Search results for: stock predictions

Authors: S. Channgam, A. Sae-Tang, T. Termsaithong

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In this research, the occurrences of large size events in various system sizes of the Bak-Tang-Wiesenfeld sandpile model are considered. The system sizes (square lattice) of model considered here are 25×25, 50×50, 75×75 and 100×100. The cross-correlation between the ratio of sites containing 3 grain time series and the large size event time series for these 4 system sizes are also analyzed. Moreover, a prediction method of the large-size event for the 50×50 system size is also introduced. Lastly, it can be shown that this prediction method provides a slightly higher efficiency than random predictions.

Keywords: Bak-Tang-Wiesenfeld sandpile model, cross-correlation, avalanches, prediction method

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Authors: Bita Mashayekhi, Zeynab Lotfi Aghel

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The determinants of Earnings Response Coefficient (ERC), including firm size, earnings growth, and earnings persistence are studied in this research. These determinants are supposed to be moderator variables that affect ERC and Return Response Coefficient. The research sample contains 82 Iranian listed companies in Tehran Stock Exchange (TSE) from 2001 to 2012. Gathered data have been processed by EVIEWS Software. Results show a significant positive relation between firm size and ERC, and also between earnings growth and ERC; however, there is no significant relation between earnings persistence and ERC. Also, the results show that ERC will be increased by firm size and earnings growth, but there is no relation between earnings persistence and ERC.

Keywords: earnings response coefficient (ERC), return response coefficient (RRC), firm size, earnings growth, earnings persistence

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Authors: Yan Wang, Yuan George Shan

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This study examines whether earnings management reduces firm performance and how other comprehensive income (OCI) disclosure and strong corporate governance restrain earnings management. Using a data set comprising 6,260 firm-year observations from listed companies on the Shanghai and Shenzhen Stock Exchanges during 2009–2015, the results indicate that OCI disclosure generally improves firm performance, but earnings management lowers firm performance. The study also finds that OCI disclosure and corporate governance are complementary in restraining earnings manipulation and promote firm performance. The implications of the findings are relevant policy-makers and regulators in assisting them evaluate the consequences of convergence of Chinese Accounting Standards with the International Financial Reporting Standards.

Keywords: other comprehensive income, corporate governance, earnings management, firm performance, China

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Authors: Febrina Natalia, Noriyuki Tanaka, Mitsuru Osaki

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Sustainability Index for REDD-plus implementation was constructed to evaluate the sustainability of different communities in 5 villages (Taruna Jaya, Tumbang Nusa, Marang, Terantang, and Seragam Jaya) in Central Kalimantan, Indonesia based on the main objectives of REDD-plus project (reducing emission from deforestation and forest degradation, increasing carbon stock, preserving biodiversity and sustaining forest management). This index was separately composed of 3 different components; (1) ecology, (2) economy, and (3) society. The index of sustainability was determined into four categories; 3,3-4,0 (excellent), 2,5-3,2 (good), 1,8-2,4 (fair), and 1,0-1,7 (poor). Overall, this technique aims to assist all stakeholders and local government in particular in providing information of villages’ sustainability index before implementing REDD-plus project that the assistance and benefits given to villages will be beneficial, effective and efficient.

Keywords: central kalimantan, Indonesia, REDD-plus, sustainability index

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Authors: Sung Ham, Chanho Song, Jiabin Wu

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Employees are commonly incentivized on both quantity and quality performance and much of the extant literature focuses on demonstrating that multitasking incentives lead to tradeoffs. Alternatively, we consider potential solutions to the tradeoff problem from both a theoretical and an experimental perspective. Across two field experiments from a call center, we find that tradeoffs can be mitigated when incentives are jointly enhanced across tasks, where previous research has suggested that incentives be reduced instead of enhanced. In addition, we also propose and test, in a laboratory setting, the implications of revising the metric used to assess quality. Our results indicate that metrics can be adjusted to align quality and quantity more efficiently. Thus, this alignment has the potential to thwart the classic tradeoff problem. Finally, we validate our findings with an economic experiment that verifies that effort is largely consistent with our theoretical predictions.

Keywords: incentives, multitasking, field experiment, experimental economics

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Authors: Deepika Bhalla, Raj Kumar Bansal, Hari Om Gupta

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Dissolved Gas Analysis (DGA) has been widely used for fault diagnosis in a transformer. Artificial neural networks (ANN) have high accuracy but are regarded as black boxes that are difficult to interpret. For many problems it is desired to extract knowledge from trained neural networks (NN) so that the user can gain a better understanding of the solution arrived by the NN. This paper applies a pedagogical approach for rule extraction from function approximating neural networks (REFANN) with application to incipient fault diagnosis using the concentrations of the dissolved gases within the transformer oil, as the input to the NN. The input space is split into subregions and for each subregion there is a linear equation that is used to predict the type of fault developing within a transformer. The experiments on real data indicate that the approach used can extract simple and useful rules and give fault predictions that match the actual fault and are at times also better than those predicted by the IEC method.

Keywords: artificial neural networks, dissolved gas analysis, rules extraction, transformer

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Authors: Vinayaka Gude Divya Sampath

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The research introduces an integrated prediction model to assess the susceptibility of roads in a future flooding event. The model consists of deep learning algorithm for forecasting gauge height data and Flood Inundation Mapper (FIM) for spatial flooding. An optimal architecture for Long short-term memory network (LSTM) was identified for the gauge located on Tangipahoa River at Robert, LA. Dropout was applied to the model to evaluate the uncertainty associated with the predictions. The estimates are then used along with FIM to identify the spatial flooding. Further geoprocessing in ArcGIS provides the susceptibility values for different roads. The model was validated based on the devastating flood of August 2016. The paper discusses the challenges for generalization the methodology for other locations and also for various types of flooding. The developed model can be used by the transportation department and other emergency response organizations for effective disaster management.

Keywords: deep learning, disaster management, flood prediction, urban flooding

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Authors: Mohammad Aldubyan, Fateh Belaid, Anwar Gasim

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This paper aims at linking to link residential energy efficiency to the rebound effect concept, a well-known behavioral phenomenon in which service consumption increases when consumers notice a reduction in monetary spending on energy due to improvements in energy efficiency. It provides insights on into how and why the rebound effect happens when energy efficiency improves and whether this phenomenon is positive or negative. It also shows one technique to estimate the rebound effect on the national residential level. The paper starts with a bird’s eye view of the rebound effect and then dives in in-depth into measuring the rebound effect and evaluating its impact. Finally, the paper estimates the rebound effect in the Saudi residential sector through by linking pre-estimated price elasticities of demand to the Saudi residential building stock.

Keywords: energy efficiency, rebound effect, energy consumption, residential electricity demand

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Authors: U. F. Mammadova

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Natural resources is the main self-supplying way which is being studied in the paper. Ecologically clean and independent clean energy stock is wind one. This potential is first studied by applying remote sensing way. In any coordinate of the district, wind energy potential has been determined by measuring the potential by applying radar technique which gives a possibility to reveal 2 D view. At several heights, including 10,50,100,150,200 ms, the measurements have been realized. The achievable power generation for m2 in the district was calculated. Daily, hourly, and monthly wind energy potential data were graphed and schemed in the paper. The energy, environmental, and economic advantages of wind energy for the Agsu district were investigated by analyzing radar spectral measurements after the remote sensing process.

Keywords: wind potential, spectral radar analysis, ecological clean energy, ecological safety

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Authors: J. Suneetha, Vijayalaxmi

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Sequential Pattern Mining involves applying data mining methods to large data repositories to extract usage patterns. Sequential pattern mining methodologies used to analyze the data and identify patterns. The patterns have been used to implement efficient systems can recommend on previously observed patterns, in making predictions, improve usability of systems, detecting events, and in general help in making strategic product decisions. In this paper, identified performance of approximate sequential pattern mining defines as identifying patterns approximately shared with many sequences. Approximate sequential patterns can effectively summarize and represent the databases by identifying the underlying trends in the data. Conducting an extensive and systematic performance over synthetic and real data. The results demonstrate that ApproxMAP effective and scalable in mining large sequences databases with long patterns.

Keywords: multiple data, performance analysis, sequential pattern, sequence database scalability

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Authors: Damian Islas

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Debates on realism in science concern two different questions: (I) whether the unobservable entities posited by theories can be known; and (II) whether any knowledge we have of them is objective or not. Question (I) arises from the doubt that since observation is the basis of all our factual knowledge, unobservable entities cannot be known. Question (II) arises from the doubt that since scientific representations are inextricably laden with the subjective, idiosyncratic, and a priori features of human cognition and scientific practice, they cannot convey any reliable information on how their objects are in themselves. A way of understanding scientific realism (SR) is through three lines of inquiry: ontological, semantic, and epistemological. Ontologically, scientific realism asserts the existence of a world independent of human mind. Semantically, scientific realism assumes that theoretical claims about reality show truth values and, thus, should be construed literally. Epistemologically, scientific realism believes that theoretical claims offer us knowledge of the world. Nowadays, the literature on scientific realism has proceeded rather far beyond the realism versus antirealism debate. This stance represents a middle-ground position between the two according to which science can attain justified true beliefs concerning relational facts about the unobservable realm but cannot attain justified true beliefs concerning the intrinsic nature of any objects occupying that realm. That is, the structural content of scientific theories about the unobservable can be known, but facts about the intrinsic nature of the entities that figure as place-holders in those structures cannot be known. There are two possible versions of SR: Epistemological Structural Realism (ESR) and Ontic Structural Realism (OSR). On ESR, an agnostic stance is preserved with respect to the natures of unobservable entities, but the possibility of knowing the relations obtaining between those entities is affirmed. OSR includes the rather striking claim that when it comes to the unobservables theorized about within fundamental physics, relations exist, but objects do not. Focusing on ESR, questions arise concerning its ability to explain the empirical success of a theory. Empirical success certainly involves predictive success, and predictive success implies a theory’s power to make accurate predictions. But a theory’s power to make any predictions at all seems to derive precisely from its core axioms or laws concerning unobservable entities and mechanisms, and not simply the sort of structural relations often expressed in equations. The specific challenge to ESR concerns its ability to explain the explanatory and predictive power of successful theories without appealing to their substantive ontologies, which are often not preserved by their successors. The response to this challenge will depend on the various and subtle different versions of ESR and OSR stances, which show a sort of progression through eliminativist OSR to moderate OSR of gradual increase in the ontological status accorded to objects. Knowing the relations between unobserved entities is methodologically identical to assert that these relations between unobserved entities exist.

Keywords: eliminativist ontic structural realism, epistemological structuralism, moderate ontic structural realism, ontic structuralism

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Authors: Sam Khozama, Ali M. Mayya

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Breast cancer is one of the most common types in women. Early prediction of breast cancer helps physicians detect cancer in its early stages. Big cancer data needs a very powerful tool to analyze and extract predictions. Machine learning and deep learning are two of the most efficient tools for predicting cancer based on textual data. In this study, we developed a fusion model of two machine learning and deep learning models. To obtain the final prediction, Long-Short Term Memory (LSTM) and ensemble learning with hyper parameters optimization are used, and score-level fusion is used. Experiments are done on the Breast Cancer Surveillance Consortium (BCSC) dataset after balancing and grouping the class categories. Five different training scenarios are used, and the tests show that the designed fusion model improved the performance by 3.3% compared to the individual models.

Keywords: machine learning, deep learning, cancer prediction, breast cancer, LSTM, fusion

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Authors: Ali Moarrefzadeh

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In metalworking, rolling is a metal forming process in which metal stock is passed through a pair of rolls. Rolling is classified according to the temperature of the metal rolled. If the temperature of the metal is above its recrystallization temperature, then the process is termed as hot rolling. If the temperature of the metal is below its recrystallization temperature, the process is termed as cold rolling. In terms of usage, hot rolling processes more tonnage than any other manufacturing process, and cold rolling processes the most tonnage out of all cold working processes. This article describes the use of advanced tubing inspection NDT methods for boiler and heat exchanger equipment in the petrochemical industry to supplement major turnaround inspections. The methods presented include remote field eddy current, magnetic flux leakage, internal rotary inspection system and eddy current.

Keywords: hot forming, cold forming, metal, rolling, simulation

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Authors: Ishmael Tingbani

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This paper adopts a contingency theory approach to investigate the relationship between working capital management and profitability using data of 225 listed British firms on the London Stock Exchange for the period 2001-2011. The paper employs a panel data analysis on a series of interactive models to estimate this relationship. The findings of the study confirm the relevance of the contingency theory. Evidence from the study suggests that the impact of working capital management on profitability varies and is constrained by organizational contingencies (environment, resources, and management factors) of the firm. These findings have implications for a more balanced and nuanced view of working capital management policy for policy-makers.

Keywords: working capital management, profitability, contingency theory approach, interactive models

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Authors: Margarita Mayoral-Villa, J. Klapp, L. Di G. Sigalotti, J. E. V. Guzmán

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Automated learning techniques are widely applied in the energy sector to address challenging problems from a practical point of view. To this end, we discuss the implementation of a Message Passing algorithm (MPNN)within a Graph Neural Network(GNN)to leverage the neighborhood of a set of nodes during the aggregation process. This approach enables the characterization of multiphase diffusion processes in the reservoir, such that the flow paths underlying the interconnections between multiple wells may be inferred from previously available data on flow rates and bottomhole pressures. The results thus obtained compare favorably with the predictions produced by the Reduced Order Capacitance-Resistance Models (CRM) and suggest the potential of MPNNs to enhance the robustness of the forecasts while improving the computational efficiency.

Keywords: multiphase diffusion, message passing neural network, well interconnection, interwell connectivity, graph neural network, capacitance-resistance models

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Authors: Khalil Bachiri, Ali Yahyaouy, Nicoleta Rogovschi

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Improved user experience is a goal of contemporary recommender systems. Recommender systems are starting to incorporate reinforcement learning since it easily satisfies this goal of increasing a user’s reward every session. In this paper, we examine the most effective Reinforcement Learning agent tactics on the Movielens (1M) dataset, balancing precision and a variety of recommendations. The absence of variability in final predictions makes simplistic techniques, although able to optimize ranking quality criteria, worthless for consumers of the recommendation system. Utilizing the stochasticity of Leonard-Ornstein processes, our suggested strategy encourages the agent to investigate its surroundings. Research demonstrates that raising the NDCG (Discounted Cumulative Gain) and HR (HitRate) criterion without lowering the Ornstein-Uhlenbeck process drift coefficient enhances the diversity of suggestions.

Keywords: recommender systems, reinforcement learning, deep learning, DDPG, Leonard-Ornstein process

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Authors: Silvia Di Turi, Nicolandrea Calabrese, Francesca Caffari, Giulia Centi, Francesca Margiotta, Giovanni Murano, Laura Ronchetti, Paolo Signoretti, Lisa Volpe, Domenico Palladino

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Recent European policies have been set ambitious targets aimed at significantly reducing CO2 emissions by 2030, with a long-term vision of transforming existing buildings into Zero-Emissions Buildings (ZEmB) by 2050. This vision represents a key point for the energy transition as the whole building stock currently accounts for 36% of total energy consumption across the Europe, mainly due to their poor energy performance. The challenge towards Zero-Emissions Buildings is particularly felt in Italy, where a significant number of buildings with historical significance or situated within protected/constrained areas can be found. Furthermore, an estimated 70% of the national building stock are built before 1976, indicating a widespread issue of poor energy performance. Addressing the energy ineƯiciency of these buildings is crucial to refining a comprehensive energy renovation approach aimed at facilitating their energy transition. In this framework the current study focuses on analysing a challenging complex of buildings to be totally restored through significant energy renovation interventions. The goal is to recover these disused buildings situated in a significant archaeological zone of Rome, contributing to the restoration and reintegration of this historically valuable site, while also oƯering insights useful for achieving zeroemission requirements for buildings within such contexts. In pursuit of meeting the stringent zero-emission requirements, a comprehensive study was carried out to assess the complex of buildings, envisioning substantial renovation measures on building envelope and plant systems and incorporating renewable energy system solutions, always respecting and preserving the historic site. An energy audit of the complex of buildings was performed to define the actual energy consumption for each energy service by adopting the hourly calculation methods. Subsequently, significant energy renovation interventions on both building envelope and mechanical systems have been examined respecting the historical value and preservation of site. These retrofit strategies have been investigated with threefold aims: 1) to recover the existing buildings ensuring the energy eƯiciency of the whole complex of buildings, 2) to explore which solutions have allowed achieving and facilitating the ZEmB status, 3) to balance the energy transition requirements with the sustainable aspect in order to preserve the historic value of the buildings and site. This study has pointed out the potentiality and the technical challenges associated with implementing renovation solutions for such buildings, representing one of the first attempt towards realizing this ambitious target for this type of building.

Keywords: energy conservation and transition, complex of buildings in historic site, zero-emission buildings, energy efficiency recovery

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Authors: Kasif Khan, Azlan Allahwala, Moiz Ali, Hasan Lodhi, Umer Amjad

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The number of runs scored by batsmen and wickets taken by bowlers serves as a natural way of quantifying the performance of a cricketer. Traditionally the batsmen and bowlers are rated on their batting or bowling average respectively. However, in a game like Cricket, it is not sufficient to evaluate performance on the basis of average. The biasness in selecting batsman and bowler on the basis of their past performance. The objective is to predict the best player and comparing their performance on the basis of venue, opponent, weather, and particular position. On the basis of predictions and analysis, and comparison the best team is selected for next upcoming series of Pakistan. The system is based and will be built to aid analyst in finding best possible team combination of Pakistan for a particular match and by providing them with advisories so that they can select the best possible team combination. This will also help the team management in identifying a perfect batting order and the bowling order for each match.

Keywords: data analysis, Pakistan cricket players, quantifying individual performance, cricket

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Authors: Nada Souissi, Mourad Mroua

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The main purpose of this study is to examine the interaction between financial asset volatility, economic factors and investor's behavioral indicators related to both the company's and the markets stocks for the period from January 2000 to January2020. Using multiple linear regression and Bayesian Networks modeling, results show a positive and negative relationship between investor's psychology index, economic factors and predicted stock market return. We reveal that the application of the Bayesian Discrete Network contributes to identify the different cause and effect relationships between all economic, financial variables and psychology index.

Keywords: Financial asset return predictability, Economic factors, Investor's psychology index, Bayesian approach, Probabilistic networks, Parametric learning

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Authors: Muhammad Akhtaruzzaman

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The impact of corporate environmental social and governance (ESG) on financial performance is often difficult to quantify despite the ESG related theories predict that ESG performance improves financial performance of a company. This research examines the link between corporate ESG performance and the financial performance of the NZX (New Zealand Stock Exchange) listed companies. For this purpose, this research utilizes mixed methods approaches to examine and understand this link. While quantitative results found no robust evidence of such a link, however, the qualitative analysis of content data suggests a strong cooccurrence exists between ESG performance and financial performance. The findings of this research have important implications for policymakers to support higher ESG-performing companies and for management practitioners to develop ESG-related strategies.

Keywords: ESG, financial performance, New Zealand firms, thematic analysis, mixed methods

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Authors: Danilo López, Edwin Rivas, Leyla López

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This paper presents the development of an algorithm that predicts the arrival of a secondary user (SU) to a base station (BS) in a cognitive network based on infrastructure, requesting a Best Effort (BE) or Real Time (RT) type of service with a determined bandwidth (BW) implementing neural networks. The algorithm dynamically uses a neural network construction technique using the geometric pyramid topology and trains a Multilayer Perceptron Neural Networks (MLPNN) based on the historical arrival of an SU to estimate future applications. This will allow efficiently managing the information in the BS, since it precedes the arrival of the SUs in the stage of selection of the best channel in CRN. As a result, the software application determines the probability of arrival at a future time point and calculates the performance metrics to measure the effectiveness of the predictions made.

Keywords: cognitive radio, base station, best effort, MLPNN, prediction, real time

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Authors: Hassan Medaghri Alaoui

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The accounting and financial reporting system in use today is over 500 years old and has failed to capture the new knowledge and innovation economy in which intangible assets are becoming increasingly valuable. Yet, there has been a growing acknowledgment among the research community as to the relevance of intellectual capital as a major enhancer of an organization’s well-being. Much of the research provides great support for how the IC is instrumental in determining financial and stock performances. As far as we know, this article is one of the earliest exploratory attempts to examine the intellectual capital impact on the corporate performance of the IT sector in Morocco. The purpose of this study is to verify empirically the influence of intellectual capital on firm performance. We have undertaken, over a fifteen-year period, a longitudinal (2005–2019) case study of a prominent payment-solutions company based in a developing economy with global operations.

Keywords: intellectual capital, IT sector, measuring intellectual capital, modified value added intellectual capital coefficient, Morocco

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Authors: Aristeidis Samitas, Stathis Polyzos

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As the UK and the EU prepare to start negotiations for Brexit, it is important for both sides to comprehend the full extent of the consequences of this process. In this paper, we employ an object oriented simulation framework in order to test for the short-term and long-term effects of Brexit on both sides of the Channel. The relative strength of the UK economy and the banking sector vis-à-vis the EU is taken under consideration. Our results confirm predictions in the relevant literature regarding the output cost of Brexit, with particular emphasis on the EU. Furthermore, we show that financial stability is also an important issue on both sides, with the banking system suffering significant losses, particularly over the longer term. Our findings suggest that policymakers should be extremely careful in handling Brexit negotiations, making sure to consider dynamic effects that may be caused by UK bank assets moving to the EU after Brexit. The model results show that, as the UK banking system loses its assets, the end state of the UK economy is deteriorated while the end state of EU economy is improved.

Keywords: Banking Crises, Brexit, Financial Stability, VBanking

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Authors: S. Pradhan, V. Kumaran

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Centrifugal gas separation processes effect separation by utilizing the difference in the mole fraction in a high speed rotating cylinder caused by the difference in molecular mass, and consequently the centrifugal force density. These have been widely used in isotope separation because chemical separation methods cannot be used to separate isotopes of the same chemical species. More recently, centrifugal separation has also been explored for the separation of gases such as carbon dioxide and methane. The efficiency of separation is critically dependent on the secondary flow generated due to temperature gradients at the cylinder wall or due to inserts, and it is important to formulate accurate models for this secondary flow. The widely used Onsager model for secondary flow is restricted to very long cylinders where the length is large compared to the diameter, the limit of high stratification parameter, where the gas is restricted to a thin layer near the wall of the cylinder, and it assumes that there is no mass difference in the two species while calculating the secondary flow. There are two objectives of the present analysis of the rarefied gas flow in a rotating cylinder. The first is to remove the restriction of high stratification parameter, and to generalize the solutions to low rotation speeds where the stratification parameter may be O (1), and to apply for dissimilar gases considering the difference in molecular mass of the two species. Secondly, we would like to compare the predictions with molecular simulations based on the direct simulation Monte Carlo (DSMC) method for rarefied gas flows, in order to quantify the errors resulting from the approximations at different aspect ratios, Reynolds number and stratification parameter. In this study, we have obtained analytical and numerical solutions for the secondary flows generated at the cylinder curved surface and at the end-caps due to linear wall temperature gradient and external gas inflow/outflow at the axis of the cylinder. The effect of sources of mass, momentum and energy within the flow domain are also analyzed. The results of the analytical solutions are compared with the results of DSMC simulations for three types of forcing, a wall temperature gradient, inflow/outflow of gas along the axis, and mass/momentum input due to inserts within the flow. The comparison reveals that the boundary conditions in the simulations and analysis have to be matched with care. The commonly used diffuse reflection boundary conditions at solid walls in DSMC simulations result in a non-zero slip velocity as well as a temperature slip (gas temperature at the wall is different from wall temperature). These have to be incorporated in the analysis in order to make quantitative predictions. In the case of mass/momentum/energy sources within the flow, it is necessary to ensure that the homogeneous boundary conditions are accurately satisfied in the simulations. When these precautions are taken, there is excellent agreement between analysis and simulations, to within 10 %, even when the stratification parameter is as low as 0.707, the Reynolds number is as low as 100 and the aspect ratio (length/diameter) of the cylinder is as low as 2, and the secondary flow velocity is as high as 0.2 times the maximum base flow velocity.

Keywords: rotating flows, generalized onsager and carrier-Maslen model, DSMC simulations, rarefied gas flow

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Authors: Murat Sarı, Emin Gundogar, Mumtaz Ipek

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Nowadays, in a furniture sector, competition of market share (portion) and production variety and changeability enforce the firm to reengineer operations on manufacturing line to increase the productivity. In this study, spring mattress manufacturing line of the furniture manufacturing firm is analyzed analytically. It’s intended to search and find the bottlenecks of production to balance the semi-finished material flow. There are four base points required to investigate in bottleneck elimination process. These are bottlenecks of Method, Material, Machine and Man (work force) resources, respectively. Mentioned bottlenecks are investigated and varied scenarios are created for recruitment of manufacturing system. Probable near optimal alternatives are determined by system models built in Arena simulation software.

Keywords: bottleneck search, buffer stock, furniture sector, simulation

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Authors: Mohammad Zare, Mahbubeh Sheikh

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Many of the impact of climate change will material through change in soil erosion which were rarely addressed in Iran. This paper presents an investigation of the impacts of climate change soil erosin for the Kasilian basin. LARS-WG5 was used to downscale the IPCM4 and GFCM21 predictions of the A2 scenarios for the projected periods of 1985-2030 and 2080-2099. This analysis was carried out by means of the dataset the International Centre for Theoretical Physics (ICTP) of Trieste. Soil loss modeling using Revised Universal Soil Loss Equation (RUSLE). Results indicate that soil erosion increase or decrease, depending on which climate scenarios are considered. The potential for climate change to increase soil loss rate, soil erosion in future periods was established, whereas considerable decreases in erosion are projected when land use is increased from baseline periods.

Keywords: Kasilian watershed, climatic change, soil erosion, LARS-WG5 Model, RUSLE

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Authors: Tomotaka Yanagida

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The Corporate Governance Code, revised in 2015, requires firms listed within the first and second sections of Japan’s Tokyo stock exchange to select two or more independent outside directors (the Corporate Governance Code4-8). Therefore, Japanese listed firms must do this or explain the reason why they are not able to do so. This study investigates how the Corporate Governance Code affects Japanese listed firms. We find that the Corporate Governance Code increases the ratio of outside directors by nearly 8.8% for a sample of Japanese firms comprising nearly 4,200 firm-year observations from 2014 to 2015 using a difference-in-differences approach. This implies that they felt it would have been difficult to explain why it was not appropriate to have an outside director at the annual shareholders' meeting. Moreover, this suggests that they appoint outside directors as defined by the Corporate Governance Code, but maintain board size. This situation shows that compliance in Japan may simply be 'window dressing,' that is, more form than substance.

Keywords: board structure, comply or explain, corporate governance code, soft law

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Authors: Conner Side, Hunter Pearce

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Traditional elastic metamaterials have difficulties in achieving independent tunable working frequency in two orthogonal directions. In this work, we proposed a pragmatic active elastic metamaterial to obtain extreme anisotropic stiffness with a tunable working frequency range. Piezoelectric patches shunted with variable conductance are properly proposed in the microstructure unit cell to manipulate the effective elastic stiffness along two principal directions at the subwavelength scale. Simulation of manipulation of wave propagation in such metamaterials is performed. An experimental study is also conducted to validate the design, and the results are in good agreement with mathematic analysis and numerical predictions. The proposed active elastic metamaterial will bring forth significant guidelines for ultrasonic imaging technique, and the results are expected to offer novel and general design methodology for elastic metamaterials.

Keywords: microstructure, active elastic metamaterials, piezoelectric patches, experimental study

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Authors: Syukri Himran, Rustan Taraka, Anto Duma

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The aim of the study is to improve the understanding of latent and sensible thermal energy storage within a paraffin wax media by an array of cylindrical tubes arranged both in in-line and staggered layouts. An analytical and experimental study was carried out in a horizontal shell-and-tube type system during the melting process. Pertamina paraffin-wax was used as a phase change material (PCM), where as the tubes are embedded in the PCM. From analytical study we can obtain the useful information in designing a thermal energy storage such as : the motion of interface, amount of material melted at any time in the process, and the heat storage characteristic during melting. The use of staggered tubes is proposed as superior to in-line layout for thermal storage. The experimental study was used to verify the validity of the analytical predictions. From the comparisons, the analytical and experimental data are in a good agreement.

Keywords: latent, sensible, paraffin-wax, thermal energy storage, conduction, natural convection

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Authors: Flavio Araujo, Julio Lima, Paulo Scalize, Antonio Albuquerque

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Water treatment residues (WTR) are produced during water treatment and have recently been seen as a reusable material. The aim of this research was to perform characterizations of the residue generated in the Meia-Ponte Water Treatment Plant, in Goiania, Brazil, seeking to obtain normative parameters and consider sustainable alternatives for reincorporation of the residues in the productive chain for manufacturing various materials construction. In order to reduce the environmental liabilities generated by sanitation companies and discontinue unsustainable forms of disposal. The analyzes performed: Granulometry, Scanning Electron Microscopy, and X-Ray Diffraction demonstrated the potential application of residues to replace the soil and sand, because it has characteristics compatible with small aggregate and can be used as feed stock for the manufacture of materials as ceramic and soil-cement bricks, mortars, interlocking floors and concrete artifacts.

Keywords: residue, sustainable, water treatment plants, WTR

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