Search results for: nitrogen content and stock

Authors: Liqiang Gong, Hanguang Fu

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In order to further improve the wear resistance of Hypereutectic High Chromium Cast iron (HHCCI), the effects of different Cu contents on the microstructure and properties of HHCCI were systematically studied. It was found that with the increase of Cu content, the carbide size was refined, and the increase of Cu content led to the increase of austenite and the decrease of hardness in as-cast HHCCI. After heat treatment at 1050 °C, the hardness of HHCCI increased significantly compared with as-cast. And with the increase of Cu content, the hardness of HHCCI increased first and then decreased, and the hardness was the highest when 0.5 wt.% Cu was added. The increase of copper content promotes the precipitation of secondary carbides and makes the interface between α-Fe and M23C6-type secondary carbides a semi-coherent boundary. With the increase of Cu content, the wear loss of HHCCI decreased after heat treatment at 1050 °C, and the wear resistance improved. When the Cu content increased to 1.0 wt.%, the wear resistance of HHCCI was the best, which was 2.6 times that of copper-free HHCCI. The continued increase of copper content has no obvious effect on the wear resistance of HHCCI. In addition, a small amount of Cu tends to adsorb on the (0001) preferential growth surface of M₇C₃-type carbides, thereby refining the carbides. From the First-principles calculations, the solid solution strengthening effect of Cu on the matrix and the adsorption and refinement of carbides were revealed, and the influence mechanism on the wear resistance of HHCCI was characterized.

Keywords: hypereutectic high chromium cast iron, cu alloying, carbides, wear resistance, first-principles calculations

Procedia PDF Downloads 65

Authors: Asma A. Parlin, K. Nakamura, N. Watanabe, T. Komai

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Understanding the effective diffusion of benzene vapor in the soil-atmosphere interface is important as an intrusion of benzene into the atmosphere from the soil is largely driven by diffusion. To analyze the vertical one dimensional effective diffusion of benzene vapor in porous medium with high water content, diffusion experiments were conducted in soil columns using Andosol soil and Toyoura silica sand with different water content; for soil water content was from 0 to 30 wt.% and for sand it was from 0.06 to 10 wt.%. In soil, a linear relation was found between water content and effective diffusion coefficient while the effective diffusion coefficient didn’t change in the sand with increasing water. A numerical transport model following unsteady-state approaches based on Fick’s second law was used to match the required time for a steady state of the gas phase concentration profile of benzene to the experimentally measured concentration profile gas phase in the column. The result highlighted that both the water content and porosity might increase vertical diffusion of benzene vapor in soil.

Keywords: benzene vapor-phase, effective diffusion, subsurface soil medium, unsteady state

Procedia PDF Downloads 143

Authors: Rashad Al-Hindi

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The study aimed at investigating and screening of some contaminants in some honey-based products. Sixty-nine 'honey paste' samples marketed in Jeddah, Saudi Arabia, were subjected to physicochemical studies and screening of aflatoxins and pesticide residues. The physicochemical parameters studied were mainly: moisture content, total sugars, total ash, total nitrogen, fibres, total acidity as citric acid and pH. These parameters were investigated using standard methods of analysis. Mycotoxins (aflatoxins) and pesticide residues were by an enzyme-linked immunosorbent assay (ELISA) according to official methods. Results revealed that mean values of the examined criteria were: 15.44±0.36%; 74±4.30%; 0.40±0.062%; 0.22±0.05%; 6.93±1.30%; 2.53±0.161 mmol/kg; 4.10±0.158, respectively. Overall results proved that all tested honey pastes samples were free from mycotoxins (aflatoxins) and pesticide residues. Therefore, we conclude that 'honey pastes' marketed in Jeddah city, Saudi Arabia were safe for human consumption.

Keywords: aflatoxins, honey mixtures, pesticide residues, physicochemical

Procedia PDF Downloads 177

Authors: César Huiliñir, Danilo Villanueva, Pedro Iván Alvarez, Francisco Cubillos

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Biodrying aims at removing water from biowastes and has been mostly studied for municipal solid wastes (MSW), while few studies have dealt with secondary sludge from the paper and pulp industry. The goal of this study was to investigate the effect of initial moisture content (MC) on the batch biodrying of pulp and paper secondary sludge, using rice husks as bulking agents. Three initial MCs were studied (54, 65, and 74% w.b.) in closed batch laboratory-scale reactors under adiabatic conditions and with a constant air-flow rate (0.65 l min-1 kg-1 wet solid). The initial MC of the mixture of secondary sludge and rice husks showed a significant effect on the biodrying process. Using initial moisture content between 54-65% w.b., the solid moisture content was reduce up to 37 % w.b. in ten days, getting calorific values between 8000-9000 kJ kg-1. It was concluded that a decreasing of initial MC improves the drying rate and decreases the solid volatile consumption, therefore, the optimization of biodrying should consider this parameter.

Keywords: biodrying, secondary sludge, initial moisture content, pulp and paper industry, rice husk

Procedia PDF Downloads 510

Authors: Akram Abi, Mohammad Hossein Sarrafzadeh

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Because of their several advantages over chemical surfactants, biosurfactants have given rise to a growing interest in the past decades. Advantages such as lower toxicity, higher biodegradability, higher selectivity and applicable at extreme temperature and pH which enables them to be used in a variety of applications such as: enhanced oil recovery, environmental and pharmaceutical applications, etc. Bacillus subtilis produces a cyclic lipopeptide, called surfactin, which is one of the most powerful biosurfactants with ability to decrease surface tension of water from 72 mN/m to 27 mN/m. In addition to its biosurfactant character, surfactin exhibits interesting biological activities such as: inhibition of fibrin clot formation, lyses of erythrocytes and several bacterial spheroplasts, antiviral, anti-tumoral and antibacterial properties. Surfactin is an antibiotic substance and has been shown recently to possess anti-HIV activity. However, application of biosurfactants is limited by their high production cost. The cost can be reduced by optimizing biosurfactant production using cheap feed stock. Utilization of inexpensive substrates and unconventional carbon sources like urban or agro-industrial wastes is a promising strategy to decrease the production cost of biosurfactants. With suitable engineering optimization and microbiological modifications, these wastes can be used as substrates for large-scale production of biosurfactants. As an effort to fulfill this purpose, in this work we have tried to utilize olive oil as second carbon source and also yeast extract as second nitrogen source to investigate the effect on both biomass and biosurfactant production improvement in Bacillus subtilis cultures. Since the turbidity of the culture was affected by presence of the oil, optical density was compromised and no longer could be used as an index of growth and biomass concentration. Therefore, cell Dry Weight measurements with applying necessary tactics for removing oil drops to prevent interference with biomass weight were carried out to monitor biomass concentration during the growth of the bacterium. The surface tension and critical micelle dilutions (CMD-1, CMD-2) were considered as an indirect measurement of biosurfactant production. Distinctive and promising results were obtained in the cultures containing olive oil compared to cultures without it: more than two fold increase in biomass production (from 2 g/l to 5 g/l) and considerable reduction in surface tension, down to 40 mN/m at surprisingly early hours of culture time (only 5hr after inoculation). This early onset of biosurfactant production in this culture is specially interesting when compared to the conventional cultures at which this reduction in surface tension is not obtained until 30 hour of culture time. Reducing the production time is a very prominent result to be considered for large scale process development. Furthermore, these results can be used to develop strategies for utilization of agro-industrial wastes (such as olive oil mill residue, molasses, etc.) as cheap and easily accessible feed stocks to decrease the high costs of biosurfactant production.

Keywords: agro-industrial waste, bacillus subtilis, biosurfactant, fermentation, second carbon and nitrogen source, surfactin

Procedia PDF Downloads 301

Authors: Abdul Basit Kiani, Maryam Kiani

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Content Management Systems (CMS) have transformed the landscape of web development by providing an accessible and efficient platform for creating and managing digital content. This abstract explores the key features and benefits of CMS in web development, highlighting its impact on website creation and maintenance. CMS offers a user-friendly interface that empowers individuals to create, edit, and publish content without requiring extensive technical knowledge. With customizable templates and themes, users can personalize the design and layout of their websites, ensuring a visually appealing online presence. Furthermore, CMS facilitates efficient content organization through categorization and tagging, enabling visitors to navigate and search for information effortlessly. It also supports version control, allowing users to track and manage revisions effectively. Scalability is a notable advantage of CMS, as it offers a wide range of plugins and extensions to integrate additional features into websites. From e-commerce functionality to social media integration, CMS adapts to evolving business needs. Additionally, CMS enhances collaborative workflows by allowing multiple user roles and permissions. This enables teams to collaborate effectively on content creation and management, streamlining processes and ensuring smooth coordination. In conclusion, CMS serves as a powerful tool in web development, simplifying content creation, customization, organization, scalability, and collaboration. With CMS, individuals and businesses can create dynamic and engaging websites, establishing a strong online presence with ease.

Keywords: web development, content management systems, information technology, programming

Procedia PDF Downloads 85

Authors: Pham Duc Hieu, Do Thi Huong Lan

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The aim of this paper is to investigate the factors affecting the extent of voluntary disclosure by examining the annual reports of 205 industrial and manufacturing companies listing on Ho Chi Minh Stock Exchange (HSX) and Hanoi Stock Exchange (HNX) for the year end of 2012. Those factors include company size, profitability, leverage, state ownership, managerial ownership, and foreign ownership, board independence, role duality and type of external auditors. Evidence from this study suggests two main findings. (1) Companies with high foreign ownership have a high level of voluntary disclosure. (2) The company size is an important factor related to the increased level of voluntary disclosure in annual reports made by Vietnamese listed companies. The larger the company, the higher the information is disclosed. However, no significant associations are found between profitability, leverage, state ownership, managerial ownership, board independence, role duality and type of external auditors as hypothesized in this study.

Keywords: voluntary disclosure, Vietnamese listed companies, voluntary, duality

Procedia PDF Downloads 410

Authors: Dongqi Sun, Juan Tao, Yingying Wu

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This paper reexamines the appropriateness of contrarian trades as a proxy of informed trades, using high frequency Chinese stock data. Employing this measure for 5 minute intervals, a U-shaped intraday pattern of probability of informed trades (PIN) is found for the CSI300 stocks, which is consistent with previous findings for other markets. However, while dividing the trades into different sizes, a reversed U-shaped PIN from large-sized trades, opposed to the U-shaped pattern for small- and medium-sized trades, is observed. Drawing from the mixed evidence with different trade sizes, the price impact of trades is further investigated. By examining the relationship between trade imbalances and unexpected returns, larges-sized trades are found to have significant price impact. This implies that in those intervals with large trades, it is non-contrarian trades that are more likely to be informed trades. Taking account of the price impact of large-sized trades, non-contrarian trades are used to proxy for informed trading in those intervals with large trades, and contrarian trades are still used to measure informed trading in other intervals. A stronger U-shaped PIN is demonstrated from this modification. Auto-correlation and information advantage tests for robustness also support the modified informed trading measure.

Keywords: contrarian trades, informed trading, price impact, trade imbalance

Procedia PDF Downloads 165

Authors: Simran Gill, Samuel Bartels

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Turfgrass is an important component of urban and rural lawns and landscapes. However, broadleaf weeds such as dandelions (Taraxacum officinale) and white clovers (Trifolium repens) pose major challenges to the health and aesthetics of turfgrass fields. Chemical weed control methods, such as 2,4-D weedicides, have been widely deployed; however, their safety and environmental impacts are often debated. Alternative, environmentally friendly control methods have been considered, but experimental tests for their effectiveness have been limited. This study investigates the use and effectiveness of nitrogen and iron compounds as nutrient management methods of weed control. In a two-phase experiment, the first conducted on a blend of cool season turfgrasses in plastic containers, the blend included Perennial ryegrass (Lolium perenne), Kentucky bluegrass (Poa pratensis) and Creeping red fescue (Festuca rubra) grown under controlled conditions in the greenhouse, involved the application of different combinations of nitrogen (urea and ammonium sulphate) and iron (chelated iron and iron sulphate) compounds and their combinations (urea × chelated iron, urea × iron sulphate, ammonium sulphate × chelated iron, ammonium sulphate × iron sulphate) contrasted with chemical 2, 4-D weedicide and a control (no application) treatment. There were three replicates of each of the treatments, resulting in a total of 30 treatment combinations. The parameters assessed during weekly data collection included a visual quality rating of weeds (nominal scale of 0-9), number of leaves, longest leaf span, number of weeds, chlorophyll fluorescence of grass, the visual quality rating of grass (0-9), and the weight of dried grass clippings. The results drawn from the experiment conducted over the period of 12 weeks, with three applications each at an interval of every 4 weeks, stated that the combination of ammonium sulphate and iron sulphate appeared to be most effective in halting the growth and establishment of dandelions and clovers while it also improved turf health. The second phase of the experiment, which involved the ammonium sulphate × iron sulphate, weedicide, and control treatments, was conducted outdoors on already established perennial turf with weeds under natural field conditions. After 12 weeks of observation, the results were comparable among the treatments in terms of weed control, but the ammonium sulphate × iron sulphate treatment fared much better in terms of the improved visual quality of the turf and other quality ratings. Preliminary results from these experiments thus suggest that nutrient management based on nitrogen and iron compounds could be a useful environmentally friendly alternative for controlling broadleaf weeds and improving the health and quality of turfgrass.

Keywords: broadleaf weeds, nitrogen, iron, turfgrass

Procedia PDF Downloads 72

Authors: Mohammad Mukarram, M. Masroor A. Khan, Daniel Kurjak, Marek Fabrika

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Lemongrass (Cymbopogon flexuosus (Steud.) Wats) is an aromatic grass with great industrial potential. It is cultivated for its essential oil (EO), which has great economic value due to its numerous medicinal, cosmetic, and culinary applications. The present study had the goal to evaluate whether the combined application of silicon nanoparticles (SiNPs) 150 mg L⁻¹ and irradiated chitosan (ICH) 120 mg L⁻¹ can upgrade lemongrass crop and render enhanced growth and productivity. The analyses of growth and photosynthetic parameters, leaf-nitrogen, and reactive oxygen species metabolism, as well as the content of total essential oil, indicated that combined foliar sprays of SiNPs and ICH can significantly (p≤0.05) trigger a general activation of lemongrass metabolism. Overall, the data indicate that concomitant SiNPs and ICH application elicit lemongrass physiology and defence system, and opens new possibilities for their biotechnological application on other related plant species with agronomic potential.

Keywords: photosynthesis, Cymbopogon, antioxidant metabolism, essential oil, ROS, nanoparticles, polysaccharides

Procedia PDF Downloads 81

Authors: Peter Shi

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Algorithmic trading is a rapidly expanding domain within quantitative finance, constituting a substantial portion of trading volumes in the US financial market. The demand for rigorous and robust mathematical theories underpinning these trading algorithms is ever-growing. In this study, the author establishes a new stock market model that integrates the Efficient Market Hypothesis and the statistical arbitrage. The model, for the first time, finds probabilistic relations between the rational price and the market price in terms of the conditional expectation. The theory consequently leads to a mathematical justification of the old market adage: buy-low and sell-high. The thresholds for “low” and “high” are precisely derived using a max-min operation on Bayes’s error. This explicit connection harmonizes the Efficient Market Hypothesis and Statistical Arbitrage, demonstrating their compatibility in explaining market dynamics. The amalgamation represents a pioneering contribution to quantitative finance. The study culminates in comprehensive numerical tests using historical market data, affirming that the “buy-low” and “sell-high” algorithm derived from this theory significantly outperforms the general market over the long term in four out of six distinct market environments.

Keywords: efficient market hypothesis, behavioral finance, Bayes' decision, algorithmic trading, risk control, stock market

Procedia PDF Downloads 72

Authors: Harithas Aruchchunan

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Silage production is an essential aspect of dairy farming, used to provide high-quality feed to ruminants. However, dairy farmers in Northern Province Sri Lanka are facing multiple challenges that compromise the quality and quantity of silage produced. To tackle these challenges, promoting silage feeding has become an essential component of sustainable dairy farming practices. In this study, silage bale samples were collected from a newly started silage baling factory in Jaffna, Northern province and their quality was analysed at the Veterinary Research Institute laboratory in Kandy in March 2023. The results show the nutritional composition of three Napier grass cultivars: Super Napier, CO6, and Indian Red Napier (BH18). The main parameters analysed were dry matter, pH, lactic acid, soluble carbohydrate, ammonia nitrogen, ash, crude protein, NDF, and ADF. The results indicate that Super Napier and CO6 have higher crude protein content and lower ADF levels, making them suitable for producing high-quality silage. The pH levels of all three cultivars were safe, and the ammonia nitrogen levels were considered appropriate. However, laboratory results indicate that the quality of silage bales produced can be further enhanced. Dairy farmers should be encouraged to adopt these cultivars to achieve better yields as they are high in protein and are better suited to Northern Province's soil and climate. Therefore, it is vital to educate small-scale fodder producers, who supply the raw material to silage factories, on the best practices of cultivating these new cultivars. To improve silage bale production and quality in Northern Province Sri Lanka, we recommend increasing public awareness about silage feeding, providing education and training to dairy farmers and small-scale fodder producers on modern silage production techniques and improving the availability of raw materials for silage production. Additionally, Napier grass cultivars need to be promoted among dairy farmers for better production and quality of silage bales. Failing to improve the quality and quantity of silage bale production could not only lead to the decline of dairy farming in Northern Province Sri Lanka but also the negative impact on the economy

Keywords: silage bales, dairy farming, economic crisis, Sri Lanka

Procedia PDF Downloads 92

Authors: Usama Shahid

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Be it written documents, news columns, or students' essays, verifying the content can be a time-consuming task. Apart from the spelling and grammar mistakes, the proofreader is also supposed to verify whether the content included in the essay or document is relevant or not. The irrelevant content in any document or essay is referred to as off-topic text and in this paper, we will address the problem of off-topic text detection from a document using machine learning techniques. Our study aims to identify the off-topic content from a document using Echo state network model and we will also compare data with other models. The previous study uses Convolutional Neural Networks and TFIDF to detect off-topic text. We will rearrange the existing datasets and take new classifiers along with new word embeddings and implement them on existing and new datasets in order to compare the results with the previously existing CNN model.

Keywords: off topic, text detection, eco state network, machine learning

Procedia PDF Downloads 85

Authors: Adam N. Bell, Sarina J. Ergas, Michael Nystrom, Nathan P. Brennan, Kevan L. Main

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Integrated Multi-Trophic Aquaculture systems (IMTA) have the potential to improve the sustainability of seafood production, generate organic fertilizer and feed, remove waste discharges and reduce energy use. IMTA can include periphyton biofilters where algae and microbes grow on surfaces, along with caught detritus and amphipods. Periphyton biofilters provide many advantages: nitrification, denitrification, primary production and ecological diversity. The goal of this study was to determine how biofilter hydraulic residence time (τ) effects periphyton biomass production, dissolved oxygen (DO) and nutrient removal. A pilot scale recirculating aquaculture system (RAS) was designed, constructed and operated at different hydraulic residence times (τ= 1, 2, 4, 6, 8 hours per tank). For each τ, a conservative tracer study was conducted to investigate system hydrodynamics. Data on periphyton weights, pH, nitrogen species, phosphorus, temperature and DO were collected. The tracer study for τ =1 hour revealed that the normalized time < τ, indicating short-circuiting. Periphyton biomass production rate was relatively unaffected by τ (R_e<1 for all τ). Average ammonia nitrogen removal was > 75% for all trials. Nitrate and nitrite did not accumulate in the RAS for τ≥4 hours due to enhanced denitrification in anoxic zones. For τ≥4 hours DO concentration was at a maximum of 4 mg L-1 after 14:00, and decreased to 0 mg L-1 during nighttime. At τ=1 hour, the RAS stayed > 2 mg L-1 and DO was more evenly distributed. For the validation trial, the culture tank was stocked with Centropomus undecimalis (common snook) and the system was operated at τ= 1 hr. Preliminary results showed that a RAS with an integrated periphyton biofilter could support fish health with low nutrient concentrations DO > 6 mg L-1.

Keywords: sustainable aquaculture, resource recovery, nitrogen, microalgae, hydrodynamics, integrated multi-trophic aquaculture

Procedia PDF Downloads 132

Authors: Chonlada Bennett, Phumon Sookwong, Sakul Moolkam, Sivapong Naruebal Sugunya Mahatheeranont

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The cultivation of black glutinous rice rich in anthocyanins can provide great benefits to both farmers and consumers. Total anthocyanins content and yield component data of black glutinous rice cultivar (KHHK) grown with the addition of mineral elements (Ca, Mg, Cu, Cr, Fe and Se) under soilless conditions were studied. Ca application increased seed anthocyanins content by three-folds compared to controls. Cu application to rice plants obtained the highest number of grains panicle, panicle length and subsequently high panicle weight. Se application had the largest effect on leaf anthocyanins content, the number of tillers, number of panicles and 100-grain weight. These findings showed that the addition of mineral elements had a positive effect on increasing anthocyanins content in black rice plants and seeds as well as the heightened development of black glutinous rice plant growth.

Keywords: Anthocyanins, Black Glutinous Rice, Mineral Elements, Soilless Culture

Procedia PDF Downloads 144

Authors: Getu Dessalegn Asfaw, Yalew Dessalegn Asfaw

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This research aims to examine the chemical composition of bamboo species in Ethiopia under the effect of age and culm height. The chemical composition of bamboo species in Ethiopia has not been investigated so far. The highest to the lowest cellulose and hemicellulose contents are Injibara (Y. alpina), Mekaneselam (Y. alpina), and Kombolcha (B. oldhamii), whereas lignin, extractives, and ash contents are Kombolcha, Mekanesealm, and Injibra, respectively. As a result of this research, the highest and lowest cellulose, hemicelluloses and lignin contents are at the age of 2 and 1 year old, respectively. Whereas extractives and ash contents are decreased at the age of the culm matured. The cellulose, hemicelluloses, lignin, and ash contents of the culm increase from the bottom to top along the height, however, extractive contents decrease from the bottom to top position. The cellulose content of Injibara, Kombolch, and Mekaneselam bamboo was recorded at 51±1.7–53±1.8%, 45±1.6%–48±1.5%, and 48±1.8–51±1.6%, and hemicelluloses content was measured at 20±1.2–23±1.1%, 17±1.0–19±0.9%, and 18±1.0–20±1.0%, lignin content was measured 19±1.0–21±1.1%, 27±1.2–29±1.1%, and 21±1.1–24±1.1%, extractive content was measured 3.9±0.2 –4.5±0.2%, 6.6±0.3–7.8±0.4%, and 4.7±0.2–5.2±0.1%, ash content was measured 1.6±0.1–2.1±0.1%, 2.8±0.1–3.5±0.2%, and 1.9±0.1–2.5±0.1% at the ages of 1–3 years old, respectively. This result demonstrated that bamboo species in Ethiopia can be a source of feedstock for lignocelluloses ethanol and bamboo composite production since they have higher cellulose content.

Keywords: age, bamboo species, culm height, chemical composition

Procedia PDF Downloads 107

Authors: N. Rajmohan, M. R. Swaminathan

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The performance of a diesel engine depends mainly on mixing of the fuel and air in the combustion chamber. The diesel engine suffers from significant generation of nitric oxide and particulate matter emission due to incomplete combustion. As the fuel is injected directly into the combustion chamber in conventional diesel engines, spatial distributions of air-fuel ratio vary widely from rich to lean in combustion chamber. The NOx is formed in stoichiometric zone and smoke is generated during diffusion combustion period where the combustion rate becomes slower. One of the effective methods to reduce oxides of nitrogen and particulate matter emissions simultaneously is to reduce the intake charge temperature in diesel engines. Therefore, in the present study, the effect of water injection into intake air on performance and emission characteristic of single cylinder CI engine are carried out at different load and constant speed, with variable water to diesel ratio by mass. The water is injected into intake air by an elementary carburetor.

Keywords: engine emission control, oxides of nitrogen, diesel engine, ignition engine

Procedia PDF Downloads 362

Authors: Kobus-Cisowska Joanna, Flaczyk Ewa, Gramza-Michalowska Anna, Kmiecik Dominik, Przeor Monika, Marcinkowska Agata

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In recent years, proceed to the attractiveness of typical bakery products. Expanding the education and nutrition knowledge society will develop the production of functional foods, which has a positive impact on human health. Therefore, the aim of the present study was to evaluate the effect of the addition of white mulberry fruit on the content of biologically active compounds in the new designed functional bread premixes designed for selected disease: anemia, diabetes, obesity and cardiovascular disease. For flavonols and phenolic acids content UPLC was conducted, using an NovaPack C18 column and a gradient elution system. It was found that all attempts bread characterized by a high content of biologically active compounds: polyphenols, phenolic acids, and flavonoids. The highest total content of polyphenolic compounds found in the samples of bread for anemia, diabetes and cardiovascular disease both before and after storage. The analyzed sample differed in content of phenolic acids. The highest content of these compounds were found in samples of bread for anemia and diabetes. It was found that the analyzed sample contained phenolic acids that are derivatives of hydroxybenzoic and hydroxycinnamic acid. The new designed bread contained significant amounts of flavonols, of which the dominant was routine.

Keywords: mulberry, antioxidant, polyphenols, phenolic acids, flavonols

Procedia PDF Downloads 416

Authors: Mohammed Nishat, Ahmad Ghazali

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This study empirically examines the corporate governance and firm performance, and tries to evaluate the governance, ownership and control related variables which are hypothesized to affect on firms performance. This study tries to evaluate the effectiveness of corporate governance mechanism to achieve high level performance among companies listed on the Karachi Stock Exchange (KSE) over the period from 2005 to 2008. To measure the firm performance level this research uses three measures of performance; Return on assets (ROA), Return on Equity (ROE) and Tobin’s Q. To link the performance of firms with the corporate governance three categories of corporate governance variables are tested which includes governance, ownership and control related variables. Fixed effect regression model is used to test the link between corporate governance and firm performance for 267 KSE listed Pakistani firms. The result shows that corporate governance variables such as percentage block holding by individuals have positive impact on firm performance. When CEO is also the chairperson of board then it is found that firm performance is adversely affected. Also negative relationship is found between share held by insiders and performance of firm. Leverage has negative impact on the performance of the firm and firm size is positively related with the firms performance.

Keywords: corporate governance, performance, agency cost, Karachi stock market

Procedia PDF Downloads 357

Authors: Zahra Hatami, Hesham Ali, David Volkman

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Selecting a portfolio for investing is a crucial decision for individuals and legal entities. In the last two decades, with economic globalization, a stream of financial innovations has rushed to the aid of financial institutions. The importance of selecting stocks for the portfolio is always a challenging task for investors. This study aims to create a financial network to identify optimal portfolios using network centralities metrics. This research presents a community detection technique of superior stocks that can be described as an optimal stock portfolio to be used by investors. By using the advantages of a network and its property in extracted communities, a group of stocks was selected for each of the various time periods. The performance of the optimal portfolios compared to the famous index. Their Sharpe ratio was calculated in a timely manner to evaluate their profit for making decisions. The analysis shows that the selected potential portfolio from stocks with low centrality measurement can outperform the market; however, they have a lower Sharpe ratio than stocks with high centrality scores. In other words, stocks with low centralities could outperform the S&P500 yet have a lower Sharpe ratio than high central stocks.

Keywords: portfolio management performance, network analysis, centrality measurements, Sharpe ratio

Procedia PDF Downloads 154

Authors: Tegene Nigussie

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Introduction: Maize is the most domesticated of all the field crops. Wild maize has not been found to date and there has been much speculation on its origin. Regardless of the validity of different theories, it is generally agreed that the center of origin of maize is Central America, primarily Mexico and the Caribbean. Maize in Africa is of a recent introduction although data suggest that it was present in Nigeria even before Columbus voyages. After being taken to Europe in 1493, maize was introduced to Africa and distributed (spread through the continent by different routes. Maize is an important cereal crop in Ethiopia in general, it is the primarily stable food, and rural households show strong preference. For human food, the important constituents of grain are carbohydrates (starch and sugars), protein, fat or oil (in the embryo) and minerals. About 75 percent of the kernel is starch, a range of 60.80 percent but low protein content (8-15%). In Ethiopia, the introduction of modern farming techniques appears to be a priority. However, the adoption of modern inputs by peasant farmers is found to be very slow, for example, the adoption rate of fertilizer, an input that is relatively adopted, is very slow. The difference in socio-economic factors lay behind the low rate of technological adoption, including price & marketing input. Objective: The aim of the study is to determine the optimum application rate or level of different phosphorus fertilizers for the vegetative growth of maize and to identify the effect of different phosphorus rates on the growth and development of maize. Methods: The vegetative parameter (above ground) measurement from five plants randomly sampled from the middle rows of each plot. Results: The interaction of nitrogen and maize variety showed a significant at (p<0.01) effect on plant height, with the application of 60kg/ha and BH140 maize variety in combination and root length with the application of 60kg/ha of nitrogen and BH140 variety of maize. The highest mean (12.33) of the number of leaves per plant and mean (7.1) of the number of nodes per plant can be used as an alternative for better vegetative growth of maize. Conclusion and Recommendation: Maize is one of the popular and cultivated crops in Ethiopia. This study was conducted to investigate the best dosage of phosphorus for vegetative growth, yield, and better quality of maize variety and to recommend a level of phosphorus rate and the best variety adaptable to the specific soil condition or area.

Keywords: leaf, carbohydrate protein, adoption, sugar

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Authors: E. Karacabey, Ş. G. Özçelik, M. S. Turan, C. Baltacıoğlu, E. Küçüköner

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Main concern about deep-fat-fried food materials is their high final oil contents absorbed during frying process and/or after cooling period, since diet including high content of oil is accepted unhealthy by consumers. Different methods have been evaluated to decrease oil content of fried food stuffs. One promising method is partially drying of food material before frying. In the present study it was aimed to control and decrease the final oil content of zucchini slices by means of partial drying and to optimize process conditions. Conventional oven drying was used to decrease moisture content of zucchini slices at a certain extent. Process performance in terms of oil uptake was evaluated by comparing oil content of predried and then fried zucchini slices with those determined for directly fried ones. For predrying and frying processes, oven temperature and weight loss and frying oil temperature and time pairs were controlled variables, respectively. Zucchini slices were also directly fried for sensory evaluations revealing preferred properties of final product in terms of surface color, moisture content, texture and taste. These properties of directly fried zucchini slices taking the highest score at the end of sensory evaluation were determined and used as targets in optimization procedure. Response surface methodology was used for process optimization. The properties, determined after sensory evaluation, were selected as targets; meanwhile oil content was aimed to be minimized. Results indicated that final oil content of zucchini slices could be reduced from 58% to 46% by controlling conditions of predrying and frying processes. As a result, it was suggested that predrying could be one choose to reduce oil content of fried zucchini slices for health diet. This project (113R015) has been supported by TUBITAK.

Keywords: health process, optimization, response surface methodology, oil uptake, conventional oven

Procedia PDF Downloads 366

Authors: Shang-Han Tsai, Yong-Hong Lin, Chung-Ruey Yen

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Wax apple is an important tropical fruit in Taiwan. The famous producing area is located on the coast in Pingtung county. Land subsidence and climate change will tend to soil alkalization more seriously. This study was to evaluate the effects of NaCl in wax apple seedlings. NaCl salinity reduced wax apple shoot growth, it may due to reducing relative water content in leaf and new shoot. Leaf Cl and Na concentration were increased but K, Ca, and Mg content had no significant difference after irrigated with NaCl for six weeks. In roots, Na and Cl content increase significantly with 90 mM NaCl treatment, but K, Ca, and Mg content was reduced. 30-90 mM Nacl treatment do not affect K/Na, Ca/Na, and Mg/Na ratio, but decrease significantly in 90 mM treatment in roots. The leaf and root electrolyte leakage were significantly affected by 90 mM NaCl treatment. Suggesting 90 mM was optimum concentration for sieve out other tolerance wax apple verities.

Keywords: growth, NaCl stress, nutrient, wax apple

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Authors: Marco Barassi, Nicola Spagnolo

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This paper uses a DCC-GARCH model framework to examine mean and volatility spillovers (i.e. causality in mean and variance) dynamics between financial centers and the stock market indexes of the BRICS countries. In addition, tests for changes in the transmission mechanism are carried out by first testing for structural breaks and then setting a dummy variable to control for the 2008 financial crises. We use weekly data for nine countries, four financial centers (Germany, Japan, UK and USA) and the five BRICS countries (Brazil, Russia, India, China and South Africa). Furthermore, we control for monetary policy using domestic interest rates (90-day Treasury Bill interest rate) over the period 03/1/1990 - 04/2/2014, for a total of 1204 observations. Results show that the 2008 financial crises changed the causality dynamics for most of the countries considered. The same pattern can also be observed in conditional correlation showing a shift upward following the turbulence associated to the 2008 crises. The magnitude of these effects suggests a leading role played by the financial centers in effecting Brazil and South Africa, whereas Russia, India and China show a higher degree of resilience.

Keywords: financial crises, DCC-GARCH model, volatility spillovers, economics

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Authors: Maruf Ariyo Raheem, Patrick Oseloka Ezepue

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This research aimed at determining most appropriate heteroskedastic model to predicting volatility of 10 major Nigerian banks: Access, United Bank for Africa (UBA), Guaranty Trust, Skye, Diamond, Fidelity, Sterling, Union, ETI and Zenith banks using daily closing stock prices of each of the banks from 2004 to 2014. The models employed include ARCH (1), GARCH (1, 1), EGARCH (1, 1) and TARCH (1, 1). The results show that all the banks returns are highly leptokurtic, significantly skewed and thus non-normal across the four periods except for Fidelity bank during financial crises; findings similar to those of other global markets. There is also strong evidence for the presence of heteroscedasticity, and that volatility persistence during crisis is higher than before the crisis across the 10 banks, with that of UBA taking the lead, about 11 times higher during the crisis. Findings further revealed that Asymmetric GARCH models became dominant especially during financial crises and post crises when the second reforms were introduced into the banking industry by the Central Bank of Nigeria (CBN). Generally, one could say that Nigerian banks returns are volatility persistent during and after the crises, and characterised by leverage effects of negative and positive shocks during these periods

Keywords: global financial crisis, leverage effect, persistence, volatility clustering

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Authors: Minh Chien Vu, Tomoaki Satomi, Hiroshi Takahashi

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As being lack of sufficient strength to support the loading of construction as well as service life cause the clay content and clay mineralogy, soft and highly compressible soils (sludge) constitute a major problem in geotechnical engineering projects. Geopolymer, a kind of inorganic polymer, is a promising material with a wide range of applications and offers a lower level of CO₂ emissions than conventional Portland cement. However, the feasibility of geopolymer in term of modified the soft and highly compressible soil has not been received much attention due to the requirement of heat treatment for activating the fly ash component and the existence of high content of clay-size particles in the composition of sludge that affected on the efficiency of the reaction. On the other hand, the geopolymer modified sludge could be affected by other important factors such as initial curing time, initial water content and apparent water content. Therefore, this paper describes a different potential application of geopolymer: soil stabilization in landslide areas to adapt to the technical properties of sludge so that heavy machines can move on. Sludge condition process is utilized to demonstrate the possibility for stabilizing sludge using fly ash-based geopolymer at ambient curing condition ( ± 20 °C) in term of failure strength, strain and bulk density. Sludge conditioning is a process whereby sludge is treated with chemicals or various other means to improve the dewatering characteristics of sludge before applying in the construction area. The effect of initial curing time, water content and apparent water content on the modification of sludge are the main focus of this study. Test results indicate that the initial curing time has potential for improving failure strain and strength of modified sludge with the specific condition of soft soil. The result further shows that the initial water content over than 50% total mass of sludge could significantly lead to a decrease of strength performance of geopolymer-based modified sludge. The optimum apparent water content of geopolymer modified sludge is strongly influenced by the amount of geopolymer content and initial water content of sludge. The solution to minimize the effect of high initial water content will be considered deeper in the future.

Keywords: landslide, sludge, fly ash, geopolymer, sludge conditioning

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Authors: Mahfoud Djebbar

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Stock dilution is a financial phenomenon resulting from the issue of additional shares by a company, or when holders convert their convertibles into new shares (capital increase). This issue and/or conversion enlarge the company’s share base that will result in marginal dilution (loss) for existing shareholders, and a benefit to new ones. Dilution issues have already been addressed in mainstream finance, particularly as far as information disclosure is concerned. However, in Islamic finance, stock dilution problems have not been deeply studied and the subject has not received sufficient attention from shariah-compatible firms, investors, and scholars. In this regard, this paper emphasises the forms, the effects of capital dilution on current shareholders as well as the ways and techniques of compensating them. And since the research in this field, in its Islamic perspective, is still in its infancy, the paper tries to analyse the phenomenon theoretically in detail using numerical examples, and expose some case studies of Shariah-compliant issuers of convertible Sukuk and how they compensate their existing shareholders. Finally, this study shows that the Sukuk issuers compensate old shareholders using the right of shuf’ah as a well known and practiced pre-emptive right in Islamic transactions centuries ago, as well as the ways conventional bond issuers use.

Keywords: compensating shareholders, convertible Sukuk, Islamic financial innovation, Shuf’ah

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Authors: Maciej Kozlowski, Agnieszka Piotrowska-Piatek

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Purpose: This article analyses the most important financial participation programmes (FPP) in Poland to show the relationship between the programmes applied and the socio-economic results of enterprises and assesses the impact of participation on these results and the impact of selected factors on the introduction of FPP. Methodology: The research has been based on a questionnaire answered by senior management of listed Polish companies that had at least one out of three major FPPs in operation, namely share ownership, profit-sharing, or a stock option scheme. Findings: The results of the empirical study conducted indicate the existence of some peculiar relationships. The vast majority of schemes in Polish public companies are aimed at the participation of the management personnel; these programmes are narrow-based (only for management) and rather hermetic, with a high concentration of stocks or shares in the hands of the management. Conclusion: FPPs generally have a positive influence on enterprise functioning. However, the effects are more social than economic (no significant economic improvement after programme implementation). The paper contributes to the debate about financial participation and suggests actions to popularize these programmes on a wider scale.

Keywords: financial participation, profit sharing, stock options, worker attitude, worker ownership

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Authors: Fereshteh Darash

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Reflective tax management corresponds to the Agency Theory since it determines the motivation of managers for tax management actions and short-term and long-term consequences. Therefore, selection of tax strategy contributes to the tax and financial position of the firm in the future. The aim of the present research is to evaluate the effect of tax management components on risk-taking of firms listed in Tehran stock exchange by using regression analysis method. Results show that tax effective rate, tax risk and tax planning have no significant effect on the firm's future risk. Results suggest that stakeholders assess the effective tax rate and delay in tax payment in line with their benefits. They tend to accept the higher risk cost for reduction of tax payments and benefits of higher liquidity in current period. Hence, effective tax rate and tax risk have no significant effect on future risk of the firm. Moreover, tax planning yields no information regarding the predictability of the future profits and as a result, it has no significant effect on the future risk of the firm since specific goals of financial reporting are in priority for the stakeholders and regardless of the firm’s data analysis, they take investment decisions and they less intend to purchase the stocks in a rational manner.

Keywords: tax management, tax effective rate, tax risk, tax planning, firm risk

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Authors: Craig Mertens

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Teaching art history or any other academic subject to EFL students can be done successfully. A course called Western Images was created to teach Japanese students art history while only using English in the classroom. An approach known as Content and Language Integrated Learning (CLIL) was used as a basis for this course. This paper’s purpose is to state the reasons why learning about art history is important, go through the process of creating content for the course, and suggest multiple tasks to help students practice the critical thinking skills used in analyzing and drawing conclusions of works of art from western culture. As a guide for this paper, Brown’s (1995) six elements of a language curriculum will be used. These stages include needs analysis, goals and objectives, assessment, materials, teaching method and tasks, and evaluation of the course. The goal here is to inspire debate and discussion regarding CLIL and its pros and cons, and to question current curriculum in university language courses.

Keywords: art history, EFL, content and language integration learning, critical thinking

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