Search results for: radiant cooling panel

Authors: Gaurav Gupta, Jitendra Mahakud

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This study focuses on the significance of internal financing constraints on the determination of corporate fixed investments in the case of Indian manufacturing companies. Financing constraints companies which have less internal fund or retained earnings face more transaction and borrowing costs due to imperfections in the capital market. The period of study is 1999-2000 to 2013-2014 and we consider 618 manufacturing companies for which the continuous data is available throughout the study period. The data is collected from PROWESS data base maintained by Centre for Monitoring Indian Economy Pvt. Ltd. Panel data methods like fixed effect and random effect methods are used for the analysis. The Likelihood Ratio test, Lagrange Multiplier test, and Hausman test results conclude the suitability of the fixed effect model for the estimation. The cash flow and liquidity of the company have been used as the proxies for the internal financial constraints. In accordance with various theories of corporate investments, we consider other firm specific variable like firm age, firm size, profitability, sales and leverage as the control variables in the model. From the econometric analysis, we find internal cash flow and liquidity have the significant and positive impact on the corporate investments. The variables like cost of capital, sales growth and growth opportunities are found to be significantly determining the corporate investments in India, which is consistent with the neoclassical, accelerator and Tobin’s q theory of corporate investment. To check the robustness of results, we divided the sample on the basis of cash flow and liquidity. Firms having cash flow greater than zero are put under one group, and firms with cash flow less than zero are put under another group. Also, the firms are divided on the basis of liquidity following the same approach. We find that the results are robust to both types of companies having positive and negative cash flow and liquidity. The results for other variables are also in the same line as we find for the whole sample. These findings confirm that internal financing constraints play a significant role for determination of corporate investment in India. The findings of this study have the implications for the corporate managers to focus on the projects having higher expected cash inflows to avoid the financing constraints. Apart from that, they should also maintain adequate liquidity to minimize the external financing costs.

Keywords: cash flow, corporate investment, financing constraints, panel data method

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Authors: S. Movafagh, Y. Bakhshan

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In this study, effect of adding Al2O3 nanoparticle to base fluid (water) in car radiator is investigated numerically. Radiators are compact heat exchangers optimized and evaluated by considering different working conditions. The cooling system of a car plays an important role in vehicle's performance, consists of two main parts, known as radiator and fan. Improving thermal efficiency of engine leads to increase the engine's performance, decline the fuel consumption and decrease the pollution emissions. In this study, the effects of fluid inlet flow rate and nanoparticle volume fraction on heat transfer and pressure drop of acar radiator are studied.

Keywords: forced convection, nanofluid, radiator, CFD simulation

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Authors: Eriko Ochiai, Fumiko Satoh, Keiko Miyashita, Yu Kakimoto, Motoki Osawa

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Sudden and unexpected deaths from unknown causes occur in infants and youths. Recently, molecular links between a part of these deaths and several genetic diseases are examined in the postmortem. For instance, hereditary long QT syndrome and Burgada syndrome are occasionally fatal through critical ventricular tachyarrhythmia. There are a large number of target genes responsible for such diseases, the conventional analysis using the Sanger’s method has been laborious. In this report, we attempted to analyze sudden deaths comprehensively using the next generation sequencing (NGS) technique. Multiplex PCR to subject’s DNA was performed using Ion AmpliSeq Library Kits 2.0 and Ion AmpliSeq Inherited Disease Panel (Life Technologies). After the library was constructed by emulsion PCR, the amplicons were sequenced 500 flows on Ion Personal Genome Machine System (Life Technologies) according to the manufacture instruction. SNPs and indels were analyzed to the sequence reads that were mapped on hg19 of reference sequences. This project has been approved by the ethical committee of Tokai University School of Medicine. As a representative case, the molecular analysis to a 40 years old male who received a diagnosis of Brugada syndrome demonstrated a total of 584 SNPs or indels. Non-synonymous and frameshift nucleotide substitutions were selected in the coding region of heart disease related genes of ANK2, AKAP9, CACNA1C, DSC2, KCNQ1, MYLK, SCN1B, and STARD3. In particular, c.629T-C transition in exon 3 of the SCN1B gene, resulting in a leu210-to-pro (L210P) substitution is predicted “damaging” by the SIFT program. Because the mutation has not been reported, it was unclear if the substitution was pathogenic. Sudden death that failed in determining the cause of death constitutes one of the most important unsolved subjects in forensic pathology. The Ion AmpliSeq Inherited Disease Panel can amplify the exons of 328 genes at one time. We realized the difficulty in selection of the true source from a number of candidates, but postmortem genetic testing using NGS analysis deserves of a diagnostic to date. We now extend this analysis to SIDS suspected subjects and young sudden death victims.

Keywords: postmortem genetic testing, sudden death, SIDS, next generation sequencing

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Authors: Yazhi Huang, Jing Yang, Dingge Ying, Yan Zhang, Vorasuk Shotelersuk, Nattiya Hirankarn, Pak Chung Sham, Yu Lung Lau, Wanling Yang

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Human leukocyte antigen (HLA) typing from next generation sequencing (NGS) data has the potential for applications in clinical laboratories and population genetic studies. Here we introduce a novel technique for HLA typing from NGS data based on read-mapping using a comprehensive reference panel containing all known HLA alleles and de novo assembly of the gene-specific short reads. An accurate HLA typing at high-digit resolution was achieved when it was tested on publicly available NGS data, outperforming other newly-developed tools such as HLAminer and PHLAT.

Keywords: human leukocyte antigens, next generation sequencing, whole exome sequencing, HLA typing

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Authors: Byeong-Sam Kim, Jongmin Park

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The present work is motivated by the industrial challenge to produce complex composite shapes cost-effectively. The model used an anisotropical thermoviscoelastic is analyzed by an implemented finite element solver. The stress relaxation can be constructed by Prony series for the nonlinear thermoviscoelastic model. The calculation of process induced internal stresses relaxation during the cooling stage of the manufacturing cycle was carried out by the spring back phenomena observed from the part containing a cylindrical segment. The finite element results obtained from the present formulation are compared with experimental data, and the results show good correlations.

Keywords: thermoviscoelastic, springback phenomena, FEM analysis, thermoplastic composite structures

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Authors: Christoph Lohr, Hanna Wund, Peter Elsner, Kay André Weidenmann

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Injection molding is one of the most commonly used techniques in the industrial polymer processing. In the conventional process of injection molding, the liquid polymer is injected into the cavity of the mold, where the polymer directly starts hardening at the cooled walls. To compensate the shrinkage, which is caused predominantly by the immediate cooling, holding pressure is applied. Through that whole process, residual stresses are produced by the temperature difference of the polymer melt and the injection mold and the relocation of the polymer chains, which were oriented by the high process pressures and injection speeds. These residual stresses often weaken or change the structural behavior of the parts or lead to deformation of components. One solution to reduce the residual stresses is the use of variothermal processing. Hereby the mold is heated – i.e. near/over the glass transition temperature of the polymer – the polymer is injected and before opening the mold and ejecting the part the mold is cooled. For the next cycle, the mold gets heated again and the procedure repeats. The rapid heating and cooling of the mold are realized indirectly by convection of heated and cooled liquid (here: water) which is pumped through fluid channels underneath the mold surface. In this paper, the influences of variothermal processing on the residual stresses are analyzed with samples in a larger scale (500 mm x 250 mm x 4 mm). In addition, the influence on functional elements, such as abrupt changes in wall thickness, bosses, and ribs, on the residual stress is examined. Therefore the polycarbonate samples are produced by variothermal and isothermal processing. The melt is injected into a heated mold, which has in our case a temperature varying between 70 °C and 160 °C. After the filling of the cavity, the closed mold is cooled down varying from 70 °C to 100 °C. The pressure and temperature inside the mold are monitored and evaluated with cavity sensors. The residual stresses of the produced samples are illustrated by birefringence where the effect on the refractive index on the polymer under stress is used. The colorful spectrum can be uncovered by placing the sample between a polarized light source and a second polarization filter. To show the achievement and processing effects on the reduction of residual stress the birefringence images of the isothermal and variothermal produced samples are compared and evaluated. In this comparison to the variothermal produced samples have a lower amount of maxima of each color spectrum than the isothermal produced samples, which concludes that the residual stress of the variothermal produced samples is lower.

Keywords: birefringence, injection molding, polycarbonate, residual stress, variothermal processing

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Authors: Shivani Khare

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It is of paramount concern for economists to uncover the factors that determine human capital development, considered now to be one of the major factors behind economic growth and development. However, no human action is isolated but rather works within the set-up of the society. In recent years, a new field of investigation has come up that analyses the relationships that exist between social and human capital. Along these lines, this paper explores the effect of social capital on the indicators of human capital development – life expectancy at birth, mean years of schooling, and per capita income. The applied part of the analysis is performed using a panel data model for OECD countries and by using a series of chronological periods that within the 2005–2020 time frame.

Keywords: social capital, human capital development, trust, social networks, socioeconomics

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Authors: Ravi Inder Singh

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Due to high heat transfer rate, high carbon utilizing efficiency, fuel flexibilities and other advantages numerous circulating fluidized bed boilers have grown up in India in last decade. Many companies like BHEL, ISGEC, Thermax, Cethar Limited, Enmas GB Power Systems Projects Limited are making CFBC and installing the units throughout the India. Due to complexity many problems exists in CFBC units and only few have been reported. Agglomeration i.e clinker formation in riser, loop seal leg and stripper ash coolers is one of problem industry is facing. Proper documentation is rarely found in the literature. Circulating fluidized bed (CFB) boiler bottom ash contains large amounts of physical heat. While the boiler combusts the low-calorie fuel, the ash content is normally more than 40% and the physical heat loss is approximately 3% if the bottom ash is discharged without cooling. In addition, the red-hot bottom ash is bad for mechanized handling and transportation, as the upper limit temperature of the ash handling machinery is 200 °C. Therefore, a bottom ash cooler (BAC) is often used to treat the high temperature bottom ash to reclaim heat, and to have the ash easily handled and transported. As a key auxiliary device of CFB boilers, the BAC has a direct influence on the secure and economic operation of the boiler. There are many kinds of BACs equipped for large-scale CFB boilers with the continuous development and improvement of the CFB boiler. These ash coolers are water cooled ash cooling screw, rolling-cylinder ash cooler (RAC), fluidized bed ash cooler (FBAC).In this study prototype of a novel stripper ash cooler is studied. The Circulating Fluidized bed Ash Coolers (CFBAC) combined the major technical features of spouted bed and bubbling bed, and could achieve the selective discharge on the bottom ash. The novel stripper ash cooler is bubbling bed and it is visible cold test rig. The reason for choosing cold test is that high temperature is difficult to maintain and create in laboratory level. The aim of study to know the flow pattern inside the stripper ash cooler. The cold rig prototype is similar to stripper ash cooler used industry and it was made after scaling down to some parameter. The performance of a fluidized bed ash cooler is studied using a cold experiment bench. The air flow rate, particle size of the solids and air distributor type are considered to be the key parameters of the operation of a fluidized bed ash cooler (FBAC) are studied in this.

Keywords: CFD, Eulerian-Eulerian, Eulerian-Lagraingian model, parallel simulations

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Authors: A. Kianifar, M. Afzali, I. Pishbin

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In this paper, design details, theoretical analysis and thermal performance analysis of a solar energy concentrator suited to combined heat and thermoelectric power generation are presented. The thermoelectric device is attached to the absorber plate to convert concentrated solar energy directly into electric energy at the focus of the concentrator. A cooling channel (water cooled heat sink) is fitted to the cold side of the thermoelectric device to remove the waste heat and maintain a high temperature gradient across the device to improve conversion efficiency.

Keywords: concentrator thermoelectric generator, CTEG, solar energy, thermoelectric cells

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Authors: Valeriya Tyo, Serikbolat Yessengabulov

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Regions with extreme climate conditions such as Astana city require energy saving measures to increase the energy performance of buildings which are responsible for more than 40% of total energy consumption. Identification of optimal building geometry is one of the key factors to be considered. The architectural form of a building has the impact on space heating and cooling energy use, however, the interrelationship between the geometry and resultant energy use is not always readily apparent. This paper presents a comparative case study of two prototypical buildings with compact building shape to assess its impact on energy performance.

Keywords: building geometry, energy efficiency, heat gain, heat loss

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Authors: Shengjun Zhang, Xu Cheng, Feng Shen

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The passive containment cooling system (PCCS) is widely used in the advanced nuclear reactor in case of the loss of coolant accident (LOCA) and the main steam line break accident (MSLB). The internal heat exchanger is one of the most important equipment in the PCCS and its heat transfer characteristic determines the performance of the system. In this investigation, a theoretical model is presented for predicting the heat and mass transfer which accompanies condensation. The conduction through the liquid condensate is considered and the interface temperature is defined by iteration. The parameter in the correlation to describe the suction effect should be further determined through experimental data.

Keywords: non-condensable gas, condensation, heat transfer coefficient, heat and mass transfer analogy

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Authors: Onur Onder, Celal Tanuca, Mahir Ozil, Halil Sen, Alkım Ozkan, Engin Ceylan, Ali Istek, Ozgur Saglam

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White balance adjustment of LCD TVs is an important procedure which has a direct influence on quality perception. Existing methods adjust RGB gain and offset values in different white levels during production. This paper suggests an iterative method in which the gamma is pre-adjusted during the design stage, and only 80% white is adjusted during production by modifying only RGB gain values (offset values are not modified). This method reduces the white balance adjustment time, contributing to the total efficiency of the production. Experiment shows that the adjustment results are well within requirements.

Keywords: color temperature, LCD panel deviation, LCD TV manufacturing, white balance

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Authors: Sudha Bhutada, S. R. Nigam

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In this paper, a single-phase PV inverter applying a dual boost converter circuit inverter is proposed for photovoltaic (PV) generation system and PV grid connected system. This system is designed to improve integration of a Single phase inverter with Photovoltaic panel. The DC 24V is converted into to 86V DC and then 86V DC to 312V DC. The 312 V DC is then successfully inverted to AC 220V. Hence, solar energy is powerfully converted into electrical energy for fulfilling the necessities of the home load, or to link with the grid. Matlab Simulation software was used for simulation of the circuit and outcome are presented in this paper.

Keywords: H bridge inverter, dual boost converter, PWM, SPWM

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Authors: J. Iwaro, A. Mwasha, K. Ramsubhag

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Global warming has become a threat of our time. It poses challenges to the existence of beings on earth, the built environment, natural environment and has made a clear impact on the level of energy and water consumption. As such, increase in the ambient temperature increases indoor and outdoor temperature level of the buildings which brings about the use of more energy and mechanical air conditioning systems. In addition, in view of the increased modernization and economic growth in the developing countries, a significant amount of energy is being used, especially those with hot climatic conditions. Since modernization in developing countries is rising rapidly, more pressure is being placed on the buildings and energy resources to satisfy the indoor comfort requirements. This paper presents a sustainable passive roof solution as a means of reducing energy cooling loads for satisfying human comfort requirements in a hot climate. As such, the study based on the field study data discusses indoor thermal roof design strategies for a hot climate by investigating the impacts of roof thermal performance on indoor thermal comfort in naturally ventilated building envelope small scaled structures. In this respect, the traditional concrete flat roof, corrugated galvanised iron roof and pre-painted standing seam roof were used. The experiment made used of three identical small scale physical models constructed and sited on the roof of a building at the University of the West Indies. The results show that the utilization of insulation in traditional roofing systems will significantly reduce heat transfer between the internal and ambient environment, thus reducing the energy demand of the structure and the relative carbon footprint of a structure per unit area over its lifetime. Also, the application of flat slab concrete roofing system showed the best performance as opposed to the metal roof sheeting alternative systems. In addition, it has been shown experimentally through this study that a sustainable passive roof solution such as insulated flat concrete roof in hot dry climate has a better cooling strength that can provide building occupant with a better thermal comfort, conducive indoor conditions and energy efficiency.

Keywords: building envelope, roof, energy consumption, thermal comfort

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Authors: S. Yun, M. Kwak

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This study is about an aerodynamic brake device for a high-speed train. In order to apply an aerodynamic brake device, an influence of the aerodynamic brake device on a high-speed train was studied aerodynamically, acoustically and dynamically. Wind tunnel test was conducted to predict an effect of braking distance reduction with a scale model of 1/30. Aerodynamic drag increases by 244% with a brake panel of a 90 degree angle. Braking distance for an emergency state was predicted to decrease by 13%.

Keywords: aerodynamic brake, braking distance, drag coefficient, high-speed train, wind-tunnel test

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Authors: Muhammad Tahir, Mushtaq Muhammad

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Capital structure is one of the key decisions taken by the financial managers. This study aims to investigate the factors influencing capital structure decision in Oil and Gas industry of Pakistan using secondary data from published annual reports of listed Oil and Gas Companies of Pakistan. This study covers the time-period from 2008-2014. Capital structure can be affected by profitability, firm size, growth opportunities, dividend payout, liquidity, business risk, and ownership structure. Panel data technique with Ordinary least square (OLS) regression model has been used to find the impact of set of explanatory variables on the capital structure using the Stata. OLS regression results suggest that dividend payout, firm size and government ownership have the most significant impact on financial leverage. Dividend payout and government ownership are found to have significant negative association with financial leverage however firm size indicated positive relationship with financial leverage. Other variables having significant link with financial leverage includes growth opportunities, liquidity and business risk. Results reveal significant positive association between growth opportunities and financial leverage whereas liquidity and business risk are negatively correlated with financial leverage. Profitability and managerial ownership exhibited insignificant relationship with financial leverage. This study contributes to existing Managerial Finance literature with certain managerial implications. Academically, this research study describes the factors affecting capital structure decision of Oil and Gas Companies in Pakistan and adds latest empirical evidence to existing financial literature in Pakistan. Researchers have studies capital structure in Pakistan in general and industry at specific, nevertheless still there is limited literature on this issue. This study will be an attempt to fill this gap in the academic literature. This study has practical implication on both firm level and individual investor/ lenders level. Results of this study can be useful for investors/ lenders in making investment and lending decisions. Further, results of this study can be useful for financial managers to frame optimal capital structure keeping in consideration the factors that can affect capital structure decision as revealed by this study. These results will help financial managers to decide whether to issue stock or issue debt for future investment projects.

Keywords: capital structure, multicollinearity, ordinary least square (OLS), panel data

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Authors: M. V. Shivaani, P. K. Jain, Surendra S. Yadav

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Public Sector Undertakings (PSUs), being government-owned organizations have commitments for the economic and social wellbeing of the society; this commitment needs to be reflected in their risk-taking, decision-making and governance structures. Therefore, the primary objective of the study is to suggest measures that may lead to improvement in performance of PSUs. To achieve this objective two normative frameworks (one relating to risk levels and other relating to governance structure) are being put forth. The risk index is based on nine risks, such as, solvency risk, liquidity risk, accounting risk, etc. and each of the risks have been scored on a scale of 1 to 5. The governance index is based on eleven variables, such as, board independence, diversity, risk management committee, etc. Each of them are scored on a scale of 1 to five. The sample consists of 39 PSUs that featured in Nifty 500 index and, the study covers a 10 year period from April 1, 2005 to March, 31, 2015. Return on assets (ROA) and return on equity (ROE) have been used as proxies of firm performance. The control variables used in the model include, age of firm, growth rate of firm and size of firm. A dummy variable has also been used to factor in the effects of recession. Given the panel nature of data and possibility of endogeneity, dynamic panel data- generalized method of moments (Diff-GMM) regression has been used. It is worth noting that the corporate governance index is positively related to both ROA and ROE, indicating that with the improvement in governance structure, PSUs tend to perform better. Considering the components of CGI, it may be suggested that (i). PSUs ensure adequate representation of women on Board, (ii). appoint a Chief Risk Officer, and (iii). constitute a risk management committee. The results also indicate that there is a negative association between risk index and returns. These results not only validate the framework used to develop the risk index but also provide a yardstick to PSUs benchmark their risk-taking if they want to maximize their ROA and ROE. While constructing the CGI, certain non-compliances were observed, even in terms of mandatory requirements, such as, proportion of independent directors. Such infringements call for stringent penal provisions and better monitoring of PSUs. Further, if the Securities and Exchange Board of India (SEBI) and Ministry of Corporate Affairs (MCA) bring about such reforms in the PSUs and make mandatory the adherence to the normative frameworks put forth in the study, PSUs may have more effective and efficient decision-making, lower risks and hassle free management; all these ultimately leading to better ROA and ROE.

Keywords: PSU, risk governance, diff-GMM, firm performance, the risk index

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Authors: Jung-Ho Moon, Tae Kwon Ha

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In the present study, the effect of Si, Al, Ti, Zr, and Nb addition on the microstructure and hot workability of cast M42 tool steels, basically consisting of 1.0C, 0.2Mn, 3.8Cr, 1.5W, 8.5Co, 9.2Mo, and 1.0V in weight percent has been investigated. Tool steels containing Si of 0.25 and 0.5 wt.%, Al of 0.06 and 0.12 wt.%, Ti of 0.3 wt.%, Zr of 0.3 wt.%, and Nb of 0.3 wt.% were cast into ingots of 140 mm´ 140 mm´ 330 mm by vacuum induction melting. After solution treatment at 1150°C for 1.5 hrs. followed by furnace cooling, hot rolling at 1180 °C was conducted on the ingots. Addition of titanium, zirconium and niobium was found to retard the decomposition of the eutectic carbides and result in the deterioration of hot workability of the tool steels, while addition of aluminium and silicon showed relatively well decomposed carbide structure and resulted in sound hot rolled plates.

Keywords: high speed steels, alloying elements, eutectic carbides, microstructure, hot workability

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Authors: Saad Bin Nasir

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The research will examine the role of corporate governance (CG) practices on firm’s financial performance. Population of this research will be manufacture sector of Pakistan. For the purposes of measurement of impact of corporate governance practices such as board size, board independence, ceo/chairman duality, will take as independent variables and for the measurement of firm’s performance return on assets and return on equity will take as dependent variables. Panel data regression model will be used to estimate the impact of CG on firm performance.

Keywords: corporate governance, board size, board independence, leadership

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Authors: Gela Gelashvili, David Gelenidze, Sulkhan Nanobashvili, Irakli Nanobashvili, George Tavkhelidze, Tsiuri Sitchinava

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Development of new highly efficient plasma arc combustion system of pulverized coal is presented. As it is well-known, coal is one of the main energy carriers by means of which electric and heat energy is produced in thermal power stations. The quality of the extracted coal decreases very rapidly. Therefore, the difficulties associated with its firing and complete combustion arise and thermo-chemical preparation of pulverized coal becomes necessary. Usually, other organic fuels (mazut-fuel oil or natural gas) are added to low-quality coal for this purpose. The fraction of additional organic fuels varies within 35-40% range. This decreases dramatically the economic efficiency of such systems. At the same time, emission of noxious substances in the environment increases. Because of all these, intense development of plasma combustion systems of pulverized coal takes place in whole world. These systems are equipped with Non-Transferred Plasma Arc Torches. They allow practically complete combustion of pulverized coal (without organic additives) in boilers, increase of energetic and financial efficiency. At the same time, emission of noxious substances in the environment decreases dramatically. But, the non-transferred plasma torches have numerous drawbacks, e.g. complicated construction, low service life (especially in the case of high power), instability of plasma arc and most important – up to 30% of energy loss due to anode cooling. Due to these reasons, intense development of new plasma technologies that are free from these shortcomings takes place. In our proposed system, pulverized coal-air mixture passes through plasma arc area that burns between to carbon electrodes directly in pulverized coal muffler burner. Consumption of the carbon electrodes is low and does not need a cooling system, but the main advantage of this method is that radiation of plasma arc directly impacts on coal-air mixture that accelerates the process of thermo-chemical preparation of coal to burn. To ensure the stability of the plasma arc in such difficult conditions, we have developed a power source that provides fixed current during fluctuations in the arc resistance automatically compensated by the voltage change as well as regulation of plasma arc length over a wide range. Our combustion system where plasma arc acts directly on pulverized coal-air mixture is simple. This should allow a significant improvement of pulverized coal combustion (especially low-quality coal) and its economic efficiency. Preliminary experiments demonstrated the successful functioning of the system.

Keywords: coal combustion, plasma arc, plasma torches, pulverized coal

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Authors: Moulay Youssef El Hafidi

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In this research, an enhanced room-temperature magnetic refrigerator based on nanofluid, consisting of permanent magnets as a magnetism source, gadolinium as magnetocaloric material, water as base liquid, and carbon nanotubes (CNT) as nanoparticles, has been designed. The magnetic field is supplied by NdFeB permanent magnets and is about 1.3 Tesla. Two similar heat exchangers are employed to absorb and expel heat. The cycle performance of this self-designed device is analyzed theoretically. The results provide useful data for future optimization of room-temperature magnetic refrigeration using nanofluids.

Keywords: magnetic cooling, nanofluid, gadolinium, permanent magnets, heat exchange

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Authors: Jeonho Moon, Tae Kwon Ha

Abstract:

In the present study, the effect of Si, Al, Ti, Zr, and Nb addition on the microstructure and hot workability of cast M42 tool steels, basically consisting of 1.0 C, 0.2 Mn, 3.8 Cr, 1.5 W, 8.5 Co, 9.2 Mo, and 1.0 V in weight percent has been investigated. Tool steels containing Si of 0.25 and 0.5 wt.%, Al of 0.06 and 0.12 wt.%, Ti of 0.3 wt.%, Zr of 0.3 wt.%, and Nb of 0.3wt.% were cast into ingots of 140 mm x 140 mm x 330 mm by vacuum induction melting. After solution treatment at 1150 °C for 1.5 hr followed by furnace cooling, hot rolling at 1180 °C was conducted on the ingots. Addition of titanium, zirconium and niobium was found to retard the decomposition of the eutectic carbides and result in the deterioration of hot workability of the tool steels, while addition of aluminum and silicon showed relatively well decomposed carbide structure and resulted in sound hot rolled plates.

Keywords: duplex stainless steel, alloying elements, eutectic carbides, microstructure, hot workability

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Authors: Abidemi C. Adegboye, Nosakhare Ikponmwosa, Rogers A. Akinsokeji

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For many resource-rich developing countries, fiscal policy has become a key tool used for short-run fiscal management since it is considered as playing a critical role in injecting part of resource rents into the economies. However, given its instability, reliance on revenue from commodity exports renders fiscal management, budgetary planning and the efficient use of public resources difficult. In this study, the linkage between commodity prices and fiscal operations among a sample of commodity-exporting countries in sub-Saharan Africa (SSA) is investigated. The main question is whether commodity price fluctuations affects the effectiveness of fiscal policy as a macroeconomic stabilization tool in these countries. Fiscal management effectiveness is considered as the ability of fiscal policy to react countercyclically to output gaps in the economy. Fiscal policy is measured as the ratio of fiscal deficit to GDP and the ratio of government spending to GDP, output gap is measured as a Hodrick-Prescott filter of output growth for each country, while commodity prices are associated with each country based on its main export commodity. Given the dynamic nature of fiscal policy effects on the economy overtime, a dynamic framework is devised for the empirical analysis. The panel cointegration and error correction methodology is used to explain the relationships. In particular, the study employs the panel ECM technique to trace short-term effects of commodity prices on fiscal management and also uses the fully modified OLS (FMOLS) technique to determine the long run relationships. These procedures provide sufficient estimation of the dynamic effects of commodity prices on fiscal policy. Data used cover the period 1992 to 2016 for 11 SSA countries. The study finds that the elasticity of the fiscal policy measures with respect to the output gap is significant and positive, suggesting that fiscal policy is actually procyclical among the countries in the sample. This implies that fiscal management for these countries follows the trend of economic performance. Moreover, it is found that fiscal policy has not performed well in delivering macroeconomic stabilization for these countries. The difficulty in applying fiscal stabilization measures is attributable to the unstable revenue inflows due to the highly volatile nature of commodity prices in the international market. For commodity-exporting countries in SSA to improve fiscal management, therefore, fiscal planning should be largely decoupled from commodity revenues, domestic revenue bases must be improved, and longer period perspectives in fiscal policy management are the critical suggestions in this study.

Keywords: commodity prices, ECM, fiscal policy, fiscal procyclicality, fully modified OLS, sub-saharan africa

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Authors: Minghua Chen, Rui Wang

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This paper addresses the impact of foreign ownership on the risk-taking behavior of banks. Using bank-level panel data of more than 1,300 commercial banks in 32 emerging economies during 2000-2013, we find that foreign owned banks take on more risk than their domestic counterparts. We further examine several factors that may potentially contribute to foreign banks’ differentiated riskiness from four perspectives, namely, foreign banks’ informational disadvantages, agency problems, the contagious effect of parent banks’ financial conditions and the disparity between home and host markets. We find supportive evidence that these factors play a significant role in affecting foreign banks’ risk-taking.

Keywords: bank risk-taking, emerging economies, financial liberalization, foreign banks

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Authors: Shunyi Yang, Jingjing Yan, Siyu Dong, Xiangguo Cui

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Current architectural façade design practices incorporate various daylighting and solar radiation analysis methods. These emphasize the impact of geometry on façade design. There is scope to extend this knowledge into methods that address material translucency, porosity, and form. Such approaches can also achieve these conditions through adaptive robotic manufacturing approaches that exploit material dynamics within the design, and alleviate fabrication waste from molds, ultimately accelerating the autonomous manufacturing system. Besides analyzing the environmental solar radiant in building facade design, there is also a vacancy research area of how lighting effects can be precisely controlled by engaging the instant real-time data-driven robot control and manipulating the material properties. Ceramics carries a wide range of transmittance and deformation potentials for robotics control with the research of its material property. This paper presents one semi-autonomous system that engages with real-time data-driven robotics control, hardware kit design, environmental building studies, human interaction, and exploratory research and experiments. Our objectives are to investigate the relationship between different clay bodies or ceramics’ physio-material properties and their transmittance; to explore the feedback system of instant lighting data in robotic fabrication to achieve precise lighting effect; to design the sufficient end effector and robot behaviors for different stages of deformation. We experiment with architectural clay, as the material of the façade that is potentially translucent at a certain stage can respond to light. Studying the relationship between form, material properties, and porosity can help create different interior and exterior light effects and provide façade solutions for specific architectural functions. The key idea is to maximize the utilization of in-progress robotics fabrication and ceramics materiality to create a highly integrated autonomous system for lighting facade design and manufacture.

Keywords: light transmittance, data-driven fabrication, computational design, computer vision, gamification for manufacturing

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Authors: Bernur Acikgoz

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The purpose of this paper is to investigate the effects of public spending on economic growth and examine the sources of economic growth in developed countries since the 1990s. This paper analyses whether public spending effect on economic growth based on Cobb-Douglas Production Function with the two econometric models with Autoregressive Distributed Lag (ARDL) and Dynamic Fixed Effect (DFE) for 21 developed countries (high-income OECD countries), over the period 1990-2013. Our models results are parallel to each other and the models support that public spending has an important role for economic growth. This result is accurate with theories and previous empirical studies.

Keywords: public spending, economic growth, panel data, ARDL models

Procedia PDF Downloads 370

Authors: E. Taslak, C. Kocatepe, O. Arıkan, C. F. Kumru

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In insulation and cooling of power transformers various liquids are used. Mineral oils have wide availability and low cost. However, they have a poor biodegradability potential and lower fire point in comparison with other insulating liquids. Use of a liquid having high biodegradability is important due to environmental consideration. This paper investigates edible corn oil as an alternative to mineral oil. Various properties of mineral and corn oil like breakdown voltage, dissipation factor, relative dielectric constant, power loss and resistivity were measured according to different standards.

Keywords: breakdown voltage, corn oil, dissipation factor, mineral oil, power loss, relative dielectric constant, resistivity

Procedia PDF Downloads 578

Authors: Ellis Kofi Akwaa-Sekyi, Jordi Moreno Gené

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Managerial actions which negatively profile banks and impair corporate reputation are addressed through effective internal control systems. Disregard for acceptable standards and procedures for granting credit have affected bank loan portfolios and could be cited for the crises in some European countries. The study intends to determine the effectiveness of internal control systems, investigate whether perceived agency problems exist on the part of board members and to establish the relationship between internal controls and credit risk among listed banks in the European Union. Drawing theoretical support from the behavioural compliance and agency theories, about seventeen internal control variables (drawn from the revised COSO framework), bank-specific, country, stock market and macro-economic variables will be involved in the study. A purely quantitative approach will be employed to model internal control variables covering the control environment, risk management, control activities, information and communication and monitoring. Panel data from 2005-2014 on listed banks from 28 European Union countries will be used for the study. Hypotheses will be tested and the Generalized Least Squares (GLS) regression will be run to establish the relationship between dependent and independent variables. The Hausman test will be used to select whether random or fixed effect model will be used. It is expected that listed banks will have sound internal control systems but their effectiveness cannot be confirmed. A perceived agency problem on the part of the board of directors is expected to be confirmed. The study expects significant effect of internal controls on credit risk. The study will uncover another perspective of internal controls as not only an operational risk issue but credit risk too. Banks will be cautious that observing effective internal control systems is an ethical and socially responsible act since the collapse (crisis) of financial institutions as a result of excessive default is a major contagion. This study deviates from the usual primary data approach to measuring internal control variables and rather models internal control variables in a quantitative approach for the panel data. Thus a grey area in approaching the revised COSO framework for internal controls is opened for further research. Most bank failures and crises could be averted if effective internal control systems are religiously adhered to.

Keywords: agency theory, credit risk, internal controls, revised COSO framework

Procedia PDF Downloads 317

Authors: R. Blythman, N. Jeffers, T. Persoons, D. B. Murray

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The exploitation of flow pulsation in micro- and mini-channels is a potentially useful technique for enhancing cooling of high-end photonics and electronics systems. It is thought that pulsation alters the thickness of the hydrodynamic and thermal boundary layers, and hence affects the overall thermal resistance of the heat sink. Although the fluid mechanics and heat transfer are inextricably linked, it can be useful to decouple the parameters to better understand the mechanisms underlying any heat transfer enhancement. Using two-dimensional, two-component particle image velocimetry, the current work intends to characterize the heat transfer mechanisms in pulsating flow with a mean Reynolds number of 48 by experimentally quantifying the hydrodynamics of a generic liquid-cooled channel geometry. Flows circulated through the test section by a gear pump are modulated using a controller to achieve sinusoidal flow pulsations with Womersley numbers of 7.45 and 2.36 and an amplitude ratio of 0.75. It is found that the transient characteristics of the measured velocity profiles are dependent on the speed of oscillation, in accordance with the analytical solution for flow in a rectangular channel. A large velocity overshoot is observed close to the wall at high frequencies, resulting from the interaction of near-wall viscous stresses and inertial effects of the main fluid body. The steep velocity gradients at the wall are indicative of augmented heat transfer, although the local flow reversal may reduce the upstream temperature difference in heat transfer applications. While unsteady effects remain evident at the lower frequency, the annular effect subsides and retreats from the wall. The shear rate at the wall is increased during the accelerating half-cycle and decreased during deceleration compared to steady flow, suggesting that the flow may experience both enhanced and diminished heat transfer during a single period. Hence, the thickness of the hydrodynamic boundary layer is reduced for positively moving flow during one half of the pulsation cycle at the investigated frequencies. It is expected that the size of the thermal boundary layer is similarly reduced during the cycle, leading to intervals of heat transfer enhancement.

Keywords: Heat transfer enhancement, particle image velocimetry, localized and time-resolved velocity, photonics and electronics cooling, pulsating flow, Richardson’s annular effect

Procedia PDF Downloads 347

Authors: Karolína Vozková, Matěj Kuc

Abstract:

This paper deals with the impact of decrease in interest rates on the performance of commercial and cooperative banks in the Eurozone measured by net interest margin. The analysis was performed on balanced dataset of 268 commercial and 726 cooperative banks spanning the 2008-2015 period. We employed Fixed Effects estimation panel method. As expected, we found a negative relationship between market rates and net interest margin. Our results suggest that the impact of negative interest income differs across individual banking business models. More precisely, those cooperative banks were much more hit by the decrease of market interest rates which might be due to their ownership structure and more restrictive business regulation.

Keywords: cooperative banks, performance, negative interest rates, risk management

Procedia PDF Downloads 182