Search results for: financial ratio

Authors: Riccardo Bonazzi, Michaël Poli, Abeba Nigussie Turi

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This paper presents an applied research of a new module for the financial administration and management industry, Personalizable and Automated Checklists Integrator, Overseeing Legal Investigations (PACIOLI). It aims at designing the business model of the trust company of the future. By identifying the key stakeholders, we draw a general business process design of the industry. The business model focuses on disintermediating the traditional form of business through the new technological solutions of a software company based in Switzerland and hence creating a new interactive platform. The key stakeholders of this interactive platform are identified as IT experts, legal experts, and the New Edge Trust Company (NATC). The mechanism we design and propose has a great importance in improving the efficiency of the financial business administration and management industry, and it also helps to foster the provision of high value added services in the sector.

Keywords: new edge trust company, business model design, automated checklists, financial technology

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Authors: Victoria Scarratt

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Couples involved in age-gap relationships generally evoke negative stereotypes, opinions, and social disapproval. This research seeks to examine whether financial disparities in age-discrepant relationships cause negative attitudes in study participants. It was hypothesized that an age-gap couple (29 year difference) would receive a greater degree of societal disapproval when the couple also had a large salary gap compared to a similarly aged couple (1 year difference) with a salary gap. Additionally, there would be no significant difference between age-gap couples without a salary-gap compared to a similarly aged couple without a salary gap. To test the hypothesis, participants were given one of four scenarios regarding a couple in a romantic relationship.Then they were asked to respond to nine Likert scale questions. Results indicated that participants perceived age-gap relationships with a salary disparity to be less equitable in regard to a power imbalance between the couple and the financial and general gain that one partner will receive. A significant interaction was also detected for evoking feelings of disgust in participants and how morally correct it is for the couple to continue their relationship.

Keywords: age gap relationships, love, financial disparities, societal stigmas, relationship dynamics

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Authors: Kung-Jen Tu

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Many public housing properties developed by local governments in Taiwan in the 1980s have deteriorated severely as these rental apartment buildings aged. The lack of building maintainability considerations during project design phase as well as insufficient maintenance funds have made it difficult and costly for local governments to maintain and keep public housing properties in good shape. In order to assist the local governments in achieving and delivering sustainable public housing, this paper intends to present a developed design evaluation method to be used to evaluate the presented design schemes from property management and financial feasibility perspectives during project design phase of public housing projects. The design evaluation results, i.e. the property management and financial implications of presented design schemes that could occur later during the building operation and maintenance phase, will be reported to the client (the government) and design schemes revised consequently. It is proposed that the design evaluation be performed from two main perspectives: (1) Operation and property management perspective: Three criteria such as spatial appropriateness, people and vehicle circulation and control, property management working spaces are used to evaluate the ‘operation and PM effectiveness’ of a design scheme. (2) Financial feasibility perspective: Four types of financial analyses are performed to assess the long term financial feasibility of a presented design scheme, such as operational and rental income analysis, management fund analysis, regular operational and property management service expense analysis, capital expense analysis. The ongoing Chung-Li Public Housing Project developed by the Taoyuan City Government will be used as a case to demonstrate how the presented design evaluation method is implemented. The results of property management assessment as well as the annual operational and capital expenses of a proposed design scheme are presented.

Keywords: design evaluation method, management fund, operational and capital expenses, rental apartment buildings

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Authors: Stamataki Erofili Nellie, Benardos Andreas

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Winemaking and aging in Greece has been performed so far in special facilities, designed either as above ground or shallow underground buildings. The latter are well-known in Santorini as “canaves,” dating back to the 1700s. Canaves were mainly used for wine storage and aging, although occasionally, they included a winepress to complete there the whole wine production. On the other hand, wine caves are subterranean caves of the same use as canaves in the wine manufacturing industry, but they are excavated at a much greater depth of more than 53 meters or 175 feet. Whereas canaves or a typical wine cellar is around 10 feet deep, with is equivalent to almost 3 meters. This paper discusses the advantages and the disadvantages of creating a wine cave for the vinification of a winery in Greece and the financial investment or risk that has to be taken. The data presented and analysed are given from wineries in Greece and especially from those located in Santorini island. The estimation of the cost for the excavation of the model selected as a wine cave will be compared with the financial budget of the existing premises and facilities above ground in Greek wineries. In order to show whether it is viable for a greek winery to invest in a wine cave.

Keywords: underground space use, subterranean winery, wine cave, underground winery, greece

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Authors: Nidhal Mgadmi, Abdelhafidh Othmani

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This article examines the causal relationship between stock indices and cryptocurrencies during the current war between Russia and Ukraine. The econometric investigation runs from February 24, 2022, to April 12, 2023, focusing on seven stock market indices (S&P500, DAX, CAC40, Nikkei, TSX, MOEX, and PFTS) and seven cryptocurrencies (Bitcoin, Ethereum, Litcoin, Dash, Ripple, DigiByte and XEM). In this article, we try to understand how investors react to fluctuations in financial assets to seek safe havens in cryptocurrencies. We used dynamic causality to detect a possible causal relationship in the short term and seven models to estimate the long-term relationship between cryptocurrencies and financial assets. The causal relationship between financial market indexes and cryptocurrency coins in the short run indicates that three famous cryptocurrencies (BITCOIN, ETHEREUM, RIPPLE) and the two digital assets with minor popularity (XEM, Digibyte) are impacted by the German, Russian, and Ukrainian stock markets. In the long run, we found a positive and significate effect of the American, Canadian, French, and Ukrainian stock market indexes on Bitcoin. Thus, the stability of the traditional financial markets during the current war period can be explained on the one hand by investors’ fears of an unstable business climate, and on the other hand, by speculators’ sentiment towards new electronic products, which are perceived as hedging instruments and a safe haven in the face of the conflict between Ukraine and Russia.

Keywords: causality, stock indices, cryptocurrency, war, Russia, Ukraine

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Authors: Zeynep Yilmazer Hitit, Patrick C. Hallenbeck

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Fuel reserve requirements due to depletion of fossil fuels have increased interest in biohydrogen since the 1990’s. In fermentative hydrogen production, pure, mixed, and co-cultures can be used to produce hydrogen. Several previous studies have evaluated hydrogen production by pure cultures of Clostridium butyricum or Enterobacter aerogenes. Evaluating hydrogen production by co-culture of these microorganisms is an interestıng approach since E. aerogenes is a facultative microorganism with resistance to oxygen in contrast to the strict anaerobe C. butyricum, and therefore has the ability to maintain anaerobic conditions. It was found that using co-cultures of facultative E. aerogenes (as a reducing agent and H2 producer) and the obligate anaerobe C. butyricum for producing hydrogen increases the yield of hydrogen by about 50% compared to C. butyricum by itself. Also, using different types of microorganisms for hydrogen production eliminates the need to use expensive reducing agents. C. butyricum strain pre-cultured anaerobically at 37 0C for 15h by inoculating 100 mL of GP medium (pH 6.8) consisting of 1% glucose, 2% polypeptone, 0.2% KH2PO4, 0.05% yeast extract, 0.05% MgSO4. 7H2O and E. aerogenes strain was pre-cultured aerobically at 30 0C, 150 rpm for 9 h by inoculating 100 mL of TGY medium (pH 6.8), consisting of 0.1% glucose, 0.5% tryptone, 0.1% K2HPO4, 0.5% yeast extract. All duplicate batch experiments were conducted in 100 mL bottles with different inoculum ratios of Clostridium butyricum and Enterobater aerogenes (C:E) using 5x diluted rich media (GP) consisting of 2 g/L glucose, 4g/L polypeptone, 0.4 g/L KH2PO4, 0.1 g/L yeast extract, 0.1 MgSO4.7H2O. The range of inoculum ratio of C. butyricum to E. aerogenes were 2:1,4:1,8:1, 1:2,1:4, 1:8, 1:0, 0:1. Using glucose as a carbon source aided in the observation of microbial behavior as well as making the effect of inoculum ratio more evident. Nearly all the glucose in the medium was used to produce hydrogen, except at a 1:0 ratio of inoculum (i.e. containing only C. butyricum). Low glucose consumption leads to a higher hydrogen yield due to cumulative hydrogen production and consumption of glucose, but not as much as C:E, 8:1. The lowest hydrogen yield was achieved in 1:8 inoculum ratio of C:E, 71.9 mL, 1.007±0.01 mol H2/mol glucose and the highest cumulative hydrogen, hydrogen yield and dry cell weight were achieved in 8:1 inoculum ratio of C:E, 117.4 mL, 2.035±0.082 mol H2/mol glucose, 0.4 g/L respectively. In this study effect of inoculum ratio on dark fermentative biohydrogen production using C. butyricum and E. aerogenes was investigated. The maximum hydrogen yield of 2.035mol H2/mol glucose was obtained using 2g/L glucose, an initial pH of 6 and an inoculum ratio of C. butyricum to E. aerogenes of 8:1. Results showed that inoculum ratio is an important parameter on hydrogen production due to competition between the two microorganisms in using substrate for growth and production of by-products. The results presented here could be of great significance for further waste management studies using co-culture hydrogen production.

Keywords: biohydrogen, Clostridium butyricum, dark fermentation, Enterobacter aerogenes, inoculum ratio in biohydrogen production

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Authors: Gulnara Galeeva

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The Analytic Hierarchy Process is widely used in the economic and financial studies, including the formation of investment portfolios. In this study, a generalized method of obtaining a vector of priorities for the case with separate pairwise comparisons of the expert opinion being presented as a set of several equal evaluations on a ratio scale is examined. The author claims that this method allows solving an important and up-to-date problem of excluding vagueness and ambiguity of the expert opinion in the decision making theory. The study describes the authentic wide pairwise comparison matrix. Its application in the formation of the efficient investment portfolio of intangible assets of a small business enterprise with limited funding is considered. The proposed method has been successfully approbated on the practical example of a functioning dental clinic. The result of the study confirms that the wide pairwise comparison matrix can be used as a simple and reliable method for forming the enterprise investment policy. Moreover, a comparison between the method based on the wide pairwise comparison matrix and the classical analytic hierarchy process was conducted. The results of the comparative analysis confirm the correctness of the method based on the wide matrix. The application of a wide pairwise comparison matrix also allows to widely use the statistical methods of experimental data processing for obtaining the vector of priorities. A new method is available for simple users. Its application gives about the same accuracy result as that of the classical hierarchy process. Financial directors of small and medium business enterprises get an opportunity to solve the problem of companies’ investments without resorting to services of analytical agencies specializing in such studies.

Keywords: analytic hierarchy process, decision processes, investment portfolio, intangible assets

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Authors: Ramin Shadani

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This study introduces adaptive performance as a key organizational performance dimension and explores the relationship between the dimensions of a learning organization and adaptive performance. A survey was therefore conducted using the dimensions of the Learning Organization Questionnaire (DLOQ), followed by factor analysis and structural equation modeling in order to investigate the dynamics between learning organization practices and adaptive performance. Results confirm that adaptive performance is indeed one important dimension of organizational performance. The study also shows that perceived knowledge and adaptive performance mediate the positive relationship between the practices of a learning organization with perceived financial performance. We extend existing DLOQ research by demonstrating that adaptive performance, as a nonfinancial organizational learning outcome, has a significant impact on financial performance. Our study also provides additional validation of the measures of DLOQ's performance. Indeed, organizations need to take a glance at how the activities of learning and development can provide better overall improvement in performance, especially in enhancing adaptive capability. The study has provided requisite empirical support that activities of learning and development within organizations allow much-improved intangible performance outcomes, especially through adaptive performance.

Keywords: adaptive performance, continuous learning, financial performance, leadership style, organizational learning, organizational performance

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Authors: Aliakbar Sayadi, Thomas R. Neitzert, G. Charles Clifton, Min Cheol Han

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The present study aims to assess the performance of vermiculite concrete containing poly-lactic acid beads as an eco-friendly aggregate. Vermiculite aggregate was replaced by poly-lactic acid in percentages of 0%, 20%, 40%, 60% and 80%. Mechanical and thermal properties of concrete were investigated. Test results indicated that the inclusion of poly-lactic acid decreased the PH value of concrete and all the poly-lactic acid particles were dissolved due to the formation of sodium lactide and lactide oligomers when subjected to the high alkaline environment of concrete. In addition, an increase in thermal conductivity value of concrete was observed as the ratio of poly-lactic acid increased. Moreover, a set of equations was proposed to estimate the water-cement ratio, cement content and water absorption ratio of concrete.

Keywords: poly-lactic acid (PLA), vermiculite concrete, eco-friendly, mechanical properties

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Authors: Ashim Kanti Dey, Briti Sundar Bhowmik

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This paper presents an idea to improve the soft soil by using lime grits which are normally produced as waste product in the paper manufacturing industries. This waste material cannot be used as a construction material because of its light weight, uniform size and poor compaction control. With scarcity in land, effective disposal of lime grit is a major concern of all paper manufacturing industries. Considering its non-plasticity and high permeability characteristics the lime grit may suitably be used as a drainage material for speedy consolidation of cohesive soil. It can also be used to improve the bearing capacity of soft clay. An attempt has been made in this paper to show the usefulness of lime grit in improving the bearing capacity of shallow foundation resting on soft clayey soil. A series of undrained unconsolidated cyclic triaxial tests performed at different area ratios and at three different water contents shows that dynamic shear modulus and damping ratio can be substantially improved with lime grit. Improvement is observed to be more in case of higher area ratio and higher water content. Static triaxial tests were also conducted on lime grit reinforced clayey soil after application of 50 load cycles to determine the effect of lime grit columns on cyclically loaded clayey soils. It is observed that the degradation is less for lime grit stabilized soil. A study of model test with different area ratio of lime column installation is also included to see the field behaviour of lime grit reinforced soil.

Keywords: lime grit column, area ratio, shear modulus, damping ratio, strength ratio, improvement factor, degradation factor

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Authors: Junus Mara, Herman Parung, Jhony Tanijaya, Rudy Djamaluddin

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The purpose of this study is to determine the behavior of beam-column sub-assemblages castella due to cyclic loading. Knowing these behaviors can if be analyzed the effectiveness of the concrete filler to reduce the damage and improve capacity of beam castella. Test beam consists of beam castella fabricated from normal beam (CB), castella beams with concrete filler between the flange (CCB) and normal beam (NB) as a comparison. Results showed castella beam (CB) has the advantage to increase the flexural capacity and energy absorption respectively 100.5% and 74.3%. Besides advantages, castella beam has the disadvantage that lowering partial ductility and full ductility respectively 12.6% and 18.1%, decrease resistance ratio 29.5% and accelerate the degradation rate of stiffness ratio 31.4%. By the concrete filler between the beam flange to improve the ability of castella beam, then the beam castella have the ability to increase the flexural capacity of 184.78 %, 217.1% increase energy absorption, increase ductility partial and full ductility respectively 27.9 % and 26 %, increases resistance ratio 52.5% and slow the rate of degradation of the stiffness ratio 55.1 %.

Keywords: steel, castella, column beams, cyclic load

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Authors: Y. Lasbet, A. L. Boukhalkhal, K. Loubar

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The study of mixed convection is, usually, focused on the straight channels in which the onset of the mixed convection is well defined as function of the ratio between Grashof number and Reynolds number, Gr/Re. This is not the case for a complex channel wherein the mixed convection is not sufficiently examined in the literature. Our paper focuses on the study of the mixed convection in a complex geometry in which our main contribution reveals that the critical value of the ratio Gr/Re for the onset of the mixed convection increases highly in the type of geometry contrary to the straight channel. Furthermore, the accentuated secondary flow in this geometry prevents the thermal stratification in the flow and consequently the buoyancy driven becomes negligible. To perform these objectives, a numerical study in complex geometry for several values of the ratio Gr/Re with prescribed wall heat flux (H2), was realized by using the CFD code.

Keywords: complex geometry, heat transfer, laminar flow, mixed convection, Nusselt number

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Authors: Zidane Abderrezzaq

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In contrast to recent successful developments in macro monetary policies, the modelling, measurement and management of systemic financial stability has remained problematical. Indeed, the focus of most effort has been on improving individual, rather than systemic, bank risk management; the Basel II objective has been to bring regulatory bank capital into line with the (sophisticated) banks’ assessment of their own economic capital. Even at the individual bank level there are concerns over appropriate diversification allowances, differing objectives of banks and regulators, the need for a buffer over regulatory minima, and the distinction between expected and unexpected losses (EL and UL). At the systemic level the quite complex and prescriptive content of Basel II raises dangers of ‘endogenous risk’ and procyclicality. Simulations suggest that this latter could be a serious problem. In an extension to the main analysis we study how liquidity effects interact with banking structure to produce a greater chance of systemic breakdown. We finally consider how the risk of contagion might depend on the degree of asymmetry (tiering) inherent in the structure of the banking system. A number of our results have important implications for public policy, which this paper also draws out.

Keywords: systemic stability, financial regulation, credit risk, systemic risk

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Authors: Emre Ipekci Cetin, Ebru Tarcan Icigen

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Personnel selection process is considered as one of the most important and most difficult issues in human resources management. At the stage of personnel selection, the applicants are handled according to certain criteria, the candidates are dealt with, and efforts are made to select the most appropriate candidate. However, this process can be more complicated in terms of the managers who will carry out the staff selection process. Candidates should be evaluated according to different criteria such as work experience, education, foreign language level etc. It is crucial that a rational selection process is carried out by considering all the criteria in an integrated structure. In this study, the problem of choosing the front office manager of a 5 star accommodation enterprise operating in Antalya is addressed by using multi-criteria decision-making methods. In this context, SWARA (Step-wise weight assessment ratio analysis) and MOORA (Multi-Objective Optimization on the basis of ratio analysis) methods, which have relatively few applications when compared with other methods, have been used together. Firstly SWARA method was used to calculate the weights of the criteria and subcriteria that were determined by the business. After the weights of the criteria were obtained, the MOORA method was used to rank the candidates using the ratio system and the reference point approach. Recruitment processes differ from sector to sector, from operation to operation. There are a number of criteria that must be taken into consideration by businesses in accordance with the structure of each sector. It is of utmost importance that all candidates are evaluated objectively in the framework of these criteria, after these criteria have been carefully selected in the selection of suitable candidates for employment. In the study, staff selection process was handled by using SWARA and MOORA methods together.

Keywords: accommodation establishments, human resource management, multi-objective optimization on the basis of ratio analysis, multi-criteria decision making, step-wise weight assessment ratio analysis

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Authors: Cyoung-Huei Huang, Chiu-Li Yeh, Man-Hui Pai, Sung-Ling Yeh

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This study evaluated the effect of different dietary n-6/n-3 polyunsaturated fatty acid (PUFA) ratios on modulating helper T (Th) and regulatory T (Treg) lymphocytes in mice with dextran sulfate sodium (DSS)-induced colitis. There were 3 control and 3 colitis groups in this study. Mice were fed for 24 d with an AIN-93G diet either with soybean oil (S), a mixture of soybean oil and low fish oil content (LF) or high fish oil content (HF). The ratio of n-6/n-3 PUFA in the LF diet was 4:1, and that in the HF diet was 2:1. The control groups drank distilled water while colitis groups provided 2% DSS in drinking water during day 15-19. All mice drank distilled water from day 20-24 for recovery and sacrificed on day 25. The results showed that colitis resulted in higher Th1, Th2, and Th17 and lower Treg percentages in the blood. Also, plasma haptoglobin and proinflammatory chemokines were elevated in colon lavage fluid. Colitic groups with fish oil had lower inflammatory mediators in the plasma and colon lavage fluid. Further, the percentages of Th1, Th2, and Th17 cells in the blood were lower, whereas Treg cell percentages were higher than those in the soybean oil group. The colitis group with n-6/n-3 PUFA ratio 2:1 had more pronounce effects than ratio 4:1. These results suggest that diets with an n-6/n-3 PUFA ratio of 2:1 or 4:1 regulate the Th/Treg balance and attenuate inflammatory mediator production in colitis. Compared to the n-6/n-3 PUFA ratio 4:1, the ratio of 2:1 was more effective in reducing inflammatory reactions in DSS-induced colitis.

Keywords: inflammatory bowel disease, n-3 polyunsaturated fatty acids, helper T lymphocyte, regulatory T lymphocyte

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Authors: Sadixa Sanjel, Ahmed Sadek, Naseef Mansoor, Zelalem Denekew

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Collegiate ice hockey (NCAA) sports analytics is different from the national level hockey (NHL). We apply and compare multiple machine learning models such as Linear Regression, Random Forest, and Neural Networks to predict the win ratio for a team based on their statistics. Data exploration helps determine which statistics are most useful in increasing the win ratio, which would be beneficial to coaches and team managers. We ran experiments to select the best model and chose Random Forest as the best performing. We conclude with how to bridge the gap between the college and national levels of sports analytics and the use of machine learning to enhance team performance despite not having a lot of metrics or budget for automatic tracking.

Keywords: NCAA, NHL, sports analytics, random forest, regression, neural networks, game predictions

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Authors: Pradeep Kumar, Abhishek Kumar Chandra, Ashok Khanna

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Extraction of Strontium by crown ether (DCH18C6) hasbeen investigated in [BMIM][TF2N] Ionic Liquid (IL) giving higher extraction ~98% and distribution ratio as compared to other organic solvents (Dodecane, Hexane, & Isodecyl alcohol + Dodecane). Distribution ratio of Sr in IL at 0.15M DCH18C6 indicates an enhancement of 20000, 2000, 500 times over Dodecane, Hexane and 5% Isodecyl Alcohol + 95 % Dodecane at 0.01M aqueous acidity respectively. In presence of IL, Sr extraction decreases with increase in HNO3 concentration in aqueous phase whereas opposite trend was observed with organic solvents.Extraction of Sr initially increases with increase in DCH18C6 concentration in IL, finally reaching an asymptotic constant.

Keywords: distribution ratio, ionic liquid, ligand, organic solvent, stripping

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Authors: T. S. Serniabat, M. N. N. Khan, M. F. M. Zain

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As climate change and environmental pressures are now well established as major international issues, to which governments, businesses and consumers have to respond through more environmentally friendly and aware practices, products and policies; the need to develop alternative sustainable construction materials, reduce greenhouse gas emissions, save energy, look to renewable energy sources and recycled materials, and reduce waste are just some of the pressures impacting significantly on the construction industry. The utilization of waste materials (slag, fly ash, glass beads, plastic and so on) in concrete manufacturing is significant due to engineering, financial, environmental and ecological importance. Thus, utilization of waste materials in concrete production is very much helpful to reach the goal of the sustainable construction. Therefore, this study intends to use glass beads in concrete production. The paper reports on the performance of 9 different concrete mixes containing different ratios of glass crushed to 5 mm - 20 mm maximum size and glass marble of 20 mm size as coarse aggregate .Ordinary Portland cement type 1 and fine sand less than 0.5 mm were used to produce standard concrete cylinders. Compressive strength tests were carried out on concrete specimens at various ages. Test results indicated that the mix having the balanced ratio of glass beads and round marbles possess maximum compressive strength which is 3888.68 psi, as glass beads perform better in bond formation but have lower strength, on the other hand marbles are strong in themselves but not good in bonding. These mixes were prepared following a specific W/C and aggregate ratio; more strength can be expected to achieve from different W/C, aggregate ratios, adding admixtures like strength increasing agents, ASR inhibitor agents etc.

Keywords: waste glass, recycling, environmentally friendly, glass aggregate, strength development

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Authors: H. Florianová, J. Nešleha

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Financial derivatives are considered to be risky investment instruments which could possibly bring another financial crisis. As prevention, European Union and its member states have released new legal acts adjusting this area of law in recent years. There have been several cases in history of capital markets worldwide where it was shown that legislature may affect behavior of subjects on capital markets. In our paper we analyze main events on selected European stock exchanges in order to apply them on three chosen markets - Czech capital market represented by Prague Stock Exchange, German capital market represented by Deutsche Börse and Polish capital market represented by Warsaw Stock Exchange. We follow time series of development of the sum of listed derivatives on these three stock exchanges in order to evaluate popularity of those exchanges. Afterwards we compare newly listed derivatives in relation to the speed of development of these exchanges. We also make a comparison between trends in derivatives and shares development. We explain how a legal regulation may affect situation on capital markets. If the regulation is too strict, potential investors or traders are not willing to undertake it and move to other markets. On the other hand, if the regulation is too vague, trading scandals occur and the market is not reliable from the prospect of potential investors or issuers. We see that making the regulation stricter usually discourages subjects to stay on the market immediately although making the regulation vaguer to interest more subjects is usually much slower process.

Keywords: capital markets, financial derivatives, investors' behavior, regulation

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Authors: Fang Lian, Zefang Chenli, Laijun Ma, Lei Mao

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Up to now, electrolytic process is a popular way to prepare Mn and MnO2 (EMD) with high purity. However, the conventional preparation process of manganese oxide such as Mn3O4 with high purity from electrolytic manganese metal is characterized by long production-cycle, high-pollution discharge and high energy consumption especially initially from low-grade rhodochrosite, the main resources for exploitation and applications in China. Moreover, Mn3O4 prepared from electrolytic manganese shows large particles, single morphology beyond the control and weak chemical activity. On the other hand, hydrometallurgical method combined with thermal decomposition, hydrothermal synthesis and sol-gel processes has been widely studied because of its high efficiency, low consumption and low cost. But the key problem in direct preparation of manganese oxide series from low-grade rhodochrosite is to remove completely the multiple impurities such as iron, silicon, calcium and magnesium. It is urgent to develop a sustainable approach to high pure manganese oxide series with character of short process, high efficiency, environmentally friendly and economical benefit. In our work, the preparation technique of high pure Mn3O4 directly from low-grade rhodochrosite ore (13.86%) was studied and improved intensively, including the effective leaching process and the short purifying process. Based on the same ion effect, the repeated leaching of rhodochrosite with sulfuric acid is proposed to improve the solubility of Mn2+ and inhibit the dissolution of the impurities Ca2+ and Mg2+. Moreover, the repeated leaching process could make full use of sulfuric acid and lower the cost of the raw material. With the aid of theoretical calculation, Ba(OH)2 was chosen to adjust the pH value of manganese sulfate solution and BaF2 to remove Ca2+ and Mg2+ completely in the process of purifying. Herein, the recovery ratio of manganese and removal ratio of the impurity were evaluated via chemical titration and ICP analysis, respectively. Comparison between conventional preparation technique from electrolytic manganese and a sustainable approach directly from low-grade rhodochrosite have also been done herein. The results demonstrate that the extraction ratio and the recovery ratio of manganese reached 94.3% and 92.7%, respectively. The heavy metal impurities has been decreased to less than 1ppm, and the content of calcium, magnesium and sodium has been decreased to less than 20ppm, which meet standards of high pure reagent for energy and electronic materials. In compare with conventional technique from electrolytic manganese, the power consumption has been reduced to ≤2000 kWh/t(product) in our short-process approach. Moreover, comprehensive recovery rate of manganese increases significantly, and the wastewater generated from our short-process approach contains low content of ammonia/ nitrogen about 500 mg/t(product) and no toxic emissions. Our study contributes to the sustainable application of low-grade manganese ore. Acknowledgements: The authors are grateful to the National Science and Technology Support Program of China (No.2015BAB01B02) for financial support to the work.

Keywords: leaching, high purity, low-grade rhodochrosite, manganese oxide, purifying process, recovery ratio

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Authors: Abhishek Ranga

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The study examined the effect of accounting choice and level of disclosure on the firm’s implied cost of equity in Indian environment. For the study accounting choice was classified as aggressive or conservative depending upon the firm’s choice of accounting methods, accounting policies and accounting estimates. Level of disclosure is the quantum of financial and non-financial information disclosed in firm’s annual report, essentially in note to accounts section, schedules forming part of financial statements and Management Discussion and Analysis report. Regression models were developed with cost of equity as a dependent variable and accounting choice, level of disclosure as an independent variable along with selected control variables. Cost of equity was measured using Edward-Bell-Ohlson (EBO) valuation model, to measure accounting choice Modified-Jones-Model (MJM) was used and level of disclosure was measured using a disclosure index essentially drawn from Botosan study. Results indicated a negative association between the implied cost of equity and conservative accounting choice and also between level of disclosure and cost of equity.

Keywords: aggressive accounting choice, conservative accounting choice, disclosure, implied cost of equity

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Authors: A. Harras, A. Tsuji, K. Terada

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Tracking of moving people has gained a matter of great importance due to rapid technological advancements in the field of computer vision. The objective of this study is to design a motion based detection and tracking multiple walking pedestrians randomly in different directions. In our proposed method, Gaussian mixture model (GMM) is used to determine moving persons in image sequences. It reacts to changes that take place in the scene like different illumination; moving objects start and stop often, etc. Background noise in the scene is eliminated through applying morphological operations and the motions of tracked people which is determined by using the Kalman filter. The Kalman filter is applied to predict the tracked location in each frame and to determine the likelihood of each detection. We used a benchmark data set for the evaluation based on a side wall stationary camera. The actual scenes from the data set are taken on a street including up to eight people in front of the camera in different two scenes, the duration is 53 and 35 seconds, respectively. In the case of walking pedestrians in close proximity, the proposed method has achieved the detection ratio of 87%, and the tracking ratio is 77 % successfully. When they are deferred from each other, the detection ratio is increased to 90% and the tracking ratio is also increased to 79%.

Keywords: automatic detection, tracking, pedestrians, counting

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Authors: Bikash Ranjan Mishra, Lopamudra D. Satpathy

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In the wake of the phenomenal surge in international business in the last decades or more, both the developed and developing economies around the world are in massive competition to attract more and more FDI flows. While the developed countries have marched ahead in the race, the developing countries, especially those of Asian economies, have followed them at a rapid pace. While most of the previous studies have analysed the role of institutional quality in the promotion of FDI flows in developing countries, very few studies have taken an integrated approach of examining the comprehensive impact of institutional quality, globalization pattern and domestic financial development on FDI flows. In this context, the paper contributes to the literature in two important ways. Firstly, two composite indices of institutional quality and domestic financial development for the Asian countries are constructed in comparison to earlier studies that resort to a single variable for indicating the institutional quality and domestic financial development. Secondly, the impact of these variables on FDI flows through their interaction with geographical region is investigated. The study uses panel data covering the time period of 1996 to 2012 by selecting twenty Asian developing countries by emphasizing the quality of institutions from the geographical regions of eastern, south-eastern, southern and western Asia. Control of corruption, better rule of law, regulatory quality, effectiveness of the government, political stability and voice and accountability are used as indicators of institutional quality. Besides these, the study takes into account the domestic credits in the hands of public, private sectors and in stock markets as domestic financial indicators. First in the specification of model, a factor analysis is performed to reduce the vast determinants, which are highly correlated with each other, to a manageable size. Afterwards, a reduced version of the model is estimated with the extracted factors in the form of index as independent variables along with a set of control variables. It is found that the institutional quality index and index of globalization exert a significant effect on FDI inflows of the host countries; in contrast, the domestic financial index does not seem to play much worthy role. Finally, some robustness tests are performed to make sure that the results are not sensitive to temporal and spatial unobserved heterogeneity. On the basis of the above study, one general inference can be drawn from the policy prescription point of view that the government of these developing countries should strengthen their domestic institution, both financial and non-financial. In addition to these, welfare policies should also target for rapid globalization. If the financial and non-financial institutions of these developing countries become sound and grow more globalized in the economic, social and political domain, then they can appeal to more amounts of FDI inflows that will subsequently result in advancement of these economies.

Keywords: Asian developing economies, FDI, institutional quality, panel data

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Authors: Ameen Alshugaa, Farrukh Habib

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Shariah (the Islamic law) sanctions a plethora of profit-sharing arrangements for financial transactions. However, when it comes to the practice of Islamic banking, it is felt by the scholars and practitioners that many of these arrangements often fail to compensate different parties of a financial transaction compared to conventional banking, due to the Riba (interest / usury) element. This issue is caused by the parties inability to codify these compensations in any contract so as to avoid Riba. Here, hibah (gift) may be regarded as one of the solutions. In essence, hibah is a unilateral charity contract where a party voluntarily gives away something to another party without any counter value. This paper attempts to analyse theoretical and practical aspects of hibah from the perspective of Islamic law, enunciating its legality and detailing its allowance in Islamic banking. It also discusses several practices evaluating the role of hibah in resolving issues related to Riba. In particular, these practices demonstrate the validity of hibah as a way to distribute revenues and compensate parties in Islamic financial transactions, while achieving competitive advantage over conventional banking, and avoiding the element of Riba.

Keywords: hibah (gift), Islamic Finance, Islamic Law of Contract, profit distribution, Shariah

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Authors: Muzamir Hasan, Anas Bazirgan

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Granular columns is a technique that has the properties of improving bearing capacity, accelerating the dissipation of excess pore water pressure and reducing settlement in a weak soft soil. This research aims to investigate the role of Polypropylene column in improving the shear strength and compressibility of soft reconstituted kaolin clay by determining the effects of area replacement ratio, height penetrating ratio and volume replacement ratio of a singular Polypropylene column on the strength characteristics. Reinforced kaolin samples were subjected to Unconfined Compression (UCT) and Unconsolidated Undrained (UU) triaxial tests. The kaolin samples were 50 mm in diameter and 100 mm in height. Using the PP column reinforcement, with an area replacement ratio of 0.8, 0.5 and 0.3, shear strength increased approximately 5.27%, 26.22% and 64.28%, and 37.14%, 42.33% and 51.17%, for area replacement ratios of 25% and 10.24%. Meanwhile, UU testing showed an increase in shear strength of 24.01%, 23.17% and 23.49% and 28.79%, 27.29 and 30.81% for the same ratios. Based on the UCT results, the undrained shear strength generally increased with the decrease in height penetration ratio. However, based on the UU test results Mohr-Coulomb failure criteria, the installation of Polypropylene columns did not show any significant difference in effective friction angle. However, there was an increase in the apparent cohesion and undrained shear strength of the kaolin clay. In conclusion, Polypropylene column greatly improved the shear strength; and could therefore be implemented in reducing the cost of soil improvement as a replacement for non-renewable materials.

Keywords: polypropylene, UCT, UU test, Kaolin S300, ground improvement

Procedia PDF Downloads 329

Authors: Ikram Mohamed Eltayeb, Ustina Saeed Barsoumbolice

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Cinnamomum zeylanicum belong to the family Lauraceae and Artemisia absinthium belong to the family Asteraceae. Both were traditionally used as antiemetic, anti-inflammatory and antidiabetic. In Sudan, the mixtures of the two plants were traditionally used for the treatment of diabetes. Diabetes mellitus is a group of metabolic diseases characterized by hyperglycemia. It is mainly classified into two major groups, type-1 and type-2. Type-2 is a combination of resistance to insulin action and an inadequate compensatory insulin secretory response. The treatment of type-2 diabetes mellitus (DM) with synthetic drugs have many side effects so many researches were conducted to overcome or reduce this side effects by using alternative medicine. The objective of this study is to investigate and compare the anti-diabetic activity of C. zeylanicum and A. absinthium and their combination with difference ratio. C. zeylanicum and A. absinthium were extracted by 96% ethanol using Soxhlet apparatus. Thirty-two rats were divided into eight groups; each group contains four rats. 1st group was administered with distilled water at dose of 10ml/kg, 2nd group had received glucose only at dose of 2g/kg intraperitoneal, the standard group (3rd group) had received Glibenclamide orally at dose of 0.45mg/kg, 4th group received 100 mg C. zeylanicum + 300 mg A. absinthium with a ratio of (25:75), 5th group received 300 mg C. zeylanicum + 100 mg A. absinthium with a ratio of (75:25), 6th group received 200 mg C. zeylanicum + 200 mg A. absinthiumwith a ratio of (50:50), 7th group received 400 mg of A. absinthium, 8th group received 400 mg of C. zeylanicum. Then the blood samples were taken Retro-orbitally at 0, 1, 2 and 4 hours and the glucose level was measured. Each plant alone and their combination with different ratios shows antidiabetic effect. The significant activity was shown by A. absinthium extract (400 mg/kg), combination of ratio of (75:25) A. absinthium: C. zeylanicum(400mg/kg) and then C. zeylanicum(400mg/kg) with p-value 0.001, 0.022, 0.030 respectively, the activity was found to be increased with time. The other combinations showed less activity with p-value > 0.05. The result concludes that the good antidiabetic activity was performed by A. absinthium alone and its activity decreased by increase combination ratio with C. zeylanicum. Which maybe explains by the antagonistic effect between the compounds of C. zeylanicum and A. absinthium.

Keywords: antidiabetic, Artemisia absinthium , cinnamomum zeylanicum, combination

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Authors: Larbi Hammadi, Abdellatif El Bari Tidjani

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In order to reduce the flow of pollutants in the wastewater of the urban agglomerations of the city of Oran, a preliminary study was carried out at the El-Karma wastewater treatment plant. The primary objective of this study was to estimate the overall physicochemical pollution in the effluents of the El-Karma sewage treatment plant wastewater. It was found that the effluent of El-Karma wastewater treatment plant contains a significant amount of insoluble. Total suspended soli TSS concentrations ranged from 112 to 475 mg/l, with an average of 220.5 mg/l. The chemical oxygen demand (COD) and biochemical oxygen demand (BOD₅) values remain within the reference range for domestic wastewater with an average value of COD < 125 and BOD₅ < 25. The COD/BOD₅ ratio of raw water entering the treatment plant is less than 2. This ratio would predict that the raw sewage from the El-Karma treatment plant is polluted by inorganic pollution strong enough.

Keywords: El-Karma wastewater, TSS concentrations, COD and BOD5, COD/BOD5 ratio, treatment

Procedia PDF Downloads 269

Authors: Nandini B. Nagaraju, Punya D. Gowda, S. Aishwarya, Benjamin Rohit

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This paper attempts to understand the structural behavior of non-prismatic channel beams subjected to bending through finite element (FE) analysis. The present study aims at shedding some light on how tapered channel beams behave by studying the effect of taper ratio on structural behavior. As a weight reduction is always desired in aerospace structures beams are tapered in order to obtain highest structural efficiency. FE analysis has been performed to study the effect of taper ratio on linear deflection, lateral torsional buckling, non-linear parameters, stresses and dynamic parameters. Taper ratio tends to affect the mechanics of tapered beams innocuously and adversely. Consequently, it becomes important to understand and document the mechanics of channel tapered beams. Channel beams generally have low torsional rigidity due to the off-shear loading. The effect of loading type and location of applied load have been studied for flange taper, web taper and symmetric taper for different conditions. Among these, as the taper ratio is increased, the torsional angular deflection increases but begins to decrease when the beam is web tapered and symmetrically tapered for a mid web loaded beam. But when loaded through the shear center, an increase in the torsional angular deflection can be observed with increase in taper ratio. It should be considered which parameter is tapered to obtain the highest efficiency.

Keywords: channel beams, tapered beams, lateral torsional bucking, shear centre

Procedia PDF Downloads 439

Authors: C. H. Jeon, Y. H. Kim, G. A. Lee

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Reducing resource consumption and carbon dioxide emission are recognized as urgent issues. One way of resolving these issues is to reduce product weight. Magnesium alloys are considered promising candidates because of their lightness. Various studies have been conducted on using magnesium alloy instead of conventional iron or aluminum in mechanical parts, due to the light weight and superior specific strength of magnesium alloy. However, even stronger magnesium alloys are needed for mechanical parts. One common way to enhance the strength of magnesium alloy is by extruding the ingot. In order to enhance the mechanical properties, magnesium alloy ingot were extruded at various extrusion ratios. Relationship between extrusion ratio and mechanical properties was examined on extruded material of magnesium alloy. And Textures and microstructures of the extruded materials were investigated.

Keywords: extrusion, extrusion ratio, magnesium, mechanical property, lightweight material

Procedia PDF Downloads 500

Authors: Petra Dilling

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This study examines the market reaction to the publication of integrated reports for a sample of 316 global companies for the reporting year 2018. Applying event study methodology, we find significant cumulative average abnormal returns (CAARs) after the publication date. To ensure robust estimation resultsthe three-factor model, according to Fama and French, is used as well as a market-adjusted model, a CAPM and a Frama-French model taking GARCH effects into account. We find a significant positive CAAR after the publication day of the integrated report. Our results suggest that investors react to information provided in the integrated report and that they react differently to the annual financial report. Furthermore, our cross-sectional analysis confirms that companies with a significant positive cumulative average abnormal show certain characteristic. It was found that European companies have a higher likelihood to experience a stronger significant positive market reaction to their integrated report publication.

Keywords: integrated report, event methodology, cumulative abnormal return, sustainability, CAPM

Procedia PDF Downloads 150