Search results for: carbon stock
3038 Optimization of Carbon Nanotube Content of Asphalt Nanocomposites with Regard to Resistance to Permanent Deformation
Authors: João V. Staub de Melo, Glicério Trichês, Liseane P. Thives
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This paper presents the results of the development of asphalt nanocomposites containing carbon nanotubes (CNTs) with high resistance to permanent deformation, aiming to increase the performance of asphalt surfaces in relation to the rutting problem. Asphalt nanocomposites were prepared with the addition of different proportions of CNTs (1%, 2% and 3%) in relation to the weight of asphalt binder. The base binder used was a conventional binder (50-70 penetration) classified as PG 58-22. The optimum percentage of CNT addition in the asphalt binder (base) was determined through the evaluation of the rheological and empirical characteristics of the nanocomposites produced. In order to evaluate the contribution and the effects of the nanocomposite (optimized) in relation to the rutting, the conventional and nanomodified asphalt mixtures were tested in a French traffic simulator (Orniéreur). The results obtained demonstrate the efficient contribution of the asphalt nanocomposite containing CNTs to the resistance to permanent deformation of the asphalt mixture.Keywords: asphalt nanocomposites, asphalt mixtures, carbon nanotubes, nanotechnology, permanent deformation
Procedia PDF Downloads 2853037 Preparation and Chemical Characterization of Eco-Friendly Activated Carbon Produced from Apricot Stones
Authors: Sabolč Pap, Srđana Kolaković, Jelena Radonić, Ivana Mihajlović, Dragan Adamović, Mirjana Vojinović Miloradov, Maja Turk Sekulić
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Activated carbon is one of the most used and tested adsorbents in the removal of industrial organic compounds, heavy metals, pharmaceuticals and dyes. Different types of lignocellulosic materials were used as potential precursors in the production of low cost activated carbon. There are, two different processes for the preparation and production of activated carbon: physical and chemical. Chemical activation includes impregnating the lignocellulosic raw materials with chemical agents (H3PO4, HNO3, H2SO4 and NaOH). After impregnation, the materials are carbonized and washed to eliminate the residues. The chemical activation, which was used in this study, has two important advantages when compared to the physical activation. The first advantage is the lower temperature at which the process is conducted, and the second is that the yield (mass efficiency of activation) of the chemical activation tends to be greater. Preparation of activated carbon included the following steps: apricot stones were crushed in a mill and washed with distilled water. Later, the fruit stones were impregnated with a solution of 50% H3PO4. After impregnation, the solution was filtered to remove the residual acid. Subsequently impregnated samples were air dried at room temperature. The samples were placed in a furnace and heated (10 °C/min) to the final carbonization temperature of 500 °C for 2 h without the use of nitrogen. After cooling, the adsorbent was washed with distilled water to achieve acid free conditions and its pH was monitored until the filtrate pH value exceeded 4. Chemical characterizations of the prepared activated carbon were analyzed by FTIR spectroscopy. FTIR spectra were recorded with a (Thermo Nicolet Nexus 670 FTIR) spectrometer, from 400 to 4000 cm-1 wavenumbers, identifying the functional groups on the surface of the activated carbon. The FTIR spectra of adsorbent showed a broad band at 3405.91 cm-1 due to O–H stretching vibration and a peak at 489.00 cm-1 due to O–H bending vibration. Peaks between the range of 3700 and 3200 cm−1 represent the overlapping peaks of stretching vibrations of O–H and N–H groups. The distinct absorption peaks at 2919.86 cm−1 and 2848.24 cm−1 could be assigned to -CH stretching vibrations of –CH2 and –CH3 functional groups. The adsorption peak at 1566.38 cm−1 could be characterized by primary and secondary amide bands. The sharp bond within 1164.76 – 987.86 cm−1 is attributed to the C–O groups, which confirms the lignin structure of the activated carbon. The present study has shown that the activated carbons prepared from apricot stone have a functional group on their surface, which can positively affect the adsorption characteristics with this material.Keywords: activated carbon, FTIR, H3PO4, lignocellulosic raw materials
Procedia PDF Downloads 2493036 Firm Performance and Evolving Corporate Governance: An Empirical Study from Pakistan
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 3573035 Clean Energy and Free Trade: Redefining 'Like Products' to Account for Climate Change
Authors: M. Barsa
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This paper argues that current jurisprudence under the Dormant Commerce Clause of the United States Constitution and the WTO should be altered to allow states to more freely foster clean energy production. In particular, free trade regimes typically prevent states from discriminating against 'like' products, and whether these products are considered 'like' is typically measured by how they appear to the consumer. This makes it challenging for states to discriminate in favor of clean energy, such as low-carbon fuels. However, this paper points out that certain courts in the US—and decisions of the WTO—have already begun taking into account how a product is manufactured in order to determine whether a state may discriminate against it. There are also compelling reasons for states to discriminate against energy sources with high carbon footprints in order to allow those states to protect themselves against climate change. In other words, fuel sources with high and low carbon footprints are not, in fact, 'like' products, and courts should more freely recognize this in order to foster clean energy production.Keywords: clean energy, climate change, discrimination, free trade
Procedia PDF Downloads 1213034 Evaluating Portfolio Performance by Highlighting Network Property and the Sharpe Ratio in the Stock Market
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 1543033 Financial Centers and BRICS Stock Markets: The Effect of the Recent Crises
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
Procedia PDF Downloads 3563032 Modelling Impacts of Global Financial Crises on Stock Volatility of Nigeria Banks
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 periodsKeywords: global financial crisis, leverage effect, persistence, volatility clustering
Procedia PDF Downloads 5253031 Dilution Effect in Islamic Finance: The Case of Convertible Sukuk
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
Procedia PDF Downloads 3383030 Effect of Catalyst Preparation Method on Dry Reforming of Methane with Supported and Promoted Catalysts
Authors: Sanjay P. Gandhi, Sanjay S. Patel
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Dry (CO2) reforming of methane (DRM) is both scientific and industrial importance. In recent decades, CO2 utilization has become increasingly important in view of the escalating global warming phenomenon. This reaction produces syngas that can be used to produce a wide range of products, such as higher alkanes and oxygenates by means of Fischer–Tropsch synthesis. DRM is inevitably accompanied by deactivation due to carbon deposition. DRM is also a highly endothermic reaction and requires operating temperatures of 800–1000 °C to attain high equilibrium conversion of CH4 and CO2 to H2 and CO and to minimize the thermodynamic driving force for carbon deposition. The catalysts used are often composed of transition Methods like Nickel, supported on metallic and non-metallic oxides such as alumina and silica. However, many of these catalysts undergo severe deactivation due to carbon deposition. Noble metals have also been studied and are typically found to be much more resistant to carbon deposition than Ni catalysts, but are generally uneconomical. Noble metals can also be used to promote the Ni catalysts in order to increase their resistance to deactivation. In order to design catalysts that minimize deactivation, it is necessary to understand the elementary steps involved in the activation and conversion of CH4 and CO2. CO2 reforming methane over promoted catalyst was studied. The influence of ZrO2, CeO2 and the behavior of Ni-Al2O3 Catalyst, prepare by wet-impregnation and Co-precipitated method was studied. XRD, BET Analysis for different promoted and unprompted Catalyst was studied.Keywords: CO2 reforming of methane, Ni catalyst, promoted and unprompted catalyst, effect of catalyst preparation
Procedia PDF Downloads 4723029 Experimental Investigation of Powder Holding Capacities of H13 and H14 Class Activated Carbon Filters Based on En 779 Standard
Authors: Abdullah Işıktaş, Kevser Dincer
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The use of HEPA filters for air conditioning systems in clean rooms tends to increase progressively in pharmaceutical, food stuff industries and in hospitals. There are two standards widely used for HEPA filters; the EN 1822 standards published by the European Union, CEN (European Committee for Standardization) and the US based IEST standard (Institute of Environmental Sciences and Technology. Both standards exhibit some differences in the definitions of efficiency and its measurement methods. While IEST standard defines efficiency at the grit diameter of 0.3 µm, the EN 1822 standard takes MPPS (Most Penetrating Particle Size) as the basis of its definition. That is, the most difficult grit size to catch up. On the other hand, while IEST suggests that photometer and grit counters be used for filter testing, in EN 1822 standard, only the grit (grain) counters are recommended for that purpose. In this study, powder holding capacities of H13 and H14 grade materials under the EN 779 standard are investigated experimentally by using activated carbon. Measurements were taken on an experimental set up based on the TS 932 standard. Filter efficiency was measured by injecting test powder at amounts predetermined in the standards into the filters at certain intervals. The data obtained showed that the powder holding capacities of the activated carbon filter are high enough to yield efficiency of around 90% and that the H13 and H14 filters exhibit high efficiency suitable for the standard used.Keywords: activated carbon filters, HEPA filters, powder holding capacities, air conditioning systems
Procedia PDF Downloads 2443028 Factors Influencing an Implementation of Financial Participation Programmes in Polish Companies - Some Relationships
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
Procedia PDF Downloads 1393027 Preparation of Chemically Activated Carbon from Waste Tire Char for Lead Ions Adsorption and Optimization Using Response Surface Methodology
Authors: Lucky Malise, Hilary Rutto, Tumisang Seodigeng
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The use of tires in automobiles is very important in the automobile industry. However, there is a serious environmental problem concerning the disposal of these rubber tires once they become worn out. The main aim of this study was to prepare activated carbon from waste tire pyrolysis char by impregnating KOH on pyrolytic char. Adsorption studies on lead onto chemically activated carbon was carried out using response surface methodology. The effect of process parameters such as temperature (°C), adsorbent dosage (g/1000ml), pH, contact time (minutes) and initial lead concentration (mg/l) on the adsorption capacity were investigated. It was found that the adsorption capacity increases with an increase in contact time, pH, temperature and decreases with an increase in lead concentration. Optimization of the process variables was done using a numerical optimization method. Fourier Transform Infrared Spectra (FTIR) analysis, XRay diffraction (XRD), Thermogravimetric analysis (TGA) and scanning electron microscope was used to characterize the pyrolytic carbon char before and after activation. The optimum points 1g/ 100 ml for adsorbent dosage, 7 for pH value of the solution, 115.2 min for contact time, 100 mg/l for initial metal concentration, and 25°C for temperature were obtained to achieve the highest adsorption capacity of 93.176 mg/g with a desirability of 0.994. Fourier Transform Infrared Spectra (FTIR) analysis and Thermogravimetric analysis (TGA) show the presence of oxygen-containing functional groups on the surface of the activated carbon produced and that the weight loss taking place during the activation step is small.Keywords: waste tire pyrolysis char, chemical activation, central composite design (CCD), adsorption capacity, numerical optimization
Procedia PDF Downloads 2253026 The Role of Tax Management Components in Creating Value or Increasing Risk of Tehran Stock Exchange Firms
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
Procedia PDF Downloads 1363025 A Statistical Analysis on Relationship between Temperature Variations with Latitude and Altitude regarding Total Amount of Atmospheric Carbon Dioxide in Iran
Authors: Masoumeh Moghbel
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Nowadays, carbon dioxide which is produced by human activities is considered as the main effective factor in the global warming occurrence. Regarding to the role of CO2 and its ability in trapping the heat, the main objective of this research is study the effect of atmospheric CO2 (which is recorded in Manaloa) on variations of temperature parameters (daily mean temperature, minimum temperature and maximum temperature) in 5 meteorological stations in Iran which were selected according to the latitude and altitude in 40 years statistical period. Firstly, the trend of temperature parameters was studied by Regression and none-graphical Man-Kendal methods. Then, relation between temperature variations and CO2 were studied by Correlation technique. Also, the impact of CO2 amount on temperature in different atmospheric levels (850 and 500 hpa) was analyzed. The results illustrated that correlation coefficient between temperature variations and CO2 in low latitudes and high altitudes is more significant rather than other regions. it is important to note that altitude as the one of the main geographic factor has limitation in affecting the temperature variations, so that correlation coefficient between these two parameters in 850 hpa (r=0.86) is more significant than 500 hpa (r = 0.62).Keywords: altitude, atmospheric carbon dioxide, latitude, temperature variations
Procedia PDF Downloads 4083024 Effect of Carbon-Free Fly Ash and Ground Granulated Blast-Furnace Slag on Compressive Strength of Mortar under Different Curing Conditions
Authors: Abdul Khaliq Amiri, Shigeyuki Date
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This study investigates the effect of using carbon-free fly ash (CfFA) and ground granulated blast-furnace slag (GGBFS) on the compressive strength of mortar. The CfFA used in this investigation is high-quality fly ash and the carbon content is 1.0% or less. In this study, three types of blends with a 30% water-binder ratio (w/b) were prepared: control, binary and ternary blends. The Control blend contained only Ordinary Portland Cement (OPC), in binary and ternary blends OPC was partially replaced with CfFA and GGBFS at different substitution rates. Mortar specimens were cured for 1 day, 7 days and 28 days under two curing conditions: steam curing and water curing. The steam cured specimens were exposed to two different pre-curing times (1.5 h and 2.5 h) and one steam curing duration (6 h) at 45 °C. The test results showed that water cured specimens revealed higher compressive strength than steam cured specimens at later ages. An increase in CfFA and GGBFS contents caused a decrease in the compressive strength of mortar. Ternary mixes exhibited better compressive strength than binary mixes containing CfFA with the same replacement ratio of mineral admixtures.Keywords: carbon-free fly ash, compressive strength, ground granulated blast-furnace slag, steam curing, water curing
Procedia PDF Downloads 1383023 Indoor and Outdoor Forest Farming for Year-Round Food and Medicine Production, Carbon Sequestration, Soil-Building, and Climate Change Mitigation
Authors: Jerome Osentowski
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The objective at Central Rocky Mountain Permaculture Institute has been to put in practice a sustainable way of life while growing food, medicine, and providing education. This has been done by applying methods of farming such as agroforestry, forest farming, and perennial polycultures. These methods have been found to be regenerative to the environment through carbon sequestration, soil-building, climate change mitigation, and the provision of food security. After 30 years of implementing carbon farming methods, the results are agro-diversity, self-sustaining systems, and a consistent provision of food and medicine. These results are exhibited through polyculture plantings in an outdoor forest garden spanning roughly an acre containing about 200 varieties of fruits, nuts, nitrogen-fixing trees, and medicinal herbs, and two indoor forest garden greenhouses (one Mediterranean and one Tropical) containing about 50 varieties of tropical fruits, beans, herbaceous plants and more. While the climate zone outside the greenhouse is 6, the tropical forest garden greenhouse retains an indoor climate zone of 11 with near-net-zero energy consumption through the use of a climate battery, allowing the greenhouse to serve as a year-round food producer. The effort to source food from the forest gardens is minimal compared to annual crop production. The findings at Central Rocky Mountain Permaculture Institute conclude that agroecological methods are not only beneficial but necessary in order to revive and regenerate the environment and food security.Keywords: agroecology, agroforestry, carbon farming, carbon sequestration, climate battery, food security, forest farming, forest garden, greenhouse, near-net-zero, perennial polycultures
Procedia PDF Downloads 4423022 An Analysis of Eco-efficiency and GHG Emission of Olive Oil Production in Northeast of Portugal
Authors: M. Feliciano, F. Maia, A. Gonçalves
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Olive oil production sector plays an important role in Portuguese economy. It had a major growth over the last decade, increasing its weight in the overall national exports. International market penetration for Mediterranean traditional products is increasingly more demanding, especially in the Northern European markets, where consumers are looking for more sustainable products. Trying to support this growing demand this study addresses olive oil production under the environmental and eco-efficiency perspectives. The analysis considers two consecutive product life cycle stages: olive trees farming; and olive oil extraction in mills. Addressing olive farming, data collection covered two different organizations: a middle-size farm (~12ha) (F1) and a large-size farm (~100ha) (F2). Results from both farms show that olive collection activities are responsible for the largest amounts of Green House Gases (GHG) emissions. In this activities, estimate for the Carbon Footprint per olive was higher in F2 (188g CO2e/kgolive) than in F1 (148g CO2e/kgolive). Considering olive oil extraction, two different mills were considered: one using a two-phase system (2P) and other with a three-phase system (3P). Results from the study of two mills show that there is a much higher use of water in 3P. Energy intensity (EI) is similar in both mills. When evaluating the GHG generated, two conditions are evaluated: a biomass neutral condition resulting on a carbon footprint higher in 3P (184g CO2e/Lolive oil) than in 2P (92g CO2e/Lolive oil); and a non-neutral biomass condition in which 2P increase its carbon footprint to 273g CO2e/Lolive oil. When addressing the carbon footprint of possible combinations among studied subsystems, results suggest that olive harvesting is the major source for GHG.Keywords: carbon footprint, environmental indicators, farming subsystem, industrial subsystem, olive oil
Procedia PDF Downloads 2873021 Contrasted Mean and Median Models in Egyptian Stock Markets
Authors: Mai A. Ibrahim, Mohammed El-Beltagy, Motaz Khorshid
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Emerging Markets return distributions have shown significance departure from normality were they are characterized by fatter tails relative to the normal distribution and exhibit levels of skewness and kurtosis that constitute a significant departure from normality. Therefore, the classical Markowitz Mean-Variance is not applicable for emerging markets since it assumes normally-distributed returns (with zero skewness and kurtosis) and a quadratic utility function. Moreover, the Markowitz mean-variance analysis can be used in cases of moderate non-normality and it still provides a good approximation of the expected utility, but it may be ineffective under large departure from normality. Higher moments models and median models have been suggested in the literature for asset allocation in this case. Higher moments models have been introduced to account for the insufficiency of the description of a portfolio by only its first two moments while the median model has been introduced as a robust statistic which is less affected by outliers than the mean. Tail risk measures such as Value-at Risk (VaR) and Conditional Value-at-Risk (CVaR) have been introduced instead of Variance to capture the effect of risk. In this research, higher moment models including the Mean-Variance-Skewness (MVS) and Mean-Variance-Skewness-Kurtosis (MVSK) are formulated as single-objective non-linear programming problems (NLP) and median models including the Median-Value at Risk (MedVaR) and Median-Mean Absolute Deviation (MedMAD) are formulated as a single-objective mixed-integer linear programming (MILP) problems. The higher moment models and median models are compared to some benchmark portfolios and tested on real financial data in the Egyptian main Index EGX30. The results show that all the median models outperform the higher moment models were they provide higher final wealth for the investor over the entire period of study. In addition, the results have confirmed the inapplicability of the classical Markowitz Mean-Variance to the Egyptian stock market as it resulted in very low realized profits.Keywords: Egyptian stock exchange, emerging markets, higher moment models, median models, mixed-integer linear programming, non-linear programming
Procedia PDF Downloads 3143020 Study of Chemical Compounds of Garlic
Authors: A. B. Bazaralieva, A. A. Turgumbayeva
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The phytosubstance from garlic was obtained by extraction with liquid carbon dioxide under critical conditions. Methods of processing raw materials are proposed, and the chemical composition of garlic is studied by gas chromatography and mass spectrometry. The garlic extract's composition was determined using gas chromatography (GC) and gas chromatography-mass spectrophotometry (GC-MS). The phytosubstance had 54 constituents. The extract included the following main compounds: Manool (39.56%), Viridifrolol (7%), Podocarpa-1,8,11,13-tetraen-3-one, 14-isopropyl-1,13-dimethoxy- 5,15 percent, (+)-2-Bornanone (4.29%), Thujone (3.49%), Linolic acid ethyl ester (3.41%), and 12-O-Methylcarn.Keywords: Allium sativum, bioactive compounds of garlic, carbon dioxide extraction of garlic, GS-MS method
Procedia PDF Downloads 1113019 Invistigation of Surface Properties of Nanostructured Carbon Films
Authors: Narek Margaryan, Zhozef Panosyan
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Due to their unique properties, carbon nanofilms have become the object of general attention and intensive research. In this case it plays a very important role to study surface properties of these films. It is also important to study processes of forming of this films, which is accompanied by a process of self-organization at the nano and micro levels. For more detailed investigation, we examined diamond-like carbon (DLC) layers deposited by chemical vapor deposition (CVD) method on Ge substrate and hydro-generated grapheme layers obtained on surface of colloidal solution using grouping method. In this report surface transformation of these CVD nanolayers is studied by atomic force microscopy (AFM) upon deposition time. Also, it can be successfully used to study surface properties of self-assembled grapheme layers. In turn, it is possible to sketch out their boundary line, which enables one to draw an idea of peculiarities of formation of these layers. Images obtained by AFM are investigated as a mathematical set of numbers and fractal and roughness analysis were done. Fractal dimension, Regne’s fractal coefficient, histogram, Fast Fourier transformation, etc. were obtained. The dependence of fractal parameters on the deposition duration for CVD films and on temperature of solution tribolayers was revealed. As an important surface parameter for our carbon films, surface energy was calculated as function of Regne’s fractal coefficient. Surface potential was also measured with Kelvin probe method using semi-contacting AFM. The dependence of surface potential on the deposition duration for CVD films and on temperature of solution for hydro-generated graphene was found as well. Results obtained by fractal analysis method was related with purly esperimental results for number of samples.Keywords: nanostructured films, self-assembled grapheme, diamond-like carbon, surface potential, Kelvin probe method, fractal analysis
Procedia PDF Downloads 2683018 Seagrass Biomass Distribution in Mangrove Fringed Creeks of Gazi Bay, Kenya
Authors: Gabriel A. Juma, Adiel M. Magana, Githaiga N. Michael, James G. Kairo
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Seagrass meadows are important carbon sinks, thus understanding this role and their conservation provides opportunities for their applications in climate change mitigation and adaptation. This study aimed at understanding seagrass contribution to ecosystem carbon at Gazi Bay; by comparing carbon stocks in seagrass beds of two mangroves fringed creeks of the bay. Specifically, the objectives included assessing the distribution and abundance of seagrass in the fringed creeks, and estimating above and below-ground biomass. Results obtained would be added to the mangrove and open bay carbon in estimating total ecosystem carbon of Gazi bay. The stratified random sampling strategy was applied in this study. Transects were laid perpendicular to the waterline at intervals of 50 meters from the upper region near the mangroves to the deeper end of the creek across seagrass meadows. Along these transects, 0.25m2 square quadrats were laid at 10 m to assess distribution and composition of seagrasses in the creeks. A total of 80 plots were sampled. Above-ground biomass was sampled by harvesting all the seagrass materials within the quadrat while four sediment cores were obtained from each quarter of the quadrat and then sorted into necromass, rhizomes and roots to determine below ground biomass. Samples were cleaned and dried in the oven for 72 hours at 60˚C in the laboratory. Total biomass was determined by multiplying biomass with carbon conversion factor of 0.34. In all the statistical tests, a significant level was set at α = 0.05. Eight species of seagrass were encountered in Western creek (WC) while seven in the Eastern creek (EC). Based on importance value, the dominant species in WC were Cymodocea rotundata and Halodule uninervis while Thalassodendron ciliatum and Enhalus acoroides dominated the eastern creek. The cover of seagrass in EC was 67.97% compared to 56.45% in WC. There was a significance difference in abundance of seagrass species between the two creeks (t = 1.97, D.F = 35, p < 0.05). Similarly, there was significance differences between total seagrass biomass (t= -8.44, D.F. = 53, p < 0.05) and species composition (F(7,79) = 14.6, p < 0.05) in the two creeks. Mean seagrass in the creeks was 7.25 ± 4.2 Mg C ha-1, (range: 4.1 - 12.9 Mg C ha-1). The findings of the current study reveal variations in biomass stocks of the two creeks of Gazi bay that have varying biophysical features. It is established that habitat heterogeneity between the creeks contributes to the variation in seagrass abundance and biomass stocking. This enhances understanding of these ecosystems hence the establishment of carbon offset project in seagrass for livelihood improvement and increased conservation.Keywords: seagrass, above-ground, below-ground, creeks, Gazi bay
Procedia PDF Downloads 1323017 Influence of Nitrogen Doping on the Catalytic Activity of Ni-Incorporated Carbon Nanofibers for Alkaline Direct Methanol Fuel Cells
Authors: Mohamed H. El-Newehy, Badr M. Thamer, Nasser A. M. Barakat, Mohammad A.Abdelkareem, Salem S. Al-Deyab, Hak Y. Kim
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In this study, the influence of nitrogen doping on the electrocatalytic activity of carbon nanofibers with nickel nanoparticles toward methanol oxidation is introduced. The modified carbon nanofibers have been synthesized from calcination of electrospun nanofiber mats composed of nickel acetate tetrahydrate, poly(vinyl alcohol) and urea in argon atmosphere at 750oC. The utilized physicochemical characterizations indicated that the proposed strategy leads to form carbon nanofibers having nickel nanoparticles and doped by nitrogen. Moreover, due to the high-applied voltage during the electrospinning process, the utilized urea chemically bonds with the polymer matrix, which leads to form nitrogen-doped CNFs after the calcination process. Investigation of the electrocatalytic activity indicated that nitrogen doping NiCNFs strongly enhances the oxidation process of methanol as the current density increases from 52.5 to 198.5 mA/cm2 when the urea content in the original electrospun solution was 4 wt% urea. Moreover, the nanofibrous morphology exhibits distinct impact on the electrocatalytic activity. Also, nitrogen-doping enhanced the stability of the introduced Ni-based electrocatalyst. Overall, the present study introduces effective and simple strategy to modify the electrocatalytic activity of the nickel-based materials.Keywords: electrospinning, methanol electrooxidation, fuel cells, nitrogen-doping, nickel
Procedia PDF Downloads 4353016 Polypropylene Fibres Dyeable with Acid Dyes
Authors: H. M. Wang, C. J. Chang
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As the threat of global climate change is more seriously, "net zero emissions by 2050" has become a common global goal. In order to reduce the consumption of petrochemical raw materials and reduce carbon emissions, low-carbon fiber materials have become key materials in the future global textile supply chain. This project uses polyolefin raw materials to modify through synthesis and amination to develop low-temperature dyeable polypropylene fibers, endow them with low-temperature dyeability and high color fastness that can be combined with acid dyes, and improve the problem of low coloring strength. The color fastness to washing can reach the requirement of commerce with 3.5 level or more. Therefore, we realize the entry of polypropylene fiber into the clothing textile supply chain, replace existing fiber raw materials, solve the problem of domestic chemical fiber, textile, and clothing industry's plight of no low-carbon alternative new material sources, and provide the textile industry with a solution to achieve the goal of net zero emissions in 2050.Keywords: acid dyes, dyeing, low-temperature, polypropylene fiber
Procedia PDF Downloads 873015 Current Approach in Biodosimetry: Electrochemical Detection of DNA Damage
Authors: Marcela Jelicova, Anna Lierova, Zuzana Sinkorova, Radovan Metelka
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At present, electrochemical methods are used in various research fields, especially for analysis of biological molecules. The fact offers the possibility of using the detection of oxidative damage induced indirectly by γ rays in DNA in biodosimentry. The main goal of our study is to optimize the detection of 8-hydroxyguanine by differential pulse voltammetry. The level of this stable and specific indicator of DNA damage could be determined in DNA isolated from peripheral blood lymphocytes, plasma or urine of irradiated individuals. Screen-printed carbon electrodes modified with carboxy-functionalized multi-walled carbon nanotubes were utilized for highly sensitive electrochemical detection of 8-hydroxyguanine. Electrochemical oxidation of 8-hydroxoguanine monitored by differential pulse voltammetry was found pH-dependent and the most intensive signal was recorded at pH 7. After recalculating the current density, several times higher sensitivity was attained in comparison with already published results, which were obtained using screen-printed carbon electrodes with unmodified carbon ink. Subsequently, the modified electrochemical technique was used for the detection of 8-hydroxoguanine in calf thymus DNA samples irradiated by 60Co gamma source in the dose range from 0.5 to 20 Gy using by various types of sample pretreatment and measurement conditions. This method could serve for fast retrospective quantification of absorbed dose in cases of accidental exposure to ionizing radiation and may play an important role in biodosimetry.Keywords: biodosimetry, electrochemical detection, voltametry, 8-hydroxyguanine
Procedia PDF Downloads 2743014 Flutter Control Analysis of an Aircraft Wing Using Carbon Nanotubes Reinforced Polymer
Authors: Timothee Gidenne, Xia Pinqi
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In this paper, an investigation of the use of carbon nanotubes (CNTs) reinforced polymer as an actuator for an active flutter suppression to counter the flutter phenomena is conducted. The goal of this analysis is to establish a link between the behavior of the control surface and the actuators to demonstrate the veracity of using such a suppression system for the aeronautical field. A preliminary binary flutter model using simplified unsteady aerodynamics is developed to study the behavior of the wing while reaching the flutter speed and when the control system suppresses the flutter phenomena. The Timoshenko beam theory for bilayer materials is used to match the response of the control surface with the CNTs reinforced polymer (CNRP) actuators. According to Timoshenko theory, results show a good and realistic response for such a purpose. Even if the results are still preliminary, they show evidence of the potential use of CNRP for control surface actuation for the small-scale and lightweight system.Keywords: actuators, aeroelastic, aeroservoelasticity, carbon nanotubes, flutter, flutter suppression
Procedia PDF Downloads 1283013 Mesoporous Carbon Ceramic SiO2/C Prepared by Sol-Gel Method and Modified with Cobalt Phthalocyanine and Used as an Electrochemical Sensor for Nitrite
Authors: Abdur Rahim, Lauro Tatsuo Kubota, Yoshitaka Gushikem
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Carbon ceramic mesoporous SiO2/50wt%C (SBET= 170 m2g-1), where C is graphite, was prepared by the sol gel method. Scanning electron microscopy images and the respective element mapping showed that, within the magnification used, no phase segregation was detectable. It presented the electric conductivities of 0.49 S cm-1. This material was used to support cobalt phthalocyanine, prepared in situ, to assure a homogeneous dispersion of the electro active complex in the pores of the matrix. The surface density of cobalt phthalocyanine, on the matrix surfaces was 0.015 mol cm-2. Pressed disk, made with SiO2/50wt%C/CoPc, was used to fabricate an electrode and tested as sensors for nitrite determination by electro chemical technique. A linear response range between 0.039 and 0.42 mmol l−1,and correlation coefficient r=0.9996 was obtained. The electrode was chemically very stable and presented very high sensitivity for this analyte, with a limit of detection, LOD = 1.087 x 10-6 mol L-1.Keywords: SiO2/C/CoPc, sol-gel method, electrochemical sensor, nitrite oxidation, carbon ceramic material, cobalt phthalocyanine
Procedia PDF Downloads 3173012 Carbon Nanomaterials from Agricultural Wastes for Adsorption of Organic Pollutions
Authors: Magdalena Blachnio, Viktor Bogatyrov, Mariia Galaburda, Anna Derylo-Marczewska
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Agricultural waste materials from traditional oil mill and after extraction of natural raw materials in supercritical conditions were used for the preparation of carbon nanomaterials (activated carbons) by two various methods. Chemical activation using acetic acid and physical activation with a gaseous agent (carbon dioxide) were chosen as mild and environmentally friendly ones. The effect of influential factors: type of raw material, temperature and activation agent on the porous structure characteristics of the materials was discussed by using N₂ adsorption/desorption isotherms at 77 K. Furthermore scanning electron microscope (SEM), transmission electron microscope (TEM), X-ray diffraction (XRD) and X-ray photoelectron spectroscopy (XPS) were employed to examine the physicochemical properties of the obtained sorbents. Selection of a raw material and an optimization of the conditions of the synthesis process, allowed to obtain the cheap sorbents with a targeted distribution of pores enabling effective adsorption of the model organic pollutants carried out in the multicomponent systems. Adsorption behavior (capacity and rate) of the chosen activated carbons was estimated by utilizing Crystal violet (CV), 4-chlorophenoxyacetic acid (4-CPA), 2.4-dichlorophenoxyacetic acid (2.4-D) as the adsorbates. Both rate and adsorption capacity of the organics on the sorbents evidenced that the activated carbons could be effectively used in sewage treatment plants. The mechanisms of organics adsorption were studied and correlated with activated carbons properties.Keywords: activated carbon, adsorption equilibrium, adsorption kinetics, organics adsorption
Procedia PDF Downloads 1773011 Analysis of Inventory Control, Lot Size and Reorder Point for Engro Polymers and Chemicals
Authors: Ali Akber Jaffri, Asad Naseem, Javeria Khan
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The purpose of this study is to determine safety stock, maximum inventory level, reordering point, and reordering quantity by rearranging lot sizes for supplier and customer in MRO (maintenance repair operations) warehouse of Engro Polymers & Chemicals. To achieve the aim, physical analysis method and excel commands were carried out to elicit the customer and supplier data provided by the company. Initially, we rearranged the current lot sizes and MOUs (measure of units) in SAP software. Due to change in lot sizes we have to determine the new quantities for safety stock, maximum inventory, reordering point and reordering quantity as per company's demand. By proposed system, we saved extra cost in terms of reducing the time of receiving from vendor and in issuance to customer, ease of material handling in MRO warehouse and also reduce human efforts. The information requirements identified in this study can be utilized in calculating Economic Order Quantity.Keywords: carrying cost, economic order quantity, fast moving, lead time, lot size, MRO, maximum inventory, ordering cost, physical inspection, reorder point
Procedia PDF Downloads 2393010 Deposition of Diamond Like Carbon Thin Film by Pulse Laser Deposition for Surgical Instruments
Authors: M. Khalid Alamgir, Javed Ahsan Bhatti, M. Zafarullah Khan
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Thin film of amorphous carbon (DLC) was deposited on 316 steel using Nd: YAG laser having energy 300mJ. Pure graphite was used as a target. The vacuum in the deposition chamber was generated in the range of 10-6 mbar by turbo molecular pump. Ratio of sp3 to sp2 content shows amorphous nature of the film. This was confirmed by Raman spectra having two peaks around 1300 cm-1 i.e. D-band to 1700 cm-1 i.e. G-band. If sp3 bonding ratio is high, the films behave like diamond-like whereas, with high sp2, films are graphite-like. The ratio of sp3 and sp2 contents in the film depends upon the deposition method, hydrogen contents and system parameters. The structural study of the film was carried out by XRD. The hardness of the films as measured by Vickers hardness tester and was found to be 28 GPa. The EDX result shows the presence of carbon contents on the surface in high rate and optical microscopy result shows the smoothness of the film on substrate. The film possesses good adhesion and can be used to coat surgical instruments.Keywords: DLC, thin film, Raman spectroscopy, XRD, EDX
Procedia PDF Downloads 5643009 Determining Inventory Replenishment Policy for Major Component in Assembly-to-Order of Cooling System Manufacturing
Authors: Tippawan Nasawan
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The objective of this study is to find the replenishment policy in Assembly-to-Order manufacturing (ATO) which some of the major components have lead-time longer than customer lead-time. The variety of products, independent component demand, and long component lead-time are the difficulty that has resulted in the overstock problem. In addition, the ordering cost is trivial when compared to the cost of material of the major component. A conceptual design of the Decision Supporting System (DSS) has introduced to assist the replenishment policy. Component replenishment by using the variable which calls Available to Promise (ATP) for making the decision is one of the keys. The Poisson distribution is adopted to realize demand patterns in order to calculate Safety Stock (SS) at the specified Customer Service Level (CSL). When distribution cannot identify, nonparametric will be applied instead. The test result after comparing the ending inventory between the new policy and the old policy, the overstock has significantly reduced by 46.9 percent or about 469,891.51 US-Dollars for the cost of the major component (material cost only). Besides, the number of the major component inventory is also reduced by about 41 percent which helps to mitigate the chance of damage and keeping stock.Keywords: Assembly-to-Order, Decision Supporting System, Component replenishment , Poisson distribution
Procedia PDF Downloads 126