted by transient noise pulses is proposed. It uses simple transient noise pulse detector, employs bidirectional computation of dynamic time warping and directly manipulates with warping results. Experimental investigation with several alternative solutions confirms effectiveness of the proposed algorithm in the reduction of impact of noise on recognition process – 3.9% increase of the noisy speech recognition is achieved.

Keywords: transient noise pulses, noise reduction, dynamic time warping, speech recognition

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Authors: Osama Ahmed Ibrahim Masoud, Mohamed Ibrahim Mohamed Abdelhadi, Ahmed Mohamed Seddik Hassan

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The problem of study focuses on thermal comfort realization in a residential building during hot and dry climate periods consumes a major electrical energy for air conditioning operation. Thermal comfort realization in a residential building during such climate becomes more difficult regarding the phenomena of climate change, and the use of building and construction materials which have the feature of heat conduction as (bricks-reinforced concrete) and the global energy crises. For that, this study aims to how to realize internal thermal comfort through how to make the best use of building services (temporarily used service spaces) for reducing the electrical energy transfer and saving self-shading. In addition, the possibility of reduction traditional energy (fossil fuel) consumed in cooling through the use of building services for reducing the internal thermal comfort and the relationship between them. This study is based on measuring the consumed electrical energy rate in cooling (by using Design-Builder program) for a residential building (the place of study is: Egypt- Suez Canal- Suez City), this design model has lots of alternatives designs for the place of building services (center of building- the eastern front- southeastern front- the southern front- the south-west front, the western front). The building services are placed on the fronts with different rates for determining the best rate on fronts which realizes thermal comfort with the lowest of energy consumption used in cooling. Findings of the study indicate to that the best position for building services is on the west front then the south-west front, and the more the building services increase, the more energy consumption used in cooling of residential building decreases. Recommendations indicate to the need to study the building services positions in the new projects progress to select the best alternatives to realize ‘Energy conservation’ used in cooling or heating into the buildings in general, residential buildings particularly.

Keywords: residential buildings, energy conservation, thermal comfort, building services, temporary used service spaces, DesignBuilder

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Authors: Amirah Azzeri, Fatiha H. Shabaruddin, Scott A. McDonald, Rosmawati Mohamed, Maznah Dahlui

Abstract:

Objective: A scaled-up treatment cascade with direct-acting antiviral (DAA) therapy is necessary to achieve global WHO targets for hepatitis C virus (HCV) elimination in Malaysia. Recently, limited access to Sofosbuvir/Daclatasvir (SOF/DAC) is available through compulsory licensing, with future access to Sofosbuvir/Velpatasvir (SOF/VEL) expected through voluntary licensing due to recent agreements. SOF/VEL has superior clinical outcomes, particularly for cirrhotic stages, but has higher drug acquisition costs compared to SOF/DAC. It has been proposed that a stratified treatment cascade might be the most cost-efficient approach for Malaysia whereby all HCV patients are treated with SOF/DAC except for patients with cirrhosis who are treated with SOF/VEL. This study aimed to conduct a five-year budget impact analysis from the provider perspective of the proposed stratified treatment cascade for HCV treatment in Malaysia. Method: A disease progression model that was developed based on model-predicted HCV epidemiology data in Malaysia was used for the analysis, where all HCV patients in scenario A were treated with SOF/DAC for all disease stages while in scenario B, SOF/DAC was used only for non-cirrhotic patients and SOF/VEL was used for the cirrhotic patients. The model projections estimated the annual numbers of patients in care and the numbers of patients to be initiated on DAA treatment nationally. Healthcare costs associated with DAA therapy and disease stage monitoring was included to estimate the downstream cost implications. For scenario B, the estimated treatment uptake of SOF/VEL for cirrhotic patients were 25%, 50%, 75%, 100% and 100% for 2018, 2019, 2020, 2021 and 2022 respectively. Healthcare costs were estimated based on standard clinical pathways for DAA treatment described in recent guidelines. All costs were reported in US dollars (conversion rate US$1=RM4.09, the price year 2018). Scenario analysis was conducted for 5% and 10% reduction of SOF/VEL acquisition cost anticipated from the competitive market pricing of generic DAA in Malaysia. Results: The stratified treatment cascade with SOF/VEL in Scenario B was found to be cost-saving compared to Scenario A. A substantial portion of the cost reduction was due to the costs associated with DAA therapy which resulted in USD 40 thousand (year 1) to USD 443 thousand (year 5) savings annually, with cumulative savings of USD 1.1 million after 5 years. Cost reductions for disease stage monitoring were seen in year three onwards which resulted in cumulative savings of USD 1.1 thousand. Scenario analysis estimated cumulative savings of USD 1.24 to USD 1.35 million when the acquisition cost of SOF/VEL was reduced. Conclusion: A stratified treatment cascade with SOF/VEL was expected to be cost-saving and can results in a budget impact reduction in overall healthcare expenditure in Malaysia compared to treatment with SOF/DAC. The better clinical efficacy with SOF/VEL is expected to halt patients’ HCV disease progression and may reduce downstream costs of treating advanced disease stages. The findings of this analysis may be useful to inform healthcare policies for HCV treatment in Malaysia.

Keywords: Malaysia, direct acting antiviral, compulsory licensing, voluntary licensing

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Authors: Clarinda V. Nhangumbe, Ercília Sousa

Abstract:

Weather Derivatives are financial instruments used to cover non-catastrophic weather events and can be expressed in the form of standard or plain vanilla products, structured or exotics products. The underlying asset, in this case, is the weather index, such as temperature, rainfall, humidity, wind, and snowfall. The complexity of the Weather Derivatives structure shows the weakness of the Black Scholes framework. Therefore, under the risk-neutral probability measure, the option price of a weather contract can be given as a unique solution of a two-dimensional partial differential equation (parabolic in one direction and hyperbolic in other directions), with an initial condition and subjected to adequate boundary conditions. To calculate the price of the option, one can use numerical methods such as the Monte Carlo simulations and implicit finite difference schemes conjugated with Semi-Lagrangian methods. This paper is proposed two explicit methods, namely, first-order upwind in the hyperbolic direction combined with Lax-Wendroff in the parabolic direction and first-order upwind in the hyperbolic direction combined with second-order upwind in the parabolic direction. One of the advantages of these methods is the fact that they take into consideration the boundary conditions obtained from the financial interpretation and deal efficiently with the different choices of the convection coefficients.

Keywords: incomplete markets, numerical methods, partial differential equations, stochastic process, weather derivatives

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Authors: Kumaresh Selvakumar, Man Young Kim

Abstract:

Selective catalytic reduction (SCR) converts the nitrogen oxides with the aid of a catalyst by adding aqueous urea into the exhaust stream. In this work, the urea water droplets are sprayed over the exhaust gases by treating with Lagrangian particle tracking. The evaporation of ammonia from a single droplet of urea water solution is investigated computationally by convection-diffusion controlled model. The conversion to ammonia due to thermolysis of urea water droplets is measured downstream at different sections using finite rate/eddy dissipation model. In this paper, the mixer installed at the upstream enhances the distribution of ammonia over the entire domain which is calculated for different time steps. Calculations are made within the respective duration such that the complete decomposition of urea is possible at a much shorter residence time.

Keywords: convection-diffusion controlled model, lagrangian particle tracking, selective catalytic reduction, thermolysis

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Authors: Amir Hossein Haji, Nabeel Al-Rawahi, Gholamreza Vakili-Nezhaad

Abstract:

An innovative design has been examined for a gas-oil separator based on pressure reduction over an airfoil surface. The primary motivations are to shorten the release trajectory of the bubbles by minimizing the thickness of the oil layer as well as improving uniform pressure reduction zones. Restricted airflow over an airfoil is investigated for its effect on the pressure drop enhancement and the maximum attainable attack angle prior to the stall condition. Aerodynamic separation is delayed based on numerical simulation of Wortmann FX 63137 Airfoil in a confined domain using FLUENT 6.3.26. The proposed set up results in higher pressure drop compared with the free stream case. With the aim of optimum power consumption we have pursued further restriction to an air jet case over the airfoil. Then, a curved strip model is suggested for the air jet which can be applied as an analysis/design tool for the best performance conditions. Pressure reduction is shown to be inversely proportional to the curvature of the upper airfoil profile. This reduction occurs within the tracking zones where the air jet is effectively attached to the airfoil surface. The zero slope condition is suggested to estimate the onset of these zones after which the minimum curvature should be searched. The corresponding zero slope curvature is applied for estimation of the maximum pressure drop which shows satisfactory agreement with the simulation results.

Keywords: airfoil, air jet, curved fluid flow, gas-oil separator

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Authors: Muneerah Jeludin, V. Sivakumar

Abstract:

Numerous laboratory-based research studies on the behavior of ground improved with granular columns with respect to bearing capacity have been well-documented. However, information on its settlement performance is still scarce. Laboratory model study on the settlement behavior of soft clay reinforced with granular columns was conducted and results are presented. The investigation uses a soft kaolin clay sample of 300 mm in diameter and 400 mm in length. The clay samples were reinforced with single and multiple granular columns of various lengths using the displacement and replacement installation method. The results indicated that that no settlement reduction was achieved for a short single floating column. The settlement reduction factors reported for L/d ratios of 5.0, 7.5 and 10.0 are in the range of 1 to 2. The findings obtained in this research showed that the reduction factors are considerably less and that load-sharing mechanism between columns and surrounding clay is complex, particularly for column groups and is affected by other factors such as negative skin friction.

Keywords: ground improvement, model test, reinforced soil, settlement

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Authors: Wilmer Esteban Vallejo Narváez, Serguei Fomine

Abstract:

The theoretical investigation of Si-doped graphene nanoflakes (NFs) was conducted to understand their catalytic impact on CO₂ reduction using molecular hydrogen at the Density Functional Theory (DFT) level. The introduction of silicon by substituting carbon induces defects in the NF structure, resulting in a polyradical ground state. This silicon defect significantly boosts reactivity towards substrates, making Si-doped graphene NFs more catalytically active in CO₂ reduction to formic acid compared to silicene. Notably, Si-doped graphene demonstrates a preference for formic acid over carbon monoxide, mirroring the behavior of silicene. Furthermore, investigations into formic acid-to-formaldehyde and formaldehyde-to-methanol conversions reveal instances where Si-doped graphene outperforms silicene in terms of efficacy. In the final reduction step, the methanol-to-methane reaction unfolds in four stages, with the rate-determining step involving hydrogen transfer from silicon to methyl. Notably, the activation energy for this step is lower in Si-doped graphene compared to silicene. Consequently, Si-doped graphene NFs emerge as superior catalysts with lower activation energies overall. Remarkably, throughout these catalytic processes, Si-doped graphene maintains environmental stability, further highlighting its enhanced catalytic activity without compromising graphene's inherent stability.

Keywords: silicon-doped graphene, CO₂ reduction, DFT, catalysis

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Authors: Savita Tangwongkit, Chittur S Srinivasan, Philip J. Jones

Abstract:

Thailand has become the world’s fourth largest sugarcane producer and second largest sugar exporter. While there have been a number of drivers of this growth, the primary driver has been wide-ranging government support measures. Recently, the Thai government has emphasized the need for policy reform as part of a broader industry restructuring to bring the sector up-to-date with the current and future developments in the international sugar market. Because of the sectors historical dependence on government support, any such reform is likely to have a very significant impact on the fortunes of Thai cane farmers. This study explores the impact of three policy scenarios, representing a spectrum of policy approaches, on Thai cane producers. These reform scenarios were designed in consultation with policy makers and academics working in the cane sector. Scenario 1 captures the current ‘government proposal’ for policy reform. This scenario removes certain domestic production subsidies but seeks to maintain as much support as is permissible under current WTO rules. The second scenario, ‘protectionism’, maintains the current internal market producer supports, but otherwise complies with international (WTO) commitments. Third, the ‘libertarian scenario’ removes all production support and market interventions, trade and domestic consumption distortions. Most important driver of producer behaviour in all of the scenarios is the producer price of cane. Cane price is obviously highest under the protectionism scenario, followed by government proposal and libertarian scenarios, respectively. Likely producer responses to these three policy scenarios was determined by means of a large-scale survey of cane farmers. The sample was stratified by size group and quotas filled by size group and region. One scenario was presented to each of three sub-samples, consisting of approx.150 farmers. Total sample size was 462 farms. Data was collected by face-to-face interview between June and August 2019. There was a marked difference in farmer response to the three scenarios. Farmers in the ‘Protectionism’ scenario, which maintains the highest cane price and those who farm larger cane areas are more likely to continue cane farming. The libertarian scenario is likely to result in the greatest losses in terms of cane production volume broadly double that of the ‘protectionism’ scenario, primarily due to farmers quitting cane production altogether. Over half of loss cane production volume comes from medium-size farm, i.e. the largest and smallest producers are the most resilient. This result is likely due to the fact that the medium size group are large enough to require hired labour but lack the economies of scale of the largest farms. Over all size groups the farms most heavily specialized in cane production, i.e. those devoting 26-50% of arable land to cane, are also the most vulnerable, with 70% of all farmers quitting cane production coming from this group. This investigation suggests that cane price is the most significant determinant of farmer behaviour. Also, that where scenarios drive significantly lower cane price, policy makers should target support towards mid-sized producers, with policies that encourage efficiency gains and diversification into alternative agricultural crops.

Keywords: farmer intentions, farm survey, policy reform, Thai cane production

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