Search results for: discounted cash flow method

Authors: Hafiz Muhammad Umer Aslam, Mohammad Rafiq Khan

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This techno-economic study reports the feasibility of generating thermoelectric power from municipal solid waste (MSW) of Kasur City by incineration process. The data was gathered from different establishments of Kasur, through appropriate permission from their heads, and processed to design different alternative projects for installation of a thermal power plant in the city of Kasur. A technique of discounted cash flow was used to evaluate alternative projects so that their Benefit to Cost Ratio, Net Present Value, Internal Rate of Return and Payback Period can be determined. The study revealed that Kasur City currently consumes 18MWh electricity and generates 179 tons/day MSW. The generated waste has the ability to produce 2.1MWh electricity at the cost of USD 0.0581/unit with an expenditure of USD 3,907,692 as initial fixed investment of forming about 1/7th of consumption of Kasur. The cost from this source, when compared to current rate of electricity in Pakistan (USD 0.1346), is roughly half.

Keywords: Kasur City, resource recovery, thermoelectric power, waste management

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Authors: José M. Brotons, Manuel E. Sansalvador

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The relationship between Corporate Social Responsibility (CSR) and financial performance (FP) is a subject of great interest that has not yet been resolved. In this work, we have developed a new and original tool to measure this relation. The tool quantifies the value contributed to companies that are committed to CSR. The theoretical model used is the fuzzy discounted cash flow method. Two assumptions have been considered, the first, the company has implemented the IQNet SR10 certification, and the second, the company has not implemented that certification. For the first one, the growth rate used for the time horizon is the rate maintained by the company after obtaining the IQNet SR10 certificate. For the second one, both, the growth rates company prior to the implementation of the certification, and the evolution of the sector will be taken into account. By using triangular fuzzy numbers, it is possible to deal adequately with each company’s forecasts as well as the information corresponding to the sector. Once the annual growth rate of the sales is obtained, the profit and loss accounts are generated from the annual estimate sales. For the remaining elements of this account, their regression with the nets sales has been considered. The difference between these two valuations, made in a fuzzy environment, allows obtaining the value of the IQNet SR10 certification. Although this study presents an innovative methodology to quantify the relation between CSR and FP, the authors are aware that only one company has been analyzed. This is precisely the main limitation of this study which in turn opens up an interesting line for future research: to broaden the sample of companies.

Keywords: corporate social responsibility, case study, financial performance, company valuation

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Authors: Hongmin Chun

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This paper examines corporate cash holdings and their effect on the cost of equity capital. In addition, this study examines the potentially different effects when the firm belongs to chaebol and non-chaebol groups. Chaebol is a South Korean form of business conglomerate. Chaebol is typically global multinationals and owns numerous international enterprises, controlled by a chairman with power over all the operations. The overall empirical result suggests that higher cash holdings are a risk increasing factor which holds for the chaebol group of firms. This result is valid in a battery of robustness tests and 2SLS regressions. In Korea, higher cash holdings represent a risk premium factor that is closely related to the overinvestment and agency problems between managers and shareholders.

Keywords: cash holdings, implied cost of equity capital, chaebol, agency problem

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Authors: Mehdi Fuladipanah, Mehdi Jorabloo

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Water flow management is one of the most important parts of river engineering. Non-uniformity distribution of rainfall and various flow demand with unreasonable flow management will be caused destroyed of river ecosystem. Then, it is very serious to determine ecosystem flow requirement. In this paper, flow duration curve indices method which has hydrological based was used to evaluate environmental flow in Gharasou River, Ardabil, Iran. Using flow duration curve, Q90 and Q95 for different return periods were calculated. Their magnitude were determined as 1-day, 3-day, 7-day, and 30 day. According the second method, hydraulic alteration indices often had low and medium range. In order to maintain river at an acceptable ecological condition, minimum daily discharge of index Q95 is 0.7 m3.s-1.

Keywords: ardabil, environmental flow, flow duration curve, Gharasou river

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Authors: Mehdi Dasineh, Yadollah Tariverdi, Marzieh H. Takhti

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This paper investigated the relationship between top management turnover with risk volatility, sale volatility and fluctuations in the company's cash depending on the unqualified audit report in Tehran Stock Exchange (TSE). In this study, we examined 104 firms over the period 2009-2014 which were selected from (TSE). There was 624 observed year-company data in this research. Hypotheses of this research have been evaluated by using regression tests for example F-statistical and Durbin-Watson. Based on our sample we found significant relationship between top management replacement and risk volatility, sale Volatility and cash volatility with tendency unqualified audit opinion.

Keywords: top management replacement, risk volatility, sale volatility, cash volatility, unqualified audit opinion

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Authors: Mohammadali Mokhtari

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Developing countries increasingly recognize the need to reduce energy subsidies. Cash transfers are proposed instead of subsidies to mitigate the negative effects of energy subsidy reforms. However, there is little evidence about the redistribution effect of these subsidy-to-cash reforms. We study the redistribution impact of the largest subsidy-to-cash reform in the history of developing countries in Iran in 2010. We find a strong pro-poor impact of the reform using five inequality measures, including the Gini index and the ratio of rich to poor expenditures. Finally, we show this pro-poor impact is on average and discuss other possible mechanisms by which low-income groups objected to these pro-poor reforms in the next round, which took place in November 2019 and led to wide and large protests.

Keywords: energy economics, subsidy reform, inequality, Middle East, Iran

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Authors: Lina Najafian, Hamidreza Vakilifard

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The present study focused on the relationship between the quality of accruals and non-systematic risk. The independent study variables included the ability of accruals, the information content of accruals, and amount of discretionary accruals considered as accruals quality measures. The dependent variable was non-systematic risk based on the Fama and French Three Factor model (FFTFM) and the capital asset pricing model (CAPM). The control variables were firm size, financial leverage, stock return, cash flow fluctuations, and book-to-market ratio. The data collection method was based on library research and document mining including financial statements. Multiple regression analysis was used to analyze the data. The study results showed that there is a significant direct relationship between financial leverage and discretionary accruals and non-systematic risk based on FFTFM and CAPM. There is also a significant direct relationship between the ability of accruals, information content of accruals, firm size, and stock return and non-systematic based on both models. It was also found that there is no relationship between book-to-market ratio and cash flow fluctuations and non-systematic risk.

Keywords: accruals quality, non-systematic risk, CAPM, FFTFM

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Authors: Mehdi Fuladipanah, Mehdi Jorabloo

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Water flow management is one of the most important parts of river engineering. Non-uniformity distribution of rainfall and various flow demand with unreasonable flow management will be caused destroyed of the river ecosystem. Then, it is severe to determine ecosystem flow requirement. In this paper, Flow duration curve indices method which has hydrological based was used to evaluate environmental flow in Gharasou River, Ardabil, Iran. Using flow duration curve, Q90 and Q95 for different return periods were calculated. Their magnitude was determined as 1-day, 3-day, 7-day, and 30 days. According to the second method, hydraulic alteration indices often had low and medium range. To maintain river at an acceptable ecological condition, minimum daily discharge of index Q95 is 0.7 m^3.s^-1.

Keywords: Gharasou River, water flow management, non-uniformity distribution, ecosystem flow requirement, hydraulic alteration

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Authors: Nabeel Safdar, Qian Aimin

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Corporate philanthropy is important, as the donations have been considered as a source to improve the image of business entity in modern era of high competition. We used data on annual basis from 2000 to 2014 for 1,248 firms listed at Shanghai and Shenzhen stock exchanges. Results for giving firms reveal that there is curve linear relation of profitability and CP, as profitable firms utilize cash in an efficient way and have fewer amounts of slack resource and tradeoff among stakeholder and agency cost made it more justifiable. We found that more profitability does not mean that the cash flows are available, actually good performing firms or profitable firm also good at cash management. Cash is utilized in an effective way by profitable firms, and have fewer extents of slack resources which generate curvilinear relationship of profitability with Corporate Philanthropy. We found that the trend of Corporate Philanthropy also got affected due to natural disasters. Analysis made by innovation, slack resources and directors salary revealed the positive significant relationship. It is not compulsory that firm should be only profitable for engaging in philanthropy rather they should have abundant slack resources to donate.

Keywords: corporate philanthropy, free cash flows, natural disasters, profitability

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Authors: Amornchai Challcharoenwattana, Chanathip Pharino

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Rising amount of MSW every day, maximizing material diversions from landfills via recycling is a prefer method to land dumping. Characteristic of Thai MSW is classified as 40 -60 per cent compostable wastes while potentially recyclable materials in waste streams are composed of plastics, papers, glasses, and metals. However, rate of material recovery from MSW, excluding composting or biogas generation, in Thailand is still low. Thailand’s recycling rate in 2010 was only 20.5 per cent. Central government as well as local governments in Thailand have tried to curb this problem by charging some of MSW management fees at the users. However, the fee is often too low to promote MSW minimization. The objective of this paper is to identify levels of willingness-to-pay (WTP) for MSW recycling in different social structures with expected outcome of sustainable MSW managements for different town settlements to maximize MSW recycling pertaining to each town’s potential. The method of eliciting WTP is a payment card. The questionnaire was deployed using online survey during December 2012. Responses were categorized into respondents living in Bangkok, living in other municipality areas, or outside municipality area. The responses were analysed using descriptive statistics, and multiple linear regression analysis to identify relationships and factors that could influence high or low WTP. During the survey period, there were 168 filled questionnaires from total 689 visits. However, only 96 questionnaires could be usable. Among respondents in the usable questionnaires, 36 respondents lived in within the boundary of Bangkok Metropolitan Administration while 45 respondents lived in the chartered areas that were classified as other municipality but not in BMA. Most of respondents were well-off as 75 respondents reported positive monthly cash flow (77.32%), 15 respondents reported neutral monthly cash flow (15.46%) while 7 respondent reported negative monthly cash flow (7.22%). For WTP data including WTP of 0 baht with valid responses, ranking from the highest means of WTP to the lowest WTP of respondents by geographical locations for good MSW management were Bangkok (196 baht/month), municipalities (154 baht/month), and non-urbanized towns (111 baht/month). In-depth analysis was conducted to analyse whether there are additional room for further increase of MSW management fees from the current payment that each correspondent is currently paying. The result from multiple-regression analysis suggested that the following factors could impacts the increase or decrease of WTP: incomes, age, and gender. Overall, the outcome of this study suggests that survey respondents are likely to support improvement of MSW treatments that are not solely relying on landfilling technique. Recommendations for further studies are to obtain larger sample sizes in order to improve statistical powers and to provide better accuracy of WTP study.

Keywords: MSW, willingness to pay, payment card, waste seperation

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Authors: Lopamudra D. Satpathy, Bani Chatterjee, Jitendra Mahakud

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The rapid economic growth in terms of output and investment necessitates a substantial growth of Total Factor Productivity (TFP) of firms which is an indicator of an economy’s technological change. The strong empirical relationship between financial sector development and economic growth clearly indicates that firms financing decisions do affect their levels of output via their investment decisions. Hence it establishes a linkage between the financial factors and productivity growth of the firms. To achieve the smooth and continuous economic growth over time, it is imperative to understand the financial channel that serves as one of the vital channels. The theoretical or logical argument behind this linkage is that when the internal financial capital is not sufficient enough for the investment, the firms always rely upon the external sources of finance. But due to the frictions and existence of information asymmetric behavior, it is always costlier for the firms to raise the external capital from the market, which in turn affect their investment sentiment and productivity. This kind of financial position of the firms puts heavy pressure on their productive activities. Keeping in view this theoretical background, the present study has tried to analyze the role of both external and internal financial factors (leverage, cash flow and liquidity) on the determination of total factor productivity of the firms of manufacturing industry and its sub-industries, maintaining a set of firm specific variables as control variables (size, age and disembodied technological intensity). An estimate of total factor productivity of the Indian manufacturing industry and sub-industries is computed using a semi-parametric approach, i.e., Levinsohn- Petrin method. It establishes the relationship between financial factors and productivity growth of 652 firms using a dynamic panel GMM method covering the time period between 1997-98 and 2012-13. From the econometric analyses, it has been found that the internal cash flow has a positive and significant impact on the productivity of overall manufacturing sector. The other financial factors like leverage and liquidity also play the significant role in the determination of total factor productivity of the Indian manufacturing sector. The significant role of internal cash flow on determination of firm-level productivity suggests that access to external finance is not available to Indian companies easily. Further, the negative impact of leverage on productivity could be due to the less developed bond market in India. These findings have certain implications for the policy makers to take various policy reforms to develop the external bond market and easily workout through which the financially constrained companies will be able to raise the financial capital in a cost-effective manner and would be able to influence their investments in the highly productive activities, which would help for the acceleration of economic growth.

Keywords: dynamic panel, financial factors, manufacturing sector, total factor productivity

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Authors: Victoria Adikpe

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The ills of the Nigerian public sector have been identified at various fora to include lack of financial accountability and poor reporting of government performance. With the enthronement of democracy, citizens’ expectations from the government are drifting from the mere provision of public services to efficiency and accountability. One of the major challenges to achieving accountability in Nigeria is the capability of the cash basis of accounting to meet the reporting requirements of policies and programmes of the government. This paper discussed the growing trend in the debate about the adoption of private sector financial management processes in the public sector as part of the public sector reform programmes. The paper does not claim the ultimate superiority of accrual over cash accounting but shows how it will help to further strengthen the quality of government accounting and reporting.

Keywords: cash accounting, accrual accounting, accountability, reporting

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Authors: R. O. Babatunde, O. M. Igbalajobi, F. Matambalya

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Moderate economic growth in developing and emerging countries has led to improvement in the food consumption and nutrition situation in the last two decades. Nevertheless, about 870 million people, with a quarter of them from Sub-Saharan Africa, are still suffering from hunger worldwide. As part of measures to reduce the widespread poverty and hunger, cash transfer programmes are now being implemented in many countries of the world. While nationwide cash transfer schemes are few in Sub-Saharan Africa generally, the available ones are more concentrated in East and Southern Africa. Much of the available literature on social protection had focused on the poverty impact of cash transfer schemes at the household level, with the larger proportion originating from Latin America. On the contrary, much less empirical studies have been conducted on the poverty impact of cash transfer in Sub-Saharan Africa, let alone on the food security and nutrition impact. To fill this gap in knowledge, this paper examines the impact of cash transfer on food security in Nigeria. As a case study, the paper analysed the Ekiti State Cash Transfer Scheme (ECTS). ECTS is an unconditional transfer scheme which was established in 2011 to directly provide cash transfer to elderly persons aged 65 years and above in Ekiti State of Nigeria. Using survey data collected in 2013, we analysed the impact of the scheme on food availability and dietary diversity of the beneficiary households. Descriptive and Propensity Score Matching (PSM) techniques were used to estimate the Average Treatment Effect (ATE) and Average Treatment Effect on the Treated (ATT) among the beneficiary and control groups. Thereafter, a model to test for the impact of participation in the cash transfer scheme on calorie availability and dietary diversity was estimated. The results indicate that while households in the sample are clearly vulnerable, there were statistically significant differences between the beneficiary and control groups. For instance, monthly expenditure, calorie availability and dietary diversity were significantly larger among the beneficiary and consequently, the prevalence and depth of hunger were lower in the group. Econometric results indicate that the cash transfer has a positive and significant effect on food availability and dietary diversity in the households. Expanding the coverage of the present scheme to cover all eligible households in the country and incorporating cash transfer into a comprehensive hunger reduction policy will make it to have a greater impact at improving food security among the most vulnerable households in the country.

Keywords: calorie availability, cash transfers, dietary diversity, propensity score matching

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Authors: Mas Pertiwi I. G. AG Istri, Sri Kristinayanti Wayan, Oka Aryawan I. Gede Made

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Ability of government to meet the needs of infrastructure investment constrained by the size of the budget commitments for other sectors. Another barrier is the complexity of the process of land acquisition. Public Private Partnership can help bridge the investment gap by including the amount of funding from the private sector, shifted the responsibility of financing, construction of the asset, and the operation and post-project design and care to them. In principle, a construction project implementation always requires the investor as a party to provide resources in the form of funding which it must be contained in a successor agreement in the form of a contract. In general, construction contracts consist of contracts which passed in Indonesia and contract International. One source of funding used in the implementation of construction projects comes from funding that comes from the collaboration between the government and the private sector, for example with the system: BLT (Build Lease Transfer), BOT (Build Operate Transfer), BTO (Build Transfer Operate) and BOO (Build Operate Own). And form of payment under a construction contract can be distinguished several ways: monthly payment, payments based on progress and payment after completed projects (Turn Key). One of the tools used to analyze the feasibility of the investment is to use financial models. The financial model describes the relationship between different variables and assumptions used. From a financial model will be known how the cash flow structure of the project, which includes revenues, expenses, liabilities to creditors and the payment of taxes to the government. Net cash flow generated from the project will be used as a basis for analyzing the feasibility of investment source of project financing Public Private Partnership could come from equity or debt. The proportion of funding according to its source is a comparison of a number of investment funds originating from each source of financing for a total investment cost during the construction period by selected the contract system and several alternative financing percentage ratio determined according to sources will generate cash flow structure that is different. Of the various possibilities for the structure of the cash flow generated will be analyzed by software is to test T Paired to compared the contract system used by various alternatives comparison of financing to determine the effect of the contract system and the comparison of such financing for the feasibility of investment toll road construction project for the economic life of 20 (twenty) years. In this use case studies of toll road contruction project Bali Mandara. And in this analysis only covered two systems contracts, namely Build Operate Transfer and Turn Key. Based on the results obtained by analysis of the variable investment feasibility of the NPV, BCR and IRR between the contract system Build Operate Transfer and contract system Turn Key on the interest rate of 9%, 12% and 15%.

Keywords: contract system, financing, internal rate of return, net present value

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Authors: Mohand Kessal, Rachid Boucetta, Mourad Tikobaini, Mohammed Zamoum

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Leakage problem of two-component fluids flow is modeled for a transient one-dimensional homogeneous bubbly flow and developed by taking into account the effect of a leak located at the middle point of the pipeline. The corresponding three conservation equations are numerically resolved by an improved characteristic method. The obtained results are explained and commented in terms of physical impact on the flow parameters.

Keywords: fluid transients, pipelines leaks, method of characteristics, leakage problem

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Authors: Alireza Rafie Boldaji, Ahmad Saboonchi

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Chokes are commonly used in oil and gas production systems. A choke is a restriction basically designed to control flow rates of oil and gas wells, to prevent the downstream disturbances from propagating upstream (critical flow), and to protect the surface equipment facilities against slugging at high flowing pressures. There are different methods to calculate the multiphase flow rate, one of the multiphase flow measurement methods is the separation and measurement by on¬e-phaseFlow meter, another common method is the use of movable separator, their operations are very labor-intensive and costly. The current method used is based on the flow differential pressure on both sides of choke. Three groups of correlations describing two-phase flow through wellhead chokes were examined. The first group involved simple empirical equations similar to those of Gilbert, the second group comprised derived equations of two-phase flow incorporating PVT properties, and third group is computational method. In the article we calculate the flow of oil and gas through choke with simulation of this two phase flow bye computational fluid dynamic method, we use Ansys- fluent for this simulation and finally compared results of computational simulation whit empirical equations, the results show good agreement between experimental and numerical results.

Keywords: CFD, two-phase, choke, critical

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Authors: Zineddine Bouyahiaoui, Rabah Haoui

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The aim of this work is to analyze a flow around the axisymmetric blunt body taken into account the chemical and vibrational nonequilibrium flow. This work concerns the entry of spacecraft in the atmosphere of the planet Mars. Since the equations involved are non-linear partial derivatives, the volume method is the only way to solve this problem. The choice of the mesh and the CFL is a condition for the convergence to have the stationary solution.

Keywords: blunt body, finite volume, hypersonic flow, viscous flow

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Authors: Slimane Souag, Amel Graa, Farid Benhamida

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In this paper we present a new method for solving the secured power flow problem by the economic dispatch using DC power flow method and Generation Shift Distribution Factor (GSDF), in this work we create a graphical interface in LabVIEW as a virtual instrument. Hence the dc power flow reduces the power flow problem to a set of linear equations, which make the iterative calculation very fast and the GSFD matrix present the effects of single and multiple generator MW change on the transmission line. The effectiveness of the method developed is identified through its application to an IEEE-14 bus test system. The calculation results show excellent performance of the proposed method, in regard to computation time and quality of results.

Keywords: electrical power system security, economic dispatch, sensitivity matrix, labview

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Authors: Raj Nandkeolyar, Precious Sibanda

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The flow of a viscous, incompressible, and electrically conducting fluid under the influence of aligned magnetic field acting along the direction of fluid flow over an exponentially stretching sheet is investigated numerically. The nonlinear partial differential equations governing the flow model is transformed to a set of nonlinear ordinary differential equations using suitable similarity transformation and the solution is obtained using a local linearization method followed by the Chebyshev spectral collocation method. The effects of various parameters affecting the flow and heat transfer as well as the induced magnetic field are discussed using suitable graphs and tables.

Keywords: aligned magnetic field, exponentially stretching sheet, induced magnetic field, magnetohydrodynamic flow

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Authors: Zainab A. Bu Sinnah, David I. Graham

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The Lattice Boltzmann Method has been developed and used to simulate both steady and unsteady fluid flow problems such as turbulent flows, multiphase flow and flows in the vascular system. As an example, the study of blood flow and its properties can give a greater understanding of atherosclerosis and the flow parameters which influence this phenomenon. The blood flow in the vascular system is driven by a pulsating pressure gradient which is produced by the heart. As a very simple model of this, we simulate plane channel flow under periodic forcing. This pulsatile flow is essentially the standard Poiseuille flow except that the flow is driven by the periodic forcing term. Moment boundary conditions, where various moments of the particle distribution function are specified, are applied at solid walls. We used a second-order single relaxation time model and investigated grid convergence using two distinct approaches. In the first approach, we fixed both Reynolds and Womersley numbers and varied relaxation time with grid size. In the second approach, we fixed the Womersley number and relaxation time. The expected second-order convergence was obtained for the second approach. For the first approach, however, the numerical method converged, but not necessarily to the appropriate analytical result. An explanation is given for these observations.

Keywords: Lattice Boltzmann method, single relaxation time, pulsatile flow, moment based boundary condition

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Authors: Chen Niu, Xuesong Zhang, Dejiang Shang, Yongwei Liu

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Fishes can secrete high molecular weight fluid on their body skin to enable their rapid movement in the water. In this work, we employ a hybrid method that combines Computational Fluid Dynamics (CFD) and Finite Element Method (FEM) to investigate the effects of different mucus viscosities and injection velocities on fluctuation pressure in the boundary layer and flow-induced structural vibration noise of a flat plate model. To accurately capture the transient flow distribution on the plate surface, we use Large Eddy Simulation (LES) while the mucus inlet is positioned at a sufficient distance from the model to ensure effective coverage. Mucus injection is modeled using the Volume of Fluid (VOF) method for multiphase flow calculations. The results demonstrate that mucus control of pulsating pressure effectively reduces flow-induced structural vibration noise, providing an approach for controlling flow-induced noise in underwater vehicles.

Keywords: mucus, flow control, noise control, flow-induced noise

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Authors: Zongjie Wang, Zhizhong Guo

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While the regular optimal power flow model focuses on a single time scan, the optimization of power systems is typically intended for a time duration with respect to a desired objective function. In this paper, a temporal optimal power flow model for a time period is proposed. To reduce the computation burden needed for calculating temporal optimal power flow, a characteristic optimal power flow model is proposed, which employs different characteristic load patterns to represent the objective function and security constraints. A numerical method based on the interior point method is also proposed for solving the characteristic optimal power flow model. Both the temporal optimal power flow model and characteristic optimal power flow model can improve the systems’ desired objective function for the entire time period. Numerical studies are conducted on the IEEE 14 and 118-bus test systems to demonstrate the effectiveness of the proposed characteristic optimal power flow model.

Keywords: optimal power flow, time period, security, economy

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Authors: Mohammad Mojtahedpoor

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In this paper, it has been studied the method of optimal design of the supersonic nozzle. It could make viscous axisymmetric nozzles that the quality of their outlet flow is quite desired. In this method, it is optimized the divergent nozzle, at first. The initial divergent nozzle contour is designed through the method of characteristics and adding a suitable boundary layer to the inviscid contour. After that, it is made a proper grid and then simulated flow by the numerical solution and AUSM+ method by using the operation boundary condition. At the end, solution outputs are investigated and optimized. The numerical method has been validated with experimental results. Also, in order to evaluate the effectiveness of the present method, the nozzles compared with the previous studies. The comparisons show that the nozzles obtained through this method are sufficiently better in some conditions, such as the flow uniformity, size of the boundary layer, and obtained an axial length of the nozzle. Designing the convergent nozzle part affects by flow uniformity through changing its axial length and input diameter. The results show that increasing the length of the convergent part improves the output flow uniformity.

Keywords: nozzle, supersonic, optimization, characteristic method, CFD

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Authors: H. Abaal, R. Skouri

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A power flow analysis is a steady-state study of power grid. The goal of power flow analysis is to determine the voltages, currents, and real and reactive power flows in a system under a given load conditions. In this paper, the load flow analysis program by Newton Raphson polar coordinates Method is developed. The effectiveness of the developed program is evaluated through a simple 5-IEEE test system bus by simulations using MATLAB.

Keywords: power flow analysis, Newton Raphson polar coordinates method

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Authors: Jaber Masoud Alyami, Abdelsalam H. Alsrkhi

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Characterizing and modeling multi-phase flow is a complicated scientific and technical phenomenon represented by a variety of interrelated elements. Yet, the introduction of dimensionless numbers used to grasp gas-liquid flow is a significant step in controlling and improving the multi-phase flow area. SL (Slippage number), for instance is a strong dimensionless number defined as a the ratio of the difference in gravitational forces between slip and no-slip conditions to the inertial force of the gas. The fact that plotting SL versus Frm provides a single acceptable curve for all of the data provided proves that SL may be used to realize the behavior of gas-liquid flow. This paper creates a numerical link between SL and Froud mixing number using vertical gas-liquid flow and then utilizes that relationship to validate its reliability in practice. An improved correlation in drift flux model generated from the experimental data and its rationality has been verified. The method in this paper is to approach for predicting the void fraction in bubbly flow through SL/Frm relation and the limitations of this method, as well as areas for development, are stated.

Keywords: multiphase flow, gas-liquid flow, slippage, void farction

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Authors: Wafa Ghonaim

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Though quite fast on growth, Islamic financing at large, and its diverse instruments, is a controversial matter among scholars. This is evident from the ongoing debates on its Shariah compliance. Arguments, however, are inciting doubts and concerns among clients about its credibility, which is harming this lucrative sector. The work here investigates, particularly, some issues related to the Tawarruq instrument. The work examines the issues of linking Murabaha and Wakala contracts, the reselling of commodities to same traders, and the transfer of ownerships. The work affirms that a multi-agent smart electronic market design would facilitate Shariah compliance. The smart market exploits the rational decision-making capabilities of autonomous proxy agents that enable the clients, traders, brokers, and the bank buy and sell commodities, and manage transactions and cash flow. The smart electronic market design delivers desirable qualities that terminate the need for Wakala contracts and the reselling of commodities to the same traders. It also resolves the ownership transfer issues by allowing stakeholders to trade independently. The bank administers the smart electronic market and assures reliability of trades, transactions and cash flow. A multi-agent simulation is presented to validate the concept and processes. We anticipate that the multi-agent smart electronic market design would deliver Shariah compliance of personal financing to the aspiration of scholars, banks, traders and potential clients.

Keywords: Islamic finance, share'ah compliance, smart electronic markets design, multiagent systems

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Authors: Mahdi Azizzadeh, Ali Nabizadeh

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This paper investigates whether ownership structure has significant effects on dividend policy and the percentage of cash dividend payout ratio in Iranian companies listed on the Tehran Stock Exchange. We use a sample of 300 firm-years for 2010-2014. Results indicate that there is no significant relationship between family ownership and/or institutional ownership and dividend policy. Furthermore, there is no significant relationship between dividend policies in family-owned firms with high or low institutional ownership. However, our empirical test shows that family firms with a low level of institutional investors distribute more cash dividends on average than family firms with a high level of institutional ownership.

Keywords: family ownership, institutional ownership, dividend policy, dividend payout ratio

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Authors: Wojciech Dąbrowski, Joanna Bąk, Laurent Solliec

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Nowadays technical and technological progress and constant development of methods and devices applied to sanitary engineering is indispensable. Issues related to sanitary engineering involve flow measurements for water and wastewater. The precise measurement is very important and pivotal for further actions, like monitoring. There are many methods and techniques of flow measurement in the area of sanitary engineering. Weirs and flumes are well–known methods and common used. But also there are alternative methods. Some of them are very simple methods, others are solutions using high technique. The old–time method combined with new technique could be more useful than earlier. Paper describes substitute method of flow gauging (California pipe method) and proposal of modification of this method used for inclined pipe. Examination of possibility of improving and developing old–time methods is direction of the investigation.

Keywords: California pipe, sewerage, flow rate measurement, water, wastewater, improve, modification, hydraulic monitoring, stream

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Authors: Alebachew Halefom, Navsal Kumar, Arunava Poddar

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The purpose of this work is to specify the parameter values, the base flow index (BFI), and to rank the methods that should be used for base flow separation. Three different digital graphical approaches are chosen and used in this study for the purpose of comparison. The daily time series discharge data were collected from the site for a period of 30 years (1986 up to 2015) and were used to evaluate the algorithms. In order to separate the base flow and the surface runoff, daily recorded streamflow (m³/s) data were used to calibrate procedures and get parameter values for the basin. Additionally, the performance of the model was assessed by the use of the standard error (SE), the coefficient of determination (R²), and the flow duration curve (FDC) and baseflow indexes. The findings indicate that, in general, each strategy can be used worldwide to differentiate base flow; however, the Sliding Interval Method (SIM) performs significantly better than the other two techniques in this basin. The average base flow index was calculated to be 0.72 using the local minimum method, 0.76 using the fixed interval method, and 0.78 using the sliding interval method, respectively.

Keywords: baseflow index, digital graphical methods, streamflow, Emba Madre Watershed

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Authors: Roberta Martino, Viviana Ventre

Abstract:

Every day we face choices whose consequences are deferred in time. These types of choices are the intertemporal choices and play an important role in the social, economic, and financial world. The Discounted Utility Model is the mathematical model of reference to calculate the utility of intertemporal prospects. The discount rate is the main element of the model as it describes how the individual perceives the indeterminacy of subsequent periods. Empirical evidence has shown a discrepancy between the behavior expected from the predictions of the model and the effective choices made from the decision makers. In particular, the term temporal inconsistency indicates those choices that do not remain optimal with the passage of time. This phenomenon has been described with hyperbolic models of the discount rate which, unlike the linear or exponential nature assumed by the discounted utility model, is not constant over time. This paper explores the problem of inconsistency by tracing the decision-making process through the concept of impatience. The degree of impatience and the degree of decrease of impatience are two parameters that allow to quantify the weight of emotional factors and cognitive limitations during the evaluation and selection of alternatives. In fact, although the theory assumes perfectly rational decision makers, behavioral finance and cognitive psychology have made it possible to understand that distortions in the decision-making process and emotional influence have an inevitable impact on the decision-making process. The degree to which impatience is diminished is the focus of the first part of the study. By comparing consistent and inconsistent preferences over time, it was possible to verify that some anomalies in the discounted utility model are a result of the combination of cognitive bias and emotional factors. In particular: the delay effect and the interval effect are compared through the concept of misperception of time; starting from psychological considerations, a criterion is proposed to identify the causes of the magnitude effect that considers the differences in outcomes rather than their ratio; the sign effect is analyzed by integrating in the evaluation of prospects with negative outcomes the psychological aspects of loss aversion provided by Prospect Theory. An experiment implemented confirms three findings: the greatest variation in the degree of decrease in impatience corresponds to shorter intervals close to the present; the greatest variation in the degree of impatience occurs for outcomes of lower magnitude; the variation in the degree of impatience is greatest for negative outcomes. The experimental phase was implemented with the construction of the hyperbolic factor through the administration of questionnaires constructed for each anomaly. This work formalizes the underlying causes of the discrepancy between the discounted utility model and the empirical evidence of preference reversal.

Keywords: decreasing impatience, discount utility model, hyperbolic discount, hyperbolic factor, impatience

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