Search results for: financial ratio

Authors: Pascal Horni, Sandro Fuchs

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In presence of increasing deficits and public debt among OECD countries, the debate on fiscal disciple and mechanisms to constrain public spending policy heated up and gave rise to the institutionalization of fiscal rules. Considering the notions from political economy literature and the therein advocated axiom of maximization of votes, introduction of institutional mechanisms and rules to govern public spending is likely to be coined by electoral motives. While there exists a series of research concerned with the rise of creative accounting in the presence fiscal rules, implementation of accrual government accounting and its impact on the biting of fiscal rules has to authors’ best knowledge never been explored. This paper serves the illumination of the connection between debt break mechanisms and the adoption of accrual public sector accounting standards such as the IPSAS in the interface of political economy in the Swiss context. By explicitly considering the technical accounting dimension, this paper develops an integrated conceptual view on well-established Public Financial Management (PFM) institutions and elaborates how their interdependencies can co-create value with regard to the contemporary challenge of fiscal sustainability. Derivation of this integrated view follows an explorative approach, taking into account expert interviews with director level staff from cantonal finance administrations and policy documents, as well as literature from both research areas – public sector accounting and political economy.

Keywords: accounting, fiscal rules, International Public Sector Accounting Standards (IPSAS), public financial management

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Authors: Nadezhda Kvatashidze, Elena Kharabadze

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It is broadly known that lease is a flexible means of funding enterprises. Lease reduces the risk related to access and possession of assets, as well as obtainment of funding. Therefore, it is important to refine lease accounting. The lease accounting regulations under the applicable standard (International Accounting Standards 17) make concealment of liabilities possible. As a result, the information users get inaccurate and incomprehensive information and have to resort to an additional assessment of the off-balance sheet lease liabilities. In order to address the problem, the International Financial Reporting Standards Board decided to change the approach to lease accounting. With the deficiencies of the applicable standard taken into account, the new standard (IFRS 16 ‘Leases’) aims at supplying appropriate and fair lease-related information to the users. Save certain exclusions; the lessee is obliged to recognize all the lease agreements in its financial report. The approach was determined by the fact that under the lease agreement, rights and obligations arise by way of assets and liabilities. Immediately upon conclusion of the lease agreement, the lessee takes an asset into its disposal and assumes the obligation to effect the lease-related payments in order to meet the recognition criteria defined by the Conceptual Framework for Financial Reporting. The payments are to be entered into the financial report. The new lease accounting standard secures supply of quality and comparable information to the financial information users. The International Accounting Standards Board and the US Financial Accounting Standards Board jointly developed IFRS 15: ‘Revenue from Contracts with Customers’. The standard allows the establishment of detailed revenue recognition practical criteria such as identification of the performance obligations in the contract, determination of the transaction price and its components, especially price variable considerations and other important components, as well as passage of control over the asset to the customer. IFRS 15: ‘Revenue from Contracts with Customers’ is very similar to the relevant US standards and includes requirements more specific and consistent than those of the standards in place. The new standard is going to change the recognition terms and techniques in the industries, such as construction, telecommunications (mobile and cable networks), licensing (media, science, franchising), real property, software etc.

Keywords: assessment of the lease assets and liabilities, contractual liability, division of contract, identification of contracts, contract price, lease identification, lease liabilities, off-balance sheet, transaction value

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Authors: Pushpendra S. Bharti, S. Maheshwari

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Electric discharge machining (EDM) is one of the most widely used non-conventional manufacturing process to shape difficult-to-cut materials. The process yield, in terms of material removal rate, surface roughness and tool wear rate, of EDM may considerably be improved by selecting the optimal combination(s) of process parameters. This paper employs Multi-response signal-to-noise (MRSN) ratio technique to find the optimal combination(s) of the process parameters during EDM of Inconel 718. Three cases v.i.z. high cutting efficiency, high surface finish, and normal machining have been taken and the optimal combinations of input parameters have been obtained for each case. Analysis of variance (ANOVA) has been employed to find the dominant parameter(s) in all three cases. The experimental verification of the obtained results has also been made. MRSN ratio technique found to be a simple and effective multi-objective optimization technique.

Keywords: electric discharge machining, material removal rate, surface roughness, too wear rate, multi-response signal-to-noise ratio, multi response signal-to-noise ratio, optimization

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Authors: M. Bouhoun Ali, A. Y. Badjah Hadj Ahmed, M. Attou, A. Elias, M. A. Didi

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The extraction of uranium(VI) from aqueous solutions has been investigated using 1-hydroxyhexadecylidene-1,1-diphosphonic acid (HHDPA) and 1-hydroxydodecylidene-1,1-diphosphonic acid (HDDPA), which were synthesized and characterized by elemental analysis and by FT-IR, 1H NMR, 31P NMR spectroscopy. In this paper, we propose a tentative assignment for the shifts of those two ligands and their specific complexes with uranium(VI). We carried out the extraction of uranium(VI) by HHDPA and HDDPA from [carbon tetrachloride + 2-octanol (v/v: 90%/10%)] solutions. Various factors such as contact time, pH, organic/aqueous phase ratio and extractant concentration were considered. The optimum conditions obtained were: contact time= 20 min, organic/aqueous phase ratio = 1, pH value = 3.0 and extractant concentration = 0.3M. The extraction yields are more significant in the case of the HHDPA which is equipped with a hydrocarbon chain, longer than that of the HDDPA. Logarithmic plots of the uranium(VI) distribution ratio vs. pHeq and the extractant concentration showed that the ratio of extractant to extracted uranium(VI) (ligand/metal) is 2:1. The formula of the complex of uranium(VI) with the HHDPA and the DHDPA is UO2(H3L)2 (HHDPA and DHDPA are denoted as H4L). A spectroscopic analysis has showed that coordination of uranium(VI) takes place via oxygen atoms.

Keywords: liquid-liquid extraction, uranium(vi), 1-hydroxyalkylidene-1, 1-diphosphonic acids, hhdpa, hddpa, aqueous solution

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Authors: Rizwan Fazal

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This study investigates the behavior of external sector of Pakistan economy and its impact on economic growth, using quarterly data for the period 1990:01-2010:04. External sector indices used in this study are financial integration, net foreign assets and trade integration. Augmented Ducky fuller confirms that all variables of external sector are non-stationary at level, but at first difference it becomes stationary. The co-integration test suggests one co-integrating variables in the study. The analysis is based on Vector Auto Regression model followed by Vector Error Correction Model. The empirical findings show that financial integration play important role in increasing economic growth in Pakistan economy while trade integration has negative effect on economic growth of Pakistan in the long run. However, the short run confirms that output lag accounts for error correction. The estimated CUSUM and CUSUMQ stability test provide information that the period of the study equation remains stable.

Keywords: financial integration, trade integration, net foreign assets, gross domestic product

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Authors: Kamal, J. P. Narayan

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In the present wok the effects of basin-shape-ratio on the frequency content and spectral amplitudes of the basin-generated surface waves and the associated spatial variation of ground motion amplification and differential ground motion in a 3D semi-spherical basin has been studied. A recently developed 3D fourth-order spatial accurate time-domain finite-difference (FD) algorithm based on the parsimonious staggered-grid approximation of the 3D viscoelastic wave equations was used to estimate seismic responses. The simulated results demonstrated the increase of both the frequency content and the spectral amplitudes of the basin-generated surface waves and the duration of ground motion in the basin with the increase of shape-ratio of semi-spherical basin. An increase of the average spectral amplification (ASA), differential ground motion (DGM) and the average aggravation factor (AAF) towards the centre of the semi-spherical basin was obtained.

Keywords: 3D viscoelastic simulation, basin-generated surface waves, basin-shape-ratio effects, average spectral amplification, aggravation factors and differential ground motion

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Authors: Yu Li, Jingwu He, Yuexi Xiong

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The spar layout will affect the wing’s stiffness characteristics, and irrational spar arrangement will reduce the overall bending and twisting resistance capacity of the wing. In this paper, the active structural stiffness design theory is used to match the stiffness-center axis position and load-cases under the corresponding multiple flight conditions, in order to achieve better stiffness properties of the wing. The combination of active stiffness method and principle of stiffness distribution is proved to be reasonable supplying an initial reference for wing designing. The optimized layout of spars is eventually obtained, and the high-aspect-ratio wing will have better stiffness characteristics.

Keywords: active structural stiffness design theory, high-aspect-ratio wing, flight load cases, layout of spars

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Authors: A. Elbatran, Y. Ahmed, A. Radwan, M. Ishak

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The use of WIG craft is representing an ambitious technology that will support in reducing time, effort, and money of the conventional marine transportation in the future. This paper investigates the aerodynamic characteristic of compound wing-in-ground effect (WIG) craft model. Drag coefficient, lift coefficient and Lift and drag ratio were studied numerically with respect to the ground clearance and the wing angle of attack. The modifications of the wing has been done in order to investigate the most suitable wing configuration that can increase the wing lift-to-drag ratio at low ground clearance. A numerical investigation was carried out in this research work using finite volume Reynolds-Averaged Navier-Stokes Equations (RANSE) code ANSYS CFX, Validation was carried out by using experiments. The experimental and the numerical results concluded that the lift to drag ratio decreased with the increasing of the ground clearance.

Keywords: drag Coefficient, ground clearance, navier-stokes, WIG

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Authors: ByungJun Woo

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In this study, high-aspect-ratio (HAR) oxide etching characteristics in inductively coupled plasma were investigated using low frequency (2 MHz) bias power with C4F6 gas. An experiment was conducted using CF4/C4F6/He as the mixed gas. A 100 nm (etch area)/500 nm (mask area) line patterns were used, and the etch cross-section and etch selectivity of the amorphous carbon layer thin film were derived using a scanning electron microscope. Ion density was extracted using a double Langmuir probe, and CFx and F neutral species were observed via optical emission spectroscopy. Based on these results, the possibility for HAR oxide etching using C4F6 gas chemistry was suggested in this work. These etching results also indicate that the use of C4F6 gas can significantly contribute to the development of next-generation HAR oxide etching.

Keywords: plasma, etching, C4F6, high aspect ratio, inductively coupled plasma

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Authors: M. Ndaw, G. Mendy, S. Ouya

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Risk management in banking sector is a key issue linked to financial system stability and its importance has been elevated by technological developments and emergence of new financial instruments. In this paper, we improve the model previously defined for quantifying internal control impact on banking risks by automatizing the residual criticality estimation step of FMECA. For this, we defined three equations and a maturity coefficient to obtain a mathematical model which is tested on all banking processes and type of risks. The new model allows an optimal assessment of residual criticality and improves the correlation rate that has become 98%.

Keywords: risk, control, banking, FMECA, criticality

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Authors: Vandna Raghuvanshi, Vikrant Thakur, Anupam Jhobta

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Objective: To design HRCT criterion to forecast the threat of pulmonary tuberculosis. Material and methods: This was a prospective study of 69 patients with clinical suspicion of pulmonary tuberculosis. We studied their medical characteristics, numerous separate HRCT-results, and a combination of HRCT findings to foresee the danger for PTB by utilizing univariate and multivariate investigation. Temporary HRCT diagnostic criteria were planned in view of these outcomes to find out the risk of PTB and tested these criteria on our patients. Results: The results of HRCT chest were analyzed, and Rank was given from 1 to 4 according to the HRCT chest findings. Sensitivity, specificity, positive predictive value, and negative predictive value were calculated. Rank 1: Highly suspected PTB. Rank 2: Probable PTB Rank 3: Nonspecific or difficult to differentiate from other diseases Rank 4: Other suspected diseases • Rank 1 (Highly suspected TB) was present in 22 (31.9%) patients, all of them finally diagnosed to have pulmonary tuberculosis. The sensitivity, specificity, and negative likelihood ratio for RANK 1 on HRCT chest was 53.6%, 100%, and 0.43, respectively. • Rank 2 (Probable TB) was present in 13 patients, out of which 12 were tubercular, and 1 was non-tubercular. • The sensitivity, specificity, positive likelihood ratio, and negative likelihood ratio of the combination of Rank 1 and Rank 2 was 82.9%, 96.4%, 23.22, and 0.18, respectively. • Rank 3 (Non-specific TB) was present in 25 patients, and out of these, 7 were tubercular, and 18 were non-tubercular. • When all these 3 ranks were considered together, the sensitivity approached 100% however, the specificity reduced to 35.7%. The positive likelihood ratio and negative likelihood ratio were 1.56 and 0, respectively. • Rank 4 (Other specific findings) was given to 9 patients, and all of these were non-tubercular. Conclusion: HRCT is useful in selecting individuals with greater chances of pulmonary tuberculosis.

Keywords: pulmonary, tuberculosis, multivariate, HRCT

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Authors: I. Brandys, M. Levy, K. Harush, Y. Haim, M. Korngold

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Theoretical optimization of a copper-water negative inclination heat pipe with internal composite wick structure has been performed, regarding a new introduced parameter: the ratio between the coarse mesh wraps and the fine mesh wraps of the composite wick. Since in many cases, the design of a heat pipe matches specific thermal requirements and physical limitations, this work demonstrates the optimization of a 1 m length, 8 mm internal diameter heat pipe without an adiabatic section, at a negative inclination angle of -10º. The optimization is based on a new introduced parameter, LR: the ratio between the coarse mesh wraps and the fine mesh wraps.

Keywords: heat pipe, inclination, optimization, ratio

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Authors: A. Ersan, A. S. Kipcak, M. Yildirim, A. M. Erayvaz, E. M. Derun, S. Piskin, N. Tugrul

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Zinc borates are used as a multi-functional flame retardant additive for its high dehydration temperature. In this study, a new method of ultrasonic mixing was used in the synthesis of zinc borates. The reactants of zinc oxide (ZnO) and boric acid (H3BO3) were used at the constant reaction parameters of 90°C reaction temperature and 55 min of reaction time. Several molar ratios of ZnO:H3BO3 (1:1, 1:2, 1:3, 1:4, and 1:5) were conducted for the determination of the optimum reaction ratio. Prior to the synthesis, the characterization of the synthesized zinc borates were made by X-Ray Diffraction (XRD) and Fourier Transform Infrared Spectroscopy (FT-IR). From the results Zinc Oxide Borate Hydrate [Zn3B6O12.3.5H2O], were synthesized optimum at the molar ratio of 1:3, with a reaction efficiency of 95.2%.

Keywords: zinc borates, ultrasonic mixing, XRD, FT-IR, reaction efficiency

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Authors: Eliane Abdo

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Small and medium sized firms “SMEs” play essential role in the countries’ economic development mainly in terms of production, employment and equitable distribution of income. For innovative SMEs, the investment in the human capital and in research and development are crucial to survive in a competitive environment. In this paper we perform a literature review to underline the financing difficulties and constraints which innovative SMEs face while investing in intangible assets: not only when defining amount of the investments but also while choosing its financing methods. Literature review revealed that in order to finance their intangible assets, SMEs rely in first on their internal financing: the availability of internal cash flows can then determine their investment’s decision. Moreover SMEs face difficulties to finance their intangibles by financial debts due to the uncertainty of future cash flow and the absence of physical guarantees; they will therefore go for the issuance of new shares as a second choice, since innovative companies have high opportunity of growth that attract new shareholders.

Keywords: small and medium sized firms, capital structure, intangible investment, financial constraints

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Authors: Daniel Fozer

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Limiting global warming to 1.5°C to the pre-industrial levels urges the application of efficient and sustainable carbon dioxide removal (CDR) technologies. Microalgae based biorefineries offer scalable solutions for the biofixation of CO2, where the produced biomass can be transformed into value added products by applying thermochemical processes. In this paper we report on the utilization of hydrochar as a blending component in hydrothermal gasification (HTG) process. The effects of blending ratio and hydrochar quality were investigated on the biogas yield and and composition. It is found that co-gasifying the hydrochar and the algae biomass can increase significantly the total gas yield and influence the biogas (H2, CH4, CO2, CO, C2H4, C2H6) composition. It is determined that the carbon conversion ratio, hydrogen and methane selectivity can be increased by influencing the fuel ratio of hydrochar via hydrothermal carbonization. In conclusion, it is found that increasing the synergy between hydrothermal technologies result in elevated conversion efficiency.

Keywords: biogas, CDR, Co-HTG, hydrochar, microalgae

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Authors: Ali Kazemi

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The digital evolution of financial services, while offering unprecedented convenience and accessibility, has also escalated the vulnerabilities to fraudulent activities. In this study, we introduce a distinct approach to real-time anomaly detection in financial transactions, aiming to fortify the defenses of banking and financial institutions against such threats. Utilizing unsupervised machine learning algorithms, specifically autoencoders and isolation forests, our research focuses on identifying irregular patterns indicative of fraud within transactional data, thus enabling immediate action to prevent financial loss. The data we used in this study included the monetary value of each transaction. This is a crucial feature as fraudulent transactions may have distributions of different amounts than legitimate ones, such as timestamps indicating when transactions occurred. Analyzing transactions' temporal patterns can reveal anomalies (e.g., unusual activity in the middle of the night). Also, the sector or category of the merchant where the transaction occurred, such as retail, groceries, online services, etc. Specific categories may be more prone to fraud. Moreover, the type of payment used (e.g., credit, debit, online payment systems). Different payment methods have varying risk levels associated with fraud. This dataset, anonymized to ensure privacy, reflects a wide array of transactions typical of a global banking institution, ranging from small-scale retail purchases to large wire transfers, embodying the diverse nature of potentially fraudulent activities. By engineering features that capture the essence of transactions, including normalized amounts and encoded categorical variables, we tailor our data to enhance model sensitivity to anomalies. The autoencoder model leverages its reconstruction error mechanism to flag transactions that deviate significantly from the learned normal pattern, while the isolation forest identifies anomalies based on their susceptibility to isolation from the dataset's majority. Our experimental results, validated through techniques such as k-fold cross-validation, are evaluated using precision, recall, and the F1 score alongside the area under the receiver operating characteristic (ROC) curve. Our models achieved an F1 score of 0.85 and a ROC AUC of 0.93, indicating high accuracy in detecting fraudulent transactions without excessive false positives. This study contributes to the academic discourse on financial fraud detection and provides a practical framework for banking institutions seeking to implement real-time anomaly detection systems. By demonstrating the effectiveness of unsupervised learning techniques in a real-world context, our research offers a pathway to significantly reduce the incidence of financial fraud, thereby enhancing the security and trustworthiness of digital financial services.

Keywords: anomaly detection, financial fraud, machine learning, autoencoders, isolation forest, transactional data analysis

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Authors: Usman A. Usman

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Undeniably, unlike the Classical side, the Keynesian perspective of the aggregate demand side indeed has a significant position in the policy, growth, and welfare of Nigeria due to government involvement and ineffective demand of the population living with poor per capita income. This study seeks to investigate the effect of Government Final Consumption Expenditure, Financial Deepening on Households, and NPISHs Final consumption expenditure using data on Nigeria from 1981 to 2019. This study employed the ADF stationarity test, Johansen Cointegration test, and Vector Error Correction Model. The results of the study revealed that the coefficient of Government final consumption expenditure has a positive effect on household consumption expenditure in the long run. There is a long-run and short-run relationship between gross fixed capital formation and household consumption expenditure. The coefficients cpsgdp financial deepening and gross fixed capital formation posit a negative impact on household final consumption expenditure. The coefficients money supply lm2gdp, which is another proxy for financial deepening, and the coefficient FDI have a positive effect on household final consumption expenditure in the long run. Therefore, this study recommends that Gross fixed capital formation stimulates household consumption expenditure; a legal framework to support investment is a panacea to increasing hoodmold income and consumption and reducing poverty in Nigeria. Therefore, this should be a key central component of policy.

Keywords: household, government expenditures, vector error correction model, johansen test

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Authors: Magid Maatallah

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The problem is, investment management in modern conditions boils down to risk management which is very underdeveloped in Islamic financial theory and practice. Add to this the fact that, in Islamic perception, this is one of the areas of conventional finance in need of drastic reforms. This need was recently underlined by the story of Long Term Capital Management (LTCM ), ( told by Roger Lowenstein in his book, When Genius Failed, Random House, 2000 ). So we face a double challenge, to develop Islamic techniques of risk management and to see that these new techniques are free from the ills with which conventional methods are suffering. This is different from the challenge faced in the middle of twentieth century, to develop a method of financial intermediation free of interest.Risk was always there, especially in business. But industrialization brought risks unknown in trade and agriculture. Industrial production often involves long periods of time .The longer the period of production the more the uncertainty. The scope of the market has expanded to cover the whole world, introducing new kinds of risk. More than a thousand years ago, when Islamic laws were being written, the nature and scope of risk and uncertainty was different. However, something can still be learnt which, in combination with the modern experience, should enable us to realize the Shariah objectives of justice, fairness and efficiency.

Keywords: financial markets, Islamic framework, risk management, investment

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Authors: Bo-Jian Wu, Si-Heng Wu

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Objectives: Frailty is a condition of a person who has chronic health problems complicated by a loss of physiological reserve and deteriorating functional abilities. The frailty syndrome was defined by Fried and colleagues, i.e., weight loss, fatigue, decreased grip strength, slow gait speed, and low physical activity. However, to our best knowledge, there have been rare studies exploring the prevalence of frailty and its association with falls in patients with schizophrenia. Methods: A total of 559 hospitalized patients were recruited from a public psychiatric hospital in 2013. The majority of the subjects were males (361, 64.6%). The average age was 53.5 years. All patients received the assessment of frailty status defined by Fried and colleagues. The status of a fall within one year after the assessment of frailty, clinical and demographic data was collected from medical records. Logistic regression was used to calculate the odds ratio of associated factors. Results : A total of 9.2% of the participants met the criteria of frailty. The percentage of patients having a fall was 7.2%. Age were significantly associated with frailty (odds ratio = 1.057, 95% confidence interval = 1.025-1.091); however, sex was not associated with frailty (p = 0.17). After adjustment for age and sex, frailty status was associated with a fall (odds ratio = 3.62, 95% confidence interval = 1.58-8.28). Concerning the components of frailty, decreased grip strength (odds ratio = 2.44, 95% confidence interval = 1.16-5.14), slow gait speed (odds ratio = 2.82, 95% confidence interval = 1.21-6.53), and low physical activity (odds ratio = 2.64, 95% confidence interval = 1.21-5.78) were found to be associated with a fall. Conclusions: Our findings suggest the prevalence of frailty was about 10% in hospitalized patients with chronic patients with schizophrenia, and frailty status was significant with a fall in this group. By using the status of frailty, it may be beneficial to potential target candidates having fallen in the future as early as possible. The effective intervention of prevention of further falls may be given in advance. Our results bridge this gap and open a potential avenue for the prevention of falls in patients with schizophrenia. Frailty is certainly an important factor for maintaining wellbeing among these patients.

Keywords: fall, frailty, schizophrenia, Taiwan

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Authors: Marwan Ahmed Swileh, Amal Hussein Abuaffan

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Objective: This study aimed to explore the existence of golden proportion (GP) between the widths of maxillary anterior teeth and golden standard (GS) for width to height ratio of maxillary central incisor in individuals with attractive and non-attractive smiles. Materials and methods: A total of 82 females were recruited and divided into 2 groups: attractive smile (n= 41) and non-attractive smile (n= 41). Frontal photographs were taken, scanned, and saved on a personal computer. The apparent mesiodistal width of each anterior tooth was measured. The data were analyzed using the appropriate statistical tests at p-value < 0.05. Results: Frequency of GP was very low among the total sample, and most proportions were higher than GP. No significant differences were found between both groups in relation to central-to-lateral ratio while significant differences were found in relation to canine-to-lateral ratio. Similarly, most proportions of width to height ratio were higher than GS. Difference between groups was significant for left side and for both sides (p < 0.05) but was not for right side (p > 0.05). Conclusion: Frequency of golden proportion was very low among the study population. Smile attractiveness is not related that much to the proportions between the teeth.

Keywords: golden proportion, golden standard, attractive smile, esthetic, anterior teeth

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Authors: Renuka H. Deshmukh, Snehal Nifadkar, Anil P. Dongre

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The research study aims to analyze the financial performance of the companies associated with CDM projects implemented in India from 2001 to 2014 by calculating net profit with and without CDM revenue. Further the study also highlights the Year-wise and sector-wise lending to CDM projects in India as well as in the state of Maharashtra. The study further aims to examine the year-wise trend of Certified Emission Reductions (CER) issued by the CDM projects implemented in Maharashtra from 2001-2014. The study as well analyses the responses of selected corporate with respect to the challenges in implementing and obtaining finance from commercial banks.

Keywords: adaptation costs, internal rate of return, mitigation, vulnerability, CER

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Authors: S. Brahmi, S. Aitouche, M. D. Mouss

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Every modern company should measure the value of its intellectual capital and to report to complement the traditional annual balance sheets. The purpose of this work is to measure the intellectual capital in an Algerian company (or production system) using the Weightless Wealth Tool Kit (WWTK). The results of the measurement of intellectual capital are supplemented by traditional financial ratios. The measurement was applied to the National Company of Wells Services (ENSP) in Hassi Messaoud city, in the south of Algeria. We calculated the intellectual capital (intangible resources) of the ENSP to help the organization to better capitalize on its potential of workers and their know-how. The intangible value of the ENSP is evaluated at 16,936,173,345 DA in 2015.

Keywords: financial valuation, intangible capital, intellectual capital, intellectual capital measurement

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Authors: Aharouay Soumaya

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Efficiency is a relative concept. It is measured by comparing the productivity obtained in what is intended as standard or objective criteria. The quantity and quality of output achieved and the level of service are also compared to targets or standards, to determine to what extent they could cause changes in efficiency. Efficiency improves when more outputs of a specified quality are produced with the same resource inputs or less, or when the same amount of output is produced with fewer resources. This article proposes a review of the literature on strategies adopted by firms in the age of the financial crisis to overcome these negative effects, and tracks progress chosen by the organization to remain successful despite the plight of firms.

Keywords: effectiveness, efficiency, organizational capacity, strategy, management tool, progress, performance

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Authors: Michelo Obrey

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Traditionally, mutual funds have long been esteemed as stand-alone entities in the U.S. However, the prevalence of the fund families’ affiliation to financial conglomerates is eroding this striking feature. Mutual fund families' affiliation with financial conglomerates can potentially be an important source of superior performance or cost to the affiliated mutual fund investors. On the one hand, financial conglomerates affiliation offers the mutual funds access to abundant resources, better research quality, private material information, and business connections within the financial group. On the other hand, conflict of interest is bound to arise between the financial conglomerate relationship and fund management. Using a sample of U.S. domestic equity mutual funds from 1994 to 2017, this paper examines whether fund family affiliation to an investment bank help the affiliated mutual funds deliver superior performance through private material information advantage possessed by the investment banks or it costs affiliated mutual fund shareholders due to the conflict of interest. Robust to alternative risk adjustments and cross-section regression methodologies, this paper finds that the investment bank-affiliated mutual funds significantly outperform those of the mutual funds that are not affiliated with an investment bank. Interestingly the paper finds that the outperformance is confined to holding return, a return measure that captures the investment talent that is uninfluenced by transaction costs, fees, and other expenses. Further analysis shows that the investment bank-affiliated mutual funds specialize in hard-to-value stocks, which are not more likely to be held by unaffiliated funds. Consistent with the information advantage hypothesis, the paper finds that affiliated funds holding covered stocks outperform affiliated funds without covered stocks lending no support to the hypothesis that affiliated mutual funds attract superior stock-picking talent. Overall, the paper findings are consistent with the idea that investment banks maximize fee income by monopolistically exploiting their private information, thus strategically transferring performance to their affiliated mutual funds. This paper contributes to the extant literature on the agency problem in mutual fund families. It adds to this stream of research by showing that the agency problem is not only prevalent in fund families but also in financial organizations such as investment banks that have affiliated mutual fund families. The results show evidence of exploitation of synergies such as private material information sharing that benefit mutual fund investors due to affiliation with a financial conglomerate. However, this research has a normative dimension, allowing such incestuous behavior of insider trading and exploitation of superior information not only negatively affect the unaffiliated fund investors but also led to an unfair and unleveled playing field in the financial market.

Keywords: mutual fund performance, conflicts of interest, informational advantage, investment bank

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Authors: Chongyang Ye, Rong Liu

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Compression textiles such as compression stockings (CSs) have been extensively applied for the prevention and treatment of chronic venous insufficiency of lower extremities. The involvement of multiple mechanical factors such as interface pressure, frictional force, and elastic materials make the interactions between lower limb and CSs to be complex. Determination of Poisson’s ratio and elastic moduli of CS materials are critical for constructing finite element (FE) modeling to numerically simulate a complex interactive system of CS and lower limb. In this study, a mixed approach, including an analytic model based on the orthotropic Hooke’s Law and experimental study (uniaxial tension testing and pure shear testing), has been proposed to determine Young’s modulus, Poisson’s ratio, and shear modulus of CS fabrics. The results indicated a linear relationship existing between the stress and strain properties of the studied CS samples under controlled stretch ratios (< 100%). The newly proposed method and the determined key mechanical properties of elastic orthotropic CS fabrics facilitate FE modeling for analyzing in-depth the effects of compression material design on their resultant biomechanical function in compression therapy.

Keywords: elastic compression stockings, Young’s modulus, Poisson’s ratio, shear modulus, mechanical analysis

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Authors: K. K. Saijaand, K. Prabhakaran Nair

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This study aims to determine change in optimal lo-cations of dual trailing-edge flaps for various thrust coefficient to solidity (Ct /σ) ratios of helicopter to achieve minimum hub vibration levels, with low penalty in terms of required trailing-edge flap control power. Polynomial response functions are used to approximate hub vibration and flap power objective functions. Single objective and multi-objective optimization is carried with the objective of minimizing hub vibration and flap power. The optimization results shows that the inboard flap location at low Ct/σ ratio move farther from the baseline value and at high Ct/σ ratio move towards the root of the blade for minimizing hub vibration.

Keywords: helicopter rotor, trailing-edge flap, thrust coefficient to solidity (Ct /σ) ratio, optimization

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Authors: Barenten Suciu

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In order to explain the damping mechanism, related to the hunting motion of the wheel axle of a high-speed railway vehicle, a generalized dynamic model is proposed. Based on such model, analytic expressions for the damping coefficient and damped natural frequency are derived, without imposing restrictions on the ratio between the lateral and vertical creep coefficients. Influence of the travelling speed, wheel conicity, dimensionless mass of the wheel axle, ratio of the creep coefficients, ratio of the track span to the yawing diameter, etc. on the damping coefficient and damped natural frequency, is clarified.

Keywords: high-speed railway vehicle, hunting motion, wheel axle, damping, creep, vibration model, analysis.

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Authors: R. Abd-Rahman, M. M. Isa, H. H. Goh

Abstract:

A compound parabolic concentrator (CPC) is a well known non-imaging concentrator that will concentrate the solar radiation onto receiver (PV cell). One of disadvantage of CPC is has tall and narrow height compared to its diameter entry aperture area. Therefore, for economic reason, a truncation had been done by removed from the top of the full height CPC. This is also will lead to the decreases of concentration ratio but it will be negligible. In this paper, the flux distribution of untruncated and truncated 2-D hollow compound parabolic trough concentrator (hCPTC) design is presented. The untruncated design has initial height, H=193.4mm with concentration ratio, C_(2-D)=4. This paper presents the optical simulation of compound parabolic trough concentrator using ray-tracing software TracePro. Results showed that, after the truncation, the height of CPC reduced 45% from initial height with the geometrical concentration ratio only decrease 10%. Thus, the cost of reflector and material dielectric usage can be saved especially at manufacturing site.

Keywords: compound parabolic trough concentrator, optical modelling, ray-tracing analysis, improved performance

Procedia PDF Downloads 462

Authors: Fu Jinyu, Lin Jinguan

Abstract:

This paper introduces a novel approach that unifies two types of models: one is the continuous-time jump-diffusion used to model high-frequency data, and the other is discrete-time GQARCH employed to model low-frequency financial data by embedding the discrete GQARCH structure with jumps in the instantaneous volatility process. This model is named “GQARCH-It\^{o} -Jumps mode.” We adopt the realized range-based threshold estimation for high-frequency financial data rather than the realized return-based volatility estimators, which entail the loss of intra-day information of the price movement. Meanwhile, a quasi-likelihood function for the low-frequency GQARCH structure with jumps is developed for the parametric estimate. The asymptotic theories are mainly established for the proposed estimators in the case of finite activity jumps. Moreover, simulation studies are implemented to check the finite sample performance of the proposed methodology. Specifically, it is demonstrated that how our proposed approaches can be practically used on some financial data.

Keywords: It\^{o} process, GQARCH, leverage effects, threshold, realized range-based volatility estimator, quasi-maximum likelihood estimate

Procedia PDF Downloads 158

Authors: Arafat Husain

Abstract:

The lubricants are one of the most used resource in today’s world. Lot of the superpowers are dependent on the lubricant resource for their country to function. To see that the lubricants are not adulterated we need to develop some efficient ways and to see which fluid has been added to the lubricant. So to observe the these malpractices in the lubricant we need to develop a method. We take a elastic ball and through it at probability circle in the submerged in the lubricant at a fixed force and see the distance of pitching and the point of fall. Then we the ratio of distance of falling to the distance of pitching and if the measured ratio is greater than one the fluid is less viscous and if the ratio is lesser than the lubricant is viscous. We will check the falling point of pure lubricant at fixed force and every pure lubricant would have a fixed falling point. After that we would adulterate the lubricant and note the falling point and if the falling point is less than the standard value then adulterate is solid and if the adulterate is liquid the falling point will be more than the standard value. Hence the comparison with the standard falling point will give the efficiency of the lubricant.

Keywords: falling point of lubricant, falling point ratios, probability circle, octane number

Procedia PDF Downloads 495